Responsible accounting is the ability to conduct business in a way that is not harmful and which positively benefits as many people as possible and themselves.
Responsible accounting By Robert Burton Responsible accounting is the ability to conduct business in a way that is not harmful and which positively benefits as many people as possible and themselves. Although this sounds simple, it is easier said than done! As there will always be a conflict of interest between various groups of people. Any decisions made by businesses need to be made with an informed awareness of the specific situation and then act according to some sort of accounting standard. If you adhere to those standards you will become an responsible account, but doing the right thing is not as straightforward as explained in many accounting books. Most accounting dilemmas in the workplace are not simply a matter of Should she steal from him? or Should he lie to his boss? Businesses cannot function without accounts being responsible. GAAP dictates a set of rules and conformities to allow all businesses strive after common goals it means that these goals can only be achieved on the basis of standards. Businesses in general are working on the basis of an ethics that settles different interests. The standards within companies can be characterized as mutual respect. In this respect it is in everyone's interest, and is considering people as an end in themselves, not as a means. This responsibility is passed down and filtered to a group of accounts who maintain the
The concept of financial statement
Introduction Accounting identifies the transactions taking place in an organisation regularly and preparing relevant documents i.e. financial accounts. Reports such as the balance sheet, profit and loss account, income statement and the statement of cash flow, which shows or summarize the financial status and results of operations of a business entity are called financial statements. These statements are made on the basis of accounting standards, Companies Act, corporate governance and auditor's report. European Union (EU) and stock exchange also regulate certain rules and regulations on the basis of which financial statements are made. Companies Act 1985 The present British statutory requirements are contained in an Act of Parliament known as the Companies Act 1985 (CA85). This Act is a consolidating measure and it includes the earlier Companies Act 1948, 1967, 1976, 1980 and 1981 respectively. It lays down the minimum amount of information that must be given to company shareholders. The Act requires companies to issue profit and loss account and a balance sheet. The Act lays down the specific headings and wordings or accounting principles for the presentation of the information. The financial statements must show a 'true and fair view'. The accounting principles of the CA85 are similar to the fundamental accounting concepts. The four concepts are embodied in the
Complete Report on Askari Commercial Bank
TABLE OF CONTENTS SECTION 1 Introduction 1 SECTION 2 Vision 2 Mission 2 Objectives 3 Strategic Planning 4 Business Ethics & Conduct 5 Inspiring Relationships 7 Nation-Wide Distribution 10 Corporate Information 11 Awards and Achievements 12 Corporate Citizenship 14 SECTION 3 Organizational Structure 15 * Organizational Structure Of Head Office 16 * Hierarchy In Bahawalpur Branch 18 SECTION 4 Groups and Divisions 19 . Operations And Credit Group 19 2. Corporate Banking Group 21 3. Retail Banking Group 23 Products of ACBL 27 SECTION 5 Departments of ACBL 29 . General Banking i. Account Opening 29 ii. Bills And Remittances 38 iii. Deposit Department 43 iv. Cash Department 48 2. Credits And Advances Department 51 3. Foreign Exchange 68 Online Banking 81 Internet Banking 82 SECTION 6 Summarized Performance 88 A Decade of Performance 90 SECTION 7 Financial Analysis 94 SECTION 8 SWOT Analysis 106 SECTION 9 Suggestions 112 Conclusion 113 Future Out Look 114 SECTION 10 Annexure INTRODUCTION Askari bank was incorporated in Pakistan on October 9, 1991, as a public limited company. It commenced its operations on April 1,
In this assignment I am opening a tuck shop in the school grounds and outside of the normal school system. I decided to open a tuck shop because there was no there was no tuck shop in the school grounds so there was a market opportunity.
In this assignment I am opening a tuck shop in the school grounds and outside of the normal school system. I decided to open a tuck shop because there was no there was no tuck shop in the school grounds so there was a market opportunity. In this assignment I have to find out different types of cost before we open the tuck shop. I will carry out primary research by making and using questionnaire. I will be carrying a questionnaire so we can find out what customers want so we can get exactly what most customers want and satisfy their needs. I will go to different sweetshops which surround Langdon School and find out how much they sell their goods for. So I will reduce the price slightly so the customer will come to my tuck shop because of the price. Business plan Business name: SNACK BAR Business address: Langdon School, Sussex road East Ham London E6 Tel: 020 8471 2411 Name: Vipan Lal Owner: There will be only one person working in the tuck shop which will be me. And I will be a sole trader. Business Activity: In my business activity I will be selling the goods to my customers. Aims and Objective: My long-term aim is to be successful in the future and to be here for a very long time making profit. My Objective is to buy more and more different types of snacks so the customers will have more variety to choose from and at a reasonable price so the customer will
business studies profit and loss
Act 3 scene 5 is dramatic and one in which we learn a lot about the Capulet family and their views of marriage. Do you agree? Act 3 scene 5 is a dramatic scene as we see a change of personalities in the Capulet household. We also learn on about the traditional views on marriage in the 16th century. In the beginning of act 3 scenes 5 there's already a sense of tension as we see Romeo disregarding his banishment and remaining in Verona. This is theatrical, as Romeo has been warned never to step foot in Verona, let alone the Capulet residents. When the nurse enters to inform Juliet of her mother's arrival, the tension is created through the quick speeches. This has an affect on the audience, as the characters become more anxious and uneasy. 'Then, window, let day in, and let life out.' The mood of the opening scene is calm and peaceful, as Romeo and Juliet exchange their love for one another. 'Its not yet near day, it was the nightingale, and not the lark.' Later in the scene, we see the first change of mood, as Juliet objects to her parent's wishes. She is then bombarded with insults, from her once loving father and faces rejection from her mother. This is dramatic as the audience are drawn in for further interaction between the characters. Dramatic irony is when the audience are aware of an incident, but the characters on stage aren't. An example of dramatic irony was
Realistic and through recommendations on how your chosen organisation could improve its quality expectations, with an explanation of the changes the recommendations would bring out. Delivery Vehicles If Asda realistically wanted
Realistic and through recommendations on how your chosen organisation could improve its quality expectations, with an explanation of the changes the recommendations would bring out. Delivery Vehicles If Asda realistically wanted to better their quality standards then they could hire and train more drivers to handle deliveries. This is because the lack of drivers will slow down the amount of deliveries that can be delivered. So it is ideal to invest in at least two or three new drivers. This will mean there will be more expenditure, as Asda will have to invest in at least one more van but it will prove beneficial as customers will get there order in time without to much fuss. If Asda was to hire the extra deliverymen then it could prove quite costly and shifts may have to be altered, this could mean that some workers will get some days of and some people can day and night shifts. All this will prove beneficial in the end because Asda will know that their customer's orders will arrive on time. This will help Asda gain more of a surplus and more customers. Here are some changes and recommendations that Asda will have to make if more drivers are hired: * More Vans - this could mean more orders can be delivered to customers without to much hassle * Shifts - this will mean some workers will have to run less shifts and they can use the time of as a way to recharge themselves
Factors associated with buying or leasing a car.
Christina West 615-885-4841 Dr. Annette McCreedy Essay #2 0/13/03 When buying or leasing a car several considerations should be taken into effect. Buying a car is when payments are taken monthly if the car can't be purchased in one lump sum. A car lease is a short-term purchase and when the lease is up the car must be returned. Although leasing a car might be fun and ideal for people who have an abundance of money, buying a car is ultimately the best path. I feel that buying a car is a much better decision than leasing a car, because after the car is paid off it belongs to the buyer, still holds value, can be modified, and gives the owner a sense of pride. Also, when leasing a car the buyer is forced into a constant program of spending more money. Leasing is like renting a car for a long period of time. The leaser never owns the car, and there are limits to what can be changed about it and how many miles that can be put on the car (Citrome). Leased cars cannot be modified and society this is very popular. "Modifying cars has been a popular past time for as long as cars have been about" as posted on Street Racers website. When buying a car, changing the appearance of the interior or exterior by installing new speakers or changing paint colors is acceptable. If the car has been modified everything that has been added to the car should be taken off before returning the
BREAK-EVEN ANALYSIS OF MCDONALDS
BREAK-EVEN ANALYSIS OF MCDONALDS INTRODUCTION Break-even analysis is the comparison of a firm's revenue and it fixed and variable costs, to identify the minimum sales level needed to achieve break even point. Break-even point is the level of output at which total revenue equals total cost. A business to achieve break-even is so important. A business usually fail down because put all the money in, and can't get the money back in the short term of time, which they can cost the cost. Break-even is an important objective of a business to survive in the short term. To break-even, that means the revenue needs to cover all the cost of the business, which is variable cost and fixed cost. The revenue is means the money which make from to sell the products. Variable cost is means the cost that directly go to make each product. For example raw material, and staff wages. It call variable cost is because they are depend on how many product are produce. Fixed cost is the cost of running the business, it doesn't affect by how many product are produce. Fixed cost include the rent of the shop, business taxes, fuel bill, insurance, staff salary etc. The business revenue is needed to cover the fixed cost or it will make a loss. BREAK-EVEN OF MCDONALD Calculate Break-even point, can either show on a chart or use equation Equation : Break-even = Fixed cost/ contribution Contribution=
The different types of borrowing.
The different type of borrowing There are 3 term of borrowing: * Short Term * Middle Term * Long Term . Short Term ---Friend and Family Advantage: You can borrow money from your parents, sisters, brothers and relation easily. Disadvantage: You can only borrow small amount of money. 2. Middle Term ---Bank personal loan What is personal loan? It means a personal loan is money you borrow from a financial institution - for example a bank or a building society. Advantage: Personal loans are available in varying amounts with different rate which usually depend upon the purpose for which you require the loan. Disadvantage: Unsecured personal loans are usually more expensive than homeowner loans as the lender doesn't take a charge on your loan. In other words you do not guarantee your loan with your home. How do they work? You borrow an agreed sum of money for an agreed length of time (normally anything from 6 months to 10 years or more). The lender makes money by charging interest on the loan. The interest rate can be either fixed or variable. The Headline Interest Rate This is the interest rate you'll see quoted in the adverts and best buy tables. Basically you shouldn't take it too seriously. It's a means the lenders use to attract enquiries. The interest rate they offer you may well be different because of your personal credit score. Headline rates are
Cash Flow for The Sea View Hotel. Evaluate how using cash flow forecasts and financial recording systems can contribute to managing business finances at The Sea View Hotel:
BUSINESS COURSEWORK: FINANCE 3 AMY HEATH Task 1 Cash flow forecast for The Sea View Hotel: Task 2 Analyse the cash flow produced in Task 1, including the implications of the regular and irregular cash inflows and outflows for The Sea View Hotel: The advantages of a cash flow are that you can view how much money is going in and out of your business every month. The cash flow for The Sea View Hotel shows that they are in loss for the majority of the year. The inflow isn't good enough and to improve this they should raise the price of the hotel rooms and food. To raise their inflow they could advertise and do promotions to get more customers/revenue in. The outflows in some parts are big values, (the irregular cash outflows) which could be paid over time instead of all at once. They could reduce outflow even more by reducing the price of the food and utilities, and even change their insurers to a cheaper one. They have an irregular inflow for the refurbishments (£12000), but they spent over the money given (£15000), so more money went out than money went in. Task 3 Describe how each of the following financial transactions/documents could be recorded in order to prevent fraud in The Sea View Hotel: * Order Form: The purpose of the order form is to order goods from a supplier. It is completed by the buyer who then sends it on the company selling the required goods.