Errors that do not affect the Trial Balance.
Errors that do not affect the Trial Balance Errors that do not affect the trial balance means that for every debit there is a credit and vice versa. So in this way the trial balance still balances off. To arrange such errors it is important to use the journal, when they are posted into the journal they are then posted into the ledgers as overcasting (The amount higher then its original entry) or under-casting (The amount is lower than its original entry) These errors are: Error of Omission When a transaction is completely left out - that means neither the debit nor the credit was entered, thus it has to be corrected by entering the journal entries in the right order. Example: the sale of goods, Lm 16 to M. Gauci, has been completely omitted form the books. Journal Dr. Cr. Lm Lm M. Gauci 6 Sales a/c 6 Correction of omission of sales Invoice No. ... from sales journal Error of Commission This error is when both transactions are made but the wrong clients account was used thus causing complaints from clients about their statement that it is incorrect. To arrange such an error it is important to cancel out the wrong clients account and then entered in the right account. Example: a Purchase of goods, Lm 17 from G. Bandi, was entered in error in G. Bambi's account. G. Bambi Lm Lm 2-Nov G. Bandi error corrected 7 2-Nov Purchases 7 G. Bandi Lm 2-Nov
Identify any imperfections in the way that Hermes Courier Ltd operated and to provide effective resolutions that would help to improve their service and reputation.
IM1004 Finance and Information Management Assignment 2 Name: Richard Richards Module: IM1004 - Finance and Information Management Student Number: 0372499 Word Count: 1,902 Table of Contents Introduction 3 Working with others Error! Bookmark not defined. Time Management 4 Application of numerical and financial skills Error! Bookmark not defined. Use of technology 5 Conclusion 6 Appendices 7 Bibliography 9 Introduction The assignment that we were set wanted us to identify any imperfections in the way that Hermes Courier Ltd operated and to provide effective resolutions that would help to improve their service and reputation. These resolutions in turn should result in a rise sales and profits over the long-term. This report is an analysis of the individual and group work that took place for the duration of this task. Working With Others For the assignment that was set it was necessary to work in groups. I felt that for an assignment that required a lot of time and effort that it would be best for me to work in a group that contains people that I know well. I was content to see that this module involved working in groups as I enjoying working and collaborating with others and also have had previous good experience of working in groups. My group comprised of five people. To work in a group successfully, members within the group needed to have good communication
Cultural theory and the meanings of money
Cultural theory and the meanings of money Couples and their money: theory and practice in personal finances Four perspectives draw on: * Economics and rational choice theory * Social structural approaches * Psychological approaches * Cultural theory and the meanings of money. According to classical economic theory money has four main functions: • it is a medium of exchange, • a store of value, • a unit of account, • a standard of deferred payment. Perspectives within economic theory relevant to personal finances: • fungibility This notion is standard in classical economic theory and means that money is considered to be neutral and interchangeable, so that any unit of wealth is substitutable for any other (McCloskey, 1987). • rational choice theory This assumes that people make reasoned choices in order to maximise their overall welfare or utility. Rational choice theory lays stress on the importance of information in facilitating the efficient working of markets and of consumer choice. Daniel: I have a high interest account with First Direct as well. And then I have another savings account which is slightly lower interest. The high interest savings account has a penalty on withdrawals, so I keep a sum of money in there stable which I don't draw on. If I have extra spending, or I need to top up my current account in case
Cost Accounting: Its role and ethical considerations
Cost Accounting: Its role and ethical consideration Introduction: Accounting is the process of identifying, measuring, and communicating economic information about an entity for the purpose of making decisions and informed judgements. The major areas of within the accounting are: Financial Accounting, Managerial Accounting/Cost Accounting and Auditing- Public Accounting Managerial accounting is concerned with the use of economic and financial information to plan and control the activities of an entity and to support the management in planning and decision-making process. Cost accounting is the subset of managerial accounting and it helps management in determination and accumulation of product, process or service cost. Role of Cost Accounting: Increased competition and uncertain business conditions have put significant pressure on corporate management to make informed business decisions and maximize their company's financial performance. In response to this pressure, a range of management accounting tools and techniques has emerged. One of the most important tools that a management can use is - Cost Accounting. Cost accounting helps management in making strategic decisions by identifying an organization's comparative strengths and weaknesses and a better ways to use, improve or eliminate them. Cost information is used for many different purposes: * Performance
Explain what is meant by the term financial markets. How do financial markets bridge the gap between savers and borrowers?
Sarah Whiteway Explain what is meant by the term financial markets. How do financial markets bridge the gap between savers and borrowers? The financial system comprises all financial markets, instruments and institutions. It is through this system that financial markets operate, playing a key role in allocating resources in the economy. Financial markets intermediate between those who have money and want to earn a profit on it (savings and investors) and those who need it (borrowers and entrepreneurs). In a small community, investors and borrowers could find one another just by asking around. But in an economy of hundreds of millions of people, each with a variety of saving and borrowing needs, putting every dollar of capital to efficient use is a vastly complex yet enormously important job. By issuing claims on themselves in the form of deposits (banks), commercial paper (finance companies), contracts (insurers), or shares (mutual funds), financial markets bridge the gap between countless borrowers and lenders. The more effectively they do this, the more efficiently capital will be allocated to its most productive uses, and the faster the economy will grow. The operations of financial markets provide a bridge between savers and borrowers, through the actions of financial intermediaries. These can broadly be divided into banks and non-bank financial institutions, finance
Accounting can be defined diversely. It can be seen a complcated and difficult simple calculation, while it is the dynamic and never-ending art of finance. Namely, it depends on how relevant people find it out.
Accounting and Accountants in Business Module : M0 7100 Financial Accounting Student Number : 01280297 & 01247376 Name : Kyu-Min, Lee(AF) & Qian Xu( AC/FT ) Tutor : Graham Digge Table of Contents Introduction....................................................................................4 Results of Investigation.......................................................................4 1, Nat West Bank..............................................................................4 2, Oriental Supermarket.......................................................................5 Conclusion.......................................................................................6 Recommendation..............................................................................6 Appendix........................................................................................7 Bibliography....................................................................................7 Executive Summary Accounting can be defined diversely. It can be seen a complcated and difficult simple calculation, while it is the dynamic and never-ending art of finance. Namely, it depends on how relevant people find it out. Nat West Bank plc has internal accountant and produces full final accounting reports such as profit & loss account, balance sheet and cash flow statement as well as director's report
Business BTEC
Task 4 In this task, I have been asked to find out and explain all the different functional areas of both Tesco's and Heinz. Functional Areas and the Main Purpose within Tesco plc and Heinz Human Recourses The human resources department is responsible for all aspects of managing the people who work in a business. This department involves, being able to recruit new members to the business. Making new policies or reciting policies to employees so that they are aware of rules and regulation. Employees who do not stick to these rules will be dealt with. The human recourses department help with organises and helps staff with their training needs. They also monitor the working conditions of employees. Any important issues or need for a discussion would be organised by the Human Recourses department and discussed between the representatives of the workforce. They also ensure that health and safety considerations are enforced. Customer Service The customer services function is responsible for dealing with customer queries, complaints, solving problems and offering advice and support. This is important because without customers a business would not survive. Marketing/Sales The marketing department try to find out what customers want from the business in terms of the goods and services they provide. They use this information to develop strategies to ensure that the business
Activities of Tesco finance function.
To: Alexander From: Sawsan Subject: Functional Areas Date: 29 November 2006 Tesco Purpose of finance in Tesco The purpose of the financial for Tesco is that it takes responsibility for organising their financial and accounting affairs including their preparation and presentation of appropriate accounts, and their provision of financial information for managers. What does Tesco finance do? Activities of Tesco finance function Preparing accounts in Tesco The finance staffs in Tesco have of perform a range of activities related to the checking and recording of all amounts received and paid. In each case Tesco are entered into particular accounts. In Tesco, there will be accounts covering sales, purchases and expenses. Information like this is normally computerised in Tesco so up-to-date information can be processed straight away. The information Tesco obtain is known as management information because Tesco managerial decisions would be based on items being sold what popular bands are etc. Tesco financial accountant on the other hand is the person responsible for assembling all the accounts into a format that is required for legal reasons. Paying wages and salaries in Tesco Tesco wages section of the financial department will be responsible for calculating the wages and salaries of employees and organising the collection of Tesco income tax and Tesco national
Business Plan for Internet Caf
Year 9 Commerce Assignment 2004-Contents Page Page 1-Contents Page 2-1.0 Executive Summary .1 Where to find us? .2 Business Mission .3 Legal Structure of the business Page 3-1.4 Keys to success .5 Risks 2.0 Company Summary 2.1 Staff Requirements 2.2 Company Start-up Summary (includes financial plan) i) Project Cost Summary Page 4-2.2 ii) Project Financing Summary iii) Project Costs and Financing Notes Page 5-2.2 iv) Sales and cost of goods Page 6-2.2 iv) Sales and cost of goods Page 7-2.2 v) Expenses Page 8-2.2 vi) Income Tax, and Break Even 3.0 Services Page 9-3.1 Service Description 3.2 Competitors 3.3 Technology 4.0 Marketing Plan 5.0 The Near Future Page 10-17 Appendices Basic Building structure Business Plan for Internet Café .0 Executive Summary UIC, Ultimate Internet Café is unlike any other internet café. It's one of its kinds; UIC provides lightning fast T2 internet connection which is a lot faster than cable internet. Inside the premises there is a Café which has all your favourite beverages such as Easy Way, coffee and foods include buns, cakes and ramen. So no matter how busy you are you can always eat while you are chatting, playing games or surfing the net. At UIC we know what the public are expecting from any normal Internet Café that's why we've gone a few steps beyond what the public wants to give you the ultimate experience.
Report of the Review Committee under the Chairmanship of Sir Ron Dearing CB, published in September 1988 - By tradition, company law has provided a general framework of rules.
"A lack of a conceptual framework is a handicap to those involved in setting standards as well as to those applying them. ... We believe that work in this area will assist standard-setters in formulating their thinking on particular accounting issues, facilitate judgments on the sufficiency of the disclosures required to give a true and fair view, and assist preparers and auditors in interpreting accounting standards and in resolving accounting issues not dealt with by specific standards." Report of the Review Committee under the Chairmanship of Sir Ron Dearing CB, published in September 1988 By tradition, company law has provided a general framework of rules. In the mid-nineteenth century an Act of Parliament made possible the separation of management from ownership. According to this separation came the need for directors to provide the company's published accounts to shareholders in order to show the performance and financial position of the company. In those published accounts it was required to determine what should be included in those accounts and how they should be prepared. At that particular moment in time law did not give emphasis, and allowed the specification and the contents of those accounts to be determined by contract between the shareholders and directors or even allowed the flexibility for directors in deciding what information was relevant in any
