In this report, I will outline key accounting policies and records for Harrington Books. As Harrington Books is a new company, I am going to try and keep my comments and recommendations as straightforward as possible.
Harrington Books Sample Solution by Elizabeth LaRegina Report to: Peter Harrington Subject: Accounting Policies and Records for Harrington Books. Introduction In this report, I will outline key accounting policies and records for Harrington Books. As Harrington Books is a new company, I am going to try and keep my comments and recommendations as straightforward as possible. From my perspective, the following are the key users of the financial statements, and their objectives: Peter Harrington - as the owner your concerns centre around tax minimization, internal control and of course, maximizing profit. Bank - since the bank has provided a line of credit to Harrington books, and has taken business assets as collateral, they will also be interested in financial information Manager - since the newly hired manager is on a variable compensation plan with a bonus based on year end profits, he or she will be concerned with how those profits are derived CCRA - the tax authorities will also be interested in the financial information as the basis of fair tax payments by the business. They will likely not support aggressive accounting methods. Since the bank has provided assets as collateral, I are going to presume them to be the most important user. It is essential that the information is useful for their purposes. As sole proprietor, Peter Harrington will be
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
Explain two methods of Full Costing together with a discussion of the advantages and disadvantages of each method.
Explain two methods of Full Costing together with a discussion of the advantages and disadvantages of each method The concept of full costing is not to look into individual costs, for example variable costs, but to look at the whole picture and all the costs that are associated with achieving some objective, i.e. making a product, or providing a service. The logic of full costing is that all of the costs of running a particular facility, for example a building, are part of the cost of the output of that building. For example, the rent is a fixed cost that will not alter if we only produce one unit, but if the building were not rented then there would be nowhere for production to take place, therefore rent is an important element in the cost of each unit of output. 'Full costing: Deducing the total direct and indirect (overhead) cost of pursuing some activity or objective' (Accounting: An Introduction, McLaney &Atrill (2002) Page 564) Now we have a reasonable understanding of what full costing entails, we can look at some of the many methods of it. The two most renowned methods of full costing are Activity Based Costing, otherwise known as ABC, and Absorption Costing. Both of these methods are practiced in business today, as ways of allocating overheads to associated units of production. Absorption Costing is looked upon as being the more traditional approach, which
Business systems Babatunde Onaola - Identify and use planning, control methods in conjunction with an engineering project.
BUSINESS SYSTEMS BABATUNDE ONAOLA (P3) Identify and use planning, control methods in conjunction with an engineering project Use of planning methods in conjunction with an engineering project A Gantt chart is a well planned relationship of activities over a period of time during an engineering project This shows how the designed box and CD labels where tracked during the progress of this project. Use of control methods in conjunction with an engineering project This is a typical example of a software engineering company.Quality control is a feature of all process activities. Very often the bulk of the testing effort is directed at the end product, even though we know that the correction of defects is more cost effective if they're fixed earlier in the process. Quality control must be based and adapted to the development processes defined by the organization. (P5)Use basic costing techniques used in Engineering Absorption Costing: This is one method of determining the total cost of a given product by a process of allocation, apportionment and absorption. Make-up= Total of fixed and variable costs attributable to the product Total no of units produced In absorption costing, each product manufactures is made to cover all of its costs. This is aimed by adding a notional amount to the unit cost of each product.
A Career In Accounting 2 A Career In AccountingManagement accounting is considered one of the most essential management services
A Career In Accounting 1 Running Head: A Career In Accounting A Career In Accounting Cassondra D. Johnson ACG420 UNIT1IP 2 JUNE 05 A Career In Accounting 2 A Career In Accounting Management accounting is considered one of the most essential management services. Management accountants are considered internal managers; they produce information for managers within an organization. Management accountants identify, measure, accumulate, analyze, prepare, interpret and communicate information that helps managers fulfill organizational objectives. With increased competition and consequent economic pressures, management accounting has become part of the primary fabric of management. There is no denying the fact that an organization's success or failure is dependent on the quality of information made available to the management; this is where a management accountant becomes vital. It is his primary job to ensure that managerial decisions are well within the cost prescriptions. The management accountant is expected to give a prognosis for projects to be undertaken based on past and present financial performances. In order to do this a management accountant needs to take into account factors like cost of raw materials, labor, transport and overheads. Knowledge of these costs will help the cost accountant prepare budgets for the operation that is planned. RESPONSIBILITIES:
Describe what financial accounting and management accounting are and what the main differences are.
MANAGEMENT ACCOUNTING MF328A ROBERT LOCHHEAD 0304949 In this report I am going to describe what financial accounting and management accounting are and what the main differences are. I am also going to explain how that management can use the information that is provided can be used in any decision making process and can increase the efficiency and performance of the company. To start with I will give a brief description of both financial accounting and management accounting then show you the main differences. In financial accounting all of the transaction of the company are external which means that they are out with the company like customers, suppliers and shareholders. With regards to cost it only deals with the details of the expenses that the company has incurred. The profit that is shown in these accounts shows the profit of the whole business. People from outside the business only use the accounts of the business and these are normally put out every year or sometimes every six months. The accounts must be put out as it is a legal requirement for businesses. Financial accounts are to do with the costs that have already happened. Financial accounts are the area that includes the classification and also the recording of actual transactions with regards to money. This has to be in relation to the concepts, principles, accounting standards and legal
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
computer system
. Twos compliment Two's complement is the most popular method of signifying negative integers in computer science. It is also an operation of negation (converting positive to negative numbers or vice versa) in computers which represent negative numbers using two's complement. Its use is ubiquitous today because it doesn't require the addition and subtraction circuitry to examine the signs of the operands to determine whether to add or subtract, making it both simpler to implement and capable of easily handling higher precision arithmetic. As well, 0 has only a single representation, obviating the subtleties associated with negative zero. In the two's complement representation, the most significant bit of a signed binary value indicates the sign. If the sign bit is zero, the value is non-negative binary number. If the most significant (leftmost) bit is 1, the value is negative: the bits contain a two's complement version of the value. To obtain the value of a negative number, all the bits are inverted then 1 is added to the result. If all bits are one the value is negative one; if the sign bit is on but the rest of the bits are off the value is the most-negative number. The most negative number cannot be represented as a positive number with the same number of bits. A signed 8-bit binary numeral can represent every integer in the range -128 to +127. If the sign bit is 0,