Manpreet singh (ND15375) US: 6410 Task 1 1.1 Sources: Financial sources NZD Non-financial sources Capital 1,00,000 Experience-skills Bank loan 1,80,000 Qualification her/husband Students fees 20,00,000 NZQA approval Cost/expenses: Expenses NZD Capital expenses NZD Commission 4,00,000 Outfits 72,000 Rent / leases 48,000 Utilities 12,000 Interest 3,600 Wages 3,30,000 The expense are given quarterly in case study, hence all above expenses has done annually as following:- • Utilities- 3000*4=12000 • Rent- 12000*4=48000 • Wages/salaries of staff- • 5 teachers at $50,000p.a=250,000 • 1 receptionist at 35,000p.a=35000 • 1 …show more content…
• Evaluate data pertaining to costs in order to plan budgets. The finance manager also responsible for financial reporting systems, accounting and collection procedures, and investment activities, and make recommendations for changes to procedures, operating systems, budgets, and other financial control functions. Task 3 3.1 Essential financial system and records:- It can be measure by two software available in the market MYOB and quick book. One can easily record all the small business transaction in this software’s. Financial records can be maintained properly by keeping records of all transactions like income, assets (purchase, sales), expenses, liabilities (increase, decrease) and capital. After that there have entries like Cash flow, Journal, income and balance. Then make a ledger and trial balance and prepare financial reports. After making financial report, it has to be sent to IRD for final statement. 3.2 Legal and financial control system: If the Nicole will decide to start school then she has to follow all legislation such as:- • Employment relations act 2000 • Income tax act 2007 • Goods and services tax
In January 2005, contractors were excavating blocks of pavement to place electricity cables right at the corner of Ocean Street and Octavia Street, Narrabeen, NSW. The project was suspended due to an unanticipated discovery of a human skeleton buried underground, right beside a public bus shelter. The bones were in good state although some parts were missing. Fragments of primitive artefacts were also found around and inside the skeleton.
[4] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 3, Cost Assignment, p. 54-59
Oversees all internal financial and administrative operations through the Manager of Athletic Business and Ticket Operations; promulgates budget guidelines and approves final submission for each area; monitors conformance to established budget.
The functions of managerial accounting include planning, decision-making, controlling, and evaluation. To make good decisions, managers must constantly adapt to technological changes, changes in the organization's needs, and new approaches to other functional areas of business-- marketing, production, finance, organizational behavior, and corporate strategy. Planning is the setting of goals and developing strategies and tactics to achieve them. Controlling is concerned with achieving the goals and evaluating performance. The success of an organization lies heavily on the shoulders of those making these decisions.
The amount each company should recognize as expense is given in a given year depends on the following factors
He was stubborn and his stubbornness to give up worked for him many times as a politician. Most importantly in the Cyprus conflict and even when dealing with the United States. He did not let the Kurds have an autonomous state in the south east even though the United States kept on nagging about it. Ecevit as a politician was someone who could not be moved or persuaded easily but Ecevit the poet was different and less of realist and more of an idealist.
Finance has to make sure that there is enough funds in the bank at all times. The Finance Department has to communicate with each department. Finance is the part of the company that can give production enough money to more capacity, tell Marketing a budget for the year and ensure that the Research and Development team has enough money to do quality research on the products. Even though all the departments have to work together in some capacity, it's the Finance Department that is the glue to the company. Their relationship to each department is crucial because if the Finance team cannot communicate well with a certain department then every department is impacted to some capacity.
Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)
The fist step is to analyze and classify events. In order to enter the transactions, the recorder must first decide what needs to be recorded. An event should be recorded "if it is measurable, and is relevant and reliable" (Kieso, Weygant, & Warfield, 2004). Although there are some events that increase the assets of the business, they are not all able to be recorded. For example, hiring a highly skilled employee can be seen as acquiring an asset, but there no way to measure the asset, so it is not recorded. In my experience, management usually makes these decisions. The source documents are complied and given to the accounting department.
The overall purpose of cost accounting is to advise top administration and the management team on the most suitable and cost effective methods and actions to employ based on cost, capability and efficiencies of a given product or service. It can be defined as the method where all the expenditures used during execution of business activities are gathered, categorized, examined and noted down (Horngren & Srikant, 2000). Once these numbers are gathered and recorded the information is used to determine a selling price and/or to identify possible investment opportunities. Although the principal aim or function of cost accounting is to help the business administration with their decision making and business planning process, the cost accounting data
Managerial accountants need to use accounting information in seeing to it that they are able to plan, evaluate the company performance, manage risks and control the business operations in a manner that is deemed beneficial to the business as a whole (Caplan, n. d). This can be achieved through: having high standards of ethics in all situations; employing the techniques of management reports, budgetary control, and analysis of fund flows and financial statements; making prudent capital investment decisions; and maintaining continuous quality control systems.
It should be pres... ... middle of paper ... ... o monitor the health of the company and also to make the right choices. They are the most important users of financial information as without this group using the information properly the company could cease to survive. Bibliography Biz/ed 2004, Accounting [Online], available http://www.bized.ac.uk Duncan Williams 2004, User of Financial Statements, [online], available http://www.duncanwill.co.uk Finance Demon 2004, User of Financial Information, [online], available http://www.financedemon.co.uk Financial Reporting Council 2004, About the FRC [online], available http://www.asb.org.uk Hacker Young Chartered Accountants 2004, Accounts Explained [online], available http://www.account-explained.co.uk Joe Corbett 2004, Class Notes, Borders College, Galashiels
Depending on the type of organization of industry financial managers can hold different titles i.e. controller, finance officer, credit manager, cash manager, and risk and insurance manager.
In Management Accounting a manager has to have knowledge on both the financial and non-financial terms of the business and operational sides of the business. Both the financial and non-financial items are reported and analyzed by the managers to come to any decision. Again, the corporate social performance is also analyzed and a report is made on that. They have to take care of the other points also, i. e, profit of the organization, the final and end users, i. e ,customers and their satisfaction levels, employees of the organization, environmental matters related to the
It requires an adequate and sound organizational structure, that is, there must be a definite assignment of responsibility for each function of the enterprise. Budgeting compels all the members of management, from the top to bottom to participate in the establishment of goals and plans. Budgeting compels departmental managers to make plans in harmony with the other departments and of the entire enterprise. Budgeting helps the management to put down in figures what is necessary for a satisfactory performance. Budgeting helps the management to plan for the most economical use of labor, material and capital. Budgeting tends to remove the cloud of uncertainty that exists in many organizations, especially among lower levels of management, relative to basic policies and objectives. Budgeting promotes an understanding among members of management of their co-workers' problems. Budgeting force management to give adequate attention to the effects of general business conditions. Budgeting aids in obtaining bank credit as banks commonly require a projection of future operations and cash flows to support