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
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.
Financial accounting focuses on providing financial statements to stockholders and internal and external users. Financial statements created under managerial accounting provide instructions and data used for internal business management purposes in effort to compute cost of product. Financial accounting provides data for the sole purpose of preparing companies financial statements. Unlike financial accounting, managerial accounting uses past records to forecast future budgets; additionally it doesn’t adhere to any set financial accounting standards such as US GAAP or IFRS (Averkamp). Financial accounting creates financial income statements, balance sheets and cash flow statements under the guidelines of US GAAP or IFRS; however managerial accounting prepares in-depth management products to include cost volume profit analysis, profit planning, operational budgeting, capital budgeting to name a few
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 financial manager is responsible for giving financial advice and support to clients and colleagues that will enable them to make good business decisions. Particular work environments differ considerable and involve both public and private sector organizations such as retailers, corporations, financial institutions, charities, and even small manufacturing companies and schools (Financial Manager, 2011).
[4] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 3, Cost Assignment, p. 54-59
Business requires the appropriation of funds and the analysis of how these funds are and should be used. The primary task of an accountant is to account for all transactions that were done over a period of time for a specific organization and to arrange these facts into financial statements that can be analyzed. The two main types of accounting, financial and managerial accounting are used to evaluate a businesses financial status through financial information that is specific to the audience. Although financial and managerial accounting use similar primary financial statements, the analysis of the documents and the information presented differs tremendously primarily because the financial accounting statements are directed to external users and the managerial accounting statements are directed to internal users. This difference varies the information presented on the financial statements and the analysis that can be surmised from reviewing the documents.
A Financial Manager oversees the monetary concerns of any organization. They also offer financial counsel to support customers, and associates to empower them to make sound business judgments. Prior to any decision made by the most organization, monitoring, interpreting cash flows and forecasting future trends are essential for both short and long-term decision.
Financial Plan- Finance department is responsible to arrange the cash inflows of the business. It also identifies the sources from where the finances can obtain to run the business operations smoothly.
Budgetary planning may differ between organizations. Single-period budgets and rolling budgets have methodologies that provide advantages and disadvantages that may make one budget time frame better than another. A single-period may require less time in planning during a fiscal year, but is less accurate than a rolling budget that is continuously planned on a repetitive basis. In either case, budgets are planned in advance in order for a company to operate profitably, and less so to have "actual results equal budgeted results." (p. 496)
The focus of the present study was to explore the leadership traits of an Indian woman leader. The leader chosen for the study was Rajni Bector. Using Table 1 of leadership traits, secondary data was qualitatively analyzed to identify most of the traits in the list and some which were unique to this leader. As is evident from Table 2, the present leader, Rajni Bector’s dominant traits include drive, creativity, and, self confidence. The frequency of these prevailing traits is 4 (See Table 2). Besides these, other traits too were identified for her such as emotional stability, interpersonal skills, strategic nature, high energy level, sincerity, perfectionism, social work advocate, and more. The result reflects that the present leader does identify
The information that has for financial department will determine the budget and the planning for the organization. In establish or development for the organization, the financial information that gathers will determine the size of the company.
The amount each company should recognize as expense is given in a given year depends on the following factors
Small industries face many obstacles that limit their long term performance and invariably their development and growth. Some of the causes of failure have been traced to poor management and lack of knowledge of proper accounting system employed by these industries (Akande, 2011).
A business uses accounting to determine operational plans in the future, to review past performance and to check current business functions. Management and financial accounting have different audiences, as investors are not usually involved in the day-to-day operations of the business but are concerned about their investment, whereas managers need information quickly to make daily business decisions. Financial accounting produces information that is used by external parties, such as shareholders and lenders yet management accounting produces information that is used within an organization, by managers and employees. The main objectives of financial accounting are to disclose the end results of the business, and the financial condition of the business on a particular date. The main objective of management accounting is to help management by providing information that is used to plan, set goals and evaluate these goals. Besides that, financial accounting is legally required to prepare financial accounting reports and share them with investors and management accounting reports are not legally required. In addition, financial accounting is more focuses on history and reports on the prior quarter or year however management accounting focuses on the present and forecasts for the future. Financial accountings are reported in a specific format, so that different organizations can be easily compared. Format of management accounting is informal and is on a department or company basis as needed. The reporting frequency for financial accounting is either annually, semi-annually, quarterly or yearly and for management accounting is daily, weekly or
Budget Committees oversee all budget matters to include, allocating funds to the departments, coordinating budget preparation and justifications and monitors unit activities throughout the financing