TASK 3 Question 3.1 (E2.1) Note how the essential financial systems and records to be established, and how they are to be maintained to ensure ongoing accessibility of financial information. Answer- A financial information system (FIS) accumulates and analyzes financial data used for optimal financial planning and forecasting decisions and outcomes. An FIS is used in conjunction with a decision support system, and it helps a firm attain its financial objectives because they use a minimal amount of resources relative to a predetermined margin of safety. An FIS can be thought of as a financial planner for electronic commerce that can also produce large amounts of market and financial data at on (Financial-information-system-fis, 2015; broderick, …show more content…
In terms of a standard job, remuneration is typically the wage or salary, but also includes tips or bonuses. Non-statutory information provided includes: Director report, charts, pattern articulation and picture: it gives extra data of the organization to the clients and one-sided or not unbiased data along these lines they can make the organization in positive (broderick, 2007) Question 3.4 (E2.8) Note how Business operations are to be monitored, and actions taken to ensure achievement of financial performance targets, and profit and return on investment objectives. Answer- There are sure sorts of approaches to observing the business. The proprietor have search for long haul period to end up achievement in the business there are some vital things which they need to look on it , for example, they ought to look on their costs to begin with, for eg they ought to watch out for the electric bill, payrolls and numerous more which can impact on their benefit. They ought to likewise continue following to their benefit on the off chance that it is continue decline and their costs are increment as from ordinary than it will be hard for them to exist in the
course of considering your business plans. This is not the place for that information. Instead, concentrate solely on those
Moreover, it has to contain any information that helps investors to make their decisions. • Accurate Records and Accounts We believe that business and financial records are necessary to our business operations. We depend on the integrity and accuracy of those records to make our decision and the benefit of investors. Also, the records it is important to report government agencies and others whom the company report to.
Personal Financial Advisors work behind the scenes with every type of person. They are the people who know how money works, and can tell you the best way to spend yours. They make investments on stocks or bonds, they plan for your retirement or children's college education. Financial advisors are aware of different opportunities and investment plans and they have the means to put your money where it can earn the largest return. A vast majority of people invest money, and more often than not there is a financial advisor by their side. This means that I could find a job as a financial advisor anywhere in the United States and in most other places around the world as well. Of course, it fits to reason that the people directing the world's money
Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the decision making that adds value to an organization. Organizations are sometimes broad and divisional. Planning, controlling, and evaluating is key in the effective decision making process. (Albrecht, Stice, Stice, & Skousen, 2002) An organization must make decisions about its future products, services, operations, and investments. It must begin a tracking process for cost, quality, and performance. Finally it must analyze the results, and variances, providing feedback to assess areas of personnel, divisions, products, and processes. (Albrecht, Stice, Stice, & Skousen, 2002)
The directors need to be able to view the financial performance of the group in order to make relevant and informed decisions. In order to obtain this information the correct procedures, as mentioned, must be followed to ensure that assets are not overstated and liabilities
Numerous amounts of people have financial problems when they get out of high school, so what should the school board do? In 2007, thirty-four out of fifty states have personal finance courses in their curriculum (Bernard 4). A financial literacy course seems to be what a majority of states are doing. Financial literacy courses have their pros and their cons just like everything else. Financial literacy courses bring up some very important questions.
High school seniors takes deep breaths and parade onto the stage. The beginning of a new chapter awaits as they make the journey from one point of the stage to the end. They reflect on what they have been taught in those many years of high school. The most terrifying fact while graduating high school is the next step: making it on their own. Because they have taken part in the appropriate classes, the students are certain that they have gained the correct knowledge to begin making their mark on the world. In high school, it is crucial to achieve the appropriate classes in order to feel ready to take on the world ahead as an adult. However, many students lack proper education. One key example is financial literacy. Financial literacy is the
... work the banks and other financial institutions would also be required to have a system of reporting. If these reports consist of all the necessary information to predict a future crisis or imprudent behaviour in the banks then procedure can be put in place to guide the banks into the appropriate approach.
One can accurately state that the role of the competent and capable financial manager is figuratively worth its weight in gold. As global markets today's financial markets increase in complexity, the tradition of learning by doing will not suffice. The financial manager today must hit the ground running with ready expertise to be used effectively as the CFO or as part of a team of financial experts within the ranks of the CFO's office. In navigating the international marketplace effectively, financial managers find themselves in a technology driven, real time information deluge which helps them to satiate the knowledge demands of investors, commercial and investment bankers, shareholders, employees, brokers, traders et al who must know particular companies, their products and the markets wherein they operate. The financial manager is charged with providing the information necessary to fulfill this relentless demand for a range of financial information that literally runs the gamut.
Compensation is the remuneration received by an employee in return for his/ her contribution to the organization. It is an organized practice involving the provision of monetary and non-monetary benefits to employees (citehr.com). Em¬ployee compensation includes all forms of pay and rewards received by employees for the performance of their jobs. Direct compensation comprises of employee wages and salaries, incentives, bonuses, and commissions. Indirect compensation comprises the many benefits supplied by employers, and nonfinancial compensation includes em¬ployee recognition programs, rewarding jobs, and flexible work hours to accommodate personal needs (www.indiana.edu/~busx420/Book.../chap09.doc).
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.
Nowadays with the implementation of new emerging technologies, the way businesses keep this financial information has become computerised. At the moment businesses use computers with a computerised accounting system in order to perform many other new activities than what they were able to do in the past. Businesses can access financial information from different department in the organisation, access to the information through computers and find financial data very fast, being more efficient. (Beliss, 2013)
In the modern world, financial markets play a significant role, with huge volumes of everyday dealings. They form part of contemporary economic lifestyle and determine the level of success of many people. Humans have always been uncertain of what the future holds and thus, tried to forecast it. The forecast of course cannot omit the likelihood of “easy money” by forecasting the prices of equity markets in the future.
The financial management information system provides financial information to all financial managers within an organization including the chief financial officer. The chief financial officer analyzes historical and current financial activity, projects future financial needs, and monitors and controls the use of funds over time using the information developed by the MIS department.
"The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions."[Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities and equity are directly related to an organization's financial position. Reported income and expenses are directly related to an organization's financial performance.