TABLE OF CONTENTS
QUESTION ONE 1
THE ROLE OF BUSINESS IN SOCIETY 1
QUESTION TWO 2
USERS OF ACCOUNTING INFORMATION 2
QUESTION THREE 3
THE INFLUENCE OF NZICA 3
QUESTION FOUR 4
QUALITATIVE CHARACTERISTICS 4
QUESTION FIVE 5
IT AND THE ACCOUNTING SYSTEM 5
QUESTION SIX 6
BUSINESS STRUCTURES 6
Questions 6
Best business structures 6
QUESTION SEVEN 7
ACCOUNTING EQUATION 7 Question One
The role of Business in Society
Dilemmas that Hubbard 's could face concerning stakeholders by meeting the creditors directly effects both the return on assets and net profit margin, while operating profit margin is effected by attending to labour and community.
Creditors being one of Hubbard 's stakeholder, they may through customer
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This can be done by the business logging onto their bank website. MYOB and other accounting software programs allow the business to download their statements direct in the program.
B. Timeliness of reporting improves a businesses accounts receivable. Using a software program that is designed so that when product is supplied to customers, despatch staff input the supply to ABS Company, and then accountings department have the information in the system therefore invoices can be generated on time. Payment can be received on due date, and purchase department also know what product needs restocked simply by viewing the system.
C. The efficiency of data entry can be improved by ensuring that employing skilled data entry people, and that the right training is giving. Having a rotation of duties can work as a double checker of any data entry mistakes and also prevents employees from conducting improper activities.
Question Six
Business Structures
Questions
1. Would you be able to cover the level of funds required for the business, from your own funds including loans?
2. Do you like to have total control or prefer to share decision making?
3. Would you have most of the required skills needed to operate the business?
4. What level of income are you expecting?
5. What is the level of your assets?
Best business structures
1. Fit guy if extra funding is required, a need for a partnership or a need for a
Requires additional training cost, space, business strategy and building customers recognition, hire professional help which may cause additional fund or used available line of credit
The accounting department supervisor compares and reconciles a copy of the daily sales invoice batch report to the daily accounts posting report indicating the individual accounts. The daily account posting report is prepared and sent by the accounts receivable department. Discrepancies are investigated and resolved to help assure that the customer subsidiary accounts are posted for the same total amount posted to the control account. Cash Disbursements
There are different data entry systems for the different types of departments i.e. OR, ER, labor &
In each country to allow citizens to coexist in the best way possible Laws were put into place, to make clear to all citizens to know there are rules and regulations to follow. If citizens choose not to abide by these laws then there will be punishment. This is why it is important that citizens abide by laws, rules and regulations to make their country run the best way possible.
Hartman, E. (2006). Can We Teach Character? An Aristotelian Answer. Academy of Management Learning & Education, 5(1), 68-81
I suspect that most of us can view and appreciate most sports such as baseball, football, and basketball. What if you were to view a Cricket World Cup game? If you didn’t know the rules you probably would not have much fun. The same happens in business if you don’t understand its language – Accounting. What rules impact a business’ Accounting Information System? What types of compliance is required?
Business, society and government are placed in different situations depending on what the conflict may be. According to the case “Dickinson’s needle sticks”, all three different sectors were placed in a different position where society was seen to have no voice or empowerment. The society in this case were the nurses, patients and any health care workers using Dickinson’s needles. These sectors solved their conflicts through interacting with each other and finalise a resolution through many negative and positive outcomes which could be ethical and unethical. But then again, each sector strive for the position of power.
The four funding sources I would look to use are SBA loans ($300,000) because they promote small businesses, Bank loans (20 years for a total of $1,000,000) because that would be the most obtainable way of getting funding, asking family and friends ($10,000) for help because I would like them extremely involved in my business, and crowdfunding ($5,000) because the more interest in the area means the more potential money that a kick-starter may bring in.
Describe the steps to be taken prior to inputting the data into the computerized system and how you would go about implementing the new system.
The system will automatically update data inventory for raw material once a shipment has been confirmed from an approved manager’s wireless device. The System shall provide a large data server for all invoices to be scanned in and stored for record purposes. Invoices scanned in will be stored by a Date-Time-Company Code-Order Number, as well as a search function providing employees the ability to retrieve original invoice forms. The system will update all data servers for receiving, shipping, raw materials used and final products produced continuously throughout day-to-day operations.
Among the tools required for every business to survive and thrive, the ability to maintain a regular self-examination holds an indispensable place. The size of the business in question is almost of no consequence, only the potential complexity of the self-examination changes. A prime tool for such self-examinations is the family of related financial reporting that has become nearly universal in western businesses: the income statement, the balance sheet, and the statement of cash flows. This trio of reports enables management and owners to carefully examine the holdings and liabilities of their business so they may make
In Friedman’s article, The Social Responsibility of Business is to Increase Its Profit, he gives two arguments for what, if any, social responsibilities a business has and why they have it. In his arguments, he presents a businessman in charge of running the business on behalf of the owner. The first point he raises in dictating what responsibilities the businessman should fulfill involves defining the businessman’s purpose. He was hired as an agent of the shareholders, the owners of the business, etc. to make the business profitable. Barring some eleemosynary functions, as Friedman states, such as hospitals and schools, the general purpose of a business is to make money, therefore, the responsibilities of an agent of the business would be to increase said profits. To do otherwise would be to fulfill a purpose other than the one he was hired for and betray the owners.
Depending on how much additional investment needed and what will be the payback period. Another cash flow statement will be needed for further reviewing to decide whether additional funding will be a good
Do you agree or disagree with the following quotation: “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say engages in free and open competition, without deception and fraud.” Milton Friedman, a Nobel Prize winning economist. In other words, the social responsibility of business is to make a profit.
William O. Douglas said, “Common sense often makes good law.” Well that is what laws essentially are, rules and regulations that make sure common sense is followed. One could even say that laws are enforced ethics. Laws serve several roles and functions in business and society, and this paper will discuss those roles and functions.