Just like any other organization, chick-fil-A is greatly affected by the external environment of the business. Often, the external environment is made up of all outside factors and influences that affect the way an organization conducts its daily operation. It is worth noting that an organization has no influence over its external factors and thus, it has to re-engineer and redefine its process, products and services to work under the influence of the external environment. Below are some of the external factors that affect Chick-fil-A. Consumer income Consumer income is in the wider field of economic factors that affect the sales level of the enterprise.
Voluntary and mandated deductions were also processed according to documentation on file, and defined payroll processes. c. Administrative processes. The accounting department has reconciliation methods in place to verify the accuracy of payroll, time, attendance and benefits. Changes are initiated by a manager through the HRIS system (through an organizational workflow). With new hires, and system changes, the Human Resources department does not have a documented process in place to bolster entry
The survey found leadership employees generally spent the same percentage of time performing non-selling tasks regardless of their store’s sales volume. This survey was done by a statistical specialists who was hired by Sephora at the time to conduct the study, but this was opposed by Sephora in Mies case. Along with this, a Sephora District Manager, Kelly Guerriero stated that company policies do not declare everything a specialist does. She explained that a specialist must have good judgment in difficult situations, and each specialist 's task vary greatly depending on the size, location, and Director of each store. Both Mies and
The purpose of bank reconciliation is to compare the balance on the bank statement with the accounting records. Bank reconciliation is the “process needed to identify errors, irregularities, and adjustments needed to the Cash account.” (K Wainwright, S. 2012). What are the reasons for differences between the cash reported in the accounting records, and the cash balance in the bank statements? Some of the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statement are: 1. “Deposits in transit are receipts entered on company records but not pro¬cessed by the bank, and (2) outstanding checks are written checks that have not cleared the bank.”(K Wainwright, S. 2012).
As a business owner, manager, administrator the risks are enormous because my personal credit and financial information are closely related to my business. My identity and the company one are only one, which results in everything that directly or indirectly affects the company. There is also the risk of identity theft, the business being a small business corporate identity theft can result in the inability to meet payroll, tax obligations or payable bills. There is also loss of business income, sometimes the company is unable to meet its personal and tax obligations and purchase the necessary supplies. The consequences is unpleasant and end up in the obligation to dismiss employees, make reductions and even pay commercial obligations from
Use of composite WACC as the hurdle rate for each of its projects: No, the company should not use the overall or composite WACC as the hurdle rate for each of its divisions as the composite WACC reflects the risk of an average project undertaken by the company. Therefore, the WACC only represents the hurdle rate for a typical project with average risk. Different project have different level of risk so the project’s WACC should be
IFRS permits to use FIFO and weighted average method but LIFO is prohibited IFRS applies the lower of cost or net realizable value. Historical inventory “cost” is used in applying the lower of cost or net realizable value over the entire period that the inventory is held. Write-downs are reversed as selling prices rise. Over the entire period of an enterprise, the amount of expense and profit are the same in the income statement on US GAAP and IFRS. However, the inventory and cost of goods sold balances can vary dramatically in any given period.
The useful life of an intangible asset is the period over which the asset is expected to contribute to the future cash flows of the entity. Intangibles with a fixed useful are amortized. However, intangibles with indefinite useful lives are not amortized but are subject to impairment. Other relevant factors include the legal or contractual provisions, the level of maintenance expenditures required to obtain future cash flows, and the effects of obsolescence. (para 11 SFAS 142) c) Jonas Tech Corp’s suggested treatment of goodwill is unacceptable because the U.S. GAAP requires that goodwill acquired in a business combination is allocated to the reporting unit through which it was obtained.
In spite of the fact that money is gotten or not gotten and the revenue are perceived when they end up plainly payable however money is paid or not paid. The two transactions will be recorded in the accounting time frame to which they relate. Thusly, the accrual concept creates a distinction between the accrual receipt of money what's more, the privilege to get money as respects revenue and real amount of money what's more, commitment to pay money as respects expenses. Money Measurement Concept: - This idea accepts that all business transactions must be as far as money that is in the money of a country. In our country such exchanges are as far as
Monthly and quarterly income statements are often issued as well. The balance sheet, on the other hand, only shows a picture of the company on a single date in time. The balance sheet does not reflect a period of time but rather a moment in time. The Revenue Recognition Convention:- The revenue recognition convention provides that revenue be taken into the accounts (recognized) at the time the transaction is completed. Usually, this just means recording revenue when the bill for it is sent to the customer.