First I would need to review the previous controller’s closing process to determine areas that need improving. Next I would document every step of the closing process this will help itemize the nature of each task, who completes it, the time required to complete it, and any queue times that appear when a task is shifted to a different person within the process.
Any company or organizations need to analyze how its financial resources get used every time. The primary aim for this is to ensure accountability and maximum utilization of the resources available. From my calculations General Hospital is doing well in some sectors while it is performing poorly in others. For example the recommended SSP standards of accounts receivable recommends that it should be below than 46.2.The hospitals collections per years do not match up to their projected figures and thus they should cut down on expenses. The ratio of current assets to liabilities is favorable and up to the standards set. The hospital would not be able to operate if it runs out of funds in the account receivables as the cash on hand value is less than the recommended (Delen, 2013). It could only last for a period of 17 days before its cash reserves run out.
One of the financial manager’s jobs in the One Stop DECA Shoppe is to keep separate binders throughout the year for information, such as check request forms, deposit slips, and daily money drops. Check request forms make it easier to see what the store needs to purchase. The store uses deposit slips to track weekly deposits. Each day the store is open, before workers can open or start selling, the financial manager must make a daily drop. This makes it easier to keep track of all of the money throughout the week and keep it all in one place. Once they take out the money, leaving sixty dollars in the register, the financial manager will then proceed to write how much they are taking out, and put the money into
A restructuring reserve is a liability account that is used to accrued expenses to cover future cost of a business and offset the actual cost of restructuring the business. This account has to properly be disclosed in the financial statements. If this account is overstated, it can add a boost to earnings because the money unused goes back into the company. Sunbeam used the restructuring reserve to accrue expenses related to the future change in operations which can include; lease expenses, severance packages for employees and exit costs that come with the closing of facilities. The reserve account also included costs that would benefit Sunbeam in the future such as; costs of package design, costs of employee relocation and costs for consultant fees. All of these costs will help reconstruct the company.
The True Cost by Andrew Morgan is a film that explores the processes that led to the uproar of fast fashion. These changes within the fashion industry have drastically affected the manufacturing process of clothing. Moreover, fast fashion has had varying economic impacts both at the micro and macro-level. The structure of our global economy has driven fast fashion to new heights via consumptionism culture along with materialism. The labour management techniques that have organized manufacturers of the global south have proven to be important in sustaining the mass production of new clothing lines. Through the better understanding of these broader trends, perhaps there is a way to resolve the exploitation of these workers.
The choice of inventory accounting methods, specifically for the case of FIFO and LIFO, has developed into a decision, which includes varying consequences and comes with specific implications and benefits, such as communicating private information with FIFO (Hughes, and Schwartz, 1988, p.42) or tax benefits for the choice of LIFO (Morse and Richardson, 1983, p.125). Every firm and manager has to face the decision of which accounting method to choose, and has to include several aspects into their decision making process and weigh the pros and cons in general.
Plant-wide allocation method - method of allocating costs that uses one cost pool, and therefore one predetermined overhead rate, to allocate overhead costs.
One of the first tasks a project manager is faced with is the prioritization of the Triple Constraint; this can only be done by communicating with the client whether the client understands project management or has ever heard of the triple constraint, in their mind, they already know what is most important to them. If your job is project manager, is to find this out, this is usually done by asking them a series of very, well worded questions. As you master the skill of balancing the triple constraint you will naturally begin to keep track of all aspects of project management and you will begin to understand what to look out for and at what stages of a project you should.
I have chosen Nobes because there are more related articles and essays can be searched from the web, also the international accounting differences across the countries in accounting treatment is controversial issue nowadays. Differences reporting standard in accounting treatment across the countries can result in significantly different amounts being reported on the balance sheet and income statement. These differences will have impacts on cross country merger or acquisition and cross-border company comparison.