Running Head: PERSONAL BUDGET, BALANCE SHEET AND CASH FLOW Personal Budget, Balance Sheet, and Cash Flow Statement ACC/547 University of Phoenix Personal Budget, Balance Sheet and Cash Flow Statement Summary Many factors have an impact on the financial planning of families, individuals, and businesses. Factors such as background, age, education, income, dependents, and goals all affect the financial statements of individuals. Planning carefully and keeping accurate records of personal finances help to develop a better understanding of a person’s financial status. Careful planning and record keeping of personal or company finances is extremely important for developing good spending habits and enjoying financial success (Kapoor, Dlabay, & Hughes, 2009). The following memorandum provides a summary of facts, such as age, dependents, education, income status, concerns, and goals, regarding Tom and Sue.
The father who is currently 38, and mother who is 44, met when the husband was working odd jobs and was struggling to find stable work in Northern California in the month of June 1996. At that time the mother was working as a care giver in Northern California for a medical company. The father is 50% Choctaw Indian and 50% white Caucasian and the mother is English and German. They soon married and had two children, the oldest son who is currently 13, was born on December 1, 1997, and the youngest son who is 9, who was born on January 1, 2002. The mother had a daughter when she was 21 years of age out of wedlock.
She has saved £1,000 to invest in her business venture. Zorina is an extrovert, knows lots of people in her area as her parents run various local businesses – she is studying Business Studies at A level and is very interested in marketing. She has £100 saved to invest in the venture, but she has recently bought a van. Both girls hope to start their degrees next October and need the business to be successful to help finance their university fees and living expenses. They will still live with their parents initially.
In order to evaluate the success of those decisions, managers must be able to analyze their decisions and fully understand the impact past decisions will have on the past, present, and future health of the company. The tools to analyze the business in such a manner are found in corporate finance. Thus corporate finance is important to all managers because it provides the necessary tools to evaluate decisions that satisfy every company’s two main goals. Brigham, Ehrhardt. Financial Management: Theory & Practice, 13th Edition.
Also, a genogram and ecomap was drawn, including home safety assessment. Firstly, occupational and educational data revealed M.S to be a truck driver for one of the reputed companies in the neighborhood and has high school and two years of college education. His mother who is an older adult still works in a hospital as a desk officer; she has a two year college degree in business. M.S’s wife E.S is a housewife, and she looks after the baby. She has high school level education and used to work before she had her child.
Consider the following: • What kinds of accounting, audit, and tax services does the firm provide? • Who is their target market(s) by industry and company? • Why would prospective clients give serious consideration to have KSM handle their accounting, audit and tax services? 3. Working in an ever changing accounting, audit and tax environment that is driven by change and strict regulatory adherence, how does the managing partner (David Resnick): • Ensure strict employee compliance to federal and state regulation and the company’s high ethical standards?
Also, a genogram and ecomap was drawn, including home safety assessment. Firstly, occupational and educational data revealed M.S to be a truck driver for one of the reputed companies in the neighborhood and has high school and two years of college education. His mother who is an older adult still works in a hospital as a desk officer; she has a two year college degree in business. M.S’s wife E.S is a housewife, and she looks after the baby. She has high school level education and used to work before she had her child.
LOCUS OF CONTROL REPORT PERSONAL DATA The first personality assessment I did was on a 33 year old female college graduate student. She is a Business Administration major. LS is the oldest of six children. She is an Administrative Coordinator at Washington Hospital Center. One of her major lifestyle changes is trying to pass the C.P.A.
Friedman Family Assessment NUR/405 Friedman Family Assessment Identifying Data: * M & E F Type of Family: * Married with step children and dual – earner family * Both parents work and earn an income * Father is the district manager of a plumbing and A/C company * Mother is sales with a local wholesale liquor distributor * The children are the mother’s children * Daughter lives at home but spends a lot of time at her boyfriend’s home; full time student at a local college; she also has 1 daughter that lives with her at her parents’ home; the daughter is currently in the 2nd grade at a local private all-girl school * Son lives at home but is “out partying” most nights of the week; works full time during the week but has trouble keeping a job Ethnic Background: * The family reports they are Caucasian with French/Cajun French descendants * The language spoken is English by all family members * Mother and Father speak fluent Cajun French to each other and within their extended family (brothers & sisters, mother & father) Religious Identification: * Family practices Catholicism and believe in one God * Attend church every Sunday and on Holy Days of Obligation * Attempting to instill their beliefs and religious practices in their children and grandchild Social Class Status: * Upper middle class Leisure Activities: * Family enjoys going out to dinner, doing yard work, gardening, visiting with other family members, working on property which they own in a nearby town- preparing the property to build a home on one day soon Family’s Present Developmental Stage: * Unclear at this point. Should be the “empty nest” * The parents were at the point where they thought they should have both children out of the house and off to college. * Only 1 child, the daughter, is
Several approaches have been developed to assist organizations in meeting these challenges- including just-in-time (JIT) and the theory of constraints (TOC).” (Garrison and Noreen, 2000, p.33) “In managerial accounting, the term cost is used in many different ways. The reason is that there are many types of costs, and these costs are classified differently according to the immediate needs of management.” (Garrison and Noreen, 2000, p.44) This paper will discuss the implications of GAAP in an international company, the importance of JIT and TOC in decision making and will explain the concept of cost classifications. Discussion The Implications of GAAP Generally Accepted Accounting Principles (GAAP) is a widely accepted set of rules, conventions, standards, and procedures for recording, summarizing and reporting financial information, as established by the Financial Accounting Standards Board (FASB), an independent self-regulatory organization. In order to understand the implications of