o Explain why accurate forecasting is so important to sales enhancement, customer satisfaction, and cost control. o Identify the number of units to purchase for the new distance measurement device based on the economic order quantity. o Identify the number of orders per year that must be made to take advantage of the economic order quantity. Complete information regarding the Inventory Management Challenge activity is found on the student Web page. Submit the deliverable in your Individual
CU701 Store and retrieve information 1.1 Explain the purpose of storing and retrieving required information: The main purpose of storing any information is for easy retrieval in the future when it is required. It is also part of a company’s business practice. Storing documents have to be done in proper procedure so that it is easier to find. Depending on the type of information, information can be stored in either fireproof cabinets for hard copies or hard disks or other electronic storage devices for soft copies. 1.2 Describe different information systems and their main features Transaction Processing System – This system is responsible for processing day to day business transactions.
P1 I am writing a business report for the Head of Sixth form and the Sixth Form representatives to show how I will use information systems to ensure that the school shop makes a profit and runs efficiently. I have reflected on the importance of information systems in the running of the school’s stationary shop. An information system is collections of ways in which a company takes in information, processes it and stores the information before distributing it back out. Organisation use information systems to keep track of the business, and communicate within the different departments. Information systems benefit organisations as they allow businesses to control the flow of information between departments and help them to make decisions on the direction the business will run.
The Act was designed to promote honest and ethical conduct; full and accurate disclosure in periodic reports; and compliance with applicable government rules and regulations. The sections in the act that impact corporate responsibility address education and knowledge, accountability, control, fraud, obligations, and truth in accountability. Section 302 of the Sarbanes-Oxley Act introduces the requirement for several certifications regarding periodic financial reports. The signing officers must certify that they have reviewed and approved the report, and that they have evaluated the company's internal accounting controls within the preceding 90 days, and reported honestly on their findings. Under Section 404 of the act, these findings must detail any uncovered control deficiencies or instances of employee fraud, and must also be reviewed and attested by the registered accounting firm.
Internal Cash Control University of Phoenix ACC 220 Internal Control Implementing a strong financial policy for your business is important in today’s turbulent economic world. Accounting internal controls assure that all transactions are authorized, all transactions are recorded, access to assets is allowed only for authorized purposes and accounting records describe only real assets. Internal control reviews can further help your company achieve its performance and profitability targets, prevent loss of resources, and promote more reliable financial reporting. With the passage of the Sarbanes-Oxley Act and related regulatory actions, companies are placing renewed emphasis on their internal audit functions. Reported incidents of fraud and abuse within companies are at an all-time high.
Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
FINANCIAL ACCOUNTING II SEMESTER 1, 2011 ASSIGNMENT — FINANCIAL REPORTING 15% Due dates: Part 1 (5%) – Wednesday 23 March 2011 (week 4) Part 2 (10%) – 12:00 midday Wednesday 4 May 2011 (week 8) Learning outcomes By successfully completing parts one and two of this assignment, you will: Enhance your knowledge and understanding of technical issues related to preparing and presenting financial statements. Develop your awareness of ethical, social and cultural issues within a global context and understand their importance in the exercise of professional accounting skills and responsibilities. Improve your ability to locate, read, comprehend and synthesise accounting information found in academic journal articles in
WEEK 2 DAY 7 ASSIGNMENT MANDRESS LACY XACC/280 JULY 22, 2012 JARRAME BOWERS WEEK 2 DAY 7 ASSIGNMENT In looking into the general goals of financial reporting you come to understand that they are to keep accurate financial records of a company, maintain and adhering to all of the principles of accounting. In performing the assignment, the steps taken were first to make entries for the fictitious company that were accurate and fully explained in numbers the financial transactions. Once I completed this step, I then rechecked the information that I concluded and then entered them into the general ledger. Some people would think that this step was not important but it is and it is very helpful. That last step taken was the trial balance
An accounting software can help better track, analyze and report financial data, however the conversion process can be intense. Because all data was being manually entered, one must ensure that the data conversion and reconciliation of accounts is properly inputted into the accounting software. Once the audit has been completed by our firm, the balances provided in the final trial balance can be used as a reliable basis to enter in to the software. Utilizing appropriate software can also reduce security risk and maintain more accurate and reliable information while also providing meaningful reports and analysis based transactional data. I recommend that our team assist VHL with providing the reliable balance and guidance for
They extract financial data from numerous accounting and information systems while coordinating budget management and makes sure Blue Cross Blue Shield Association accounting procedures are up to par. They monitor and analyze monthly spending against budget, and make sure all monies are being properly managed. Blue Cross financial stability is even on record. Blue Cross makes sure they take part in studies to improve the operational and financial efficiency of their organization. Mitchell J. Helfand is the vice president over finance and he does an outstanding job.