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.
I will be using their annual report from 2011, and explain the main sections of the report, discuss key factors that helped influence the company’s financial performance for the year stated above, the company’s assets, and we will also explain how management characterizes the internal control environment. Annual reports for a company are usually divided into sections to separate different topics or ideas. In the annual report for eBay, the main sections that are spoken about are the business section, legal proceedings, selected financial data, market for related stockholder matters and issuer purchaser equity. The business section of the annual report basically tells exactly what the business is. It informs the reader on when the business was founded, who founded it, what products and services the business offers, and how many customers have used their business.
Week 9 Final Project – Financial Analysis Beverly Moorer XACC/280 Financial Accounting Concepts and Principles January 22, 2012 Lisa Pendleton, MAcc, MTax, CFE In determining whether or not company is financially healthy and whether or not they would be a good investment it is of the utmost importance several analyses should be performed on their financial reports. Every company should present accurate analysis, of their companies’ annual financial reports. These revenue analyses of the annual reports will reveal insights and knowledge regarding the revenue performances of the companies. I am hoping that I will be able to reveal a financial evaluation and a comparison involving The Coca-Coca Company and PepsiCo. The information provided in this paper was taken from both Coco-Cola and PepsiCo Consolidated Financial Statements to present the analyses performed by utilizing three revenue statement analyses tools: The Vertical Analyses, Horizontal Analysis, and Ratios Analyses.
Personal Budget, Balance Sheet, and Cash Flow Statement – Mr. Phoenix ACC 547/Taxation August 11, 2014 MEMORANDUM To: Kristen Debbis From: Linda Watson, CPA Date: August 11, 2014 Re: Mr. John Phoenix – Personal Budget, Balance Sheet, and Cash Flow Statement The purpose of this memo is to provide you with a summary of facts on Mr. John Phoenix. This memo will start by familiarizing you with Mr. Phoenix by providing personal information on him and his family, such as age, educational background, income status, as well as two major concerns and goals. It will provide a summary of key items and findings from the personal budget, balance sheet, and cash flow statement; and recommendations and support for improving Mr. Phoenix’s
Audit reports interpret the financial data for an organization over the past year. Problem solving reports identify the cause of a problem and recommend a solution. Progress reports summarize the work done on a project so far. Those are just a sampling of the types of reports and there uses. Of course you must know what your report needs to show before you can decide what type of report you must write.
Performance reports depict the businesses complete budgeting management system. Combined, each report lists specific attributes in relation to various budget modifications as well as other necessary information pertaining to the budgeting situation. Primarily, Guillermo can use a budget as an ongoing reminder of business transactions during the decision-making process and future planning process to effectively attain business objectives and goals. The budget allows Guillermo to allocate resources and prioritize certain activities and make decisions in advance on when, where, what and how he will improve business processes. After implementing the budget report, a performance report shows the results of company activities by “highlighting variances, which are deviations from plans” (Horngren, et.
Financial statements are simply the framework of a financial picture created over a given period of time. Through the use of such tools as ratio analysis, a financial manager is able to make the best possible decisions for the company Ratio uses and Benefits Ratios are used to take the information from the financial statements and make sense of them in such a way that is useful for a particular organization. “Financial ratios can be used to develop a set of statistics that can reveal key financial characteristics of a company “(Droms, & Wright, 2012, p. 88). Ratios allow managers to compare companies of unequal size, determine its rank within the industry, and compare performance of a single company from year to year. Before attempting to utilize ratios to analyze financial statements, managers must clearly understand the purpose of each financial statement and its content.
1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points) Make choices about how to spend money responsibly, plan for retirement. Because, I will need to know how to plan later on in life with my finances.
Having good money management skills will help me and give me ideas on how to only purchase what I actually need and not what I want. Written down all my expenses and categorizing all the different expenses I have. I can start by tracking my spending for about a month then I will have a good idea on how to create my personal budget. I can use a spreadsheet to categories my expenses. I need to always keep in mind that I need to save for emergencies such as car repairs, and house repairs etc.
Brighton School of Business and Management Limited Unit 2 Managing Financial Resources and Decisions Please answer ALL the following questions: Assignment 1 Question 1 Name the four ways in which money is said to be used. Question 2 What are the three reasons why a business keeps accounting records and which are reflected in a balance sheet? Question 3 Name a financial statement which helps an organisation plan for the future. Question 4 Explain how profit is calculated. Question 5 How is capital used in a business?