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Performance Management system

Growth and development analysis of a human being

It has been written previously that one is born with their traits. Writers have also indicated that traits are passed from one generation to another. I however believe this to be untrue. There are those traits that one is born with and those that one learns as they grow up.

We cannot take for granted the interactions one has with other human beings and nature. This has a way of changing us. The way we think and believe is highly contributed by the people we interact with and our backgrounds. In this paper we will discuss how I grew up to procrastinate and also a perfectionist. I believe I grew into this.

I push myself and others to do a perfect task and at the same time do the hard tasks the last minute.

Procrastination is evading the performance of a job which needs to be achieved. It is doing the more enjoyable tasks first, or doing those tasks that are less urgent as a substitute to more vital ones. This means that one puts off the difficult tasks first. Everyone has been accused of procrastinating at one point or another. However, more than 20 % of the population is said to procrastinate frequently. Procrastination can be defined as their way of life.

Performance management his highly done, in line with the goals and objectives of the organisation while at the same time ensuring that the strengths and weaknesses of employees have been established.  Meeting business goals and objectives is the essential reason for there being any organisation.

For this to be achieved there needs to be periodical measurements of the progress towards achieving these goals and objectives. The goals and objectives of the organisation need to have been communicated to all employees so that the company can soldier on as one team.  After this communication has been done, the achievement of these objectives needs to be measured appraised and relevant actions taken from time to time. The performance management process is part of the entire business since its inception till the day that it closes business.

Procrastination is said to reflect our struggle with self-discipline and control. It also shows our inability to predict our feelings for the next day. To critic this statement and belief I would say that procrastinators are good at making choices and prefer lesser demanding tasks as compared to the difficult tasks. Critics can also be quoted saying that procrastinators claim that they achieve better results when under pressure. More often than not that’s the way procrastinators qualify tasks and then work towards achieving them.

Personally, I have in many occasions preferred to avoid negative emotions so as to delay stressful tasks. So as to achieve more with limited I prefer doing the difficult tasks under pressure. This has enabled me to save time over the years.

Psychologists have cited such abehavior as a way of dealing with anxiety that is associated with finishing a task. Anxiety can get you to start working on a task either early or late (Steel, 2010). The focus should therefore be more of impulsiveness. Anxiety can only cause you to late on a task if it is impulsive.

 

 

 

==> Accounting Issues Raised After Financial Analysis

References

Steel, P. (2010). The procrastination equation: How to stop putting things off and start getting stuff done. Random House Canada.

 

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Company evaluation

Mission and Vision Evaluation

Remember to search for a mission and vision statement then evaluate them (running the mission statement through the mission-statement components.  If you cannot find either or both, so note in this report section, and write one for the company.

This part Includes a:

  • Vision Statement
  • Mission Statement
  • List Mission Statement Evaluation Components that are satisfied
  • Rationale for the components included as well as excluded.

==>Top 5 of The Best Accounting and Finance Textbooks

Milestones

Begin with a concise company profile followed by 5-10 company milestones.  Synthesize the company’s uniqueness and identity.  For example, a fun, employee-centered culture or low-cost, no-frills strategy uniquely identifies Southwest Airlines.

External Assessment

Insert your completed EFE Matrix.  Discuss the high score factors and interpret the overall score for your reader.

Your final paper will include:

·         An External Factor Evaluation (EFE) Matrix .

 

o    Why is this environmental factor key?

o    Why does the factor carry this much weight?

o    Why you rated the factor as you did?

·         How should management interpret the total weighted score?

How to do an External Assessment

After reading the case, first scan the environment. Use the following steps:

1.    List key external factors (opportunities and threats). These factors apply to all firms in the industry, not just this company. Any firm could potentially take advantage of an opportunity or be challenged by a threat because these factors are in the external environment. Include a total of 10-20 factors. Be as specific as possible.

2.    Assign a weight to each factor that ranges from 0.0 (not important) to 1.0 (very important). The weight indicates the relative importance of that factor to being successful in the industry. The sum the weights of all factors (for both opportunities and threats combined) must equal 1.0.

3.    This is the step at which the company (revlon) enters the picture. Assign a rating between 1 and 4 to each factor to indicate how effectively the firm’s current strategies respond to the factor, where 4=the response is superior, 3=the response is above average,2=the response is average, and 1=the response is poor. Ratings are based on effectiveness of the firm’s (revlon.) strategies. Ratings are company-based, whereas the weights in Step 2 are industry-based. Both threats and opportunities can receive a 1, 2, 3, or 4.

4.    Multiply each factor’s weight by its rating to determine a weighted score.

5.    Sum the weighted scores for each variable to determine the total weighted score for the organization(Revlon)

Internal Assessment

Insert your completed IFE Matrix.  Discuss the high score factors and interpret the overall score for your reader.  Use financial ratios for internal factors too, if applicable. (For example, if the company has a low inventory turnover ratio, this could be a weakness in the IFE Matrix.) See the link below under “Appendix” to help you preliminarily examine the financial ratios.

==> Read on the advantages of debt

SWOT Analysis

Summarize the key strengths, weaknesses, opportunities and threats.  Also, consider how well your company is managing both environments. This section serves as a conclusion to Case 1. Simply summarize the key strengths, weaknesses, opportunities, and threats that were prominent in your EFE and IFE matrices. This is not a SWOT Matrix, which is a matching technique. Matching techniques (e.g., the SWOT Matrix) are part of Case 2. 

 

 

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Advantages of Debt

Debt and deficits

A deficit is a difference between income and expenditure where spending is higher than income. Once you have a deficit, it means you have to borrow to cover it. This situation leads to debt. Governments borrow by selling securities to the public.



I believe that there is good debt and bad debt. There are many journals on this topic. One writer says debt is not the problem and the next predicts that debt will ruin civilization (Hanson, 2006). Common sense is you spend what you have and save the rest. However, this is not normally the case all the time. Many people who do well with money have something in common: they know what they want (Gerber, 2012).  It all matters with why you have a deficit and opting for a debt. Good debt is one that is a sensible investment in your future. It will leave you better financially in the long run. Taking a student loan, investing in business, getting a mortgage or buying a car that will bring income is good debt. Purchasing a luxurious house, purchase an extra car or borrowing to meet day to day expenses is bad debt.

 

 

 

References

Gerber, L. (2012). Top 10 Tips for Developing Money Management Skills. The Rosen Publishing Group.

Hanson, J. (2006). Good Debt, Bad Debt: Knowing the Difference Can Save Your Financial Life. Jon Hanson.

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Accounting Issues Raised After Financial Analysis

Dear Sir/Madam,

RE: Accounting Issues –  Year Ending 30th June 2016.

This is in reply to your email sent on 18th April 2016 in regard to accounting issues we had previously discussed over the phone. Below is our feedback on all the issues that you had raised:

  1. In regards to the issue of the court decision to reward damages to your client held on 26th March 2016 we would advise that you set aside funds amounting to $1 million in your general reserves account for use upon the verdict expected on 30th September 2016. Below are the journal entries to record this transaction. The same also needs to reflect on the statement of financial position.
ITEM DR CR
PROFIT and LOSS A/C 1,000,000
GENERAL RESERVE 1,000,000

==> Top 5 of The Best Accounting and Finance Textbooks

  1. In the case of Ipad sales we would advise that you treat the sales as debtors less the discounted amount. This is to reflect in the financial reports. You also said that the total amount owed is $ 250,000. This is to treated as accounts receivables less the discounted amount. Below are the journal entries to be recorded in your books.
ITEM  DR  CR
Account receivables            232,500.00
Discount allowed               17,500.00
Stock        250,000.00
TOTAL            250,000.00        250,000.00

 

Plant A/c
 ITEM  DR  CR
 Cash      76,000.00
 Accumulated depreciation      25,000.00
 Plant      85,000.00
 Gain on sale of plant      16,000.00
   101,000.00    101,000.00

 

Your adjusted statements are as below.

 

A statement of cash flow is prepared to show cash flow from operation and cash flow activities. This report shows changes in financial positions leading from operational activities, investing activities and financial activities. This information can then be used by an analyst to make a conclusion.



A statement of cash flow also assists in making cash forecasts. This is then used in internal management to determine management policies especially those touching in finances. The report is also credited for resulting in cash planning.

Through the preparation of cash flow statements, a business can compare the performance of projects. By comparing the actual cash flows against expected cash flow, a business can know how the project is fairing. An income statement measures a company`s performance financially eg by expenses, revenue, profits or losses over a specified period of time. This therefore means that both financial reports have their importance.

 

References

AASB, A. S. (2004). Financial Instruments: Disclosure and Presentation.Disclosure51, 52.

 

Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics32(1), 237-333.

 

Lev, B., & Zarowin, P. (1999). The Boundaries of Financial Reporting and How to Extend Them (Digest Summary). Journal of Accounting research,37(2), 353-385.

 

Yours Faithfully

 

 

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Producer and Consumer Surplus with Price Floors

 

Suppose that the Gondwanaland Chairman of Production who sets the governmental price floor for gosum berries in an effort to assist the gosum berry producers to have a higher income, set the price floor at $70 per barrel. These berries are a food staple of the Gondwanalandians and contributes directly to their health and long life (average lifespan of 150+ active years).

In that particular year the amount of gosum berries produced at the $70 price floor was 700 barrels per month. To support the price of gosum berries, the Chairman of Production’s Office had to purchase 400 barrels per month.  The accompanying diagram shows supply and demand curves illustrating the market for Gondwanaland gosum berries.

 

  1. In the absence of a price floor, the maximum price that a few of the consumers are willing to pay up to $100 per barrel of gosum berries. The market equilibrium (E) price is $50 per barrel. How much consumer surplus is created, when there is no price floor? Show your calculations.

Consumer surplus is defined as the area below the demand curve but above the market price(Sun, Delucchi, Lin & Ogden,  2014) In our case the consumer surplus is represented by the area between price of $50 and $100 against quantity of 500.

Consumer surplus        = ½ (50*500)

= 50,000

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  1. How much producer surplus when there is no price floor?

Producer surplus is the area below the price curve but above the supply curve. (Sun, Delucchi, Lin & Ogden, 2014)

Producer surplus         = ½ (50*500)

=50,000

  1. What is the total surplus when there is no price floor? Show your calculations.

 

Total surplus    = 50,000 +50,000

= 100,000

 

  1. d) After the price floor is instituted, the legal minimum price that can be charged by suppliers is $70 per barrel. The maximum price that a few of the consumers are still willing to pay is $100 per barrel of gosum berries. With the price floor at $70 per barrel, consumers buy 300 barrels of gosum berries per month. How much consumer surplus is created with the price floor?

Consumer surplus after the price floor            = ½ (30*300)

= 4,500

How much producer surplus is created with the price floor? Show your calculations.

Producer surplus after price floor       = ½ (70*700)

= 24,500

  1. e) The Chairman of Production’s Office buys any barrels of gosum berries that the producers are not able to sell. With the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. How much money does the Chairman of Production’s Office spend on buying up surplus gosum berries? Show your calculations.

= 700 barrels  – 300 barrels

= 400 barrels

= 400*70

= 28,000

 

  1. f) The Emperor of Gondwanaland must collect taxes from the people to pay for the purchases of surplus gosum berries by the Chairman of Production’s Office. As a result, total surplus (producer plus consumer) is reduced by the amount the Chairman of Production’s Office spent on buying surplus gosum berries. Using your answers for parts d, e, and f, what is the total surplus when there is a price floor? Show your calculations.

Total surplus    = 24500 + 4500

= 29000

  1. g) How does this compare to the total surplus without a price floor from part c?

The price floor has reduced the total surplus in the market.

 

References

Sun, Y., Delucchi, M. A., Lin, C. Y. C., & Ogden, J. M. (2014). The producer surplus associated with gasoline fuel use in the United States. Working paper, University of California at Davis.

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