Business Studies Portfolio - two contrasting businesses.

correct staff payments , legislative requirements accurate invoicing ,correct production recording , accurate stock holdings ,re-order level monitoring , audit requirements

For this assessment I am going to write a report about two businesses. A large national business, and a small local business. My large business is Manchester Airport because it is a large corporation and is very easy to research about. School has also organised a trip for us to go and visit Manchester Airport where we will be able to ask questions about the business. My small business is Coca-Cola shop (corner shop) because I’ve been going there for years, due to this fact I have become fairly good friends with the business owner. This will allow me to go to his shop and ask him the questions without being nervous. I will then describe and compare the purpose aims and objectives of the two businesses. I will also look into what activities they do as a business, and who their competitors are.

By implementing and maintain multi-person checking systems, physical and electronic barriers and only allowing the minimum number of necessary people access to areas, cash and the ability to do certain tasks it helps ensure the safety of the company's assets. Different employees in the accounts department having checks in place to confirm balances match ensures that cash and equivalents are

| |financial statements related to cash and cash equivalents, receivables, and inventories. | | |

Accounts receivable confirmations are used in audits to obtain evidence supporting cash balances. Auditors are responsible for obtaining a reasonable assurance regarding whether the financial statements are free of material misstatements, due to error or fraud. Even if reasonable assurance is included, a properly planned and executed audit may not detect material misstatements resulting from fraud. Therefore, if the confirmation is material, even if the value is not over the industry standards, the auditor should qualify their opinion on the financial statements. Evidence obtained through

This process is referred to as bookkeeping, which is simply entering each transaction that affects the financial position of the business in a ledger.

A business portfolio encourages an individual to concentrate on which type of writing is best for their specified targeted audience. This project focused on three particular audiences: store managers, store employees, and customers. For each audience, a different document is required. The business letter was specified for all managers. It is important to relay all of the information to them since it is their job to be fully knowledgeable and responsible to communicate with their employees. The employees received a memo. This states the facts in a more upbeat fashion, informing which changes will benefit them and inspires them to keep up the good work. Although a letter to managers and a memo to employees may cover much of the same information, managers need to know facts and tips to alleviate possible issues that could arise. Whereas memos to the employees focuses on praising their hard work while trying to keep them motivated with any positive or negative changes; especially since a cheerful and motivated employee works harder than an one that is disappointed with the changes. A mass email was sent to

However, a cross-reference of the shipping documents could not be located for 25 sample items due to the lack of prenumbered shipping documents. • Testing of the deposit slips show on the bank reconciliation within a standard 48 hours, and deposits are recorded in the correct reporting period establishing adequate cutoff measures. • Confirm the accounts receivables by reconciling the actual customer’s balances to the balance sheet. Confirm that the customer balances are correct, authentic obligations and are valid. Newham had ten mathematical errors and needs to implement data systems that will prevent this concern.

Being an effective manager for any company involves making the right decisions in terms of operations but also involves having the financial intelligence to read a financial report to determine areas of improvement for a company. Being able to decipher a company’s financial statement helps a manager understand the company’s profitability; this statement covers a few key areas which are dissected further in order to visually see where monies are being used. By understanding the income statement, balance sheet, and cash flow statements managers are able to make informed decisions regarding how the company needs to operate in the future, aligning goals in order to be successful. By reviewing revenues, expenses, and profit for a period of time, managers can see where the profit and loss is. By staying informed of the assets,

To detect possible misstatement or theft of inventory, (1) I will search for unrecorded liabilities by looking for open purchase orders, unmatched vendor invoices and unmatched receiving reports. (2) I will investigate suspicious behaviors from employees such living above their means,

Inventory often is one of the largest amounts listed under assets on the balance sheet which means that it represents a significant amount of the resources available to the business. The inventory may be excessive in amount, which is a needless waste of resources; alternatively it may be too low, which may result in lost sales. Therefore, for internal users inventory control is very important. On the income statement, inventory exerts a direct impact on the amount of income. Therefore, statement users are interested particularly in the amount of this effect and the way in which inventory is measured. Because of its impact on both

To review the consolidated financial statements and reasonably make sure they are free from material

What do the financial forecast and sources and uses of funds statement of company tell us?

Processed time sheets, prepared payroll tax in compliance with local, state and federal tax laws and regulations

Responsibilities – Receiving and paying accounts, analysing reports and balance sheets, prepare financial statements, computing taxes and calculating income, developing budgets and financial goals and projections, collecting and entering data, payroll, etc.