Good Morning, For those of you who missed last week’s Batter Up, we started a two part series regarding Transfers and Suitability. Last week we covered Transfers and some of the complications that can arise from mismanaged cases, whether it’s on our part as the agent or due to a fickle transferring company trying to play games with your client’s money. This week I wanted to jump into the #2 major reason why policies get held up, Suitability. Whether you’ve been in the industry a single year or 20 years, suitability is something you need to be aware of. Since the recession of ’08 we have seen suitability guidelines continually refined and restricted, all for good reason of. The idea is that suitability is there to protect the client from …show more content…
• Fill out the darn Financial Inventory! o This one seems like a no brainer, but PLEASE fill out the financial inventory not only in its entirety but truthfully as well o The financial inventory can help you, so make sure all incomes and expense are stated clearly and that the clients investments match up to what you have reported as their net worth • Just because it’s already in a 401(k) or IRA, does not mean the
Money is a big part of our everyday lives. It is how we live, take care of ourselves, provide for ourselves and everything inbetween. In Do You Really Want a Baby Tiger, Mia Lewis states “ not just the food and the vet bills, although those can indeed be considerable”. With that in mind,
In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial
The process requires Peyton Approved to discover how much inventory is sold and what the cost of goods will result in. The process requires the business to review three forms of merchandise inventory to determine which summary benefits the business’s operational behavior. One will discover when assuming that first inventory purchased by the store is the first to be sold, it is determined that the FIFO method displays the best financial outcome for the business. During the process of updating journal entries, one must enter the information proved appropriately into the T-accounts to add the balance under each record. Once the T-accounts for transactions and adjusted transactions are balanced, the next step is to enter the information provided on the balance sheet. The balance sheet will list Peyton Approved assets, liabilities and stockholders equity after added during the T-account process (Nobles, 2014). Once the balance sheet is completed the income statement, statement of retained earnings, and closing entries can be filled with the information proved. This will give the business a full review from journal entry to closing entries of the business for the six month accounting
I took part in this discussion 3.1 and found really interesting how a lot of people really are keeping track on their finances. Myself as long as
II. Contact clients periodically to determine if there have been changes in their financial status.
One of the principal grounds for rejecting insurance claims is that the claim is not covered by the terms of the policy, or is specifically excluded. The rule that coverage provisions should be interpreted broadly and exclusion clauses should be interpreted narrowly is really just a corollary of the Contra Proferentem rule which applies in the event of ambiguity i.e. it is the insurer who likely drafted the insurance contract and construing coverage provisions broadly, or exclusion clauses narrowly, will be to the detriment of the insurer as the party who drafted the contract. The construction of exclusion clauses and coverage provisions helps justify the objective intention of the contract. This is the intention which the court considers, a reasonable person in the position of the contracting parties, would have had. It is submitted that coverage provisions should be broad and encompassing and exclusion clauses should be narrow. However, before such a conclusion is reached, this paper will aim to justify the reasoning behind such a claim analysing arguments for and against such a proposition, drawing upon the landmark case Darlington Futures Ltd v Delco Australia Pty Ltd to help relate the discussion to issues raised by such considerations.
It is common practice to do so part of the audit of the property, plant and equipment accounts. It is possible the client has incorrectly capitalized repairs, rents or similar expenses. Clients commonly include transactions that should be recorded as assets in repairs and maintenance expense, lease expense, supplies, small tools, and similar accounts. If I was to conclude this type of material misstatement is likely, they may need to do larger amounts of debited to the expense accounts.
I would discuss with the supervisor and coworkers about how much percentage of the inventory should be valuated so that auditors can conclude that the inventory has no material discrepancies. And also, I will negotiate with the client in order to have a little more time to finish required valuation of inventory. Since I believe that providing unqualified and faithfully represented financial reports is an essential mission of an accounting firm, and that the investors and governmental authority consider CPAs and auditors should be responsible for the quality of financial reports (the punishment is quite harsh for not doing a good job), I would intend to sacrifice more time and costs for more accurate financial information.
Analyzing your current finances can be an eye-opening experience. This is especially true if you have not
Will prepare the tax returns based on information and documentation provided by Client. If needed, bookkeeping services are available at our current published rate.
Next in line, are my necessities which include: Groceries and household supplies ($400/After losing a bit of weight a lot of my food is organic which is more expensive), and my clothing ($250/ Apparel is important, but I’m not obsessed) for a total of $650. After that, are my personal debts/expenses which include: Capital One credit card ($50/$500 limit, but I don’t make many purchases outside of emergencies), Wells Fargo banking fees ($25), MetroPCS
This case analysis commences by explaining the type of accounting officer needed to execute the job functions for the client, Big Spenders Inc. The next objective will be to examine the income statements of the two prospective business entities that the client intends to choose from concerning investment – in order to diversify its portfolio. The strategies that will be explored in terms of the analysis of the income statements includes the computation of (i) operation profit margin, (ii) gross margin, (iii) net profit margin, and (iv) return on equity – for both companies of interest. The results of examinations will put the accountant in a position to make sounds recommendation to his superior at BUSI 1043 LLP, so that Big Spenders Inc. can be properly guided.
Although some things Iprobably wont do I will make sure I have money in each of my finacial jars, even if I dont have alot of money. I found some the activitys strange considering I went into almost 400.00 dollars in debt. Before I would run out and spend all my money, I would make sure I had enough money to spend. I would not even consider putting myself into such a large financial problem.
In terms of the confirmation of cash balances, what deficiencies can you identify in terms of the procedures
Kenisha, I completely understand your perspective, but really how much more do we have to show and prove the world that we have the best and strong military and #1 in almost everything? As Natasha mention, America already has the strongest military and defense. In opinion, we have to see the bigger picture here and be a strong nation by first improving within our country than helping other countries that simply don’t want our military help or even start a war where there isn’t. According to, The Dallas Morning News, “Since the Vietnam War, we have conditioned ourselves to the idea that American military intervention for geopolitical purposes (as opposed to national defense) is somehow justified to spend more.” If Obama already