1 . (a) What do you understand by the concept of conservatism ? Why is it also called the concept of prudence? Why is it not applied as strongly today as it used to be in the Past ?
(b) What is a Balance Sheet ? How does a Funds Flow Statement differ from a Balance Sheet ? Enumerate the items which are usually shown in a Balance Sheet and a Funds Flow Statement.
2 . (a) Discuss the importance of ratio analysis for inter-firm and intra-firm comparisons including circumstances responsible for its limitations .If any (b) Why do you understand by the term ‘pay-out ratio’? What factors are taken into consideration while determining pay-out ratio? Should a company follow a fixed pay-out ratio policy? Discuss fully.
5 .
What
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he president of Geeta & Company believed the standard should be set at a high level to motivate the workers and to provide adequate information for control and reasonable cost comparison. After much discussion, management decided to use a dual standard. The labor standard of one unit every 30 minutes, recommended by the consulting firm, would be employed in the plant as a motivation device, while a cost standard of 40 minutes per unit would be used in reporting. Management also concluded that the workers would not be informed of the cost standard used for reporting purposes. The production vice-president conducted several sessions prior to implementation in the plant, informing the workers of the new standard cost system and answering questions. The new standards were not related to incentive pay but were introduced when wages were increased to Rs7 per hour. The standard cost system was implemented on January 1, 19--. At the end of six months of operation, these statistics on labor performance were presented to executive management:
January February March April May June
Production (units) 5,100 5,000 4,700 4,500 4,300 4,400
Direct labor hours 3,000 2,900 2,900 3,000 3,000 3,100
Quantity Variances:
Variance based on labor standard
(one unit each 30 minutes) Rs3150 U*
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There are several different types of business ownership which are most commonly used in business’ and company’s today, these include; Co-operative which is a business owned by its employees, Partnership which is a business owned by between 2 and 20 people, Private limited which is a business owner by a small groups of people who have shares and a Public limited business is owned by private individuals by shares bought and sold on the stock market. A charity is a business with the purpose to help the public, the government is a business owned by the government and lastly a sole trader which is a business owned by only one person.
• The first thing you need to do is save a copy of this document, either onto your computer or a disk
Please note that this Assessment document has 8 pages and is made up of 7 Sections.
M1 - Compare the purposes of the different documents used in the selection and recruitment process
M2(Unit 37) - Assess the social implications of business ethics facing a selected business in its different areas of activity
The financial department have been asked to carry out analysis all invoices from the past year to provide data on where wastage is taking place.
The above cost system was efficient during the 1980s because it split up overhead over three cost pools, adding an additional pool, which has machine hours as its cost driver. This proved efficient because “[w]ith increased usage of automated machines, direct labor run time no longer reflected the amount of processing being performed on parts, particularly when one operator was responsible for several machines.” Packet, pg. 7.
Q3. How were the limitations of the existing cost system overcome by the ABC Cost System? What are the implications of the ABC system?
Telephone – A telephone maintains a few different features rather than just receiving and making calls. At work the phones that we use are often different to
To organize and prioritize the current and future projects in the pipeline in a way that fits into the PMB budget of $5B, and ensures projects that increase sales, growth, and stockholder value are of top priority, whereas projects that are not beneficial are either put on hold or discarded.
| The customers would be influenced because if the company are financially struggling the customers are there only hope to stay profiting. If the company was to go bust it means customers will no longer be able to shop there. The customers would be an external stakeholder, they can get information by advertisements and even check their annual report on the businesses website.
The provision and use of personal protective equipment could include using gloves, glasses, earmuffs, aprons, safety footwear, dust masks.
The world of business has undergone radical and dramatic changes in the last decade changes that present extraordinary challenges for the contemporary manager. A manager is an organizational member who is responsible for planning, organizing, leading, and controlling the activities of the organization so that the goals can be achieved. According to a widely referenced study by Henry Mintzberg, managers serve three primary roles: interpersonal, informational, and decision-making. Management is process of administrating and coordinating resources effectively and efficiently in an effort to achieve the goals of the organization.
Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.