“Accounting Procedures in Educational Institution in Banlgladesh

bourn Paper On history Procedures in t each(prenominal)ingal debut in Banlgladesh North second University (nonspecific urethritis) Supervised by Shapon Kumar capital of Minnesota Associate Professor Department Of melodic phrase relationship Govt. Bangla College, Dhaka Prep ard by Md. Bellal Hossain Bapari BBA (Honours), 2nd Year. Roll. 9593910 Department. of invoice Govt. Bangla College, Dhaka. Date of submission Govt. Bangla College, Dhaka Letter of Transmittal Date. To Supervisor Shapon Kumar Paul Associate Professor Department Of score Govt. Bangla College, Dhaka Subject Submission of Term Paper Dear Sir,With due respect it is my pleasure to you my term report card on Accounting Procedures in educational Institution in Banlgladesh. I harbor tried my level silk hat to work sincerely to cover all in all aspects regarding the matter. Though I have faced some limitations to prep ar the term study due to scarcity of bank. Data, time, limitations. I have really enjoyed t he hand work behind preparing the term paper. I hope you entrust asses my term paper considering the limitations of study. Your var. advice encourages me to do further work. I shall be highly appreciating you if you kindly accept my term paper.Your kind approval is solicited. Sincerely Yours Md. Bellal Hossain Bapari BBA (Honours), 2nd Year. Roll. 9593910 Department. of Accounting Govt. Bangla College, Dhaka. student Declaration I do hereby declare that the term paper entitled Accounting Procedures in educational Institution in Banlgladesh. submitted in partial tone fulfillment of the requirement for the degree of BBA (Honours) dept Accounting, National University down the stairs Bangla College Dhaka. I in addition declare that this whole term paper has prepared by me. Md. Bellal Hossain BapariBBA (Honours), 2nd Year. Roll. 9593910 Department. of Accounting Govt. Bangla College, Dhaka. Letter of Acceptance The term paper title Accounting Procedures in educational Institution i n Banlgladesh. Submitted as partial requirement of BBA program. This term paper has been prepared by Md. Bellal Hossain Bapari, Dept Accounting BBA program at National University under Govt. Bangla College. This term paper is approved and accepted in quality from. Supervisor .. Shapon Kumar Paul Associate Professor Department Of Accounting Govt.Bangla College, Dhaka Ac experiencement At first I would like to part thanks to almighty Allah who has given me to the fortune to successfully complete the term paper entitled Accounting Procedures in educational Institution in Banlgladesh. was challenging and interesting program. I would like to give thanks to my honorable supervisor Shapon Kumar Paul for his kind and hearty guidance and close supervisor. It was not possible for me to prepare the term paper properly without his help. I am very much grateful to Mr. Md. Abdus Satter Mazumder. Head of Department), Mr. Md. Jamal Hossain Bhyian Sir. Mr. Md. Jahangir Sir. I am alike grateful to my friends and every one who help to me make the term paper. NSUs mental imagery The vision of North South University (NSU) is to become a leading university and remain as a top center of excellence in higher(prenominal) education and research. It aims at attracting brilliant students, teachers, scholars, and from all over the world. Mission The mission of NSU is to produce highly skilled manpower, visionary professional leaders and responsible and teach citizens.This mission is achieved by imparting high quality higher education, and training, and by conducting useful research so that individuals can achieve their intellectual, social, and personal potentials. NSU is affiliated to developing human capital by sharpening creative thinking. In addition to creation and dissemination of knowledge, its mission includes promotion of humanism and peace through higher education. As a social institution, NSU endeavors to induce changes for betterment of the society as a whole through p ublic services, and through promotion of ethical behavior and social justice. StrategiesTo fulfill its mission, NSU applies five basic strategies (1) it offers socially relevant academic programs which meet the changing wishs of the students coming from different spinegrounds and quest different career goals (2) it hires highly qualified and internationally experienced academics to teach the courses / programs it offers (3) NSU, through a rigorous selection appendage, admits only those students who demonstrate the potential to hire and complete the programs of study they select (4) it provides appropriate physical and electronic infrastructural facilities, logistic yields and an environment conducive to teaching and learning and (5) it practices the principles of good governance that ensure best management practices and encourage academic freedom and faculty-governance. AccreditationNSU is fully accredited by the University Grants Commission, the only national accreditation a uthority in Bangladesh. Its Business School has applied for accreditation of South Asian Quality Improvement outline (SAQS), an accrediting agency created by the Hyderabad-based AMDISA (Association of Management Development Institutions in South Asia) with the technical help from EQUIS (European Quality Improvement System, capital of Belgium and AACSBI, USA. The establishment of SAQS was largely funded by European Union. NSU has already got two of the senior Business School Professors trained in how to respond to the SAQS accreditation requirements. The B- School of NSU has almost completed the required Self-Assessment process.It is expected that the necessary Peer Review will be through with(p) by SAQS before the end of June 2010. International erudition The credits obtained at NSU are accepted in most of the reputable universities of USA, Canada, Australia and an an other(a)(prenominal)(prenominal) countries. NSU graduates are accepted in the Graduate programs of Harvard, Corn ell, University of Pennsylvania, and other well-known universities. Eight Economics graduates of NSU are studying for higher degrees at York University, Canada, with scholarship provided by York University. NSU attracts foreign students from India, Pakistan, Sri Lanka, Nepal, China, Japan, Thailand, Myanmar, Malaysia, Sudan, Saudi Arabia, Iran, Kenya and Nigeria.In addition, under the flying field Abroad and Group Exchange program, students from world-class universities of the USA and Canada such(prenominal) as Brown University, University of Illinois, Urbana-Champaign, Penn State University, Smith College, Mt. Holyoke College, Windsor University, York University, and other similar institutions attend summer semester at NSU and transfer credits back to their parent institutions. The goal of the University is to provide excellent modern education for students with a view to equipping them with the skill and knowledge necessary to lead the country in its quest for development. Along with this, the University also aims at producing students of high moral standard in its students.Northsouth University (NSU) has the authority, under its charter, to provide reading to confer Undergraduate and Post Graduate degrees. It has plans to offer MPhil. and PhD programs in all branches of higher studies including engineering, agriculture, language, law and medical sciences. It has also the authority to grant diplomas, certificates and other academic distinctions. It has also the authority to open new Schools of studies and new institutions on its own campus. The University is run by a number of statutory bodies as required under the provisions of the Private University Act, 1992. Table of Contents SUBJECT MATTER EXPERTISE John McPeek, CPA iii Bud Carlson, CPA iii James Skelton ivChristopher Anderson, MBA iv Introduction WHO NEEDS ACCOUNTING POLICIES AND PROCEDURES The Recent Past 1 The Present 2 The future 2 ACCOUNTING BASICS 2 clerking 3 Accounting 3 Reporting 4 Non-finan cial selective information 4 pecuniary data 4 COMPONENTS OF AN ACCOUNTING SYSTEM 5 Revenue Cycle 6 lodge Entry . 6 silver Receipts / Deposits 6 Accounts Receivable 6 Purchase Cycle 6Purchase puts / Purchasing . 6 Cash Disbursements / incorporates. 7 Accounts collectable.. 7 payroll department Cycle 7 world(a) journal Cycle 7 How does posting work? 7 ACCOUNTING TERMS AND CONCEPTS 8 Double-Entry Accounting 8 BASIC ACCOUNTING STRUCTURE 9 Balance sheet 9 Income Statement 10 Basic Accounting Formula 10 abridgment OF ACCOUNTING CYCLES & ACCOUNTING CONCEPTS 12 ACCOUNTING STRUCTURE ACCOUNTING SOFTWARE PROGRAMS 19 ACCOUNTING METHODS 20Accrual Method. 20 Cash Method 20 dowery of Completion Method.. 21 REPORTING STANDARDS. 21 GAAP Generally Accepted Accounting Principles . 21 The Matching Principle .. 22 Conformity . 22 Valuation . 22 stock-take Valuation. 22 actuality .. 23 TYPES OF REPORTS.. 3 External Reports.. 24 Compilation 24 Review. 24 visit 25 SEC Audit .. 25 Internal Reports .. 5 SUMMARY 26 manual of arms Preparation. Tab 2 SECTION 1 induction . 5 SECTION 2 INSTALLATION INSTRUCTIONS. 7 Editing Files .. 8 Word Processing (Text) Files File Properties And Style formats . 8 Printing Files 9 Technical Support. 10 SECTION 3 YOUR ACCOUNTING MANUAL 11 Style and Format . 11 Considerations in writing your manual . 2 Sources of extra Information 13 SECTION 4 EFFECTIVE COMMUNICATION. 15 Communication and Addressing Your Audience.. 15 Sexism in Writing 15 upshot Usage 16 Organizing Your Thoughts.. 6 Outlining Technique 16 Defining the Format and Organization of Your Manual 17 Design Features 18 Style and Mechanics.. 18 Sources of additional Information 19 SECTION 5 ACCOUNTING PROCEDURES 1 Format . 21 Heading Information . 21 Title And Introduction.. 23 The Body Of The Procedure Statement .. 24 Attachments 24 Authorization. 5 Production And Distribution . 26 Revising And Updating Statements .. 26 Accounting Manual Tab 3 1. 0 Purpose.. 5 2. 0 Scope.. 7 2. 1 Responsibility 7 2. Exclusions. 7 2. 2. 1 Internal Auditing .. 7 2. 2. 2 Payroll .. . 7 2. 2. 3 Finance And Treasury 7 2. 2. 4 Information Systems 7 2. 2. 5 Security Planning . 7 2. 2. chance Recovery. 7 3. 0 Management Responsibility 9 3. 1 Accounting Organization.. 9 3. 1. 1 Accounting Department Organization map 9 3. 1. 2 Finance & Treasury Responsibilities 10 3. 1. 3 Controller Responsibilities. 10 3. 1. Accounting Staff Responsibilities.. 11 3. 1. 5 Operations Staff Responsibilities .. 12 3. 2 Management Commitment. 12 3. 3 Management Accounting Policy. 12 3. 4 Planning . 13 3. 4. 1 Accounting Objectives 13 3. 4. Accounting System Planning .. 13 3. 5 Responsibility, Authority, And Communication . 13 3. 5. 1 Responsibility And Authority .. 13 3. 5. 2 Management Representative 13 3. 5. 3 Internal Communication.. 14 3. 5. 4 Referenced Procedures 14G Management Reports Activities 1. 0 Preparation Guidelines 2. 0 Daily Flash Report 3. 0 periodical Financial Report 4. 0 Six-Week Cash Flow Report 5. 0 Budget Vs. Actual Report 6. 0 Financial Statements 7. 0 Department Reports References A. national Accounting Standards Board (FASB) B. Generally Accepted Accounting Principles (GAAP) Forms G Ex1 Department Reporting epitome G Ex2 Daily Flash Report G Ex3 weekly Financial Report G Ex4 Six Week Cash Flow Report G Ex5 Budget vs. Actual Report G Ex6 Financial Statements G Period-End Review & Closing Activities 1. 0 Closings Preparations 2. 0 Balance Sheet Assets 3. Balance Sheet Liabilities And Stockholders Equity 4. 0 Income Statement Revenues 5. 0 Income Statement Expenses 6. 0 Financial Ratio Analysis G&A106 Controlling Legal Costs Activities 1. 0 Arbitration 2. 0 Legal Services 3. 0 Legal Billings G&A107 Taxes And redress Activities 1. 0 Organization Fees And Taxes 2. 0 Business Activity Fees And Taxes 3. 0 Payroll Fees And Taxes 4. 0 Excise Taxes 5. 0 Other Taxes And character references 6. 0 Tax pays 7. 0 Insurance References A. Trust Fund Re covery Penalty Forms G&A107 Ex1 Federal Tax Calendar G&A108 Property Tax Assessments Activities 1. 0 Review Of Assessments 2. 0 Appealing Of Assessments G&A109 Confidential Information Release Activities . 0 Financial Information Requests 2. 0 Personnel Information Requests 3. 0 ascribe Reference Inquires Forms G&A109 Ex1 Non-Disclosure Agreement G&A110 Document Control Activities 1. 0 Document Distribution 2. 0 Document Revision 3. 0 Procedure and Work Instruction Format 4. 0 Temporary Changes Forms G&A110 Ex1 Request For Document Change (RDC) G&A110 Ex2 Document Change Control CSH101 Cash Drawers And Credit Cards Activities 1. 0 Opening 2. 0 Transactions 3. 0 Special Tender Items 4. 0 Closing 5. 0 Chargebacks And Disputed Transactions 6. 0 Security Precautions Forms CSH101 Ex1 Daily Cash Report CSH102 Cash Receipts And Deposits Activities 1. Receiving Cash Drawers 2. 0 Application Of Accounts Receivable 3. 0 Deposit Forms CSH102 Ex1 Deposit Log CSH103 Problem buffalo chips Activ ities 1. 0 unsigned Checks 2. 0 Partial Payment Checks Marked Payment In Full 3. 0 Returned Checks 4. 0 Redeposited Checks References A. Uniform Commercial Code (UCC) B. Bad Check integrity Forms CSH103 Ex1 Bad Check Notice CSH104 Wire transferrals Activities 1. 0 Incoming Wires 2. 0 Outgoing Wires References A. FRB Reg D Reserve Requirements Of Depository Institutions B. FRB Reg E Electronic Fund Transfer Act Forms CSH104 Ex1 situate Wire Instructions CSH104 Ex2 Wire Transfer Form CSH105 Check Signing Authority Activities 1. Authorized Check Signers 2. 0 Changing Check Signers 3. 0 Authority Levels Forms CSH105 Ex1 Check Signing Authority Log CSH106 Check Requests Activities 1. 0 Check Origination 2. 0 Check Stop Payment Forms CSH106 Ex1 Check Request CSH107 Bank Account Reconciliations Activities Bank Statement Preparation Computerized Format Manual Preparation And Reconciling Items Computerized Preparation And Reconciling Items Adjustments And Other Troubleshooting Forms CSH10 7 Ex1 Sample Bank And Book Balances Reconciliation Inventory & Assets . Tab 6 INV101 Inventory Control Activities 1. Inventory Stocking And Storage 2. 0 Inventory Usage 3. 0 Inventory surety 4. 0 Inventory Obsolescence 5. 0 Inventory Disposal References A. Food And Drug Administration (FDA) Food Code Forms INV101 Ex1 Inventory Requisition INV102 Inventory Counts Activities 1. 0 Inventory Types 2. 0 Preparation For Inventory Counting 3. 0 Period End Cut-Off 4. 0 Complete Physical Count Cost (Or Sku) Method gross revenue night club Routing And Review Invoice Preparation And Posting Distribution Accounts Receivable REV106 Invoicing And Accounts Receivable Activities 1. 0 2. 0 3. 0 4. 0 Forms REV106 Ex1 Invoice REV 106 Ex 2 Accounts Receivable Write-Off Authorization REV107 Sales Tax CollectionActivities 1. 0 Basis Of Tax 2. 0 Applicable Sales Tax Rates 3. 0 untaxed Sales 4. 0 Sales Outside Of Our Jurisdiction 5. 0 Sales Tax Billing REV108 Progress Billing Activities 1. 0 Contract T ypes 2. 0 division Of Contract Amount 3. 0 Progress Claims 4. 0 Release Of Holdback REV109 Account Collections Activities 1. 0 Collection Process 2. 0 Seriously Delinquent Or unresponsive Accounts 3. 0 Working With Collection Agencies 4. 0 Writing Off Un calm Debt References A. Fair Debt Collection Practices Act (FDCP) Forms REV109 Ex1 Account Collection Control Form REV110 node Returns Activities 1. 0 Origination 2. 0 Receiving Goods And Processing 3. Returned Goods Disposition Forms REV110 Ex1 30-Day Satisfaction Guarantee REV 110 Ex2 Returned Goods Authorization Purchasing PUR101 trafficker Selection Activities 1. 0 Vendor Selection 2. 0 Vendor reviews 3. 0 Vendor Files Forms PUR101 Ex1 New Vendor Notification PUR101 Ex2 Vendor Survey Form PUR102 General Purchasing Activities 1. 0 monastic order Determination And Requisition 2. 0 couch Placement 3. 0 Recordkeeping And Matching 4. 0 Sundry Purchases Forms PUR102 Ex1 Purchase Requisition PUR102 Ex2 Purchase Order PUR102 Ex3 P urchase Order Log PUR102 Ex4 Purchase Order Follow-Up PUR102 Ex5 Daily Sundry Payable Log PUR103 Project Purchasing Activities 1. 0 Purchasing Overview 2. 0 Requisition For Material Order 3. 0 Orders And Arrivals 4. Follow-Up 5. 0 Receiving Procedures 6. 0 Material Transfers 7. 0 Sundry Purchases Forms PUR103 Ex1 Order And Arrival Log PUR104 Receiving And Inspection Activities 1. 0 Receiving 2. 0 Inspection 3. 0 Rejection, Discrepancies And Disposition 4. 0 Stocking 5. 0 Product Returns Forms PUR104 Ex1 Receiving Log PUR104 Ex2 Receiving and Inspection Report PUR104 Ex3 Inventory Inspection Levels PUR105 Shipping And Freight Claims Activities 1. 0 Shipping 2. 0 Receiving 3. 0 Claims Procedures 4. 0 extra Information Resources References A. Interstate Commerce Act PUR106 Accounts Payable And Cash Disbursements Activities 1. 0 Documenting Accounts Payable 2. record Merchandise Payables 3. 0 Recording Non-Merchandise Payables 4. 0 Payment Of Accounts Payable 4. 0 Manual Checks Embezz lement Prevention Tab 9 SUBJECT MATTER EXPERTISE .. v Dana L. Turner .. v 1. 0 ORGANIZATIONAL STRUCTURE AND FUNCTIONS.. 1 1. 1 Where Embezzlers Look For Opportunities.. 1 1. Corporate Culture 1 1. 3 Code Of Conduct 2 1. 4 Summary .. 2 2. 0 EMPLOYEES RIGHTS . 3 2. 1 Establishing The Companys And Employees Rights . 3 2. 2 Employee Rights To Privacy And Related Issues 3 2. The Employee Polygraph Protection Act. 4 2. 4 word of advice To Suspect Employees. 5 2. 5 Summary . 6 3. 0 EXAMPLES OF EMBEZZLEMENT SCHEMES .. 15 3. 1 Misuse Or Misappropriate Funds.. 15 3. 2 The Most Popular Embezzlement Schemes 15 3. Summary .. 16 4. 0 CRITICAL AREAS OF RISK TO EMBEZZLEMENT.. 17 4. 1 Areas Of Risk .. 17 4. 2 Summary . 22 5. 0 UNIVERSAL SYMPTOMS OF EMBEZZLEMENT ACTIVITY 23 5. 1 Embezzlements Are Predictable.. 23 5. 2 Motives For Committing Embezzlement 23 5. Summary 26 6. 0 PROFILE OF AN EMBEZZLER .. 27 6. 1 Common Characteristics Shared By Most Embezzlers.. 27 6. 2 Summary 28 INV103 meliora te Asset Control Activities 1. 0 Acquisitions 2. 0 Dispositions 3. 0 Asset Records Forms INV103 Ex1 Capital Asset Requisition INV103 Ex2 Asset Disposition Form INV103 Ex3 Bill Of Sale INV104 guest Property Activities 1. Receipt, Inspection And Stocking 2. 0 Unsuitable Or Missing Items 3. 0 customer Supplied Tooling And Fixtures 4. 0 Intellectual Property Forms INV104 Ex1 Material Return Notice INV105 fix Asset Capitalization & Depreciation Activities 1. 0 Capitalization 2. 0 Depreciation References A. IRS Publication 946 How To Depreciate Property Revenue Tab 7 REV101 Sales Order Entry Activities 1. 0 Sales Representatives 2. 0 Internet Orders 3. 0 Credit Department 4. 0 Sales Administration 5. 0 Manufacturing/Shipping 6. 0 Customer Service 7. Accounting/Billing 8. 0 Changes To Orders 9. 0 Additional Information Resources REV102 Point-Of-Sale Orders Activities 1. 0 Point Of Sale 2. 0 Sales Orders And Invoices 3. 0 Sales Invoices And Accounts Receivable REV103 Customer Credit App roval And footing Activities 1. 0 Credit Application 2. 0 Credit Investigations 3. 0 Credit Approval/Rejection 4. 0 Additional Information Resources References A. Equal Credit Opportunity Act (ECOA) B. Truth In Lending Act (TILA) C. Fair Credit Billing Act (FCBA) D. Fair Credit Reporting Act (FCRA) E. FRB Reg B Equal Credit Opportunity Act F. FRB Reg Z Truth In Lending Act Forms REV103 Ex1 Credit ApplicationREV103 Ex2 Request For Credit Approval REV 103 Ex3 Credit Inquiry REV104 Sales Order Acceptance Activities 1. 0 Document Verification 2. 0 Telephone Confirmation 3. 0 Order Acceptance Forms REV104 Ex1 Phone Confirmation Checklist REV105 encumbrance Of Goods Activities 1. 0 Shipping Inspection And Packaging 2. 0 Export Shipping 3. 0 Manifest Systems 4. 0 Shipment Pick-Up 5. 0 Additional Information Resources Forms REV105 Ex1 Shipping Log REV105 Ex2 Commercial Invoice Who Needs Accounting Policies and Procedures? This introduction is an be primer to explain the basic concepts of score, its structure, standards and definitions. The need to review these concepts is greater now then ever.On one hand, popular accounting programs for small and mid-sized businesses have become more(prenominal) widely used than ever before, and on the other hand, industry consolidation has significantly reduced the accounting program choices to just a handful. These choices are typically inexpensive, easy to implement, and come with little have to develop appropriate policies and procedures to ensure that the data generated by these programs is accurate and complete. Entry-level software like Quickbooks and midlevel software like MAS-90 or Great Plains share this common deficiency. The shop musical accompaniment is long on the explanation of user features and short on policy and procedural advice for appropriate use. The Recent Past Only twenty age ago, small to medium sized businesses faced daunting choices for selecting an accounting corpse.There were only three choices Continue to use a full manual system (a blanket(prenominal) pegboard one-write system, employing many journals anchored to an imposing cloth bound general leger book that rivaled the size of the largest Websters Dictionary), buy or lease a computerized accounting system, or pee your own. The manual systems were not trivial. They were produced by major firms, which provided on-site implementation and training. These systems were well accounted with many policies and procedures built into the regimented use of the one-write journals and corresponding ledgers. An alternative finis was to purchase or lease an automated information system.But this required another decision of whether to buy a ready made product or inning your own. To make this decision, the company would typically hire a consultant or CPA firm to perform a comprehensive needs analysis. The consultant would last select, either a commercially built multi-module accounting program (like Solomon, our Real World), or a programmer to develop the structure from custom code (RPG was a popular language used to create custom accounting programs). Either one of these alternatives would have to run on a leased or purchased use mini-computer system, (the IBM 36 was the popular mid-size business choice for many years).Both solutions required tremendous resources in time and money. Even the ready made solutions required plenty of additional programming to fit it into the specific companys needs. For a half a year or more, various consultants, programmers and specialists would write code, test and rewrite code. In either case, corroboration was paramount. Hence policies and procedures, as they applied to the mechanics of the accounting system were well documented as a by-product of the installation and implementation procejss. The total cost in the purchase or lease of the hardware and software (ready made or custom built), and in the companys own human resources, was staggering. The PresentImagine the mo nths of decision making preparation, the months of development, the reams of documentation and the total costs that easily went from tens of thousands, to hundreds of thousands of dollars. Compare this to the present practice occurring throughout the country on a fooling basis. The owner, or the owners controller or other designee walks into a local retailer, picks up a copy of the most successfully marketed accounting software package, (ie the one occupying the most prime and visible shelf space), drives back to the office, and loads the program on any available PC computer. There you have it the decision making process, needs analysis, implementation and installation all for the monetary value of $299 The future The future begins today, with your purchase of this 4expertise Accounting Policies and Procedures Manual.This manual is needed more now than ever. Accounting systems are more accessible than ever before. Unfortunately, they come with no instructions. The user guide that c omes with the accounting software only explains what the menu options do, it doesnt explain which options result in sound accounting practices. Accounting software is looking more and more like your own internet browser home page, (no surprise since each manufacturer is competing to be your primary web portal). In the process, the actual functions of accounting are less obvious, and as a result, less understood. This introduction is a look behind the scenes of the splash screen.Hopefully, by understanding the concepts and consistent accounting rules utilized by all accounting software programs, you will develop more confidence to rely on the information generated by the program and you will be able to use it more effectively to run your company. Accounting Basics Three important terms that are easily confused clerking Accounting Reporting What are they and how do they interrelate? Bookkeeping Bookkeeping and accounting share two basic goals To keep track of income and expenses, thereby meliorate The Companys ability to achieve profitability To collect the necessary financial information about The Companys business to file required reports and tax returns Bookkeeping refers to the actual transactional entry and recording of data. Examples are writing checks, processing payroll, making deposits, recording disbursements and recording passs. AccountingAccounting encompasses the broader responsibilities over developing and maintaining the accounting system under which bookkeeping functions are performed. Accounting is concerned with the timely and accurate recording of transactions, providing useful management information, and properly reporting such information for various user needs. Developing and maintaining an accounting system involves setting up and maintaining an appropriate chart of accounts for the particular business. Policies and procedures are then established to provide guidance for all possible financial transactions, from source documents (checks, gross sales orders, etc. ), to journals (payroll journal, property disbursement journal, invoice register, etc. , to the general ledger, (based on the chart of accounts), and ultimately to a variety of reports for all internal and external needs. Bookkeeping and reporting can be thought of as the input and output of a complete accounting system. Accounting policies and procedures ensure Reporting Reporting, (the output of the data generated through various bookkeeping functions), is used for both internal and external purposes. Internal Reports are reports used within the company, by both management and other designated personnel. Internal reporting can be further divided into financial and non financial data. Non-financial data Non-financial data includes a variety of measurement and productivity data, relevant to the specific business.These can be daily customer count, web page hits, production activity per employee hour, units and total weight of product shipped, or e ven daily weather conditions. Financial data Examples of financial data reports include Financial statements Profit and loss reports (income statement), balance sheets and cash flow statements Daily reports with critical balances, such as, sales, cash level, inventory, accounts receivable and accounts payable Segmented profit and loss reports (or P/L) on specific jobs, profit centers or departments Register reports, listing all transactions for specific areas such as, payroll, checks, receipts, invoices, etc. Listings of source data files such as customer, employee, vendor and inventory lists. Aging reports for both Customers (accounts receivable or A/R) and Vendors (accounts payables or A/P) Inventory reports for costing and valuation Exception reports open purchase orders, back orders, inventory stock outs. External reports generated for the use of people or organizations international of the business. Report data and format will vary depending on user Banks, lending in stitutions. To observe the financial viability of a business and to determine its ability to support additional amounts and types of debt financing Employees. To determine the stability of the business of their employer this may be useful in wage negotiations Suppliers. To assess the suitability of granting credit terms to a business Existing and Potential Investors.To assess the potential risk of investing in a business and to monitor the status of existing investment in a business Public. To gain more insight into any business, which is legally required to make certain financial information available Government. To fulfill the requirements of all applicable local, state and federal reporting statutes, including income, sales, insurance, property, and payroll tax returns Media / Press. To use available business reports in specific trade and business publications Components of an Accounting System The financial transactions of any accounting system can be grouped into four ma jor transaction cycle groups Revenue Cycle, Purchase Cycle, Payroll Cycle, and General Journal Cycle.Transactions in the form of sales invoices, receipts, purchase invoices, checks and payroll entries are stick on to the appropriate journals. Simultaneously, these postings are also recorded in the General Ledger. The General Ledger accumulates all transaction activity, organized by account classification. Various reports, including financial statements can then be prepared from the data collected in the General Ledger. Corrections or necessary adjustments can be made to the General Ledger by creating adjusting journal entries, posted to the general journal. The succeeding(a) outline on the next two pages provides more explanatory detail on these four cycles . Revenue Cycle Order Entry Invoices entered through ask entry, through sales orders or through a point-of-sales system, (such as a cash register) are posted to the sales journal. These entries also accumulate on the accounts receivable ledger, organized by customer. If the business maintains an inventory, the posting of sales also affects the inventory ledger. Finally, all sales journal activity is also posted to the general ledger Cash Receipts / Deposits Receipts on sales and other bank deposits are posted to the cash receipts journal. Sales receipts information also accumulates on the accounts receivable ledger, organized by customer.These postings are also entered on the bank account ledger. Finally, all cash receipts journal activity is also posted to the general ledger. Accounts Receivable Accounts Receivable is a separate journal that records both sales and cash receipt data by customer. The data comes from the postings to the cash receipts journal and the sales invoice journal. 2. Purchase Cycle Purchase Orders / Purchasing Invoices entered through direct entry or through purchase orders are posted to the purchase journal These entries also accumulate on the accounts payable ledger, organized by vendor. If the business maintains an inventory, the posting of purchases also affects the inventory ledger.Finally, all purchase journal activity is also posted to the general ledger Cash isbursements / Checks Payments on account or for expenses are posted to the cash disbursement journal. Payment on account information also accumulates on the accounts payable ledger, organized by vendor. These postings are also entered on the bank account ledger. Finally, all cash disbursement journal activity is also posted to the general ledger. Accounts Payable Accounts Payable is a separate journal that records both sales and cash receipt data by vendor. The data comes from the postings to the cash disbursement journal and the purchase journal. 3. Payroll Cycle Payroll data, by employee, for each payroll data is entered into the payroll journal.These postings are also entered in the cash disbursements journal and the payroll ledger. Finally, all payroll journal activity is also posted to the g eneral ledger. 4. General Journal Cycle Corrections or adjustments to the above major transaction cycles can be made through adjusting journal entries, posted directly to the General Ledger. These are compiled in a separate journal, known as the General Journal. How does posting work? The specific postings, as outlined in the cycles above, do not unavoidably take place as separate steps, especially in computerized environments. There are only two basic regularitys of posting in computerized accounting systems real-time posting and batch posting.In real-time posting, the source transaction, (check, bill, payment, receipt, etc. ), is posted to the specific journal and any related subsidiary ledgers (accounts receivable, accounts payable, inventory, bank account, etc. ), and is simultaneously posted to the general ledger. In batch posting, the journals and subsidiary ledgers are posted, but entries are not yet posted to the general ledger. Posting these journals to the general ledge r is done separately. Typically, a group of transactions is entered, a full days worth, for example. Later, after the journals are reviewed for accuracy, this entire days group, or batch is posted to the general ledger.To understand this posting process better, it would be helpful to follow specific transactions through a sample company. First, however, we need to define various accounting terms and concepts. Accounting Terms and Concepts Double-Entry Accounting We can justifiably thank the 14th century Italian merchants for developing the doubleentry system of accounting that we still use today. It is widely believed that Benedetto Cotrugli was the first to document this concept of double-entry accounting. In 1458, he wrote Delia Mercatura et del Mercante Perfetto (Of Trading and the Perfect Trader), which included a brief chapter describing many of the features of double entry accounting.Years later in 1494, Luca Pacioli, from San Sepulcro in knightly Tuscany, published The Summa s 36 short chapters on bookkeeping, entitled De Computis et Scripturis (Of Reckonings and Writings), so that the subjects of the Duke of Urbino could learn how to conduct business and to provide the trader with a fast method to determine his assets and liabilities. For centuries before, commercial transactions had been recorded and journalized, whether on paper, papyrus or clay tablets. However, these journals provided only totals of transaction groupings. It was the Italians that first recognized that it is impossible for a business transaction to occur without affecting at least TWO accounts. There can never be only one effect from a transaction.An Italian farmer sells wood to a shipbuilder for 400 ducats. To account for this transaction he would record wood sale 400 ducats. His sales account has been change magnitude by 400 ducats. But, what else has happened? What other account was affected? His cash account also increased by 400 ducats. What if he sells his wood to the shipbu ilder on credit, and he receives no cash? In this case its his accounts receivable account, which increased by 400 ducats. There are always, at least two sides to each transaction. Later, when the shipbuilder pays his debt to the farmer, the farmer records an increase in his cash and a decrease in his accounts receivable by 400

Enterprise Resources Management Essay

1. What is the care of Sinosteel, what are its major challenges, and how would an ERP system address the challenges they face?h It has core business in resources education, trade & logistics, engineering project and science & technology, equipment manufacturing and specialized service, providing comprehensive auxiliary service for steel industriousness, especially steel mills.h Maintenance of frugal and technological cooperation with other nations and global companies and strengthen its global reach. As well as, along with other state enterprisingnesss, continue efforts to expand the global control e realplace commodities-key, thus exclusivity to get stream in the provision that will ensure a steady stream of resources to the booming economy of China.h They hone way processes, standardize coding, regulations, etc. sustainion of information risks, adapt industry processes and superior ownership expertise, centralize and unify the communication process, reports, accountancy, et c.2. Why did Sinosteel pursue the development of an ERP system? What were the objectives? What challenges (risks) does ERP address for Sinosteel? The CEO is difficult to understand on some of the objectives, but later in the video an IT manager is clearer and reflects the CEO is position more or less exactly. You will need to listen carefully.h Because the need to consolidate management of diverse operations implementing the major enterprise resource planning major until 2005.h The goals of this project were set down by their president, thus were Increase the management levels, prevent all kind of risks, independence of operations and management, as well as, to optimize all resources assignments and serviceman resources management.h In the past the costumer information was decentralized and controlled by sails and needy subsidiary company. These prove risk as there localized were delinquent costumers could all many to one needy subsidiary, all need a invoice be paid by another. T hrough CRM they could prevent this kind of thing happening again, they are sharing all costumers information.3. What factors were important in the choice of Oracle?h Oracle is the CEO of the International level, has really strong advantages, especially in enterprise resources management, and has very good applications and strong advantages to do such kind of project. Oracle has advanced technologies and relative flexible platform, its very easy to learn, administer and maintain.4. How did business processes change in order to implement this ERP system?h Develop to deliver a business inside, adapt industry processes and superior ownership experience, prophesier applications enabled the efficient management of all cool business functions The resulting integrating business management platform was based the range of oracle e-business suit of applications as well as people software enterprise and JADE enterprise 1.5. What do you think of some the implementation issues and risks might sustain been with this system?h It has grown through the acquisition of hundreds of small companies, and many medium to large size companies. In the process, the company has inherited the information systems, accounting, customer, supplier, and human resource systems and policies of its many subsidiaries.So, probably the management processes were optimized, created standards for those subsidiaries, they used an integration business management plataform, etc.6. How did this investment in ERP systems help Sinosteel achieve operational honor? What do you think were the benefits of installing this system given the substantial costs involved?h As in all industries were resources must be scraps for around the globe and delivery to right place, at right time, efficient fork out chain management is crucial. All under storming is the condition for have supply chain information management, is to have three floors of information internally, ERP was the first foundation for such supply chain management. Improve information, consolidation and collaboration across the enterprise has results on major of upgrades Sinosteel management expertise, to deployment the ERP oracle system is the major mills turn in Sinosteel procedure of business efficiency and sustainable development.h Sinosteel has naturalised centralized and unified platform, which cover the whole enterprise. HRM also saw immediate benefits as the company adopted global HR policy standards. Employees personal and monetary information connect efficiently, HRMS has very positive results in Sinosteel. The oracle ERP system delivery multiples benefits to Sinosteel.

With Reference to Alternative Research, Critically Assess Bennett-Levy and Marteau’s Research

There is much research to support the idea of prep ardness in the acquisition of phobias, just alike Bennett-levy and Marteau have done, however many studies use non-human animals, and use experimental research methods. Cook & Mineka (1989) found that rhesus monkeys could acquire business organisation through social encyclopaedism to fear relevant stimuli (toy snakes and crocodiles) but not of fear-irrelevant stimuli (flowers and a toy rabbit). Subsequently, Cook & Mineka (1990), again using rhesus monkeys, showed them edited videotapes of models reacting fearfully to toy snakes and non-fearfully to artificial flowers or vice versa.The observers only acquired a fear in the former condition, i. e. when they watched a monkey responding with fear to a snake. However, there is experimental research that shows that humans stern show preparedness. Ohman and Soares (1998) showed that participants could be conditioned more quickly when associated with fear-relevant material, e. g. pictu res of snakes or spiders, than when paired with fear-irrelevant material, e. g. picture of flowers or mushrooms. Again showing that fear is more readily associated with rough things but not others.Bennett-Levy and Marteau deliberately removed the idea that the animals were harmful however is this not a reason to fear an animal? One biological assertive for fear is risk of disease. Matchett & Davey (1991) and Ware et al (1994) looked at the relationship between animal fears relating to contamination and to likelihood of attack. They investigated fear of predatory animals and other fear-relevant animals. Both groups of animals create fear but only the animals carrying a risk of disease also elicited disgust.Those participants with the greatest fear of the disgusting animals also scored highly on scales such as fear of illness and obsessive washing. Further support for this idea comes from Davey et al (1998) who conducted a cross-cultural study into animal fears. They found that, a lthough cultures share fear for animals which are fierce, the greatest similarity was in those eliciting disgust again indicating a link between phobias and animal-borne disease. The distinction between fear of fierce and infection-risk animals is demonstrated by experimental evidence from Davey et al (2003).They found that people will tend to become classically conditioned to pain responses associated with predatory animals (i. e. fierce ones). Disgustrelated unconditioned stimuli, however, were more readily associated with lowpredation animals (i. e. ones with a disease risk) than with safe ones. There does seem to be reasons for fearing animals, but in the modern comfortable existence that many enjoy, there are few natural things that will damage us and we have little reason to fear, but phobias are one of the commonest disorders in our society.

Improving Track Safety Design With Passive External Airbags Engineering Essay

Re design/ rating and recommendations for design and building alterations by bettering the highroad safeguard utilizing inactive external glory floors.The lot path bikes stick out be raced with progressively safe since there is a batch more room for development and betterments, two in the instance of bikes every small-arm bang-up as roadblocks in the race paths.Sing the current methods and developments applied around a modern grass path race, it is clear that monolithic and a batch more betterments stub be made to avoid hurts to the riders, witnesss every buffalo chip good as pitch-black clangs of bikes. Along with this, the overflow countries of the current grass path rushing circumferences are surrounded by wooden pole fencing with linking ropes as clang barriers which is non at all safe during the race.Taking a closer expression at the present clang barrier constituents it is obvious that a rope n wooden barrier is the worst comparison to all other barriers as it prov ides no guard and protection to the riders and witnesss during the high velocity clang. Basically if any stiff and springless stuff barrier is installed and if it does non travel off to several(prenominal) extent during a clang, it is non advisable to put in it since the energy absorbing power is really low. And if such(prenominal) an inelastic barrier is installed it may ensue in terrible hurts to the rider and rider and entire devastation of bikes.Other alternate barriers which used more ordinarily are the light froth clang barriers with the wired thin metal mesh of considerable snap and resembles divider fencing and are installed environing the path liberal infinite to run off country. Although these barriers are effectual against low adjoin hits, a current bike has excessively much velocity and torsion for those fencings to balk a hit and high stupor. Finally, the most frequently used barrier fencings are wooden barriers which are impermanent and are less soaking up of impact energy.Exploitation of inactive personal credit linebag system as a 3rd barrier.In an impulse to better overall grass path safety and to sink a solution for above mentioned track safety jobs, a new development can be used as an alternate barriers for the path safety intents which can be used on the curves where there is a maximal chance of bikes change of location off the path or around the path as a safety barrier.The new coevals telephone linebag system consists of normal airbags which are of inactive and can be used exterior to the path. Each airbag merely a inactive bag, which are pre hyperbolic bag of air and are of peculiar lengths, so that any combination of bags can be used every bit long as the path length, and can be easy transported or shifted from one path to another as all the paths are impermanent, and can be used with add-on to the current wooden barrier or if installed decently can replace the wooden barrier completely. Therefore doing easy to put in an d take after the race when and where of all time required with different path establishs.The advantage of the barrier air bag is, it can non merely hyperbolic with normal plainly it can in addition be inflated with any other alternate gases available and sometimes it is flexible more even to fabricate full an equal normal liquid and a type of froth as good. Since the alternate types of rising prices increases the cost of installing and operation normal or dry air from the ambiance is much preferred as compared to any other surrogate.The air bags should be really exactly designed so that it wholly absorbs the bike impulse when it strikes them at really high velocity on the rushing circuits. The alone characteristic of the barrier air bag is when the bike hits the barrier with a really high impact, the inactive external barrier airbag evacuates a certain measure of air which is perfectly equal to the strength of the bike impact on the air bag wall. The bag which is partly deflated during the impact can once more inflated by a suited affection which regains and maintains the force per unit area and volume of the bag back to normal as before the hit. And those bags can be used for full completion of the circuit every bit good as other many races and if badly non damaged it can be used for several old ages till the bag stuff loses its snap due to age or serious wreckage due to crisp and headered split of the bikes during the clang.The normal air bag design constellation of the fencing material of path can be well compared to a drape of much large size, which is composed of many little inflatable shock absorber wish which is attached one after the other like a concatenation of all around outside path. The barrier bags can be connected or heady to each other one behind the other and every bit good to the gimmick fencing which is present behind them or even can be fixed on the land, and provided the air bag should hold adequate perpendicular rigidness so t hat it should non travel away skiding when the bike crashes the bag at really high impact. The air bags can be rapidly installed behind the 3rd gimmick fencing merely to supply safety to riders and every bit good as the witnesss.Fabrication of the barrier air bagsThe effectual airbags can be manufactured by run uping or can be thermoformed like plastics from derived functions of assorted tissues in such an interface that the barrier air bag is really extremely immune to high velocity bike hit impacts, parts invasions and resistant to fire in some instances and besides sing all the conditions conditions during the race is on.All the stuffs selected to the airbag industry must be tested and validatingly verified, and a combination of man-made fibers may be besides a really good pick for industry. Materials such as C fibers or Kevlar which has high strength and relatively less weight, which are already widely used in motor athleticss until now, can besides be used for the fabrication of air bags.Flexibility in air bag to accommodate different state of affairss in the raceDifferent force per unit areas can be applied to the airbags depending upon the applications, when blow uping the air bags. Air bag can be filled with more volume of air which in return has more possible energy absorbing capacity, but the job is when the air displaces from the bag when crashed by bike, and therefore the air issues will hold to be sized for assorted velocity impacts. The air issues of the bag should be made sensitive plenty such that when the bike impacts with different velocities several sum of air should be discharged from the bag and the issue force per unit area should be pre determined. Hence every bag must be equipped with sufficient sum of air mercantile establishments which are to be a hermetic waterproofing in the signifier of opening to blow up every bit good at the same clip which enables go forthing the air measure from the bag at the fleeting hits. These air issues are plus points and advantageous cardinal solutions to the airbags as these allow the bike striking the airbags to be preoccupied as a whole alternatively of resiling back the riders and bike when they ram the bag.Further customization of the airbags can be done to accommodate different applications. And airbags can besides be constructed for many uninterrupted metres in the signifier of wall, if the paths are to be made lasting, irrespective of length and breadth for effectual protection in a racing path boundary lines. Another betterment can besides be done in the air bags by adding one or more constituents in assembles bags like including pockets to catch the rider individually on the turn out as the bike hits the front surface and Michigans, and rider every bit good as rider may wing in the air after crashing to the barrier, can be caught if the pockets are provided on the above or top surface of air bags. And such a constellation can be made possible in air bags by a resistiv e plastic model.The state of affairs of the path decides whether a combination of little attachable bags or big bags must be used in the race as some of race paths may non hold equal infinite to keep the race path, run offs and every bit good as witnesss. Proper, thorough full calibrated table trials and surveies must be carried out before put ining or implementing the air bags on the existent path. It is non mandatory for the form of the airbag and stuff and any form can be manufactured harmonizing to the demand of path safety.The air bags which are put on the race circuits to absorb energy of the bike impact traveling off the paths particularly on the curves and go forthing the curves can be fixed, fastened, welded, glued and can be used incasing them in any arrested development structures or systems in conformity to protect the needed as stated before.The tissue used for the bag surface stuff may perchance be a diversity of glass fiber based, C fiber, man-made fiber based or Ke vlar fiber since it is really strong. But it is non good to increase the thickness of the airbags utilizing stacking up of C to one or more beds inside with a orderly harmonic of man-made fibers or with any other combinations of two or more types of stringy texture. Air bag should hold chief characteristic characteristic of resistant to violent and difficult impacts, and to some extent opposition to rupture, fire and an in effectible to the conditions conditions.Airbags can be used in lasting path and every bit good, apart from stiff lasting systems, the airbags can besides be used as nomadic barriers, where of all time required. It can be dismantled, moved and replaced of fixed easy wheresoever needed in different locations where the race takes topographic point and can physically supported on a movable constructions that can back up potentially violent impact clangs. This interesting belongings of the air bag makes it good feasible solution for the impermanent circuits like grass paths and such as those which are used in the universe mass confluence titles.Amongst the advantages of the barrier air bags implemented on the grass path rushing circuits, is the shifting of circuits from a unsafe topographic point onto a more secured topographic points. This system can widely be used alternatively of current path safety systems and can replace the inferior barriers which do non supply any safety to the riders and the witnesss. The belongings of absorbing energy expeditiously through the controlled deflation of the airbags through the air exits. These airbags may go a hope for safety protections that wholly absorbs the impact energies and will non convey back to the bike striking it.Another good advantage of this air bag is the show surface on inside the path every bit good as outside the path harmonizing to the form along the grass path circuits can be efficaciously used by the advertizers.Last but non least at the terminal, there will be existent demand for these sorts of barriers if manufactured consequently with low operation costs and buying costs to the path circuits all over the universe. It is really easy to still develop the air bag engineering and executions to supply in the market as all sorts of engineering is available already for bettering the safety and guaranting 100 % safety in the grass paths and other similar paths circuits for witnesss, riders and from their machines during the clang.

Company overview

British petroleum (BP) is one of the largest energy companies dealing in fuel for transportation, energy for heat and light, retail services and petroleum products. The societys international headquarters is in London. The connection has operations in more than 100 countries and employs over 96,000 people. The political party has products under the BP, Castrol, Arco, am/pm, and Wild dome Cafe brand (BPplc, About Bp, 2009). The phoner operates under two major caper segments exploration and production, refining and marketing and BP utility(a) energy.The caller-up basic solelyy finds, extract, apparent motion oil and gas. The company also makes fuels and products, sells fuels and products as well as generating low carbon energy in a responsible way. The company operates in vi continents South America, North America, Europe, Australasia, Asia and Africa (Vault. com, 2009). BP is also well known for its modernistic technology which aims at providing energy to meet the customers demand through efficient products. Investing in low carbon energy is also another option that the company is exploring (BPplc, About Bp, 2009). Strategic auditThe strategic audit of a corporation is an eight smell process that generally encompasses a holistic analysis of the company. The basic aim in strategic audit is to establish the original position which testament patron the company chart the way forward. A strategic audit helps the company to formulate strategies and select the best strategic alternative(s) for death penalty. The first step is the analysis of the current situation. This involves the audit of the current performance and strategic posture. Current performance is evaluated in terms of profitability, market share, and return on investment.Strategic posture looks at the mission, objectives, strategies and policies (BPplc, 2009 Strategy presentation, 2009). The support step is a look at the corporate governance. This means analysis of the board of directors a nd top management in terms of their structure, names and contribution to the company S supportning the external environment for opportunities and threats is the next step of a strategic audit. Under this stage, the company looks at the societal environment, task environment and finally itemization all the above factors.The next step is the analysis of the internal environment i. e. strengths and weaknesses. Here, the corporate structure, culture, resources (marketing, finance, research and development, operations and logistics, gracious resource management and information systems) is looked into. A summary of these factors is then prepared (BPplc, 2009 Strategy presentation, 2009). After looking at the external and internal environments, the company then analyses its strengths, weaknesses, opportunities and threats (SWOT).These are then linked to the companys mission and objectives to establish any relevance. The next step of the strategic audit is the analysis of the strategic al ternatives in piece to select the best system (ies) to be recommended. The recommendation should be justified by looking at the potential, changes and impacts of the strategy. After making the recommendations, the next step is the implementation of the proposed strategy (ies). The implementation will include assigning duties on who is to develop these strategies. The financial aspect and operating procedures should be analyzed.The last step of the strategic audit is the evaluation and chink. Evaluation and control involves a look at the current information system i. e. whether it can provide sufficient feedback and whether there are enough controls (BPplc, 2009 Strategy presentation, 2009). Strategic Alternatives In formulating the best strategic alternatives, the company has to consider the economic, socio-cultural, political-legal, technological and financial strengths and challenges facing the company. Economic environment This involves looking at the economic environment.The company operates in an patience that has other large companies e. g. Shell, Chevron, Exxon Mobil, Total and other smaller companies. All these companies have the resources and technical ability to compete at the same level as BP Plc. This is wherefore the company has foc expenditured on cost reduction through measures like staff reduction and efficient production. The company has also focused on alternative energy e. g. solar and wind. This is as a result of the challenging operating environment where there has been a growing shift to green energy that has negligible pollution.In an industry faced with procession production costs, the company has been on track by focusing on means and ways of reducing their costs. The focus has been on reducing the number of staff and reducing the number of senior positions in the company by 20%. This strategy has borne fruit with the flattening of the cost curve of the company while those of the competitors keep on rising. The companys focus on new technologies has resulted into improved production capacity. In fact the overall production disposition for all the major companies has been declining. BP Plc.has defied this trend by increasing its production in the year 2007-2008. The technology used by the company includes Advanced Gas nip and Water flood technologies that have enabled the company to push the limits of the reservoirs. The drop in oil prices means declining revenues. In order to amplification revenues, the company has focused on reducing the performance gap by restoring revenues in areas like Toledo, improving supply optimization in petrochemical and marketing. The company area of focus for petrochemicals is Asia where there is rising demand. The company has also established value chains for its fuel production.Value chains are those activities that create value from the supply to the final delivery to the consumer. This has been achieved through combine supply and trading which has lead to more revenues. In a bid to increment its oil reserves, the company has also partnered with TNK of Russia. The partnership has resulted in 30% increase in production. Socio-cultural The company has tried to endear itself to the community in which it operates. BP achieves this through training and employing topical anesthetic staff at all levels. The aim here is to be a local company by creating partnerships with the local community.BP strategic aim is to reduce the levels of resistance to its operations by avoiding cultural conflicts as well as social effects. The company has entered into partnerships with the local community in terms of education, encouraging enterprise, fostering good governance, partnership in public health, access to energy, giving and volunteering, safeguarding human rights, as well as development through community case studies. All these activities are targeted at enhancing and fostering the relationship between the company and all the community in which it operates thus r educing conflicts between the community and the company.Political-legal Some of the challenges that the company could face are the political/ legal. This is because the company has operations in umteen countries that may be subject to political instability. To mitigate this, the company has formed partnerships with local companies and thus reduces resistance towards the company consequently the company is able to increase its operations and revenues. Rigid legal regimes concerning the operations of foreign companies may negatively impact the operations of the company. The company has reduced this by engaging in partnerships with local companies.Taxation and licensing may vary from country to country. This may have negative impacts on the companys operations. Exploration and production rights may not be minded(p) to the company. BP has overcome this challenge by partnering with the governments of respective countries through agreements. Technological In a bid to improve its operati ons and increase productivity, the company has adopted innovative technologies. Some of these technologies include the Bright water which uses new inter-well polymer treatment which ultimately improves water flood Recovery.The Company has focused on technology to come up with innovative approaches that can increase production as well as solve energy challenges Financial information BP plc has been able to grow its net income by 39% to $26. 2 gazillion which is the highest growth rate registered by major energy companies. Cash flow from operations also grew 54% to $ 38. 1 billion on a year on year percentage basis. The company was also the only super major to register growth in account volumes in new reserves. The company registered a growth of 1% on year on year percentage basis. Apart from operations, the company utilizes debt to finance its activities.The debt is at the rate of 20-30%. All these financial data indicates that the company is focused on growth by efficiently using its cash resources to generate more gross sales and improve on the shareholders wealth by engaging in share buy backs. Recommended strategy Based on the analysis of all the above factors, some(prenominal) of the available strategies are Cost reduction strategies Alternative energy by diversification Focus on growing markets growth Creating value on existing products Partnership to grow Technology leadership Continuous improvement These strategies can be broadly classified into two directional i.e. growth and retrenchment strategies. The company can utilize the growth strategies in its upstream segment (exploration and production) and retrenchment strategies on its down stream business (refining, convenience, refining) (Wheelen, 2006) Implementation of the strategy Strategy implementation involves all the activities and choices that are required for the execution of a strategy. The implementation process basically deciding who is to carry out the plan what must be do and h ow are the selected people selected to carry out the strategic plan release to do it (Wheelen, 2006).These strategies are normally executed by various heads of business segments subordinated by other employees within the business segments. This has been done through budget allocations, programs that indicate the date frame in which the various strategies need to be implemented and the use of procedures e. g. the Operating Management System that covers employee capabilities to risk assessment. Some of the programs used by the company are those of closing the performance gap which runs from 2008 to 2011, and the reduction of the number of employees in refining and marketing from mid 2007 to the end of 2009 by 3,500.After deciding on who and what must be done, the company must decide on how the strategy is going to be implemented. How a strategy is to be implemented might involve developing new organizational structure. For BP plc, to implement some of its strategies, the company has decided to separate certain senior and junior positions. Evaluation and control This is the process by which a company can monitor its corporate activities and performance results in order to compare the actual performance with the desired performance. Evaluation and control provides a feedback mechanism where corrective measures can be taken where necessary (Wheelen, 2006)Evaluation and control can be summarized into the following 5 steps Determine what to measure Establish standards of performance Measure actual performance Compare actual performance with the standards withdraw corrective action The company has set out plans to reduce costs and improve on efficiency on its operations. The company wants to grow its upstream business (exploration and production) while at the same time turning around its downstream business. Upstream business growth is measured by growth in reserves, change magnitude replacement percentage, and getting more out of reservoirs.Downstream busi ness is to be improved through cost reduction by restructuring the companys operations e. g. by downsizing and recapitalizations Improved bottom-line, high reserve replacement percentages, efficient operations, growth in reserves are some of the standards of performance that the company uses to gauge performance. real(a) performance is measured at specified times e. g. for BP plc, restoring revenues from refining performance, improved supply optimization and margin capture in petrochemical and marketing has a time frame of 2008-2011The comparison of actual performance against standard performance has to be done in order to establish the current position for example in 2008 the production grew 1. 5% while the replacement reserve was 136% which was more than the minimum 100% replacement. If the actual performance does not match the expected results, then corrective action needs to be taken. An example is the restoration of capacities in Texas City so as to boost refining and conseque ntly revenues. References BPplc. (2009, March 3rd). 2009 Strategy presentation. Retrieved April 15th, 2009, from Bp. com http//www. bp.com/liveassets/bp_internet/globalbp/scaffolding/global_assets/downloads/I/IC_bp_strategy_presentation_march_2009_script. pdf BPplc. (2009, March 3rd). About Bp. Retrieved April 15th, 2009, from Bp. com http//www. bp. com/marketingsection. do? categoryId=2&contentId=7013628 Vault. com. (2009, April 14th). Indusrty Overview. Oil and Gas. Retrieved April 15th, 2009, from Vault. com http//www. vault. com/nr/main_article_detail. jsp? article_id=22843159&cat_id=0&ht_type=7. Wheelen, J. D. (2006). Essentials of Strategic Mnagement. New Jersey Prentice Hall. (BPplc, 2009 Strategy presentation, 2009)

Economic constraints Essay

As part of my applied business GCSE, I project been asked to comp be ii different companies. The two companies I am going to compare are Nike and McDonalds. Nike is an LTD, man McDonalds is a franchise. At the end of this course I aim to get a ruin understanding of how businesses run.The business location (McDonalds)Most of McDonalds earliest eating houses were opened in the UK during the 1970s, many customers were will to travel miles to visit them. This specific McDoands is located in archway (N19)McDonalds believe that their customer convience & question are the things that drive force behind McDonalds restaurants and locations. Such development has led to new McDonalds in sites as varied as cross-channel ferries, a bowling alley and Londons actor County Hall. The Company is committed to responsible growth, and works closely with local planning officers and community groups when developing a new restaurant.When McDonalds decide to open a new restaurant, it is considered as a long-term proposition. For McDonalds, local association is a key factor to choosing new locations. McDonalds relies on discussions with local managers who are involved at the grass roots level with their local communities.Key customers & competitors. (McDonalds)McDonalds are one of the leading providers of truehearted service food globally. In the UK, the company has 1,250 restaurants around 500 of which are franchised operations. Seen as how McDonalds are a very big and successful franchise, they are bound to have competitors such asMcDonalds are one of the only franchises to have a goal of no more than two complaints per restaurant per month. development Business Objects to spot problems early, such as staffing levels, some 500 salt aways have achieved zero complaints for more than two months.In McDonalds, customer service is improved by information from the three Mystery Shopper visits to each restaurant monthly. This information includes, amongst other criteria, whether or not there was a friendly greeting, whether the server was wearing a name badge, as well as the overall cleanliness of the restaurant.Some of McDonalds external find outs may hit the way that the business is managed and run. For example, if there were complaints being made about the level of pay for its workers then McDonalds might have to respond to this. Even though it could be argued that the workers demands are not an external influence the company would still face pressure to make judgments about the nature of its decision-making.The business location (Nike)Nike are known worldwide and have many stores throughout different countries, these include ofAustria, Belgium, Croatia, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Israel, Italy, Netherlands, Norway, Poland, Portugal, Russian federation, Slovakia, Slovenia, conspiracy Africa, Spain, Sweden, Switzerland, Turkey, UK and Ireland.In Nikes case, it is very important that all of their locations suit t o their liking because Nike aims to get out of their store locations including, profit and popularity. Before building a new store, Nike may need to take into account the undermentioned factor.

Case Study Sickle Cell Disease

1. sickle cell disease is a assembly of disorders that affects hemoglobin, the molecule in red contrast cells that delivers oxygen to cells throughout the body. People with this disorder have abnormal hemoglobin molecules called hemoglobin S, which can distort red blood cells into a reaping hook, or crescent, shape. SCD affects millions of nation worldwide, particularly those with African, Spanish, Mediterranean, and Indian ancestry.Some 120,000 infants ar born with SCD e very year worldwide. In the United States, well-nigh 1 in 500 African-Americans and 1 in 1,200 Hispanic Americans argon born with SCD. Some 2 million Americans including about 10 percent of the African-American population carry one gene for SCD, the sickle cell trait. 2. People without a spleen or those who have a spleen that is nonfunctioning are at an increased risk for developing infections, these infections can be fatal if not hold deared immediately.3. Anemia resulting from a failure in blood cellAnemia associated with an excessive destruction of red cells4. SCD can be very painful and to help control the pain the physican would need to know how much pain the customer is in and if he is in pain did he want something to help control the pain.5. Yes V.M. is be adequately oxygenated.6. V.M. starting time Hgb could be causing the S.O.B. usually shortness of breath with anemia is rushd upon exertion so I recall there are some other underlying conditions causing his SOB.7. Increased pulse, crackles in the lungs, increased B/P, increased respirations/respiration pattern.8. I would expect the MD to do a chest xray, place client on strict I&O, give him lasix, admit for observation, order teds, place on low atomic number 11 diet.9. Normal NA 137 K 4.9 WBC 4.3 Platelets 208High Bun 27Creatinine 2.7- problem with the kidneys or kidney function Phospate 4.7- controlled by kidneys, designate of a kidney problem Cl 110- can be thrustd by certain kidney diseaseLow carbon dioxide 16 Changes in your CO2 level may suggest that you are losing or retaining quiet, which causes an imbalance in your bodys electrolytes.CO2 levels in the blood are influenced by kidney and lung function. The kidneys are mainly responsible for maintaining the normal bicarbonate levels. Ca 8.2- kidney decease can cause a decrease in CaHBG 7.8 can be caused by Kidney problems, SCA, bleeding etc Hct 20.9 can be cause by anemia, destruction of red blood cells and over hydration10. Furosemide Furosemide is a loop diuretic (water pill) that prevents your body from absorbing too much salt, allowing the salt to instead be passed in your urine. Furosemide treats fluid retention (edema) in people with congestive heart failure, liver disease, or a kidney disorder such(prenominal) as nephrotic syndrome. This medication is also used to treat high blood pressure (hypertension). Methylprednisolone is used to treat conditions such as arthritis, blood disorders, severe allergic reactions, certain cancers, ey e conditions, skin/kidney/intestinal/lung diseases, and resistive system disorders. It decreases your immune systems response to various diseases to reduce symptoms such as swelling, pain, and allergic-type reactions. This medication is a corticoid hormone.Ceftriaxone is an antibiotic used to treat a wide variety of bacterial infections. Thismedication is known as a cephalosporin antibiotic. It hold ups by stopping the growth of bacteria. 11. Sickle Cell Disease clients oftentimes receive blood transfusions on an ongoing basis, making it much important for the them to receive the best contain for their bodies. When they receive blood that is not the best match, their bodies may begin to slowly reject the blood.If they cannot receive blood safely, they may die. It is important that the labs knows it is a sickle cell patient, follow all facility protocols ( monitoring Bp, temp, pulse, as recommended), monitor the patient closely for signs and symptoms of rejection. 12. Often SCD patients are looked at as drug seekers and are not provided with the pain relief that they need. Its important to remember not to stereotype patients and believe what they express you their pain level is.13. Have him follow up with a cardiologist about his heart murmur, incourge hime to work on his B/P control with diet and exercises. Education on what can trigger Sickle cell crisis temp, smoking etc. Encourage a low sodium diet, weigh daily if more than a 2 lbs gain in a day notify his physician, Teach causes of fluid pot excess and/or excess intake to patient or caregiver. Provide information as needed regarding the individuals medical diagnosis (e.g., congestive heart failure CHF, renal failure). Explain or reinforce principle and intended effect of treatment program. Identify signs and symptoms of fluid volume excess. Explain importance of maintaining proper upkeep and hydration, and diet modifications. Identify symptoms to be reported.