Acc 201 Project 1 Bank Memo

It follows a strong internal control system for cash. A separate person is appointed to approve all purchases, payroll and any disbursement of cash. At the end of each month company prepares bank reconciliation statement to reconcile cash book balance and bank statement balance. Company keeps proper inventory record system. All these prevent frauds and ensure smooth functioning of the business.

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

According to Financial and Managerial Accounting, the accounting cycle is the approach companies use to create their financial statements

It allows business owner to correctly record transactions within the business, obtain financial statements, and diminish financial complications, in general. Prior to learning about an accounting system, it is essential that the background knowledge of the system also be known. An accounting system is comprised of things such as assets, liabilities, and stockholder’s equities. These things are the foundation of an accounting system. A lack of knowledge of these will cease the creation of an ideal accounting system. Assets are “resources owned by a business”. (Kieso, Kimmel, and Weygandt, n.p). It does not matter if an asset is physical or even intangible, assets are owned in order to generate worth for a business. The purpose of assets is to produce economic benefits for a business. Some examples of assets are cash, supplies, and inventory. A liability is the contrast of an asset. An asset should always have a positive effect on a business, while a liability does not. A liability is “Amounts owed to creditors in the form of debts and other obligations.” (Kieso, Kimmel, and Weygandt, n.p). It is important for a business owner to know that liabilities may be inevitable to happen. If a business owner has liabilities it does not mean they are not successful. Liabilities are just apart of a business and as long as these liabilities are dealt with, they should not stunt a business’ growth. Some examples of

Preferred Consulting will install QuickBooks 2015 Pro software on your computer’s hard drive. Next, we will setup Cutting Edge as a sole proprietor organization that is engaged in service and product sales, so the software knows how to account for all the transactions and taxes your company may incur during the year. Then we will enter your customers, vendors, supplies, and inventory that your business uses to conduct daily operations. Every transaction your business performs will be entered using the appropriate section of QuickBooks Pro 2015, and the amounts are automatically distributed to the selected chart of accounts. The chart of accounts records every transaction that is entered and keeps running totals of revenues, expenses, equity, liabilities and inventory.

It also helps in understanding the value of the business assets it owns and this can used to help you and other interested parties such as investors, creditors or shareholders to assess the worth of your business at a given moment.

Founded in a kitchen at home, Peyton Approved comes from humble roots with only your pet’s needs in mind. Although an up-and-comer to the dog food industry, Peyton Approved has begun looking at ways to grow and diversify. The demand is increasing and in order to keep all markets satisfied, Peyton Approved wants to look a different variety of treats. The purpose of this memo is to request a loan so that the company can expand and continue growing. The accounting system used by Peyton Approved will be detailed in order to show the effectiveness when managing their finances. Furthermore, the memo will address any strengths and weaknesses and what opportunities may be available in order to continue growing.

Worldwide City Bank prides itself for the professional atmosphere it has maintained since its inception. The positive image that our employees have projected during this time has had an impact on our customers. We have done a great job and will continue to do so in the future as well. To make our image more professional for the benefit of ensuring recurrent business opportunities, we would like to keep the dress code so that it is appropriate for a professional office atmosphere.

According to ASPCA data 70-80 millions dogs are owned in the United States, which means that between 37-47 percent of all American households have canine companions. Many of pet owners consider their dogs members of their families and treat them accordingly. Therefore, dog owners choose carefully from a large selection of pet foods avaliable on. However, it is not always easy to recognize harmful ingredients in the food packages. With that many pets in the U.S some well-known companies that manufacture food for our four-legged companions use cheap and harmful products. One such company is Royal Canin. The company has been under attack lately for the use of controversial ingredients in their food that make dogs sick.

To have a record of how the business is running. This allows us to determine how the business is sitting financially and display what money is going where and whether there is room for improvement. Basically, it is used to anaylse the business as a whole and to determine performance for both employees and for the organisation.

The accounting practices at Carlton normally permit revenue recognition after the shipment of the computer systems. Peale, Gower and Quill, Carlton’s auditors, are worried about the accounting practices regarding revenue recognition of certain transactions during the

2.1 This report has been prepared to cover the requirements of AAT Learning Assessment area ‘Internal Control and Accounting

In this case, the real problems that the customer is highlighting are the poor customer service and overcharging. The customer experienced the frustration that was brought by the bank services. The poor customer service of this bank affected the satisfaction of the customer.