Introduction to accountant Essays

Introduction to accountant Essays Introduction to accountant Essay Introduction to accountant Essay Task-1 Acknowledgement: I would like to be grateful to my teacher for helping me out in this assignment. Introduction: For this assignment my aim to give advice to someone who is unsure about what is required and cannot see the purpose of maintaining accounting records. Basically, this person is one who does not understand the value of Account and its purpose. What is an accounting? An account is to be defined as the skills or practice of maintaining accounts and preparing reports. And the purpose is to aid financial control and Management of a business. Book keeping: Book keeping is the process of recording in books of account or on computers the financial effects of business transactions. In bookkeeping, an accountant keeps a comprehensive record of how much your business owes creditors and how much is owed to you. The records of these transactions also indicate how much you have invested in equipment and inventory. Why Accounting? There are many reasons to keep accounts in business, which consists these certain points: * To record * To monitor * To control * To manage * To measure * To inform The main features of Accounting * Recording Transaction * Monitoring activity and Controlling the business * Helping the management of the business * Informing the various stakeholders * Controlling the purse string * Planning for the feature * Comparing with past performance * Analysis and evaluation Recording Transaction- Recording transactions includes documenting revenues (by invoices or sales receipts), and entering purchases (in the account payable account) and expenditures (in the check register). Using Office Accounting, the small business owner can move beyond daily recording to higher level accounting tasks, such as recording sales orders, tracking prospective customers, and projecting sales opportunities and cash flow. Monitoring activity and controlling the business All business need to know how they are performing throughout the year. If sales suddenly start to fall this trend needs to be quickly identified and remedial action taken. Business will also need to track how much they are spending on running the business. If these costs are steadily raising it is likely that profits will start to fall. Helping the management of the business Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis in making informed business decisions that would allow them to be better equipped in their management and control functions. Analysis and evaluation It is possible to evaluate the performance of the company, make comparison with competitors and keep a record of the firms progress over periods of time. Financial Documents * An invoice- a document sent with goods sold on trade credit, informing the purchaser that the payment is due on a certain date. * A cash receipt- a proof of purchase given when something is paid in cash. * A credit note- a document issued to a purchaser when they have overpaid ,allowing credit on future payments * Proof of delivery-proof the items have been delivered and received at a certain destination. Financial transaction * Sales goods or services to customers * Debtors-customers who owe the business money for goods or services received on credits * Purchases- goods or services bought with the sole idea of resale * Creditors-the people or businesses that the business has purchased goods from on credit * Purchase of fixed assets-items that help the business to become more efficient * Expenses- items that need to be bought in order for the business to function Book of Account In order to record all of the above financial transactions a business will break its accounts books into four sections: a. The sales ledgers contains the personal accounts of all the debtors (customers) who have received or services and have yet to play for them. b. The purchase ledger contains the personal accounts of all the creditors-people the business has bought goods from and whom they will pay at a later date. c. The general ledger keeps a record of the monetary value of sales, purchases, sales returns and purchase returns. It contains the accounts which record the amount of money that has been spent on the expenses of the business. The other main account that is held within the general ledger is the cash book. This is the account that records all the money that has come in and gone out of the business. d. The journal records extraordinary items such as the start-up capital of a business and the purchase of a fixed assists. These are then posted to the general ledger in their own accounts. It is also used to record the correction of errors made in the double entry accounting. People who involved in Accounting Accountants- Accountants are responsibilities for supplying and using financial information. They are employed by businesses specialising in accountancy, or by a large firms which have their own financial department. They use the transactions recorded by these groups to produce final account. Clerks- Billing and posting clerks and machine operators, commonly called billing clerks, compile records of charges for services rendered or goods sold, calculate and record the amounts of these services and goods, and prepare invoices to be mailed to customers. Billing clerks review purchase orders, sales tickets, hospital records, or charge slips to calculate the total amount due from a customer. They must take into account any applicable discounts, special rates, or credit terms. A billing clerk for a trucking company often needs to consult a rate book to determine shipping costs of machine parts, for example. A hospitals billing clerk may need to contact an insurance company to determine what items will be reimbursed and for how much. Auditing Another function of these specialists is Auditing. Businesses which produce their own final accounts must by law have them checked for authenticity by an independent firm of accountants. This audit is performed annually. Legal Requirements Public limited companies are regulation by Companies Act 1985 and 1989 concerning the preparation and publication of financial statements. Companies are required to submit a copy of their account s annually to companies House. Companies with a turnover greater then à ¯Ã‚ ¿Ã‚ ½60,000 are also required to have their accounts independently audited. Consequences of not keeping financial records There are also negative consequences to a business if financial information to be inaccurate. These include: * Criminal action * Cash flow problems from a high fax bill or criminal action * Shareholders losing confidence and investing elsewhere * Bad public image * Change to management structure Purposes and Considerations of Ratios and Ratio Analysis:- Ratios are highly important profit tools in financial analysis that help financial analysts implement plans that improve profitability, liquidity, financial structure, reordering, leverage, and interest coverage. Although ratios report mostly on past performances, they can be predictive too, and provide lead indications of potential problem areas. Ratio analysis is primarily used to compare a companys financial figures over a period of time, a method sometimes called trend analysis. Through trend analysis, can be identify trends, good and bad, and adjust the business practices accordingly. Can also see how ratios stack up against other businesses, both in and out of the business. Task-2 In task two my aim to explain the different between Capital expenditure and revenue expenditure; Capital income and revenue income Capital Expenditure are expenditures creating future benefits. Capital expenditure are used by a company to acquire or upgrade physical assets such as equipment, property, or industrial buildings. In accounting, a capital expenditure is added to an asset account. A capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset. Included in such amounts is spending on: * acquiring fixed assets bringing them into business * legal costs of buying buildings * carriage inwards on machinery bought * Any other cost needed to make a fixed asset ready for use. There two types Asset. They are: 1. Fixed asset 2. Current asset Fixed asset: Fixed assets, as opposed to current asset are those assets with a remaining useful life of over a year. Following the accruals principal, these assets are shown on the balance sheet but their value is depreciated, and treated as an expense in the P ; L account for each year of their life. There are two types of fixed assets: * Tangible fixed assets * Intangible fixed assets Tangible fixed assets include physical assets such as land and buildings and equipment. Long term financial investments are also considered tangible. Current asset: Current assets are those assets that are expected to be used (sold or consumed) within a year, unlike fixed assets. Revenue expenditure -The day-to-day running costs of a business (staff wages, purchase of trading stock, rent of business premises, and so on) are referred to as revenue expenditure * Premises cost e.g. rent, heating, and land and lighting etc. * Administrative costs e.g. telephone charges, postage, stationery, printing * Staff cost e.g. salaries, wages, training, staff insurance, pensions * Selling and distribution costs e.g. carriage on sales, marketing * Finance costs e.g. bank charges, loan and mortgage interest * Purchase of stock e.g. cash and credit transaction Capital income Any income resulting from the sale of capital investment assets. * Sole trader a person who trades by himself/herself without the use of a company structure or partners and bears alone full responsibility for the actions of the business. * Loans- A fixed sum of money borrowed from a bank for a clearly defined period of time. The loan may be repaid in one lump sum, or by instalments * Shares Shares is a term referred to the units of ownership interest provided to the stockholder or owner of a company. The term is often used in connection with the number of units issued to an owner of Common Stock or Preferred Stock. There is two types of shareholders: 1. Preference shares: Shares with a fixed dividend. The holders of preference shares are entitled to their dividend before ordinary shareholders and rank above ordinary shareholders should the company be wound up. Preference shares are share capital but not equity share capital. 2. Ordinary shares: Shares which are the risk capital of the business, also known as equity. The holders are part owners of the company and are entitled to share in any profits made. * Mortgages A contract between a borrower and a lender where the lender guarantees payments until the debt is repaid. * Partners A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested Liability: An amount owed; an obligation of a company or entity that settled in the future by transfer of assets, provision of services, or assignment of future economic benefit, it is the result of a past transaction. Liabilities are reported on a balance sheet and are usually divided into two categories: Current liabilities these liabilities are reasonably expected to be liquidated within a year. They usually include payables such as wages, accounts, taxes, and accounts payables etc. Long-term liabilities these liabilities are reasonably expected not to be liquidated within a year. They usually include issued long-term bonds, notes payables, long-term leases, pension obligations, and long-term product warranties. Formula: ASSEST=CAPITAL+LIABILTIES Fixed assets + current asset Example: Assets =à ¯Ã‚ ¿Ã‚ ½ 25000 Capital=? Liabilities= à ¯Ã‚ ¿Ã‚ ½38000 Capital = Assets liabilities = à ¯Ã‚ ¿Ã‚ ½ 25000-à ¯Ã‚ ¿Ã‚ ½38000 = à ¯Ã‚ ¿Ã‚ ½212000 Revenue Income Revenue income is the income of a business which is derived from the normal trading activities of that business. Income is mainly derived from sale of the businesss product or service but other incomer can be derived from rent receivable, interest on investments etc. * Rent received: means when you rent your property and received capital for lend your property. This is one of the revenue incomes. * Commission received: commission is another type of income for selling a product. For example sale assistant selling a car, will received a percentage of actual amount of which the car sold. * Sales (cash and credit transaction): with currency sales you will received a receipt, which is a legal documents and credit sale is when you give credit to consumer. Gross profit: Gross profit is a basic measure of the profitability of the business and it shows the return a business can make from making and selling its products. Gross Profit = Revenue Cost of Goods. Net profit: Net profit is gross profit minus other, overhead costs. These costs are indirect costs of production such as bills, transportation, wages, interest payments etc. Net profit =Gross Profit Expenses Task 6 In this task my aim to explain her component parts (section) of a trading and profit and loss account and balance sheet. * Purpose and use of trading profit and loss account and balance sheet 1) Purpose and use of trading account The trading account shows the gross profit (or loss) that the company has made. Profit is the money made by the business and equals income minus expenses. 2) Profit and loss account The profit and loss account is an extension of the trading account. The profit and loss account shows the net profit (or loss) made. The Trading account and profit and loss account are often combined as one trading and profit and loss account so that both the gross and net profit can be displayed in the same set of accounts. The purpose of the profit and loss account is to: a. Show whether a business has made a PROFIT or LOSS over a financial year. b. Describe how the profit or loss arose e.g. categorizing costs between cost of sales and operating costs. 3) Purpose and use of balance sheet The Balance Sheet is a statement showing the assets, liabilities and owners capital of a business at a particular moment in time, for example the year end. The purpose of a Balance Sheet is to report the financial position of a company at a certain point in time. Balance Sheet analysis also provides management with insights into income trends, debt standing and long-term financial consistency, all of which are crucial towards planning and execution of vital business policies. Balance sheet also functions as an indicator to the amount of debt that can be lent to the organization. * The cost of goods sold section of the trading account The price of buying or making an item held for resale after being adjusted by beginning and ending inventory balances Formula: Opening Stock + Purchases + Carriage Inwards Purchases Return Closing Stock = Cost Of Sales Example: Opening stock = à ¯Ã‚ ¿Ã‚ ½8,550 Purchases = à ¯Ã‚ ¿Ã‚ ½345,700 Carriage Inwards = à ¯Ã‚ ¿Ã‚ ½328,160 Purchases return = à ¯Ã‚ ¿Ã‚ ½3,420 Closing stock = à ¯Ã‚ ¿Ã‚ ½23,850 Cost of sales =? Opening Stock + Purchases + Carriage Inwards Purchases Return Closing Stock = Cost Of Sales = à ¯Ã‚ ¿Ã‚ ½8,550 + à ¯Ã‚ ¿Ã‚ ½345,700 + à ¯Ã‚ ¿Ã‚ ½328,160 à ¯Ã‚ ¿Ã‚ ½3,420 à ¯Ã‚ ¿Ã‚ ½23,850 = à ¯Ã‚ ¿Ã‚ ½328,160 * The calculation of Gross profit Gross profit is the amount of profit available after deducting from sales the direct (variable) costs of labour and materials, plus the applicable costs of the factory overheads applied to the production of goods and services. Formula: Net Turnover Cost of Sales = Gross Profit + Commission Received + Discount Received + Rent Received * An explanation of the kinds of income such as: Discount received; rent received; commission received that should be added to gross profit Discount Received means this discount is received from your creditors or suppliers at the time of the settlement of their account Commission Received is another type of revenue income, a payment made to an intermediary, often calculated as a percentage of the value of goods or services provided. Commission is most often paid to sales staff, brokers, or agents. Rent Received means a person renting his/her property gets money from the person(s) renting the property, this could also be called revenue income. These three incomes reduce the cost of sales so, thats why they are added to Gross Profit. * The Overheads/ Expenses section in the profit and loss account Expenses mean an outgoing payment made by a business or individual. Here is a list of examples of expenses in a business: wages/ salaries, insurance, rent and rates, electricity and heating, carriage outwards, water, depreciations, telephone bills, administration cost, petrol, bad debts, discount allowed, sundry expenses, general repairs, advertising and interest on loans. * The calculation of net profit The Net Profit- This is calculated in the Profit and Loss Account and is what remains after all other costs used up in the period have been deducted from the Gross Profit. Net profit =Gross Profit Expenses Trail Balance sheet Cafà ¯Ã‚ ¿Ã‚ ½ Bleau DR CR Purchase à ¯Ã‚ ¿Ã‚ ½30,000 Sales à ¯Ã‚ ¿Ã‚ ½74,640 Salaries à ¯Ã‚ ¿Ã‚ ½25,000 Capital à ¯Ã‚ ¿Ã‚ ½55,000 Electricity and Gas à ¯Ã‚ ¿Ã‚ ½2,000 Bank Loan à ¯Ã‚ ¿Ã‚ ½5,000 Opening Stock à ¯Ã‚ ¿Ã‚ ½3,500 Creditors à ¯Ã‚ ¿Ã‚ ½3,360 Premises à ¯Ã‚ ¿Ã‚ ½42,000 Equipments à ¯Ã‚ ¿Ã‚ ½10,000 Vehicles à ¯Ã‚ ¿Ã‚ ½4,500 Debtors à ¯Ã‚ ¿Ã‚ ½2,400 Drawing à ¯Ã‚ ¿Ã‚ ½12,000 Cash/Bank à ¯Ã‚ ¿Ã‚ ½4,700 Rent or Rates à ¯Ã‚ ¿Ã‚ ½1,900 Total à ¯Ã‚ ¿Ã‚ ½138,000 Total à ¯Ã‚ ¿Ã‚ ½138,000 DR = CR Trail Balance sheet Jane Water DR CR Purchasing à ¯Ã‚ ¿Ã‚ ½322,000 Sales à ¯Ã‚ ¿Ã‚ ½375,000 Opening stock à ¯Ã‚ ¿Ã‚ ½90,000 Capital à ¯Ã‚ ¿Ã‚ ½178,000 Wages and Salaries à ¯Ã‚ ¿Ã‚ ½30,000 Creditors à ¯Ã‚ ¿Ã‚ ½7,000 Rates à ¯Ã‚ ¿Ã‚ ½6,000 Telephone à ¯Ã‚ ¿Ã‚ ½1,200 Drawings à ¯Ã‚ ¿Ã‚ ½18,000 Bank à ¯Ã‚ ¿Ã‚ ½3,000 Van à ¯Ã‚ ¿Ã‚ ½30,000 Shop fittings à ¯Ã‚ ¿Ã‚ ½50,000 Debtors à ¯Ã‚ ¿Ã‚ ½9,800 Total à ¯Ã‚ ¿Ã‚ ½560,000 Total à ¯Ã‚ ¿Ã‚ ½560,000 DR = CR Cafà ¯Ã‚ ¿Ã‚ ½ Blue Trading Profit and Loss Account year entering 31st Dec 2006 Cafà ¯Ã‚ ¿Ã‚ ½ Blue à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½Ãƒ ¯Ã‚ ¿Ã‚ ½ Sale à ¯Ã‚ ¿Ã‚ ½74,640 Less Cost of sales Opening stock à ¯Ã‚ ¿Ã‚ ½3,500 Purchases à ¯Ã‚ ¿Ã‚ ½30,000 Cost of sales à ¯Ã‚ ¿Ã‚ ½33,500 Gross Profit à ¯Ã‚ ¿Ã‚ ½41,140 Less Indirect Cost Rent or rates à ¯Ã‚ ¿Ã‚ ½1,900 Salaries à ¯Ã‚ ¿Ã‚ ½25,000 Electricity gas à ¯Ã‚ ¿Ã‚ ½2,000 à ¯Ã‚ ¿Ã‚ ½28,900 Net profits à ¯Ã‚ ¿Ã‚ ½12240 Looking at trading Profit and Loss of Cafà ¯Ã‚ ¿Ã‚ ½ Bleu, the Cafà ¯Ã‚ ¿Ã‚ ½ made Net profit which is à ¯Ã‚ ¿Ã‚ ½12240.As far as my opinion I think it is a successful business because this business made positive result so far. They could make more profit however; they may consider Salaries which is bit high. Also they may consider keeping their sales more competitive to their purchase. Jane Water Trading Profit and Loss Account year entering 31st Dec 2006 Jane Winter à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½Ãƒ ¯Ã‚ ¿Ã‚ ½ Sales à ¯Ã‚ ¿Ã‚ ½375,000 Less cost of sales Opening stock à ¯Ã‚ ¿Ã‚ ½90,000 Purchases à ¯Ã‚ ¿Ã‚ ½322,000 Cost of sales à ¯Ã‚ ¿Ã‚ ½412,000 Net Loss -à ¯Ã‚ ¿Ã‚ ½37,000 Less Indirect Cost Rate à ¯Ã‚ ¿Ã‚ ½6,000 Telephone à ¯Ã‚ ¿Ã‚ ½1,200 Wages and Salaries à ¯Ã‚ ¿Ã‚ ½30,000 à ¯Ã‚ ¿Ã‚ ½-37,200 Net Loss -à ¯Ã‚ ¿Ã‚ ½74,200 Looking at trading Profit and Loss of Jin Winter, I think it is a not a successful business because of negative result which is net Loss à ¯Ã‚ ¿Ã‚ ½-74200 so far. In my opinion if the business results continue end up with the negative result, business may shut down within days or months. Z man production Ltd Trading, Profit and Loss account for year ending 31st December 2006 à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½Ãƒ ¯Ã‚ ¿Ã‚ ½ Sale à ¯Ã‚ ¿Ã‚ ½810,000 Sales return à ¯Ã‚ ¿Ã‚ ½18,900 Net turn over à ¯Ã‚ ¿Ã‚ ½791,100 Less cost of sale Opening stock à ¯Ã‚ ¿Ã‚ ½21,800 Purchase à ¯Ã‚ ¿Ã‚ ½553,550 Carriage in à ¯Ã‚ ¿Ã‚ ½5,400 Purchase Return (-) 914650 Closing Return (-) 17560 Cost of sale à ¯Ã‚ ¿Ã‚ ½548,540 Gross profit à ¯Ã‚ ¿Ã‚ ½246,060 Commission received à ¯Ã‚ ¿Ã‚ ½3,500 Discount received à ¯Ã‚ ¿Ã‚ ½3,500 à ¯Ã‚ ¿Ã‚ ½249,560 Less expenses Wages à ¯Ã‚ ¿Ã‚ ½75,900 Rent à ¯Ã‚ ¿Ã‚ ½7,540 Sundry expenses à ¯Ã‚ ¿Ã‚ ½6,545 Electricity/gas à ¯Ã‚ ¿Ã‚ ½4,700 Vehicles à ¯Ã‚ ¿Ã‚ ½6,540 Petrol à ¯Ã‚ ¿Ã‚ ½22,455 Advertising à ¯Ã‚ ¿Ã‚ ½7,590 Discount allowed à ¯Ã‚ ¿Ã‚ ½5,410 Insurance à ¯Ã‚ ¿Ã‚ ½7,900 Equipments à ¯Ã‚ ¿Ã‚ ½5,400 Carriage out à ¯Ã‚ ¿Ã‚ ½7,580 General repair à ¯Ã‚ ¿Ã‚ ½5,400 Bad Debt à ¯Ã‚ ¿Ã‚ ½5,500 Interest on Loan à ¯Ã‚ ¿Ã‚ ½5,500 à ¯Ã‚ ¿Ã‚ ½179,360 Net Profit à ¯Ã‚ ¿Ã‚ ½70,200 Analysis of Trading, profit and loss Account of Z man Production Looking at trading, Profit and Loss of z man Production Ltd Company, its a successful company. However the company could make more profit by considering the following: Sales They could sell more by reducing their product cost or raise their product cost in certain amount. The company should beware that it may effect on customer, if they rise too much. Purchase They could consider purchasing fewer products or goods because in view of their amount of sales, purchase is higher. Petrol The Company spend far more money on petrol; however they should aim to spend less amount of money on their petrol cost to raise their profit. Wages Wages is one of the things which company could consider about it. Wages are bit higher then it should be. For example instead of à ¯Ã‚ ¿Ã‚ ½75900, if wages were à ¯Ã‚ ¿Ã‚ ½ 50000, then they could save à ¯Ã‚ ¿Ã‚ ½25000. Timberlake Wholesalers Ltd Trading, Profit and Loss account of Timberlake Wholesalers Ltd, year ending 31st Dec 2004 à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½Ãƒ ¯Ã‚ ¿Ã‚ ½ Sale à ¯Ã‚ ¿Ã‚ ½250,000 Sales return à ¯Ã‚ ¿Ã‚ ½5,400 Net turn over à ¯Ã‚ ¿Ã‚ ½244,600 Less cost of sale Opening stock à ¯Ã‚ ¿Ã‚ ½12,350 Purchase à ¯Ã‚ ¿Ã‚ ½156,000 Purchase Return (-) 7200 Closing Return (-) 16300 Cost of sale à ¯Ã‚ ¿Ã‚ ½144,850 Gross profit à ¯Ã‚ ¿Ã‚ ½99,750 Discount received à ¯Ã‚ ¿Ã‚ ½2,500 à ¯Ã‚ ¿Ã‚ ½102,250 Less expenses Salaries à ¯Ã‚ ¿Ã‚ ½46,000 Rent and Rates à ¯Ã‚ ¿Ã‚ ½2,000 Electricity/gas à ¯Ã‚ ¿Ã‚ ½3,000 Sundry expenses à ¯Ã‚ ¿Ã‚ ½4,700 Discount allowed à ¯Ã‚ ¿Ã‚ ½3,700 à ¯Ã‚ ¿Ã‚ ½59,400 Net Profit à ¯Ã‚ ¿Ã‚ ½42,850 Looking at Trading, Profit and Loss of Timberlake Wholesalers Ltd Company, its a successful company. The company made profit à ¯Ã‚ ¿Ã‚ ½42,850, which is good proves that its a fairly successful company; however if the company have five or six shareholders means every shareholder would get less profit between them, but if the company have one share holder that would be alright. They could make more profit by considering selling more product or goods and increase their products prices. By making product or goods prices high would collapse in their business, so they should beware of it. They also may beware of the competitors when they are making price high for their products or goods. For my opinion they should consider make price high because their amount of their purchases. Again looking at the companys less expenses the salaries are too high comparing to their net profit. They may consider employing less employee or less salaries to increase profit and they can cut down their electricity/gas bills apparently its bit high. The amount of rant and rates are ok because they are not elevated. Task 7 In this task my aim to explain my friends each of the element of a balance sheet: * Fixed assets * Intangible assets * Current assets * Current liabilities * Working capital * Long term liabilities * Net assets * Capital employed * A description of how to tell if the accounts balance. * Fixed assets are those that will be used within the business and have a life expectancy of more than one year. * Intangible assets is an asset that lacks physical substance and usually has a high degree of uncertainty concerning their future benefits, and they are unable to be touched (they are not physical objects). Patens, copyrights franchises, and goodwill are all examples of intangible assets. * Current assets can be turned quickly into cash and are considered to be the life blood of a business. * Current liabilities is the debts of the business which must be repaid within one year. These usually consist of creditors- suppliers that have sold goods or services to the business on credit. * Working capital is calculated by taking current liabilities away from current assets. It represents the amount of money that a business has available to spend after meeting all its immediate debts. A negative figure here could indicate that the business may be facing liquidly problems. * Long term liabilities consist of the business debts which will be paid over a period of longer than one year. They will include bank loans which have been taken out over a number of years. * Net assets are the total value of the assets less current liabilities. * Capital employed is the value of money that has been left in the business after net profit has been added and drawing deducted. The Capital employed of one the year becomes the opening capital of the next year. * A description of how to tell if the accounts balance If net assets are equal to capital employed in the end of balance sheet, then the account is balance. If not then the balance sheet would probably wrong or trading, profit and loss account which done previously, would been calculated mistakenly. à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½Ãƒ ¯Ã‚ ¿Ã‚ ½ Fixed Assets Premises 100,000 Equipment 30000 Vehicles 21500 151,500 Current Assets Cash 125 Debtors 23850 Stock 16300 40275 Less current Liabilities Bank overdraft 851 Creditors 12041 VAT 3475 16367 Net current assets 23908 Total asset less current Liabilities 175408 Creditor: Amount falling due to after One Year Long term Loan 33000 Net Assets 142408 Financed by: Capital 110000 Net Profit 42850 152850 Less Drawing 10442 Capital Employed 142408 The balance sheet of Timberlake Wholesalers For Year Ended 31st Dec 04 Balance sheet of Z man Production LTD, year ended 31st march 2003 At cost Depn 2 Date NBV à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ Fixed Assets: Premises à ¯Ã‚ ¿Ã‚ ½100,000 à ¯Ã‚ ¿Ã‚ ½100,000 Equipment à ¯Ã‚ ¿Ã‚ ½25,000 à ¯Ã‚ ¿Ã‚ ½2,500 à ¯Ã‚ ¿Ã‚ ½22,500 Machinery à ¯Ã‚ ¿Ã‚ ½30,000 à ¯Ã‚ ¿Ã‚ ½6,000 à ¯Ã‚ ¿Ã‚ ½24,000 Vehicles à ¯Ã‚ ¿Ã‚ ½15,000 à ¯Ã‚ ¿Ã‚ ½1,500 à ¯Ã‚ ¿Ã‚ ½13,500 Fixture/Fittings à ¯Ã‚ ¿Ã‚ ½10,000 à ¯Ã‚ ¿Ã‚ ½1,000 à ¯Ã‚ ¿Ã‚ ½9,000 à ¯Ã‚ ¿Ã‚ ½169,000 Current Assets: Closing Stock à ¯Ã‚ ¿Ã‚ ½2,000 Debtors à ¯Ã‚ ¿Ã‚ ½10,000 Cash in hand à ¯Ã‚ ¿Ã‚ ½250 Bank Balance à ¯Ã‚ ¿Ã‚ ½2,000 Petty Cash à ¯Ã‚ ¿Ã‚ ½100 à ¯Ã‚ ¿Ã‚ ½14,350 Current Liabilities: Creditors à ¯Ã‚ ¿Ã‚ ½5,000 Overdraft à ¯Ã‚ ¿Ã‚ ½3,000 V.A.T à ¯Ã‚ ¿Ã‚ ½1,500 -à ¯Ã‚ ¿Ã‚ ½9,500 Net Current Assets: à ¯Ã‚ ¿Ã‚ ½4,850 Less Long-time liabilities: Bank Loan à ¯Ã‚ ¿Ã‚ ½25,000 Mortgage à ¯Ã‚ ¿Ã‚ ½10,000 -à ¯Ã‚ ¿Ã‚ ½35,000 Net Assets à ¯Ã‚ ¿Ã‚ ½138,850 Financed by: Opening Capital à ¯Ã‚ ¿Ã‚ ½144,350 Net Profit à ¯Ã‚ ¿Ã‚ ½12,000 Drawings -à ¯Ã‚ ¿Ã‚ ½18,000 Closing Capital à ¯Ã‚ ¿Ã‚ ½138,850 Balance sheet of A-Z Engineering Supplies, year ended 31st march 2003 At cost Depn 2 Date NBV à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ Fixed Assets: Premises à ¯Ã‚ ¿Ã‚ ½50,000 Motor Vehicles à ¯Ã‚ ¿Ã‚ ½14,560 à ¯Ã‚ ¿Ã‚ ½64,560 Current Assets: Closing Stock à ¯Ã‚ ¿Ã‚ ½14,905 Debtors à ¯Ã‚ ¿Ã‚ ½6,500 petty cash à ¯Ã‚ ¿Ã‚ ½56 à ¯Ã‚ ¿Ã‚ ½21,461 Current Liabilities: Creditors à ¯Ã‚ ¿Ã‚ ½4,590 Overdraft à ¯Ã‚ ¿Ã‚ ½3,400 à ¯Ã‚ ¿Ã‚ ½7,990 Net Current Assets: à ¯Ã‚ ¿Ã‚ ½13,471 Less Long-time liabilities: Mortgage à ¯Ã‚ ¿Ã‚ ½25,000 à ¯Ã‚ ¿Ã‚ ½25,000 Net Assets à ¯Ã‚ ¿Ã‚ ½53,031 Financed by: Opening Capital à ¯Ã‚ ¿Ã‚ ½42,571 Net Profit à ¯Ã‚ ¿Ã‚ ½23,460 Drawings à ¯Ã‚ ¿Ã‚ ½13,000 Closing Capital à ¯Ã‚ ¿Ã‚ ½53,031 J.Mitchell Ltd Trading, Profit and Loss account for year ending 31st dec 2006 à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½Ãƒ ¯Ã‚ ¿Ã‚ ½ Sales return à ¯Ã‚ ¿Ã‚ ½810,000 Sales return à ¯Ã‚ ¿Ã‚ ½18,900 Net turn over à ¯Ã‚ ¿Ã‚ ½791,100 Less cost of sales Opening stock à ¯Ã‚ ¿Ã‚ ½21,800 Purchase à ¯Ã‚ ¿Ã‚ ½553,550 Carriage in à ¯Ã‚ ¿Ã‚ ½5,400 Purchase Return (-) 914650 Closing stock (-) 17560 Cost of sale à ¯Ã‚ ¿Ã‚ ½548,540 Gross profit à ¯Ã‚ ¿Ã‚ ½246,060 Commission Received à ¯Ã‚ ¿Ã‚ ½3,500 Discount Received à ¯Ã‚ ¿Ã‚ ½3,500 à ¯Ã‚ ¿Ã‚ ½253,060 Less expenses Wages à ¯Ã‚ ¿Ã‚ ½75,900 Rent à ¯Ã‚ ¿Ã‚ ½7,540 Sundry expenses à ¯Ã‚ ¿Ã‚ ½6,545 Electricity/gas à ¯Ã‚ ¿Ã‚ ½4,700 Vehicles à ¯Ã‚ ¿Ã‚ ½6,540 Petrol à ¯Ã‚ ¿Ã‚ ½22,455 Advertising à ¯Ã‚ ¿Ã‚ ½7,590 Discount allowed à ¯Ã‚ ¿Ã‚ ½5,410 Insurance à ¯Ã‚ ¿Ã‚ ½7,900 Equipments à ¯Ã‚ ¿Ã‚ ½5,400 Carriage out à ¯Ã‚ ¿Ã‚ ½7,580 General repair à ¯Ã‚ ¿Ã‚ ½5,400 Bad Debt à ¯Ã‚ ¿Ã‚ ½5,500 Interest on Loan à ¯Ã‚ ¿Ã‚ ½5,500 à ¯Ã‚ ¿Ã‚ ½179,360 Net Profit à ¯Ã‚ ¿Ã‚ ½73,700 J.Mitchell Ltd Trading, Profit and Loss account for year ending 31st dec 2007 à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½Ãƒ ¯Ã‚ ¿Ã‚ ½ Sales return à ¯Ã‚ ¿Ã‚ ½935,460 Sales return à ¯Ã‚ ¿Ã‚ ½15,490 Net turn over à ¯Ã‚ ¿Ã‚ ½919,970 Less cost of sale Opening stock à ¯Ã‚ ¿Ã‚ ½17,560 Purchase à ¯Ã‚ ¿Ã‚ ½584,650 Carriage in à ¯Ã‚ ¿Ã‚ ½3,285 Purchase Return à ¯Ã‚ ¿Ã‚ ½15,470 Closing stock à ¯Ã‚ ¿Ã‚ ½14,365 Cost of sale à ¯Ã‚ ¿Ã‚ ½575,660 Gross profit à ¯Ã‚ ¿Ã‚ ½344,310 Discount Received à ¯Ã‚ ¿Ã‚ ½1,360 rent Received à ¯Ã‚ ¿Ã‚ ½3,255 à ¯Ã‚ ¿Ã‚ ½348,925 Less expenses Wages à ¯Ã‚ ¿Ã‚ ½95,655 Rent à ¯Ã‚ ¿Ã‚ ½7,655 General repairs à ¯Ã‚ ¿Ã‚ ½6,595 Carriage out à ¯Ã‚ ¿Ã‚ ½6,420 Sundry expenses à ¯Ã‚ ¿Ã‚ ½4,350 Electricity/gas à ¯Ã‚ ¿Ã‚ ½5,125 Advertising à ¯Ã‚ ¿Ã‚ ½8,100 Petrol à ¯Ã‚ ¿Ã‚ ½25,460 Discount allowed à ¯Ã‚ ¿Ã‚ ½5,150 Insurance à ¯Ã‚ ¿Ã‚ ½7,900 Telephone à ¯Ã‚ ¿Ã‚ ½1,435 Stationary à ¯Ã‚ ¿Ã‚ ½896 Bad Debt à ¯Ã‚ ¿Ã‚ ½8,555 Interest on Loan à ¯Ã‚ ¿Ã‚ ½5,500 Vehicles à ¯Ã‚ ¿Ã‚ ½3,000 Equipment à ¯Ã‚ ¿Ã‚ ½5,400 à ¯Ã‚ ¿Ã‚ ½197,196 Net Profit à ¯Ã‚ ¿Ã‚ ½151,729 Balance sheet of J- Mitchell, year ended 31st march 2006 At cost Depn 2 Date NBV à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ Fixed Assets: Fixtures and Fittings à ¯Ã‚ ¿Ã‚ ½25,000 à ¯Ã‚ ¿Ã‚ ½1,500 à ¯Ã‚ ¿Ã‚ ½23,500 Vehicles à ¯Ã‚ ¿Ã‚ ½65,400 à ¯Ã‚ ¿Ã‚ ½6,540 à ¯Ã‚ ¿Ã‚ ½58,860 Equipment à ¯Ã‚ ¿Ã‚ ½54,000 à ¯Ã‚ ¿Ã‚ ½5,400 à ¯Ã‚ ¿Ã‚ ½48,600 à ¯Ã‚ ¿Ã‚ ½130,960 Current Assets: Closing Stock à ¯Ã‚ ¿Ã‚ ½17,560 Debtors à ¯Ã‚ ¿Ã‚ ½22,650 Cash-in -Hand à ¯Ã‚ ¿Ã‚ ½500 Bank à ¯Ã‚ ¿Ã‚ ½3,000 à ¯Ã‚ ¿Ã‚ ½43,710 Current Liabilities: Creditors à ¯Ã‚ ¿Ã‚ ½30,000 VAT à ¯Ã‚ ¿Ã‚ ½3,000 Bank overdraft à ¯Ã‚ ¿Ã‚ ½3,000 à ¯Ã‚ ¿Ã‚ ½36,000 Net Current Assets: à ¯Ã‚ ¿Ã‚ ½7,710 Less Long term liabilities: Bank Loan à ¯Ã‚ ¿Ã‚ ½25,000 Net Assets à ¯Ã‚ ¿Ã‚ ½113,670 Financed by: Opening Capital à ¯Ã‚ ¿Ã‚ ½39,970 Net Profit à ¯Ã‚ ¿Ã‚ ½73,700 Closing Capital à ¯Ã‚ ¿Ã‚ ½113,670 Balance sheet of J- Mitchell, year ended 31st march 2007 At cost Depn 2 Date NBV à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ à ¯Ã‚ ¿Ã‚ ½ Fixed Assets: Fixtures and Fittings à ¯Ã‚ ¿Ã‚ ½50,000 à ¯Ã‚ ¿Ã‚ ½3,500 à ¯Ã‚ ¿Ã‚ ½46,500 Vehicles à ¯Ã‚ ¿Ã‚ ½60,000 à ¯Ã‚ ¿Ã‚ ½13,080 à ¯Ã‚ ¿Ã‚ ½46,920 Equipment à ¯Ã‚ ¿Ã‚ ½54,914 à ¯Ã‚ ¿Ã‚ ½10,800 à ¯Ã‚ ¿Ã‚ ½44,114 Machinery à ¯Ã‚ ¿Ã‚ ½60,000 à ¯Ã‚ ¿Ã‚ ½10,000 à ¯Ã‚ ¿Ã‚ ½50,000 à ¯Ã‚ ¿Ã‚ ½187,534 Current Assets: Closing Stock à ¯Ã‚ ¿Ã‚ ½14,365 Debtors à ¯Ã‚ ¿Ã‚ ½50,000 Cash-in -Hand à ¯Ã‚ ¿Ã‚ ½32,759 Bank à ¯Ã‚ ¿Ã‚ ½41,741 à ¯Ã‚ ¿Ã‚ ½138,865 Current Liabilities: Creditors à ¯Ã‚ ¿Ã‚ ½33,000 VAT à ¯Ã‚ ¿Ã‚ ½4,000 Bank overdraft à ¯Ã‚ ¿Ã‚ ½4,000 à ¯Ã‚ ¿Ã‚ ½41,000 Net Current Assets: à ¯Ã‚ ¿Ã‚ ½97,865 Less Long term liabilities: Bank Loan à ¯Ã‚ ¿Ã‚ ½20,000 Net Assets à ¯Ã‚ ¿Ã‚ ½265,399 Financed by: Opening Capital à ¯Ã‚ ¿Ã‚ ½113,670 Net Profit à ¯Ã‚ ¿Ã‚ ½151,729 Closing Capital à ¯Ã‚ ¿Ã‚ ½265,399 Task-8 For this task I will need to have access to some past and present final accounts. As part of my report to my friend, I will need to perform ratio analysis to measure the: Profitability ratio Liquidity ratio and Efficiency of her business in order to help her understand her financial situation. J. Mitchell Ltd 2006 Profitable ratio Gross profit margin 246060 x 100 791100 x 1 24606000 791100 31.1 Profit margin 73700 x 100 791100 x 1 7370000 791100 9.3 Return on Capital Employed 73700 x 100 113670 x 1 7370000 113670 64.8 Liquidity ratio Current Assets 43,710 Current Liabilities 36,000 1.2 : 1 Current Assets Stock 43710 -17560 Current Liabilities 36000 61270 36000 1.7:1 Asset Utilisation Debtors x 365 1) Credit sales 22650 X 365 791100 8267250 791100 10 DAYS 2) Creditors x 365 Credit purchases 30000 X 365 553550 10950000 553550 20 DAYS 3) Average stock = Opening Stock + Closing Stock 2 Average stock = 21800 + 17560 2 19680 Average Stock x 365 Cost of sales 19680 x 365 548540 13 DAYS J. Mitchell Ltd 2007 Profitable ratio Gross profit margin 344310 x 100 919970 x 1 34431000 919970 37.4 Profit margin 151729 x 100 919970 x 1 15172900 919970 16.5 Return on Capital Employed 151729 x 100 265399 x 1 151729 265399 0.6 Liquidity ratio Current Assets à ¯Ã‚ ¿Ã‚ ½138,865 Current Liabilities à ¯Ã‚ ¿Ã‚ ½41,000 3.4 :1 Current Assets Stock 138865 -14365 Current Liabilities 41000 153230 36000 4.3:1 Asset Utilisation Debtors x 365 1) Credit sales 50000 X 365 919970 18250000 919970 20 DAYS 2) Creditors x 365 Credit purchases 33000 X 365 584650 12045000 584650 20 DAYS 3) Average stock = Opening Stock + Closing Stock 2 Average stock = 17560 + 14365 2 15963 Average Stock x 365 Cost of sales 15963 x 365 575660 10 DAYS Task-9 In this task I will be using suitable ratios from the previous task analysis the performance of the business which is J -Mitchell. A ratio: Is the mathematical relationship between two quantities in the form of a fraction or percentage. There also relationships that can be measured in time periods and one 2 one situations. Ratio analysis: is essentially concerned with the calculation of relationships which after proper identification and interpretation may provide information about the operations and state of affairs of a business enterprise. The analysis is used to provide indicators of past performance in terms of critical success factors of a business. This assistance in decision-making reduces reliance on guesswork and intuition and establishes a basis for sound judgement. Purposes and Considerations of Ratios and Ratio Analysis:- Ratios are highly important profit tools in financial analysis that help financial analysts implement plans that improve profitability, liquidity, financial structure, reordering, leverage, and interest coverage. Although ratios report mostly on past performances, they can be predictive too, and provide lead indications of potential problem areas. Ratio analysis is primarily used to compare a companys financial figures over a period of time, a method sometimes called trend analysis. Through trend analysis, can be identify trends, good and bad, and adjust the business practices accordingly. Can also see how ratios stack up against other businesses, both in and out of the business. Significance of Using Ratios the significance of a ratio can only truly be appreciated when: 1. It is compared with other ratios in the same set of financial statements. 2. It is compared with the same ratio in previous financial statements (trend analysis). 3. It is compared with a standard of performance (industry average). Such a standard may be either the ratio which represents the typical performance of the trade or industry, or the ratio which represents the target set by management as desirable for the business. Profitability Ratios Closely linked with income ratios are profitability ratios, which shed light upon the overall effectiveness of management regarding the returns generated on sales and investment. Gross Profit Margin-The gross profit margin ratio tells us the profit a business makes on its cost of sales, or cost of goods sold. It is a very simple idea and it tells us how much gross profit per à ¯Ã‚ ¿Ã‚ ½1 of turnover our business is earning. Net Profit Margin- The profit margin tells you how much profit a company makes for every à ¯Ã‚ ¿Ã‚ ½1 it generates in revenue. Return on Capital Employed- ratio also indicates whether the company is earning sufficient revenues and profits in order to make the best use of its capital assets. It is expressed in the form of a percentage, and the higher the percentage, the better Liquidity Ratios While liquidity ratios are most helpful for short-term creditors/suppliers and bankers, they are also important to financial managers who must meet obligations to suppliers of credit and various government agencies. A complete liquidity ratio analysis can help uncover weaknesses in the financial position of your business. Working Capital Ratio-This ratio indicates whether a company has enough short term assets to cover its short term debt. Anything below 1 indicates negative W/C (working capital). While anything over 2 means that the company is not investing excess assets. Assets utilisation- Assets utilisation is measured how effectively you manage and control the current aspects of your business. Stock turnover ratio the stock turnover ratio shows how many times over the business has sold the value of its stocks during the year. The result of this ratio gives the number of days that on average money is tied up in stocks. The longer this is, obviously the worse this is for the business as the money is not available to be used elsewhere. Debtors collection periods ratio- The debtors collection shows how days on average debtors take for pay for good sold to them by the business. The average collection period measures the quality of debtors since it indicates the speed of their collection. * The shorter the average collection period, the better the quality of debtors, as a short collection period implies the prompt payment by debtors. * The average collection period should be compared against the firms credit terms and policy to judge its credit and collection efficiency. * An excessively long collection period implies a very liberal and inefficient credit and collection performance. * The delay in collection of cash impairs the firms liquidity. On the other hand, too low a collection period is not necessarily favourable, rather it may indicate a very restrictive credit and collection policy which may curtail sales and hence adversely affect profit. Creditors payment periods ratio- is collection is opposite to the debtors collection. This ration shows the speed the take to pay the creditors. J-Mitchell Ltd Company Ratio Analysis year 2006 and 2007 Profitability Ratios Gross Profit Margin After looking at J-Mitchell LTD company, I can assure that the company did well good because In year 2006 the gross profit margin was 31.1% and in year 2007 the gross profit margin is 37.4%.Comparing to year 2006 and 2007, its look like company doing well because gross profit were raised in 2007 by more then 5%.Meanwhile y in year 2006 the net turnover was à ¯Ã‚ ¿Ã‚ ½791100 and in year 2007 the net turnover is à ¯Ã‚ ¿Ã‚ ½919970, which is healthy position for company. Profit Margin- looking back at j- Mitchell Ltd 2006, I can say that the company havent done well in year 2006 which is 9.3% and as well as 2007 which is 16.5% comparing to gross profit margin. Although In 2007 J- Mitchell Ltd company did well then they did in year 2006.However it could be raise more by looking back to trading, profit and loss account in year 2007.there are certain things that could be improved for example Bad Debt. To save from bad debt the company should check the reference, past bank statement before they lend money to other peoples, so it can be checked whether they can repay the money on time. Also In year 2007 J-Mitchell company had too high expenses for example petrol in year 2006 J-Mitchell they spent à ¯Ã‚ ¿Ã‚ ½22455 and in year 2007 they spent à ¯Ã‚ ¿Ã‚ ½25460.If J- Mitchell Ltd company wants improve their gross profit they may have to consider reduce their petrol expenses as well as other expenses for example-wages, bad debt etc. Overall I think in year 2007 J-Mitchell Ltd Company did well compare to year 2006 and in the future the company could be successful if they keep their expenses low for example wages, petrol, insurance etc. Return on capital employed- In 2006 J-Mitchell Ltd company were very good position which was 64.8% unlikely in year 2007 their revenue 0.6% which is not healthy for company or shareholders. This is an unusual because they havent kept good record of their transaction. I think the figure I have received are not accurate and also Ive received only two years account information. So I am not sure whether the business would do good or bad unless I have received more past accounting information. Liquidity ratio Working Capital Ratio in year 2007, the working capital ratio looks reasonable healthy; current assets are nearly three times as much as current liabilities (3.4:1), so the firm should not have too much difficulty meeting debts that need to be paid in the short times .Whereas in year 2006, the working capital ratio also looked reasonable because the current assets was nearly twice times as much as current liabilities (1.5:1).In 2007, the business has too much current assets, which is too good for company . Liquid capital ratio- the liquid capital ratio also shows a good picture. Even with stocks taken out of the current assets the firm still have sufficient liquid assets to cover its bills, so it seems to be in a liquid position. In year 2006 the liquid capital ratio was (1.7:1) and year 2007 the liquid capital ratio is (4.3:1) which healthy for company. Assets utilisation Stock turnover ratio -Looking at J-Mitchell Ltd Company 2006, every 13 days to sell stock seems not long time but this is a manufacturing company and short turnover periods are not rare. Comparing to year 2007, year 2007 was good because in year 2007 every 10 days to sell stock which is quite short time. That means if the company carry on like this they may end up with more profits. Debtors collection periods ratio Debtors collection periods of J-Mitchell LTD company is good enough however; Debtors are not taking long times to pay their bills in year 2007 then year 2006.In year 2006 debtors took 13 days to pay their bills but in year 2007 debtors took 20 days to pay their bills. Usually debtors gets 30 days to pay back but in this company debtors havent took the much long time to pay their bills. Creditors collection ratio in year 2006 and year 2007, an average of 20 days to pay bills suggests that the company has either negotiated good credit terms with suppliers or is struggling to pay bills.

Qualitative analysis using the transcript provided Essay

Qualitative analysis using the transcript provided - Essay Example In this paper, the approach to analysing findings gathered through an interview and a presentation and analysis of the findings are presented. The overall approach to analysis data was based on content analysis. This was used for its advantage of analysing the outcome of interviews in its most natural way in which it was gathered (Bowling, 2009). There were three major stages involved in the content analysis procedure, all of which have been vividly presented below. Segmentation was a process that helped the researcher in coming out with categories based on which subsequent codes will be constructed. The segments were therefore broad categorisation of meanings from the content of the interview (Hennick, 2011). For form the segmentations, three major rules were set. The first rule was that an interview question was a fixed category and the question order was not relevant. Second, the meaning of analysis gained from direct answering to the question was a category. Third, a follow up question or follow up answer was considered a separate category. Based on these rules, three major categories representing three non-recurring segments were constructed. These categories also served as themes for analysis in the subsequent section where the findings are presented and discussed. Based on the broad segmentations, it was necessary to have a coding process which highlighted key words and put them in appropriate categories based on the segmentation done earlier. In effect, whereas the segments or categories were broader themes, the codes were key words that reflected each category (Braun and Clarke, 2013). To get the most appropriate codes, rules were set in identifying key words that were most relevant to segments. Generally, the codes were named units. The first rule was that words that had same meaning with component words in the

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Relationship Between Management And Leadership Management Essay

Relationship Between Management And Leadership Management Essay 1.1: Explain the relationship between management and leadership. Management and leadership, these two terms are often used interchangeably; management is more usually viewed as getting things done through other people in order to achieve organizational goals. The managers may react to specific situations and more concerned with short term problem solving. Management is regarded as related to people working in a structured organization and with prescribed roles. The emphasis of leadership is on interpersonal behaviour in a broader sense. Belbin (1997, p 98) suggests that, there is a clear implication that leadership is not part of the job but quality that can be brought to a job à ¢Ã¢â€š ¬Ã‚ ¦ The work that leadership encompasses in the context clearly is not assigned but comes about spontaneously. Leadership is one of the many assets of a successful manager which they must have. A leader can be a manager but it is not necessary that a manager must be a leader. The most important aim of a manager is to maximize the organizational output through managerial performance. But leader always seeks new possibilities and understand new possibilities in organization. Most of the workgroups are more loyal to leaders than managers. According to John P. Kotter (1999, p 67), All the managers must know that how to lead as well as manage. Because in this era, organizations may face the threat of loss if their managers do not know how to lead as well as manage. Organizations hire managers and give formal authority to manage people and other activities to fulfil organizational goals. Employees gladly follow the leaders because they want to, not because they have to. Leaders may not have the power to give rewards to the people. However, employees give power to the leaders by fulfilling what they want. 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While some  of the  capabilities necessary to being a great leader can be acquired over time, much of what makes  terrific  leaders great is inborn or, at the very least, was learned much earlier in life.   A successful organisation  cannot exist without both strong leadership and great management.   Over time, an organization will need to expand its team of managers to keep up with  its increasing number of deliverables.   The leadership team, however, will grow at a much slower rate or, perhaps, not at all.   Too many leaders, like too many chefs, will really foul things up. Despite a continuing debate on differences between management and leadership, there is a close relationship between them and it is not easy to separate them as distinct activities. 1.2: Analyse how management and leadership style impacts on the achievement of the objectives of your chosen organisation. 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Every organization needs a leader (and preferably several leaders) to show the way to others as the organization strives to define and achieve its goals. Whether these goals are entrepreneurial or humanitarian or both the leaders work is to instill a sense of purpose and passion to the work that the organization undertakes. Identifying, developing and sustaining leadership within the organization must be one of its strategic objectives. Without leaders at every level of organization, the organization may well under-perform. It may miss strategic opportunities, stifle innovation, underutilize its employees, and fall short of its goals in customer service, quality, productivity, and profitability. Russell Consulting, Inc. can guide an organization in identifying and developing its leaders. Organizations also help to develop the key competencies that will help develop and sustain leadership, but also sustain your companys long-term success. Leadership at every level makes all of the difference as to whether the company will be around for the long haul. Companies should invest in leadership today to sustain their success for tomorrow and beyond. The Proposed Competencies of Leadership to be develepoed at RCI: RCI has been developing leaders in its client organizations since 1987. It has designed and developed leadership programs that help define an ambitious role for leaders at every level and then build the competencies to fulfill this role. Some of the competencies that RCI has defined as core to the role of leaders include: Strategic Thinking Coaching Problem Solving Decision Making Systems Thinking Delegation Performance Management and Accountability Inspiring a Shared Vision Managing Conflict Building and Sustaining Teamwork Leading Change Quality and Productivity Improvement Servant Leadership Emotional Intelligence Innovation and Creativity Customer Service Employee Development Develop Trust Dealing with Ambiguity 360 degree feedback leadership style Transformational Leadership style Participative Leadership Participative Leadership Skills required by a manager: A perfect manager is a boon for any company. A good manager needs to have a strong knowledge about the functioning of a company. There are few who are born with natural skills where as there are some who need to work their way towards it. So, what are the skills needed to be a good manager? Which are the qualities he/she needs to have in order to ensure a smooth sailing at work? Well, lets look at what makes a good manager and all about corporate leadership. What are the Skills needed to be a Good Manager? A good manager should have all the basic leadership skills. There are various ways in which a person can handle different situations through various leadership roles. A good leader should be able to guide his/her teammates to be able to perform well. Leadership does not mean dominating people. One of the most important skills of a good manager is the knowledge of effective time management. A person who manages to plan the schedule and divide time equally between tasks can be an asset for the organization. A good manager should also have a visionary sight for the benefits of the company. He/she should plan the future steps for the growth of the company. For a team to perform well, a good manager should be able to motivate the team for their tasks. He/she should encourage talents. In case of people with low performances, he/she should tackle the situation with professionalism to reach a positive conclusion. Even in a crisis situation, a person with good managerial skills should be able to perform well. He/she should be mentally tough to handle any kind of situations. He/she should also be responsible enough to maintain a good office atmosphere. A manager should be sensitive towards others in the workplace. A happy atmosphere would only lead to more productivity for the company. With these skills, a person can definitely strive to be a good manager and thus be an asset for any organization! 2.2: Compare any four (4) skills and attributes of three (3) successful leaders you know. LEADERSHIP OF JORMA OLLILA Chairman and Chief Executive Officer of Nokia Group, Jorma Ollila has very high educational background expert in the information and communications technology industry, he has plenty experience in this area Jorma has his distinctive leadership; he concerns both employees and employees tasks. He provides equal opportunities and openness towards people and peoples new ideas are also key elements he wants to nourish. We listen to the views of our employees and act on them when designing our people policies and practices Jorma said. He provides the flexible working time to the employees; depending on the local market conditions, employees may take advantage of flexi time including flexible working hours and part-time working. he was also concerned about employees tasks. LEADERSHIP OF REYMIN ZHANG His leadership is more task-orientated He set up a very clear and straightforward goal for his employees, and renews the companys regulations In order to achieve companys goal to build up the international brand, he divided the tasks to each department in a very specific way. He attaches importance to the employees recruitment, he recruits thousand of new blood every year, additionally, he have very close contact with the well known universities, 15% of his employees were signed contract with Hair when in the last year in the university. 2.3: Assess the expected impact of your own leadership styles on your work How Leadership Can Affect Change In An Organization: The leadership of an organization provides the direction and guidance for the future and can create an environment for growth or destruction dependent on the leadership style and technique that is utilized.    It is inevitable that there will be changes in an organization, whether it is related to downsizing, economic issues or location changes; these are just a few of the current changes that are being dealt with nation-wide.    The leadership of an organization sets the tone and process for others to follow during change.    Decisions that are made and the actions of the leadership mandate what the future holds for an organizations employees. Leaders have different traits that are inherent in their management techniques, those traits can be magnified during change and can help or hinder their leadership opportunities.    During organizational change, goals are set and a leader must possess the aptitude to help employees reach those goals.    A study by R.M. Stogdill discovered that the conception of a leader was someone who acquired status by showing the ability helps a group attain its goals (Yukl, 10.2.1, 2010).    Related to that study, it was noted that relevant traits included intelligence, alertness to the needs of others, understanding of the task, initiative and persistence in dealing with problems, self-confidence, and desire to accept responsibility and occupy a position of dominance and control in leaders (Yukl, 10.2.1, 2010).    Not all traits are universal, as noted by the study by Stogdill (Yukl, 2010), but the relevant traits appear to be found in many leaders.    Self-confidence is a powerful tra it for a leader to possess, but excessive self-confidence can make a leader overly optimistic about the likely success of a risky venture, and it may result in rash decisions and denial of evidence that a plan is flawed. A small company had been acquired by a larger firm. With this, the current leader had been let go and a new leader was appointed to take charge. Anticipate and Prepare-Being acquired by a larger firm may bring more awareness to a company or provide better benefits, but several cons may get in the way at first. During a transition period, many employees are sometimes left without a job, or have decided to move on to other things in the wake of unsatisfied changes. It was no different when a well-liked president of the company was phased out due to financial setbacks. The firm took a lengthy process to make a move until finally appointing an internal employee to serve as the interim president. Left with a lot of the dirty work, the new leader immediately went to work and restored and initiated productivity with his employees. His biggest attribute was that he was prepared for this new role before he was even appointed as the new president. His natural work ethic had already groomed him for charismatic leadership and when the opportunity for advancement came, he wasted no time in taking charge and continuing the work. Likewise, a strategic leader will be able to pick up the pieces and restore work productivity regardless of a drastic change. Being the cheerleader and still an enforcer, Teams leaders are versatile figures held accountable for their employees work performance. Get positioned for the future- A team leaders major objective is to keep worker performance at a high and encourage improving results that would ultimately lead to a brighter outlook and future. Preparing employees now enables them to do such. Team Leaders have a weekly, monthly or even yearly report to give so their main motivation would be to constantly focus on the progress and performance of their individuals. In order to maintain and continue a future of positive results, an effective team leader will use strategic planning in his/her strategic management. Mentally, he/she will find ways to encourage employees to perform high to obtain team incentives, but will also encourage strategic planning at the individual level. Training employees to strategically plan in their prospective territories will alleviate the leader with multiple responsibilities and generate a more productive outcome in the work area. With a focus on the individual employee, a team leader will have the power t o influence his/her employees to control their progress and look towards a better outcome. One department is flourishing with work productivity, while one department is far behind. Focus on the right energies- In a business world where deadlines are demanding and profits are important, companies and their leaders will hold work productivity as a high priority. A strategic leader will observe less than optimum circumstance and move quickly to create beneficial change. Saving time by focusing only on the right energies will help a company profit. For example, an employee serves in two departments, splitting duties between each. It is evident that his/her skills are stronger in research and development rather than in the sales department. A strategic leader may see more value in changing this employees role to work in this stronger area of expertise. At the same time, a strategic leader will realize that this employee may be able to provide unique insight across both functions that others can not. Strategic leaders will observe these situations quickly and waste no time in shifting employees to areas where both the individual and organizations can benefit the most . These glimpses give you some helpful scenarios of how strategic leadership can be applied in your work environment. Should you have any future problems with work productivity, profits or even issues with your employees, address those concerns with some professional guidance and youll discover how an investment in your team will result is bottom line results. Task 3: Be able to apply theory in an organisational context 3.1: Select four (4) appropriate theories of management and leadership to identify leadership requirements in given situations in your chosen organisation 1. Trait Theories: Similar in some ways to Great Man theories, trait theories assume that people inherit certain qualities and traits that make them better suited to leadership. Trait theories often identify particular personality or behavioral characteristics shared by leaders. If particular traits are key features of leadership, then how do we explain people who possess those qualities but are not leaders? This question is one of the difficulties in using trait theories to explain leadership. 2. Contingency Theories: Contingency theories of leadership focus on particular variables related to the environment that might determine which particular style of leadership is best suited for the situation. According to this theory, no leadership style is best in all situations. Success depends upon a number of variables, including the leadership style, qualities of the followers and aspects of the situation. 3. Situational Theories: Situational theories propose that leaders choose the best course of action based upon situational variables. Different styles of leadership may be more appropriate for certain types of decision-making. 4. Behavioral Theories: Behavioural theories of leadership are based upon the belief that great leaders are made, not born. Rooted in behaviourism, this leadership theory focuses on the actions of leaders not on mental qualities or internal states. According to this theory, people can learn to become leaders through teaching and observation. 5. Participative Theories: Participative leadership theories suggest that the ideal leadership style is one that takes the input of others into account. These leaders encourage participation and contributions from group members and help group members feel more relevant and committed to the decision-making process. In participative theories, however, the leader retains the right to allow the input of others. The Advantages of Emerging Leadership Theories During the first half of the 20th century, leadership theories focused on traits and skills that were inherent in leaders and assumed that leaders were born, not made. Around 1960, new theories of leadership were developed that considered the impact of followers and tasks on leader effectiveness. These emerging styles, also called modern or current styles, include contingency models, situational and transformational leadership. Predictability Flexibility with Precision Lasting Motivation with Better Results The Advantages of Participative Leadership Theories Participative leadership theories encourage participation from employees on the decision-making process with organizational management. Sometimes the democratic style of leadership allows the employees to give suggestions on how a corporation operates and on decisions that facilitate change. Advantages of the participative theories include better employer and employee relationships, the discovery of future leaders, motivation, team spirit and employee productivity. Team Spirit Employee Productivity Motivation Employer/Employee Relationships Future Leadership Discovery 4.2: Plan the development of management and leadership skills for a given job role in your chosen organization. 4.3 Make justified evaluations of the management and leadership development methods selected in 4.2 above Plan the development of management and leadership skills and evaluation of these skills Strategic leadership is a self-explanatory term, and even when separated, still provides a meaningful definition. A definition of strategic leadership can be summed up as the ability to anticipate, prepare, and get positioned for the future. In past experience, company has been able to pinpoint specific examples of colleagues who have exemplified strategic leadership in their professions. Here are some examples of how strategic leadership is essential to a work environment. A small company had been acquired by a larger firm. With this, the current leader had been let go and a new leader was appointed to take charge. Anticipate and Prepare-Being acquired by a larger firm may bring more awareness to a company or provide better benefits, but several cons may get in the way at first. During a transition period, many employees are sometimes left without a job, or have decided to move on to other things in the wake of unsatisfied changes. It was no different when a well-liked president of the company was phased out due to financial setbacks. The firm took a lengthy process to make a move until finally appointing an internal employee to serve as the interim president. Left with a lot of the dirty work, the new leader immediately went to work and restored and initiated productivity with his employees. His biggest attribute was that he was prepared for this new role before he was even appointed as the new president. His natural work ethic had already groomed him for charismatic leadership and when the opportunity for advancement came, he wasted no time in taking charge and continuing the work. Likewise, a strategic leader will be able to pick up the pieces and restore work productivity regardless of a drastic change. Being the cheerleader and still an enforcer, Teams leaders are versatile figures held accountable for their employees work performance. Get positioned for the future- A team leaders major objective is to keep worker performance at a high and encourage improving results that would ultimately lead to a brighter outlook and future. Preparing employees now enables them to do such. Team Leaders have a weekly, monthly or even yearly report to give so their main motivation would be to constantly focus on the progress and performance of their individuals. In order to maintain and continue a future of positive results, an effective team leader will use strategic planning in his/her strategic management. Mentally, he/she will find ways to encourage employees to perform high to obtain team incentives, but will also encourage strategic planning at the individual level. Training employees to strategically plan in their prospective territories will alleviate the leader with multiple responsibilities and generate a more productive outcome in the work area. With a focus on the individual employee, a team leader will have the power t o influence his/her employees to control their progress and look towards a better outcome. One department is flourishing with work productivity, while one department is far behind. Focus on the right energies- In a business world where deadlines are demanding and profits are important, companies and their leaders will hold work productivity as a high priority. A strategic leader will observe less than optimum circumstance and move quickly to create beneficial change. Saving time by focusing only on the right energies will help a company profit. For example, an employee serves in two departments, splitting duties between each. It is evident that his/her skills are stronger in research and development rather than in the sales department. A strategic leader may see more value in changing this employees role to work in this stronger area of expertise. At the same time, a strategic leader will realize that this employee may be able to provide unique insight across both functions that others can not. Strategic leaders will observe these situations quickly and waste no time in shifting employees to areas where both the individual and organizations can benefit the most . These glimpses give you some helpful scenarios of how strategic leadership can be applied in your work environment. Should you have any future problems with work productivity, profits or even issues with your employees, address those concerns with some professional guidance and youll discover how an investment in your team will result is bottom line results. How Leadership Can Affect Change In An Organization: How Leadership Can Affect Change in an Organization The leadership of an organization provides the direction and guidance for the future and can create an environment for growth or destruction dependent on the leadership style and technique that is utilized.    It is inevitable that there will be changes in an organization, whether it is related to downsizing, economic issues or location changes; these are just a few of the current changes that are being dealt with nation-wide.    The leadership of an organization sets the tone and process for others to follow during change.    Decisions that are made and the actions of the leadership mandate what the future holds for an organizations employees. Leaders have different traits that are inherent in their management techniques, those traits can be magnified during change and can help or hinder their leadership opportunities.    During organizational change, goals are set and a leader must possess the aptitude to help employees reach those goals.    A study by R.M. Stogdill discovered that the conception of a leader was someone who acquired status by showing the ability helps a group attain its goals (Yukl, 10.2.1, 2010).    Related to that study, it was noted that relevant traits included intelligence, alertness to the needs of others, understanding of the task, initiative and persistence in dealing with problems, self-confidence, and desire to accept responsibility and occupy a position of dominance and control in leaders (Yukl, 10.2.1, 2010).    Not all traits are universal, as noted by the study by Stogdill (Yukl, 2010), but the relevant traits appear to be found in many leaders.    Self-confidence is a powerful tra it for a leader to possess, but excessive self-confidence can make a leader overly optimistic about the likely success of a risky venture, and it may result in rash decisions and denial of evidence that a plan is flawed. CONCLUSION   In conclusion, The process of accessing a persons leadership ability is a complex and often a difficult task; different leaders has different leadership style, there are many factors influence them on their leadership, such as the personal characteristics, the situation they have involved, and also the people need to manage, etc. Jorma have a very people-oriented style of leadership, he concern about his subordinate; conversely, Reymin is a more product-oriented leader, he paid big attention on the employees task more them employee themselves. There many leadership models can be adopted to analyze those two leader, but there are three most suitable models have been adopted, whatever the models have been used, it is all exactly reflect Jorma and Reymins personal leadership style.

Comparing The Handmaids Tale and Oryx and Crake Essay -- Compare Cont

Margaret Atwood’s novel Oryx and Crake describes a world very different from the one we live in today, but not too far from a possible future. The story, told from the viewpoint of Snowman, possibly the only human survivor, recounts the end of days in human history. His description, given to us as flashbacks, tells of a world where technology is power, and those who lack power are doomed to a sub-par existence. This world gone mad is reminiscent of another Atwood novel written in 1986, The Handmaid’s Tale. In this story, the world of today is gone, democracy has been eradicated, and it is the elite few who control the fate of the masses. By comparing these two novels by Atwood, one can see corresponding themes dealing with governmental control, the dangers of technology, the uses of religion, and the treatment of sexuality. Government control is a serious issue in both novels. In the compounds, where the elite live in Oryx and Crake, every aspect of day to day life is closely monitored by compound security known as CorpSeCorps. The idea behind such tight security might seem as though it is to protect the citizens of the compounds from outside terrorism, but in many ways it is to protect the compounds from the citizens living within. After Jimmy’s mom leaves home when he is a young boy, he becomes a target for investigation for the rest of his life. Even into his college years he is still questioned by security about her. â€Å"So they were still tracking his snail mail. All of the postcards must be stored on their computers; plus his present whereabouts, which was why they hadn’t asked where he’d come from,† (Atwood Oryx 197). Her escape from the compound, and the potential damage she could do with her knowledge of what goes on ther... ... what he’s doing. Copulating too would be inaccurate, because it would imply two people and only one is involved. Nor does rape cover it: nothing is going on here that I haven’t signed up for,† (Atwood Handmaid’s 94). Although she remembers a time when sex meant more, for Offred that time is almost nothing more than a memory. The world has changed since The Handmaid’s Tale was written in 1986. Oryx and Crake is a continuation of and a development of many of the ideas first brought up in The Handmaid’s Tale. Although the details are different, the terrifying possibility of either future is enough to make anyone question the morals of the world today and stay vigilant against these warnings offered by the author. Works Cited Atwood, Margaret. The Handmaid’s Tale. New York: Anchor Books, 1986. Atwood, Margaret. Oryx and Crake. New York: Anchor Books, 2003.

Chemotherapeutic Agents of Control

Chemotherapeutic Agents of Control: Introduction: Chemotherapeutic agents are chemical substances used to treat various forms of infectious diseases. The chemotherapeutic agent works by stopping the bacteria from reproducing. There are two different kinds of chemotherapeutic agents. The first kind is an antibiotic, which slow down the growth of microorganisms. The second kind of chemotherapeutic agent is synthetic drugs. Synthetic drugs are artificially made in a laboratory. Chemotherapy began in the 1940s and is now a multi-billion dollar industry.Different antibiotics and synthetic drugs all have different modes of actions and can have several different possibilities of side effects. Antibiotics work by finding something in the pathogen that is different in the host cell and attacks it to stop the pathogen from reproducing and causing more harm. The side effects can range from loss of hearing all the way to discoloration of the teeth. Some may take these drugs and have no side effe cts at all except to obtain better health. While others may no receive any good from the medication and have horrible side effects.The mode of action also has a wide range of possibilities depending on which drug is taken. The mode of action can range from inhibition of the cell wall all the way to destruction of the cell membrane and much more. Each and every chemotherapeutic agent varies with their antimicrobial activity. This is needed because every disease is very different. Purpose: The purpose of this experiment is to determine that different chemotherapeutic agents are needed to treat different kinds of diseases.Since there is a wide range of possibilities this experiment is needed to determine which medication is best for certain types of microbial metabolism. This way we can evaluate the antimicrobial’s reaction to different chemotherapeutic agents. What reaction will the antimicrobial have on the chemotherapeutic agents that will be used in this experiment? Hypothes is: All chemotherapeutic agents will affect the antimicrobial, although one chemotherapeutic agent will be much more effective than the other chemotherapeutic agents.Expectations: I expect one chemotherapeutic agent to be much more effective on this certain culture. This will be the best chemotherapeutic agent to treat this certain antimicrobial disease. Materials: Petri dish Sterile cotton swabs Culture (Escherichia coli, Serratia marcescens, Bacillus subtilis, Enterobacter cloacal, Staph epidermidis) Antibiotics (Streptomyocin, SSS, Erythromycin, Chloram Phemicol, Kamamycin, Novobiocin, Textra Cycline, Penicillin) Sharpie Bunsen burner Forceps Millimeter ruler

Dominos Marketing Plan - 4675 Words

Domino’s Pizza Goes Natural Nicole Phillips MKG310 – Introduction to Marketing Colorado State University – Global Campus Professor Michael Aubry October 25, 2015 Executive Summary The pizza industry is a mature and highly competitive market, while the organic/natural and vegetarian market is one that is seldom addressed, yet consumers are increasingly showing their interests in such foods. Domino’s Pizza has the opportunity to be an innovator in this groundbreaking field, and by only seeing a slight increase in costs of sales and advertisement, creating and releasing menu items that are organic/natural based or vegetarian will help Domino’s dominate the competition, while gaining three new market segments and positive PR. The†¦show more content†¦Situational Analysis The following situational analysis contains a thorough examination of Domino’s Pizza’s strengths, weaknesses, opportunities, and threats using a SWOT analysis and a comparative chart that scrutinizes Domino’s current business situation and social trends on the horizon versus the competition (Grewal amp; Levy, 2014). The analysis overall will highlight Domino’s positive attributes as well as potential components that could prevent goal achievements, prospects the company should consider, and inherent threats that the pizza chain may face (Grewal amp; Levy, 2014). SWOT Analysis Figure 1 displays the strengths, weaknesses, opportunities, and threats that Domino’s is facing. One of Domino’s main strengths comes from their emphasis on innovation technology, which contributed to approximately 50% of U.S sales in 2014 being placed through a type of digital channel offered by the company, and reach a revenue of $4 billion annually in global digital sales (Our Strengths, 2014; Zacks Investment Research, 2015). In a time where companies are failing to be honest and transparent in their operations, Domino’s vows to remain transparent and brutally honest, even if it involves running a national ad campaign to show consumers you’ve realized the old recipe produced bad quality pizzas, but you’re dedicated to creating a better pizza based on consumer feedback and opinions, like Domino’s did in 2010 after they tied for last placeShow MoreRelatedMarketing Plan For Domino s Pizza951 Words   |  4 PagesThe main goal of markeî€ ng plan is to develop and establish a direcî€ on and detailed strategy of markeî€ ng eorts. 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It also competes with a large number of private label companies.† Domino’s sets it’s self apart by â€Å" generally competes on the basis of product quality, location, delivery time, service, price, and also competes onRead MoreFinancial Ratios : Current Ratio1551 Words   |  7 Pagesinterest and Taxes/Interest Expense 8,304/0 Mission The vision of Domino’s pizza Inc. in three years to come would be to focus on delivering the best pizza in the world to customers in a short period of time. (Davis Davis, 2015 p 372-381) Marketing Strategy â€Å"In order for Domino’s to pull off market headship via more upgrades in the next three years. It must use discount and offers to bring in new customers and keep the old ones. Domino’s must boost their internet transactions and online market. TheRead MoreMarketing Management : Domino s Pizza Essay1747 Words   |  7 PagesQ2.1Ans: : As a recent graduate appointed to the marketing team of â€Å"DOMINO’S PIZZA† in New Zealand, a discussion document has been developed in order to cover the principles, broad concepts and processes of marketing management according to the behaviour of New Zealand retail market. Dominos provide many type of pizzas like veggi, chicken, ham and beef pizzas. They also provide deserts stuff as well like Chocà ³ cake and lava cakes. I’m now talking about veggie pizza. Dominos provide very good qualityRead MoreDominos Pizza Operations Process and Information Needed1652 Words   |  7 PagesUnderstand market and custome r Information : Market and customer information) 1. Understanding customers needs and publicising the Dominos brand. Developing new products and use of technology. 2. Dominos Pizza The UK pizza delivery and takeaway market. This market was estimated to be worth nearly  £450 million in 2000. 3. 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