Chic Paints Plan
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- Category: Other
- Date Submitted: 02/19/2015 03:46 AM
- Pages: 2
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Description of organisation:
1. Chic Paint Ltd (CPL) manufactures specialist paints such as those used on boats, cars and industrial machinery. All paints and allied products are expertly formulated to meet the highest international standards, using the best available technology.
Chic Paints Ltd is a shareholding organisation, owned by: Greg Pearce (Managing Director), Dave Whistler (Finance Director), Ruth Jones (Sales Director), Ahmed Khan (Production Director) and Susan Mather (HRM Director).
I will be reviewing the Credit Control within the organisation.
2. Chic Paints Ltd produces the following financial statements, which are the document’s that are provided to the users to help them understand the financial position and performance of the reporting entity:
* The statement of financial position - this summarises the assets, liabilities and equity balances of the business at the end of the reporting period. This used to be referred to as a “balance sheet”.
* The profit and loss account/ statement of comprehensive income – this summarises the revenues earned and expenses incurred by the business throughout the whole of the reporting period.
* The statement of changes in equity – this summarises the movement in equity balances (share capital, share premium, revaluation reserve and retained earnings) from the beginning of the reporting period to the end.
* The statement of cash flows – this summarises the cash physically paid and received throughout the reporting period.
* The notes – these comprise the accounting policies disclosures and any other disclosures required to enable the shareholders to make informed decisions about the business.
3. Chic Paint Ltd currently uses two separate payrolls running with Sage 50 Software which currently is not integrated with the main accounting system. It was decided to use Microsoft Excel Spreadsheets for the Financial Accounting system. Both systems would benefit and work well alongside...
1. Chic Paint Ltd (CPL) manufactures specialist paints such as those used on boats, cars and industrial machinery. All paints and allied products are expertly formulated to meet the highest international standards, using the best available technology.
Chic Paints Ltd is a shareholding organisation, owned by: Greg Pearce (Managing Director), Dave Whistler (Finance Director), Ruth Jones (Sales Director), Ahmed Khan (Production Director) and Susan Mather (HRM Director).
I will be reviewing the Credit Control within the organisation.
2. Chic Paints Ltd produces the following financial statements, which are the document’s that are provided to the users to help them understand the financial position and performance of the reporting entity:
* The statement of financial position - this summarises the assets, liabilities and equity balances of the business at the end of the reporting period. This used to be referred to as a “balance sheet”.
* The profit and loss account/ statement of comprehensive income – this summarises the revenues earned and expenses incurred by the business throughout the whole of the reporting period.
* The statement of changes in equity – this summarises the movement in equity balances (share capital, share premium, revaluation reserve and retained earnings) from the beginning of the reporting period to the end.
* The statement of cash flows – this summarises the cash physically paid and received throughout the reporting period.
* The notes – these comprise the accounting policies disclosures and any other disclosures required to enable the shareholders to make informed decisions about the business.
3. Chic Paint Ltd currently uses two separate payrolls running with Sage 50 Software which currently is not integrated with the main accounting system. It was decided to use Microsoft Excel Spreadsheets for the Financial Accounting system. Both systems would benefit and work well alongside...