Week One Assignment
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- Date Submitted: 03/21/2010 01:32 PM
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Running Head: GUILLERMO FURNITURE STORE SCENARIO
Guilermo Furniture Store Scenario
Christopher Lacey
University of Phoenix
When overseeing Guillermo finances, a key monitoring task is to compare the actual revenues and expenses with those which were projected in the budget. This information is crucial. Most managers need to take immediate action when revenue is lower or expenses are higher than projected in the budget. Furthermore, you cannot prepare a realistic budget for the next year without comparing this year's budget with the actual results. A budget performance report allows a manager to monitor actual revenues and expenses against those projected in the budget. A performance reporting system provides periodic information on the achievement of desired outcomes. Effective performance reports align results with manager’s goals and objectives, provide guidance to mangers, communicate goals and their level of attainment throughout the organization, and enable organizations to anticipate and respond to change in a timely manner.
Ethics in finance is of utmost importance to finance professionals and those who rely on their services. Certified Public Accountants (CPAs) and other finance professionals know that people who use their services, especially decision makers using financial statements, expect them to be highly competent, reliable, and objective. Those who work in the field of finance must not only be well qualified but must also possess a high degree of professional integrity. A professional's good reputation is one of his or her most important possessions.
The general ethical standards of society apply to people in professions such as medicine and finance just as much as to anyone else. However, society places even higher expectations on professionals. People need to have confidence in the quality of the complex services provided by professionals. Because of these high expectations, professions have adopted codes of ethics, also known as...
Guilermo Furniture Store Scenario
Christopher Lacey
University of Phoenix
When overseeing Guillermo finances, a key monitoring task is to compare the actual revenues and expenses with those which were projected in the budget. This information is crucial. Most managers need to take immediate action when revenue is lower or expenses are higher than projected in the budget. Furthermore, you cannot prepare a realistic budget for the next year without comparing this year's budget with the actual results. A budget performance report allows a manager to monitor actual revenues and expenses against those projected in the budget. A performance reporting system provides periodic information on the achievement of desired outcomes. Effective performance reports align results with manager’s goals and objectives, provide guidance to mangers, communicate goals and their level of attainment throughout the organization, and enable organizations to anticipate and respond to change in a timely manner.
Ethics in finance is of utmost importance to finance professionals and those who rely on their services. Certified Public Accountants (CPAs) and other finance professionals know that people who use their services, especially decision makers using financial statements, expect them to be highly competent, reliable, and objective. Those who work in the field of finance must not only be well qualified but must also possess a high degree of professional integrity. A professional's good reputation is one of his or her most important possessions.
The general ethical standards of society apply to people in professions such as medicine and finance just as much as to anyone else. However, society places even higher expectations on professionals. People need to have confidence in the quality of the complex services provided by professionals. Because of these high expectations, professions have adopted codes of ethics, also known as...