Documents in the Revenue Cycle List Assignment Example

Essays on Documents in the Revenue Cycle List Assignment The paper "Documents in the Revenue Cycle List" is a wonderful example of an assignment on finance and accounting. In the present business scenario, manually created revenue cycle documents slow down the revenue cycle operations and that may create a number of financial problems emerging from delayed recoveries from accounts receivables. â€Å"Internet and ERP have injected many changes in the revenue cycle. Sales Orders arrive on the web. In the cases sales orders that need credit decisions in a few minutes, web-based services offer automation of the entire credit approval process.† (Ashotosh Deshmukh, 2005). But sometimes automation becomes inefficient say when customers’ creditworthiness is judged merely on the basis of credit points stored in a system. There is always a need control to maintain a standard Basic objective of control over electronic forms is that accurate data should be available when needed, and all revenue cycle activities are performed efficiently and effectively. For effective control over electronic documentations in the revenue cycle operations the following procedures should be considered:Further processing on Sales orders should be done only on verification that required goods are available.Sales Order processing should be automated as per batch technology and real-time technology.Sequential number to Sales Orders, Sales Invoices and Credit Memos generated through an electronic system should be assigned by the system itself.Regular file backups, file labels, modification of default settings on ERP systems, encryption, etc. are the basic control features of the electronically operated revenue cycle.Under the electronic system, though the customer’s credit is approved as per criteria decided by the Credit Manager and programmed into the system, final approval should be manually done by the Credit manager after generation the hard copy of the Credit memo by the system. In other words, there should be some manual cont rol in approval of customer credit history.Electronic Fund Transfer (EFT) should be encouraged instead of receiving cheques and pay orders from Accounts receivables. This will eliminate the mistakes and frauds occurring at the stage of maintaining and operating remittances related documents, like remittance lists and passing of accounting entries on the basis of those documents.

Essay on The Statues of Rahotep and Nefert - 947 Words

The Statues of Rahotep and Nefert nbsp;nbsp;nbsp;nbsp;nbsp;The first thing that strikes an observer of these two statues is the excellent condition they are in. The paint on the two figures, Rahotep and Nefert, is extremely well preserved and there is only a miniscule amount of perceptible damage. Rahotep, who is seated on the left, retains the air of nobility and grandeur that a king’s son and high priest would have undoubtedly enjoyed during his lifetime. His wife, Nefert, sits adorned with an intricate wig and headband that match her bright jewelry and indicate her elevated social status. Together, the figures complement each other perfectly and provide a valuable glimpse into the world of non-royal funerary art of Ancient†¦show more content†¦Rahotep wears a very plain kilt and a small amulet around his neck. He has close-cropped hair and his face is adorned with a thin mustache. He has broad shoulders and muscular arms and it is worth noting that his right arm is held across his chest while his l eft rests on his thigh. In this respect he resembles Djoser, but the horizontally held arm goes out of fashion later in the Fourth Dynasty. The biggest contrast between Rahotep and his wife is the color of his skin, which is almost the color of clay. In the majority of limestone statues, the husband is portrayed as having much darker skin than his wife has. This is probably due to the fact that men spent more time outside and wore less than women. A similar style is apparent in ancient wall paintings from Thera, Greece that are housed in the Athens Archaeological Museum. In them, the men are portrayed as either red or brown while the women are snow white. nbsp;nbsp;nbsp;nbsp;nbsp;Nefert wears a shoulder-length wig and ornate headband decorated with symmetrical designs. The sculptor paid great attention to details, as her real hair and the straps from her dress can be told apart from the wig and her robe. Nefert’s nipples also protrude from her bosom and only one of her hands is visible. The other hand, much like most of Nefert’s body, seems to mold with the dress which itself molds with the chair. Contrasting with the very

Price Discrimination Essay Example For Students

Price Discrimination Essay Define, discuss, and account for the existence of price discrimination. Compareand exemplify the first, second, and third degrees of such discrimination. Overview Price discrimination is the practice of setting different pricingformulas in different virtual markets, while still maintaining the same productthroughout. The prices are based upon the price elasticity of demand in eachgiven market. In more practical terms, that means that during Ladies Nightat M.P. OReillys, it costs more for me to have a beer than if I were afemale simply because this particular saloon sees fit to charge members of thefemale species less as a means to draw more such females to the establishment onsuch a night. Price discrimination is rampant in many areas of the commercialand business world. Movie theatres, magazines, computer software companies, andthousands of other entities have discounted prices for students, children, orthe elderly. One important note, though, is that price discrimination is onlypresent when the exact same product is sold to different people for differentprices. First class vs. coach in an airline (though sometimes just differing inh ow many free drinks you can get) is not an example of price discriminationbecause the two tickets, though comparable, are not identical. Pricediscrimination is based upon the economic premise and practice of marginalanalysis. This conceptualization deals specifically with the differences inrevenue and costs as choices and/or decisions are made. A good example isillustrated in the textbook by the Hartford Shoe Company model. The mostimportant portion of the model, however, is on page 201. Here, it is calculatedthat if the company raises the prices of the shoes from $60 to $65, theirrevenue and number of shoes sold will shrinkbut their actual profit marginwill raise slightly due to that higher profit margin more than just offsettingin the loss in sales. Profit maximization is achieved neither where the numberof products sold is the highest, nor where the price is the highest. Profitability Price discrimination is only profitable if and when the giventarget groups price elasticity of demand differs to the point where theseparate prices yield to profit maximization for each given group in question(where marginal revenue equals marginal cost). Groups that are more sensitive toprices, students and senior citizens for example, have a lower price elasticityof demand and are thus the ones that are often charges the lower prices for theidentical goods or services. The key to price discrimination and utilizing it tofully compliment other economic practices, ultimately achieving the total profitmaximization, is the ability to effectively and efficiently collect, analyze,and act upon data gathered about the different groups. First of all, the groupsmust be accurately identified and the differences between groups must bediscerned ahead of time. Children, genders, and senior citizens are easilysingled-out by appearance, while military personnel, college students, and othergroups must carry some sort of identification. Firms typically will advertisethe highest prices in publications, and then offer discounts to qualifiedgroups. The three basic conditions for price discrimination to be effective areas follows: 1) Consumers can be divided into and identified as groups withdifferent elasticities of demand. 2) The firm can easily and accurately identifyeach customer. 3) There is not a significant resale market for the good inquestion. First Degree Price Discrimination The premise behind the practice offirst degree price discrimination is that the firm has enough accurateinformation about the end consumer that products can be sold each time for themaximum amount that the consumer is willing to pay. The two most prevalentexamples of first-degree price discrimination are called price skimmingand all-or-none offers, both of which are described below. Skimming hererefers to the demand function, as firms take the top of the demand of a givengood to maximiz e profits on the per diem sale. This, of course, requires thatthe firm know the actual demand for the good that it produces. Furthermore, thefirm must divide its customers into distinct, independent groups based upontheir respective demands for the good. The firm wants to first sell to the groupwho will pay the highest price for the new product. It then reduces the costslightly and sells to another group with only slightly less demand for the good. This process is replicated on numerous occasions until the marginal revenue dipsto equal marginal cost. While this example may seem similar to other examples ofprice discrimination, it should be noted that the most significant differencehere is that there are a virtually limitless number of possible prices that,charged sequentially, will yield profit maximization over the long haul. Thefirm must, of course, be on the ball and must make constant reassessments of thedemand and thus, the price for the good at any given time after the initialprice is set and a number of units are sold. Firms practicing price skimming,then, will generally start their pricing schedules where the demand schedule hasits vertical intercept. From there, as demand at any given price shrinks, thefirm readjusts the price of the good to spur more sales. As before, the firmmaximizes profits where the marginal revenue is equal to marginal cost. The firmwill not continue to sell the good below this threshold. The equ ality here isunlike a scenario where a single profit-maximizing price scheme is practiced. Art Evaluation EssayInterpolation yields the concept that for every $1 that the price increases,sales will fall by 125 units. Likewise, when the student price for the shoes inquestion falls $5, 625 additional pairs of shoes will be sold. This again can beinterpolated to mean that every dollar less the shoes are priced, 125 more unitswill be sold. Thus, a change of just $1 makes students and non-students alikechange their purchasing preferences by 125 pairs of shoes. We can use thisobservation to generate the ideal price and sales figures necessary to achievethe ideal situation of: Marginal Cost = Marginal Revenue We know that marginalrevenue is the change in the total revenue divided by the change in sales. Whenthe price of shoes is reduced by $1, total revenue will increase $2,625 as salesagain increase by 125. The marginal revenue associated with such a pricereduction is $21 (2625/125) and, since this marginal revenue is greater than themarginal cost ($20), lowering the price fro m $66 to $65 actually does increaseprofits for the Hartford Shoe Company. However, as illustrated in the text, ifthe price is originally $65, and the price is lowered to $64, then the marginalrevenue from this move would only be $19. Due to the fact that this marginalrevenue is less than the marginal cost (still $20), profits would actually takea small hit if this price reduction was carried out. Opportunity Cost Pricediscrimination is based upon the most significant of all economic concepts:opportunity cost. For example, American Airlines may offer college students afare from Saint Louis to Chicago for $149 round-trip, while business classfares run significantly higher, say $279 for example. The business traveler, inall likelihood, is more likely to be willing to pay the higher fare because heor she is going to be working for a client in Chicago and will be paid $100 perhour while there. The college student does not have the luxury of having anyextra money (he or she goes to Wash U .), and thus cannot justify paying thehigher rate to travel to Chicago for his or her fall break. Opportunity cost isthe most intrinsic measure of justification for reallocation of any of apersons given resourcesincluding (but not limited to) time, money, andtalent. People often say that they are richer in time than in money, butin fact seldom consider the fact that by choosing not to work, they are actuallypaying for their recreation time. Such is the case with pricediscrimination. If you are a Washington University student and you go to theEsquire Theatre on a Friday night to see the latest big-budget, no-plotHollywood hit, you are inherently less likely to study your Organic Chemistry. This could, in turn, lead to a lower grade in the class. The lower grade couldlead to acceptance to a less-respected graduate program, and such could lead toa job with lower pay. I realize that most of this is highly hypothetical, butthe bottom line is always that, no matter what youre doing, you could bedoing something else. Opportunity cost should be a consideration every timesomeone chooses to sleep in and miss class, or every time that someone takes offof work for a day. Vacation, after all, is the most prevalent exercise andexemplification of someone making a judgment regarding opportunity cost. Conclusion Price discrimination is a significant and influential practice on themarket in the modern economic world. It aids in a firms profit maximizationscheme, it allows certain consumers with more-scarce resources the opportunitypurchase goods or services that would otherwise be attainable, and it aids firmsin balancing what is and is not sold. Devoid of an audience and consumer basealert to it, price discrimination is an effective means by which a firm can sella higher quantity of goods, make a higher profit margin on the goods it doessell, and build a broader consumer base due to differing price elasticity ofdemand for given goods and services. Price discrimination ultimately equalizesprice and value for both the consumer and the firm, creating a more idealsituation for both entities in terms of preference and opportunity cost.

Progressive Era Essays (670 words) - Freemen Of The City Of London

Progressive Era The Progressive Era The first years of the 1900s is referred to as the ?Progressive Era.? This is because reformer were successful in what they did. Their reforms helped America ?progress? to new changes. Teddy Roosevelt is one of these reformers. He broke up the large railroad trust. The four big railroads in the Northwest was controlled by one holding company by the name of the Northern Securities Company. Since this company owned all the stock in the four major railroads it set all of the rates. So Roosevelt sued the NSC under the Sherman Antitrust Act for having a monopoly. Roosevelt then broke up the beef trust, the oil trust, and the tobacco trust. This reform helped America progress to new changes because Roosevelt started to get the federal government to regulate big businesses and help out the consumer; something that had not been focused on too heavily. Roosevelt also involved the federal government in the coal strike of 1902. The miners went on strike to improve their working conditions but the mine owners refused to deal with the miners. Then Roosevelt intervened and got the discussions between he miners and the owners started. He wanted to see that the miners got a ?squar e deal? and that is what happened. Roosevelt was important in reforming and progressing America by involving the government in regulating big businesses and helping out the common man. Middle class reforms made many changes in America. In many cities all over the country reform mayor were being elected But then in some cites the reform mayors were dying out. To make sure this would not happen some cities got rid of the mayor and city council and replaced them with a small commission. Each member ran a different part of the city. The commission made laws and policies for the cities. Other cities made a city manager. The manager was not a politician. A trained manager carried out the policies set by a small council. Following the lead of Wisconsin and Robert La Follette, state governments made many reforms. Voters had the right to chose candidates for public office, a commission was set up to control railroad rates a competitive civil service was created, restrictions were put on lobbying, and laws were passed for conservation, supervision of state banks, and higher taxes taxes on corporations. Most states began passing child labor laws, workman's compensation was es tablished, women minimum wage laws were started, and intoxicating liquors were outlawed. These changes in state and city governments were major factors in progressing America to a more equal and unique nation because of the new ways cities were run and the laws of the states. Woodrow Wilson made important reforms to the progression of America. He started out by making tariff reforms. He did not necessarily want free trade but free opportunity for American business. The duties proposed provided some revenue for the treasury but would not make industries that no longer needed tariff protection richer. To make up for lost revenue a low rate income tax was included. Though the public felt strongly about this bill and a new tariff policy was created. Wilson also created the Federal Reserve Act. This was for banking and currency reform. The country was divided into twelve districts each with a Federal Reserve bank. Every national bank had to become a member of the Federal Reserve System. The Federal Reserve banks were the ? Bankers' banks. They held the banks' reserves, lent money to a member bank and performed other duties. The Federal Reserve Act created a new currency too. Federal Reserve Notes could be issued according to the needs of the business communiti es. This act helped the member banks in time of panic. These reforms helped America progress by making a new trade law and a new flexible currency along with an easier banking method. These reforms and changes made by presidents, governors, and mayors helped America progress. So the early 1900s could accurately be described as the ?Progression Era.? History Essays