Accounting Cycle Project and Accounting Method Choice

Accounting Cycle Project and Accounting Method Choice

Accounting Cycle Project and Accounting Method Choice

General Journal

Date

Account Titles

Debit

Credit

Date

Account Titles

Debit

Credit

Cherry & White Bike Company

Statement of Income

For the quarter ended March 31, 2019

Net Income Before Tax

Tax Expense

Net Income

Cherry & White Bike Company

Statement of Changes in Stockholders’ Equity

For the quarter ended March 31, 2019

Capital Stock

Retained Earnings

Total Equity

Balance, Beginning

Balance, December 31

Cherry & White Bike Company

Balance Sheet

As of March 31, 2019

ASSETS:

TOTAL ASSETS

LIABILITIES AND EQUITY:

Total liabilities

Equity:

Total Equity

TOTAL LIABILITIES AND EQUITY

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Internship SMART Goals Report

Internship SMART Goals Report

Internship SMART Goals Report

Part I: Internship Description

I work as an intern in Mass Co Worldwide Travel, a business that operates in the tourism industry. The firm’s vision is “to establish our company as a premier purveyor of the best hospitality services in the globe while observing our core principles as we take our business to the next levels.” To achieve its vision, Mass Co has the mission of inspiring and nurturing the experience of its visitors by bringing their homes closer to its stores. The vision and mission statements of Mass Co highlight the commitment of the entity to offer high-quality hospitality services while maintaining its principles and continuously inspiring its customers. The travel company has operated for a significant period of time, which equips it with much-needed experience, enabling it to thrive in a sector characterized by a competitive landscape.

I will work in the Human Resource Management (HRM) department during my internship, which starts on 1 January 2019 and ends 31 May 2019. Mass Co’s HRM section has the responsibility of hiring new employees and retrenching others. Additionally, the unit organizes training and development activities for new staff members or old ones when necessary. It also handles aspects like compensation, worker benefits, and employee relations. It ensures that the conduct and behavior of personnel conform to Mass Co’s vision of becoming a premier global hospitality company. Research shows that the HRM of any company plays the role of inspiring its workforce through suitable remuneration, benefits, and relationship management (Carraher 25). Thus, Mass Co has implemented advanced HRM practices to ensure that its staff remains motivated.

I work as an unpaid Human Resources Assistance at Mass Co Worldwide Travel. My job is to help the HR manager meet company goals as they pertain to staff management. My responsibilities include creating daily work plans for company personnel that must be accomplished within set deadlines. I ensure smooth flow of information within the departments to enhance output at the end of the day. I also analyze the current state of human resources in the firm with respect to its development strategy to establish whether the entity shows progress in achieving its key goals and objectives or not. Additionally, I help the HR manager summarize employee reports regularly.

Organizational variables such as compensation and benefits policies, career development and promotion, work and environmental conditions, and relationships with supervisors directly affect employee satisfaction. Therefore, an entity’s top management should implement appropriate HRM approaches and augment the above-mentioned aspects to ensure that staff motivation remains high (Sageer, Rafat, and Agarwal 34-35). HRM practices contribute significantly to organizational factors that influence job satisfaction. Thus, I believe that my internship will provide me with an opportunity to explore various HRM activities and analyze their impact on worker satisfaction and performance.

Part II: SMART Goals and Their Stepwise Implementation

The internship program is a prime opportunity for me to learn, interpret, and implement various HRM practices using Mass Co as a case study. I have identified three SMART goals and drawn up schedules to guide their execution during my internship. The goals and their realization processes are explained below:

SMART Goal 1. I will explore the history of Mass Co’s HRM practices, changes in strategy over time, and impact of such innovations on employee satisfaction by 5 May 2019. I will be responsible for the following activities, which will be conducted under the authority of the HR manager.

a) I will evaluate current HRM practices and changes, if any, that the department has implemented. Next, I will connect these practices and changes, where applicable, with employee satisfaction levels.

b) The activities I will pursue to achieve my goal include assessing the annual reports of the company, its human resources policies, and changes made over time.

c) I will collect information regarding the compensation and benefits of employees of different cadres using 2000 as the base year.

d) Additionally, I will gather data about the company’s revenue in the corresponding years and record them in an Excel Spreadsheet.

e) The task should be accomplished by 5 May 2019.

SMART Goal 2. I will assess the current rate of employee turnover and determine the contribution of HRM practices to the status quo by 15 May 2019. These activities will be completed at the office of the HR manager with the authorization of the department.

a) I intend to assess the current rate of employee turnover and determine the influence of HRM practices over the process.

b) Specific activities will include collecting data about the history of workers at Mass Co using 2000 as the base year.

c) I will evaluate the records of former personnel to identify possible factors that may have led them to leave the company. I will collect data about areas of dissatisfaction and their impact on staff turnover.

d) I will also gather information from current workers to examine their intentions and potential reasons for discontent.

e) I will be committed to completing these tasks by 15 May 2019.

SMART Goal 3. I will determine the readiness of Mass Co to implement changes resulting from the exploration of its HRM practices and turnover rates by 25 May 2019. I will accomplish these activities at the office of the HR department.

a) I intend to determine the readiness of Mass Co to implement the proposals I might make regarding a change in HR strategy.

b) I will conduct interviews with key leaders in the department.

c) I will also assess past strategies to predict the receptivity of the management to the current proposal.

d) I will analyze data collected through interviews and records of previous changes to make informed interpretations of the company’s ability to implement changes.

e) I will accomplish this goal by 25 May 2019.

The three SMART goals will help Mass Co to gain a clear picture of employee satisfaction levels, and hence, reduce the turnover rate. Identifying the indicators of the turnover rate will help the HR department reevaluate its policies through the correlation of the history of HRM practices, worker turnover rate, and company revenue. The internship will offer me an excellent opportunity to understand various HRM practices and their impact on employee satisfaction. Consequently, information about the firm’s receptivity to change will determine its ability to consider the proposals I will make at the end of my study. Its acceptance of novel tactics will be instrumental in discerning untapped opportunities, which can contribute to the establishment’s success. Moreover, the entity’s willingness to implement new HRM approaches will become its competitive advantage by considering innovative strategies when current methods may fail to produce expected outcomes.

Works Cited

Carraher, Shawn M. “Turnover Prediction Using Attitudes Towards Benefits, Pay, And Pay Satisfaction Among Employees and Entrepreneurs in Estonia, Latvia, And Lithuania.” Baltic Journal of Management, vol. 6, no. 1, 2011, pp. 25-52. doi:10.1108/17465261111100905.

Sageer, Alam, Sameena Rafat, and Puja Agarwal. “Identification of Variables Affecting Employee Satisfaction and Their Impact on the Organization.” IOSR Journal of Business and Management, vol. 5, no. 1, 2012, pp. 32-39. doi:10.9790/487x-0513239.

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The Role in Successful Management.

The Role in Successful Management.

The Role in Successful Management.

2

Leadership challenges

When I joined the organization that I currently work for it was doing well or so I thought. The firm had many customers, and everybody seemed busy with their work. For instance, the company was getting so many orders that we could not service within the required timeframe. The management decided to add more people to the team. I thought that it would be a competitive process, but it did not happen (The CEC Report, 3). The HR manager and the finance manager hired their friend, and the general manager brought his niece. All the slots were filled without going through the competitive process. Yet the company continues to make mistakes in its business. For example, we missed the opportunity to offer our clients the lowest price. Since we are a travel company, the price will change with time, I think the company should provide the best and most suitable quotation for customers. So, I realized that there was a management problem at the top of the company.

Performance of the group. All the workers were divided into three groups so that they could pursue their goals more effectively. My supervisor was given two new members; James and Jane. I was required to closely work with them but unfortunately their performance was below average. They do not have the knowledge necessary to do the work required of them. Of course, they are also very good people, but they have not been exposed to this kind of work before. So, when I asked them to sell two products, they told me that they had no experience in marketing. They wanted to be trained in their new roles (The CEC Report, 3). My supervisor asked me to help them understand their new roles, But I’m also just an intern, and I spend a lot of time communicating with people in a second language. This made me feel a lot of pressure, because I was very worried about whether the content, I expressed was clear and whether the words would hurt them unintentionally. And I have my own goals to accomplish at the same time, I think I need to take some time to adapt and relieve my pressure.

I was lagging behind my goals because I had to train the new members. Besides, I did not have experience in training staff. I was quite new myself and had a hard time with my job duties… Furthermore, James was not productive. He did not put a lot of effort into his work. I felt that I was spending too much time trying to explain to him what is was required to do. He was also much older than myself and I thought that I ought to learn from him. Jane looked eager to know things, but it felt intimidating to be around her, as she was very close to the managing director. Therefore, it was difficult when talking to her. It was believed that she discussed her experience with the director. Another problem is that she failed to grasp whatever we were trying to do in our group, no matter how much she tried. I think the kind of work we were doing was too complex for her. She once told me that she would be better off in another department, that dealt with product development. However, her uncle, the managing director wanted her to learn about marketing. This kind of situation is also very common in China, I understand her mood very much, but I am just an intern, I can’t help her. But I think we should do our job well and we shouldn’t affect the interests of the company.

The company organized a performance evaluation exercise in which several staff members were determined to be performing below average. Supervisors of the affected teams recommended that the poor performers be terminated or moved to other departments. However, when the list reached the human resources department, it was decided that it must be reviewed further before it can be taken to the managing director (Amaral, 44). Some names were dropped before it was forwarded to the director. The final list contained only two names. Eventually, one was moved to another department while the other one was terminated. Another issue I noticed is how targets were determined. The top management had a meeting and decided on the targets of each and every department of the company. These targets were communicated to departmental supervisors without an opportunity for their input. Besides, the targets were revised upwards every time the departments met them. Therefore, the company’s leadership did not allow departmental managers to participate in decision making.

After a lot of reflection, I realized that there were leadership challenges in the company. The managing director was using his position to reward friends and relatives. The immediate top managers were also doing the same. The other problem was that there was no proper job description for the employees. People were just given roles that did not fit their training nor education qualifications (Amaral, 44). As a result, many people could not do their jobs. There was also a lot of cronyism in the performance reviews conducted by the company’s managers. Some people owed their positions to their relationships with the managing director and top managers. Another problem was that the company lacked a vision and a strategy towards its objectives (Amaral, 44). There was no strategy on how to achieve the targets developed by the top management.

When I joined the company, it seemed to be doing well. Everyone is busy with their work. However, the company had problems in hiring people. New employees reduce productivity and make mistakes, which cost the company. So does the pressure on employees. The hiring of staff is not a competitive process. Some, though underperforming, are still protected by management. In addition, the goal setting of the company did not involve the department manager. I also realize that some workers don’t have job descriptions. After much reflection, I came to the conclusion that the company was experiencing management and leadership problems.

Works Cited

Amaral Dionisio, Marcelo, “Strategic Thinking: The Role in Successful Management.” Journal of Management Research, Vol. 9, 2017, No. 4.

The CEC Report, “Leadership of the future Skills and practices for better performance.” CEC European Managers, Sept 2017, www.cec-managers.org/wp-content/uploads/2017/07/CEC-Leadership-Report.pdf Accessed 3 Mar 2019.

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Leadership challenges

Leadership challenges

Leadership challenges

When I joined the organization that I currently work for it was doing well or so I thought. The firm had many customers, and everybody seemed busy with their work. For instance, the company was getting so many orders that we could not service within the required timeframe. The management decided to add more people to the team. I thought that it would be a competitive process, but it did not happen (The CEC Report, 3). The HR manager and the finance manager hired their friend, and the general manager brought his niece. All the slots were filled without going through the competitive process. Yet the company continues to make mistakes in its business. For example, we missed the opportunity to offer our clients the lowest price. Since we are a travel company, the price will change with time, I think the company should provide the best and most suitable quotation for customers. So, I realized that there was a management problem at the top of the company.

Performance of the group. All the workers were divided into three groups so that they could pursue their goals more effectively. My supervisor was given two new members; James and Jane. I was required to closely work with them but unfortunately their performance was below average. They do not have the knowledge necessary to do the work required of them. Of course, they are also very good people, but they have not been exposed to this kind of work before. So, when I asked them to sell two products, they told me that they had no experience in marketing. They wanted to be trained in their new roles (The CEC Report, 3). My supervisor asked me to help them understand their new roles, But I’m also just an intern, and I spend a lot of time communicating with people in a second language. This made me feel a lot of pressure, because I was very worried about whether the content, I expressed was clear and whether the words would hurt them unintentionally. And I have my own goals to accomplish at the same time, I think I need to take some time to adapt and relieve my pressure.

I was lagging behind my goals because I had to train the new members. Besides, I did not have experience in training staff. I was quite new myself and had a hard time with my job duties… Furthermore, James was not productive. He did not put a lot of effort into his work. I felt that I was spending too much time trying to explain to him what is was required to do. He was also much older than myself and I thought that I ought to learn from him. Jane looked eager to know things, but it felt intimidating to be around her, as she was very close to the managing director. Therefore, it was difficult when talking to her. It was believed that she discussed her experience with the director. Another problem is that she failed to grasp whatever we were trying to do in our group, no matter how much she tried. I think the kind of work we were doing was too complex for her. She once told me that she would be better off in another department, that dealt with product development. However, her uncle, the managing director wanted her to learn about marketing. This kind of situation is also very common in China, I understand her mood very much, but I am just an intern, I can’t help her. But I think we should do our job well and we shouldn’t affect the interests of the company.

The company organized a performance evaluation exercise in which several staff members were determined to be performing below average. Supervisors of the affected teams recommended that the poor performers be terminated or moved to other departments. However, when the list reached the human resources department, it was decided that it must be reviewed further before it can be taken to the managing director (Amaral, 44). Some names were dropped before it was forwarded to the director. The final list contained only two names. Eventually, one was moved to another department while the other one was terminated. Another issue I noticed is how targets were determined. The top management had a meeting and decided on the targets of each and every department of the company. These targets were communicated to departmental supervisors without an opportunity for their input. Besides, the targets were revised upwards every time the departments met them. Therefore, the company’s leadership did not allow departmental managers to participate in decision making.

After a lot of reflection, I realized that there were leadership challenges in the company. The managing director was using his position to reward friends and relatives. The immediate top managers were also doing the same. The other problem was that there was no proper job description for the employees. People were just given roles that did not fit their training nor education qualifications (Amaral, 44). As a result, many people could not do their jobs. There was also a lot of cronyism in the performance reviews conducted by the company’s managers. Some people owed their positions to their relationships with the managing director and top managers. Another problem was that the company lacked a vision and a strategy towards its objectives (Amaral, 44). There was no strategy on how to achieve the targets developed by the top management.

When I joined the company, it seemed to be doing well. Everyone is busy with their work. However, the company had problems in hiring people. New employees reduce productivity and make mistakes, which cost the company. So does the pressure on employees. The hiring of staff is not a competitive process. Some, though underperforming, are still protected by management. In addition, the goal setting of the company did not involve the department manager. I also realize that some workers don’t have job descriptions. After much reflection, I came to the conclusion that the company was experiencing management and leadership problems.

Works Cited

Amaral Dionisio, Marcelo, “Strategic Thinking: The Role in Successful Management.” Journal of Management Research, Vol. 9, 2017, No. 4.

The CEC Report, “Leadership of the future Skills and practices for better performance.” CEC European Managers, Sept 2017, www.cec-managers.org/wp-content/uploads/2017/07/CEC-Leadership-Report.pdf Accessed 3 Mar 2019.

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