ACCT11059 USING ACCOUNTING FOR DECISION MAKING
ASSIGNMENT
STAGE 1 (ASS#1):
GETTING STARTED
Student Name: Jie Ji
Lecturer: Martin Turner
Due Date: Monday, 14 Dec, 2015
Step 1: Personal Profile & Blog
A link to my post on the blog links forum in Moodle
A link to my blog:
Step 2: My company and KCQ’s
Links to my company’s annual reports:
Know Your Firm
My chosen company is
Vitec Group. Vitec’s purpose is to support the
capture and sharing of exceptional images in its chosen markets of Broadcast
and Photographic. Their products encompass a variety of technologies and are
carefully designed to ensure that, whatever the conditions, the image taker has
the best equipment to “capture the moment”.
These technologies range from traditional mechanical
engineered products, for example in their manual camera supports businesses,
through to electronics and software, for example in their wireless businesses.
Nonetheless the user is the same – an image taker, whether a professional
cameraman for a broadcaster or corporate event, an independent content creator
or an enthusiast.
In the markets they serve, their brands are often market
leaders both in terms of the premium product or service supplied and the share
of the market our brands capture. Their products and services have enabled some
of the most amazing moments to be captured and shared.
History
In
1909, William Vinten, a mechanical engineer from London begins manufacturing
Kinemacolor projectors for Charles Urban, producer of the world's first
successful motion picture colour system. In 1910,
The William Vinten company is officially founded. The company is based at 89-91
Wardour Street, in the heart of London’s film district and commenced trading as
W.Vinten Cinematography Engineers. Since 2010, vitec has been established for
100 years.
Facts and figures
Purpose & values
My chosen company has two growth markets in the future:
Broadcast
Vitec has the premium position and largest market share,
providing many of the number one products through our brands to the broadcast
market.
The Broadcast Division
designs, manufactures and distributes premium branded products for
broadcasting, film and video production for broadcasters and independent
content creators. It also provides premium services including equipment rental
and technical solutions to TV production teams and film crews.
Photographic
Vitec has the leading premier brands in photographic camera
tripods and heads for the professional and consumer photographer.
The Photographic Division
designs, manufactures and distributes premium branded equipment and provides
dedicated solutions to professional and non-professional image takers.
The Group at a glance
In 2014, 46% of their revenues by destination came from
North America, with the remainder split between Europe (31%), Asia Pacific
(17%) and Rest of World (6%). We currently have a direct presence in 12
countries around the world: the UK, USA, Brazil, Costa Rica, France, Germany,
Italy, Netherlands, Israel, Japan, China and Singapore. Our products and
services are sold in over 100 countries.
Identify areas of your firm’s financial statements you are having
difficulty understanding:
Most of the areas of my firm’s financial statements are comparatively
straightforward and I am already familiar with most of the terms. However,
there are few terms that I do not familiar with such as the terms like
intangible assets and derivatives financial instruments. On the other side, I
do not familiar with the “Notes” column in the income statement and also
balance sheet statement. I am not sure what these figures in this column are
supposed to mean.
Areas of its business that seem most important or critical to you:
The most critical area of Vitec appears to be the lack of talent people in their area.
Because I think studying photographic equipment is not that popular in current
global situation. I am from china, so I know that the TV show equipment is
getting more advanced. They have market but I think is getting harder to be
better.
Key challenges the firm appears to be facing, how successful it appears to
be in meeting these challenges and its apparent strategy:
The key challenges of The Vitac Group appears to be facing
is the substantial amount of accumulated losses they experience each year which
has been increasing each year. There was a significantly loss in 2012 which the
profit for the year was $5.9m and the previous year (2011) was having the profit
for the year of $15m. This appears to be due in a big negative amounts of
financial cost and disposal of business in 2011. However, the profit for the
year was $14m in 2013 and this appears the profit has increased due to the
highly decreasing of financial cost and disposal of business. During the year
in 2014, it appears the profit for the year was $13m which has slightly
decreased.
Are you happy with the firm you have been given, or would you have
preferred to be given a different company?
What concerns, if any, do you have at this stage?
If I have the chance
to choose the company, I would like to choose a food company or IT Program
Company. IT is representing the now days world situation. Internet is becoming
a great part of everybody’s daily life. People can surf on Internet everywhere.
Food also a long term development business to run. Even a country in bad
economic environment, people still need to eat, and they will spend more
percentage of their income on food. For Vitec , it is running stabilized, but I
this they need to cooperate with other companies. They can work with phone
companies to make professional camera on phone or they can even work with
Fashion Company, to make photographic equipment becoming fashion accessory.
Step 3: (5 marks)
My company spreadsheet is uploaded as requested.
Step 4: (5 marks)
Chapter 1 - A Way of Viewing Business:
For chapter 1 concept, I think it make things
easier. The concept is very clear. It also makes me want to become a
businesswoman. It just like people loves to write dairies everyday. If I have
business, I need to keep recording everything in my company. It also like to
raise a baby, as a mom and an owner, record how my business grows up and
consider about its future is enjoyable. Studying and have class without books
makes me relax. Actually I do not like reading textbook, I think it is boring
and there are many reputation concepts and it is hard to find the key
concept. Accounting equation and five
elements make accounting easily to learn. In accounting records, there are many
accounts like buildings, office equipments or discounts. The equation and five
elements make all the different account in order and easy to separate. That is what I learn form chapter 1.
Questions:
1.
I think Journals are detailed enough for decision
making or justify the situation of the company, so why do we need ledger?
2. Is there any tips to defined debit and credit in
general entry?
Chapter
3 - Introducing Financial Statements:
In chapter 3, there are may
examples involved. Some sentences are very interesting, “To live in Australia permanently is rather like going to a party and dancing
all night with one’s mother.
”. actually, for me, as
international students, I cannot reaaly understand it when I read it at first
time. It sounds like a boring thing, something like a man prepared for the
party but he wasted the whole night. According to reading financial statements
are hard to know how the company really goes.
Questions:
1.
Is there a chance to make financial report unreally to
cheat shareholder?
2.
How people compare financial reports from different
companies?
Step 5: Student Feedback
1.
Renae Gordon
She is got a very nice blog. Her
portrait looks happy and full of positive energy. She uploaded her work to
share with us, and the pictures she chosen is funny. There are also many
details of her company, which is wonderful!
2.
Emma W
the background
picture of her blog is beautiful. She wrote a lot of details about her self.
Her draft looks clear and many nice personal ideas.
3.
Cross Gordon
She got brief content on the left of her blog. It makes
other student find information easily. And the subtitle is funny to say the
blog is specifically for assignment. The pictures she chosen is suitable for
the concept she wrote.
References
Vitec group 2015,
Vitecataglanc, viewed 12/12/2015,
http://www.vitecgroup.com/Aboutus/Vitecataglance.aspx
I really like how you set out your assignment it is very clear and concise. I’m not sure if it is my computer but none of your pictures loaded which was a bit of a shame. Well done and wonderful presentation! I particularly liked the heading structure; it made your assignment flow.
ReplyDeleteTake care
Melissa Gaultier