- There are few internal controls can be
taken by the management to ensure customers’ safety as well as monitor its
inventory movement. The five point of improving TESCO branch that we talked
over are strengthen their stock taking security, add on CCTV at certain places,
employ high experience security guard, make sure that the quality of product is
reliable, and provide a advance sensor security. First of all, stock taking is
the first they do when they calculate their amount of stocks weather its accurate
or not. This is to prevent the workers or employees to steal or mess about the
stocks they had bought it earlier. Stock taking also can tell us that our stock
is in the right to supply or not. Simply means that if the product on the
shelves is not enough they still have ability to make up the product. In
addition, this can helps TESCO branch to make a good record in taking their
stocks or selling their stocks. So, they also can earn more profit without the
missing stock. Besides that, installing CCTV is also a best choice to make a
higher security in TESCO branch.
Installing CCTV is to prevent peoples from stealing their stocks. This also can
take precautions against the workers or employees becoming lazy, chit-chatting
during work time, and not to work hard in their company. Their data cannot
publish in the publication because it is illegal by the law. So they must make
a good data protection for their CCTV in TESCO branch. Not only this, CCTV
helps consumers select and purchase their good in a safety department store
because the percentage of rob is lower. This may attract more consumers to buy
product at their company. Furthermore,
hiring experiences security guards are also an importance of achieve a higher
security. This is also to guard against people from stealing and making problem
in TESCO branch. It also has to be a very good, brave, diligent, responsible,
and etc people to hire to be a security guard in the company. This reminds that
hiring a security guard must be very concern in how the person performs and
serving the consumers. Next, they also need to be very concern in quality
control of their products. Before they sell out their product, they must be a
sample to test whether the product is under quality or not. So this method of
work shows that the company is to prevent their product in uncertain quality to
sell out. If they do not test before they sell, the problems came out from the
consumer. This will cause the consumer health problem and they can easily sue
the company. Next, this may harm their company reputations, consumers will
decrease as fast as possible so their income will decrease too. Quality control
also can make them improves their products because they can easily know what is
wrong with the products if it is not right to manufacture. In this case, not
only the product is in high quality it also make their company to be more
profitable, because if they higher the prices of product consumers are willing
to buy it, the product is safe to use and reliable. Moreover, the company can
provide sensor security such as fire alarm system. It is also very important to
organize it. This can protect the consumer safety when there is fire in the
department store. They must have a well planned about the fire alarm system so
that the consumer knows what to do when there is fire. For the example, provide
more fire extinguish, provide more fire exit and give their worker have a talk
when they enter into the company for work so that can give instructions to
consumers when there is disaster and so on . Lastly, every mall needs to have
sensor security system at every exit in their mall. This prevents people from
stealing and bringing dangerous weapons to the mall. Their sensor security
system includes the heat sensor to track the consumers flow. This can identify
bottlenecks of people as they move around the shops.
- If I am the senior management
team the three ways that I will contribute positively and meaningfully to
non-profit organizations are soup kitchen, donate, and giving clothes to
orphanages. By the right to do non-profit organizations, we can help a lot of
people such as homeless person, those who are poor and more of it. First,
organizing soup kitchen is a very helpful activity to do for TESCO branch. They
are selling their fresh, healthy, and high protein products. So, they are able
to organize those products that they have sell to help the poor so that they
can be more healthy. If they are healthy, they can earn money and find a good
job to support themselves. It is good for them and also the society. Not only
this, it also reflects that they can advertise their products too. It is a both
side benefit choice to organize a soup kitchen for the homeless person. From
here, they can save the advertise cost and also can use the money to improve
their company resources. In addition, TESCO branch’s workers can also improving
their planning, managing, and budgeting skill. This is because they need to
budget their stock cautiously and think off how much they can donate to the
poor. It is a benefit to the firm too, they can save the money to give their
workers have a talk during their vacation. All the talk is about they can learn
when they preparing the stock and estimate the money that they can donate to
other. Other than that, TESCO branch can make some donation for the orphanage
and nursing home for the old folks too. This can help them to settle their
financial problem. For example, Tesco did charity for the Diabetes in UK and
that’s a very meaningful organization on the year 2013 and 2014. The economics
of the country will be very good because everyone has money and they can spend
it whenever they want. So the government no need donate the money to the one
who homeless and so on, they can save the money for further use. Other than
donating money, we also can donate some of the old clothes for them to wear.
Besides that, TESCO branch can organize a charity run. This can promote healthy
lifestyle and they can sponsor some of the drinks so that there are advertising
for them too. Next, Tesco also donate some money for the schools or university.
This is also a meaningful organization because this can support some of the
poor to further their studies. This may help a new generation to have a high
quality education, so that they only can help to improve our economic as good
as possible and also give a perfect suggestion that what they had learnt in the
university.
- Tesco is a
public limited company listed on the London Stock Exchange (LSE).Being a public
limited companies, it is required to publish annual financial statements.
Therefore, there are six important characteristics of quality information
contained in financial statements. The six important characteristics of quality
information are understandability, relevance, comparability, reliability,
prudence and substance over form.
i. Understandability
The financial statement can be some
complicated for the new users to understand, users must be able to understand
the information of financial statement. So, the format of the financial
statement such as methods of depreciation, policies and assumptions must be
disclosured in the accounts. Users of financial reports are assumed to have
enough knowledge to learn the correct information. Understandability is to
ensure that users have a basic knowledge that can distinguish relevant
information of the financial position and business performance.
ii. Relevance
As the users of financial statements to
make economic decisions, information must be relevant, the decision must be
made by these users. Once the items that resigned in the financial statement
help users to assess historic or the next events, the information with the
users are relevant. Whether the information would affect the nature of economic
decisions affect users and information relevance as well. Substantial in
financial reporting, help one assumption related use. Besides that, one of the
items misstatement or fail to declare could influence the decisions of users.
iii. Comparability
Comparability means that
Enterprises can view and compare features their financial information to other
companies. Qualitative features are also reflected in the comparable financial
information to allow internal comparison. Owners and administrators can see for
previous periods for trend analysis. So, this can be discovered in a specific
area increase and decrease in the company. The definiteness characterized in
necessary balance. For example, the information requirement is relevant and
timely. Accountant may not have the necessary time to prepare the information,
however. The purpose then becomes
providing reliable information in the amount of time provided. In these areas,
the reliability is more important than timely. Accountants must also ensure
that they satisfy needs of mixed standard of neutral report cautiously
calculations.
iv. Reliability
Be reliable, the information contained
in the financial statements must be neutral, that is, there is no prejudice.
The financial statements are not neutral if by choice or presentation of
information, they influence the decision or judgments, decisions in order to
achieve a predetermined result or outcome.
v. Prudence
Preparers of financial statements do,
however, have to contend with inevitably surround many events and situations,
such as suspicious recoverable, plant and equipment, receivables may occur in
the lives and the number of warranty claims uncertainty. This uncertainty is
determined by the nature and extent of their disclosure, and through prudential
preparation of financial statements recognized. In the exercise of caution is
needed to make the necessary conditions of uncertainty estimates judgment, such
assets or income are not overstated, liabilities or expenses not underestimate
contains a certain degree of prudent. However, the exercise of caution does not
allowed, for example, create a hidden reserve or excessive provisions, the
deliberate understatement of assets or income, or deliberately overstated
liabilities or expenses, because the financial statements would not be neutral
and, therefore, does not have the quality of reliability.
vi. Substance
over form
If the information is faithfully
represented the transactions and other events, it claims to represent, it is
necessary that they are accounted for, and in accordance with their substance
and economic reality and not merely the legal form of presentation. The
substance of the transaction or other events which does not always consistent
with their legal or form from the external. For example, an entity may sell an
asset and the other in such a way that a document claiming legal title to pass
to the party; however, the existence of the agreement to ensure that the entity
may continue to enjoy the future economic benefits embodied in the asset. In
this case, a sales report does not faithfully represent the signing of the
transaction.
