Accounting

• 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.