ACCreportLowell.docx
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ACCreportLowell.docx
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ACCreportLowell
AUGUST2011SESSION
Course:
ACC240(PrinciplesofAccounting)
INDIVIDUALASSIGNMENT
StudentName:
LOWELL
LecturerName:
Stella(KalpnaSharma)
DateofSubmission:
24OCT2011
TABLEOFCONTENTS
TableofContents----------------------------------------------------------------------------------------i
Introduction----------------------------------------------------------------------------------------------
1.restaurant---------------------------------------------------------------------------------------------
1.1definition---------------------------------------------------------------------------------------------
1.2styles---------------------------------------------------------------------------------------------------
1.3advantagesanddisadvantages---------------------------------------------------------------------
2.AD.---------------------------------------------------------------------------------------------
2.1Definitions---------------------------------------------------------------------------------------------
2.2Advantagesanddisadvantages--------------------------------------------------------------------
3.Personalpointofview-------------------------------------------------------------------------------
4.Shortconclusion---------------------------------------------------------------------------------------
5.AccountingFinancialIncomeStatement------------------------------------------------------
6.Reference------------------------------------------------------------------------------------------------9
Introduction
Danielhasagoodinformationtechnologyideaandisplanningtoestablishasmall
Business.
AsmallbusinessestablishmentgrouphasadvisedDanielthatthebusinessmayexpandrapidlyandthatheshouldbepreparedintermsoftheimmediateavailabilityofEquipmentandplanningfortheexpansion.
Nothavingbeeninvolvedinbusinessbefore,Danielisunsureaboutthestructuretoestablishhisbusiness.Heneedsadvicefromyouaboutthemostsuitablestructuretouseandhowtofinancehisbusiness.
Danielhasalimitedamountofcashinthebankbutheownshisownhome,heownshisvehicleandisfreeofdebt.
Letmeintroducetwokindsofindustries,oneistherestaurantindustry,andotherisadvertising.
1.Restaurant
Restaurantisaplacewhichisprovidefoodanddrinkforpeople,andservesforpeopletogettheprofit.
Definitions
Arestaurantpreparesandservesfoodanddrinktocustomersinreturnformoney.Mealsaregenerallyservedandeatenonpremises,butmanyrestaurantsalsooffertake-outandfooddeliveryservices.Restaurantsvarygreatlyinappearanceandofferings,includingawidevarietyofthemainchef'scuisinesandservicemodels.
Whileinnsandtavernswereknownfromantiquity,thesewereestablishmentsaimedattravelers,andingenerallocalswouldrarelyeatthere.Modernrestaurantsarededicatedtotheservingoffood,wherespecificdishesareorderedbyguestsandarepreparedtotheirrequest.Themodernrestaurantoriginatedin18thcenturyFrance,althoughprecursorscanbetracedbacktoRomantimes
Arestaurantowneriscalledarestaurateur;bothwordsderivefromtheFrenchverbrestorer,meaning"torestore".Professionalartisansofcookingarecalledchefs,whilepreparationstaffandlinecookspreparefooditemsinamoresystematicandlessartisticfashion.
Styles
Fastfood
Fastfoodrestaurantsemphasizespeedofservice.Operationsrangefromsmall-scalestreetvendorswithcartstofranchisebusinessfranchisedmega-corporationslikeMcDonalds.
Fastcasual
Fastcasualrestaurantsdonotoffertableservice,butmayoffernon-disposableplatesandcutlery.Thequalityoffoodandpricestendtobehigherthanthoseofaconventionalfastfoodrestaurantbutmaybelowerthancasualdining.
Casualdining
Acasualdiningrestaurantisarestaurantthatservesmoderately-pricedfoodinacasualatmosphere.Exceptforbuffet-stylerestaurants,casualdiningrestaurantstypicallyprovidetableservice.Casualdiningcomprisesamarketsegmentbetweenfastfoodestablishmentsandfinediningrestaurants.Casualdiningrestaurantsusuallyhaveafullbarwithseparatebarstaff,alargerbeermenuandalimitedwinemenu.Theyarefrequently,butnotnecessarily,partofawiderchain,particularlyintheUnitedStates.
Familystyle
Familystylerestaurantsareatypeofcasualdiningrestaurantswherefoodistraditionallyservedonplattersandthedinersservethemselves.[1]
Finedining
Finediningrestaurantsarefullservicerestaurantswithspecificdedicatedmealcourses.Décorofsuchrestaurantsfeaturehigherqualitymaterialswithaneyetowardsthe"atmosphere"desiredbytherestaurateur.Thewaitstaffisusuallyhighlytrainedandoftenwearsmoreformalattire.Fine-diningrestaurantsarealmostalwayssmallbusinessesandaregenerallyeithersingle-locationoperationsorhavejustafewlocations.Foodportionsaresmallerbutmorevisuallyappealing.Finediningrestaurantshavecertainrulesofdiningwhichmustbefollowedbyvisitors.
Advantagesanddisadvantages
Advantages
∙Built-indemand-Foryearsuponyears,peoplehavebeenhardwiredtograbsomethingtoeatatafranchisefoodchainwhentheyarehungryandawayfromhome.Thisisamajoradvantageforanystartupcompany.It'syearsofmarketingalreadydoneforyou.Theonlythingyouneedtoconsideristhefutureofyourproductandwilltherebeademandforitinyourlocalgeographicalarea.
∙Financing-Youcanchooseanumberofdifferentoutletstofindfinancing.Whenitcomestofindingfundingforafoodoperationbusiness,theprocessisextremelyeasyandnotascomplicated.Thereasonisbecausebankstypicallyknowwhatisinvolvedwithopeningarestaurantandfeelmorecomfortableapprovingtheloans.Thehighrevenuegeneratedbysomeofthefoodfranchisesdoesn'thurt,either.
∙Trackrecordofsuccess-Sinceatypicalfoodfranchisehasmultiplefranchisees,itiseasytodeterminehowsuccessfulornottheyare.Youcanseeiftheyhavearecordofsuccessalongwithwhereandwhatdemographicsarethemostsuccessful.Withthistypeofinformationavailable,youcanmakeawell-informeddecisionbeforemakinganinvestment.
∙Prestige-Dependingonwhoyouspeakto,peopleoftenthinkthatallrestaurantownersarepeopleofhighsocietythatalsocomeswithatouchofglamor.Therearealotoffranchiseownersthatgetintotherestaurantbusinessforthisreasonalone.
Disadvantages
∙Labor-I'msureyou'venoticedthatmostfoodbusinessesneedalotofemployeestofunctionproperlyandsmoothlywiththemajorityofthoseworkersbeinglow-paid.Thatleadstoaworkforceofunreliableemployeeswithahighturnoverrate.Findingandkeepingqualifiedemployeesisamajorchallengeforafoodfranchise.
∙Lowmargins-Thefoodindustryisverypricesensitive,moresointheworldoffastfoodchains.Thisleavesyouwithaveryfinelinetowalkwithcostofgoodsandlaborandmakingaprofit.It'struethatfoodfranchisesoftenseehighrevenuesbutthenetmarginsareoftenoverlooked.Youarealsosusceptibletofoodspoilageandtheftalongwithotherissuesonlyfoundinthefoodindustry.
∙Expensiveinitialinvestment-Afoodfranchisewillrequireasubstantialinvestmentfromyouinordertogetstarted.Youneedtopayformanyitemsupfrontinordertorunthebusiness.Notonlydoyouneedtopayforthefoodandlaborbutalsoovens,greasedisposal,venting,furniture,andmaintenanceamongmanyotherexpenses.
Advertising.
Definitionofadvertising
1.Thenon-personalcommunicationofinformationusuallypaidfor&usuallypersuasiveinnature,aboutproducts(goods&services)orideasbyidentifiedsponsorthroughvariousmedia.(Arenas1996)
2.Anypaidformofnon-personalcommunicationaboutanorganization,product,service,orideafromanidentifiedsponsor.(Blech&Blech1998)
3.Paidnon-personalcommunicationfromanidentifiedsponsorusingmassmediatopersuadeinfluenceanaudience.(Wells,Burnett,&Moriaty1998)
4.Theelementofthemarketingcommunicationmixthatisnonpersonalpaidforanidentifiedsponsor,&disseminatedthroughchannelsofmasscommunicationtopromotetheadoptionofgoods,services,personorideas.(Bearden,Ingram,&Laforge1998)
5.Aninformativeorpersuasivemessagecarriedbyanonpersonalmedium&paidforbyanidentifiedsponsorwhoseorganizationorproductisidentifiedinsomeway.(Zikmund&D'amico1999)
6.Impersonal;onewaycommunicationaboutaproductororganizationthatispaidbyamarketer.(Lamb,Hair&Mc.Daniel2000)
7.Anypaidformofnon-personalpresentationandpromotionofideas,goodsorservicesbyanidentifiedsponsor.(Kotleretal,2006)
Advantagesanddisadvantages
Positiveeffects
Thepositivesideofadvertisingisthatitmakesyouawarethataproductorserviceisavailable.Newandimprovedproductsaredevelopedallthetimeandwecan'tbeexpectedtokeeptrackofthesedevelopmentsourselves.Soitsmanufacturerhelpsusinourlackofawarenessandtellsus:
"Ournewandimprovedproductisnowevenbetter!
Gooutandbuyit!
"
Theadwilltellusinavarietyofwaysthatitisanyorallofthefollowing:
betterthanthecompetitor'sproduct
-cheaperthanthecompetitor'sproduct
-easiertousethanthecompetitor'sproduct
-hasmoreprestigevaluethananysimilarproduct
-lastslongerthecompetitor'sproduct
-it'smadeofsuperiorpartsoringredients
-it'shealthierforyou
-it'swhollyorganic
-it'sstronger,fasteracting,larger,shorter,...
-etc.etc.andsoforth.
Sowearegratefulforadvertisementsbecausetheykeepusuptodateontheimpr
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