MY ASS #1 DRAFT

Hi everyone!

Here my draft and spreadsheet!

Corum Group Company Spreadsheet 2016

Course Coordinator: Martin Turner Student: Trinh Phoi Luong Student Number: S0252759 Due Date: 4th April 2016

Step 1: Set up moodle and blog                                                

 

Update Moodle personal profile:

I have updated my Moodle site by introducing myself, adding a link to my blog and a photo with a description. Click here to see my Moodle site.

 

I have created my first blog. Click here to see my Blog

 

Here’s my blog link in the Blog Links Forum. Click here to see my blog link on the form

 

Blog comments:

I have also had a look at a few other student’s blogs, and I have left a little comment.

Links:

 

 

• vu phan

 

• liz

 

• katie

 

 

 

 

 

Step 2: Firm’s background information and annual report

 

Background Information:

The company that I have been assigned is Corum Group. As I had a quick look over the company and for ASS#1, I have been given some background information about it.

Corum remains focused and committed to providing our customers with the highest level of integrity and service.

The Corum Group business is composed of Corum Health Services and Corum eCommerce.

Corum Health Services is a software company and hardware reseller. For more than 25 years, the company has developed and sold Point-Of-Sale, Dispensing and management software to pharmacies and associated businesses in Australia. A recent partnership with Dell demonstrates the company’s commitment to offer a complete IT solution including hardware, implementation and support services to its customers. As one of the market leaders in Australia, Corum Health Services actively participates in healthcare industry initiatives and constantly remains abreast of its continual regulatory developments.

Corum eCommerce is a provider of commercial payment solutions to some of Australia’s best-known corporate entities, government bodies such as local councils and the real estate industry. Processing millions of transactions each year, Corum eCommerce customers enjoy reliable, secure, efficient and fully branded solutions.

Corum Group is determined to offer the best solutions to its customers through the products, services and processes of each of its businesses. Over more than 25 years, each Corum Group Company has developed into a strong, reliable resource for its clients.

There are the Financial Position and Corporate Capital and Financing in 2015

• Financial Position

The Consolidated Entity net assets are $19,931,000 (2014: $18,874,000) and working capital, current assets less current liabilities, is a surplus of $7,858,000 (2014: $8,240,000).

• Corporate Capital and Financing

As at year-end the Group has cash surpluses of $12,069,000 (2014: $11,913,000) and remains debt free with its assets fully unencumbered

 

 

Blog link with my company: Corum group

 

Annual Reports

Click here to visit my blog and get the link to see Annual Report in 2015, 2014, 2013 and 2012

 

KCQs:

What is an intangible asset? An asset that is not physical touches in nature.

What is unearned revenue? Unearned revenue is a liability for the recipient of the payment

What does deferred tax assets means? An asset that is used to reduce the amount of tax that a company will have to pay in a later taxes period.

What is the right way to run a business?

What does Corum actually do?

What type of people works for this firm and how do they operate their business?

How are all the funds managed within Corum Group Limited?

Know your firms:

Corum Group not only create and sell product they also find the problems and try to give solution. They have set up good strategies from the research what patients want and need to provide the best goods (softwares) and service. They have said “Our Point of Sale & Dispense system seamlessly integrates with our suite of sophisticated business management solutions – leaving you free to focus on what you do best”. Check out how you can provide patient care, access intelligence and operate with a competitive retail edge when you join the Corum community. They’ll even manage any relevant third party relationships for you so they can provide the quickest and most effective result for your business.

Corun Group Limited is partnering and maintaining a strong working relationship with other networks like Dell. Partnering up with other similar forms of networks just like The Global Leader in Software M&A. Hundreds of software M&A transactions spanning six continents during its 29-year history let Corum deliver a proven business process conducted by the top professional staff using the industry’s deepest research and world’s largest buyer database. Corum has sold more software and related technology companies than anyone. To continually grow their businesses products, to expand their business and the businesses reputation amongst its consumers and customers, Corum is developing new products, which include unique software and will add new features to existing products. That is Corum Health Services visits APP 2016.

Here is a report about Corum Group

http://www.clime.com.au/dividend-detective/corum-group-limited/

 

Top 3 Favourite Blogs and why:

I have gone around the blog link forum to looking for my 3 favourite blogs and I found so many great blogs. It was hard to decide what are best blogs. But there are 3 blogs got my attention:

Katie Andrews

This is one of my favourite. Katie has provided a lot of great information about her company. I like the way she introduced her company with pictures and videos, it make me feel easy to understand the company. I also like the way she mixed 2 subjects (COMM 11030 and ACCT 11059) together (I’m doing these subject as well so I will mix them together too). Love yours blog Katie!

Vu Phan

Frist time when I look at his name I thought he is a Vietnamese (I’m a Vietnamese and his name is really a popular name in my country), but I was wrong. He was born in Thailand, and immigrated to Australia. His blog is really relaxing and comfortable to read. I visited the blog several times and I found a lot of interesting things in there. Not only about the company but also about his personality. I enjoy reading his blog and hope I can get more interesting information from the blog in the future.

Stephanie Beck

Like the way I like Katie blog, I enjoy to read this blog because she set up the information of the company so clearly with pictures and videos. The information she provided doesn’t make me feel overload and I can easy do a skim reading in it. You have done a good blog Stephanie!

 

 

Step 3: Spreadsheet

Click here to see my Spreadsheet.

 

Step 4: Chapter 1 & 3 Reflections

chapter 1

In chapter 1, its first start with some ideas what is accounting and explaining what actually is and about business realities of firms are captured and recorded into a firm’s accounts. In my view, accounting is nerve centre of accompany, it might not be just numbers in papers. Accounting is a way of communicating to humans and numbers create reality to deals with actual facts. Business is interacting and dealing with a lot inside and outside factor such as: people and firms in markets; government Departments (Taxation) follow the role accounting. So it might obstruct business create value.

From the martin’s story with a senior New Zealand politician, I have thought some information that has value for you might be not a value for another person.

Nowadays, you can see business everywhere from small to large company. There are a lot of different types of business. Small businesses run as sole traders. There is more than one owner the business may be run as a partnership. Businesses can also be organized as a trust. even though understanding the history to be able to build on the future, I feel a bit overload obout this part.

Double entry accounting assists to show a true reflection of your accounts

in the end of chapter 1, got some concep about five fundamental of accounting and debited and credited. Here my understand with some examples:

Assets: Brands, Radio licences, transit and outdoor advertising systems

Liabilities: Wages and salaries, long service leave, short term incentive plans

Equity: Esky Limited, Asia Posters Pte Ltd, APN Milperra Pty Ltd

CHAPTER 3

Chapter three began with the financial statement

4 financial I have learned what in there and they inter connected

Annual reports, in my opinion are marketing tools, but do they actually reflect the state of the business?

Companies are required to release annual reports in relation to their financial activities for the year. They are not required however; to lay out in detail every little thing they have done wrong during the year. They can play up all the things they have considered to be a good move for the company. They can attempt to influence investors with these good aspects and are not required to state why investors shouldn’t invest. It is required document that has been turned into a marketing scheme. However, if you have enough financial knowledge you should be able to make inferences from the information they do disclose in order to make a sound judgement. Chapter three says to me, don’t trust everything you read, trust only what you know.

When I read the section of ratios, my mind immediately pictures fractions and percentages. Again sports have ratios called odds. During a particular time in the workforce, my responsibility was to calculate the percentage of income and expenditure in relation to the annual budget on a monthly basis. The calculation was a ratio to date compared to the annual budget. This was to assist the management to understand financial information in a way they could relate and understand.

What is value? Honestly I don’t think value is a good terminology in business.

Then I look at dividends, valuing something based on cash flow that we expect to gain from in the future. This makes a lot of sense to me, and something that I was alluding to previously.

Chapter three was harder to sink into initially, but again, I just read it again, and sort through it until I stumbled across things that I didn’t know.

Chapter three has filled in a few gaps for me, taught me a few things that I may not have previously taken the time to learn. .

Another concept that I have previously encountered but never really grasped an understanding of was the ‘Entity Concept.’

Chapter three was harder for me to read than chapter one, but it did present some interesting information and made me question certain concepts that I thought I understood.

References:                      

Turner, M. (2016). Chapter one: a way of viewing business.

Retrieved from CQUniversity e-courses, ACCT11059 Using Accounting for Decision Making, http://moodle.cqu.edu.au

Turner, M. (2016). Chapter three: introducing financial statements.

Retrieved from CQUniversity e-courses, ACCT11059 Using Accounting for Decision Making, http://moodle.cqu.edu.au

 

 

Step 5: Feedback

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