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This document is a public notice informing local electors of their rights to inspect the financial records of Sturminster Marshall Parish Council for the fiscal year ending 31 March 2023.
Year: 2023
Region / city: Sturminster Marshall
Theme: Local government, financial records, public rights
Document type: Public notice
Organization / institution: Sturminster Marshall Parish Council
Author: Alison Clothier, Parish Clerk and RFO
Target audience: Local electors, interested persons
Period of validity: 9 June 2023 - 21 July 2023
Date of approval: 9 June 2023
Date of changes: N/A
Price: 8 / 10 USD
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Financial Procedure Manual for Smaller Organisations
Note: Year
WHAT SMALLER AUTHORITIES NEED TO DO TO ADVERTISE THE PERIOD DURING WHICH ELECTORS AND INTERESTED PERSONS MAY EXERCISE RIGHTS RELATING TO THE ANNUAL ACCOUNTS
Year: 2022
Region / city: West Dean
Subject: Local Audit and Accountability
Document Type: Notice
Organization: West Dean Parish Council
Author: Ms K Carpenter
Target Audience: Local government electors and interested persons
Period of Validity: 1st July 2022 – 5th August 2022
Approval Date: 30th June 2022
Date of Amendments: N/A
Draft Interim Departmental Guidelines for Evaluating Proposals Requesting More Flexibility to Harvest Commercial Salmon Shares as Part of Smaller Scale Testing Version: 10 January, 2017
Year: 2017
Region / City: Not specified
Subject: Commercial Salmon Allocation, Fisheries Management
Document Type: Guidelines
Organization / Institution: Department of Fisheries and Oceans (DFO)
Author: Not specified
Target Audience: Proponents of CSAF demonstration fishery proposals, DFO staff, Salmon Coordinating Committee (SCC), Commercial Salmon Advisory Board (CSAB)
Period of Effect: 2016–2018 (subject to annual reviews)
Approval Date: Not specified
Date of Changes: 2017
Context: Guidelines for evaluating proposals to increase flexibility in harvesting commercial salmon shares, based on changes to the Commercial Salmon Allocation Framework (CSAF).
Periodic inventory system: A periodic inventory system is an inventory system in which real time updating of inventory balances are not made. In fact, physical counting of inventory determines inventory position on completion of a specified period – usually once a quarter or once a year. In a periodic inventory system, purchases of inventory are recorded in the purchases account in the books of the business. At the end of the specified period, when a physical count is done, the balance of purchases is moved to the inventory account. The cost of sales is subsequently determined by application of a mathematical formula: Opening balance of inventory + Net Purchases – Closing balance of inventory = Cost of sales. Where: Net purchases = Purchases + Carriage on purchases – Returns – Other allowances. The periodic inventory system is preferred by smaller enterprises with lower small volumes where physical inventory counting is more feasible. The periodic inventory system is less reliable as it provides accurate information only at the time of physical count of inventory. Determination of cost of goods sold in between physical count periods is based on estimation which may lead to several errors. This system is also unable to determine inventory losses until actually identified in physical counting.
Perpetual inventory system: A perpetual inventory system is a system that accounts for movement of inventory continuously and on a real time basis. In a perpetual inventory system, purchases and sales of inventory are recorded as and when they occur. This system involves the use of point-of-sale systems and enterprise resource planning (ERP) systems for inventory management. In perpetual inventory system, the cost of goods sold can be accurately determined at any point of time as purchases and sale of inventory are recorded on a real-time basis. The actual inventory balance is also available in the system at all times. Learners are encouraged to utilize their Grade 11 class work and home work books as they have dealt at length with Inventory Systems.
Note: CALCULATION OF GROSS PROFIT
Calculation of cost of sales: Opening stock …………… 480 000 + purchases(net) …………. 370 000 + Carriage on Purchases…. 6 000 + Custom Duties………….. 5 000 – Closing stock …………… (205 000)= Cost of Sales…………… 656 000
Kindly NOTE that: Inventory refers to the goods meant for sale but are unsold at the end of the financial year (i.e. on hand). In manufacturing, it includes raw materials, semi-finished and finished goods (examiners can easily integrate inventory valuation methods with cost accounting).
Topics: RETURNACCOUNTS Sturminster Smaller