Mastering Accounting Skills 2nd Edition Margaret Nicholson - Solutions

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Write down your results from Exercise 1 that helped uncover your values and convictions.
Write down a list of specific conditions, situations, or events you care deeply about in your job, which you desire to transform. List them in the left-hand column of the table below. (See Chapter 22).
What components of the pyramid can be strengthened to bolster my courage?
What fears do I have about my project management career?
What risks can I take to improve my career?
What risks can I take to improve my project’s performance?
What opportunities should I have to be a consultative leader?
Whom have I served and what have I done to improve their well-being?
What can I do to improve my ability to get team members to commit to act?
What can I do to improve my ability to develop a vision for my team and customers?
What can I do to improve my ability to frame complexity?
What can I do to improve my listening skills?
What can I do to improve my engagement process?
What outcomes can I assign to my consultation?
What advice can I provide today? To whom?
What type of visioning activities do you want to participate in?
How do you feel when you attempt to advise co-workers? (Confident, nervous, I rarely advise).
What actions can I take that will enhance my reliability?
What content can I gain that will enhance my credibility?1, 2,
How can I adapt my behavior to increase my compatibility?1, 2,
What specific actions can I take to turn these relationships into positive, healthy relationships.
What are the benefits of healing these relationships, to the project, me, and others?
Which relationships are causing me emotional discomfort? What is the source of this pain? (Fear, confrontation, incompatibility)
Do I have positive, healthy, and trust-based relationships with key customers?
Whatisthestatus ofmy relationshipswith key projectteammembers and customers?
What can I do immediately to acquire needed knowledge, skills, or experience?
What knowledge, skills, or experience would make my job more fun or exciting?
What knowledge, skills, and experience can I acquire that benefit my project team and customers? (Discuss with a person you identified in Part Three as a desired supportive relationship.)
Does this person show a strong interest in developing others?
Does this person have coaching or mentoring experience?
Is this person well respected by their peers?
Does this person have quality that I would like to possess?
Is this a person I have known for sometime?
Do I feel at ease when around this person?
Is this person readily accessible?
Does this person currently benefit from my project leadership services?
Is he or she a sponsor or customer on a current project or assignment?
Does this person have a vested interest in my development?
You have initiated a self-assessment in the past year.True False
You have introduced new knowledge, concepts, or tools to your project team in past month.True False
In the past year, a team member has been recognized or promoted by someone other than you for work on your project.True False
On your current project, you have taken a position on an issue that upholds a personal value.True False
This past month, you have initiated a lunch, dinner, coffee, etc. with a team member, peer, or stakeholder you wished to get to know better.True False
In a meeting this month, you have initiated the discussion of difficult topics.True False
In the past 6 months, you have taken on new work that you have never done before.True False
A stakeholder has given you direct feedback on your performance in the past 30 days.True False
You have performance incentives associated with your current project results.True False
On your current project, you have shared a personal failure with a stakeholder and taken accountability.True False
A team member has made a decision this week on executing a project task this week.True False
You have made 2 or more recommendations to team members, sponsors, or customers this week.True False
On your current project, you heard someone else use your “near” exact words to frame (bring new insight) to project issues.True False
On your current project, you have evidence a team member has promoted your current project to others not directly involved.True False
A project team member volunteered to work on your current project.True False
This month, you heard stakeholders discussing delicate project topics that you are unaware of.True False
On your current project, a sponsor or client called you to ask for your assistance or opinion on a matter outside the scope of the current project.True False
This week when walking the halls, a team member stopped what he/she was doing to ask for help or advice.True False
On your current project, a project team member personally thanked you for your support or guidance.True False
You have asked a team member today, “How can I help you?”True False
On your last project, users of the project’s product personally thanked you for your involvement.True False
In the last week, a team member, customer, or sponsor has solicited your advice.True False
In the last week, a team member approached you to discussion a concern or problem.True False
In the past month, a project team member discussed awkward or bothersome situations with you.True False
In the past month, a significant stakeholder has called you in the last week just to talk, with no specific agenda.True False
You know the name of your sponsor’s or client’s spouse.True False
In the past month, your client or sponsor has asked you to justify cost and schedule status.True False
On your current assignment, you havefound out indirectly that the client orsponsor is considering new approaches to addressing the business need of the project.True False
On your current project(s), the client or sponsor has involved you in preinitiation project vision and strategy discussions for your current assignment.True False
You have talked to your sponsor in the last seven days.True False
Make a list of 3 people you will tell about your new commitment to your person vision.
Commit to Action What action can I take in the next 30–60 days to move toward my personal vision?
Make a list of people needed to help you achieve this vision or people who are impacted by your personal vision.
Begin drafting a personal vision statement and enhance it over the next 30 days. Include your values (convictions) and purpose (outcome). (See Chapter 8 for examples.)
What themes arise in each of these exercises?
Your Ideal Life Do some free writing on what your ideal life looks like 10 years from now.What people are you around? What does the environment look like? What are you doing? Do not worry about the feasibility.
Make of list of 10 or more things you wish to do or experience before you die.Don’t worry about the practicality or priorities.
Try to identify your value system by evaluating your convictions. Below is a list of words. Use your hand or something suitable to cover the words and uncover one word at a time. Read each word out loud and take a few minutes to record the thoughts, places, people, images, and feelings associated
Choose 2–3 jobs that seem most exciting and describe what about them makes them so appealing.
List 5–10 dream jobs you wish to experience. (Consider athletics, entertainment, religion, politics, medicine, etc. Consider working in other parts of the world; let your imagination go.)
For the year ended 31 December 20-9 the following information is available for the Queensway Cricket Club:£Bank balance at 1 January 20-9 872 Light and heat 820 Ground maintenance 358 Members’ subscriptions 2,920 Travelling expenses 752 Purchase of new equipment 395 Insurance 295 Rent 1,450
On 1 January 20-9 the Oakdale Youth Club had the following assets: furniture and fittings £1,500, games equipment £640, motor van £5,000, cash at bank £460. There were no liabilities.During the year ended 31 December 20-9 the following receipts and payments were made:£Subscriptions 284 members
On 1 June 20-8 the Northside Sports Club had the following assets and liabilities: sports equipment £1,580, furniture £1,090, cash at bank £692, sundry expenses owing £76, stock of drinks £708.The following is a summary of the receipts and payments of the club for the year ended 31 May
On 1 June 20-4 the assets and liabilities of the Ambrose Cricket Club were as follows:£Club premises 65,000 Equipment 12,500 Cash at bank 7,370 Unpaid bill for travelling expenses 55 During the year ended 31 May 20-5 the following receipts and payments were made:£Members’ subscriptions 7,500
On 1 January 20-2 the Adelmead Tennis Club had the following assets and liabilities: equipment £9,000, cash at bank £850, cash in hand £270, unpaid electricity bill £45.During the year, receipts and payments were:£Subscriptions 4,250 Postage and stationery 45 Fees received for tournament 660
On 1 June 20-6 the Woodside Sports Club had the following assets and liabilities: equipment £450, cash in hand £173, cash at bank £1,690, rent due but unpaid £75.During the year receipts and payments were as follows:Subscriptions: 96 full members, each paying 65 34 part-time members, each
On 1 November 20-6 the Lawnswood Tennis Club had the following assets and liabilities: club premises £45,500, equipment £12,750, bar stock £980, bank balance £5,220, cash £326, creditor for bar supplies £450.The following receipts and payments were made during the year ended 31 October
You are an employee of Parkwood Garden Centre and you have been given the following information. All opening balances are as 1 May 20-9:A Bannister- opening balance£202.56 Cr D Lenton- opening balance 274.80 Cr Adam & Sons- opening balance 345.93 Dr C Groves- opening balance 307.28 Dr Bank-
You are an employee of Nikas Sportswear and you have been given following information. All opening balances are as 1 April 20-9.the Airedale Fabrics- opening balance i, 376.94 Cr Hollywell Mills- opening balance 290.46 Cr Activity Centre- opening balance 485.30 Dr Spot Sport- opening balance 398.92
You are an employee of Focus Lighting and you have been given the following information. All opening balances are as 1 May 20-9:Purchase Ledger£Court Fabrics- opening balance 314.68 Cr Walkers Ltd- opening balance 428.90 Cr Yorkshire Supplies- opening balance 294.24 Cr Sales Ledger Aladdin Lamps-
You are an employee of Homestyle and you have been given the following information. All opening balances are as 1 May 20-9:Purchase Ledger£Fairburn & Lawson- opening balance 372.48 Cr Pudsey & Co- opening balance 436.50 Cr J C Vickers- opening balance 295.76 Cr Sales Ledger Country Kitchens-
Classify the following items under the heading of capital expenditure or revenue expenditure: LO6(a) Purchase of a new machine for use in the business(b) Quarterly account for electricity(c) Purchase of a new motor van(d) Cost of road tax for new van(e) Cost of repairs to photocopier(f) Fire
John Conway has a retail food business. Classify the following items under the heading of capital or revenue expenditure: LO6(a) Purchase of a refrigerated display counter(b) Repainting shop door(c) Repairs to meat sheer(d) Purchase of new cash register(e) Replacement of a broken window(f) New
Angus Scott is in business as an estate agent, some of his transactions are given below: LO6(a) Rent(b) Purchase of photocopying machine(c) Commission received from builder(d) Fees received from clients for professional services(e) Wages of secretary(f) Cost of new display equipment(g) Cost of
The Pier View Garage paid for the items given below: LO6(a) Breakdown truck(b) Paper for photocopier(c) Sweets for sale in forecourt kiosk(d) Insurance for breakdown truck(e) New petrol pumps(f) Repairs to forecourt lighting(g) A secondhand car for resale(h) Wages of forecourt cashier You are
A Rogers opened his own business as a newsagent and paid for the following: LO6(i) Wages of shop assistant(ii) Purchase of a new cash register(iii) Repairs to leaking shop window(iv) Fire insurance premium(v) A new extension to the rear of the premises to provide more storage space(vi) Purchase of
Mr Brown has recently started a new business and is puzzled by the terms capital expenditure and revenue expenditure.(a) Explain to him what ‘capital expenditure’ is.(b) Mr Brown has purchased a new van; the details of the account were as follows: LO6£Van 13,000 Seat belts 124 Delivery charges
State whether the following transactions of Salford Engineering Company are capital or revenue expenditure: LO6(a) Purchase of motor van(b) Yearly premium to insure motor van(c) Cost of rebuilding factory wall damaged by frost(d) Purchase of freehold land(e) Cost of building extension to factory(f)
(a) Briefly explain the difference between capital and revenue expenditure. LO6(b) Identify each of the following items of expenditure as capital or revenue and state whether you would expect to find each item in the trading account, profit and loss account or balance sheet:(i) £200 paid to
During the month of February Thomas Wilding paid for the following items: LO6(i) Fire insurance premium for factory(ii) Cost of building new extension to factory(iii) Legal fees paid in connection with new extension(iv) Carriage costs on purchases(v) Cost of painting new extension(vi) Cost of
Hongtai Imports is one of your suppliers. Their account in your ledger is as follows:Hongtai Imports Account 20-9 3 Apr Returns outwards£28.50 20-9 1 Apr Balance b/d£416.75 16 Apr Bank 395.92 4 Apr Purchases 184.25 16 Apr Discount received 20.83 18 Apr Purchases 219.54 25 Apr 30 Apr Returns
Aztec Sportswear is one ofyour suppliers. Their account in your ledger is as follows:Aztec Sportswear Account 20-9 £20-9 £9 Feb Returns outwards 36.75 1 Feb Balance b/d 308.00 15 Feb Bank 292.60 5 Feb Purchases 214.95 15 Feb Discount received 15.40 18 Feb Purchases 196.70 26 Feb 28 Feb Returns

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Mastering Accounting Skills 2nd Edition Margaret Nicholson - Solutions

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