Essay --

A1. Documents ïÆ' ¼ Fourth quarter balanced scorecard attached with excel spreadsheet. ïÆ' ¼ Balance sheet attached with excel spreadsheet. ïÆ' ¼ Income statement attached with excel spreadsheet. B1. Adequacy of Funds According to Ralph Estes’ Dictionary of Accounting (1981), a pro forma financial statement is described as â€Å"a financial statement created on events and transactions that are assumed, but has not yet happened.† On the other hand, a historical financial statement gives organizations financial measurements on how well the company has performed in the past. For that reason, without financial statements it would be difficult for management, investors, executive board members, and customers to analyze and evaluate how well a company does financially. The format in pro forma financial statements are similar to historical financial statements, but primarily focuses on the future theories and not past factual financial information. Also, a budget is a financial disposition to control future aspects in operations of money. Therefore, having a financial budget is extremely important especially when starting a business. During my simulation, I focused more on using a financial budget throughout to predict how much money I would spend during the expansion process of building the company. I kept my financial risk managed, so the company would not have any debt in the process. Unfortunately, this also backfired against me when I needed to invest more for the future of the company. The two points in my balanced scorecard are how well I did against the average companies. (Below is part of the final Balanced Scorecard for Investment in Future and Financial Risk). Average Typhoon Investment in Future 85.62 1.00 Financial Risk 0.91 1.00 Now... ...tion provided a purchase of the market search, but could have used a better overview of what tools or directions a business owner could use to succeed. There are many ways to achieve the ultimate goal of perfection towards the customer’s expectation in my simulation and benchmarking would have been an impactful improvement to achieve quality assurance goals. That being said, in the simulation there should be some evaluation of defects of the units that were sold to the customers. In a few of the quarters, feedback review of the quality of the product would also be another part of the simulation. Therefore, the quality assurance from the customer’s standpoint is vital in order to gain revenue and manufacturing growth for a company. Benchmarking would be an impactful improvement towards new business owners for this simulation to achieve quality assurance goals.