Introduction, Review of Accounting Process and Financial Statements Essay

Introduction, Review of Accounting Process and Financial Statements case assignment 1 - Essay Example Double Entry system of accounting is a standard used to record all the transactions at least in two accounts. This results in the one or more accounts being debited as well as credited. This system of accounting is very effective as it permits more accuracy in checking and also permits more balanced accounts. This is mainly because all the accounts with a debit balance need to equal the credit balance of the accounts as well (Burke & Litwin). The original monetary value of a good is referred to as the historical cost. This has been criticized for a number of inaccuracies. Historical costing does not take into account the gains or losses unless they have been realised. However use of historical costing is very helpful and provides the management with a better view of the fair value of the item or also the market value. This helps the management make more informed decisions and make more educated strategies as well. Although historical costs have been very helpful for the management, there are a number of criticisms that relate to the same as well. It has been noted that historical costs only considers the cost allocations and does not consider the value of the assets. Accrual basis accounting is one where all the transactions, i.e. the incomes and expenses are recorded when the transactions occur. On the other hand, cash basis accounting refers to the transactions that are recorded when the income or expenditure is received or paid. There is no focus on the date of the transaction. However the accrual basis is one of the most popular systems of accounting and is followed by most companies and is also required to be followed by law. The accrual basis of accounting provides a clear picture of the financial state of the business. Current assets and liabilities refer to the short terms assets and liabilities, i.e. those that need to be settled within one year. On the other hand, a non current asset or

Cayman Islands Retail Banks Customers Satisfaction and Service Quality Dissertation

Cayman Islands Retail Banks Customers Satisfaction and Service Quality - Dissertation Example The prime objectives of this dissertation was to determine the significance of service quality rendered by the retail banks, price efficiency considered by the bank, technology concerns and innovations, along with the corporate image perceived by the bank in relation to customer satisfaction. To be precise, majority of the customers in the Cayman Islands’ retail banking industry considered the time efficiency and cost efficiency to be two major determinants of service quality in the industry. The assistance provided by the bank staffs and their friendliness towards the customers also has significant roles to determine the banking service quality to a large extent. Customers tend to determine their satisfaction level with regards to the outcomes rendered by a product and/or service along with taking in account the processes included by the company in delivering the demanded service and/or product. In accordance to the findings of this study, this certain fact can be well observ ed. For instance, the customers from banks, interviewed in this study, depicted that the efficiency of bank staffs to render the demanded service and/or product on time, along with the resolvements of issues faced by the customers has a significant impact over the satisfaction level perceived by them. Therefore, it can be stated that the outcomes and the processes of rendering services adopted by the banks play a significant role in determining customers’ satisfaction level.... The following recommendation should therefore be followed; The banking institutions can implement competitive strategies to facilitate technology enhancements within the industry structure. It can also be beneficial to understand the requirements of the customers in terms of service quality, value and even corporate image. To be precise, the banking institutions can take advantage of the research findings obtained in this study to enhance their overall service quality and corporate image to persuade the customers increasing the level of satisfaction within the target market. Table of Contents Declaration & Statements Page 2 Abstract 3 Table of Figures 8 Chapter 1: Introduction 10 1.1.Scope of the Research 10 1.2.The Cayman Islands Banking Sector 13 1.3.Research Aim, Objectives and Research Questions 16 1.4.Rationale 17 1.5.Research Methods 19 1.6.Dissertation Structure 20 Chapter 2: Literature Review 22 2.1. Overview 22 2.2. Defining the Concept of Service Quality in Relation to Cust omer Satisfaction 23 2.3. Significance of Service Quality on Customer Satisfaction in the Retail Banking Industry 26 2.4. Impact of Perceived Value (price) on Service Quality and Customer Satisfaction in Retail Banks 29 2.5. The Influence of Corporate Image on Service Quality and Customer Satisfaction at Retail Banks 32 2.6. Role of Technology Change in Influencing Customer Services Quality and Customer Satisfaction of Retail Banks 33 2.7. Summary 36 Chapter 3: Research Methodology 38 3.2. Research Approaches 38 3.3. Research Design 41 3.3.1. Research Objectives 42 3.3.2. Research Process 42 3.4. Data Collection Method 44 Chapter 4: Findings and Analysis 47 4.1. Section One: Analysing