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Entrep Medyo Reviewer

The document outlines the importance of product testing in the design and manufacturing process, emphasizing its role in ensuring functionality, customer satisfaction, and cost assessment. It also discusses the selection of raw materials and suppliers, highlighting criteria for choosing the right supplier and the significance of maintaining business records for financial monitoring. Additionally, it covers financial forms, profit and loss calculations, cash flow statements, and balance sheets, providing a comprehensive overview of essential business accounting practices.

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Ivy Macapulay
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2 views5 pages

Entrep Medyo Reviewer

The document outlines the importance of product testing in the design and manufacturing process, emphasizing its role in ensuring functionality, customer satisfaction, and cost assessment. It also discusses the selection of raw materials and suppliers, highlighting criteria for choosing the right supplier and the significance of maintaining business records for financial monitoring. Additionally, it covers financial forms, profit and loss calculations, cash flow statements, and balance sheets, providing a comprehensive overview of essential business accounting practices.

Uploaded by

Ivy Macapulay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PRODUCT TESTING

 Testing the prototype is a vital or necessary part of the design and manufacturing process.
 Testing and evaluation, determine that the product will function as it is supposed to, or if it
needs sufficient analysis.

IMPORTANCE OF PRODUCT TESTING


1. Testing and evaluation, allows the client and customer to determine the prototype and give its
views.
2. A focus group can conduct test to the prototype and give their views and opinions.
3. Evaluating a prototype allows the production costs to be assessed and finalized.
4. New design or redesign can take place during this part.
5. The manufacturer allows the designer to plan an efficient and cost effective production line.
6. This may lead to improvements and become highly competitive.
7. It can guarantee customer satisfaction; consumer can use the product efficient and safely.
8. Testing and the design specification should be done separately to ensure a full and relevant
evaluation of a prototype which is carried out in the entire development process.

METHOD OF EVALUATION
• Planning- select the most important tasks and user group(s) to be tested.
• Running Session- Observe the interaction and note any problems encountered
• Output- Arrange meeting with the designers to discuss whether and how each problem can be
fixed.

3 GENERAL APPROACHES
1. Simple Observation- is given the task, and evaluator just watches the user problem.
2. Constructive Interaction- normal conversation between the two users is monitored.
3. Query- interviews-surveys and questionnaires.

RAW MATERIALS

 Unprocessed and basic material that is used to produce goods, finished products, energy,
or intermediate materials.
 FEEDSTOCK- highly important for producing products

CHOOSING THE RIGHT SUPPLIER


 Value for the money or price- strong service
 Quality- consistent high quality
 Reliability-worthy of confidence and dependable
 Service or benefits
 Should deliver on time-
 Financial security- strong cash flow
 Partnership approach- strong relationship (sanaol)

GUIDELINES TO IDENTIFY POTENTIAL SUPPLIER


 Think strategically
 Set criteria
 Identify potential suppliers
 Drawing shortlist
 Choose
 Getting the right supplier for the business

RIGHT SUPPLIER FOR THE BUSINESS


1. Know the company needs- identify the needs
2. Spend time on research- study and analyze the performance of supplier
3. Get advice from customers- useful advice
4. Price- reasonable and affordable

BUSINESS RECORDS

 Hard copy or digital that records business dealing (example: meeting minutes,
memoranda, employment contracts, accounting source).

IMPORTANCE
 Monitor the progress of business – naipapakita kung nag-iimprove ba yung
business
 Prepare financial statements
1. INCOME STATEMENT- pinapakita ang income at expenses in a period of
TIME.
2. BALANCE SHEET- andito ang assets, liabilities at equity in a given DATE.
 Identify sources of income – pinapakita kung anong part ng business kumikita
 Keep track of deductible expenses
 Track basis property- basis para sa investment or para Makita kung may gain or
loss
 Prepare tax returns
 Support items from ptr

FINANCIAL FORMS
1. Accounts Receivable- make accurate billing and maintenance of good relations
2. Inventory Records- control inventory, used to supply information in firm
3. Accounting Payable- firm owes and the due payment
4. Sales Records- effectiveness of advertising and promotion
5. Production Records- product costing and detect lost profits/costs
6. Payroll Records- total payments to your employees
7. Cash Records- receipts and disbursements, contains cash flow and petty cash

SPECIFIC TYPE OF ACCOUNTING RECORDS


1. JOURNALS
a. Sales Journal- record the sale
b. Purchase Journal- mga binili
c. Cash Receipts Jourmal- record cash receipt
d. Cash Payment Journal- payments in cash
e. General Journal- irerecord and a,b,c at d

JOURNAL TRANSACTION SUPPORTING FORMS


Sales Journal Sales Sales Invoice
Purchase Journal Purchases Purchase Invoices
Cash Receipt Cash Receipts Official Receipts
Cash Payment Cash Payments Cash Vouchers
General Journal Others Journal Vouchers
2. LEDGERS
a. Accounts Receivable Ledgers- individual trade to customers
b. Accounts Payable Ledgers- individual with creditors
c. Plant Ledgers- company’s list of all fixed assets

PROFIT OR LOSS

Calculate Net Profit


Sales- Commissions Paid + Cost of Goods + Gross Profit
Gross Profit- Variable + Fixed Expenses + Net Profit

Income earned by the business


- Sales
- Gross Profit
- Net Profit
Business Expenses
- Cost of Goods
- Commissions/ discounts
- Variable and fixed expenses
Profit will increase if:
- Alam ng customer ang ino-offer niyo
- Happy at satisfied ang mga customer
- Ireview ang sales palagi

Calculate Cost of Goods Sold


Cost of Goods= Opening Stock + Purchases – Closing Stock
Expense Categories include:
1. Cost of Goods Sold- directly to sales such as buying stocks
2. Fixed Expenses- stay the same such as rent, insurance, license fees
3. Variable Expenses- go up or down such as advertising, delivery charge

PROFIT AND LOSS STATEMENT


Also called as income statement is a summary of income and expenses over a PERIOD OF
TIME.

TIPS FOR DOING


1. Analyze income and expense
2. Do it monthly
3. Recognize areas that needs more analysis

CASH FLOW STATEMENT

- Summary of money coming into and out of a business in a SET TIME PERIOD. Prepared
monthly at the end of financial year.

Cash Flow from operating Activities


1. Receipts from income
2. Payment for expenses and employees
3. Funding of debtors
4. Funding to and from suppliers
5. Stock movements

Cash Flow from Investing Activities


1. Purchase of plant, equipment and property
2. Proceeds from selling the above
3. New investment
4. Selling investment

Cash Flow from Financing Activities


1. Extra money the owner put sa business
2. Money na hiniram
3. Money na hiniram ng iba
4. Money that the owner take out
NET OPERATING CASH FLOW
-amount of cash that a business has after paying bills it will help you to check if u are losing money, cash
flow is negative, you are spending more than u earn.
BALANCE SHEET

- General snapshot of the financial health of a business in a given day. After ng profit and loss
go na ang Balance Sheet.

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