Page 1 - Welcome to my Blog

Welcome to my blog site
My name is Iris Onvlee and am in First year of doing a Bachelor of Business specialising in Accounting and Information Systems. I live in Gympie and needed a new direction in my career. I was studying to be a teacher but found that my job role in the school relies on me in the behind the scenes running of the school. So taking up Bachelor of Business (Accounting and Information Systems) will give me new skills within the administration area. I'm looking forward to the challenge ahead.

Hmmm as I ponder about my adventure through the years there has been many milestones to get to where I am today? I left school in 1975 as a 15 year old teenager to start my way into my life long adventure. I didn't get the chance to finish year 10 as my parents couldn't afford to keep me at school. My first job awaited me where I worked in the local cafe. Over the next few years I worked in various restaurants, cafes and fast food outlets.

At the young age of 22 I married and by the time I was 26 had two small children. In 1988 I went back to work as a Store manager in a local Big Rooster store after about 4 years I moved to where I live now to take on the role of opening a new store. At this point of time I had tendered my resignation due to family circumstances. A year later in 1994 my youngest child was born.

In 2000 my journey in a new future started. I completed my Certificate IV Teacher Aide and also started with CQU in a WIST Course with a bridging course for university. Over the next few years I gained my skills to start my degree.

In 2008 I then ventured to my first year in a Bachelor Of Learning Design. I completed the Diploma part of that course and changed over in 2013 to a Bachelor of Learning Management. During the year I was sidelined from my work with a foot reconstruction and during the 7 weeks away from my work I came to the conclusion that my passion was not for Teaching. This is where I decided that I was more suited to doing Bachelor of Business.

So as of this year I am now on my adventure to gain my Bachelor of Business (Accounting and Information Systems)I am working full-time and doing my degree via Distance Education Part Time.

I am looking at myself right now wondering how many 52 year olds would be in my boat. I hope to have my degree before my husband retires in 5 years.

Share Prices

Page 2 - Aristocrat Leisure Limited

The company that I have been given for this assignment is Aristocrat Leisure Limited. The company has a diverse portfolio which extends from electronic gaming machines (EGMs) and interactive video terminal systems through to online content distribution in regulated markets and complete gaming solutions for their customers.

Website
http://www.aristocrat.com.au/

Aristocrat offices are located in Australia, the USA, New Zealand, the United Kingdom, South Africa, Sweden, Argentina, Japan, and Macau. Each staff member is focused on fulfilling the needs of customers at all levels, while the global management structure drives innovation in business areas. Aristocrat’s core values of integrity and respect for the individual and the communities within which the company operates, underpin relationships with all stakeholders. Aristocrat is committed to working in partnership with industry, governments, and regulators to ensure it meets all responsibilities

Purpose
"To Create the world's greatest gaming experience - everyday"

Mission
"Áristocrat will build sustainable value for all stakeholders by providing innovative and entertaining gaming solutions to customers on a world-wide basis'

Core Values
"Integrity and respect for individuals and communities within which they operate underpin their stakeholder relationships. As a global business, they are committed to working in partnership with industry, governments and regulators to ensure that the company meets all of their responsibilities, be they commercial, regulatory, social or environmental."

Milestones
1933 - Originally Ainsworth Consolidated Industries and was founded in Sydney, Australia
1953 - Leonard Ainsworth took over his father's company and converts it to producing slot machines
1956 - Slot machines became legalised in New South Wales
1956 - Leonard Ainsworth also launched the company's first model called "The Clubman"
1960 - Company opens an office in Europe.
1961 - Company opens a new production site in Sydney; also launches the Aristocrat Nevada machine.
1964 - Company enters the Nevada market through a U.S.-based sales agent.
1965 - Company releases the first poker machine featuring electronic components.
1979 - Company releases its first video-based poker machine.
1988 - Company begins exports to the New Zealand market.
1994 - Leonard Ainsworth turns over control of the company to his sons, sparking a family feud; the company begins selling machines in Victoria.
1996 - Aristocrat goes public, listing on the Australian stock exchange.
1997 - The company launches the Hyperlink gaming system; the company pays a $500,000 fine to the Colorado gaming authority.
1998 - Aristocrat buys the South African distributor, Africa Leisure.
1999 - The company forms a refurbished machine division, Jubilee.
2000 - Aristocrat forms a joint venture with Japan's Sammy Corp.; the company is awarded a license to sell gaming systems in Nevada.
2001 - Aristocrat acquires Casino Data Systems, of Las Vegas.
2002 - The company buys out Sammy Corp.'s share of the Japanese joint venture.
2003 - The company strengthens its strategic alliance agreement with the United States' Mikhon Gaming Corporation.

What type of Pokies and Slot machines do Aristocrat Have?

Aristocrat has many types of Pokies and Slot Machines. See link below.

http://www.vegasslotsonline.com/aristocrat/

Page 3 - Corporate Governance Structure

Page 5 - Aristocrat Leisure News

NEWS STORIES ABOUT ARISTOCRAT LEISURE

http://www.dailymail.co.uk/news/article-2540049/Aristocrat-sparks-fracking-fears-invoking-ancient-right-MINE-residents-homes.html

http://www.afr.com/p/business/companies/aristocrat_ready_for_more_mobile_s4sQgKbYJ13ttUXRYqUvYP

http://www.brw.com.au/p/business/the_king_of_aristocrat_jamie_odell_grgQIoEmwq8NxcoQ7IvfFK

http://ggbmagazine.com/issue/vol-9-no-10-october-2010/article/jamie-odell-ceo-and-managing-director-aristocrat-technologies

http://www.pokies-casino.com/pokie-manufacturers/

http://www.dailymail.co.uk/news/article-2520077/Aristocrat-girl-Charlotte-Colquhoun-multi-millionaire-City-boss-Robin-Geffen--row-10-000-King-Wands.html

http://www.casinoenterprisemanagement.com/articles/september-2010/aristocrat-says-%E2%80%98hola%E2%80%99-mexico-city


http://calvinayre.com/2012/03/21/business/igt-goes-live-with-cloud-in-estonia/

Latest Yahoo market Prices

https://au.finance.yahoo.com/q?s=ALL.AX

Latest news as of 30/03/2014

Aristocrat Tops 2014 Slot Manager Survey
Winning Top Performing Game, Most Anticipated Game

http://www.aristocrat.com.au/Media/Documents/Aristocrat%20Tops%20in%20Goldman%20Sachs%20Survey.pdf

2014 AGM results

http://www.aristocrat.com.au/Investors/ASX%20Annoucements/2014%20AGM%20Results%20-%20Poll.pdf

CEO & Chairmans Address (AGM) 2014

http://www.aristocrat.com.au/Investors/ASX%20Annoucements/2014%20AGM%20Chairmans%20and%20CEOs%20address.pdf

Quick Facts about Aristocrat and its shares

Aristocrat Leisure Shares - Close of Trade 04/04/2014
https://www.google.com/finance?q=ASX%3AALL&ei=DKo-U5DcJYfDkgWOxgE

http://www.mideasttime.com/aristocrat-leisure-limiteds-reduce-rating-reaffirmed-at-morningstar-all/108198/
1. Shares opened at A$5.260 Monday 31st March
2. One year low of A$3.540 and one year high of A$5.550
3. Stock has 50 day moving average of A$5.12 and 200 day moving average of A$4.76
4. Aristocrat also has a a market cap of A$2.900 billion
5. Price-Earnings Ratio - P/E Ratio (A valuation ratio of a company's current share price compared to its per-share earnings)of 26.91

See explanation of P/E Ratio via video link
http://www.investopedia.com/video/play/price-to-earnings-ratio/

Aristocrat Leaisure's Environmental & Sustainability Plan

Anna Meresi Towan asked a question today via Facebook

if you have an airline company, does your company have any environmental sustainability plan or strategy?

if not, does my company have an Enviro plan/Strategy?

Anna - My answer to you is as follows :-

My Company is definitely not an airplane company. However for Aristocrat it means sustainability is about ensuring that their business and their industry has a long-term future – economically, socially and environmentally.

Our sustainability priorities are established at Board level and cascaded throughout the global organisation and expressed in the way we do business every day – our processes, our people and our products.

On page 11 Question 6 of my blog mentions part of this initiative through working closely with industry leaders to promote responsible gaming initiative and support the adoption of evidence based responsible gaming practices and policies.

Sustainable Practices

Aristocrat not only complies with the various environmental laws to which their operations are subject, but also aims to achieve a high standard of environmental performance across all their operations. To reduce their environmental footprint, mitigate regulatory risks and decrease costs, they have implemented a range of initiatives including:
• introducing energy efficiency and recycling programs across all our offices and sites;
• establishing water recycling systems in their Integration (manufacturing) Centres;
• removing hazardous materials previously used in products and ensuring suppliers comply with similar standards;
• increasing the usage of recyclable material in their products and packaging, and labelling of all plastics with the appropriate recyclable symbol and material type; and
• introducing practices to define environmental considerations in product design.

Through their centralised procurement system, suppliers tendering for work must provide information about their sustainability practices. Information provided on topics such as occupational health and safety, risk management, governance, community investment and environmental practices forms part of their supplier selection process.

Aristocrat's comprehensive procurement policy requires their employees to:
• adopt strategies to avoid unnecessary consumption and manage demand;
• foster a viable market for sustainable goods and services; and
• support suppliers who are socially responsible and adopt ethical practices.

Page 25 - Aristocrat Games

Aristocrat-US Press Room

http://www.aristocrat-us.com/#!press/c2414

The Walking Dead Slot Machine from Aristocrat Technologies

http://www.multivu.com/mnr/63298-aristocrat-unleashes-the-walking-dead-slot-game

http://www.youtube.com/watch?v=p0qIHYL4_Pw

G2E 2012: Aristocrat Technologies

http://www.youtube.com/watch?v=GDba7ntTHHU

http://www.4-traders.com/ARISTOCRAT-LEISURE-LIMITE-6491399/news/Aristocrat-Leisure---Tops-2014-Slot-Manager-Survey-Winning-Top-Performing-Game-Most-Anticipated-G-18139241/

Page 24 - Study Guide 3

Study Guide – Chapter 3 – Introducing financial statements

Financial Statements where do they come in to the business situation? Without them I envisage a world in chaos money being used and no accountability.

Question 3-1

1. What is wrong with just doing what 'works' in relation to analysing financial statements?

By doing what ‘works’ in relation to analysing statements can in itself present many dangers. Yes I could agree with, if the system works don’t touch it keep working with it. However with the changing of time, systems are being constantly upgraded and unless we take steps to follow the procedures set in place, analysing of financial statements may become flawed. Errors may occur and systems fail.

I see financial statements as a story of what is happening within the organisation. Assets to liabilities, balance sheets to income statements have a role in the story. With an accountability of business features it would be useless to keep going.

There are plenty of experienced practitioners in our capital markets.Why do we not simply find out what most are doing and just do this ourselves? What do you think and why?

Each company has its own role within the world. You wouldn’t ask a butcher to bake a loaf of bread or nurse to be a bank clerk each role has its own purpose. So simply doing what most are doing is not the right solution. We must develop our own unique way of business.

Question 3-2

What is the benefit of having a structure, such as the du Pont Company’s framework, to help use ratios to analyse a firm's financial statements? Is it any better (or worse) than simply doing what experienced practitioners do? Why or why not?

To understand the du Pont Company Framework I felt I needed to find out the full definition of what it means.

Definition:

A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher return on equity (ROE). It is also known as "DuPont identity".

DuPont analysis tells us that ROE is affected by three things:
- Operating efficiency, which is measured by profit margin
- Asset use efficiency, which is measured by total asset turnover
- Financial leverage, which is measured by the equity multiplier

ROE = Profit Margin (Profit/Sales) * Total Asset Turnover (Sales/Assets) * Equity Multiplier (Assets/Equity)

I would have to agree that we do not just rely on a firm’s financial statements. Looking beyond the financial statements and delving into the nuts and bolts of the business we will be able to determine how the company is performing. I would see it as a way of what would help me if I was the business organisation and how I could improve on the quality of business activities to ensure that my company was performing to the best of its current standings.

Page 23 - Who wins from 'Big Gambling?

Have you ever considered who really wins form Big Gambling?

Statement within this article states - It merely transfers wealth from poor to rich and may in fact reduce economic activity due to diverting gamblers from productive labour.

http://theconversation.com/who-wins-from-big-gambling-in-australia-22930

Page 22 - Change in Fiscal year reporting from 31 December 2012 to 30 September 2012

Going through my financial statements I have found a change of end of financial year, in 2011 my year ended is 31 December in 2012 it then becomes 30 September 2012 and then continues on from that point.The reason for the change was for a closer alignment with the sales cycle.

http://australianshareholders.com.au/asa_site/index.php?option=com_content&view=article&id=2572:aristocrat-leisure-all-2013-agm-report&catid=53:company-reports&Itemid=111

Page 21 - Has any criminal charges been laid against Aristocrat leisure?

An Interesting read about Former Director/Chairman John Pascoe

http://kangaroocourtofaustralia.com/2013/04/17/john-pascoe-rides-again-federal-magistrates-court-of-australia-changes-name-but-not-the-criminal-running-the-joint/

Page 20 - Peek Into Aristocrat's Online Gaming

PLEASE MAKE NOTE - I do not agree with gambling and I believe that each individual needs to be responsible for their actions.

The link to the site I have below is to give the viewer of this blog an insight to what extent Aristocrat Leisure as developed in todays industry.

Land-based and online gaming technology supplier, Aristocrat Technologies is taking a lead with its award-winning nLive™ virtual casino solution, an innovative technology that is transforming both online and in-casino play. The company announces that it will now create an nLive virtual casino for long-time Oasis 360™ partner Tachi Palace Hotel & Casino.

To date, Aristocrat has launched more branded free-play sites than any other provider and Tachi Palace is the first California-based property to contract for an nLive virtual casino.

http://portal.sliderocket.com/ATI/ATIonline_STKv4

Page 19 - Latest News

Company Website - Latest News, Events and Careers

http://www.aristocrat.com.au/Pages/Default.aspx

Aristocrat brings Network Gaming to Spain

12 March 2014
Aristocrat Technologies has gone live with its first server-based gaming operation in Spain, opening the first of number of networked installations in the province of Aragon.

Coming Events
GE2 Asia
Global Gaming Expo Asia (G2E Asia) is the premier Asian gaming event and one-stop sourcing platform for decision makers in Asia to discover the most comprehensive array of gaming and entertainment-related new products and services, network with industry-leading manufacturers, and learn the latest trends. Held in Macau - the heart of Asian gaming and one of the fastest growing gaming markets in the world - it’s the best resource to gain a competitive edge for your business and your career.

Careers
Careers with Imagination
Aristocrat is continually redefining its reputation for excellence by engaging a diverse team of people who are committed to making a difference, relentlessly innovating, and creating value in products and services.

These are some of the items you will find on their web page.

Page 18 - Change in Executive Leadership

Whilst making this blog a change in the Executive Leadership has taken place. See links of the changes below.

http://www.aristocrat.com.au/Media/Documents/Media%20Release%20-%20ELT%20structure%20announcement.pdf

http://www.aristocrat.com.au/Investors/ASX%20Annoucements/2014%20AGM%20Results%20-%20Poll.pdf


http://www.reuters.com/finance/stocks/companyOfficers?symbol=ALL.AX

Page 17 - Company Qualifications

Company Qualifications

Page 16 - Price History

ARISTOCRAT LEISURE LIMITED price history chart

ARISTOCRAT LEISURE LIMITED closing prices for last 5 days week ending 28 February 2014

Dividend History for ARISTOCRAT LEISURE LIMITED (ALL)from 2000 - 2013

http://www.sharedividends.com.au/all+dividend+history


Shares Snapshot

http://www.bloomberg.com/quote/ALL:AU

http://au.finance.yahoo.com/q?s=ALL.AX

Page 15 - Aristocrat Leisure Pty Ltd - Annual Report 2011 - 2013

Aristocrat Leisure Pty Ltd - Last 3 Years Annual Reports

These can be located on the web

2013 Annual Report
http://www.aristocrat.com.au/Investors/Documents/Aristocrat%202013%20Annual%20Report.pdf

2012 Annual Report
http://www.aristocrat.com.au/Investors/Documents/2012.12.21%20Aristocrat%202012%20Annual%20Report.pdf

2011 Annual Report
http://www.aristocrat.com.au/Investors/Documents/2012.03.30_ASX2_FINAL_2011_Annual_Report.pdf

Page 14 - Aristocrat lights up ICE with dazzling display

http://gamingandleisuremagazine.com/aristocrat-technologies-emea-media-release/

http://www.icetotallygaming.com/exhibitor/aristocrat-technologies

Some of the Different Displays that involved Aristocrat Leisure at the ICE Display in London in February

Page 13 - Media Release

An evaluation of responsible gambling features prepared for Aristocrat Leisure.

http://www.aristocrat.com.au/company/Documents/Blue%20Gum%20Gaming%20Machine%20An%20evaluation%20of%20responsible%20gambling%20features.pdf



Leadership Structure Changes

http://www.aristocrat.com.au/Media/Documents/Media%20Release%20-%20ELT%20structure%20announcement.pdf

http://ggbnews.com/issue/vol-12-no-7-february-17-2014/article/aristocrat-to-change-leadership-structure

http://www.globalgamingpr.com/news-5576-Aristocrat-Expands-Oasis-360-System-Footprint-With-New-Installation-At-Recently-Opened-Magnolia-Bluffs-Casino-Mississipi.html


DID YOU KNOW??

Founder of Aristocrat Leisure gives 5 million dollars to Sydney Hospital

http://www.fpmagazine.com.au/individual-donates-5-million-to-sydney-childrens-hospital-331010/


Pages 40-41 The Grandfather of gaming

http://www.clubsqld.com.au/wp-content/uploads/2012/01/CI-Apr-May_Web_2.pdf

Page 12 - Key Concepts and Questions Part 2

Feelings and Concerns about the Company I have been given - Aristocrat Leisure Pty Ltd

QUESTION 8 - Are you Happy with the firm you have been given or would have you have preferred to be given a different company?

My first reaction when I checked the list of companies was Eeek!!!! why did I get a gambling company? What was the lecturer thinking when he allotted the different companies to each one of us? You have to be kidding giving me a gambling company. These and many other thoughts went through my mind as to why? Ok! so it is part of this course so I set down to investigate what I was going to do.
This was an area that I don't usually delve into. I am not a gambler and as far as poker machines go watching other people lose money didn't interest me let alone me playing poker machines. I probably would've preferred say an airline or computer or even a coffee company to study.
However as I am now researching Aristocrat Leisure I have gained an insight into the background of the equipment used to gamble away money. People around have needed some way to relax or a quick money gain or loss whatever the situation.
The main point for me is not to look at the circumstances surrounding poker machines but how a company goes about running their business whether it be inventing and making poker machines. The more I learn about this company the more I can see how the gambling industry works both out front and behind the scenes. The thing that probably has got my interest is how the founder of the company that has been successful over the past 60 years would leave it behind to start a new company. It will be interesting to compare Aristocrat Leisure to Ainsworth Gaming and see what has occurred over the time.

Page 11 - Key Concepts and Questions Part 1

What does Aristocrat Leisure Pty Ltd Actually Do?

QUESTION 1 - What were the Areas of Financial Statements I didn't understand

When reading through the reports I found that the reports had different names for the Spreadsheet requirement. These being the following:-
o Balance Sheet – Consolidated statement of financial Position
o Income Statement – Consolidated statement of comprehensive Income
o Statement of Changes of Equity – Consolidated statement of changes of equity
In some ways this led to some confusion when entering data to the spreadsheet. One of the questions I placed on Facebook to Martin Turner showed up a small confusion to me. I have had to use my Consolidated Statement of Comprehensive Income for Statement of Income. Can you tell me if I need to add in the section that says "Normalised profit" (before controlling interest) and "Reported Profit / loss" and if so do is use "before or after tax".


QUESTION 2 - What were the Areas of Business that are most critical or important to me

When looking at Aristocrat Leisure I see a company that can either be good or bad to those involved. The most critical areas of business to me are as follows:

- Company Standing

Aristocrat has been operating for over sixty years and seeing it develop from an idea to a major company throughout the world shows that success has been alongside this company. However if the company fails to follow its values it will lead to utter disaster. However through reading its company reports and business review I can see this company successfully staying in good standing in the future.

- Customer satisfaction

With the implementation of a range of gaming initiatives customer satisfaction is well balanced

- Product satisfaction

As the industry develops more improved games product satisfaction will come to the fore.

QUESTION 3 - What are the Key Challenges the Aristocrat Leisure is facing

Risks affecting the Company – While Aristocrat aims to manage risks inorder to avoid adverse impacts on its financial standing, there will be some risks that outside the groups Control.

1. With Changing economic conditions and other factors affecting the gaming industry Aristocrat will need to keep working to develop new and innovative technologies and products to meet customer needs and working to partner with their customers to provide value adding solutions.

2. Increasing competition Aristocrat will be continuing to invest in key skills and talent and have also strengthen their insights function to enhance their ability to produce innovative new product portfolios to drive entry into new markets and support share growth.

QUESTION 4 - How successful is Aristocrat Leisure in meeting its challenges?

In 2013 the primary focus was to execute the growth strategy across the world. Aristocrat made solid progress with an unrelenting commitment to deliver their customers the best possible games.

They needed to step up their investment in world-leading and technical and creative talent and working hard to embed a high performance culture thus being recognised as an employer of choice across the global industry.

Aristocrat needed to also sharpen their focus on what local customers and players wanted hence challenging themselves to live up to the company’s promise of truly ‘transform the game’.

A new benchmark was set for the business generating positive customer and market feedback on the quality and breadth of portfolios that Aristocrat showcased over their major tradeshows.

QUESTION 5 - What strategies has Aristocrat Leisure set in place?

Aristocrat strategy focuses on three key pillars – Core Momentum, Industry Transformation and People and Culture.

Core Momentum

- Focused on core gaming business and taking necessary steps to underpin share growth over coming years.

- Major investment in new and existing creative talent to continue to build competitive gaming and jackpot portfolios.

- Add further excitement and performance to gaming operations product. This included having legendary names such as Dan Marks, Scott Olive and Je Kaminkow joining their talented global group of artists and designers hence making an impact in quality of core game portfolio

Industry Transformation

- Made investments over the year to secure future position in emerging social gaming category
- Acquired an Internet Gaming System (IGS) and Remote Game Server (RGS) to enabling Aristocrat game content in both the online wager and free-to-play environments

People and Culture

- Commitment to building a high performance culture ensuring that Aristocrat attracts and retains the best performers with the right capability and behaviours to bring the company’s strategy to life.

- Rollout of High Performance Kit to support their key leaders to maximise their effectiveness every day.

- Implementation of range of improvement measures in response to global employee survey and bedded down comprehensive talent and management program

QUESTION 6 - What concerns do I have at this stage?

I did have some concerns to start with on how Aristocrat operates and whether or not they have some responsible gambling procedures in place. As gambling can be classed as both good and bad I needed to know if Aristocrat was a company that not just looked after company interests or that they actually looked after the individual that ends up using their machines for gambling purposes.

Today I did some research and found that they have done an evaluation of Responsible Gambling Features.
See link below.

http://www.aristocrat.com.au/company/Documents/Blue%20Gum%20Gaming%20Machine%20An%20evaluation%20of%20responsible%20gambling%20features.pdf

Aristocrat’s Role in a Sustainable Industry

Aristocrat works closely with industry leaders to promote responsible gaming initiative and support the adoption of evidence based responsible gaming practices and policies.

Responsible Gaming and Harm Initiatives are as follows:-
- Reducing problem gambling without unduly impacting the overwhelming majority of recreational gamers or limiting their choices, amenity and enjoyment
- Foster player empowerment and informed decision making while protecting individual privacy
- Be implemented with a high degree of integrity from both a technological and legal perspective
- Are affordable and viable for customers and ultimately for the players

Investment Initiative such as Blue Gum TM electronic gaming machines which incorporates a range of harm minimisation features including:-

- Special messages and animations to encourage players to gamble responsibly
- Bank meter allowing players to ‘bank’ any wins
- An alarm clock to help players to monitor the amount of time spent playing
- A ‘charity meter’ to direct part of the winnings to a registered charity



QUESTION 7 - What are the Similarities or Differences in the way each of the following firms present their Financial Statements
Aristocrat Leisure Pty Ltd, Echo Entertainment and Ainsworth Gaming will be the companies that I will be comparing.

Similarities

1. Layout of financial statements form both Aristocrat and Ainsworth are very similar in what they have inputted into their reports

2. Responsible gaming Programs - Both Aristocrat and Echo Entertainment have these set in place.

Page 10 - Study Guide - Chapter 1

Study Guide - Chapter 1 – A Way of Viewing Business

Nothing ventured nothing gained is the thought that is going through my mind as I now journey into the world of accounting. All this stuff about debits, credits, financial statements, companies, and business is making my brain tick at a hundred miles an hour.

Ok so as I look at this I remember the times at school where I had studying some business studies and remembered how much I enjoyed working with figures. Mathematics skills coming to the fore as I venture into the world of accounting. So the question at this point of time is how I go about writing a reflection about the way of viewing business in my words.

I can see that business has been around since the beginning of time. It brings a fascination to all those involved. From the farmer to the wholesaler to the retailer how each one of these people value business determines whether it will be successful or fail. How do I perceive value? Value is something of worth that matters or means something to me.

I can see business as a place where I can make a difference and along the way help others do the same. The double entry system makes me think how stupid. Why would you go and make twice as much work for yourself until I realise that the double entry system is a great back up for the business. It reminds me so much about using a computer and working on this assignment I may save it to a specific file area and if I don’t back it up to another area I could run into trouble if one of the files becomes corrupt. Businesses are the same. Budgets and financial statements have the potential to influence how a business will run.

I look at a coin and know that there are two sides just as a business there is a credit and a debit. How will I connect the two together? Ok so I need to look at what each step has to occur. Building block are used as a foundation to a building project just the same as business it starts with an idea and ends up as a concept to transform what the business will be about.

From journals and ledgers to financial statements and profits and losses there is so much that can be learned. The accounting equations just to name one can be quite a mind boggling concept until we break it down into sections. By doing this we can assume that there is a model to the way in which it can be done.

By following the elements of accounting I can assume that the running of a business and the way that accounts are kept will determine how the business will be run. Businesses cannot be run without documenting their day-to-day running of their business. Businesses need to show their accountability on where their money will go.

Question 1-1

Why do we have double entry accounting?
Double entry accounting for any business is at the heart of good accounting. Every transaction has equal and opposite effects in at least two different accounts.Complete data is available, provides an arithmetic check on bookkeeping, helps track debits and credits, can help ascertain the financial position of the business, makes it easier to produce year-end accounts.

Why do we put everything twice? why not just once?
By doing it twice it helps minimise errors and increase the chance that the books balance whereas doing it once you are not able to provide a check against clerical error, does not record all transactions, does not provide a detailed record of assets, theft and loss cannot be detected.

Question 1-2

Identify Three Assets, Three Liabilities, Three Items of Equity

Three Assets

1. Property, Plant, and Equipment - Tangible fixed assets

2. Trade Receivables - are presented as current assets unless collection is not expected for more than 12 months after the reporting date

3. Intangible Assets - assets of a company which cannot be readily assigned a value such as leases, goodwill, patent rights, research and development

Three Liabilities

1. Borrowings - are classed as current liabilities unless payment is not due within 12 months of the reporting date

2. Trade and Other Payables - represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid

3. Progressive Jackpot Liabilities - Base jackpots are charged to cost of sales when the Jackpot is one

Three Items of Equity

1. Contributed Equity - Ordinary shares are classified as equity

2. Reserves - are amounts that are retained in the business and not distributed to the owners.

3. Retained Profit - profit carried forward by a company from past financial periods to the present - If closing balance of retained profits is higher than that brought forward at the beginning of the year then shareholders'equity has increased

Page 9 - Lawsuits For and Against Aristocrat Leisure

FOR
http://www.prnewswire.com/news-releases/aristocrat-technologies-inc-files-patent-infringement-lawsuit-against-international-game-technology-igt-55543697.html



AGAINST
http://www.smh.com.au/business/aristocrat-pays-226m-to-settle-us-lawsuit-20100915-15coq.html

http://www.gambling911.com/gambling-news/international-gaming-technology-vs-aristocrat-leisure-legal-battle-ensues-011911.html

http://www.igamingbusiness.com/igt-and-aristocrat-settle-patent-lawsuits


http://www.ferrierhodgson.com/au/publications/service-line-case-studies/forensic-accounting/dorajay-pty-ltd-class-action-v-aristocrat-leisure

Page 8 - Other blogs of interest

http://martinacct11059.blogspot.com.au/

http://evedelange.blogspot.com.au/

http://assignment1-s0051764.blogspot.com.au/

http://melodycarbarns.blogspot.com.au/

http://qttu76.blogspot.com.au/

http://somethingbeginningwithbee.blogspot.com.au/

http://mfsanchezbarreraacct11059.blogspot.com.au/

http://janeashleighread.blogspot.com.au/

http://heather-acct11059.blogspot.com.au/

http://meganelouise.blogspot.com.au/

http://ashleyconwayacct11059.blogspot.com.au/

http://sharonsaccountingdecision.blogspot.com.au/

http://ymelly85.blogspot.com.au/

Page 7 - Ratings on Top 3 BLOGs.

This was a very hard choice on my part as there are so many good ones.

I have perused over so many however i can only make 3 choices.


The first two chosen are companies that are in the same industry as my own - Gambling and the third being an Airline.

1. Melinda Lynagh - Ainsworth Game Technology RATING SCORE 7/10

http://melindalynagh-acct11059.blogspot.com.au/

The reason I have chosen Melinda's will be an interesting one to follow as her company was started by the founder of Aristocrat Leisure in 1995 (Len Ainsworth).

I have enjoyed reading her posts especially where she has put her own thoughts about gambling into her posts.

2. Leeland Greinke – Echo Entertainment RATING SCORE 9/10

http://leeg936cqu.blogspot.com.au/

I enjoyed reading Leeland being also involved in the gaming industry. It was good to note that Echo Entertainment also has a Responsible Gaming Program also in place. Interesting to also note that his company would give up a company like Jupiters Casino in Townsville to allow expansion in other areas.


3. Anna Towan - Ryanair RATING SCORE 9/10 - VERY INFORMATIVE AND WELL LAID OUT

http://annatowanacct11059.blogspot.com.au/

My third one I have enjoyed her posts and what she has written in regards to her company.

Anna has put much thought into her posts and learning about her journey about Ryanair.


Extra Mention - Quoc Thanh Tu

http://qttu76.blogspot.com.au/

Over the past few weeks I have seen another blog that has sparked my attention and if I was able to I would give this a Rating of 9/10 as well. The quirkiness of the posts and relevance of company material has been outstanding

Page 6 - Stories of the Founder of Aristocrat Leisure

News Articles

Len Ainsworth turns 90 11July 2013

http://brw.com.au/p/business/happy_birthday_to_legend_len_ainsworth_84mxHYu8Lb8l0k3Fn6d2tN

http://www.forbes.com/profile/len-ainsworth/

Other Articles of Interest

http://finance.ninemsn.com.au/news-and-markets/company/?code=ALL

http://www.businessspectator.com.au/article/2013/2/22/financial-markets/rich-pickings-len-ainsworth