Memo Review

Occasionally a person working with a department at a company is required to pass on information to another department or a supervisor. Because the executive vice president has requested information on inventory valuations, it is necessary to make this memo professional and accurate. The use of information must be explained to the company officers so it should be considered that they are not aware of the jargon used by accountants. Summarized below are the changes in the interoffice memo relating to accounting jargon and abbreviations.Also included is the requested information on First In First Out (FIFO) and Last In First Out (LIFO) method, but this topic is changed for easier understanding. When revising the memo it is changed from casual to professional and formal. In this case the memo in question is concerning the FIFO and LIFO methods and the effects of the methods on the company. This requires explaining each valuation method in terms of the profit and loss on the income statem ent and the Cost of Goods Sold (COGS).This needs to be detailed without being condescending. The last paragraph about the lawsuit by Macy’s is not necessary to include since this information does not affect the retail industry’s inventory valuations methods. The accounting jargon of elastic pricing and an inflationary economic time needs to be changed to professional wording. In the case of elastic pricing, it would be appropriate to state that the company’s prices are flexible because of the industry demands, so the inventory methods need to reflect this to maintain a profit.Inflationary economic time can be explained as coming into a period of inflation. These two changes will advise the senior officers what is important to consider without adding unnecessary information The last part of the memo that must be stressed is the law that state no matter which inventory valuation the company decides to use it must continue to use this method for the complete accoun ting cycle.An accompanying recommendation based on the previous financial statement could be added to help with this process or an explanation on how each inventory method would affect the company’s profit would be important. Upon completing the review of the interoffice memo an employee will often find there must be changes made before it can be sent on to the intended recipient. This will require eliminating interoffice jargon and abbreviations. The memo must meet the requirements of the demand of information and the station of the person receiving it.Business communication can be formal or casual depending on the relationship of the people interacting and the final destination of each communication. This is important to remember when composing any business communication.References Leisker, R. V. , Flatley, M. E. , & Rentz, K. (2008). Business communication: Making connections in a digital world (11th ed. ). Boston, MA: McGraw-Hill. University of Phoenix Online. (2010). Bus iness Communications for Accountants. University of Phoenix: Accounting Memo. Memo Review Memo Review XBCOM/230 Whenever an individual is doing work for a division of an organization, it is important to transmit information to other divisions and the supervisors. The executive vice president wanted information on stock values therefore the memo should have been professional and correct. The data in the memo should have a description to the organizational officials. The use of jargon in a memo is not professional. Jargon, rubber stamp, and cliches are usual for accountants to use when they are interacting with other accountants.Rubber stamps convey the result of usual treatment, unlikely to win over readers positively. This kind of treatment inform readers that the author does not have particular concern for them, and the current case is dealt with in the same manner as others (Rentz, Flatley, & Lentz, 2011). Summarized under are the modifications in the interoffice memo pertaining to the accounting jargon and abbreviations. The interoffice memo requested that we provide a review of last in/first out (LIFO) against first in/first out (FIFO).The memo alters from casual to official while revising the data. In this instance, the memo is about the FIFO and LIFO techniques and the outcomes of the techniques of the organization. Description is needed for each valuation technique with regard to the profit and loss on the income statement as well as the cost of goods sold (COGS). The final part regarding the legal action by Macy’s is not required to incorporate since this information has no effect on the retail industry’s inventory valuation techniques.The accounting jargon of elastic pricing as well as an inflationary economic time alters to professional phrasing. In the matter of elastic pricing, it will be suitable to say that the company’s rates are flexible within the industry requirements. Thus, the inventory techniques must reflect this to keep a profit. As getting into a time the rising cost of living, inflationary economic times have a description. Both of these modifications will suggest the senior officials what is important to think about without adding useless information.The final portion of the memo should stress the regulation; regardless of what inventory valuation the organization determines to use it should carry on using this technique for the whole accounting cycle. An associated suggestion, depending on the last fiscal statement adds this to assist with this process or a reason of how each inventory technique would impact the company’s profit would be essential. After doing the overview of the interoffice memo, a worker will frequently find there are modifications made prior to delivery to the supposed receiver.Proofreading and editing is essential to get rid of interoffice jargon and abbreviations. The memo should meet the requirements needed information and the place of the individual receiving it. Business communication can be official or casual based on the relationship of the indiv iduals communicating, and the ultimate location of each communication. This is important to keep in mind when crafting any business communication. References: Rentz, K. , Flatley, M. E. , & Lentz, P. (2011). Lesikar’s business communication: Connecting in A digital world (12th ed. ). Boston, Ma: McGraw-Hill.