Saturday, May 23, 2020
Essay on Report the Role of Accounting in Organizations...
REPORT The Role of Accounting in Organizations and Society Accounting plays an important role in interfacing society and organization. As it is also mentioned in Burchell article â€Å"it is presumed that accountings are there to facilitate organizational and social actions.†As we know that accounting is helpful for structuring of organizational objectives, to reduce financial risk, to make financial decisions, it also helps organization to take into account different stakeholders interest like investors, suppliers, customer, etc, which automatically creates a strong bond between organization and society. There are three important accounting phenomenons’ that were discussed in Anthony Hopwood article. Accounting as a changing phenomenon:†¦show more content†¦English social conditions had also created a need for audit services and had produced accountants more highly skilled than any before , whereas in developing countries where there is no proper accounting system companies practices accounting in their own interest and may have excessive use of creating accounting to manipulate profit and loss, no proper audit or taxation practices. Another reason of heterogeneous practices of accounting is social aspect where organizations are operating .It may be because of lack of education and accounting system. In growing economic such has India and China accounting practices are different than UK, Germany, US, etc it all because of organizational and social-cultural aspect. There is also a huge gap between accounting researcher and accounting practitioner due to which there is still lack of standardization in accounting practices this is also a major reason of todays world financial crises, because when ever intellectual and researchers purpose new accounting amendment it takes lot of time to be implemented to change to organizational accounting practices, for example previously in UK companies where using UK GAAP, but after 2007 it is obligated to practice accounting under International GAAP. New dimension of behavioural finance have been added into accounting, instead of looking simply at financial indices and the way in which markets are functioning at an aggregate level, behavioural finance hasShow MoreRelatedAccounting Information System Chapter 1 Discussion Questions1687 Words  | 7 PagesDiscussion Questions 1. Discuss some of the challenges facing business today. Does information technology play a role in these challenges? Explain. The business world and society in general are undergoing phenomenal and sometimes turbulent change. The â€Å"new economy†driven by the Internet has seen the rise of entirely new businesses like Amazon.com, Yahoo, eBay, and of course Google. While the â€Å"dot com bust†of 2000 saw the demise of thousands of Internet-oriented businesses, the fact remains thatRead MoreSustainability Accounting And Non Financial Reporting1052 Words  | 5 PagesAs a newly established area in accounting, sustainability accounting and reporting extends the traditional model of financial and non-financial reporting to incorporate the company’s operational information, social and environmental activities, and their ability to deal with related risks. Not only do these acts have effects on society and the environment, but they also directly impact company’s financial statements. The most widely accepted definition of sustainability that has emerged over timeRead MoreThe Impact Of Information Technology On Accounting Activities1051 Words  | 5 Pagesimprovement of society, Accounting has experienced approximately several stages. In theses stages, the development of advance technology for accounting is so important that its influence could not be overlooked. In today highly competitive, dramatically changed gl obal economy, rapidly fluctuated business market, organizations have been forced to consider how to use information technologies to hold advanced competitiveness. As introducing of these information technologies into organizations, accounting activitiesRead MoreAccounting Theory and Practice Reflection Essay1142 Words  | 5 Pagesview the knowledge we learnt from accounting theory and practice, the main thing I can conclude that is the tendency of accounting will shift away from technical way to people’s behaviour way. By understanding what should do, we should ask why and how we could improve and change it into a better way. This essay aims to explain how the theoretical material that we learn in lectures can be developed under a real practical manner. When talking about accounting, the first thing we should know isRead MoreQuestion 1:.Organizations Give The Accounting Firmsimportanttasks835 Words  | 4 Pages Organizations give the accounting firms important tasks that they cannot do it by themselves. The services provided by public accounting firms will vary by the size and the expertise of the firm. Accounting firms typically specialize in areas such as auditing, business advisory services, tax accounting, bookkeeping and forensic accounting. The type of accounting firm you hire depends on the nature of your business needs. Like audit firms, These firms provide audits for organizations, smallRead MoreAccounting Is an Information System That Identifies1092 Words  | 5 PagesA objectives and the roles of financial accounting â€Å"Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users.†1. The basic objective of accounting is to provide information to the interested users to enable them to make business decisions and â€Å"Financial statements are the primary means of communicating financial information to parties outside the business organization.†2. Moreover, accounting can give the essentialRead MoreThe International Integrated Reporting Council Essay1613 Words  | 7 PagesIntroduction This essay has been requested by the one of the Big 4 accounting firms in New Zealand, in which they include Deloitte, Price Waterhouse Coopers, KPMG and Ernst and Young to prepare a contextual essay in relation to Integrated Reporting (). In this document, it will pay specific attention to explaining what is , it’s emergence and deliver a reasonable judgment as to whether it should develop the new form of regulated accounting practice in New Zealand within the next 5 years for KPMG. TheRead MoreAdler, N. (1991). International Dimensions Of Organizational917 Words  | 4 Pagesdeterminants of consumer satisfaction and complaint reports. Journal of Marketing Research, 20 (February), 21-28. Becker, T. Billings, R.S. Eveleth, D.M. Gilbert, N.W. (1996). Foci and bases of employee commitment: implications for job performance. Academy of Management Journal, 39 (2), 464-482. Bisbe, J. Otley, D. (2004). The effects of the interactive use of management control systems on product innovation. Accounting, Organizations and Society, 29 (8), 709-737. Bolton, R. and Drew, J. (1991)Read MoreDefining True Profit914 Words  | 4 Pagesâ€Å"Profit†is the result of employing particular accounting rules and conventions, and many of them are contained within accounting standards (D G, 2006). In this essay, I would like to discuss whether there is â€Å"true profit†under the pressure of accounting standards and profession which, in my opinion, play the most important role in shaping the nature of information. I will analyze this idea in the light of different prospective of the Normative Accounting theory (NAT). Nowadays, accountants establishRead MoreThe Key Point Of Business Management1535 Words  | 7 Pages(Why You Must Adapt or Watch Your Business Die.) All organizations have to adapt to society, and the organizations have to have high performance on competition. However, the business world is quick changing every day. One key that help the organizations avoid risk successfully is the ability to understand the complexities of the organization’s targets, for example, customers, prospects and partners. Consequently, executives of the organizations have to create policy that can make vantage on competition
Monday, May 18, 2020
The Human Embryonic Stem Cells - 910 Words
Since the discovery of human embryonic stem cells, scientists have had high hopes for their use in treating a wider variety of diseases because they are â€Å"pluripotent,†which means they are capable of differentiating into one of many cell types in the body. However, the acquisition of human embryonic stem cells from an embryo can cause the destruction of the embryo, thus raising ethical concerns. In 2006, researchers introduced an alternative to harvesting embryonic stem cells called induced pluripotent stem (iPS) cells. They provided evidence that it was possible to send a normal adult cell back to an undifferentiated, pluripotent stem cell state by introducing genetic material (â€Å"outside†DNA) into the cell, a process that alters the original state of the cell. To avoid the use of embryonic stem cells, other researchers have focused more on the use of adult stem cells, but the use of these cells is limited because, unlike embryonic stem cells that grow into any type of mature cell, adult stem cells can only grow into certain cell types. Now, researchers from Harvard-affiliated Brigham and Women’s Hospital (BWH), in collaboration with the RIKEN Center for Developmental Biology in Japan, have demonstrated that any mature adult cell (a â€Å"somatic†cell) has the potential to turn into the equivalent of an embryonic stem cell. In an article to be published in the Jan. 30 issue of Nature, researchers demonstrate, in a preclinical model, a novel and unique way that cells can beShow MoreRelatedHuman Embryonic Stem Cells1916 Words  | 8 PagesThe human embryonic stem cells (hESCs) have defined by Bryant and Schwartz (2008) is in the mammalian embryo, there are several cell divisions that take place after the fertilization of the sperm and the egg in the uterus. There is no growth in the total volume of the cell, so the cells that are known as blastomeres get progressively smaller. Then, they are rearranging into a hollow ball known as blastocyst and surround the blastocoel which is a fluid-filled cavity. The blastocyts and then segregateRead MoreHuman Embryonic Stem Cell Research1625 Words  | 7 PagesProduction and the Scientific and Therapeutic Use of Human Embryonic Stem Cells, the Pontifical Academy for Life presents the field of stem cell research with a statement regarding the official Roman Catholic position on the moral aspects of acquiring and using human embryonic stem cells. They have declared that it is not morally legitimate to produce or use human embryos as a source of stem cells, nor is it acceptable to use stem cells from cell lines already established. Thus, bringing up the conflictingRead MoreHuman Embryonic Stem Cell Research2490 Words  | 10 PagesFederal Government to fund stem cell research through the National Institute of Health. There are various types of stem cells, but the policy issue mainly covers human embryonic stem cells. This policy revokes President George W. Bush s executive order 13435 which put heavy limitations on federal funding fo r stem cell research. Although this policy has already taken effect, there are still bans and immense regulation on particular methods of human embryonic stem cell extraction that involve theRead MoreEssay on Human Embryonic Stem Cells 2138 Words  | 9 Pagesof a federal judge because of several issues that emerged with stem cell research being funded by the government. Although, the science of human embryonic stem cell is in its initial stages - there is much hope for scientific advancement due to the ability for human embryonic stem cells to grow into virtually various kinds of cells  Favorably, advocates for stem cell research and pharmaceutical companies strongly believe that stem cells may pave a way to discover new methods of treatment for devastatingRead MoreHuman Embryonic Stem Cell Research1901 Words  | 8 Pages Human Embryonic Stem Cell Research Stem cells are cells that have not yet differentiated, or will divide into other cells that will then differentiate. These cells have the ability to develop into any type of cell that the body requires during development and growth. The value of stem cells for research comes from the ability to develop into specialized cells, a process known as differentiation, under experimental conditions. Naturally, stem cells regularly repair or replace damaged tissues. ScientificallyRead MoreHuman Embryonic Stem Cells ( Hescs )1627 Words  | 7 PagesEstablishment of iPSC The interest in developing human embryonic stem cells (hESCs) as a regenerative medicine has been prospering due to its pluripotency and indefinite self-renewal capacity since first discovered in 19981,2. However, the method to harvest hESCs by destroying embryos raised ethical concerns and thus the progress of this therapeutics has been impeded for years. Alternative approach was not achieved until the discover of induced pluripotent stem cells (iPSCs) by integrating a combination ofRead MoreHuman Embryonic Stem Cell Research992 Words  | 4 PagesThe liver is known in the medical community as a miracle organ because is it the only known organ in the human body that can regenerate itself if half of it is cut out. Tissue regeneration has always been a desirable fantasy, but now it is almost a possibility. Human embryonic stem cells are pluripotent cells that, although unspecialized, can differentiate into various specialized cells, such as nerves, muscle, skin, or even blood. Sadl y, controversy surrounds this relatively new scientific conceptRead MoreHuman Embryonic Stem Cell Research1313 Words  | 6 PagesJessica Rogers Kendra Gallos English III Honors 18 April 2016 Human Embryonic Stem Cell Research Human Embryonic Stem Cell Research, or HES cell research, is a very controversial ethical debate. This issues is a dilemma for scientist, religious activist, and many more. HES cell research is being disputed because the practice is morally wrong. The other side of the issue stands with many scientist, being that they see the potential lives it could save in the long run. Religious activist, andRead MoreAdvantages Of Human Embryonic Stem Cells1572 Words  | 7 PagesCompare advantages and disadvantages of human embryonic stem cells (hESC) for use in cellular therapy The research of human embryonic stem cells (hESC) is talked about a lot in the field of medical research, not just by the scientists, but also by politicians, religious groups, etc. The discovery of stem cells is known as a medical sensation, with its research having the potential to cure many diseases. But there are still ethical issues standing in the way of this research, and due to this, differentRead MoreHuman Embryonic Stem Cells : The Moral Dilemma898 Words  | 4 PagesHUMAN EMBRYONIC STEM CELLS: THE MORAL DILEMMA Stem cells are unspecialized cells capable of renewing themselves through cell division, even after long periods of inactivity. Stems cells can develop into many different cell types within the body during early life and growth. Stem cells can also serve as an internal repair of sorts inside many tissues. When a stem cell divides, it has the potential to either become another type of cell with a specialized function or remain a stem cell. The abilities
Tuesday, May 12, 2020
Analysis Of The Poem Beowulf - 3700 Words
James Quimby Mrs. Morris AP English 2 September 2014 Summer Reading Assignment Beowulf 1. This epic poem is one of the first works composed in the English language. It also tells us about the Anglo-Saxon people who lived in England and their culture. What values did these people support? What ideals did they try to live by? How do their values compare to our values today? Try to find similarities between our culture and this ancient culture. Use examples from text to support your points. The Anglo-Saxon people in England at this time followed the Germanic heroic code which values courage, loyalty, and strength in the people of the time. They also tried to uphold ideals of hospitality, generosity, and the importance of tradition. The values of society today seem to be twisted in comparison. People value other’s opinion of them more than their own; they value wealth and power but not the honorable means of attaining it. â€Å"And a young prince must be prudent like that, giving freely while his father lives so that afterwards in age when fighting starts steadfast companions will stand by him and hold the line. Behavior that’s admired is the path to power among people everywhere.†(20–25) This quote outlines the values of generosity that a king should have in order to maintain the support of his people and his allies. This loyalty could then be called upon in the king’s time of need. Our society today is very different from that found in Beowulf; however as humans many of theShow MoreRelatedAnalysis Of The Poem Beowulf 851 Words  | 4 Pagesoffers literary analysis of Beowulf, the oldest epic poem that has survived in English literature. It is also widely known as the earliest surviving piece of literatures in vernacular European Literature. The language of this poem is Old English, spoken by Saxon people. This poem depicts a traditional story that is a part of oral Germanic tradition. As per experts, this is work of a single poet and was composed in then England. It has been determined by the scholars that this poem was written betweenRead MorePoem Analysis : Beowulf 1619 Words  | 7 PagesBen Sparrow Ms. Finkelstein Honors English IV September 5, 2015 Beowulf is renowned as the oldest poem written in the English language, thought to be written over 1500 years ago this epic poem is still being heavily studied and compared to modern literature regularly. The protagonist, named Beowulf is a great warrior whose called to defend the Danes from the vicious attack of many monsters. Many would label this call to action as the start of his hero’s journey, although it isn’t an ancient conceptRead MorePoem Analysis : Beowulf 906 Words  | 4 PagesKaleigh Della Grotta Ms. Murphy British Literature .2A Period C September 26, 2017 Beowulf Creative Writing Assignment Speech Honoring Beowulf I, Hrothgar, King of the Danes, built this mead hall to show everyone that Herot is the best mead hall to ever be created. Herot is a place for us to have celebrations where we eat, drink, and listen to poems shared all evening long. For countless nights Herot was your home where you would all fall fast asleep. As nights went on and things started toRead More An Analysis of the Epic Poem, Beowulf - Characterization of Beowulf1918 Words  | 8 PagesCharacterization of Beowulf          The dialogue, action and motivation revolve about the characters in the poem (Abrams 32-33). It is the purpose of this essay to demonstrate the types of characters present in the anonymously written Anglo-Saxon poem, Beowulf - whether static or dynamic, whether flat or round, and whether protrayed through showing or telling.  At the very outset of the poem the reader is introduced, through â€Å"telling†by the scop, to Scyld Scefing, forefatherRead More An Analysis of the Epic Poem, Beowulf - Social Codes in Beowulf910 Words  | 4 PagesSocial Codes in Beowulf                                                             In reading Beowulf, one cannot help noticing the abundance of references to weapons and armor throughout the text. Many passages involving weapons and armor contain important messages that the author is trying to convey. These passages involve the choice to use or refrain from using arms, the practice of disarming oneself upon entering anothers home, and the idea of a mans worth being measured by his weaponsRead More An Analysis of the Arguably Unified Poem, Beowulf Essay example2971 Words  | 12 PagesAn Analysis of the Arguably Unified Poem, Beowulf Beowulf as a less than unified work, more important for its historical and philological content than its literary merit, and critics after him regard Beowulf as a unified work of art. For example, of the critics who discuss the poem as a whole in An Anthology of Beowulf Criticism, most agree pace Tolkien that Beowulf is a unified poem, even if they argue so on different grounds. Burton Raffels introduction to his own translation offers aRead MoreAn Analysis of Grendel Based on the Classic Poem Beowulf922 Words  | 4 PagesGrendel based on classic poem Beowulf in which there is three main characters the mother the dragon and the Grendel. Not only Grendel but other two characters too represent alien world evils. Grendel is analyzed here to assess if he is man, monster or a notion. THESIS STATEMENT Is Grendel a man, monster or a notion? THE FIGHT WITH GRENDEL The idea of Grendel is based on a poem Beowulf. The story revolves around the fight between good and evil in the life. Beowulf was the hero who faced threeRead More An Analysis of the Epic Poem, Beowulf - Anglo-Saxon Customs and Values Reflected in Beowulf1791 Words  | 8 PagesAnglo-Saxon Customs and Values Reflected in Beowulf      Readers today approach the Anglo-Saxon poem Beowulf with cultural preconceptions very different from those expressed by the author of this poem. This essay hopes to enlighten the modern reader regarding the customs and values from the time of the poem’s composition.   Beowulf makes reference to Ingeld and his wife and the coming Heathobard feud:                                                             inRead MoreHistorical Analysis Of Of Beowulf s Poem, Beowulf, Sir Gawain, King Arthur And Other Legends918 Words  | 4 PagesAnglo-Saxon monsters and takes us on a journey to a time where writers try to tackle modern problems. Along the way we come across characters such as Beowulf, Sir Gawain, King Arthur and other legends who remain a vital part of popular culture. History offers us a variety of heroes and legends that we can read and learn about. The historical poem of Beowulf not only reveals to us the importance cultural values of the warrior society, but also the importance of literature. The warrior culture at thisRead MoreBeowulf And The Anglo Saxon Period1740 Words  | 7 PagesBeowulf The original poem, Beowulf, goes back to the Anglo-Saxon period in c. 650 and c.1100. Authors translated Beowulf many times in the Anglo-Saxon period to present day. It displays how a hero should be in the real world. He helps the people in the village and slays monsters. Everyone in the village looks up to him as he acts as if he were a role model. Beowulf, the protagonist in the translated Beowulf by Seamus Heaney, is a hero of his village, stands for bravery, strong will, and nobleness
Wednesday, May 6, 2020
The World Of Casino Online Gaming - 1740 Words
Blog 23 – Habanero continues game hot-streak with Ruffled Up release There is a lot to be said with regards to momentum in the world of casino online gaming. This is because those who have it can often ride a wave to untold success, with those lacking it often sinking without a trace. Proving that there is truth to the power of momentum, Habanero have been on an unmatchable hot streak as of late. Game development has become the company’s forte, as everything that seems have the brand’s name attached to it becomes a runaway smash-hit. The sheer level of success is clearly making major industry noise, with players now sitting up and taking notice. Proving that they are by no means a flash in the pan, the latest creation from the developer†¦show more content†¦Visually speaking this casino game packs plenty of â€Å"flight†, as it features birds sat atop telephone wires. Reminiscent of the popular mobile game Angry Birds, Ruffled Up carries a familiar yet fresh design that is sure to pique the interest of players. Reel replacement Taking casino innovation to the next level, Habanero have replaced the on-screen reels with bird symbols that move randomly. Still working on a payline setup it gives the game a fresh twist and one that definitely gives the game a buzz. The birds themselves are all brightly coloured, tying into the game’s theme in the process, each have its own distinct characteristics too. For those who wish to maximise the game experience, the goal will be to find the Storm-Bringer symbols, as these can provide a player with a pass into the free spins round. Some times it take a twist or two for a casino game to stand out from the crowd and Ruffled Up is able to deliver that. On a more traditional note, this game also features stackable wilds in the form the big bird symbols along with an ever-growing progressive jackpot. Here come Habanero Every industry brand labels itself as the best casino online developer in the world, generally because the tag makes for a fantastic marketing ploy. But for most this claim is nothing more than a bit of cheap hype. However, in the case of Habanero, things seem to be a little bit different. Of all developers it seems that the â€Å"best†developer
Exploring the Chinese Distribution Strategy for Gallo Free Essays
According to China Research and Intelligence (2010), distribution channels are still the key factor to success. Since the Chinese and Hong Kong markets show a slight preference for on-trade channels, especially concerning exclusive products such as wine, EJ Gallo Rose concentrates on them (China Research and Intelligence, 2010). According to Hollensen (2011), given that Gallo Rose is a high quality product selective distribution would be the appropriate form of distribution as Gallo Rose would be targeting a specific market. We will write a custom essay sample on Exploring the Chinese Distribution Strategy for Gallo or any similar topic only for you Order Now Gallo would depend on Chinese and Hong Kong wholesalers to distribute the wine to hotels and supermarkets, preferably those whom the competitors are not currently using. Therefore, a range of intermediaries has to be chosen carefully: mid to high price restaurants offering Western food, international pubs and lounges build a trading base. Once the wine is established, cooperation with high class Chinese and Hong Kong establishments could be considered. However, a presence in high segment supermarkets will be obligatory to make the product accessible. Jenster and Cheng (2008) stress the rise of other off-trade channels, such as specialty wine stores and online wine-sites. The former is particularly important for new Chinese wine drinkers. The latter will be a part of Gallo’s distribution chain as soon as it reaches a higher market share. As outlined by Bretherton and Carswell (2001), the Chinese distribution system is improving slowly. To set up in Hong Kong and coastal areas of China is relatively easy, as the infrastructure is excellent. Direct exports with the support of an executive office are sufficient. Nonetheless, further expansion will conflict with trade barriers and local protectionism. Areas have to be treated separately and high transaction costs are necessary to build own distribution channels. However, the advantages of higher reliance and lower control costs are obvious. Import taxes in China are lowered according to WTO agreements (9), but still 14% (Yu and Sun et al, 2009) plus value-added and consumption tax. On the other hand, Hong Kong tries to create a wine trading hub with the exemption of import taxes since 2008 (Winechina. com, 2010). How to cite Exploring the Chinese Distribution Strategy for Gallo, Essay examples
Accounting Information System Financial Statements
Question: Discuss about theAccounting Information Systemfor Financial Statements. Answer: Introduction Background: Internal control is important to eliminate the asset risk and to safeguard the plan assets presenting the accurate and reliable financial statements in compliance with legislations and regulations. In order to identify the risks, audit processes on assertion level on substantive and tests of control are to be followed and managing the operational or financial risk policy to control the same. Fruito is a retail organization sells fruits and vegetable to general public and local business organizations. Aims: Considering the business of Fruito and accounting information on payable department, the potential risk may arise on difference between actual order quantity and quantity recognized in the books. Explanations of Expenditure Cycle Expenditure cycle refers to the purchase decisions or actions and is a repetitive procedure to form the purchase orders for products and services. The present report refers the concept and elements of expenditure cycle for ordering fruits and vegetables, receiving fruits and vegetables and the potential impact of the internal risks (Chang et al., 2015). Stages of expenditure cycle: Considering the business of Fruito in the given case in accordance with the accounts payable department, first stage of the expenditure cycle is the ordering material (Rikhardsson Dull, 2016). It is essential to consider the delivery times, policies on return, pricing of the orders along with the order quantity while placing the orders to the supplier and follow the appropriate paperwork. Another stage involved in the cycle is receiving materials for which the organization needs to review the respective invoices and slips to verify the credits and returns (Sangster, 2015). How expenditure could be used in risk and control: In order to control the risk on expenditures it is essential to monitor the availability of the fruits and vegetables along with the consistency of price of the products. Further, it is important to review the ordering and cost budget for fruits and vegetables to discover any error. Risks and their Potential Impact on Fruito Following are the potential risk and impact on the ordering and receiving the stocks can be identified for the organization Fruito: Delivery time is one of the primary risks for ordering and receiving the products by Fruito that will affect the sales revenue and potential customers due to unavailability of products. Risk of return policy is a risk applied to the ordering of fruits and vegetables that would impact the organizational performance during the year end along with the value of product expenses. Inflation risk applies to the ordering and receiving the products in the Fruito organization since it would increase the expenses. Impact of inflation risk might increase the product price and lower the total revenue (Lam et al., 2015). Risk of availability of product is a primary risk for receiving the fruits and vegetables by Fruito since after placing the order, the supplier might not have the requisite number of products. This risk would affect the demand level of the organization and eventually affect the overall performance in terms of revenue (Boyle, DeZoort Hermanson, 2015). Inefficiency risk in terms of accounting information system (AIS) for recording the ordering and receiving details might exist since the AIS involves proper knowledge and skill to main the correct record. In case, the Fruito fails to maintain appropriate details in accounting information system it will affect the accuracy of organizational incomes and expenses. Risk of Complexity in the accounting information system appears because recognition of accounts payable details in the accounting software is complex and requires complete understanding of the application (Vijayakumar Nagaraja, 2012). Accordingly, in case the management fails to follow the recognition steps appropriately, it would reflect false results on the profitability, inventory valuation and quantity of traded products (Newton et al., 2015). Risk of losing the correct data exists if the details on account payables have not been recorded due to lack of correct details on quantity and price of the ordering products. This risk will impact the correctness and accuracy of the financial statements (Yang et al., 2015). Recommendations for Reducing the Risks Recommendation for risk of delivery times: 1. It is suggested that the management of Fruito prepares and confirms the delivery time with the supplier before placing the order. Another recommendation is that Fruito creates a paper document stating the possible penalties on the suppliers if the condition of delivery is not met. Recommendation on Risk of return policy: 1. Fruito is suggested to form policy on return of products for a specified period of time and for specific quantity. Fruito organization is recommended to make provision on return of products based on the previous records so that the performance can be attained following the conservative approach. Recommendation on inflation risk: 1. Fruito is recommended to provide scope for potential inflation rates to the suppliers as well as in the books so that the profitability can be ascertained after the consideration of inflation charges. It is also recommended that Fruito create a provision by considering the market rates and current inflation rates as contingent liability.Recommendation on risk of availability of product: 1. Fruito can check with the suppliers and book the required quantity to receive the appropriate order. Fruito is suggested to maintain the less inventory stock so that the order can be placed on time. Recommendation on Inefficiency risk: 1. Fruito can hire and appoint skilled employees to record the accounts payable details accurately. Fruito organization can outsource and arrange the training sessions to develop the existing employees knowledge on AIS. Recommendation on risk of complexity in the accounting information system: Fruito organization is suggested to segregate the several departments of accounting systems so that the information can be recorded effectively. It is suggested that the organization arrange the recording system on weekly basis or on daily basis to eliminate the risk of error. Recommendation on risk of losing the correct data: 1. It is suggested that Fruito review the trading invoices regularly to ascertain correct results. It is suggested that the organization verify and examines the recognized data with of ordering slips of the fruits and vegetables. Conclusion It can be concluded that the internal risk for Fruito organization in terms of ordering and receiving fruits and vegetables involves several risk. It has been analyzed in the report that ordering and receiving of products involves certain risk on delivery times, inflation, products availability and other risks. However, necessary recommendations have been provided to eliminate the potential risks by forming proper details, review and other necessary procedures to eliminate the potential risks. Reference List Boyle, D. M., DeZoort, F. T., Hermanson, D. R. (2015). The Effects of Internal Audit Report Type and Reporting Relationship on Internal Auditors' Risk Judgments.Accounting Horizons,29(3), 695-718. Chang, B., Kuo, C., Wu, C. H., Tzeng, G. H. (2015). Using fuzzy analytic network process to assess the risks in enterprise resource planning system implementation.Applied Soft Computing,28, 196-207. Lam, H. Y., Choy, K. L., Ho, G. T. S., Cheng, S. W., Lee, C. K. M. (2015). A knowledge-based logistics operations planning system for mitigating risk in warehouse order fulfillment.International Journal of Production Economics,170, 763-779. Newton, N. J., Persellin, J. S., Wang, D., Wilkins, M. S. (2015). Internal control opinion shopping and audit market competition.The Accounting Review,91(2), 603-623. Rikhardsson, P., Dull, R. (2016). An exploratory study of the adoption, application and impacts of continuous auditing technologies in small businesses.International Journal of Accounting Information Systems,20, 26-37. Sangster, A. (2015). The genesis of double entry bookkeeping.The Accounting Review,91(1), 299-315. Vijayakumar, A. N., Nagaraja, N. (2012). Internal Control Systems: Effectiveness of Internal Audit in Risk Management at Public Sector Enterprises.BVIMR Management Edge,5(1). Yang, Y., Liu, Y., Li, H., Yu, B. (2015). Understanding perceived risks in mobile payment acceptance.Industrial Management Data Systems,115(2), 253-269.
Friday, May 1, 2020
Ethical Decisions and Environment of the Business
Question: Imagine yourself in a situation where you are a manager in a government establishment. A bid has been submitted to your office for supply of new computers and your best friends company (Radax) is one of the bidders. Your friend has spoken to you about the bid and you have realized that Radax does not have the best bid. Describe the ethical concerns that have arisen from this scenario. Do you think your choice would be most affected by your individual moral development or by the cultural values of the organization for which you work? Explain. Answer: Ethical decisions are decided by the culture and the environment of the business(Bernardi Hayashi , 2013). Something are accepted in some cultures which may not be accepted in other cultures. For example, in the united States, people exchange gifts during Christmas while in Asian countries gift giving is considered important to build business contacts. Businesses are built for the economic profit of the organizations involved and any kind of personal relationship formed between the parties may lead to one party benefiting more from it(Davidrajuh). It is important that the business aspect of things is maintained and the tasks are executed under the watch of the leaders of the organization. In case of business relationships, personal relationships also suffer because of the stressful environment. In the current case, there are ethical scenarios as personal relationships are involved. Businesses are meant to facilitate interchange of transactions between two parties for economic benefit. The management has a number of responsibilities like division of work, discipline, unit of command and direction, subordination, equity, centralization, remuneration etc. (Venugopalan, 2011). Some of the ethical aspects involved in the tendering process include: The party with the best offer has be to awarded the contract in spite all personal relations and contacts The party should be evaluated on the basis of the price, quality of goods and previous work history only. All information should be circulated equally among the parties and no parties should be given any further importance. There should not be any kind of discrimination and everyone has the opportunity to be awarded the tender given he sticks of the specified criteria. It is the responsibility of the management to employee proper jurisdiction to handle the issue and keep a watch over things. The organization should make sure it is not viewed as an unethical organization in the eyes of the general public. The management has to make sure that the existing reputation of the firm is maintained and examples are laid out for in terms of the ethical practices of the firm. Gift giving in the tendering process could lead to legal action being taken against the parties Some of the things to be kept in mind while awarding a tender to any party are (Ray et al., 2006): There should be proper measures and tools to share the conflict of interest if any. All parties should have equal information and the same should be communicated in a good manner to the interested manner before the proceedings start. The conditions specified should be the same in all aspects and points for all the interested parties. All things required by the legislature as well as the trade practices should be adhered to by the parties interested in the transaction. Cost of the bidding should be borne by the principals The confidentiality of information should be maintained and stuck to by the organization inviting tenders. The buyer and the seller both need to maintain the code of ethics before making any decisions or offer. In this particular case, the manager may decide to award to tender to Radax based on his personal relationships with them and he may even not get penalized or questioned for the same as the same may be regarded as a normal business transaction that meets the specified criteria. However, it is up to his moral judgment whether he deems the activity as ethical or unethical. He is in a state of conflict between his personal thinking and his business ethics. There are different factors that constraint business relations of any company and they include(Davidrajuh): Law: They are imposed by the government through ex post sanction. When performed, the law makes criminal conduct. Market: Regulation of prices of goods and services is done by the law. Code: Physical constraints like geography, mode of communication etc. make up the code. Norms: Social norms are the informal methods of the community and the society. Ethics is said to have a directoral role in this framework i.e. it guides the way the constraints exercise their power. Hence, there is an importance of human flourishing as the ultimate constraints and eventually on the business transactions. In any business environment, upbringing and academic past play a role that cannot be denied. The most important out of all these are values that an individual has. These values guide the decisions made by him all throughout the process. According to the social contract theory, the agents should be responsible for taking care of the needs of the society and that the agents should interact in such a way that the results yield the overall good the society, This shows that business decisions involve some kind of understand as to what is perceived as right and wrong by the individual himself. The social contract theory is made up of the welfare component and the social justice component (Fritzsche, 2007). Being able to understand ones own values and articulate them is very important to make important business decisions and decide his overall behavior (Journal of values based leadership - Valparaiso University, 2008). The three criteria mentioned for moral behavior include(Chmielewski, n.d .): Neutral Vs Prescriptive Encouraging Vs Discouraging Judgmental Vs nonjudgmental It is important that we understand how our own values affect the environment around us. Lawyers receive advice that they should listen to their own moral values and make professional decisions (GREEN*). Corporate culture plays an equally important role in deciding the behavior of an employee. There is a good alignment between the employees own values and that of the employer when the connection is good and powerful. Culture of an organization is the result of the shared beliefs, interactions and values of the people and how it changes their behavior over course of time. The behavior within the organization should be consistent overall. It holds the entire organization together and drives members to commit for a better change. There is also a direct relationship between ethical behavior and organizational culture (Tren n and John Graham Vysok kola Manamentu, no date). The factors holding the culture in place include (Deloitte, 2015): Values of the organization Role of middle level management Accountability Incentives Consistency of information Comfort in employees in speaking up Justice A good and healthy balance of these parameters lays the foundation of good business ethics in the culture of the organization. If these parameters are engrained in good spirit in the organization, it is said to have built a good foundation of business ethics in its culture. Moral and ethics are different terms because morality depends from person to person. One persons moral values may allow him to do something will another persons values may not. The value system of the members of an organization should be same so that they can make consistent business decisions. Conclusion It can be said that my own personal values will guide my decision to grant the tender to Radax. Whether, my value system allows me to value my personal relationships more and think that the matter is not grave enough will decide who gets the tender. The culture of the organization I work for will act as a supporting factor and previous examples and cases will help me make the decision eventually. If my seniors and co employees have laid down standards that I feel I need to adhere to, I will be bound to make rational ethical judgments. References: Chmielewski, C. (n.d.). The Importance of Values and Culture in Ethical Decision Making Davidrajuh, R. (n.d.). Exploring Ethical Implications of Personal Relationship in Dyadic Business Exchanges . Deloitte (2015) Corporate culture: The second ingredient in a world-class ethics and compliance program. Finegan, J. (1994) The impact of personal values on judgments of ethical behaviour in the workplace,Journal of Business Ethics, 13(9), pp. 747755. doi: 10.2307/25072584 Fritzsche, D. (2007). Personal Values Influence on the Ethical Dimension of Decision Making. Journal of Business Ethics. GREEN*, B. A. (n.d.). The Role of Personal Values in Professional. Harrison, K., Galloway, C. (2005). Public relations ethics: A simpler (but not simplistic) approach to the complexities. Rahman, A. (2014). Leadership Ethics and Culture: A Comparative Note Between United States and China. International Journal of Business and Management Invention. Steidlmeier, P. (1999). Gift Giving, Bribery and Corruption: Ethical Management of Business Relationships in China. Journal of Business Ethics. Tren n and John Graham Vysok kola Manamentu (no date) The role of corporate culture in business ethics.
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