Management accounting and financial reporting Essay

Management accounting and financial reporting - Essay Example Value has been defined in more than one way. In the business world at least, the definition of value ranges from that of finance, to that of marketing. The difference in use according to these definitions are usually the common cause of conflicts with regard to the use of the term. In basic finance, value, or more specifically the value of an asset in economic terms is best defined as the sum of the future benefits, or cash flows to the company which is discounted to the present (Wallace 2008). This is more commonly referred to as the fundamental value (Hanney 2008). On the other hand, built on the argument of benefits that are to be received, value in marketing is usually linked to the asset price that the buyer is willing to pay (OKelly 2008). This is the perceived value. As value is linked to utility, which is linked to perception of future benefits to the receiver of a thing, these two definitions of value, although related in the most basic way, are usually confused when being used (Rossi III, 2009). Perceived value is the concept of true value being reflected in price of a traded commodity (Wallace 2008). This link between value and the price is held by the efficient market theory, where the price includes all the available information in the market and is a good predictor of value (OKelly 2008). Capital markets are considered efficient markets where investors are assumed to be sophisticated, rational individuals who maximise their wealth and utility, and thus only accept prices that reflect the true value of the commodity (Campbell, Owens-Jackson & Robinson 2008). This provides the link between the definition of fundamental value and the perceived value. Accounting regulatory boards have find it hard to define the concept of fair value. According to McCollum, â€Å"obtaining information relevant to fair value is one of the biggest challenges organisations and auditors face in the current market

Lab formal report Example | Topics and Well Written Essays - 250 words

Formal - Lab Report Example The liquid is then transferred to boiling water to enhance the vaporization of the fluid. Subsequently, the liquids vapor will drive out air and in turn fill the flask at atmospheric pressure and the temperature of boiling water (Bettelheim & Landesberg, 2013). By cooling the container to facilitate the condensation of the vapor, the mass of the vapor was measured, and the value M calculated. The method depends on several aspects going right. The outstanding assumption is that the liquid is volatile enough to vaporize at relatively higher temperature (Bettelheim & Landesberg, 2013). Moreover, the liquid less volatile thus a smaller quantity will evaporate via the underlying orifice during the cooling process of the container. The vapor behaves ideally at both the temperature and pressure existing in the container’. The error varies from element to element. Acetone gas might have escaped via the stopper and the rest boiled completely to dryness. The experiment was time-consuming. The error between the trials was immense. An error of 11.9 was high but close. High temperature for the water bath was had to achieve resulting to

Care of the Adult Patient Assignment Example | Topics and Well Written Essays - 3000 words

Care of the Adult Patient - Assignment Example Aside from giving the patient the opportunity to ask questions concerning his treatment and care, it is equally important to know that the patient is physically, psychologically, and socially fit to undergo the surgical procedure (Holland and Chady, 2012; Pudner, 2005). Often times, the process of conducting social assessment is essential in preparation for the patient’s discharge planning (Holland and Chady, 2012). Psychological assessment is normally conducted to ensure that the patient is mentally and psychologically fit to undergo laparotomy whereas the physical assessment is often conducted to ensure that the patient is physically healthy before undergoing the surgical procedure. Due to peritoneal irritation, patients with small bowel obstruction are at risks of experiencing restlessness. Because of the sudden decrease in the patient’s intravascular volume or septic shock, there are cases wherein patients with small bowel obstruction may experience hypovolemia which includes hypotension or tachycardia (Rosenthal, Zenilman and Katlic, 2011). Patients with diabetes are at risks of experiencing high blood pressure and heart diseases (Dillon, 2007, p. 32). Therefore, it is crucial that the physical assessment should include examining the patient’s vital signs such as blood pressure and heart rate. Patients with small bowel obstruction may also experience having fever (Dillon, 2007, p. 603). This is possible because of the abnormalities that are taking place within the human body. Therefore, a significant part of the physical assessment should include taking the patient’s body temperature. Patients with either partial or at the early stage of small bowel obstruction normally have stool or air within the colon (Norton et al., 2003). To detect signs of air and masses, it is necessary on the part of the nurses to perform physical abdominal exam such as the abdominal palpation (Dillon, 2007, p. 17, 64). To

Management accounting and financial reporting Essay

Management accounting and financial reporting - Essay Example Value has been defined in more than one way. In the business world at least, the definition of value ranges from that of finance, to that of marketing. The difference in use according to these definitions are usually the common cause of conflicts with regard to the use of the term. In basic finance, value, or more specifically the value of an asset in economic terms is best defined as the sum of the future benefits, or cash flows to the company which is discounted to the present (Wallace 2008). This is more commonly referred to as the fundamental value (Hanney 2008). On the other hand, built on the argument of benefits that are to be received, value in marketing is usually linked to the asset price that the buyer is willing to pay (OKelly 2008). This is the perceived value. As value is linked to utility, which is linked to perception of future benefits to the receiver of a thing, these two definitions of value, although related in the most basic way, are usually confused when being used (Rossi III, 2009). Perceived value is the concept of true value being reflected in price of a traded commodity (Wallace 2008). This link between value and the price is held by the efficient market theory, where the price includes all the available information in the market and is a good predictor of value (OKelly 2008). Capital markets are considered efficient markets where investors are assumed to be sophisticated, rational individuals who maximise their wealth and utility, and thus only accept prices that reflect the true value of the commodity (Campbell, Owens-Jackson & Robinson 2008). This provides the link between the definition of fundamental value and the perceived value. Accounting regulatory boards have find it hard to define the concept of fair value. According to McCollum, â€Å"obtaining information relevant to fair value is one of the biggest challenges organisations and auditors face in the current market

Care of the Adult Patient Assignment Example | Topics and Well Written Essays - 3000 words

Care of the Adult Patient - Assignment Example Aside from giving the patient the opportunity to ask questions concerning his treatment and care, it is equally important to know that the patient is physically, psychologically, and socially fit to undergo the surgical procedure (Holland and Chady, 2012; Pudner, 2005). Often times, the process of conducting social assessment is essential in preparation for the patient’s discharge planning (Holland and Chady, 2012). Psychological assessment is normally conducted to ensure that the patient is mentally and psychologically fit to undergo laparotomy whereas the physical assessment is often conducted to ensure that the patient is physically healthy before undergoing the surgical procedure. Due to peritoneal irritation, patients with small bowel obstruction are at risks of experiencing restlessness. Because of the sudden decrease in the patient’s intravascular volume or septic shock, there are cases wherein patients with small bowel obstruction may experience hypovolemia which includes hypotension or tachycardia (Rosenthal, Zenilman and Katlic, 2011). Patients with diabetes are at risks of experiencing high blood pressure and heart diseases (Dillon, 2007, p. 32). Therefore, it is crucial that the physical assessment should include examining the patient’s vital signs such as blood pressure and heart rate. Patients with small bowel obstruction may also experience having fever (Dillon, 2007, p. 603). This is possible because of the abnormalities that are taking place within the human body. Therefore, a significant part of the physical assessment should include taking the patient’s body temperature. Patients with either partial or at the early stage of small bowel obstruction normally have stool or air within the colon (Norton et al., 2003). To detect signs of air and masses, it is necessary on the part of the nurses to perform physical abdominal exam such as the abdominal palpation (Dillon, 2007, p. 17, 64). To

Exam case financial accounting Essay Example for Free

Exam case financial accounting Essay Solutions to Exercises and Problems Tutorial 1 IFM Case 2-2 Case 2-2 SKD Limited 1.Goodwill There is no goodwill amortization expense in Country A, so the goodwill amortization expense recognized by SKD must be added back to determine income under Country A GAAP. SKD amortizes goodwill over a longer period (20 years) than is allowed in Country B (5 years), so an additional amount of goodwill amortization expense must be recognized to determine income under Country B GAAP, which reduces Country B GAAP income. b.The goodwill adjustment affects the retained earnings in stockholders’ equity. The increase in Country A GAAP income results in an increase in retained earnings and the decrease in Country B GAAP income results in a decrease in retained earnings. c.The adjustment to income is for the current year only. The adjustment to stockholders’ equity is cumulative. The fact that the stockholders’ equity adjustment is three times as larger as the income adjustment implies that the goodwill was purchased three year ago. 2.Capitalized Interest a.The adjustment labeled â€Å"Capitalized interest† relates to the interest that is not expensed but instead is capitalized under Country A GAAP. The adjustment labeled â€Å"Depreciation related to capitalized interest† relates to the depreciation of the interest that was capitalized as part of the cost of the asset. b.The first adjustment increases income because interest is not being expensed immediately but instead is capitalized as part of the cost of the asset to which it relates. The second adjustment decreases income because under Country A GAAP, the asset to which interest is capitalized has a larger cost and therefore a larger depreciation expense. c.Both income adjustments are closed out to retained earnings and partially offset one another. The increase to income of $50 and the decrease of $20 result in a net increase in retained earnings of $30. 3.Fixed Assets a.When fixed assets are revalued to a higher amount, there is an increase in their carrying value with an offsetting increase in stockholders’ equity to keep the balance sheet in balance. The amount by which the assets are revalued is subject to depreciation, which results in a larger depreciation expense. The adjustment to recognize this additional depreciation expense decreases income under Country B GAAP. It also decreases stockholders’ equity (retained earnings). The decrease in retained earnings from additional depreciation is smaller than the increase in stockholders’ equity from revaluation of assets, which results in a net increase in stockholders’ equity. Note: if we knew when the fixed assets were revalued, we could determine the amount by which they were revalued. For example, if revaluation occurred at the end of the previous year, then the revaluation amount must have been $64 ($64 – 8 = $56) because only one year of additional deprecat ion would be included in the stockholders’ equity adjustment. 27. Holzer Company – Property, Plant, and Equipment (capitalization of borrowing costs and measurement of asset subsequent to acquisition using two alternative models) IAS 16 Cost Model Carry asset on the balance sheet at cost less accumulated depreciation and any accumulated impairment losses. Capitalize borrowing costs borrowing costs attributable to the construction of qualifying assets. Annual interest ($900,000 x 10%)$90,000 Interest to be capitalized in Year 1 ($500,000* x 10%)50,000 Interest expense in Year 1$40,000 * Expenditures of $1,000,000 were made evenly throughout the year, so the average accumulated expenditures during the year are $500,000 ($1,000,000 / 2). Cost of building: Construction costs$1,000,000 Capitalized interest50,000 Total initial cost of building$1,050,000 Annual depreciation (beginning in Year 2) ($1,050,000 / 40 years) $26,250 Year 1Year 2Year 3Year 4Year 5 Income Statement Depreciation expense$0$26,250$26,250$26,250$26,250 Balance Sheet Building (at 1/1)$0$1,050,000$1,023,750$997,500$971,250 Depreciation(26,250)(26,250)(26,250)(26,250) Building (at 12/31)$1,050,000$1,023,750$997,500$971,250$945,000 IAS 16 Revaluation Model Carry asset on the balance sheet at revalued amount equal to fair value less any subsequent accumulated depreciation and any accumulated impairment losses. Capitalize borrowing costs attributable to the construction of qualifying assets. Annual interest ($900,000 x 10%)$90,000 Interest to be capitalized in Year 1 ($500,000 x 10%)50,000 Interest expense in Year 1$40,000 Cost of building: Construction costs$1,000,000 Capitalized interest50,000 Total initial cost of building$1,050,000 Annual depreciation (beginning in Year 2) ($1,050,000 / 40 years) $26,250 Year 1Year 2Year 3Year 4Year 5 Income Statement Depreciation expense$0$26,250$26,250$25,5262$25,526 Subtotal $0$26,250$26,250$25,526$25,526 Loss on revaluation27,500 Reversal of revaluation loss(27,500) Total expense (income)$0$26,250$43,750$25,526$(1,974) Balance Sheet Building (at 1/1)$0$1,050,000$1,023,750$970,000$944,474 Depreciation(26,250)(26,250)(25,526)(25,526) Building (at 12/31)$1,050,000$1,023,750$997,500$944,474$918,948 Loss on revaluation(27,500)1 Reversal of revaluation loss27,5003 Revaluation surplus 3,5523 Building (at 12/31)$1,050,000$1,023,750$970,000 $944,474$950,000 1At December 31,Year 3, the fair value of the building is determined to be $970,000. The carrying value of the building is decreased by $27,500, with a loss on revaluation recognized in Year 3 net income. 2 Depreciation in Year 4 is $25,526 ($970,000 / 38 remaining years). 3At December 31,Year 5, the fair value of the building is determined to be $950,000. The carrying value of the building is increased by $31,052. A reversal of revaluation loss of $27,500 is recognized in income and $3,552 ($31,052 – 27,500) is recorded as revaluation surplus in shareholders’ equity.

Analysing People Oriented Methodology And Its Ethics Philosophy Essay

Analysing People Oriented Methodology And Its Ethics Philosophy Essay People oriented methodology is mainly focused on obtaining the ethical position of every individual. It emphasizes more on ethics which is a participative approach of human or people who might be the stakeholders or users. It also highlights that users are deeply involved in the development process and take control over the stages, it means that the users are also involved in the decision making process and fully committed to the IS development. People oriented methodology can be applied to a system which really involves various types of people. It is normally a difficult task of making the users getting involved in to the development stages, but still the involvement of users from the top level management to the staff level is required in order to avoid some thoughts of the user like, feeling that the job should be more demanding and less secure. On the other hand user involvement may also be used to improvise the human-computer interface. Using this sort of an approach also include s visibility, simplicity, consistency and flexibility. It is also one to the suitable methodology in the life cycle where its aim is to involve users in the development system; its focus is on ethics, socio technical view and human implementation; in the feasibility phase it identifies current problem, opportunity, system boundaries, existing system, key objectives and task. In the analysis phase diagnosis of efficiency, job satisfaction need and analysis, specifying and weighting efficiency is done. People-oriented methodology focuses on organizational design of new system, technical options and preparation of a detailed work design. In the implementation phase, the implementing process is planned in detail it also checks for whatever it is required to make a smooth changeover and finally in the maintenance phase the system is checked in order to make sure the objective is attained, If not the correction action is taken once again ETHICS As it is told already people-oriented methodology mainly focuses on ethics. Ethics is a branch of philosophy which seeks to address questions about morality that is concepts such as good and bad, wrong and right, justice and virtue. On the hand it can also be defined as a moral philosophy involving systematizing, defending, and recommending concepts of right and wrong behavior which is required for an organization. According to Enid Mumford (see Mumford, 1995), ethics is a methodology based on the participative approach to information systems development. Ethics is different from most of the system development methodologies. In ethics the process of change is viewed with the perspective of organizational issue and not as a technical issue. Ethical Theories Ethical theories play an important role in optimizing ordinary moral functions and to establish or defend basic moral principles. Why Ethical Theories? The need for this is that the emergence of new practices in the business and the basic principles may not be enough for the arising problems and may not cover the new areas that are still uncovered. Therefore it is necessary for a rational and consistent theory to evaluate the morality of actions. There are two possible approaches in order to overcome these problems, firstly there are some general rules and approaches but they may not be enough for some sort of issues. There might be some situation where the generally accepted practice or rules may be challenged. In such cases if there is some ways to decide and proceed on which, rule to follow it would be grateful. The ethical theories help an individual or an organization in choosing the right rule. Secondly the decision maker may be able to elaborate and decide his moral decisions to others. Its not a better thought to engage moral reasoning alone with the ethical theory should also be able to interpret it with the moral argumentation. This may help the decision maker to take part in a persuasive and intelligent way. And search of a completely satisfying ethical theory will never end up. There is no theory designed that satisfy all the people and philosophers, but still there are two theories that seems to be good while considering the other theories. They are the teleological and deontological theories, other than this there are theories like utilitarian and Kantian approach which can help in carrying out decisions in a better way. Ethics can be apportioned into three categories Meta-ethics, normative ethics, Applied Ethics. Philosophical Ethics Philosophical ethics carries a different approach to ethics by seeking morality through rational, secular outlook that prioritizes human happiness and well-being. The advantage with this sort of an approach is that it does not subject to religious, cultural or legal perspectives. Modern philosophical ethics can be split in to two categories they are Teleological and Deontological theories. a. Teleological Theories This theory has a special mark because pragmatic, common sensed, and knowledge approach to ethics. The claim here in this theory is that moral character of actions depending on how it can help or harm in a simple and realistic way. It also suggests that the actions that produce more benefits are right and that they dont are wrong. Jeremy Bentham planned to develop a moral science that is more teleological than other ways to separate right and wrong, and he in his Introduction to principles and moral legislation tells that Under the governance of two sovereign masters, pain and pleasure. It is for them alone to point out what we ought to do, as well as to determine what we shall do. On the one hand the standard of right and wrong, on the other the chain of causes and effects, are fastened to their throne. Aiming to make ethics practical, Bentham even proposed a system for measuring the amount of pleasure and pain that an action produces. Called the hedonistic calculus, Benthams system identifies seven aspects of an actions consequence that can be used to compare the results of different deeds: the intrinsic strength of the pleasurable or painful feelings produced (intensity), how long they last (duration), how likely it is that these sensations will be produced by a given action (certainty or uncertainty), how soon they will be felt (propinquity or remoteness), whether these feelings will lead to future pleasures (fecundity) or pains (purity), and the number of people affected (extent). Robbery example to be used for weighing happiness and unhappiness in scrum. Types of pleasure LEADERSHIP Leadership can be defined as process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task[1]. It can also be said in other words as Leadership is ultimately about creating a way for people to contribute to making something extraordinary happen [2]. A good leader sustains him-self with a never ending process of education, self-study and so on. Leadership is a process where an individual makes his team accomplish a particular task and directs the organization in a logically connected and cohesive ways, for this few attributes like beliefs, character, ethics, values, knowledge and skills is required. Before getting in to concept of leadership in software development lets have an overview on the leadership theories and the concepts of leadership LEADERSHIP THEORIES Leadership seemed to take a view from the society only from the twentieth century. Theories in the early period concentrated only on the qualities distinguished between the Leader and the follower. There are lots of theories emerging and most of them can be classified as one among the eight major types. i. Great Man Theories This theory assumes that leaders are not born but made and a great leader will arise when there is need. Previously the research was on the people who were already leaders and on those days leaders mostly were from aristocracy and only a few were from the lower level, and this indicated that leadership has something to do with family or breeding. This great man theory says that leaders are men with heroism, mythic and should be capable of admitting these attributes whenever it is required. ii. Trait Theories This theory assumes that people are born with inherited traits where, some of those traits are particularly suited for to be an effective leader. Early research was on psychological focus of the day but analyzing inherent characteristics of people. A study was often made on great leaders and check whether other people have those traits of those successful leasers. McCall and Lombardo (1983) did a research on both success and failure; they identified four primary traits by which a leader can succeed [2]. Emotional stability and composure Admitting error Good interpersonal skills Intellectual breath But there arises a question who possess those qualities but are not leaders? if we consider traits as key features for leadership. This question is one which makes a difficulty to explain leadership using trait theory. iii. Behavioral Theory The perspective of this theory is that Leaders can be made or rather than are born and also assumes that leadership in order to be successful it should be based on definable and learnable behavior. This theory does not focus on the inbuilt traits or capabilities and tries to intensify from what the leaders actually do. According to this theory people can become leaders by teaching and learning iv. Participative Leadership This theory assumes that people are more committed towards action and involve themselves in to the game when they are put in to some sort of relevant decision making and it also tells that when people make decisions together the social commitment one another plays a vital role and thus there comes a pure involvement in work. Several persons making decisions together brings about a good result is what the theory tells about. A participative leader rather than taking a decision himself will involve other people in to the process including stakeholders, subordinates and superiors, and involves him-self as well. In this theory the leaders allow others to share their ideas and also try to implement them. v. Situational Leadership This theory assumes that best action of a leader is based on the range of situational factors. When a decision is made an effective leader does not fall in to a unique style rather they take different styles based on the situation they work on. Factors that influence situational behavior are the motivation and the capability that the follower carries. A leaders focus of himself, his follower or the factors such as mood, stress and so on might also determine the behavior of a leader. Yukl (1989) seeks to combine other approaches and identifies six variables [3]: Subordinate effort: the motivation and actual effort expended. Subordinate ability and role clarity: followers knowing what to do and how to do it. Organization of the work: the structure of the work and utilization of resources. Cooperation and cohesiveness: of the group in working together. Resources and support: the availability of tools, materials, people, etc. External coordination: the need to collaborate with other groups. From these approaches this theory come to a conclusion that a leaders styles is often variable and it purely demands relationships, resource utilization and managing capabilities. vi. Contingency Theories: This states that leadership focus on the particular variables related to the environment that determine which particular style may best suit for a leadership behavior. This it states that leadership doesnt have a unique style that would be best in all situations. It is a class of behavioral theory where leadership style might be suitable for some theory but may not be successful in some other situation. The main difference between the situational and the contingent theories is that in situational the view is more on the behavior that the leader should adopt in a given situation wherein contingency theory takes an elaborate focus on the capabilities and variables that in a situation. VI. Management theories Management theories are also called transactional theories, and the assumptions made by this theory are that Reward and punishment may motivate people in a better way. And this is a system which works best with the clear chain of command. The subordinates are supposed to do the work given by their superiors or managers. In early days transactional leadership is the one where a subordinate is employed he is paid and given with some task, so that the company gets authority towards the subordinate. And when a transactional leader allocates a work for the subordinate he is the only person responsible for completing the task, whether they have the resource or not. If anything goes wrong the subordinate is been punished as like he is rewarded for succeeding. Managerial theories are often uses in the business domains VII. Relational theories Relational theories are also called as transformational theories, here the assumptions are People will follow a person who inspires them and on the other hand it also states that a person with vision and goal can go to great heights. Working with a transactional leader is an uplifting experience and moreover they care a lot for you and they try their level best to help you succeed, these leaders often follow simple procedures to accomplish their tasks Developing the vision Selling the vision Finding the way forwards And leading the charge These leaders often follow a high level of moral values and ethics in the organization with their followers. This type of leaders get frustrates when the organization or the people expect no changes and are happy the way they are living. Leadership Factors and Keys to Effective Leadership If a person decides to accept one to be a leader he shouldnt see the attributes in his leader rather he should focus on how a leader work and should take him to be an inspiration or role model. This may involve various factors a. Follower and a Leader These are two main factors where, its not a good idea to expect the entire follower may require the same kind of leader for example, a person in the analysis phase might require more assistance in the gathering requirements and a person working in the implementation phase may require a leader who might totally have different traits. So a leader must know his people! Leader is another factor must know answers for three questions in a concrete way, who he is, what he knows, what he can do. He must have the talents of convincing his followers because only because of them a person is leader. SITUATION Communication FOLLOWER LEADER Fig 1: Factors of leadership b. Communication and Situation A leader should always focus on Two-way communication. Its always better that the leader informs his follower dos and donts much of it in a non-verbal form. The way you communicate and what you communicate may play a major role in the leader, follower relationship. It also depends on the situation which is another important factor, situations are not always same, and the work done in one situation will not be suitable for other situation. A best judgment should be made in order to select the leadership style. There are two most important keys for effective leadership Trust and confidence which brings about employee satisfaction Effective communication by leadership in three critical areas as follows Helping employees to understand the companys business strategies. Helping employees understand what is their contribution. Sharing information with employees. LEADERSHIP IN SOFTWARE DEVELOPEMENT ^ Chemers, M. M. (2002). Meta-cognitive, social, and emotional intelligence of transformational leadership: Efficacy and Effectiveness. In R. E. Riggio, S. E. Murphy, F. J. Pirozzolo (Eds.), Multiple Intelligences and Leadership. McCall, M.W. Jr. and Lombardo, M.M. (1983). Off the track: Why and how successful executives get derailed. Greenboro, NC: Centre for Creative Leadership Yukl, G. A. (1989). Leadership in Organizations. Englewood Cliffs, NJ: Prentice Hall