...LST2BSL Assignment Cover Sheet Student Name: ZHIXIANG CHANG Student Number: 18370996 Tutorial Day and Time: 6:00 PM- 9:00 PM, WEDNESDAY Date of Submission: 27 / 05 / 2016 Question 1 There was a contract between Emilia and popular Artwork Pty Ltd and that is of the Buyer and a seller. The buyer that is Emilia who after getting the full details about the painting from the seller that is Popular Artwork Pty Ltd decided that she wants the painting eagerly and at any cost. For doing so she agreed to the terms and conditions of the buyer and sends him (seller) a cheque of $15,000 dollar by September 10, 5 p.m. This contract comes under the Australian Consumer Law which states that consumer has the right to replace, repair or refund on product and services and they are entitled to get guarantee if goods are purchase not to be re-sold. Every single contract has some terms and conditions that the parties are indulged to follow and monitor, for instance, when the buyer pays the money, the seller is indebted to deliver the right product. A term that is described with consumer contracts, it may be such that it is protected by a consumer guarantee. It is important to take into account both express and consumer guarantees when disagreements about consumer contracts arise. If you buy any good or services from a supplier, whatever the supplier claims and make promise about the product and services must be accurate and honest. If the good or services are not what it is portrayed...
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...operating on the premise that people – customers, employees, managers – make logical decisions. It’s time to abandon that assumption. | by Dan Ariely IN 2008, a massive earthquake reduced the financial world to rubble. Standing in the smoke and ash, Alan Greenspan, the former chairman of the U.S. Federal Reserve once hailed as “the greatest banker who ever lived,” confessed to Congress that he was “shocked” that the markets did not operate according to his lifelong expectations. He had “made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such that they were best capable of protecting their own shareholders.” Jacob Thomas 78 Harvard Business Review | July–August 2009 | hbr.org hbr.org | July–August 2009 | Harvard Business Review 79 THE NEW ECONOMICS in the NEW WORLD. We are now paying a terrible price for our unblinking faith in the power of the invisible hand. We’re painfully blinking awake to the falsity of standard economic theory – that human beings are capable of always making rational decisions and that markets and institutions, in the aggregate, are healthily self-regulating. If assumptions about the way things are supposed to work have failed us in the hyperrational world of IN BRIEF Wall Street, what damage have they done in other institutions » The global economic crisis has and organizations that are also shattered two articles of faith in standard economic theory: made up of...
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...margin; Spacing: Appropriate line spacing and paragraph spacing; and Margins: At least 2.5 cm top, left, right & bottom. Assignments which do not conform with the above requirements, without prior agreement of the unit coordinator, will either be returned to the student unmarked or will have marks deducted. Presentation Three marks have been allocated to the presentation of the assignment document. The following will be taken into account when allocating marks for presentation: • attachment of cover sheet (located on Blackboard under the 'Assessment' folder) must be attached to the assignment; • appropriate sentence structure; • correct grammar, spelling and punctuation; • consistent format; • appropriate use of headings and sub-headings; • within the acceptable word limit; and • appropriate referencing and acknowledgment of sources. Word Limit The total assignment should be a minimum of 500 words and not exceed 2000 words. 1 of 4 Please provide a word count on your cover sheet. A penalty of 10% will be imposed for every 100 words that exceed the word limit. The assignment will not be assessed if it exceeds 3000 words and will result in a ZERO mark. The word...
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...organization to most effectively carry out the plans that have been established. Decision making is when the financial manager makes choices among available alternatives. Generally Accepted Accounting Principles General accepted accounting principles (GAAP) are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statements. GAAP-based income is measured so that the information provided on financial statements is useful to those making economic decisions about a company, such as potential investors and creditors. Basically, GAAP is concerned with the measurement of economic activity, the time when such measurements are to be made and recorded, and the preparation and presentation of summarized economic information in financial statements. Standards of Ethics The conduct of a financial professional has a direct effect on the reputation of the profession. A good reputation is earned on a continuing basis by performing one’s business with competence, appropriate confidentiality, integrity, and by complying with applicable laws and regulations. Financial professionals have an obligation to their employers, co-workers, customers, shareholders, the profession and themselves...
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...ATTITUDES AND SOCIAL COGNITION The Dark Side of Creativity: Original Thinkers Can Be More Dishonest Francesca Gino Harvard University Dan Ariely Duke University Creativity is a common aspiration for individuals, organizations, and societies. Here, however, we test whether creativity increases dishonesty. We propose that a creative personality and a creative mindset promote individuals’ ability to justify their behavior, which, in turn, leads to unethical behavior. In 5 studies, we show that participants with creative personalities tended to cheat more than less creative individuals and that dispositional creativity is a better predictor of unethical behavior than intelligence (Experiment 1). In addition, we find that participants who were primed to think creatively were more likely to behave dishonestly than those in a control condition (Experiment 2) and that greater ability to justify their dishonest behavior explained the link between creativity and increased dishonesty (Experiments 3 and 4). Finally, we demonstrate that dispositional creativity moderates the influence of temporarily priming creativity on dishonest behavior (Experiment 5). The results provide evidence for an association between creativity and dishonesty, thus highlighting a dark side of creativity. Keywords: creativity, ethics, morality, moral flexibility, unethical behavior Evil always turns up in this world through some genius or other. —Denis Diderot (1713–1784) The ability to generate...
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...document. The company pay salary weekly to the worker and the employee prepared the time card. The auditor have problem to complete the audit due to incomplete information and record. Cik Amy the new worker as the finance executive analyse the situation and try to help the auditor although the company have many problem. Problem Faced by Delima The Delima Enterprise Sdn Bhd had many problems such as lack of fund to start the contract in the 6 month duration. The company also have a serious management problem because Puan Hashimah and Encik Zayed have no knowledge in handling the company and they treated it like sole proprietor business. The company also doesn’t have Standard Operating Procedure (SOP) and the MYOB system is not integrated and cause them manually produce the sales documents. The employee also prepared their own time sheet which can cause fraud. The company is also unorganized with unrecorded asset and late payment from debtor. The company also doesn’t have project budget and no...
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...XMGT/216 BUSINESS ETHICS REFLECTION ASSIGNMENT One ethical dilemma that a co-worker encountered was one that involved himself and his brother. Both were employed at the same law firm but worked within different divisions. The older brother would take longer unapproved lunch breaks which violated the attendance policy set in place by the firm. He compromised his brother by asking him to forge his signature on the lunch log in sheet which again violates the attendance policy. This situation was brought to the attention of the supervisor by another employee and at that point an investigation began. The younger brother was brought in first and asked if he knew that his brother was taking longer lunch breaks and forging his timesheet. Of course he protected his brother and lied about the situation saying he knew nothing of the sort. It was very hard for the company to prove his knowledge of the situation since they were given second hand information from another employee. Next the older brother was brought in and he told the truth but said his brother knew nothing about what he was doing. In the end the older brother resigned and the younger brother remained employed for the firm. In my opinion the decision for the younger brother to agree and go along with violating the company’s rules was unethical and morally inappropriate. The family relationship between the two brothers made it difficult for him to not agree to help. As a responsible adult who very well knew...
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...Business Research Ethics The individual assignment for this week asked the students to find an article within the University Library that discusses unethical business research conduct that has resulted in individuals or firm being convicted, or at least tried. I have found and read a newspaper journal titled "Unethical workers and illegal acts," which is a study of workers, managers, and executives, where 48% of them admitted to unethical or illegal acts since year 1996. What unethical research behavior is involved? Out for the 1,324 people surveyed, 48% of them admitted to committing unethical or illegal acts from a list of 25 actions. These actions include, cheating on an expense account, paying or accepting kickbacks, discriminating against co-workers, trading sex for sales, secretly forging signatures, and looking the other way when environmental laws are being violated. From the list of 25 actions, these were shockingly the most common mentioned. Who were the parties involved? When one thinks about unethical business research or performance, his or her mind tends to automatically think that the violators are at the lower to entry level of the company's organizational hierarchy, but according to this study, I was amazed at the amount of upper management employees mentioned. From entry-level employees, to long time workers, managers, and even upper level executives, they all have admitted to unethical business research conduct. As I read along I learned that the...
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.... Ethic Business Paper Melissa Malcolm PHL 323 January 13, 2015 Instructor Ashram Chooniedass Ethic Business Paper Enron started out in 1985 as a merger between InterNorth and Houston Gas Company, the company’s innovation leads to huge success. By 2000 Enron announce revenue of one hundred million dollars in profit. This huge increase was due to the trading energy sector of the company, shortly after it announced that Enron had become the sixth largest energy company in the world. In 1996 Jeffery Skilling became the new CEO while In 2001 Kenneth Lay held the title of chairman of the board. Skilling made it very clear that his focus is on revenue and profit increase margin and had no interest in Enron’s cash flow (Houston Chronicle, 2002). Skilling created a competitive atmosphere driven by huge bonuses, under his leadership the human resources department provided cheat sheet to recruiters to hire individuals who portray the image of sharp-dressing extrovert. They focus on graduates from Harvard, Yale, Princeton, Rice, Northwestern, and other leading universities. (Houston Chronicle, 2002). Unethical behavior such a falsifying transaction to boost volume was done by traders frequently, hide huge losses from shareholders, they encourage employees to buy stocks and discourage them from reporting poor accounting practices. Enron issue had brought a lot of businesses down due to the unethical actions that took place in that organization. Enron, an energy firm in...
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...Ethics in Business Saint Leo University February 26, 2012 Abstract Ethics in business is as important as the business model itself. A company can become very successful without a strict adherence to ethics. However, that success is often short lived. As children we are taught a basic understanding of ethics. We are taught to share, play nice, and not to cheat. However, somewhere along the way ethics seems to take a backseat to the dollar. In the government’s case, not only is ethics losing out to the dollar, it is losing to the thirst for power. This is where regulation with stiff penalties and public shame come in to play. Regulation is needed to keep companies honest and force them to practice fair business standards. A company must educate the employees on the importance of ethics and the consequences of not adhering to them. Without ethics who are we? We must be diligent in ensuring businesses are ethical. Otherwise there will be a two tiered society of the haves and the have-nots. What is Ethics? The Business Dictionary (n.d.) defines ethics as, “The basic concepts and fundamental principles of right human conduct. It includes study of universal values such as the essential equality of all men and women, human or natural rights, obedience to the law of land, concern for health and safety and, increasingly, also for the natural environment.” In other words, ethics is an accumulation of your morals put into place. So how does a person’s individual morality...
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.... Ethic Business Paper Melissa Malcolm PHL 323 January 13, 2015 Instructor Ashram Chooniedass Ethic Business Paper Enron started out in 1985 as a merger between InterNorth and Houston Gas Company, the company’s innovation leads to huge success. By 2000 Enron announce revenue of one hundred million dollars in profit. This huge increase was due to the trading energy sector of the company, shortly after it announced that Enron had become the sixth largest energy company in the world. In 1996 Jeffery Skilling became the new CEO while In 2001 Kenneth Lay held the title of chairman of the board. Skilling made it very clear that his focus is on revenue and profit increase margin and had no interest in Enron’s cash flow (Houston Chronicle, 2002). Skilling created a competitive atmosphere driven by huge bonuses, under his leadership the human resources department provided cheat sheet to recruiters to hire individuals who portray the image of sharp-dressing extrovert. They focus on graduates from Harvard, Yale, Princeton, Rice, Northwestern, and other leading universities. (Houston Chronicle, 2002). Unethical behavior such a falsifying transaction to boost volume was done by traders frequently, hide huge losses from shareholders, they encourage employees to buy stocks and discourage them from reporting poor accounting practices. Enron issue had brought a lot of businesses down due to the unethical actions that took place in that organization. Enron, an energy firm in...
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...has been able to get away with in the entire history of mankind. I am intrigued with the thought process behind the faces of these people who think they have what it takes to trick the rest of us. I can only think of a few words; hubris, vanity, ego, arrogance and delusional. I do not believe it is truly possible to ever get away with anything. No man has a good enough memory to be a successful liar. Given the corporate ethical breaches in recent times, I will assess whether or not I believe that the current business and regulatory environment is more conducive to ethical behavior. I will say up front that as I start this paper I do not believe anything has improved in America or in the world ethically speaking. I say this with confidence but not with pride. After all we are all human and we all have a sin nature. I do not care if a person tells me they do not believe in God or if they tell me they do believe in God. Research has proven conclusively that all of us cheat. We essentially weigh everything based upon...
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...Communications Adelphia is the 6th biggest cable television provider in the United States and, with various subsidiaries, gives services of cable television and local telephone service to customers in 32 states and Puerto Rico. Adelphia means "brothers" in Greek. It used to be one of America's largest cable companies. John Rigas established the company and served as CEO and chairman. John's son Tim was CFO, and Tim's brothers, Michael, and James were Vice Presidents. All four were council members, along with John's son-in-law Peter Venetis. The Rigases also had 100% possession of class B super-voting shares, which granted the family majority voting rights. That's how they maintained and controlled the board even after the company went unrestricted. Voting configuration was dysfunctional. That alone triggered big red flags for institutional investors. But nobody paid attention to red flags. (Tobak) The complete lack of independent oversight gave the family carte blanche to cheat the company blind. They used company funds to buy back Adelphia stock and reserve other family enterprises, including a golf course, vacation homes, apartments on the upper east side of Manhattan, corporate jets, a fleet of cars, production of a film by John's daughter, and even ownership of the Buffalo Sabres hockey team. On an earnings conference call, Merrill Lynch analyst Oren Cohen wanted to know how the family could afford to buy back more than a billion dollars of the company's stock. Caught by surprise...
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...conduct that can be used by an individual to make decisions between alternative courses of action. Ethical choices occur in all lifestyles and typically involve a conflict where one person or group benefits at the expense of another. Business, for example, is often confronted with the decision to utilize etechnology to reduce its workforce and thereby raise its profits to benefit its shareholders, at the expense of eliminating the jobs of loyal employees who have been with the company for many years. One could make an argument for either course of action, and indeed there is no right or wrong answer, because either action might be deemed correct within its own objective. How then does one make an ethical decision? As with every decision, you begin by identifying the facts – who did (or will do) what to whom, and where, when, and how was (will it) be done? What are the opposing courses of action and the consequences of each? The decision maker can then decide which path to follow and which principle or value to apply. He or she may be guided by a professional code of conduct such as those advocated by the American Medical Association or the American Bar Association. There may also be a clear legal principle, but as is often the case with new technology the law may not yet exist. Eventually, however, every ethical choice is a matter of individual conscience. Perhaps the most basic tenet guiding any decision is the Golden Rule to “do unto others as you would have others do unto you”....
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...Evaluation of a Business Code of Ethics Rey Gonzales PHL/323 July 9, 2014 University of Phoenix Evaluation of a Business Code of Ethics Macintosh other wise known as Apple, a premier leader in computer based technology. But how did this amazing company come to be? Apple’s first product was vastly different then the products being sold today. The Apple I, which lacked only one thing a graphic user interface this was conspired by apples co-founder Steve Wozniak. Co-founder Steve Jobs was able to convince Wozniak that the product could be sold commercially. With both Steve’s on board they unveiled Apple in 1976 at the Home Brew Computer Club. The company spiked with big gains, as to a few years later almost flopped and almost bankrupt. That is when jobs left the company and did not return for quite some time, it was 1997 when he returned to save the struggling company. He came back and implemented the “closed door” policy, conducted flatted organizational structure rather then the traditional layers of management. When Jobs returned to help the company he made room form improvement in all area apple is unique company that took the technology market with force. With the lunch of the apple iPod, the iTunes, Mac computers, and apple TV to name a few, apples vision states “Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet...
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