...The behaviour of the practicing management accountant is prescribed and regulated by the management accountant's personal code of ethics, the code of ethics of the employer, societal norms, and the law. In addition members of the Society are regulated by the Society's code of ethics. As more organizations adopt codes of ethics, management accountants will increasingly be asked to design systems to control, evaluate, interpret or apply ethical judgement. The following develops the basis for forming ethical judgements. The management accountant fulfils four broad roles concerning ethics: 1. to ensure that management has developed and installed a comprehensive and internally controlled code of ethics. 2. to verify that the code of ethics and its controls are comprehensive and that everyone in the organization understands and complies with it. 3. to report to management any deviation from the code of ethics and its control systems. The Board of Directors may ultimately have to address any failures in the code or its controls. 4. to act in accordance with the code of ethics in making personal decisions. What are Ethics and Morals? Ethics are the rules people use to define and regulate moral behaviour. Morals distinguish right from wrong. Descriptive ethics are codes of ethics as actually practiced. Descriptive ethics provide no value judgements. Normative ethics, or moral reasoning, develops statements about whether a practiced ethical system is good or bad and suggests how ethical...
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...Personal statement examples Find College Courses and Degrees There are no ‘right’ ways to writing your personal statement, but there are many ‘wrong’ ways of doing it. On this page you will not only find everything you need to know about putting together a professional personal statement, but will also have access to dozens of expertly written ones. These samples are a great way to see how other people put together their personal statements, and to visualise the sort of structure and language they use. Reading through these will allow you to judge which ones you think are good or bad, which in turn will greatly help you in putting together your own winning statement. YOU ARE STRONGLY ADVISED NOT TO COPY THESE EXAMPLES WORD FOR WORD, BUT INSTEAD USE THEM AS USE THEM AS GUIDES AND AS A SOURCE OF INSPIRATION. Many students struggle to put together an effective personal statement, primarily because they find it difficult to write about themselves. They may also fall for other common essay writing mistakes such as straying from the core subject and message they should be trying to get across. To help students overcome these potential pitfalls we have developed this resource page as a guide to giving them useful tips, strategies and techniques on writing a professional profile that is of the highest quality and one that will maximise their chances of enrolling at their first choice university. By following our advice, preparing properly and with a bit of practise, putting...
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...knowledge of the importance of the planning fundamentals for management. In personal endeavors and in business basic planning is more critical than ever before. Planning gives a clear direction of objectives and goals set forth in an organizations business initiatives or one’s personal life for the future. These plans must maintain some flexibility for changes in the business environment or individual circumstances. This reflective summary will touch on strategic management covering mission, strategic vision, and goals outlined in the course material. Mission The mission describes clearly the purpose of the organization. It will describe what type of business the organization conducts, who its customers are, the goods, or services offered and the organizations values. Strategic Vision Unlike, the mission statement that describes current operations, the vision statement should include and clarify the long term goals of an organization. The vision statement should include worthwhile targets that are attainable to the organization working as a team. An effective vision statement should inspire the organization. An example of this is the team charter in class that outlines target dates for the submission of assignment to the team’s facilitator and the require level of participation of each team member. Strategic Goals The creation of strategic goals comes from the mission and vision statements of the organization. These goals include targets or ending...
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...Personal FinanceIt is important to plan the finance for any regular expenditure suchas the basic needs of any person like food, clothes, accommodation,bills etc.To be able to for fill all your personal needs you must have some kindof personal income, which will cover these expenses.The sources of personal income might be:Salary or wages =============== A regular earned income from employment, for these earnings the employee and the employer both have to pay a deduction to the government such as income tax and N.I. contribution. Overtime An extra earned income for the additional hours of work Commissions ----------- An employee can get a percentage of the selling price of product from his/her employer. Bonus ----- Bonus is an earning for good performance at work place. Interest -------- Interest using your money to create more money, expressed as a rate per period of time, usually one year, in which case it is called an annual rate of interest. Winnings -------- You may win money from playing the lottery or gambling on sport events. Gifts ----- Money received from a friend or relative on a special occasion such as birthday. Sale of personal items ---------------------- Earned income from selling personal items Gross and net pay ----------------- Gross pay is the total amount of money earned by an employee before any deduction is made. Net pay is the amount of money an employee receives after deduction have been made for income tax, national insurance and any voluntary contribution...
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...and knowledge Achieve financial freedom Example: Richard Branson Starting a Small Business: According to the CFIB, a business that is independently operated and has fewer than 500 employees The Importance of Small Business: • Job creation – see graph • Innovation – example • Small businesses help large businesses Industries with Small Business include: • Goods-producing sector (manufacturing, construction, agriculture, mining, and forestry) accounts for 34% Canadian SME’s • Service-producing sector (retail, wholesale, transportation, communications, finance, insurance, real estate, health care, advertising, accounting and personal services) • accounts for 66% of Canadian SME’s. Advantages & Disadvantages Advantages: Independence Financial rewards Lifestyle Learning opportunities Creative freedom and personal satisfaction Disadvantages: Financial risk Stress Time commitment Undesirable duties Starting a Small Business: What type of business is right for you? Manufacturer, retailer, wholesaler, professional/personal services, home-based? Do you want to innovate? What is your business idea? Start a new business or buy an existing one - or a franchise? Start it yourself? With others? What form of business organization? The Importance of the Business Idea: What customers want Creative Filling an unmet need in the market Example: CROCS Ways to Start a Small Business ...
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...INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA KULIYYAH OF ECONOMIC AND MANAGEMENT SCIENCE INTEGRATED CASE STUDY ACC 4291 SEMESTER 2 2012/2013 CASE REPORT CASE 1: A Delima PREPARED BY: AINI SALEHA BT MOHAMAD FAUZI 0826746 MUHAMMAD ASNAWI B RAPIE@SHAFEI 0918761 HARON BIN RASHID 0829181 PREPARED FOR: PROF DR SHAMSUL NAHAR ABDULLAH CASE SUMMARY Delima Enterprise is founded in 1981 by Encik Zayed. The main activity of Delima Enterprise is conducted trading and supplying related products including manpower supplies to the oil and gas industries. The company activities had expanded into provision of engineering services. Due to encouraging business growth in 2004, the Delima Enterprise was incorporated as Delima Enterprise Sdn Bhd. Since 2006, the company awarded with several engineering projects and its cumulative revenue for 2004 is RM1 million and RM1.7 million for 2005. The company is family based company and most of them only have secondary school background. They do not familiar with the audit. They also did not familiar with Accounting Standards and the provision of the Companies Act. The company also consists from the non experiences staff of their job. The protagonist or decision maker in this case is Encik Zayed. Encik Zayed is a principal shareholder and controlling director. Delima Enterprise Sdn Bhd wants to make banking facilities from Malayan Banking Berhad and...
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...even in today’s world a highly influencial management guru. Covey's most famous book, The Seven Habits of Highly Effective People is one of the best-known leadership books of recent years. The principles incorporated in the book can be easily aqpplied to all the situations and scenarios of life. i.e in workplaces, organizations, management side etc. Main theme of the book is to help the people grow, change, and become an effective person. Rather than tackling outside, least concern problems covey pursuade his readers to focus on grooming their ownselves personally and professionally. By far This is one of his best sellers ( any other book) and is so influencial that it readily comes into people mind whenever they heard the phrase “ personal development” Seven habits discussed in the book seem very simple, and in many ways they are, yet to varying degrees they may entail quite serious changes to thinking and acting. Values mentioned are full of integrity and humanity, and contrast strongly with the authority-driven process-based ideologies that characterize management and leadership thinking in earlier times. The 'Seven Habits' entails a remarkable set of inspirational and aspirational standards for anyone who seeks to live a full, effective and a purposeful life, Covey describes three distinct stages of personal growth as we develop these habits: Dependence: stage from where we start i.e being dependent on other people. without personal development, we would remain stuck on this...
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...Hewlett-Packard Company Internal Risk Assessment Founded on January 1, 1939, the Hewlett-Packard Company was created by Bill Hewlett and Dave Packard. The management technique used was personal involvement by management, walking around, having good listening skills, and realizing that everyone in the company wants to do a good job was the key. Both managers ran the company with a principle called management by objective, which is clearly communicating the general objectives and giving employees ample room to work the goals of the company to the individual’s best ability. The employee’s personal expertise would make the employees responsible enough to achieve the company’s goals. The company’s strengths and weaknesses in marketing, human resources, management, research and development, and finance have an enormous impact on the welfare and profitability of it. According to Hosford, C. (2010), “by optimizing all of the tools available, from digital marketing to telemarketing and direct mail” (para. 4) is a marketing strength for the company. The focus is how Hewlett-Packard customers want to be accessed and notified. By implementing telemarketing more customers were reached. Market leadership is obtained by the company by creating and dispenses practical and new products, services, and resolutions. Therefore, innovation in market strategies the firm will achieve growth and profits. The human resources used by the company according to Hewlett-Packard (2011), commitment to employees...
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...Financial Management for a Small Business Participant Guide Table of Contents Welcome ................................................................................................................................................................................. 3 What Do You Know? Financial Management for a Small Business ................................................................................ 4 Pre-Test .................................................................................................................................................................................. 5 Benefits of Financial Management ...................................................................................................................................... 7 Budgeting ............................................................................................................................................................................... 7 Discussion Point #1: Budgeting............................................................................................................................................ 7 Bookkeeping .......................................................................................................................................................................... 8 Cash Flow ................................................................................................................................................................................
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...women to face to the glass ceiling in business place. Reason for women to be treated by the glass ceiling History 1. It is a man-control world for a long time. 2. Women did not go to work for a long time until recent time. Social Problem 1. In public opinion, women can not do management as well as men. It will effect the employers’ decision. 2. Women have more family duties such as taking care of children. C. Abilities and Sexual Characteristics 1. For the physical reason, women may not adapt to the intensive work. 2. For mental reason, women will measure the problem more emotionally. What Women Can Do A. Something men can not do well 1. Human resource. 2. Accounting. 3. Secretary. B. New blood to the management level of company 1. Working environment. 2. New ideas. 3. Emotional...
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...Topic 2-5 The impact of accounting information on ethical behavior has been extensively documented. Many ethical issues are imbedded within and around MCSs. Some critics use ethics arguments to question the basic foundations MCSs and capitalistic economies that empower manager to make economic decisions. However, Macintosh (1994) argues that “accounting and control systems can and do play a critical role in defining the moral constitution of an organization.” Management control systems are a powerful determinant of an individual's behavior (Macintosh 1994; Dirsmith et al. 1997; Pant and Yuthas 1998). These systems are established to motivate employees to implement the strategy of the firm by aligning (使结盟) corporate and individual rewards. However, Horngren (1998) and Merchant (1998) note that many results are often counterproductive (适得其反\事与愿违) (e.g., slack, spend-it-or-lose-it). As organizations become flatter and knowledge is pushed further down into the organization, individuals will become even more responsible for decisions that significantly impact current profitability and future strategy (Johnson 1992; Lancaster 1998). Several of these will have ethical implications. The first issue regards to creating budgetary slack. Creating budget slack can be interpreted to be in contravention (矛盾) of several of the obligations listed under integrity and objectivity in the IMA’s Standards of Ethical conduct. Also, utilitarianism framework proposes that slack creation raises...
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...Question 2 Financial information is important even in a company or doing a small business. It refers to the signal, instruction, data and message which were generated during the process of organization and management of currency in circulation, variety of financial securities trading, credit and financial settlement activities. It includes government financial information, stock market information, customer credit information and others. There are few types of users who need financial information below: I. Managers. The managers had to overall responsibility for the financial department day-to-day. They had to organize and develop the financial management system and supervise the implementation. They are not only had to develop, maintain, and improve the financial management procedures and policies of the company nut also had to manage the fund and asset of the company. They had to prepare for the financial plan and annual development. II. The bank. The bank will need some information when they are having some deals with the customers. For examples: The owner wants to borrow money for use in the business, the customer want to get back the amount of fixed deposit which he had been saved money in the bank for 20 years. III. Owner of the business. The owner wants to be able to see whether the business is profit or loss. They had to analyzing the profitability and the viability of their investment and determining any future course of action. IV. A prospective buyer...
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...a general assessment of what ethical issues were present based on deontological ethics and Immanuel Kant’s Categorical Imperative. The Adelphia Communications Scandal The Adelphia Communications Corporation was the sixth largest provider of cable services in the United States prior to filing bankruptcy in 2002 due to a major accounting scandal. Adelphia’s management intentionally misled investors by falsifying financial statements to give the appearance the organization was financially solid and performing well above normal, by excluding billions of dollars of debt from financial statements. The auditors fail to find any fraudulent action in the financial statements. John Rigas was the original founder of the corporation and later joined with his brother and sons. The Adelphia Communications Corporation (investors) provided over $2.3 billion worth of personal loans to the Rigas family. The Rigas family received assets via fund transfers from the Adelphia Communications Corporation through journal entries to purchase extravagant homes, land for an exclusive golf course and personal purchases. After the firm declared bankruptcy in 2002, John Rigas and his son Timothy Rigas were charged with conspiracy, bank fraud, and securities fraud. John received a fifteen year sentence and Timothy received a twenty year sentence which they began serving in 2007. A second son, Michael, was sentenced to ten...
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...Consideration of Fraud in a Financial Statement Audit 1719 AU Section 316 Consideration of Fraud in a Financial Statement Audit (Supersedes SAS No. 82.) Source: SAS No. 99; SAS No. 113. Effective for audits of financial statements for periods beginning on or after December 15, 2002, unless otherwise indicated. Introduction and Overview .01 Section 110, Responsibilities and Functions of the Independent Auditor, paragraph .02, states, "The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. [footnote omitted]"1 This section establishes standards and provides guidance to auditors in fulfilling that responsibility, as it relates to fraud, in an audit of financial statements conducted in accordance with generally accepted auditing standards (GAAS).2 .02 The following is an overview of the organization and content of this section: • • • Description and characteristics of fraud. This section describes fraud and its characteristics. (See paragraphs .05 through .12.) The importance of exercising professional skepticism. This section discusses the need for auditors to exercise professional skepticism when considering the possibility that a material misstatement due to fraud could be present. (See paragraph .13.) Discussion among engagement personnel regarding the risks of material misstatement due to fraud. This section requires...
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...The Functions of Management at the Walt Disney World Resort Cynthia Brewer MGT330: Management for Organizations Professor William Banks April 28, 2014 : The Functions of Management at the Walt Disney World Resort The five functions of management are planning, organizing, staffing, leading and controlling. In a company as large at the Walt Disney Company, these five functions are vitally important to have the success this company has had for close to a century. Within the Walt Disney Company is the Walt Disney Resort in Florida. The five functions of management can be seen throughout the Florida resort. From carrying out the plans and mission statement, organizing the plans and objectives, successful staffing of employees, leading each department area for success and controlling, the resort has had great success. Even if one area of this process of functions falters, it could mean the end of the company. The planning process begins with establishing a goal. The main goal of the company can be seen within the company’s mission statement. The mission statement will explain why the company exists and what the main objects are for the business. The mission statement of the Walt Disney Company is, “The Walt Disney Company's objective is to be one of the world's leading producers and providers of entertainment and information, using its portfolio of brands to differentiate its content, services and consumer products. The company's primary financial goals are to maximize...
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