...section. Answer: True 2. The three major sections of a CAFR are the Introductory, Financial, and Statistical sections. Answer: True 3. The introductory and statistical sections of a CAFR are required to be audited. Answer: False 4. State and local governments are not required to prepare a CAFR. Answer: True 5. Combining statements are required whenever a non-major column is used in one of the fund financial statements. Answer: True 6. A complete CAFR includes combining financial statements to reflect major funds. Answer: True 7. In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds. Answer: True 8. In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental funds only. Answer: False 9. The General Fund is not always considered to be a major fund when preparing fund basis financial statements. Answer: False 10. With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues and expenditures combined are at least 10% of the total for the governmental funds category. Answer: False 11. With respect to fund basis financial statements, a government may only designate a fund to be a major fund if it meets the size thresholds established...
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...situation and to help users in their decision-making , it is necessary for the financial statements to be state on a common accounting framework. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on converging U.S. Generally Accepted Principles (US GAAP) and International Financial Reporting Standards (IFRS). The goal of the “Financial Statement Presentation Project” is to consolidate the presentation of basic financial statements and format presented by a business entity, including the classification and display of line items and the aggregation of line items into subtotals. The following sections will outline the important changes in the new presentation for four major statements and finally arrive at a conclusion of the establishing of a new, common and high-quality standard presentation. structure of financial statement The complete set of financial statement in the project includes following statement: statement of financial position (balance sheet), statement of comprehensive income, statement of cash flows and the reconciliation statement. But the key changes fall into the structure of financial statement, including business section, financial section, income tax section , discontinued operation and multicategory section. The business section includes assets and liabilities that relate to income...
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...I. INTRODUCTION – RISK MANAGEMENT The technique of risk assessment is used in a wide range of professions and academic subjects. Engineers "risk assess" bridges to determine the likelihood and effect of failure of components, and social welfare workers "risk assess" their clients to determine the likelihood of the reoccurrence of anti-social behavior. Risk assessment has become a commonly used approach in examining environmental problems. It is used to examine risks of very different natures. Definitions in risk assessment are all-important because of the wide range of uses of the approach, and different meanings of terms used by different groups of experts and practitioners. Hazard is commonly defined as "the potential to cause harm". A hazard can be defined as "a property or situation that in particular circumstances could lead to harm" Risk is a more difficult concept to define. The term risk is used in everyday language to mean "chance of disaster". When used in the process of risk assessment it has specific definitions, the most commonly accepted being "The combination of the probability, or frequency, of occurrence of a defined hazard and the magnitude of the consequences of the occurrence". The distinction between hazard and risk can be made clearer by the use of a simple example. A large number of chemicals have hazardous properties. Acids may be corrosive or irritant to human beings for example. The same acid is only a risk to human health if humans are exposed...
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...practice. The application of research conducted in Bloom’s taxonomy on nursing education focuses on teaching, organize lesson plan, assess and evaluate. The application of the research is also used to create learning objectives and instructional outlines for written educational materials. (Su & Osisek, 2011) For example, nurses have to teach patients about different disease processes and need to have the knowledge to know how to effectively teach a patient. Bloom identified three domains of educational activities or learning categories. The three domains are cognitive, affective, and psychomotor. The first domain is cognitive, which involves knowledge and the development of intellectual skills. (Su & Osisek, 2011) There are six major categories of cognitive processes, ranging from the simplest to complex. The following are the six categories; knowledge, comprehension, application, analysis, synthesis, and evaluation. The categories are presented in levels of difficulties; each category has to be mastered for the next one to be accomplished. (The Cognitive Domain, n.d.) The affective domain advocates the structure and sequence for developing attitude, also expressed in personal development as...
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...Summary of facts Three Little Pigs, Inc. (PIGS), is a vertically-integrated provider of pork products that produces approximately 4.1 million hogs per year. The company mainly deals with wholesale and retail food service and institutional markets in the United States, as well as outside third parties. PIGS classify their hog inventory into three major categories: live hogs ready for sale, developing animals, and processed pork products. Management believes that there is no lower cost of market issue related to the hogs that are processed within their own company. Unfortunately the hogs that are sold to the third party spot markets have experienced a decline in their market price and in some months it isn’t enough to cover the carrying cost. However management also thinks that in the long run revenue will exceed total cost and there may not need to be a temporary impairment to inventory. Even though the price is varying from month to month their expecting that the revenue will cover all the cost of the inventory and the hogs sold to third parties. * How should the company determine whether inventory impairment exists at September 30, 2002? More specifically, how should management evaluate impairment? Instead of evaluating for impairment under the lower of cost or market method on a total inventory basis, PIGS should focus on trying to give a complete and clear representation of the company. This may be best done by determining whether inventory impairment exist at September...
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...how a company intends to profit from its strategies, work processes, and work activities. Strategic management is important for four reasons. First, it makes a difference in how well organizations perform. Second, it’s important for helping managers cope with continually changing situations. Third, strategic management helps coordinate diverse divisions, departments, functions, and work activities, and keeps all focused on achieving the organization’s goals. Finally, it’s important because it’s involved in many of the decisions that managers make. The Strategic Management Process ✓ List the six steps in the strategic management process. ✓ Describe what managers do during external and internal analyses. ✓ Explain the role of resources, capabilities, and core competencies. ✓ Define strengths, weaknesses, opportunities, and threats. The six steps in the strategic management process are: (1) identify the current mission, goals, and strategies; (2) do an external analysis; (3) do an internal analysis – steps 2 and 3 collectively are known as SWOT analysis; (4) formulate strategies; (5) implement strategies; and (6) evaluate strategies. (See Exhibit 8-1.) During an internal analysis, managers assess the organization’s resources (assets) and capabilities (how work is done). The major value-creating skills and capabilities are the organization’s core competencies. Any activities the organization does well or any unique...
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...differences, however most of the content and format is similar. The following comparison will focus on the similarities and significant differences between U.S. GAAP and IFRS related to the statement of cash flows. A cash flow statement is a financial report that describes the sources of a company’s cash and how that cash was spent over a specified time period. It is useful for determining the short-term viability of a company, particularly its’ ability to pay bills and is generally required by IFRS and U.S. GAAP. One similarity between IFRS and U.S. GAAP in creating the statement of cash flows are both utilize the same format choices and categories. The cash flow statement may be prepared using either the direct or indirect methods. They also utilize the same three categories: operating activities; financing activities; and investing activities. Under IFRS the entity is given the option to prepare statement of cash flows using either the...
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...Agricultural Development Corporation Category Activity Description Agro-Industry/Agriculture Performance Testing- Performance Testing is the principal method used to Beef cattle identify high ranking individuals within a breed through the identification of such individuals within a herd. This systematic method will enable an increase in the rate of genetic improvement in the traits being measured. Newly weaned (average 8-10 months) bull calves are placed in a 140-day trial and given equal opportunity to perform through a uniform feeding and management regime. Record of economically important traits, adjusted 210 day weight, average daily gain adjusted 400 day weight and weight per day of age on all animals are systematically maintained. These records when statistically analyzed are used as the objective measures (indices) in selecting replacements and eliminating poor producers. 48 Caribbean Agricultural Research and Development Institute Category Activity Description Agro-Industry/Agriculture Animal Production and Sam Motta's Goats and Sheep Demonstration and Marketing Systems Training Centre Animal Production and Hounslow Goats and Sheep Demonstration and Training Marketing Systems Centre Animal Production and Small Ruminant Production and Marketing Systems Marketing Systems Development Crop Production and Marketing Systems Livestock Feeds and Feeding systems Enhanced Hot Pepper Production Feeding Systems development for ruminants Education/Research PROCICARIBE...
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... For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Table of content 1. Question 1 1. Introduce to Corporate Governance 2. Governance makes a Difference 3. Failures of Corporate Governance 4. Failures in Major companies 5. Reform of Corporate Governance 6. Conclusions 2. Question 2 1. Introduce to Cadbury Report 2. Conclusions 3.0 References Question 1 Based on the above it has been stated that “the problem is not a failure to comply with rules but a failure in governance practice”. Do you agree and why? (10 Marks) Introduce to Corporate Governance Corporate governance looks at issues pertaining to transparency, integrity, effectiveness and accountability in the management of the affairs, and all other activities of an organization. Management is concerned with the company’s operations, functions and financial performance; hence, corporate governance aims to involve the quality assurance of the operation of the board itself. The concern is for the welfare, good performance, corporate ethics and morality, as well as social and public responsibility for the good corporate citizenship. Corporate governance also involves in system to ensure that the organization’s obligations to its major stakeholders. The relationship among the many stakeholders and the way of corporation is directed and governed is therefore created....
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...several major categories and sub- categories of assessments. The major categories of assessments relate to the type of examination. The sub-categories of assessments relate to the manner in which the assessment is taken. Assessments can be used for a wide variety of purposes in the professional, military, and educational worlds. The validity and reliability of a test affect the overall purpose of the test. Human error and individuality can affect the reliability and validity of psychological assessments. Definition of the Term Test The term test is defined as an analytical assessment, examination, or appraisal that is used to measure the abilities, understanding, intellect, proficiencies, or skills of an individual or group (Merriam-Webster, 2012). There are many major and minor categories of tests. The five major test categories are: The five main categories of psychological tests are: mental ability tests, achievement tests, personality assessments, interest and attitude assessments, and neuropsychological tests. The minor categories of tests are: performance, paper and pencil, power, speed, individual, group, maximum performance, typical performance, norm-referenced, and criterion referenced examinations. Separating examinations into categories allows a researcher to better understand the purpose of an examination and the users that a test is designed for (Hogan, 2007). Description of the Major Categories of Tests...
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...Going tomatoes JANUARY 6, 2013 BY AYESHA HODA By Ayesha Hoda Published in Aurora Magazine (September – October 2012 issue) The ketchup category has seen advertising activity recently and there are lots of tomatoes to be found whether you switch on the TV or look at a billboard. The story of tomato ketchup in Pakistan began with Mitchell’s – a food brand that dates back to the 30s. The category has changed significantly since and more brands have entered the market. Today, the category is populated by names such as Bake Parlor, Knorr, Mitchell’s, National Foods, Shangrila, Shezan, and international brands like Heinz. According to Adnan Malik, Head of Marketing, National Foods, the tomato ketchup category is worth three billion rupees (Source: A C Nielsen) and his brand accounts for 51% of the share. He says that there is a 70% penetration of this category in consumer segments A1, A2, B and C. In sharp contrast, the penetration levels go down to 30-40% in B, C and E. Since the 90s the strategies for ketchup brands have evolved. Inflation and the economic downturn have seen cuts in consumer spending and brands have turned to offering their customers convenience and economy. To this end, Shangrila (established in the late 80s) introduced a 100g sachet in the late 90s and became the first company to launch pouch packaging, a development that raised the bar among competitors and also brought the price down, helping develop a market for ketchup among a wider public. National...
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...CHAPTER TWO DEVELOP AN END-TO-END PROCESS ARCHITECTURE The first step in executing a supply chain strategy involves designing a process architecture that maps out the activities of the entire supply chain. Companies with high-performing supply chains design an integrated architecture, in which Plan, Source, Make, Deliver, Return, and Enable processes work together in a highly coordinated fashion to provide an important source of competitive advantage. Although a daunting undertaking, it’s critical to getting the most out of your supply chain. Once the supply chain strategy is in place, the next step is to assemble the supply chain processes that will allow the company to realize that strategy. Fundamentally, at the heart of every supply chain are six main processes planning, procurement, production, order fulfillment, returns, and enablers. Each of these processes comprises a set of subprocesses and activities the thousands of steps required to produce a product or service and deliver it to customers. And the steps must be integrated and coordinated into a coherent workflow. Getting the different pieces to fit together seamlessly is no easy task. For this reason, it is critical to develop a supply chain process architecture that is, a blueprint of the six main supply chain processes. This blueprint also provides the basis for selecting and operating supporting information systems, which are fundamental for supply chains to function. The architecture must map out how the entire...
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...programs geared at motivating productivity and loyalty to the organization. iii. Principle of initiative-this principle advocates for managers to allow for initiative patterns that allow their employees to come up with new ways. The principle allows the manager to delegate duties and allow new techniques of handling problems. iv. Principle of remuneration-this principle should allow the manager develop a good payment system because money is an important motivator. We should never forget that there is no perfect remuneration system. v. Principle of unity of direction-this principle advocates for similar objectives for people conducting one task in a single plan. The manager is able to develop objectives that guide everyday activities to ensure that all workers work toward them. vi. Principle of division of work-this principle focuses on specialization which should allow one to focus on what he or she is good at thereby allowing more productivity. This allows managers to focus on tasks and assign only the most skilled in that field to head each task. vii. Principle of...
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...for 16,8 million tonnes in 2006. Bananas are also a very important staple commodity for many developing countries, together with wheat, rice or corn, hence the relevance of bananas for food security. Some of the main banana producing countries, such as India or Brazil, are hardly involved in international trade. In fact, only about one fifth of total banana production is internationally traded . Nevertheless, the share of banana trade in world banana production increased slightly in the last decades (from around 18% in the sixties and seventies to over 22% in the 1990s and 2000s). The international banana market shows a highly regional character. The banana industry is a very important source of income, employment and export earnings for major banana exporting countries, mainly developing countries in Latin America and the Caribbean, as well as in Asia and Africa. According to FAO statistics, world banana exports are valued a total of US$5,8 billion in 2006, making them clearly a vital source of earnings to many countries. A strong bond exists between banana-generated income and household food security. Export volume or price changes bring about income changes for those directly employed in banana production, both as smallholder farmers and as wage earners on banana plantations. In addition, secondary and tertiary industries and their employees also feel the impacts of those changes". Evolution or world...
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...been much less successful in internationalizing its service businesses.1 So it is essential to national competitiveness that governments, as well as companies, achieve a better understanding of how to develop effective global strategies for different types of service businesses. Most research to date has focused either on why and how service firms internationalize or on different modes of internationalization.2 In contrast, we examine how globalization drivers and the use of global strategy might apply to various types of services, and what differences might exist relative to manufacturing businesses. In doing so, we combine two different frameworks, one developed to analyze global strategy3 and one for service businesses.4 Overview A major theme in international business is the increasing use of...
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