Current Issues in Management and Financial Accounting Essay

Current Issues in Management and Financial Accounting - Essay Example The aim is to show the current issues that are making the two fields different; the current issues related with these fields. According to Lawrence J. Gitman differences between the two, harmonized financial accounting and variables management accounting are shown in this assignment to understand their purpose to deal with the accounting system. Below different factors are given used to develop a clear information to the reader that how the role of these two branches differ. Garrison Noreen mentioned that two approaches accounting differ with each other in respect to financial statements. The financial accounting actually deals with the presentation of financial data where as the management accounting is the management of the accounting and cost within the firm structure. The financial accounting system actually used to make different financial reporting and therefore, the financial accounting standard board has launched different standards that must be taken in consideration while forming the financial statements. That is the reason that the financial accounting system becomes a harmonized system whereas, management accounting do effect on the financial statements but this actually deals with the management of cost structure within the firm. ... ifference between the two approaches is that management accounting uses different forms of cost structure to ensure minimum cost used in the firm where as financial accounting actually deals with structures and reporting that inform that how much cost is incurred by the firm. The management of any firm uses the management accounting to control their cost within different firms where as financial accounting actually seeks the usefulness of such management accounting system. The management of the firm consider mainly on their cost structure so that they can manage their cost structure to gain much benefits in their financial statements. The financial accounting on the other hand has very precise purpose, it helps in forming the financial statements and also helps the firm to provide a better future understanding of their newly projects. They help to know that which project will be better while management accounting helps the management to manage their cost to gain extra. Therefore, the management uses the harmonized and standard financial accounting system to elaborate better financial conditions of the firm. Therefore, management The management accounting uses different standardized cost structures within the firm where as the financial accounting do not have any standardized cost structure that can be used by the firm. The system design of any firm includes the cost structure and cost design of the firm. For instance either the firm is using the job-order processing system and or process order system (Carl S. Warren, James M. Reeve, Philip F. (2005)). These systems define the cost structure of the firm. The firm chooses these management accounting systems according to the use of resources so that they can incur less cost in the firm. Where as, the financial

The Development of The American Broadway as Theatre and Culture Research Paper

The Development of The American Broadway as Theatre and Culture - Research Paper Example The American Broadway Musical has enjoyed success since its inception, gradually coming to be recognized as a truly American contribution to theatre. Success is measured in terms of the length of its run on Broadway. In fact â€Å"long runs became the norm for a hit show† (Hischak 2004, 449). Plays such as My Fair Lady 1956, Hello Dolly! 1964, Grease 1972 and Cats 1982 have maintained the record for Broadways longest running musicals (Hanschak 2004, 449). However, Phantom of the Opera enjoyed the longest run of over 8,000 performances between 1987 and 1988 (Hischak 2004, 450). Typically when a Broadway musical enjoys immense success directors are inclined to transfer the production to the big screen. This is obviously an economic incentive in the sense that movie producers anticipate making money from a film version of a successful and popular Broadway production. In return, the Broadway Musical producers are entitled to royalties from the box office returns and in most cases a token advance payment against future royalties (Vogel 2001, 520). However, a successful Broadway musical does not automatically guarantee that the subsequent film version will be equally successful. For instance, The Phantom of the Opera, while immensely successful on Broadway was a relative flop in the cinema. It has been argued that the box office failure may be attributed to the fact that the film version came too late, having gone into film production some twenty years after its first theatrical debut. By that time the momentum and popularity had faded somewhat (Broadway n.d.).à ‚  

Analyzing Crime Trends Essay Example | Topics and Well Written Essays - 250 words

Analyzing Crime Trends - Essay Example Lastly, the overall crime rate in Kent, Washington was 606.9 in 2005, and it systematically reduced to 518.8 in 2008 (Kent City Police Department n.p). It is evident from the data above that Rochester City, New York had the highest number of crime rate and Santa Clarita, California had the least number of crime rate. Additionally, there was a general reduction in crime rates for all the five cities. One of the key reasons for the reduction, in crime rates in these five cities, is the implementation of a more decentralized community policing strategy that is characterized by openness to try out new techniques of protecting the cities and statistical analysis (Boba-Santos 87). Additionally, most States have ensured that majority of hard core criminals and offenders have been prosecuted and placed in jail. Incarceration has ensured that majority of crime offenders have been placed out of streets thus the reduction in crime rate (Boba-Santos 91). Demographics have also contributed in reducing crime rates in these cities. Statistics indicates that young people commit criminal offense more than the elderly (Clark 67). Therefore, the State governments have created a number of social activities that target youths thus keeping them busy. This has also reduced crime rate drastically. Local policy in these cities has also improved surveillance (Siegel 104). Cameras are everywhere in the streets thus making it difficult to commit a crime (Clark 73). In summary, crime rates have reduced in the United States, and this is evident in the data provided for the five cities. This is particularly attributed to a the change of local policy in different cities and

Business environment report Essay Example | Topics and Well Written Essays - 2000 words - 3

Business environment report - Essay Example In addition, the company also offers financial and online services across Asia, North America, and Europe. Based on the revenue, it is the third largest retailer in the world behind Carrefour and Wal-Mart, which is the largest. In terms of profit, it surpasses Carrefour to rank only behind Wal-mart. In the UK, its biggest competitors are ASDA and Sainsbury. Tesco’s philosophy is embedded in their desire to expand and grow as is shown by their strategy. Tesco has a consistent and well-established growth strategy that has allowed them to strengthen their core business in the UK, as well as drive their expansion to other markets (Tesco Plc, 2013: p1). This paper will seek to discuss the business environment of Tesco. The business environment analysis will include the micro-economic analysis because it directly impacts the management of the company. A macro-environment analysis will also be essential because it impacts the decisions taken by the management, which will include a PE ST analysis, SWOT analysis, and Porter’s five forces analysis. The paper will also compare Tesco’s financial ratios with those of its biggest UK rival, Sainsbury in order to determine its financial environment and performance. With regards to Tesco’s financial status, the analysis will be made for the period between 2009 and 2011. Finally, the paper will make recommendations as to how Tesco can adapt to the current business environment. Tesco’s Business Environment Analysis Micro Environment factors For Tesco, customers are one of the most important factors of the business. Tesco as an organization gives their customers increased benefits to keep them happy, for example, giving them the best quality and variety of products (Jones et al, 2012: p884). Tesco ensures that they are able to meet the demands of their consumers in an environment where competition is ever increasing, whereas also meeting the expectations of the wider market. Another factor is mate rials, which is important because production and sales at Tesco are directly related to materials. If the material is easily available, the production and sales will increase. Tesco ensures this by storing their material in easily accessible warehouses. Employees are another important micro-environmental factor. Tesco ensures that they have the best staff for them to offer better service to the consumer. Satisfaction of the employees helps to improve the quality of their service and improves their competitiveness (Elearn, 2013: p11). Suppliers are important to Tesco in order to offer competitive service to their customers. Having and maintaining efficient supply chains improves their ability to get orders delivered on time. Getting the material delivered on time has various advantages and it is essential for Tesco to maintain a good supplier-user relationship (Elearn, 2013: p12). The shareholders are an important micro-environmental factor, as well. Great organizations require good relations with their shareholders in order to increase their growth. Tesco gives substantial dividends to their shareholders, whereas also allowing their employees and suppliers to buy company shares. This gives added satisfaction to their suppliers and employees, improving their productivity. Media gives Tesco the ability to achieve top sales and, as such, it is an important micro-environmental factor. It is important to get information on new products and services, as well as

Management - Diversity Essay Example | Topics and Well Written Essays - 750 words

Management - Diversity - Essay Example Moreover, empathy can result in discouraging organizational subcultures to form. Subcultures ostracize those outside them, and a sense of superiority in those who form parts thereof, however, a little empathy, even if learned/forced, can go a long way in mutual respect, resulting in the discouragement of such subcultures to be formed. 2. Overcoming differences for effective teamwork: it is all but natural for organizational employees to have differences in their personalities and ideals. Effective and successful teamwork is a must-have in any organization’s operations. Often, teamwork is hampered when employees cannot overcome their differences, sometimes resulting in all out confrontations. An organization that fosters diversity needs to train its employees in ways to overcome their differences for effective teamwork, so that the organization’s operations can run successfully and smoothly. 3. Inclusivity of various different employees of the organization as much as pos sible: it is important that none of the employees feel sidelined in an organization, especially based on their personal differences (e.g. gender, class, ethnicity, religion etc.). Organizational work, as well as employee morale, is adversely affected if employees feel that the organization does not value them or their opinion. ... ss dealings with abroad: whether it is the organizational employees inter se or organizational employees and organizational foreign clients, it is very important for them to be sensitive to the cultural differences and the nuances these differences bear. In inter-office dealings, cultural intelligence can lead to a friendlier work environment, where all employees feel their beliefs are respected; whereas in international dealings, cultural sensitivity and intelligence can result in success along with avoiding the organization embarrassment. There are myriads of ways to attain these objectives, however, some of them can include the following: 1. Just like other regular training workshops and seminars, training regarding diversity can also involve having guest speakers and lecturers, coming from diverse background to come and talk to the employees. These lectures/talks can involve various topics dealing with diversity and can help the employees gain a better understanding of problems f acing the minority at work. 2. There can be an hour or two set aside, every two or four weeks, for employees to share their personal stories, where they relate their personal diversity experiences. Negative and positive both aspects should be equally highlighted. Just like there is a need for employees to learn what to avoid, they need to learn what would be a good thing to do in certain situations with regard to diversity. This can also foster a sense of inclusion in the employees, as well as make them feel that their voices are being heard. 3. An informal office party, where everyone is invited is a good idea, however, to make it more interesting (or more â€Å"diversity training efficient†) the employees can be asked to socialize/interact with those different than them once they are at

The Reigh Of Louis XVII Essay Example for Free

The Reigh Of Louis XVII Essay Louis XVII came to the throne in 1814 as the rightful heir. After the defeat of Napoleon there were two possible branches of the Bourbon family. The elder branch, which was Louis XVIII (brother to guillotined Louis XVII) and the younger branch, which was Louis Phillippe, duc dOrleons. It was left to the allies to choose who should rule, and they did not want France to be a republic. However Europe could no establish who should be the new ruler of France. They therefore decided to let France choose for herself. This was just a way of covering up the fact that they couldnt choose a ruler themselves. However there was no intention of consulting the people of France through any system of voting. Talleyrand, once Napoleons legal servant, was in favour of the Bourbons returning. It was therefore him who convinced the allies that there was widespread support in France for the restoration of the Bourbons, and when Wellington entered Bordeaux to be met by crowds of people shouting vive le roi (long live the king) it convinced the allies that the restoration was stood a good chance of success. Therefore in April 1814 Louis XVIII returned as king. Louis XVIII, at the time he came to the throne, was aged fifty-nine years old. He was over weight and walked with difficulty. His personality was dull and uninspiring. He was known to be a firm believer in the divine right of kings. His character was such that he lacked charm and the truth was, that he was wanted for what he stood for, rather than what we really was. When Louis XVIII came to power, the economy was strong, and this was therefore good and positive for his reign. Louis XVIII did not squander the advantages he possessed. By supporting capable ministers, especially his favourite, Elie Decazes, he ensured the governments finance was on a firm footing. With the war fees paid off by 1818 foreign troops withdrawn, the country was able to settle down after the costly glory of Napoleonic era. In fact under Louis XVIII an effective system for controlling government spending was developed that was to last with out any major adjustment for more than a hundred years. The allies feared because they thought French people grown use to national glory would soon get bored of a dull monarchy. They need not to worry. It seems that although most French people were pleased to bask in the glory, they did not immediately miss the pleasure when it was no longer available. Louis XVIIIs greatest success was managing to convince the pays legal that he intended to make the charter if 1814 a working reality. He did this by restraining those supporters who wanted to undermine the charter, or even do away with it altogether. Also by communicating a general belief that in it as providing the basis for political life in France in the future. These Ultra-Royalist, known as the Ultras, were even more Royalist than the King himself. They hoped to day with the charter as soon as possible. However Louis XVIII was in sympathy with some of their views. Yet because he did not possess great strength of character, he was unable to resist all their demands. The Ultras, however, did gain some success. When the law to compensate the ÃÆ' ©migrÃÆ' ©s was passed in 1825, the reaction of the pays legal was very hostile. For ten years the ÃÆ' ©migrÃÆ' ©s felt discontent that their loyalty to the royal family and the ancien regime, which had lost them their lands and fortunes, had received scant reward. Many of them had been given official positions to fill and their ranks recognised. However most of them still lacked financial security and they would therefore have liked their lands restored back to them. But even Charles X saw that to attempt this would be such a basic attack on the revolutionary settlement that it would probably have been resisted by force So the law of 1825 confirmed the rights of present owners of the market value of any land that had been confiscated in the 1790s, and by compensating the ÃÆ' ©migrÃÆ' ©s by making them an annual grant of money. Louis XVIII success also included the Charter. As stated above, Louis managed to convince the pays legal that he intended to make the charter a working reality. Th Charter of 1814 stated that there would be freedom for the press, although there would be laws passed to check the abuse of this freedom. It had been assumed by most of the pays legal that this meant that people would be free to publish what they wanted although they would be liable for legal action after the events if they had printed anything  contrary to the law. This was not how the Charter was interpreted by Louis XVIII, and he made efforts to prevent the publication of anything they regarded as hostile to the regime. Between 1814 and 1822 the government generally tried to control the press by insisting that no political news or comment was published until it had been passed by the censor. Despite Louiss age, his immobility, his belief in the divine rights of the king, his heavily influence by Madam du Cayla and his failure to compensate the ÃÆ' ©migrÃÆ' ©s, I strongly believe that his strengthens and successes out weighed these. Among his successes, he managed to convince the pays legal that he intended to make the Charter a working reality, keep his throne while managing to suppress opponents, acted according to the Charter and did not allow the Ultras to get much power and dominate. He also did not allow himself in party politics, which meant he could be neutral and not favour one party over another. This meant a downfall of a minister would not bring him down. Lastly, Louis XVIII was the rightful king in France and therefore he could diminish opposition.

Government Strategies to Control Inflation

Government Strategies to Control Inflation With reference to the UK, examine and discuss the methods open to a government to control the rate of inflation within an economy. Introduction Inflation refers to an increase in the price level of goods and services in a given economy. Since inflation is concerned with increases in the cost of living rather than increases in the cost of a particular good, it is measured using a price index which monitors the price of a weighted ‘basket’ of goods. In the UK, the main price indices are the Retail Price Index (RPI), the Retail Price Index excluding Mortgage Interest Payments (RPIX) and the Consumer Price Index (CPI). Responsibility for the control of inflation was handed from the Treasury to the Bank of England in 1997 at which time the RPIX was used to measure inflation and the inflation target was set at 2.5%. Since December 2003, the CPI has replaced the RPIX as the main inflation measure and the target has been set at 2%. Diagram 1 (below) depicts annual inflation rates in the UK from 1997 to 2007 as measured by both the RPIX and the CPI. This essay will first outline the main theories put forward to explain the causes of inflation and the methods that each theory suggests would control inflation. The next section considers inflation in the UK from 1997 to date, and then evaluates the measures employed by the Bank of England in order to try to control inflation in that period. Causes of inflation and methods of inflation control There are two main schools of thought on the causes of inflation. The Keynesian school posits that changes in the real supply of or demand for goods and services are the key causes of inflation. Thus in order to reduce inflation, an expansion in supply or a contraction in demand is necessary to reduce the price level. This can be achieved through fiscal or monetary policy or a combination of the two. Fiscal policy such as an increase in income tax rates, has the effect of reducing effective demand for goods and services and thus can be used to lower inflation. Furthermore, a reduction in sales taxes (VAT in the UK) can reduce inflation to the extent that that inflation is caused by an increase in consumer prices. Monetary policy, through an increase in interest rates, can reduce aggregate demand through discouraging borrowing, increasing saving and reducing the disposable income of homeowners as the cost of mortgage repayments increases. The monetarists, on the other hand, argue that inflation is caused primarily by changes in the supply of and demand for money. In this view, then, inflation can be reduced either by reducing the supply of, or increasing the demand for, money. Given that either the government or the central bank (as in the case of the UK where the Bank of England has had independence on monetary policy since 1997) sets the price of money (i.e. the interest rate), they are able to control the supply of and demand for money. This suggests that fiscal policy can be used to affect aggregate supply and aggregate demand while monetary policy can be used to affect aggregate demand (particular in an economy with a high level of mortgaged home-ownership) and the supply of and demand for money. Inflation in the UK and Bank of England control measures from 1997 to 2008 The diagram above shows UK inflation (as measured by RPIX and CPI) from 1997 to 2008 together with the inflation targets set for the Bank of England by the government. This shows that from 1997 to 2003, inflation was held within 0.5% of its target. In 2004, inflation as measured by its (then new) CPI target was on the low side but from 2005 to 2007, it was within a healthy 0.5% range of target. In recent months, however, inflation has been climbing and is predicted to go over 3% at some point before the end of 2008. In order to understand inflation and inflation control in the UK, it is necessary to understand some of the specificities of the UK economy. In the first place, the nature of the UK housing market (which is characterized by high loan-to-value ratios, relatively few long-term fixed rate mortgages, and ease of re-mortgaging) makes house prices particularly responsive to interest rates. Cameron (2005:3) explains that ‘a one percentage point rise in the short-term real interest rate would reduce house prices over a five year period by 2.6% in the UK, 1.8% in the US, and 1.3% in Germany.’ Furthermore, in the UK, house prices have a major impact on consumer spending. Cameron (2005:3) explains that house prices are more volatile in the UK than elsewhere in the developed world, and that the impact of house prices on consumer spending is also particularly heavy in the UK – according to the OECD, a 1% fall in UK housing wealth correlates with a 0.07% fall in consumer spendi ng. This can be seen as due to the high levels of home ownership and the high loan-to-value ratios of mortgages. This demonstrates that while monetary policy can be very effective in reducing aggregate demand via just a small increase in interest rates, the converse is also true – in other words, a small reduction in interest rates will have a significant effect on aggregate demand and so will lead to a significant increase in inflation. This last point is well illustrated by the current situation in the UK. The Bank of England is mandated to control inflation (as mentioned previously the target is 2% as measured by the CPI) but has control only over monetary policy and not over fiscal policy. Monetary policy impacts economic growth as well as inflation and therefore when the economy is slowing (as is currently the case) and potentially heading towards recession, interest rates may be used to stimulate growth even if this may also increase inflation to an unacceptable level (when it goes over 3% the governor of the Bank of England must write an explanatory letter to the Chancellor of the Exchequer). As the Economist (2008:38) explains, in January of this year, ‘consumer prices were 2.2% higher than a year ago—a bit above the governments 2.0% inflation target. The banks central forecast shows inflation heading up to 3% by the third quarter of this year.’ The Bank of England (2008) itself certainly blames the predicted escalation of inflation over the acceptable 3% level on the problem of balancing growth objectives with inflation targets given that monetary policy is the only tool at its disposal, claiming that the ‘combination of slow growth and above-target inflation poses substantial challenges for policy.’ Conclusion The Bank of England (2008) explains that ‘higher energy, food and import prices push inflation up sharply in the near term.’ This is echoed by analysis in the Economist (2008:38) which claims that increasing ‘home-energy bills, which have jumped by nearly 15% so far this year, will add almost half a percentage point to consumer-price inflation in February. Food-price inflation, which is currently 6.6%, is likely to rise further. Import prices will be pushed up by a weaker pound, whose 6% fall in the last three months was the biggest since sterlings ignominious exit from the European exchange-rate mechanism in 1992.’ In order to address this kind of inflation without stifling economic growth at a time when growth is already slowing, policies need to be directed at aggregate supply of goods and services. As was outlined above, monetary policies have an impact on the supply and demand for money and also on aggregate demand for goods and services. However, only fiscal policy impacts the aggregate supply of services. Thus in the context of low levels of growth and high levels of inflation, monetary policy (as controlled by the Bank of England) is not sufficient because if it focuses on controlling inflation it cannot also reverse the slowdown in economic growth, and if it focuses on economic growth, there is a danger that inflation will get out of control. Thus inflation controls should draw on a combination of fiscal and monetary policy. References Bank of England (2008) ‘Overview of the Inflation Report February 2008’ (downloaded from http://www.bankofengland.co.uk/publications/inflationreport/infrep.htm on 4 March 2008) Cameron, G. (2005) ‘The UK Housing Market: Economic Review’ (downloaded from http://hicks.nuff.ox.ac.uk/users/cameron/papers/ukhousingmarket.pdf on 4 March 2008) Economist (2008) ‘Economic woes: Fighting on two fronts: Britain’s central bank gets gloomier about growth and inflation’ in The Economist, February 16th-22nd 2008, p.38 OECD (2005) ‘Economic Survey of the United Kingdom, 2005 (downloaded from http://www.oecd.org/dataoecd/18/34/35473312.pdf on 4 March 2008) Office for National Statistics (2008a) ‘RP07 RPI all items excluding Mortgage Interest Payments (RPIX) percentage change over 12 months (CDKQ)’ (downloaded from http://www.statistics.gov.uk/downloads/theme_economy/RPIX.pdf on 4 March 2008) Office for National Statistics (2008b) ‘CPI12 CPI all items percentage change over 12 months (D7G7)’ (downloaded from http://www.statistics.gov.uk/downloads/theme_economy/CPI.pdf on 4 March 2008)