Financial Accounting Concepts Essay Example | Topics and Well Written Essays - 500 words - 4

Financial Accounting Concepts - Essay Example Advise to Dr. Leo Krusack on basic accounting procedures for the month of July showing how each transaction is handled on the accrual basis of accounting: - On July 1st, he paid out $1,200 in office rent for the month of July. This is considered as expense for the month of July. .He purchased a new dental chair for $1,300 cash on July 6th. This is capital investment and hence a Balance sheet item. This is not to be considered in the revenue account for July. On July 10th, he purchased $2,000 worth of dental supplies on account. Under the accrual system of accounting only the actual supplies used during the month is considered and not the total purchases. He used $1,300 worth of dental supplies in July. This is an expense for July. On July 10th, he paid an electric bill for $250 This pertains for the month of June and even though paid in July cannot be considered in the revenue account for July under the accrual system of accounting. On July 12th, he paid $75 to place an ad in the loc al newspaper. This is an expense for July. He paid out $1,500 in wages to his hygienist on July 15th and 31st. This is an expense for July. On July 18th, he withdrew $250 for personal expenses. Personal drawings are accounted for in the Balance Sheet when the profits are added to the Capital account.

Critically assess the impact of Taylor and Ford on organizations today Essay - 1

Critically assess the impact of Taylor and Ford on organizations today - Essay Example Today every organization works towards task maximization. The theory behind Taylor’s works grew to maturity from his times although the notion is sometimes misused. Impact of Taylor and Ford in My View Concerning Their Legacy According to Kolb (107, 2008), Taylor observed that the level of motivation between workers differs from one worker to the next, the only difference that comes in, presents itself in unmotivated cases. He experimented and found out, that when workers carryout recurring tasks they tend to work slowly. Managers call it, malingering, tailor calls it, soldiering; while workers call it, avoiding over work from the managers. Workers demand payment according to the work they do to the organization, otherwise they all tend, even the most talented, perform the amount of work attended to by the slowest employees. This proves that workers appear concern with their interest and demand recognition of work performed from their employers. An employee will never give the job their best shot if they feel; that the benefits appear way below their efforts. Taylor feeling about work practice in various work environments shows that; the designs make the practice unproductive in its deliveries (Kolb, 107, 2008). Taylor felt that more is yet to unveil to improve on task performance. Time and movement studies, coupled with rational analysis, will prove him right in the future. Taylor significantly noted that employees output linked to the rate of compensation boosts the morale of employees. This way employee maximizes on production levels. Taylor’s compensation plans involved piece rates. Taylor disputes the notion that appeared and is still common concerning, that craft men belong to the craft world and can only carryout craft duties (Darity, 213, 2008). According to Price (244, 2007), Taylors studied the different types of manual labor, in times where the technology today had not developed. He realized that workers working in areas such as materia l handling tool, shoveling applied in off loading of railroad cars, lifting and moving involving iron pigs at the steel mill, the physical supervision of bearing balls amongst other; appeared as overwork for employees involved. He noted several practices that appeared unreasonable to the employers. He proposed that employees require breaks in between their jobs; this helps employees regain their lost energies, both physically and mentally. Employee’s tuition on taking increased levels of breaks absurdly raised the production level. The impact has both effects, but to a significant effect is the positive effect Dobbin, & Boychuk (344, 2009) asserts that; employees welfare had to be undertaken, hence the need for administration. The main challenge that administration faces most of the time involves getting the right person for the job. There exists various personalities in the society, those that can handle unprofessional jobs and maintain their comfort, referred to as stupid l ot, and those that cannot stand such jobs without noticing that the job is unchallenging and monotonous, the intelligent lot. This proves that individuals performing pig iron is not witty enough to realize the exact science involved in the level of work he/ she performs. The link to mechanization, automation and off shoring Scientific management developed in times when mechanization and automation were seen as embryonic. The ideas behind the above notion appeared that; the dreams and

Health Care in Haiti Research Paper Example | Topics and Well Written Essays - 750 words

Health Care in Haiti - Research Paper Example A leading example has been in the U.S. that has developed to be a liberated system and fight to attain equality. However, Haiti will be this paper’s focus and derive the measures applied within the health care system in the attempt to offer sustainability to Haitians. About Haiti Haiti’s geographical position is found in the Atlantic Ocean in an area within the Caribbean Sea. Haiti has been since plagued by natural disasters that have threatened the sustainability of the population and these have included famous hurricanes in 2008. The economy has failed to offer sustainable measures to the population that strives to live above the dollar daily. Most Haitians are of lower class with the rising inflation within their economy. Food and fuel have been the chief cause of the impoverished lifestyle leading to some venturing to eat the edible clay cookies. The country has been named as the poorest country within the western hemisphere with the threat placed on natural and fab ricated causes. The inability to offer sustainability to the economy has developed the constraints witnessed to provide sustainable solutions within the health care (Farmer 398). ... The health care system has been the refection of the impoverished living conditions subjected upon Haitians. Despite efforts to invent measures that have been invented to improve mortality and life sustenance in vaccination services, the needed health care reforms is still an outstanding problem. The inadequate distribution of resources and, corrupt political, system has been the leading cause of the problem. The measure has witnessed a minimal amount of $85 vested annually to sustain the ordinary citizen, a figure invested by foreign entities and agencies (Whyte). Moreover, public hospitals and the few clinics available within the economy hold minimal qualified personnel with inadequate supply of the needed medical resources. Most of the qualified doctors have fled Haiti for safer environs and working conditions. The attempt has been made by Cuba to increase the number of trained professionals within the system, but the provision is not enough to sustain the reducing condition. The other provision to destabilize health care has been in the perpetrated violence witnessed in protest against the corrupt government, which instilled fear among health workers to avoid their duties. This has led to the development of ignorance that has threatened sustainability as the natives practice traditional measures to solve health problems. Research has indicated that more women are using herbal strategies to solve health problems as compared to contemporary medicine leaving more children without vaccination. Solutions Non-governmental organizations have been established to offer sustainable measures to sustain the Haitian economy. Haiti Healthcare Partners (HHP) had been established in 2006 to find strategies to accord affordable programs to the natives

Innovation and Leadership- Critical Analysis Assignment

Innovation and Leadership- Critical Analysis - Assignment Example Consequently organizations are increasingly faced with the need for constantly changing their ways and strategies in business in order to stay ahead of competitors. Innovation plays the key role in today’s organizations as they strive to design better ways and better processes to satisfy their customers. Innovation is said to play a leading role in satisfying customers in businesses through better quality of services, and increased durability of products. Some of the leading organizations in the world have changed the face of the world with their innovative and cutting edge technology. These innovative technologies have consequently changed the working of households and businesses at large. However, the initiatives towards change must be backed by effective leadership and guidance in order to be successful. In an organizational context, innovation is positively related with organizational efficiency, productivity, competitiveness, market share, quality and other aspects. The p roject seeks to bring forth how innovation is critical for the success of organizations in the competitive world. This is followed by the role of leadership in implementing the change initiatives in organizations. A critical analysis is provided in this context in terms of previous research results and findings on the subject. Arguments, both for and against the subject are put forth in the project. This is coupled with real life organizational examples depicting how effective leadership has been instrumental in implementing innovative methods and techniques in the organization which have consequently taken it towards growth and success. Leadership and its importance Much has been written about the role and effectiveness of leadership in driving organizations towards success. Leaders play the most prominent role in driving an organization through a change process. Among the range of definitions that leadership has, the simplest one is its ability to influence others in achieving goa ls and objectives (Selman, 2002, p.1). The personal attributes of a leader plays a significant role in influencing the innovative initiatives taken by executives However there lays a distinct difference between a leader and an innovator. The development of spontaneous leadership within the workforce of any organization is a slow process which remains unresponsive to external elements and this necessitates strategic interventions in the organization. However an innovator might not always play the leader’s role effectively. The initiative towards a new process is generated by the innovator and the change process through which the organization is led is done by the initiative of the leader. That is why extensive research has been conducted to analyse whether innovation is possible without effective leadership. Researchers and practitioners have brought forth views both for and against the subject (Selman, 2002, p.1). Extensive research has gone into the subject of importance and criticality of leadership in organizations. Researchers have primarily made three divisions of the tasks associated with leadership. They are task oriented, relation oriented and participative leadership. Authors have particularly emphasised on such fields of leadership including participative leadership, empowerment and delegation. These studies are particularly helpful for managers for identifying the appropriate decisions to be taken in different situations and circumstances in the

Modern pricing models Essay Example | Topics and Well Written Essays - 250 words - 1

Modern pricing models - Essay Example Some of the shortcomings experienced with the Black-Scholes model were strike-price bias and return skewness. Consequently, the development of the Heston model came in as the best alternative tool for the purposes of advanced investments (Gilli, Maringer & Schumann 2011, p.257). As any other stochastic volatility model, the Heston model utilizes statistical methods when making calculations or forecasts of the various pricing options in consideration. As such, it also bases on the assumption that the underlying security or trading option has an arbitrary volatility. Therefore, the Heston model falls among the various different models of stochastic volatility such as the GARCH model, the Chen model, as well as the SABR model. Consequently, the Heston Model also falls under the standard smile model category, with â€Å"smile† in this concept referring to the volatility smile. A volatility smile is a graphical representation of various options that have identical expiration date expressing an increasing volatility. This increase in volatility arises often arises when the options become more out of the money or in the money. The concave shape generated by the graph is what gives rise to the name, the smiles model, as it appears like a smile (Wang 2007, p. 3). The Heston Model applies mathematical calculations in describing the process of evolution in volatility that an underlying asset undergoes under the stochastic volatility options. As such, just as other statistical models mentioned above, the Heston Model equally has a number of assumptions, such as the volatility of an asset not being constant, or deterministic, but rather following a random process. Some the of the basic assumptions of the Heston Model is that the stochastic process determines the asset price, St In addition, forms part of the Wiener Process as experienced under the GBM (Geometric Brownian Motion) also considered

Organisations and Behaviour Essay Example | Topics and Well Written Essays - 2750 words - 1

Organisations and Behaviour - Essay Example Decision making is something that keeps the organization active and flourishing while adapting the uncertainties in the environment. The process of Decision making gets heavily influenced by the rate at which the information travels and the number of members it can reach inside an organization. These two factors are generally considered as less positive in a hierarchical structure of an organization. Today the trend of participation of the workers in the decision making process is significantly dominating the markets. According to Frederick Winslow Taylor who is regarded as the Father of Scientific Management, the management of the firm should organize the work in a manner which will make optimum use of the workers, by dividing the work and introducing efficient methods for making a product. Taylor’s concept focused mainly on hierarchic organization structures and task specialization. Taylorism states that there is a best way for each task and it can be learnt through proper t raining and development. (Asseldonk & Vos, 2007, pp. 1-3) The theory of Taylorism represents a mass production system. This theory views the workforce simply as machineries which can be made efficient by the reduction of wastage. However, this theory completely neglects the usual complications that happen within a normal human being. Hawk Car company continuously followed conventional production methods as was proposed by Taylor’s theory. The workers used to follow an assembly line production process where each one had to perform a specific job. Job specialization created frustration among the workers. Their job became monotonous. For example, the worker who used to fit lights into the vehicles, continued to fit lights for his whole work life. He never knew how to fix the seats in a car. As a result the workers felt lazy and de-motivated with their work. Also the hierarchical system in the management treated the workers as costs. Their opinion or suggestion was not at all con sidered to be important. Due the hierarchy structure of the organization, the workers felt uncomfortable speaking to their managers about their discomfort. The relationship between the manager and the workers followed the authoritative style where two way communications was never entertained. The higher level employees only used to give directions to the workers and the supervisors only had a close watch on their works. No one bothered about the grievances of the employees. (tiplady.org.uk. n.d, pp.1-2) also the standardized form of production failed to meet the market demands. Taylorism way of management prescribed the organization to separate the planning and execution activities. It recommended division of labor and too much hierarchy into the management. However, the management of Hawk Car Company realized soon that too many levels in the organization makes the functions too much complicated. For the betterment, management opted for participative style of management where the la yers of hierarchy were reduced putting emphasis on the participation of each member in the decision making and planning process. It also trained the employees in such a manner so that they can gain knowledge about the entire production system. The workers were provided scope to grow in their position by better performance. The training focused on the worker’s personal issues as well which were addressed with care. The aim of this remodeling decision

'There is no longer room for the labour, skill and judgement standard Essay

'There is no longer room for the labour, skill and judgement standard as the originality criterion under UK copyright - Essay Example Emphasis is given on UK copyright law but reference is also made to the approaches used in other countries also, especially the Common law countries that share a common framework of principles and rules. A specific aspect of the UK copyright law is explored: the labour, skill and judgement standard, as related to the originality criterion of UK copyright law. At a first level, the following assumption can be made: the rules of UK in regard to this type of law are not extensive, at least taken into consideration the similar frameworks of other countries worldwide. Still, the applicability of these rules is carefully monitored because of the following reason: even if the labour, skill and judgement standard need to exist as elements of the UK copyright law, their potentials to survive in the global market cannot be secured. In addition, the content and the requirements of originality can be different in UK law, compared to other laws, even those incorporated in the same legal framework , such as the countries of the Common law. The literature and the case law developed in regard to this issue are used in order to show that labour, skill and judgement in copyright cannot secure the uniqueness of a work. It seems that such difference is justified using the different explanations of originality, as held in countries worldwide. Also, the potential inability of creators to understand the requirements of copyright law can lead to delays in the recognition of the uniqueness of a work as the result of the labour, skill and judgement of its creator. At this point, the following problem appears: should labour, skill and judgement continue to be used as standards for deciding the originality of works in the context of the UK copyright law? The above question is critically discussed below using relevant literature and case law, as appropriate, so that the credibility of the assumptions made is secured. It should be noted that the findings of the literature, as compared with t hose of case law seem to promote two different trends: in certain cases, the labour, skill and judgement standard is used as the sole criterion for evaluating originality while in other cases a trend for replacing, even partially, the above standard with other elements, mainly quantitative, has appeared. The particular contradiction is critically discussed above in order to evaluate whether the elimination of the standard would be feasible and whether the simultaneous use of other standards would help to improve the performance of UK copyright laws. 2. The â€Å"labour, skill and judgement† standard as the originality criterion under UK copyright 2.1 The originality criterion as related to copyright In order to understand the potential involvement of labour, skill and judgement standards on UK copyright law, it would be necessary to refer primarily to originality, as a criterion for awarding a property right in regard to a specific work. Originality, as related to the copyrig ht law sets the following condition: ‘the work must originate from its maker so that it can obtain protection’1. The concept of originality has been clearly described in the case University of London Press Ltd v University Tutorial Press Ltd (1916) where the originality of a work has been used for showing that ‘a work is originated by the author’2. In addition, it seems that originality, as explained above can have