the hatchet Essay -- essays research papers

This book is about a boy named Brian Roberson who gets stuck in the wilderness when his plane crash-lands because the pilot has a heart attack. It all started when Brian's parents had a divorce. He was sent away on a plane by his mother because it was summertime when his dad had custody. The parting gift his mother gave him was a hatchet. He wore the hatchet on a belt. When he left on the private little Cessna 406 plane in the copilot's seat he never could imagine how this little trip would change his life. In the airplane he thought a lot about his parents and the secret he kept. The secret was that he knew that his mom was having an affair with another man when she was still married to his father. Brian was thinking this until the pilot interrupted his thoughts and asked him if he has ever been in a copilot's seat before. He answered by saying that he has never been on an airplane. The pilot showed Brian how to fly the airplane by letting him fly for a ! while. A little after Brian finished he was thinking again about his parents when he noticed that the pilot was rubbing his shoulder and jaw. A few minutes later the pilot said to Brian that he was in a lot of pain and he started using the radio to signal for help. He didn't make it long enough to talk and had a massive heart attack. When he had the heart attack he hit the right rudder making the plane swoop right. Brian could not believe what happened. He had an idea to use the radio. But just before the radio transmissi...

Nature and nurture on development Essay

In the study of development, nature refers to the inherited (genetic) characteristics and tendencies that influence development. Some inherited characteristics appear in virtually everyone. For instance, almost all children have the capacity to learn to walk, understand language, imitate others, use simple tools, and draw inferences about how other people view the world. Thus all children have a set of universal human genes that, when coupled with a reasonable environment, permit them to develop as reasonably capable members of the human species. Other kinds of genes create differences among people. Children’s stature, eye color, and facial appearance are largely determined by genes. Children’s temperament—their characteristic ways of responding to emotional events, novel stimuli, and their own impulses—seems to be in part affected by their individual genetic makeup (Rothbart, Ahadi, & Evans, 2000; D. C. Rowe, Almeida, & Jacobson, 1999). Similarly, being slow or quick to learn from instruction and everyday experiences has some genetic basis (Petrill & Wilkerson, 2000; Plomin, 1989). Inherited characteristics and tendencies are not always evident at birth. Many physical features emerge gradually through the process of maturation, the genetically guided changes that occur over the course of development. Environmental support, such as food, reasonably safe and toxin-free surroundings, and responsive care from others, is necessary for maturation to take place; nature never works alone. Thus nature’s partner is nurture, the environmental conditions that influence development. Children’s experiences in the environment affect all aspects of their being, from the health of their bodies to the curiosity of their minds. Nurture affects children’s development through multiple channels: physically through nutrition, activity, and stress; intellectually through informal experiences and formal instruction; and socially through adult role models and peer relationships. With good environmental support, children thrive. Unfortunately, the conditions of nurture are not always nurturing. For example, children who grow up in an abusive family must look outside the family for stable, affectionate care. Historically, many theorists saw nature and nurture as separate and rival factors. Some theorists believed that biological factors are ultimately responsible for growth. Other theorists assumed that children become whatever the environment shapes them to be. Increasingly, developmental theorists have come to realize that nature and nurture are both important and that they intermesh dynamically in the lives of children. Consider these principles of how nature and nurture exert separate and combined effects: The relative effects of heredity and environment vary for different areas of development. Some abilities are strongly influenced by genetically controlled systems in the brain. For example, the ability to distinguish among speech sounds develops without training and under a wide range of environmental conditions (Flavell, 1994; Gallistel, Brown, Carey, Gelman, & Keil, 1991). In contrast, abilities in traditional school subject areas (e. g. , reading, geography) and advanced artistic and physical skills (e. g. , playing the piano, playing competitive soccer) rest heavily on instruction and practice (Gardner, Torff, & Hatch, 1996; Olson, 1994; R. Watson, 1996). Inherited tendencies make children more or less responsive to particular environmental influences. Because of their genetic makeup, some children are easily affected by certain conditions in the environment, whereas others are less affected (Rutter, 1997). For example, children who are, by nature, inhibited may be quite shy around other people if they have few social contacts. If their parents and teachers encourage them to make friends, however, they may become more socially outgoing (Arcus, 1991; J. Kagan, 1998). In contrast, children who have more extroverted temperaments may be sociable regardless of the environment in which they grow up: They will persistently search for peers with whom they can talk, laugh, and spend time. Environment may play a greater role in development when environmental conditions are extreme rather than moderate. When youngsters have experiences typical for their culture and age-group, heredity often plays a strong role in their individual characteristics. Thus, when children grow up with adequate nutrition, a warm and stable home environment, and appropriate educational experiences, heredity affects how quickly and thoroughly they acquire new skills. But when they have experiences that are quite unusual—for instance, when they experience extreme deprivation—the influence of environment outweighs that of heredity (D. C. Rowe, Almeida, & Jacobson, 1999). For example, when children grow up deprived of adequate nutrition and stimulation, they may fail to develop advanced intellectual skills, even though they had the potential for such development when they were born (Plomin & Petrill, 1997; D. C. Rowe, Jacobson, & Van den Oord, 1999). Similarly, when malnourished, children tend to remain short in stature regardless of their genetic potential to be tall (J. S. Kagan, 1969). Timing of environmental exposure matters. When children are changing rapidly in any area, they are especially prone to influence by the environment. For example, early in a mother’s pregnancy, her use of certain drugs may damage the quickly growing organs and limbs of the developing fetus. Just prior to birth, exposure to the same drugs may adversely affect the baby’s brain, which at that point is forming the connections that will permit survival and the ability to learn in the outside world. In a few cases environmental stimulation must occur during a particular period for an emerging ability to become functional (Blakemore, 1976; Hubel & Wiesel, 1965). In such cases there is a critical period for stimulation. For example, at birth, certain areas of the brain are tentatively reserved for processing visual patterns—lines, shapes, contours, depth, and so forth. In virtually all cases, infants do encounter adequate stimulation to preserve these brain circuits. However, when cataracts are present at birth and not removed for a few years, a child’s vision is obstructed, and areas of the brain that otherwise would be devoted to vision lose some of this capacity (Bruer, 1999). In many and probably most other developmental areas, however, children may be most receptive to a certain type of stimulation at one point in their lives but be able to benefit from it to some degree later as well. Tonya, in the introductory case study, may have encountered only limited exposure to language as a result of her mother’s weakened condition. Immersed later in a rich verbal environment, Tonya would have a second chance to expand her verbal talents. Thus educational experiences at a later time can often make up for experiences missed at an earlier period (Bruer, 1999). Many theorists use the term sensitive period (rather than critical period) when referring to such a long time frame of heightened sensitivity to particular environmental experiences. Children’s natural tendencies affect their environment. In addition to being affected by nature and nurture, children’s own behaviors influence their growth. Youngsters make many choices, seek out information, and, over time, refine their ideas (Flavell, 1994; Piaget, 1985). For example, children often request information (â€Å"What cooperate mean, Mommy? †) and experiences (â€Å"Uncle Kevin, can I play on your computer? †). Children even help create environments that exacerbate their genetic tendencies. For example, children with irritable dispositions might pick fights and provoke others to lash back at them, creating a more aggressive climate in which to grow. As children get older, they become increasingly able to seek stimulation that suits their tendencies. For example, imagine that Marissa has an inherited talent for verbal skills—learning vocabulary, comprehending stories, and so on. As a baby, she relies on her parents to talk to her. As a toddler, she asks her parents for particular kinds of stimulation (â€Å"Read book, Daddy! †). In elementary school she reads to herself from books supplied by her teachers. As a teenager, she takes the bus to the library and selects her own books. Marissa’s experience would suggest that genetic tendencies become more powerful as children grow older—an expectation that is in fact consistent with genetic research (Scarr & McCartney, 1983).

Animal Farm Is Not Just About a Story About Animals It Is About Human Nature and Behaviour

Animal Farm Animal Farm is not just about a story about animals it is about human nature and behaviour. â€Å"Animal Farm† by George Orwell is a novel based on the lives of a society of animals living on the Manor Farm. Although the title of the book suggests the book is merely about animals, the story is a much more in depth analysis of the workings of society in Communist Russia. The animals are used as puppets to illustrate how the communist class system operated, and how Russian citizens responded to this, and how propaganda was used by early Russian leaders such as Stalin, and the effect this type of leadership had on the behaviour of the people of Russia. One thing which relates to the topic is how the pigs are favoured on Animal Farm. The main source for this was because their leader Napolean was a pig, the pigs were subject to favouritism by Napolean, and were given privileges that other animals were not given, such as sleeping in beds, wearing clothes and drinking beer. The pigs were also the only animals involved in making the vital decisions on Animal Farm. The fact emulates in a way how our Government tends to operate. The Government Party members are paid an exuberant amount of money, with this money the members of the Government can purchase costly cars and houses, if they wish to do so. They make all the important decisions about the country where as the tax payers rarely have a say in it. Another thing that â€Å"Animal Farm† and todays society have in common is that the powerless people are subject to propaganda . In â€Å" Animal Farm† Squealer and Napolean used propaganda by telling the animals that Snowball was a traitor, and convincing them that he was a criminal. They threatened that if Napolean was not in leadership Jones may come back. This happens in our society during the election period , the opposing parties all warn the public of the consequences of voting the other party, and how bad it would be if they were in power. The issue of Boxer the horse represents how people are used for their skills and talents. As soon as they are not needed they are disregarded. Boxer was the hardest worker on the farm, he contributed the most to the development of the windmill. As soon as Boxer was unable to continue working, Napolean got rid of him. Boxer’s face disappeared at the at the window†¦Boxer was never seen again. † This scene illustrates that â€Å"Animal Farm† is a story about human nature, as it is a human tendency to use people to achieve certain means, but disregard them as soon as they are no longer needed. Clover’s feelings for Boxer also illustrates how animal farm is about human nature and behaviour, Cover’s fondness for Boxer showed when Boxer confided in Clover admittin g to her how much his split hoof hurt, Clover treated Boxer’s troubled hoof with poultices of herbs. After Boxer’s hoof had healed, he worked harder than ever, Clover tried to convince Boxer he shouldn’t be working so hard and he should be taking better care of his help , but Boxer paid no attention. When Boxer had his fall Clover was first to come to his aid, for the next two days Boxer had to stay in his stall, Clover would give Boxer medicine, In the evenings Clover would lay in his stall and talk to him. When the Knacker’s came to collect Boxer Clover did all in her power to stop the knackers taking Boxer away. This example of behaviour indicates the human quality of love and compassion towards others. Although â€Å"Animal Farm† tells the story of Russian society using animals, the fact that it is a story about real people makes â€Å"Animal Farm† a story about human nature and behaviour. Lauren Archibald word count: 627 Plan Paragraph 1) Introduction â€Å"Animal farm† is a novel based on the lives of a society of animals living on the manor farm. Paragraph 2) Discuss how the pigs are favoured on Animal farm, and how they get special privileges that the other animals don’t get, such as making important decisions, this relates to human behaviour because it relates to our leaders ( government )Based on how class system operates in a communist society – government and it’s advisers are the highest class, whilst the workers are catergorised as the lower class (proletariat). Paragraph 3) Discuss the human behaviour of love: Clover taking care of Boxer and spending time with him when he was ill. Paragraph 4)

Learning Check

Chapter 14 Auditing the Revenue Cycle |Learning Check | The revenue cycle includes the activities involved in the exchange of goods and services with customers and the realization of the revenue in cash. The classes of transactions in this cycle for a merchandising company are sales, sales adjustments, and cash receipts. The primary accounts affected by these transactions are sales, accounts receivable, cost of sales, inventory, cash, sales discounts, sales returns and allowances, bad debts expense, and allowance for uncollectable accountsSpecific audit objectives for the revenue cycle are derived from the five categories of management's financial statement assertions. b. Specific audit objectives for credit sales transactions include the following: |Specific Audit Objectives | |Transaction Objectives | |Occurrence. Recorded sales transactions represent goods shipped or services provided during the period. |Recorded cash receipt transactions represent cash received during the period. | |Recorded sales adjustment transactions during the period represent authorized discounts, returns and allowances, and | |uncollectable accounts. | |Completeness. All sales cash receipts and sales adjustments made during the period were recorded. | |Accuracy. All sales and cash receipts and sales adjustments are accurately valued using GAAP and correctly | |journalized, summarized and posted. | |Cutoff.All sales, cash receipts and sales adjustments have been recorded in the correct accounting period. | |Classification. All sales, cash receipts, and sales adjustments have been recorded in the proper accounts. | |Balance Objectives | |Existence. Accounts receivable representing amounts owed by customers exists at the balance sheet date. | |Completeness. Accounts receivable include all claims on customers at the balance sheet date. |Rights and Obligations. Accounts receivable at the balance sheet date represent legal claims of the entity on | |customers for payment. | |Valuation and Allocation. Accounts receivable represents gross claims on customers at the balance sheet date and | |agrees with the sum of the accounts receivable subsidiary ledger. The allowance for uncollectable accounts | |represents a reasonable estimate of the difference between gross receivables and their net realizable value. |Disclosure Objectives | |Occurrence and Rights and Obligations. Disclosed revenue cycle events and transactions have occurred and pertain to | |the entity. | |Completeness. All revenue cycle disclosures that should have been included in the financial statements have been | |included. | |Understandability. Revenue cycle information is appropriately presented and information in disclosures is | |understandable to users. |b | 14-3. Following are a few examples of differences between how the auditor might use the knowledge of the entity and its environment for a computer company v. a hotel. a. Certain balance sheet accounts like accounts receivable and inventories are go ing to be very significant for the computer manufacturer, but relatively immaterial for the hotel. The computer company is also likely to have a higher ratio of sales to fixed assets, or sale to total assets, than the hotel. b.The computer company auditor will have significant issues associated with the risk of misstatement with respect to the existence of receivables and inventories that are not present for the hotel. The computer company auditor will also have to address valuation and allocation issues associated with the collectability of receivables and lower of cost or market of inventories that are insignificant for the hotel. The hotel will have a potential risk of material misstatement in terms of how it accounts for revenues from properties that it manages for others, as opposed to properties that it owns. 14-4.Factors that might motivate management to deliberately misstate revenue cycle assertions include: †¢ Pressures to overstate revenues in order to report achievin g announced revenue or profitability targets or industry norms that were not achieved in reality owing to such factors as global, national, or regional economic conditions, the impact of technological developments on the entity's competitiveness, or poor management. †¢ Pressures to overstate cash and gross receivables or understate the allowance for doubtful accounts in order to report a higher level of working capital in the face of liquidity problems or going concern doubts.Factors that might contribute to unintentional misstatements in revenue cycle assertions include: †¢ The volume of sales, cash receipts, and sales adjustments transactions is often high, resulting in numerous opportunities for errors to occur. †¢ The timing and amount of revenue to be recognized may be contentious owing to factors such as ambiguous accounting standards, the need to make estimates, the complexity of the calculations involved, and purchasers' rights of return. 14-5. a. Following ar e example analytical procedures that the auditor might use to estimate total revenue for a household appliance manufacturer and for an airline. Industry |Possible Analytical Procedures | |Household Appliance Mfg. |Use past ratio of net sales to capacity with adjustments for capacity | | |changes. | | |Use a combination of past ratios of market share with adjustments of | | |current changes in market share. Requires knowledge of the total market | | |size in the industry. |Airline |Estimate net revenues using information on utilization of capacity | | |(airline seat miles) and average revenue per seat. | b. Two analytical procedures that the auditor might use to estimate gross margin for company might include. |Analytic Procedure |Audit Significance | |Compare historical trends in market share and |Companies with commanding market shares often are able to obtain larger | |gross margin with current unaudited data. gross margins. | |Evaluate the percentage of revenues coming from |Comp anies with a high proportion of revenues from new products may earn | |new products. |premium gross margins due to the ability to innovate. | c. Two analytical procedures that the auditor might use to estimate net receivables and the allowance for doubtful accounts for company might include. |Analytic Procedure |Audit Significance | |Accounts receivable turn days |Understanding a company’s history of accounts and sales volume can assist| | the auditor in evaluating net receivables and the adequacy of the | | |allowance for doubtful accounts. | |Evaluate the entities history of uncollectable |This procedure is primarily related to the adequacy of the allowance for | |accounts expense to net credit sales, with |uncollectable accounts. The above history of accounts receivable turn | |adjustment for economic conditions |days would be most useful for evaluating estimating gross receivables | | |given sales. 14-6. Several control environment factors and their applicability to reven ue cycle assertions are: †¢ Integrity and ethical values – reduction of risk of overstatement of revenues and receivables by eliminating incentives to dishonest reporting. †¢ Commitment to competence – by chief financial officers and accounting personnel. †¢ Management's philosophy and operating style – conservatism in developing such accounting estimates as the allowance for uncollectable accounts and allowance for sales returns. Human resource policies and practices – bonding of employees who handle cash 7. The following table summarizes the functions that apply to credit sales transactions, the department that performs the functions, and the principal documents or records produced in performing the function. | |Department that performs function |Principal documents and records produced in performing the | |Function | |function. |Initiating credit sales |Sales department |Documents | | | |Customer Order | | |Credit department |Sales Order | | | | | | | Computer Files and Records | | | |Customer Master File (with credit information) and Accounts | | | |Receivable Master File. | | |Perpetual Inventory | | | |Authorized Price List | | | |Open Order File | |Delivering good and |Warehousing and shipping department for |Documents | |services |goods. Shipping documents | | | |Reports of unfilled orders and back orders | | |Line operating departments for services. | | | |Computer Files and Records | | | |Open Order File | | | |Perpetual Inventory | | | |Shipping File | |Recording sales |Accounting (Billing) |Documents | | | |Sales Invoice | | | |Sales Reports and Sales Journal | | | |Various Exception Reports | | | |Monthly Customer Statements | | | | | | |Computer Files and Records | | | |Sales Transaction File | | | |Accounts Receivable Master File | 14-8. In order to assess control risk as low based on programmed control procedures the auditor should test the following. |Control |Importance to Control Risk Assessment | | Programmed control procedures |If a programmed control procedure in critical to a low control risk assessment then| | |the auditor should directly test the control procedure. |Computer general control procedures |In order to obtain assurance that the programmed control procedure functions | | |effectively throughout the period the auditor also needs to these the effectiveness| | |of computer general control procedures. | |Manual follow-up procedures. |Programmed controls usually report exceptions noted when performing the control. | | |As a result auditors also need to test the effectiveness of manual controls that | | |follow-up on reported exceptions. | 14-9. The following tables describes programmed controls for a typical manufacturing company. |Potential Misstatement |Programmed Control |CAATs (Assuming Test Data) | |a. |Sales invoices may not be |The computer compares entries in the sales |Submit test data for a transaction that has | | |recorded. |journal with underlying shipp ing information. |shipping information, both with and without a | | | |All shipping documents must be matched with a|supporting sales invoice. | | | |sales invoice. | | |b. |Sales invoice may be recorded |The computer compares dates on the sales |Submit test data with dates on sales invoices | | |in the wrong accounting period. invoice with dates on shipping documents. |that both do and do not match with dates on | | | | |related shipping files. | |c. |A fictitious sales invoice, or |The computer will not prepare a sale invoice |Submit test data with sales invoice information | | |a sales transaction for which |without underlying information on shipping |that both is and is not supported by underlying | | |revenue should not be |files. |shipping information. | | |recognized, is recorded. | | | |d. Sales are made without credit |The computer searches a field for appropriate|Submit test data for sales orders that both are | | |approval. |credit authorization before an order is |and ar e not supported by appropriate credit | | | |placed on an open order file. |authorization. | |e. |A sales invoice has incorrect |The computer matches quantities on a sales |Submit test data for sales invoices that both do | | |quantities or prices. |invoices with underlying shipping information|and do not match underlying shipping information | | | |and matches prices with an authorized price |and authorized price lists. | | | |list. | |f. |Sales invoices may not be |The computer checks run-to-run totals of |Submit test data for batches that with complete | | |posted or may not be |beginning accounts receivable balances, plus |and incomplete data sets in terms of completed | | |journalized |sales transactions, with the ending |transactions. | | | |receivable balances. | | |g. |Sales invoices may be posted to|The computer matches customer information on |Submit test data with underlying information that| | |the wrong customer’s accounts. the sales invoice with the master custo mer |both does and does not match with information on | | | |file, the sales order, and the shipping |previously created sales order and shipping | | | |documents. |files. | 14-10. A common management control involves having managers with responsibility for sales to review daily or weekly sales reports to assess the reasonableness of recorded sales. Further management responsible for warehousing and shipping should review daily or weekly sales and inventory movement reports to assess the reasonableness of recorded sales and inventory removed from the perpetual inventory. 14-11. The sub-functions involved in cash receipts include (1) receiving cash receipts, (2) depositing cash in bank, and (3) recording the cash receipts. 14-12. a.Two important controls pertaining to cash sales and the transaction class audit objectives to which they relate are: †¢ The customer's expectation of a printed receipt and supervisory surveillance of over the counter sales transactions helps to ensure that all cash sales are processed through the cash registers or terminals – completeness. †¢ Independent check by supervisor on the accuracy of cash count sheets, and verification of agreement of cash on hand with totals printed by a cash register or terminal – existence or occurrence and valuation or allocation. b. Two important controls pertaining to the initial handling of mail receipts are (1) immediate restrictive endorsement of checks received and (2) preparation of a multi-copy listing (prelist) of mail receipts. 14-13. a.A lockbox is a post office box that is controlled by the company's bank. The bank picks up the mail daily, credits the company for the cash, and sends the remittance advices to the company for use in updating accounts receivable. This system eliminates the risk of diversion of the receipts by company employees and failure to record the receipts. b. Depositing receipts intact daily means that all receipts are deposited; that is, cash disbu rsements should not be made out of undeposited receipts. This control reduces the risk that receipts will not be recorded (completeness), and the resulting bank deposit record establishes the existence or occurrence of the transactions. 14-14.Four controls that can aid in preventing or detecting errors or irregularities in recording cash receipts are summarized below along with potential tests of controls: |Control |Test of Control | |Independent check of agreement of validated deposit slip |Inspect a sample of daily cash summaries and examine evidence of | |with daily cash summary. |agreement with validated deposit slip by responsible employee. | |Computer check of information included in the cash receipts |Use CAATs to test computer matching of information from cash receipts | |journal with information from prelist. journal with electronic prelist. Also follow-up on how exceptions are | | |reported and examine evidence or correction of errors reported on | | |exception reports. | |Preparation of periodic independent bank reconciliations. |Examine a sample of periodic bank reconciliations. Make inquiries about | | |bank reconciliation procedures and test accuracy on a sample basis. | |Mailing of monthly statements to customers. |Observe the mailing of monthly statements to customers.Make inquiries | | |about procedures to follow-up on issues raised by customers, and examine | | |reports or other evidence of follow-up. | 14-15. a. The functions pertaining to sales adjustments transactions are: granting cash discounts; granting sales returns and allowances; and determining uncollectable accounts. b. The following three types of controls pertaining to sales adjustments transactions have as their common focus establishing the validity, or existence of occurrence, of such transactions: †¢ Proper authorization of all sales adjustments transactions. The use of appropriate documents and records, particularly the use of an approved credit memo for granting credit for returned or damaged goods, and an approved write-off authorization memo for writing off uncollectable customer accounts. †¢ Segregation of duties for authorizing sales adjustment transactions and handling and recording cash receipts. 14-16. a. The accounts receivable balance is a function of the transactions that are posted to the account, namely credit sales, cash receipts, and sales adjustments. A sound system of internal controls over these three transaction cycles that ensure the completeness and accuracy of these transactions, should also ensure the completeness and accuracy of account receivable. b.The primary control over the balance involves sending monthly statements to customers and having an independent function to receive and follow-up on any issues raised by customers. c. The rights and obligations assertion for accounts receivable involves selling, or factoring, cash receipts. If an entity sells its receivables, it should keep a documentary record of the rece ivables that have been sold or pledged, and have a process for following up on collection of those receivables and the reduction of the related liability to the factoring agent. These records should be compared with monthly statements received from a bank or factoring agent. d.Public companies normally control establish controls over the presentation and disclosure assertion and related audit objectives through an effective and independent disclosure committee. The disclosure committee should have individuals who are knowledgeable about GAAP and the transactions being processed. 14-17. The following table provides example controls and tests of controls for each assertion (and transaction level audit objective) related to credit sales and cash receipts. Examples emphasize programmed control procedures where appropriate. Student should note that tests of controls should also emphasize testing computer general controls, observing exception reports, and testing manual follow-up of items that appear on exception reports. Credit Sales Assertion (Audit Objective) |Control |Test of Controls | |Existence and Occurrence (Occurrence) |Computer matches sales invoice information |Submit test data where invoice data does not match | | |with underlying shipping information. |with underlying shipping information. | |Completeness (Completeness) |Computer prints a report of all goods |Submit test data with shipments that have not been | | |shipped but not billed. |billed to test accuracy of report of all good shipped | | | |but not billed. |Existence and Occurrence / Completeness |Comparison of invoice date with the |Submit test data with shipments in one period and | |(Cutoff) |accounting period when goods were shipped. |billing in the subsequent period. | |Valuation and Allocation (Accuracy) |Computer matches sales prices with |Submit test data with invoice prices that do not match| | |authorized price list and sales order. |the authorized price list or sales order. | |Presen tation and Disclosure |Computer matches customer number on sales |Submit test data the customer information on the sales| |(Classification) |invoice with customer number on sales |invoice does not match the underlying sales order. | | |order. | |Rights and Obligations |If an entity sells its receivables, it |Observe and reperform procedures for documenting | | |should keep a documentary record of the |receivables that have been factored or sold. | | |receivables that have been sold and it | | | |should compare that record with monthly | | | |statements received from a factoring | | | |company. | | Cash Receipts Assertion (Audit Objective) |Control |Test of Controls | |Existence and Occurrence (Occurrence) |Independent check of agreement of cash and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. |independent check of the prelist with the cash | | | |receipts journal. | |Completeness (Completeness) |Independent check of agreement of cas h and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. independent check of the prelist with the cash | | | |receipts journal. | |Existence and Occurrence / Completeness |Preparation of periodic independent bank |Observe and test the accuracy of independent bank | |(Cutoff) |reconciliations. |reconciliations. | |Valuation and Allocation (Accuracy) |Independent check of agreement of cash and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. |independent check of the prelist with the cash | | | |receipts journal. |Presentation and Disclosure |Mailing of statements to customers. |Make inquiries about mailing of monthly statements to | |(Classification) | |customers. Observe notes and procedures used to | | | |follow-up upon questions raised by customers. | |Rights and Obligations |If an entity sells its receivables, it |Observe and reperform procedures for documenting | | |should keep a documen tary record of the |receivables that have been factored or sold. | |receivables that have been sold and it | | | |should compare that record with monthly | | | |statements received from a factoring | | | |company. | | 14-18. a. The transaction classes that should be considered in assessing control risk for accounts receivable assertions are: credit sales, cash receipts, and sales adjustments. b.In assessing control risk for the existence or occurrence account balance assertion for accounts receivable, the following transaction class control risk assessments should be considered: †¢ Existence or occurrence for sales transactions that increase accounts receivable. †¢ Completeness for cash receipts and sales adjustments transactions that decrease accounts receivable. c. A revised acceptable level of detection risk for tests of details and a revised level of substantive tests must be determined for an assertion when the relevant final or actual inherent risk assessments, contr ol risk assessments, and analytical procedure risk assessments, differ from the planned assessed levels. 14-19. The following table explains some example preliminary audit strategies for each financial statement assertion in the context of the audit risk model. Assertion |Inherent Risk |Control Risk |Analytic Procedures Risk |Test of Details Risk | |Existence and |Maximum due to revenue|Low if internal |Moderate to high depending on|Moderate which will allow for smaller sample sizes| |Occurrence |recognition problems. |controls over the |reliability of expectation |and changing the timing of confirmations of | | | |occurrence of sales are|model. |receivables. It will also reduce the extent of | | | |strong. | |cutoff tests. | |Completeness |Moderate.Not a |Low if internal |Moderate to high depending on|Moderate to high which will allow for smaller | | |significant inherent |controls over the |reliability of expectation |sample sizes and changing the timing of | | |risk. |occurrence of sales are|model. |confirmations of receivables. It will also reduce| | | |strong. | |the extent of cutoff tests. | |Rights and Obligations|Moderate to high |Moderate to high |Moderate to high depending on|Low: Consider confirming with factoring agent and| | |depending on the |depending on internal |reliability of expectation |search for large unusual cash receipts. | | |entity’s ability to |controls. However, |model. | | |generate operating |control are more | | | | |cash flow. |nonroutine than | | | | | |routine. | | | |Valuation and |High or maximum due to|Moderate to high |Moderate to high depending on|The auditor can test the accuracy of receivables | |Allocation |subjective nature of |depending on internal |reliability of expectation |at gross value with confirmation. The auditor | | |allowance. |controls over |model. should consider extensive tests of the allowance | | | |collection of | |after year-end. | | | |receivables. | | | |Presentation and |Inherent risk is | Moderate to high |Maximum: Analytical |Maximum to High. It is often cost effective to | |Disclosure |usually high or |depending on internal |procedures are not directed |substantively test disclosures which are not | | |maximum. controls over |at testing disclosures. |complex for receivables. | | | |disclosures. | | | 14-20. In vouching recorded accounts receivable transactions to supporting documentation, a sample of debits to customers' accounts is compared to data on supporting sales invoices and matching shipping documents, sales orders, and customer orders. The evidence obtained pertains primarily to specific audit objectives derived from the existence or occurrence, rights and obligations, and valuation or allocation assertions for accounts receivable. 14-21.Both the sales cutoff test and the cash receipts cutoff test pertain to accounts receivable. The sales cutoff test involves: †¢ Examining shipping documents for several days before and after the cutoff date to determi ne the date and terms of shipment. †¢ Tracing shipping documents to sales and inventory records to establish that the entries were made in the correct accounting period. †¢ Inspecting invoices for a period of time before and after the cutoff date to ascertain the validity and propriety of the shipments and corresponding entries. †¢ Inquiring of management about any direct shipments by outside suppliers to customers and determining the appropriateness of related entries.In performing a cash receipts cutoff test, the auditor may be present at the balance sheet date to personally observe the promptness of the cutoff. In particular, the auditor determines that all collections received prior to the close of business are included in cash on hand or in deposits in transit and are credited to accounts receivable. Alternatively, the auditor may review the daily cash summary and validated deposit slip for the last day of the year. Both cutoff tests relate to the occurrence and completeness audit objectives for accounts receivable. 14-22. a. It may not be necessary to confirm accounts receivable when: †¢ The balance is immaterial to the financial statements. †¢ The use of confirmations would be ineffective as an audit procedure. The auditor's combined assessment of inherent risk and control risk is low, and that assessment, made in conjunction with the evidence expected to be provided by analytical procedures or other substantive tests of details, is sufficient to reduce audit risk to an acceptably low level for the applicable financial statement assertions. b. Factors to be considered in choosing the form of confirmation request are (1) the acceptable level of detection risk and (2) the composition of the customer balances. The positive form is used when detection risk is low or individual customer balances are relatively large. The negative form should be used only when all three of the following conditions apply: †¢ The acceptable level o f detection risk for the related assertions is moderate or high. A large number of small balances is involved. †¢ The auditor has no reason to believe that the recipients of the requests are unlikely to give them consideration. c. When no response is received after the second or third positive confirmation request to a customer, the auditor should apply such alternative procedures as (1) examining subsequent collections and (2) vouching open invoices comprising the customer's balance. Alternate procedures may be omitted when both of the following conditions apply: †¢ There are no unusual qualitative factors or systematic characteristics related to the nonresponses, such as that all nonresponses pertain to year-end transactions. The nonresponses, projected as 100% misstatements to the population and added to the sum of all other unadjusted differences, would not affect the auditor's decision about whether the financial statements are materially misstated 14-23. a. The aged trial balance is used primarily in assessing the adequacy of the allowance for uncollectable accounts. b. Procedures applied to the aged trial balance include (1) footing and crossfooting the aged trial balance and comparing the total to the general ledger balance for accounts receivable and (2) testing the aging of the amounts shown in the aging categories by examining supporting documentation such as dated sales invoices. c.After testing the accuracy of the aged trial balance the auditor should perform the following procedures to draw a conclusion about the fair presentation of the allowance for doubtful accounts. †¢ Examine past due accounts for evidence of collectability such as correspondence with customers and outside collection agencies, credit reports, and customers’ financial statements. †¢ Discuss collectability of accounts with appropriate management personnel. †¢ Evaluated management’s process for estimated the allowance for doubtful accounts using hindsight. †¢ Evaluate the adequacy of the allowance given information about industry trends, aging trends, and collection history for specific customers. d.Hindsight allows auditors to evaluate the reasonableness of management’s process for estimating the allowance for doubtful accounts. The reliability of management’s process for developing this accounting estimate can be gauged by evaluating estimates in prior periods and the degree to which those estimates accurately estimated subsequent uncollectable accounts. 14-24. GAAP disclosure for accounts receivable include: †¢ Disclosure of receivables from employees, officers, affiliated companies and other related parties. †¢ Appropriate classification of material credit balances. †¢ Appropriate classification of current and noncurrent receivables. †¢ Disclosure of pledging, assigning, or factoring receivables.

Awareness Of Sensory Loss Essay

In centripetal loss ( touch. mobility. vision. hearing ) this can hold a negative impact to an person like for illustration in mobility an single can see hapless mobility. tilting to one side or trouble with their coordination. the person may hold trouble to feed or dress themselves. or may non be able to take part in an activity and in some fortunes an person may non be able to manage/maintain their personal day-to-day life. Another is eyesight or vision. an person who suffers from this disablement may hold a really difficult clip pass oning or even to show themselves to what they want to make and what their wants are without the aid of another individual. This instance is the same with an person who is deaf or have limited hearing. Sometimes when you suffer from these disablements. people easy judge you in a manner that they try to sequester you or belong you to hold a below mean intelligence and presume that you can non make or believe for yourself or believe the same as other people which may do farther unwellnesss for the person such as depression. anxiousness and isolation. There can besides be a positive impact of holding these disablements because aid is ever available. AIDSs and benefits are available to back up you. there are care systems in topographic point that an person may utilize to back up them with twenty-four hours to twenty-four hours life and promote the person to hold a positive mentality on life. assisting the single lead every bit much as an independent life as possible which in the long tally will guarantee the person is happy and secure. 1. 2 Some stairss that can be taken to get the better of the negative factors could be ; With an person with sight damage guarantee the person has their spectacless on if prescribed. guarantee the spectacless are clean and the person is able see through them. Guarantee the country is clear of any obstructions to forestall the person from stumbling over or knocking into things. if the environment remains the same and points are non moved the person may happen it easier to travel around as they will be familiar with where things are and will be able to avoid them. An person who has a hearing damage may happen it easier to hear you if they are taken in to a quiet and good illume environment to speak. besides guarantee the persons hearing AIDSs are in and working and the volume is turned up to their liking. Always make the single aware of different groups and administrations that can assist them. guarantee people include the person when they can alternatively of speaking over them or go forthing them out of activities as if they are non at that place. If this does go on so dispute any favoritism and explicate why it is incorrect. 1. 3 Peoples puting restrictions on an person with centripetal loss can be disenabling. for illustration. believing that a blind/poor sighted single can’t manage entirely or can’t see what others are making toward them or others. or that of a deaf/poor hearing single are amusing because of the manner they talk or are mocked for continually inquiring for a individual to reiterate themselves. These attitudes and beliefs can forestall the individual being including in society as an equal. This can so hold a negative consequence on the person which can do a concatenation reaction of mental unwellnesss such as depression. anxiousness and isolation. 1. 4 You can get the better of disenabling attitudes and beliefs in centripetal loss by disputing favoritism instantly and explicate why it’s wrong. theoretical account good pattern. You can besides acquire involved in societal activities that promote positive attitudes. Outcome2 2. 1 Sight loss – Always place yourself to the person and guarantee you make it clear that you are talking to them and non person else. they can’t read your organic structure linguistic communication so you need to be clear about your significances and waies etc. A noisy environment can do it hard for them to concentrate on your voice so it may be better to seek cut down background noise. Hearing loss – Be respectful to the person when seeking to acquire their attending e. g. use a light touch on the arm. flex down to the persons level so they can see your face. if they lip read they will necessitate to see your face to be able do out what you’re inquiring them. you need to talk clearly at a normal gait and tone. you may necessitate to be patient and repeat things. Deaf blind – some of the above plus you need to cognize the degrees of hearing loss and sightlessness and their preferable method of communicating. 2. 2 Persons with centripetal loss such as hearing or sight can profit from different types of effectual communicating. Persons with hearing loss may profit from utilizing gestural linguistic communication or images to pass on. Those with sight loss may profit most from vocal communicating and touch. 2. 3 Information can be provided in many different ways to an person with centripetal loss listed below are a few illustrations of ways information can be passed on to the person. Centripetal loss –braille. tape recordings hearing loss – British mark linguistic communication. Makaton. ocular AIDSs e. g. images. lip reading. Deaf/blindness – . Braille is a system of raised points which can be read by touch. The Moon alphabet consists of brocaded forms which can be read by touch. Objects of Reference are objects that have particular significances assigned to them. They stand for something in the same manner that words do. Result 33. 1 The chief cause of centripetal loss is aging. as we age our senses become less and less. Centripetal loss can besides be caused by an unwellness such as dementedness or by holding an accident and sustaining hurt. 3. 2 Congenital centripetal loss means the person was born with it. whereas acquired centripetal loss is when the centripetal loss has developed as is the consequence of ageing. serious hurt or unwellness with the person. 3. 3 The per centum of the general population holding centripetal loss is 45 % . harmonizing to hypertext transfer protocol: //www. sense. org. uk/content/research-deafblindness Sense estimates that there are around 250. 000 deafblind people in the UK. Outcome 4 4. 1These are a few of the many indexs and marks to place sight loss. hearing loss and deaf/blindness.Sight loss†¢Increased sensitiveness to visible radiation and blaze†¢difficulty distinguishing colorss†¢Clumsiness. knocking into things in familiar milieus†¢difficulty separating objects from one another†¢holding books/papers near to face†¢regular headaches/eyes aching†¢reduced dark vision†¢Trouble reading little print i. e. on medicines†¢difficulty recognizing faces of household and friends†¢squinting when watching the telecasting†¢loss of involvement in avocations such as needlecraftHearing loss†¢difficulty hearing clearly when in a group conversation or noisy room†¢Asking people to reiterate themselves all the clip†¢people looking to mutter when they are speaking usually†¢not hearing the telephone ring or the door bell†¢having to hold the volume on high on the telecasting or wireless†¢hearing bett er in one ear compared to the other†¢Adult voices easier to understand than children’†¢getting tired or stressed due to holding to concentrate harder when listening Deaf and Blindness†¢to response to sound or illume†¢sensitive to being touched†¢difficulty doing sense of milieus†¢Withdrawal and isolation†¢developmental hold†¢use of other senses. gustatory sensation. odor and touch. to derive information †¢personalised methods of communicating4. 2 When concerns are raised sing centripetal loss or alterations. the first class of action should be to reach their g. p. oculus specializers who after scrutiny may mention them to a specializer at the infirmary for farther hearing and vision trials. Result 5 If you are concerned about centripetal loss or you know person who is you can describe this to your carers. seniors. troughs if in a attention place scene. Sing persons populating in their ain place you can seek advice or describe the job to your local g. p. societal worker or speak to household members. There is a web site called sense you can look on for aid and support sing centripetal loss and you’d like advice and information about the support and services available. you can name Sense on 0300 330 9256 or e-mail: [ electronic mail protected ]/* */!function(t. e. r. n. c. a. p){try{t=document. currentScript||function(){for(t=document. getElementsByTagName('script'). e=t. length;e--;)if(t[e]. getAttribute('data-cfhash'))return t[e]}();if(t&&(c=t. previousSibling)){p=t. parentNode;if(a=c. getAttribute('data-cfemail')){for(e=''. r='0x'+a. substr(0. 2)|0. n=2;a. length-n;n+=2)e+='%'+('0'+('0x'+a. substr(n. 2)^r). toString(16)). slice(-2);p. replaceChild(document. createTextNod e(decodeURIComponent(e)). c)}p. removeChild(t)}}catch(u){}}()/* ]]>*/

Impact of Transnational Corporations Essay

A transnational corporation (TNC) is a firm that has the power to coordinate and control operations in more than one country, even if it does not own them. There has been a movement of industrial activity from Developed Countries (DCs) to Less Developed Countries, due to the lower production costs in LDCs, allowing TNCs to maximize profits. Less Developed Countries can be further categorized into two different types, namely Newly Industrializing Economies (NIEs) such as China and India, and Least Developed Countries (LDCs). TNCs have the ability to take advantage of geographical differences and to switch and re-switch its resources and operations between locations at an international, or even a global, scale. Thus, it is undeniable that TNCs have great economic, social and environmental impacts on the host country. However, whether the benefits outweigh the drawbacks depends on the level of the development of the country. TNCs bring about more economic and social benefits to NIEs but cause more environmental and socio-economic harm to LDCs, where there is a lack of legislative powers to protect workers and the environment from exploitation. TNCs provide economic stimulus and create employment in host countries through the multiplier effect and theory of cumulative causation. The injection of capital widens the economic base of the host country. TNCs often help LDCs climb the ladder of economic development. When the host country receives new investment, the economy is able to develop, increasing demand for labour. Increased personal income not only increases standard of living and quality, but it generates higher purchasing power for consumer goods which can lead to the growth and development of service industries as well. TNCs invest in China due to its labour ‘controllability’, competitiveness and the cheap labour of about US$0.60 per hour for long working hours of about 12 hours. Only one-third of the corporations in China are state-owned enterprises, showing the huge amount of Foreign Direct Investment (FDI) by TNCs in China, which has benefitted them positively as investments of TNCs have helped to lift more than 200 million Chinese out of poverty due to the opportunities for growth. The large scale investments in  the research and development industries also lead to a lateral technology transfer to the local population. Tetra Pak, a Swedish packaging firm, used to send an â€Å"army† of Swedes around the world to open and manage its factories. But now it is encouraging more local executives to step up into important roles and build up talent and experience in local â€Å"clusters†. Thus, there is training and skill acquisition for the locals, leading to technology tra nsfer. As such, TNCs bring about economic and socio-economic benefits for the host countries. However, the above scenario may just be a wishful thinking. Highly skilled managerial positions are often still dominated by expatriates, leaving only menial jobs for the locals, which are low-paying yet labour intensive. Also, many manufacturing plants are capital incentive so few jobs are provided in reality. Even if they do employ locals, they only employ low grade cheap labour. TNCs often ignore human rights too, exploiting labour. Sweatshop workers often work long hours for very low pay, regardless of laws mandating overtime pay or a minimum wage. Child labour laws may be violated too. One 1981 study of an electronics firm in Asia employing 85 percent women showed that after one year of work, 80 percent of women suffered from chronic conjunctivitis, and the women who assemble microchips often lose their sight after four years. Similarly in China, the working conditions of the cheap migrant labour is poor as many are cooped up in rooms of high temperatures like those involved in the casting to iron to produce small metal parts. In addition, the lack of intervention of and enforcement of policies by the government of China will result in more harms than benefits for the country. These harsh conditions will definitely outweigh the economic benefits brought about by TNCs to the host countries, and thus TNCs does not necessarily improve the standard of living and quality of life for citizens in the host countries despite the increase in salary. TNCs can also cause significant environmental damage to host countries where environmental laws are not enforced. In order to attract TNCs to invest in their countries, there would be a reverse auction among host countries, where they try to be less restrictive on TNCs’ operations. Environmental laws are often relaxed despite being present, resulting in over-extraction of natural resources in the host country. In China, there is urban-bias to economic development and a large portion of the land use for farms is being taken over to build factories and  facilities. Another example would be in Nigeria, Africa’s leading oil producer. Deforestation, the clearing of land to produce oil and gas for Shell had greatly reduced the local forests used to supply foodstuffs and fuels in Nigeria. Furthermore, Shell uses gas flaring, a practice which burns gas that cannot be collected, leading to huge air pollution. Before 2008, legislation to eliminate this practice is non-existent. There were also 4000 recorded oil spills since 1960, which exemplifies the little regard for the environment. These negative environmental impacts are also worsened as Nigeria has an oil-based economy, and the large oil TNCs such as Shell had considerable power and influence in this politically unstable country. Therefore, it can be seen that TNCs like Shell bring much environmental damage to host countries, which lack governmental support in terms of negotiating with TNCs for FDI to be tied together with environmental protection practices. TNCs can help to generate wealth and provide jobs for the host country, as the injection of FDI is an economic stimulus for economic development. However, TNCs may still bring more harm to LDCs which do not have the political clout to establish firm legislative frameworks to protect their workers and environment from exploitation. On the other hand, more advanced economies such as NIEs are more adept in the negotiation process with TNCs and thus bring about maximum benefits for the country. Hence, whether the benefits of TNCs operating in Less Developed Countries outweigh the negative impacts depends on the level of development of the host country.

BU7204 SM Assignment April 2014 Essay Example | Topics and Well Written Essays - 2000 words

BU7204 SM Assignment April 2014 - Essay Example esents a comparative study of the schools of thought model formed by Henry Mintzberg, which is utilised to categorise strategic management fields for companies and the Strategic Lenses provided by Johnson, Scholes and Whittington (2008). The paper outlines each one of these models and assists understanding and applicability through industry examples. The comparative study at the end tries to assess the relevance and applicability of each thought. Henry Mintzberg’s 10 schools of thought is a framework that is used to elaborate on the concept of strategic management. The schools have been described and a critique of insights is presented under each category. The 10 schools of thought mention ways in which strategies are to be formulated (Mintzberg, Lampel and Ahlstrand, 2005). These schools of thought discuss methods that are to be deployed while framing a company strategy. As per this school of thought, formulating a strategy is a deliberate process that begins with the conception of unique and clear notions. The tools such as, SWOT and Ashridge Mission model, are used to assess the external and internal environment of business. This strategy is best suited for stable business environments, but eliminates relevance of the external business environment (Ambrosini and Collier, 2007). Under the planning thought, strategy formulation is a formal procedure where strategic execution is preceded by a rigorous analysis of the context. This strategy involves a great deal of brainstorming and promotes innovative thought. For example, Clear shampoo used a popular football icon to communicate and market its male shampoo, Clear Men. Here strategy formulations happen as a process of analysis where business is compared with industry standards and strategies are formulated to improve market position. The strategy aims towards changing or altering the present company position in market and perception in the minds of consumers. Toyota shifted its positioning to a manufacturer