The Published Financial Statement Accounting Essay

The Published Financial Statement Accounting Essay Annual report and accounts consists of different elements. A financial statement contains the financial information which is communicated to various users depending on their needs. The users can be internal or external users. The importance of this information varies, depending on the needs of specific users but according to the framework, the publication of financial information serves to reflect and to provide a clear image of the financial situation and performance of the entity which will help them to make a financial decision. Thomas and Marie (2012, 55). Users need financial information to assess the way the company uses its liquidity to fund its operations and investment, to be informed about its financial position and the nature of its resources for daily transactions, to estimate or predict the circumstances that may affect them, to be informed about the extent to which the company follows the laws and regulations. Usually the performance information is represented on the in come statement, the financial situation is represented on the balance sheet, and the information about changes in financial position is supplied in the notes to financial statements. Financial statements are the principal means of communicating financial information to various users. The framework defines seven essential users (Jill and Roger, 2007) but in contrast, Peter and Eddie (2002p 3) state that there are internal and external users who already have a relationship with the firm in economic terms or those who are interested in a future relationship. Starting with managers, Petter and Eddie (2002.3) noted that managers need information to assist them to make the decision and adopt and strategy of planning for the future. Furthermore, the manager who has been put in charge of presenting financial statements also needs this information to be sure that the management style, strategy and planning adopted are beneficial to the financial performance of the company. The conceptual framework states that the employees are principally interested in the type of information which permits them of having a clear idea about the stability and the performance of the company that they work for (Thomas and Ward,56 2012). Employees need information in order to ensure the stability of their jobs in the future, and to measure their ability to determine if there is a chance of getting a higher pay or promotion, and other benefits. The Investors need information about management policy, performance, stability and financial position of the company as well as to assess the risk and benefits provided by the investment in order to make a decision. Also, they need information to help them choose the proper time for transactions like buying and selling. Thomas and Ward (2012:56) Lenders are always taking risks which is why they choose the contract with lowest risk the framework noted that they are interested in information about performance and economic stability of the company, and also the information about the situation of liquidity available in the present and the future, in order to ensure whether the borrower is able to meet the deadlines for the payment of their loans and the interest. (Thomas and Ward, 2012:57). Regarding suppliers and other creditors, Thomas and Maries said that giving a loan and outputting goods without immediate payment is the same. This is the reason, they will be interested in the information that will help them at the beginning to decide whether to engage with company or not, and also to study the duration and the amount of credit to offer. According to the framework, suppliers and other creditors are interested in information that enable them to know whether they will be repaid at due date. Yet Suppliers and others creditors are interested in engaging with the enterprise for a shorter period compared to lenders who are concerned about liquidity position and the supplier seeks to know if there is a growth within the company and compare it with these production capacities. Jill and Roger (200741) states that the customers are interested in the information that enable them to evaluate the performance and ability of the company to continue its business and to know their capacity to meet the requirements of quality, the quantity and time to provide goods and services depending on customer needs. Governments and their agencies are composed by the tax authorities, financial and organization like central bank that has authority of control and regulations. Principally, the information is used as basis for calculating dues and taxes that the company has to pay. It has noted that the government and their agencies are interested in information about profitability and how it is distributed, with the aim of determining the tax policy, as they need information on the conduct of activities of entities to adjust them. (Thomas and Ward, 582012) The public is also interested in information about the performance of the company in order to define the level at which the company is progressing and its impact on economic development and social environment. To ensure that the information is useful to users for decision making, four qualitative characteristics need to be present in the information. Understandability the user must understand the information directly but should have basic knowledge of accounting and the economy. Relevance information must meet the needs of users in order for them to make decisions and enable them to compare the events of different periods. Reliability information must be reliable to give a real image of transactions and other operations. Comparability the information has to be available for comparison over time to determine the situation and the economic performance. (Jill and Hussey, 422007) It is true that the financial information addresses different user groups under standard characteristics, but it still has limitations on the usefulness of the information. The financial statement is based on historical costs. That is to say it is only monetary operations but the declaration is not correct. Also, with regards to the intangible assets there is no possibility of measuring the values of all of them in the sector of accounting. For instance, human resources are also ignored in most financial statements, and the brand value of the company is not on the statements either. Inflation is not included in the present value and all the information are based on estimates, so there is no real value on which the user can rely on. The financial statement does not take into consideration any anticipated financial condition that can happen in the industry and market which might affect the performance of the company and the decision taken by the different users of the financial statement which contains only financial information and ignores the non-financial information which is not sufficient for certain users as the case of public and employees. In contrast, investors are more concerned than other users by information presented in the financial statement. To conclude, the company is obliged to communicate the information under financial quality standards that are useful to different users, which are a total of eight. They are; managers, investors, customers, suppliers and other creditors, employees, lenders, government, and the general public. The objective of this information is to reflect the performance, position and stability of the company for the user to make a good decision. Despite the quality and control, the rest information is still not reliable and useful for certain users to make a decision.

Leadership: The MBTI Assessment

The Myers-Briggs Type Indicator (MBTI) is a personality assessment that helps to assess one's psychological preferences based on a psychometric questionnaire. These preferences were extracted from the typological theories proposed by Carl Gustav Jung writings in his book ‘Psychological Types'. The MBTI focuses on normal populations and emphasizes the value of naturally occurring differences. [1] Also recognized commonly as a behavioral assessment tool, the MBTI uses a combination of 4 letters and each represent a clearly defined attribute. Altogether, the MBTI test consists of 16 different personality types that will describe one’s personality in alleged detail. The MBTI test has reviewed that I am type ENTJ which covers aspects of being extraverted, intuitive, thinking and judging altogether but in different extents. According to Dr. David Keirsey, he states that a person with type ENTJ is recognized as a ‘Fieldmarshal’ or basically someone who is a natural born leader as agreed by Joe Butt in his article on ENTJ. He adds that this attribute of Fieldmarshals are a rare breed that are natural at taking the lead, are structural organizers and have an act on devising contingency plans. These collectively form characteristics of a leader who will be decisive and are visionary in setting goals and direction. Having these traits of a leader, Fieldmarshals are expected to take up roles of higher responsibility and will usually take pleasure in them. However their strong devotion to their work may sometimes be a hindrance to their social lifestyles. Another prevalent characteristic of a Fieldmarshal is the tendency to emphasize on efficiency and are usually intolerant of prodigality. [5 &6] I have to admit that while reading the results and review of my personality type; it felt like a strong confirmation of how I evaluate myself. Most of the traits specified were indeed very accurate such that I am a natural leader. I have come to realize that not only do I have the tendency to lead others but I also enjoy taking responsibility and I feel more comfortable in planning ahead rather than doing things spontaneously. Being extraverted is also a spot on because I am that person who would walk across the room to get to know someone new and am not afraid to express my thoughts publicly. Looking at the basis of how the personality results were generated, I still do not comprehend how I only scored 1 in the ‘Thinking’ category as I usually make decisions based on facts and logic. Apart from the MBTI test, the Dominance Influence Steadiness Conscientiousness (DISC) test is also another credible assessment tool that provides an effective feedback and rational to help one identify his/her personal behavior and strengths, thus increasing self-awareness. The DISC assessment is a shorter test as compared to the MBTI and yet yields more specific results from over 19,000 personalized responses and 384 separate behavioral descriptions. [3&4] One other assessment would be the Herrmann Brain Dominance Instrument (HBDI) which measures thinking preferences in people. This model functions very similar to the others by incorporating cognitive style measurement. HBDI in short, adapts a concept of determining one’s dominant thinking style based on analytical, sequential, interpersonal and imaginative aspects. [7&4] Paul D. Tieger and Barbara Barron-Tieger, who are both recognized experts in personality type and career development, agreed that the MBTI can serve as career counselors to guide and find jobs that are best suited for a person. [8] However the Army Research Institute commissioned a review on this and argued that there is no evidence for the utility of the test and further claimed that the classification scheme is limited and may be an example of stereotyping personalities. Other questions have been raised in David Pittenger’s report of how the MBTI instrument comes up short for what it purports to measure. Some of which are mainly concerns on the reliability and validity of the results. [9] Considering all that, the objective of the MBTI is somewhat achieved when it helps to facilitate self-awareness which can then lead to self- improvement. With critical feedback provided, one will be able to realize their potential essentially natural leaders, and also to reaffirm one’s focus on their strengths. As discussed, discretion may be necessary to protect one against undue reliance upon the MBTI especially in career choices.

The Life of Maya Angelou - Free Essay Example

Sample details Pages: 4 Words: 1287 Downloads: 7 Date added: 2019/10/30 Category People Essay Level High school Tags: Maya Angelou Essay Did you like this example? The Life of Maya Angelou Regardless of Maya Angelou life, she was subjected to racial discrimination throughout her life, but she still became one the best African American poet. Maya Angelou was not a very imaginative woman, but she had a practical, steady mind a quality need that was necessary to give stability to our new nation. Maya Angelous real name is Marguerite Annie Johnson Angelou. Don’t waste time! Our writers will create an original "The Life of Maya Angelou" essay for you Create order Maya was known for her amazing poetry, actress, screenwriter, dancer, and civil rights activist. One of her famous quotations were   When someone shows you who he or she is, believe them the first time. The quote means that you need to believe what people say because some people may look trustworthy, but may be able to do bad things to us multiple times before we actually believe who they truly are. Meanwhile seeing the amazing work she has done she had published seven autobiographies, three books, several books of poetry without mentioning the other movies and television shows. Marguerite Annie Johnson Angelou was born on April 4.1928, in St.Louis, Missouri and raised in Stamps, Arkansas throughout her childhood. Marguerite Annie Johnson was put to rest on May 28, 2014. April is the fourth month and has thirty days in the month. The month of April is full of enjoyable holidays. They have eleven holidays and the birthstone of the month is a diamond. The flower of the month is the Daisy and The Sweet Pea and the Zodiac sign is Aries and Taurus. April is the month were Professional baseball is started in the United States. One of Aprils famous holidays are April Fools Day and it is the funniest day in the universe. One Famous name for the month of April is that it is called Aphrodite. Something you probably didnt know is that another famous English poet named William Wordsworth and he was born on April 7, 1770. Also on her birthday Martin Luther King died and she never celebrated it since then. Maya was blessed with an amazing family. Her fathers name is Bailey Johnson and her mothers name is Vivian Baxter Johnson. Vivian is mentioned in a lot of Mayas books, but as I noticed she was a terrible mother. She abandoned Maya and her brother when they were really little. When Maya becomes pregnant Vivian owns up to being a mother to Maya and with the child being born, it brings the two closer. Bailey and Vivian blessed Maya with an older brother named Bailey Johnson Jr. These two hold a lot of enjoyable moments. Jr is the only one to ever be this close to Maya and to make sure she always fine. Some of the family issues that I discovered was that Vivian boyfriend Vusumzi Make was an amazing man, but he had a crush on Maya and she was raped and impregnated at the age of seven. When her uncles found out about the situation her uncles beat the man to death. Once the news gets back to Maya she stayed quiet for five years. Another family issue is that she and her siblings were not abl e to stay in a house with both parents they were always on the move to different places. Her parents split up when she was in high school and it brought a lot of confusion between the brother and sisters. They were seeing the parent in California but their grandmother lives in Arkansas. While living in Arkansas they found out that her grandmother owned a general store.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Maya Angelou attended some school in Arkansas ( were not labeled in websites). While attending Missions High she earned a scholarship to study dance and drama at the California Labor School. During World War II Angelou moved back to California to study dance and acting at the California Labor School and she also attended George Washington High School. California Labor School is located in San Francisco, California and the George Washington High School is also in San Francisco along the coast. When Maya was in high school she was the first African American female streetcar educator in California. She returned back to school and became pregnant during her senior year and graduated a few weeks before giving birth. At the age of 16 Maya took on the single mother lifestyle. While in stages of being a single mother Maya earned her money by being a waitress and a cook, but she didnt give up on her music, dance, and poetry. Mayas love life was full of enjoyable moments but somehow they just didnt work out for her. Maya had a couple of young men who liked her and wanted to talk to her but she wasnt the type to cheat on another man. Her first husband was named Paul De Fue and they got married 3 times back to back. Paul was 7 years younger than her and ungifted. Paul was a Welsh-born workingman and a comic strip writer who won notoriety as Mr. Germaine Greer. He second husband was named Tosh Angelos. Tosh Angelos was a Greek sailor she met while working in a record shop. Tosh was an atheist and Maya was very spiritual and thats why the marriage didnt last long. Tosh and Maya came to the conclusion that they were having a baby. Maya had a baby boy named Guy Johnson and this was her only child. Guy grew up to become an amazing man. Hes also an amazing husband to his wife and a wonderful dad to his kids. Guy followed in his mothers footsteps and he is writing astonishing poetry.   Marguerite had a lot of amazing jobs but some of the these that stand out that she was a Dancer, Streetcar Conductor, table dancer in a nightclub, paint stripper in a mechanical shop, cook, prostitute, and madam for hookers, calypso singer, magazine editor and lastly an administrative assistant in Ghana. Mayas careers took place in multiple locations within the U.S and Africa. Some of these jobs had an impact on her life, some turned her into a woman but the others just helped her make some money to help support her family. Maya gained her wealth and fame through her books and the crucial moments that happened in her life. Some of the accomplishments she received were Coretta Scott King Award, Matrix, North Carolina Award in Literature, Crystal, Grammy, NAACP, Literary Award. These were just some of them but not all. She was one of the first African American females to become famous and win a lot of awards. Also with her facing with the racial language being thrown at her. Racial language back in the day was very bad and I thought that it could tear a person down, but through this, I see that shes a strong woman. While studying and mastering these careers Maya showed that she had courage and faith throughout her life.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Overall Maya Angelou seemed like she lived an amazing life shown by her astonishing poetry,books, and movies. Once she moved to California to study dance and drama she dropped it to start her writing career. Her writing career shows the way hard work pays off because she continued to write and then she was blessed with plenty of awards. With her parents being separated Maya and her brother handled the pressure lightly and conquered everything. Throughout her lifetime she shows how she is an imaginative woman with a steady mind. Maya was a humble woman to fight for what she needed to do to succeed in life. Works Cited List of Honors Received by Maya Angelou. Wikipedia, Wikimedia Foundation, 1 Oct. 2018, en.wikipedia.org/wiki/List_of_honors_received_by_Maya_Angelou#Awards. Maya Angelou Biography. Encyclopedia of World Biography, www.notablebiographies.com/

The Federal Trade Commission Act - 931 Words

In 1890, the United States Congress passed the first Anti-Trust Law, called the Sherman Act, in an attempt to combat anti trusts and as a â€Å"comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade.† (The Antitrust Laws). Twenty four years later in 1914, Congress passed two more Anti-Trust Laws: the Federal Trade Commission Act, which created the Federal Trade Commission whose aim is to protect American consumers, and the Clayton act, which fills in any loopholes in the Sherman Act. Ultimately, these three Anti Trust Acts regulate three core problems within the market: restricting the creation of cartels, restricting the â€Å"mergers and acquisitions of organizations which could substantially lessen competition†, and prohibit the creation of monopolies in the market (â€Å"The Antitrust Laws†). The history of the antitrust laws date back to the late nineteenth century, following the end of the Civil War. This time, known as the Gilded Era, began when entrepreneurs began searching for big profits from their business ideas. Over time, the small business ideas turned into massive corporations. The creation of new ideas and a radical shift towards industrialism led to the Industrial Revolution. Amongst the most powerful corporations during this time were the four that still exist today: John D Rockefeller’s Standard Oil Company, Andrew Carnegie’s Carnegie Steel, Cornelius Vanderbilt’s New York Central Railroad System, and J.P.Show MoreRelatedThe Federal Trade Commission Act922 Words   |  4 PagesALJ On November 13, 2015, A Federal Trade Commission’s (FTC) Chief Administrative Law Judge (ALJ) held that LabMD did not violate Section 5(a)of the Federal Trade Commission Act (FTC Act) by failing to provide reasonable security for personal information o n computer networks. 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The Interstate Commerce Act of 1887Read MoreFederal Trade Commission640 Words   |  3 PagesArtemiy Andreev Ms.Brown February 15, 2016 The Federal Trade Commission Research The Federal trade commission or called the FTC was created in 1914. The Federal Trade Commission Act is the act that started this commission and its purpose was to prevent unfair methods of competition in commerce as a part of the battle to â€Å"bust the trusts.† They also did this act to enhance the informed consumer choice and public understanding of this competitive process; and another reason was to accomplishRead MoreDeceptive Advertising1524 Words   |  7 Pagesare targeted by deceptive advertising it is just a matter of how consumer savvy you are. Almost all companies are guilty of this crime, including Phillip Morris Tobacco, weight loss programs and even grocery stores just to name a few. 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