THE LIMITS OF GLOBALIZATION

THE LIMITS OF GLOBALIZATION Nowadays one of the most ordinarily utilized terms is globalization. In any case, I'm not catching globalization's meaning? Does it mean dissappearing fringes, a typical exchange unit, no expense in exchange abroad, political mindfulness over the world, or, in limits, in any event, meddling with other nations' residential undertakings? Somehow or another globalization might be valuable in making a sound judgment of world citizenship, however helpful how much? What are the conceivable outcomes, favorable circumstances and dangers of such world citizenship? Are the United Nations and the European Union, venturing stones to globalization? Vanishing outskirts, in the financial importance of the term can most obviously be seen today in Europe. The European Union confines charges on exchange between individuals. Making a stride further the EU have chosen a typical cash, the Euro , which opened up toward the start of 1999. This cash may financially be increasingl y useful however what aboutnational pride? All exchange units show a co! untry's notable legends or extraordinary characters of them that the residents regard for. How are the residents going to react to this sort of progress time will appear yet no one can say European nations are not nationalistic. There is a solid proof despite what might be expected. One model is world war II, which began in Europe- - considered then the most edified piece of the world-in light of Germany's faith in its national prevalence. This tragic improvement occurred simply 50 years ago.These European country states may appear to manage everything well for the present on account of decently smilar monetary levels however what will occur on the off chance that one nation's financial level drops or shows signs of improvement than the rest? Would the better ones draw up the most noticeably terrible to stay aware of them or would those nations having the best economy-need to convey the lay on their shoulders? Other than its monetary good and bad times globalization tremendously affe cts social qualities...

Walmart Design of Goods and Services

Presentation Walmart is worldwide retailer association that runs chains of storeroom in America, and best gainful business undertaking. Using data innovation, Walmart tracks its item development and changes with a database to mirror the neighborhood request of the items. Waltmart aggregately utilizes data innovation place for items in the stores and appropriation focus to oversee stock level (Barrow-man, 2002).Advertising We will compose a custom paper test on Walmart Design of Goods and Services explicitly for you for just $16.05 $11/page Learn More How item configuration applied in dynamic of Wal-Mart? The item configuration is the way toward concocting strategy to progress on existing stocks. It is a data concentrated endeavor that has become continuously in today worldwide serious condition. Item configuration controls the qualities and execution of the items consumer’s wants. Item structure ‘aimed’ at improving real estimation of the items and ‘appearsà ¢â‚¬â„¢ to customer’s moderate cost. Walmart keeps up comprehensive commitment of all accomplices like providers to partake in item structure, while redistributing the creation. The structure interface of the items must be dealt with appropriately to limit cost in item plans. The plan of a buyer item isn't just the production line made expense, yet in addition the strength of the quality and administration conveyed and how well they meet client desires. There is vulnerability in structuring execution levels, what client expect, and even in the last objectives for the plan (Barrow-man, 2002). What is the Product Life Cycles in Wal-Mart? The item life cycle is the period between the time items uncovered into the market until it pulls back from the market. Item improvement begins when an enterprise builds up another item thought. During the presentation stage, a great deal of cash required for item overhaul and promoting. Item esteeming is the vital angle during the improvement stage and item should get serious, and the shoppers consequently gain the new item at a significant expense. Development stage gives item fulfillment. Wal-Mart shows the item it offers and separates them from the opponent items, altering the items and item insurance done by Licenses and copyrights. This happens when item improves its client certain through item separation and item accessibility to the market, giving rebate and item cost. During this item stage, item develops, and the organization makes high deals and return. Walmart has multi conveyance channels which offer back appropriation ways. During the decrease stage, item support cost of item is high than the underlying benefit picked up. It is incredibly hard for an organization to comprehend decrease sign of the item and the existence patterns of items at Walmart are shifting from 3 months to 2 years. Walmart gives are quick moving customer products, which are durables and staple goods which have short edge lives (Hong, 20 00).Advertising Looking for exposition on business financial aspects? How about we check whether we can support you! Get your first paper with 15% OFF Learn More How various Issues for Product Development applied in the Wal-Mart? There are a few issues to be handled during item advancement in Walmart. The adjustment sought after of an item over quite a while maybe influences item life cycle. The issue of understanding the client need and the financial changes may influence association execution. These issues emerge not just from taking care of the wide assortment of items perspective, however ceaselessly taking a stab at mistake free item, and make high consumer loyalty. The market manages to meet the ever changing and unusual customer showcase. Market blend thought ought to be suitable for the firm, with the goal that item development modifies (Ulrich, 2001). End The item configuration impressively changes the organization viewpoint in regard to keeping up a serious edge over its o pponent. Walmart has had the option to sell items that continue individuals and their condition through help of clients and networks the world over and item choices are quick (Ulrich, 2001). References Barrowman, J. (2002). An Evaluation of Research on Integrated Product Development. Management Science 48(7): 938â€953. Hong, S. (2000). Adjusting Concurrent Engineering Environmental Factors for Improved Product Development Performance. Universal Journal of Production Research 38(8): 1779â€1800. Ulrich, K. T. (2001). Item Development Decisions: A Review of the Literature. Management Science 47(1): 1â€21. This paper on Walmart Design of Goods and Services was composed and put together by client Valeria Tanner to help you with your own investigations. You are allowed to utilize it for research and reference purposes so as to compose your own paper; nonetheless, you should refer to it in like manner. You can give your paper here.

Alexander Graham Bell biography

Alexander Graham Bell, was the innovator of the phone. Chime was conceived in Edinburgh on 3 March 1847. He was the child of Melville, a discourse and address instructor who built up the main International Phonetic Alphabet and Eliza, who was hard of hearing from the age of five. Chime was the lone youngster to get by into adulthood, with his more youthful and senior siblings, Ted and Melly, kicking the bucket of tuberculosis. These historical realities predict the solid qualities, character and assurance of the man bound to profoundly change the favored method of significant distance correspondences to voice, and therefore change for all intents and purposes all parts of present day life.Bell built up an enthusiasm for correspondence since early on. He was to turn into an unprecedented man with a visionary comprehension of its capacity and potential. Taught at the colleges of Edinburgh and London, Bell moved to the US in 1870. In his twenties, he set about building up a different me ssage that could send a few Morse code messages. In 1872, Bell began going to MIT’s open talks on trial mechanics, remembering one for October by Professor Charles R. Cross that started a long, productive collaboration.At the discussion, Cross showed a gadget created by his partner Edward C. Pickering, who at that point led MIT’s material science division. At the hour of Cross’s address, MIT (which had been fused in 1861 on the Boston side of the Charles River) had as of late opened the Rogers Laboratory of Physics in another structure on Boylston Street. The office was the first of its sort in the United States, a very much furnished working lab that permitted understudies to direct trials showing the physical laws they found out about in class.Of specific enthusiasm to Bell, the new lab had a great arrangement of hardware indistinguishable from that utilized in the way breaking work of Hermann von Helmholtz, one of the world’s driving acoustical scienti sts. In 1873, Bell acknowledged a situation as an educator of vocal physiology and statement at the youngster Boston University (which had been contracted in 1869). The post brought him into significantly closer contact with Boston’s academic network, managing him the opportunity to show signs of improvement familiar with Professor Cross, who might in the end succeed Pickering as seat of MIT’s material science department.In April 1874, after Bell tended to MIT understudies and personnel about his acoustical investigations and his eff orts to show the hard of hearing to speak, Crossâ€apparently impressedâ€granted him liberated access to the Institute’s offices for his further research. Ringer took advantage of the lucky break. Obviously, Bell won his patent case as the sole designer of the phone, and open information about the commitments of others for the most part blurred into oblivion.The many enduring essential records from the period, notwithstanding, leave little uncertainty of the significant supporting job that Cross and the Rogers Laboratory played in helping Bell increase fundamental, point by point, and frequently hands-on information about the front line work of others in the field, including Pickering, Helmholtz, Reis, and Elisha Gray, the innovator whose way breaking plan for a fluid transmitter Bell appears to have appropriated to put his reality on the map call to Watson. Numerous years after the fact, with Bell’s legitimate case to the phone since a long time ago made sure about, he openly recognized Cross’s contribution.Bell told the horde of 1,500 amassed at Symphony Hall for MIT’s 50th-commemoration galaâ€and in excess of 5,000 graduated class and visitors who were tuning in by telephone at Alumni Association social affairs over the countryâ€that Cross had not just made â€Å"many progresses in the phone itself † yet motivated numerous understudies to â€Å"go forward from the Ins titute to consummate the work. † On 7 March 1876, Bell protected the phone (Patent 174,465) at the young age of 29. On March 10, 1876, Bell probably thumped over the sulfuric acid he and Watson were utilizing as transmitting fluid for early phone tests, and yelled, â€Å"Mr.Watson, come here; I need you. † Watson, working in the following room, heard Bell’s voice through the wire. Chime acquainted the phone with the world at the Centennial Exhibition in Philadelphia in 1876. In 1877, Bell shaped the Bell Telephone Company. He later sued Western Union over patent encroachment of his phone copyright, and won. During the 1880s, Bell utilized his significant fortune to build up look into research centers to work with hard of hearing individuals. Helen Keller was among his numerous students.Bell, however, had the option to make an interpretation of his remarkable qualities into his private life. He campaigned the reason for hard of hearing individuals and to build up day schools for them all through the US. At the point when he set out on this test, just 40 percent of hard of hearing youngsters were instructed to talk. At the hour of his demise in 1922 the figure was 80 percent †declaration enough in itself to his administration characteristics. Like every single excellent pioneer, Bell made himself open to all. He supported one family †the Kellers †to instruct their daughter Helen, who was deaf.She later gone to the Boston Museum of expressive arts and turned into an exceptionally effective plug craftsman. Bosses today can gain much from Bell's extraordinary accomplishments †support thoughts, empower advancement and seek after turns of events, anyway extreme they may appear at that point. Similarly, there stays a need today for organizations to acknowledge and encourage their connections and social duties inside the networks where they work and past. Ringer demonstrated that pioneers and business can make the conditions to i mprove our nature of life.In looking into this article, I have developed to regard the incredible profundity and initiative characteristics of Alexander Graham Bell, an enormously fruitful business visionary and an extraordinary philanthropic person. While phones, fax, mobiles, content informing, and such may some of the time make you frantic, they have without a doubt changed the world to improve things, and it would all be able to be followed back to the authority and vision of one man. Chime is the best maker ever of investor esteem and a moving figure for the to the reason for the â€Å"children of a lesser God† †it must win him the title of Greatest Briton in Management and Leadership.Other Bell innovations incorporate an electric test, a gadget used to find shots and other metal articles in the human body, and the vacuum coat, which when put around the chest, directed counterfeit breath. He’s likewise attributed with creations identified with the iron lung a nd triangular airplane wings. In 1898, Bell turned into the leader of National Geographic in light of the fact that he accepted that topography could be educated through pictures. Bell’s interest with flying prompted his â€Å"hydrodrome† pontoon, a vessel that went over the water at high speeds.The hydrodrome arrived at speeds more than 70 mph, and for a long time was the quickest pontoon on the planet. Chime kicked the bucket August 2, 1922, in Nova Scotia, Canada But not at all like such huge numbers of extraordinary pioneers and innovators, Bell finished, imagining the future and understanding the capability of his exceptional creation. Not long after the development of the phone, Bell had told his dad: â€Å"The day is coming when transmit wires will be laid on to houses, much the same as water or gas†¦ and companions will talk with one another without venturing out from home. How right he was.Remember this forecast was the point at which the phone was in it s outset and its maximum capacity was a long way from perceived. Ringer's creation changed for good the manner in which individuals live their lives. Phones and phone lines have empowered us to organize worldwide organizations by means of PCs, make exchanges electronically, or basically converse with our friends and family to tell them everything is great, any place on the planet we may be at that point. The phone isn't just equipped for transmitting voice, yet in addition of transmitting feeling and, along these lines, permits us to convey what we are thinking as well as how we feel.In a flash of brilliance, Bell shrank the world and changed the lives of the residents of his nation of birth and training, Great Britain, and, undoubtedly, the lives of individuals around the globe. In the same way as other extraordinary individuals, Bell seemed to profit by karma and aptitude in equivalent measure, and it was while he was attempting to build up various morse code that he unearthed the idea that discourse could be imitated through sound waves in a consistent undulating current. This really splendid disclosure is the rule behind the telephone.Steven Paul Jobs was conceived in San Francisco on February 24, 1955 to two college understudies, Joanne Carole Schieble and Syrian-conceived Abdulfattah â€Å"John† Jandali (Arabic: ), who were both unmarried at that point. [32] Jandali, who was instructing in Wisconsin when Steve was conceived in 1955, said he had no real option except to put the child up for reception since his better half's family questioned their relationship. [33] The infant was embraced during childbirth by Paul Reinhold Jobs (1922â€1993) and Clara Jobs (1924â€1986), an Armenian-American[3] whose original last name was Hagopian. 34] Later, when gotten some information about his â€Å"adoptive parents,† Jobs answered determinedly that Paul and Clara Jobs â€Å"were my folks. â€Å"[35] He expressed in his approved life story that t hey â€Å"were my folks 1,000%. â€Å"[36] Unknown to him, his organic guardians would hence wed (December 1955), have a second youngster Mona Simpson in 1957, and separate in 1962. [36] The Jobs family moved from San Francisco to Mountain View, California when Steve was five years of age. [1][2] The guardians later received a little girl, Patti.Paul was a mechanic for an organization that made lasers, and showed his child simple hardware and how to function with his hands. [1] The dad told Steve the best way to take a shot at hardware in the family carport, showing to his child how to dismantle and modify gadgets, for example, radios and te

Discuss the Regulation of Natural Monopolies by Government - 1650 Words

Discuss the Regulation of Natural Monopolies by Government (Essay Sample) Content: Regulation of Natural Monopolies by the GovernmentName:Institution:Regulation of Natural Monopolies by the GovernmentExplain why governments may want to set the price charged by natural monopolies at the level where the demand curve cuts the average total cost curve.A monopoly refers to the business organization which maintains exclusivity when it comes to the provision of particular commodity or service to the consumers. Monopoly can develop based on the form of the market or naturally. A natural monopoly refers to a kind of monopoly where the supplier through economies of scale comes up with the lowest cost of production. (Boundless, 2016). It is usually argued in most cases that one of the ways of increasing efficiency and reducing prices of commodities in the market is through competition. Competition compels the firms to come up with various tactics to retain and at the same time increase the number of customers.One of the techniques being an efficient use of the company's assets to reduce average total cost. But what if the existing market demand doesn't permit an extra firm to enter the market? That is, what if an additional entry of another company into the market will cause an increase in the overall average total costs in the industry? Such a situation exists in the case of natural monopolies. Examples of natural monopolies include water, sewerage, and electric power suppliers. Under natural monopoly, it is not practical to have more than one company providing similar utilities. For example, it is unreasonable to have say three companies supplying electric power to the households and commercial businesses.The reasons we can't have them is because of high initial capital required to initiate a national system or network of power lines. Apart from the large initial expense, it will not be prudent to have more than firm providing water since it will lead to duplication of resources and the average cost of production will also be high. The figure below illustrates what will happen if one and three companies provide utilities to the consumers. If the total demand in the industry is 10,000 units and one firm provides the 10,000 units, the average cost also known the price will be equal to 9. But if we have three companies, each will produce 3,000 units which will increase the average total cost to 17. Therefore, we can conclude that this industry requires one firm.The main problem or issue with natural monopolies is that if they are not controlled, they will end up producing goods or services which fewer compared to the required amount and charge high prices hence making supernormal profits. For example, if electricity supply is unregulated, the supplying company will produce its output following the rule of profit maximization where the marginal revenue is equivalent to marginal cost i.e. MR=MC. Marginal revenue refers to an extra income brought about by selling an additional unit of the output. (Gans, 2014). Marginal cost, on the other hand, refers to an additional charge which the producer incurs in the production of an additional unit of output. This means that if the income as a result of sales is equal or greater than expense which a firm incurs in production, then the trade can take place.The firm will produce the output at a point where the marginal revenue is less compared to the price charged. This will result in an increase in deadweight loss. Deadweight loss refers to an economic loss which occurs as a consequence of the inefficient allocation of resources. (McEachern, 2012). It is likely to happen in a situation where there is disequilibrium between the supply and demand. From the figure below, deadweight is represented by the area between the marginal cost curve and the demand curve which represents underproduction.Consumers usually feel that price charged for a good or service is not reasonable compared to the product's perceived benefits. (Mankiw, 2014). This wrong perception make s the consumers shun away from the product, and this leads to lower sales. This means that the marginal cost incurred during production will be less than the price which is an indicator of inefficiency in relation to resource allocation. Inefficient allocation of resources means that the firm is producing much less output than the required amount and at the same charges high prices which translates to earning of supernormal profits.In another scenario, the natural monopolist can decide to produce the output to a point where the price of the commodity equals the marginal cost i.e. P=MC. At this point, the marginal social benefit is equivalent to marginal social cost. To the consumers, this is the best option since the price of the goods and services is low, and there are no deadweight costs. This can be illustrated by the graph below.Based the graph above we can observe that a consumer will be charged POPT which is far below the average total cost at the given quantity. When the aver age total cost is below price, the firm will lose the income and the only way business in this type of situation can be redeemed and survive is through government subsidies. This calls for government intervention through control of output and the price. The government might decide to set up a price ceiling for the utilities at the point where the price is equivalent to the company's marginal cost. However, this will lead to a scenario where the price is less than the average cost, and this can result in terrible losses. A better-controlled price under this type of market is where the firm is allowed to charge a fair-return price. A fair-return is a price which is equivalent to the total average total cost of the enterprise. In economics, this is the price which will enable the business to earn a normal profit. Most governments have come up with better strategies to regulate the natural monopolies.One of most popular strategy is setting up a price where the average cost of a natural monopoly is equal to its demand. This means that the company will earn a normal profit which is enough to keep the business going. The earning of normal profits will imply efficient allocation of resources and increase in the welfare of the consumers. After government intervention, the natural monopolist company will sell its goods or services to the customer at the intersection point between the average cost (AC) and demand (D). This means that the user will be paying for the goods and services at Pac as shown in the figure above. Setting up a standard price by the government to the natural monopolies ensures that the companies follow or adhere to specific standards of quality. (Arnold, 2010). Sometimes firms operating under the monopolies may fail to observe quality in the provision of goods and services due to less incentive. But through government intervention, such a company can provide quality products and services.Apart from regulating the natural monopolies through pricing , the federal government can also control the natural monopolies through other means such as through output control. Sometimes the natural monopolies may lower the quantity of the production or reduce the quality of the goods or services and charge high prices leading to earning of abnormal profits. But the government will ensure that the right output is available and correct price is charged to the consumers. It is crucial to note that the control of the monopolies by the government does not turn out the way it is supposed. The control of the natural monopolies either through pricing, output or profits distorts the incentives for the individuals operating the natural monopoly. For example, if the government decides to control the profits and ensure that the company doesn't earn the economic profits and instead gets normal profits, then the firm will have little or no incentive to reduce the costs.Additionally, contr...

Social Medias Impact On The Lives Of Teenagers And Young Adults - Free Essay Example

Sample details Pages: 3 Words: 769 Downloads: 5 Date added: 2019/04/10 Category Society Essay Level High school Topics: Social Media Essay Did you like this example? Almost everyone in the world has a device that they take everywhere they go. These little things we carry may be destroying society as we know it. The things we use to contact people are causing so many problems in todays age. Don’t waste time! Our writers will create an original "Social Medias Impact On The Lives Of Teenagers And Young Adults" essay for you Create order Most teens are using these 24/7, and it is causing our family time to be taken away, addiction, cyberbullying, and lack of socialization. There have been countless suicides of young teenagers today. Most of this leads back to one thing, cyberbullying. About 1.2 million kids a year drop out of school or skip class due to cyberbullying/ bullying. It is a huge problem in todays school. Their parentals not checking what they say on their devices and just simply not caring. It gives the child free range of what they can say or do to anyone, no matter what age. We hear cases of young pre-teens and teens around the ages of 12-16 commiting suicide due to the words of others and how they impact their lives. 5.4 million kids are harassed or bullied online. If you do not commit suicide it usually results in severe depression or anxiety. They usually get social anxiety and they think they have to say the right things and be the right way for them not to be bullied. People get bullied for the way they the way they dress, how heavy or skinny they are, their eye and hair color, and if they wear makeup or not. Therefore people try to change themselves to fit in with everyone else. It can also cause stress, not just stress with school, but stress about changing ourselves to be fit in and be like others. All the stress and pain often leads kids to alcohol and drug abuse. Which leads them to a life in jail, and then their whole lives have been wasted, because of some hurtful and crucial words that the popular girls said in middle school and high school. Instead of drug and alcohol abuse others may question their self-value. They question their worth in life, and if they belong or even should be on the Earth. Teens think that their physical appe arance is all they have and not personality or any other factors. If they dont have friends at school, they result to online friends. Teenagers dont know the dangers of talking to someone they dont know on their devices. Online friends lead to kidnapping if they go to see them in real life. How parents try to prevent it is by trying to enhance their privacy settings, but the kids just find a way around it, just to talk to someone they dont even know. There are only 10% of kids who meet their online friends and 75% of those kids are kidnapped. They arent usually talking to real kids their age, they are talking to child predators. Not in all cases though, some actually have real internet friends who are actually who they say they are. They talk to these people on social media. Social media is being used for all the wrong reasons, instead of posting pictures and talking to friends, they upload mean things, and manipulate people into sending them things that they should not do. The so called popular kids pressure the not so popular kids into thinking they have to have all of these social media apps, and they will be co ol enough to hang out with them and be friends. They also make them think they have to be the perfect person, when in reality no one at school not even the popular kids are as perfect as they think they are. Todays society makes young women think that they have to have big breasts, a big bottom, have a certain eye color, expensive name brand clothing, they have to be skinny, have to be popular, and have to wear makeup to look decent enough to leave their house. When none of this is true, and girls should just be themselves, but the media is so convincing, that they get plastic surgery, contacts, rack up enough money to buy good clothes, starve themselves, and try to fit in, to be good enough for everyone. Everyone makes it look like their lives are picture perfect, when no one posts their bad days. Their feed has to be pleasing to the eye, instead of the true lives they live, only the good moments never the cruel days that everyone goes through. They do this to win the popularity contest of life. Posting non-stop just refreshing your feed will lead to addiction, which is a big problem for todays age.

Pregnancy Stages Your Baby and Your Body Essay - 1027 Words

Pregnancy Stages: Your Baby, Your Body Best wishes, you will be expectant! As well as you will be most likely inquiring and a tiny nervous concerning whats going to occur with all your system plus your baby over the future 9 months. Below are a few highlights. The initial Trimester (Youve Bought some sort of Secret) For many of us females, particularly first-time mothers, it really is extremely difficult for any person to share with therere expectant throughout the first trimester. Like a brand-new pregnant woman, you arent featuring very much, if at all, along with the merely telltale out indicator may very well be of which look you simply can not suppress. Nevertheless within, both equally baby plus your entire body were working†¦show more content†¦Your own uterus is increasing through the length of some sort of sealed fist on conceiving to help regarding the length of a smaller melon on 13 to help 14 months. You may be recognizing a lot of the first bodily symptoms involving carrying a child: chests which might be painful or maybe tingle on the slightest effect, skin tone that is drier or maybe oilier as compared to normal, and also morning sickness -- which can or maybe may not limit by itself for the morning hours. As many as 70% to help 80% involving expectant mothers have it, but not feeling a . m . sickness doesnt suggest theres everything completely wrong while using newborn. The second Trimester (Pregnancy Honeymoon) Medical professionals often contact this the actual honeymoon trimester. Women possess put the actual queasiness, painful chests, and also tiredness in the first trimester within the rear-view hand mirror. Youre huge adequate to help happily display an evergrowing belly but not however and so ungainly of which rotating over in bed involves support. During this trimester, baby will certainly: Multiple long -- approximately -- through regarding 6 inches wide on 1 week 14 or maybe 15 to help regarding 14 inches wide on 28 months. At the beginning with this trimester, shes going to be regarding the length of some sort of peach. With the end, shes going to be more as an eggplant. Start to hear the actual cacophony involving appears toShow MoreRelatedThe Stages of Pregnancy and Nutrition during Your Gestation Period1682 Words   |  7 PagesDo you wish to have your first baby early and feel the unique experience of motherhood? Are you making plans to get conceived in the right period of time with certain steps? If your answers to these questions are â€Å"sure, why not?† then you need to know about the stages of your pregnancy as soon as you get the pregnancy test with positive results. In fact, pregnancy is a big event in every woman’s life and a very exciting experience for the first time. 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In both cases, many women are unaware of the consequences of what drugs can do to their body. However, for pregnant women, the situation is completely different. â€Å"Studies show that using drugs -- legal or illegal -- during pregnancy has a direct impact on the fetus† (Gaither 1). In simpler terms, drug use not only affects their own lives but also affects the lives of their unborn children. For the sake of enjoymentRead MoreA Brief Note On The Stages Of Pregnancy1398 Words   |  6 PagesWhitney Keslar Jennifer Moffett ENG 1123-428 29 January 2016 Three Stages of Pregnancy Congratulations! You just found out that you are going to be a new mother. I am sure that you are experiencing a lot of emotions right now, such as excitement and fear. Pregnancy can be extremely overwhelming, regardless of whether it is your first, second or even fifth. â€Å"Each year there are approximately 4 million births in the U.S.† (Elbel par.2). 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Effectiveness of Double Entry Accounting System free essay sample

Giving examples, evaluate the effectiveness of the controls in the double entry system of accounting in ensuring the accuracy of the accounts. As well as examining the controls, your evaluation should consider errors that do not affect the balancing of the trial balance. Double entry accounting system was invented in 15th century and still being in use until today, this is quite an interesting fact; however it indicates that there is something about the system, thus making it so effective and irreplaceable. To evaluate the effectiveness of the controls in the double entry system, we should first question ourselves why is double entry book keeping system is still being used until today. Double entry book keeping is very useful because it can help spotting a lot of errors that accountants make every day. The fact of the matter is, that every transaction is being entered twice, which can eliminate some of the errors, that otherwise could have been missed out. We will write a custom essay sample on Effectiveness of Double Entry Accounting System or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For example, an accountant has debited ? 1409 P. Vasiljev’s account instead of ? 490, however because he had to credit the bank account as well, he looked at the transaction again, and spotted the error. Furthermore this system helps us to find errors using trial balance. As the trial balance will eventually be produced, it will identify whether or not, total of debit will equal to credit, if not, it indicates that errors has been made. Despite the fact, there are errors that double entry accounting will be unable to reveal, which will be shown below. (http://www. canhamrogers. com, 2011) Complete Reversal of Entries A payment of ? 16 to V. Putin, a supplier, was debited in the cash book and credited to V. Putin’s account. Compensating Error The bank account is under cast by ? 3000. The salaries account is also under casts by the same amount. Error of Omission The sale of products, ? 100 (plus VAT) to G. Bush, has been completely omitted from the books. Error of Commission A purchase of stock, ? 305 from D. Johnson was miss entered in J. Cena’s account. Error of Principle The purchase of a new office table, ? 150, is debited by mistake to the purchases account instead of equipment account. Error of Original Entry Rent of ? 96 paid by cash was entered in the both accounts as ? 69. Control Accounts A control account is a summary account in the general ledger. The details that support the balance in the summary account are contained in a subsidiary ledger a ledger outside of the general ledger. The purpose of the control account is to keep the general ledger free of details, yet have the correct balance for the financial statements. For example, the Accounts Receivable account in the general ledger could be a control account. If it were a control account, the company would merely update the account with a few amounts, such as total collections for the day, total sales on account for the day, total returns and allowances for the day, etc. The details on each customer and each transaction would not be recorded in the Accounts Receivable control account in the general ledger. Rather, these details of the accounts receivable activity will be in the Accounts Receivable Subsidiary Ledger. This works well because the employees working with the general ledger probably do not need to see the details for every sale or every collection transaction. However, the sales manager and the credit manager will need to know detailed information on individual customers, including whether a customer recently reduced their account balance. The company can provide these individuals with access to the Accounts Receivable Subsidiary Ledger and can keep the general ledger free of a tremendous amount of detail. (accountingcoach. com, 2011) Explain the importance of accurate accounting records in meeting the needs of the business and its stakeholders. Accounting is a very important tool in order to keep track of quantifiable factors of the business. The accounts are often used to demonstrate the flow of the money within the organisation. They are also made to organise financial information of the business in order for it to be analysed to see how well the business is doing, how much it is worth, and how much profit it is making. Accounting is making it easier to then demonstrate the outcomes and results of the business. With that being said, it is very clear that it is crucial for the accounts to be accurate. For the business it is important for the various reasons. First of all the business wants to see how well it is doing every year, that includes it’s gross and net profit, the worth of its assets and liabilities, etc. The accuracy of this information is vital, as the organisation’s leadership can then analyse this information and make decisions according to the outcomes. Second of all if the accounts are being produced inaccurate or incorrect, the organisation will most likely make wrong decisions, which may lead it to the loss of money or even bankruptcy. Secondly accurate accounts will help the day-to-day operations of the business. However stakeholders are also interested in the accuracy of the accounts for the various reasons presented below: Employees Employees of the business rely on accounts to receive the wages and salaries they have earned, this means that if accounts of the organisation are made inaccurately it may lead to employees receiving wrong amount of money, which is dreadful for various reasons. If the wages are overpaid, it means that the organisation has lost funds it shouldn’t have, whereas if they are underpaid it may lead to serious circumstances such as legal claims. Investors Investors that plan to invest funds into the organisation would look into accounts of the business in order to find whether it is profitable to put their money into the company. The accounts of the organisation will often be analysed, this means that the decision they make, will be dependent on the accounts, which is why it is vital for them, that the accounts are accurate. Board o Directors Board of directors, or the owner of the business, is analysing the accounts on the regular basis, whether it is monthly or annually. The decisions that the organisation is making regarding strategy, approach, etc. are dependent on the accounts. This is why it is critical that the accounts made are accurate, as if they aren’t wrong decision could be made, which may lead the company to huge financial losses. Government As all the businesses accounts must be submitted to the government, usually annually, it means that government would need accounts to be accurate. This is due to the fact that government would need to overlook the accounts in order to see whether all the taxes are being paid, and that everything remains under the law. Suppliers After producing â€Å"T accounts† and making few errors myself, it is now clearly seen that suppliers want accurate accounts in order to receive right amounts of money, once they’ve sold goods on credit to the company. If some of the entries within â€Å"T accounts† are entered inaccurately, the payment may be made to different supplier. Adding to that the business may underpay the supplier, which is not acceptable by any means.