Role and Practices in Management Accounting Today

|ACC601: Managerial Accounting | | | | | |Role and Practices in Management Accounting Today | | | | | | | | | Table of Contents 1. Definition 3 1.1 Management†¦show more content†¦It is an integral part of the management process, distinctly adds value by continuously probing whether resources are used effectively by people and organizations in creating value for customers, shareholders or other stakeholders. The field of organizational activity encompassed by management accounting has developed through four evolutionary yet recognizable stages. Figure below shows the four evolutionary stages Figure: The Four Phases of Evolution of Management Accounting Source: IFAC, 1998: Revised International management accounting practice 1 #1, Management-accounting systems report the results of operations using financial and non-financial measures. These systems also help project and plan future operations. The company ABC for examples need some information to have new product these include better product cost data and metrics of on-time delivery of products. These items exemplify two of the many measures dealt with in management accounting. Cost is an example of a measure expressed in financial terms, while on-time delivery is an example of an operational measure. PURPOSE OF MANAGEMENT ACCOUNTING—THE STRATEGIC TRIANGLE The fundamental purpose of management accounting is to help an organization achieve its strategic objectives. Meeting these objectives satisfies theShow MoreRelatedRole Of Managerial And Managerial Accounting1029 Words   |  5 PagesThe role of managerial accounting has played a significant role in the success of businesses dating as far back as the 19th century. Service and production operations during the days of the industrial revolution were not nearly as sophisticated then as they are today. 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As it is also mentioned in Burchell article â€Å"it is presumed that accountings are there to facilitate organizational and social actions.†As we know that accounting is helpful for structuring of organizational objectives, to reduce financial risk, to make financial decisions, it also helps organization to take into account different stakeholders interest like investorsRead MoreEthical Issues Of The Managerial Accounting Profession1186 Words   |  5 PagesIntroduction In today s high-rise development markets, there are millions of transactions that have been done every second by millions of employees. These transactions are domestically and globally executed, and due to its complexity in today s business world it may generates sort of excesses that can negatively affect the business environment as well as the social life. Therefore, it becomes necessary to stress on the ethics and morals that should be prevalent in the business community. The termRead MoreRomania’s Post Communism Accounting Practices and the Effects of Adapting Ifrs for Smes1725 Words   |  7 PagesCommunism Accounting Practices and The Effects of Adapting IFRS for SMEs â€Æ' Abstract Romania, located in southeastern European, was heavily influenced by the Russian Soviet Union as a socialist republic between 1947 and 1989. With becoming a capitalist country in 1989, its accounting practices began its transformation. The purpose of this paper is to analyze Romania accounting practices post its revolution. The paper discusses three major accounting practice conversionsRead MoreThe Theory Of Constraints Of Lean Thinking1128 Words   |  5 Pagesinputs against the value of outputs which implies, matching cost per unit of production against the value of output or selling price. There have been a number of practices implemented over time that includes statistical process control (SPC), Theory of Constraints (TOC), Just-in-Time inventory management (JIT), Total Quality Management (TQM), Six Sigma, and Total Preventive Maintenance (TPM). Each of these has made a marginal contribution to the mindset of continuous process improvement. Rather than

Is Schizophrenia A Universal Mental Illness - 2498 Words

Schizophrenia is a universal mental illness which is both complex and devastating. Schizophrenia generally begins in the early stages of life and may lead to lifelong disabilities (Moritz, 2010). The context of this paper shall include an introduction on schizophrenia as well as the reasoning this discipline was chosen. It will include a critiqued research study that will explain how the research was presented. The primary focus on the research study will be a literature review, the methods used, the results found, and a presented discussion. Approximately 1 percent of the world’s population is affected by schizophrenia. This illness does not discriminate. The symptoms usually start between ages 16 and 30. Once an individual reaches the age of 45, it is rare that schizophrenia manifests. Schizophrenia seldom occurs in children; however, awareness of childhood-onset schizophrenia is increasing (The National Institute of Mental Health, 2009). The symptoms tend to effect men more severely than women and those who suffer from schizophrenia are known to have a higher risk of substance abuse and suicide rates. Approximately 10 percent of the schizophrenia communities commit suicide. The most common addiction shared by these individual is (The National Institute of Mental Health, 2009). When comparing nicotine addictions to the general populace, it has been determined that the rates are 75% - 90% versus 25% - 30%, meaning those who endureShow MoreRelatedA Socially Acceptable Form Of Schizophrenia1055 Words   |  5 Pagesâ€Å"a socially acceptable form of schizophrenia†. Doctorow believes writing can be about anything, no matter how arbitrary, and still be acceptable. J.D. Salinger writes The Catcher in the Rye to tell about Holden Caulfield s misadventures in a 1950’s New York. After Holden, the narrator and protagonist, is expelled from yet another boarding school, he hides it from his parents. Mental illness plagues Holden’ s life, and at the end of the book, he ends up in a mental hospital in California. Holden CaulfieldRead MoreGenetics, Brain Structure, and Behavior: Future Directions1261 Words   |  6 PagesGenetics, Brain Structure, and Behavior: Future Directions Nevada Finley PSY/340 May 20, 2013 Stephanie Fernandez Genetics, Brain Structure, and Behavior: Future Directions Schizophrenia is known as a mental disorder that is categorized by confused thinking and the inability to respond, communicate, or behave appropriately. Individuals who suffer with this disease may see or hear things that are not there, but this is a form of hallucinating. They also feel like others are out to getRead MoreA Beautiful Mind By John Nash1393 Words   |  6 Pagesyear 2002 by Universal Pictures. This film is about a man named John Nash who was diagnosed with schizophrenia, paranoid type. 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ThisRead More Ethical Analysis of A Beautiful Mind Essay1595 Words   |  7 PagesEthical Analysis of â€Å"A Beautiful Mind† â€Å"A Beautiful mind† is a story based on the life of John Forbes Nash, who is a famous mathematician. Unfortunately, he is suffering from paranoid schizophrenia that majorly affects his personal and social life. Schizophrenia is a psychological disorder in which the patient’s ability to function is impaired by severely distorted beliefs, perceptions, and thought processes (Hockenbury, 2010). John Nash, the main character, faces many challenges in his professionalRead More Schizophrenia: A Possible Etiology?1590 Words   |  7 PagesSchizophrenia: A Possible Etiology? As for me, you must know I shouldn’t precisely have chosen madness if there had been any choice. 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Delusions With Religious Content1525 Words   |  7 Pagesissue in the field of psychiatry and my journey through it. Religion vs. Delusions with religious content (DRC) Case Study Mrs A, a 32 year old Cambodian mother of 1 and practicing Buddhist, presented to Unit 1 Dandenong with a long history of schizophrenia, primarily focussed on 3 figures that she visually hallucinates - a â€Å"female Buddha†, an angel and a devil. She also experiences auditory command hallucinations from these figures – the devil commands self-harm whereas the other 2 figures commandRead MoreThe Agency I Am Doing My Practicum Hours At Is A Nonprofit1208 Words   |  5 PagesThe agency I am doing my practicum hours at is a nonprofit mental health agency that serves over 800 adults with mental illness across 28 locations in the Portland Metro Area. Their comprehensive support system includes outpatient clinics, group homes, semi-independent housing, homeless outreach, and peer-delivered programs. 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Significant Health Care Event Free Essays

There have been several events that have helped to change and mold health care throughout history in the United States. Some influences that have are significant to benefit Americans and stay on track with the needs of Americans include society, culture, finance, religion, politics, technology, health trends, environment, and population (Shi Singh, 2012) Significant Event’s Relation to Health Care In the year 2011 there were many reports in the media regarding bisphenol A (BPA). BPA is a hormone-disrupting chemical linked to adverse health effects like cancer, infertility, diabetes, obesity and ADHD (Newbold, 2009) A large amount of BPA has been removed from water bottles as well as baby bottles. We will write a custom essay sample on Significant Health Care Event or any similar topic only for you Order Now However, the epoxy resin lining food cans was still a grave concern and widespread problem throughout the United States. A new study done during this time found BPA in several canned fruits, vegetables, and pasta treats consumed by many children. A Harvard study found that volunteers who consumed canned soup daily for five days had a 1,000 percent increase in urinary BPA (Datz, 2011). BPA is found in many foods and drinks ingested by Americans every day. It has also been proven to be found in sealants and dentistry composites used by dentists. Many countries have banned BPA use in baby bottles, sippy cups, along with other products primarily used by children. BPA has been used in the United States since the 1950s, and was approved as a food additive by the FDA at that time (Rust Kissinger, 2009). Personal Accountability for a healthier lifestyle Another event that has become more common in the United States is personal responsibility of each American to lead a healthier life that leads to a decrease in health care costs in the long run. Access to effective health care is an important component to many people as well as an important social responsibility. Americans as a society can find many ways to promote healthy environments and lifestyles. These ways include pollution control, occupational health, sanitation, preventative medical care and education, along with food and drug safety. Greater attention should be paid to strategies for health promotion other than access to healthcare, such as environmental and public health and health research (Resnick, 2007). The lifestyle of many Americans is the primary cause of the majority of illnesses in the United States. The leading causes of disease have been proven to be contributing factors to disease and death in the United States. Chronic diseases are the leading cause of disability as well as death in the United States and are on the rise. 7 out of 10 deaths among Americans each year are from chronic diseases. Heart disease, cancer and stroke account for more than 50% of all deaths each year (Kung, Hoyert, Xu, Murphy, 2005). More than one-third of all adults do not meet recommendations for aerobic physical activity based on the 2008 Physical Activity Guidelines for Americans, and 23% report no leisure-time physical activity at all in the preceding month, cigarette smoking is more prevalent in high school students as of 2007 with a reported percentage of 20%, and more than 43 million adults are cigarette smokers in the United States (Centers for Disease Control and Prevention, 2008). Lung cancer is the leading cause of cancer death, and cigarette smoking causes almost all cases. Compared to nonsmokers, men who smoke are about 23 times more likely to develop lung cancer and women who smoke are about 13 times more likely. Smoking causes about 90% of lung cancer deaths in men and almost 80% in women. Smoking also causes cancer of the voice box (larynx), mouth and throat, esophagus, bladder, kidney, pancreas, cervix, and stomach, and causes acute myeloid leukemia (U. S. Department of Health and Human Services, 2004). Chronic conditions that are caused by poor lifestyle choices ultimately create a huge burden on health care spending in the United States. The cost of health care spending for chronic conditions has increased the United States from $75 billion in 1970, $2. 6 trillion in 2010, and is expected to reach $4. 8 trillion in 2021. 75% of these costs is because of unhealthy lifestyles that lead to chronic conditions (Centers for Medicare and Medicaid Services, 2011). General practitioners and insurance companies must focus more on educational resources related to preventative medicine and care to ensure citizens lead healthier lifestyles that will lead to longevity of life. This can be a difficult task as physicians are taught to uphold a creed to take care of all people who are ill, and Americans as a society are obligated to care for vulnerable citizens. There are no quick fix solutions. However, I believe that education can assist many Americans to strive more to live a better and healthier lifestyle in order to avoid disease and death from one of the many preventable chronic conditions. How to cite Significant Health Care Event, Papers

Optimal Oil Production And The World Supply Of Oil

Question: Describe about How Low Oil Prices Affect The Ad And As of an Economy? Answer: Introduction: A vital energy source for the world is oil. It continues to be important from the time immemorial. Oil affects the entire functioning of the economy. Everything depends on the availability of petroleum. Petroleum is rock oil. This is formed by organic matters that are present deep inside the surface of the earth. The development of petroleum significantly affects the producers and the consumers alike. Statistics has shown that oil provided about 34 percentages of the global oil needs. It is expected that in future the oil demand would increase to a massive extent. It has been projected by the International Energy Agency that oil would provide the 30 percentages of the energy demands by the year 2030. Saudi Arabia holds huge reserves of oil (Aleksandrov, Espinoza and Gyurko , 2012). About 18 percentages of the world oil are possessed by Saudi Arabia. It ranks among the largest exporters of oil in the country. The countrys 50 percentages of GDP is accounted from the oil and gas indu stry. It also holds other resources like the gold, iron ore copper, and natural gas. Factors that lead to the determination of oil prices: The oil prices are governed by some factors they are basically how the global market performs and the demand and supply that occurs in the world market. It is seen that the following factors are very crucial to the oil price determination: 1. The economy of China: China is seen as a large consumer of oil after the United States. Due to this increase there is a question as to how much increase is likely in the coming years. It is expected that Chine would increase its consumption of oil by more the 3 million barrels in coming 2020. There was a slight fall in the growth in the first quarter but the Chinas economy will continue to affect the oil prices in 2015 (Asia Dept, 2013). 2. The Elasticity of Demand: The countries that have regulated prices of oil have low prices in the retail market. The countries like Indonesia are no longer offering any subsidies on petroleum products and, as a result, this will be considered as a disadvantage for the consumers. The gasoline prices of the United States are below 2.4 dollars per gallon. This has led to more gas consumption (Farndon, 2012). With low prices of oil, there could be higher demand of the product that as a result would send the process up high. 3. OPECs Move: The credit to the low oil prices can be given to the body of OPEC. Saudi Arabia has taken a stand to cut no more the quotas of production. The oil price has crushed by the meeting by the cartel in November 2014 (Fund, 2011). 4. Geopolitical difference: The political unrest in the Iraq and Syria has caused the global prices of oil to shot up (Haerens, 2010). Libya violences during the year 2014 had blocked the exports of oil. The geo-political crisis plays a very important role in the effect the prices of for a short interval. Global low oil price and its effects: A low price has both advantages and disadvantages to it. With low oil prices, the importing country can enjoy increased consumption of oil. The overall prices in the economy are also lowered with fall in oil prices (Jain and Ghosh, 2013). This eventually lowers the inflation also. This has a very short term effect. As the resources like oil that is limited in supply may result in shortage due to increased consumption. On the other hand, the oil exporting country is at the loss (Moosa, 2015). Much of the resources are utilized for the exploration and drilling and the owners they dont get the proper price so that they can continue to be in business. The people engaged in the oil industry also face threat to their jobs because many oil industries face a shutdown. The unemployment rate in the economy is also seen to increase. Effect Of Low Oil Price On The Saudi Arabian Economy: Saudi Arabia as the largest exporting and producing countries: Saudi Arabia is the largest states in the Arab in the Western Asia when compared to the area of land size. It occupies the large part of the Arabian Peninsula. It is the only nation that is bordered by the Red Sea as well as the Persian Gulf (Nakaya, 2006). It has a huge carbon reserve making it a tore House of oil reserves. The command economy of Saudi Arabia is petroleum based. The oil reserves of Saudi Arabia accounts for about 260 billion barrels. This means that the country holds about one-fifth of the total oil reserves of the world. During the 1990s, the oil revenues of Saudi Arabia fell and to top the growth of population was also very high. The per capita income also fell to a remarkable level. Saudi Arabia is among the OPEC members. The OPEC has limited its members based on the production of their proven reserves (Once again the global recovery is threatened by rising oil prices, 2012). Current Trend of the Saudi Arabian Oil Market: The following chart shows the trend in the crude oil production for the year 2015 from the month of January to June. Saudi Arabia Crude Oil Production Months Jan, 2015 February,2015 March, 2015 April,2015 May, 2015 June, 2015 Crude Oil Production: 9680 9636 10294 10308 10333 10564 The above bar diagram shows that how the production of crude oil has increased in the country Saudi Arabia from January, 2015 to June, 2015 the crude oil production was low in the month of January and February with about 9680 and 9636 billion barrels respectively. Low Oil Price and its Effect in the Saudi Arabia Economy: Saudi Arabia is one of the influential members of the OPEC. With the global oil prices falling, the only thing that it can do is to cut back on its production as much as possible. This sign, on the other hand, is not revealed by the countrys oil owners. This could be due to two reasons to introduce discipline in the members of the OPEC or to pressurize the United States shale oil and gas industry. The country needs oil prices to be around 85 dollars in the long term. Due to its large reserve funds it was able to stand the low prices (Saudi Arabia may be about to revive stalled gas programme, 2006). The production of oil began to pose a challenge to the United States oil production. Due to large reserves of foreign exchanges by the country the country would be able to survive the low oil prices. The Saudi Arabias long interest rate may serve as a way for the cheaper oil prices. Public spending has raised less as compared to the rise in the foreign reserves (Speight, 2013). The assets were quantifies 2.8 trillion riyals in August 2014. The reason for the country to survive the oil prices was the saving that it incurred when the barrel cost was just 100 dollars. In this economy, it is very difficult to cut on the government schemes and spending. The low oil prices will lead to affecting the social and economic chaos in the Gulf countries that would have a ripple effect on the economy of Saudi Arabia. To cut on the public expenditure is very difficult for the economy. The main strategy of the country is to maintain the market share and sacrifice on the price to put pressure on the United States, who are increasing their production of sales (Survey: Saudi Arabia: outlook for the oil industry, 2011). Effects of low global prices of oil on the aggregate demand and aggregate supply of oil in the Saudi Arabia Economy Diagrammatic View. Oil prices play a major role in influencing the overall prices in any economy. Reduced oil prices have led to the availability of cheaper goods in the economy. We see the effect of AD and AS due to the low global oil prices in the Saudi Arabia economy. By aggregate demand, we mean the total of all the demand in the economy at a given point of time. While, aggregate supply means the total of the supply of goods and services in the economy. The aggregate supply curve in the short run is upward rising while the aggregate demand curve is downward sloping. The figure shows that the economy is at equilibrium A initially. The AD1 shows the aggregate demand while AS1 shows the aggregate supply curve. Due to the fall in global oil prices the aggregate supply curve shifts from AS1 to AS2 downward. Correspondingly the level of prices falls from P1 to P2. The aggregate demand curve is also seen to fall. This leads to the fall in the AD1 to AD2. The output as a result increases for the economy. With the lowering of the prices in the global market the Saudi Arabia economy would not face a negative impact. Conclusion: The abrupt fall in the oil prices will be beneficial for the countries that are into importing and would affect drastically the exporting countries. As Saudi Arabia country is into exporting of oil and much of the countrys GDP also depends on it so a low global oil prices would affect the economy in the long run scenario. The initial low oil prices may be beneficial for the country but it would show its gruesome face at a later point of time. References Aleksandrov, N., Espinoza, R. and Gyurko , L. (2012).Optimal oil production and the world supply of oil. [Washington, D.C.]: International Monetary Fund. Asia Dept, I. (2013).Saudi Arabia. Washington: International Monetary Fund. Farndon, J. (2012).Oil. New York: DK Pub. Fund, I. (2011).Will Natural Gas Prices Decouple from Oil Prices across the Pond?. Washington: International Monetary Fund. Haerens, M. (2010).Oil. Farmington Hills, Mich.: Greenhaven Press/Gale, Cengage Learning. Jain, A. and Ghosh, S. (2013). Dynamics of global oil prices, exchange rate and precious metal prices in India.Resources Policy, 38(1), pp.88-93. Moosa, I. (2015). The effect of oil prices on stock prices: a structural time series approach.International Journal of Global Energy Issues, 38(4/5/6), p.232. Nakaya, A. (2006).Oil. Detroit .: Greenhaven Press. Once again the global recovery is threatened by rising oil prices. (2012).Economic Outlook, 36(2), pp.12-19. Saudi Arabia may be about to revive stalled gas programme. (2006).Oil and Energy Trends, 31(6), pp.7-8. Speight, J. (2013).Heavy oil production processes. Burlington: Elsevier Science. Survey: Saudi Arabia: outlook for the oil industry. (2011).Oil and Energy Trends, 36(11), pp.10-16.