...Advantages of accounting concepts, conventions and regulations. There are many advantages that accounting concepts have on financial statements. Four important accounting concepts that underpin the preparation of any sets of accounts one of which is going concern that helps an account to assume for any future problems that occur in a business. This helps companies to make future plans and gives them time to gather money to sort out any financial problems. Consistency also has an advantage in helping in accounting by users of accounts can make more meaningful comparisons of financial performance. Prudence helps investors sort out financial performance such as future problems and cost of the business before recognising any signs of profits. Accruals also help financial data to be useful for users by all business revenues and cost are recorded in the appropriate statements and at the appropriate time. Conventions also have many advantages in influences financial statements to be useful for investors. Separate entity is one example this convention seeks to ensure that all private transactions and matters relating to the owners are segregated from transactions that relate to the business. This is an advantage because owner’s transactions are kept private. Also they are not mixed with the business finance so that users can clearly see the business financial state. Also materiality is also an important convention in a business financial statement use for users. The preparation...
Words: 1407 - Pages: 6
...Submitted in partial fulfillment of: PROC 5000 Procurement and Acquisitions Management Topical Paper: Ethics, Social and Environmental Responsibility of Supply Management Karmin Jones Webster University Abstract Supply Management professionals application of ethics, social and environmental responsibility defines who they are in various ways. For a supply management professional to be competent for procurement, acquisitions, and logistics it is essential to be knowledgeable, persistent and always eager to gain more information to stay proficient and well informed. Logistics and those who work in the profession have to understand that their job can be complex and difficult if one does not apply the skill sets appropriately. Laws, regulations, and mandates set forth are set in place to assist and keep the supply management professional safe and away from harm. The task of being professional and competent and still being able to set the standards can be difficult but it can be done if one knows the foundation of a competent supply management professional. Ethics, social and environmental responsibility in any organization is very essential for their day to day operations. It is especially important however in the supply management field for these factors are implemented because it builds trust and shows that supply management and its counterparts that they have a care aspect about them. Ethics training has emerged more in recent decades because of the moral and ethical...
Words: 3769 - Pages: 16
...relationships with other countries. There are many advantages to international trade but there can also be some disadvantages as well. When a country is making a decision on whether or not they are going to trade internationally, they need to weigh out each advantage and disadvantage with each country they are trading in. Advantages versus Disadvantages As a country is deciding on international trade they need to see what their own opportunity costs are as well as if the country they are doing business with is going to benefit from the trade as well. One thing that needs to be looked at first is the strength one country’s currency against the other. This can create an advantage as well as a disadvantage because if the country’s currency is weak compared to the others than it would better to export and vice versa. One advantage that was found during the simulation was the fact that Rodamia was able to specialize in the production of corn. The production of corn was the largest part of their agriculture. They were also able to specialize in exporting many of their industry specialties because this was also thirty percent of their GDP. With being able to specialize in these areas the country was able to maximize its profits from the things they were able to utilize the best and import the things they gave up to make more of what they specialized in. This is where my comparative advantage came into play. Comparative advantage is basically being able to specialize in one thing...
Words: 1122 - Pages: 5
...IFS Individual assignment: Web 2.0 | | | | | | | | | | Marc Cobb IFS 131 Albertina Introduction: Since the internet was introduced it has made life very easy for the average person to accomplish tasks that before has posed as a problem. It also has many advantages such as being able to talk to people anywhere in the world at a cost of next to nothing, and purchasing of goods that is delivered straight to your doorstep.to name a few. In this essay we will be looking at Web 2.0, Social networks, and Collective intelligence, knowledge management and personal knowledge management. Web 2.0 Web 2.0 is a concept that was started in early 1999,it’s the term used to describe web sites that uses next generation technology. It is the way end users and software developers use the web. Web 2.0 can be linked to the 2004 O'Reilly Media Web 2.0 conference. Web 2.0 sites allows the user to connect and interact with other users(social networking).Web 2.0 doesn’t limit the user to only viewing of content but content that’s generated in a virtual community. Forms of Web 2.0 are Blogs, Rss, Wikis, Podcasting and social networking. Advantages: Web 2.0 has made so much more possible for companies and individuals all around the world. Focusing specifically on the business environment web 2.0 has created an online marketing industry. Companies make use of the web as advertisement medium, its cheap and gets global exposure. Anybody, anywhere can access company info...
Words: 1693 - Pages: 7
...6.0 Advantages and disadvantages of organisational change Organisational change is usually good for any organisation because it can bring the fresh idea for the organisation. However, it also can be a challenge in any organisation if the strategy is not implemented properly. It will bring either the positive or negative effect to any organisation if use the change. Next we will discuss some advantages and disadvantages that can affect an organization. 6.1 Advantages of organisational change 6.1.1 Improved organisational performance The first advantage is improved organisational performance. (D’Netto et al, 2000) It can help the organisation to perform better. It may become higher productivity through use the advance in technology, training and other else. Besides that, the employees have more knowledge and pool of information about how to use machine or efficient use of the resources. For the example, the Toyota Company implement a concept which is JIT (Just in Time) to reduce the cost and promote the benefit of product (Likert, 2004). It is also the oldest and first way by Toyota and still uses it now. After that, Toyota add automation concept into management. They realize that Toyota way is also the most important change in Toyota’s management. So, they implement TPS which is Toyota Production System become philosophy of production management. 6.1.2 Flexibility The second advantage is flexibility (Mullins, 2010). That is because change can be implemented without...
Words: 786 - Pages: 4
...Final Examination : Essay Question 1. “Critically analyse the CSR concept using examples from what you have read” ‘Corporate Social Responsibility’, abbreviated to CSR, is the concept that businesses have a social responsibility towards society that encompasses economic, legal, ethical and discretionary expectations. It goes on to highlight how a company can be deemed a ‘corporate citizen’ only if they fulfill the economic, legal, ethical and philanthropic expectations of their stakeholders, and involves corporate social responsiveness (the methods of achieving social issue objectives) as well as corporate social performance (the end result). This essay shall attempt to critically analyse the CSR concept by weighing in the advantages against the disadvantages and reaching a balanced conclusion. One of the advantages of corporate social responsibility is business involvement: by addressing social issues, businesses can be a part of the solution and hence lead society. However, businesses may not be well equipped to be handling social issues especially on a larger scale, as was the case with Exxon Valdez. When the Exxon Valdez oil spill occurred, the company could not handle the situation on it’s own – it required the help of various other entities such as governments and NGO’s to clean the mess it made. Another advantage of corporate social responsibility is the fact that it wards off future government intervention. If a company engages in CSR effectively, then governments...
Words: 583 - Pages: 3
...of success such as 10,000 hour rule, Tiger mom and Tim Ferriss. It also discusses the advantages and disadvantages of each success method. 10,000 Hour Rule: According to this rule, brain takes 10,000 hours to assimilate all that it needs to achieve true mastery. In views of Heshmat, (2011), the 10,000 hours rule translated into practicing 3 hours a day for 10 years, which is indeed a common training span for young people in sports. This rule suggested that success is the result of accumulative advantages. It is a function of persistence and willingness to work hard. It is because it is difficult to carry out any long-range plan and achievement of any difficult goal, unless people can make themselves persist at it. Advantage: The main advantage of 10,000 hour rule is that it leads to the perfection of people. It is because after spending 10,000 hours on a particular task, individuals build necessary skills and competencies that are necessary to do the job in a perfect way (Bell, 2010). Disadvantage: The main disadvantage of this theory is that it takes a long-term view of getting success. Concurrently, this rule also not describes the performance of a person, who spends less than 10,000 hours to a particular job (Martin, 2011). It also limits the growth of an individual, as he/she focus on a particular job for 10,000 hours. Tiger Mom: According to “Tiger Mom” concept, parents work hard in order to move their children on a successful career path. Discipline...
Words: 975 - Pages: 4
...Research the concept online and compare the advantages and disadvantages of this decision making versus the vertical U.S. system. Describe specific situations when “nemawashi” could be advantageous and disadvantageous. Ironically, the most optimal end-result that can be utilized to respond to this question is created by way of nemawashi. Basically, multiple acts of consultation take place with a variety of human information departments (references) in order to avoid discrepancies in the formal presentation of the complete answer (Stevetuf, 2009). So, with that having been said I will now take apart the original question and in putting it back together an optimal answer will be presented. To begin, nemawashi is a set of informal actions designed to identify and eliminate potential issues with a concept or idea prior to putting “the concept/idea” into play (Farlex Financial Dictionary, 2012). The primary advantage of nemawashi is that the concept/idea in question is thoroughly examined by multiple points of interaction, which in turn refines that concept/idea into the most optimal form possible. In addition to the advantage of a thorough examination there is also a higher degree of ownership associated with the concept/idea end-result (Saba, 2010). The ownership involved here tends to result in higher levels of effort put into the production of the concept/idea in question- thus creating an optimal end-result. It should also be noted that nemawashi provides the advantage of focusing...
Words: 1498 - Pages: 6
...Table of Contents Executive Summary 3 Introduction 3 Benefits of Hamel & Prahalad’s concept of Core Competence 4 Disadvantages of core competency 6 The concept of Icarus Paradox and its comparison with core competencies 7 Conclusions 8 References 9 Executive Summary This report takes an account of Core competencies that were introduced by C. K. Prahalad and Gary Hamel in 1990. Evaluating this business concept, its advantages and disadvantages are examined. The report also examines another concept of Icarus Paradox identifying reasons for failures of highly successful businesses. The disadvantages of core competencies and Icarus Paradox business concept have similarities. Introduction Several companies are still struggling to identify the most highly effective approach to compete in global competition. Back in the 1980s, top executives were expected to rebuild and de-layer the organization as a capability to successfully survive in the organization (Harvard Business Review 1990, p. 1). 1990s was the era where these executives were expected to demonstrate their capability of recognizing, harvesting and exploring those competencies that can result in business growth and sustainability. This clearly means that these executives should be capable of rethinking and reconceptualising the organization, altogether. However within a period of last 10 years, there are few examples of companies such as GTE that have successfully positioned themselves...
Words: 2440 - Pages: 10
...tech section Computers Home Theater Mobile Personal Electronics Web More eHow Login Ideafeed Get Advice Spark Featured: HalloweenAllergiesTech Know eHow Electronics Cell Phones Mobile Phones The Disadvantages of Mobile Banking The Disadvantages of Mobile Banking By Daniel Foster, eHow Contributor Mobile banking lets you access your account information anywhere. Many consumers use mobile banking on their cell phones or other portable device because it allows them to quickly access information such as account balance and transaction history. The benefits of this convenience are undeniable, but there are a number of disadvantages that mobile banking users should be aware of. The technology's cost, compatibility issues and security problems may cause you to think twice about using it. Other People Are Reading Risks Associated With Mobile BankingThe Disadvantages of Traditional Banking Print this article Security Security experts generally agree that mobile banking is safer than computer banking because very few viruses and Trojans exist for phones. That does not mean mobile banking is immune to security threats, however. Mobile users are especially susceptible to a phishing-like scam called "smishing." It happens when a mobile banking user receives a fake text message asking for bank account details from a hacker posing as a financial institution. Many people have fallen for this trick and had money stolen through this scam. Online...
Words: 1345 - Pages: 6
...Brittany Hausner October 12, 2014 EDUC 301 Final Paper Discuss some of the advantages and disadvantages of teaching mathematics without a textbook. When teaching math the lessons are often based and guided around a textbook. But what if a teacher decided to teach math without using a textbook? While textbooks can be a great tool to help organize a teacher’s lessons and units of study, there are benefits to teaching without a textbook. However, just as there are advantages to teaching without a textbook there are disadvantages as well. Advantages Traditionally math has always been taught using a textbook to guide units and lessons. As our world is moving forward and discovering new methods to teach with, the textbook does not always fit in with the new methods. Students have many different learning styles and much research has shown that teaching in one way or style is a disadvantage to students because not all of them will fully understand the concept taught the one way. Textbooks typically approach a problem or concept by showing only one technique to solve it. One study showed that sixty-one percent of the students surveyed rated a math textbook as the least liked text because it was hard to understand (Lester & Cheek, 1998). When a textbook is difficult to understand students learning needs may not be met. The techniques that are often shown typically encourage repetition and memorization in order to pass a test rather than multiple approaches that ensure...
Words: 1085 - Pages: 5
...Program to award loyalty points for redemption. The customer purchase behavior patterns will help Kudler refine its processes and offerings to best satisfy their valued customers. Smith Systems Consulting is the firm that has been contracted by Kudler Fine Foods to go about the development of the Frequent Shopper Program (FSP). Smith Systems Consulting is proposing alternative methods for consideration to complete the Frequent Shopper Program. These alternative methods are addressed along with the advantages and disadvantages for each method relative to the Frequent Shopper Program project. Kudler Fine Foods will conduct market research in the form of testing and development to make an appropriate decision as to which program proposed by Smith Systems Consulting shall be incorporated into their business. Alternative Methods for Frequent Shopper Program The Waterfall Process Model is one of the oldest models known. This process has many weakness factors and disadvantages because it requires the requirements to be known upfront, difficulty of reliability estimations, no feedback from stakeholders until after testing phase, major issues are discovered late, lack of parallelism, and inefficient use of resources. For these reasons, Smith Systems Consulting is considering a few alternative methods to the waterfall process model for the development of the Frequent Shopper Program for Kudler Fine...
Words: 1278 - Pages: 6
...Advantages and Disadvantages of Convention and Concept Advantages of accounting concepts, conventions and regulations. There are many advantages that accounting concepts have on financial statements. Four important accounting concepts that underpin the preparation of any sets of accounts one of which is going concern that helps an account to assume for any future problems that occur in a business. This helps companies to make future plans and gives them time to gather money to sort out any financial problems. Consistency also has an advantage in helping in accounting by users of accounts can make more meaningful comparisons of financial performance. Prudence helps investors sort out financial performance such as future problems and cost of the business before recognising any signs of profits. Accruals also help financial data to be useful for users by all business revenues and cost are recorded in the appropriate statements and at the appropriate time. Conventions also have many advantages in influences financial statements to be useful for investors. Separate entity is one example this convention seeks to ensure that all private transactions and matters relating to the owners are segregated from transactions that relate to the business. This is an advantage because owner’s transactions are kept private. Also they are not mixed with the business finance so that users can clearly see the business financial state. Also materiality is also an important convention in a business...
Words: 327 - Pages: 2
... This concept of doing business offshore has both pros and cons and all should be measured to determine what is best for the company both long term and short term. One benefit of off shoring application development is the cheaper labor costs. At the inception of off shoring and outsourcing, supporters of this concept have always noted that lower labor costs will benefit a company with a higher profit margin. Countries that provide off shoring services to the United Stated do not have the higher over- head costs to operate because their employee labor market is significantly lower at cost per hour than employees in the United States are. Keeping in mind the lower labor costs, many companies see that software developers can utilize the same benefits of cheaper labor as other service areas to maximize profit and minimize costs. Another benefit of off shoring application development provided by Clarety Consulting is the less production down time. In this article it is explains off shoring software development allows employees to work on site for 24 hours a day (Advantages & Disadvantages Sotware Developoment Outsourcing). The concept behind this approach to outsourcing is that with access to employees in various countries production on software never has to stop because in every country there is another time zone to begin and start the workday, thus allowing a faster production of products in this case the faster production of software. Along with the many advantages of off...
Words: 618 - Pages: 3
...Intro Concept A (Simplistic) Concept B Concept C Concept D (Success depends in input which depends in expertise of staff) Samples http://community.wvu.edu/~jd021/2010_239/Highsmith_Jennifer/index_files/Page1922.htm http://www.google.com/url?sa=t&rct=j&q=swot%20analysis%20literature%20review%20example&source=web&cd=3&ved=0CDQQFjAC&url=http%3A%2F%2Fuplace.org.uk%3A8080%2Fdspace%2Fbitstream%2Fhandle%2F10293%2F788%2FLynne%2520Nicholls%2520CEPPL%2520Final%2520report%2520-%2520Oct%252020081.doc%3Fsequence%3D3&ei=_Ge1UdOaMMjziQKWyoCAAQ&usg=AFQjCNHa9mloa8UfPlJv9mBQrzFmjuxrhA http://www.emeraldinsight.com/journals.htm?articleid=1876516 Sources Terry Hill, Roy Westbrook, SWOT analysis: It's time for a product recall, Long Range Planning, Volume 30, Issue 1, February 1997, Pages 46-52, ISSN 0024-6301, 10.1016/S0024-6301(96)00095-7. (http://www.sciencedirect.com/science/article/pii/S0024630196000957) Robert G. Dyson, Strategic development and SWOT analysis at the University of Warwick, European Journal of Operational Research, Volume 152, Issue 3, 1 February 2004, Pages 631-640, ISSN 0377-2217, 10.1016/S0377-2217(03)00062-6. (http://www.sciencedirect.com/science/article/pii/S0377221703000626) Keywords: Strategic planning; SWOT analysis; Resource-based planning; Strategic development Advantages and disadvantages...
Words: 475 - Pages: 2
