... a business is not successful without a well-organized financial branch of their company. Whether it is a small business and reporting is done by the owner or if it is a large business that has a financial department, a company needs to know if it is making a profit. Modern accounting is believed to have begun around 1494 A.D. Book keeping entered into the Unites States in late 19th century. The first accounting exam was held by and organization in 1896. Today, accounting is used throughout the world and business to communicate, buy, sell and barter with each other very frequently and therefore, International accounting principles have been developed for the entire globe (Csebfalvi, 2012). In today’s highly competitive business world the environment requires companies to create a business strategy that includes accounting. This portion of their business strategy will help them achieve their strategic goals for the organization. In 1973, the International Accounting Standings Committee came in to existence in order to establish new international standards. The International Accounting Standards Board is the committee responsible for developing International Financial Reporting Standards (Knowledge guide to international accounting standards). This firm ensures that businesses are applying these standards to their financial reports. The first recorded account of international accounting was an article by Lord Benson called The Story of International Accounting Standards. Once...
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...PRINCIPLES IN BUSINESS 3.1 Ethics Ethics has been defined as concerned with the development of moral standards by which actions, situations and behaviour can be judged. (Boyd et al) Oelgeschlager. et al gave the simplest definition of ethics as standards conduct. Ethics is the discipline that examines one’s moral standards or the moral standards of a society. It asks how these standards apply to our lives and whether these standards are reasonable or unreasonable, that is, whether they are supported by good reasons or poor ones. Therefore, a person starts to do ethics when he or she takes the moral standards absorbed from the family, church and friends and asks: “What do these standards imply for the situations in which I find myself? Do these standards really make sense? What are the reasons for or against these standards? Why should I continue to believe in them? What can be said in their favour and what can be said against them? Are they really reasonable for me to hold? Are their implications in this or that particular situation reasonable?” Ethics is the study of moral standards, the process of examining the moral standards of a person or society to determine whether these standards are reasonable or unreasonable in order to apply them to concrete situations and issues. The ultimate aim of ethics is to develop a body of moral standards that we feel are reasonable to hold standards that we have thought about carefully and have decided are justified standards for us to accept...
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...What are International Business Ethics? International Business Ethics The importance of international business ethics has been rising steadily along with the growth of international business. Technologies like the Internet have made international business all the more viable, and many companies can only find the desirable growth and profit they seek by expanding into new markets. This means that just as business ethics domestically have grown in importance along with the power and significance of major businesses, so must international business ethics take center stage as a major concern of the modern era. The primary problem of international business ethics lies in the fact that most cultures and nations hold entirely different standards of both law and ethics. In America, business ethics can be employed because, in general, the disagreement between what actions are ethical and what actions are unethical in a single culture will be lesser than the disagreement between two entirely different cultures with different values and cultural practices. As a result, one business might believe it is acting perfectly in accordance with international business ethics, while another would view that first business as acting in a completely unethical fashion. Many businesses adopt the policies of cultural relativism, in which they attempt to take on the business ethics exhibited by the nation in which the business is working a particular deal, as opposed to attempting to carry any...
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...efore the rise of modern corporations, business owners predominantly personally managed most private economic operations. These small-scale operations had little influence outside their regional realm. Eventually, American capitalism evolved from a proprietary-competitive stage to a corporate-administered stage as a result of numerous factors. Economies of scale became more applicable with innovations in transportation, communication, production, management, distribution, and marketing. As a result, America transformed into a global economic power. From 1870 to 1913, the United States’ distribution of the world’s industrial production rose from 23 percent to 36 percent (Chandler, 4). Comparing this substantial growth to other industrious countries of the time exemplifies America’s dominance. In the same time span Great Britain fell from 32 percent to 14 percent, Germany rose from 13 percent to 16 percent, France dropped from 10 percent to 6 percent, Russia rose from 4 percent to 6 percent, Japan rose from 0 percent to 1 percent, and the rest of the world rose from 17 percent to 21 percent (Chandler, 4). Capital intensive, mass production industries that rose during the 2nd half of the 19th century distinguished American business from economic institutions in other cultures and set the foundations of what is now known as the American corporation. Standard Oil An industry that was a pioneer in changing the early business landscape was the petroleum sector. In 1859, the first...
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...suggests that individuals and groups (of any order) will resist and create conflict in order to survive in a particular environment, whether it is within a family, society, politics, or a business environment. Whatever the reasons may be or legitimacy of the conflict, it is up to the receiving party to ensure that they survive and grow in spite of security issues. In the business world, competition often produces security problems. The concept of globalization, the growth and expansion of multinationals has resulted in new security threats that are related to political and religious factors. In other words, business organizations can be subject to threats from local businesses, political parties, and terrorist organizations. Local businesses can create problems because the new entrants are seen as a threat and competition to their existing businesses activities. Political parties that are not in power may pose a threat because they oppose the ruling party and not the business enterprise. Terrorism and other forms of violence may occur against specific business organizations since they are seen as a representative of a nation that is perceived as an enemy. American companies in some of the Middle East countries can be given as an example here. This paper reviews the concept of the need for business security for survival and growth of organizations. Security concerns can occur due to any of the above (or additional) reasons mentioned above. The following issues with specific regard...
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...Explaining Basic Accounting Concepts and Business Structures Financial Accounting ACCT 537 Accountants use financial information to communicate how a business is performing. They present this information in financial reports. These reports are created following a common set of standards call General accepted accounting principles (GAAP). These standards and principles are established by the Financial Accounting Standard Board (FASB), the American Institute of certified Public Accountants (AICPA) and the Accounting Principle Board (APB). The SEC Is federal agency established to “help develop and standardize financial information presented to the stockholders” (Kieso 2007 pg. 6). It is responsible to enforce financial principles created. The FASB, the AICPA and the APB are institution formed by the private sector; the SEC believed that standards and principles should be created by the private sectors because it “has the appropriate resources and talent to achieve this daunting task” (Kieso 2007 pg. 6). The FASB is also working on establishing standards, “This standard identifies the sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements” (Kieso 2007 pg. 12). It is important that the hierarchy establish by the FASB is use because it gives accountants the ability to deal with any situations that have not been define by the standards and principles and it will also help identify issues that are widely...
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...Rusty Rims IT Strategic Plan, Part 2 Before you begin this assignment, be sure you have read the “Rusty Rims Case Study” and the feedback you received on your IT Strategic Plan Part 1 assignment. Also, be sure you have read the chapters in the textbook that have been assigned to this point. Purpose of this Assignment This assignment gives you the opportunity to apply the course concepts to complete the development of an Information Technology Strategic Plan (ITSP) to support the strategic direction of Rusty Rims Distribution Company (RR). This assignment specifically addresses the following course outcomes to enable you to: identify, define, and explain the concepts of information technology governance and management apply best practices in information technology management and governance to make, defend, and justify an IT decision IT Strategic Plan for Rusty Rims Distribution Company For the previous assignment, you developed Part 1 of an IT Strategic Plan for RR. For this assignment, you will incorporate any needed changes resulting from the feedback you received on your Part 1 assignment and you will add Part 2. Part 2 will include an IT project that you are proposing that RR undertake. This new project will be included in the IT Portfolio section of Part 2, and will be further described in a future assignment, the “IT Decision Paper.” The entire ITSP will be submitted as a single document for this assignment. Assignment First, you should make...
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...The Problem with Business Thesis: In many businesses today ethical decisions take a backseat to profit, I believe businesses should follow a set of ethical standards and not focus solely on profit for four reasons: (1) to have respect for human dignity, (2) private lives and business lives cannot be separated, (3) ethical decisions can lead to more profit, and (4) unethical decisions can lead to serious consequences for the people executing them. There are many decisions a business must make on a day-to-day basis. Many of these decisions will affect not only the business itself, but also every stakeholder in that business. Many times business will not take into account the number of people being affected. Businesses should not be so vital that they do not need to follow a set of ethical standards. Profit can be seen as the universal motivator for the majority of businesses today and focusing solely on profit can cause a business to lose its ethical standards. The loss of these standards can cause a trail of destruction caused by a business and cause it to lose a great amount of respect. There are countless examples of destruction caused by businesses like the BP oil spill or IBM supplying technology to Nazi Germany. There are four main reasons why ethical standards for businesses should be instilled. These are (1) to have respect for human dignity, (2) private lives and business lives cannot be separated, (3) ethical decisions can lead to more profit, and (4) unethical decisions...
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...Young Entrepreneur’s Business Plan Competition 2013 Guidelines Marty Strong Purpose The Young Entrepreneurs’ Business Plan Competition is sponsored by the Entrepreneurship Advancement Center and businesses throughout the area. The competition provides participants with an opportunity to develop and present a business plan to start a new business or to offer a new product or service within an existing business. Entrepreneurial business ideas are strongly encouraged. Participants will prepare a written business plan based on research and will request financing for the plan through a role-play interview. Eligibility • Any student attending high school may enter this competition. General Requirements • The competition will be completed in two parts: the written business plan and a presentation of the plan. • There will be two rounds. The preliminary round will be held at individual high schools. The final round will be held for the top winners from each participating high school. • The competition will be divided into two divisions: an individual division and a team division. Teams may consist of up to three students. • Students may compete in only one division and may enter the competition once per school year. • The “most original” business plan idea will receive additional recognition in the preliminary round at each school and in the final round. Important Dates • Students must register for the competition by the date determined for their...
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...Chapter 1: Introduction SME finance is the funding of small and medium sized enterprises, and represents a major function of the general business finance market – in which capital for different types of firms are supplied, acquired, and costed or priced. Capital is supplied through the business finance market in the form of bank loans and overdrafts; leasing and hire-purchase arrangements; equity/corporate bond issues; venture capital or private equity; and asset-based finance such as factoring and invoice discounting. Small & Medium Enterprises, commonly known as SMEs, are relating to three types of sectors,( Service, Business & Industry ) typically labor intensive industries with relatively low capital intensity. For a country like Bangladesh where labor is abundant and capital scarce, SME plays a significant role in employment generation, poverty reduction and overall economic growth of our country. SMEs may not always have the same access to banks and financial institutions as larger firms. Banks are reluctant to expand their SME credit portfolio because lending to SMEs was not considered to be attractive and profitable undertaking. SMEs are regarded as high risk borrowers because of their low capitalization, insufficient assets and inability to comply with collateral requirements of the banks. Administrative costs are also higher because of close monitoring and supervision and credit management of the SME portfolio. Despite all these facts, banks and financial institutions...
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...Business Ethics Concepts & Cases Manuel G. Velasquez Copyright © 2012 Pearson Education, Inc. All rights reserved. Chapter One Basic Principles: Ethics and Business Copyright © 2012 Pearson Education, Inc. All rights reserved. Ethics and Morality • Ethics is the study of morality. – Morality = The standards that an individual or a group has about what is right and wrong, or good and evil. • Example: B.F. Goodrich A7-D Fraud – Moral Standards = norms about the kinds of actions that are morally right and wrong, as well as the values placed on what is morally good or bad. – Non-Moral Standards: The standards by which we judge what is good or bad and right or wrong in a non-moral way. Copyright © 2012 Pearson Education, Inc. All rights reserved. Five Characteristics of Moral Standards • Involve significant injuries or benefits • Not established by authority figures • Should be preferred to other values including self-interest • Based on impartial considerations • Associated with special emotions and vocabulary. Copyright © 2012 Pearson Education, Inc. All rights reserved. What is Business Ethics? • Broadly, ethics is the discipline that examines one’s moral standards or the moral standards of a society to evaluate their reasonableness and their implications for one’s life. • Business ethics is a specialized study of moral right and wrong that concentrates on moral standards as they apply to business institutions, organizations, and behavior. ...
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...pivots on the strength of the business behind it, the focused efforts by accounting and manageability of an industry of leadership, and standards that when faced with challenge, must meet the rising needs of the world. Born from the necessity of standardization, the hurdles of international business, and the wave pool that is the global economy, today, accounting at all levels faces challenges unlike any ever seen in history. To understand how to continue to move forward and face these challenges, it is important to first examine the standards in accounting, and to explore the differences in U.S. standards versus worldwide standards. To look at the development process and the governing bodies surrounding this change, and then examine what change will bring, and whether it is attainable. For continued growth, understanding the modern realm of international business and the changes being seen in accounting leadership as well as the growth of technology, and the mounting concern for ethics in the world environment is as vital as any other component. It is important to explore the economy of the United States versus the world, the impacts of these economies, and how the current political and conflict-areas impact international business, and also what lies ahead. Accounting is an area that is broad and necessary, bringing both the components of business and finance with it, but it also encompasses a large amount of challenge as the world of business continues to move toward a global...
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...ethics mean. According to McDonald (2010) plays the construct of ethical relativism and ethical absolutism a crucial role in understanding the ethical theory. In fact, the central question is if a universal ethical standard exists or not. Supporters of the ethical relativism deny the existence of a global ethical and moral standard. They argue that ethics is depending on social customs, conventions or cultures (McDonald, 2010). Nevertheless,...
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...or organization. These codes will embody the ethical commitments of the company and tell everyone what you stand for and also what they can expect when they conduct business with the company. The code of ethics will address how the company will do business and how its employees will conduct themselves while doing business with the companies customers. These are essential, so customers know that they are doing business with a company that values ethical business practices. These standards will address how the company conducts business on an everyday basis, these standards need to be followed on an everyday basis, and otherwise they are worthless. Company Background Happy at Home – Home Health Care is a family run business that cares for its patients like they are part of their family. Every patient and their families are vital to the company and its employees. The company is run by family members and takes extraordinary efforts to only hire and retain employees to share the same values and standards of the owners of the company. The owners know that their employees represent them on an everyday basis, and they are the face of their company. Since this is a small family run business, every patient is valuable to them. Losing or having problems with just one patient can cause problems for such a small business. The goal is to conduct themselves in an ethic manner at all times with all customers both internally and externally. This company provides home health and rehabilitation...
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...bpmnBPMN and Business Process Management Introduction to the New Business Process Modeling Standard By Martin Owen and Jog Raj, Popkin Software BPMN and Business Process Management Executive Summary ....................................................................................... 3 Introducing BPMN .......................................................................................... 4 BPMN Enables Business Process Management (BPM)......................................... 4 BPMI.ORG Created to Establish BPM Standards ............................................. 4 Rigor of the BPMI.ORG Standards ............................................................... 5 BPMN Enables Modeling of B2B and B2C ......................................................... 5 BPMN Maps to Business Execution Languages.................................................. 5 BPMI.ORG Works with OASIS for e-Business Standards.................................. 5 BPMN Models Web Services .......................................................................... 6 A First Look at BPMN ...................................................................................... 7 Modeling Business Events ............................................................................. 8 More Complex Events -- Specifying Trigger Types ......................................... 8 Business Processes, Sub-Processes, and Tasks ...............................................10 Decomposing Your Processes Into...
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