When making decisions in personal and professional lives, one must identify and compare opportunity costs. When comparing options, it is important to analyze every cost and other opportunities that one must give up. Choosing between taking an absence from work, moving out of town and pursuing a MBA degree full time or maintaining one’s current job while enrolled in a local MBA program has many opportunity costs for each. Focusing first on taking an absence from work, moving out of...
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Cost Control Businesses use cost control ways to watch, evaluate, and ultimately enhance the potency of specific areas, like departments, divisions, or product lines, at intervals of their operations. Cost management is reviewing each fastened and variable prices, and tries to cut back expenses. Inventory may be a variable value which will be reduced by finding alternative suppliers to supply additional competitive costs. It could take longer to scale back fastened prices, like a lease payment, as a result of...
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Accountability represents an under-explored terms lies at the core of any effort to improve quality, build team, and get results Accountability acknowledges the reality of situation (perceives, sees and relate to it) and accepts the responsibility for the situation, finds and implements creative solutions to problems (solves it), and exhibit the commitment and the courage needed to follow through (does it). Equitable health care is an integral part of the health system, and the accountability in health care is directly...
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With the advanced rapid growth of technology within computer networks and multiple business organizations during the last few decades and unpredictable growth of using Internet, and the growth in security attacks of users also increased. Amount of data stored in storage devices, electronic media and cloud storage have immensely increased in past few years. The increase in usage of information technology has increased the privacy and security of business and project procedures and in personal use of data. Security principles...
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Economics is an age-old social science discipline, which basically deals with production, distribution and consumption of goods, services and service delivery and how society can optimally use its limited resources to achieve its goals. The application of economics to health- related issues started around 30 to 40 years ago. Various health problems like increased cigarette smoking habits in young, limited availability of Retro viral drugs, higher prevalence of obesity and diabetes coupled with very high costs for seeking health care...
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Economical term cost-benefit analysis means to evaluate a business activity by calculating the net gain for a company. It generally helps companies to assess whether a decision is appropriate to make monetarily. However, with rising of severe environmental issues in modern world, business activities take certain responsibility of negative impact on environment. That makes people question the validity of traditional cost-benefit analysis in business. Since the concept of cost-benefit analysis is a human centred, if a company only exercise cost-benefit...
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Balance sheet method is an approach used by salesperson to gain commitment from consumers by telling them to think the pros and cons of all alternative available. It is also called Ben Franklin Method. Make two columns. List all the pros of the alternative in one column and all the cons in another. Then two conditions will arise: Any one column will become longer than the other so that will clearly imply if pros of the alternative is more or...
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Characteristics of the Park Public park is located in Faisalabad city, and is one of the largest city parks in the middle Punjab, measuring in total just over 686 hectares. Centered on a rock formation called, one of the park's main functions is to be an ecological space in the vast megalopolis. It is considered the first and most important of Faisalabad city 'lungs', with trees that replenish oxygen to the Valley of Faisalabad city. The public park ecosystem services...
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Nowadays green is a new evolving concept to furnish marketing with image branding and marketing spin. If we look beyond, we found how ethical or green it is (product/services). This is real/true rather than rational. After stripping, we explore the product; who made or grew- this information or using this, we can develop our ideas to connect with people. Originality of brand (branding) comes with image marketing to create sustainable brands (John Grant). This looks like a challenge for today’s...
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Internal controls are often overlooked in company planning, and are usually underemployed in businesses. Despite this, internal controls are very important in order for a company to be afloat, and it helps the company to be more efficient and run smoothly. The AICPA defines internal control as the process affected by plan management and other personnel, and those charged with governance and designed to provide reasonable assurance regarding the achievement of objectives in the reliability of financial reporting (AICPA, 2014,...
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If you’re a small or medium sized business struggling with cash flow problems you are absolutely not alone, but there are steps you can take immediately to take back control of your finances. No business, large or small, wants to have to worry about where their next dollar is coming from, especially if there are plenty of payments in the pipeline that for whatever reason haven’t lobbed into your account. Having good cash flow, especially when you’re starting out, should...
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Nowadays, a rising number of international leisure tourists seem to be willing to choose a destination with high environmental health quality. Also, the diversity and integrity of the destination’s natural, cultural resources, and environmental considerations are now as the more significant features of tourists’ destination-choosing process (Hudson and Hudson, 2010). On the same time, the growing global population and unsustainable consumption presented thoughtful issues to human health and well-being and the natural environment (Royal Society, 2012). Thus, some private sectors...
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In this essay we’ll be deconstructing what a balance sheet is, and how to make and maintain your own. There are three essential components that need to be listed on a balance sheet: assets, liabilities, and owner’s equity. Assets refer to what your business owns and their financial worth. Conversely, liabilities are what your business owes and how much. Finally, owner’s equity reflects the financial investments of yourself and any business partners you may have. This may all seem simple...
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In the second decade of the 21st century, with research and development carried out in every field and innovative and improved method or processes are being introduced along with the increase in knowledge and information in those fields. As a result of this increase in knowledge and information and processes, for a company, it is necessary to adapt to these new procedure and technique not just to stay in and improve their business but also to meet the daily increasing...
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In this study to analyze the comparative balance sheet of Indian bank. A study to show the effect on increase of decrease of the balance sheet to compare with the previous and current year balance sheet. In this statement the various aspect of the balance sheet to effect changes was show in this study. The bank assets position for post three year the bank and whether the bank financial position is good. Introduction A comparative balance sheet usually has two...
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School performance and the means by which it is measured has become a dominant focus in education today. The collection and careful analysis of data is critical in order to accurately measure performance and to provide reliable feedback for improvement in student outcomes. Various countries use a range of techniques for the evaluation and assessment of students, teachers, schools and education systems. International assessments, such as PISA, provide additional information and useful external comparators. There seems to be global recognition...
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As we discuss the difference between ‘marginal product’ and ‘marginal cost’ in this write-up lets quickly look at the definition of these two words. According to “the marginal product of labor refers to the number of products a company can manufacture if it hires more workers or assigns its current workers additional hours. The marginal cost refers to the number of amount it costs a company to produce each additional item”. Let’s check an example for better understanding. Marginal product...
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In Kenya, the need to improve tax compliance has been necessitated by the need to increase government revenue, bridge the widening budget deficit and generate adequate revenues to pay debts. While as, taxpayers are generally aware of their obligations and need to make their contribution towards raising the government revenue, there is a growing consensus on focus to role of the state capacity in improving the efficiency of tax administration in a way that contribute to a more accountable and...
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I agree with Shapiro and Varian's statement of technology changes, economic laws do not. I would say economic principles do not change but evolve as technological advances take place and have a significant influence on shaping our modern-day economy. As the technology that surrounds us and is immersed in our daily life advances, it changes the efficiency and level of production for the most part, in a beneficial form for the consumer and the producer, but at the cost of...
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Patisserie Valerie, founded in 1926, is a food processing company which owned and operated a chain of cafes specializing in handmade cakes. The company’s headquarters are situated in Birmingham UK, and as of March 2019 had a revenue of $86.8M and 2,500 employees. Patisserie Valerie is owned by Luke Oliver and Steve Francis was the CEO after Paul May stepped down. The Collapse of Patisserie Valerie According to the Guardian, Patisserie Valerie has fallen into administration when the company was...
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Accountability is an essential part of an individual’s life, such as personal life or work. It is an important factor for exploring mistakes and taking responsibility to avoid serious problems. Accountability stipulates the initiative to inquire about the employees’ performance of duties. Taking responsibility for its negligence and interpretation is the reason for negligence in carrying out the duty, and the organization or individual will be evaluated on how they behave or perform related to something for which they are...
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The project management is “the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements” (Project Management Institute [PMI], 2004, p. 23). According to the definition, we can find that the objective of project management is to realize the value of a project, which is to meet the project requirements. The value of project management includes two dimensions. On the one hand, project management turns resources into the project outputs, thereby realizing the value of...
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The prudential inquiry into Commonwealth Bank of Australia which delivered its final report in April 2018 identified three types of problems, they are as follows. Governance The first type of problem mentioned in the report is governance. Governance can be defined as the way in which decisions are made. This means how the financial objectives, values and strategic priorities undertaken by a firm impacts on the decision-making and risk-management and how such decisions which are made are implemented. Since governance...
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Management accounting is an analytical system that produces outputs using inputs and processes that to be implemented by the system to achieve specific management objective and transfers inputs to outputs that meet the system objectives. Management accounting system has three broad objectives: 1) provides information on the cost of products, facilities and other management matters of concern; 2) special scheduling, quality evaluation and continuous improvement data; 3) provides detailed decision-making data. Management accounting refers to interpreting the accounting information obtained...
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In this essay, I will review the main strengths and weaknesses of internal control. Internal Control Strengths There are five key strengths of internal control, which are described below. Only Accepting Orders Through Website Only accepting orders through a secure and trustworthy website, electronically, at the time of order placement addresses risks like details of customers getting hacked, sending items to customers who cannot pay. This is a preventative control which works through only accepting orders through safe means, Derby...
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In the early 1870s, three economists, William Stanley Jevons, Carl Meneger and Leon Walrus, made similar, though separate, observations in three different countries: England, Austria and Switzerland. They broke with classical economics in terms of the basic goods and services valuation principles. The classical economists based the value of a commodity on its cost of production, thus conferring on it a sort of intrinsic value, likewise from the point of view of the consumer, the value depended on the amount...
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Introduction Q. What is financial accountability? Financial accountability is a concept about respective accountability with in a financial process. This helps to maintain a string effective and efficient divisional financial control environment. This helps to understand the aspects of financial management and control within an organisation. Bifurcation and classification of roles and responsibilities and liabilities among organisational departments and divisions is one of the key aspect of financial accountability. With the help of financial accountability concept managers and employees become...
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Introduction There are many in this world who are gifted, who excel beyond the rest. They are leaders, visionaries and pioneers. A mystic all-knowing confidence surrounds their image. Bernie Madoff was one of these people. He was one of the best traders in wall street, he was wall street. His consistent investment returns made him one of the best fund managers in the world. One couldn’t just invest with Madoff, one had to know someone, be vouched for, earn the...
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Improving accountability and transparency of public spending can improve the financial management in the Malaysian public sector. Transparency is operating in such a way that is easy for others to see what actions are performed. Transparency implies openness, communication and accountability. Accountability however is an aspect of governance that has been subject to discussions related to problems in the public sector, non-profit and private sector that denotes answerability, blameworthiness, liability and he expectation of account giving. The fall of the...
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Abstract This paper is to discuss civil society and its role in promoting accountability in Botswana. This is to discuss the duties of civil society in Botswana and how they promote accountability. BOTSWANA COUNCIL OF NON-GOVERMENTAL ORGANISATIONS ( BOCONGO) as a civil society in Botswana is to be analyzed and assessing its role in promoting government accountability. The paper will discuss the role of the above organization in Botswana in terms of its duties with example’s focusing on how the...
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