Understanding Vocabulary Words in Context

Reading comprehension is one of the most difficult things to master on a standardized test. The test-makers evaluate skills like finding the main idea, making  inferences, determining  the authors purpose, and understanding vocabulary words, some of which you may have never been introduced to you before. The good news? You can understand vocabulary words based on the context of the passage - the words, clauses, and phrases around the unknown vocabulary word. You don’t have to memorize all the vocabulary words in the dictionary! Vocabulary Words in Context Example You might not understand the word, acerbity, by itself, but this sentence, â€Å"The acerbity of the lemon caused the little girl to spit out the bite she had just taken† helps you understand that the general meaning of acerbity must be â€Å"bitter or sour†. The context clues lemon and spitting out the bite, which provide more information in the sentence, help you understand what the vocabulary word means. Vocabulary Words In Context on a Test A question on a standardized test may look something like this: After the first day on the job, the bank’s new manager realized he would be busier than he had been led to believe. Not only was he assisting the bank tellers with their work, but his new boss had decided to inundate him with other tasks like creating security systems, managing the bank’s deposits and refunds, securing loans, and maintaining the daily operations. The new manager was exhausted as he locked the bank up for the night. The word â€Å"inundate† from the passage is closest in meaning to: overloadprovideassaultunderwhelm Hint: A way to figure out if your choice is correct is by putting the answer choice in the sentence in place of the vocabulary word. Which one fits the intended meaning the best? Youre right. Its overload. The first choice is the best pick, although assault is a close second. The only way that one would work is if the tone of the passage had been more negative. Understanding Vocabulary Words in Context Exercise Try to determine the meanings of the following italicized vocabulary words, based on the context clues in the sentences.Skill level: Easy Pablo always showed animosity toward his teachers by throwing spitballs and mouthing off, but his sister Mary was kind and sweet.The little girl was showing signs of ocular problems - she squinted to read the blackboard and complained of headaches after working on the computer for too long.The crowd rewarded the singer with plaudits, or extreme praise, by clapping and cheering during a standing ovation.Elena’s repudiation of Jerry’s bad table manners was obvious to everyone at dinner as she dropped her napkin and left the table.From the far past to the present day, the moon has been thought to cause lunacy. Some studies have shown that this momentary insanity does have some association to the moons phases.The old man’s hair was sparse rather than thick and full like it was when he was young.Janie was as devout as the Pope himself.My sister Kimmy shows a great abhorrence for crowds, whereas my little brother Michael loves to be the center of attention.When you adm onish someone, you point out his or her errors; an example would be scolding a child for misbehaving.The sorcerer’s minions, or devoted followers, were willing to perform any sorcery he could conjure.Ninety-seven pairs is a superfluous number of shoes.The spy was hung at the gallows of his homeland for his perfidious deeds.â€Å"Busy as a bee† and â€Å"quiet as a mouse† are hackneyed phrases – they’re used all the time.Amelia was as pretentious as a princess when she arrived at the party. She tossed her coat to the hostess and grabbed a drink out of a nearby guest’s hand.We always listen to my great-aunt because she is venerable, but we ignore my niece’s advice because she’s only six. Understanding Vocabulary Words in Context Answers hatred; extreme dislikerelated to the eyeextreme praise (the definition was right in the sentence)denial; refutation; negationinsanity; madness; psychosisthin; spare; light; meagerpious; religious; sincerehatred; loathing; disgustreprove; caution; reprimandcrony; underling; followerextra; surplus; redundantdisloyal; treacherous; deceitfultrite; clichà ©d; worn outshowy; pompous; exaggeratedrespected; esteemed; revered

Online Learning And Online Education - 1115 Words

According to the Fe-ConE Team (E-Learning Basics), the virtual learning world was brought to attention in the year of 1999. Technology has advanced tremendously since then, and it is only getting more complex with time. As technology has immersed itself into almost every part of life in today’s society, it has most definitely been absorbed into the education world. When one mixes technology and education, online learning is brought to life. Many believe that going to school online is a fabulous invention, because online classrooms can bring education to anyone, in any place imaginable. Some also argue that online classes can be more affordable than taking classes in the traditional classroom. Although a large number of American students believe that online learning is a valuable education tool, numerous research studies have shown quite the opposite. Online students have lower communication skills, are able to cheat easier, and have drastically different grade point averages. Thousands of students across the country have taken to going to school online, thinking that they are receiving the same quality of education as a student in a traditional classroom. What they do not know is that they are not getting the type of education experience that they deserve. This research paper will address only some of the numerous problems with online learning, and will display the strong benefits of going to school in a traditional classroom. The educational experience for college studentsShow MoreRelatedOnline Learning Vs. Online Education1372 Words   |  6 PagesOnline education is growing in popularity as more colleges and universities offer alternative enrollment programs. While there may be advantages and disadvantages of online learning. The advantages outweigh the disadvantages, especially for those who may face obstacles in pursuing a college education. Online education can be an alternative means to classroom instruction. Online instruction allows students to have a flexible schedule while taking college courses. Moreover, flexibility and convenienceRead MoreOnline Learning Vs. Online Education2152 Words   |  9 Pagesat least one online class during their schooling period (The future 2). Besides â€Å"†¦that some U.S. states are now requiring young people to take a least one online course during their schooling† (Loertscher, Koechlin 50). In 2006, these numbers of students took classes online we re estimated about 3.5 million. ( 2). Back in the 1980s, online learning limited only on previously recorded videos and some old tapes have been used for some time and among other things(2), but online learning has increasedRead MoreOnline Learning As A Form Of Education Essay1184 Words   |  5 Pagesindustry. At the same time, online learning, as a form of distance education, â€Å"imposes itself strongly and becomes a core concern of human thought and modern life.† (Saleem, 2016, p.53). As an untraditional method of education, online learning is very different from traditional ones. Those different make the outcome of online learning hard to be evaluated and examined. However, due to its low cost and high flexibility, online learning can help people achieve life-learning and may have a profound influenceRead MoreLimitation of online learning on educations1000 Words   |  4 PagesLimitation of online learning on educations â€Å"By 2014, the number of students taking all of their classes online will increase to 3.55 million, while the number of students taking all of their courses in on-campus classrooms will drop to 5.14 million†, predicted by the research firm Ambient Institute (Brain Track, 2009). Facing this skyrocket, online learning seems to be a natural trend in educational industry while our world becomes more and more digital. Comparing with the old learning system, online learningRead MoreOnline Education Is A Type Of Distance Learning1141 Words   |  5 PagesOnline education is a type of distance learning that involves taking courses without attending an on-campus college. Instead students and professors interact over the internet. It utilizes the Internet or videoconferencing to create learning communities. Course materials are provided on a Web site and are occasionally found on CD-ROM; email, bulletin boards, forums, and chat rooms are used to interact with other students and tea chers. (â€Å"Online Learning?† 2015) In 1873 the first official online educationRead MoreOnline Education Is A Type Of Distance Learning1142 Words   |  5 PagesIntroduction Online education is a type of distance learning that involves taking college courses without attending the campus. Instead students and professors interact over the Internet. It utilizes the Internet or video conferencing to create learning communities. Course materials are provided on a Web site and are occasionally found on CD-ROM; email, bulletin boards, forums, and chat rooms are used to interact with other students and teachers. (â€Å"Online Learning?† 2015) In 1873 the first officialRead MoreOnline Education Is A Type Of Distance Learning1022 Words   |  5 PagesOnline education is a type of distance learning. The student is taking courses without attending a school or university. Instead, online students and teachers interact over the Internet. Online classes can teach students educational responsibility. By forcing them to access the online portal to participate in reading the textbook/lectures and doing the assignments. Technical abilities are also learned with online classes. Students who lack the tech savvy knowledge can learn how to navigate throughRead MoreComparing Online Learning to Traditional Education962 Words   |  4 Pagesnumber of students enrolled in distance learning courses due to the quickening pace of our society. Student are no longer forced to drive or attend classrooms in person in order to attend classes. It is quickly becoming favored not only among parents, but also among students. Though many individuals v iew online learning to be a more structured environment with fewer social distractions, just as many view it to be an easier or inferior way to obtain an education. The debate among the two sides hold manyRead MoreIs Online Education A Blended Learning Model?1841 Words   |  8 Pagesparents when they hear the term technology-based education. It is also a great misconception about this model of learning. Online education is on the rise as noted by the authors of Disrupting Class when they project that 50% of all high school courses will be online by 2019, and 80% by 2024 (Christensen 98). It cannot be ignored. Some parents and educators dislike this move away from the traditional classroom and feel the need to choose one learning model over the other. They fail to recognize thatRead MoreEssay about Distant Education: Online Learning1565 Words   |  7 Pagestechnology during the recent past has increased the overall ability and the reach of the people to the education. For this r eason the areas of the online learning are improving to a great extent especially for the high school students. As a result of these improvements and developments, the distant leaning has become an alternative to the schools or colleges (Orgunleye, A. 2013). The distant learning has helped the people who were not able to study because of distance problems and it has helped increase

Personal Narrative- Bartering in Italy Essay - 985 Words

Personal Narrative- Bartering in Italy People everywhere are yelling in a distinct accent that I have come to recognize in my week here in Italy. As I walk down one of Florence’s many markets with my father, men and women alike are shouting out descriptive adjectives for their products in butchered English. They were just a part of the medley of noises around me. Tourists are laughing and clicking away at their cameras; drivers are slamming doors to their vans after dropping off the merchandise to the vendors. There is an energy in the air. Carts are inches away from each other, packed in one after another as far as my eighth grade eye can see. Looking around I see other American tourists looking annoyed by the enthusiastic salesmen,†¦show more content†¦He laughs gently and points out what I failed to see in my new dream world, that these people were just like everyone else, trying to make a living, and stretching the truth sometimes to do that. That was just the first of a few lessons I would learn in th e marketplace. I felt like George Orwell in Shooting an Elephant, still desperately fighting the urge to surrender to the wants of the people, to buy everything in sight but instead I just smile politely at the vendors. A few minutes later I spot them. They are perfect, just hanging there, brown and black right next to each other, the exact purses I imagined. I think my dad sees them at the same time because we immediately turn in the same direction heading for the vendor. He notices us and comes over, hurriedly spitting out his practiced spiel on his wonderful selection. My father cuts him off. â€Å"We would like to see those purses please,† my father says in what I think is some Italian. â€Å"Okay,† the man says, he is obviously going to stick to the little bit of English he knows, it is easier than trying to figure out our Italian. I begin to get out my money and ask how much each purse costs. Apparently he does not know his English numbers very well, so he begins holding up fingers and mumbling some things incoherent to me. Obviously, though, his motions are not lost on my father, because he is visibly not happy with the price. â€Å"Forty-four euros each?! No, no thank you.† He’s walking away, what’s happening?Show MoreRelatedGame Theory and Economic Analyst83847 Words   |  336 Pagesresearch on the analysis of signals, of credibility, and of reputation, showing that all these are extensions of the strategic recourse to uncertainty. H. Moulin oï ¬â‚¬ers a state of the question on cooperative games and at the same time develops a personal thesis on its role and its place in the literature of games. Considered as a sort of â€Å"second best† by Von Neumann and Morgenstern, cooperative games ï ¬â€šourished in the 1960s, with the studies on the heart of an economy, before becoming once againRead MoreProject Mgmt296381 Words   |  1186 PagesProject Manager 338 Managing versus Leading a Project 339 Managing Project Stakeholders 340 Influence as Exchange 344 Task-Related Currencies 345 Position-Related Currencies 346 Inspiration-Related Currencies 346 Relationship-Related Currencies 346 Personal-Related Currencies 347 Well-Defined Requirements and Procedures 423 Extensive Training and Team-Building Activities 424 Well-Established Conflict Management Processes in Place 426 Frequent Review and Status Updates 426 Co-Location When Needed

Who We are is Determined by the Intertwined Forces of...

Nature or Nurture Every human being is unique. Were we destined to be the way we are, or have we been made this way through our environment and experiences? Psychology has long been debating the issue of Nature versus Nurture. Characteristics such as hair and eye color are generally recognized to be controlled by genetics. Those on the Nature side (Nativists) claim that genetics control much more, including personality and character. Nurture backers (empiricists) will argue that a person’s environment and experiences determine those traits. So is it possible to prove which side is right? The latest findings suggest that the debate may not be that simple. In light of the new information, it is no longer an either one or the other debate.†¦show more content†¦The balance between genetic and environmental influence is not exactly the same for everyone. Jonathan D. Rockoff (2013) wrote in the New York Times, â€Å"They are finding that sensitivity to the environment resides in the biolo gy of the nervous system. And some people, because of their genetic makeup and life experiences, are more sensitive to outside influences than others.† People react differently to the same external stress. We have all witnessed varied responses to the inconvenience of being caught in a traffic jam, some people lay on the horn, others complain, and some just sit there bopping to the tune on the radio. If a child is riding in that car, will they display the same behavior as their parent, and if so is it because they learned it or were they passed a gene for that behavior? The answer, according to recent studies, is it depends. A study by Lee, Brooks-Gunn, McLanahan,Notterman, and Garfinkel (2013) examined the effects that the 2007-2009 recession had on the harshness of maternal parenting. They found that bad economic times had a stronger effect on harsh parenting than improved conditions. They also noted â€Å"mothers’ responses to adverse economic conditions were modera ted by theShow MoreRelatedPersonality And Theory Of Personality Essay2250 Words   |  9 Pagesidea of personality, we are going to examine the six different cornerstones of personality. They consist of Nature versus Nurture, The Unconscious, You of the Self, Development, Motivation and Maturation. In this, no one theory is more valid than the other, and no one research has more validity than the other. In this paper each cornerstone will be examined using scholarly research. Foundations of Personality Nature Versus Nurture Before the concept of nature versus nurture can be broken down andRead MoreThe Yunnan And Szechuan Province Of Southwest China1584 Words   |  7 Pagesmatriarchal societies today. â€Å"Given that Mosuo women make most of the major decisions, control the household finances, and pass on the family name to their children, many anthropologists classify the Mosuo culture as a matriarchal society. but those who have studied these ancient societies are often at odds as to what to label them. Many prefer to call societies, like the Mosuo, matrilineal societies. [Source: frontline pbs.org]. In a matriarchy, a female is head of the family or society. With aRead MoreHistorical And Literary Representations Of The Black Cat By Edgar Allan Poe2413 Words   |  10 PagesThus categorizing black Americans as inferiors to white Americans, and holding no power or authority in America at the time. These viewpoints of politicians during and after the Civil War era demonstrate the social construc tion of race as being determined by the color of ones’ skin. Artists attempted to define the term â€Å"race† in their literary pieces through the use of metaphorical phrases to represent the historical challenges black Americans faced during the Reconstruction period. Mark Twain’sRead MoreHistory of Sexuality3607 Words   |  15 Pages | A Historical Critique of Homosexual Exclusions from the Armed Forces using the concepts of Michel Foucault From 1989 to 1999, the time period of the Clinton Administration, a homosexual force entered the American consciousness. Court cases and rhetoric of the 80s incited a discourse in which homosexuality was re-articulated, re-negotiated, and unmistakably re-repressed (DavisRead MoreASAM 5 Notes Essay6590 Words   |  27 Pagesmultiple meanings. Every indication is as a society, we read fewer and fewer book. We play more video games, we see more movies, we are too distracted. In some ways, a class like this is to remind you why fiction novels and short stories are worthy of your time What is literature A James woods: Fiction is a creaseless experiment with uncollectable data An attempt to order data with the use of story Allows us to see the wholeness of a life we cannot see in our own life Forms: Realism, modernismRead MoreManagement Practices6684 Words   |  27 PagesWho are Managers A manager is someone who coordinates and oversees the work of other people so that organizational goals can be accomplished. A manager’s job is not about personal achievements-it is about helping others do their work. That may mean coordinating the work of a departmental group, or it might mean supervising a single person. It could involve coordinating the work activities of a team of people from different departments or even people outside the organization, such as temporaryRead MoreSituational Analysis of Starbucks13207 Words   |  53 Pagesexternal and internal analysis. At first we discover the history of Starbucks and how influence grew into a huge success. Then, upon the external analysis, we discover more on the coffee industry as a whole. We explore on how the roles of the General environment are dissected as the competing grounds for the coffee industry. Then, we delve into the driving forces and decipher what moves the rivals into competition. Upon the industry analysis, we move into the intricate details of market growthRead MoreSantrock Edpsych Ch0218723 Words   |  75 PagesExamining the shape of children’s development allows us to understand it better. Every childhood is distinct, and is the first chapter in a new biography. This chapter is about children’s physical and cognitive development. These are some of the questions we will explore: †¢ Do children develop in distinct stages, or is their development smoother and more continuous? †¢ How do children develop physically, and how does this affect their behaviour and learning? †¢ What is the best way to characterize students’Read MoreThis is an chapter by chapter summary of the book Becoming Attached, did it for extra credit11157 Words   |  45 PagesThe human need to have our mother near is the theory that is expressed in chapter one. Chapter one goes through a time line of how we, as humans, came across this theory. The author tends to talk about and describe how as babies the basic need to have mother around is just as important as having food, water, and clean diapers. The author gives examples of children who were adopted after infancy and children whom had to spend significant amounts of time away from their mothers during their infant yearsRead MoreEmployee Retention Analysis10575 Words   |  43 Pagesindustry The Indian Steel industry is almost 100 years old now. Till 1990, the Indian steel industry operated under a regulated environment with insulated markets and large-scale capacities reserved for the public sector. Production and prices were determined and regulated by the Government, while SAIL and Tata Steel were the main producers, the latter being the only private player. The industry took its first faltering steps in 1907 with the setup of the first integrated steel plant in Jamshedpur by

Accounting for Managers Reduced Business Process

Question: Describe about the Accounting for Managers for Reduced Business Process. Answer: Problem 1 Faster processes and reduced process times to help companies to be more competitive Better and faster production process in the manufacturing companies requires new and improved technologies. With the continuous increase in the market competition, it is important to develop the processing time in the areas of engineering and administration. In such cases, many companies adopt business re-engineering in recent years that improves the business functions (Stark 2015). It incorporates the structural change in technology and manufacturing areas considering the products of the organizations. Process of business re- engineering involves fundamental rethinking and radical redesign of business process is conducted to improve the speed of the production of goods by maintaining the quality. It requires preparation of business structures according to the measured set of activities in engineering and administering departments by adopting the updated techniques (Dinu 2015). The timing of process is a concerned area that can be reduced by involving the upgraded techniques of production in the areas of engineering. It can done by involving the skilled and experienced employees in the business administrative areas to operate the business functions. Additionally, the organizations can involve online activities that assist in providing accurate and faster business functions (Page et al. 2015). Importance of improved quality To maintain the competitiveness, it is important to produce the faster work by reducing the time of process as well as by maintaining the quality. Since, customers are concerned for the product quality therefore the companies are required to maintain as well as enhance the process of production. For example, Woolworths Limited is best known for maintaining the high quality product and developed structures in the business organization with respect to the supermarket chain (Zott and Amit 2015). It is one of the largest companies in Australia based in the retailing industry by distributing the near perfect quality products. Many organizations are considering the concept of six- sigma in the production procedures to produce the products with 99.99% perfection. Such improvement to the near perfection is important to create competitiveness and marketability to maximize the profitability and sustainability of the companies and stakeholders (Sommer et al. 2015). iii. Potential problems may arise from the increased speed of processes Increase in the speed of processes in the business enterprise manipulates various factors in the production and distribution to form potential dilemmas. Increased speed of processes may affect the product quality at the time of designing and developing the products. The problem associated with the increase in processing speed is maintaining the quantity if the manufacturing of goods takes place in the batch system (Nyantakyi 2016). However, if the speed of processing the products is increased then the quantity set under the normal production may be affected and accordingly affect the performance of the business. Additionally, the processing speed if increased then it may affect the flow of communication among the organizational members as the relevant information. It also create the problem in terms of generating the root cause that harms the development of the production process and administration process. Increased speed of processes provides faster manufacturing of the goods but i t also affects the competitiveness in the market industry (Burger, Kaufman and Atkinson 2015). Problem 2 In the given situation, operating activities of XYZ Limited have two branches in Brisbane and Adelaide presented the changes in financial statements. According to the financial result on business operation in the branch of Brisbane disclosed increased net profit and value of inventory. On the other hand, branch of Adelaide represents nil value as net profit but decreased value in the finished goods inventory. It may be noted that the decline in value of inventory reflects the cost reduction for the goods sold while the increased value of inventory reflects the decreased value of net profit before tax (Jansen, van Lier and van Witteloostuijn 2015). In case of Brisbane branch, amount of net profit during the year increased even though the value of inventory shows an increased balance. Such results reflect the efficient performance of Brisbane factory over Adelaide because it did not earn any profit even after the reduction in inventory. Accordingly, the managerial bonus should be offered to the Brisbane factory manager yet it might create situations of conflict as it was provided based on net profit generated by the individual factories. The primary conflicts in the present circumstances may arise is the risk of long- term period because generation of net profit depends on several factors. Further, it would affect the motivation of the managers since decrease in inventory balance affects the reduction in cost of goods and vice- versa. Another conflict that may arise on the managerial bonus if it is based on the net profit is harmonization of diverse interest on the performance of the business activities (Veldman and Gaalman 2015). Problem 3 Variances in a manufacturing industry include material variances, labor variances and other several variances that indicate the efficiency of the cost and units of the production. Variances are determined by considering the actual cost and units engaged by the organization by comparing the standard cost and units as set by the organizational management. Accordingly, the result indicates favorable and unfavorable variances stating the efficiency of the organizational performance. In case the material variance reflects favorable variance, it indicates the efficient utilization of raw material resources and allocation of production costs (Fulton and Pohler 2015). On the contrary, unfavorable material variance reflects the actual utilization of costs and units more that the standard rates. However, labor variance mentions the capacity of optimum utilization of labor hours in the production of products on comparing the actual and standard data. Analysis of cost of production and variances in a period states the significant information to the management for efficient production. It reflects the changes in the market price level, product quality according to the standard data anticipated by the management. It provides improved negotiation in price to employ the efficient workers for manufacturing process as well as implementation of several discounts. It provides the bargaining power information with respect to the suppliers and buyers at minimum cost for production. Variances and production costs provide information on the potential profit an organization expects to earn in the financial year (Shan et al. 2016). Problem 4 Variable cost per unit Variable cost per unit is measured by taking the total variable expenses divided by the total units produced. Hence, the determination of variable cost per unit for budget A and B is computed in the books of Always Right, manufacturing company: Particulars Budget A Budget A Sales Units 20,000.00 30,000.00 Variable Expenses $: Direct materials 260,000.00 360,000.00 Direct Labor 40,000.00 60,000.00 Variable Overhead 60,000.00 75,000.00 Variable selling and administrative expense 60,000.00 60,000.00 Total variable expenses 420,000.00 555,000.00 Variable cost per unit: (Total variable cost/ total sales units) $21.00 $18.50 Table 1: Variable cost per unit (Sources: Created by author) Analysis of costs and sales forecast in the budget A According to the given information, lower and middle management prepared budget A and the senior management prepared budget B considering the sales forecasts 20,000 and 30,000 units respectively. It may be noted that the budget A has been prepared by the conservative and bottom- up approach as it is prepared by the lower and middle management (Ferry and Eckersley 2015). However, budget B is prepared by the senior management therefore it was prepared by using the high value of sales and low value of costs. Further, lack of awareness on proper information of production costs and other details of manufacturing process required the preparation of budget A at conservative approach (Allard et al. 2015). iii. Analysis of costs and sales forecast in the budget B Since the budget B has been prepared by senior management it has been prepared by using the top- down approach that is reported for the entire organization including the lower level management. Therefore, the sales forecast used in the budget are at high value than the value used in budget A (Carafa, Frisari and Vidican 2016). On the contrary, fixed cost used in preparing the budget is lower that does not change with the change in the quantity of production. The behavioral proposition of top- down approach is systematic planning, dysfunctional behavior and communication behavior. It also provides the impact on the structural and cultural changes to improve the business performance (Burger, Kaufman and Atkinson 2015). Consensus on the budget and advantages of the approach The given situation on preparation of budget A and B provides certain advantages on using the different budget approach. Concerning the consensus on the preparation of the budget, higher management and lower level management groups should prepare a detailed schedule for the manufacturing costs and administrative expenses (Reynolds et al. 2015). Both the teams need to recognize the business functions and the cost pools along with the cost drivers to ascertain the correct results. It provides several benefits by empowering the co-operation between the teams engaged in preparation of budget. It further creates the understanding and equalizes the group power that helps in making improved business decisions (Fulton and Pohler 2015). Reference List Allard, A., Fischer, N., Ebrard, G., Hay, B., Harris, P., Wright, L., Rochais, D. and Mattout, J., 2015. A multi-thermogram-based Bayesian model for the determination of the thermal diffusivity of a material.Metrologia,53(1), p.S1. Burger, R.H., Kaufman, P.T. and Atkinson, A.L., 2015. Disturbingly weak: The current state of financial management education in library and information science curricula.Journal of Education for Library and Information Science,56(3), p.190. Carafa, L., Frisari, G. and Vidican, G., 2016. Electricity transition in the Middle East and North Africa: A de-risking governance approach.Journal of Cleaner Production,128, pp.34-47. Dinu, A.M., 2015. The Risks and Benefits of Outsourcing.Knowledge Horizons. Economics,7(2), p.103. Ferry, L. and Eckersley, P., 2015. Budgeting and governing for deficit reduction in the UK public sector: act three accountability and audit arrangements.Public Money Management,35(3), pp.203-210. Fulton, M. and Pohler, D., 2015. Governance and managerial effort in consumer-owned enterprises.European Review of Agricultural Economics,42(5), pp.713-737. Jansen, T., van Lier, A. and van Witteloostuijn, A., 2015. Managerial delegation and welfare effects of cost reductions.Journal of Economics,116(1), pp.1-23. Nyantakyi, E.B., 2016. Family ties, firm performance and managerial compensations in African SMEs.Small Business Economics,46(3), pp.493-501. Page, T., Dubina, H., Fillipi, G., Guidat, R., Patnaik, S., Poechlauer, P., Shering, P., Guinn, M., Mcdonnell, P. and Johnston, C., 2015. Equipment and analytical companies meeting continuous challenges. May 2021, 2014 Continuous Manufacturing Symposium.Journal of pharmaceutical sciences,104(3), pp.821-831. Reynolds, C., Geschke, A., Piantadosi, J. and Boland, J., 2015. Estimating industrial solid waste and municipal solid waste data at high resolution using economic accounts: An inputoutput approach with australian case study.Journal of Material Cycles and Waste Management, pp.1-10. Shan, Z.Y., Vinkhuyzen, A.A., Thompson, P.M., McMahon, K.L., Blokland, G.A., de Zubicaray, G.I., Calhoun, V., Martin, N.G., Visscher, P.M., Wright, M.J. and Reutens, D.C., 2016. Genes influence the amplitude and timing of brain hemodynamic responses.Neuroimage,124, pp.663-671. Sommer, A.F., Hedegaard, C., Dukovska-Popovska, I. and Steger-Jensen, K., 2015. Improved Product Development Performance through Agile/Stage-Gate Hybrids: The Next-Generation Stage-Gate Process?.Research-Technology Management,58(1), pp.34-45. Stark, J., 2015. Product lifecycle management. InProduct Lifecycle Management(pp. 1-29). Springer International Publishing. Veldman, J. and Gaalman, G.J., 2015. Competitive investments in cost reducing process improvement: The role of managerial incentives and spillover learning.International Journal of Production Economics,170, pp.701-709. Zott, C. and Amit, R., 2015. Business Model Innovation: Toward a Process Perspective.The Oxford Handbook of Creativity, Innovation, and Entrepreneurship, p.395.

Financial Audit Failures Transition Economy -Myassignemenrhelp.Com

Question: Discuss About The Financial Audit Failures Transition Economy? Answer: Introduction: In the wake of global financial crisis the importance of audit have reached its peak. Considering the number of accounting scandals that the world of business has seen in recent times the utility of auditing has been reaffirmed. However, the failure of auditing in many cases such as in case of Enron, Satyam and other such accounting scandals have compelled the stakeholders to question the auditing standards governing the auditing principles and policies. With the objective of improving the quality of auditing, ASA 701 Communicating Key Audit Matters in the independent Auditors report has been issued by the Australian Auditing and Assurance Standards Board (AUSAB). An in-depth analysis on the auditing standard and its practical implementation in an audit of an entity is provided to help the readers in understanding the importance of the standard (Segal 2017). In order to complete the evaluation of ASA 701 and to assess its importance in auditing of an entity, BHP Billiton Limited has been chosen. BHP Billiton Limited is an Australian company in involved in the business of mining, petroleum products and metals. The registered head office of the company is in Melbourne, Australia. Auditing and its objectives The objectives of auditing is to provide an unbiased and independent opinion on the financial statements of an entity to express whether the financial performance reflected in the income statement of the company is a fair reflection of the financial performance of the entity and simultaneously whether the Balance sheet of the entity shows the true and fair picture of the entity as on the date to which these statements relate (Ratzinger-Sakel and Theis 2017). AUSAB has issued number of auditing and assurance standards to guide the auditors in discharging their duties efficiently as the auditor of different entities. ASA 701 has been issued by the AUSAB to deal with the matters which are recognized as key audit matters to make it compulsory for the auditors of listed entities to communicate these matters in the independent audit reports of such entities (Khler et al. 2016). Not only the standard is to be followed mandatorily by the auditors of listed entities but it also recommended for the entities which do not have their shares listed on a recognized stock exchange in the country. However, it has been left to the discretion of the auditor to take final decision whether to follow ASA 701 in auditing of unlisted entities. The standard has described the Key Audit Matters, here in after to be referred to as KAM in this document, which must be communicated to the stakeholders in the independent reports of the auditors. Let us have a brief dis cussion on the KAM to understand the matters which are to be communicated by the auditors in their reports to attract the attention of the investors and other stakeholders of the entities (Cordos and Flpa 2015). Key Audit Matters to be communicated in the independent auditors report ASA 701 has prescribed the matters to be communicated in the independent auditors report to ensure that key matters are communicated in the audit reports. In order to take cognizance of the investors and other stakeholders of an entity to assess the actual financial performance and position of an entity as on a particular date (McKee 2015). Following are the KAM which have been mentioned in ASA 701 to be mandatorily disclosed by auditors of listed entities and also recommended for the auditors of unlisted entities; Matters which require personal judgment of the accountants: The matters and items in the financial statements of an entity which require significant amount of personal judgment by the accountants and sometimes even that of the management need to be reported as KAM in the independent auditors report. These are the areas in financial statements which are prone to manipulation. ASA 701 has prescribed these matters to be reported in the independent auditors report to ensure that the investors and shareholders take note of these matters while evaluating the financial statements of an entity (Afterman 2016). Areas of financial statements which require auditors to make significant judgment There are few alternative methods which are allowed to be used in valuing the inventories of an entity. The accountants have the liberty to use any particular method to value inventories of an entity. The auditor needs to assess the inventory valuation method used by an entity to determine whether the same is in accordance with the relevant accounting standard. In case there is any contravention in valuation of inventories by an entity then the matter must be communicated in the report of the auditor in accordance with ASA 701 (Bdard et al. 2015). The inventory valuation technique used by an entity must be in accordance with the prescribed guidelines provided in the accounting standard AASB 102 to ensure that there is no contravention in valuation of inventories. This aspect must be evaluated by the auditor and accordingly, reported in his report to comply with the requirements of ASA 701 (Livne 2016). The depreciation method used by an entity: The AASB 116 has been issued by the Australian Accounting Standards Board to guide the accountants to charge depreciation in accordance with the standard to ensure that the financial statements reflect the true picture of an entity. However, due to the varied and complex economic and business environment under which different entities have to operate it is not possible to have a single method applicable for charging depreciation on non-current assets. Thus, there are more than one alternative which have been allowed for the accountants to choose while charging depreciation on non-current assets (Prasad and Chand 2017). Written down value method, straight line method of depreciation, sum of years digit method are all allowed under different circumstances to calculate the amount of depreciation in the books of accounts of the company. The auditors will have to use their knowledge and judgment to evaluate whether the method that has been used by an entity to ascertain the amount of depr eciation is in accordance with the AASB 116. In case of non-compliance with the provisions of AASB 116 by the entity which is under audit the auditor must communicate the matter in his report to attract the attention of the investors and shareholders of the entity (Reid et al. 2015). BHP Billiton financial statements dealing with such matters Matters and areas in financial statements of BHP Billiton Limited which require significant judgment of the auditors as well as that of the management of the company: Being one of the largest companies in the world as far as in the mining industry is concerned; BHO Billiton Limited has to deal with numerous aspects in its financial reports which require significant amount of judgment by the accountants and management of the company (Boolaky and Quick 2016). A brief description of the areas of financial statements of the company which have been determined after significant judgment from the management and the accountant are as following: Depreciation and amortization: The amount of depreciation and amortization provided by the company on its non-current assets including intangible assets require the management to use substantial amount of judgement. The auditor of the company must evaluate the method of depreciation followed by the entity and the amount of amortization provided on intangible assets to assess whether the same is in accordance with the relevant accounting standards, i.e. AASB 116 for depreciation and AASB 138 for amortization on intangible assets (Carson et al. 2016). Valuation of intangible assets of the company: The company has substantial amount of intangible assets. The management and accountants judgments are essential in recognition and measurement of intangible assets. However, the estimates and judgements by the management and the accountants of the entity should be in accordance with the accounting standard AASB 138 issued by the accounting standards board in the country. Recognition and measurement of intangible assets are essential to the preparation and presentation of financial statements in accordance with the conceptual framework in financial reporting (Reid et al. 2016). The auditor of the company must evaluate the technique and methods used by the entity to assess whether these are in conformity with the accounting standards or not. In case there is any contravention with respect to accounting standards in recognition and measurement of intangible assets of the company then the same must be reported by the auditors of the company in the independent auditors report. Significant events or transactions and their impact on the audit of the financial statements The significant events and transactions are those which are irregular in nature and unique from the point of view of an entitys regular business. It is important that such events and transactions are identified separately and reported by the auditors in the audit reports. ASA 701 prescribes that such significant events and transactions must be reported in the audit report of an entity to allow the users of the financial statements and audit report of an entity to take note of such significant events and transactions to appraise the effect of these transactions and events on the financial performance and position of the entity. Such event includes any significant event and transaction which might influence the going concern assumption of an entity as envisaged in ASA 570. Let us have brief discussion on such events and transaction which can be considered as significant from the stand point of an entity (Carver and Trinkle 2017). Any transaction involving the sale of a portion of an entitys business Transactions which involve sale of a portion of entitys business such as sale of non-current assets of the company which are used for the revenue generation purpose of the entity. Sale of an important portion of an entitys business will impact the going concern assumption of the entity as its ability to continue in the long run will be negatively influenced subsequent to the sale of portion of an entitys business (Majors 2015). Any new contract in which an entity has entered In case an entity has entered into any contract which will significantly influence the revenue of company in the future will have to be communicated by the auditor in the independent auditors report to ensure that the investors and other stakeholders of the entity are aware of such contract (Lee 2016). Severance of any existing contracts: In case of severance of existing contracts that is expected to negatively influence the ability of the entity to generate revenue in the future shall also be reported in the audit report of the entity. Other significant events and transactions: Other significant events and transactions also have to be reported by the auditor in accordance with the relevant standards on auditing to comply with the requirements of the standards. In respect of BHP Billiton Limited: The significant events and transactions in respect of BHP Billiton Limited is the expansion plan of the company to invest huge amount of funds to expand its business in the future with the objective of continue on the path of growth in the future. In order to maintain a sustainable growth in the future the company has been continuously looking for new markets and has decided to invest huge amount of funds in the future (McKee 2015). Apart from that the decision of the company to amortize all of its intangible assets within a period of 10 years is also something which is to be given due importance by the auditors while conducting the audit of the company (Livne 2016). Conclusion It is recommended that an entity should follow the accounting standards while preparing the financial statements and the auditors to follow the relevant auditing standards while conducting an audit. 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