Managerial Accounting Concept Example

Essays on Managerial Accounting Concept Essay Managerial Accounting Concept Managerial Accounting Concept Managerial accounting covers a broad array of a firm’s functional spheres including finance and marketing, among other disciplines. Ultimately, managerial accounting information depends upon internal financial data specifications. Great care is required in preparation and maintenance of such internal financial specifications and reports, in order to guarantee utmost clarity and consistency. The latter are crucial aspects if resultant reports are to be adequately logical to facilitate proper decision making. Further, forecasts derived from managerial accounting are critical for organizational planning, while cost information enables managers to focus on and be held responsible for their respective business segments. The significance of proper managerial accounting is best exemplified by the recent Tesco case, in which the renowned British supermarket overstated its profits, resulting in dire consequences for its market stature and some of its executives. The article that provides insight into the importance of proper managerial accounting is titled â€Å"Tesco Suspends 3 More Executives† authored by Jenny Anderson. Just as the title of the article suggests, it focuses on Tesco, a supermarket deemed the largest in Britain. Anderson explores the aftermath of Tesco’s disclosure that there had been a 250 million pound overstatement in its earnings forecast issued earlier in the year. The author denotes that while investigation continues into the supermarket group’s accounting practices, it has suspended three additional executives bringing the number of dismissed executives to eight. Anderson points out that the company attributed the accounting discrepancy to hasty booking of promotional income from its suppliers, coupled with pushing its costs further than usual to the future. The article highlights the consequences of the accounting problem, which was brought to light by a whistle-blower from within the company. T hese costs include loss of market share, as budget-oriented shoppers shift towards supermarkets that offer significant discounts, and a significant drop in share value. Investigation by Britain’s Financial Conduct Authority (FCA), Deloitte, and Freshfields, is also exerting further pressure on the already negatively affected company in terms of poor reputation and subsequent loss of credibility. The article concludes by stating that interim investigation results are yet to be released, which implies that the uncertainty still remains a threat to the company’s standing. From Anderson’s article, it is apparent that Tesco’s error stemmed from failure to observe a fundamental accounting principle, which requires matching an establishment’s revenue to its costs. Matching earnings and cost constitutes a universal rule of accounting, irrespective of a company’s geographical location. Even though matching revenues with marketing promotions of multiple months is complex, it is a common practice in the retail sector and the discrepancy should have been detected early enough. The other detail that emerges from the article is the belated full disclosure of the company’s financial status. The latter is an accounting requisite, which Tesco failed to meet and one that it would have perhaps kept secret, had the whistle blower not come forth with the information. Anderson’s article provides significant insight into the consequences of improper managerial accounting. The significant loss of market share and share value shows how easily the public reacts to adverse reports of a company’s financial status. This is especially considering the fact that Tesco remained profitable even after proper earnings adjustment. The volatility of public reaction shows why proper accounting measures are crucial to promoting public confidence in a company, thus guaranteeing its financial stability. In addition to these consequences, there is also the implementation of disciplinary measures for executives found culpable with accounting discrepancies. The suspension of some executives shows Tesco’s commitment to restoring the public’s and investors’ confidence in its operations. The disciplinary measures are crucial to reconstruction of the supermarket’s reputation and consequent gradual recovery. Anderson’s article, therefore, makes significant assertions, particularly the importance of proper accounting practices, and adoption of disciplinary measures, in order to ensure accounta bility among executives entrusted with finance management responsibilities. Outlined costs of accounting discrepancies also serve as a reminder of the essence of proper accounting controls and proper administration structure. There is a wide array of lessons that can be derived from the Tesco case, as outlined by Anderson. Key among these lessons is the need for a company, whether public or private, to adopt a robust corporate administration culture, characterized by strong internal controls, meant to prevent accounting and governance problems. In addition, as a prospective leader, one must strive to uphold extant standard practices, since it is preferable to minimize and manage risk, rather than respond later to accounts and management related crises. Another primary lesson drawn from the Tesco case and would be pertinent to averting reputation and financial crises is the need to automate ordinary tasks. This is because it is clear that the suspended executives were highly qualified in finance and management issues, but were perhaps distracted by mundane managerial duties. Automation would allow executives to focus exclusively on identifying irregularities, analyzing accounting decisions, and making cred ible forecasts, as well as, logical financial reports. In addition to embracing a stringent corporate culture and automation efforts, it is important for an executive, current and prospective, to strengthen the accounts regulatory framework. This would not only aid in early identification of risks by internal auditors, but also afford the responsible finance management team and other executives enough time to address issues noted. It would also be important for the involved audit committee, the chief financial officer (CFO), and other managerial staff to sign-off on accounting decisions made within a firm, in order to prevent similar judgment related errors in future. It would also be imperative to maintain comprehensive financial records of a firm, and uphold a culture of complete financial disclosure in order to avoid accounting discrepancies like that of Tesco. The final most important lesson drawn from Tesco’s situation is the need for executives and other organizational partisans to heighten examination of a company, when bus iness conditions exhibit deterioration. When managers, directors, and other executives increase scrutiny of financial and other business results, they convey the need for a corporate culture of transparency, accuracy, discipline, and integrity in the entire organization. Combinative application of these lessons would enable one, as a high ranking future leader, to steer the organization towards financial stability through keen adherence to standard accounting practices, as well as, striking balance between strategic risk taking and financial management. Reference Anderson, J. (October 14, 2014). Tesco Suspends 3 More Executives. New York Times. Retrieved from http://www.nytimes.com/2014/10/15/business/international/tesco-suspends-3-more-executives.html?_r=2

John Wesley Hardin Free Essays

Elsie Glosser Mr. Largent History 122 8 December 2010 John Wesley Hardin John Wesley Hardin, Texas’ most notorious gunfighter, was the son of a Methodist preacher that was growing up during the Reconstruction Era. But instead of saving souls he sent them on to meet their Maker, via bullet train express. We will write a custom essay sample on John Wesley Hardin or any similar topic only for you Order Now So was John Wesley Hardin a cold blooded killer or a product of the times? John Wesley Hardin, who was named after the founder of the Methodist church, was born 26th May 1853 in Bonham, Texas. He was the son of James Gibson Hardin Sr. nd Mary Elizabeth [Dixson] Hardin who were married 19th May 1847. He was the second surviving son of ten children. His father James Gibson Hardin was a Methodist preacher, circuit rider, schoolteacher and lawyer. His mother Mary Elizabeth [Dixson] Hardin was the daughter of a highly respected Indiana doctor and was described by John Wesley as being, â€Å"blond, highly cultured†¦with a charitable disposition, a model wife and helper to his father. † (Hardin) At the age of 12, he saw the Confederate soldiers returning home from the Civil War. This was also the beginning of the Reconstruction Era. During the Reconstruction period, the South lay beaten down, the people were filled with hate and vengeance, and the Negro slaves were freed. Many of the Negroes joined the Union army as soldiers or state police. It was during this time that John Wesley developed a deep hatred of the Union and the freed Negroes. â€Å"In his mind, he had seen Abraham Lincoln burned and shot to pieces. So often he thought of him as a demon that was waging a relentless war on the South to rob her of her most sacred rights. † (Hardin) John Wesley was raised with deep religious beliefs and Christian virtues. He had a fierce fire and brimstone religiosity, a strong code of family loyalty and an indelible sense of honor that was a part of the lives of all Southerners, rich or poor. An old Civil War song can be said to accurately reflect the mind of a youth like John Wesley. â€Å" Oh I’m a good ol’ rebel, now that’s just what I am, For this fair land of Freedom, I do not care a damn, I’m glad I fit against it; I only wish we’d won And I don’t want no pardon for anything I’ve done. I hates the constitution, this great Republic, too, I hates the Freedman’s Bureau and uniforms of blue, I hates the nasty eagle with all it brags and fuss, The lyin’ thievin’ Yankees I hates them worse and worse. Three hundred thousand Yankees is still in Southern dust, We got three hundred thousand before they conquered us; They died of Southern fever and Southern steel and shot, I wish there were three million instead of what we got. I don’t want no pardon for what I was and am’ I won’t be reconstructed and I don’t care a damn. † (Metz) In 1865 John Wesley and his family moved to Sumpter, Texas where his father established a school which he and his siblings attended. But it was here in 1867, at the age of 14; John Wesley would have his first encounter with the law. While preparing for a test in school, a classmate named Charles Sloter and John Wesley got in a fight over some graffiti that Charles had written on the wall about a girl in their class named Sal. Charles accused John Wesley of writing it and he denied it. Charles punched John Wesley and attacked him with his pocketknife. John Wesley drew his pocketknife and stabbed him twice, once in the chest and once in the back, almost killing him. The boys’ parents wanted John Wesley expelled from school, but after hearing the facts in the case, the trustees exonerated him and the courts acquitted him. Charles Sloter recovered from his wounds. In November of 1868, John Wesley went to visit his uncle Barnett Hardin, who lived about 4 miles away, to watch them make sugar from the sugar cane. It was during this visit that John Wesley’s’ life was about to change forever at the age of 15. When John Wesley a arrived at his uncles him and his cousin Barnett Jones got into a playful wrestling match with a former slave named Mage. Together, the boys beat him in the first round. It was during the second round that John Wesley accidentally scratched Mage and drew blood. This made Mage very upset and he threatened John Wesley saying, â€Å"He would kill him or die himself; that no white boy could draw his blood and live; that a bird never flew to high not too come to the ground. † (Hardin) John Wesley’s uncle Barnett Hardin ordered Mage off the farm. The next morning, when he was headed for home, the Negro Mage was waiting for him on the trail with a big stick. He threatened kill John Wesley with it and then throw his body into the creek. He swung at him with the stick, and John Wesley pulled out his Colt . 44 pistol and told him to stop. Mage grabbed the reins of his horse, and when he wouldn’t let go John Wesley shot him loose, but he kept coming back. He continued to shoot Mage every time he came at him, until the man collapsed. He went to another uncle’s house and brought him back to where Mage was lying. His uncle told him to go on home and tell his parents what had happened. Mage ended up dying from his wounds a few days later. His father knew that John Wesley would not receive a fair trial, because to be tried for killing a Negro at that time, meant a certain death at the hands of a court backed by Yankee bayonets. So John Wesley was sent to stay with his brother Joe, some 25 miles away, in Logallis Prairie. In December of 1868, some 6 weeks after the shooting and death of the Negro Mage, his brother told him that there were 3 Union soldiers asking questions about him. He took a shotgun and his Colt . 44 revolver and went to wait for them along the creek bed of Hickory Creek crossing, where he knew they would cross. Their e ambushed them, killing 2 white soldiers with the shotgun and the black soldier with his revolver. So, by the winter of 1868, 15 year old John Wesley Hardin had killed 4 men and was wounded for the first time. But his killings did not stop there. By February of 1871, at the age of 17, John Wesley had killed 12 men. In March of 1871, John Wesley and his cousin Jim Clements took 1600 head of cattle and headed up the Chisholm Trail toward Abilene, Kansas. Along the trail they had a problem with some Mexican vaqueros that kept mixing their cattle with John Wesley’s. A fight broke out, which ended up with John Wesley killing 5 of the Mexicans. So within a day or two of his 18th birthday John Wesley had now killed twenty men. He arrived in Abilene Kansas around June 1, 1871. It was here in Abilene, at 18 years old, that he met Wild Bill Hickok who was the Marshall at the time. John Wesley and Wild Bill met, for the first time, in a wine room where they discussed the rules of carrying firearms in Abilene. They left the meeting as friends, and John Wesley was given a privilege that no other cowboys would get to enjoy. He wore his guns for all to see. On August 6, 1871 he fled Kansas, for Texas after accidentally killing a man in the hotel room next door. On January 11, 1872, John Wesley returned to Gonzales, where he met Jane Bowen at his cousin Jim Clements wedding. They were married on February 29, 1872 by a Methodist minister and Justice of the Peace) Thomas F. Rainey. She was 14 years old and John Wesley was 18. In April 1872, two months after the wedding, John Wesley left for two weeks to head to the King Ranch in South Texas, 175 miles from Gonzales, to conduct business. Upon leaving the King Ranch, Hardin remembered he had â€Å"one of the prettiest and sweetest girls in the county as his wife. † (Metz). He arrived home around 4 am that morning. On June 5, 1872, he left again for Louisiana to sell some horses, but while in Hemphill he got into an altercation with a local law enforcement officer, so he sold the horses there and went to his uncle Barnett’s’ in Polk County. By August of 1872, at the age of 19, Hardin had killed 29 men. John Wesley and Jane’s first child, Mary Elizabeth, was born 6th February 1873, when Jane was 15 years old. Their second child, John Wesley Hardin Jr. , was born 3 August 1875, and their third child, Jane Martina, was born 15 July 1877. Whatever her faults or her degree of naivete, Jane Bowen Hardin was an articulate young lady that maintained a strong love and defense of her husband. On May 26th 1874, at 21 years of age, John Wesley Hardin arrived in Comanche Texas, where Browne County Deputy Sheriff Charles Webb had come with 15 men to kill him. He met Deputy Webb outside the saloon where he asked him if he had any papers for his arrest and Deputy Webb replied that he did not have any papers for his arrest. John Wesley invited Deputy Webb to go into the saloon with him for a drink and cigar. When John Wesley turned around to go in the door, he heard someone shout, and as he turned he saw Deputy Webb go for his gun to shoot him in the back. Hardin drew and fired his gun hitting Deputy Brown in the head killing him, but not before he got a shot off that hit Wesley and wounded him. On 23rd July 1877, he was arrested for the murder of Brown County Deputy Charles Webb, three years after it happened. John Wesley Hardin left Austin jail in September of 1877, for Comanche, Texas, which was some 160 miles away, to stand trial for murder. He was found guilty of second degree murder and was sentenced to 25 years of hard labor in the state penitentiary at Huntsville. He arrived there 5th October 1878. During his prison term, he studied law and passed the bar exam. It was also during this time that his wife Jane died, on 6th November 1892. John Wesley was released from prison 17th February 1894, and was granted a gull pardon and his citizenship restored by Governor of Texas, J. S. Hogg. After his release, he joined his children in Gonzales where he began to practice law On 8 January 1895, he married his second wife Callie Lewis, of London Texas. She was 15 ? and he was 41. Within a week of their marriage, he sent her back to be with her parents. They never divorced nor had the marriage annulled. He moved to El Paso, Texas where he opened a law practice. John Wesley got into an argument with a local lawman named John Selman Jr. , when he arrested his girlfriend for illegally carrying a pistol. Hardin in his quiet and deadly way threatened to kill him. Selman’s father new John Wesley’s reputation as a fast and lethal gunfighter, having killed over forty men. So, fearing for his sons’ life, John Selman Sr, decided to take the law into his own hands and permanently stop Hardin from carrying out his threat. So, it was on 19th August 1895, in the Acme Saloon in El Paso, Texas, somewhere between 11pm and midnight that John Wesley Hardin, Texas’ most notorious gunfighter in American history life came to an end, shot in the back of the head while his back was turned, by John Selman Sr, while he was rolling dice at the bar. He never had the slightest chance to defend himself. Do I believe John Wesley Hardin was a cold blooded killer? No I don’t. I believe he was a product of the times and was very self aware with a strong sense of survival. I also believe he only killed, in self defense, those that needed killing Rest in Peace John Wesley Hardin Works Cited Hardin, John Wesley. â€Å"The Life of John Wesley Hardin. † General Books, 2009. 3. Metz, Leon. â€Å"John Wesley Hardin: Dark Angel of Texas. † Metz, Leon. Oklahoma: University of Oklahoma press, 1996. Foreward page 2. How to cite John Wesley Hardin, Papers

Understanding And Predicting The Social Behaviour †Free Samples

Question: Discuss about the Understanding And Predicting The Social Behaviour. Answer: Target Research Article Citation: Understanding and Predicting the social behaviour of the human has been the particular area of interest for many professors in the previous years. The main theme of the stated article is to understand and predict the human behaviour. According to the stated article, there has been assumption in humans that prediction of the social behaviour is best attained by the gratitude, salutation and capacity of intellectual variables. The notion of assertiveness is the central point in the stated article. A persons attitudes is said to be believed on the form in the response to the acquisition of some specific beliefs. Attitude can be viewed as the customary of views, and each view can be considered as the assumption of distinct attributes, as the individuals complete attitude in the direction of an object is the purpose of his or her assessments in accordance to those attributes. The study had done the examination of many current research practices that indicates that the researcher elect for a cognitive-based survey outline in order to examine what is going on exclusively in peoples minds. It has also done the comparison of the Ajzen and Fishbens attitude-based survey methodology to Labaws behavioural approach and the study found that the predictive approaches of both the studies were equivalent. The stated article outlines that the physical aspects of the peoples lives over which they have little influence but the aptitude of the persons counter in confident ways, irrespective of their outlooks. Article cited by Research Article One of the article cited by Gendall and Holdershaw 2008, is the measurement of attitudes, written by J.A. Krosnick, Charles M Judd and Bernd Wittenbrink. The article focuses on the measurement of attitudes of the human beings. According to the said article, the notion of outlook has changed from being unstated as a mental and neural state of readiness which is applying influence on the response of an individual in the direction of object or circumstances to being assumed as simply a persons assessment of an object of thought. The article states that an attitude is also a multi-dimensional in nature. The article outlines that the expectation of behaviour is best recognised by the understanding and measurement of the cognitive variables. The most fundamental assumption regarding the attitude concept is the philosophy that attitudes in some way influence, guide, predict, and shape the humans actual behaviour. A human behaviour theory attributes the great importance to the role of attitudes in predicting and explains the human behaviour. The study also outlines that people do not behave consistently in different situations with their measured attitudes. Thus, it stated that attitudes are not always consistent with the overt behaviour. An individuals attitude is believed to be developed in response in the acquisition of specific beliefs. Article cited by Research Article According to this article, the Fishbein and Ajzen models are more strongly supported in laboratories than field studies. The study reported that the main distinction between the Azjen and Fishbein approach regarding predicting behaviour lies in the nature of the questions which was used to formulate the questionnaire. It describes that the questionnaire developed by the Azjen and Fishbein includes the utilisation of numerous questions utilising the standard attitude scaling procedures and also the sematic differential. The theory of social behaviour is a theory that connects the beliefs and behaviour. According to Liska 1984, the concept of Ajzen was established to advance on the prognostic power of the theory for the coherent action by counting the apparent behavioural control. According to the study, the concept of reasoned action is a paradigm that finds its roots on the arena of social psychology. It outlines that there are links between the principles, approaches, norms, purposes and behaviours of the persons. It also affirms that the behavioural trust of an individual is the personal likelihood that the performance will produce to give an outcome. It also asserts that a person many hold many behavioural beliefs with respect to any behaviour, but only a small number could be readily manageable at a specific moment. Article citing targeted research Article The main objective of the above cited article was to recognize and designate the amount to which the theory or the theoretic frameworks learned the expansion and assessment of decision support technologies. The study was grounded on the decision technologies used in the educations convoluted in the Cochrane systematic review. The cited article done the enquiry which was based on the decision technologies involved in the review of the patient decision aids for the individuals facing health screening and treatment decisions. The articles states that the terms theory and model are often confounded and are associated with an overwhelming wide of definitions. Theories propose to elucidate the rules by which the consequences are attained. The article states that health conditions are often linked with several treatments and each of them has its own sets of harms and benefits. The decision to embark on a treatment or the screening depends on the dissimilarities among the harms and benefits of each option and how these are appraised by patients. The stated article concludes that the use of decision making theory in the DST improvement is poorly described in the previous theories. Article citing targeted research article The main motive for the preparation of the cited article is to define the level of students willpower, arrogance and introductory class attainment scores of Duzce University. The study also intended in distinguishing the variances in the students inspiration level and their annual accomplishment scores. The stated article uses a quantitative method of research. It also employs the correlational research design for the study. The study states the students of Duzce University are majorly motivated towards learning English and they dont make or take necessary steps or efforts in fulfilling their responsibilities. The study also identified that the connection between the contributory orientation and the annual accomplishment among the quantified college students are low. The giving of prominence to contributory orientation is not disturbing the proficiency of the students. The article outlines that students of the stated university must be fortified to set objectives on short-term founda tion which will allow them to operate the study in real life. References The Relationship Between Preparatory Class Students Motivation And Attitude Towards Learning English And Their Preparatory Class Achievement Scores. Http://Dx.Doi.Org/10.13140/Rg.2.2.27550.74565 Durand, M., Stiel, M., Boivin, J., Elwyn, G. (2008). Where is the theory? Evaluating the theoretical frameworks described in decision support technologies. Patient Education And Counseling, 71(1), 125-135. https://dx.doi.org/10.1016/j.pec.2007.12.004 Liska, A. (1984). A Critical Examination of the Causal Structure of the Fishbein/Ajzen Attitude-Behavior Model. Social Psychology Quarterly, 47(1), 61. https://dx.doi.org/10.2307/3033889 Krosnick, J., Judd, C., Wittenbrink, B. (2005). The measurement of attitudes. The Handbook Of Attitudes, 21-76. Holdershaw, J., Gendall, P. (2008). Understanding and predicting human behaviour. Retrieved from https://www.researchgate.net/publication/228475561_Understanding_and_predicting_human_behaviour