Individual Success and Importance of EI and CI - 1587 Words

There are number of factors that contribute to the success of an individual. These factors include but are not limited to emotional intelligence, cognitive intelligence, proactive personality and level of commitment. The topics of emotional intelligence and cognitive intelligence are popular for the researchers in the last few decades (Rao 2006). There are number of notations and abbreviations used for both such as CI, IQ, EI and EQ. This essay will use the abbreviations of EI and CI for emotional intelligence and cognitive intelligence respectively. Kreitner and Kinicki (2013) refer to EI as the ability to manage oneself and social relationships in mature and constructive ways. CI is another form of intelligence that represents the†¦show more content†¦EI comprises of those competencies that employees require to overcome such potential negative outcomes to positive organisational outcomes. Furnham, McClelland and Mansi (2012) conducted an interesting research which allows e mployees of the organisations to select their boss hypothetically on the basis of four factors (age, sex, EI and CI). Results of this survey show that there is no significant preference for gender or age of a boss but a strong preference for high EI and CI, with EI more powerful that CI. EI helps individuals to achieve job satisfaction by controlling their negative and positive emotions. Furthermore, personal and social competencies can be developed through EI skills such as self-awareness, self-management, social-awareness and relationship-management. Many researchers (Rao 2006) believe that professions with higher CI scores are not only successful individually but also have traditionally performed at the top level in all areas including business leadership. Colfax, Rivera and Perez (2010) negate this notion and illustrate that not all who have a high CI are successful neither not all those who are successful have a high CI. Bradberry and Grieves (2009) conduct a research and their calculations show that EI is â€Å"the single biggest predictor of performance inShow MoreRelatedProject Management and Innovation Past and Future4513 Words   |  19 PagesPrior to the protestant reformation most people saw work either as a necessary evil, or as a means to an end. For Protestants, serving God included participating in and working hard at worldly activities as this was part of God’s purpose for each individual. From the perspective of the evolution of modern project management, these ideas were incorporated into two key philoso phies, Liberalism and Newtonianism. 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John Locke Explains Economic Inequality - 844 Words

In his Second Treatise of Government, John Locke creates an argument that details how individuals attain private property and how some can end up with more property than others. He attempts to justify the resulting economic inequality, but is unsuccessful, failing to address many of the problematic issues that arise from his claim. Locke begins his explanation of private property by establishing how individuals come to possess property separate from the common resources of mankind. The defining feature of a piece of private property is labor, as the individual who performs the â€Å"labour that removes [the good] out of that common state nature left it in† makes the property his own (V. 30). According to Locke, the common resources of nature are open to all mankind, but a good becomes an individual’s own when a person performs some sort of labor on it. This stems from his idea that industry is an extension of self-ownership – people have natural rights of their own being, and extending these personal rights through work is how people come to own other things. Labor is what establishes ownership of a good, and as long as the amount of property taken is within a reasonable and modest amount, people are free to take what resources they must from the Earth. Although Locke argues in favor of the possession of private property, he emphasizes the point that it is â€Å"dishonest† for a man â€Å"to hoard up more than he could make use of† (V. 46). When people take property in excess, perishableShow MoreRelatedJohn Locke and Commercial Capitalism1697 Words   |  7 PagesPolitical philosopher John Locke ideas and theories serve as a foundation in our democratic world. In the Second Treatise of Government sovereignty is placed in the hands of the people. Locke argues that everyone is born equal and has natural rights in the state of nature. 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Corporate Accounting Business Responsebility and Activities

Question: Describe about the Corporate Accounting for Business Responsebility and Activities. Answer: 1. Part A [1]In the recent times, the increasing numbers of companies globally have led to the importance of issuing environment and social reporting for the increasing interest of corporate social responsibility activities initiatives taken by the company. It is often criticized that several companies are known to cause social problems and can bring animal in the environment through pollution, violation of workers right, depletion of resource and increased carbon emissions. The increasing attention of these issues has been brought into the public sphere. Due to the aforementioned problems, the reporting of corporate social performance has become one of the most crucial activities in reporting of environmental and social report[2]. The management has taken several steps to increase the lack of reliance on information that is voluntarily issued by the companies and its actual contribution made in the society. The motivating factors in general include the economic considerations of the company. The reporting of CSR activities have a significant amount of impact on the reputation and brand management as CSR acts as following up of the social responsibilities internally. The CSR activities are further observed to bring transparency in the ethical considerations[3]. Several Australian companies such as British American tobacco Australia Limited, Philip Morris Australia Limited and Imperial tobacco Australia Limited are known to engage in reporting of CSR activities for ethical sensitive activities performed by the company[4]. As per the companys corporate report the principal message behind degeneration of the environment report is to measure the base management and energy consumption from the manufacturing of the p roducts. Some of the companies motivating factors are also seen in building improve relationship with the government by having stringent procedures for controlling carbon footprint and reduced pollution[5]. It is important to note that the process of CSR reporting is more prominent in the environmentally sensitive industries, which has to deal with several types of ethical issues and use CSR as a means of communication with the stakeholder via media and SRI investors. Hence, we can see the motivating factors of the CSR have been observed not only for reporting to the government about the ethical adherence but also the stakeholders are able to know about the several types of the ethical initiatives taken by a company. The overall motivating factor of the CSR reporting has been seen in increased shareholder value and access to capital[6]. The CSR reporting has also led to improvement in reputation and brand management of the company as a whole. Based on several research techniques it is interesting to note that the motivating factors change from industry to industry[7]. For example, the motivating factor in environmentally sensitive industry is seen with increased value of the shareholder and access to capital. On the other hand, the supply chain sensitive industrys motivation for environment reporting is done for the purpose of reputation and brand management. The industries, which are related to ethical sensitive issues the most important motivating factor is seen in the risk management. Lastly, the corporate governance sensitive industries have the motivating factor through increased access to capital and shareholder value. These industries are often able to improve their reputation and brand management through the disclosure of a strong environment reporting[8]. Part B The vision of the company is to be among the most successful enterprise and fulfill the requirements of the customers by making available. The vision of the company also includes the inclusion of the best technology. The analysis of the corporate sustainability report 2013 of the Toyota Motor Corporation shows the incorporation of technologies such as plug in hybrids (PHV), electric vehicles and vehicles running with fuel cell [9]. The mission statement of the company aims to develop the technologies in reducing the energy requirement and diversifying the energy requirement. The company has taken several initiatives in the production and the logistics activities focusing on reducing the carbon footprints and CO2 emissions[10] According to the sustainability report, Toyota Motor Corporation has engaged itself to define the future mobility as a part of the social system specified under WBCSD. The two pillars of the company for the motto of continuous improvement and respect for the people is associated to all the stakeholders of the company. This is respect to the character and the capabilities of the employees as then individuals. This is also relevant with facilitating the personal achievements on the basis f the linking of the personal growth of the employees associated to the performance of the company. Toyota further works to take into consideration the viewpoint of the stakeholders and undertaking the measures to show the views in the management. The corporate governance statement given in the sustainability report shows the company works to build a positive relationship with the stakeholders and the shareholders [11]. The governance mechanism to address the sustainability was emphasized with frontline operations and monitoring based on multi directional approach of the shareholders with the audit and the supervisory board. The company also works with the International advisory board and the various types of the labor management council. The governance mechanism works on positioning of a stable and long-term growth for the purpose of the top priority in the management. As per the corporate governance report Toyota motor Corporation believed on a global vision which focused on the sustainability of both environment and society. The company has taken major initiative in manufacturing and development of environmental friendly hybrid vehicles. Furthermore, it has taken several types of initiatives for the social contributions, which focused on traffic safety and education[12]. These activities are based on centered focus on the automobile manufacturing and designing of vehicle technologies, which will help people in a wider community to bring happiness among the society as a whole. Furthermore, company has taken several initiatives seeking global harmony with people, environment and society through monazukuri. Some of the contributions of the company towards the society and environment include manufacturing of eco-cars, which aims to improve the global average relative efficiency. The company has also contributed in several ways for reducing the CO2 em issions by promoting integrated energy management initiatives and energy-saving production technologies[13]. 2. In the books of Matthew Ltd. Statement of Profit Loss and Comprehensive Income:- for the year ended on 30th June,2016 Particulars Note Amount ($) Sales Revenue 5,000,000 Other Operating Revenue - Total Revenue 1 5,000,000 Cost of Sales: Raw Material Used (2,200,000) Add : Change in Inventories of Work-in-Progress (125,000) (2,325,000) Less: Change in Inventories of Finished Goods (60,000) (2,265,000) Gross Profit 2,735,000 Employee Benefit Expense (950,000.00) Depreciation Expense (226,000.00) Amortization - Plant (25,000.00) Rental Expense (70,000.00) Advertising Expense (142,000.00) Insurance Expense (45,000.00) Freight Expense (133,000.00) Doubtful Debts Expense (10,000.00) Other Expense (8,000) Net Operating Income 1,126,000 Interest Income 22,000 Sundry Income 25,000 Earnings before Interest Taxes 1,173,000 Finance Cost 2 (30,000) Profit Before Income Tax 1,143,000 Income Tax Expenses 3 (320,000) Net Profit for the Period 823,000 Other Comprehensive Income/(Loss): - Total Comprehensive Income for the Period 823,000 In the books of Matthew Ltd. Statement of Change in Equity for the Year Ended 30/06/2016 Particulars Share Capital Retained Earnings Opening Balance as on 1/07/2015 1137000 310000 Add : Total Comprehensive Income for the Period 823,000 1,133,000 Less : Dividend Paid 210000 923,000 Add : Dividend Reinvested 41000 964,000 Less : Deferred Cash Flow Hedge 65000 Closing Balance as on 30/06/2016 1137000 899,000 In the books of Matthew Ltd. Balance Sheet:- for the year ended on 30th June,2016 Particulars Amount Amount ($) ASSETS:- Cash 4,000 Cash on deposit, at call 80,000 Trade Debtors 495,000 Less : Allowance for Doubtful Debts 18,000 477,000 Other Debtors 27,000 Closing Balance of Raw Material Inventory 320,000 Closing Balance of Finished Goods Inventory 385,000 Total Current Assets 1,293,000 Land 94,000 Buildings 220,000 Less : Accumulated Depreciation - Land Buildings 52,000 168,000 Plant Equipment 1,380,000 Less : Accumulated Depreciation - Plant Equipment 320,000 1,060,000 Patent 140,000 Less : Accumulated Amortization - Patent 50,000 90,000 Goodwill 620,000 Total Non-Current Assets 2,032,000 TOTAL ASSETS 3,325,000 Equity Liabilities: Bank Loan 92,000 Other Loans 450,000 Trade Creditors 452,000 Provision for Employee Benefit 120,000 Income Tax Payable 35,000 Deferred Tax Liability 140,000 Current Liabilities 1,289,000 Long Term Liabilities - Non-Current Liabilities - TOTAL LIABILITIES 1,289,000 Share Capital 1,137,000 Retained Earnings 899,000 Total Equity 2,036,000 TOTAL EQUITY LIABILITIES 3,325,000 Notes to the income statement of Matthew Limited: Matthew Limited is an Australian manufacturing organisation and aims to operate in the market for earning profit. The statement of comprehensive income has been developed based on the financial transactions for 52 weeks, which ends at 30th June 2016. The directors of the organization have assigned the authority to publish the statement. Compliance statement: The income statement has been prepared for common purpose, which is formed to comply with the AASB 101. The revenue has been disclosed to comply with the AASB 138 arising from the sales of the products and other operating revenues. The revenue is recognised and recorded at the fair amount, which is received or receivable. However, it needs to fulfil the criteria of recognition, which is discussed as follows: Sales Revenue: Revenue could be realised at the time the ownership rewards and risks have been transferred to the purchaser, which could be gauged reliably. Finance cost: The cost of finance is realised as expenditure, at the time it is attributed to big projects with adequate development and stages of construction. Income tax expense: The income tax expenses are calculated by looking at the current tax rate payable to the Australian tax authorities. Income from other sources: The income from other sources has been presented in the statement of comprehensive income to meet the disclosure requirements, as stated out in AASB 101. Notes to the balance sheet statement and statement of changes in equity: The statement of balance sheet and change in equity has been prepared to meet the global IFRS standard and satisfy the recognition criteria of AASB 101. These are discussed as follows: Plant and Equipment, Land and buildings: The plant and equipment, land and buildings are valued after deduction of depreciation charges based on the residual values and economic lives. Intangible assets: The intangible assets are valued after accumulated amortisation rates based on the residual values and assumed to have finite economic lives. Equity capital: The equity capital is valued after the consideration of dividends, retained earnings and amount raised from share capital. 3. In the Books of Mackay Ltd. Current Tax Worksheet for the year ended 30/06/2018 Particulars Amount Amount Profit before Tax 60000 Add : Entertainment Expenses 1800 Depreciation on Buildings 800 2600 Less: Depreciation on Plant: Depreciation for Taxation 7500 Depreciation for Accounting 5000 2500 Net Taxable Profit 60100 Tax Payable 18030 Journal Entry:- Income Tax Expense A/c. Dr. 18030 To, Income Tax Payable A/c. 18030 Income Statement A/c. Dr. 18030 To, Income Tax Expense A/c. 18030 Workings: Closing Allowance for Doubtful Debts 5500 Less: Opening Allowance for Doubtful Debts 4000 Allowance for Doubtful Debts for the period 1500 Closing Provision for Long Service Leave 6000 Less : Opening Provision for Long Service Leave 4500 Long Service Leave Expense for the period 1500 Closing Provision for Annual Service Leave 4000 Less : Opening Provision for Annual Service Leave 3000 Annual Service Leave Expense for the period 1000 Closing Rent Received in Advance 2500 Less : Opening Rent Received in Advance 2000 Additional Rent received in Advance 500 Reference List Belal, A.R. and Momin, M., 2009. Corporate social reporting (CSR) in emerging economies: a review and future direction. Research in accounting in emerging economies, 9, pp.119-143. Benn, S., Dunphy, D. and Griffiths, A., 2014. Organizational change for corporate sustainability. Routledge. Deegan, C., 2012. Australian financial accounting. McGraw-Hill Education Australia. Epstein, M.J. and Buhovac, A.R., 2014. Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Kim, C.H. and Scullion, H., 2013. The effect of Corporate Social Responsibility (CSR) on employee motivation: A cross-national study. The Poznan University of Economics Review, 13(2), p.5. Lacey, R., Kennett-Hensel, P.A. and Manolis, C., 2015. Is corporate social responsibility a motivator or hygiene factor? Insights into its bivalent nature. Journal of the Academy of Marketing Science, 43(3), pp.315-332. Lanis, R. and Richardson, G., 2012. Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 31(1), pp.86-108. Skudiene, V. and Auruskeviciene, V., 2012. The contribution of corporate social responsibility to internal employee motivation. Baltic Journal of Management, 7(1), pp.49-67. Supanti, D., Butcher, K. and Fredline, L., 2014, December. Understanding Managers' Engagement with Corporate Social Responsibility (CSR) in the Thai Hotel Sector. In Proceedings of the International Association for Business and Society (Vol. 25, pp. 91-96). Toyota-global.com. (2016). [online] Available at: https://www.toyota-global.com/sustainability/report/sr/pdf/sustainability_report13_fe.pdf [Accessed 7 Sep. 2016]. Toyota-indus.com. (2016). Vision Mission | Toyota Indus. [online] Available at: https://www.toyota-indus.com/corporate/company-profile/vision-mission/ [Accessed 7 Sep. 2016]. Zeiller, M. and Schauer, B., 2011, September. Adoption, motivation and success factors of social media for team collaboration in SMEs. In Proceedings of the 11th International Conference on Knowledge Management and Knowledge Technologies (p. 4). ACM.

Audit of Alex Blenheim Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Audit of Alex Blenheim Pty Limited. Answer: Internal Control System Meaning The methods which are applied by an entity and which give promise to accomplish the aims and objectives set by an entity from its business processes are called as internal control system of an entity. It helps in attaining the goals of efficient and effective reporting by management and auditor about the affairs of the company, proper and timely compliance of rules and regulations lay down by government. Internal Control Weakness The internal control weakness is defined as a deficiency in the systems designed and employed by an entity to ensure effectiveness in the working of an entity in relation to aim and objectives set by an entity. In the given case of Alex Blenheim Pty Limited, to assess the weakness in internal control system firstly the assessment of internal control environment and its effect on company policies and procedures is require to be done. Evaluation of Clients Internal Control Environment The control environment of an entity is base for efficient and effective reporting of the financial and non financial matters to the stakeholders of entity both internal and external for achievement of aim and goals set by strategic objectivities if an entity and it is the foundation of effective control system in an entity. The Alex Blenheim may objective is to reduce the cost of goods to company including the overheads costs or by achieving the high volume of sales as the company is low margin company. The company is planning to reduce the levels of inventory, early receipts from debtors and early payments to creditor to increase the working capital margins of the company. The company is maintaining very goods internal control policies in relation to Inventory of Raw Material, Work in Process and for finished goods. The company is maintaining the computerized system of internal control of inventory. It contains all the five elements which are required for good internal control system. The elements of good internal control systems are Control environment, Entitys risk evaluation process, information system, control activities and review of internal controls to reduce the weakness of controls are presents in company internal control policy of inventory.(Scaldeo,2013) Weakness in Internal Controls of Company in respect of Inventories A good internal control in relation to inventory involves the controls which enables an entity to: Prevent inventory from loss of wastage and theft Make certain that an entity is complying with policies lay down by management of the company and compliance with applicable laws All the employees are working with the aim to make control system effective and assessment of their work Guarantee about the reasonable results with accurate financial information and financial reports. If any of the above is followed in making controls of inventories, there is weakness in controls relating to Inventory. The following are weakness in the internal control of inventory in Alex Blenheim Company: No Substitution in case Computerized System failure The Alex Company is majorly depending on its computer system for controls in relation to inventory. In case of electricity failure the computerized systems will not work resulting in temporary failure and company is not able to ascertain any of the information. Codes in Master File The process get terminated when the codes are not matched with master file result in failure of scanning process by store staff. Also if production controller fails to judge and update any of the details relation to stock code, supplier codes or sub contractor codes then the inventory cannot be processed in the system maintained by company making it most important weakness of internal control of company. Non review of Duties of Segregated staff- There is no review policy adopted by the company so the accuracy of the data entry by different personnel of the company cannot be checked and may result in frauds and errors. Training cost In the given system of the control of inventory the training cost of different staff relating to stores for raw materials and finished in addition to the staff for production and accounting. To ensure that the job done by each personnel is perfect a proper training is require for each employee which increases the costs to the company and defeating the main object of reducing the cost of company Impact Of Weaknesses In Internal Control The weakness could impact the working of an entity and hampers the ultimate objective of the company which the company is required to achieve by implementing the controls systems. The weakness can damage the effectiveness and efficiency of business control environment which are root causes for business risks in any business. The major impacts of weakness are: Frauds and error The non existence of any particular code for an inventory results in failure of process and the employees can collide and create the burglary of inventory at different levels at store level of raw material and finished goods. Also if the employee punched the wrong code then also there are chances of errors in valuation of inventory. Corruption of Data In lacking of reviewing the work of employee, there may be high chances of inaccurate reports and financial data generated from inventory systems. Less assurance from Government authorities- By having weakness in control systems of a company, the government authorities is not able to create reliance on the compliance system of an entity. Non efficient employees- Since the efficiency level is not measured by company by any tools then there are chances of having non efficient employees in an entity and they will not work in accordance with aim of reducing the cost of carrying an inventory. (Strand ,2014) Steps Taken To Reduce The Imapct Of Risk In Internal Control System The following are the steps taken by an entity to reduce the impact of risks in internal controls: Review of the work of the staff in the company after particular interval by the managers of the company to whom the subordinates report. Checking of work of production controller and account clerk in relation to master file amendment particular period by another higher manager of the company. External Audit by qualified professional of the internal control policies of the company on periodic basis in addition to review on financial statements. The unbiased outside third party helps in identification of errors and inconsistency present in the control systems which can help the management to know the accuracy of the financial data. Proper Documentation trail is required to maintain for each every time like proper records to maintain for recording of the stocks which are not mentioned in master file. (Feng,2014) References Feng, M., Li, C., McVay, S. E., Skaife, H. (2014). Does ineffective internal control over financial reporting affect a firm's operations? Evidence from firms' inventory management. The Accounting Review, 90(2), 529-557. Salcedo, C. A. G., Hernandez, A. I., Vilanova, R., Cuartas, J. H. (2013). Inventory control of supply chains: Mitigating the bullwhip effect by centralized and decentralized Internal Model Control approaches. European Journal of Operational Research, 224(2), 261-272. Strand L, (2014) , 10 Common Internal Control Deficiencies Found in Small Business available at https://www.lbahs.com/blog/bid/397513/10-common-internal-control-deficiencies-found-in-small-businesses accessed on 06/05/2017