Auditing Essay Example | Topics and Well Written Essays - 1000 words - 1

Auditing - Essay Example A high net profit margin indicates that a company converts its sales into profits fast. The net profit margin also considers costs associated with the sale of products. There are several factors which triggered a decrease in the net profit margins. They include: a. Inventories Even though, a company treats inventories as an asset in the balance sheet, the cost of sales are not reported until a sale is actually made. Therefore, it is possible to calculate the cost of sales in inventories. However, market fluctuations can reduce the value of inventories which in turn lead to devaluation of net profit margins. An economic slowdown leads to slow moving inventories and decreases company sales and causes a negative impact on net profit margins. b. Price changes Changes in price affect the number of units sold which in turn influences the profits. It is challenging to price items correctly especially in a perfect market. Therefore, the price point of a product is a primary factor responsibl e for decreasing net profit margin. A decrease in price may in turn cause a decrease in net profit margins. c. ... Examples include rent, salaries and depreciation expenses. Even though, these costs do not change based on the volume or production and sales, they still influence the net profit margin. The gross profit margin is calculated as gross profit as a percentage of sales. According to Pamela and Frank (2010), an increase in gross profit margin from one period to another can be caused by one of the following factors: a) Increase in sales volume which in turn affect sales and the cost of sales b) Increase in sales price which affect sales revenue c) Reduction in the cost of production which affects cost of goods sold. Q2- Transactions or accounts that require additional audit effort The following are the transactions or accounts which require additional audit effort based on question one above: Revenues Operating expenses Inventories Cost of goods sold Q3- Additional Audit work In some situations, an auditor may perform additional procedures in order to determine the reliability of the under lying data (Spencer 2010). The auditor should get evidence from multiple sources depending on the risk of material misstatement and the quality and quantity of audit evidence required. Obtaining evidence from different sources or types increases the level of assurance. The additional audit procedures may include Computer-assisted audit techniques (CAATs) and substantive tests. CAATs help in identifying anomalies from the selected items. However, audit evidence may be gotten from items not selected since the auditor uses professional judgment. Substantive tests entail the activities performed by the auditor during the audit so as to obtain evidence regarding the completeness, validity and accuracy of the account balances and the

G & P Trucking Company, Inc Assignment Example | Topics and Well Written Essays - 1000 words

G & P Trucking Company, Inc - Assignment Example Apart from these, G&P holds various service awards for deliveries to Eastman Chemical, Wal-Mart and W W Grainger etc. in addition to service awards for commendable service provided, G&P also holds more than 40 safety awards since the year 2000. Further strengths for G&P lay in their operations systems. They have a dense infrastructure system equipped with secured trailer storage, 24/7 central dispatch, repower capabilities, a dense terminal network, pioneering enterprise software, local dispatch at port terminals, mobile satellite communication capabilities, customized reporting and web tracking etc. ii. Weaknesses However, there are still weaknesses that G&P has to face as well. There is a driver shortage because drivers have moved to construction and warehousing jobs. This is because drivers that are employed are required to put in long hour which results in them spending more time on the job than they get to spend at home or otherwise in leisure activities. 14 hours of duty is req uired in a day’s work of which 11 are driving hours. iii. Opportunities G&P faces opportunities from the external environment in the form of the room for growth in the trucking and freight business. Since there is a lot of demand for reliable freight companies that actually provide the quality service that they claim to provide in this globalised world, G&P has great potential for further growth and success. iv. Threats Threats from the external environment include rising fuel costs. There is a base rate for fuel that is almost always non-negotiable. Trucks average 5 miles per gallon and there is no compensation for fuel costs for any empty miles driven or when the drivers stop to rest. There are also hurdles associated with government and agency regulations which sometimes make it difficult for a trucking company like G&P to operate by erecting bureaucratic barriers which slow operations down. (Trucking-How Hard Can It Be?). 2. Environmental Analysis i. External environmenta l Factors When conducting an analysis of the external environment we look at the competitors to G&P. There is Atlantic Trucking Co, Inc. and F & I Trucking Corp. Between the two of them Atlantic Trucking Co poses a bigger threat of competition to G&P Trucking because they have been operating for roughly the same number of years in the same industry, with experience and results almost at par with each other. However, ATC’s operations may be considered more expansive in terms of types of service provided. ii. Current State of Business Target Markets According to an article in USA Today, the trucking industry is facing some difficulties, mostly because of the driver shortage. The U.S government has predicted an increase of 31% in the amount of haulage sent by road from 2005 to 2117 and with a shortage of drivers, the trucking industry will find it hard for this increased workload to cope with. (Glen Creno and Dennis Wagner, 2008). iii. Evaluation of current Marketing Objectives and Performance The trucking industry should join the herd of business entities using the internet and social media to promote and market themselves. Websites and social media websites can be used to more effectively reach out to prospective customers and employees alike. Many trucking companies have improved their current performance by improving their operating costs. G&P trucking needs to further align this area to changes in

Is Utility consistent with Justice Essay Example | Topics and Well Written Essays - 1750 words

Is Utility consistent with Justice - Essay Example ssary to differentiate Mill’s definition and perspective of utility and justice from other definition and perspective of the word to make the answer of the question â€Å"Is Utility consistent with ‘Justice’?† to be consistent as intended by John Stuart Mill and understand that indeed utility is consistent with justice. Utility or utilitarianism and justice is a philosophical and social construct defined by many philosophers and social thinkers. Utility or utilitarianism itself was not an exclusive idea of Mill but was also shared by Jeremy Bentham. Bentham first gave the idea of utilitarianism in his introduction to the Principles of Morals and Legislation in 1789. In his introduction, he proposed the â€Å"principle of utility† which later evolved and popularized as â€Å"the greatest happiness principle† as also adopted by Mills as the ideal guidelines in making decisions involving individual and society as a whole quoting â€Å"By the principle of utility is meant that principle which approves or disapproves of every action whatsoever, according to the tendency which it appears to have to augment or diminish the happiness of the party whose interest is in question1†. The â€Å"principle of utility is [also] open to the objection that it may well sacrifice the rights of the minority for the sake of the happiness of the majority2†.  It follows then that Mill entertains the idea of expedience in his idea about utility for the sake of the happiness of the majority. John Stuart Mill did not only subscribed to this idea of Bentham but expanded its meaning as a collective nomenclature for society’s social utility which is necessary in fostering and protecting human liberty3 . Mill recognizes that there exists a possible conflict between utility and justice and that it has always been â€Å"one of the strongest obstacles4† for utilitarianism to become totally acceptable. To reconcile this conflict, Mill proposes to approach the problem through a conceptual

EMERGENCY assignment for the subject Accounting and Management. Writer Essay

EMERGENCY assignment for the subject Accounting and Management. Writer MUST be ON TIME. Writer needs to send me outline or some ideas before start working - Essay Example Knowing management and its ultimate test would allow us to evaluate the authors’ statement. It has been said that every organization requires the making of decisions by difference people in organizations, the coordinating of activities, the handling of people by those given the power and the evaluation of performance directed toward group activities.2 Such activities could be called management and its ultimate test of its success could be found in the â€Å"actual, long-run performance and operation results in the competitive market.†3 This success could only come through the efforts of people which should induce one to say that management does not operate in isolation with people. In management, some need to be leaders and some need to be followers to bring the organization into attaining its objectives in serving the interest of the community. Hence the concept of organizational culture is also an indispensable topic in the development of management theory. How do we appraise management then? How can we say whether management may be doing what it is suppose to achieve? The simple answer to this is that they must be bringing to people in attaining organizational objectives which are measurable. The actions of such successful management must influence or encourage others to follow their foot steps. They must impel people to action. This precisely was the finding of Peters and Waterman in their book ‘In Search for Excellence.’ This impels us therefore to know these attributes that characterized successful companies according to Peters and Waterman and from which we could learned. Massie summarized them as follows: (1) they are action oriented. (2) They are close to the customer. (3) They seek autonomy and emphasize entrepreneurship. (4) They focus in production through people. (5) They emphasize underlying values and try to use values in practice. (6) The â€Å"stick

Personal Narrative of (In)Civility Statement Example | Topics and Well Written Essays - 1250 words

Narrative of (In)Civility - Personal Statement Example Although I have been through many experiences of civility in my life, I would, here, narrate an experience when a person acted uncivil toward me. This experience is important for me as I learnt a very good lesson which benefitted me many a times after that. I was driving with my dad to the beach on a hot summer day when our car got stuck in traffic. It was a holiday and, thus, most of the people were out. Our car was at a signal. On green light, the driver in front of our car did not move. My dad has always been very against rudeness but, still, he kept his nerves. We got out of the car, and went to the driver. I saw that he was trying to grab his cell phone from the back seat that his kid has thrown there. â€Å"Excuse me! The signal is green from ages. Will you mind moving? The whole traffic is waiting for you to move on, and you seem like not caring at all,† my dad asked him. â€Å"Yes, I will mind moving until I grab my phone. You’d better stay back,† he repl ied with much arrogance. â€Å"How rude that is!† dad exclaimed, â€Å"Don’t you know you are bugging others in the line?† â€Å"No, I don’t!† he shouted at dad, â€Å"I’ll move, just go, I know I don’t have to stay here forever, as I am not that free as you are. Hey Jimmy, did you find the damned phone?† This time he shouted at his kid, who looked puzzled and was at the verge of crying. The signal had already turned red again. I felt bad as I was very excited about getting to the beach as soon as possible. My dad wanted to end the situation without any quarrel. He is basically a very polite person, who never gets rude to anybody without reason. But he looked annoyed, and this annoyed me. I wanted to punch that man right in his face. He really wanted some lesson. But I kept silent, and let my dad talk. â€Å"Hey man,† Dad said loudly this time, â€Å"I won’t allow you to be rude to me. Move your car right now. Ià ¢â‚¬â„¢m getting late.† Everyone was giving horns and shouting at us to move. I could see all other drivers staring at us. The man had found his phone by then. He grabbed the phone while still shouting at his kids. He gave us a wave with his hand with a look as if trying to tell us to shut up. I heard him say, â€Å"Piss off, you old man!† â€Å"What did you just say?† Dad asked. â€Å"You would know if you were travelling with little kids in the car, you old man!† shouted the man while trying to concentrate upon his keys. That infuriated my dad, but I held his arm and told him not to indulge in quarrel. I could sense him getting furious. The man turned his ignition on, and moved away with a jerk staring at us which was even more exasperating. We could also see him staring from his back view mirror. However, we, at once, got into our cars and moved away from the scene to unblock the traffic behind us. We, then, talked about road sense and driving tips. I c ould see that my dad was trying to make me learn how to be conscious on road. We reached the beach, but we were no more enjoying. It was as if something had taken our excitement away from us. That was definitely the negativity of that man’s rude behavior, which kept bugging us the whole day. We tried to have some fun, and that we did, but we could have enjoyed much more if we had not encountered that rude man. When we got home, my mom could sense that something was wrong. I stayed quiet, but dad told the whole story to mom, who also felt annoyed and angry at that man’

Using Calculus in curves for bridges, tunnels, and more (engineering) Research Paper

Using Calculus in curves for bridges, tunnels, and more (engineering) - Research Paper Example examine the role of calculus in physics at large and specifically determination of the use of calculus in the development of bridges, tunnels as well as curves. There is high level of integration of calculus within the entire discipline of physical sciences. (Charles, R. I. 2005)This can be found in both physics as a physical science and biology as a physical science. One can also be able to find calculus in statistics and all the disciplines that relate to it, engineering and its entire spectrum, in economics, business as well as in medicine. Other areas that has witnessed the exploitation of the use of calculus include modern development. By modern development, it is important to appreciate that areas such as architecture rely extensively in the use of calculus. Another are of modern development is the field of aviation. In this area, calculus are used extensively as this paper will try to reveal in the subsequent pages. From this end, the study shall examine specific areas and also try to elaborate the importance of the use of calculus in those particular areas. The first most important area where calculus has been extensively used is â€Å"finding the slope of a curve†. There is a generalized method that can always be used to find a slope of a curve. Usually, this require particular formula of operation. Calculus can always provide a tried and tested formula for this with almost absolute accuracy. The nature of the slope is that it is always fairly elementary. By the use of some algebraic formulas, this can always be determined without any problem. To find the steepness of such a slope, there is a need to utilize calculus in determining such slope. Finding the steepness of a slope can be important in a lot more areas of the study. For example, in civil engineering, construction of roads and bridges will rely on the ability of the engineers to calculate the steepness of a given place. This would enable them determine what actions need to be taken on

Benefits of Family Counseling Essay Example for Free

Benefits of Family Counseling Essay This is a very arguable statement, and there are many reasons for it to be. I believe that the reasons for family counseling completely out weight the reasons why some families shouldnt participate in it. Family counseling is often looked at as a tool to help families with problems, but counseling can be helpful to everyone. Counselors try to help with all scenarios of life, work, school, friends, etc. Even if you are a pretty balanced person you can still get tips from a professional, whether your family has been through a major turmoil, or could simply gain from refining their communication skills with each other. Counseling can be a way to help everyone in a family. Therapy for children as well as parents can help reduce all types of stresses for everyone involved. Major abuses, little arguments, as well as general venting can all be addressed in a calmer, quieter atmosphere. These are just a few reasons why every family should attend counseling. By attending counseling it can help children learn how to deal with tough situations, strengthen communication, and overcome differences. We all have to face obstacles in our lives and some of them can be pretty tough. To teach children, through adolescence to adulthood, skills to deal with tough situations could mean the difference and difficulties in how many college graduates there are, how many overcome poverty, and how families are in a secure loving environment. Teaching youth to face their difficulties instead of running or quitting is highly important, and should be one of the emphasized parts of school. In our society many people think that if things are hard for them, obviously it is not something that they should be doing. I think that with the guidance and some positive reinforcement that people can learn to overcome their difficulties. Being in a new situation or learning new skills is hard and everyone struggles. Because we allow teens to quit, many young adults decide not to attend college. They often feel that since they didn’t do well in high school college would be too difficult. With parents and a professional both helping kids to overcome difficulties at an early age it will instill within them that obstacles are just a part of life that they have to overcome; quitting is not an option. Many times kids learn how to deal with differences from their parents or other people around them. A lot of parents yell and show anger when they are mad at their spouse or their boss, or even their children. Cartoons normally deal with problems through violence and teachers even yell at kids. All of this teaches children that it is okay to act with anger and violence, and that these are solutions to their problems. Then parents get mad at them for mimicking them and their environment, and then what happens? Most of the time parents show more anger, yelling, and sometimes use violence to correct them. With all of this, I believe that it’d be nice to have a professional help parents in order to teach them the proper way of disciplining without aggression, and to help children learn the right way of solving their everyday problems. Communication and discipline problems between parents and children are very common and can lead to marital problems as well. Divorce and the creation of stepfamilies also create difficulties. Often, the partners themselves are the problem because of poor communication, continuous conflict, sexual problems or even in-law problems. If a low income mother and child had counseling how do you think it would affect them? I think that not only would the child benefit from it, but it may even teach the mother what is possible for her: a better job, how to find a stronger more secure relationship, and how to teach her child. The child would learn skills, and by doing so, set goals for future achievements. With the help of a counselor and a well taught mother, the probability of the child may doing crime, selling or using drugs, participating in a gang, or living in prison, is significantly lower. Strengthening communication skills is also important, often time teens can be to out spoken and not think before they say something that can hurt someone feelings. Other times teens can be really shy and not open up to anyone. Communication skills are fundamental, and should be worked on. Communication is a skill that will have to be worked on throughout life because in different environments different communication skills will be needed. The biggest negative about family counseling is the cost. There would probably be families or certain people in the family that did not contribute in the experience, which means that the counseling would have little or no effect on their lives. Another downside is that it is possible in the environment to focus on one person and blame them for certain family problems. I am sure that there are other negatives about family counseling but in my opinion nothing really significant. I think that the government can use add to schooling tax dollars and use some of it for this program. Regardless if all families and all family members use the program to benefit, I think many people Family counseling relates to the narratives in many ways. Some of the families experience a death, others have parents get divorced, or teens getting pregnant and having a baby. I think counseling could help with these major emotional distresses, and also help with the everyday problems that some of the other narratives experience as well. The narrative represent just a few people in our society, but I believe that they, like most people, could use a little more guidance to stay on a stable, successful path with strong relationships and a positive knowing belief in themselves. I think this program should be financially supported from the government. It should become a law in which I think will ultimately preserve our rights and freewill. Laws are being passed all the time that conflict with our constitution and with crime and fear spreading epidemically it’s just a matter of time before most citizens will give the government complete control in order to stop the chaos. The foundation of this country is crumbling and I think it is time to reinforce it, so that we can continue to follow the path of our dreams, and not fall like every great kingdom in the past. I believe to stay as a free country, and a prosperous nation thing have to change, in fact many things will probably have to change. I think my idea of a professional guiding both, parents to raise their kids and to help lead kids to overcome difficulties is a good starting place for a significant change in this country. I think that counseling could help with every family, even if it is just to bring them closer together. Whether it is a stable family, or a family with stepparents and stepsiblings, that need to learn that these people are now someone that is going to always be around, and are in the same situation. They can learn from one another and become close like real family. From family counseling our society maybe better educated, more responsible, less violent, more dependable, and have a stronger sense of belonging.