Report of Findings
According to the calculations that were undertaken, Bill and Ryan you would only run the project of the City of Wascana Par-Three golf courses for the 2-year period, if you are guaranteed of making a profit of at least $30,000 each per year. This would can be assured if the cost of paying the license fee for the first year is $149,615 and for the second year $188,071.
In order to determine whether you (Bill and Ryan) should pursue this project or not, my associate and me have calculated estimates of profit levels through various sources. These sources consist of an inflow and outflow statement, showing the entire inflows from the running of the business and its outflows while at the same time providing an added feature in order to calculate the net profit and loss of both gold courses. These statements consist of monthly inflows and outflows of the business and Revenue results for the 2 golf courses, which consist of the Oak Valley Course and the Oak Ridge Course. Read more…
American Jet Industries is a company that deals with sales of airplanes and aircraft parts. Many people have assumed that the atmosphere within the company is that of a slow passed, peaceful, High technology working facility; however, this is a misconception that many people have when they are not introduced to the industry correctly.
The aircraft industry is a fast paced industry, where it requires, not only the sales persons’ full attention, but also the use of all its talents and abilities to get the sale and complete the transactions.Competition is so high in the industry that, if the sales person waits a couple of hours to make a decision of whether to purchase material to supply the airline or not, the material could have been sold and taken out of the market by another competitor. Depending on the aircraft that needs the material, the material could be so scares, that if there is any surplus in the market, it could get sold/purchased before anyone else has the opportunity to contemplate the purchase. One example of this is that of today. Our company went to locate that a customer in Europe needed. When we accessed the system to try to locate the item, we found that only one company had that part in their inventory. Read more…
To fully understand how the business culture has acquired the greed mindset, a look at what a corporation is and defining corporate behavior becomes the starting point. First a corporation is defined as “an association of individuals, created by law and having an existence apart from that of its members as well as distinct and inherent powers and liabilities (Webster Dictionary).” Although made up of people, being separate or apart from its members also equals unaccountability. The question of “who pays when a company goes under” is at the forefront of discussions today.
Corporations are developed to serve society, meet a need or provide a service. Over the years, however, the good intentioned corporation has evolved into a greed machine that has lost site of the community that it serves and the people employed who ultimately perform the work. The steady parade of top executives confessing to engage in price gouging, tax dodges, accounting shams, employee rip-offs, and other shady unacceptable acts are coming to light daily. Unethical and illegal practices are documented from the RJR Nabisco scandals in 1988 to today’s Enron, WorldCom, Merrill Lynch, Arthur Anderson, Xerox, and endless other corporations. The world realizes now that corporate greed is not about one-bad company, but large companies in general that have adopted unacceptable guidelines for corporate behavior and an overall attitude that greed is acceptable. Read more…
Even though there are many important factor that affect the development of accounting systems in international accounting but culture factor have become the most important factor when we differentiating accounting among countries. Bloom and Naciri (1989) defined culture as
“the total pattern of human behaviour and its products embodied in thought, speech, action and artifacts and dependent upon man’s capacity for learning and transmitting knowledge to succeeding generations through the use of tools, language and systems of abstract thought”.
They used this definition based on the Websters Third New International Dictionary Unabridged (1961). While Belkaoui (1994) said that culture plays an important role in the organization of everyday understanding in accounting and implies that accounting knowledge is organized in a culturally standardized format which tells individuals how to react to a particular accounting phenomenon. Read more…
The now famous Enron collapse entered the public eye almost one year ago. If it were a case in which Enron were alone in their dealings and this was purely a tail on one corporation’s greed, the buzz would surely have died down. The discussion has not died down and there has been a huge reverberative effect on the economy not only from those involved and subsequently effected by Enron and it’s partners deceptive practices, but from many other corporations that have now been put under the same regulatory microscope. It is estimated that the Enron collapse cost investors approximately 60 billion. In addition, jobs have been lost, businesses closed or damaged, and most importantly, consumer confidence has been destroyed.
Some or our largest, strongest and most trusted corporations, like Citicorp, Chase, and Arthur Anderson, have not merely made mistakes but apparently set out to conspire with Enron to knowingly deceive investors. JP Morgan Chase is said to have developed the structure of the transactions with what Enron called “Special Purpose Entities”, which merely amounted to shell companies, and for their deceptive scheme they were paid 5.25 million. Deceptive tax strategies, buying and selling of businesses, questionable loans, were all part of the plan and there were many outsiders along the way warning of the risks and many insiders taking the risks to make huge amounts of money and maintain their lucrative relationship with Enron. I would venture to say that if the Board of Directors, and the investors in any of the above named companies were to be asked now if they think their dealings with Enron were worth the gain, the answer would surely be no. Read more…
