Tuesday, January 28, 2020

Accounting and Finance Degree Reflection

Accounting and Finance Degree Reflection Accounting has always been an interest of mine. Since I was a child, I have always been good in calculation, which makes it clearer that accountancy would be a good choice. After years of studying it, I realised accounting is not only about numbers but theory that require various skills in order to perform a good accounting. The increase number of students in the accounting field has made employment extremely competitive. Major findings suggest that, employers require a broad range of generic and professional skills in graduates to add value to business. In the past, generic skills was broad in that it was usually associated with those skills developed outside the technical curriculum. More recently the scope of the term generic skills has extended to emphasize relevance to graduate outcomes in terms of the world of work and, more specifically, employability (Barrie, 2004). The mixture of skills is necessary by the employers as it helps them solve the diversity of business challenges . Generic and professional skills that employers require The embedding of generic and professional skills in higher education curriculum has been of interest for many years. Skills are important for life-long learning and employability. B. Jackling and P. De Lange (2009) suggested that the skills most desired by employers include communication skills, analytical skills and team skills. Communication skill is particularly essential to accounting profession for which interaction between the providers and the recipients of information. For accounting it is important to starts with gathering and processing of information and end with communication of processed information. Previous research shows that accounting graduates experience communication problem in early employment (McLaren, 1990: Pattern and Williams, 1990). Despite that accounting curriculum has positively contributed to the development of written communication skills (Zaid, O. and Abraham, A. 1994) Analytical skills is relating to using analysis or logical reasoning to solve a problem. It is the ability to visualize and solve complicated problems while making accurate and informed decision. Employers are looking for people that are able to think critically and its consequence. For example, one could be good at spread sheets, can manipulate data effectively but they arent good at figuring out whether the information is reasonable or realistic (Ballantine, J. A. Larres, D. M. 2004). There are an increasing number of companies that want employees to work in a collaborative environment in order to respond quickly in an environment with intense complexity. Avery (2001) proposes teamwork as and individual skills, meaning each individual in a team must take responsibility for the process necessary to accomplish a similar goal. Teamwork is used a lot in the field of accounting such as complete tasks, evaluate clients and report and analyse financial statements. Learning outcomes that are relevant to achieving these skills The degree that Im currently pursuing is Accounting and Finance. The module chosen from this course is Financial Accounting and Reporting (U50035), delivered in semester two of the 2011-2012 academic year, and Financial Accounting Theory (U50081), delivered in semester one of the 2012-2013 academic year. As a credit entry student, I took a module in year one similar to Introduction to Accounting delivered in semester one 2010-2011 academic year. The learning outcomes from the modules in the area of financial accounting were designed to provide students with opportunities to build their employability profile alongside developing their knowledge. The modules were designed to encourage students to build their skill base as part of their way to higher level of intellectual development. In my second year I did Financial Accounting and Reporting module. Throughout this module, I manage to develop some skills and achieve some learning outcomes. For instance outline the regulatory framework for financial reporting which applies to UK and international companies and also using financial and other reports to appraise the performance, financial situation and cash position of companies. We were given two coursework assignments: one individual and one group. The individual coursework is regarding IAS 19, Employee Benefits that has been amended. At a glance, the coursework is intimidating because there are substantial amount of research and reading. They reduced my motivation. However, as I started to read, common key term such as International Financial Reporting Standards (IFRS), defined benefits, termination benefits, service cost, net interest, re-measurements tend to appear in most of the articles. The skimming phase confirmed that my initial problems came from jargons and new terms about the IAS 19. It taught me to use critical and analytical skill in order to find key words and phrases, which help me to read long articles. The second assignment of this module is to do a group presentation on the financial performance, financial situation and cash position of Good Energy Group plc. Further, I have improved my presentation and writing skill because this coursework is presented in a professional report with graphs and financial data. We have limited time to carry out research and we were worn off by the intensive lectures. This is where I found out how time management and teamwork skills play as important elements for success. We distributed the workload among ourselves and set a time frame for completion. Group members were to adhere to the time frame stipulated. This is how we manage to complete a simple presentation, with many hidden hard work behind our success. Currently Im doing Financial Accounting Theory module. There are several learning outcomes from this module one of it is to understand the function and operation of Accounting in a range of contexts, informed by current thinking and research in the discipline. We were given homework almost every time after a seminar. In week 4 we were asked to read a few articles regarding revisiting the conceptual framework. This article refers that the framework needs updating and refining, the inconsistencies need to be eliminated because framework being less helpful in providing guidance for standard setting decisions. During the seminar in week 5, we then discussed our findings in a small group of three. Through this Ive learned a lot more than self-reading, the interaction has definitely improved my communication skills. One strategy describes by Cunningham (1998) to develop creative and critical thinking skills in students are by analysing real life case studies. During the seminars, students were asked to analyse articles provided by the lecturer. Learning outcome such as able to demonstrate the use of current accepted technical language of accounting and accounting practices internationally is achieved. A constructive feedback is given on the spot after a question is raised. This will assists students to develop a questioning attitude as well as able to update their knowledge. Introduction to Accounting is a first year compulsory module, which introduces student to certain principles and techniques of accounting. The module will be concerned with the processes used to record, summarize and present accounting data. The objective of this part of the module is to enable students to prepare company financial statements. Learning outcome after having completed this module is the ability to prepare a set of financial statements for a company from a trial balance and incorporating a variety of simple adjustments. For example when learning how to produce a financial statement, it requires technical and theoretical knowledge once I discovered how to present the information, thats when I develop non-verbal communication skills (Ballantine, J. A. Larres, D. M. 2004). When I started my first semester, I find myself struggling for time. My lifestyle has become chaotic, as I have to juggle between school, work and family. I felt tired everyday and have no motivation to complete my tasks. This is mainly due to my poor time management. As part of the module, an educational talk from one of the accounting firm, Ernst and Young has made me realize that many things could be achieved with proper time management. A person that works at least 12 hours a day still find himself some time spend with family and for his favourite sports. Conclusion This reflective statement is a learning tool, which will help students better understand, learn and reflect on issues covered in the entire course and in other relevant areas. I believe that a strong academic background is a fundamental issue for student but might not be enough in indicating whether or not a student will be successful in a particular work environment. Throughout this course I personally think that the modules I have taken have been benefiting me in terms of the aspects in which I have learned. It is designed to encourage communication skill, teamwork, critical thinking and analytical skill. This is what employers seek for in a potential candidate. Researching on coursework have opened my eyes and made me aware of any jargons that come across during reading. In the final (third) year, I feel as if I have a great deal of knowledge of the information that I looked at for these modules. The use of case studies, group-based learning, and task designed to address communica tion and presentation skills are suitable for developing appropriate competencies in accounting graduates for future employment.

Monday, January 20, 2020

Things Fall Apart Essay examples -- essays research papers

Things Fall Apart   Ã‚  Ã‚  Ã‚  Ã‚  Chinua Achebe?s Things Fall Apart is a narrative story that follows the life of an African man called Okonkwo. The setting of the book is in eastern Nigeria, on the eve of British colonialism in Africa. The novel illustrates Okonkwo?s struggles, triumphs, and his eventual downfall, all of which basically coincide with the Igbo?s society?s struggle with the Christian religion and British government. In this essay I will give a biographical account of Okonwo, which will serve to help understand that social, political, and economic institutions of the Igbos.   Ã‚  Ã‚  Ã‚  Ã‚  At the beginning of the novel Okonkwo was a fairly wealthy and well-respected member of the Igbo society, but it had not always been that way for him. Okonkwo?s father, Unoka, had been a lazy man who would rather play his flute than take care of his crops. Unoka was said to be a charming man, and was able to borrow large amounts of money from his friends, but was never able to pay it back. As a result, Okonkwo has grown up very poor and ashamed of his lazy father. At one point in the book, Okonkwo remembers hearing one of his playmates calling his father an ?agbala,? which was the word for woman, but all described a man who had taken not titles (13). Okonkwo never forgets this, and actually develops a deep-seated fear that people will think that he is weak like his father. As I mentioned, Okonkwo became very well known, and his wealth and prestige rested solely on his own personal achievements. Okonkwo had received no inheritance from his poor father, no land and no money. As a young man, Okonkwo had been very successful wrestler, and as he grew older he became a well-known warrior. He was said to have brought home five human heads, which was a great achievement even for men who were much older that he was. At the beginning of the story, Okonkwo had obtained two titles, and had the respect of every man from all nine villages of Umuofia. Symbols of his wealth and prestige were his family and his compound. As I mentioned earlier, Okonwo had received no inheritance, and at the time of this story Okonkwo is still fairly young, and the fact that he had three wives, several children, and a very productive piece of land showed that Okonkwo was a very diligent worker. ?Okonkwo ruled his household with a heavy hand. His wives, especially... ... a meeting, Okonkwo, knowing that his clansmen would do nothing to drive the white men away form their villages, killed a messenger. He then went home and committed suicide.   Ã‚  Ã‚  Ã‚  Ã‚  Okonkwo is often described as being similar to characters in Greek tragedies. Okonkwo knew that the end of his clan was coming, and that they would do nothing to prevent it from happening. He took his life out of desperation. He had struggled his whole life to become a respected member of his community, and suddenly his world is turned upside down and changed forever because of an accident. Okonkwo sees that he is fighting a losing battle, so he quits. Suicide was one of the biggest offenses that could be committed against the earth, and Okonkwo?s own clansmen could not bury him. Okonkwo?s death symbolizes the end of patriarchy in Umuofia. The last page of the book is from the point of view of the white Commissioner, who notes that he wants to include a paragraph on Okonkwo?s life in his book entitled The Pacification of the Primitive Tribes of Lower Niger. Okonkwo?s struggles, triumphs and defeats are all reduced to a paragraph, much like his culture and society will be reduced.

Sunday, January 12, 2020

Designing Compensation Systems and Employee Benefits Essay

A compensation system has an important role in a company. An ideal compensation system can motivate employees to enhance their job performance. An organization can use adequate compensation to retain talented employees. Retaining talented employees is important because they help organizations grow and earn high profits. A well-constructed compensation system is the key to an organization being successful and prosperous (â€Å"Importance of Compensation,† 2007). To further elaborate on the importance of compensation, the differences amongst job analysis and job evaluation and how these practices aid in creating internally consistent job structures will be described, and details will be given on the challenges that occur when creating compensations that are both internally consistent and market competitive. Also, the fairness of merit increases based upon quartiles will be discussed, the fundamental concept of insurance and how this concept applies to health care will be discussed, and the changes in the business environment and society that may affect the importance of legally required benefits will be described. Describe the Differences Between Job Analysis and Job Evaluation and How These Practices Help Establish Internally Consistent Job Structures Job analysis and job evaluation are the key to creating internally consistent job structures. An internally consistent compensation system will define the relative worth of each job amongst all jobs in a company. Companies use a basic principle when creating internally consistent compensation systems, which is jobs that require higher abilities, more responsibilities, and more intricate job tasks should be compensated more than jobs that require lower abilities, lesser responsibilities, and fewer intricate job tasks. Internally consistent job structures recognize distinctions in job traits that allow compensation managers to set pay based upon the distinctions. Furthermore, compensation professionals create internally consistent job structures by using job analysis and job evaluation. A job analysis will reveal the duties as well as compensation factors such as skill and effort that are required to sufficiently perform the job. The results of the job analysis will be used to conduct the job evaluation. Job evaluation will create pay differentials for jobs within a company. The results of the job analysis help compensation professionals set pay rates by quantifying the main similarities and differences between jobs (Martocchio, 2011). In the end, the job evaluation will categorize jobs according to their relative worth in the company. The relative worth of a job will be determined based upon compensation factors such as skill, job duties, and working conditions. Finally, job evaluation will guarantee internal equity because the value of jobs will be determined based upon compensation factors (Williams, 2012). Describe the Challenges in Developing Compensations That are Both Internally Consistent and Market Competitive One challenge in creating compensation systems that are internally consistent and market competitive deals with flexibility. Internally consistent pay systems have the potential to decrease a company’s flexibility to react to changes in the pay practices of competitors because job analysis creates structured job descriptions and job structures. Also, job evaluation creates the relative value of jobs within an organization. Reacting to competitors may require employees to perform tasks that are not included in their job descriptions whenever competitive pressures arise. This process makes equity appraisals more difficult because the definitions of jobs become more changeable (Martocchio, 2011). Moreover, some employees may resent being required to perform tasks that are not in their job descriptions. These employees may believe that the employers are taking advantage of them because they are not being compensated for performing the extra job duties. As a result, employees could become unmotivated to help their employers compete against competitors. Another challenge in developing compensations that are both internally consistent and market competitive is the bureaucracy that results from the internally consistent compensation structures. Organizations that develop job hierarchies have a tendency to create narrowly defined jobs, which results in larger number of jobs and staffing levels. This type of structure can place heavy compensation burdens on companies. Heavy compensation burdens can reduce profits for companies, which can affect whether companies use a market lead, market match, or market lag policy for compensating employees. Organizations that use the market lead policy compensate its employees more highly than most of its competitors. Employees receive pay that is above the market pay line. Organizations that use the market match policy compensate employees based upon the market pay rates. Employees will receive pay on the market pay line. The market lead and market match policies can help companies attract and retain talented employees; thus, the companies using these policies can obtain competitive advantage in a highly competitive business environment by using its talented employees. Furthermore, organizations using the market lag policy compensate its employees less than the majority of its competitors. Employees receive pay below the market pay line (Martocchio, 2011). Furthermore, a company should not be forced to choose the market lag policy because of heavy compensation burdens that could result from bureaucracy. Some companies may use the market lag policy as a cost savings method to offset heavy compensation burdens. A market lag policy could prevent a company from attracting and retaining talented employees, which could affect the competitiveness of a company. Moreover, a company could lose customers and profits if it does not have the talented employees in place to produce goods and services than can compete with the goods and services of competitors. Two Employees Perform the Same Job and Each Received Exemplary Performance Ratings. Discuss Whether it is Fair to Give One Employee a Smaller Percentage Merit Increase Because His Pay Falls Within the 3rd Quartile But Give a Larger Percentage Merit Increase to the Other Because His Pay Falls Within the 1st Quartile and Explain Why Supervisors use the merit pay grid to designate merit increases to employees. A merit pay grid contains a pay range for a pay grade. The pay range is divided into four quartiles. Employees with the lowest salaries fall into quartile 1. The salaries increase as the quartiles increase. Employees with the highest salaries fall into quartile 4. Furthermore, the lower an employee’s salary falls within its designated pay grade the larger the percentage pay raise. For example, if two employees perform the same job and both employees receive excellent performance ratings, the employee whose pay falls in quartile 3 will receive a smaller percentage merit increase than the employee whose pay falls in quartile 1. The employee whose pay is in quartile 3 may receive a 7% merit increase for excellent job performance; whereas, the employee whose pay is in quartile 1 may receive a 12% merit increase for excellent job performance. Furthermore, using the merit pay grid may be logical but not fair. It is logical because compensation professionals decrease merit pay increase percentages as quartile ranks increase to control employees’ advancement through their pay ranges. If employees in quartile 1 and quartile 3 were to receive the same merit pay increase percentage, the salary for the employee in quartile 3 more than likely would exceed the maximum pay rate for the range quicker than would the salary for the employee in quartile 1 (Martocchio, 2011). Moreover, the merit pay grid may be viewed as unfair because employees performing the same job and displaying the same amount of effort and job performance are not receiving an equal percentage merit increase. Employees may view this procedure as an unfair work practice. Furthermore, the employees may believe that the company places more value on some employees’ job performance more so than on other employees’ job performance. Discuss the Basic Concept of Insurance and How This Concept Applies to Health Care The basic concept of insurance is to spread risks. Risk does not mean that an unfavorable incident will occur but that there is a possibility of an unfavorable incident occurring. All persons have the risk of suffering a major illness. Thus, the whole concept of insurance when relating to health care is that an individual will be able to spread his or her risk among other people so that if an unfavorable incident occurs, he or she will not be overwhelmed because of high health care costs (â€Å"Understand the Concept,† 2012). In the United States, health care is classified as a multiple payer system, which means that multiple parties are held accountable for paying the costs of health care. The multiple parties can include the government, employers, labor unions, employees, and unemployed individuals (Martocchio, 2011). Moreover, insurance allows an individual to pay a few hundred dollars a month in level premium rather than having to pay a $50,000 surgery bill once (â€Å"Understand the Concept,† 2012). Finally, health-related expenses can become costly; thus, it would be wise for individuals to have some form of insurance for health care. Health insurance covers the costs of various services that promote sound mental and physical health such as physical exams, surgical procedures, and psychotherapy. Normally employers enter into contractual relationships with insurance companies to provide employees and possibly their dependents with health care. Moreover, the insurance policy or contractual relationship will specify the amount of money insurance companies will pay for health-related services such as physical exams. Furthermore, employers pay insurance companies a negotiated amount or premium to create and sustain insurance policies (Martocchio, 2011). Health insurance premiums are costly. The average monthly health insurance premium for an employee is $309. 03. The average monthly health insurance premium for an employee and his or her family members is $708. 83. Numerous private sector companies make it mandatory that employees pay a portion of health insurance premiums because of the high costs. Employees only contributed a small percentage toward health insurance premiums in 2008. Moreover, employees with single coverage contributed around 19% and employees with family coverage contributed around 29% (Martocchio, 2011). Except For the Family and Medical Leave Act, the Remaining Legally Required Benefits Were Conceived Decades Ago. Describe the Changes in the Business Environment and Society That Might Affect the Relevance or Perhaps the Viability of Any of These Benefits There are several legally required benefits in the United States. Legally required benefits are the benefits provided by the Social Security Act, which are retirement; unemployment insurance; old-age, survivor, and disability insurance; and Medicare. Other legally required benefits are workers’ compensation insurance and family medical leave. The United States government created legally required benefits to protect individuals from calamitous incidents such as unemployment and disability. Legally required benefits try to maintain the flow of family income, promote worker safety and health, and assist families in critical situations. Furthermore, providing employees with legally required benefits can be costly to companies. Present day, companies in the United States spend an average $4,400 for each employee yearly to provide legally required benefits (Martocchio, 2011). Finally, the effect that legally required benefits have on costs and the competitiveness of businesses could affect the sustainability of legally required benefits For numerous years, there have been genuine concerns that there will be lack of funding to provide the legally required benefits, especially the social security benefits. There are continuous political debates about how to safeguard the viability of social security programs. President George W. Bush signed an executive order that established the new Presidential Commission to Strengthen Social Security. Politicians have debated the advantages and disadvantages of differing solutions to strengthen the Social Security system. The administration of George W. Bush focused on encouraging tax credits for persons who save for retirement and promoting additional savings through employer-sponsored retirement plans. Furthermore, the Democratic Party suggested enhancing the tax under the Federal Income Contributions Act to strengthen the trust fund. However, business leaders have opposed the suggestion of the Democratic Party. Business leaders, especially small business leaders are concerned that the increase in tax will lower company profits (Martocchio, 2011). Legally required benefits may hinder businesses in the short term because these benefits require sizeable employer expenditures. Employers are required to make contributions that are mandated by the Social Security Act and several state workers’ compensation laws. These mandated expenses prevent businesses from investing these funds in direct compensation programs designed to increase productivity and product or service quality (Martocchio, 2011). If the money for mandated expenses could be used for compensation programs then the company could increase its competitiveness. Furthermore, enhancing productivity, products, and services can help businesses become strong competitors against its competitors. Conclusion In conclusion, a job analysis will reveal compensation factors that will be used in the job evaluation to determine the worth of jobs. Compensations that are both internally consistent and market competitive can affect a company’s flexibility to respond to changes in the pay practices of competitors, and companies have to deal with the heavy compensation burdens as a result of bureaucracy. Usage of the merit pay grid is logical but unfair. Insurance allows employees to share the costs of health care with multiple parties. The effect that legally required benefits have on costs and the competitiveness of companies could cause companies to view the mandated benefits as burdensome. Finally, compensation will always have a vital role in the strategies of companies.

Saturday, January 4, 2020

Health Promotion Among Asian American People - 873 Words

Health Promotion Among Asian American People Asian Americans with no other ancestry comprise 4.8% of the U.S. population while people who are Asian alone or combined with at least one other race make up 5.6% As of 2012, Asian Americans had the highest educational attainment level and median household income of any racial demographic in the country, and in 2008, they had the highest median household income overall of any racial demographic. Despite holding the highest educational attainment level and median household income of any racial demographic in American society in a 2014 census conducted by the U.S. census bureau reported that Asians in the U.S. 12% were living below the poverty line which is higher than non-Hispanic White Americans who only have 10.1% of them living below the poverty line. This is largely due to the fact that a high percentage of Asian Americans are immigrants, and independently of race, immigrants are more likely than the native-born to be poor. Once the country of birth and other demographic factors are taken into account, Asian-Americans are no more likely than non-Hispanic whites to live in poverty. American Asian one of the faster-growing groups in the North America. Asian American people lives in a different city in the United State. Which includes the people from India, Indonesia, Chinese, Japanese, Korea, Philippine, Thai, and Vietnamese. According to health, the Asian American people have many critical problems such as HeartShow MoreRelatedAsian Americans : Asian American Women868 Words   |  4 PagesAsian Americans Asian Americans (AAS) are diverse ethnic group’s origins from the Far East Southeast Asia and Indian continents. More than 800 languages are spoken among AAS. They are one of the fastest growing populations in the US. 43 percent increase between 2000 2010. There are 15.5 million Asian Americans living in the United States (2012 Census Bureau population). 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