Financial Reporting Essay Example | Topics and Well Written Essays - 750 words

Financial Reporting - Essay Example Also, there is the problem that no one individual or corporation has full ownership of the earth, so it would be very difficult to account for. Even if some accountants did factor use of the earth into the accounts, there would likely be many more that would not do this. Accountants do have the expertise required because they understand how assets depreciate and also how to balance the economic equation of assets equals liabilities plus equity. If such a system was put in place to allow accountants to value the earth, then it may be possible to do. The major problem is trying to get everyone to agree on what should be accounted for. The accounting profession is suited perfectly to control such measurement functions but the problem is deciding on what those functions are. Because they are many things that cannot be measured, it is very difficult for accountants to include such functions on the balance sheet. The difference between accounting for financial and physical objects is that one type can be measured on a scale while the other is more ambiguous. Financial objects have value because we give values that can be assigned to specific objects. For example, for an investment that loses money, it is easy to track that flow because we can compare the end result with the start value. The difficulty with accounting for physical objects is that often there is no ways to place value on them and also it may be hard to find a starting value in some instances. Activity 2 In this cartoon, the difference between the two companies could not be more remarkable. While Company A has three legs on its chair (social, financial, and environmental), Company B only has only leg (financial). This illustration shows perfectly why companies must be well-balanced when it comes to business operations. Company A understands that in order to be successful in the business world, there is more goals than just simply making a profit. I think that it is important to note that in this picture the financial leg of the chair is the middle one. In other words, it is the cornerstone of the company or the part that is the basis for everything else. The other two legs, social and environmental, provide solid support to the company, which is obviously very successful from a financial point of view. While success may be put down only to the financials, it cannot be understated the value of having good social and environmental responsibility for a firm. These measures often can't be valued, so it is difficult to try and judge success. I feel that it is also important to mention that the chair would not likely stand without the financial leg. All three legs are needed to support the chair, and this shows that companies must concentrate on many different facets of business in order to be successful over the long run. Company B only has one led, financial, and as a result the company is having difficulty maintaining balance. Although this leg is important for making the chair stand , there are no other supports. Company B has placed all of its eggs in the financial basket and has paid the price for doing so. By neglecting other aspects of business, such as social and environmental, the company is taking a huge risk. While it may be able to stay balanced initially, it is inevitable that the chair will take a fall because the company has focused all of its efforts on simple money making.

Personal Development Portfolio Essay Example | Topics and Well Written Essays - 1000 words

Personal Development Portfolio - Essay Example In order to more closely align myself with this aspect of my personality, I will have to develop my writing skills, to communicate my thoughts and ideas effectively, and to improve my research skills so that I can explore ideas and concepts which interest me thoroughly. QUESTION 2 Learning Styles and their Impact on Studying Preferences and Developmental Needs I have some challenges in understanding, absorbing, and interpreting texts in a fixed time. My learning style is reflective and thoughtful, so that I am able to make sure of my understanding of a concept, and then work on interpreting, adding to, or developing the concept. This does not mean that I am unable to deal with complex or abstract subject matter, but that my need is to approach it thoroughly, and creatively, rather than just to â€Å"know† it. ... QUESTION 3 Individual SWOT and Commentary It is clear that I will need to develop in the areas as revealed by my SWOT analysis. It is going to be difficult to concurrently study and work toward a career, while I improve my skills in reading, researching, critical thinking and expression. Nevertheless I believe that these are essential skills to guarantee success and satisfaction in a future career. Thus, I will set myself goals and milestones, at which I will be able to measure my progress toward being able to do these things at the level I want to. It is also true that while studying, these skills will grow according to necessity, and I do work with thoroughness and dedication, so what will be the issue is whether I have time to be able to complete what I have to. It is more to be able to create more efficiency in my work patterns that I want to focus and concentrate on the practical skills that will allow me to be and innovator, a thinker, and someone who can creatively apply his t hinking to tasks at hand. QUESTION 4 Bibliography Development Task Commentary The very specific format of the bibliography in the Harvard referencing style at first did provide me with some difficulty but the logic and clarity of the system soon allows the formatting to become almost second nature. Finding appropriate sources can also be challenging. It is tempting to look at the first source you find, and just record and use it. But learning to consider academic credibility, close relevance, and the current and latest information as criteria to select sources does not come naturally. It implies that the Internet is not always the best route, although it is the easiest and quickest. Variety is important, and sourcing journals, peer reviewed journals, online texts, and published texts,