Management 101 Essay Example

Management 101 Essay This subject is concerned with principles of managing business organisations. Management is important to organisations? business and survival.The dynamic nature of today? s organisations means that managers require certain knowledge, skills and competencies to manage organisations effectively. The aim of this subject is to provide students with an introduction and overview of management within organisations. The subject will examine management principles, concepts and theories of management, and give students an appreciation and understanding of various challenges facing managers in organisations in today? competitive global environment. OBJECTIVES Upon completion of this subject, students should be able to: ? ? ? ? understand and critically discuss the evolution of management thoughts; critically evaluate and apply management theories, models and concepts of management; be familiar with the structure, behaviour and environment of organizations, and be aware of the importance of mana gement towards attaining organisational goals in today? s competitive world.TOPICS Topic 1 Topic 2 Topic 3 Topic 4 Topic 5 Topic 6 Topic 7 Introduction to Organisations and Management Evolution of Management Planning and Strategic Management Decision Making Organisation Structure and Design Managing Work Teams Managing Human Resource 2 Topic 8 Topic 9 Topic 10 Topic 11 Topic 12 Topic 13 Leadership, Motivation and Communication Organizational Control and Information Technology Management Managing Change Innovation Managing Conflict Organisational Environment and Culture International Management Managerial Ethics and Social ResponsibilityPRESCRIBED TEXT Daft R. L. , (2012) New Era of Management, International Edition, 10th edition SouthWestern Cengage Learning USA. RECOMMENDED REFERENCES Robbins, S. P. DeCenzo D. A. (2005) Fundamentals of Management, Essential Concepts and Applications, International edn, Fifth edn, Pearson Prentice Hall, USA. Jones G. R. George J. M. , (2007) Ess entials of Contemporary Management, Second Edition, McGraw-Hill, USA. . 3 Subject Outline / Teaching Plan Department Lecturer Week 1 2 3 4 5 6 7 8 9 10 11 12 : Business Studies : Mr.Vincent Oh Topics Managing in Turbulent Times The Evolution of Management Thinking Planning and Goal Setting Strategy Formulation and Implementation Corporate Culture and the Environment Ethics and Social Responsibility Managing in Global Environment Quiz 1 (15/7 – 19/7) Human Resource Management MID-TERM TEST/ BREAK ( 29/7 2/8/2013) BREAK Leadership Motivation Individual Assignment (23/8/2013) Communication Quality and Performance Teamwork Quiz 2 (2/9 – 6/9) Group Presentation Decision Making Designing Adaptive Organizations Group Presentation FINAL EXAMINATION 16/9 – 28/9/2013 Chapter 15 Chapter 16 Chapters 17 and 19 Subject Code : D2MGT100 Subject Title : Organizations and Management References Chapter 1 Chapter 2 Chapters 7 and 8 Chapter 3 Chapter 5 Chapter 4 Chapter 12 13 Chap ter 18 14 15 16 Chapters 9 and 10 Prescibed Text: Daft R. L. , (2012) New Era of Management, International Edition 10th edition South-Western Cengage Learning USA. 4 ASSESSMENTS There are 6 assessment items for this subject. Assessment Items 1. Mid Term Test (Closed Book) 2. Quiz 1 (Open Book) 3. Quiz 2 (Open Book) 4.Individual Assignment 5. Participation (Group Presentations) 6. Final exam (Closed Book) Value 20% 5% 5% 10% 10% 50% Due Date 29/7 2/8/2013 15/7 – 19/7/2013 2/9 – 6/9/2013 23/8/2013 Weeks 13 14. 16/9 – 28/9/2013 (TBC) REQUIREMENTS To gain a pass in this subject, students must: ? ? Achieve a passing grade in the final examination i. e. score a minimum of 25 marks out of 50, if there is an examination for this subject Attempt ALL areas of assessment; and achieve a total result of 50% or better overall. ** Please check on the notice board and My Acel for the actual date. HELP University reserves the right to make any changes to the above where appro priate. 5ASSESSMENT DETAILS D2MGT100: ORGANISATIONS AND MANAGEMENT SEMESTER 2 2013 INDIVIDUAL ASSIGNMENT (10% of total assessment) CASE STUDY: WALMART PART TWO: THE ENVIRONMENT OF MANAGEMENT – Yao Ming, Jackie Chan, and Walmart: China Embraces Big Stars and Big Box Retailing. When you? re an American retailer with thousands of stores liberally throughout the best shopping areas of the United States, at some point the question arises: â€Å"what next? † Top brass at Walmart were asking this question in the late 1980s, when stores were booming in the Southeast and spreading to all 50 states. Their answer? â€Å"Go global. † Walmart? s first step toward international retailing occurred in 1991 with the opening of a Sam? s Club near Mexico City.Today Walmart International is the company? s fastest growing business unit, accounting for 25 percent of total revenues. After official launch in 1993, the overseas operation expanded into 15 countries including Brazil, Can ada, the United Kingdom, and Japan. But the greatest buzz has centered on China, an emerging market of 1. 3 billion people. Walmart? s adventure in the land of dragons and emperors began in 1996 when rollout teams built a supercenter in Shenzhen, a city just north of Hong Kong. Walmart? s China entry was made possible by economic reforms introduced in the late 1980s under Chinese leader Deng Xiaoping. In a break from its isolationist past, China? communist-led government began making modest concessions to capitalism and Western businesses. The move sparked two decades of rapid economic growth, and Chinese consumers now buy everything from flat screen TVs and cars to designer apparel – they even purchase lattes at Starbucks and chicken at KFC. China? s modernization has become symbolized by pro-basketball star Yao Ming, Supergirl singing phenom Li Yuchun, Olympic world champion Liu Xiang, and Karate Kid martial-arts actor Jackie Chan – Sino celebrities who have achieved Western-style fame and lucrative sponsorships with American businesses. As Walmart? s spread throughout the People? Republic indicates, big box retailing is a hit with Chinese consumers. In 2004, Walmart operated 39 stores in China. In 2010, the number reached 290 total units, including 104 Trust Mart Hypermarkets, 178 supercentres, and 4 Sam? s Clubs. The early success has caused analysts to speculate that Walmart China will eventually have more stores than the domestic American market. Walmart China? s supercenters have much in common with their U. S. counterparts. The expansive stores are stocked with mountains of low-price merchandise, proving that Sam Walton? s â€Å"stack? em high, watch? em fly† philosophy has transcended cultural boundaries. But differences exist as well. First, 75 percent of Walmart? s nternational stores operate under different banner, reflecting the web of acquisitions and joint ventures Walmart uses to enter foreign markets. Next, the selection o f merchandise offered in China supercenters is oriented to the unique tastes of Walmart? s 7 million weekly Chinese shoppers. Grocery sections are stocked with live frogs, turtles, and fish – fresh apples of Chinese diets – and familiar American products are curiously altered, 6 as with Tide detergent, which is sold as a handwash laundry product due to the scarcity of washing machines in China. Douglas McMillion, Walmart International? s president and CEO, says that despite visible variations among stores, the company? s goal is the same in every area of the world. The primary objective is to save people money so they can live a little better,† said the head of Walmart? s fast-growing segment. â€Å"Our goal in every market where we operate is not only to deliver products at a great value, but also to ensure that all of the products we sell are made in an ethical and sustainable way. † But running a multinational operation in â€Å"an ethical and sustaina ble way† is easier said than done. In 2010, Google exited China over the country? s strict censorship policy and poor record on human rights. Years earlier, The Gap caused a firestorm of criticism by unintentionally sourcing products made by child laborers in India. Intent on learning from others? istakes, managers at Walmart have developed an Ethical Standards Program to audit suppliers and ensure the ethical procurement of goods. â€Å"In our „Standard for Suppliers,† says McMillion, â€Å"we outline our expectations that our suppliers must compensate all workers with wages and overtime premiums and benefits that meet or exceed local legal standards, local industry standards, or collective agreements, whichever are higher. † Rajan Kamalanathan, vice president of Ethical Standards, notes that the program is in place to do what is right for factory workers and the environment: â€Å"We not only bring sustainable and positive change to working conditions in factories, we also help build ladders to a better life in the countries where we? re sourcing. The new program is showing results: In 2006m the ethical standards team conducted 8,873 factory audits – more than any other company in the world – leading to a 23 percent decrease in high-risk standards violations. Policing the workplaces and ecological footprints of thousands of international vendors may be a herculean task, but executives at Walmart say it? s a necessary one. Chairman Lee Scott, in a discussion forum sponsored by Fortune magazine, laid out the case for international ethics and corporate social responsibility. â€Å"If China is allowed to produce the world? s goods without following reasonable protocol in protecting the environment and protecting people,† Scott reasoned, â€Å"ultimately governments will react and do something to balance that. So I think it? s in China? s best interest, and I think China understands that. Scott added that socially responsible business is simply good business – by reducing waste and energy usage throughout the supply chain, Walmart is lowering costs and paving a path to higher profits for all. â€Å"We? ve been able to go in and work with individual factories, where instead of costing them more money to do it the right way, the factory is actually able to save cost by doing it the right way. † QUESTIONS 1. Which market entry strategy is Walmart primarily using to enter foreign markets, and why has management chosen this approach? (15 marks) 2. What challenges do Walmart China managers encounter in the international business environment (10 marks) 3. Which of Walmart? s sustainability initiatives do you believe will have greatest positive impact on China? Explain. (15 marks) 7Assignment marking table Individual Report (10% of the module marks) Module Code: D2MGT100 Module Title: Organisations and Management. Student? s Name: _______________________ ID number: _____________ Assessm ent Criteria Question 1: Able to identify the market entry strategy is Walmart primarily using to enter foreign markets, and provide explanation why the management has chosen this approach? Question 2: Able to identify the challenges encountered by Walmart China managers in the international business environment Question 3: Able to discuss Walmart? s sustainability initiatives that have greatest positive impact on China? Explanation is provided.Knowledge of theory: Assignment demonstrates integration and innovation in the selection and handling of theory Clarity of Expression Accuracy, spelling, structure, clarity of messages and information TOTAL 10% of the module marks Comments Marks /15 /10 /15 /5 /5 /50% /10% 8 INSTRUCTIONS 1. The assignment is in essay format with headings and subheadings. The assignment must be TYPED and DOUBLED-SPACED. Font type is Times New Roman and font size must be 12 and justified. 2. The word limit is 1,000 – 1,300. The assignment must contain a word count. 3. The DUE DATE is on Friday, 23rd August 2013. All assignment must be submitted to the Department of Business Studies within the due date with the acknowledgment of receipt from the Department. 4.Sources of information contained in the assignment should be referenced appropriately using Harvard referencing. Assignment should have a complete BIBLIOGRAPHY with listing all books and articles. Plagiarism is a serious form of cheating and is not acceptable which will result in a failure of the coursework. No proper referencing will result in PLAGIARISM. 4. Students would be penalized for not STRICTLY adhering to the instructions. ASSESSMENT CRITERIA: 1. Evidence of understanding of relevant management concepts and Theories. 2. Clear and realistic answers. 3. Ability to apply concepts and theories. 4. Clarity of written expression (well structured and ogical flow of ideas; Attention to grammar). 5. Standard of presentation (good layout; careful checking for spelling mistakes and typing errors). 9 Assignment No. : __ Assignment Cover Sheet Student Information (For group assignment, please state names of all members) Name ID Grade/Marks Module/Subject Information Module/Subject Code Module/Subject Name Lecturer/Tutor/Facilitator Due Date Assignment Title/Topic Intake (where applicable) Word Count Declaration Office Acknowledgement Date/Time . I/We have read and understood the Programme Handbook that explains on plagiarism, and I/we testify that, unless otherwise acknowledged, the work submitted herein is entirely my/our own. I/We declare that no part of this assignment has been written for me/us by any other person(s) except where such collaboration has been authorized by the lecturer concerned. . I/We authorize the University to test any work submitted by me/us, using text comparison software, for instances of plagiarism. I/We understand this will involve the University or its contractors copying my/our work and storing it on a database to be used in fut ure to test work submitted by others. Note:1) The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a signed statement. 2) The Group Leader signs the declaration on behalf of all members. Signature: mail: Date: 10 Feedback/Comments* Main StrengthsMain Weaknesses Suggestions for improvement Student acknowledge feedback/comments Grader? s signature Date: Note: Student? s signature: Date: 1)A soft and hard copy of the assignment shall be submitted. 2)The signed copy of the assignment cover sheet shall be retained by the marker. 3)If the Turnitin report is required, students have to submit it with the assignment. However, departments may allow students up to THREE (3) working days after submission of the assignment to submit the Turnitin report. The assignment shall only be marked upon the submission of the Turnitin report. *Use additional sheets if required. 11 Department of Business StudiesACADEMIC INTEGRITY Honesty a nd Responsibility Academic integrity is an important tenet for HELP University. In pursuit of the highest standards of academic integrity, the Department of Business Studies holds it students to the highest ethical standards defined by the Rules and Regulations section of the Academic Handbook. All students at the Department of Business Studies are subjected to and are bound by the Student Academic Misconduct Rule to assure academic honesty. Students are required to sign a pledge on the assignment cover sheet before submitting your assignments to the Department of Business Studies. What is Plagiarism? Plagiarism is academic dishonesty or academic theft, and it is a serious academic offence.Plagiarism includes, but is not limited to, the followings: 1. quote, paraphrase or summarize someone else? s ideas, theories or data, in whole or in part, without appropriate acknowledgement 2. borrow ideas, opinion or words, in whole or in part, from other sources without properly crediting the author(s) 3. use any facts, statistics, diagrams or graphs, in whole or in part, without acknowledging the source clearly 4. claim or imply original authorship of someone else? s ideas, theories or data, in whole or in part, as your own 5. employ or allow someone to help to revise, amend or write your work and pass off as your own original work 6. collaborate with or allow other students to copy your work 7. raw on sources more than what you have acknowledged by citations While a student is not discouraged to discuss an assignment with his/her friends or classmates, the work he/she submits must be done by the student alone. If a student shares his/her assignment with other students and they plagiarize it, the student is as guilty as those students who plagiarized his/her assignment. All parties to plagiarism are considered equally guilty. Under no circumstances should a student be involved in collusion with other students unless he/she is permitted to work on an assignment jointly b y the lecturer/tutor. If a student is unsure what constitutes plagiarism, he/she is obliged to consult the lecturer/tutor on the matter before submission of his/her assignment. When and How to Reference? Knowing when and how to cite is a student? s responsibility.If he/she is in doubt or need more help on this matter, the student may consult the lecturer/tutor. The following list comprises some of the sources a student will need to reference. The list is by no means exhaustive, but simply consists of the most common sources used by students to complete their work. 1. Books 2. Chapters in books 12 3. 4. 5. 6. 7. 8. Journal articles Conference papers Newspaper articles Magazines Websites Study guide Students are advised to cite in the following cases [1]: 1. When he/she quotes two or more words verbatim, or even one word if it is used in a way that is unique to the source 2. When he/she introduce facts that he/she have found in a source 3.When he/she paraphrase or summarize ideas, int erpretations, or conclusions that he/she find in a source 4. When he/she introduce information that is not common knowledge or that may be considered common knowledge in your field, but the reader may not know it 5. When he/she borrow the plan or structure of a larger section of a source? s argument (for example, using a theory from a source and analyzing the same three case studies that the source uses) 6. When he/she build on another? s method found either in a source or from collaborative work in a lab 7. When he/she build on another? s program in writing computer code or on a notcommonly-known algorithm 8.When he/she collaborate with others in producing knowledge In general, a referencing system requires two parts: 1. In-text citations This is information about a source within the text of an assignment. 2. List of references This is a list of all sources a student has used to research his/her assignment. It is alphabetically arranged by author surname and appears immediately aft er the last page of an assignment. Different faculties or departments may have different requirement on how referencing for an assignment should be done. The various formats used for in-text citations and list of references are available in the following websites: 1. Harvard System (http://www. delaide. edu. au/library/guide/gen/harvard. html) 2. Chicago Style (http://www. chicagomanualofstyle. org/index. html) 3. American Psychological Association or APA Style (http://www. apastyle. org) 4. Modern Language Association of America or MLA Style (http://www. mla. org) Once a student has selected a referencing style for his/her assignment, he/she must follow the same style consistently throughout the assignment. We strongly suggest that the student consults the lecturer/tutor about which method to use before submission of his/her assignment. 1 http://www. yale. edu/bass/writing/sources/plagiarism/warning. html, accessed May 18, 2008. 13What are the Procedures and Penalties for Plagiaris m? When a lecturer/tutor encounters a possible case of plagiarism, the lecturer/tutor shall report the matter to the Head of the Department, who then initiates an investigation on the matter. The following procedures would be carried out: 1. The lecturer/tutor shall provide evidence that substantiates an academic offence has occurred. The following documentations must be ready prior to reporting of alleged plagiarism: a. Copy of the alleged plagiarized assignment b. Copy of the source material (e. g. articles, websites, newspaper, etc. ) c. Report of plagiarism d. Any other information that would support the claim of plagiarism 2.If the evidence warrants an accusation of academic offence, the Head of Department shall establish a Board of Inquiry comprising 3 academic staff. The Department shall provide all necessary documentations, including report on prior academic offences if applicable, to the Board of Inquiry. 3. The Board of Inquiry shall put the matter to the student in writin g and give him/her an opportunity to respond to the accusation within 3 working days. 4. The student will be required to attend a meeting with the Board of Inquiry. After meeting the student, the Board of Inquiry shall decide whether or not the alleged plagiarism has occurred. The following documentations shall be submitted to the Head of Department at the end of the meeting: a. Findings of the investigation b.Recommended action(s) to be taken or imposed 5. The Head of Department shall review the Board of Inquiry? s report with supporting evidence and shall decide on an appropriate action(s) based on the recommendation of the Board of Inquiry. 6. The decision of the Head of Department shall be put in writing to the student. Copies of all documentations will be retained in the Department. 7. If the student feels that he/she has been unfairly accused or treated, the student may appeal to the Head of Department within 5 working days. 8. The Head of Department shall review the appeal an d the final decision will be communicated to the student in writing and a copy will be kept with the Department.Once a determination of plagiarism and penalty has been made by the Head of Department, the investigative process will be deemed to have ended and the student will not be allowed to appeal. Possible penalties for plagiarism range from mark reduction for the assignment to expulsion from the University. The student will not be allowed to make up the assignment. If plagiarism has been found to have occurred, the Department will take action(s) as determined by the forms of plagiarism implicated: 1. Complete plagiarism Verbatim copying another person? s work without acknowledgement 1st offence : A grade of â€Å"F† in the subject and a warning letter will be issued 2nd offence : Expulsion from the University at the discretion of the Head of Department 2. Substantial plagiarism Near-verbatim copying another person? work by simply altering the order of the sentences or the format of presentation or by changing a few words or phrases without acknowledgement. 14 Zero mark on the assignment and a warning letter will be issued nd 2 offence : A grade of â€Å"F† in the subject and a warning letter will be issued 3rd offence : Expulsion from the University at the discretion of the Head of Department 3. Minimal plagiarism Acknowledgement is made but paraphrasing by changing and/or eliminating some words 1st offence : Deduction of 50% of available marks on the assignment and a warning letter will be issued nd 2 offence : A grade of â€Å"F† in the subject and a warning letter will be issued 3rd offence : Expulsion from the University at the discretion of the Head of Department 4.Unintentional plagiarism Insufficient acknowledgement by not applying citation or quotation marks correctly 1st offence : Deduction of up to 50% of available marks on the assignment and a warning letter will be issued nd 2 offence : A grade of â€Å"F† in the sub ject and a warning letter will be issued rd 3 offence : Expulsion from the University at the discretion of the Head of Department Pleading ignorance or unintentional plagiarism does not constitute valid reasons for plagiarism and will not avoid the penalties from being imposed. Excuses for acts of plagiarism such as the following, but not limited to, will not be entertained: 1. I don? t have time to do the assignment 2. I have too many assignments due on the same day 3. I don? t know, I really didn? t do it 4. I am not aware 5. I don? t understand what plagiarism means 6. I have no intention to plagiarize 7. I forgot to cite the reference 8. I forgot to include the bibliography 9. My English is not good 10. My lecturer/tutor did not explain to me 11. In my country, it is alright to copy someone else? s work 12. My friend copied my ssignment when I let him/her to look at my assignment 13. My friend copied my assignment when I allow him/her to use my laptop 14. I did my assignment in the computer lab, someone must have copied my work 15. I asked my friend to submit my assignment and he/she copied my work 16. I discussed my assignment with my friends, so our answers are the same/similar 17. Even though I do not have in-text citation but I have bibliography/reference list Students should be reminded that it is their responsibilities to take due care throughout their written work to effectively reference or cite when they use others? ideas from any source. 1st offence : 15

Quotes from Gray Panther Leader Maggie Kuhn

Quotes from Gray Panther Leader Maggie Kuhn Maggie Kuhn is best known for founding the organization often called the Gray Panthers, a social activist organization raising issues of justice and fairness for older Americans. She is credited with the passage of laws prohibiting forced retirement and with reform in health care and nursing home oversight. She worked for many years with the Young Womens Christian Association (YWCA) in Cleveland and then with the United Presbyterian Church in New York City, doing programming for social causes including on race, womens rights, and the elderly.  (Note: the organization called Gray Panthers was officially known at first as the Consultation of Older and Younger Adults for Social Change.) Selected Maggie Kuhn Quotations   My goal is to do something outrageous every day. Few people know how to be old. Stand before the people you fear and speak your mind- even if your voice shakes.   We who are old have nothing to lose! We have everything to gain by living dangerously! We can initiate change without jeopardizing jobs or family. We can be the risk-takers.   A healthy community is one in which the elderly protect, care for, love and assist the younger ones to provide continuity and hope   Were missing a historical perspective that older people can provide. My generation has to be heard and heeded   Learning and sex until rigor mortis. When you least expect it, someone may actually listen to what you have to say.   There is a pervasive societal bias in the U.S., which contends that old age is a disaster and a disease.... On the contrary, it is a part of the continuum of life and oug   Ã‚  Weve had enormous success all out of proportion to our numbers. We have set a pace. Weve been very outspoken in our positions, and weve caught the attention of the media. Power should not be concentrated in the hands of so few, and powerlessness in the hands of so many.   Many things started by a person disappear when the person dies, but Id consider my job a failure if that happened.   [What] I dream of and yearn for is that the Gray Panthers will continue to be on the cutting edge of social change, and that the young and old together will continue to work for a just, humane and peaceful world.   about a protest in Washington, DC:  The police came on their horses and rode right into us, you know. That was frightening, those enormous beasts and those hard shoes. A blow could kill you.   about the name Gray Panthers:  It’s a fun name. There’s a certain militancy, rather than just a docile acceptance of what our country’s doing. Old age is not a disease- it is strength and survivorship, triumph over all kinds of vicissitudes and disappointments, trials and illnesses.   Im an old woman. I have gray hair, many wrinkles, and arthritis in both hands. And I celebrate my freedom from bureaucratic restraints that once held me. The worst indignity is to be given a bedpan by a stranger who calls you by your first name.   If you are not prepared, retirement at 65 makes you a non-person. It deprives you of the sense of community that has previously defined your life. By the year 2020, the year of perfect vision, the old will outnumber the young.   Old people as elders of the tribe should be seeking and safeguarding the survival of the tribe- the larger public interest Men and women approaching retirement age should be recycled for public service work, and their companies should foot the bill. We can no longer afford to scrap-pile people. There must be a goal at every stage of life! There must be a goal!   What she wanted on her tombstone:   Here lies Maggie Kuhn under the only stone she left unturned.

Accounting Assumptions, Principles and Constrains Essay

Accounting Assumptions, Principles and Constrains - Essay Example n that assumes that the economic entity has a significant past and future for purposes of recording costs of assets and inventory and decision making based on those costs in the present. Additionally, there are the Monetary Unit assumptions that keeps score with money, but it typically ignores inflation and deflation of currencies; the value and unit of currency are understood to be firm; otherwise, there is transaction with global divisions that uses other currencies besides the U.S. Dollar. Finally there is an accounting Periods assumption that assumes that the periodical accounting periods is applicable and accountants can stop to analyze financial statements. Historical Costs (assets and liabilities) characteristically report on the chronological cost and then adjusted to fair market value when the needs of reporting require it. However, the cost of assets went up some years thereby did not reflect what it is worth to other buyers or the cost of replacement. (Riahi-Belkaoui, 2005).   Revenue Recognition is the recording of revenues when they are realized and earned. (Pratt, J. 2011). This is one of challenge that accrual-based accounting is trying to solve. Notably, receiving cash from a sales order doesn’t mean that everything has to earn the revenue especially when they are shipped. In other words, it is sometimes possible to sell goods or services without receiving cash. Therefore, Matching Expenses to Revenues means matching fixed cost of the revenues or recording profit in the income statement based on the best profit on revenues and expenses. This often leads to Full Disclosure where accountants record and report every bit of information in the numbers and footnotes of financial statements that fairly represent the activities of the business entity in that accounting period. This procedure is perfect; however, for decision-making it is expected to leave out or add things that are relevant to the decision being made. In most cases, Cost and Benefit is