Description of Assessment Requirements 1 Description Students are Assignment

Description of Assessment Requirements 1 Description Students are required to fully describe 10 Key concepts of accounti - Assignment Example International Accounting Standards (IAS) no. 1 states that the concepts guide the how the contents of the financial accounting reports should be constructed. The conceptual framework of accounting includes the objectives concepts of financial reporting group. The second group of concept accounting concepts represents the qualitative characteristics of useful financial information. The third group of conceptual accounting framework concepts includes description, recognition and measurement concepts of the financial reports’ elements (Alexander, 2008). Discussion In terms of the first objective accounting concept, the financial reports are prepared in order to present the financial data pertaining to the business entities’ periodic transactions. Consequently, the financial statement preparers implement the going concern accounting concept. The concept indicates that business entity is assumed to continue its business operations for several years, without any telltale sign s of bankruptcy creeping into the doors of the business entity. When bankruptcy issues crop up, the going concern concept no longer applies to the business entity. The going concern concept indicates the entity has no plans of folding up or liquidating the business operations within the foreseeable future (Kieso et al., 2011). Relevance Accounting Concept . In terms of the qualitative characteristics group of financial concepts, the financial report accounts should comply with the relevance concept of financial accounting (Kolitz, 2009). Relevance means that financial data reported is material to the decision making process. The relevant financial data can significantly influence the decision makers’ choices. To be relevant, the financial data should comply with the materiality principle of financial accounting. The financial information is material if the data can change the decision makers’ choices. For example, the manager gathers data on whether to promote the cash ier to treasury department manager. Information indicating that the cashiers incurred several cash count shortages may prod the managers to reject the proposal to promote the cashier. Completeness Accounting Concept. Further, the financial reports must comply with the completeness concept of accounting. The completeness concept requires the companies to record all transactions in their respective accounting periods. The income statement must present all sales done within the accounting period. The same statement requires that all expenses should be recorded in the year they are used, not during the year when the expense amounts are paid. The company must include all business transactions in the preparation of the financial reports to avoid being charged for fraud or lackluster financial report preparation. Neutral Accounting Concept. Furthermore, the financial reports must implement the neutral concept to f accounting (Morris, 2009). The financial reports serve the needs of several users. The customers use the financial reports to determine if the company will continue to operate for several years. The financial report indicating the company generated a four your net loss amount will impress on the current and future customers that the company is on the verge of bankruptcy. Consequently, the company may be forced to close shop within the next few years of business operations. When this happens, the current and future customers are forced to seek other suppliers of their needs and wants. The customers need neutral financial reports for

B2B Marketing Strategy Essay Example | Topics and Well Written Essays - 750 words

B2B Marketing Strategy - Essay Example Also, there should be a target of assigning the necessary resources to the segments that are being profitable. This strategy might not be immediately very profitable, as there will probably be some more inherent costs, even though some profit is expected, which will help in the company's actual financial situation. It is essential to start thinking about producing and marketing new products with the same characteristics which the actual consumers need. The products that the customers want to be on the market should be concentrated on, rather than continuing to offer the same customized products. I have learned from this simulation that in order to create demand, there has to be adequate investment in hiring of sales offices, web centers, customer service, promotions and advertising. I feel that for better profitability, there must be good relations with suppliers and customers. "Effective change requires reinforcing new behaviors, attitudes and organizational practices" (Kreitner & Kinicki, 2004). Also, having the right products, in the exact moment seems to require quite some time, and I think this is another important issue to be considered. When an organisation has produced the right product or services, they would want to deliver it according to current products and happenings in the actual market, and also according to what the competition is doing. I think it is important for the company to examine what the priorities are, and to review the currently established brand service prices. Effectiveness of Strategy According to Kreitner and Kinicki, there are three stages in this strategy or model of planned change, and this strategy is instrumental in initiating, managing and stabilizing the change process. The three stages of planned change are unfreezing, changing, and refreezing. Unfreezing focuses on creating the motivation to change, changing focuses on providing employees with new information, behavioral models and new ways of looking at things. Refreezing is the final stage used to help employees integrate the changed behavior into the every day process of doing business. Once employees are provided the opportunity to exhibit the new behavior, positive reinforcement is needed to reinforce the desire change (Kreitner & Kinicki, 2004) Works cited Kreitner, R., Kinicki, A. (2003). Organizational behavior 6e. New York: The McGraw-Hill Companies. Retrieved February 12, 2007 from University of PhoenixResource, MBA520 Resource optimization website http://forio.com/pdasim.htm