Essay On The North American Industry Classification System

North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. NAICS was developed under the auspices of the Office of Management and Budget (OMB), and adopted in 1997 to replace the Standard Industrial Classification (SIC) system. It was developed jointly by the U.S. Economic Classification Policy Committee (ECPC), Statistics Canada This link to a non-federal Web site does not imply endorsement of any particular product, company, or content., and Mexicos Instituto Nacional de Estadistica y Geografia This link to a non-federal Web site does not†¦show more content†¦They have also attacked patent listings in the Food and Drug Administration â€Å"Orange Book† and have alleged monopolization through fraud on the Patent and Trademark Office and sham litigation. Yet other cases have condemned distribution agreements as unlawful exclusive dealing. These government actions have led to substantial private class action litigation against the pharmaceutical industry. The FTC has also challenged numerous mergers and acquisitions in the ind ustry over the last decade. One common feature in all of these cases is the need to define a relevant market. In nonmerger cases, the FTC and private plaintiffsgenerally allege narrow markets, limited to a single drug and its generic equivalent in some cases and to generic drugs excluding the bioequivalent â€Å"brand-name† drug in other cases. In its merger challenges, on the other hand, the FTC has alleged markets ranging from those based upon a particular chemical compound, to broader markets based upon various drugs’ manner of interaction or dosage form, to still broader markets of all drugs used to treat a disease or condition. In numerous pharmaceutical merger challenges, the government has included in the market not only currently marketed drugs but also other drugs under development, alleging â€Å"innovation markets.† There are several markets where it is relatively easy to name every competitor. These are concentrated markets where only a handful of competitorsShow MoreRelatedSA IBL TB8e Ch142815 Words   |  12 Pagesï » ¿CHAPTER 14—NORTH AMERICAN FREE TRADE LAW TRUE/FALSE 1. The NAFTA Binational Panel found that the sale of U.S. twine in Canada at unfairly low prices caused past injury to Canadian twine producers. ANS: T PTS: 1 2. In 1994, the Extraordinary Challenge Committee found that the U.S. Department of Commerce was correct in implementing countervailing duties against Canadian lumber. ANS: F PTS: 1 3. Production sharing is intended to create U.S. jobs by encouraging the use of U.S.-made componentsRead MorePsci 140 Essay1016 Words   |  5 Pagesnot constitutionally responsible to the state Public—little role in leadership selection Individual freedom is restricted May be institutionalized and legitimate * Totalitarian states Totalitarianism (or totalitarian rule) is a political system where the state recognizes no limits to its authority and strives to regulate every aspect of public and private life wherever feasible.[2] Totalitarian regimes stay in political power through an all-encompassing propaganda campaign, which is disseminatedRead MoreSupermarket Industry Analysis2746 Words   |  11 PagesFrom the report of the Progressive Grocer, a monthly industry publication, we can know that in 2009, 35,612 supermarkets were in business in the United States, which accounted for 54.5% of food item sales by grocery stores including supercenters and warehouse outlets. Convenience stores had 31.9% of sales, and wholesale clubs had11.5% of sales. So, supermarkets overall account for more than half of all food sales. Market definition In general, we believe that a supermarket is a large comprehensiveRead MoreTest Bank For Services Marketing 7E 1956 Words   |  8 Pagessocial b. social; financial; social; financial c. financial; transactional; social; regulatory d. financial; social; social; financial e. transactional; social; limited; transactional (d; Moderate; p. 5) 2. The acronym for the new North American classification system that includes services is ____________. a. NAFTA b. NAICS c. NACS d. NACSS e. NEICE (b; Moderate; p. 8) 3. Service markets are shaped by all of the following except ____________. a. government policies b. social changes c. globalRead MoreUrban Outfitters : A High Street Fashion Brand2992 Words   |  12 Pagesaspects of the business which are intangible, such as marketing knowledge. On the other hand, for the visible dimension, the fashion retailer’s internationalisation is the operation of retail shops within foreign markets (Hines Bruce, 2001). In this essay I will outline why I believe Urban Outfitters, a high street fashion brand, should expand its international presence by suggesting possible areas for internationalisation. Urban Outfitters (UO) operate 130 stores in USA, Canada and Europe and haveRead MoreMinimum Wage And The National Industrial Recovery Act2758 Words   |  12 PagesNew Deal that would cover multiple issues. Franklin D. Roosevelt said in his statement introducing the NIRA, History probably will record the National Industrial Recovery Act as the most important and far-reaching legislation ever enacted by the American Congress†¦Ã¢â‚¬  Big words for a big act i n Roosevelt’s New Deal. NIRA was the brainchild of President Roosevelt and his â€Å"brain trust† . Roosevelt and his advisor, Sam Rosenman, a Columbia Law School graduate, and Basil O’Connor, FDR’s law partner andRead MoreWhiteness as a Field of Study2712 Words   |  11 PagesCaptain Ahab’s eulogy of whiteness shows that the word â€Å"white† implies more than a chromatic description. â€Å"White† is an untenable perfection that has haunted the American psyche since colonial times. The idea of â€Å"white spiritual superiority† can only be enforced by a terrorist politico-legal system, based on brutalizing the non-whites and creating a national fantasy. A national fantasy defined by Lauren Berlant as the means â€Å"to designate how national culture becomes local through the images, narrativesRead More Benefits of Indian Gaming and its role in Global Development of Tribal Nations2433 Words   |  10 PagesAmericas, countless incidents of genocide and bl atant violations of human rights have occurred time and time again. Those indigenous to North America, known commonly as Indians or Native Americans, have faced an immense amount of racism, hatred, and oppression on the very same land that was once their own, before it was stolen by the colonists. Native Americans have faced economic hardships that are unmatched by any other race in the United States; the statistics are absolutely staggering and horrifyingRead MoreEssay Writing9260 Words   |  38 PagesThe Essay Writing Process In Greek legend, the goddess of wisdom, Athena, was born fully armed from the head of Zeus. Unfortunately, this is the only recorded instance of instant wisdom. Especially in the medium of the written word, the communication of complex ideas is a process—a process that requires thinking and rethinking, working and reworking. The student who claims to have dashed off an A essay at one in the morning the night before it was due is either a liar or a genius. ThisRead MoreInternational Business Midterm Essay3837 Words   |  16 Pagesdollar, peso 4. In which of the following three regional free-trade blocs does most of C=today’s world trade take place? C a. Western Europe, Eastern Europe, and North America b. Western Europe, Asia, and the United States c. Western Europe, Asia, and North America d. Europe, Southeast Asia, and the Americas 5. BThe European Union currently consists of how many nations? a. Ten b. Twenty-seven c. Forty

Pros and Cons of Free Trade - 1495 Words

Geography: Pros and Cons of Free Trade Few can contend that the world is more interconnected and interrelated more than ever. This web of interdependency is primarily made possible by trade, and in the twenty-first century, a large and significant portion of trade is conducted on a global scale. Furthermore, while the majority of people agree that free trade can benefit both parties in terms of economic development and an increase in overall production, many critics have voiced their fears of the negative consequences that may result from a global trade environment with few barriers or limits. Proponents of free trade argue that benefits far outweigh costs and that the primary gain is efficiency of production achieved through comparative†¦show more content†¦This desire to obtain greater profits by decreasing cost and increasing efficiency of production results in innovations that may include time-saving technology or better methods for manufacturing. Therefore, free trade fosters global competition for lower pri ces, cost-effective production techniques, and a greater emphasis on quality and performance. All of the above arguments support the assertion that free trade has many benefits to countries involved as well as to their citizens. It promotes economic growth to the nation as a whole while improving the quality of life for its workers. Furthermore, because the nation is becoming more prosperous, some serious social problems such as unemployment and illegal immigration may be alleviated as well. In Omhmae s The Rise of the Region State, he claims that region states welcome foreign trade and investment because it increases productivity and improve quality of life. They want their people to have access to the best and cheapest products. And they want whatever surplus accrues from these activities to ratchet up the local quality of life still further... Therefore, when weighing the positives and negatives of free trade, a country must take into account all the benefits in the daily lives of its people that will be a direct result of unrestricted trade. In almost every situation,Show MoreRelatedPros And Cons Of Free Trade Essay3046 Words   |  13 PagesPros and Cons of Free Trade I. Introduction Free trade, the ever present driving force behind our national and world economy, is a trade policy embroiled in controversy. It is considered by most economists to be an almost perfect trade policy, barring a few negative effects. Free trade has been shown to increase production, output and income levels in an economy. However, there are many people that view free trade as destroyer of economies and a catalyst of poverty. Critics of free trade have pointedRead MoreThe Pros And Cons Of Free Trade1286 Words   |  6 Pageswhich is a free trade agreement between the US and 11 other Pacific Rim states reached under the Obama administration. 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They also said that the Free trade will create us jobs for the middle class over a long term, but I also know that there are still a lotRead MoreThe Pros and Cons of Free Trade Essay1116 Words   |  5 PagesFree Trade is the ability to trade goods and services without barriers, and for prices to rise naturally through supply and demand. In theory, Free Trade was a way to break down the barriers between countries, banishing taxes and allowing prices to be naturally set through supply and demand. According to the World Trade Organization, this gives the poor countries the opportunity to specialize in the production of goods that derive from their environment and natural resources with the capacity toRead More The Pros and Cons of Free Trade Essay941 Words   |  4 PagesThe Pros and Cons of Free Trade Free trade is exchange of goods and commodities between parties without the enforcement of tariffs or duties. 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They are: the United States of America, Australia, New Zealand, Chile, Malaysia, Singapore, Vietnam, Peru, and Brunei Darussalem. The purpose of the trade agreement is to â€Å"enhance trade and investment among the Trans- Pacific Partnership countries, promote innovation, economic growth and development, and support the creation and retention of jobsRead MoreSolution For Contemporary Economic Issues Essay1371 Words   |  6 PagesSolution for Contemporary Economic Issues The economic globalization is known as the growing scale of cross-border trade of goods and services, communication, and transportation because of Strengthening economies of a group of countries (Shangquan, 2000). Recently, many countries have encountered new types of economic problems, which is related to economic globalization. To master these problems, economists adopted two general types of economic theories. 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Journal Educational Administration History -Myassignmenthelp.Com

Question: Discuss About The Journal Educational Administration History? Answer: Introduction Audit planning essentially refers to the planning by an auditor in regards to the systematic audit process that is carried out for the evaluation of the financial statements in order to ensure that the accounting statements reflect the true and fair view of the financial condition of the company. The audit of the accounting statements of a corporate entity is carried out in each financial year. A quality audit plan reflects the particular regulations and policies that should be strictly followed by an auditor for the successful execution of the auditing procedures. The major benefit that can be facilitated by the providence of an audit plan is that, by the following of the audit plan, an auditor can obtain enough evidence for the required examination and evaluation of the financial and non-financial proceedings of the company. The auditing procedure or plan effectively includes the testing of the various account balances for the identification of the material misstatements in the boo ks of accounts. Thus, the audit testing of accounts forms a crucial part of audit planning van (Buuren caes et al., 2014). Analytical Review The analytical review of the trial balance has been asked in the question can be effectively carried out by the horizontal trend analysis of the account balances of the financial statements of the company. The advantages that can be accrued from the analytical review of the trial balance is that the auditor can identify the material misstatements in the different account balances. The misstatements may have occurred either due to the fraud carried out by the concerned employee of the organization willingly or on the account of carelessness. The analytical review of the chosen accounts that have been carried out in this particular report has been effectively carried out by the horizontal trend analysis of the account balances. Preliminary judgment of materiality The preliminary judgment of materiality refers to the particular amount of materiality that is effectively carried out by the auditor in order to ascertain the maximum permissible amount that can be allowed in case the financial accounts are misstated. This particular amount of materiality that is fixed by the auditor, is the maximum amount by which the accounts if misstated, will not hamper the quality of the financial statements and they will continue representing the true and fair view of the liquidity position of the concerned company. It should be noted here that the materiality misstatements in the account balances might have occurred due to the double entry book-keeping system in accordance to which the trial balance has been prepared (Malaescu and Sutton 2014). The trial balance that is presented in the question has been utilized for the purpose of drawing the projected income statement balance sheet and significant ratios as follows: Particulars 2014 2015 Trend Analysis Cash at Bank 102,503 99,251 96.83 Accounts receivable 112,000 121,820 108.77 Inventory 175,000 189,000 108.00 Machinery 65,000 65,000 100.00 Accumulated Depreciation 24,375 43,964 180.37 Motor Vehicles 65,000 65,000 100.00 Accumulated Depreciation 20,150 26,000 129.03 Furniture 7,500 7,500 100.00 Accumulated Depreciation 2,250 2,925 130.00 Bank Loan 216,000 216,000 100.00 Sales 187,450 182,812 97.53 Cost of sales 63,595 49,024 77.09 Service fees (revenue) 58,000 44,063 75.97 Other income 25,000 900 3.60 Interest income 50 36 72.00 Bank charges 350 261 74.57 Depreciation 15,590 26,114 167.51 Interest expense 10,800 8,100 75.00 Printing 250 189 75.60 Miscellaneous - 1,800 not applicable Wages 53,000 42,134 79.50 Superannuation 4,770 4,002 83.91 Equity 142,083 162,495 114.37 Income statement of Fly Group 2015 2014 Trend Analysis Particulars Sales 182,812 187,450 98% Cost of sales 49,024 63,595 77% Gross profit 133,789 123,855 108% Service Fees (revenue) 44,063 58,000 76% Other income 900 25,000 4% Interest income 36 50 72% Operating Income 178,787 206,905 86% Less: Expenses Bank charges 261 350 75% Depreciation 26,114 15,590 168% Interest expense 8,100 10,800 75% Printing 189 250 76% Miscellaneous 1,800 - not applicable Wages 42,134 53,000 79% Superannuation 4,002 4,770 84% Net Profit 96,187 122,145 79% Ratios 2014 2015 Net profit margin 65% 53% Gross profit margin 66% 73% Inventory turnover ratio 1.07 0.96 Assets turnover ratio 0.39 0.39 Balance Sheet of Fly Group 2014 2015 Trend Analysis Current Assets Cash at Bank 102,503 99,251 97% Accounts Receivables 112,000 121,820 109% Inventory 175,000 189,000 108% Total Current Assets 389,503 410,071 105% Non-current Assets Machinery 65,000 65,000 100% Accumulated Depreciation 24,375 43,964 180% Value 40,625 21,036 52% Motor Vehicles 65,000 65,000 100% Accumulated Depreciation 20,150 26,000 129% Value 44,850 39,000 87% Furniture 7,500 7,500 100% Accumulated Depreciation 2,250 2,925 130% Value 5,250 4,575 87% Total Non-current Assets 90,725 64,611 71% Total Assets 480,228 474,682 99% Liabilities and Equity Bank Loan 216,000 216,000 100% Owner's Equity 142,083 162,495 114% Net profit 122,145 96,187 79% Total Liability and Equity 480,228 474,682 99% The accounts that have been selected have been listed down as follows: Account Receivable Inventory Cost of Sales Service Fees (revenue) Wages Other Income Accounts Receivable The accounts receivable has been selected for the purpose of audit testing in order to identify the materiality in the accounts Rationale for Selection The Accounts Receivable account has been selected due to the fact that this particular account has increased by 108.77%. This means that the auditor should look into such a rising trend as because materiality may have occurred in the selected account. This is also a crucial financial component because it is directly linked with the total sales revenue incurred by the firm. Assertion and Explanation The accounts receivable represents that part of the total sales that has been incurred on credit. This means that the revenue that the business has generated has not yet been received. The chances of the accounts receivable balance being understated or overstated is high as this particular balance does not impact the cash generated by the firm. Therefore, a particular employee carrying out fraudulent activities may understate or overstate this account for increasing or decreasing the profitability of the firm. The accounts receivable is treated as an asset in the balance sheet of a particular company. Recommended Audit Procedure The recommended audit procedure for the auditor is that the auditor should look into each credit sales of the organization. The credit transaction should be checked with the respective customers and the other stakeholders of business. Moreover, the accounts receivable balance in the subsidiary ledger should be matched with the general ledger in terms of each credit transaction (Earley 2015). Inventory The inventory has been selected for the purpose of audit testing in order to identify the materiality in the accounts Rationale for Selection The inventory account has been selected because this particular account displays an increase by 108%. Assertion and Explanation The inventory account that has been selected might be subjected to materiality. This is due to the fact that often the inventory of a particular organization is maintained by different techniques like the perpetual inventory system and the periodic inventory system. This increases the chances of misstatement in the inventory account. It should be noted here that the inventory account has a direct link with the liquidity position of the company. This means that the overstatement or the understatement of the inventory account will affect the financial position of the company. Recommended Audit Procedure The recommended audit procedure that should be applied by the auditor is that he should identify the particular process that is adopted by the corporate entity for treating the inventory of the organization. Moreover, the accounting records that have been maintained in regards to the purchase and sale of the inventory should be checked in order to filter out the instances of materiality in the books of accounts (Earley 2015). Cost of Sales The cost of sales account has been selected for the purpose of audit testing in order to identify the materiality in the accounts Rationale for Selection The cost of sales account has been selected because this particular account has decreased to 77.09%. Assertion and Explanation The cost of sales account refers to the different costs that are incurred by the firms and constitutes of the direct costs like the direct labor cost. The cost of sales account is directly related to the sales revenue that is, if the cost of sales has been understated or overstated the profitability of the firm will directly increase or decrease. Therefore, the cost of sales also signifies the fact that whether the profitability strategies that are incorporated by the firm are working out or not. Recommended Audit Procedure The recommended audit procedure that should be applied by the auditor is that he should check whether all the purchase or sales in regards to the cost of sales has been properly recorded and authorized. He should also monitor the results of the different inventory tests (Earley 2015). Service Fees (Revenue) The service fees (revenue) account has been selected for the purpose of audit testing in order to identify the materiality in the accounts. Rationale for Selection The service fees account has been selected due to the fact that the account has decreased to 75.97% Assertion and Explanation The service fees account has been selected due to the fact that the account displays an abnormal decrease in the account balance. It might be the case, that the account balance decreases due to a genuine reason. However, it is the primary duty of the auditor to look into the reason, as to why the service fees have decreased. Recommended Audit Procedure The recommended audit procedure that should be applied by the auditor is that he should look into the factors that led to the decrease in the service fees and determine whether there has been any genuine reason for such materiality (Graham 2015). The wages account has been selected for the purpose of audit testing in order to identify the materiality in the accounts The wages has been selected because this particular account has increased by 125.7%. The wages account shows an unprecedented rise in the current year. This might be due to the fact that there has been a huge recruitment drive for workers in the organization. However, it is the primary duty of the auditor to look into the fact as to why the wages account has increased. The wages account if subjected to materiality will directly be reflected in the profitability of the organization. Recommended Audit Procedure The recommended audit procedure that should be applied by the auditor is that he should check the total number of workers recruited or the workers who have been promoted and the particular wages offered to them. This will help the auditor to ascertain the fact whether there has been any materiality issue in the account (Graham 2015). Other Income The other income account has been selected for the purpose of audit testing in order to identify the materiality in the accounts Rationale for Selection The other income account has been selected because this particular account decreases to 3.60%. Assertion and Explanation The other income has been selected because this particular account displays an abnormal decrease in the account balance. The auditor should review this highly abnormal phenomenon. Recommended Audit Procedure The recommended audit procedure that should be applied by the auditor is that he should monitor and check all the components of the other income account and trace back the transactions to their point of generation (Graham 2015). References Earley, C.E., 2015. Data analytics in auditing: Opportunities and challenges. Business Horizons, 58(5), pp.493-500. Graham, L., 2015. Internal Control Audit and Compliance: Documentation and Testing Under the New COSO Framework. John Wiley Sons. Lambert, T.A., Jones, K.L., Brazel, J.F. and Showalter, D.S., 2017. Audit time pressure and earnings quality: An examination of accelerated filings. Accounting, Organizations and Society. Luippold, B.L., Kida, T., Piercey, M.D. and Smith, J.F., 2015. Managing audits to manage earnings: The impact of diversions on an auditors detection of earnings management. Accounting, Organizations and Society, 41, pp.39-54. Malaescu, I. and Sutton, S.G., 2014. The reliance of external auditors on internal audit's use of continuous audit. Journal of Information Systems, 29(1), pp.95-114. Mitra, S., Song, H. and Yang, J.S., 2015. The effect of Auditing Standard No. 5 on audit report lags. Accounting Horizons, 29(3), pp.507-527. Thompson, G. and Mockler, N., 2016. Principals of audit: Testing, data and implicated advocacy. Journal of Educational Administration and History, 48(1), pp.1-18. van Buuren, J., Koch, C., van Nieuw Amerongen, N. and Wright, A.M., 2014. The use of business risk audit perspectives by non-big 4 audit firms. Auditing: A Journal of Practice Theory, 33(3), pp.105-128.

Watergate Essay Research Paper What Was Watergate free essay sample

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