Definition of accounting Essay Example | Topics and Well Written Essays - 500 words

Definition of accounting - Essay Example Business profits and financial position. These are known as financial statements or profit and loss account and Balance sheet.With the help of analysis, useful information is obtained form financial statements. The users of the information then interpret the information derived. Such interpretation helps interested parties in taking prompt decisions. The whole process of recording, classifying, summarizing and interpreting is known as accounting. The art of recording, classifying, summarizing, analysing and interpreting the business transactions systematically and communicating business results to the interested users. These interested users may be owner himself of herself, creditors government, etc.; accounting is also viewed as discipline. It has its own principles, rules and concepts, which guide accountants in their accounting practices.The meaning of the word consistency is continuity in methods or practices. In accounting context, consistency means followers using the same acco unting methods or practice year after year. You can also say that the methods followed for making accounting information is not altered generally during its life. A businessman fro example, follows the following practices or methods generally year after year:Machines and other fixed assets used in a business slowly decline in value over time.

Engineering management Essay Example | Topics and Well Written Essays - 1750 words

Engineering management - Essay Example Dyson adds that failure is part of making progress because people do not learn from success. When he started from humble idea, it got more interesting and audacious because he had an opportunity to experiment what can work and what cannot work. This can also be taken to mean that he is a very patient mogul, a trait that is very essential in entrepreneurship and innovation. Dyson is also a risk taker, and that is the reason he is so successful in innovation. He explains that innovation is about people trying to improve the way things work, but warns that big corporations are under competition from small innovative enterprises because they are not ready to undertake immense risk. His excellence in innovative is also evident when he explains that there is a lot of competition in terms of ideas but the ones who enjoy the fruits of their innovation are the ones who come up with the best ideas. Question 2 His management style is democratic or laissez-faire. This approach means that he has given his employees a freedom to contribute their ideas and try to implement them if they are found to be useful. This style is very effective in allowing the subordinates to develop their talents and make best use of them. As such, his employees are given a lot of opportunity to work without close supervision, which is very important in such an industry, which depends a lot on innovation. He has made a lot of efforts not to act as an owner who is isolated from his work force. He says that he spent a lot of time interacting with innovative people rather than being in his glass office. He made sure that even the people who were not engineers were doing things that were creative, something that went a long way in fostering innovation in this organization. H also spend time motivating his workers, for example by encouraging and praising them so they can continue adopting the difficult route instead of just doing what is straight forward. For this management style to work in its optimum , he ensures that team members are fully inspired to work to the best interest of the company. Question 3 Organizational structure is the manner in which organizations are set up, in order to achieve their goals. There are three major types of organizational structures, including matrix, divisional and functional. Functional structure Functional structure is organized according to the purpose of each section of the organization. For example, the organization may have different departments such as sales department, marketing department, and production department. This structure mostly suits small businesses in which case each department can rely on the skills and experience of its staff. However, the fact that different departments works as distinct bodies creates a communication barrier along their boundaries. Divisional Structure Divisional structure is common in companies that operate over a wide geographical area or that the companies that have smaller entities operating under th e umbrella group, typically dealing with different market areas or types of products. For example, an engineering company can be organized divisionally, with divisions such as compressor division, engine division, parts division, as well as different divisions to serve different geographical regions. Although communication under this structure is difficult because employees are working in separate divisions, it is generally effective because it allows specific and rapid meeting of needs. Maintenance of different divisio