Ica Gh Syslabus

Objectives and Expected Performance Outcome of each part THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) Syllabus for ICAG Qualifying Examinations ACCRA 2009 Institute of Chartered Accountants, Ghana 1 Proposed Sylabus for ICAG Qualifying Examinations Contents Introduction Features and Inovations of the New Scheme Objectives and Expected Performance Outcomes of Each Part PART 1 1. 1 1. 2 1. 3 1. 4 Financial Accounting Fundermentals Business Management Economics Management Information Systems PART 2 2. 1 2. 2 2. 3 2. Quantitative Tools in Business Audit and Internal Review Business and Corporate Law Principles and Practice of Taxation PART 3 3. 1 3. 2 3. 3 3. 4 Financial Reporting Public Sector Accounting Cost and Management Accounting Financial Management PART 4 4. 1 4. 2 4. 3 4. 4 Advanced Financial Reporting Advanced Audit and Professional Ethics Corporate Strategy and Governance Advanced Tax Planning and Fiscal Policy Review of Qualifying Examinations Syllabus May 2010 Proposed Tra nsitional Arrangements 1 2 3 4 11 17 25 32 37 42 50 55 61 68 73 80 86 98 108 115 116 2 Institute of Chartered Accountants, Ghana Financial Accounting FundamentalsINTRODUCTION After nearly four years of organizing examinations on the current syllabus of the Institute of Chartered Accountants (Ghana), professional programme, the first of which was held in May 2005, it is now considered appropriate and timely to revise and update it in order to bring it in line with current state of knowledge and to make it more relevant to the current demands of employers and clients. The job of the Chartered Accountant has become more sophisticated because of the effects of globalisation, developments in information technology and the complexity of the modern business organisation.The modern day chartered accountant, for instance, not only expresses an opinion on the accuracy and fairness of financial statements, but also advises management on the viability of investment projects, tax matters and ren ders specialised advisory services, etc. In many cases, he is called upon to serve the nation as a member of a special investigation panel. In order to perform these functions creditably, he needs to have acquired proficiency in accounting theory and practice. The new syllabus would be examined in May 2010. The new syllabus attempts to meet the dual goals of the scheme through the subject structure and coverage.The 16-subject, 4-level-structure examination combines subjects which address the practical skills requirements of the potential professional accountants with others which are mainly of the theoretical or conceptual nature and therefore serves as a good grounding for the Professional Accountant. SUMMARY OF NEW STRUCTURE Exhibit 1: Chart of New Examination Scheme 1. 1 1. 2 1. 3 1. 4 Financial Accounting Fundamentals Business Management Economics MIS & Business Systems 3. 1 3. 2 3. 3 3. 4 Financial Reporting Public Sector Accounting Cost and Management Accounting Financial Mana gement PART 1PART 3 PART 2 PART 4 2. 1 2. 2 2. 3 2. 4 Quantitative Tools in Business Audit and Internal Review Business and Corporate Law Principles and Practice of Taxation 4. 1 4. 2 4. 3 4. 4 Advanced Financial Reporting Advanced Auditing and Professional Ethics Corporate Strategy and Governance Advanced Taxation and Fiscal Policy Institute of Chartered Accountants, Ghana 1 Proposed Sylabus for ICAG Qualifying Examinations FEATURES AND INNOVATIONS OF THE NEW SCHEME This new scheme was developed on a well-established context for a review and change. The following new features and innovations stand out. A four-part structure of 16 papers in total. †¢ Fusion and integration of some courses. This is meant to encourage an integrative learning approach and to minimize the negative of the â€Å"tunnel vision† subject-by-subject training. The combination of related courses is therefore meant to derive more meaning and synergies. For example, it is not uncommon to find very sim ilar questions and requirements on â€Å"Budgeting and Variance Analysis† in both the old [i. e. Current] Management Accounting and Cost Accounting papers. †¢ Clearly defined and achievable learning outcomes from Part to Part.This should partly resolve the problems associated with the placement of partly qualified candidates in industry and on other programmes. †¢ A more rational, easy-to-fit and implement, graduate conversion and exemption scheme has been incorporated. It is hoped that this will motivate higher grade candidate entrants—degree and diploma holders —to acquire sufficient accountancy competence and speed up their eventual professional qualification. †¢ All students have ten (10) years from the date of registration within which to complete all the examinations of the Institute of Chartered Accountants (Ghana).After the ten (10) years period any student who has not completed the examinations of the Institute will not be eligible to tak e the examinations. †¢ Better focus on business [financial] strategy and reporting or communication skills, thereby enabling candidates to appreciate the overall realities of the business environment and to use advisory skills more effectively. †¢ Introduction of some more relevant programmes and appropriate titles — the New Business Strategy is more about management, making accountants strategic decisions makers. Increased emphasis on business advisory skills at the final Part 4. 2 Institute of Chartered Accountants, Ghana Financial Accounting Fundamentals OBJECTIVES AND EXPECTED PERFORMANCE OUTCOME OF EACH PART Each of the 4 Parts of this examination scheme has a broad objective and expected performance outcome as stated below. Additionally, within each subject at any Part, the syllabus coverage as well as the detailed but specific objectives and learning outcomes are stated. The broad objective and learning outcomes of the four (4) Parts are as follows: PART 1 â € ¢ 4 basic/foundation papers. Provision of basic principles and knowledge required to understand the Business Environment. PART 2 †¢ Four (4) traditional core papers. †¢ Test of technical expertise required of a modern accountant. †¢ Acquisition of background knowledge and skills necessary for effective performance at middle management level. PART 3 †¢ Four (4) core papers. †¢ Emphasis on business cases, strategy and advisory skills. PART 4 †¢ Four (4) core papers. †¢ Emphasis on business cases, strategy and advisory skills. Result and Interpretation The pass mark is 50%. The results will be published as â€Å"pass† or â€Å"fail.A candidate who fails has the option of rewriting this paper in subsequent examinations till his/her candidature expires. Institute of Chartered Accountants, Ghana 3 Proposed Sylabus for ICAG Qualifying Examinations PROFESSIONAL PART 1 PAPER 1. 1: Financial Accounting Fundamentals 1. OBJECTIVES AND LEARNING OUTC OMES This paper is designed to enable candidates acquire and appreciate fundamental accounting knowledge in organisations. At the end of the course, the candidate should be able to: Demonstrate sound knowledge and understanding of accounting principles, concepts and their application in the preparation of financial statements.To ensure that students have a sound understanding of the techniques of double entry accounting and can apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements. Able to identify and correct omissions and errors in accounting records and financial statements. Able to specify the components of financial statements and prepare and present non-complex accounts for sole traders, partnerships and limited companies. Specify why an entity maintains financial records and prepares financial statements.Identify the sources of information for the preparation of accounting records and financial statements. R ecord and account for transactions and events resulting in income, expenses, assets, liabilities and equity in accordance with the appropriate basis of accounting and the laws, regulations and accounting standards applicable to the financial statements. Prepare a trial balance from accounting records and identify the uses of the trial balance. Prepare accounts and financial statements from incomplete records. Understand the different bases of preparing financial statements. Apply some international financial reporting standards.Define the qualitative characteristics of financial information and the fundamental bases of accounting FORM OF EXAMINATION The examination will be a three-hour paper consisting of five compulsory questions. (All the five questions must be answered. ) 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the w eightings below. 4 Institute of Chartered Accountants, Ghana †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ 2. Financial Accounting FundamentalsHowever, there might be slight variations in some instances as they serve as a guide only. SYLLABUS COVERAGE Conceptual Framework of Accounting, Maintaining Financial Records Principles of Double Entry & Books of Prime Entry Adjustments to Accounting Records and Financial Statements Accounting for non-current Assets (tangibles and intangibles) Preparation of Financial Statements including Cash Flow Preparation of Financial Statements for Non-profit Making Organisations, Preparation of Financial Statements from Incomplete Records Accounting for specialised transactions Introduction to financial statements analysis TOTAL WEIGHTING (%) 0 15 20 20 15 10 100 Institute of Chartered Accountants, Ghana 5 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 1 Financial Accounting Fundamentals MAI N TOPIC SYLABUS CONTENT (Cont’d. ) 1. 1 Conceptual Framework of Accounting a. Define and explain the scope of accounting, financial accounting, book-keeping, cost and management accounting, and their similarities and differences. b. Explain the needs of external and internal users of accounting information. c. Describe forms of Business Entity: and explain the meaning of ‘entity. ’ d.Explain the categories of business organisations. (i) Sole Proprietorships: Their characteristics, benefits and limitations. (ii) Partnerships: Their characteristics, benefits and limitations. (iii) Limited Liability Companies: Their characteristics, benefits and limitations e. Explain the differences between Partnerships and limited liability companies. f. Explain the purpose of financial statements by 1AS 1. g. Explain the accounting assumptions and concepts. h. Outline the components of financial statements. i. Identify the main users of financial information and their information needs. . Identify and explain accounting concepts and conventions. k. Outline the qualitative characteristics of financial statements. l. Outline the elements of financial statements and the basis of their recognition and their measurements. m. Explain Accounting Standards: their purpose, standards setting process, IASB membership. a. Specify why an entity maintains financial records and prepares financial statements. b. Identify the sources of information for the preparation of accounting records and financial statements. c.Record and account for transactions and events resulting in income, expenses, assets, liabilities and equity in accordance with the appropriate basis of accounting and the laws, regulations and accounting standards applicable to the financial statements. d. Record and account for changes in the ownership structure and ownership interests in an entity. 1. 2 Maintaining Financial Records 6 Institute of Chartered Accountants, Ghana Financial Accounting Fundamental s PAPER 1. 1 Financial Accounting Fundamentals MAIN TOPIC SYLABUS CONTENT (Cont’d. ) 1. 3 Principles of Double Entry and Books of Prime Entry a.Understand and apply the accounting equation. b. Identify the elements of financial statements: †¢ Types, definitions, relationships and distinctions. †¢ The nature of transactions. c. Outline the contents and purpose of different types of business documentation, including: quotation, sales order, purchase order, goods received note, goods dispatched note, invoice, statement, credit note, debit note, remittance advice, receipt. d. Identify the main types of ledger accounts and books of prime entry (cash books, the sales day book and the sales ledger, the purchases day book and the purchases ledger) and understand their nature and function. . Understand and illustrate the uses of journals and the posting of journal entries into ledger accounts. f. Identify the main types of business transactions e. g. sales, purchases, paymen ts, receipts. g. Identify correct journals from given narrative. h. Illustrate how to balance and close a ledger account. 2. 1 Adjustments to accounting records and financial statements a. Identify and explain the types of errors that can affect trial balance and its effects on financial statements. (i) Explain how these can be corrected. (ii) Explain the purpose of suspense accounts. iii) Explain the uses of journals to correct errors in draft financial statements. b. Explain the accounting for the following in financial statements; (i) Stocks/inventories. (ii) Tangible non-current assets. (iii) Fixed Assets and Depreciation. (iv) Intangible non-current assets and amortisation. (v) Accruals and prepayments. (vi) Debtors/receivables and trade creditors/ payables. (vii) Provisions and contingencies. (viii) Returns inwards and outwards. (ix) Discount received and discount allowed. (x) Capital and revenue expenditures. Institute of Chartered Accountants, Ghana 7Proposed Sylabus for ICA G Qualifying Examinations PAPER 1. 1 Financial Accounting Fundamentals MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) xii. Bad debts, provisions for doubtful debts, provisions for discounts on debtors. c. Prepare Bank Reconciliation Statement. 2. 2 Accountingfor Non-current Assets a. Describe the accounting treatment for property, plant and equipment in accordance with IAS 16. b. Explain the methods and policies of depreciation (limited to straight line, reducing balance and revaluation methods). c. Explain the reasons for depreciation and accounting for provision for depreciation. . Account for disposal of property, plant and equipment using ledger accounts. e. Account for recognition of Intangible assets in accordance with IAS 38. f. Explain the differences between depreciation and amortization. a. Prepare and present income statement and balance sheet of a sole trader: i Manufacturing Account ii Trading Account iii Profit and Loss Account iv Balance Sheet a. Describe the procedure for forming a partnership. b. Outline the provisions in the Incorporated Private partnership Act 1962 (Act 152) in relation to the preparation of partnership accounts. c.Prepare final accounts of partnership: †¢ Trading, profit and loss account †¢ Profit and loss appropriation account †¢ Partners’ capital and current accounts †¢ Balance sheet d. Explain the procedure for admission of a partner. e. Explain the methods of valuing goodwill. f. Explain revaluation in relation to an admission of a new partner, change in the profit sharing ratio, or a retirement/death. 3. 2. Preparation of Financial Statements of a Partnership Firm 3. 1 Preparation of Financial Statements of a Sole Trader 8 Institute of Chartered Accountants, Ghana Financial Accounting FundamentalsPAPER 1. 1 Financial Accounting Fundamentals MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) g. Prepare partnership accounts for an admission, change in the profit sharing ratio, or a retirement. h. Pre pare accounts for simple dissolution (excluding piecemeal realisation). 3. 3 Preparation of Financial Statements of a company a. Distinguish between. – Ordinary Share and Preference Share. – Authorised Capital and Stated Capital. – Income Surplus and Capital Surplus. b. Describe the nature and types of debentures. c. Explain the nature and purpose of final accounts of a limited liability company. . Draft company final accounts for internal use. e. Define cash flow and explain cash flow statement. f. Describe the usefulness of cash flow statement. g. Prepare a simple cash flow statement in accordance with IAS 7. a. Identify the type of entity that is a non-profit making organisation. b. Identify the purpose of such organisations. c. Outline the differences between income statement for non-profit making organisation and income statement for a profit making business. d. Prepare receipts and payments account, income statement and a balance sheet for a non-profit mak ing organisation.Prepare Income statement and balance sheet of an entity from incomplete records. 4. 1 Preparation of Financial Statements for Not-for-Profit Organisations 4. 2 Preparation of Financial Statements fromIncomplete Records 5. Accounting for a. Explain joint venture. Specialised b. Distinguish between joint venture and partnership. Transactions Joint Venture; c. Explain how to make entries in the accounts of a joint venture. Investments; d. Explain investments accounts, and how they are Royalties; used. Branch Institute of Chartered Accountants, Ghana 9 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. Financal Accounting Fundamentals MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) e. Record transactions in investment accounts. f. Explain royalties, minimum rent and short workings. g. Record royalties in the books of the lessee and lessor (including sub-royalties or leases). h. Prepare departmental and branch accounts (excluding foreign branches). 6. Introduction to Financial Statement Analysis a. Calculate basic financial ratios from given income statement and/or balance sheet: – Profitability Ratios – Liquidity (Short term solvency) Ratios – Gearing/Leverage Ratios – Activity/Efficiency Ratios – Investment Ratios b.Explain the meaning and uses of the above ratios. c. Outline the limitations of financial ratios as tool for performance measurement. LIST OF RECOMMENDED TEXT 1. 2. 3. ICAG Study Text. Wood F. Business Accounting 1: Financial Times. Millichamp, R. A. (1992) Foundation Accounting; DPP. RELEVANT LEGISLATIONS 1. 2. Companies Code, 1963, Act 179. Incorporated Private Partnership Act 1962, Act 152. 10 Institute of Chartered Accountants, Ghana Business Management PAPER 1. 2 Business Management 1.OBJECTVES AND LEARNING OUTCOMES At the end of the course, candidates should be able to: †¢ †¢ †¢ †¢ †¢ †¢ explain the objectives of business and the functions of management; expl ain the major concepts, theories and techniques in the field of general management; apply the concepts, theories and techniques in analysing and providing solutions to business problems; describe the various functional areas of an organisation and how they relate to one another; describe the environment within which businesses operate; appraise the impact of economic, social, political, legal, technological and global changes in the environment on management decisions. . FORM OF EXAMINATION The examination will be a three-hour paper of seven (7) questions. Candidates will be required to answer any five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.Syllabus Coverage Introduction to Management Planning and Decision Making Organizing, Motivation, Leadership, Controlling Communication Groups and Team Work Human Resource Management Marketing Management Operations Management TOTAL Weighting (%) 10 15 30 15 10 10 10 100 11 Institute of Chartered Accountants, Ghana Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 2 Bussiness Management MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT Introduction to Management a. Explain the objectives of business organisations. b.Explain the four (4) functions of management and state the other major elements in the management process. c. Explain the roles of management. d. Explain the types of skills needed by managers. e. Describe how managerial jobs differ according to the levels and areas of responsibility. f. Explain the evolution of management theories. g. Explain how socio-cultural, legal, economic, political and technological and global changes influence businesses. h. Explain the concept of stakeholders and distinguish between primary an d secondary stakeholders. i. Explain the nature of the power and interests of takeholders. j. Explain the social responsibility of businesses. Planning and Decision Making a. Define and differentiate between the following key terminologies: Planning †¢ Forecasting †¢ Objective setting †¢ Policies †¢ Programmes †¢ Schedules †¢ Procedures †¢ Budgeting b. State and describe types of plans. c. Categorise the types of planning at the different levels of management. d. Explain the planning process. e. Explain the steps in the decision making process. f. Appraise alternative solutions and select appropriate solution(s) to organisational problems. g.Evaluate and apply skills necessary for effective decision making as regards the entire spectrum of management and organisation. 12 Institute of Chartered Accountants, Ghana Business Management PAPER 1. 2 Bussiness Management MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT Organising a. Describe the elements that make up organisational structure and its related units. b. Develop organisational charts and explain their importance. c. Describe the main approaches to job design. d. Explain the major methods of vertical co-ordination, including formalisation, span of management, centralization vs. ecentralisation, delegation, line and staff positions. e. Analyse delegation, authority, responsibility and accountability and their impact on motivation and organisational culture. f. Explain, analyse and evaluate the concept of coordination as an integral part of management. g. Distinguish between types and conditions for business and organisational integration. h. Identify and state the characteristics and relationships associated with planning, organising, leading and controlling in organisations. i. Appraise the role and importance of co-ordination. a.Define leadership. b. Explain the major sources of a leader’s power. c. Explain the following leadership theories: †¢ Traits theory â⠂¬ ¢ Behavioural theory †¢ Contingency theory †¢ Managerial grid †¢ Tannenbaum and Schmidt leadership continuum †¢ Fieldler’s contingency theory †¢ Situational leadership †¢ Path-goal theory. †¢ Contemporary theories d. Explain the various leadership styles Leadership Institute of Chartered Accountants, Ghana 13 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 2 Bussiness Management MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT Motivation . Explain the theories of motivation. b. Describe the role of behavioural aspect of motivation. c. Evaluate the limitations to motivation theories. d. Describe how teamwork and consultative management are used as motivational tools. e. Outline the linkage between motivation and output. a. Explain the nature and importance of organizational control. b. Describe the control process. c. Discuss the different organisational control process. d. Explain the different control methods. a. Explain the mean ing and role of communication in modern organisations. b.Explain the main forms of communication. c. Describe the communication process. d. Distinguish between organisational communication channels and explain their role in managing effectively. e. Discuss the roles of negotiation in the management process both within an organisation and with external bodies. f. Identify and describe barriers to communication. a. Define and analyse the concept of management groups, inter or intra-group relations and how motivation influences group/managerial behaviour. b. Analyse and evaluate the concept of team approach in directing organisational activities. . Explain how groups are formed within organisations and how this affects performance. d. Explain the nature, functions and purposes of social groups in organisations. e. Explain inter-personal and inter-group relations and distinguish between them. f. Define and analyse the concept of organisational culture and business etiquette in organisat ions. Controlling Communication Groups and Teamwork 14 Institute of Chartered Accountants, Ghana Business Management PAPER 1. 2 Bussiness Management MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT Human Resource Management a.Explain the role of the human resource management function and its relationship to other parts of the organisation. b. Describe the recruitment process. c. Distinguish between training and development and show their relationship. d. Explain the meaning and effects and/or application of job evaluation, staff appraisal, performance measurement and evaluation; promotion and demotion. e. Explain the disciplinary procedure in human resource management. f. Explain compensation systems and the significance of indirect compensation. g. Explain the concept of organisational health and safety and its benefits. . Distinguish between duties of employer's and employees responsibilities. Marketing Management a. Explain the marketing concept. b. Outline the strategic roles of ma rketing in organisations. c. Explain the main elements of a marketing plan and importance. d. Explain segmentation and targeting of markets and positioning of products within markets. e. Explain the elements of the marketing mix and their application. f. Describe the role of technology in modern marketing. g. Explain the differences and similarities in the marketing of products and services. h. Design and implement a pricing strategy. . Explain customer care strategies as a means of achieving competitive advantage and their relationship with total quality management. Institute of Chartered Accountants, Ghana 15 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 2 Bussiness Management (Cont’d. ) MAIN TOPIC SYLLABUS CONTENT Operations Management a Explain the following types of production process: †¢ Job production †¢ Batch production †¢ Mass/continuous/flow production b. Explain and compare the following methods of plant layout: †¢ Process layout â € ¢ Product layout †¢ Fixed-position layout. c.Discuss the role of operations management in organizations. d. Explain the concept of quality and total quality management. e. Explain how the quality of products and services can be assessed, measured and improved. RECOMMENDED/REFERENCE TEXTS 1. 2. 3. 4. 5. ICAG Study Text. Appleby P. O. Modern Business Administration, Pitman. Boachie-Mensah, F. O. Essentials of Management, Woeli Publishing Services. Cole, G. A. Management: Theory and Practice. DP Publications. Marfo-Yiadom, E. Principles of Management, Woeli, Publishing Services. 16 Institute of Chartered Accountants, GhanaEconomics PAPER 1. 3 Economics 1. OBJECTIVES AND LEARNING OUTCOMES On completion with this paper, candidates should be able to: †¢ explain the nature and scope of economics; †¢ define and explain the fundamental problems of satisfying wants from scarce resources with alternative uses or describe resources allocation in relation to competing wants; à ¢â‚¬ ¢ explain and offer illustrations of the main techniques of economic analysis as a basis for business decisions; †¢ identify how macroeconomic variables and government economic policies affect and/or influence an organisation. explain the main features and contemporary trends of the Ghanaian economy and apply the concepts and techniques of economics to current business issues. 2. FORM OF EXAMINATION The examination will be a three (3) hour paper of seven (7) questions, five (5) of which should be answered by candidates. The paper will consist of two (2) sections, A and B. Section A will consist of four (4) questions on microeconomics and Section B will consist of three (3) questions on macroeconomics.Candidates are required to answer three (3) questions from Section A and two (2) questions from Section B. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks availab le in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only. Institute of Chartered Accountants, Ghana 17 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 3 Economics SYLLABUS COVERAGE (Cont’d. ) WEIGHTING (%)Basic Economics — Concepts and Systems Price and quantity determination Elasticity concepts Theory of consumer behaviour Theory of production Theories of costs and revenues Theory of the Firm National income accounting Money and banking Public Finance International Trade TOTAL 7 10 8 10 10 5 10 10 10 10 10 100 18 Institute of Chartered Accountants, Ghana Economics PAPER 1. 3 Economics SECTION A: Microeconomics MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT Basic Economic Concepts and System a. Define and explain economics in relation to production, distribution. b. Consumption of goods and services. c.Explain the concepts of scarcity, choice and scale of preference. d. Explain the concept of opportunity cost in relation to individuals, firms and government. e. Identify the main characteristics of the various economic systems and explain their merits and demerits. f. Discuss the role of economics in business decision making. a. Define demand and supply and identify the types. b. Identify and explain the determinants of quantity demanded and supplied. c. Explain individual and market demand and supply using tables, graphs and equations. d. Distinguish between a change in quantity demanded and a change in demand. . State and explain the determinants of a change in demand and a change in quantity demanded. f. Distinguish between a change in quantity supplied and a change in supply. g. State and explain the determinants of a change in supply and a change in quantity supplied. h. Identify and explain the determinants of a change in supply and a change in quantity supplied. i. Explain the concepts of equilibrium price and quantity via demand and supply with the aid of tables and diagrams. j. Determine equilibrium price(s) and quantity(ies) mathematically for a single and a two-commodity model. . Define and explain maximum (ceiling) and minimum (floor) price legislations and give reasons for legislating prices. l. State and explain the consequences of price legislation with the aid of diagrams. m. Explain the remedies for the consequences of price legislation. Institute of Chartered Accountants, Ghana 19 Price and Quantity Determination Proposed Sylabus for ICAG Qualifying Examinations SECTION A: Microeconomics MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT Elasticity Concepts a. Distinguish between own price (point/arc), cross and income elasticities of demand. b.Calculate and interpret coefficients of own price (point/arc), cross and income elasticities of demand. c. Identify and explain the determinants of price elasticity of demand. d. Calculate and interpret coefficients of price (point/ arc) elasticity of supply. e. Identify a nd explain the determinants of price elasticity of supply. f. Explain how elasticities are used in pricing decisions, production and incidence of taxation. a. Define and explain the concept of utility. b. Define and graph total, average and marginal utilities and calculate average and marginal utilities from total utility. . State and explain the law of diminishing marginal utility. d. Use the law of diminishing marginal utility to explain equilibrium of the consumer (one commodity, two or more commodities) and derive the demand curve. e. Use the equilibrium conditions for two commodities to determine the equilibrium quantities consumed via tables. f. Use the law of diminishing marginal utility to resolve the paradox of value. g. Explain substitution and income effects and use them to show the curvature of demand curves for normal, inferior and Giffen goods. a.Identify, define and explain the factors of production. b. Explain fixed and variable inputs in relation to short and long r un production periods. c. Define and explain total, average and marginal products. d. Calculate marginal and average products from total product and represent total, average and marginal products graphically. e. Identify and explain the relationships between total, average and marginal products. Theory of Consumer Behaviour The Theory of Production 20 Institute of Chartered Accountants, Ghana Economics SECTION A: Microeconomics MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT . State and explain the law of variable proportions and use the law to explain the stages of production. g. Explain the long run behaviour of output (returns to scale). a. Distinguish between: †¢ Private and social costs. †¢ Implicit and explicit costs. b. Define, tabulate, represent graphically and explain the inter-relationship of short run costs (fixed and variables costs; total, average and marginal costs). c. Use the law of diminishing returns to variable proportions to explain the conventional shap es (Ushapes) of the average variable cost and marginal cost curves. d.Explain and represent graphically, long run costs. e. Explain economies and diseconomies of scale. f. Use economies and diseconomies of scale to explain: †¢ The position of the long run average cost curve in cost-output, space. †¢ The conventional shape of the long run average cost curve. g. Define and explain total, average and marginal revenues. h. Explain the behaviours of total, average and marginal revenues in both price-taking and pricemaking industries. a. Define the concept of profit in relation to normal and economic profits. b. Distinguish between accountant's and economist's profits. . Distinguish between economic profit and economic loss. a. Distinguish among factory, firm and industry. b. Explain the general concept of equilibrium of the firm. c. Define the various forms of market structures (perfect competition, monopoly, monopolistic competition) and identify the characteristics of each of them. d. Explain the short run and long run positions of the Institute of Chartered Accountants, Ghana 21 Theories of Costs and Revenues Theory of the Firm Proposed Sylabus for ICAG Qualifying Examinations SECTION B: Microeconomics MAIN TOPIC (Cont’d. )SYLLABUS CONTENT perfectly competitive firm, monopolistic firm and monopolistic competitive firm. e. Define oligopoly and identify its characteristics. f. Define, distinguish and give reasons for regulation, deregulation and privatization of firms. National Income Accounting a. Explain the stock and flow concepts of measurement. b. Define national income. c. Explain the following methods of measuring national income: †¢ Expenditure approach †¢ Product (output) approach †¢ Income approac d. Identify and explain the problems and factors that influence the size of national income. e.Explain the relevance of the size of national income. f. Define consumption, savings, investment, government expenditure, imports and exports. g. Identify and explain the determinants of consumption; savings, investment, government expenditure, imports and exports. h. Explain income determination, equilibrium income, the multiplier and the basic accelerator. i. Compute equilibrium income, tax, disposable income and savings. j. Define and explain aggregate demand and aggregate supply. k. Illustrate changes to equilibrium level of national income using aggregate demand and aggregate supply analysis. . Define, identify types and explain measures for tackling unemployment. a. Identify and explain the origins, nature, features and functions of money. b. Identify types of banks and explain the functions of central and commercial banks. c. Explain credit creation by commercial banks. d. Identify and explain the instruments of monetary policy. e. Explain Monetary Policy Formulation through the Monetary Policy Committee (MPC). Money and Banking 22 Institute of Chartered Accountants, Ghana Economics SECTION B: Microeconomic s MAIN TOPIC (Cont’d. ) SYLLABUS CONTENT f.Explain the effects of monetary policy on business organizations. g. Define stock exchange and explain its functions and importance. h. Define and explain demand and supply of money and the three motives of holding money. i. Define and explain inflation and the Philips curve. Public Finance a. Identify and explain the sources of government revenue b. Identify and explain the various items of government expenditure. c. Define National Budget and explain balanced budget, deficit budget and surplus budget. d. Identify and explain sources of financing budget deficit and its economic implications. . Explain Fiscal Policy and identify its tools. f. Define tax and explain the principles (progressive, regressive and proportional) and incidence of taxation. g. Outline the merits and demerits of direct and indirect taxes. h. Define national debt and identify the sources of national debt accumulation. i. Explain the arguments for and against in crease in national debt. j. Identify and explain ways of managing the national debt (e. g. debt swap, Highly Indebted Poor Countries (HIPC). Initiative, conversion of national debts into bonds etc. ) a. Give reasons for international trade. . Explain the concept and consequences of globalisation for business and national economies. c. Explain the concept of balance of payments and its implications for business and for government policy. d. Identify and explain the various components of balance of payments. e. Distinguish between balance of payments deficit and balance of payment surplus. Institute of Chartered Accountants, Ghana 23 International Trade Proposed Sylabus for ICAG Qualifying Examinations MAIN TOPIC SYLLABUS CONTENT f. Explain the causes and effects of fundamental imbalances in the balance of payments. g.Identify and explain exchange rate systems (fixed, flexible and managed float). h. Analyse the interrelationship between exchange rate and current accounts balance. i. I dentify and explain types of international trade controls, arguments for and against trade control and liberalization. j. Explain the role of major institutions (e. g. World Bank, International Monetary Fund) in fostering internal development and economic stabilization. RECOMMENDED/REFERENCE TEXTS 1. 2. 3. 4. 5. ICAG Study Manual on Economics Begg, D. Economics, McGraw-Hill Colander, D. C. Microeconomics, McGraw-Hill Colander, D. C. Macroeconomics, McGraw-Hill Pomayie, P.Macroeconomics, An Introductory Text 24 Institute of Chartered Accountants, Ghana Management Information Systems PAPER 1. 4 Management Information System 1. OBJECTIVES AND LEARNING OUTCOMES This paper is concerned with the strategic importance of information systems to organisations in the modern business environment. It recognises that although may organisations employ Information Technology (IT) Professionals, Chartered Accountants now have a key role to play in the provision of information that adds significant v alue to the ever-increasing volume of data processed for management decision making.At the end of the course, candidates should be able to: †¢ Develop an understanding of general information system concepts and practices and technological environment of the contemporary organisation. Apply a systematic approach to the use of information technology in organisations. Appraise the technological environment in order to support the practical aspects of information provision and usage. Identify and apply project management techniques; and develop project proposals. †¢ †¢ 2. FORM OF EXAMINATION The examination will be a three-hour paper of six (7) questions made up of Sections A and B.Section A will consist of a compulsory case study question of 40 marks. Section B will consist of five (5) questions out of which candidates will be required to answer three (3) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and shoul d guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only. Institute of Chartered Accountants, Ghana 25 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. Management Information System SYLLABUS COVERAGE Systems Theory and Practice Information Systems Computers in Communication Information Technology and the Professional Accountant Business Strategy and IS/IT Alignment Project Management TOTAL MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) WEIGHTING (%) 10 35 10 20 10 15 100 1. Systems Theory and Practice Systems concepts and definition a. Explain systems concepts and give examples of real systems. b. Explain the essence of systems approach to problem solving. c. Describe the holistic features of systems. d. Differentiate between system boundaries and environments. . Explain the following system types: †¢ Open †¢ Cl osed †¢ Adaptive †¢ Cybernetic †¢ Deterministic †¢ Probabilistic (or stochastic) System and Subsystems a. Explain the relationships among subsystems in a typical business context. b. Apply the theory of sub-optimality and systems objective. c. Explain the need for system control and feedback. d. Explain the following system control elements: †¢ Standard †¢ Comparators †¢ Sensor †¢ Effectors e. Represent the control mechanisms diagrammatically. 26 Institute of Chartered Accountants, Ghana Management Information Systems PAPER 1. 4 Management Information System (Cont’d. MAIN TOPIC SYLLABUS CONTENT 2. Information Systems Application of Information systems in the organisation a. Define and distinguish between data and information. b. Explain the attributes of good information, i. e. accuracy, timeliness, brevity, conciseness, reliability, etc. c. Explain the concept of the value of information. d. Explain the term, Information Technology. e. Explain the role and uses of information in organisation i. e. competitive advantage and support of managerial functions. f. Explain the different types of information systems, i. e. TPS, MIS, DSS, EIS, and ES. g.Describe the three levels of information in relation to the levels of management. Traditional file Structures and storage Media a. Explain the terms, computer file; record; field; record key. b. Explain the relationship and difference between transaction and master files. c. Describe the key methods of file organisation and access. d. List the characteristics and explain the workings of the different storage media — magnetic tape, magnetic disc, diskette, CD-ROM, DVD, Zip disc, flash disk, etc. Database Design and Implementation a. Define database and explain the importance of databases in the operations of an organisation. . Describe the types and enumerate the advantages and disadvantages of database models — hierarchical, network, relational and object-ori ented. c. Explain with examples, components of a Database Management System (DBMS) — hardware, software, people (users, designers, administrators, procedures, data/information). d. Apply database tools to real life systems — Entities, attributes and Relationships. e. Explain entity relationship modeling, data analysis and entity life history. Institute of Chartered Accountants, Ghana 27 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 4 Management Information System (Cont’d. )SYLLABUS CONTENT 2. Information Systems (Cont’d) Computer Hardware and Software Concepts a. Explain the hardware concepts of the computer and list its benefits and shortcomings. b. Describe the categories/generations of computers — super, mainframe, mini and microcomputers. c. Draw the basic functional units of a computer system and show how they interrelate — CPU, input/output devices (peripheral devices). d. Describe the various types of computer memory â₠¬â€ semi-conductor memory, cache memory, video memory and flash memory. e. Explain operating systems — single user, multi user. f. Explain system software and describe its components. . Explain the functions of the operating system (os). h. Explain Applications software and describe Packagres. Bespoke software, special purpose software, general purpose software. i. Viruses, worm. j. Explain with examples the evolution of computer programming languages — machine language, assembly language, high level language, 4GL and 5GL. g. Explain the concept of software testing — unit testing, static testing, dynamic testing and regression testing. h. Explain the use of the following: †¢ CASE tools †¢ Prototyping tools †¢ Query language. i. Describe the qualities of a good programme.Representation of processes in computer Systems a. Draw diagrams to represent computer processes using the following tools: †¢ Programme flowchart †¢ Decision trees â₠¬ ¢ Decision tables †¢ Data flow diagram Human Computer Interfaces (HCI) a. Explain the various types of communication between users and computer systems — command driven, menu 28 Institute of Chartered Accountants, Ghana Management Information Systems PAPER 1. 4 Management Information System (Cont’d. ) SYLLABUS CONTENT driven, GUI, user-friendliness. b. Internal and External design of systems. 2. Information Systems (Cont’d) Systems Development Life-cycle (SDLC) a.Explain the following phases of the SDLC: †¢ Problem identification †¢ Feasibility studies †¢ System investigation †¢ System analysis †¢ System design †¢ Implementation †¢ Post-implementation review. b. Describe the methods required to measure the success of the system. c. Apply structured methodology to system development. Processing Systems Options a. Describe the processing options and their characteristics (batch, real-time, demand, online, distributed, cent ralized and decentralized processing). IS/IT in the organisation a. Explain the role and describe the staffing, functions and responsibilities of the IS/IT department in an organization. . Explain the principles of facilities management and outsourcing. Controls and Security of Computer Operations a. Explain the principles of system security and control. b. Explain the under-listed control measures: †¢ Administrative controls †¢ Input and output controls †¢ Operational controls †¢ General controls †¢ Verification and Validation c. Explain the principles of hardware/software maintenance (preventive, corrective, adaptive and perfective). Institute of Chartered Accountants, Ghana 29 Proposed Sylabus for ICAG Qualifying Examinations PAPER 1. 4 Management Information System (Cont’d. )MAIN TOPIC SYLLABUS CONTENT Data communication Principles, Objectives and Uses 3. Computers in Communications a. Explain the importance of computer networks and distributed pr ocessing. Computers in Communication a. Explain the following computer network types: †¢ Wide area †¢ Metropolitan area †¢ Local area b. Explain computer network topologies and protocols. c. Internet, Intranet, Extranet. Office Automation a. Explain office automation. b. Explain E-Business c. Explain the following: †¢ E-Commerce †¢ E-Mail †¢ Telecommuting †¢ E-Banking †¢ Telesales †¢ Video conferencing †¢ Tele conferencing †¢ EDI †¢ E-Learning 4.Information Technology andthe Professional Accountant Information Technology and the Contemporary Accountant a. Explain how information technology influencing the ways in which organization are structured, managed and operated. b. Identify the required level of knowledge of information technology by professional accountants which can be applied to practical problems in the organization. Information Technology Knowledge and Skills Areas a. Explain the role of the accountant in inform ation technology concepts for business systems under the following: 30 Institute of Chartered Accountants, Ghana Management Information SystemsPAPER 1. 4 Management Information System (Cont’d. ) MAIN TOPIC SYLLABUS CONTENT †¢ The professional accountant as a user information technology. †¢ The professional accountant as a manager information system. †¢ The professional accountant as a designer business information systems. †¢ The professional accountant as an evaluator information systems. 5. Business Strategy and IS/IT Alignment of of of of a. Explain the approach that an organisation may follow to formulate its strategic business objectives. b. Identify current trends in information technology and the opportunities they offer to organisations. c.Distinguish between a business strategy and an information systems strategy. d. Identify responsibility for the ownership of this strategy. e. Explain the use of IS/IT for competitive advantage, using Porter's mo del. a. Define Project Management and explain the terms of reference of a project. b. Explain the roles and responsibilities of staff who manage and participate in projects. c. Explain roles and responsibilities of the project manager. d. Explain the advantages of using a project management software package in the project management process. e. Construct and analyse a project network. f. Construct and interpret a Gantt chart. . Project Management LIST OF RECOMMENDED TEXT 1. 2. 3. 4. 5. 6. 7. 8. ICAG Study Manual. Stubbe, R. Computers and Information Systems. French, C. A. Data Processing and Information Technology; 9th Edition. Landon, K. C. Information Systems and the Internet. Kenneth E. Kedeall, K. E. Systems Analysis and Design. Senn, J. A. Information Systems in Management. Wadsworth. Anderson, J. A. Data Processing Vol. 1 & 2; M & E Pitman. French, C. S. Data Processing and Information Technology. DPP. Institute of Chartered Accountants, Ghana 31 Proposed Sylabus for ICAG Qual ifying Examinations PROFESSIONAL PART 2 PAPER 2. : Quantitative Tools in Business 1. OBJECTIVES AND LEARNING OUTCOMES At the end of the course, candidates should be able to: †¢ Develop the understanding and application of statistical and mathematical techniques needed to solve business and accounting problems. †¢ Explain and interpret the role of the relevant aspects of quantitative techniques needed to solve business and accounting problems. †¢ Make the most informed decision in business and accounting scenarios. 2. FORM OF EXAMINATION The examination will be a three-hour paper of seven (7) questions in all out of which candidates are required to answer any 5 questions. . SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve a s a guide only. SYLLABUS COVERAGE Data collection and interpretation Decision making under risk and uncertainty Forecasting techniques Planning and control techniques Optimisation and decision making techniques TOTAL 32 Institute of Chartered Accountants, GhanaWEIGHTING (%) 10 20 25 25 20 100 Quantitative Tools in Business PAPER 2. 1: Quantitative Tools in Business MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) 1. Data Collection and Interpretation a. Collect statistical data using the various sampling methods. b. Classify and tabulate data in the form of frequency distribution table. c. Present data pictorially in the form of bar chart, pie chart, give, histogram, Z-Chart, Gantt chart, Lorenz curve, etc. d. Calculate measures of central tendencies ( mean, median and mode) from a given data. e.Calculate measures of dispersion (standard deviation, range, mean deviation, variation, coefficient of variation, quartile deviation and skewness, etc) from a given data. a. Define probability. b. Distinguish between equally likely and mutually exclusive outcomes. c. Explain marginal, joint and conditional probabilities. d. Apply Bayes' theorem to problem solving. e. Draw probability trees. f. Distinguish between dependent and independent events. g. Explain the laws of probability. h. Calculate and interpret expected value and standard deviation of a discrete random variable. . Use decision tree to solve problem. j. Prepare a conditional pay-off table. k. Use normal distribution to solve problems. Matrix Algebra a. Present matrix information in a tabular form. b. Solve matrix algebra: addition, subtraction, scalar multiplication, matrix algebra. c. Solve problems involving matrix inversion. d. Solve simultaneous equations by matrix algebra. e. Solve problems involving probability transition matrices. 2. Decision Making Under Risk and Uncertainty Institute of Chartered Accountants, Ghana 33 Proposed Sylabus for ICAG Qualifying Examinations PAPER 2. : Quantitative Tools in Business MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) 3. Forecasting Techniques Simple Linear Regression Analysis a. Draw scatter diagram. b. Find the equation of the line of best fit using the east squares method. c. Draw the line of best fit on a scatter diagram. d. Interpret the regression coefficient. e. Use the regression equation to forecast. f. Use the computer output to test for regression (t-test, ftest). Simple Linear Correlation Theory a. Distinguish between regression and correlation. b. Explain negative zero and positive correlation. c.Distinguish between product-moment and Spearman's rank correlation coefficient. d. Calculate and interpret product-moment and Spearman's correlation coefficients. Time Series Analysis a. Explain time series. b. State and explain the components of a time series. c. Determine the trend using the methods of moving averages and least squares. d. Apply additive and multiplicative models to determine average seasonal variations. e. Use time se ries to forecast. 4. Planning and Control Techniques Network Analysis a. Distinguish between critical path method (CPM) and programme evaluation and review techniques (PERT). . Draw network diagrams using activity-on-arrow and activity-on nod models. c. Explain optimistic, most likely and pessimistic times for an activity. d. Calculate the expected duration and variance for an activity. e. Determine critical path and project duration. f. Distinguish among and calculate total float, independent float and free float. 34 Institute of Chartered Accountants, Ghana Quantitative Tools in Business PAPER 2. 1: Quantitative Tools in Business MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) g. Calculate the probability and minimum time for completing a project. h.Crash a project using cost-time slope (lease incremental cost) concept. i. Use network analysis to allocate resources. Stock Control a. State the importance of keeping stock. b. Distinguish the simple economic order quantity (EOQ), gradu al replenishment and discounts models. c. Use these models to calculate the optimum quantity and determine reorder levels and safety stocks. d. Use the discrete probability to calculate the optimum quantity and determine reorder levels and safety stocks e. Use the normal distribution to determine the reorder levels, service levels and safety stocks. 5.Optimization †¢ and Decision Making Techniques Differential Calculus a. Differentiate polynomial functions (first and second derivatives only). b. Determine the turning points of a function (maximum, minimum, point of inflection). c. Use differential calculus to maximize revenue and profits (with or without tax) and to minimize cost (including the stock control, EOQ problem). d. Use differential calculus to determine point elasticity of demand. Integral Calculus a. Derive a function given its derivative. b. Apply integration to business problems. Linear Programming a. Formulate the primal linear programming problem. . Formulate th e dual linear programming problem. c. Solve the linear programming problem (involving two variables) graphically. d. Set the initial simplex tableau. Institute of Chartered Accountants, Ghana 35 Proposed Sylabus for ICAG Qualifying Examinations PAPER 2. 1: Quantitative Tools in Business MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) e. Carry out the first iteration of the simplex tableau. f. Interpret the final simplex tableau. g. Explain limiting factors (scarce resources) and their shadow prices. h. Carry out sensitivity analysis on the graphical and simplex solutions.LIST OF RECOMMENDATION TEXT 1. 2. 3. ICAG Study Text Francis, A. Business Mathematics and Statistics. Continuum. Lucey, T Quantitative Techniques. Continuum. 36 Institute of Chartered Accountants, Ghana Audit And Internal Review PAPER 2. 4: Audit and Internal Review 1. OBJECTIVES AND LEARNNG OUTCOMES The course is aimed at developing the candidates' knowledge and understanding of the audit process from the planning st age through to the reporting stage and the techniques used in the conduct of internal and external audit. At the end of the course, candidates should be able to †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ 2. xplain the nature , purpose and scope of an audit; state and explain the purposes of the regulatory framework within which the auditor's work is conducted; outline the qualification, functions, responsibilities and rights of an auditor; describe the audit procedures required at the planning stage of an audit; explain the techniques for collecting and evaluating audit evidence; explain the techniques for collecting and evaluating audit evidence; explain and apply basic auditing concepts like internal controls, sampling, compliance test, substantive test, weakness test, etc; assess audit risk and design appropriate audit procedures; draw valid conclusions from the results of audit tests; and prepare various reports relating to audit assignments. FORM OF EXAMINATION The examination will consist of three-hour paper. Candidates are to answer all the five (5) questions set. 3.SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only. SYLLABUS COVERAGE Nature, Purpose and Scope of an Audit. The Regulatory Framework of Auditing and Professional Considerations Audit Planning. Evidence Gathering Internal controls and Evaluation of Control Risk Internal Audit and Other Assurance Engagements Conduct of Audit and Assurance Concept, process and Need for Assurance Reporting Framework TOTAL WEIGHTING % 20 20 20 15 10 15 100 37Institute of Chartered Accountants, Ghana Proposed Sylabus for ICAG Qualifying Examinations PAPER 2. 4: Audit and Internal Review MAIN TOPIC SYLLABUS CONTENT (Co nt’d. ) 1. Nature, Purpose and Scope of an Audit a. Define an audit. b. Explain the purpose/general objectives of an audit (distinguish between primary and secondary objectives). c. Examine the advantages of auditing to stakeholders. d. Explain and distinguish between the following types of audit: †¢ Internal/External †¢ Statutory/non-Statutory †¢ Financial/Operational †¢ Interim/Continuous /Final e. Explain the inherent limitations of an audit. f. Explain the concept of expectation gap. a.Describe the nature, purpose and scope of auditing standards and auditing guidelines (International auditing Standards). b. Explain the procedure for developing auditing standards and auditing guidelines (International Auditing Standards). c. Examine the statutory and ethical considerations relating to acceptance and continuance of audit assignments. d. Assess the code of professional conduct — independence, objectivity, integrity, duty of care, confidentiality an d conflict of interest. e. State the qualification of an auditor. f. State persons disqualified for appointment as an auditor. g. Describe the procedure for appointing and removing an auditor. h.Examine the duties, responsibilities, powers and rights of auditors. i. Describe the process of accepting audit engagements. j. State and explain the contents of letter of engagement. k. Examine the legal liabilities of the auditor. l. Explain how auditors are remunerated. m. Explain management and auditors respective responsibilities for the presentation of financial statements and detection of fraud and error. 2. The regulatory framework of auditing and Professional Considerations 38 Institute of Chartered Accountants, Ghana Audit And Internal Review PAPER 2. 4: Audit and Internal Review MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) 3. Basic Principles and Concepts of Auditing a.Explain the fundamental principles and concepts of auditing: †¢ Walk through test †¢ †¢ †¢ à ¢â‚¬ ¢ †¢ †¢ †¢ †¢ †¢ †¢ Weakness test Compliance test Substantive test Vouching Audit risk Audit sampling — judgmental and statistical, and sample selection methods Systems based audit Materiality True and fair view Directional and rotational testing Systems and risk based audit. 4. Auditing Planning and Evaluation a. b. c. d. Explain the purpose and advantages of audit planning. Describe the process of audit planning. Prepare audit planning memorandum. Examine analytical review procedures as a planning technique. e. Evaluate preliminary materiality levels and audit risks. f. Evaluate the adequacy of accounting system. 5. Internal Controls and Evaluation of Control Risk a. State the reasons for organisations having effective systems of control. b. Identify the fundamental principles of effective control systems. c. Identify the main areas of a business that need effective control systems. d.Identify the components of internal control in both man ual and IT environments, including: †¢ the overall control environment and Control Procedures †¢ preventive, detective and corrective controls †¢ internal audit as a control factor e. Define and classify different types of internal control, with particular emphasis upon those which impact upon the quality of financial information. f. Show how specified internal controls mitigate risk and state their limitations. Institute of Chartered Accountants, Ghana 39 Proposed Sylabus for ICAG Qualifying Examinations PAPER 2. 4: Audit and Internal Review MAIN TOPIC SYLLABUS CONTENT (Cont’d. ) 5. Internal Controls and Evaluation of Control Risk (Cont’d) g. Identify internal controls for an organisation in a given scenario. h. Identify internal control weaknesses in a given scenario. i.Identify, for a specified organisation, the sources of information which will enable a sufficient record to be made of accounting or other systems and i n t e r n a l controls. j. Defin e internal control. k. State and explain the types and limitations of internal control. l. Explain the following in relation to internal control: objectives, methods of ascertaining, recording, evaluation, testing systems, control environments and control p

Psychoanalysis and Transference

It is common for people to transfer feelings from their parents to their partners or children (i. e. , cross-generational entanglements). For instance, one could mistrust somebody who resembles an ex-spouse in manners, voice, or external appearance, or be overly compliant to someone who resembles a childhood friend. In The Psychology of the Transference, Carl Jung states that within the transference dyad both participants typically experience a variety of opposites, that in love and in psychological growth, the key to success is the ability to endure the tension of the opposites without abandoning the process, and that this tension allows one to grow and to transform. Only in a personally or socially harmful context can transference be described as a pathological issue. A modern, social-cognitive perspective on transference, explains how it can occur in everyday life. When people meet a new person that reminds them of someone else, they unconsciously infer that the new person has traits similar to the person previously known. This perspective has generated a wealth of research that illuminated how people tend to repeat relationship patterns from the past in the present. High-profile serial killers often transfer unresolved rage toward previous love or hate-objects onto â€Å"surrogates,† or individuals resembling or otherwise calling to mind the original object of that hate. In the instance of Ted Bundy, he repeatedly killed brunette women who reminded him of a previous girlfriend with whom he had become infatuated, but who had ended the relationship, leaving Ted rejected and pathologically rageful. This notwithstanding, Bundy's behaviours could be considered pathological insofar as he may have had Narcissistic or Antisocial personality disorder. If so, normal transference mechanisms can not be held causative of his homicidal behavior. Sigmund Freud held that transference plays a large role in male homosexuality. In The Ego and the Id, he claimed that eroticism between males can be an outcome of a â€Å"[psychically] non-economic† hostility, which is unconsciously subverted into love and sexual attraction. There is, however, no empirical evidence for Freud's viewpoint, and this hypothesis of the development of homosexuality, and the belief that it can be treated or cured by psychoanalysis, has been discredited. Transference and countertransference during psychotherapy In a therapy context, transference refers to redirection of a patient's feelings for a significant person to the therapist. Transference is often manifested as an erotic attraction towards a therapist, but can be seen in many other forms such as rage, hatred, mistrust, parentification, extreme dependence, or even placing the therapist in a god-like or guru status. When Freud initially encountered transference in his therapy with patients, he thought he was encountering patient resistance, as he recognized the phenomenon when a patient refused to participate in a session of free association. But what he learned was that the analysis of the transference was actually the work that needed to be done: â€Å"the transference, which, whether affectionate or hostile, seemed in every case to constitute the greatest threat to the treatment, becomes its best tool†. The focus in psychodynamic psychotherapy is, in large part, the therapist and patient recognizing the transference relationship and exploring the relationship's meaning. Since the transference between patient and therapist happens on an unconscious level, psychodynamic therapists who are largely concerned with a patient's unconscious material use the transference to reveal unresolved conflicts patients have with childhood figures. Countertransference[11] is defined as redirection of a therapist's feelings toward a patient, or more generally, as a therapist's emotional entanglement with a patient. A therapist's attunement to their own countertransference is nearly as critical as understanding the transference. Not only does this help therapists regulate their emotions in the therapeutic relationship, but it also gives therapists valuable insight into what patients are attempting to elicit in them. For example, a therapist who is sexually attracted to a patient must understand the countertransference aspect (if any) of the attraction, and look at how the patient might be eliciting this attraction. Once any countertransference aspect has been identified, the therapist can ask the patient what his or her feelings are toward the therapist, and can explore how those feelings relate to unconscious motivations, desires, or fears. Another contrasting perspective on transference and countertransference is offered in Classical Adlerian psychotherapy. Rather than using the patient's transference strategically in therapy, the positive or negative transference is diplomatically pointed out and explained as an obstacle to cooperation and improvement. For the therapist, any signs of countertransference would suggest that his or her own personal training analysis needs to be continued to overcome these tendencies.

Public Toilet

G answer B F A 1) J I C E D 2) Cycle Time (CT) = Productive time per hour Output per day = 7 hrs. /day X 60 min/hr X 60 sec/min 1008 units/day = 25,200 sec 1008 units = 25 sec/unit 6 5 4 3 2 1 3) Workstation = J I G H F E C D B ATask Time 24 25 25 25 25 24 Idle Time = 1 0 0 0 0 1 ( Total = 2 sec ) 4) WS = Sum of task times Cycle time (CT) = 148 sec 25 sec/units = 5. 2 ? 6 units of WS 5) Efficiency = Sum of task times X 100% CT * Actual # of (WS) = 148 sec * 100 % ( 25 sec/units * 4 units of WS) = 98. 67 % ) Idle time per units = (CT * actual # of WS) – sum of task times = (25 sec/unit X 6 units of WS) – 148 seconds = 2 sec/units Idle time in seconds per day = idle time per units X output per day (in unit) = 2 sec/unit X 1008units/day = 2016 sec/day Idle time in hour per day = Idle time in seconds per day 60 min/hr X 60 sec/min = 2016 sec/day 60 min/hr X 60 sec/min = 0. 56 hr/day Thus,The cost of idleness per week = Idle time in hour per day X wage rate per hour X # working day per week = 0. 56 hr/day X RM 40 per day = RM 22. 40 per week QUESTION 4 Claytan Fine China, a well-known dinner ware producer has upgraded its moulding procedure by using the most sophisticated equipment. The mouding process consists of 10 elements. The following table shows the task element in alphabetical order and their precedence element task(s) and times in seconds.Task Element| Precedence Task| Task Time (seconds)| A| -| 24| B| A| 25| C| A| 13| D| -| 10| E| C, D| 12| F| B, E| 11| G| B| 15| H| -| 14| I| F,G. H| 10| J| I| 24| 1. Draw a precedence diagram 2. If the expected weekly output is 5040 dinner sets and daily productive time is 7 hours (in a 5 day work-week), compute the cycle for the process. 3. Compute the theoretical number of workstations. 4. Arrange the task element into proper workstations by using the longest task-time heuristic/rule. 5. Calculate the efficiency of the balanced line and balance delay. 6. If the wage rate is RM 40 per day, calcula te the idleness cost per week.QUESTION 8 Hakim Bidaman Enterprise is in the process of developing an aggregate capacity plan for the month of Jan-Sept 2010. The company has gathered the data as shown in the following table: MONTH| Jan| Feb| Mar| Apr| May| Jun| Jul | Aug| Sept| Forecast Demand (unit)| 5000| 4900| 4500| 4200| 6300| 5000| 5100| 4800| 4700| Other information to be considered: 1. Each output requires 26 minute to be produced. 2. Labour cost per hour is RM 5. 00 3. Overtime rate per hour is RM 7. 50 4. Overtime given to 4 workers only with a limitation of 2 hours per day. 5. Beginning inventory is 400 units. . The inventory carrying cost is RM 2. 40 per unit. 7. Hiring cost per worker is RM 400 and lay off cost per worker is RM 600 8. Subcontracting cost is RM 20 per unit. 9. Current workforce level is 10 workers. 10. The company operates 8 hours daily in 26 days a month. Determine the production cost for the planning horizon by using all five strategies. Apply informatio n given as necessary for a certain strategy. ANWER STRATEGY 1 Monthly forecast output = number of day per monthly X daily standard output = 26 days (60 minutes/hr ? 6 minutes/unit X 8 hours/day) = 480 units per worker per month MONTH| FORECASTDEMAND (UNIT)=UNIT PRODUCED| CURRENT WORKER| WORKERS REQUIRED| HIRE| LAY OFF| Jan| 5000 – 400 = 4600| 10| 4600/480 = 10| | | Feb| 4900| 10| 4900/480 = 10| | | Mar| 4500| 10| 4500/480 = 9| | 1| Apr| 4200| 9| 4200/480 = 9| | | May| 6300| 9| 6300/480 = 13| 4| | Jun| 5000| 13| 5000/480 = 10| | 3| Jul| 5100| 10| 5100/480 = 11| 1| | Aug| 4800| 11| 4800/480 = 10| | 1| Sept| 4700| 10| 4700/480 = 10| | | | 44100| | | 5| 5| TOTAL PRODUCTION COST Regular production cost = (44100 units) X (RM5/hr) X (26 minute/unit ? 0 minute/hr) = RM 95,550 Hire worker = (5 worker) X (RM400) = RM 2,000 Lay off worker = (5 worker) X (RM600) = RM 3,000 Thus, total cost = RM 100,500 STRATEGY 2 Units Produced = (number of day per monthly) X (working days per pe daily ) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minutes/unit X 8hr) = 4800 unitsMONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED| UNITEXCESS| UNIT SHORTAGE| OTUNITS| ENDINV| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| Feb| 4900| 4800| | 100| 100| | Mar| 4500| 4800| 300| | | 300| Apr| 4200| 4800| 600| | | 600| May| 6300| 4800| | 1500| 1500| | Jun| 5000| 4800| | 200| 200| | Jul| 5100| 4800| | 300| | 300| Aug| 4800| 4800| | -| -| -| Sept| 4700| 4800| 100| | | 100| | | 43200| | | 1800| 1500| TOTAL PRODUCTION COST Regular Production Cost = (43200 units) X (26 days ? 8 hr) X (26 minute/unit ? 60 minute/hr) = RM 60,840 Overtime Cost (1800 unit) X (RM7. 50/hr) X (26 minute/unit ? 60 minute/hr) = RM 5,850 Inv. Holding Cost = (1500 unit) X (RM2. 40 per unit) = RM 3,600 Thus, total cost = RM 70,290 STRATEGY 3 Units Produced = (number of day per monthly) X (working days per pe daily) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minu tes/unit X 8hr) = 4800 units MONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED|UNITEXCESS| UNIT SHORTAGE| OTUNITS| ENDINV| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| Feb| 4900| 4800| | 100| | 100| Mar| 4500| 4800| 300| | | 300| Apr| 4200| 4800| 600| | | 600| May| 6300| 4800| | 1500| 900| | Jun| 5000| 4800| | 200| 200| | Jul| 5100| 4800| | 300| 300| | Aug| 4800| 4800| -| -| -| -| Sept| 4700| 4800| 100| | | 100| | | 43200| | | 1400| 1300| TOTAL PRODUCTION COST Regular Production Cost = (43200) X (RM5/hr) X (26 minute/unit ? 0 minute/hr) = RM 93,600 Overtime Cost = (1400 units) X (RM5/hr) X (26 minute/unit ? 60 minute/hr) = RM 3,033 Inv. Holding Cost = (1300 units) X (RM2. 40 per unit) = RM 3,120 Thus, total cost = RM 99, 753 STRATEGY 4 Units Produced = (number of day per monthly) X (working days per pe daily) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minutes/unit X 8hr) = 4800 unitsMONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED| UNITEXCESS| UNIT SHOR TAGE| OTUNITS| ENDINV| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| Feb| 4900| 4800| | 100| | 100| Mar| 4500| 4800| 300| | | 400| Apr| 4200| 4800| 600| | | 1000| May| 6300| 4800| | 1500| 1500| | Jun| 5000| 4800| | 200| 200| | Jul| 5100| 4800| | 300| 300| | Aug| 4800| 4800| -| -| -| -| Sept| 4700| 4800| 100| | | 100| | | 43200| | | 1000| 1800| TOTAL PRODUCTION COST Regular production cost = (43200) X (RM5/hr) X (26 minute/unit ? 0 minute/hr) = RM 93,600 Overtime Cost = (1000 units) X (RM7. 50/hr) X (26 minute/unit ? 60 minute/hr) = RM 3,250 Inv. Holding Cost = (1800 units) X (RM2. 40 per unit) = RM 4,320 Thus, total cost = RM 101,170 STRATEGY 5 Units Produced = (number of day per monthly) X (working days per pe daily) X (standard output per day) = (10 worker) X (26 day) X (60 minutes/hr ? 26 minutes/unit X 8hr) = 4800 unitsMONTH| FORECAST DEMAND (UNIT)| UNIT PRODUCED| UNITEXCESS| UNIT SHORTAGE| OT UNITS(max=480Unit)| ENDINV| SUBUNIT| Jan| 5000 – 400 = 4600| 4800| 200| | | 200| | Feb| 4900| 4800| | 100| | 100| | Mar| 4500| 4800| 300| | | 400| | Apr| 4200| 4800| 600| | | 1000| | May| 6300| 4800| | 1500| 480| | 20| Jun| 5000| 4800| | 200| 200| | | Jul| 5100| 4800| | 300| 300| | | Aug| 4800| 4800| -| -| -| -| | Sept| 4700| 4800| 100| | | 100| | | | 43200| | | 980| 1800| 20| Overtime unit max = 4 X 2 X 26 per month ? 6 month/unit X 60 minute/unit = 480 units TOTAL PRODUCTION COST Regular Production Cost = (43200) X (RM5/hr) X (26 minute/unit ? 60 minute/hr) = RM 93,600 Overtime Cost = (980 units) X (RM7. 50/hr) X (26 minute/unit ? 60 minute/hr) = RM 3,185 Inv. Holding Cost = (1800 units) X (RM2. 40 per unit) = RM 4,320 Subcontracting Cost = (20 units) X (RM20 per unit) = RM 400 Thus, total cost = RM 101,505

Algorithm Assignment Example | Topics and Well Written Essays - 1750 words

Algorithm - Assignment Example The time taken for reversing the array would be linear to the length of the subsequence at each round. The time taken for palindromic check would also be linear to half of the length of the subsequence returned at each round. Hence, the total time for the algorithm would be O (n2). For the subsequence x [i†¦j] to be palindromic, the element x[i] should be equal to x[j], the element x [i+1] should be equal to x [j-1] and so on. Hence, to compute L (i, j), the elements x [i] and the element x [j] are first checked for equality. If equal, then we can say that L (i, j) holds at least a minimum value of 2 and the equality check is repeated for the next element x [i+1] and x [j-1]. If not equal, it is concluded that at least one of the element is not included in the palindrome. In that case, we are interested in repeating the check for elements x[i] and x [j-1] as well as x [i+1] and x [j] as we are not sure which element is not included in the palindrome. In the worst case, if none of the elements match, then L (i, j) is equal to 1 as every element is a palindrome of itself. Complexity analysis: As the computation involves two for loops, one running n-1 times which is O (n) and the other running n-s times which is also O (n), the total running time for the algorithm would be O (n2). Let be the median of x1, x2, x3.... As median occurs at i= (n+1)/2, we can say that there are (n+1)/2 -1 element smaller the median and there are n-(n+1)/2 elements larger than Sum of the weights of the elements lesser than the median can be written as: From the above analysis in (a), we found that the sum of the weights of all elements smaller than the weighted median is less than  ½. Similarly the weight of all elements larger than the median is also less than 1/2. We can compute xk by recursively calling the deterministic SELECT to compute the regular median. In each round, the array is divided into two halves around the calculated median xm and the actual median xk

Experiential Analysis Assignment Example | Topics and Well Written Essays - 2500 words

Experiential Analysis - Assignment Example The organization, Med life, a small company in Jeddah City, Saudi Arabia offers health care services to patients and other people who are in need of medical help. It is a health organization involved in taking care of sick patients brought into the medical center, ensuring that they receive the best care that can be accorded to them, and finally ensuring that the conditions in which they live in are conducive and clean. Med life has a manager whose role is to ensure that the operations of the medical center are very efficient with no problems. The manager is in direct communication with the secretary and the financial assistant. The secretary has the role of ensuring that all the data of all patients is properly documented and filed to avoid the loss of crucial data especially patient information. The financial assistant ensures that all financial records that relate to patient care are properly kept for easy retrieval and accountability. Moreover, he also looks into the profitabilit y of the organization in order to avoid bankruptcy. Analysis- Gender Gender can be described as being socially and psychologically constructed through the family, social as well as educational settings. The role of gender in workplace communication has been discussed a lot in the past and the studies show that men and women have very different ways of communicating. In the time that I spent at Med life I realized that the male colleagues tended to be very aggressive and always came across as commanding during communication. From research, I realized that communication that is evidenced by male colleagues in the workplace is much aggressiveness, the tendency to interrupt other people when they are talking, and the tendency to try to hide their emotions when communicating. The male gender is characterized with the attributes of strength, competitiveness, risk taking, and independence in all their communications (Barrett & Davidson, 2006). According to evolutionary psychology studies, men communicate aggressively, interrupt others during conversations, and try so much to hide their emotions. These three aspects are useful in mate selection and it is inevitable for men to avoid this subliminal desire even in a business meeting (Mian, 2013). In the organization, women colleagues were mainly emotional people and this is well exemplified by an incident that occurred once in the organization. A fellow female colleague was overwhelmed by her responsibilities in the company and at home. As expected she shared her feelings with a colleague and she explained that she might not keep up with the pressure. The manager who overheard this conversation assumed that the female worker was lazing around and should refrain from discussing personal issues during working hours. From research, women are characterized as very emotional and thus tend to engage in expressive talks and this involves the tendency to establish closeness and intimacy and build understanding as well as empath y through their communication. According to Babcock (2003), â€Å"Women often worry more than men about the impact their actions will have on their relationships. This can prompt them to change their behavior to protect personal connections, sometimes by asking for things indirectly, sometimes by asking for less than they really want, and sometimes trying to be more deserving of what

Little Red Roaster (LRR) coffee outlets Case Study

Little Red Roaster (LRR) coffee outlets - Case Study Example This paper will therefore bring to the surface the weaknesses that prevent quick growth of the business due to managerial poor approach. It will also identify and discuss on those threats that arise from the external environment and thus outside control of the business. While doing so, this case report will also identify the strengths the business has achieved out of its current operating strategies and the opportunities available. Upon a critical analysis of the problem, it emerges that LRR faces more business development challenges in terms of expanding than mismanagement. The business is challenged with how best it can expand its current operating capacity to tap the improperly tapped coffee beverage market. The report analysis will also therefore endeavor to analyze the seemingly big problems related to room for expansion, outside catering and delivery of products. After identifying all these factors, this case analysis and report will review the alternatives available for a new course of action. In so doing, the case report will also discuss and elaborate on the reasons for adoption of such criteria. The adoption of any criterion will be based on the overall financial position of the Little Red Roast and the interplay of other external variables like availability of space and ready and reliable market. Alternatives are usually not necessarily the only choices to choose from by a business. Therefore the report will only identify the options and present them to the management for final decision-making. Recommendation for LRR will be based on the overall analysis and available options for the business. Rationale for such recommendation will be based on other aspects like the consequences of each one of them. Every new venture comes with its own unpredictable risks. This case report will therefore also do a forecast of possible risks that come with the available options. It will be up to the management to decide which option will be in the best interest for th e business given the prevailing circumstances and condition. Finally, this case report will come up with an action plan with critical Steps, potential problem identified above and a contingency plan for each step in the action plan. This will be tabulated for ease of analysis and better understanding of the scenario. It is of vital importance to note that all these are aimed at helping LRR expand its coffee business in the most profitable manner that is both customer friendly and management friendly. Situational Analysis LRR is a chain of small retail coffee shops that offer a variety of light foods and beverages. The business outlet started as a retail business in 1995. It is located in various places such as Byron, Covent Garden Market, London Central Library, and London Provincial Courthouse. It also operates in Springbuck, St. Thomas-Elgin General Hospital, The renaissance and Wortley village. The business offers coffees, tea, gourmet beverages, breakfast, light lunches and snac ks. The company has been in business for eight years (seventeen years by now) and continues to

Negotiations Resolution & Conflict Essay Example | Topics and Well Written Essays - 500 words

Negotiations Resolution & Conflict - Essay Example Understanding the history of Northern Ireland demands the analysis of the peace process which has generally been attributed to the Provisional Irish Republican Army (PIRA) cease fire in 1994. It was this notable development that ended most of the violence and the signing of the Belfast Agreement in an effort to end the thirty years of political stalemate and sectarian violence. The chaos which were facing the region as of that time were a product of political disagreement between the political parties and in particular the nationalist Social Democratic and labor party (SDLP) which was been led by John Hume and Sinn Fein (SF) closely associated with PIRA. Political differences between the unionist and the republicans had been triggered by disagreement regarding formation of a union between Northern Ireland and Great Britain on one hand and the formation of a united Ireland on the other hand (Hennessey, 2001, p. 45). The major goal of the negotiators in the Northern Ireland peace process was ending the violence that had hit the region for 30 years. This as the parties realized, could only be achieved through a campaign aimed at permanently ending the use and support of paramilitary violence. On the part of the unionist, creation of a united Ireland would not be a good move based on a number of factors and in particular religious factors. The unionist argued that formation of a united Ireland would give the Catholic Church excessive power over the non Catholics. On the other extreme, the republicans led by the Provisional IRA wanted the formation of a united Ireland and the release of republican prisoners who were been held by the Irish government. On February, 22, 1995, a three day ceasefire was announced by the provisional IRA and this was followed by disputes over the permanence of ceasefire as declared by PIRA. These disputes were mainly centered on those parties which were still using paramilitaries and

Advance taxation Essay Example | Topics and Well Written Essays - 500 words

Advance taxation - Essay Example X can also invest in government securities by evaluating the risk of investment. If X plans to take more risk to earn higher reward, X can invest in shares. X also has the option to give the surplus fund to X’s four children. In this case X has to evaluate tax implications on the basis of inheritance tax. In the given situation, X wants to find out the tax implications of each of these alternatives and then choose the best option to invest. Tax Implications for Set up of Business as Sole Trader It is the simplest of all business structures. Setting up a business as a sole trader can be very scary because X‘s liability would be unlimited. But at the same time rewards are also unlimited as X will have claims to the extent of profit earned by business. Moreover, X does not have to register with the Companies House and this means that X won’t have to pay the corporate tax which X had to pay had he set up an incorporated company. Another advantage for a sole trading bu siness is that if X is not maintaining a payroll, paper works for the employees then red tapes will be reduced greatly. But this business structure exposes X to greater risk for which X may need to cover up with insurance policy. Thus as a sole trader, X can keep all profit after paying taxes on them according to tax slab.

Interpretive exercise Assignment Example | Topics and Well Written Essays - 1000 words - 1

Interpretive exercise - Assignment Example 2. Measure the width of the river to cross. What are the differences between the biblical audience and us? Bible has been segregated into two segments which are ‘Old Testament’ and ‘New Testament’. Old Testament describes the story of God’s treaty with Hebrew people. On the other hand, New Testament includes several versions of life, death and renaissance of Lord Jesus. ‘Measure the width of the river to cross’ is a New Testament passage relating to Bible. Here, river denotes something which can create differences in terms of diverse culture, customs, languages, time and power among others. Today, one obvious difference can be found between biblical audience and us. The difference is generational gap. Biblical audience was made up of first century and the present audience is made up of twenty first century who does not struggle with legalistic Judaism and traditional Gnosticism. The river which separates biblical audience and us is not wi de, but these differences should be addressed in order to cross the river1. 3. Cross the Principlizing Bridge. What are the theological principles in this text? Theological principles are generally intended for understanding the principles of God. The objective is to overwhelm the current gap between different religions and to demonstrate the mutual obligations of every religious discipline. In order to identify theological principles, one should recall the differences and similarities between present day’s audience and biblical audience. The theological principle of the text is that in order to be operative in serving God, people should employ their strength and bravery. The theological principles affirm that Christ provide the believers of God a kind of power in order to remain happy in variety of circumstances1. 4. Consult the biblical map. How does the theological principle fit with the rest of the Bible? The theological principles of the text are used by every Christian nowadays in terms of worship and divinity on Lord Jesus. The texts in Bible are precise, real and provide universal realities. In Bible, a particular passage can only be applied to certain circumstances. However, the theological principles revealed in the text are fit to each people who always have faith in God. Theological principles have certain definite meaning and application to the olden biblical audience and to the Christians in present days. As the theological principles possess explicit application and can be used by the audiences, it operates as a link for wrapping the river of differences2. 5. Grasp the text in our town. How should individual Christians today apply the theological principles? Individual Christians cannot apply the theological principles without knowing its significance. However, they can understand the main philosophy of Bible without implementing it in practical life. In order to apply the theological principles, initially there exists the need for observ ing the world, examining the cultural background of people and exploring the meaning of God’s word. There pertains huge dissimilarity between understanding the method of applying the theological principles and logically implementing them1. Assignment 17-1 The ‘Book of Revelation’ is the last volume of New Testament. Chapter 1 of the book defines John’s (one of the twelve supporters of Lord Jesus) explanations on seven stars of angels.

Cultural turnaround at Club Med Essay Example for Free

Cultural turnaround at Club Med Essay Analysis Political actions against over-consumption restrictions by government (prohibition, taxes..) Economical cost reduction rise of off-trade because of sales/discounts in supermarkets rise prices of packaging economy crisis Social health and fitness customers drink more wine then before beers demand Technology innovation in beer production, new brands, flavors increase in efficiency Environmental acquisition and mergers lower pollution, green enterprise Legal restrictions in advertising age restrictions drink driving Action Political Governments are campaigning strongly against drunken driving Economical The off-trade is increasingly dominated by large supermarket chains such as Tesco or Carrefour, which often use cut-price offers on beer in order to lure people into their shops, and Heineken complained of an 11 per centrise in packaging costs. Heineken complained of an 11 per centrise in packaging costs Heineken complained of an 11 per centrise in packaging costs Social Environment America and Australia to reduce agriculture subsidies could result in a change in the industrys raw material supply base would increase the costs of raw materials Legal the 1989 Monopolies and Mergers Commission (MMC) to have a control over the mergers and the take-overs taking place in the United Kingdom FIVE FORCES Analysis Threat of entry low threat capital intensive loyal customers Threat of substitutes wine and licker, soft drinks Power of buyer loyal customers switch to substitute Power of suppliers packaging suppliers energy suppliers Competitive rivalry low product differentiation big competitive rivalry Action Threat of entry This strategy would prevent competitors from countries like Japan and the USA to come in the industry and compete with firms from the region. Threat of substitutes When the government passed regulations on drinking alcohol drinks in public many people switched from beer to wine and other drinks like coca- cola which have become substitute of beer Power of buyer the ability of customers to put the firm under pressure, which also affects the customers sensitivity to price changes.

The Importance Of A Electrocardiogram

The Importance Of A Electrocardiogram An electrocardiogram is an important part of the initial evaluation of a patient who is suspected to have a heart related problem. There are 12 small sticky electrodes that applied to the patients chest, arms and legs. However, with some systems, the electrodes may be applied to the chest, shoulders and the sides of the lower chest, or hips. The wires are used to connect the patient to the electrocardiogram machine. The patient will be asked to remain very still while a nurse or technician records the EKG. The electrical activity created by the patients heart is processed by the EKG machine and then printed on a special graph paper. This is then interpreted by your physician. It takes a few minutes to apply the EKG electrodes, and one minute to make the actual recording. The EKG is extremely safe and there is no risk involved. In rare cases, some people may develop skin irritation from the electrode adhesive, but no serious allergic reactions have been reported. The EKG can provide i mportant information about the patients heart rhythm, a previous heart attack, increased thickness of heart muscle, and signs of decreased oxygen delivery to the heart, and problems with conduction of the electrical current from one portion of the heart to another. What Is EKG? The basic importance of electrocardiogram are diagnosing irregularities in the heart, record changes in the heart, and establish baseline for other EKG by using the electrocardiogram machine. An electrocardiogram (ECG or EKG) is a quick, painless test that records the electrical activity of the heart. It may be taken at rest or during exercise. It is the standard clinical tool for diagnosing arrhythmias (abnormal rhythms) and to check if your heart is getting enough blood or if areas of your heart are abnormally thick. Small patches called electrodes are placed on different parts of the body. Different tracings of the hearts electrical activity can be made and permanently recorded on paper or in a computer. Three major waves of electric signals appear on the ECG. Each one shows a different part of the heartbeat. The P wave records the electrical activity of the atria. The QRS wave records the electrical activity of the ventricles, and the T wave records the hearts return to the resti ng state. Doctors study the shape and size of the waves, the time between waves and the rate and regularity of beating. Importance of Electrocardiogram There are many importance of EKG but these are the main importance, diagnose irregularities in the heart, record changes in the heart, and establish baseline for other electrocardiogram. Diagnose irregularities in the heart means to provide what need to be done in the heart. It is important to know because there are different types of importance that need to be done in order to know the right heart record during the electrocardiogram testing. Some patient base on their history because a lot of their familys having failure heart problem too. This means that they need more exercise and eat more good meals. Arrhythmias may be seen on 12- leads ECGs strips of one more leads. This means that everything is required for the EKG test. It also improves the patient development because the doctor may tell the patient what is right or wrong. Condition Determined by EKG The condition determined by electrocardiogram are previous heart attack, Heart blocked, Enlarged heart muscle, Rhythm disturbances. It takes a few minutes to apply the EKG electrodes, and one minute to make the actual recording. The EKG is extremely safe and there is no risk involved. In rare cases, some people may develop skin irritation from the electrode adhesive, but no serious allergic reactions have been reported. The EKG can provide important information about the patients heart rhythm, a previous heart attack, increased thickness of heart muscle, and signs of decreased oxygen delivery to the heart, and problems with conduction of the electrical current from one portion of the heart to another. Most of the Electrocardiogram physician and basically the one who help other people that has complaining about slow heart beat, fast heart beat, irregular heart beat or any symptom that they may encountered whatever they doing. It is very important to see the physician right away for ch eck up before the heart beat will become severe problem and this will cause them to death. Junctional Tachycardia Junctional Tachycardia is believed to be caused by enhanced automaticity and is commonly the result of digitalis toxicity (Shade Wesley, 2005). Another cause includes myocardial ischemia or infraction. It can also occur at the any age without a patient history of underlying heart disease. The patient will also complain to palpitations, nervousness, anxiety, vertigo, and syncope frequently accompany with dysrhythmia. When the patient get junctional tachycardia they may also sustained with rapid ventricular rates and retrograde depolarization in their atria because the ventricular filling is not as complete during diastole, leading to compromised cardiac output and the patient may occur heart disease. The rate of the person who has junctional tachycardia is 100 to v180v beats per minute and de P waves inverted may immediately precede, occur during the absent or follow the QRS complex (Shade Wesley, 2005). Myocardial Infraction Myocardial infarction is the death of injured myocardial cells. This may occur when the person has a sudden decrease or total cessation of blood flow through the coronary artery. It is also commonly occurs when the intimacy of a coronary artery ruptures, exposing the atherosclerotic plaque to the blood within the artery. The area of the heart normally supplied by the blocked artery goes through a characteristic sequence of events describe as zones of ischemia, injury and infraction. There are also three key EKG indicators of myocardial ischemia, injury, and infarction; they are changes in the T wave, changes in the ST segment, and Enlarged Q waves or appearance of new Q waves. This means that means that anyone of this changes maybe present without anyone of the others. Placing leads on the client and setting machine control This are the steps they physician need to do before hooking up the EKG leads and electrodes to the patient. First wash hands, assemble the equipment like the EKG machine with electrodes, electrodes pad, alcohol wipes or skin cleansing agent, bath and blanket or sheet, and the patient grown. The physicians need also to identify the patient to make sure they have the right patient. Explain what you are doing, and reassure patient that this procedure is painless but the electrodes are sticky and its little bit cold and the patient need to avoid applying lotion before the test. Position the patient on bed or treatment table in a supine position with are relaxed beside their body. Covers the patient with a blanket leaving the arms and legs exposed to provide privacy. Wipe the skin with a cleansing agent to remove oils, scaly skin, or perspiration and the physician are now ready to apply the 12 electrodes. The patient needs to arrive 15 minutes before the test. There is no pain during the test and the result of the test will send it to your doctor and they will share the result with the patient in 2 weeks. There are 12 leads that will be place in the the body which is the arm, legs, and chest. What is Pacemaker? An electronic pacemaker is a small device use to control the heart rhythm. The Pacemaker electrical device use to prompt the pulses of the irregular heartbeat to a normal heartbeat. Pacemaker is people who have bradycardia. Cardiac pacing is a recognized and widely used treatment for patients presenting with bradycardia. Physicians expect patients to return to normal activities almost immediately post implantation. However, patients themselves may perceive interference to pacemaker function by various routine activities and devices, and hence continue to lead restricted, disabled lives. The aim of this study is to determine if routine activities are perceived by pacemaker patients to interfere with their device function (Pacemaker, 2008). This means that most of the patient who needs to have pacemaker is the old people because they starting to have a slow heartbeat and they need the pacemaker in order to help them breathing. The Pacemaker contains two parts the generator and the part s. The generator is tiny, hermetically sealed computer (Fogoros, 2003). This generator is roughly the size of a 50-cent piece, and approximately three times as thick. The battery life of most pacemaker generators today is 5 to 8 years. EKG interpretation Electrocardiograms are diagnosing irregularities in the heart record changes in the heart. The patient needs to arrive 15 minutes before the EKG test. Avoid using lotion around the chest, arms, and legs because the electrodes pads are sticky. For the women they may have to use gown in the hospital to avoid privacy and for the men if they have hairy hair in their chest the physicians may have to shaved if so that the 12 electrodes can hook up good. There are 12 electrodes that need to be connected during the EKG test (Electrocardiogram, 2005). The physician needs to know if the patient has a normal heart beat or irregular heart that why its very important to go see the doctor right away when people have problems about the heart. It is very important because most of the people who having symptoms are just taking any kind types of medication. When the patient taking the wrong medication without the doctor prescription the body will affect and the body will become perilous. Horizontal li nes measure time (1mm square- 0.04 secs), the vertical lines measure voltage (1mm square- 0.01 mV), and the tic mark will identify 6 sec strip intervals. Heart rate computation has the identify rate which measure ventricular rate unless otherwise specified and its also measure the R-wave. They choose to method to determine or make sure that the rate has six second method box and box method. The six second method count the number of QRS complexes occurring within 6 seconds and multiply the number by 10. During the Holter monitoring or electrocardiogram testing make sure that the V3 leads is under the right nipple if the patient is under 15 years old and if its older than 15 they can hook it up like adult. During the hook up of the Holter monitoring the first step they need to do is to take out the battery compartment and place AA battery, then insert the flashcard with the lip facing downward. Second, push the enter key twice, they will hear the beep sound, then you will be able to e nter the social security of the patient by scrolling the up down side to side keys then select ok button. Third, scroll across the top check the channels 1-3 to make sure all the hook ups are all working and good. Fourth, they should also check the first time by scrolling across the date and time. Fifth, check the duration of the scan and pacer detector by going to the settings then go to start and press the enter button. Lastly, issue the patient what they need to do after 24 hours. The physician needs to hand his/her a log sheet for their activities and symptoms. Electrocardiogram Rhythm Sinus Rhythm is a regular normal rhythm of the heart set by the natural pacemaker of the heart called the sinoatrial node or sinus node. It is located in the right atrium and refers to the normal increase in heart rate that occurs during inspiration when they breathe. Its also a small, slow variation of the R-R interval variation of the normal sinus heart rate respiration (Medical, n.d.). There is also sinus tachycardia which means the sinus rhythm is 100 beats per minute. The QT interval decreases as the rate increases. The maximum rate in sinus rhythm is usually 220-age (Medical, n.d.). The sinus bradycardia or slow heart beat is 60 beats per minute and this may due to parasympathetic dominance at rest (Cardiac, n.d.). The premature ventricular complexes are observed in 60 percent of healthy adults in monitoring. This means that the patient can take home the Holter monitoring and they have a log sheet and they have to write the time and what are they doing. The sheet also is very i mportant because it will record all the information that the physicians need it. The Holter monitor is the recording the heart beat the every time the patient realize of feel that they having a funny heart beat they may need to press the middle button of the Holter monitor. Atrial fibrillation is when human has two upper chambers and the two low chambers. The upper chambers are called the left atrium and the right atriums are the plural of atrium in the atria. When the two lower chambers contact at the excessively high rate, and its an irregular way, the patient has atrial fibrillation. (What, n.d.) Atrial flutter is when a patient complaining about their heartbeat. Most of the patient that has atrial flutter heartbeat has stop beating, and they cant realize any feeling. There are also times that when the patient is lying down they may experience fast heart beat. Most old people have experiencing this because of their age. They may need to stop drinking coffee, soda, lemonade or any drinks that has acid because this will may affect their heart beats. For the patient that has atrial flutter they have to go to emergency room right away and make sure the doctors take x-rays of the patients heart and lungs. To prevent this people need to exercise and eat healthy food. Ventricular Tachycardia is very rapid tachycardia. The causes are cardiomyopathy and heart failure can occur without heart disease. Ventricular Fibrillation: Right and Left Main Coronary Artery The right main coronary artery originates from the side of the aorta and passes along the antrioventricular sulcus between the right atrium and the ventricle. They divided into two branches, the marginal artery and the posterior interventricular artery. The portion of the myocardium supplied by the right coronary artery includes the right atrium, right ventricle, inferior and posterior wall of the left ventricle and the one third posterior of the intarventricular septum. The right coronary artery supplies blood to the SA node in about 60 percent of the population and to the AV node about 90 percent of the population. Also the posterior-inferior fascicle of the left bundle branch. The left coronary artery originates from the left side of the aorta. It divides into the anterior descending and circumflex branches. The anterior descending artery perfuses the anterior surface and part of the lateral surface of the left ventricle and the anterior two thirds of the intraventricular septum. The branches of the anterior descending artery, the diagonal artery and the septal perforators, help supply blood to the lateral walls of the left ventricle. The circumflex artery supplies the left atrium, anteriolateral, poster lateral, and the posterior wall of the left ventricle. The heart needs its own blood supply because the demand for oxygen in the myocardial cells is extremely high. The coronary arteries provide a continuous supply of oxygen and nutrients to the myocardial cell. The heart works constantly to pump blood to the body, so the oxygen consumption of the heart is greater than that of single organs. The terminal branches of the arteries have many interconnections, forming an extensive vascular network. Reciprocal Changes The reciprocal changes are the mirror image that occurs when you have two leads viewing the same myocardial infarction from opposite angles. The infracted zone is electrically neutral, so the lead directly over the heart registers only an unopposed vector moving away from it. This cause the waveform to be negative. The T wave is flipped because of depolarization abnormalities generated by the areas ischemia and injury. The concept is important to relate while looking at the EKG traces because it shows the different areas of the heart. Reciprocal change was noted in all patients with inferior infarction. This means that the ST segment depression is higher. If the Electrocardiogram traces are change the heart will detect the symptom right away or the ST segment will change. Anatomy and Physiology of EKG The heart is a hollow muscular organ that lies in the middle of the thoracic cavity behind the sternum, between the lungs and just above the diaphragm (Pre-reading). The blood enters to the heart for the major veins of the body. The superior vena cava feed the right atrium and the left atrium. The left ventricle supply the left atrium and the right ventricle are in the middle to return blood in the middle. The heart beat consist of two contractions, when the atriums contract the blood is squeezed simultaneously from the right atrium through the tricuspid valve and when the ventricles contract the blood squeeze from the right ventricle through the pulmonary valve and to the lungs. There are also two major veins that deliver blood all over the areas of the body especially in the right atrium. They called this superior vena cava and anterior vena cava. They divides directly in the heart and have different construction. Different Waves P-waves moves in a compression motion similar to the motion of a slinky, while the S waves move in a shear motion perpendicular to the direction of the wave that is travelling. P-wave is basically electrical signature of the current that cause atrial contraction. It is also the portion of the electrocardiogram tracing that represent the depolarization of the myocardium. Its depolarized in the left atrium and reflects to the right depolarization. QRS complex is the portion of the EKG tracing that represents depolarization in the myocardium and the ventricle are activated simultaneously. T-wave is deflection of the normal electrocardiogram following QRs complex and it represent repolarization or recovery of the ventricle. Sinus Arrest A rhythm can also appear irregular when a SA node fails to initiate an impulse. This can be called sinus arrest and is seen as the pause in the electrocardiogram rhythm. They rhythm leading up to the pause looks normal. Sometimes there is also suddenly absence of the P wave as well as the QRS complex and T wave. These are one whos creating gap or pause of the heartbeat. If a SA node fails to fire, then the escape pacemaker from the atria call AV injunction will initiates and impulses. Irregularity may also cause by premature ventricular heartbeat during the electrocardiogram test and the rhythm making R-R interval pause. The rhythm leading up to the pause looks normal if the EKG test is no irregular. A slightly rhythm is where the P-P intervals and R-R intervals vary. The changes of the pacemaker from site to site can lead to this type of irregularities. A cause of the slightly irregular rhythm is when initiation of the heartbeat changes from site to site of each beat. Each of the he art beat is initiates to other area. The QRS ventricle depolarize and it will become larger muscle mass. The ST segment is normally isoelectric and gently blends into upslope of T wave. The point where the ST segment is located will takes off from the QRS ventricle and it goes to the J point.