Inflation and economic growth

Inflation and economic growth This section of the paper provides literary evidence on the relationship of inflation in the economic growth and helps in the understanding of any causal relation between them, if there exists any. We start with the conclusive evidence provided by Min Li (of the University of Alberta). We extract this support from the research conducted by Li on the Inflation Threshold Effects in the Finance-Growth Nexus and Transmission Mechanism Analysis. During the course of this research, the author examined the relationship between the inflation and the finance and economic growth, utilizing data collected from 90 countries. The authors research finds evidence of the existence of a nonlinear effect of the inflation the relation between finance and growth. The research also finds that though finance may stimulate growth at low inflation, however, the relationship does not hold beyond the threshold of 15% for inflation. The main features of this research includes the implication that the adverse e ffect inflation has on economic growth during a period of high inflation can only be controlled by improving the course of actions of all financial intermediaries (Li M. , 2007) The findings of the research show a strong positive and a significant relationship between finance and growth. However, as far as the effect of inflation on this relationship is concerned, there is little accord, and a threshold is agreed to be an existing component in the theory. This implies that as the inflation rises above a certain threshold level, which is estimated to lie between 14-16 %, the positive finance-growth relation weakens. The research also implies that the cost of inflation can be be said to have been derive by the management capabilities of financial intermediaries with regard to accumulated capital. The paper examines the productivity of capital in a high-inflation environment, concluding with the findings, which provide evidence on the existence of a robust non-linear relationship between inflation and the productivity of capital, and also identifying it as a causal relationship in a way that inflation has adverse effects on the productivity of capital. (Li M. , 2007) In another research, in which Li talks about a general agreement among economists upon the problems caused by inflation, an examination of relationship between inflation and economic performance has been brought into play. in contrast to the other research that, examines the adverse effects of inflation on the capital productivity, the author attempted to shift the focus to economic performance and its relationship with inflation. This research, Inflation and Economic Growth is collected from a data of 90 countries that are developing and 28 developed countries besides them, over the period of 1961-2004 in order to extract relevant evidence on the target relationship analysis. According to Li, in this research, the evidence provided buy the research findings supports the concept of the existence of a non-linear relationship between inflation and economic growth, not unlike capital productivity. (Li M. , 2006) However, a detailed study revealed that this result varies between developed and developing countries in terms of nonlinearity in the proposed variable relationship. The findings of the research lead to shaping of important phenomena pertaining to relationship between inflation and performance. Li claims that at lower than first threshold, of the two identified, level of inflation, the effects of inflation on growth are not significant and are positive. at moderate rate, between the two levels the effect is significant and negative and above the second threshold the marginal impact of additional inflation vanished from the growth but the relationship is still found to be negative. This can only be said for the developed countries, where only one threshold is to be found which has proven to have any significance. Thus according to the non-linear mechanism that follows , the magnitude of the negative impact that inflation has on the growth falls with an increase in inflation while at l ower than moderate level of inflation, the effect is even positive on the level of investment (Li M. , 2006). Li concludes her research with the findings that consistently support the nonlinearity of relationship between inflation an economic growth or performance. Li, also finds that the policy makers should not keep inflation rate at zero as single digit inflation does not hinder rather even stirs up economic growth. Furthermore, a hyperinflation, the one that surpasses beyond the second threshold level, does not have a an even worse negative impact on growth, rather the marginal impact actually falls with increase in inflation level. Thus controlling a moderate level of inflation should be a countrys primary goal pertaining to inflation (Li M. , 2006). The discussed literary findings proceed with the impact of inflation on the capital accumulation and the economic growth. Winding its path along other literature contents, the study of inflation effects on the economic growth finds its way into a research conducted by M. Ali Kemal in Is inflation in Pakistan a Monetary Phenomenon? during the course of conducting research, Kemal attempted to analyze and identify the impact that other factors, specifically change in money supply, would have on the rate of inflation. Kemal found that an increase in money supply over a long period leads to high inflation. The concluded research of Kemal, besides having relevance to our research, provided a decent level of support to the quantity theory of money as well. Thus empirically coming to a conclusion, Kemal claimed that inflation is indeed a monetary phenomenon. In order to study the impact of inflation on economic growth, it is pertinent that we examine the effect of other factors on inflation as well and employ it in enhancing our understanding of the important of inflation in the growth process. According to Kemal, a change in money supply effects the rate of inflation in the long run. Since the Quantity Theory of Money also holds in the long run, this led him to believe and later on evidently prove that inflation is a monetary phenomenon (Kemal, 2006).Kemal argues that money supply does not have an immediate impact on the price levels. on the contrary, a change in money supply would start indicating any affected changes in the price levels with a lag of about 9 months time. The study conducted by Kemal, emphasize the efficiency of the system that the money supply works through, showing that it takes less than a year to convey an induction. However, it also points out that once a stir up takes place, the system takes it time to achieve equilibrium state again under the circumstances that the induced change works it way from a change in one the three variables which include GDP, money supply and prices. In the short run, the impact of a change in money supply on inflation in not instant. the effect seeps through the system to actually induce any change with a lag of at least a period of 3 quarters (Kemal, 2006). Having had proven that inflation is a monetary phenomenon through evidence provided by Kemal, we move on towards the research conducted by Abdul Qayyum who, in his study Does Monetary Policy Play Effective Role in controlling Inflation in Pakistan, has conducted a research in the light of the data available for Pakistan in order to get a clearer understanding of monetary Policy framework and the extent to which and how it controls inflation specifically in Pakistans economy. this includes a number of factors that are a source of rise in price level like wages, exchange rate, external shocks, depletion of natural resources, taxes etc. wheat prices have specifically been allegedly been known as the cause of the increasing inflation in Pakistan (Government of Pakistan, Various Issues). Following what Abdul Qayyums research study , we found through the inflation control in not a recent phenomenon, but a topic of interest and of utmost importance since 1970s. there have been many debates regarding the causes of inflation however, controlling it is an collectively agreed topic of prioritized importance among economists and policymakers. which makes it central banks responsibility to control inflation, since central controls monetary policy and inflation is deductively a monetary phenomenon. The thing that most intrigued in Abdul Qayyum in this regard was the effectiveness of monetary policy in controlling inflation. we observe from the data provided for Pakistan that whenever the money supply target was controlled the inflation was controlled successfully (Qayyum, 2008). However, not too many rare occasions like this have occurred and due to the absence of coordination between the government and the central bank, the implementation of monetary policy has lost its effectiveness. Other problems have risen as well and the monetary policy has been experiencing inconsistency in reaction time along with ineffectiveness, nevertheless, we have evidence enough from the recent years of the effectiveness of monetary policy in controlling inflation by observing that when SBP failed to control the money supply , it consequently failed to control the rate of inflation within the target levels. If worked out efficiently it produces outcome effectively (Qayyum, 2008). Another study Does Volatility in Government Borrowing Leads to Higer iInflation? conducted by Adnan Haider and Safdar Ullah Khan analyzes the impact of volatility in the borrowing of the government from the central bank on the rate of inflation that persists domestically in Pakistan. The findings of the research study that was conducted for the sake of examining the sensitivity of inflation rate to volatility in government borrowing, indicate that there exists a relationship between the two especially in the long run. The research was conducted in the light of supporting fiscal dominance hypothesis in the determination of in inflation in Pakistans economy (Haider Khan, 2007). The result enlightens us with very important piece of information pertaining to the relationship, in connection with the fiscal dominance hypothesis, between the two variables; volatility in governments borrowing and the inflation rate. Its indicates that a significantly strong relationship exists between the two. even in the long run this relationship holds significantly. According to Haider and Khan, the estimated coefficient implies that one standard deviation change in volatility in borrowing from the central bank leads to a change of 8.5% in domestic inflation. specifically it indicates a relationship but not the direction or the causal dynamis of the relationship. these findings lead us to posession of evidence relationg to the importance of monetary policy in affecting inflation which in turn effects the economic growth (Haider Khan, 2007). Pertaining to the factors that affect the inflation, political stability goes hand in hand in holding equal importance with regards to being a factor determinant of the inflation in an economy. Safdar Ullah Khan, together with Omar Farooq saqib conducted a study Political Instability and Inflation in Pakistan, to investigate the impact of the instability in government and political situation in the country on inflation rate in Pakistan. The results are implies in terms of monetary model and in terms of non monetary model. In term of monetary model, results conclude that the monetary determinants effect inflation marginally and they are dependent upon the political situation of the country. (Khan Saqib, 2008) In non monetary terms, Adnan and his associate found a positive relationship between the variables; political instability and inflation. The analysis was done on interactive dummies that represent political instability and induce high inflation. The research may, however, also lead us into believing that inflation is a non monetary phenomenon due to its strong affiliation with changes in government infrastructure and political crisis. It may also lead to an implication that government crisis rather than oil prices are responsible for the high inflationary pressure. Nevertheless, we observe a lack of significant research studies relating these two variables and given the high volume of political unrest in our country in the recent years (Haider Khan, 2007). In his other paper, Qayyum attempted to examine the link between the excess growth in money supply and inflation in Pakistans economy, investigated the soundness of the theroy that inflation is a monetary phenomenon. Qayyum conducted this research to come with an outcome that indicated that there is a positive alliance between inflation and money supply growth. The way the implication of the research went about is that the growth in money supply at first affects the GDP which in turn affects inflation. This further indicates and hence, implies that money supply growth is a factor contributor in rise of price level. Thus money supply affects inflation and we can deduce from this implication that inflation is after all a monetary phenomenon , which is controlled by monetary policy and can be controlled by tight monetary regulations (Qayyum, 2006). The validity of the theory has been confirmed by the study conducted consisting of tests and analysis by Qayyum and therefore its stands safe to assume that money supply is one of the key determining factors of inflation in Pakistan. To find the relationship between money growth and inflation, Qayyum estimated the relationship between the rate of inflation, money growth, growth in real income, and growth in velocity in Pakistan for the data provided covering the 1960-2005 period. An important conclusion that surfaced from this research was that there exists a significant relationship between the variable; inflation and money growth proving that the growth in money supply is a vital contributor to the rise in inflation. Furthermore, even the recent act by the State Bank of Pakistan to tighten the monetary policy, supports the theory that inflation in Pakistan is a monetary phenomenon. (Qayyum, 2006). The same argument was made by Wasim Malik in his study Money, Output and Inflation that the effect of changes in money supply seeps into output through inflation, however, with some lags. And through a series of tests Malik found that above hypothesis cannot be rejects owing to its strong and valid stance. Malik claims that the three possible argument can explain the high inflation in history including monetary policy, supply side factors and foreign inflation. tests however show that effect monetary policy transfers into inflation with a lag of half a year and then takes another year to reach the peak. The reason why this happens can be explained by two possible situations, according to Malik; First, central bank focuses on future targets more than on the previous trends while deciding on the money growth and second, th central bank does that out of fear of losing higher growth (Malik, 2006). Having analyzed the research studies, that examine variables affecting inflation and rendering it a monetary phenomenon and we come back to our literature review in examining the literature contents that would help us find material evidence on the importance of inflation and its relationship to growth. So far conclusive researches conducted by Min Li have been very helpful and have been supporting our expected findings smoothly. This brings us to reviewing a research by Vikesh Gokal and Subrina Hanif on Relationship Between Inflation and Economic growth. These authors work their way through research with the initial observation that show the many developed countries have a predetermined goal of achieving high growth and maintaining it side by side with a low inflation rate. This inspired them to carry on with their research given o much importance that it holds in the economy. The nature of relationship that exists between inflation and growth has been a debatable topic for quite some time. The authors have reviewed different theories on the inflation-growth relationship including those that are Classical; emphasizes on the need to save and invest for growth purposes, Keynesian; emphasizes on the critical role of monetary growth in changing inflation rates and Neoclassical; emphasizes on the impact the inflation has on capital accumulation and investment. The paper also reveals the findings of other research studies conducted n this filed and incorporating their results to conclude their own research, testing whether a momentous relationship exist between the two mentioned variables (Gokal Hanif, 2004). Contrary to what Li found later on, Hanif and Vikesh found there, to be a weak correlation between inflation and growth. Also the causality was found to be running from GDP to inflation. These results were in accordance and derived from the review of other research studies conducted by authors before their own time. According to Michael Sarels inflation impacted a negative growth after 8% (Michael Sarel, 1996). In another research authors found the threshold of inflation in industrial countries to be around 1-3% and in developing countries o be 11-12 % (Khan; Senhadji, 2001). These findings led the authors of this paper to conclusions that the two variable; inflation and growth has weak negative correlation and the causality ran from growth to inflation rather than what was proposed and found by Li later in time (Gokal Hanif, 2004). Following the course the was led by Gokal and Hanif, Chimobi conducted a study in Nigeria to follow a similar suit of finding any existing relationship between inflation and economic growth, but his study was specific to Nigeria. Chimobi found, as a result of the study he conducted based on the data for Nigeria inflation and growth over the period 1970-2005, that there was no co-integrating relationship between inflation and economic growth for Nigeria. The second attempt the author made in his research as to determine the causality of the relationship between inflation and economic growth. Conclusively a unidirectional causality was found between the variable running from inflation to economic growth that were in orderly support of what Min Li found, however quite the contrary to what Gokal and Hanif proposed (Gokal Hanif, 2004). This was an indication implied by the empirical evidence that a relationship does exist between inflation and economic growth and inflation indeed does ha ve an impact on economic growth (Chimobi, 2010). However it was not concluded whether the relationship that existed between inflation and economic growth was positive or negative for Nigeria. We can only deduce from other studies that have been reviewed in literature that inflation has never had a favourable impact on the economic growth outcome (Chimobi, 2010). This shall be covered in the discussion to come. A study estimate of the threshold level of inflation in Pakistan was covered by Yasir Ali Mubarik in his research on Inflation and Growth. According to the research conducted by Yasir, a finding surfaced that showed that threshold level of 9% exists in Pakistan beyond which inflation will be rendered harmful for economic growth (Mubarik, 2005). Having put the home dataset through causality test and then analyzing it for sensitivity for inflation and economic growth the research concluded the some findings that include the existence of a relationship between inflation and economic growth. Since a threshold level was determined , any impact of inflation on economic growth, whether negative or positive, is still considered as a relationship between the two variables. Another finding that was deduced was that there existed a unidirectional relationship between the variables running from inflation to economic growth. Since inflation was found to have a negative impact beyond a threshold level on the economic growth, therefore, the relationship was taken to be causal running from inflation to economic growth and not vice versa. the research conducted however did not specify a lower level of threshold below which economic growth would not occur. Regardless the research poses as an important conclusion for the policymakers (Mubarik , 2005). A study analysis of Relationship between inflation and growth is performed by Erbaykal Okuyan in their study Inflation in Pakistan in which the relationship between the inflation and the economic growth in Turkey has been examined for the data covering the period of 1987-2006. Through their research they discovered the existence of a long term relationship between the two variables; Inflation and economic growth in turkey. Using the causality test used by Toda Yamamoto, Erbaykal Okuyan examined the causality relationship between the two (Yamamoto, 1995). However, they found no causal relationship between the two variable from economic growth to inflation but they did found a causal relationship from inflation to economic growth. implying the inflation has an impact on the economic growth (Erbaykal Okuyan, 2008). Khan Schimmelpfennig, in this paper observe the factors that help forecast inflation in Pakistan and explain it. The research conducted by Khan Schimmelpfennig emplys a simple inflation model, which includes standard monetary variables (money supply, credit to the private sector), an activity variable, the interest and the exchange rates, as well as the wheat support price as a supply-side factor to estimate the forecast while indicators like private sector credit growth and broad money growth are considered effective for inflation forecast which can be used for future developments pertaining to inflation. The results found empirically during the course of the research conducted by Khan Schimmelpfennig show that monetary factors are good indicators of inflation, since inflation is a monetary phenomenon (Khan Schimmelpfennig, 2006). Thus, according to Khan Schimmelpfennig, the two key variables that explain inflation developments are Broad money growth and private sector credit growth. In order to control Inflation in Pakistan and thus spur growth ,price stability should be the prime objective of the SBP. With monetary policy in action, the exchange rate shall no longer be able to offset the effect external shocks on the economy which leaves the SBP with nothing but to maintain price stability, which will ultimately prove to be the best policy contribution for sustained growth. The course of the research provided us with results that show that in the short run, there may not be a trade-off between inflation and growth, however, in the medium- and long-run, it blissfully exists. Moreover the authors argue that monetary policy should be more concerned with core inflation because given the volatility in some part of CPI, food prices and energy prices, core inflation is a better measure of underlying trends of infl ation than headline inflation. Furthermore, the authors conclude that even though core inflation is the right tool for monetary policy, nevertheless, the SBP must keep a watch over headline inflation. (Khan Schimmelpfennig, 2006).

The evolution of management accounting

This paper starts with introducing importance of management accounting literature and reviews the historical development of cost accounting from 1850 through 2000, includes origin of management accounting and controlling practices. In addition it identifies the management accounting theoretical development, and the main critiques that shapes the development of management accounting, thus creating a ground for future research or reviews.As well as it presents challenge existed in the field and concludes by advocating field-based research to discover the innovative ractices being introduced by organizations successfully adapting to the new organization and technology of manufacturing. 1. Introduction 1. 1 Importance of knowing the literature A wealth of literature exists regarding the historical development and evolution of management accounting so accountants have many reasons to study this literature. It helps them to understand the sources of many of today's practices; it leads to r ediscovery of old ideas that have been lost.It enables one to support proposal with past writings quoting from an important work and can help them to sell a proposal or ive credence to an idea. As with study of any literature, it provides accountants with opportunities to improve their verbal abilities, both written and oral and familiarizes accountants with the intellectuals and innovators who have shaped how account proactive their profession in addition it illustrates the state of the professionalism of the field and leads them to an awareness of the controversial topics in the field.In addition to the financial summaries, the railroads developed a system of reporting operating statistics for evaluating and con-trolling the performance of their sub-units. Statistics such as cost per ton-mile and the operating ratio (operating in-come divided by sales) were routinely reported for various sub-units and classes of service. Later in the 1880s, the newly formed mass distribution [Chan dler, 1977, Chapter 7(cited on R. kaplan1984)] and mass production enterprises adapted the internal accounting reporting systems ot the railroads to their own organizations.The nationwide wholesale and retail distributors produced highly detailed data on sales turnover by department and by geographic area, generating performance reports very similar to those that would be sed 100 years later to monitor the performance of revenue centers in the firm. Mass production enterprises formed in the 1880s for the manufacture of tobacco products, matches, detergents, photographic film, and flour. Most important was the emergence of the metal-making and fabricating industries.Andrew Carnegie's steel company was a particularly good example of the importance of cost accounting information for managing the enterprise. Shinn's [the general manager's] major achievement was the development of statistical data needed for coordination and control. Shinn did this in part by introducing the voucher syst em of ac-counting hich though it had long been used by railroads was not yet in general use in manufacturing concerns. By this method, each department listed the amount and cost of materials and labor used on each order as it passed through the sub-unit.Such information per-mitted Shinn to send Carnegie monthly statements and, in time, even daily ones providing data on the costs of ore, limestone, coal, coke, pig iron, Spiegel, molds, refractoriness, repairs, fuel, and labor for each ton of rails produced. These cost sheets [were] called â€Å"marvels of ingenuity and careful accounting. † These cost sheets were Carnegie's primary instrument of control. Costs ere Carnegie's obsession†¦. Carnegie concentrated . .. on the cost side of the operating ratio, comparing current costs of each operating unit with those of previous months, and where possible, with those of other enterprises†¦.These controls were effective†¦.. â€Å"The minutest details of cost of materi als and labor in every department appeared from day to day and week to week in the accounts; and soon every man about the place was made to realize it. The men felt and often remarked that the eyes of the company were always on them through the books. † In addition to using their cost sheets to evaluate the performance of department anagers, foremen and men, Carnegie, Shinn and Jones relied on them to check the quality and mix of raw materials.They used them to evaluate improvements in process and in product and to make decisions on developing by-products. In pricing, particularly non standardized items like bridges, cost-sheets were invaluable. The company would not accept a contract until its costs were carefully estimated [Chandler, 1977, pp. 267-268] (cited on R kaplan1984). Interestingly, the development of these elaborate cost reporting and estimation schemes by the 1880s focused exclusively on direct labor and materials, what we call today prime or direct costs; hat is, little attention was paid to overhead and capital costs.Carnegie's concern was almost wholly with prime costs. He and his associates appear to have paid almost no attention to overhead and depreciation. This too reflected on the railroad experience. As on the railroads, administrative over-head and sales expenses were comparatively small and estimated in a rough fashion. Likewise, Carnegie relied on replacement accounting by charging re-pair, maintenance, and renewals to operating costs. Carnegie had, therefore, no certain way of determining capital invested in his plant nd equipment.As on the railroads, he evaluated performance in terms of the operating ratio (the cost of operations as a percentage of sales) and profits in terms ot a percentage ot book value ot stock issues [ n I , 1977, p. 268 (cited on C and er R. kaplan 1984)]. Thus, cost accounting practice in the late 1800s did not include the allocation of fixed costs to products or to periods. Despite the enormous capital i nvested in these new manufacturing enterprises, there was apparently no systematic method for forecasting investments or coordinating and monitoring capital investment.Andrew Carnegie is reported to have undertaken almost any new investment that would reduce his prime operating costs: Carnegie's operating strategy was to push his own direct cost below those of all competitors so that he could charge prices that would always ensure enough demand to keep his plant running at full capacity†¦. Secure in his knowledge that his costs were the lowest in the industry, Carnegie then engaged in merciless price cutting during economic recessions. While competing firms went under, he still made profits [Johnson, 1981, p. 515] (cited on R. kaplan1984).Management accounting development was highly nfluenced by scientific management theory, based on which accounting received academic basis and directions for purposeful development (Chatfield, 1977 cited on Darius Gliaubicas (2012)) The scienti fic management movement in American industry provided a major impetus to the further development of cost accounting practices [Chandler, 1977, pp. 272-283] cited on R. kapaln(1984)). The major fgures in this movement were engineers who, by detailed Job analyses and time and motion studies, determined â€Å"scientific† standards for the amount of labor and material required to produce a given unit of output.These standards were used to provide a basis for paying workers on a piece-work basis, and to determine bonuses for workers who were highly productive. The names associated with developing the scientific management approach include Frederick Taylor, Harrington Emerson, A. Hamilton Church, and Henry Townen. This approach included not only the development of work standards but also a new form of organization, supplementing the traditional operating or line functions with staff function designed â€Å"not to accomplish work, but to set up standards and ideals, so that the lin e may work more efficiently.The â€Å"scientific management† advocates also started the practice of measuring and allocating overhead costs to products. Innovations came primarily in deter-mining indirect costs or what was termed the â€Å"factory burden,† and in allocating both indirect and direct (or prime) costs to each of the different products produced by a plant or factory so as to develop still more accurate unit costs†¦. In a series of articles published in the Engineering Magazine in 1901, Alexander Church began to devise ways to account for a machine's â€Å"idle time,† for money lost when machines were not in use.Henry Gantt and others then developed methods of btaining standard costs based on standard volume of throughput by determining standard costs based on a standard volume of, say, 80 percent of capacity; these men defined the increased unit costs of running below standard volume as â€Å"unabsorbed bur-den† and decreased unit costs over that volume as â€Å"over-absorbed burden† [Chandler, 1977, pp. 278-279] (cited on R. kaplan 1984) Also, under performance of scientific management theory, a need for operative and perspective information has formed (Fleischman ; Tyson, (2007) cited on Darius Gliaubicas (2012)).Metcalfe ideas had high influence on cost accounting development. In his book â€Å"The cost of manufactures†, published in 1885, he discussed separation of direct and indirect costs in order to make ettective management decisions . Formation ot modern management accounting methods, were also influenced by General Motors ideas. In 1919 it was created promoting salary system; started implementing flexible budgets, developed transfer pricing method Du Pont Powder company, was one of the first USA companies, that started developing several activities at the same time Oohnson ; Kaplan, 1987).When company diversified its activities, management required such accounting system that ould help contr olling all products value chains, coordinate performance of individual subdivisions, while meeting owners' interests. Du Pont company's executives, wanted to control return on capital that owners invested, and at the same time Justify investment financing decisions. That is why was created ROI ratio. When World War I ended, cost accounting became a profession (Loft, 1990).Under the influence of great depression in 1933, USA government established mandatory provision, to form fair practice codex, which would include paying employees' reasonable wages and determining weekly working hours. Therefore cost accounting pecialists had to ensure two main functions, while following fair practice codex: (1) ensure, that prices would not be lower than prime costs and (2) to harmonize costs calculating rules and methods Oohnson & Kaplan. 1987).During World War II, the importance of standard cost accounting method has reduced, because government wanted to trade only with those companies, whose pr oduction costs were close to actual, not standard costs (Fleischman & Tyson, 2007). About 1954, management accounting definition was mentioned for the first time. In Simon (1954) research that included employees from 7 biggest USA companies, it was ound that management accounting information is used to fulfill three main control functions: (1) registering performance results, (2) managing attention and 3) solving problems.Performance results were given in financial reports. Attention managing was based on comparison of plans budgets and actual results. Problem solving function has been implemented by making decisions, such as: manufacture or buy, what if analysis or alternative pricing decisions. Also, a need to calculate direct production costs, to perform absorption and marginal costing has grown at about 1950 (Chatfield, 1977). In 1960s, when USA companies influence in worldwide economy has decreased, responsibility accounting has formed, which allowed determining who is responsi ble for individual scope (Kaplan, 1983).In 1970s first costs managing accounting methods were created. Activity based cost management method, and value adding costs and product lifecycle analysis methods were formed (Hoskin & Macve, 1988). In 1981 strategic management accounting definition was introduced. Management accounting purpose became helping company's management to manage its strategies Oohnson ; Kaplan, 1987). Porter (1985) created value chain model. Also, at 1985, competitors' analysis has grown stronger, because of five competitive forces, PEST and SWOT methods (Porter, 1985).These methods allowed assessing, not only company's internal environment, but also to foresee performance risk factors in external environment, this way creating a competitive advantage. In 1987, customers' profitability analysis was discussed (AnandaraJan & Christopher, p an & Norton ( ) created a balanced scorecard system, which allowed company's management to transform objectives provided in strat egy, vision and mission into performance indicators, which allow assessing the success of mplementing competitive performance strategy. Darius Gliaubicas (2012 P. 4-26) 3. Origin and Managerial Controlling Practices of Management Accounting In the period preceding the Industrial Revolution, economic advancement predominantly occurred in the Middle and Far East (Chatfield 1977 ). Some of the oldest surviving business records dace back to the Chaldean-Babylonian, Assyrian and Sumerian civilizations. Various types of service businesses and small industries were established and the oldest known commercial documents date from 3500 BC (Chatfield 1977:5). In Babylonia formal legal codes made record keeping compulsory.The most famous is the Code of Hanunurabi, which required that an agent selling goods for a merchant should give the merchant a sealed memorandum quoting prices. All these records were kept on clay tablets (Chatfield 1977:5) In Egypt the introduction of papyrus as a writing su rface made writing less cumbersome and permitted a wider use of supporting documents. Despite the early progress, the development virtually stagnated for several thousand years. This might be ascribed to the inability to express goods in terms of a single substance (monetary unit) (Chatfield 1977:7) (M. shotterl 999. p . 244).Once of the oldest and largest surviving records of a system of responsibility accounting was maintained by Zenon. a manager of a private estate of the finance minister of Ptolemy II in 256 BC. Each of the supervisors of the areas of the estate had to render frequent accounts of all transactions. The accounts were rised and audited on a regular basis. This form of accounting system spread throughout the Mediterranean and the Middle East and was later adopted and modified by the Romans. The essential aim of this form of accounting system was the protection of the property of the owners (M . hotter 1999 p. 4)1. None of the above ancient forms of accounting provid ed any aid for decision-making or resembled cost accounting. Until the Industrial Revolution, records did not allow for separate costing by product lines and mad: no distinction between capital and revenue expenditure. This resulted in an inability to estimate the profitability of a product, a capital investment or an increased investment in labour (Chatfield 1977:11) The Industrial Revolution which gained momentum roughly between 1760 and 1830 in this period accounting historian place the exact time as the origin of management accounting is 1812 (H.T. Johnson and R. S. Kaplan, 1987) the industrial revolution can be ascribed to a vast number of reasons, but the most well known arc the technical inventions that reformed the manufacturing world. These include the steam engine by James Viratt in 1765, the spinning Jenny by James Hargreaves between 1764 and 1767 and Arkwright's spinning frame in 1768 (Ashton 1948) This period Britain was also associated with a sharp growth in the popula tion, a more extensive use of capital, and the conversion of rural into urban communities as well as a rise in new social classes (Ashton 1948 ).In the United States of America the effect of the industrial Revolution was not as marked and immediate as in the United Kingdom. Although it did have an indirect effect on the US economy. the factors that had the most remarkable effect were the corning of the railways and the telegraph around 1840 (Chandler 1977). After 1840 and especially trom 860 the railways and the telegraph revolutionized t traditional ways of production and distribution.Coal provided a cheap and flexible source of energy which enabled the railways to provide the fast, regular and dependable transportation so essential to high volumes of production and istribution (Chandler 1977:79). Technological innovation, the expanding income per capita as well as the rapid growth of the poralation increased the complexity of existing production and distribution processes and incr eased the volume and the speed of transactions.The existing market mechanism was often no longer able to co-ordinate these transactions effectively. According to Chandler (1977:484 ) created a need for administrative co-ordination. To address this need entrepreneur's large multi-unit organizations and appointed managers to administer them. (M . shotter 1999 P. 1 5) According to traditional history management accounting evolved from the techniques of cost accounting that were developed in England before and during the Industrial Revolution (M. shotter 1999 p 216).The need for cost accounting developed when the double-entry bookkeeping system was not able to provide owners with product costs for purposes of pricing, particularly in the engineering sector. As engineering firms grew more and more competitive, cost estimates were needed for bidding on special contracts for which no market prices existed (Chatfield 1977:159). At that stage manufacturers guarded their cost methods as indus trial ecrets and bookkeeping texts generally ignored the subject (Chatfield 1977:1 59 ).Edwards, et al. (1995 ) suggest that management accounting was purely concerned with making the best use of available resources within certain constraints. Management accounting was viewed as an independent variable†, which passively served the needs of the organization and neither neither shaped nor was shaped by the organization or society Support for their view can be found in the number of case studies of archival records of organizations that operated before and during the Industrial Revolution in the United Kingdom.In 1740 the accountant of the Melincryddan Smelting Works distinguished between variable and fixed cost while deciding on the most profitable location, whilst Cyfartha Iron Works was recharging production overheads to cost centers and writing off general overheads to the profit and loss account in the 1790s (Comes 1996:16). Walsh & Stewart (1993) suggest that they found evi dence of the implementation of accounting systems for purposes of managerial control in two separate studies, carried out before and during the Industrial Revolution.In their study of the operations of the New Mills Woollen Manufactory for the period 1681 to 1703, they ound evidence of costing for purposes of pricing as well as information to control the flow of material. At New Lanark Cotton Factory, which was studied from 1800 to 1812, they found a much more sophisticated system of control over not only materials but also over the laborers. Accounting was used for the purpose of measuring productivity as well as to control the behavior of laborers (Walsh & Stewart 1993:790).Edwards et at. (1995: 6) ascribe the difference between their view of the origin of management accounting and the other views mentioned below to the differences in environmental circumstances between countries. They contrast the long industrial history, steady rate ot economic development and relatively ample s upply of labour of the United Kingdom with the United States where industrial development started much later and industrialization took place more rapidly against a background of labour shortages.Edwards et at. (1995) are also of the opinion that it is unduly restrictive to equate the development of management accounting to the use of accounting information to control human activity. As discussed above, they advocate a much broader role for management accounting. M. shotter1999 . P217) Chandler (1977) disagrees with the aforementioned view of management accounting being an â€Å"independent variable† and suggests that it played an important role in the development of the giant firm.According to him modern cost accounting originated during the middle of the nineteenth century with the advent of the railways and later the chemical, steel and metal working industries in the United States of America. These organizations were growing in size and their processes were growing in com plexity, creating a need for cost information to determine prices and evaluate the performance of the businesses.He is of the opinion that management accounting did not merely arise because the growing organization needed it, but that it facilitated this growth by means of focusing attention on the advantages of buying internally rather than through the market. Chandler also suggests that management accounting was not merely applied for the purpose of product costing, but also to aid internal control. Williamson's (1975) transaction cost theory supports Chandler's view. He suggests that management accounting is a means of determining the prices of products in large corporations in the absence of a market system.The cost of co-ordination internal transactions by means of management accounting is lower than the cost incurred when entering into these transactions through the market, thus Justifying its existence. A study by Fleischman, Hoskin & Macve (1995)(cited on M. shotter1999) of the Boulton & Watt engineering practice during the beginning of the eighteenth century revealed that costing techniques to determine piece rates for laborers were ‘once-off exercises to establish fair prices, and thereafter only received sporadic attention.Based on these findings, they essentially agree with Chandler (1977), Williamson 1975) and Johnson and Kaplan (1987) that entrepreneurs did not really need cost accounting, as long as they were paying market prices for the output of each worker. Similarly, Fleischman et al. (1995: 171) agree that detailed attention to the efficiency and control of labour was only required when entrepreneurs took the manufacturing process out of the hands of contractors and brought the workforce under their direct control.To sum up all evolution of management we should analyses four stage as follows The demand for information for internal planning and control apparently arose in he first half of the 19th century when firms, such as textile mi lls and rail-roads, had to devise internal administrative procedures to coordinate the multiple processes involved in the pertormance ot the basic activity (the conversion ot raw materials into finished goods by textile mills, the transportation of passengers and freight by the railroads). In the first stage, management accounting is seen as a technical activity necessary for the pursuit of the organizational objectives while in the second stage it is seen as a management activity performing a staff role to support line management hrough the provision of information for planning and control. In the third and fourth stages management accounting is seen as an integral part of the management process With improved technology, information is available in real time to all levels of management.The focus, therefore, shifts from the provision of information to the use of the available resources to create value for all the stakeholders. Figure 1 shows four stages of management accounting evol ution and how each stage encapsulates the previous ones. 3. Reduction of waste of business resources 4. Creation of value through effective use of resources Source: IFAC, 1998: 6. imported from (Nelson Maina Waweru,2010 p . 167) Fig. 1 . The evolution of management accounting 4. Management Accounting Theories Regardless of how management accounting emerged, the economic framework played a central role in shaping it.Other subject areas, such as management science, organization theory and lately behavioral sciences were undoubtedly present, but economics and specially the marginal list principles of neoclassical economics, had the dominant influence in the last century. The evolution of management accounting in the last century can be also assessed on historical grounds. Figure 2 below shows our main theoretical frameworks that can be used to describe the development of management accounting. They are then discussed in the subsections that follow. 2 Management accounting development : theoretical tramework 4. 1 Old conventional wisdom. Traditional textbooks have a list of topics that, despite the differences in orientation, are common to all. It is agreed that the final developments in management accounting occurred in the early decades of the twentieth century to support the growth of multi-activity and diversified corporations such as Du Pont (Kaplan, 1982 and 1984; Scapens, 1985; Boritz, 1988; Johnson and Kaplan, 1987; Atkinson, 1989; and Puxty, 1993) cited on(Nelson Maina Waweru, 2010) .This stage is based on the absolute truth approach and principles of management which were rooted in an engineering view. Giglioni and Bedeian (1974) cited on (Nelson Maina Waweru, 2010) provide a good overview of the roots of management control issues that lie in early managerial thought. Emerson (1912)( cited on Nelson Maina Waweru, 2010) may be credited with the first meaningful contribution to the development of 20th century management control theory, in ‘The Twelve Principles of Efficiency where he heavily stresses the importance of control.Church (1914) cited on (Nelson Maina Waweru, 2010) also contributed to the development of early management control theory; for him one of five organic functions of administration was control, identified as the mechanism that coordinates all the other functions and in addition supervises their work. Fayol (1949) cited on (Nelson Maina Waweru, 2010) identified control as one of the five functions of management, control being the verification of whether everything occurs in conformity with the plan adopted, the instructions issued and principles established.It is interesting to note that Lawson 1920) cited on (Nelson Maina Waweru, 2010) wrote the first text devoted entirely to the subject of management control, while Urwick (1928) cited on (Nelson Maina Waweru, 2010) became the first author to identify a set of five control principles: responsibility, evidence, uniformity, comparison and utility. One of the f irst empirical studies of corporate organization and control was performed by Holden, Fish and Smith (1941), where one of its conclusions was that control is a prime responsibility of top management.Historical studies have played a conspicuous role in management accounting in recent years. Both research and practice have been strongly influenced by Kaplan (1984) and Johnson and Kaplan (1987), cited on (Nelson Maina Waweru, 2010) who call for more relevant product costing. As a precedent, Chandler (1962 and 1977) cited on (Nelson Maina Waweru, 2010) showed the importance of cost and management control information to support the growth of large transportation, production and distribution enterprises during the perid of 1850-1925.Management accounting systems evolved in the late 1880s to provide information about internal transactions, and by mid 1920s they were being used for diverse activities like lanning, controlling, motivating, analyzing and evaluating (Boritz, 1988). Johnson (19 81 and 1983), Johnson and Kaplan (1987) and Lee (1987) cited on (Nelson Maina Waweru, 2010) made a convincing case for the development of managerial accounting practices in the US. 4. 2 Agency theory. The irruption of economics in the field led academicians to work on very elegant Mathematical models.Agency theory and transaction costs are a refinement of the mathematical modeling based on economic concepts and theory. The agency theory assumes that there exists a contractual relationship between members of a firm. It recognizes the existence of two groups of people; principals or superiors and agents or subordinates. The principals will delegate decision making authority to the agents and expect them to perform certain functions in return for a reward.Both the principals and the agents are assumed to be rational economic persons motivated solely by self-interest but may differ with respect to preferences, beliefs and information densen and Meckling, 1976) cited on (Nelson Maina Waw eru, 2010). The principal/ agent relationship can exist throughout any organization and usually starts from the shareholder director nd ends with the supervisor-shop floor worker. In an organization context, which involves uncertainty and asymmetric information, the agent's actions may not always be directed to the best interests of the principal.Agents' pursuit of their self interest instead of those of the principal is what is called the agency problem densen and Meckling, 1976) cited on (Nelson Maina Waweru, 2010) to counter this behavior, the principal may monitor the agents' performance through an accounting information system. The owner can also limit such aberrant behavior by incurring auditing, ccounting and monitoring costs and by establishing, also at a cost, an appropriate incentive scheme densen and Meckling, 1976). ited on (Nelson Maina Waweru, 2010) Agency theory is based on several assumptions: Individuals are assumed to be rational and to have unlimited computational ability. They can anticipate and assess the probability of all possible future contingencies. The contracts are assumed to be costless and accurately enforceable by courts. The contracts are expected to be comprehensive and complete in the sense that for each verifiable event, they specify the actions to be taken by the contracting parties. However, this assumption may not hold in most developing countries where Judicial systems still lack the necessary resources to act efficiently.Both principals and agents are motivated solely by self- interest. The agent is assumed to have private information to which the principal cannot gain access without cost. The agent is usually assumed to be work averse and risk adverse (Batman, 1990: 343) cited on (Nelson Maina Waweru, 2010). Furthermore, agency theory concentrates on problems encountered by the owner when the manager relies on asymmetric information to cheat and shrink (Mackintosh, 1994). Asymmetric information is not a one-way street a s is assumed by agency theory.Owners would also have access to private information, which they would use in negotiating contracts. However, according to Baiman(1990), the above criticisms are less compelling if we view the principal-agent model as a frame work for analyzing issues and highlighting problems which arise and must be considered in applying managerial accounting procedures to real world situations. Consequently, agency theory offers insights into some of the tough issues and difficult problems involved in he design of management accounting systems. . 3 Contingency theory. The contingent control literature is based on the premise that a correct match between contingent factors and a firm's control package will result in desired outcomes. Contingencytheory explains how an appropriate accounting information system can be designed to match the organization structure, technology, strategy and environment of the firm. It suggests that universal applications are inappropriate a nd a framework for analysis is developed to suggest alternative performance measures,

Nuclear Weapons Persuasive Essay Essay

Should every country have the right to possess nuclear weapons? On the 6th November 1945, a United States bomber flew towards the Japanese city of Hiroshima. The only cargo aboard that B-29 bomber was an atomic bomb – ironically nicknamed â€Å"Little Boy† – that was to be dropped on its target. At 8.15am and at a height of around 2,000ft the bomb exploded above Hiroshima, taking 140,000 lives with it. Most of the 140,000 died instantly, horrifyingly the rest of the innocent civilians that were not in direct contact with the bomb died painful deaths in the four months following. They died from radiation sickness and different types of cancers. Whilst the atomic bomb is considered as one of the greatest inventions of all time, in terms of how it could protect a nation, is it really worth having numerous amounts of governments on edge at the thought of a weapon so powerful? Ronald Reagan described nuclear weapons as: â€Å"Totally irrational, totally inhumane, good for nothing but killing, possibly leading to the destruction o f life on Earth and civilisation.† He spoke nothing but the truth. US President Reagan was a nuclear abolitionist. He believed that the only reason to have nuclear weaponry was to prevent the Soviet Union from using theirs. Between them alone the United States and Russia have more than 90% of the world’s nuclear weapons. Why do these countries feel the need to posses so many nuclear warheads? Dominance, power and paranoia. Although some of their weapons may simply just be left over from the Cold War, this is not an excuse. They could have easily been destroyed by now. Countries like Russia and the United States crave power. In modern times the most important substance to guarantee power is weapons. Countries in possession of nuclear weapons use them to scare and intimidate other nations. One day this could backfire and the consequences would be deadly. Take North Korea and America. When Kim-Jong Un tried to invade South Korea, Barack Obama threatened them with an atomic bomb. As soon as that was done North Korea knew they had a major diplomatic issue and rescinded their threat. A major threat to world peace is the potential issue that certain smaller countries are likely to rebel against being manipulated and not having the ability to retaliate. To ensure that they avoid being bullied by bigger powers they may start to produce their own nuclear warheads. As previously stated, the  reason two superpowers like Russia and the United States maintain a significant arsenal of nuclear weaponry is down to the fact that frankly, they are paranoid. If you can stockpile most of the nuclear warheads in the world then surely nobody could ever harm your country. This is certainly not the case. By having so many dangerous weapons you are not only a bigger threat to potential enemies but practically there is the additional threat that Terrorists could pose if they ever managed to secure or steal some of these weapons. Morally we should also be questioning the validity of nuclear weapons, if the leaders of a country say that it is ok to use an extreme sanction like nuclear weapons to threaten enemies then what’s to say that civilians do not do the same thing on a smaller scale? In the beginning of the atomic age atom bombs were created to end the war and to save numerous lives. By this I mean that arguably, multitudinous lives were saved due to the fact that when the bomb was dropped on Hiroshima the Japanese virtually surrendered straight away. If they hadn’t surrendered the war possibly would have gone on for a lot longer. In contrast to this, look at what has become of nuclear weapons now. Instead of saving lives, atomic bombs are now kept with the intention of unnecessary mass murder. What makes the monsters that enforce the use of nuclear weaponry any different from Adolf Hitler, Pol Pot or Joseph Stalin? Even though the atomic bombs are not in use at this moment, anyone or any g overnment in possession of these weapons have the intention to inflict large amounts of pain on vast number of people. Rajiv Gandhi said that the â€Å"nuclear war will not mean the death of one hundred million people. Or even a thousand million. It will mean the extinction of four thousand million: the end of life as we know it on planet earth.† The prospect of a nuclear war is just a horrendous thought, a thought that should never cross our minds. Recently, President Barack Obama and Prime Minister Dmitry Medvedev signed a treaty saying that both countries are willing to reduce their amount of nuclear weapons by one third. It is comforting to see that the US and Russia are starting to destroy their atomic bombs but it is not good enough. They need to stop reducing their arsenal of weapons and eliminate them completely. Opponents of this idea claim that owning arnaments like atomic bombs mutually assures governments that they both have the potential for ultimate destruction. But is that really a good or virtuous thing? People who appear to be psychopaths  run a number of countries. For instance take the ruler of Zimbabwe: Robert Mugabe. He is at the potentially senile age of 89. His mind is failing. Can you begin to comprehend what would happen if he got his hands on an atomic bomb? The result would be anarchy. Or take the ruler of Syria, President Assad. He has already murdered masses of people by chemical gas attack and has publicly stated that he would destroy the state of Israel. For rulers like these men to possess weapons with such a huge destructive potential is a simply ludicrous thought. If some unhinged individual were to drop an atomic bomb now it would result in retaliation and possibly the biggest global catastrophe this planet has ever seen. We need to think about the consequences. It is a statement of fact that the more of something being produced the easier it is to acquire. Yes, this can concern nuclear weapons also. When more nuclear warheads are being manufactured there is a bigger chance of them being stolen or worse being detonated. Therefore, there is a much larger risk of them falling into the wrong hands. According to the International Atomic Energy Agency, there have been 18 cases of loss but most likely theft of uranium and plutonium. These elements are key when constructing a bomb. To make matters worse, there have been 11 whole nuclear bombs lost in the United States. They have never been recovered. If agencies and governments are finding it hard to keep track of their materials now, think of how impossible it would be if every country had their own arsenal of nuclear weapons? If these lost bombs are in the hands of terrorists at present I can guarantee that they will currently be considering how best to us e them to maximise their effect. To conclude, the fact is that if every country were to have the right to possess nuclear weapons we would all be living in constant fear of attack. Our lives would be very different; we would be insecure with regards to our safety and this would impact greatly on how we lived our lives – we would need to be significantly more vigilant. A small example of this is the potential effect that liquid explosives has on air travel where we can’t take any fluids that are more than 100ml into an airport. That is just for liquid explosives, what limits would be required to ensure nuclear components weren’t being smuggled? If one country were to drop a bomb it would set off a chain reaction, all it would take is for one rogue state or  organisation to detonate a bomb and the world would effectively end through nuclear Armageddon. BIBLIOGRAPHY http://nonukes.org/cd18_sixarg.htm http://www.abolishnukes.com/short_essays/ten_reasons_krieger.html http://www.debate.org/opinions/should-nuclear-weapons-be-abolished http://debatewise.org/debates/144-eliminate-all-nuclear-weapons/

Human Rights The Most Important Socio Political Event Of...

The international effort to determine and protection human rights has been called the most important socio-political event of our time (ReisoÄŸlu). Gaining momentum as our world becomes increasingly globally informed, human rights is the idea that certain universal, inalienable rights are granted to an individual solely upon their human species citizenship and regardless of their age, gender, religion, ethnicity, race, sexual orientation, or accidents of birth. Although the majority of people and states around the globe rhetorically agree with the idea of universal human rights, the implementation and preservation of these rights in various respects has also been universally lacking. The blatant disregard for human rights affects the entire human community, calling on everyone to actively uphold and advocate for their protection. In international politics, there is an extensive list of the human rights every individual is entitled to, including the right to work, the right to peace ful assembly, and the right to rest and leisure. As important as each individual right is to a meaningful life, the most important universal human right is the fundamental right to life. Yet, violations of the right to life are appallingly prevalent. As such, the right to life is our greatest priority in contemporary world politics. 1. Defining Life The right to life, as many other human rights, seems straightforward upon first consideration. However, the struggle of defining â€Å"life† has plaguedShow MoreRelatedThe, Socio Economics And Critical Legal Theories Essay973 Words   |  4 PagesThe author will investigate and analyse the topic under consideration by using observations from earth sciences, socio-legal studies, socio-economics and critical legal theories. 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