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Mobile Phones are a Menace not a Blessing Essay

Some people think that mobile phones are a complete menace and some think they are a blessing. In this statement I will discuss both sides of this argument. Firstly I will discuss how mobile phones are bad for society and how they are a menace. After this I will discuss how they are a blessing and the good things that they hold. This is a constant issue of debate particularly between this generation and older generations. see more:mobile phones boon or curse essay People believe mobile phones are a menace as they think they have destroyed ‘real’ (face to face) socialising. They believe that because people are constantly in contact with their friends this means that when people meet up in real life they have no socialising skills or cannot hold a conversation the way people used to. A mobile phone can distract you from things that you should be concentrating on. Such as crossing the road, if you mobile goes off in your pocket then you will automatically want to check it, this then takes your attention off crossing a road and could cause you to walk out in front of a car. This can cause a major accident and possibly death. Phones also promote the idea of ‘cyber-bullying’ as people may be able to say things in text form that they couldn’t say face to face. This could also cause fights between friends as one person may take something in a different way than it was meant, sarcasm is something my generation use a lot and it doesn’t travel well via text. Sometimes people get into the way of texting using a text language, where words are shortened to save time. This could then affect your normal spelling for day to day work. Some recent investigations have encouraged the idea that the radio waves given off mobile telephones can produce tumours which therefore cause cancer. On the other hand having a mobile phone can be a great thing. It can help you out in emergencies, say you were stuck somewhere and had no way of contacting anyone, take out your mobile and you have a way of contacting your parents. Mobile phones are a great way of communication to your friends. If something is bothering you all you need to do is text a friend and you have someone to calm you down. Some people say that phones are far too expensive to run. But some of my friends are on excellent deals, Connor gets unlimited free texts after 7.30 and anytime on the weekends, he hardly pays anything. India pays ten pounds a month and gets unlimited free texts and still has ten pounds worth of free calls. Modern phones these days have many many functions. They can be a radio, have the internet, have a music playing function and a camera, they have Bluetooth for sending your friends photos that you have taken very quickly and easily. My Conclusion is that mobile phones are a good advantage to everyday life, you can pick up a simple phones for around fifteen pounds. And then have pay as you go so you manage how much money goes onto your phone at any one time. Personally I find Mobile Phones a great advantage to everyday life. I understand why people may dislike them but I find it unbelievable that they think they are pointless. They are a means of communication even for the school to contact people about sports. If I didn’t have a mobile I would have turned up at school with no one there to tell me a hockey match was cancelled as I was supposed to have found out from a senior player. I believe that mobile telephones are a blessing.

Finance Functions in Manufacturing Company - Free Essay Example

Sample details Pages: 7 Words: 2205 Downloads: 6 Date added: 2017/09/20 Category Finance Essay Type Analytical essay Tags: Manufacturing Essay Did you like this example? ACCOUNTING AND FINANCE FUNCTIONS IN AN AUTOMOTIVE COMPONENTS MANUFACTURING COMPANY AREAS 1. Accounts Receivable. 2. Accounts Payable. 3. Inventory. 4. Direct and Indirect Taxes. 5. Payroll. 6. Treasury Operations. 7. Manufacturing/Final Accounts. Accounts. Activities in Accounts Receivable Function 1. Recording of Invoices based on the Sales made during the day. 2. Recording of Receipts during the day. 3. Passing the credit notes/debit notes and recording the same. 4. Preparing the Account Receivables report on periodical basis and giving the information to the concerned like: a. Aged AR to the Top Management. b. AR-Customer details to the sales/marketing people for collection and other purposes. c. AR-Customer detailed ledger to the Customer for reconciliation purpose. 5. Bad Debts provisions are also maintained and updated regularly. 6. Also the General Ledger Control Account is matched to the sub ledger on periodical basis. Activities in Accounts Payable Function 1. Rec ording of the vendor invoices on daily basis matching the same to the inventory receipts and also to the Purchase orders. 2. Passing the credit notes/debit notes and recording the same. . Updating the Accounts Payable-Vendor wise for the payments made to the Vendors which could be against the invoices outstanding or advance payments. 4. Accounts Payable report updating on periodical basis and using the information for MIS Reports to Management, Treasury Operations etc. 5. Ensuring that the Accounts Payable-Vendor detailed ledger are reconciled to the Vendor statement of accounts. 6. Also the General Ledger Control Account is matched to the sub ledger on periodical basis Activities in Inventory Function 1. Recording of Inventory movements like receipts of materials (Raw Materials, Stores and Spares, Fixed Assets, Consumables etc. ) and issue of the materials to the production/services department. Also, recording the receipt of finished goods from production department and the outw ard movement for sales etc. forms an integral part of the Inventory Function. 2. The inward and outward inventory movements must be matched to the respective Purchase and Sales orders. 3. Physical verification of the Inventory/Fixed Assets must be done on periodical basis and matched to the books. . MIS reports on inventory like ageing of the inventory, valuation etc. must be prepared and sent to the concerned. 5. Ensure that the control accounts in General ledger are matched to the sub-ledgers. Activities of Direct and Indirect Taxes Function 1. The Excise duties records must be maintained as per the Excise Laws and the same must be matched to the books of accounts. 2. The Sales tax/Service tax registers including returns must be prepared, updated and matched to the books of accounts. 3. The income/service taxes must be deducted at source for salaries, sub-contract charges etc. and the TDS certificates to be made and given to the parties in time. Also, the TDS Returns to be prep ared and submitted at the regular due dates. 4. The company’s income tax/gift tax to be computed from the statutory accounts and the return to be submitted within the due dates. Also, the advance taxes to be computed and paid within the due dates. Fringe Benefit taxes are also to be computed and paid at respective due dates. . Tax Audit, International Arms’ Length Prices Audit must be done within the due dates. 6. All the assessments hearings to be duly attended. Activities of Payroll Function 1. The Attendance cards/Time records to be updated in the systems and also the payroll for the workers, staff and management members to be made. 2. Ensure that the salaries and wages are computed as per the laws, contracts and also the same is disbursed in time. 3. Also, the tax deductions are done as per the law is another important function. Bonus computation as per the law is another activity in Payroll function. 4. The control accounts in General ledger to be matched to th e sub-ledgers maintained in the Payroll department. 5. Ensure proper deduction of Provident fund is made and remitted to the Government in time. Activities of Treasury Function 1. Prepare the daily, weekly and monthly cash flow/funds flow statement for the company based on the inputs from the AR, AP, Production departments. 2. Ensure that the working capital availments with the banks are within the limits. 3. Project Management (Fixed assets) is also another important activity in this function. 4. Try to minimize the Interest cost by optioning for various financial instruments. 5. Forex cover, bill discounting/letter of credit facilities, interaction with banks etc. are other activities in Treasury function. Activities in Manufacturing/Final Accounts Function 1. Preparation of the Yearly Budgets, monthly estimates, comparison of the actuals vs. estimates. 2. Preparation of various Manufacturing accounts in Inventory, Production, Scrap etc. including quantitative records. . Compar ison of the Actual Manufacturing results with the Standards and the reasons for the deviations. 4. Preparation of the Monthly Management accounts and Yearly Statutory accounts as per the Companies Act, 1956. 5. Liaison with Internal and Statutory Auditors for preparation of accounts, checking of transactions, scrutiny of records, physical verification of stocks, fixed assets etc. also form activities in this function. 6. Various MIS reports generation like Sales analysis, Overheads analysis, Gross Profit/Product analysis, Costs overruns analysis etc. 7. Preparation of Input/Output analysis, Costing of products, Scrap analysis, Machine Hour output analysis are some of the MIS reports in manufacturing side. 8. Filing of statutory reports with the Registrar of Companies including Fixed Deposits return. 9. Ensuring proper maintenance of accounts by having adequate provisions for expenses, income recognition as per the accounting policies etc. 10. Co-ordination with the secretarial fu nction for Board meeting requirements like monthly/statutory accounts, schedules to the accounts, notes to the accounts, cash flow statements etc. Accounting Standards (ASs) | | | |[pic] | |AS 1 Disclosure of Accounting Policies | |This standard is useful to the company in determining its accounting policies to be followed in the books of accounts and | |ensuring that it is consistent and adhering to the Companies Act, 1956. | | |[pic] | |AS 2 Valuation of Inventories | |This standard deals with the Inventory valuation of the company and suggests different methods like FIFO, LIFO, Weighted average| |methods. The company is following weighted average method. | | | |[pic] | |AS 3 Cash Flow Statements | |This standard suggests the different methods of cash flow statement like direct and indirect methods. | | |[pic] | |AS 4 Contingencies and Events occurring after the Balance Sheet Date | |This standard deals with the transactions and way it should be accounted in the books based on the events, circumstances | |existing after the date of the balance sheet. | | |[pic] | |AS 5 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies | |This standard deals with any changes to the accounting policies that the company adopts and also how to deal with certain | |expenses/transactions which will have revenue/capital impact or might be relating to different periods. | | |[pic] | |AS 6 Depreciation Accounting | |This standard gives out the various depreciation methods like straight line method, written down value method to be adopted and | |will be consistent to the Companies Act, 1956. | | |[pic] | |AS 8 Accounting for Research and Development | |This deals with the transactions relating to research and development nature and also the disclosure of the same in statutory | |accounts. | | |[pic] | |AS 9 Revenue Recognition | |This standard helps in recognizing the revenue items and also the stage at which the same should be taken as revenu e. | | |[pic] | |AS 10 Accounting for Fixed Assets | |This standard deals with the norms for accounting of the Fixed assets of the company and the recognition of the same. | | |[pic] | |AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003), | |AS 11 deals with the transactions relating out of Foreign Exchange fluctuations and the dealing of the same in the books of | |accounts. | | |[pic] | |AS 13 Accounting for Investments | |This standard deals with the accounting of the investments made by the company which might be of trading or non-trading nature. | | |[pic] | |AS 15 (revised 2005) Employee Benefits | |This standard deals with the recognition of the transactions relating to the employees including the terminal benefits like | |gratuity, superannuation etc. | | |[pic] | |AS 16 Borrowing Costs | |This standard deals with accounting of the borrowing costs incurred for borrowing of external funds and does not deal with the | |equity funds. | | | | |[pic] | |AS 17 Se gment Reporting | |This standard deals with principles for reporting financial information, about the different types of products and services an | |enterprise produces and the different geographical areas in which it operates. | | | | |[pic] | |AS 18, Related Party Disclosures | |The | |(a) related party relationships; and | |(b) transactions between a reporting enterprise and its related parties. | | | | | |[pic] | |AS 19 Leases | |for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases. | | | | |[pic] | |AS 20 Earnings Per Share | |The objective of this Statement is to prescribe principles for the determination | |and presentation of earnings per share which will improve comparison of | |performance among different enterprises for the same period and among | |different accounting periods for the same enterprise. The focus of this | |Statement is on the denominator of the earnings per share calculation. Even | |though earnings per share data has limitations because of different accounting | |policies used for determining ‘earnings’, a consistently determined denominator | |enhances the quality of financial reporting. | | | | |[pic] | |AS 21 Consolidated Financial Statements | | | |The objective of this Statement is to lay down principles and procedures for | |preparation and presentation of consolidated financial statements. | |Consolidated financial statements are presented by a parent (also known as | |holding enterprise) to provide financial information about the economic | |activities of its group. These statements are intended to present financial | |information about a parent and its subsidiary(ies) as a single economic entity | |to show the economic resources controlled by the group, the obligations of | |the group and results the group achieves with its resources. | | | | | |[pic] | |AS 22 Accounting for Taxes on Income. | |The objective of this Statement is to pr escribe accounting treatment for taxes | |on income. Taxes on income is one of the significant items in the statement | |of profit and loss of an enterprise. In accordance with the matching concept, | |taxes on income are accrued in the same period as the revenue and expenses | |to which they relate. Matching of such taxes against revenue for a period | |poses special problems arising fromthe fact that in a number of cases, taxable | |income may be significantly different from the accounting income. This | |divergence between taxable income and accounting income arises due to | |two main reasons. Firstly, there are differences between items of revenue | |and expenses as appearing in the statement of profit and loss and the items | |which are considered as revenue, expenses or deductions for tax purposes. | |Secondly, there are differences between the amount in respect of a particular | |item of revenue or expense as recognised in the statement of profit and loss | |and the cor responding amount which is recognised for the computation of | |taxable income. | | | | |[pic] | |AS 26 Intangible Assets | |The objective of this Statement is to prescribe the accounting treatment for | |intangible assets that are not dealt with specifically in another Accounting | |Standard. This Statement requires an enterprise to recognise an intangible | |asset if, and only if, certain criteria are met. The Statement also specifies | |how to measure the carrying amount of intangible assets and requires certain | |disclosures about intangible assets. | | | | |[pic] | |AS 28 Impairment of Assets | |The objective of this Statement is to prescribe the procedures that an | |enterprise applies to ensure that its assets are carried at no more than their | |recoverable amount. An asset is carried atmore than its recoverable amount | |if its carrying amount exceeds the amount to be recovered through use or | |sale of the asset. If this is the case, the asset is described as impaired and | |this Statement requires the enterprise to recognise an impairment loss. This | |Statement also specifies when an enterprise should reverse an impairment | |loss and it prescribes certain disclosures for impaired assets. | | | | |[pic] | |AS 29 Provisions,Contingent Liabilities and Contingent Assets | |The objective of this Statement is to ensure that appropriate recognition | |criteria and measurement bases are applied to provisions and contingent | |liabilities and that sufficient information is disclosed in the notes to the financial | |statements to enable users to understand their nature, timing and amount. | |The objective of this Statement is also to lay down appropriate accounting | |for contingent assets. | | | | |[pic] | |AS 31, Financial Instruments: Presentation | |objective of this Standard is to establish principles for presenting financial | |instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It | |applies to the classification of financial instruments, from the perspective of the issuer, into | |financial assets, financial liabilities and equity instruments; the classification of related interest, | |dividends, losses and gains; and the circumstances in which financial assets and financial | |liabilities should be offset. | |2. The principles in this Standard complement the principles for recognising and measuring | |financial assets and financial liabilities in Accounting Standard (AS) 30, Financial Instruments: | |Recognition and Measurement and for disclosing information about them in Accounting | |Standard (AS) 32, Financial Instruments: Disclosures4. | | | | | | | | | | | | | List of Guidance Notes on Accounting Aspects | | | |[pic] | |Guidance Note on Terms Used in Financial Statements | | | |[pic] | |Mode of Valuation of Fixed Assets | | | |[pic] | |Guidance Note on Treatment of Reserves Created on Revaluation of Fixed Assets | | | |[pic] | |Guidance Note on Accrual Basis of Accou nting | | |[pic] | |Guidance Note on Accounting for Depreciation in Companies | | | |[pic] | |Guidance Note on Accounting for Leases | | | |[pic] | |Guidance Note on Accounting for Corporate Dividend Tax | | | |[pic] | |Guidance Note on Accounting Treatment for Excise Duty | | | |[pic] | |Guidance Note on Accounting for State-level Value Added Tax | | | |[pic] | |Guidance Note on Accounting for Fringe Benefits Tax | | | |[pic] | |Guidance Note on Accounting for Credit Available in Respect of Minimum Alternative Tax under the Income-tax Act, 1961 | | | | | | | Don’t waste time! 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