The economic and accounting concepts of Income Essay

The economic and accounting concepts of Income - Essay Example It is impossible to arrive at the accounting income without going through accounting equation. i.e. adding up what the accounting records say belongs to the business and deducting what they say the business owes. This gives us the accounting income which essentially shows what an individual or a business is worth according to those accounting records. The accounting income therefore takes into account the fact that that no business will be set up to start trading in the absence of recourses which in most cases are supplied by the owner of the business. Usually, it is not only then owner of the business supplying resources, but other people s well other than the owner. The amounts owing to these other people for their assets in the business is called liabilities Accounting income , therefore can be called the owner 's equity or net worth, since it comprises of the funds invested in the business by the owner plus any profits retained for use in the business less any share of profit paid out of the business to the owner. The following is an illustration of a balance sheet. Balance sheet as at ________________________________________________________________________ Fixed assets CapitalFree hold premises xx Furniture and fittings xx Long Term, Liabilities xx Motor Vans xx Loan for 5 Years xx Current Assets Trading Debtors xx Trading stock xx Cash at Bank xx Short term Liabilities Trading Debtors xxShort term Loans xx Institution of all kinds prepare income statements even governments of Government bodies

Cultural Differences and People Management ,self reflection Essay

Cultural Differences and People Management ,self reflection - Essay Example During the training session I was able to learn that culture is not just a characteristic of individual but it is a characteristic of individuals that share the same ideas in the group. As culture is learned, I was able to figure out that during time with my friends, colleagues, family and other groups that individual becomes a member of; the individual learns the culture from them in order to have share common ideas and values. I have also learnt that culture plays a dominant role in affecting the motivation level of an individual along with personality and attitude of individual. Since culture helps an individual to change his/her behaviour regarding things, it is considered as an important factor for success in daily life. After understanding the concept of culture, I was able to understand the importance of culture in daily life. The first and the foremost important thing about culture is that it creates bond between people and group. This bond helps in bringing the people together. It is not just a bond but it provides the individual with the identity and helps in building a personality which helps the individual to distinguish himself from others in the community. I have also been able to understand that how culture shapes the standards and behaviour of an individual. For an individual, culture acts as a system of social control. As the life of an individual revolves around the culture learnt from older generation in the form of language, art and religion it helps the individual to make crucial decisions in one’s life. Cultural difference occurs when there is a difference in culture, race or any other factor that might lead to different perception regarding others in the workplace (Gellner, 1983). I have learnt that individual belong from different cultures which help the individual to create his/her unique identity in the group, it is quite important to accept and appreciate others culture. By doing so, an individual can create a bond between