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Which side are you on? Essay -- Analysis, Andrew Kydd

The journal article "Which side are you on? Bias, credibility and mediation" written by Andrew Kydd (2003) queried the significance of mediator’s impartiality. In the field of international relations, merely the study by Kydd (2003) has directly attributed mediator effectiveness to the provision of private information. The study is based on a game theo-retical model of mediation and draws on the theory of ‘cheap talk’ , which has its origin in economic science. There are two key findings of the study. Firstly, the study analytically pinpoints that mediators with accession to private information can, under certain condi-tions, help decrease the probability of war. Secondly, the author analyzes the effects of third-party bias. The analysis comes to the vague conclusion that â€Å"only a mediator who is effectively ‘on your side’ will be believed† (Kydd 2003: 598). For scientists a certain de-gree of bias is not merely acceptable but is in fact ob ligatory for some roles that media-tors play. Moreover, it points up this result for a role, information provision, that a number of scholars have claimed correctly belong to neutral weaker mediators rather than po-werful, and possibly even biased, mediators. (cf. ibid.: 608). With regard to the scope of Kydd’s model, I have to mention that the model makes no particular assumption about whether the two conflicting sides are recently at peace and trying to prevent a war or are negotiating the end of a continuing conflict. The main assumption behind the model is that the success of bargaining causes a decrease in the expected level of cost for both sides from fighting compared to what would have happened if the negotiations had been unsuccessful. The author assumes two main is-sues concerning med... ...oint and this emerged as crucial for truth telling in the trust-building context. An interior ideal point creates the possibility that the mediator can be seen in a sense as biased toward both sides. This means that the mediator shares with both of them a preference that they not be exploited. (cf. Kydd 2006: 457) In conclusion while taking Kydd’s model from 2003 into consideration, it is possible to argue that the neutral mediators, which have not supported any of the adversaries in direct manner, involve themselves for the reason that they want to end the conflict. Humanitarian, altruistic and political (reputation and image) issues may be key reasons for this interest. In this context, Kydd states that the neutral mediators suffer costs if war maintains. Nevertheless, they have no particular preferences over the result of the dis-pute. (cf. Svensson 2009: 448)

Hijab in the Muslim World

Being raised in a society where people generally tend to think Muslim female are forced to wear the Hijab â€Å"headscarf. † I was five or six years old when I started wearing the Hijab it wasn’t my parents who forced me to wear it was my choice. My mother also said if you don’t know the reasons you wearing the Hijab then don’t wear it at all. However, women who wear the Hijab face major discrimition in regard of employment opportunities. But in other part of the world as shabina state â€Å"Hijab hits runway. Even though Hijab is popular in the Muslim world I also learned that France and other European countries were trying to ban the Hijab. Also note that France has a lot of Muslim immigrants. These countries have no right to ban the Hijab because they did not conduct studies on this topic. According to the Quran it states by saying â€Å"O Prophet! Say to your wives and your daughters and the women of the faithful to draw their outer garments (jilbabs) close around themselves. (59:33) one cannot judge religion or culture well enough to make a favorable judgment. Judging isn’t something everyone can ignore. For Muslim women, wearing the Hijab is a sign of reverence, modesty and submission. However, many non-Muslims view the head scarf and modest clothing with confusion, even taking offense at what seems to be restrictive, anti-feminist clothing. Since girls and women of all ages wear the Hijab, questions are being asked in the schoolyard or office about this. n the western society, most women have this idealogy that women should look beautiful to attract men. most western women would have hard time understanding the reason behind why muslim women wear the hijad. Th e reason behind wearing the Hijab is to keep the men from staring. When Prophet Muhammad was spreading the word about Islam, women just covered their heads with a scarf that still showed their chest, neck and ears. However, Allah later directed that women should cover all parts of the body except for the hands and face. Prominent Muslim scholars distilled these teachings into an easy-to-follow method that uses the scarf, or khimar, to conceal immodest parts. However, two-third of Muslim women know they will be refused for work the reason being they are wearing the Hijab. there is study conduct by Ghumman shows women who wear the Hijab tend to have low exception when it comes to a receiving job offers than a Muslim female without the Hijab. even if they are given the job the interaction with the clients are minimum. It won’t be that hard for muslim women to compete in this year olympic. the international weighlifter federation (IWF) changed the rule to allow muslim women who are covered and wearing islamic dress to compete. These muslim women from the United Arabs of Kingdom wil be making history in the london olympics. allowing these women to participate in the competetion, it would allow other muslim covered women to not feel alienase walking around the airpot or the mall. Hijab style has changed dramactily as time went by. In the modern world, many Muslim women try to find different styles to wear the Hijab. For example if one lives in western society they tend to adopt the culture that surrounds them. â€Å"Over time, women began personalizing how the covered–shortening and tightening their coats, donning smaller scarves. The market responded by producing more fashionable clothing choices–scarves with sequins, tassels, and bold patterns; fashion shows demonstrating the latest in Islam†¦Ã¢â‚¬ ¦. (Hijab hits runway By shabina Khatri ) To add to that there are 7 different kind of headscarf. The Hijab comes from a myriad of styles and colors. This type most commonly worn in the West is a square scarf that covers the head and neck but leaves the face clear. The khimar is a long, cape-like veil that hangs down to just above the waist. The chador, worn by many Iranian women when outside the house, is a full-body cloak. The niqab is a veil for the face that leaves the area around the eyes clear. However, it may be worn with a separate eye veil. The burka is the most concealing of all Islamic veils. It covers the entire face and body, leaving just a mesh screen to see through. The shayla is a long, rectangular scarf popular in the Gulf region. The al-amira is a two-piece veil. As I had already wrote, being raised in a culture different than yours you tend to change your view of point. If a person lives in turkey they think wearing the hijab is more suitable than woman who lives in France will feel discriminated. I also conduct a survey on six people on their view of the Hijab. Some of the question I asked were there age, gender, if they knew what the Hijab was, if it was a religious or cultural practice, if they thought this was a religious obligation, if they thought Muslim girls were forced to wear. Four under the age of 18. One was 18 and one person was over forty. They all knew what Hijab was, three thought it was cultural practice, the other three said it was a religious practice 5 people said Hijab was an obligation. The last question two preferred not to answer it out of the four who answered said yes we as Muslim girls are forced to wear. The other two said no.

Native American History And History - 785 Words

As we speak and history verifies the very fact of the long-standing planning practices of American Indian that had enabled them to survive through every hurdle placed in the way. Although many Native American societies didn’t have a written language, many tribes were advanced enough and had written history or organized spiritual ceremonies and practices. Many tribes were destroyed and others moved far away from their ancestral home. Since the origin, and till now, American Indians have been able to make their way through each obstacle presented to them. Native Americans, for them most part, respect the unique differences among people. Native American express this by staying out of others’ affairs and verbalizing personal thoughts or opinions only when asked. It is common courtesy and is expected by many Native Americans as an expression of mutual respect. Their worldview can never be one in any case except when it comes to their love of the earth. Their belief about t he world is circular where human, animal and nature work together to make reforms and to live peacefully. They have been living with all the things they have and without differentiating between human and animals. The arrival of Europeans created a havoc but with the passage of time, it started cooling down and in agreement with the new worldview they have begun understanding the situation. But the environmental justice is something which they are striving for and have been striving on their own which can beShow MoreRelatedNative American History : Native Americans1099 Words   |  5 Pages Native Americans A few thousands of years before the famous and high recognized explore Christopher Columbus’ ships landed in the Bahamas, a distinctive group of people discovered America. The ancestors of modern Native Americans who hiked over a â€Å"land bridge† from Asia more than 12,000 years ago. In fact, there is an estimate that more than 50 million people were already living in the Americas. As time passed, these migrants and their descendants pushed south and east, adapting as they wentRead MoreNative Americans History1879 Words   |  7 PagesWhen asking a child, educated or not, what they ideas are when they hear the term Native American where does they mind venture to? More than likely do they not consider the former House of Representative, Charles D. Curtis or professor pitcher Joba Chamberlain. But they also do not think of a Native American as being an average person, a boy/girl like themselves. What children believe to be Native American are descriptions such as, fea ther headdresses, tomahawks, and long braided hair or scalpedRead MoreHistory Of Native Americans1353 Words   |  6 Pagesstarting the California Gold Rush and more than 25,000 Mexicans returned to California to stake their claims. Americans detested their appearance and the Mexicans along with other outsiders were threatened and violently assaulted. One important point that should be stressed, is that throughout this entire fight for these lands, neither nation thought to consider the Indians/Native Americans residing in these areas. In this case, they are the Comanche and the Pueblo Indians. They are completely disregardedRead MoreNative Americans And American History988 Words   |  4 PagesThroughout history, relationships between the Native Americans and the United States have been nothing but battle torn, and unfortunately have followed a consistent path of betrayal. There is no denying the universal fact that Native Americans have been unfairly treated and portrayed throughout American history. According to American history written during and after the war the Indian Wars that occurred were very subjective, and prejudiced in its depiction of the Native Americans. For example oneRead MoreNative American History : Native Americans1879 Words   |  8 Pages†¯Ã¢â‚¬ ¯Native American Lives Since the beginning of time, conquering other societies has been a common occurrence. Almost every battle that has taken place has been documented. When stories of past battles are retold, only one side of the tale gets told, the victor’s side. In history, the ones who have been defeated never get to present their perspective of the tragic quarrels. Most never even lived to tell the stories, but the ones who do survive are not thought of as important accounts in history.Read MoreNative Americans And American History1036 Words   |  5 PagesNative Americans do not experience enough social, political, and economic equality today because their stereotypes are portrayed in media, they do not have enough government representation, and they are not as well off as most Americans. Education plays a big part in how Native Americans are represented. 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The American government mistreated the Natives by lying to them and treating them as foreigners. After years of fighting for freedom the Natives did not achieve their goal for freedom. The Trail of Tears, being the most tragic event in American history, was due to the Removal Act in the 1830s, the misguidance of President Andrew Jackson, theRead MoreNative Americans And American History Essay969 Words   |  4 PagesNative Americans, or Indians, as they were mistakenly called, have been the â€Å"pathetic footnotes to the main course of American history† (Axtell 981). But James Axtell, the author of Colonial America without the Indians: Counterfactual Reflections, would beg to differ. He says that instead, Indians played a key role in making America great. James Murray gives another term to describe America’s greatness: America’s â€Å"exceptionalism.† Throughout his art icle Axtell makes many points as to why IndiansRead MoreThe American Of Native American History Essay2006 Words   |  9 PagesLong before Europeans landed on the east coast of the American continent, native peoples were living and thriving across the land. This is historical fact that is taught in schools across the country. However, much of the rest of Native American history that we are exposed to in schools really does not reflect truth. While the broad lessons capture parts of the story, the reality is that much of the history is distorted and paints an inaccurate picture of the tribes and how they were treated by settlers

New Zealand Introduced A Tax Based Financing Health Care...

New Zealand introduced a tax-based financing health care system in 1947 (Cumming et al, 2013) and Singapore had a similar system after its independence in 1965 (Haseltine, 2013). Due to the increasing pressure on public spending in financing health care, both countries have introduced health care reforms since the 1970s to ease the pressure (Li, 2006). New Zealand has experienced a series of reforms which represented a major restructuring of the health system. The reforms have led to the creation of a devolved health care system that uses available health care resources efficiently (Cumming et al, 2013). In contrast, the Singaporean government overhauled the whole system by removing the tax-based financing system and adopted the medical savings account system called the Medisave in 1984 (Haseltine, 2013). Under the Medisave system, health care is mainly funded by private financing, which requires each person to make savings in an individual account just for health care spending. In both countries, health related policies are formulated by the Ministry of Health. It also supports the government in setting the health policy agenda, service requirements for the health system, and the annual publicly funded health budget. In New Zealand, the National Health Board has been established to provide advises to the Minister of Health and its responsibilities are for funding, monitoring and planning of the District Health Boards, stronger alignment of services, and supporting theShow MoreRelatedComvita4918 Words   |  20 PagesAccounting Report- Jessica Miller Prepare a report for an external user that interprets the annual report of a New Zealand reporting entity. 91407 By: J. Miller To: Lydia Paper: Accounting 91407, Annual report review Executive summary This report is prepared for Lydia who is considering purchasing shares in Comvita. The report aims to provide analysis of Comvita’s annual report and the viability of investingRead MoreThe Neoliberal Mind Set Shaping Health Care Reform Essay2211 Words   |  9 Pagescontext of globalization, health care reform is occurring around the world. This paper explores the neoliberal mind set shaping health care reform in the UK, Canada, United States, Australia and New Zealand. Neoliberalism is comprised of three principles: individualism, free market via privatization and deregulation, and decentralization. After describing the nature of a health care system that is shaped by those embracing this mind set, an alternative approach is introduced that could bring dignityRead MoreBlackmores Corporate Financial Analysis6089 Words   |  25 Pagesï » ¿1. Executive Summary Blackmores Ltd is one of the leading contenders in the Health Care sector. The company specialises in a range of products including herbal and vitamin supplements. The company has a major share in the Australian and New Zeeland’s market generating almost 85% of the revenue from this region. Blackmore’s capital structure has been analysed as requested by the Board of directors to assist them in optimizing the company’s current capital structure. Firstly, the report analyses andRead MoreDoing Business in the Asia/Pacific Rim Region31325 Words   |  126 Pages123 Pitt Street, GPO Box 119 Sydney, New South Wales DX 233 Australia +(61-2) 9390-8000 PHONE +(61-2) 9390-8390 FAX www.holmanwebb.com.au Contact Attorney: D’Arcy Kelly dak@holmanwebb.com.au CHINA (SHANGHAI) Lily Fenn Partners Martin Hun Partners 19/F, Yongda International Tower 2277 Longyang Road Shanghai 201204, P. R. China +86 21 5010-1666 PHONE +86 21 5010-1222 FAX www.mhplawyer.com Contact Attorney: Martin Hu martin.hu@mhplawyer.com NEW ZEALAND Room D, 32/F. Lippo Centre, TowerRead MoreRisk Pooling in Health Care Finance18578 Words   |  75 PagesRisk Pooling in Health Care Finance Peter C. 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The first GE appliances were introduced in the late 1890’s with the electric fan and expanded to a full line of heating and cooking devices in 1907. GE Aircraft Engines began in 1917 when the U.S. government began its search for a company to develop the first airplane engine â€Å"booster†Read MoreAnz Bank142091 Words   |  569 Pages2014 ANNUAL REPORT Australia and New Zealand Banking Group Limited ABN 11 005 357 522 This Annual Report (Report) has been prepared for Australia and New Zealand Banking Group Limited (â€Å"the Company†) together with its subsidiaries which are variously described as: †ANZ†, â€Å"Group†, â€Å"ANZ Group†, â€Å"the Bank†, â€Å"us†, â€Å"we† or â€Å"our†. ANZ ANNUAL REPORT 2014 ANZ IS EXECUTING A FOCUSED STRATEGY TO BUILD THE BEST CONNECTED, MOST RESPECTED BANK ACROSS THE ASIA PACIFIC REGION WHO WE ARE AND HOWRead MoreFinancial Analysis of General Electric98175 Words   |  393 Pagesand build things that matter = A world that works better LETTER TO SHAREOWNERS Culture is the foundation for any successful enterprise, and ours inspires our people to improve every day. It is why GE Works. It starts by being â€Å"mission-based.† We have a relentless drive to invent things that matter: innovations that build, power, move and help cure the world. We make things that very few in the world can, but that everyone needs. This is a source of pride. To our employees and customers

Using Emotions to Build Advertisements - 955 Words

The need, purpose, and effectiveness in cooperating emotions in advertising has been looked at and studied for many years trying to find the most productive form of speaking to consumers. By assessing consumers and their responses to different types of emotional marketing, the value of emotions in advertising and the field of marketing can then be determined (Bagozzi, Gopinath, Nyer, 1999). In the following studies, emotions in ads and the psychological and emotions reactions of consumers are reviewed to see if emotions can further the productivity of the marketing industry (Rajecki Gerber, 2012). USING STUDIES TO SHOW EMOTIONS IN ADVERTISING/MARKETING Study #1 Studies in the past two decades has provided that there should be a scientific inquiry in the field on marketing (Ming-Hui, 2001). Psychology theories have been heavily adapting to marketing and trying to appeal to emotions of consumers. Although psychology is not regularly incorporated when developing ad campaigns, it can indeed enrich the campaign. In the study The Theory of Emotions in Marketing by Ming-Hui Huang, one of the main concerns of scientists is, do emotions have a legitimate place in the field of marketing? There are three characteristics of emotional marketing says Ming-Hui, that stress the need/existence of emotions in marketing (Ming-Hui, 2001). These characteristics are are: range of emotions, intensity of emotions, and positive/negative emotions (Ming-Hui, 2001). When studying the range ofShow MoreRelatedIs Crest Toothpaste Truly Complete? Essay774 Words   |  4 Pages Appeal is the key to the car of spending. Advertisers know, to be successful, they mu st be able to quickly grab an audience’s attention and promptly make their point to keep it. A good advertisement must also contain all three of Aristotle’s appeals; pathos, ethos and logos, in order to convey a message to the masses. The visual appeal that is given from the Crest Complete with Scope ad is a prime example of how the Procter and Gamble (PG) Company market their products to a generation that inRead MoreAn Effective Advertisement For A Company s Brand Essay1509 Words   |  7 PagesAnother power of humorous advertisement is its ability to build a company’s brand by adding value to it and ensuring a lasting customer relationship. In fact, humour is one of the best tools that businesses can use in their advertisements to build their brand. Primarily, a brand is an intangible asset that differentiate companies, and humour is commonly associated with increasing brand awareness. A company’s that has a strong brand is more likely to be more pow erful in the market. Therefore, theRead MoreThe Effects Of Emotional Appeals On A Consumer s Behavior1651 Words   |  7 Pagesare used to promote brand loyalty, and associate the brand with certain emotions. Emotional appeals are also used to change behaviour in the audience as they serve as a stimulus examples of these are road safety campaigns, cancer screenings and HIV/AIDS awareness. Shock which is aroused in an unexpected exposure to real-life images is very efficient and can result in strong emotional appeals that have a huge impact on a consumer’s behaviour and reaction (Banyte, Paskeviciute, and Rutelione, 2014)Read MoreAristotle, The Greatest Thinkers Of All Times Essay1197 Words   |  5 Pagesembraces the individual’s point of view using arguments, reasoning, and persuading. According to Aristotle, Individual is confronted by persuasion every day in life. It might take in various situations and places and categorized into three sections which are, the app eal of emotion, the appeal to reason and the appeal to one’s character. Aristotle calls them Ethos, in which is used to describe the ideas and beliefs that characterize the community, Logos in which using logical arguments, scientific methodRead MoreAnalysis Of Talk Them Dead, House Wife Advertisement1524 Words   |  7 PagesCritical Evaluate of ‘Talk them dead, House-wife’ Advertisement This essay will critically evaluate the use of psychological techniques in an advertisement chosen by the author from a specific range of optional advertisement. The essay will evaluate the impact on the persuasiveness of the marketing communication of a specific target audience. The author of this essay will also analyse the type of appeal, the use of rhetorical tropes, signs and symbols and evaluate the likability, credibility andRead MoreAbout Men : A Rhetorical Analysis About Men By Gretel Ehrlich1724 Words   |  7 Pagesto read about men. Even more specifically, her audience is readers of Time Magazine, which is published in New York City, where the Marlboro ads are also conceived. This allows for her readers to share common ideas of the misrepresentations in advertisements. The broadness of the title allows for a much wider audience than if she had used a more specific title. For example, Ehrlich says, â€Å"But the men I see in these posters with their stern, humorless, loo ks remind me of no one I know here† (198).Read MoreRhetorical Analysis1044 Words   |  5 Pagesï » ¿ Rhetorical Analysis of the U.S Army Advertisement â€Å"Army Strong† Campaign Christina DoBynes DeVry University Rhetorical Analysis of the U.S Army Advertisement â€Å"Army Strong† Campaign When you see a solider in his or her uniform, you are proud that they are serving this country to protect our freedom, securing our country, and defending democracy worldwide. The solider can come from different branches of the Military. The one you might be familiar with is the U.S. Army. TheseRead MoreMarketing Analysis : Old Spice1186 Words   |  5 PagesZavon Gipson Mrs. Lewsader ENGL 1301 July 1, 2015 Essay 2 It may seem like anything is possible when you smells like Old Spice! When a major company produces an advertisement, they use an array of different strategies and techniques in order to capture the audience into buying their product. Old Spice, a company specialized in producing men’s hygienic products, is well known for its series of funny advertising based off of traditional masculine ideals. The most popular Old Spice commercial, â€Å"TheRead MoreRhetorical Analysis Of Budweisers Lost Dog1004 Words   |  5 Pagesutumn Lewis Ms. Caldwell-Thomas English 101-010 12 October 2017 Rhetorical Analysis: Budweiser’s Lost Dog Budweiser is known for creating advertisements that convey messages that you wouldn’t otherwise tie with beer. In one of their more popular commercials â€Å"Lost Dog†, they attempt to show that your â€Å"buds† will always have your back, just as Budweiser will always be there for you. Budweiser managed to relate this life lesson to their notable company and a wide-range of viewers. In the â€Å"LostRead MoreDove is Trying to Change the Look of Beauty in Women779 Words   |  3 Pagescampaign and it is the best example of how the Dove Real Beauty Sketches can appeal to audiences with emotion (pathos), credibility (ethos), and reasoning (logos). Emotion is one of the most effective appeals used in commercials or advertisements. By incorporating with emotional elements, the commercial can build a meaningful connection with the audience. Dove Real Beauty Sketches campaign uses emotion as its strongest appeal in the film. At the beginning, the background music setting is soft and soothing

Management Accounting Manufacturing and Service

Question: Discuss about the Management Accounting for Manufacturing and Service. Answer: Introduction: It is very important for both the manufacturing and service providing organization to compute the cost of goods or services accurately. Cost of any product or services is the base of the its selling price and it is used for ascertaining the profit of the organization. According to AASB 102, the cost of inventories should include cost of purchase, cost of conversion and other costs, related to the inventories (Hart et al. 2012). Hence, it is very necessary to identify the proper expenses and allocate in the appropriate cost units for calculating the cost of purchase, cost of conversion and other production related cost. For example, a manufacturing company uses to purchase lot of items, but it should include only the purchase of raw materials in the cost of purchase. Purchase of other indirect materials must be included in the other production related costs. Product costing system can be defined as the process of computing the cost of any product or service by allocating all the business expenses proportionately into total production cost. Thus, it helps to determine the cost of products in proper procedures as per the general concepts and the requirements of AASB. Purpose of Production Costing System:- Product costing system is not only adopted by the manufacturing units but also by service providing companies. It helps to determine the costs of both the product and services. Primarily, it seems that the only purpose of objective of the system is cost production cost determination. However, it helps the organization to fulfill other objectives also. The purposes or objectives of product costing systems can be classified into two groups Primary Objectives and Secondary Objectives. Primary Objectives: The primary objectives of production costing system can be stated as the basic reasons of implementing of production system method in any business firm. The primary objectives of production costing system are discussed below: Determination of Cost Selling Price: Product costing system is applied for determination of manufacturing cost of the products and services. As discussed above, production cost of any product or service is very essential for the business firms. Management cannot determine the proper selling prices of the product or service without accurate production cost and may lead to loss eventually (Kaplan and Atkinson 2015). Allocation of Expenses: Product costing method is used to allocate the expenses under proper overheads. There are many expenses, which are not related to the production of the manufacturing of the product or service, rendered. It should be noted the basic cost of the business firm is its production cost. If the production cost is calculated higher by incorporating unrelated expenses, then it will lead to either higher selling price or gross loss. Therefore, it is very important to incorporate only those expenses, which are actually incurred for the production. Moreover, AASB also requires that the production cost should be calculated on the basis of the production related expenses only. Thus, production cost can be used to identify the actual expenses, incurred for production purpose and can help the business to determine the different overhead expenses accurately (DRURY 2013). Ascertainment of Selling Price and Profits: As already stated above, production cost is base of selling price of any product or services. The business firms calculate the selling price by adding a certain percentage for profit and other non-production expenses on the production cost. For many firms, the selling price is determined on the basis of the competitors price or market price. In that case, through production cost helps the firm to ascertain the amount of profit. Moreover, as per the accounting methods, cost of production is used to calculate the gross profit by deducting the cost from the sales revenue. Gross profit is used further to ascertain the net profit of the firm. Apart from that, the gross profit is also used for various decision making purpose by the managers. Hence, it is not possible to determine the appropriate selling price or accurate profit without the production costing system. Secondary Objectives: Secondary objectives of the business firms for using the production cost system are related to management and decision making processes. Better Control: As production cost is one of the major expenses of the business firms, management always try to control it properly. Production costing system can help the management to control the product costs more effectively. It provides the details of various production related costs, through which the firm can identify the expenses, that should be controlled immediately (Horngren et al. 2013). Budget Preparation: The business firms maintain yearly or periodic budget for operating in more planned way. Production cost system can be proved to be very beneficial for preparing such budgets. The firms can obtain necessary information related to the various production related expenses through the system and forecast the future expenses accordingly. Increasing Efficiency Level: The business firm can use the production costing system for increasing the efficiency level of various production levels. Production costing system allocates the various production expenses under various overheads or departments on basis of the nature of the expenses. The firms can analyze the expenses of various overheads or departments and compare it with the respective output levels of the departments. Thus, it can determine efficiency levels of the different departments and implement proper control system to increase the efficiency level. As product costing system provides the necessary data for such control system, it indirectly helps to increase the efficiency levels of the various departments. Decision Making: Product costing system can provide many useful information to the management. The managers use the system to ascertain the various overhead expenditures. It can also be used for classifying the fixed expenses and variable expenses. Thus, it can be very helpful for calculating contribution margin and break even margin. Hence, by providing vital statistics, the product costing system helps the management in various decision-making process (Demski 2013). Preparation of Schedule of Cost of Goods Manufactured and Cost of Goods Sold. Schedule of Cost of Goods Manufactured- Schedule of Cost of Goods Manufactured is the statement that exhibits the total production cost of the produced goods. It is prepared for ascertaining the actual manufacturing cost of the product, manufactured for a certain period. The schedule includes various production related costs to compute the cost of goods manufactured and calculate it step-by-step. Primarily, the basic costs, required for any productions, are calculated by adding the amount of consumed direct material and direct labors, required for producing the products for a specified period. The total of direct material and direct labor is referred as prime cost. The prime cost is added with the factory overhead to determine the factory cost. Factory overhead includes various indirect expenses, related to production, and other factory related expenses. Production is a continuous process. Therefore, at the end of certain period, there are many materials, which use to be still in production or partly completed. Such uncompleted materials are considered as work-in-progress. The units in work-in-progress at the beginning of a period get fully completed during the certain production period. On the other hand, in the end of the period, there are some units, left uncompleted. Hence, as the cost of goods manufactured is calculated for the fully complete products, it is necessary to adjust the opening and closing amount of work-in-progress to determine how much amount is spent for completing the partly completed products. In the end, the cost of goods manufactured is determined by adjusting the net amount of work-in-progress with the factory cost. In the books of Seafarer Kayaks Schedule of Cost of Goods Manufactured Last Year Particulars Amount Amount Direct Material Consumed : Raw Material Purchase 120000 Add : Opening Balance of Raw Material 25000 145000 Less: Closing Balance of Raw Material 24000 121000 Direct Labor Costs : 35700 PRIME COST 156700 Factory Overhead: Indirect Labor Cost 15000 Factory Managers' Salary 12000 Factory Supplies 5000 Depreciation - Factory Building 6500 Depreciation - Factory Equipment 8900 Insurance Factory 5000 Repairs Maintenance - Factory 2500 Land Tax - Factory 2200 57100 FACTORY COST 213800 Opening Balance of Work-in-Progress 8000 Less: Closing Balance of Work-in-Progress 7500 500 COSTS OF GOODS MANUFACTURED 214300 Schedule of Cost of Goods Sold: Schedule of Costs of Goods Sold is prepared to calculate the total expenses, incurred for the sold units. It has been observed that in the end of any period, all the goods, produced are not sold completely and some units are left in the stock. Such unsold goods are referred as finished goods. Like cost of goods manufactured, it is very necessary to compute the cost of the total unit of goods sold. In the schedule of cost of goods manufactured, the total cost reflects the amount, incurred for the units, produced. As the gross profit is determined on the basis of the revenue, earned from sold goods and expenses, incurred for the sold goods, therefore, it is important to ascertain the cost of the units sold. The cost of goods sold is determined by the adjusting the opening balance of finished goods with its closing balance and the net balance is then added with the cost of goods manufactured. In the books of Seafarer Kayaks Schedule of Cost of Goods Sold Last Year Particulars Amount Amount COSTS OF GOODS MANUFACTURED 214300 Opening Balance of Finished Goods 12500 Less: Closing Balance of Finished Goods 13600 -1100 COST OF GOODS SOLD 213200 Cost of goods manufactured or cost of goods sold are the costs, which are directly or indirectly related with the production process of the product. Advertisement expenses are considered as marketing expenses, which is an indirect expense, incurred to increase the sales (Needles et al. 2013). Hence, it is not included in both the cost of goods manufactured and cost of goods sold. Moreover, Administrative (Sales) salaries, Depreciation of Sales Office, General Sales Liability Insurance, Sales Managers Salary and Travel and Entertainment (Sales) expense are directly or indirectly related to the sales activities, not with the production process. Hence, these expenses are also excluded from the schedules (Warren et al. 2013). Calculation of T-Accounts and Overhead: Completion of T-Accounts: Dr. Raw Material A/c. Cr. Date Particulars Amount Date Particulars Amount 1st July To, Balance b/f 25000 30th June By, Work-in-Progress A/c. 121000 To, Accounts Payable A/c. 120000 30th June By, Balance c/f 24000 145000 145000 Dr. Work-in-Progress A/c. Cr. Date Particulars Amount Date Particulars Amount 1st July To, Balance B/f 8000 By, Finished Goods A/c. 121500 To, Raw Materials A/c. 121000 30-Apr By, Balance C/f 7500 129000 129000 Dr. Finished Goods A/c. Cr. Date Particulars Amount Date Particulars Amount 1st July To, Balance B/f 12500 By, Cost of Goods Sold A/c. 120400 To, Work-in-Progress A/c. 121500 30th June By, Balance C/f 13600 134000 134000 Dr. iii) Manufacturing Overhead A/c. Cr. Date Particulars Amount Date Particulars Amount 30th June To Bank A/c. 57100 By, Cost of Goods Sold A/c. 57100 57100 57100 Dr. Accounts Payable A/c. Cr. Date Particulars Date Particulars Amount 30-Apr To, Bank A/c. 1st July By, Balance B/f 20000 By, Raw Material A/c. 120000 30th June By, Balance C/f 140000 Dr. Cost of Goods Sold A/c. Cr. Date Particulars Amount Date Particulars Amount 30th June To Finished Goods A/c. 120400 To Direct Labor Cost A/c. 35700 To, Manufacturing Overhead A/c. 57100 30th June By, Income Statement 213200 213200 213200 Applied Overhead and Actual Overhead: Over / Under Valuation of Overhead:- Direct Labor Hours Direct Labor Hours Total Overhead Cost Predetermined Overhead 850 $63 $53,550 Actual Overhead $57,100 Under Applied Overhead Rate ($3,550) Journal Entry for Under-Applied Overhead: Cost of Goods Sold A/c..Dr. $3550 To, Manufacturing Overhead A/c. $3550 Reasons Entries for Over and Under Applied Overhead: The business firms use to maintain prepare budgets for the future costs and outputs for better production process and control over the production levels. It has been observed that in many cases the amount of actual overhead expenses differ with the budgeted amounts (Needles and Crosson 2013). The differences between the actual and budgeted overhead are categorized into two segments. When the actual overhead becomes higher than the budgeted amount, it is considered as under applied overhead. On the other hand, if the actual overhead remains lower the budgeted amount, then it is described as over applied overhead. The reasons for such differences are discussed below: Increase or decrease of actual output level Increase or decrease of actual consumption units of various cost factors, such as material, labor, energy etc. Increase or decrease of actual per unit costs of the cost factors (Maher et al. 2012) Inefficient manufacturing process, which leads to over consumption of various elements Manufacturing outputs more efficiently, which reduce the consumption level of various elements Strong budgetary control Implementation of advanced technology (Weygandt et al. 2015) The journal entries for eliminating the differences are shown below:- For under applied overhead: Cost of Goods Sold A/c..Dr. To, Manufacturing Overhead A/c. For over applied overhead: Manufacturing Overhead A/c.Dr. To, Cost of Goods Sold A/c. (Needles et al. 2013) Importance of Standard Costing System: Standard costing system is a popular costing process for implementing proper budgetary control over the production process. In this method, the opening balances of direct material, direct labor and manufacturing overhead are calculated on the basis of expected standard rates and expected standard consumption units (Drury 2013). The budgeted balances are then adjusted with the actual expenses, incurred for the cost elements. If any variance occurs between the actual and budgeted amount, the management gets aware of the situation immediately and can take proper measures for it (Ward 2012). When the actual amount becomes lower than the budgeted amount, it is considered as favorable variance and for vice versa, the variance is treated as adverse variance. The owners and managers of Seafarer Kayaks can enjoy the following benefits by implementing Standard Costing system for their production process:- Strong budgetary control over the cost elements Reconciling the actual expense with the budgeted expense in the record entry stage Identifying the reasons of variances not at the end of any financial period but within the period Implementing corrective measures at early stage of operation (Collier 2015) Conclusion: It is quite clear from the above discussion that in modern time, it is very important to maintain a proper product costing method. It not only provides the management to determine the cost of the products or services, but also helps in various decision-making processes. Therefore, the owners of Seafarer Kayaks should implement proper costing methods for continuing its manufacturing operations more efficiently. References: Collier, P.M., 2015.Accounting for managers: Interpreting accounting information for decision making. 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