Importance of Statistics in Business Free Essays

The Institute of Chartered Accountants of Pakistan Auditing Intermediate Examination Autumn 2012 Module D Q. 1 5 September 2012 100 imprints †3 hours Additional perusing time †15 minutes Shahrukh and Company, Chartered Accountants, have led the legal review of the budget reports of Karim Limited, a recorded organization, for the year finished 30 June 2012 under the Companies Ordinance, 1984. The activity incharge has drafted the accompanying review report: Auditors’ Report to the Members We have inspected the added asset report of Karim Limited (the Company) as at 30 June 2012, and the related Income and Expenditure Account, Statement of Comprehensive Income, Cash Flow Statement and Statement of Changes in Equity along with the notes shaping part thereof, for the year at that point finished and we express that we have acquired all the data and clarifications which were fundamental for the motivations behind our review. We will compose a custom paper test on Significance of Statistics in Business or on the other hand any comparable subject just for you Request Now It is the obligation of the company’s the executives to build up and keep up an arrangement of interior control and get ready and present the above said explanations in congruity with the affirmed examining gauges and the necessities of the fourth calendar to the Companies Ordinance, 1984. Our obligation is to review these announcements. We directed our review as per the evaluating principles as appropriate in Pakistan. These norms necessitate that we design and play out the review to get sensible and constrained confirmation about whether the above articulations are liberated from any misquote. A review incorporates inspecting proof supporting the sums and exposures in the above said proclamations. A review likewise incorporates surveying the bookkeeping arrangements and critical assessments made by the board, just as, assessing the general introduction of the above said explanations. We accept that our review gives a sensible premise to our supposition and, after due confirmation, we report that: (an) as we would see it, legitimate books of records have been stayed with by the. (b) as we would see it: (I) the monetary record and benefit and misfortune account along with the notes subsequently have been drawn up in similarity with the Companies Ordinance 1984, and are in concurrence with the books of record and are further as per bookkeeping strategies reliably applied; (ii) the use brought about during the year was in ccordance with the objects of the Company; and (iii) the business led, speculations made and the use acquired during the year were with the end goal of the Company’s business; (c) as we would see it and to the best of our data and as indicated by the clarifications given to us, the monetary record, benefit and misfortune account, explanation of exhaustive salary, income proclamation and articulation of changes in value along with the notes framing part thereof, accommodate with the affirmed bookkeeping gauges as pertinent in Pakistan and give the data required by the Companies Ordinance, 1984, in the way so required and separately give a valid and reasonable perspective on the condition of the Company’s issues as at 30 June 2012; and (d) as we would like to think, no zakat was deductible at source under the Zakat and Ushr Ordinance, 1980. Sanctioned Accountants Date: 01 September 2012 Required: Identify the blunders in the above report opposite a standard legal review report. (Note: You are not required to redraft the report. ) (12 imprints) Auditing Page 2 of 3 Q. 2 As the commitment accomplice, you have evaluated the review working papers of Samar kand Limited (SL). The review group has featured the accompanying issues in the working papers. (a) 20% of the company’s recorded turnover (income) contains money deals. Legitimate records of money deals have not been kept up. Therefore, the review group couldn't configuration review strategies to check the money deals. During the current year, the organization changed the strategy for charging devaluation on its fixed resources from the straight line to the reducing balance technique. Be that as it may, all the necessary revelations have been remembered for the notes to the budget reports. The past year’s budget summaries were evaluated by another firm of contracted bookkeepers which has given an un-adjusted assessment on those fiscal reports. (b) (c) Required: Discuss the effect of every one of the above issues on your review report. (10 imprints) Q. 3 You are right now in the arranging period of the review of Mineral Water Limited (MWL) for the year finished 30 June 2012. The accompanying data is accessible to you: Customer Segment Super markets Wholesalers Retailers Five star inns No. of Customers 12 65 553 7 Balance 10-20 21-30 31-90 gt; 90 extraordinary days †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Rs. in thousand†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 20,014 8,125 5,053 6,396 311 129 14,910 5,078 6,019 3,150 454 209 4,743 1,756 1,798 724 278 187 7,694 2,805 2,793 1,784 201 111 47,361 17,764 15,663 12,054 1,244 636 half arrangement for far fetched obligations has been made by MWL against balances extraordinary for over 30 days while the equalizations remarkable for over 90 days have been completely given. Required: (an) Indicate what might be the reason for choosing indebted individuals for circularizing positive and negative solicitations for affirmations. 06 imprint) (b) Briefly disclose concerning how might you manage a circumstance where a borrower affirms a parity which is not the same as the sum showing up in the affirmation demand. (08 imprint) Q. 4 (a) Classification of specific things detailed in the budget reports depends on the management’s goals. In such a circumstance the reviewer needs to depend on the board portrayals. Required: List the variables that the examiner ought to consider in assessing the management’s aims as to their future game-plan, as expressed in their composed portrayals. (04 imprint) (b) Briefly talk about how the reviewer would manage a circumstance where he is in question in regards to the unwavering quality of the composed portrayals gave by the administration of the organization. (05 imprint) Q. 5 Rundown the considerable strategies that might be performed by an evaluator to check the accompanying: (a) (b) (c) Bank compromise explanations Payroll Raw material buys (06 imprints) (08 imprints) (06 imprints) Auditing Page 3 of 3 Q. 6 List the review strategies that might be performed by the evaluator so as to guarantee that all occasions happening between the date of the budget summaries and the date of the auditor’s report that require change of, or divulgence in, the fiscal summaries are recognized and suitably reflected in the budget reports. (10 imprints) Q. 7 Discuss the classes of dangers that might be associated with every one of the accompanying free circumstances and inform the accomplices concerning the concerned firm as to the conceivable strategy that might be followed, for each situation. a) Burewala Bank Limited (BBL) is a recorded review customer of Umer and Company, Chartered Accountants (UCC). BBL has conceded a house credit of Rs. 5 million to an accomplice in UCC. (04 imprints) Kamal was the review administrator during the last year’s yearly review of Faisalabad Textile Mills Limited (FTML). He has joined FTML as their Manager Finance, before the beginning of the current year’s review. (08 imprints) (b) Q. 8 Comment on every one of the accompanying autonomous circumstances concerning the relevant guidelines and guidelines. (a) Zaman is an accomplice in a firm of Chartered Accountants and holds 5,000 offers in Mardan Limited (ML). His firm has gotten a proposal for arrangement as inspectors of Khanewal Limited (KL). ML and KL are auxiliaries of Dera Khan Limited (DKL). (03 imprints) Bilal and Company has gotten a proposal for arrangement as examiners of IJK Limited. The all out settled up capital of the organization is Rs. 990 million though its normal offer capital is Rs. 130 million. Faryal, the spouse of an accomplice in Bilal and Company, is a chief in LMN Limited which holds 50 million non-casting a ballot inclination offers and 2 million common offers in IJK Limited. Faryal additionally holds 10,000 offers in LMN Limited. The standard estimation of the two kinds of offers is Rs. 10 each. (04 imprints) (b) Q. 9 List the significant issues that are required to be remembered for a review commitment letter. (06 imprints) (THE END) Step by step instructions to refer to Importance of Statistics in Business, Papers

Andrew Jackson :: essays research papers

Andrew Jackson turned into the nation’s seventh president in 1829. He rolled out critical improvements in American governmental issues around then. He was extremely famous with the individuals due to the way that he was a legend of the War of 1812. He had additionally served in the senate and was an extreme man who had showed the soul of the boondocks. One change Jackson realized was the consistently expanding intensity of the west. He happened to be the main president to originate from the west of the Appalachians. Jackson was additionally the beginning of another period of majority rules system in American governmental issues. He didn’t have a place with a gathering but instead had a lot of mainstream support.      Jackson supporters were poor and generally new voters. In contrast to different races (other than that of 1824) every single white man were permitted to cast a ballot as opposed to simply white male land owners. The appointment of Jackson in 1828 significantly increased the votes cast from 356,000 of every 1824 to 1.1 million out of 1828. The majority of those new voters gave their votes to the man of the individuals, Jackson. The intensity of the voters was clear. Jackson had won 178 appointive votes to Adam’s 83. The political decision likewise blended another change; the restoration of the two-party framework. This race gave voters a decision between two up-and-comers with strongly varying perspectives. A resistance had emerged and with it came numerous contentions however the new party would likewise reinforce the majority rule process by blending banters on key issues and giving two unique perspectives on issues.      Many recently chose authorities chose for office utilized a training called support. Jackson made the training official by excusing in excess of 200 presidential workers and around 2,000 different officeholders. They were supplanted with 2,000 Jacksonian Democrats. The term corruption was before long inferred for the support framework under Jackson. The crown jewels or loot (occupations of past deputies and officeholders) were taken from a vanquished foe. Jackson expressed, with regards to the corruption that any wise man could hold an open office. His help for the framework made him mainstream with the normal man.      Jackson didn't support of an overwhelming or controlling central government. He felt the national government ought to be the least required as could reasonably be expected. He vetoed numerous demonstrations of congress in his term as president, one being a street from Maysville, Kentucky to Lexington, Kentucky. He felt the state should fabricate the street and not the national government.

The Apple Product Strategy

The Apple Product Strategy When we talk about Apple, what usually comes to mind is its product line, which has become equated with high quality, invention and innovation. Preorders come rolling in even months before the release of a new product, and customers barely even blink when it comes with a steep price tag attached. Why, you ask? Because it is an Apple product, which means that it is not something to take lightly. But what this really means is that Apple has a solid product strategy in place, and it is actually working. © Shutterstock.com | mama_miaIn this article, we will 1) briefly look at Apples product portfolio and 2) investigate Apples product strategy.A BRIEF LOOK AT APPLES PRODUCT PORTFOLIOWhen it comes to consumer electronics and computing technology, one of the most recognizable names in the world is Apple. It is one of the world’s largest information technology company, and ranks in the top three manufacturers of mobile phones in the world. In a 2014 survey, it was adjudged as the most valuable brand in the world, valued at close to USD120 billion.Originally named Apple Computer Inc. when it was founded in 1976 by Steve Jobs, Ronald Wayne and Steve Wozniak, it was originally focused on hardware development, primarily on personal computers. It wasn’t until in 2007 when it decided to shift to developing consumer electronics products that it gained a new identity as Apple Inc.The products that are best identified with Apple include the following:HardwareMac computers (i.e. iMac, Mac Min i, MacBook, MacPro, MacBook Air, and MacBook Pro)iPod portable digital media players (i.e. iPod Shuffle, iPod Nano, and iPod Touch)iPhone smartphones, evolving as follows:First generation iPhoneiPhone 3GiPhone 4iPhone 5iPhone 5SiPhone 5CiPhone 6siPhone 6s PlusiPad tablets, evolving as follows:iPad (iPad first generation, iPad 2, iPad 3, iPad 4)iPad Mini (iPad Mini first generation, iPad Mini 2, iPad Mini 3, iPad Mini 4)iPad Air (iPad Air first generation, iPad Air 2)iPad ProApple Watch smartwatchApple TVComputer accessoriesSoftwareOperating systems (OS X and iOS)iTunes (media player)Safari (web browser)Creativity and productivity suites (iWork and iLife)ServicesiTunes Music StoreApp Store (for Mac and iOS)iCloudApple SIM (SIM card service for iPadAPPLE’S PRODUCT STRATEGYQuality Product with Premium OfferingsThe entrance of other players in the consumer electronics market meant that Apple is getting stiffer competition, especially since these competitors are churning out smartphone s and tablets that are significantly lower in price. Apple CEO Tim Cook, however, is unfazed by this non-threat, calling these lower-cost counterparts as the “junk market”. According to Cook, Apple is not catering to this junk market, which is why it opts to stick to offering more expensive products that have a lot more, and better, things to offer, than what these “junk markets” are currently fielding to buying customers.There is no denying, however, that the best product strategy that Apple employs is coming up with very good products. They call it the “great product” strategy. By continuing to hold on to high standards of quality, Apple refuses to get on the bandwagon that most other device makers are using, where they pack their products chock-full of features that, while they may be impressively advanced, actually end up making operating the device actually more complicated and not at all user-friendly.Packaging is certainly not an area where Apple is lacking. It is known for being a company that provides clean and simple, yet functional packaging to its products. More than being flashy, it tends to boast more of a utilitarian aesthetic, but without coming across as boring or plain.The “great product” strategy also focuses on quality over quantity. While other manufacturers’ strategy entail churning out products one after another in a short span of time and having such a diversified product mix, Apple preferred to stick to what it does best. This means that it focuses on selected products and continues enhancing them, instead of branching out to create other products within the same category.If you look at the numbers, it is true that other companies, such as Samsung, are showing higher figures when it comes to unit sales. They are starting to occupy a larger share of the market. But this does not worry Apple. Instead, it continues to focus on its loyal customers and, despite occupying a smaller percentage of the market, is able to posit ion itself as a premium brand and a maker and provider of top quality products.As such, Samsung was able to eat up a huge chunk of the market because of its production of cheap and low-end gadgets. That market is not really what Apple is aiming for, and it is comfortable with the market it has right now.New Updates, Not Necessarily New ProductsMarket trends are constantly changing, and demands are certainly increasing. Other companies’ response to these changes may be “give them new products”. What Apple does is to “improve the products that it has”. This explains the product refreshes and updates that are released on a schedule set by Apple. Thus, the tweaked or updated versions retain the best parts of the old versions, with the “problematic” features corrected or improved. Clearly, this means that the latest iPhone, the iPhone 6 Plus, is a much improved version of the first generation iPhone, or even the previously released iPhone 6.These changes put the Apple produ ct development team in a good light, particularly in the eyes of Apple users, since it implies a commitment on their part of seeking continuous improvement for their product offerings. It also effectively attracts new users, thereby increasing the market share of Apple.Control of Both Software and HardwareAside from producing the hardware â€" the smartphones and the tablets â€" Apple maintains total control of its platform, which is not something that can be completely said of Apple’s main rival platform, Android, which can be modified and tweaked by device manufacturers. Having total control means that Apple users are guaranteed to have the latest version of the operating system, with updates readily and immediately made available to Apple users.Giving Meticulous Attention to DetailThe strategy employed by Apple in its product development largely depends on what the product is. If we look into the key points in the strategy used by Apple for its flagship product, the iPhone, we w ill find that there are four major factors involved: the competitors, a SWOT analysis of your competitors’ product, the target market, and market survey pertaining to the product.1. CompetitorsCompared to when Apple was founded and started its operations, there are now a lot more consumer electronics companies and mobile phone manufacturers that are attempting to compete with Apple. However, out of this sea of competitors, there are only a few companies that are considered to be major threats or those that provide serious competition. These companies include Samsung, Google, Blackberry, Nokia, HTC, and Sony, to name a few. Granted, some of these companies do not really pose a serious threat to Apple, not like Samsung and Google.Case in point: Google is seen as the biggest competitor of Apple when it comes to operating systems and software development. Google has singlehandedly brought about the boom of the Android market, and its app store, Google Play, is currently during it out with Apple’s App Store for the top spot.2. Product SWOTOther companies focus on conducting SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of their products. Apple does, too, but it does not stop there. It also conducts SWOT analysis of the products of its competitors.Why is that?Doing a product SWOT on your own products will not really give you the whole picture. It only gives you one angle: yours. By checking out the competitor’s product, you will know exactly what you are up against. What makes their product better? What makes yours the best? What are the possible opportunities and threats that the competitor’s products are faced with, and how can you take advantage of that?This practice has certainly paid off for Apple, particularly when it was starting to release new products into the market. They were able to come out with products that are unique and innovative. For example, in the past, phones were bulky and on the heavy side. This was seen by Apple as a weakness, so it zeroed in on that and developed sleeker, thinner, and lighter mobile phone units.3. Target MarketUsually, a business would study the market and identify the segments that it will specifically target, and that will figure greatly in its overall product development and strategy. However, Apple does things differently.Apple is primarily product-driven in its approach, in that it develops the product first, and then seeking out the market for it. This worked thanks, in large part, to the high quality and unique products that Apple has churned out. It did not take long for Apple to become established as a global market. That meant market segmentation is no longer a priority, because Apple’s target market is now the global market.Apple markets its products to cater to anyone and everyone who is looking for great value and high quality â€" all over the world. You will find Apple stores and outlets in major areas of the world, a sure sign that Apple is targeting customers globally.4. Product Related Market SurveyAs mentioned earlier, Apple adapts a product-driven attitude. When it creates products, it automatically assumes that there is a market for it; it’s just that the customers are still unaware that they need the product Apple is developing. It will now be up to Apple, once the product has finished development, to make the market realize that it wants and needs the product that it has to offer. After all, according to Steve Jobs, the customer does not know what he wants.The updates and upgraded versions of products that Apple has been doing in recent years is the result of market surveys that it conducted, asking customers what products they liked, or what specific features they thought were excellent or outstanding.Using the Music BusinessThe computing branch of Apple makes heavy use of the music industry to boost its presence and, consequently, its sales. This has been described as the Halo Effect of the Apple brand, and a good example would be with regards to iTunes.It all started with the iPod, which started out as a simple music player. When the iPod hit the ground running, along with iTunes, Apple made sure to capitalize on the tandem’s popularity to lure other customers to make use of other Apple computing products. The features that users loved using on iPod and iTunes were craftily integrated in other Apple products, so that others who liked them would not hesitate to try other Apple products with similar offerings. The result is a customer experience that has become common across different Apple products.Use of Product Experience in BrandingWe cannot discuss Apple’s product strategy without focusing on its branding. “Apple” has become such a household name globally, and this is attributed to the company’s branding strategy, which was primarily focused on human’s emotions.Anything that strikes a chord in one’s consciousness tends to make a lasting impression, and that’s what Apple capitalized on when it put its brand out there. Customers these days are smarter, looking at the overall experience a product gives them, instead of isolated moments and fleeting flashes. Apple made its brand synonymous with technology playing a major role in one’s lifestyle, innovation, passion, imagination, and human nature’s innate desire to have power or even a small measure of control. Their products offer that sense of control, by integrating concepts of simplicity and convenience.Apple has successfully established a relationship with its customers that can best be described as “intimate”. Take note of the long queues or lines of prospective Apple product buyers that reach all the way down across the street, or the long lists of preorders, whenever a new Apple product is due for release. It takes a lot of dedication and commitment to be one of those people lining up, which is pretty much like being in an intimate relationship.In the same way, the Apple brand also puts emphasis on cus tomer experience by enhancing that sense of community among Apple users. Apple users are inclined to be drawn towards other Apple users, because they somehow get a sense of kinship just by becoming users of the same product, or of different products but belonging within the same product line of the Apple brand.Apple was smart enough to play on the strong brand preference that customers tend to develop when they have tried and tested a specific product. Users will not mind developing an attachment or loyalty to a brand or a product as long as it provides what they are looking for, and by ensuring that this is the case, Apple is able to keep its customers, and keep them coming back.This halo strategy is also seen in how Apple targets its markets. Apple started its computing segment, focusing largely on corporate markets. It used to have a strong presence in business environments. It wasn’t until the 1990s that it withdrew from corporate settings and focused on the individual instead . But that did not last long, as Apple started to go back to the corporate market and prove to be useful to business users. Apple is banking on the popularity of the iPhone, as well as the iPad, to become business tools. Today, what used to be a personal tablet can now be used in an office or workplace setting.Considering how Cook is very vocal  about large corporations and business companies buying and using Apple products in the near future, there is no doubt that we will be seeing more of Apple on those desks.Getting Close to the Apple UserApple is confident about having a very good â€" extraordinary, even â€" product that it can only introduce once. Therefore, it is important to make the introduction have such an impact. Apple is quite good at that, increasing customer anticipation before the release of a product. But what about when the product has already been launched and introduced?This is where Apple’s product strategy becomes more personal, in that it surrounds the produ ct with excellent service and support â€" before, during and after sale â€" as well as applications software. Part of the product strategy of Apple is to ensure that the customer experience is always highly positive. Its efforts to improve the Apple customer experience is apparent in how its distribution channels are continuously expanding. Currently, the major and key cities all over the world are not without an Apple retail store. It has even struck up partnerships with leading telecommunication companies in different countries all over the world, so that the latter would become retail outlets of Apple products. Resellers are also tapped into, both online and brick-and-mortar stores.