effective in carrying out their mission. The greatest potential benefit of nonprofit groups operating like businesses is operational efficiency and less dependency on public funding. As described in the case study‚ “Blurring the Line Between Profits and Nonprofits‚” when Michael Miller became President of Portland Goodwill in the mid-1980s‚ he adopted a corporate approach to running the charity that increased total sales tenfold (Johnson‚ 2007‚ p. xxiii). By adopting business best practices
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to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence’. Hence‚ there is an expectation that financial statements are not tailored to meet the needs of people who have not‚ in some way‚ studied financial accounting. Is this reasonable? Yes‚ it probably is. If financial reports/financial statements were to be prepared so that anyone would understand them‚ it would be necessary to include a great many
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Democracy in the 21st century clearly is controlled by certain people who have their own benefit as the top priority. Those in the background also control the media which is an incredible power in the days of information technology. True democracy is impossible to achieve because of human nature. Greed‚ selfishness‚ laziness are the most infamous attributes of people that democracy is unable to overcome. Greed and gluttony of people in power combined with the ignorance of voters holds true democracy
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Mercury the closest planet to the Sun: Mercury‚ and the other inner planets‚ condense from the heavier elementes. Condensing closest of all to the sun‚ Mercury is rock solid. Outwardly‚ Mercury is like our Moon: rocky‚ cratered‚ barren. But inside‚ like Earth‚ is an iron-rich core. That core is as big as the Moon and‚ at 70% iron‚ Mercury is the densest planet of all. Also Mercury’s day is twice as long as its year. The day lasts 176 Earth days‚ the year just 88. But it gets stranger... If you
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Budget and Responsibility Accounting Budget Meaning Budget is a financial and/or quantitative statement‚ prepared and approved prior to a defined period of time‚ of the policy to be pursued during that period for the purpose of attaining a given objective. * CIMA Official Terminology It is a plan quantified in monetary terms‚ prepared and approved prior to a defined period of time‚ usually showing planned income to be generated and/or expenditure to be incurred during that period
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that bestows on that person a series of rights and responsibilities that relate to the individual as a member of a political community‚ including civic‚ political and social and economic rights and duties Organization An organization is a social entity‚ such as an institution‚ business or an association‚ that has a collective goal and is linked to an external environment. Rights Nation A nation‚ however‚ is a tightly-knit group of people which share a common language‚ culture‚ ethnicity‚ descent
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describe what profit and loss accounts are. PROFIT AND LOSS ACCOUNT By law business are required to provide annual financial statements‚ which will appear in their company report‚ there are two main types of financial statements‚ one is balance sheet and the other is a profit and loss account. A profit and loss account is a record which can be updated regularly and generally shows businesses transactions made over a period of time (usually within 12 months)‚ An example profit and loss account
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PROFIT MAXIMIZATION [See Chap 11] 1 Profit Maximization • A profit-maximizing firm chooses both its inputs and its outputs with the goal of achieving maximum economic profits 2 Model • Firm has inputs (z1‚z2). Prices (r1‚r2). – Price taker on input market. • Firm has output q=f(z1‚z2). Price p. – Price taker in output market. • Firm’s problem: – Choose output q and inputs (z1‚z2) to maximise profits. Where: π = pq - r1z1 – r2z2 3 1 One-Step Solution • Choose (z1
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Profits Katherine Carpenter Liberty University Econ 213 Gwartney states that profits are; “An excess of sales revenue relative to the opportunity cost of production. The cost component includes the opportunity cost of all resources‚ including those owned by the firm. Therefore‚ profit accrues only when the value of the good produced is greater than the value of the resources used for its production.” An example of a profit would be bakery offers a cheesecake for $20 and the total cost to make
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Volunteers and Decision Making Grand Canyon University: ORG-807 September 17‚ 2014 Introduction The purpose of this study is to explore and converse about the role of volunteers within the for-profit and non-profit organizations and examine their influence on organizational decision making. According to Lawrence and Weber‚ (2011)‚ a volunteer is a person who donates his/her time or efforts for a cause or organization without being paid. Volunteering is about giving your
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