When nations decided to participate in trade with other nations, the exchange of goods and information also facilitate the intercontinental flow of culture. This, in effect significantly alter the world (Ritzer & Malone, 2001). This event in history is broadly termed as globalization.
The definition of globalization varies depending on the context by which an author wishes to use the word. Too often than not, the term globalization is associated with the concept of commercialism. However, globalization does not only account for economic activities; rather it covers a wider perspective.
Given its multidimensional facet, globalization includes cultural, social, political and ideological events (Prasad, 2006). Consequently, the plethora of controversies and debates on the significant effects of globalization to culture and the society remains under-researched. Controversies surround the effect of the globalized economy in the maintaining the integrity of cultural diversity (Acosta & Gonzalez, 2010).
The principle of consumerism has led to the materialization of the society which is perceived to cause cultural disintegration and degradation.
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Introduction/Overview of the Security Technology
In a company that engages in software development, reputation for credibility and integrity is important to ensure that rights and privileges are protected, and needs are addressed. It has to uphold the importance of governance in its operation management systems to uphold its purpose, which is to achieve stakeholder needs, conditions and options that are evaluated to determine balanced, agreed-on enterprise objectives (“Definition: Governance,” 2016). With governance, the company’s management is guided in the right direction through prioritization and decision-making; it is also able to monitor its performance properly not just by complying with agreed-on direction but also meeting set objectives for the company to accomplish.
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The function of accounting is not solely limited to the production of the basic financial statements of the organization. Aside from balance sheets, income statements, statements of cash flows and statements of retained earnings, other accounting representations include annual reports (World Finance 2013) and management representations which support the basis for audits (Public Company Accounting Oversight Board 2015). Annual reports are detailed representations of the company’s financial conditions for a year of operations. Although annual reports also include these aforementioned financial statements and the various explanations that support the quantitative data therein and the approaches to arrive at them, these reports reflect the company’s governance, its plans and strategies and how the company was able to achieve them, its values, culture and business practices. These reports provide stakeholders a description and explanation of the activities and decisions of the company, which contribute to and produce the company’s financial performance. Thus, these reports contain a comprehensive description of the company’s operations. These additional information, assumptions and methodologies are regarded essential disclosures which interested parties need (World Finance 2013). As such annual reports contain information that satisfy the informational needs of the various stakeholders of the firm. On the other hand, management representations are written statements from management that forms part of the audit of the financial statements (Public Company Accounting Oversight Board 2015). These written representations become evidences for the auditors so that they could provide a sensible basis for their opinions regarding the financial statements of the firm.
This paper examines the other accounting representations of the enterprise and their importance to accountability. The concepts of accountability and representations are explored through these statements to match how the stakeholders use the information provided in these other accounting documents.
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History and Profile of Zenith Bank
The beginnings of Zenith Bank , located in Lagos, Nigeria can be traced to Founder Jim Ovia who established the commercial bank with a shareholder’s fund of N20million in May1990. 26 years later, the bank has grown profitably and branched itself out to Sierra Leone, Ghana, Gambia, and the United Kingdom, with a “total number of Three Hundred (315) branches with about 200 off-site locationsin its network, strategically located in various commercial centres of the country” (Zenith Bank, no date).
The rise of the company followed after the” deregulation of the banking sector by the Babangida administration in the late 1980s” (How Jim Ovia sowed Zenith Bank seed 25yrs ago,… days of little begining, 2015). Jim Ovia became the Managing Director after he pooled other entrepreneurs to start Zenith International Bank. The Nigeria-based company is primarily known to serve financial services such as “Corporate, Retail Banking and Pension Custodial services-Nigeria, investment advisory, financial planning services and investment product offerings to a range of institutions and individuals” (Reuters Editorial, 2016) to both corporate and individual customers.
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Consumerism is a phenomenon in which the society leans toward the consumption or acquisition of goods and services. Some definition of consumerism leans toward consumer protection and consumer activism. However, some scholars define this phenomenon as a way of life in which individuals become engrossed at consumption and thereby, spending excessively beyond what they actually need (Miles, 5-6). Note that there is no actual consensus with regard to the definition of consumerism and reading through works of literature would yield that there are no defined elements as to what constitute consumerism. Nonetheless, in referencing the definition provided herein, it would be logical to say that the elements of consumerism are first, the excessive production and thereby promotion of goods and services that go beyond basic necessities; and second, the excessive consumption of such products that all in all, result in Continue reading “Sample Economics Essay: The Elements of Consumerism and the Impacts on the Individuals and the Society”