MA9902C00 Lecture Notes - Lecture 1: Bhagavad Gita

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mahimaajith0204

13 Mar 2023

School

Mahatma Gandhi University

Department

Accounting

Course

MA9902C00

Professor

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A country is known from its kin, their way of life and civilization set- up. In any case, the way of thinking of this country and this individuals embodies the quintessence of its way of life and progress. As such way of thinking is the core of crucial thoughts and standards of a given group sought after many ages and in this manner, reasoning bears the oblivious stamp of the way of life and progress concerned. Purusharthas, the four staged ashrams plan of life, the circle of resurrection, karma and so on. The principle of karma is the moral foundation of hindu public activity and association. The bhagvad gita has committed a lot of thoughtfulness regarding the nature and elements of karma. As per the gita, no man can at any point stay briefly of existence without some action. For the actual idea of the physiological constitution makes an individual dynamic.

Related Questions

Paul and Elder (2009) have defined critical thinking as: the art of analyzing and evaluating thinking with a view to improving it. The authors describe eight Elements of Thought involved in critical thinking:

Purpose (all reasoning has a purpose â goals, objectives)

Question at issue

Assumptions (presuppositions, axioms, line of reasoning, information taken for granted)

Point of View

Information (data, evidence)

Concepts and Theories

Interpretation and Inference (conclusions, solutions)

Implications and Consequences

When defining a subject, Nosich (2012) believes it starts with a âfundamental and powerful conceptâ.

The fundamental and powerful concept of Auditing is âInvestigationâ.

Auditing involves an analysis (or an âinvestigationâ) of the financial statements in order to issue an opinion of whether they are presented fairly in accordance with appropriate standards.

Required: In several paragraphs, answer the following questions.

âInternal Controlsâ are discussed throughout the Auditing course. We will examine various methods of âinvestigatingâ internal controls in order to understand the important role that they play in the Auditing process. Even though it is the very beginning of the course, it is important that you start to form your own definition of internal control. Answer the questions in the prompts below to help you define and describe internal control:

The assumptions of internal control are that in order for a business process to be effective, there must be separation of duties among authorization, custody and recording of transactions. How are those controls put in place in the Sales / Accounts receivable process? To answer this question, discuss how each of those components occurs in each of the following areas (rely on your own experience as a customer and/or the rules of accounting that you already know about how a sales / accounts receivable transaction is supposed to work):

The sale

Shipping

Billing

Collection

As the auditor, how would you determine whether the process is working correctly?

What actions or events would occur if you assume the process is working correctly when it is not?

What actions or events would occur if you assume the process is not working correctly when it is actually doing so?

taupetrout471

For the Results Lens, you were asked to focus on the abundance that you wanted to create. For the Relationship Lens, you were asked to consider what processes and safeguards were needed to ensure fairness. Finally, for the Reputation Lens, you were asked to consider the role of the individuals and the company as you sought ethical excellence. In thinking about the ethical dilemma you are resolving, which checklist did you find the most useful? Did checking against more than one list help you with a decision?

Each ethical lens has a slightly different definition for what counts as an ethical action. For the Responsibilities Lens, an ethical act is one that is done with care and concern for the other individuals. For the Results Lens, an ethical act serves the greater good, resulting in harmony and satisfaction for many. For the Relationship Lens, an ethical act cares for all members and institutions of the community. Finally, for the Reputation Lens, an ethical act supports and enhances the meaning you have given to your life. Did you find that looking at the problem from multiple lenses helped you clarify your decision or did the multiple vantage points make the process more difficult?

Let's talk a little about the difference in tax and financialreporting and the impact IFRS could have. In the United States, inparticular, fair presentation under GAAP sets the standards forfinancial accounting. GAAP is adjusted, if you will, to comply withtax accounting. More specifically, taxable profits must be adjustedfrom GAAP presentation to tax accounting in order to facilitateaccurate tax reporting at year's end.

From an accounting perspective, do you think tax accounting andfinancial accounting should be uniform? I believe that is a hugeleap considering that countries themselves are separated in termsof how accounting systems developed legally. On the one hand, youhave micro-based, common law countries like the U.S., who haveadopted fair presentation standards. On the other hand, aremacro-based, code law countries whose accounting standards conformto tax legislation? I don't believe, under these separate set ofcircumstances, that uniformity will work internationally any morethan one would expect diverse systems of government and capitalmarkets to behave in one way. What are your thoughts?

MA9902C00 Lecture Notes - Lecture 1: Bhagavad Gita

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