RESEARCH WRITING WEEK 3

Members: Mai, Huệ, Đặng Minh Nguyệt, Trần Thảo

Practice 3:

In the article “Princess shocks Norwegians” Fowler (1992) states that Princess’s refusal to
respond to a young child's greeting while visiting an Olso hospital had shocked many
Norwegians. Norwegian newspapers said they received thousands of phone calls objecting to
the Princess's unmotherly behavior. However, a spokesman said that incident had been taken
out of context and had given a false impression.

Practice 4:

In the article “Don’t worry about falling” Warren Bennis and Burt Nanus states that we can
learn from the “failure” which is the beginning of a new series of challenges and goals, from
the interviews with successful leaders. The authors maintain that having difference between
an awareness of a normal people and the successful leader to “failure”. Failure, for many
people, is a symbol of finality, which usually causes helpless discouragement. But for the
successful leader, failure is a beginning, a chance to learn and make better another decision.
As Rat Meyer demostrated whose ability of the winningest coach in college basketball to hold
positive goals and focus all energy into the present moment instead of looking back and
making excuses for the past. There is also a belief that failure is the key to achieving great
success in life. In an interview with Fletcher Byrom, when asked about the hardest decision of
his life, he confidently replied that he didn't know because he still makes mistakes when
making decisions, but still makes them. As a result, you should always believe you can
accomplish your goals, even if you fail.

Practice 5:

Objectives of Accounting

Every activity that a business firm does must be done for a reason and accounting is no
exception. Accounting helps the company achieve a myriad of objectives. Here is the list of
objectives that accounting helps the company to obtain.

 Permanent Record

Any business firm needs a permanent record of the transactions that it indulges in. These
records could be required for internal purpose, for taxation purpose or for any other purpose.
Accounting serves this function. Whenever the organization commits any resource of
monetary value either within the firm or outside the firm, a record is made. This permanent
record is held on for years and can be retrieved as and when need be.

 Measurement of Outcome

A business firm may indulge in numerous transactions every day. It may make profit in some
of these transactions while it may make losses in some other transactions. However, the effect
of all these transactions needs to be aggregated over a period of time. There must be daily,
weekly and monthly reports which provides information to the organization about how well it
is performing its activities. Accounting serves this purpose by providing periodic financial
statements which help the firm adjust their operations accordingly.

 Creditworthiness

Firms need resources for their functioning. They do not have any capital stock at hand and
need to obtain them from investors. Investors will give money to the firm only if they have
reasonable assurance that the firm will be able to generate enough profit. Past accounting
records help a great deal in proving this. All kinds of investors from banks to shareholders ask
for past accounting details before they trust the management with their money.

 Efficient Use of Resources

Firms can also conduct useful internal analysis with the help of accounting data. Accounting
records tell the firm what resources were committed to what activity and what time. These
records also summarize the return that was obtained from these activities. Management can
then analyze past behavior and draw lessons about how they could have performed better and
used resources more efficiently.

 Projections

Accounting helps management and investors look forward. Costs and revenue growths can be
projected after substantial data has been accumulated. The assumption made is that the
company is likely to behave exactly as it has done in the past. Thus, analysts can make
reasonable assumptions about the future based on the past record.

Objectives of Accounting. (2022). Retrieved from

https://www.managementstudyguide.com/accounting-objectives.htm
SUMMARY:

Accounting helps the company in achieving a variety of goals. Accounting serves a

permanent record of the transactions and its can be retrieved whenever necessary. Accounting
provides periodic financial statements which assist the firm uses resources and modifies their
operations appropriately. Thus, analysts can make reasonable assumptions about the future
based on the past record and investors have reasonable assurance that the firm will be
profitable.