Critical Thinking Research Paper Example | Topics and Well Written Essays - 750 words

Critical Thinking - Research Paper Example When HP, Compaq, and Dell developed PCs and offered to the individuals at an affordable cost, the market grew at an exponential rate. It was too late for IBM then to grab a respectable share in PC market. A critical and creative thinking on part of the IBM to serve large small consumers at an affordable cost would have prevented others to grab the huge market that it culminated into within a decade or so. Free will is a philosophical term for which most philosophers believe that the free will is related with moral responsibility. Acting with free will means one is responsible for ones action. Free will, according to Rene Descartes, means freedom of choice to do or not to do something (Stanford encyclopedia of Philosophy, 2010). Socrates rightly said that truth can be approached by complete ignorance and not by any preconceived notions and beliefs. When one questions all established belief system then one goes nearer to the truth. Usually, it is believed that knowledge is an observational phenomenon but according to ‘rationalists’, knowledge can also be gained purely by thinking. This contrasts the view point of ‘empiricists’ that all knowledge is gained through observations. In order to understand what knowledge is and how it will be available, one needs to ponder over what role knowing might play or what inherent value it may offer – if there is any (Internet Encyclopedia of philosophy (2012). Usually, opinions are formed before hand before going deeper into the details. Each one of us has preconceived beliefs and opinions about so many things and that come in our way in finding the truth. Opinions without any basis are great impediments to our free thinking. Egocentrism is hindrance to critical thinking because it revolves around self-centered thinking. It has two major forms known as self-serving and self-interested thinking. Egocentrism develops due to superiority feeling in

Audit Program Design Part III Essay Example | Topics and Well Written Essays - 1250 words

Audit Program Design Part III - Essay Example Introduction The paper will focus on the inventory and warehousing cycle and cash cycle. Some of the types of transactions in the inventory and warehousing cycle include receiving raw materials, storage of raw materials, processing of the purchase orders, processing of the goods, storage of the completed goods and shipping them to customers (Luis, 2008). Cash is the most vulnerable to fraud and misappropriation by the staff. The analytical procedures for the warehousing and inventory cycle will compare the current gross margin in order to establish any understatement of the costs of goods sold and inventory (Gupta, 2005). The procedures will also look at the unit costs of inventory, the total inventory valuation, the manufacturing costs including the variable costs of each unit of inventory (Puttick, Esch & Kana, 2007). The substantive tests of transactions on inventory and warehousing cycle will ensure that inventory recorded on tags exists by randomly selecting tag numbers and phys ically identifying the existence of the inventory (Puttick, Esch & Kana, 2007). We will observe any possible movement of inventory during the count and ensure inventory is accurately recorded. Tests of controls are the internal control systems of the organization (Luis, 2008). Tests of controls for the cash cycle include the collecting and depositing of the cash in the bank accounts, reconciliation of the bank balances, appropriate authority for the documentation of cash payments and grant of any cash payment discounts. Another test of control is the appropriate determination of the bad debts (Gupta, 2005). Tests of controls, substantive tests of transactions and analytical procedures for inventory and warehousing cycle for Apollo Shoes, Inc Some of the relevant documentations that are useful in auditing the inventory and warehousing cycle of Apollo Shoes, Inc include the production schedules, the materials requisition, inventory master file, production data information, shipping or ders, costs accumulation sand variances reports and the inventory status report. The substantive audit procedures will deal with the work in progress, the finished goods and costs of goods sold. Functions of inventory and warehousing cycle include the storage of finished goods (Luis, 2008). Tests of control provide evidence on the effectiveness of the internal control systems while substantive tests of transactions provide the fair representation of the transaction statements (Puttick, Esch & Kana, 2007). Analytical procedures involve the use of comparisons to assess the fairness of management assertions (Puttick, Esch & Kana, 2007). Tests of control Substantive tests of transactions Analytical procedures validity Ensure the raw materials and inventory storage is safe from theft and fraud Physical examination to ensure the warehouses are safety locked, and only authorized personnel access the facility Recorded transfer of inventories exists and is accurate Test the transfer of raw m aterials from warehouse to manufacturing facility; compare the quantity, description, with information in materials master file. Compare the completed goods with the finished goods master file (Gupta, 2005). Ensure information matches the inventories master file and approval has been done by the purchasing manager Timeliness Ensure inventory shipping schedules are processed daily. Ask the client about it Inventory valuation Inventory is