Foundational Accounting Principles and Terminology Essay Example for Free

Foundational Accounting Principles and Terminology Essay We all know how important the accounting aspect of any business/organization is. It is basically the most important way to manage finances. Without proper accounting for all expenses and finances, a company and/or organization will definitely have a hard time being financially stable. In this paper we will discuss some foundational accounting principles and terminology that are basic but quite essential to the accounting practice. Now let’s discuss some accounting terms beginning with Generally Accepted Accounting Principles. Generally Accepted Accounting Principles (GAAP) is a codification of how CPA firms and corporations prepare and present their business income and expense, assets and liabilities on their financial statements. GAAP is not a single accounting rule, but rather the aggregate of many rules on how to account for various transactions. GAAP are more like accounting standards (Wikipedia, 2009). Next we have Contra-Asset Accounts, which is defined as an account which offsets another account. A contra-asset account has a credit balance and offsets the debit balance of the corresponding asset. A contra-liability account has a debit balance and offsets the credit balance of the corresponding liability (InvestorWords, 2009). Let us move on to Historical Cost, which is a measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when acquired by the company. The historical-cost method is used for assets in the U. S. under generally accepted accounting principles (Investopedia, 2009). Okay, now there is the Accrual Basis vs. Cash Bonus Accounting. This is the difference between the two. In Accrual basis accounting, income is reported in the fiscal period it is earned, regardless of when it is received, and expenses are deducted in the fiscal period they are incurred, whether they are paid or not. Basically, you record both revenues and expenses when they occur. In cash basis accounting, revenues are recorded when cash is actually received and expenses are recorded when they are actually paid (Ward, 2009). Last but not least, there is the Accounting Standards Codification. Accounting Standards Codification (ASC) is a major restructuring of accounting and reporting standards designed to simplify user access to all authoritative U. S. generally accepted accounting principles (GAAP) by providing the authoritative literature in a topically organized structure. ASC disassembled and reassembled thousands of nongovernmental accounting pronouncements (including those of FASB, the Emerging Issues Task Force [EITF], and the AICPA) to organize them under approximately 90 topics. The ASC are those that oversee that all accounting and reporting standards are adhered to (Wikipedia, 2009). It is now time to move on to discuss and describe three sets of financial statements that are part of financial statements of companies /organizations. The three sets of financial statements we will be describing are The Balance Sheet, The Income Statement and The Statement of Cash Flows. The balance sheet also known as the â€Å"Statement of financial position† reveals a company’s assets, liabilities and equity (net worth). The balance sheet is divided into two parts that must equal each other, or balance each other out. The formula of the balance sheet is: Assets= Liabilities + Shareholder’s Equity. What this formula means is that assets, or the means used to operate the company, are balanced by a company’s obligations along with equity investment brought into the company and its retained earnings (Investopedia, 2009). Next we have the income statement, which measures a company’s financial performance over a specific accounting period. The financial performance is assessed by giving a summary of how the business incurs its revenues and expenses. It also shows the net profit or loss incurred over a specific accounting period, which is typically over fiscal quarter or year (Investopedia, 2009). Moving on to the last one, which is the cash flow statement. The cash flow statement allows investors to understand how a company’s operations are running, where its money is coming from, and how it is being spent. The cash flow statement is also a mandatory part of a company’s financial report, and has been so since 1987 (Investopedia, 2009). Now I will describe which is more useful, Net Income or Cash from Operating Activities? I believe that Cash from Operating Activities is more useful to companies because they can generate cash in several different ways. Three different ways to be exact, they are cash flows from operating activities, from investing activities, and financing activities. Cash from Operating Activities, in my opinion is the most useful because it paints the best picture of how well a company’s business operations are producing cash. After looking over the annual financial reports for Samsung, RTL Group and Lockheed Martin, I make the prediction that each company will continue to improve its net income as well as see a significant spike in their cash flow. As far as relevant information in regards to conglomerates, such as the IDOLS segment of the Fremantle Media North America, I was not totally sure how to get this information but I eventually continued to read the investor portion on the RTL Group website where I found out more information. All in all, I learned some new definitions when it comes to accounting and decision making. I thought this assignment was intense due to a lot of reading and research, but I believe I got through it well. I look forward to learning more about how accounting and decision making come together. References http://www.investopedia.com/articles/04/033104.asp http://www.investopedia.com/articles/04/031004.asp http://www.investopedia.com/terms/i/incomestatement.asp http://www.investorwords.com/5476/contra_account.html http://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles

Melvilles Trimurti Essay -- Moby Dick Herman Melville Literature Essa

Melville's Trimurti Throughout Moby Dick, Herman Melville offers his reader a mà ©lange of foreign curiosities and exotic points of interest that add both depth and texture to the narrative. The abundance of such exotica, however, can prove overwhelming, and many of the novel's briefly noted yet remarkably important cultural signposts get lost in the mix. Often overlooked, Melville's use of Hindu imagery not only lends a sense of mysticism to the novel, but also helps to define the dynamic that operates between Ishmael, Ahab, and Moby Dick. Understanding this dynamic offers insight into Melville's efforts at defining the novel as an art form as well as his attempts at casting the roles of author, reader, and novel in relationship to each other.i The reader's initiation into Hindu culture begins sublimely, and in the most Christian of settings, in a chapel. Deeply moved by the cold, stone tablets commemorating those who have died at sea, Ishmael goes on to invoke the foreign religion: Oh! ye whose dead lie buried beneath the green grass; who standing among flowers can say--here, here lies my beloved; ye know not the desolation that broods in bosoms like these. What bitter blanks in those black-bordered marbles which cover no ashes! What despair in those immovable inscriptions! What deadly voids and unbidden infidelities in the lines that seem to gnaw upon all Faith, and refuse resurrections to the beings who have placelessly perished without a grave. As well might those tablets stand in the cave of Elephanta as here. (64) As well might those tablets stand in the cave? As well might we! Here, the power of the written word is such that Ishmael can transport the reader from the domestic tranquillity ... ...al Sources for the Study of Hinduism. New Jersey: Barnes and Noble, 1988. Organ, Troy Wilson. The Hindu Quest for the Perfection of Man. Ohio: Ohio UP, 1980. Sharma, Brijendra Nath. Iconography of Sadasiva. New Delhi: Abhinav, 1976. Notes i Although H. Bruce Franklin argues against Melville's use of Hindu mythology in Moby Dick, favoring instead Egyptian mythology, H.B. Kulkarni thoroughly answers each of Franklin's objections, suggesting that "Moby Dick has room enough not only for Hindu and Egyptian myths, but many more" (Kulkarni 6). ii That is, Ishmael shapes the course of the drama as it exists on the page. To suggest that Ishmael shapes events as they occur on the ship would cast doubt on his veracity as a narrator. iii Indeed, "Call me Ishmael" invites the reader to engage in a fairly intimate relationship with the narrator.

Trail of ghenus khan

Mr.. Genesis Khan not being civilized, I believe that the Mongol Warrior (Adam) helped bring out the fact that Mr.. Khan was Indeed innocent of this accusation. This Mongol warrior brought forth the fact that they did indeed give the civilizations a chance to surrender to the Mongols. The Mongol warrior also acknowledged the laws that Mr..Khan had made, (This was backed up by the Historian Javelin (Rachel) and the research that was done by that errors). He also brought forth the fact that, many people thought that there warfare, was part of being civilized, but when we asked the prosecuting witnesses, (the ones before the Mongol Warrior was called up), what the deflation of being Cleveland was, many of the prosecuting witnesses did not Involve warfare Into their definition of being civilized.The Mongol warrior also helped us when the other prosecuting attorneys tried to ask him questions that were related to warfare, Instead of being elated to the main question, â€Å"Is Mr.. Khan c ellared, we then brought them to a dead end, with us (the defensive attorney's) putting objections towards their questions, because their question's had nothing to do with the main topic of the trial. The prosecuting side then ran out of questions to ask, due to irrelevance of the questions that they were asking.On the opposing side, the Mustangs, caliph of Baghdad (Harrison) presented the most convincing evidence, to go against Mr.. Genesis khan. This witness was a victim f the torment, this man was, I believe, rolled up in a carpet drug around beaten and trampled until dead. This man also had answers for most of our questions, and was ready for almost anything. In this simulation, I liked that we all worked together as a group, and we each had an important part in the trial. When we work as a group, the work seemed to go faster.For instance, my partner and I were both defensive attorneys, and when it came to looking for questions to ask our witnesses, we were both able to come up tit many different kinds, and when we were up there asking the questions we both took turns asking them and retrieving the answers. With the work going faster, and being divided up, it made it easier to develop a better understanding of what we were studying. I believe that the simulation was Just fine, but I feel that we should have had more time to debate about the topics, and maybe a little more time to get things prepared and ready for the trial.BY erne indeed innocent of this accusation. This Mongol warrior brought forth the fact that caked up by the Historian Jiving (Rachel) and the research that was done by that before the Mongol Warrior was called up), what the definition of being civilized was, many of the prosecuting witnesses did not involve warfare into their definition of attorneys tried to ask him questions that were related to warfare, instead of being related to the main question, â€Å"is Mr.. Khan civilized? â€Å", we then brought them to a dead end, with us (th e defensive attorneys) putting objections towards their questions,

The History and Archaeology of the Silk Road

The Silk Road (or Silk Route) is one of the oldest routes of international trade in the world. First called the Silk Road in the 19th century, the 4,500-kilometer (2,800 miles) route is actually a web of caravan tracks which actively funneled trade goods between Changan (now the present-day city of Xian), China in the East and Rome, Italy in the West at least between the 2nd century BC up until the 15th century AD. The Silk Road is first reported to have been used during the  Han Dynasty  (206 BC-220 AD) in China, but recent archaeological evidence including the domestication history of a series of animals and plants, such as barley, indicates that trade managed by the ancient steppe societies across the central Asian deserts began at least 5,000-6,000 years ago. Using a series of  way stations  and  oases, the Silk Road spanned the 1,900 kilometers (1,200 miles) of the Gobi Desert of Mongolia and the mountainous  Pamirs  (the Roof of the World) of Tajikistan and Kyrgyzstan. Important stops on the Silk Road included Kashgar,  Turfan, Samarkand,  Dunhuang, and the  Merv Oasis. Routes of the Silk Road The Silk Road contained three major routes leading westward from Changan, with perhaps hundreds of smaller ways and byways. The northern route ran westward from China to the Black Sea; the central to Persia and the Mediterranean Sea; and the southern to the regions which now include Afghanistan, Iran, and India. Its fabled travelers included Marco Polo, Genghis Khan, and Kublai Khan. The Great Wall of China was built (in part) to protect its route from bandits. Historical tradition reports that the trade routes began in the 2nd century BC as the result of the efforts of Emperor Wudi of the Han Dynasty. Wudi commissioned Chinese military commander Zhang Qian to seek a military alliance with his Persian neighbors to the west. He found his way to Rome, called Li-Jian in documents of the time. One extremely important trade item was silk, manufactured in China and treasured in Rome. The process by which silk is made, which involves silkworm caterpillars fed on mulberry leaves, was kept secret from the west until the 6th century AD when a Christian monk smuggled caterpillar eggs out of China. Trade Goods of the Silk Road While important to keeping the trade connection open, silk was only one of many items passing across the Silk Roads network. Precious ivory and gold, food items such as pomegranates, safflowers, and carrots went east out of Rome to the west; from the east came jade, furs, ceramics, and manufactured objects of bronze, iron, and lacquer. Animals such as horses, sheep, elephants, peacocks, and camels made the trip, and, perhaps most importantly, agricultural and metallurgical technologies, information, and religion were brought with the travelers. Archaeology and the Silk Road Recent studies have been conducted at key locations along the Silk Route at the Han Dynasty sites of Changan, Yingpan, and Loulan, where imported goods indicate that these were important cosmopolitan cities. A cemetery in Loulan, dated to the first century AD, contained burials of individuals from Siberia, India, Afghanistan, and the Mediterranean Sea. Investigations at the Xuanquan Station Site of Gansu Province in China suggest that there was a postal service along the Silk Road during the Han Dynasty. A growing mass of archaeological evidence suggests that the Silk Road may have been in use long before Zhang Qians diplomatic journey. Silk has been found in the mummies of Egypt around 1000 BC, German graves dated to 700 BC, and 5th century Greek tombs. European, Persian and Central Asian goods have been found in the Japanese capital city of Nara. Whether these hints ultimately prove to be solid evidence of early international trading or not, the web of tracks called the Silk Road will remain a symbol of the lengths to which people will go to stay in touch. Sources Christian D. 2000. Silk roads or steppe roads? The Silk Roads in world history. Journal of World History 11(1):1-26.Dani AH. 2002. Significance of Silk Road to human civilization: Its cultural dimension. Journal of Asian Civilizations 25(1):72-79.Fang J-N, Yu B-S, Chen C-H, Wang DT-Y, and Tan L-P. 2011. Sino-Kharosthi and Sino-Brahmi coins from the silk road of western China identified with stylistic and mineralogical evidence. Geoarchaeology 26(2):245-268.Hashemi S, Talebian MH, and Taleqni EM. 2012. Determining the Position of Ahovan Caravansary in Silk Road Route. Journal of Basic and Applied Scientific Research 2(2):1479-1489.Liu S, Li QH, Gan F, Zhang P, and Lankton JW. 2012. Silk Road glass in Xinjiang, China: chemical compositional analysis and interpretation using a high-resolution portable XRF spectrometer. Journal of Archaeological Science 39(7):2128-2142.Toniolo L, DAmato A, Saccenti R, Gulotta D, and Righetti PG. 2012. The Silk Road, Marco Polo, a bible and its proteome: A detective story. Journal of Proteomics 75(11):3365-3373.Wang S, and Zhao X. 2013. Re-evaluating the Silk Roads Qinghai Route using dendrochronology. Dendrochronologia 31(1):34-40.

10 Facts About Spanish Prepositions

Here are 10 facts about Spanish prepositions that will come in handy as you learn the language. 1. A preposition is a part of speech that is used to connect a noun with another part of a sentence. That noun — or noun substitute such as a pronoun, infinitive or phrase acting like a noun — is known as a prepositional object. Unlike interjections and verbs, prepositions cannot stand alone; they are always used with objects. 2. Prepositions, preposiciones in Spanish, are called that because they are positioned before objects. In Spanish this is always true. Except perhaps in some kind of poetry where the rules of word order are discarded, the prepositional object always follows the preposition. This is in contrast with English, where it is possible to place a preposition at the end of a sentence, especially in questions such as Whom are you going with? In translating that sentence to Spanish, the preposition con must come before quià ©n, the word for who or whom in a question:  ¿Con quià ©n vas? 3. Prepositions can be simple or compound. The most common Spanish prepositions are simple, meaning that theyre made up of one word. Among them are a (often meaning to), de (often meaning from), en (often meaning in or on), para (often meaning for) and por (often meaning for). Compound prepositions should be thought of as a single unit even though made up of two or more words. Among them are delante de (usually meaning in front of) and debajo de (usually meaning underneath). 4. Phrases beginning with a preposition usually function like adjectives or adverbs. Two examples of adjectival usage, with prepositions in boldface: En el hotel hay mucho ruido durante la noche. (In the hotel there is much noise during the night. The phrase provides a description of ruido, a noun.) Comprà © la comida en el refrigerador. (I bought the food in the refrigerator.) The same adverbial phrases used as adverbs: Ella se levantà ³ durante la noche. (She got up during the night. The phrase describes how the action of the verb, se levantà ³, was performed.) Puse la comida en  el  refrigerador. (I put the food in the refrigerator.) 5. Numerous fixed phrases that include a preposition can also function as prepositions. For example, the phrase a pesar de means in spite of and like simpler prepositions must be followed by a noun or noun substitute: A pesar de la crisis, tengo mucho dinero. (In spite of the crisis, I have a lot of money.) 6. Spanish frequently uses phrases with a preposition in situations where English speakers often use adverbs. For example, youre more likely to hear phrases such as de prisa or a toda prisa to mean hurriedly than an adverb such as apresuradamente. Other common adverbial phrases among the hundreds in existence include en broma (jokingly), en serio (seriously), por cierto (certainly) and por fin (finally). 7. Meanings of prepositions can be vague and highly dependent on context, so the meanings of Spanish and English prepositions frequently dont line up well. For example, the preposition a, while often meaning to, can also mean by, at or even off to. Similarly, the English to can be translated not only as a, but also as sobre, de, hacia and contra. 8. The most confusing prepositions for Spanish students are often por and para. Thats because both are frequently translated as for. The rules become complicated, but one quick tip that covers many situations is that por often refers to a cause of some sort while para often refers to a purpose. 9. When a sentence opens with a prepositional phrase that modifies the meaning of the entire sentence, that phrase is followed by a comma. This is common with phrases that reflect the speakers attitude toward what is said. Example: Sin embargo, prefiero escuchar lo que dicen. (Nevertheless, I prefer to hear what they say.) 10. The prepositions entre and segà ºn use subject pronouns rather than object pronouns. So the equivalent of according to me is segà ºn yo (not using the me you might expect). Similarly, between you and me is entre yo y tà º (me and ti arent used).

Conflict Between Conflict And Conflict Management

Conflict and conflict management both play pivotal roles in all relationships, whether they are between friends, family, lovers, or coworkers. However, while most relationships have an abundance of conflict, the amount of properly implemented conflict management in all relationships is relatively low. This is especially surprising when you consider the sheer amount of research and counseling directed at managing conflict in constructive ways. Though the aforementioned services and research are of extremely high quality, the people who would benefit from them the most are either entirely unaware of their existence, associate them a negative stigma, or simply don t have strong conflict management skills. I want to advocate the effectiveness of counseling programs available to help people in relationships resolve conflicts in a positive way, as well as explain some basic aspects of conflict management in a simple, easy to understand text. One such service with a negative stigma associat ed with it is relationship counseling or couples therapy. Too many people think that couples therapy is just an expensive way of extending a relationship by a few months, only to inevitably break up a few months down the line. But, contrary to what most people believe, the purpose of relationship counseling isn t to extend or fix relationships. While it is awesome when counseling achieves these things, the main goals usually consist of improving communication, teaching the, â€Å"win/win† conflictShow MoreRelatedConflict Between Conflict And Conflict Management1772 Words   |  8 Pagesopinion there will also be a chance for some form of conflict to arise. To resolve and manage conflict, any organization or persons’ must try to understand the causes, theories, approaches and strategies of conflict management. Resolving conflict requires a great deal of attention and thorough understanding in seeking resolution. In this review, conflict management will be explored in g eneral from different perspectives in light of how conflict effects teams or groups, workplace relationships andRead MoreConflict Between Conflict Management And Resolution883 Words   |  4 Pagesnegative association with conflict. Reflects poorly on the supervisor when there is conflict but in reality it’s only negative when the supervisor or employee, depending on the situation does not address the conflict. Unresolved conflicts can negatively impact not only the employees involved but also the company. Unresolved conflicts result in negative impacts not only to the individual but also the company. Focus on the problem, not the person. Sometimes the conflict will be reoccurring or unresolvableRead MoreConflict Between Conflict And Conflict Management1164 Words   |  5 PagesThe most important point is that conflict in organizations is increasing as they become more complex, culturally diverse, and global. Conflict has been thought of as necessary at times to keep the wheels of progress turning. Therefore, concentration on conflict in organizations has went from strategies to try to eliminate it to managing it. One issue is training managers how to manage that conflict. Conflict can be detrimental or beneficial to the organization. In order to be beneficial, leadersRead MoreConflict Between Conflict And Conflict Management845 Words   |  4 Pagesâ€Å"People are afraid of conflict because they do not have essential skills to manage it well.† This is true because according to O’Grady and Malloch (2016), conflict is reflection of an insufficient knowledge of the dynamics of conflict and a lack of capability in its management. In the case of Nancy, perhaps she needs to undergo specialty training or classes about conflict management in order to improve their unit’s dynamic or interaction. 2. â€Å"If you engage with conflict too early, there is a chanceRead MoreConflict Between Conflict And Conflict Management1730 Words   |  7 PagesAccording to our textbook Beebe, Beebe, Ivy (2014), â€Å"interpersonal conflict is a fact of life and eventually all relationships experience conflict† (p. 218). Precisely how the conflict is resolved left up to the involved parties. I am credible because I participated in the following conflict with my mother, analyzed the conflict using the Beebe, Beebe, Ivy (2014) text, and then used the collected information to structure this paper. The central idea of this essay is that people with conflictingRead MoreConflict Between Conflict Management Styles885 Words   |  4 PagesConflict Conflict is defined as â€Å"a struggle or contest between people with opposing needs, ideas, beliefs, values or goals† (Popovic and Hocenski, 2009, p. 15). As a manager or leader, you take on the responsibility as a problem solver. Thus,  knowing how to resolve a conflict that respect each individual that is involved shows the ability to deal with conflict. Conflict management styles is being able to manage conflict in a functional manner (Satterlee, 2013).   Ã‚  According to Satterlee (2013) theRead MoreConflict Management Styles Among Corporate Executives1161 Words   |  5 Pagesprevious researchers’ efforts and expertise. A potential research study on â€Å"Conflict Management Styles among Corporate Executives in Developing Countries – Nigeria a Case Study† is considered for a signature assignment. Conflict is inevitable and exists everywhere. In organizational system, conflict and methods of conflict management influences different groups (empl oyees, management team and executives). Conflicts are realities of life and can be defined as a â€Å"situation of competition in whichRead MoreSolving The Conflict Resolution : Active Listening And Good Communication821 Words   |  4 Pageshelp them resolve their conflict. â€Å"Arbitration is a time-tested, cost-effective alternative to ligation. Arbitration is the submission of a dispute to one or more impartial persons for a final and binding decision, known as an ‘award’. Awards are made in writing and generally final and binding on the parties in the case† (American Arbitration Association). The Communication Process Communication is one of the key elements of the conflict resolution process. The most of the conflicting situationsRead MoreDefine Functional Versus Dysfunctional Conflict in a Work Group and Explain How You Can Increase Functional Conflict and Decrease Dysfunctional Conflict.1426 Words   |  6 PagesConflict arises when there is some indifference among two parties. In any working group conflict is almost unavoidable. When most people hear the word conflict, they often tend to take the term in negative manner. Almost everyone perceives conflict to be a malefactor and that it often hinders the development process of any group. Although usually people think of it as a bad thing, conflict on the contrary can be a positive occurrence within a group to bring about change. Comprehensively conflictRead MoreBook Review on the Third Side by William Ury1007 Words   |  5 Pagesstate-of-the-art book on conflict management and negotiation by well known negotiator and mediator William L. Ur y, an American National, who is world s leading negotiation expert, he has mediated situations ranging from corporate arena to wildcat strikes, and from family disputes to ethnic wars in the Middle East, the Balkans, N. Ireland and many other places. He has also worked on the problem of how to prevent nuclear war as a consultant to The White House Crises Management Center. He received his

Scientific Management and Globalisation

Question: Discuss about theScientific Management and Globalisation. Answer: Ford and Taylorism The video compares between two factories and their method of manufacturing automobile. The Vulcan Motor Company Limited in the United Kingdom manufactured cars in the unscientific process which took weeks. The cars were very costly and could be only be afforded by the rich (Vulcanmotors.boschauto.co.uk 2017). Henry Ford, the founder of the Ford Motor Company in the United States of America introduced the scientific management process proposed by the American mechanical engineer, Fredrick Winslow Taylor. Ford used scientific method of manufacturing cars by using conveyer belt where the parts passed down from one worker to the next. This scientific management of manufacturing automobiles made production cheaper which resulted in production of cheaper cars affordable by many. The process converted cars from a status symbol of the rich to the prized assets of many Americans. Ford in order to ensure uninterrupted production and retention provided good salary to his staff. It can be that F ord introduced the strategic management of the human resource, machinery and material to bring down cost of production. He did not allow intervention of trade unions in order to ensure dynamism in production. This system of automobile manufacturing spread to entire America and later to big European markets like Germany. Henry Ford brought about innovation and modernisation in manufacturing which came to be known as Fordism (Ford.com 2017). The workers in Australia, Europe and America would accept Taylorism today. Fordism refers to the scientific management of people, resources and machinery to achieve economies of scale. There are several small companies in these three continents which work in the small acale industry. These firms can apply Taylorsim and management their production process in a scientific way. The companies who are seeking to bring about innovation in their products can also use Taylorism to sustain the market (Mortenson, Doherty and Robinson 2015). The callers in the call centres use scripts of questions which are designed keeping the consumers needs in consideration. These callers use the script to speak to the customers using telephone or internet connections are supervised by their seniors. Hence, the call centres use Taylorism to manage their production team in a scientific way to ensure generation of revenue. The video shows the happenings in the Ford Motor Company dating centuries ago which seem to have become out of date. The statement can hold true for the multinational companies like Ford Motor Company and Unilever who have their own dynamic business models. However, there are small firms which manufacture FMCG goods and exist in the fear of being engulfed by big players like Unilever. These firms can use Fordism and bring about innovation in their production process. They can also manage their workforces and promotion scientifically to reduce their cost of production and increase their revenue. These small companies can adopt Taylorism to sustain in the market and prevent the multinational companies from engulfing them (Sorge and Streeck 2016). Thomas Friedman on Globalisation; 3 Eras of Globalisation; World is Flat The first oration by Thomas Fried deals with the three ages of globalisation. The first era was the era of global arbitrage that reduced the size of the huge earth to medium. The second era of globalisation coincided with expansion of European powers like England and Spain into new lands. The empowerment of individuals to communicate and transact with whole world using advanced technology has reduced the size of the world even smaller. The orator in the next video spoke about his friend discovering and releasing eco friendly Peruvian dishes in China. He also laid stress on the importance of awareness among individuals regarding the resources and their usage (Friedman 2014). The flat world of today is dominated by individuals who interact with the whole world by the virtue of advanced technology poses risk. The key drawback of this empowerment is that it has exposed people to huge resources which they can use to satisfy their own needs. The key risk is that today radical groups like terrorists have huge power to cause massive damage to the economies. The risk is that these groups have the power to damage property worth billions and even threaten the existence of the multinational companies (Khajenoori, Parnian and Jafari 2014). The iron rule of Friedman states that the business world and education today is exploring new entrepreneurial ventures and innovation. The companies today can bring about new innovations and improvements in their strategies. There is a great scope of entrepreneurial ventures and start-ups in todays world due to availability of resources (Baylis, Smith and Owens 2013). The level of globalisation is not uniform all across the world and there are different levels of economical and technological developments. The nations like the United States of America, the United Kingdom and Germany are advanced countries. These are home to big multinational companies like Unilever and Ford Motor Company. The markets like India, China, Brazil are emerging markets which also have their own multinational companies. These two markets have several business tie-ups and enter into bilateral trade agreements. There exists steady flow of money, employment, investments, goods and services between these two markets. There are many countries like the poor countries of Aftica, Asia and South America which are technologically and economically weak. These countries are very poor and have lack of entrepreneurial ventures. Their markets are not profitable and fail to attract big companies. Hence, it can be opined that the level of globalisation is not uniform and differ between co untries. Conclusion: The videos and the question discuss two topics, Taylorism and Globalisation. The video on Taylorism tells tale of the production process in the British and American company. The video shows that innovation and management can bring development in any industry. The questions then prove that Taylorsim may be historical incidence is still very pertinent in the small industries round the world. The second video educates the readers on the ages and stages of globalisation. It shows how the advancement associated with globalisation made the world a smaller place. The video also throws light on the dangers that globalisation has brought with itself. Friedman in his oration also stressed on the need of responsibility and awareness among individuals to derive benefit from globalisation. References: Baylis, J., Smith, S. and Owens, P., 2013.The globalization of world politics: an introduction to international relations. Oxford University Press. Easterly, W. and Levine, R., 2016. The European origins of economic development.Journal of Economic Growth,21(3), pp.225-257. Ford.com. 2017. Ford New Cars, Trucks, SUVs, Crossovers Hybrids | Vehicles Built Just for You | Ford.com. [online] Available at: https://www.ford.com [Accessed 29 Apr. 2017]. Friedman, J., 2014. Global System, Globalization and the Parameters of Modernity: Is Modernity a Cultural System?.Occasional Paper, (14), pp.5-30. Khajenoori, B., Parnian, L. and Jafari, M., 2014. A Study of the Relationship between Cultural Globalization with Individualism and Collectivism (Research Subject: Shiraz City).Development,49, pp.31-35. Mortenson, M.J., Doherty, N.F. and Robinson, S., 2015. Operational research from Taylorism to Terabytes: A research agenda for the analytics age.European Journal of Operational Research,241(3), pp.583-595. Sorge, A. and Streeck, W., 2016.Diversified quality production revisited the transformation of production systems and regulatory regimes in Germany(No. 16/13). MPIfG Discussion Paper. Vulcanmotors.boschauto.co.uk. 2017. WELCOME - Vulcan Motors. [online] Available at: https://vulcanmotors.boschauto.co.uk/ [Accessed 29 Apr. 2017].