Business organisations Essay Example | Topics and Well Written Essays - 2000 words - 1

Business organisations - Essay Example Imitation Furs Ltd. has applied for insolvency and as such, its assets are subject to liquidation in order to cover the debts secured earlier. Additionally, during the course of liquidation, it is necessary to determine the validity of each creditor and how much each stands to gain from the sale of the company’s assets. This means that a core part of the task aims at segregating creditors on the basis of the secured or unsecured nature of the debt provided to the receiver by them (Philip R. Wood, 2007). In the wake of existence of unsecured creditors, the primary role of the receiver is to be obliged to take utmost care in selling charged assets at a price not less than the market value and in the absence of a reasonable market price to ensure that the sale price is at least reasonable. In the current scenario, both creditors have provided loans to Imitation Furs on the basis of a floating charge. The problem with a floating charge is the constantly changing nature of the underlying asset (the company stock in this case). However, it is theoretically feasible to determine a fixed price that can be agreed over the value of the assets with changing values. Thus, it would be desirable to determine if Imitation Furs had reached any such understanding with either of the creditors in question. It must also be emphasized here to determine and enlist the real assets and properties held by Imitation furs and to arrive at a value of these identified assets. The liquidator needs to be aware of the fact that properties that pass out of the ownership of Imitation Furs are not subject to the floating charge. Conversely, if there is evidence that Imitation Furs had during the course of the loan period, acquired any additional assets, then such acquisitions can automatically be co nsidered within the floating charge (Stephen Judge, 2008). Imitation Furs, with a debt under a floating charge can continue

How can visual art be related to or used in accounting major Research Paper

How can visual art be related to or used in accounting major - Research Paper Example If the field of visual arts is analyzed further, it can be seen that there are different branches within the scope of visual arts which have developed with the emergence of technologies which make the field more diversified discipline than ever before. These branches include decorative arts and crafts, fine arts and applied arts. Decorative arts are a concept of which have been usually been related to the design and manufacture of functional objects. It may include interior design, but not necessarily architecture. The decorative arts have been usually considered in complete contrast with the fine arts whose only purpose is to be seen. Decorative arts include fixed (for instance wallpaper) and moveable arts (for instance carpets). Applied arts are the branch of visual arts which have been very recently associated with it. This is because of the growing use of technology in the field of arts. This is the sub category of visual arts which shall be the prime focus of this paper because of its involvement in the field of accounting. With the emergence of technology, the concept of applying the arts into different fields for enhancing the field’s performance and utility has also emerged. Thus, the forms of art which developed were as diverse as industrial design, fashion design and interior design (Don, 1989). ACCOUNTING The term accountancy is the name given to the process of sharing the financial information about the business to its different stakeholders (Narayan, 2005). The reason for this communication is for analyzing the current financial position and for predicting the future trends. This communication is carried out through the financial statements which are relevant to the different stakeholders simultaneously. Accountancy is generally associated with recording, analyzing, summarizing and disseminating the relevant financial information for the organization. The Use of Visual Arts in Accounting There used to be an era when accounting was just reser ved for bookkeeping. The process of this bookkeeping was carried out using manual tools and practices. This was the time when the concept of accounting as a measure of future growth and increase competence was not given much attention. But in today’s day and age an organization just cannot even think about accounting just as a discipline of bookkeeping. This is because of the increased competition and the rapidly changing nature of the marketplace. If today a company does not look ahead of its time, it will be run over by the rival companies. Thus, keeping in view this background, accounting is not only used for bookkeeping, but also for forecasting future trends and opportunities of the organization as compared to its rivals and the demand for its products. Visual arts have become vital for the accounting process today. Accounting has been amalgamated with the visual arts through the applied arts. As it is clear that the applied arts use field specific principles and combine it with the visual arts discipline so that the facts and figures of the business can be illustrated