Business Ethics In Aviation Research Assignment Paper - 2200 Words

Business Ethics In Aviation Research Assignment Paper (Essay Sample) Content: AINSTITUTIONCOURSE UNITSTUDENTS NAMESTUDENTS ID NUMBERTASKBusiness ethics in AviationDATE11th August 2017AbstractThe purpose of this report is to critically examine various aspects related to aviation ethics and how they positively or negatively affect the aviation sector. To be specific, this report aims at identifying the ethical issues in the aviation sector, how such ethics can be managed and the importance of managing such ethics. The report generally focuses on the aviation sector without being specific on any major airline company. However, it also explains areas where sustainability has been portrayed despite the ethical issues involved. A detailed explanation of the above-mentioned aspects is as discussed below.IntroductionBusiness ethics refers to the professional rules that any business organization is required to follow for its smooth running. Ethical issues, on the other hand, refer to the problems or controversies, which arise when businesses do not prof essionally adhere to the set international ethics. The chosen sector for this report is the airline (aviation) sector. The aviation sector is one of the sectors of any global economy, which contribute to the fast growth and development of that particular economy. According to CITATION Sha15 \p 67 \l 1033 (Shaw Barry, 2015, p.67), the aviation sector has provided jobs to over 58 million people while accruing an annual profit margin of $2.4 trillion. Good business relations among nations emerge when transport to and fro those nations is easy. This is majorly made possible by the aviation sector. This sector, therefore, proves to be a very important area of study for this report. There has been a prolonged argument on the ethics that should be applied to the aviation sector. Some professionals argue that some of the activities undertaken by airline companies are ethical while others oppose such claims. On the basis of the above aspects, the following are the objectives of this repor t. * To identify the ethical issues in the aviation sector. * To discuss the major stakeholders in the aviation sector. * To review the importance of managing business ethics to the aviation sector.The following is the detailed analysis of the aviation sector in relation to some major chosen concepts discussed below.Analysis of the aviation sectorEthical issues facing the aviation sectorSafety is a major ethical issue in the aviation sector. There are two major ethical issues regarding safety, which are really facing the aviation sector. One of these is the overbooking of flights. One might wonder how this is possible. According to CITATION Hop16 \p 110 \l 1033 (Hoppe, 2016, p.110),a website of Southwest Airlines indicated that the company would open a chance for passengers to book and get their air tickets when some passengers did not respond towards their travel, or when those who had earlier booked the flight did not arrive early enough at the respective airports. The problem n ow came in when all the passengers who had earlier and later booked the flight will all be available for the flight a few minutes before the plane took off. With no otherwise, the company would now decide to bump all the passengers in one plane. This is still practiced in many nations till today. However, this is very risky since the plane is designed to carry a specific measured weight which when exceeded; chances of the occurrence of an accident are very high. Relevant and quick action should, therefore, be taken on this ethical issue to ensure that safety is maintained.Secondly, there is also an ethical issue on cramped seats. Several airline companies insert and fix unlawfully designed seats on their planes so as to accommodate more passengers and hence make more profits. According to CITATION Fer15 \p 33 \l 1033 (Ferrell Fraedrich, 2015, p.33), these seats are uncomfortable and may lead to severe medical problems to those passengers who sit on them. Several passengers have r eported cases of back pains and blood clots, which started after traveling on planes. Investigations on the illegally fixed seats showed that these seats are really uncomfortable and back pains arise on passengers seated on them, due to up and down movements of the plane in the course of the flight CITATION Tho15 \p 56 \l 1033 (Thomas Burgess, 2015, p.56). This has been a major ethical issue, and the right action to redesign the plane seats according to the expected requirements should be taken.Another major ethical issue in this sector airline sector is the use of false advertising. According to a research carried out by CITATION Int14 \p 44 \l 1033 (IATA, 2014, p.44)which is famously known as the International Air Transport Association, some airline companies advertise falsely, especially in the flight charges. According to this research, passengers in the consumer travelers website gave their grievances about this false advertising. One case is pointed out where one famous a irline company advertised that it was offering a trip from Newark to London for $236. However, after other charges were added, the price rose to $803. Those who had booked had no otherwise other than paying an extra amount which they had not planned for. Prompt action should be taken by such airline companies, and the relevant organization, to stop the use of such false adverts.Ethical issues of discrimination have also been evidenced on different occasions. Cases of some passengers being discriminated on air travel flights have been reported by scholars in various articles. One of these articles, which were posted in the famous New York Post in November 2012, indicated that one woman (passenger), who was a New York resident, was denied the right to travel from Hungary to her hometown CITATION Tan17 \p 112 \l 1033 (Tani, 2017, p.112). According to the report from this article, the woman was denied an air ticket since she was obese. On seven different occasions, this passenger was denied the opportunity to travel by air. Involved airline companies argued that they had no insurance policy which would cover her in the case of death. Later, the woman died. Interrogations with her husband revealed that the husband claimed that the death happened because she was denied the opportunity to travel to get further treatment.However, despite all these ethical issues, aviation sector still holds a strong sustainability focus. The sector has committees boards which are put in place to ensure that all activities run well. For example, a licensing program is developed to ensure that all planes are in accordance to the required standards before they fly.Additionally, measures have been taken by International Civil Aviation Organization (ICAO), to reduce noise emissions. This body intervenes in airline companies to check the performance of engines, which are major emitters of such noise. In the recent years, the noise emissions have been reduced by 8% CITATION Des14 \p 100 \l 1033 (DesJardins McCall, 2014, p.100).Sustainability measures have also been taken to increase fuel efficiency. IATA proposes that planes should use an average of 5.4 liters of fuel for 100km. However, most planes recently use an average of 4 liters of fuel for 100km.The major stakeholders in the aviation sector include; the manufacturers of the planes, airport organizations, aviation sales departments, the tourism department, trade unions among many others.Factors that enable aviation to manage business ethicsTo effectively manage business ethics, the aviation secure utilizes some factors. To start with, the sector defines clearly the roles and rules governing each aviation department. By so doing, each department is given the opportunity to operate, but within its set limits. When organizations operate according to the set standards, business ethics are therefore likely to be followed correctly.Secondly, the aviation sector conducts seminars, shows, and exhibitions, to educate its employees in the international business ethics set for aviation sector CITATION Car14 \p 220 \l 1033 (Carroll Buchholtz, 2014, p.220). This helps to equip them with knowledge on what is ethically right or wrong. Rampant ethical issues can, therefore, be reduced when all the relevant individuals and organization have knowledge on aviation business ethics.Thirdly, the aviation sector makes use of ethics related theories and philosophies, to govern their decision-making process CITATION Har14 \p 89 \l 1033 (Hartman et al., 2014, p.89). Idealism is majorly encouraged in aviation sector on setting business ethics. Idealism deals with representing the ideas, opinions, suggestions, and views of others rather than an individualized decision making. Such philosophies equip the workers, managers and other authorities with the ethical knowledge that is useful in evading ethical issues.Finally, addressing the ethical problems if groups and individuals, help to maintain business ethics . When peoples' needs are fully handled, the chances of such people, breaking the business ethics become low. The aviation sector, therefore, seeks to handle such problems and needs an involving manner, with an aim of managing business ethics.Importance of managing business ethicsThe management of business ethics has really helped the aviation sector. First of all, this has helped to improve the working conditions and has brought more positive changes in th...

United States v. Lopez The Case and Its Impact

In United States v. Lopez (1995), the United States Supreme Court declared the Gun-Free School Zones Act of 1990 an unconstitutional overreach of the implied powers of Congress under the Commerce Clause. The 5-4 divided decision preserved the system of federalism and reversed the Supreme Court’s 50-year trend of rulings that expanded the powers of Congress. Fast Facts: United States v. Lopez Case Argued:  November 4, 1994Decision Issued:  April 26, 1995Petitioner:  United StatesRespondent:  Alfonso Lopez, Jr.Key Questions:  Is the 1990 Gun-Free School Zones Act’s prohibition of possessing a gun in a school zone an unconstitutional overreach of the power of Congress to legislate under the Commerce Clause?Majority Decision:  Justices Rehnquist, O’Connor, Scalia, Thomas, and KennedyDissenting:  Justices Breyer, Ginsburg, Stevens, and SouterRuling:  The legislative history of the Gun-Free School Zones Act failed to justify it as a constitutional exercise of the Commerce Clause. Facts of the Case On March 10, 1992, 12th-grader Alfonso Lopez, Jr. carried an unloaded handgun into his high school in San Antonio, Texas. After admitting to having the gun, Lopez was arrested and charged with violating the federal Gun-Free School Zones Act, which makes it a crime â€Å"for any individual knowingly to possess a firearm [in] a school zone.† After being indicted by a grand jury, Lopez was found guilty by a trial court and sentenced to six months in prison and two years on probation. Lopez appealed to the Fifth Circuit Court of Appeals, claiming that the Gun-Free School Zones Act exceeded the power granted to the Congress by the Commerce Clause. (The Commerce Clause gives Congress the power to â€Å"regulate commerce with foreign nations, and among the several states, and with the Indian tribes). Congress had long cited the Commerce Clause as justification for passing gun control laws.   Finding that possession of a firearm had only a â€Å"trivial impact† on commerce, the Fifth Circuit overturned Lopez’s conviction, further noting that the legislative history of the Gun-Free School Zones Act failed to justify it as a constitutional exercise of the Commerce Clause. In approving the United States government’s petition for certiorari, the Supreme Court agreed to review the Circuit Court’s ruling. Constitutional Issues In its deliberations, the Supreme Court faced the question of whether the Gun-Free School Zones Act was a constitutional exercise of the Commerce Clause, which gives Congress power over interstate commerce. The Court was asked to consider whether the possession of a firearm in some way â€Å"affected† or â€Å"substantially affected† interstate commerce. The Arguments In its effort to demonstrate that possession of a firearm in a school zone was a matter that affects interstate commerce, the U.S. government offered the following two arguments: Possession of a firearm in an educational environment heightens the likelihood of violent crimes, which in turn, will increase insurance costs and create expenses harmful to the economy. In addition, the perception of the danger of violence will limit the public’s willingness to travel to the area, thus harming the local economy.With a well-educated populace being critical to the nation’s financial health, the presence of firearms in a school may frighten and distract students and teachers, inhibiting the learning process and thus leading to a weaker national economy. Majority Opinion In its 5-4 majority opinion, written by Chief Justice William Rehnquist, the Supreme Court rejected both of the government’s arguments, finding that the Gun-Free School Zones Act was not substantially related to interstate commerce. First, the Court held that the governments argument would give the federal government virtually unlimited power to prohibit any activity (such as public assembly) that might lead to violent crime, regardless of that activity’s connection to interstate commerce. Secondly, the Court held that the governments argument provided no safeguards to prevent Congress from applying the Commerce Clause as justification for legislation prohibiting any activity (such as careless spending) that might limit an individual’s economic productivity. The opinion also rejected the government’s argument that by harming education, crime in schools substantially affects commerce. Justice Rehnquist concluded: â€Å"To uphold the Governments contentions here, we have to pile inference upon inference in a manner that would bid fair to convert congressional authority under the Commerce Clause to a general police power of the sort retained by the States. This we are unwilling to do. Dissenting Opinion In the Court’s dissenting opinion, Justice Stephen Breyer cited three principles that he considered basic to the case: The Commerce Clause implies the power to regulate activities that â€Å"significantly affect† interstate commerce.Rather than considering a single act, the courts must consider the cumulative effect of all similar acts—such as the effect of all incidents of gun possession in or near schools—on interstate commerce.Rather than determining whether the regulated activity significantly affected interstate commerce, the courts must determine whether Congress could have had a â€Å"rational basis for concluding that the activity affected interstate commerce. Justice Breyer cited empirical studies he said tied violent crimes in schools to the degradation of the quality of education. He then referred to studies showing the growing importance of primary and secondary of education in the job market, and the tendency of U.S. businesses to base location decisions on the presence or absence of a well-educated workforce. Using this rationale, Justice Breyer concluded that school gun violence clearly could have an effect on interstate commerce and that Congress could have rationally concluded that its effect could be â€Å"substantial.† The Impact Because of the United States v. Lopez decision, Congress rewrote the Gun-Free School Zones Act of 1990 to include the required substantial effect connection to interstate commerce used as justification for other federal gun control laws. Specifically, the connection requires that at least one of the firearms used in the crime â€Å"has moved in †¦ interstate commerce.† Because almost all firearms have at some point moved in interstate commerce, gun rights advocates argue that the change was merely a legislative tactic to bypass the Supreme Court’s ruling. However, the revised Federal Gun Free School Zones Act remains in effect today and has been upheld by several United States Circuit Courts of Appeals. Sources .†US Reports: United States v. Lopez, 514 U.S. 549 (1995)â€Å" U.S. Library of Congress..†United States v. Alfonso Lopez, Jr., 2 F.3d 1342 (5th Cir. 1993)â€Å" US Court of Appeals, Fifth Circuit.

The Wild And Wildlife Conservation Commission - 1699 Words

The second species to address is the lionfish The lionfish as a species here in Florida waters are depleting its existing foods, being species such as gobies and snapper. Off the Florida Keys, â€Å"Nichols used to find shrimp and other small invertebrates in his lobster traps, but he has noticed a steep decline†. This man suspects that from their habits of overeating the only solution the lionfish have for a source of food is to result in cannibalism, an increase in cannibalism that could mean that there are so many lionfish that lionfish are controlling themselves (Buskey, Edward) According to Florida Fish and Wildlife Conservation Commission, â€Å"Lionfish have 18 venomous spines that should be avoided during capture and handling because they can cause painful injuries. â€Å"Thirteen long venomous spines are found on top of the dorsal fin which are also located on top of the fish s spine. Two short venomous spines are located on the pelvic fins (one on each side), which is located on the bottom of the fish closest to the fish s head. Three other venomous spines are found along â€Å"the front edge of the anal fin which is located on the bottom of the fish nearest the tail.† (Effects of Lionfish). The large pectoral fins and other fins not mention do not have venomous spines. Each spine is contained and covered with a skin-like tissue. During a sting, the skin-like covering is peeled back showing the spiny venomous stinger and is inserted into the attacking enemy. This allows directShow MoreRelatedHunting Is An Essential Component Of Conservation944 Words   |  4 Pagescomponent of conservation and can be used in everyday life; it has been a part of American history from its earliest beginnings and once provided a necessary source of food. In the early 1900s, when many wildlife species were almost near extinction, hunters stepped forward and asked Congress to impose an excise tax on the sale of firearms and ammunition products to help fund wildlife conservation in the United States. Another act that came into effect was the Conservation Movement. The conservation movementRead MoreGenetically Vigorous Populations Essay1508 Words   |  7 Pagesexample of an animal species facing extinction due to the low genetic diversity among its population is the decreasing numbers of endangered Tasmanian Devils. These wild animals are found exclusively on the island of Tasmania, just southeast of Australia. It is estimated that only somewhere between twenty and fifty thousand exist in the wild; and only about 500 individuals are currentl y in breeding programs in Australian zoos. 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Hunting is good because it’s necessary for population control, hunters also contribute millions of dollars into wildlife conservation programs that most nonhunters aren’t aware of and knowing where your meat has come from and knowing that you can provide food for your family. People also don’t realize the physical shape and strength you have to have to be a hunter. Most peopleRead MoreHunting Benefits Wildlife Conservation2777 Words   |  11 Pagesdifferent big-game and small-game species of wildlife. The list ranges from the elusive racoon to the prosperous white-tailed deer, and even to the beastly grizzly bear. Since the United States government adopted the concept of conservation, due partly to the great acts of President Theodore Roosevelt, its has been our moral responsibility to protect the game species of America (Belanger). 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The law requires wildlife agencies to review any activity -- for example, the use of underwater explosives or high-intensity active sonar, which has the possibility to kill these animals in the wild. The law is our nations leading instrument for the conservation of these species, and is an international model for such laws. The Marine Mammal Protection Act makes it illegal to take marine

The Effects Of Domestic Violence On Children - 963 Words

The Effects of Domestic Violence on Children Many children witness domestic violence each day. Most times, children witness their mothers being abuse by their fathers, step-fathers, or mother’s boyfriends. According to Couchenour and Chrisman (2011), â€Å"Women and children are at greater risk of being victims of abuse than are men† (p. 131). Witnessing violence or being abused at home has serious effects on children. This article explains the short-term and long-term effects that domestic violence has on children. Summary At the beginning, the article states that three to four million children witness domestic violence in their household. Then, it clarifies that witnessing domestic violence can range from seeing the actual incident to seeing its aftermath. The article explains the different emotions, such as anger and fear, that children whom witness domestic violence can feel. The article also describes the most common behaviors these children display at home and school. Lastly, the article thoroughly explains the distinct emotional and physical effects that domestic violence has on children. Interesting Information Reading this article, helped me learn a lot about domestic violence. Before reading this article, I was under the impression that witnessing domestic violence was only seeing the incident. After reading this article, I learned that witnessing also includes hearing the incident, seeing the aftermath, and being aware of the tension at home. I learned that seeing theShow MoreRelatedThe Effects of Domestic Violence on Children1529 Words   |  7 PagesProject: The Effects of Domestic Violence on Children Trudy Root Kaplan University CM107-11 Children are negatively impacted by the surrounding of domestic violence in multiple ways, in which need to be identified. The audience that needs to be aware of domestic abuse’s effects on children is adults that care for children; such as pediatricians, teachers, counselors, and parents. The issue that needs to be addressed is the negative effects on children involved in a domestic violence situationRead MoreThe Effects Of Domestic Violence On Children1387 Words   |  6 Pages Literature Review: The Effects of Domestic Violence on Children By Taralyn Dean SW 8570 March 11, 2015 Introduction Today this paper will be exploring the affects of intimate partner domestic violence and how this impacts the children. The children of theses situations are the bystanders of these physical and emotional events. This paper will review in depth what other professionals are saying about the children of the domestic violence relationships and also the findings andRead MoreThe Effects Of Domestic Violence On Children Essay1383 Words   |  6 PagesIn a similar study by Ybarra, Wilkens, Lieberman (2007) the goal was to determine if domestic violence leads to functioning shortfalls, and what its effects it has on a child’s behavioral and cognitive functioning. 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Domestic Violence is described as violent or aggressive behavior within the home, typically involving the violent abuse of a spouse or partner. Many children end up being the victims to seeing domestic violence in the home which is very unhealthy to their development. Some children may development resentment toward both parents- one for not leaving and the other for causing the abuse. Depression, aggressive behavior, emotional distress and suicide depending on the severityRead MoreEffects of Domestic Violence on Children1124 Words   |  5 PagesThe biggest victims of domestic violence are the littlest. The home is a suppose to be a safe and secure environment for children with loving parents and free from violence. Children need a secure environment where they can come home to when the outside world is unsafe. However, every year there are millions of children who’s homes are not a safe haven. Millions of children are exposed to a parent being violently assaulted. 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According to Shattered Lives magazine, â€Å"One out of every four households experi ence a form of domestic violence† (1). When one feels they have nowhere to go they become more attached and often have children with their perpetrator. The children also play a part in the family members

The Haitian Revolution - 1309 Words

Europeans invaded the land called Saint-Domingue in 1665, which would later be declared Haiti. They brought slaves to this new territory, and used them to mine the land for cash crops. There were barely any problems for the Europeans there until 1791. A group of slaves decided to rebel against their owners, causing the movement known as the Haitian Revolution which would last until 1804. The conditions of slave men and slave women were both poor, but the position of slave women was even lower than that of slave men. Although not completely equal by the end of the revolution, women were significantly closer to equality. They were allowed in combat, proving their bravery and exhibiting their expertise. A few specific slave women were brought into battle because of their husband’s role. The results of the Haitian Revolution, in terms of rights and privileges, were advantageous for former slave women, bringing them closer to equal status with former slave men. The Haitian Revolution was led mainly by Toussaint L’ouverture, a former enslaved coach driver. By the time of the revolution, he was a wealthy free man. In his personal memoir, he states â€Å"I have been a slave; I am willing to own to it†¦ I have made it my duty and pleasure to develop the resources of this beautiful colony.† He sided with the slaves because he had experienced slavery himself. The initial resistance was formed by a team of unorganized slaves, who had just arrived from Africa and were not there for long. TheyShow MoreRelatedThe Revolution Of The Haitian Revolution1385 Words   |  6 PagesThe Haitian Revolution is one of the most effective and swift Slave revolts of all time. The causes of the Haitian Revolution were quite simple and was similar to any other kind of slave revolt. Many ideas carried around by slave traders at the time such as treating slaves as property, using social/racial classes, and oppressive control ultimately tipped the sl aves over the edge. Ideas of independence also sparked the revolution, and one key inspiration to the cause was The French Revolution. ThisRead MoreHaitian Revolution : The Revolution1199 Words   |  5 PagesHaitian Revolution: The Haitian Revolution was led by Toussaint L’Ouverture from May 20, 1743 to April 7, 1803. It has been described as the largest and most successful slave rebellion. The rebellion was initiated in 1791 by the slaves. In the end, they had succeeded in ending slavery and French control on the colony. The Haitian Revolution consisted of multiple revolutions going simultaneously. The Haitian Revolution existed from 1791 to 1804. It was important because Haiti is the only country whereRead MoreThe Haitian Revolution1975 Words   |  8 Pagesrebellion is called the Haitian Revolution. The Haitian Revolution is one of the largest slave revolts that have ever occurred. Finally fed up with oppression, severed rights under the French, and failed promises of l iberty, the slaves of Saint Domingue took matters into their own hands. After years of violence and struggles for freedom, the slaves of Saint Domingue finally were emancipated, making all their efforts worthwhile. The Haitian Revolution is the most notable revolution that have ever occurredRead MoreThe Haitian Revolution And The American Revolution1365 Words   |  6 PagesAtlantic World. In a time that can be called an era of revolution, the Atlantic World faced a multitude of uprisings. The American Revolution in 1765 would be the start of the age of revolutions, and would later inspire the revolutions of other countries across the Atlantic, such as the French Revolution in 1789, the Haitian Revolution in 1791, and later the Latin American Revolutions during the early nineteenth century. The events of these revolutions created shockwaves across the Atlantic that wouldRead MoreHaitian revolution Essay1149 Words   |  5 PagesIn 1791 revolution broke out in the French colony of Saint Domingue, later called Haiti. The Haitian Revolution resounded in communities surrounding the Atlantic Ocean. One of the wealthiest European outposts in the New World, the Caribbean islands western third had some of the largest and most brutal slave plantations. Slave laborers cultivated sugar, coffee, indigo, and cotton, and they endured horrible death rates, requiring constant infusions of slaves from Africa. In 1789 roughly 465,000 blackRead MoreThe Haitian Revolution Of 17911317 Words   |  6 Pages The Haitian Revolution To say that all men are born and created equally is an understatement to say the least. Speaking morally, yes. But in reality, no. Especially if you are someone of African descent lost in the diaspora. Case in point, the Haitian Revolution. Holding someone against their will and forcing them into slavery is wrong. To force an unfair and unjustified debt upon a people for fighting for their freedom and winning is double wrong and equally as bad as slaveryRead More The Haitian Revolution Essay2474 Words   |  10 Pageseffects of the Haitian Revolution have played, and continue to play, a major role in the history of the Caribbean. During the time of this rebellion, slavery was a large institution throughout the Caribbean. The success of the sugar and other plantations was based on the large slave labor forces. Without these forces, Saint Domingue, the island with the largest sugar production, and the rest of the Caribbean, would face the threat of losing a profitable industry. The Haitian Revolution did not justRead MoreSuccess of the Haitian Revolution1897 Words   |  8 Pagesï » ¿The Success of the Haitian Revolution The Haitian Revolution was the result of a long struggle on the part of the slaves in the French colony of St. Domingue, but was also propelled by the free Mulattoes who had long faced the trials of being denoted as semi-citizens. This revolt was not unique, as there were several rebellions of its kind against the institution of plantation slavery in the Caribbean, but the Haitian Revolution the most successful. This had a great deal to do withRead MoreFrench Revolution vs. the Haitian Revolution762 Words   |  4 PagesThe French Revolution vs. The Haitian Revolution A revolution is a shift, a turning point, a change in government. A revolution usually occurs when the majority of a nation is frustrated with the economic, political, or the social situation of their country. Two very interesting revolutions were the Haitian and the French revolutions. While the Haitian and French revolutions took place in close proximity to one another, the cause for the revolutions and results were quite different. The politicalRead MoreFactors Responsible for the Outbreak of the Haitian Revolution2143 Words   |  9 PagesCaribbean was the Haitian Revolution. This School Based Assessment (SBA) is aimed at identifying the main causes and effects of the Haitian Revolution. Another aim off this school Based Assessment is to seek to find out why most slave protest and rebellions failed to destroy the system of slavery. Factors that were responsible for the outbreak of the Haitian revolution Class division was a major factor, which contributed to the outbreak of the Haitian Revolution. In St Domingue, there

The Concept and Practice of Depreciation Free Essays

The concept and practice of depreciation plays an integral part in a company†s cash flow situation and funding. The two main reasons this occurs are that firstly depreciation is a for of self finance, and secondly because a company does not have to pay taxes on depreciation, hence excluding taxation from a cash amount which enlarges the cash flow of a company. As a term, depreciation is defined as a loss in value, a diminishment in market price, always taking the time factor into account, because the view point of depreciation is always a rate of change in value in an asset (fixed or current) compared to the present value of that asset. We will write a custom essay sample on The Concept and Practice of Depreciation or any similar topic only for you Order Now If a company purchases or rents machinery, or any sort of equipment used for production purposes, it has to take into account the purchased or rented good†s production life span, meaning that everything has a certain period of time in which it contributes to production before it is rendered useless. I use the term useless in the sense that what is produced does not bring profit to the company due to wear and tear resulting in production time loss and a lower standard of quality. The time based usefulness of an asset of course varies depending on what the asset is. If it is a van for example, its usefulness might be seven years before the van needs replacing, but if it is a building we are talking about, its usefulness may be forty years. For example, is a JCB digger were to be purchased in 2000 at the value of  £15000, and its productive life span were to be eight years, this would mean that in eight years time, the digger purchased would cease to be of any productive use to the company which purchased it. If it were to be resoled in 2008 though, its value would have depreciated drastically due to the time lapse from the initial purchase. Its depreciation, hence its devaluation, is its year zero value less an annual percentage of the devaluation process updated annually. Depreciation does not only apply to current assets, but also is applicable to fixed asset as well. Buildings for example lose their value too taking the time scale factor into account. If a building is purchased in 1970 as a newly built structure, its value will have definitely decreased in 2025 by the depreciation rate estimated. The way depreciation is worked out is by subtracting the rate of depreciation (of the year in question) from the present value. The rate of depreciation varies from year to year by its power (in the process of the annual 1 multiplied by the percentage rate of depreciation) being the year number of its depreciation and its depreciation rate possibly varying from year to year. Because depreciation is subtracted from the assets of a financial statement, it is not subject to taxation, therefore the company has automatically achieved a higher cash flow status by depreciating its assets, the worth of its capital value. We can see this in the following mock cash flow calculation (Last Page). In the first and second row, because depreciation is included, the cash and accounting sum of depreciation is not taxed, this leaves the company with more cash flow compared to the third column of the calculation sheet where depreciation is not included. This form of saving, or investing, not only allows a company to have a greater financial mobility in the market it is involved in, but also ensures the replacement of necessary current and fixed assets needed for production purposes. The best way for a firm to be financed it through self finance, and since depreciation is retained cash for future asset replacement, it is a form of self financing. This saves the company paying out interest rates on bank loans for example, an external source of finance which demands a price for the service provided to the company. How to cite The Concept and Practice of Depreciation, Essay examples

The Concept and Practice of Depreciation Free Essays

The concept and practice of depreciation plays an integral part in a company†s cash flow situation and funding. The two main reasons this occurs are that firstly depreciation is a for of self finance, and secondly because a company does not have to pay taxes on depreciation, hence excluding taxation from a cash amount which enlarges the cash flow of a company. As a term, depreciation is defined as a loss in value, a diminishment in market price, always taking the time factor into account, because the view point of depreciation is always a rate of change in value in an asset (fixed or current) compared to the present value of that asset. We will write a custom essay sample on The Concept and Practice of Depreciation or any similar topic only for you Order Now If a company purchases or rents machinery, or any sort of equipment used for production purposes, it has to take into account the purchased or rented good†s production life span, meaning that everything has a certain period of time in which it contributes to production before it is rendered useless. I use the term useless in the sense that what is produced does not bring profit to the company due to wear and tear resulting in production time loss and a lower standard of quality. The time based usefulness of an asset of course varies depending on what the asset is. If it is a van for example, its usefulness might be seven years before the van needs replacing, but if it is a building we are talking about, its usefulness may be forty years. For example, is a JCB digger were to be purchased in 2000 at the value of  £15000, and its productive life span were to be eight years, this would mean that in eight years time, the digger purchased would cease to be of any productive use to the company which purchased it. If it were to be resoled in 2008 though, its value would have depreciated drastically due to the time lapse from the initial purchase. Its depreciation, hence its devaluation, is its year zero value less an annual percentage of the devaluation process updated annually. Depreciation does not only apply to current assets, but also is applicable to fixed asset as well. Buildings for example lose their value too taking the time scale factor into account. If a building is purchased in 1970 as a newly built structure, its value will have definitely decreased in 2025 by the depreciation rate estimated. The way depreciation is worked out is by subtracting the rate of depreciation (of the year in question) from the present value. The rate of depreciation varies from year to year by its power (in the process of the annual 1 multiplied by the percentage rate of depreciation) being the year number of its depreciation and its depreciation rate possibly varying from year to year. Because depreciation is subtracted from the assets of a financial statement, it is not subject to taxation, therefore the company has automatically achieved a higher cash flow status by depreciating its assets, the worth of its capital value. We can see this in the following mock cash flow calculation (Last Page). In the first and second row, because depreciation is included, the cash and accounting sum of depreciation is not taxed, this leaves the company with more cash flow compared to the third column of the calculation sheet where depreciation is not included. This form of saving, or investing, not only allows a company to have a greater financial mobility in the market it is involved in, but also ensures the replacement of necessary current and fixed assets needed for production purposes. The best way for a firm to be financed it through self finance, and since depreciation is retained cash for future asset replacement, it is a form of self financing. This saves the company paying out interest rates on bank loans for example, an external source of finance which demands a price for the service provided to the company. How to cite The Concept and Practice of Depreciation, Essay examples