Task 3 (16 Marks)The importance of accounti.docx

Task 3
(16 Marks)
The importance of accounting concepts and conventions can be
seen in preparing the financial statements in assessing the
financial viability of the company, where accountants prepares
the financial statement and provides the appropriate financial
report for the management of any company.
However, accounting concepts and conventions are rarely
disclosed in the financial statements because they are generally
recognized as being the activity of the periodic preparation and
presentation of the financial statements; but if the basic
concepts and conventions are not followed when preparing and
presenting the financial statement, difficulties will be faced
during the analysis, interpretation, and reporting of financial
statements. Therefore, it is necessary to understand that the
earnest interpretation and analysis of financial statements must
be taken into account constantly these concepts, assumptions,
principles and conventions used in the preparation.
Required:

(4 marks X 4 = 16 marks)
1. To define if the accounting concepts and conventions
function as a guidance in preparing financial statement.
2. To ascertain if accounting concepts and conventions assist in
proving useful information for economic decision-making.
3. To ascertain if accounting concepts and convention assists in
recognizing in how accounting transactions are looked into.
4. To define if accounting concepts and conventions leads in
producing more meaningful and reliable financial reports.
Task 4
(10 Marks)
Accounting performs an essential part in operation of business
administration because it assists you in tracking income and
expenses, ensure legal compliance, and supply shareholders,
managers, and government authorities with the quantifiable
financial information, which then are used for business decision
making purpose.
There are three main components that are generated by the
records, of which the financial statement is made-up:
· The income statement, which delivers information about the
profit and loss of company

· The balance sheet, which provides a clear picture on the
financial position of company as on a specific date.
· The cash flow statement, which is a bridge between the
income statement and balance sheet and provides information
about the cash inflow and outflow during a certain phase of
time.
It is extremely important to keep your financial records solid
and up-to-date if you wish to retain your company's financial
position robust.
You are required to:
(10 marks)
Explain the reasons why Accounting is important for your
business, regardless if it is small or large.
---------------------------------End of Assignment paper------------
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7
Question #3. Identify and explain the various ways in which
leaders establish their credibility through their actions and how
that contributes to leader performance.
1. Public sector managers frequently must:
2. Five aspects of building credibility ( M.I.C.E.E)

3. Four Principles of Ethical Leadership in the Public Sector
Public sector managers frequently must:
· Accept goals that are set by organizations other than their
own.
· Operate structures designed by groups other than their own.
· Work with people whose careers are in many respects outside
management’s control.
· Accomplish their goals in less time than is allowed corporate
managers.
· Credibility is not automatic — it’s built after a lot of struggle
and hard work. If a leader lacks credibility, he would never be
able to lead his team or even move up to an authoritative
position at the workplace.
· Building credibility is an essential component of keeping
citizen’s trust. Where there is trust, there is a growing and
sustainable relationship. When leaders establish credibility,
citizens respect them, vouch for them, and continue to use the
services provided business because citizens feel connected to
what leaders say, do, and stand for.
· Integrity and trust is a crucial aspect of credibility
· Leaders with integrity are honest, principled, and ethical in
their dealings with others.
· They are scrupulously honest and act on principle.
· They can be trusted to do what they say they will do and to
follow up on promises made. They can be trusted to keep their
commitments.
· In acting with integrity, they command the respect of others
who recognize the leaders’ sense of responsibility.
· Above all, we must be able to TRUST our leaders. We must
believe that their word can be trusted, that they will do what
they say, that they have the knowledge and skills to lead, and
that they are personally excited and enthusiastic about the
direction in which we are headed.

· Role of a leader
o Come up with good ideas about the direction that the group
should take
o Decide on a course of action or a goal to be accomplished
o Exert his or her influence or control in moving the group in
that direction
· Leaders who are visionary usually establish their credibility
because they are active in fulfilling that vision. They determine
the direction the organization will go by seek for opportunities
even it is a risk. They are normally passionate in what they do.
They build relationships with people that will help them move
forward in a positive way. They also have empathy to what their
employees or public is going through or acknowledges their
needs.
· Leaders gain credibility through their actions.
· “What values (personal traits or characteristics) do you look
for and admire in your superiors?” The most frequent responses
were that superiors be honest, competent, forward-looking, and
inspiring. Kouzes and Posner noted that these categories were
surprisingly similar to those communication experts use in
assessing the believability of sources of communications such
as newscasters and salespeople. In such studies, qualities such
as trustworthiness, expertise, and dynamism were associated
with greater credibility. Kouzes and Posner (1987/2017)
concluded that, more than anything else, we want leaders who
are credible:
o Above all, we must be able to believe in our leaders. We
must believe that their word can be trusted, that they will do
what they say, that they have the knowledge and skill to lead,
and that they are personally excited and enthusiastic about the
direction in which we are headed.
Five Aspects of Building Credibility (Kouzes and Posner,
2007):

(M.I.C.E.E)
If credibility is the foundation of all leadership, then what are
the things leaders do that enhance their credibility? Kouzes and
Posner (1987/2017) answered that leaders establish their
credibility through their actions, specifically through five
“practices” that they engage in when they are at their best and
that are available to anyone who wishes to accept the leadership
“challenge” :
1. Modeling the way.
· The most successful leaders are those who “practice what they
preach.”
· These are the leaders who have a clear idea of their beliefs and
values and who constantly sharpen their understanding of those
beliefs and values.
· They are people who have a clear sense of their own
behavior— what they are doing and how it is affecting the
group.
· These leaders are role models for those in the organization.
They are consistent and persistent—consistent with their values
and persistent in pursuit of their goals.
1. Modeling the way. The most successful leaders are those who
“practice what they preach.” These are the leaders who have a
clear idea of their beliefs and values and who constantly
sharpen their understanding of those beliefs and values. They
are people who have a clear sense of their own behavior—what
they are doing and how it is affecting the group. And they are
people who are able to make sure that their behavior is
consistent with their principles. These leaders are role models
for those in the organization. They are consistent and
persistent—consistent with their values and persistent in pursuit
of their goals.
2. Inspiring a shared vision.
· Leaders look into the future, explore its possibilities, and

dream about what the future might be like.
· This vision or mission represents an important change—a
desire to make something happen that is new, different, and
hopefully better.
· Leaders have to inspire others to buy into that vision,
something that is partly dependent on leaders’ own energy and
enthusiasm in carrying the vision forward.
2. Inspiring a shared vision. Leaders look into the future,
explore its possibilities, and dream about what the future might
be like. This vision or mission represents an important change—
a desire to make something happen that is new, different, and
hopefully better. But leaders not only have to articulate the
vision; they also have to inspire others to buy into that vision,
something that is partly dependent on leaders’ own energy and
enthusiasm in carrying the vision forward.
3. Challenging the process.
· Leaders accept the challenge of change. The specific challenge
may come in a number of ways—from trying to introduce a new
program of quality service to citizens to implementing a new
program to turning a decaying organization around.
· Leaders are willing to step out into the unknown and explore
new ideas and approaches.
· They encourage risk and innovation—in themselves and in
others. And they learn from both their successes and their
failures.
3. Challenging the process. Leaders accept the challenge of
change. The specific challenge may come in numerous ways—
from trying to introduce a new program of quality service to
citizens to implementing a new program to turning a decaying
organization around. Leaders are willing to step out into the
unknown and explore new ideas and approaches. They
encourage risk and innovation—in themselves and in others.
And they learn from both their successes and their failures.

4. Enabling others to act.
· Leaders cannot carry forward important projects on their own.
They need the help and assistance of people throughout the
organization.
· Successful leaders encourage, empower, and enable others to
act.
· They promote teamwork and collaboration throughout the
organization, and they model the importance of teamwork in
their own behavior.
· They want people throughout the organization to buy into the
vision, to feel a sense of ownership in what is happening, and to
feel that their work is being fully supported.
4. Enabling others to act. Leaders cannot carry forward
important projects on their own. They need the help and
assistance of people throughout the organization. Successful
leaders encourage, empower, and enable others to act. They
promote teamwork and collaboration throughout the
organization, and they model the importance of teamwork in
their own behavior. They want people throughout the
organization to buy into the vision, to feel a sense of ownership
in what is happening, and to feel that their work is being fully
supported.
5. Encouraging the heart.
· The most successful leaders encourage others to do their very
best and to recognize and celebrate their successes.
· Leaders are in part cheerleaders, boosting the spirits of those
with whom they work and cheering them on to greater
accomplishments.
· The means of “encouraging the heart” may vary widely, from
establishing large-scale employee recognition systems or events
to simply stopping in the hall to tell employees that they are
doing a good job.
· The best leaders generally are quite enthusiastic about what
they are doing, but they also recognize that they cannot do the
work on their own and that other people need to know they are
doing well and that their efforts are appreciated (e-text 367-

369)
5. Encouraging the heart. The most successful leaders encourage
others to do their very best and to recognize and celebrate their
successes. Leaders are in part cheerleaders, boosting the spirits
of those with whom they work and cheering them on to greater
accomplishments. The means of “encouraging the heart” may
vary widely, from establishing large-scale employee recognition
systems or events to simply stopping in the hall to tell
employees that they are doing a good job. The best leaders
generally are quite enthusiastic about what they are doing, but
they also recognize that they cannot do the work on their own
and that other people need to know they are doing well and that
their efforts are appreciated.
· That leadership involves a relationship between leaders and
followers, who engage with one another in a process of
determining what is to be sought. Leaders act on their own
motives and interests, but these must be connected to the
motives and interests of followers. In order for moral leadership
to occur, the values of both the leader and the followers must be
represented. As Burns has said, “Leaders and followers are
engaged in a common enterprise; they are dependent on each
other, their fortunes rise and fall together”
· Shared leadership focuses not on the leader but rather on
clusters of individuals working and growing together.
Leadership is seen as a function that operates within a group—
not the property of a single individual but rather an activity in
which many can participate. Leadership refers to the actions of
an individual only as he or she interacts with others in a group,
an organization, or a society. We can define this new approach
to leadership in the following way: Leadership occurs where the
action of one member of a group or an organization stimulates
others to recognize more clearly their previously latent needs,
desires, and potentialities and to work together toward their
fulfillment. In other words, leadership energizes. Leadership is
exercised by the person in the group who energizes the group,

whether or not he or she carries the title of “leader.”
· Give an example of a leader one looks up to or knows.
(optional)
· Credible Leadership = Ethical Leadership
Four Principles of Ethical Leadership in the Public Sector
1. Ethical leaders respect others - Listen to the views of others,
treat subordinates with respect.
a. Makes everyone feel valued and in return provides teamwork
b. People must be treated as having their own autonomously
established goals.
c. Should never be treated purely as the means to another’s
personal goals. Don’t use people.
i. Caring & Valuing people
2. Leaders are just - Ethical leaders are concerned with fairness
and justice.
a. Regardless of who you are or who you know, abide by the
same rules.
b. Do unto others as you would want others to do to you.
c. When individuals are treated differently, the grounds for
different treatment must be clear and reasonable - based on
moral values
d. When resources and rewards or punishments are distributed
to employees, the leader plays a major role.
3. Leaders have integrity - consistency of actions and word
principles.
a. What you do when no one is looking
b. Come forward with an honesty and transparency
i. This is tough because sometimes coming forward with the
truth can hurt and be destructive but necessary for the greater
good.
4. Ethical Leaderships serve others- serving others is the
primary foundation of the public sectors so showing that one
committed to others shows the vision for a bigger picture.
a. Working for people and communities, care about the jobs we

do, and people’s needs getting met.
Useful Resources:
Compare and contrast different styles of leadership. Propose
scenarios where each style might be most appropriate.
EXAMPLE OF LEADERSHIP STYLE IN THE WORKPLACE:
Leadership styles can be a toolkit to apply to each situation,
project, etc.
· A new manager is hired for a team that has had conflict in the
past. This conflict has led to a dissatisfaction among employees
and a lack of productivity within the department. This leader
decides to adopt a transformational leadership style. She first
must understand the mission/vision of the org to be able to
share w/employees and inspire them. Then get to know
employees to
· Adaptive leadership style - get to know employees to see what
motivates them. Change style depending on the employee's
needs. “How do you best receive feedback?” “Do you prefer
public or private recognition?” Cares about how employees are
doing personally and asks what they need to succeed, long-term
goals. Humanistic approach. Get to know outside of work and
what you bring to the organization.
· Performance appraisals - share where supervisor is/their
needs, and ask where employee is/how doing/their needs
· Authentic leadership - building relationship and camaraderie,
transparency.
· Transactional - work only, no personal investment.
Outdated/generational. Ex - Supervisor walks by w/o saying
hello
· Research clearly has shown that the key to effective
persuasion is the credibility of the source. (Recall from Chapter

7 that a key component of effective leadership is credibility; we
suspect that there is a connection.) A sender with strong
credibility is more effective in changing the beliefs and
attitudes of others than a sender with low credibility
(Cherrington, 1994, pp. 537–542; see also Kouzes & Posner,
2003). Credibility, in turn, is aided by two characteristics:
expertise and trustworthiness. Someone who is considered an
expert will be taken more seriously than someone who is
thought to know little about a subject. For example, a research
scientist who has extensively studied the effects of tobacco on
smokers’ health is presumed to know more about that issue than
the average person on the street. But the question of
trustworthiness may cut in a different direction. In some
situations, a person who actually has experienced lung cancer as
the result of smoking might be far more persuasive. In general,
if the issue is one of facts (e.g., how many smokers die from
lung cancer each year), then expertise will be the more
important factor in persuasion; if the issue is one of values
(e.g., whether people feel better after they stop smoking or even
whether they should stop smoking), then the most effective
communicator might be one who shares characteristics or
experiences with the intended audience (e-text 494).
Credible: The quality of being trusted and believed
You might have facts versus values.
Question#3. Identify and explain the various ways in which
leaders establish their credibility through their actions and how
that contributes to leader performance.
1. Public sector managers frequently must:
2. Five aspects of building credibility ( M.I.C.E.E)
3. Four Principles of Ethical Leadership in the Public Sector

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