TAX COLLECTION SYSTEM

Tax collection system divided into three systems, namely:

1. According to the time of collection

• Voorheffing : Withholding taxes done at the beginning of the tax year
• Naheffing : Withholding tax at the end of the tax year

2. According to the assessment base

• Fictitious system (assumption)

Tax collection system is based on a legal fiction or presumption. Assumptions used for example assume that the income received by the taxpayer is the same for each year. Then after the end of the tax year can be seen the amount of income a taxpayer, then it can be determined the amount of tax for the next year. In this assumption can be applied to systems of taxation at the way ahead (voorheffing).

• Real System

In a real system, tax collection is based on a real situation or income / taxpayer actually received. In this system of taxation can only be done by the end of tax collection / rear (Naheffing).

• Mix System

In the mixed system, in the early years of the debt tax imposed on the taxpayer is calculated based on the assumption the system, so at the beginning of the year is liable to tax assessments fictitious. After the end of the tax year of tax debts corrected and adjusted to the actual situation with use real system. That's when an assessment is issued final. If the amount of taxes in reality greater than the tax under the assumption, then the taxpayer must increase, and vice versa if it is smaller than the excess may be refunded.

3. According to the tax set

• Official Assessment System

Official Assessment System that tax collection system which states that the amount of tax payable by the taxpayer calculated and set by the tax authorities or the tax authorities. In this system the tax debt arises when you have a tax assessment from the tax authorities (in accordance with the formal teaching about the onset of tax debt). So in this case the taxpayer is passive.

• Self Assessment System

Self Assessment System is the system where the tax collection authority to calculate the amount of tax payable by the taxpayer submitted by the tax authorities to the taxpayer is concerned, so that the systems of these taxpayers must be active to count, deposit and report to the Tax Office (KPP), while tax authorities assigned to provide lighting and surveillance.

• With Holding System

With Holding System which tax collection system which states that the amount of tax payable is calculated by a third party (who is not the taxpayer and the tax authorities nor / tax authorities).

PRINCIPLE TAX COLLECTION

The principle of taxation at the opinion of the experts:

In order to achieve the purpose of tax collection, some experts argued about the principle of taxation, among other things:

1. According to Adam Smith in his Wealth of Nations with the teachings of the famous "The Four Maxims", the principle of levying taxes is as follows.

• Equality principle (principle of balance with the ability or fairness): tax collection by the state should be in accordance with the capabilities and income tax payers. State should not discriminate against taxpayers.
• Certainty Principle (principle of legal certainty): all taxation should be based on law, so for those who violate the law will be subject to sanctions.
• Principle of Convenience of Payment (the principle of taxation at the right time or the pleasure principle): taxes should be levied at the right time for taxpayers (the best time), for example when a new taxpayer received income or when the taxpayer receives a prize.
• Efficiency principle (principle of efficient or economic principles): the cost of tax collection is cultivated sparingly, not to place the cost of collecting more tax from the tax collections.

2. According W.J. Langen, the principle of levying taxes is as follows:

• Principle endures power: the size of the tax collected should be based on the size of the income of the taxpayer. The higher the income the higher the tax imposed.
• The principle benefits: tax levied by the state must be used for activities that are beneficial to the public interest.
• The principle of welfare: the tax levied by the state are used to improve the welfare of the people.
• The principle of equality: in the same conditions between taxpayers with one another should be taxed the same amount (treated the same).
• Principle smallest burden: tax collection sought smallest (as low as) when compared with the value of the tax object so as not to burden the taxpayers.

3. According to Adolf Wagner, the principle of tax collection is as follows:

• Principle financial politics : the amount of tax collected is adequate so as to finance or encourage all state activities.
• Economic Principle : determination of the tax object should be appropriate, such as: income tax, tax on luxury goods
• The principle of justice : the general tax levy applies without discrimination, for the same conditions are treated equally.
• Principle administration : issues concerning taxation certainty (when and where to pay taxes), billing flexibility (how to pay) and the cost of taxes.
• Juridical principle : all taxation should be based on the Act.

Principle imposition of tax

That the state may impose taxes on citizens or to an individual or other entity that is not its citizens, but is linked to the state, of course, there must be provisions that govern them. For example in Indonesia, as expressly stated in Article 23 paragraph (2) of 1945 Act that any tax to finance specified by law. To be able to establish a taxation legislation, necessary principles or foundations that will be the foundation of the state to impose a tax.
There are some principles that can be used by the state as a principle in determining the authority to impose taxes, especially income tax. The main principle is most often used by the state as the basis for taxing is:

1. The principle is called the principle of domicile or residence (Domicile / residence principle): based on the principle of the state will impose a tax on the income received or accrued by the individual or entity, if for tax purposes, an individual is a resident (resident) or domiciled in the country or if the entity is domiciled in the country concerned. In this regard, no question of where the income will be taxed is coming from. That is why the countries that follow this principle, the system of taxation of the population it will incorporate the principle of domicile (residence) with the concept of the tax on his income earned in that country as well as income earned abroad (world-wide income concept) .
2. The principle sources: the State adheres to the principle sources will impose a tax on the income received or accrued by the individual or entity only if the income will be taxed was earned or received by an individual or body concerned of the sources in the country. In principle, it is not a question of who and what the status of the person or entity who obtained such income for the foundation are imposition tax object or tax arising from that country. Example: Foreign workers working in Indonesia, from Indonesia's earned income will be taxed by the government of Indonesia.
3. The principle of nationality or principle called the principle of nationality or citizenship (nationality / citizenship principle): In this principle, which is the basis of taxation is the citizenship status of the persons or entities that earn income. Based on this principle, it does not matter from which income will be taxed from. As well as the principle of domicile, taxation system based on the principle of nationality was done by combining the nationality principle to the concept of taxation on worldwide income.

SOCIAL CAPITAL AND ECONOMIC RESOURCES

The word of ‘capital’ is the key word that has a supporting capacity of the movement and the progress of economic activity. In economic capital, there are at least three types of capital: liquidity, land, and energy.
Social capital can open a business opportunity by taking the advantage of information exchange to make the dynamic allocation of product or resources, minimize the risk by taking the advantage from non-economic network. The highest risk in the economic is coming from non-economic factor, and social capital can be operated to suppress these risk factor optimally.

Definition, Types, and Social Capital Characteristics

The sociological approach to the economy introduces the concept of social capital which was initially developed by Coleman. Coleman defines the social capital as an entity with two characteristics; consist of several aspects of social structures that facilitate the action in these structures.

Types and Characteristic of Social Capital

1. Value Interjections

• Operating Principle: Socialization into consensual established beliefs 
• Individual Motivation for Compliance: Principled 
• Classical Referents: Durkheim’s (1984) analysis of the social underpinnings of legal contract 
• Modern Application: Functionalist economic sociology (parson and Smelser) 

2. Reciprocity Exchange

• Operating Principle: Norm of reciprocity in face-to-face interaction 
• Individual Motivation for Compliance: Instrumental 
• Classical Referents: Simmel’s analysis of exchange in dyads and trials 
• Modern Application: Exchange and power in social life 

3. Bounded Solidarity

• Operating Principle: Situational reactive sentiments 
• Individual Motivation for Compliance: Principled 
• Classical Referents: Marx and Engels’s analysis the emergence of working class consciousness 
• Modern Application: Solidarity bond in immigrant and ethnic communities 

4. Enforceable Trust

• Operating Principle: Particularistic Reward and Sanction linked to group membership 
• Individual Motivation for Compliance: Instrumental 
• Classical Referent: Weber’s analysis of substantive rationality in economic transaction 
•  Modern Application: Dynamic of entrepreneurships 

World Bank gives high attention by studying the capital role and implementation especially for poverty reduction in developing countries. The ideologies that developed by the World Bank employ social capital that is based in the following assumptions:
1. Social capital is in the economic, social, and political linkages, believing that social relationships affect the way the market and the state works.
2. A stable relationship among the actors can promote the effectiveness and efficiency of both collective and individual behavior.
3. Social capital in a community can be strengthened and that requires the support of a particular resources
4. In order to create good social relationships and institutional, the community members must support it give their support.

Social Capital Categories

The categories of social capital may be specified in several forms, namely: experience, network, connection, and honesty. As described in the previous chapter, economy is embedded to the social aspect; social capital is also equivalent to the economic capital.

Education

Hypothesis: the higher the education a person has, the greater economic opportunity he has, which affects the level of income.
In general, according to functionalist’s perspective, the principles of education contribution to the advancement in industrial are:

1. Change of technology has made the works in industrial society requires education, because of two things:

• The proportion of works that require high skill increases, while on the other hand, the low skill works have been diminishing.
• The same jobs continue to require increase in skill.

2. Formal education provides the necessary training to the people in getting the higher skilled job.

3. Education requirements in the labor market continue to increase and more people are required to study longer.

Experiences

Hypotheses: the more experienced a person in a person in a particular job, the more needed he is in labor market, thus will affect the level of income.

Networks

Hypothesis: the more extensive the network a person establishes, the easier for him to face the job competition. Two advantages can be obtained from the network:

• The information benefit. The existence of this mutual network has support its members by providing access, employment references or in other words, giving the informal information and security.
• The ability to control. Someone can identify the structural opportunities that exist in the network such as exploiting the specific contacts in the negotiation process.

Connection

Hypothesis: the more connections one has, the easier for him to enter the labor market. As a strategy of labor candidate recruitment, some corporations have been practicing connectivity. To obtain new employment, the company allows its workers to recommend someone who have a relationships with him.

Honesty

Hypothesis: the more honest a person in his workplace, the greater the market trust him, and the longer working relationship is established. The basic of relationship, both social and economic, are honesty. The prevailing values in the social reject all forms of fraudulent behavior. Similar to the prevailing values in the economy, it also intolerant all forms of fraud and cheating.

RATIONALITY EXCHANGE

Economic Exchange Rationality

The classic economics, which was figured by Adam Smith, as well as by David Ricardo, John Stuart Mill and Jeremy Benthan, observe that humans are rational individuals who maximize profit or material benefit from the transactions or exchange with the others in the free market place. The calculation of cost when determining the choices based on these various alternatives is included in this rationality.

Based on cost and benefit analysis (Harris, 1977, 1979), economic decisions in all communities are produced by individuals or groups, by intentionally considering the advantages which is compared with estimated cost.

Economic Market Rationality

The economic market is the aggregate of the transactions in a very large number. Any ongoing transaction are assumed to occur only if the exchange make benefit for both sides. Thus, benefits are the market rationality. The rationality means expectation that contained in the exchange actors mind.
Rationality: Consistency and Maximization

The practice of rationality in human beings can be identified by using two approaches:

1. Rationality as internal consistency of choice.

2. Rationality as an action that aims to maximize self-interest that is reasonableness of decision-making procedures.

Rational attitude is constantly required a link between the objectives and the means. Therefore, maximizing self-interest is the part of the economic rational behavior.

Rationality and Preference

Economic rationality means that individuals will make up his favorable mind according to his preferences in a prospective situation. Seeing the opportunities is seeing the possibilities for action as well as calculating the consequences that may occur.

As an illustration of when consumers will buy a smartphone, it will first consider a few things like branded products, product features, and price products at the same time take into account the consequences that will result. And when consumers buy Smartphone certainly trust that consumers who purchased a Smartphone can deliver profits in line with expectations and costs incurred.

Preference and opportunities are fundamental factor in the economy. The existence of preference is a subject that undergoes a lot of changes because it is a continuously changing issue which is not merely economic. Change in preferences occurs because human behavior is governed by cultural factors, moral rules and custom.

The Rationality of Exchange Instruments

The existence of exchange instrument is a tangible manifestation of current economic exchange rationalization. The economic rational considerations are inculcated to the exchange instrument. So the exchange instrument can be accepted as a standardized value. The exchange instruments have developed toward a cheaper, faster, and accurate improvement. Money is an exchange instrument which is discovered by rational modern society.

Economic Rationality in Social Exchange

In the social transaction there are also orientation and price mechanism to pursue the economic benefits. The price value of the social transaction walk through a reciprocal social mechanism and social sanctions whenever there is no balance in exchange. In principle, people will always seek the material or non-material benefits in their social interactions.

Economic provides a description of human nature that always involved in the alternative behavior option. It generates option reflecting cost and reward. The balance or comparison between investment and profit in the social exchange is included in the distributive justice definition.



There are some similar transactions in both economic and social. People interact to each other –economically or socially- expect gaining something.

TRUST AND ECONOMIC INTERACTION

Trust means social belief derived from process of experiencing. It becomes an inseparable part of the social interaction; individual with individual, individual with group, group with group or group with individual. The role of trust in social relationship is abstract. The recommendation tradition is the actualization of a strong sense of trust to people, object, service options, or option to do a certain social action.

The raising question when somebody starts to trust the others is what makes him to trust them. The answer of this question can be generated on several considerations that become the people motives in giving trust to the others, include:
1. Because of the ownership of information. This depends on the degree of information and its relevancy in decision making whether it is credible or not. Thus, the degree of confidence can decreased or zero due to the lack of information. In this context, trust is interpreted as knowledge.
2. Because of the rational consideration in decision making that contains risks. As capital investment in the stock market has very high risk, to invest in this area, it is necessary to do the accurate and mature calculations in facing the chances of gains and losses.

Like the example in the trade, the seller delivers to the buyer installment that aims to gain traction and benefit buyers by giving confidence to buyers. Trust into the determination of profit or loss if misplaced confidence to buyers. And this proves what the parties are given the confidence can really be trusted or not.
Trust in Sociology Perspective

Trust in Sociology Perspective

Actually, trust is not central in the sociology discourse, but several studies in recent sociology literature's note that there are values binding individual in social bonding, such as solidarity and voluntary attitude which underline as trust. 

There are three approaches to understand the meaning of trust.
1. Trust as part of self-identity, as well as a social system which can be explained by observing individual behavior and orientation, basically, the trust is self-identity and then evolved into a social system that unites other persons in a relationship, because the trust is basically psychological.
2. Trust is seen as a useful collective attribute for social fabrication. Trust is seen as a social resource that can be engineered to achieve certain goals of the organization.
3. Trust is understood as a form of social values in a society that nurtured by the actions of the community members themselves.

Based on the three approaches mentioned above, it can be concluded at the beginning, trust is no more than personal, psychological and particular norms.

The simple understanding of the trust is: “willingness to take a risk”. It is an interaction based on the sense of confidence, that others will respond as expected, and will support each other. Or, at least people have no mean to harm. So, there is safety feeling in the interaction. This feeling has a range of areas which is defined as: “the circle of people among whom cooperative norms are maintained and kept”.

Trust in Economic Perspective

The definition of the trust has not been found. The definition that is given by several disciplines was different from one to another. Thinking about the urgency of the trust in the economy depart from the reason of the absent of the trust in certain circumstances that affect economic transition, where economic transition is shown as an exploitation arena rather than mutual benefit.

K. Arrow (1975) states that essentially, every commercial transaction has a trust element. And this idea comes from Adam Smith that the people in the same trade can freely meet and the conversation among them usually ends up in a conspiracy to the public to create a high price.

The economic exchange provides an opportunity. For profit, the opportunistic actors will do anything, including providing wrong information to the other. To identify from whom the opportunity is obtained and from whom this opportunity cannot be obtained will need some cost. Therefore, the existence of the trust becomes the element of economic efficiency.

Trust: Social Capital and Economic Interaction

In economic interaction, agents or individuals often engage in an impersonal relationship that is only held together by economic interest, therefore, economic cooperation is not always include ordinary people, although in some cases there is the fact that economic relations are also inherent in inter-personal relation.

The trust between traders and suppliers is formed through the repeated re-interpretation of economic relation. Positive assessment of the both side had a positive impact on economic prospect for further cooperation.

Kinship is very effective means to build mutual trust. Other means is primordial ties, such as professional associations. Thus, the trust is able to be treated as capital that contains practical value in the economic action which is derived from sociology cultural mechanisms, such as religion, tradition and common environment.

Trust, Contract and Transaction Cost

The social capital in the industrial economy is such necessity to work together. As company has to build trust relationship among individual member because they operate according to some ethical norms, thus it will be able to reduce both social and economic cost

Contract as a legal mechanism that regulates the cooperative relations is crucial in overcoming economic problems associated with the trust. Economists argue that this existence contract is made on basis of rational calculation and it has replaced the trust in economic cooperation relation, which affects the formation of cultural independent association.

Contract in legal and economic aspects, can glue the people who do not know each other is a partnership without any prior claim to believe. Trust is not able to replace the function and position of the contract as a legal institution. Contract will be more efficient with the trust, so it can minimize the transaction costs, claims and complaints through government regulations in case of contract cancellation which caused by other factors, such as skulduggery.
The example of trust in our daily life

The example of trust in our daily life

Imagine if you went to the store to buy a carton of milk, but milk Gated found the fridge was locked. If you managed to persuade the owner of the store to pick up milk, you may end up going to think about whether you are going to hand over the money first, or the owner of the store that will deliver the milk first. Because of the lack of confidence between them; trading activity was disrupted.

RETURN ON EQUITY - ROE

Definition of 'Return On Equity - ROE'

The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.
ROE is expressed as a percentage and calculated as:

Return on Equity = Net Income/Shareholder's Equity

Net income is for the full fiscal year (before dividends paid to common stock holders but after dividends to preferred stock.) Shareholder's equity does not include preferred shares.
Also known as "return on net worth" (RONW).

Regardz explains 'Return On Equity - ROE'

The ROE is useful for comparing the profitability of a company to that of other firms in the same industry.
There are several variations on the formula that investors may use:
1. Investors wishing to see the return on common equity may modify the formula above by subtracting preferred dividends from net income and subtracting preferred equity from shareholders' equity, giving the following: return on common equity (ROCE) = net income - preferred dividends / common equity.
2. Return on equity may also be calculated by dividing net income byaverage shareholders' equity. Average shareholders' equity is calculated by adding the shareholders' equity at the beginning of a period to the shareholders' equity at period's end and dividing the result by two.
3. Investors may also calculate the change in ROE for a period by first using the shareholders' equity figure from the beginning of a period as a denominator to determine the beginning ROE. Then, the end-of-period shareholders' equity can be used as the denominator to determine the ending ROE. Calculating both beginning and ending ROEs allows an investor to determine the change in profitability over the period.

Things to Remember

• If new shares are issued then use the weighted average of the number of shares throughout the year.
• For high growth companies you should expect a higher ROE.
• Averaging ROE over the past 5 to 10 years can give you a better idea of the historical growth.

Cost Estimate versus Budget ( PMP CONCEPT 22)

There are two processes within the cost knowledge area and planning process group: Estimate Costs and Determine Budget. Both are required in order to develop the project cost performance baseline.
Cost EstimateThe cost estimates are simply the costs associated with the work packages or activities within the project schedule. Depending on the work package or activity, the cost estimate may be determined using parametric, three-point, or analogous estimating techniques.It is important for all cost estimates to include any assumptions that were made, where did the estimate originate, who provided the information, level of confidence, etc.
BudgetThe budget is built using the cost estimates and the project schedule. The budget provides a view of how much the project is estimated to cost both from a total and a periodic perspective. This budget feeds the cost performance baseline which is then used as critical ingredient in performing earned value analysis and other cost management variance analysis techniques.The project budget must be in alignment with the organization’s funding limits in order to ensure the funding is available and has been appropriated.Example
The bathroom remodeling project will include the following cost estimates:

• Demolition - $3,000: Week 1

• Sheet rock - $2,000: Week 2

• Tile floor - $3,500: Week 3

• Fixture installation - $1,500: Week 4

• Painting - $800: Week 4

Therefore the total budget is $10,800:

• Week 1: $3,000

• Week 2: $2,000

• Week 3: $3,500

• Week 4: $2,300

Summary
Both cost estimates and budget are needed in order to determine the cost performance baseline and the project funding requirements.
Cost estimates are the estimated costs for each work package or activity, whereas the budget allocates the costs over the life of the project to determine the periodic and total funding requirements.

HOW TO BUILD A MARKETING INFORMATION SYSTEM

By Donald F. Cox

and Robert E. Good

Recently the marketing vice president of a company whose sales volume is $350 million asked, "How should we go about developing a marketing information system? I don't mean one that will keep track of orders and shipments, but a system giving our marketing managers information that will help them make better decisions about pricing, advertising, promotion, product policy, sales force effort, and so forth."

He asked the question of us because, since early 1966, we have been studying the attempts of 15 major U S. corporations to develop a sophisticated marketing information system, or MIS. We have talked with executives at companies such as Chemstrand, Coca-Cola, General Electric, General Foods, IBM, Lever Brothers, Pillsbury, Schenley, and Westinghouse.

Although this field is relatively new, most of the technical aspects of developing an MIS are no longer an obstacle. Nevertheless, few companies are very far along in taking advantage of an approach which, its users agree, has great potential.

In this article we will attempt to provide some guidelines which might help answer the inquiring marketing vice president - and others with similar questions. First we will present a brief review of some of the characteristics and advantages of a sophisticated MIS, and of the current "state of the art." Then we will identify some of the key decisions which must be made by top management in the MIS development process. In each case we will present a distillation of the experience of the companies studied as an aid in making these critical management decisions.

What It Is & Can Do

An MIS may be defined as a set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions. This of course is a step beyond logistics systems, which handle inventory control, orders, and so forth.

AUTHORS' NOTE: This is a partial report of a study of the development of marketing information systems which is being supported by the Division of Research of the Harvard Business School.

It is desirable first to differentiate between the two major components of such systems - support systems and operating systems. Support systems include those activities required to generate and manipulate data - i.e., market research and other data gathering, programming, and data processing. Operating systems are those that use the data as an aid to planning and controlling marketing activities.

This article is concerned mainly with the development of three types of marketing operating systems - those designed for control, for planning, and for basic research. In EXHIBIT I we summarize some of the applications and probable benefits of each type of system (assuming increasing degrees of sophistication) and present examples of systems now operating. The following are examples of marketing systems we have observed, with some of the advantages the companies claim for them.

1.   Control Systems

These provide continuous monitoring (sometimes through exception reporting) and rapid spotting of trends, problems, and marketing opportunities.  They allow better anticipation of problems, more detailed and comprehensive review of performance against plans, and greater speed of respon se. For instance:

- IBM's Data Processing Division has developed an MIS which district sales managers can interrogate through a time-sharing computer terminal located in an executive's office. A manager punches a typewriter-like keyboard and receives an immediate print-out of information such as:

• Sales (or rentals) to date - broken down by product code, type of customer, and branch making the sale.
• Sales in relation to goals.
• Combinations of information which relate to sales, customer classifications, product codes, and so forth.

The data are current to within three or four days, allowing the manager to keep up to date on marketing problems and opportunities and on progress in relation to goals.

     -Schenley has installed the so-called SIMR (Schenley Instant Market Reports) system which allows key executives to retrieve (via video display desk consoles and printers) current and past sales and inventory figures for any brand and package size (or combination) for each of 400 distributors. SIMR furnishes information in less than one second after a query, compared with many minutes or even hours under its former computer and manual system. Furthermore, since the computer does the calculations, managers have great flexibility and near-instant speed of response in making many types of comparisons of sales and inventory positions, such as:

• How a brand is doing in any size or in all sizes in any market or in all markets.
• How a distributor is doing with a particular brand.
• How a bottle size is doing by distributor, state, or region.
• How a market is doing by month or has done since the end of the previous fiscal year.

We can get answers literally while we are still formulating the questions," states Bernard Goldberg, president of Schenley's marketing subsidiary. "Needed information is available so quickly that it helps us think." [1]

2. Planning Systems

These furnish, in convenient form, information the marketing executive requires for planning marketing and sales programs. At least three major consumer goods producers, for example, are developing "data books" for product managers. The books bring together the basic information a product manager needs to formulate annual marketing plans and to "replan" during the course of the year. Putting the information into one book, rather than in a welter of reports, not only saves time, but it also enables all product managers in a group or division to base their plans on the same data. Consequently, their superiors are able to review comparable information quickly when considering the plans for approval.

At a more sophisticated level, planning systems allow simulation of the effects of alternate plans so that the manager can make a better decision. For instance:

•       Pillsbury's system enables marketing managers to obtain sales forecasts for each of 39 sales branches, supported by varying levels of trade promotion. The marketing manager asks the question, "What will sales be in each branch if we spend x dollars on trade promotions in comparison with .75 x dollars and with 1.2 x dollars?" Pillsbury does not claim that the system is perfect - it is obviously no better than the assumptions on which the simulation is based - but it has had a surprisingly good "batting average" in accuracy. It has great value to marketing managers because it allows them to look at alternate plans in each of the 39 sales branches; this was never feasible before.
•       A large pharmaceutical company has developed an even more complex model. The company has programmed an artificial panel representing the nation's population of doctors. Every week the company simulates each doctor's prescription decision for every patient he "sees." (Commercial research services are available which provide information on the incidence of symptoms of illness and the "patient mix" of the various medical specialists.) The doctor considers the symptoms "presented" by each patient and decides whether to prescribe a drug and, if so, which type and brand. His decision is based on factors such as his experience with the drug, current attitudes, exposure to the advertising of various brands, exposure to detail men, and word-of-mouth information from other doctors. The simulation even includes a "forgetting routine" which causes a doctor to forget from time to time some of the information he has acquired.

While the company does not disclose how the simulation model is being used, it certainly is capable of generating extremely sophisticated marketing planning. For example, marketing managers can test the effects on share of market and sales of variations in amount, type, and timing of advertising and simultaneously test the effects of variations in frequency of detail men's calls. On a broader basis, the system can be used to screen a number of alternative marketing programs to select the most promising ones to be actually test marketed.

Perhaps the ultimate in sophistication is a marketing planning system which reviews alternatives, then actually makes decisions and takes action. Thus, several large retailing organizations have developed systems that review sales trends and inventories and then place orders for merchandise.

The most advanced unit of this type we have seen is not a marketing system; rather, it buys and sells securities in a stock brokerage house. Still in the future are marketing systems that decide the amount and timing of advertising and price promotions in each of several dozen sales districts.

3. Basic Research Systems

These systems are used to develop and test sophisticated decision rules and cause-and-effect hypotheses which should improve ability to assess effects of actions and permit greater learning from experience. For instance:

•      A large consumer goods company is developing an MIS which, among other things, stores in computer memory the characteristics of each advertisement run (color versus black and white, nature of illustration, amount of copy, and so forth) and readership and attitude change scores for each ad. The purpose is to be able to relate ad characteristics to effectiveness measurements under different conditions and with different types of consumers by systematically studying "experience."
•      Most companies find it difficult to relate advertising to sales because there are so many important "uncontrollable" variables which are nearly impossible to take into account in an unsophisticated MIS. One large consumer goods producer has developed an MIS which for the first time allows the company to collect, store, and retrieve advertising, sales, and other marketing data at a level of detail which makes possible much better controlled studies of the relationship of advertising to sales.

Current Progress

The examples which we have presented probably represent the most sophisticated types of MIS now in existence. While we have not surveyed the 500 largest corporations in the country, we have screened more than 50 companies and have reviewed more than 100 current articles on information systems. As far as we have been able to determine, the current state of the art is something like this:

•       Very few companies have developed advanced systems, and not all of these are in operation. Some might even best be classified as subsystems, since they relate to only a portion of the marketing decisions made.
•       Some companies, perhaps 15, are actively upgrading their systems to a high level. Of these, about half seem to be progressing well; the others have been much less successful.
•       Many other companies are contemplating plans to develop sophisticated systems.

The reasons why marketing systems have not developed to the same extent as, say, production, logistics, or financial systems are not "technical." Marketing research technology (data gathering), computer technology (data handling), and analytical procedures (e.g., mathematical model building) are all sufficiently advanced to permit companies to build effective marketing systems.

Although insufficient time has elapsed since the installation of most advanced marketing information systems to allow a precise assessment of benefits, the users of sophisticated systems with whom we have talked are virtually all very enthusiastic about their systems, even though many see room for improvement.

Developing the System

Because many of the technical problems of developing sophisticated support systems have been solved and many users are gratified over the results, why are there so few advanced marketing information systems in operation? And why have some companies succeeded more than others in realizing the potentials of the MIS?

One characteristic of the more successful companies is striking. In every case, at least some members of top management have seen the promise of the technique and have viewed its development as a top management responsibility. They have devoted a great deal of time, thought, and effort to guiding (and sometimes) actually protecting the development process Unfortunately, it is widely believed that the job of building an MIS can be turned over to a technical staff group. This has not proved to be the case. Information systems are not merely technical appendages (developed by technical people) that are easily meshed with most existing marketing planning and control systems.

The best way to show why participation of top management is necessary is to pose five key questions which must be answered in the process of instituting a sophisticated MIS. In our opinion, each is a management question:

1.      How should we organize to develop a better MIS?
2.      How sophisticated should our marketing systems be?
3.      What development strategy should we follow - do we attempt to build a "total" system in one move, or in stages?
4.     What should be the major characteristics ("macro specifications") of our system?
5.     How much should we spend on developing and operating an MIS?

While the field is too new to permit comprehensive and conclusive statements about all its aspects, we can present some guidelines and working hypotheses that are worthy of management's consideration.

Readying the Organization

The starting point in organizing for MIS development is not the establishment of a marketing systems group. The starting point is a review and appraisal of the entire marketing organization and of the policies that direct it. As James Peterson, vice president grocery products marketing of The Pillsbury Company, pointed out to us:

"We realized we couldn't develop a marketing control system until we had clearly and sharply defined the responsibilities of our marketing managers. If the system was to measure their performance against plans, we had to specify precisely what each man was accountable for.

Some companies, for instance, have failed to decide whether a product manager is accountable for unit sales and market share, for sales revenue, for marketing profit, or for net profit. Until responsibilities and spheres of activity are clearly defined, if is virtually impossible to build a marketing control system. In fact, specification of who is accountable for what automatically determines many of the control system's characteristics.

Management must next decide how to organize MIS development activities. Our observations show that this is a much more complex problem than might be assumed. Sophisticated systems require the coordinated efforts of many departments and individuals, including:

•         Top management.
•         Marketing management, brand management.
•         Sales management.
•         New products groups.
•         Market research personnel.
•        Control and finance departments.
•        Systems analysts and designers.
•        Operations researchers, statisticians, and model builders.
•        Programmers.
•        Computer equipment experts and suppliers.

The contribution of each group of course depends on its specialized talents and interests in the system. Programmers cannot define managers' information needs, and managers usually cannot program. No one person knows enough to accomplish all phases of MIS development.

Furthermore, sophisticated systems do not fall into a company's traditional data handling domains, such as the market research department or the accounting and control department, because an essential feature of a good MIS is that it integrates and correlates marketing and financial data.

Many companies we have observed have not really come to grips with the difficult problem of providing the organizational arrangements and leadership necessary for successful MIS development. They have not answered the question of who is responsible for MIS design, planning, and development. Why is there a leadership vacuum? Partly because top management does not fully appreciate the requirements and implications of the MIS, and partly because it has an understandable reluctance to disturb entrenched and powerful departments.

The approaches which have been tried in an attempt to solve the problems of organization and leadership can be characterized as:

•      "Clean piece of paper" approach.
•      Committee approach.
•      Low-level approach.
•      Information "coordinator" approach.

'Clean Piece of Paper' Approach. This involves drawing a new organization chart. The argument goes that the financial and accounting departments and market research departments have developed

MAO ZEDONG (COMMUNIST REVOLUTIONARY)

Mao Zedong was a Chinese Communist revolutionary, guerrilla warfare strategist, Marxist political philosopher, and leader of the Chinese Revolution. He was the architect and founding father of the People's Republic of China (PRC) from its establishment in 1949. His theoretical contribution to Marxism–Leninism, along with his military strategies and brand of policies, are collectively known as Maoism. Mao was leading the Chinese Communist Party to repel a Japanese invasion and to victory against Generalissimo Chiang Kai-shek's in the Chinese Civil War. Mao reestablished central control over China's fractured territories, and successfully suppressed opponents of the new order. He enacted sweeping land reform by using violence and terror to overthrow landlords before seizing their large estates and dividing the land into people's communes. Mao styled himself "The Great Helmsman" and supporters continue to contend that he was responsible for a range of positive changes which came to China during his three decade rule. Mao remains a controversial figure. Although Mao encouraged population growth and China's population almost doubled during the period of his leadership (from around 550 to over 900 million),his rule from 1949 to 1976 is believed to have caused the deaths of 40 to 70 million people. Severe starvation during the Great Chinese Famine, mass suicide as a result of the Three-anti and Five-anti campaigns, and political persecution during both the Anti-Rightist Movement purges and struggle sessions all resulted from these programs.

FOREIGN TRADE REFORM (CHINA)

Since the launching of the reform program in 1979, the promotion of external trade has been central to China’s efforts to modernize its economy. The policy has met with remarkable success, with exports and imports having increased . This has been accompanied by rapid changes in the institutional support system for foreign trade and in the incentive framework. But China has a long wait to go in replacing direct administrative intervention with indirect price-based instruments for managing its trade policy, and much is still unclear about the functioning of China’s trade regime. Historically, China’s approach to trade policy has been aimed at achieving export growth for the sake of generating foreign exchange without sufficient regard to its costs, while import policy has featured controls to regulate import growth. Although, as a result of the " open-door " policies of the 1980s, decisions concerning exports have become increasingly determined by the market rather than administrative flat, reform of the import regime has, by comparison, remained neglected and is now taking on some urgency. The report addresses key issues in import as well as export policy for accelerating the country ' s transformation into a market based economy.

SOLUTION MANUAL CHAPTER 02 PROBLEMS AND CASES COST ACCOUNTING, 14th Edition, by Carter

Ch02SM -

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THE PRINCIPLE OF ISLAMIC BANKING

There are almost 2 billion Muslims worldwide, a statistic that cannot be overlooked even in the banking industry. However, Muslims have very strict laws governing financial transactions. Islamic banking must adhere to the laws of Sharia to be true Islamic banking centers.

The Sharia Law of Islamic Banking

Sharia law is the law of Islam. The rules concerning financial transactions are known as Fiqh al-Muamalat. The most prominent of these laws are the laws concerning the charging of interest or fees on loans or usury fees. This is known as Riba. Islamic banking laws also forbid investing in financial unknowns, such as trading in futures, and in businesses that participate in ventures that are against Islamic principles.

Islamic Banking Principles for Interest

To comply with the laws concerning interest, Islamic banks often require a large down payment on property or goods being purchased. They may also require collateral equal to the value of the transaction. Instead of granting “loans” in the conventional way, a bank will purchase the goods or property from the seller and enter into an agreement with the buyer to sell it to them at a higher price. Since this is an exchange of goods, not money, the banks are allowed to enter into this transaction and make a profit. This is known as Murabaha (cost plus) and is how all property is purchased through a Sharia compliant bank. Islamic banks do not issue mortgages.


These transactions can fall under specific categories and practices. Safe Keeping (Wadiah) is where the customer transfers funds to the bank to hold (Keep) until their debt is repaid. During that time the bank is allowed to invest those funds to generate a profit for the bank. The bank may also charge a service fee for keeping the account safe during this period. The bank is allowed to give a gift (Hibah) on the account in the form of a monetary payment at the end of the term if it wishes. The bank, however, must have all deposited monies readily available should the debt be repaid and the deposit claimed.

Banking Partnerships for Business

Mudharabah (profit sharing) is a partnership that is formed between an entrepreneur and a bank to start a business. The Bank will supply all the money necessary to start the business and as the business operates it will receive a set amount of the profit until the initial debt is repaid. The bank will also receive as a bonus, an additional percentage of the profits until the loan is paid. Musharakah (joint venture) runs on the same principal except there are more than one business partner when the business is created.

Governing Boards of Islamic Banks

Each banking institution employs a special governing board that makes sure that all Sharia laws are complied with within the institution. This board will review all practices and investments prior to a transaction being finalized. They are also responsible for reviewing any potential investments the bank may make to ensure they comply with investment rules.

While many of these practices may seem strange to western bankers, Islamic banking has taken its hold in the Middle East. Deposits into Islamic banking institutions have been growing between 25 and 40% a year since 1975. Currently it is estimated that almost 200 billion dollars a day transacts in Islamic banks world-wide.

THE BEST RATES AND DEALINGS FOR FREIGHT AUDIT

In the world of shrinking boundaries international business is the call of the day. And whenever there is a business between international parties across geographical boundaries one of the most important constituents of that business is transportation of goods Ocean freight rates. Without the transportation of goods these business transactions are in most cases than not deemed incomplete. Speaking about transportation of goods one of the most important way to do the same is ocean freight. From time immemorial Ocean freight has been used to transport goods from one country to the other.In the earlier times ocean freight was used to transport spices, animals, textile goods, people and almost anything under the sun.

These are nothing but surveying goods and the calculating an estimated cost in transferring those goods via ocean freight to another country. There are a lot of organizations who offer services in Freight bill audit and freight audit and in more cases than not the ocean freight companies offer the services of Freight bill audit and freight audit as a value added service. After that is done customers generally vet these rates from other companies offering Freight bill audit and freight audit Freight audit. The rates that come up in Freight bill audit and freight audit generally depend on various reasons like what are the goods that are to be transported, what kind of ocean freight are they being transported by, what is the time limit for the goods to be received by the customer, various taxes and custom duties and most important of all the fact whether the customer is opting for full container load or less than full container load. This fact more than others affect the cost figures that come up in Freight bill audit and freight audit, Ocean freight rates At that time ocean freight had to be used out of compulsion s there was no alternative way for various companies to transport their good to their counterparts in other companies in a different country. But in the present world although there is the option of air lifting goods from one country to the other country across the seven seas but still companies prefer the ocean freight over air freight generally for the reason that ocean freight rates are significantly on the lower side than air freight rates Freight bill audit. Ocean freight rates although have increased due to the increase in the prices of fuel, but because ocean freight is able to carry a huge amount of load in containers on the entire ship as compared to the small consignment which is possible to be transported by air freight, ocean freight rates have stayed on the lower side as compare to air freight. Agreed that ocean freight generally involve longer lead times and waiting periods but even than companies prefer ocean freight over air freight simply because of the cost saving implications. Freight bill audit and freight audit have become increasingly well known words in the business circles Freight audit. As ocean freight has increase so has the processes of Freight bill audit and freight audit.

BASICS FACTS ON TAX AND BOOKKEEPENG SERVICES

Tax and bookkeeping services are available from many different professionals. These services may be requested on a business or personal level. Bookkeeping is done in order to record the financial transactions, including all payments, receipts and sales. This information is useful when it comes to tax preparation, which is the process of filing tax returns.

Those involved with bookkeeping on a professional level are known as bookkeepers, and may work independently or as part of a company. Tax prepare may be accountants, attorneys or enrolled agents. Regardless, these people are hired to aid taxpayers when it comes to filing income tax returns and other important paperwork. Usually individuals work with these professionals to guarantee accuracy. There are also programs and software that does this work too.

Sometimes there is an incorrect link made between accounting and bookkeeping. This mistake is understandable because the work of accountants may be similar to that of bookkeepers. Still, this only reflects a small portion of the duties of accountants. These professionals are assigned to drafting reports relative to the transactions marked by bookkeepers. Furthermore, they file forms required by government officials.

In regards to preparing taxes, most companies and individuals seek out aid. Working with professionals is ideal because experts in the field are skilled at strategizing in order to get the best possible results. Professionals of this kind may use special tactics, such as cash flow management, compliance, tax risk management, reporting or planning. They are aware of how these systems operate and know how to navigate through them.

There are numerous firms that have a staff full of specialists. The work of these individuals usually overlaps. Bookkeepers are mostly assigned to ensure all transactions have been recorded in the correct books, whether it be the suppliers, custom or general ledgers. They bring said books to what is called a trial balance stage. From there, accountants take over and handle all the necessary balance sheets and income statements based on the information passed on by the bookkeepers.

Prepares might offer many different services. In general, these pros are responsible for handling tax preparation and assisting with any controversies. Typically they provide consultations and research, which may relate to federal, international and employment tax issues. Tax compliance is another area in which they are trained to offer help.

It is usually recommended, and preferred, that individuals work with professionals to get these tasks completed. These individuals are usually more accurate and informed of how things work. Still, software is available through many stores. This allows individuals to do the process themselves, with guidance from the program. These easy-to-use programs may also feature back-up support. The costs of the computer software or professionals services will vary considerably. Usually the software is less expensive than hiring a bookkeeper or tax prepared, but the results may not be as quality. Individuals should consider their budget and needs when deciding between the two options.

Tax and bookkeeping services are widely available and requested by individual and businesses. These services may be offered through companies with numerous professional experts on staff or by independent contractors. There is also computer software available that provides individuals all the tools to complete these tasks themselves.

Withholding and payroll taxes

Businesses are required to withhold taxes from employees' earnings and to pay taxes based on wages and salaries paid to employees. These withholding and payroll taxes are liabilities until they are paid to the taxing authority. Note that there are really two sources for these taxes. First, you are well aware that employees must pay certain taxes that are ‘‘withheld'' from their paycheck. This is the difference between your gross pay and your net pay. The business does not have any rights to this money; instead, as with sales tax, they must pay these amounts to the proper authority. The standard withholding s are federal, state, and possibly city or county income taxes, as well as Social Security and Medicare. Employees may also have amounts withheld for such things as retirement accounts, parking, and health insurance, among other things, but these are not taxes.

Employers also pay federal and state unemployment taxes (these are used to fund unemployment benefits) based on their history of firing employees (because fired employees are eligible to collect unemployment benefits). Finally, employers do have other costs—typically called fringe benefits—associated with employees, but these are not taxes. Examples of fringe benefits include employer contributions to retirement accounts and health insurance. Most U.S. businesses have the following obligations to pay taxes or withhold them from employee earnings. Unearned revenue is the liability created when customers pay for goods or services in advance.Additionally, the business itself must pay certain taxes based on employee payrolls. You may be less aware of some of these taxes, but the dollar amounts are very real to any business. These amounts are not withheld from employee pay; rather they are additional amounts that must be paid over and above gross pay. For example, employers match your contribution to Social Security and Medicare (together these are called FICA). That is, if you have $400 withheld from your paycheck for Social Security, your employer pays the federal government $800 related to your employment.

In such instances, the seller has a liability to the purchaser in the amount of the prepayment. This liability is discharged either by providing the goods or services purchased (at which time revenue is recognized) or by refunding the amount of the prepayment. A contingency is defined as an ‘‘. . . existing situation, or set of circumstances involving uncertainty as to a possible gain or loss that will be resolved when a future event occurs or fails to occur.'' A contingent liability (or, contingent loss) results when there is uncertainty about a possible loss. For example, a firm may be contingently liable for damages under a lawsuit that has yet to be decided by the courts. When the courts reach a decision, the liability will be known, but until then it is contingent on that decision.

THE CLOSING OF COOPERATION in Indonesia

A. WHEN A COOPERATIVE IS Closes ?

Based on the provisions in chapter X of Law No.25/1992, the dissolution of the cooperative will be done because of the following reasons:

1. Meeting of cooperative members really want cooperative dissolved

Dissolution of the cooperative members will have to be done through a meeting of members. In the meeting the members can know the reasons that drive the dissolution of the cooperative; the reason had to be strong enough, so that they would be accepted by all the members present in the meeting

2. Cooperatives in the government's decision dismissed

The Government may issue a letter of dissolution of the cooperative if:
1) There is strong evidence that the cooperative does not fulfill the provisions in the Act that apply cooperative.
2) Cooperative activities significantly contradictory and disrupt public order or morality.
3) The Government considers that the viability of cooperatives cannot be on hold , so it can no longer be expected to meet its function as an economic organization that would like to fight for the interests of its members

B. DISSOLUTION PROCEDURE FOR COOPERATION

1. Dissolution on their own

The steps are as follows:
1) Hold a special meeting of members to discuss the dissolution of the cooperative.
2) Board member meeting to present the results of the dissolution of the cooperative to cooperative officers within the agency to apply for the dissolution of the cooperative.
3) After the dissolution of the cooperative petition is received by the competent authorities, then the authorities will issue a decree of dissolution and present it to the cooperative filed.

Dissolution of cooperatives by the government decision will be issued within a period not later than 4 (four) months from the receipt of application dissolution of the cooperative.

2. Dissolution of the cooperative will of the government

Dissolution of the cooperative government will only be done if the cooperative has actually violated the Act or the rules, or is not in the interests of its members.
The steps are as follows:
1) Do research to obtain strong evidence that the cooperative in question has violated applicable rules or to disturb public order.
2) The Government shall record on property rights are being cooperative, evidence of the wealth of the cooperative, members list, a list of members of management may be required accountability.
3) On the basis of the cooperative research, the competent authority to dissolve the cooperative will send a letter to the dissolution of the cooperative in question.
4) Delivery dissolution proposal to officials of other related cooperative, the cooperative only a name only or no longer board and its members.

Whereas in the case of violation of the Act or regulations as in effect of a law or regulation, then basically all existing cooperative must adjust to the new legislation

The procedures for the dissolution of the cooperative are as follows:
1) The Government shall conduct a study of existing cooperatives in the enactment of new legislation.
2) If the results of the study found that in a number of cooperatives that do not comply with applicable regulations, it provides the opportunity for cooperative officials concerned to adjust.
3) When it comes to the time limits specified in these cooperatives do not want to conform to the applicable regulations, the government will send a letter to the dissolution of the cooperative concerned with the accompanied the reasons for its dissolution.

C. DECREE OF DISSOLUTION

Dissolution of the cooperative decision made ​​by the competent authority after the dissolution of the cooperative in the whole procedure is applicable lakukan.hal well in case its own volition or the will of the government. The dissolution of the letter should be noted in the general list of registered cooperatives in the region. Dissolution decree also necessary in the other parties concerned.

D. SETTLEMENT

One very important element cooperative role in the dissolution process is the formation of a committee called the settlement committee. Completion of the committee's members to be removed from the people who have a particular expertise , and must comply with the provisions in force so that they can perform the task as well as possible .

E. IMPLEMENTATION PROCEDURES FOR DISSOLUTION

Decree of dissolution of the cooperative will be sent to people who act as a committee member of the settlement , then perform the division of tasks to fellow members , in carrying out its duties , the committee resolver must base itself on the following considerations :
1) There is evidence that the cooperative will be dismissed.
2) The provisions specified in the articles of association in the cooperative in question.
3) The decisions are applicable in relation to the dissolution.

During the completion phase of the cooperative to be in the dispersed status as a "cooperative in progress ".

Article 59

(1) For the purposes of Creditors and Members Cooperative, the cooperative and the dissolution or closure of Savings and Loans Unit must be done dissolution settlement or closing Cooperative and Savings and Loans Unit, hereinafter referred to settlement.
(2) Settlement by Tim dissolution settlement or closing of Cooperatives and Savings and Loans Unit, hereinafter called the resolver.
(3) For completion by the meeting of the Members, Team resolver appointed and accountable to the Member Meeting.
(4) For the settlement based on the Government's decision, Tim resolver appointed and accountable to the Government.
(5) During the settlement process, or Units of Cooperative Savings and Loans remain as "AND COOPERATIVE SAVINGS AND LOANS OR UNIT IN SETTLEMENT".

Article 60

1). in performing its duties, the committee has the right and obligation resolver as follows:
- Do all acts for and on behalf of "cooperative in progress"
- Gather the information needed regarding the settlement in the cooperative.
- Calling the member or former member in accordance with its responsibilities, both individually and together.
- Acquire, double check, and using all archives cooperative
- Establish and implement all payment obligations of precedence from other debt payments.
- Using the remaining assets to complete the remaining obligations cooperative cooperatives.
- Distribute the rest of the settlement proceeds to the members of the cooperatives'
- Making news event completion.
2) Resolver team shall perform his duties within the time specified in the decree of dissolution or closure of Unit Cooperatives Savings and Loan;
3) Resolver teams prepare minutes of the results of execution of his duty
4) Cost Team Member Meeting resolver based decisions and or charged to the Cooperative Savings and Loans Unit, the amount as much as 5 % of the remaining amount of the settlement;
5) Team fee settlement imposed by the Government's decision to the Government
6) Official report submitted to the Government the results of the completion and submission of the minutes of the completion of the liquidation or dissolution of the Cooperative and Savings and Loans Unit, the task ends resolver Team.

Article 61

(1) Dissolution of Cooperatives and or Unit Savings and loan closing was announced by the Government in the State, and the cost to be borne by the Government;
(2) In addition to the provisions referred to in paragraph (1) of the closing unit should be announced by the Savings and Loans Cooperative concerned and reported to the Government;
(3) Status Law on Cooperatives and Savings and Loans Unit or remove the closure from the date of the announcement or closing of the dissolution of the Cooperative and Savings and Loans Unit in the State.