Accounting - 1817 Words

We carefully examined and evaluated your financial statements in 2011 and identified several accounting policies and procedures inconsistent with U.S. GAAP. To better present the net income of your company, we provide the various recommendations for you to revalue your revenues and expenses in the following statements. Inappropriate revenue recognition criteria and policies (should change revenue recognition method or change the allowance estimation, 2011 allowance amount should be larger than 2010 due to larger AR and the difficulty that the artist been through) WAG records revenue from artwork sales when the Company and customer agree upon a selling price. This criterion does not conform to U.S. GAAP, which requires revenue be†¦show more content†¦Even though Stephen has certain art knowledge, but this measurement is still subjective and unreliable. According to U.S. GAAP, the designated market value should be the middle value of three amounts: replacement cost, net realizable value, and net realizable value less a normal profit margin. Hence, we suggest WAG re-evaluate the market value of the artworks using the designated market value method. * Ignorance of obsolescence of inventory WAG has extensive but aging inventory, which are probably to be obsolescent. WAG should consider to write off the inventory by the amount of the difference between their cost and market value. Therefore, there will be an impairment loss on inventory. WAG’s net income is overstated by ignoring the obsolescence of inventory. Improper expenses on 2011’s income statement The salary expense in 2011 is $29,500, which includes both Rob and Stephen’s annual salaries. Exhibit 1 tells us that Rob’s salary is $28,000(30,000-2,000). So we can calculate Stephen’s annual salary is only $1,500, which is quite unreasonable. There should not be such a huge difference between the two co-founders’ salaries. Therefore, WAG’s salary expense is understated and the net income is overstated. Salary should not be deducted because the deduction of the salary will lead to higher net income. Rob will get more compensation by 5 times of the net income. Dividend expense should appear on theShow MoreRelatedAccounting1024 Words   |  5 PagesQuestion 1:   * Proficient-level:   * There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Answer: According to the Dictionary of Accounting Terms, Accounting is defined as a one step process of recording, measuring, interpreting and communicating financial data by preparing financial statements in order to reflect financial condition and operatingRead MoreAccounting753 Words   |  4 PagesCampbellsville University School of Business and Economics SYLLABUS Course Title: ACC 601 Managerial Accounting Semester/Dates: Graduate Term 1: August 29, 2011 – October 23, 2011 (Traditional MBA) Meetings: Thursday (6:00 PM – 10:00 PM), AD 25 Faculty: Dr. Sunny Onyiri Office: AD 29-b Phone: (502) 365 4424 Read MoreAccounting Analysis On Management Accounting Essay1210 Words   |  5 PagesManagement Accounting Introduction: Management accounting technique is the procedure of understanding, analyzing, exam, calculating, deciphers, and transfers the verbal data to chase of company objectives. The section of bookkeeping is called as cost accounting. The difference between the financial and managerial bookkeeping data is the goal at assist the administrators inside the corporation to create choice as per their situations. Even as economic bookkeeping is intended at giving data to gatheringRead MoreFinancial Accounting And Managerial Accounting1613 Words   |  7 PagesIntroduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provides only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and owners of the company. In other words, manag erial accounting provides information to managers who directRead MoreAccounting7049 Words   |  29 PagesAcct 340-Midterm Review Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following is NOT a process associated with an accounting information system? |a. |auditing existing data | |b. |collecting and recording data | |c. |providing informationRead MoreAccounting Theory And Management Accounting2580 Words   |  11 PagesThough forms of managerial accounting practices can be traced back decades, centuries even, management accounting used to be regarded as a financial tool, advantageous for the financial managers. However, over the past three decades views on management accounting have changed. As Kaplan (1994) states management accounting theory has experienced a revolution in both theory and practice with the development of new innovations. Through advances in information technology, more competitive markets andRead MoreAccounting Analysis : Management Accounting2168 Words   |  9 Pages MANAGEMENT ACCOUNTING Author’s Name Course Name Professor’s Name Due Date MANAGEMENT ACCOUNTING Accounting is a way of measuring a business s financial performance through maintaining records and analyzing them. Financial accounting system produces reports that are generally intended for external stakeholders to evaluate a business. Management accounting is used to provide internal information that management uses in order to assess performance toward goals and objectives. FinancialRead MoreAccounting Scandals And Enron Accounting Scandal1596 Words   |  7 Pages Introduction: In this research paper I will be examining accounting scandals, specifically the Enron Accounting Scandal. First, I will be exploring the history of Enron. Then I will be going into further depth on what accounting issues Enron faced and then I will be explaining what a derivative is. Finally yet importantly, I will consider the different types of Accounting Fraud following a conclusion. Accounting Scandals are born due to collective greed and corporate arrogance. InRead MoreManagerial Accounting Is A Discipline Within The Accounting1541 Words   |  7 PagesManagerial accounting is a discipline within the accounting community that focuses on providing valuable information to the leaders of their organization. The importance of the community relies on its ability to provide information that is not readily found in traditional financial statements developed in the accounting department for reporting to outside agencies. Activity-based management utilizes information developed u sing activity-based costing (ABC) to accurately determine product costs.Read MoreAccounting Practices And The Field Of Accounting1393 Words   |  6 PagesIntroduction to the authoritative resources in the field of Accounting In the era of technological advances, access to information of any subject is abundant. With this vast array of information to tap into, the credibility of the material presented becomes questionable. But throughout history, there are sources of material that have been highly regarded. These sources include Scholarly peer reviewed journals, Trade publications, and information presented by respected institutions or organizations

Candide and the Enlightenment Free Essays

Conor Brown Western Civ. 9/17/11 Candide: A Reflection Harsh criticism abounds in the enlightened satire Candide by Voltaire. The author constantly goes against the popular flow and challenges the status quo of the Enlightenment. We will write a custom essay sample on Candide and the Enlightenment or any similar topic only for you Order Now Nothing is off limits for Voltaire and topics stretch from love, class, warfare and even religion. In the ever-changing society of the Enlightened period many just believed in the teachings of the supposed leading philosophers of the time, but Voltaire challenged these ideas and brought about new and what he believed were logical ways of thinking. Even though the Enlightenment is constantly satirized in the book it is in its self a work of the Enlightenment. Which is very ironic but true nonetheless. However, through these harsh criticisms Voltaire presents his work in an extremely humorous and approachable way. Perhaps the best example of how the Enlightenment is satirized is Voltaire’s view of optimism. One of the movements most regarded philosophers was Gottfried Wilhelm Leibniz. He founded this idea of supreme optimism. His theory was that since God is a benevolent deity all is good in the world no matter what happens. In other words everything happens for a reason, but that reason is always a good one. Voltaire saw it otherwise and gave multiple examples to back his defense. The first example revolves around Candide’s teacher Pangloss who is a supreme believer in the optimistic teachings of Leibniz. Pangloss had gone missing for a while but Candide soon finds him as a beggar with many sores all over his body. Pangloss explains that he had contracted syphilis from a servant in the Baron’s mansion. Now, usually any terrible disease is a bad thing but in Pangloss’ mind it is a good thing. He explains to Candide that syphilis comes from Columbus’ discovery of the New World and says that without it Europe would have never been able to benefit from the new discoveries made there. For example without syphilis the Europeans would have never had the privilege of enjoining chocolate. That definitely seems extremely far-fetched that in order for someone to enjoying chocolate millions needed to suffer from syphilis. Voltaire’s satirizing is clearly evident in this example. Another example of optimism is the Lisbon earthquake of 1755. This was one of the worst tragedies of the time and over 30,000 people were killed during it. Even Jacques, a faithful friend to Candide, dies drowning while trying to save a bad sailor. How the heck could this be thought as a good thing? Well Pangloss reveals that it is for the best because the Lisbon harbor was constructed in order for Jacques to die and even though the harbor and thousands or people suffered it was completely necessary. This is totally ridiculous and not realistic. These exaggerations of optimism are meant to be unrealistic simply to bring about how flawed Voltaire sees the views are. Personally to me optimism is a good trait to have in certain situations. When 30,000 thousand people must suffer or millions must contact syphilis in order to get a piece of chocolate optimism does not seem like a logical term. Optimism is good to help people get through tough times but it should not be the sole reason for why things occur. I do believe that everything does happen for a reason but I also believe that not everything occurs for a good reason. Sometimes things just happen because that is what God intended but it will not always lead to something good. The Enlightened leaders did present some good ideas in optimism beliefs but they were not all true. There are quite a few elements in Candide that show Voltaire’s criticism on society. Class and order is visited frequently through out the book. There is this belief of how class and order are the only things that matter in life and that’s how one can get far in life. Frequently individuals and families in seats of authority abuse their power by hurting and mistreating servants and slaves. Voltaire presents these characters as ruthless idiots who care nothing about the subjects they rule over but only look out for themselves. At this time in history the servant and master relationship was still alive and well. Voltaire criticizes this view by showing how corrupt and distraught this system really is. Voltaire harshly criticizes warfare. Candide shows us how he hates warfare and believes it to be futile and wasteful. He is forced into the army and is beaten for reasons he cannot explain. Women are also raped and beaten badly. Candide finds all of this so bad that he escapes from the army. Voltaire is providing an anti-war view that seems very logical. Excess war is not good and most times war is not good because of how people go about it. Voltaire has very strong beliefs concerning this and he shows it through his character Candide. Voltaire also criticizes religion quite often. Whether it is by mocking a faith or showing the true side of an accepted belief. When Candide enters Holland and refuses to call the Pope the antichrist a group of Protestants calls him a heretic and pours waste on him. An Anabaptist named Jacques comes over and helps Candide by cleaning him and giving him some food. The Anabaptist helps again by trying to save a sailor who has fallen off the ship during the earthquake. Jacques’ only reward for helping others is his own death by drowning. Voltaire shows how society hates a man just because his religion is different even when the man is nothing but good to others. The Protestants are accepted by society even though they are frequently mean and intolerant of others religious beliefs. A harsh but true criticism is explored here. Several punches are thrown at Catholicism throughout the book. The clergy of the Church especially gets the worst of it. When in Lisbon an old woman takes care of Candide after he is flogged. They share stories and she casually states how she is the daughter of Pope Urban X and the Princess of Palestrina. The supposed corruption of the Catholic Church was revealed here in order to show how the Catholics were being ruled by a liar who was suppose to be celibate. A serious problem for a religion considering their leader is a fraud. Society is asked how can you truly believe in your religion when your leader does not even believe? Another huge criticism of religion and society in general is when Candide visits the mythical city of El Dorado. Voltaire paints this utopian society that criticizes the modern day beliefs of religion and tries to show the ideal religion in El Dorado. Here is a place where they believe that God has created everything and simply then left it alone, providing a Deist approach. The real kicker that Voltaire throws in is how the inhabitants of El Dorado constantly thank God but they do not attend mass and there are even no priests. Voltaire believes that priests are unnecessary and often get in the way and a much simpler approach to religion should be thought of in Europe. Even in this paradise of great religion Candide leaves to find his love and become happier. Which shows that Voltaire believes that society is never completely happy and always wants more even when they are in paradise. Candide has many humorous moments through out but some of my favorite revolve around the over exaggerations in order to criticize. Each approach to optimism is funny because of how wildly outrageous it is. The fact that someone could believe that syphilis was a good thing because it brought about chocolate or that 30,000 people dying was necessary are so outrageous that it is hard not to chuckle even just the slightest. I also find the names of all the things very humorous. The term metaphysico-theologico-cosmoloonigology is very funny and also pokes fun at how the philosophers of the time considered themselves to be very sophisticated and extreme intellectuals. The name of the area where Candide is from, Thunder-Ten-Tronckh, is also quite humorous and might be used to show how the Baron thought he was extremely powerful. The humor provided a very approachable way to talking about very touchy topics at the time while still stating Voltaire’s mind as well as making fun of people along the way. Regardless of Voltaire making fun of the ideals of the Enlightened period, Candide is still a book of Enlightened values. The Age of Enlightenment is also often referred to as the Age of Reason. The philosophers and intellectuals of the time were just simply trying to give reasonable explanations to numerous topics and mysteries. In reality that is all Voltaire was trying to do as well. He was providing a critique to the intellectual beliefs and reasons and he himself was providing his own reasoning through this book. By showing his own paradise and criticizing the religion of the time he was trying to provide a reasonable approach to society’s view on religious beliefs. He was also reasonable explaining how ridiculous the idea of optimism really was. Voltaire was of the Enlightened age and he himself was trying to reason. Sure he did it through some bold and unorthodox ways but all he was trying to do was enlighten the reader and explain how he viewed the great mysteries and beliefs of the world. How to cite Candide and the Enlightenment, Papers

The element of night in Joyce’s The Sisters and Clay Essay Sample free essay sample

In Joyce’sThe SistersandClay. visible radiation and dark imagination combine and clang in the dominant component of dark. Apart from working as a scene. dark besides serves as a symbol for the characters’ dark and light individualities ( their defects and virtuousnesss ) and worlds. Night is a paradox. It hides and at the same clip exposes the characters’ true and imperfect selves—for illustration. the spiritually paralytic Father Flynn inSistersand the cut off brotherhood of Joe and Alphy inClay. In the former. dark is closely intertwined with the priest’s â€Å"beautiful death† ( 5 ) what his sisters sees as his â€Å"eternal reward† ( 6 ) . On the one manus. dark and dark signify the emptiness of his religion. like an â€Å"idle goblet on his breast† ( 7 ) . The storyteller muses: â€Å"If he was dead†¦ I would see the contemplation of taper on the darkened blind†¦Ã¢â‚¬  ( 1 ) . Alternatively of stand foring light the candle becomes more a metaphor of decease and moral uncertainness. We will write a custom essay sample on The element of night in Joyce’s The Sisters and Clay Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Light and dark are besides at drama inThe Sistersrepeating image of the â€Å"dark room† ( 2. 7 ) . To both the male child and the priest. it signifies a sort of rousing. This waking up is non a rose-colored one though. In both instances. religious freedom has a monetary value. Flynn has to allow travel of the moral centre offered by his religion. Meanwhile. the male child has to predate his artlessness and see the â€Å"pleasant and barbarous region† the visible radiation and dark stages of life. InClay.dark ab initio connotes felicity for Maria: â€Å"She hoped they would hold a nice evening† ( 66 ) . However. the Hallow Eve she good prepared for proves below ideal. A â€Å"veritable peacemaker† ( 64 ) . Maria nevertheless fails to stop the bad blood between her former charges. â€Å"But Joe cried that God might strike him stone dead if of all time he spoke to his brother once more and Maria said she was regretful she had mentioned the matter† ( 67 ) . Again. the visible radiation of merriment and rapprochement is defeated by the dark of choler. The fire which should hold symbolized a â€Å"very nice Joe† ( 67 ) is figuratively doused by a cross and unforgiving one. Plants Cited Joyce. James. â€Å"Clay. †Dubliners. Ed. Shane Weller. New York: Dover Publication. 1991. 64-69. —— . â€Å"The Sisters. † Weller 1-7.

Final Examination and Turkish Economy Essays

Final Examination and Turkish Economy Essays Final Examination and Turkish Economy Essay Final Examination and Turkish Economy Essay ATD457-1 Turkish Industry Fall 2013 Instructor Lecture Hours Classroom Contact : Prof. Dr. Mehmet Hseyin Bilgin : Thursday: og:oo-11 : 309 : [emailprotected] com Main Books: Undersecretariat of Treasury, Turkish Economy, January 2012. Ministry of Industry and Trade, General Assessment of Turkish Industry Sectors 2010, March 2011. Suggested Readings: TsiAD, Turkiye Ekonomtst 2013, December 2012. Ministry of Industry and Trade, Turkish Industrial Strategy Document: 2011-2014 (Towards EIJ Membership), 2010. State Planning Organization, Sector Profiles of Turkish Industry, February 2004. Course Description: This course aims to introduce students to the Turkish economy and provides the students a comprehensive understanding of concepts used in the Turkish economy and industry. The course will give an overview of the industries of the Turkish economy, but the emphasis will be to understand the fundamentals of the Turkish economy and industry. Exams: There will be a midterm exam, a term project, and a final exam. The midterm exam will consist of multiple-choice questions and short answers/definitions, including application problems. It will be held as scheduled and will count toward your final grade (20%). The final exam will consist of multiple choice, short- and long-answer questions, application problems, and figure labeling. It will be comprehensive, covering all required materials through the date of the final exam. It will be held at the end of the semester. The final exam will count for 60% of the final grade. All exams will be closed book and notes. Term Project: You will be assigned a term project to be completed before the end of the term. The erm project topic is The International Competitiveness of the Turkish ABC Industry. : Please choose one industry of your interest and analyze its international email to [emailprotected] com. The deadline for submission is December 27th, 2013. The project will count for 20% of your final grade. Grading/Assessment: The final grade will be determined as follows: Midterm Exam Term Project Final Exam Course Outline: PART l: TURKISH ECONOMY Week 1: Turkish Economy in the World Week 2: Demographic Profile; Growth; Employment; Inflation Week 3: Foreign Trade and Balance of Payments Financial Sector Week 4: Public Finance Debt Management Week 5: Market Indicators Investment Environment Week 6: Social Security Labor Market week 7: Energy sector Week 8: Relationship with the IMF and EIJ THE MIDTERM EXAM PART II: TURKISH INDUSTRY SECTORS Week 9: Turkish Automotive Machinery Sectors Week 10: Turkish Base Metal Sector Week 11: Turkish Electrical Electronical Sector Week 12: Turkish Textile, Apparel, Leather and Leathe Products Sectors Week 13: Turkish Chemical Glass Sectors Week 14: Turkish Cement Furniture Sectors THE COMPREHENSIVE FINAL EXAM

The Mausoleum at Halicarnassus

The Mausoleum at Halicarnassus The Mausoleum at Halicarnassus was a large and ornate mausoleum built both to honor and hold the remains of Mausolus of Caria. When Mausolus died in 353 BCE, his wife Artemisia ordered the construction of this vast structure in their capital city, Halicarnassus (now called Bodrum) in modern Turkey.  Ã‚  Ultimately, both Mausolus and Artemisia were buried inside. The Mausoleum, considered one of the Seven  Ancient Wonders of the World,  retained its grandeur for nearly 1,800 years, until earthquakes in the 15th century destroyed part of the structure. Eventually, nearly all of the stone was taken away  to be used in nearby building projects,  particularly for  a Crusader castle. Who Was Mausolus? Upon the death of his father in 377 BCE, Mausolus  became the satrap (a  regional governor  in the Persian Empire)  for Caria. Although only a satrap, Mausolus was like a  king in his realm,  ruling for 24 years. Mausolus was descended from the indigenous herdsmen of the area, called Carians, but appreciated Greek culture and society. Thus, Mausolus encouraged  the Carians to  leave  their lives as  herdsmen and embrace the Greek way of life. Mausolus was also  all about expansion. He moved his capital city from Mylasa to the coastal city of Halicarnassus and then worked on a  number of projects to  beautify the city, including building a large palace for himself. Mausolus  was also politically savy and was thus able to add several nearby cities to his  realm. When Mausolus died in 353 BCE, his wife Artemisia, who also happened to be his sister, was grief stricken. She wanted the most beautiful tomb built for her departed husband. Sparing no expense, she hired the very best sculptors and architects  that money could buy. It is unfortunate that Artemisia died just two years after her husband, in 351 BCE, not seeing the Mausoleum of Halicarnassus completed. What Did the Mausoleum of Halicarnassus Look Like? Built from  about 353 to 350 BCE, there were five famous sculptors that worked on the exquisite tomb. Each sculptor had a portion that they were responsible for   Bryaxis (north side), Scopas (east side), Timotheus (south side), and Leochares (west side). The chariot on top was  created by Pythis. The structure of the Mausoleum was made up of three parts: a  square base on the bottom, 36 columns (9 on each side) in the middle, and then topped by a stepped pyramid that had 24 steps. All of this was covered in ornate carvings, with life-size and larger-than-life statues abounding. At the very top was the piece de resistance the chariot. This 25-foot-high marble sculpture consisted of standing  statues of both Mausolus and Artemisia riding in a chariot pulled by four horses. Much of the Mausoleum was made out of marble and the entire structure reached 140 feet high. Although large, the Mausoleum of Halicarnassus was known more for its ornate sculptures and carvings. Most of these were painted in vibrant colors. There were also friezes that wrapped around the entire building. These were extremely detailed and included scenes of battle and hunting, as well as scenes  from Greek mythology that included such mythic animals as centaurs. The Collapse After 1,800 years,  the long-lasting Mausoleum was destroyed by earthquakes that occurred  during the 15th century CE in the region.   During and after that time,  much of the marble was carried away in order to build other buildings, most especially a Crusader fortress held by the Knights of St. John.   Some of the elaborate sculptures were moved into the fortress as decoration. In 1522 CE, the crypt that for so long had safely held the remains of Mausolus and Artemisia was raided. Over time, people forgot exactly where the Mausoleum of Halicarnassus had stood. Houses were built on top. In the 1850s, British archaeologist Charles Newton recognized that some of the decorations at Bodrum Castle, as the Crusader fortress was now called, could have been from the famous Mausoleum. After studying the area and excavating, Newton found the  site of the Mausoleum.  Today, the British Museum in London contains statues and relief slabs from the Mausoleum of Halicarnassus.  Ã‚   Mausoleums Today Interestingly, the modern word mausoleum, which means a building used as a tomb, comes from the name Mausolus, for whom this wonder of the world was named. The tradition of creating mausoleums in cemeteries continues around the world today.  Families and individuals build mausoleums, both large and small,  in their own or others honor following their deaths.   In addition to these more  common mausoleums,  there are other, larger mausoleums that are tourist attractions today.   The worlds most famous mausoleum is the Taj Mahal in India.

How Can Impoverished Countries with Weak Formal Legal Systems Deal Essay

How Can Impoverished Countries with Weak Formal Legal Systems Deal with a Past of Mass Human Rights Atrocities - Essay Example However, the prevailing economic, legal and political frameworks in these countries are major impediments to achievement of justice especially on human rights atrocities. This paper explores ways in which impoverished countries can deal with past injustices, with particular focus on human rights atrocities. In attempts to deal with the past human right atrocities, the impoverished countries have undertaken a rather unusual approach of forgiveness instead of punishing the perpetrators. Other countries forgive many of the alleged perpetrators and imposing punishment on few individuals considered most culpable of the atrocities. This form of addressing past injustices of human rights atrocities referred as â€Å"restorative justice† has become the most popular mechanism for the last four decades especially in developing countries. Several countries including Sierra Leone, South Africa, Rwanda, Ghana and Central African Republic in Africa have embarked and concluded restorative ju stice to address the past atrocities. Other notable countries in Africa include Nigeria, Morocco (Lyn and Kimberly 2004:2). Similarly restorative justice process has been undertaken in developed countries such as Northern Ireland. Establishment of truth and reconciliation commissions is the most commonly applied method of dealing with the past injustices in Africa. ... These include international humanitarian law, international tribunals, non governmental organizations and foreign military intervention to overthrow the regime responsible for mass killings (Benomar, 1993). According to Beckman and Butte(2008: p2), â€Å"international law comprises of principles and rules that are universally applied in dealing with the conduct of states and of international organizations in their relations with one another and with private individuals, global companies and minority groups.† The International Criminal Court a permanent international tribunal is one of the universal judicial organs established under the international law to arbitrate on the most serious crimes against humanity. These crimes include genocide, war crimes, crimes against humanity and aggression (Beckman and Butte, 2008: p3). Most impoverished countries are normally in transition to democratic governance and emerging from conflicts, which cause widespread violations of human rights . The International Criminal Court through many subsidiary global committees on human rights examines all these crimes and determines which falls within its jurisdiction. The perpetrators who bear the greatest responsibility for crimes against humanity are charged in the International Criminal Court (Gary, 2000). Currently, several prominent persons in several sub-Saharan Africa accused of crimes against humanity are facing charges in the international court. Some of the countries in which the international court is arbitrating include Sudan, where the current president is wanted for committing crimes against humanity in Darfur, the Democratic Republic of Congo and Kenya for the post election violence in 2008. In addition, individuals accused of committing transitional

Aging Population and Its Effects on Job Market, Healthcare Research Paper

Aging Population and Its Effects on Job Market, Healthcare - Research Paper Example   Population aging is a problem of the future, as noted by Michaelis and Debus (2010). There is the likelihood that the elderly groups will double by 2050. There is a compelling need to ensure that people grow old with dignity and security. The old generation needs to participate in social life just like other citizens with full rights. Rights accorded to the senior citizens should not be inconsistent with other groups so that a reciprocal intergenerational relationship is encouraged. Aging has a direct impact on the job market, given that improved life expectancy will influence someone's decision to remain employed.The aging process is strongly linked to changes in income and earnings of persons nearing retirement age. Several factors have been proposed to influence the labor force decisions of older people as compared to the younger generation. Such factors include changing preferences for leisure, deteriorating health conditions and constraints in demand concerning the availabil ity of part-time employment opportunities in semi-retirement. The old age is seen to be less responsive to changes in the workplace. Employers are also unlikely to hire older people or sustain them for long at workplaces. The change in priorities of both aged working group and employers is more likely to cause shortages in the labor market. For example, in the medical profession, there is a large number of aging professionals who opt to retire. These decisions create a vacancy and lack of smooth transition in places of work.