ACC 100 Lecture Notes - Lecture 1: Accounting, Tertiary Sector Of The Economy, Secondary Sector Of The Economy

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16 Jan 2017

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What is a business? (cid:862)the a(cid:272)ti(cid:448)it(cid:455) of (cid:373)aki(cid:374)g, (cid:271)u(cid:455)i(cid:374)g, or selli(cid:374)g goods or pro(cid:448)idi(cid:374)g ser(cid:448)i(cid:272)es i(cid:374) e(cid:454)(cid:272)ha(cid:374)ge for (cid:373)o(cid:374)e(cid:455)(cid:863). This defi(cid:374)itio(cid:374) fo(cid:272)uses o(cid:374) (cid:862)for-profit businesses which are businesses whose purpose is to make a profit. Other types of businesses are not-for-profit (charities) or barter businesses (exchange one good or service for another). What are the three main business sectors: write a definition of the primary sector. A primary sector is a business that grows and gathers raw materials. Industries such as farming and mining are considered primary sectors: write a definition of the secondary sector. Give examples of three businesses that would be categorized in the secondary sector. The secondary sector is where raw materials are turned into products. Three businesses include car manufacturing, cardboard box factory and frozen food factories: write a definition of the tertiary sector. Provide the names of three companies that would be categorized in the tertiary sector.

Related Questions

Please answer the below questions.I only have 1 hours beforesubmit.Please!

Questions

1. Should the Federal Government question an educationalinstitution on its recruiting practices?

2. Should the Federal Government also question State and PrivateUniversityâs retention practices?

3. Shouldnât these companies be able to operate as a business-that is- making money the aggressive way?

4. Who are the stakeholders in this situation?

What is the ethical dilemma and duty in this matter

For Profit for Education? Putting Profits over PublicGood? Contd...

For-profit colleges in the US came under increased scrutiny onseveral counts. This case study describes the problems faced byâfor-profit collegesâ in the US such as high loandefault rates, vague accreditation standards, and low graduationand job placement rates. Complaints such as overpriced degrees,misleading claims, and increasing level of student debt resulted inthe government turning its attention to the entire for-profitcollege sector. According to some reports, too much taxpayer moneywas being used to generate profits for the colleges, instead ofproviding students with useful high-quality education. The casealso focuses on the alleged fraudulent practices adopted byfor-profit colleges in the US to gain access to more federalfinancial aid.

The Study

Concerned about the disproportionate percentage of federalstudent aid flowing to âfor-profit collegesâ, someanalysts began raising questions about the rapid growth of thefor-profit education sector, the aggressive recruitment ofstudents, and the value of the education provided by suchinstitutions.

There are strategies followed by âfor-profitcollegesâ in the US to attract more students. According toa report released by US Government Accountability Office (GAO),some for-profit colleges in the US were involved in deceptivepractices and had made misleading statements to prospectivestudents which included not providing clear information about thecollege's graduation rate, applicant's likely salary aftergraduation, accreditation of the school, and the duration and costsof the programs offered by the schools. This study concludes bydetailing the new regulations proposed by the federal governmentfor the âfor-profitâ education sector in order to safeguardstudents from misleading recruitment practices and incurring hugedebts, among other issues. This study also focus on studentenrollments and the methods these colleges were adopting to attractmore students.

On release of the GAO report, the shares of for-profit educationcompanies in the US, including Apollo Group Inc. (Apollo Groupâowner of University of Phoenix), DeVry Inc. (DeVry), EducationManagement Corp, and Corinthian Colleges, Inc. (Corinthian), fellsignificantly. "GAO's findings make it disturbingly clear thatabuses in âfor-profitâ recruiting are not limited to a few roguerecruiters or even a few schools with lax oversight.

To the contrary, the evidence points to a problem that issystemic to the for-profit industry,"⁹ said Tom Harkin(Harkin), Chairman, US Senate Health, Education, Labor, andPensions (HELP) Committee.

The GAO defined for-profit colleges as "institutions ofpost-secondary education that are either privately owned or ownedby a public traded company and whose net earnings can benefit ashareholder or individual."...

In May 2010, the GAO began its investigation of 15 for-profitschools in six states (Arizona, California, Florida, Illinois,Pennsylvania, and Texas and Washington, D.C (Refer to Exhibit IIIfor a list of the schools probed)...

High Tuition Fee
The report stated that the tuition fee at for-profit colleges washigh compared to similar programs at other public colleges.Investigators found that on an average, the fee for an associatedegree program was between 6 and 13 times higher at a for-profitschool than at a public college while a bachelor's degree at afor-profit college cost almost twice that in local publicinstitutions...

Deceptive Recruitment and Marketing Tactics
According to the report, campus officials of all 15 colleges misledpotential students and made deceptive statements about theirprograms' cost, quality, and duration, and the average salary ofgraduates (Refer to Exhibit V for some examples of deceptivepractices of for-profit institutions) For-profit colleges generallypaid recruiters by the number of enrollments that theygenerated...

Loan Defaults
For-profit colleges, which accounted for 10% of all collegestudents in the US as of 2009, derived three-fourth of theirrevenues from federal grants and loans. In 2009, at 14 for-profitschools, federal aid totaled 87% of revenue in 2009...

ACC 100 Lecture Notes - Lecture 1: Accounting, Tertiary Sector Of The Economy, Secondary Sector Of The Economy

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