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1

Monarchy

 

The full royal title of the Queen is: Her Most Excellent Majesty Elizabeth the Second, by the Grace of God of the United Kingdom of Great Britain and Northern Ireland and of Her Other Realms and Territories Queen, Head of the Commonwealth, Defender of the Faith.

 

The Queen is only a formal ruler: she reigns but does not rule. In actual fact everything that she does is done on the.advice of her ministers, who are responsible for the royal acts. Thus, most of the functions of the Queen are purely of a symbolic nature. In law, she is head of the executive, head of the judiciary, the commander-in-chief of all armed forces of the Crown and the supreme governor of the established Church of England. The United Kingdom is governed by Her Majesty's Government in the name of the Queen. However, it would be wrong to underestimate the role of the monarchy in Britain.

 

There are still important acts of government which require the participation of the Queen. These include summoning, proroguing (discontinuing until the next session without dissolution) and dissolving Parliament; giving royal consent to Bills, passed by both Houses of Parliament; appointing every important office holder, including government ministers, judges, officers of the armed forces, diplomats and bishops; conferring peerages, knighthoods and other honours; and remitting all or part of the penalty imposed on a person convicted of a crime. An important function is appointing the Prime Minister and by convention the Queen invites the leader of the political party which commands a majority in the House of Commons to form a government.

 

Today acts involving the use of royal prerogative powers are now performed by government ministers who are responsible to Parliament and can be questioned about a particular policy. Parliament has the power to restrict or abolish a prerogative right.

 

The Queen retains an important attribute of powerinformation. She sees all Cabinet papers, reads dispatches and correspondence, and the Prime Minister keeps her well informed about political events and Cabinet secrets. In the words of Walter Bagehot, the monarch has the right to be consulted, the right to encourage, and the right to warn.

 

The social influence of the palace is great. The royal family is the principal aristocratic house in Britain, closely connected with other members of the hereditary aristocracy, and with vast areas of land in England and Scotland, as well as valuable city property in London, including Regent's Park, parts of Pall Mall, Piccadilly, Holborn and Kensington.

 

The Queen's residence in London is Buckingham Palace; her other homes are Windsor, Sandringham and Balmoral Castle in Scotland.

2

Cabinet and Civil Service

 

The Cabinet

The Cabinet is the executive organ of government. It is a body of senior ministers, most of which are heads of departments. Each new Prime Minister may make changes in the size of his Cabinet and may create new ministries and make other changes. There are usually about twenty-five members of the Cabinet. It is the most important body in the British system of government since it is the Cabinet which formulates the policy of the government. The Cabinet and its committees work in great secrecy and no person is allowed to see Cabinet papers until they have become of historical interest.

 

The Cabinet is constitutionally responsible to Parliament and can be forced to resign by an adverse vote on a major issue. However, in practice the Cabinet dominates Parliament. As the Liberal statesman Lloyd George said: Parliament has no control over the Executive: it is pure fiction. The Cabinet frequently takes major decisions of policy without giving Parliament the opportunity to express its views until afterwards. The Government supporters are instructed to vote in favour of the Cabinet decision, if they refuse they risk losing their party's support at the next election.

 

Inside a big Cabinet there nearly always develops an inner cabinet the small group of ministers who are consulted by the Prime Minister beforehand and who prepare and guide important decisions.

 

The Cabinet was originally a small body of royal advisers, a committee of the Privy Council. The name Cabinet was given because they met in the monarch's private study or cabinet. British government is often referred to as Cabinet government.

 

The Cabinet meets at No 10 Downing Street, the official residence of the Prime Minister, when in London. This solid-looking, unimposing house was bequeathed to the state over 200 years ago by the eighteenth century statesman, Sir Robert Walpole. One of the rooms in the Prime Minister's house is the Cabinet room a long white room at the back of No 10 overlooking the garden. Here at a long curved table, the shape of an aeroplane wing, designed so that the Prime Minister can see everyone, the Executive of the British Government meets. Usually the Cabinet meets once a week, but sometimes more often.

The Civil Service

When we speak of the Government we tend to think of the ministers, who are politicians. But we must not forget that each department has a large staff of professional civil servants who do most of the work of running the department on the minister's behalf. Civil servants are forbidden to give support to any political party, though they may vote.

 

The Civil Service falls into various classes, all administered by the Treasury, the more important being:

Administrative: Predominantly university graduates, who advise the Ministers of Department; is known as high civil servants. Most of the permanent secretaries and deputy secretaries in the departments are Oxford or Cambridge graduates. The permanent secretary is in close touch with the Minister.

Executive: Working in conjunction with the administrative class in day to day conduct of government business.

Specialist: Architects, medical experts, lawyers, surveyors, etc. They may only give expert advice, but are not able to become administrators.

The government governs and parliament legislates, and in order to do the work involved in carrying out government measures a huge apparatus of administrators exist the civil service. This body is said to be impartial and sub-ordinate to the government. Marxists do not speak of the civil service but of the state apparatus. What is involved is not simply the administration of a classless policy, but government of people which is divided into hostile classes with opposed class interests and in which one class the capitalist class is the dominant, ruling class.

3

DIRECTORS AND MANAGERS

As a rule a private company has only one director. A public company must have at least two directors. Usually there is no upper limit on the number of directors a public company may have.

 

A limited liability company or a corporation is headed by the board of directors elected by shareholders. The directors appoint one of their numbers to the position of managing director to be in charge of the day-to-day running of the company. In large organizations managing director is often assisted by a general manager. Some companies also have assistant general managers. Many directors have deputies who are named deputy directors.

 

Directors need not be shareholders. They are responsible for the management of a company's affairs. They are not subject to any residence or nationality restrictions.

 

Big companies have many managers heading departments. They are all responsible to the managing director. Among various departmental managers the following can be mentioned:

sales manager,

personnel manager,

chief manager,

district manager,

sales and marketing manager,

industrial engineering manager, etc.

1

Accountants in the usa

In the United States, legally practicing accountants are Certified Public Accountants (CPAs), and other non-statutory accountants are Certified Internal Auditors (CIAs), Certified Management Accountants (CMAs) and Accredited Business Accountant (ABAs). The difference between these certifications is primarily the legal status and the types of services provided. Additionally, much accounting work is performed by uncertified individuals, who may be working under the supervision of a certified accountant. However, as noted above the majority of accountants work in the private sector or may offer their services without the need for certification.

 

A CPA is licensed by the state of their residence to provide auditing services to the public, although most CPA firms also offer accounting, tax, litigation support, and other financial advisory services. The requirements for receiving the CPA license vary from state to state, although the passage of the Uniform Certified Public Accountant examination is required by all states. This examination is designed and graded by the American Institute of Certified Public Accountants (AICPA).

 

A CIA is granted a certificate from the Institute of Internal Auditors (IIA), provided that the candidate passed a rigorous examination of four parts. A CIA mostly provides their services directly to their employer rather than the public.

 

A CMA is granted a certificate from the Institute of Management Accountants (IMA), provided that the candidate passed a rigorous examination of two parts and meets the practical experience requirement from the IMA. A CMA mostly provides their services directly to their employers rather than the public. A CMA can also provide their services to the public, but to an extent much lesser than that of a CPA.

 

An ABA is granted accreditation from the Accreditation Council for Accountancy and Taxation (ACAT), provided that the candidate passed the eight-hour Comprehensive Examination for Accreditation in Accounting which tests proficiency in financial accounting, reporting, statement preparation, taxation, business consulting services, business law, and ethics. An ABA specializes in the needs of small-to-mid-size businesses and in financial services to individuals and families. In states where use of the word accountant is not permitted by non state licensed individuals, the practitioner may use Accredited Business Adviser.

 

Public Accountants. In certain states, state law grants State Public Accountant to practice accountancy and taxation (except for audit).

 

The United States Department of Labor's Bureau of Labor Statistics estimates that there are about one million persons employed as accountants and auditors in the U.S.

 

Explanatory notes to the text:

Certified Public Accountant . Certified Internal Auditor .

Certified Management Accountant , .

American Institute of Certified Public Accountants .

Institute of Internal Auditors .

Institute of Management Accountants IMA

2

Economics and economy

Economics

Economics is a social science studying economy. Like the natural sciences and other social sciences, economics attempts to find laws or principles. Economics tries to find laws or principles by building models. The predictions of the models form the basis of economic theories. Then the predictions of the models are compared with the facts of the real world.

 

Economics as a science consists of two disciplines that are of microeconomics and macroeconomics. Microeconomics is the branch of economics that studies individual producers, consumers, or markets. Microeconomics also studies how government activities such as regulations and taxes affect individual markets. Besides microeconomics tries to understand what factors affect the prices, wages and earnings. Macroeconomics is the branch of economics that studies the economy as a whole. It tries to understand the picture as whole rather than small parts of it. In particular, it studies the overall values of output, of unemployment and of inflation.

 

The Economy

The words the economy are words we hear or read almost every day. For example, we may be told that the world economy is in the doldrums, or the European economy is making little progress out of recession, or the UK economy is beginning to recover, or the Scottish economy has held up relatively well during the recent recession. But what is meant by the economy? The economy means a system for the management, use and control of the money, goods and other resources of a country, community or household.

3

Mixed Economy

 

There are three types of management in economies. An economy may be the most totally planned, as it was in the Soviet Union. An economy may be almost totally unplanned, as it is in the USA. Or an economy may have a combination of planning and freedom of operation. Examples of the latter are Japan and South Korea.

 

In a planned economy the government decides what goods are to be produced and how they are to be marketed. Governments set all the priorities, and the producers are to follow the directions given to them.

 

In a partially planned economy such as Japan's, the government often encourages industry and helps with subsidies. Government also makes investments and regulates trade.

 

The United States is an example of an unplanned economy. But it has a lot of government intervention in economic activity. As the economy of the United States grew, and as government and its importance increased, the government policy at every level acquired greater importance for the economy.

 

But the economy of the United States may be called unplanned because the government does not regulate what will be produced and how it will be marketed. These decisions are left to the producers. Even the great amount of government regulation that has emerged since the Great Depression has not turned the United States into a planned economy.

 

The name of the American economic system is capitalism. Another name for it is the free market economy.

4

 

A Demand and Supply

 

Demand is the quantity of a good that buyers wish to buy at each price. Other things equal, at low prices the demanded quantity is higher.

 

Supply is the quantity of a good that sellers wish to sell at each price. Other things equal, when prices are high the supplied quantity is high as well.

 

The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers. When prices are not so high as the equilibrium price there is excess demand (shortage) raising the price. At prices above the equilibrium price there is excess supply (surplus) reducing the price.

 

There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others.

An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same time raise the demanded quantity.

 

As consumer income is increased demand for a normal good will also increase but demand for an inferior good will decrease. A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.

 

As to supply, some factors are assumed as constant. Among them are technology, the input price, as well as degree of government regulation. An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices.

 

Government regulates demand and supply, imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector.



 





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