Executive Summary for Accounting - 622 Words

The purpose of this article is to describe the implementation of value stream management and lean accounting at Watlow Electric Manufacturing Company. Value stream management and lean accounting are designed to support lean manufacturing where value is defined from the customers perspective, work is organized by value stream, supply flow is defined in terms of demand pull, and employees are empowered and focused on quality and continuous improvement. Rather than organizing by functional departments (i.e., the traditional approach associated with responsibility accounting), a company using value stream management develops an organization structure based on value streams, where a value stream includes everything involved in creating value†¦show more content†¦Another step would be developing value stream financial statements focused on a one-page summary called a box score. Next would be changing the chart of accounts structure to focus on a few value stream groups, rather tha n functional departments. Next would be to stop collecting standard cost labor and overhead variance information and replaced it with visual live hourly and daily operator-generated reports acted on daily by the value stream teams. Last, would be separating collecting standard cost labor and overhead variance information and replaced it with visual live hourly and daily operator-generated reports acted on daily by the value stream teams. Some results of these implementations have led to the functional departments that remain to combine into a general support group in the general ledger. This has been resisted by some, but has greatly reduced the number of ledger accounts. Although fully burdened standard costs are no longer used, standard materials costs are based on a detailed bill of materials, and inventory is valued at the end of the month at average conversion cost per day multiplied by the number of days of inventory on hand. Many employees displayed some apprehension at first when responsibility shifted from department managers to value stream members, but they rapidly took ownership of their value stream measurements. The changes in inventory costing were a concern toShow MoreRelatedThe Mission Of The Accounting And Financial Functional Area1266 Words   |  6 PagesThe mission of the Accounting and Financial Functional Area is to effectively and ethically fund the operations of our company. To facilitate our growth and to provide the necessary control of costs that will allow our business to flourish domestically and in new foreign markets. In order to achieve the five year goal of a 100% increase in the production of our coffee cup, as well as to expand the distribution of the product both to new domestic markets and foreign markets, the A F group willRead MoreSec and Waste Management1133 Words   |  5 PagesCASE STUDIES Case Study 1 (13.1) Issues 1. The SEC is often called the â€Å"watchdog† of corporate America. How does it assist in preventing fraud? 2. According to the summary, why did the Waste Management executives commit the fraud? 3. You are an ambitious manager in the sales department of a company and have just received the upcoming year’s targeted earnings report. 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The internal auditors thought that there may be a need to investigate with WorldCom’s accounting stemmed from an unjustified $400M reserve reversal which bumped revenue. When the inquiry was made as to the justification for this reversal, Anderson provided no explanation except that it was â€Å"fine†Read MoreCost Accounting and Decision Making Essay822 Words   |  4 PagesACC2CAD COST ACCOUNTING AND DECISION MAKING SEMESTER 1, 2011 MINI CASE STUDY 1 DISCLOSURE OF CONFIDENTIAL INFORMATION; ETHICS Page 1 Recommendation Page.3 Executive summary Page.4 Introduction Page.5 Analysis Page.6 Recommendations and conclusion Page.7 Appendix 1 – Code of Ethics for Professional Accountants Page.8 References Page.9 Page 2 Recommendation Erin should notify Smart Worx of the postponementRead MoreInternational Financial Reporting Standards And The International Accounting Standards Board1236 Words   |  5 PagesREVENUE ACCOUNTING ASSIGNMENT 2 – BUSINESS REPORT Name : Jea Sun Lee Student Number : N9558195 Word Count : 1000 words  Table of Contents EXECUTIVE SUMMARY 5 1.0 Introduction 6 2.0. 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Read MoreWireless World960 Words   |  4 PagesCompany Name Budget Proposal For [Enter Years Here] BUSN-278 [Term] Professor[name] DeVry University ------------------------------------------------- Table of Contents Section | Title | Subsection | Title | Page Number | 1.0 | Executive summary | | | | 2.0 | Sales Forecast | | | | | | 2.1 | Sales Forecast | | | | 2.2 | Methods and Assumptions | | 3.0 | Capital Expenditure Budget | | | | 4.0 | Investment Analysis | | | | | | 4.1 | Cash flows | | |Read MoreExecutive Summary Example836 Words   |  4 Pages| | | | | | | | |    | Good and poor examples of executive summariesThis is a GOOD example from an Accounting Finance assignment. Footnote Executive Summary This report provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Outdoor Equipment Ltd.  Methods of analysis include trend, horizontal and vertical analyses as well as ratios such as Debt, Current and Quick ratios. Other calculations include rates of returnRead MoreEthics in Accounting1196 Words   |  5 PagesEthics in Accounting By Pace University – New York Accounting for Decision Making, MBA 640 Fall 2011 Required Research Paper Page 1 of 11 Table of Contents Number Content Page Number 1 Introduction 3 2 Ethics in Accounting 4 3 Enron Scandal 6 4 Satyam Scandal 8 5 Conclusion 10 6 References 11 Page 2 of 11 Introduction †¢ What is â€Å"Ethics†? Ethics, also known as moral philosophy, is a branch of philosophy that addresses questions

Pros And Cons Of Vaccines - 1478 Words

Natalie Cardenas Nicholas Morris English 121 10/03/2017 Should vaccines be mandated? Vaccines have become an important innovation to health throughout the years. A vaccine is a product that produces immunity from a disease and can be given by the nose or the mouth. The word â€Å"vaccines† comes from a disease that occurred ages ago named cowpox that affected cows. The word vaccine is derived from the latin word â€Å"vacca† meaning cow. Vaccines cause immunization, a process by which a person becomes protected from a certain disease. Immunity, the ability to resist and infection or toxin, through the presence of antibodies in the human body. Antibodies are proteins produced by the human body to destroy or neutralize toxins. There are two types of†¦show more content†¦Vaccines should be mandated because they do not only protect us but they protect our future generations by eliminating the spread of disease. Throughout the years, vaccines have eliminated and reduced certain disease that have killed and disabled people in the past. Smallpox, an infectious disease that occurred in the 4th century AD, is an example that killed over thousands of people and left others with severe scars. Thanks to the use of vaccinations, Sma llpox was eradicated, meaning it now does not exist. In 1796 a physician named Edward Jenner decided to prove a theory when there was a disease called â€Å"smallpox† that began to kill millions of people. Cowpox, related to smallpox was a less serious disease that milkmaids caught through exposure of infected cows. Milkmaids who contracted cowpox were immune to smallpox. What Jenner did was take some infected cowpox and exposed it to a cut in a boys arm. Once the boy recovered, Jenner exposed him to smallpox through injection and the first vaccine was born. Edward Jenners work was the first to control an infectious disease by the use of vaccination. According to the Centers for Disease Control and Prevention â€Å"on May 8, 1980, the 33rd World Health Assembly officially declared the worldShow MoreRelatedPros And Cons Of Vaccines1880 Words   |  8 Pagesvaccination. A vaccine, also known as an immunization is a â€Å"biological preparation that provides active acquired i mmunity to a particular disease,† (American Academy of Pediatrics, 3). The American Academy of Pediatrics states that most childhood vaccines are 90%-99% effective in preventing disease,† and that Vaccines Save 2.5 million children from diseases every single year. There are 10 vaccines that are critical for human health, and below each vaccine is laid out on what the vaccine is, the risksRead MoreVaccines : The Causative Agent Of A Disease Essay1378 Words   |  6 PagesA Vaccine is defined as, â€Å"A substance used to stimulate the production of antibodies and provide immunity against one or several diseases, prepared from the causative agent of a disease. 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Vaccines should be required by law so that we can protect ourselves by building our immunity to preventable illnesses, in an easy, quick, and inexpensive fashion, helping stop major epidemics, and in conclusion, save lives. Body Con 1 - Vaccines weaken a person s immune system, and can in cases make someone ill. Vaccines are sometimesRead MoreEducating Children From Sickness And Disease1377 Words   |  6 Pagesduties would be administering and the education of vaccines. To explain to parents what the vaccine is for and how to protect their children from sickness and disease. Vaccines are one of the most controversial topic in medicine today. Most new parents take their babies to the doctor to be vaccinated at the recommended times. Over the past many years, there has been several scares concerning the vaccines. Some parents even refuse the vaccines because of the problems. Before parents can make anRead MoreVaccinations Should Be A Big Controversy Essay837 Words   |  4 Pagesside has their own view on the vaccines. Vaccinations are freedom of choice. There are benefits and side effects for each side. In this paper I will be explaining points of views and statistics on each vaccine. Everyone is entitled to their own opinion. In the end you will hear my take on this controversy. History of vaccinations For more than two centuries humans have benefited for vaccines. It all started with a man named Edward Jenner. He discovered a smallpox vaccine in the early 1790’s. If backRead MoreOutline Of An Article On Obesity And Vaccination Essay733 Words   |  3 PagesBarrett, Julia R. Pediatric Vaccines And Neurodevelopment. Environmental Health Perspectives 123.6 (2015): A156. Academic Search Premier. Web. 4 Nov. 2015. This article focuses on a specific ingredient, Thimerosal, and its relationship to autism. The study finds that there is no correlation between the two when used on Macaques who have similar learning and memory processes and social interaction as humans. The main argument is against the link between vaccination and autism and the scholarly articleRead MorePros and Cons to Vaccination in Children1750 Words   |  7 PagesSeptember 1st 2014 Pros and Cons to Vaccinations in Children Almost everyone has heard of the benefits and dangers of childhood vaccines. Parents are especially eager to do what is best for their child to protect him or her. Some people have different opinions on what the best specifically entails when it comes to childhood vaccines. Vaccinations are a controversial discussion as parents question whether it should be mandatory or optional when they feel the cons outweigh the pros. The government saysRead MoreThe HPV Debate Essay699 Words   |  3 PagesCervical cancer is met with a vaccine with both pros and cons to suppress and annihilate it indefinitely. Although both Mike Adams and Arthur Allen inform the audience of the HPV vaccine, Adams vigorously argues, without evidence, that the vaccine is dangerous to humans while Allen is more sedate and discusses opposing sides to the vaccine. The HPV vaccine has its pros and cons to people that it has created debates to come down to the conclusion of a better solution for the drug companies and t he

Behavior Therapy Free Essays

Two hypotheses, stimulus-response and stimulus-stimulus theories, explain the working of classical conditioning. Stimulus-response holds that a link to unconditioned stimuli is created with conditioned stimulus in the brain however, conscious consideration is not involved. Secondly, stimulus-stimulus has to do with mental activity, whereby conditioned stimuli are linked to the unconditioned stimuli notion. We will write a custom essay sample on Behavior Therapy or any similar topic only for you Order Now Stimulus-response (S-R) theory involves a behavioral psychology hypothetical structure which argues that man plus other creatures may be taught to link a novel stimulus (conditioned stimulus- CS)with some pre-existing stimulus (unconditioned stimulus- US), and may feel, respond, or feel the CS as though it were really the US. It argues that animals may be taught to link some SR, like a bell, to upcoming entrance of foodstuffs, leading to some apparent behavior, like salivating (http://psychology. about. com/od/behavioralpsychology/a/classcond. htm). Stimulus-stimulus (S-S) theory argues that some cognitive element is required to comprehend classical conditioning. It argues that animals may salivate after the bell since it is linked to th3e food concept. Operant Conditioning Theory Operant conditioning involves using effects to alter the type and happening of conduct. Operant conditioning differs from classical conditioning in that the former tackles alteration of intentional (operant) conduct. Operant behavior functions within the environment; it is controlled by its effects. On the other hand, classical conditioning tackles the habituation of respondent conducts that are drawn out by precursor situations. Conducts conditioned through classical conditioning process are not controlled by effects. Punishment and reinforcement may be negative (removed after a reaction) or positive (given after a reaction), thus creating 4 basic effects, the fifth being extinction (no consequence alteration after a reaction). Reinforcement consequence increases the frequency of occurrence of behavior. Punishment consequence decreases the frequency of occurrence of behavior. Extinction signifies absence of effects. If behavior proves inconsequential, having neither unfavorable nor favorable effects, it occurrence becomes less frequent. If previously strengthened conduct ceases to be strengthened negatively or positively, the reaction reduces. Positive reinforcement happens when a constructive stimulus follows a conduct, thus increasing the frequency of the conduct. Negative reinforcement happens when the withdrawal of aversive stimuli follows a conduct, thus increasing the frequency of the conduct. Positive punishment (punishment through conditional stimulation) happens when a negative stimulus follows a conduct. Negative punishment (punishment through conditional withdrawal) happens when the withdrawal of a pleasant stimulus follows a reaction or behavior. Social cognitive theory It suggests that parts of a persons knowledge gaining may be directly linked to watching other persons through social contact, experiences, plus external media pressures. It remains a knowledge hypothesis that argues that persons learn through observing the activities of others plus that individual though procedures are vital in comprehending personality. Despite the fact that the learned conduct obtained from the surroundings persons grow up in significantly influences development, cognition equally influence ethical development. Persons learn though watching others as mediated by the surroundings, cognition, and behavior. Social cognitive theory stresses a huge disparity between a person’s capacity to exhibit moral competence and performance. Moral competence refers to possession of the capacity to depict ethical behavior. Moral performance refers to adhering to individual moral behavior ideas in particular circumstances. The theory emphasizes learning or knowledge gaining though watching models. Observers do not anticipate punishments or rewards; rather, they anticipate similar results to their imitated conduct. Within education, instructors act as models in children’s knowledge acquisition. Learning most probably happens when an observer-model intimate identification occurs and when observers have adequate self-efficacy beliefs. Such beliefs act as vital proximal factors for human effect, action, and motivation, which control action by cognitive, effective, and motivational intervening procedures. Identification permits observers to sense a one-on-one linkage with the model. Observer are thus more probable to attain such replications if they feel they have the capacity to adhere to the imitate actions. Considering many factors (cognitive, social, and environmental) is the simplest way of displaying ethical development. The inter-linkage of such factors offers additional insight regarding morality. Behavior Therapy Techniques Key interventions to behavioral therapy were developed from functional analysis which tackles issues like couple relationships’ intimacy, couples’ forgiveness, continual pain, persistent distress, depression, substance misuse, obesity, and anxiety. Even issues commonly encountered by therapists, like client struggle, involuntary clients, and busy clients, have been tackled through functional analysis. Third Generation Behavior Therapy entails a group endorsing radical behaviorism and functional analysis and opposing cognitivisim. It involves: Acceptance and Commitment Therapy (ACT); Behavioral Activation (BA); Cognitive Behavioral Analysis System of Psychotherapy (CBASP; Functional Analytic Psychotherapy; Dialectical behavior therapy; and Integrative Behavioral Couples Therapy. Acceptance and Commitment Therapy is founded on Relational Frame Theory. Functional Analytic Psychotherapy is founded upon functional analyses of therapeutic relationships. It focuses on therapeutic contexts and reverts to using in-session reinforcement. Behavioral Activation came from a constituent scrutiny of cognitive behavior therapy. It is founded upon a corresponding reinforcement model. Integrative Behavioral Couples Therapy analyses the discrepancies between rule-governed and contingency-shaped behaviors. Such analysis is merged with a comprehensive evaluation of couples’ association. References Wagner, K. V. (2009). Introduction to classical conditioning. Retrieved July 6th 2009 from, http://psychology. about. com/od/behavioralpsychology/a/classcond. htm How to cite Behavior Therapy, Papers

Economics for Business GDP

Question: Discuss about theEconomics for Business for GDP. Answer: Introduction The prime purpose of this study is to discuss the GDP (Gross Domestic Product) comparison between two countries. In order to elucidate the topic, the study has considered the countries Australia and China. Through elaborating two different economies of these countries, the study establishes a clear knowledge about the topic. In addition, the study discusses about the factors that affect the economy as well as GDP of these particular countries. However, the entire discussion is built by comparing and contrasting the Gross Domestic Product of Australia and China. Before entering the main discussion, it is essential to elaborate about the economies that present in those countries. It has been found that two different economies are present in Australia and China that includes Command Economy and Mixed Market Economy. As per the statement of Fleming and Measham (2015), mixed market economy is present in the country Australia. In order to more precise, in Australia, most of the economic pl anning and decision are taken by the private sectors. That means large number of households and several firms play a major role in the Australias economy and GDP growth. Government of that country is involved only in some crucial sectors. On the other way, command economy is present in the country China (Jun 2013). In order to elaborate it more, Jun (2013) stated that all the economic planning as well as decisions is made by the government of that country. The central power of that country is the one that takes the decisions of investment, production, supply of goods and services, and many more. The human resource is the major factor that plays a crucial role in the GDP growth of a country (Baker, Merkert and Kamruzzaman 2015). In context of Australian economy, the curve of unemployment rate has been growing upward till the year 2015 (Refer to Appendix 1). However, in present the country is experiencing a decreasing unemployment rate. On the other way, the unemployment rate of China is in a stable situation (Refer to Appendix 2). Small proportion of increase and decrease has been found in the change of unemployment rate. GDP Comparison Between Australia and China In this section, the labor force of these two countries can be manifested more in order to establish the difference between these two countries. In Australia, the lowest percentage of total work force is involved in the agriculture sector that is estimated as 3.6% (Tradingeconomics.com. 2016). This is followed by the ratios involved in secondary sector and territory sector respectively. In the secondary sectors of Australia, 21.1% is employed (Tradingeconomics.com. 2016). The territory sector includes service sectors, tourism sectors and many more where 75% of workforce is engaged (Salahuddin and Alam 2015). In the prior section, it has been mentioned that Australia has a mixed economy where the private sectors play the lead role. (Mclean 2016) added in this context that it is the largest mixed economy in the world. The country has been experiencing growth fluctuation over the past 5 years. Through the following table and graph, the GDP growth of Australia has been demonstrated. Years 2015 2014 2013 2012 2011 GDP Growth Rate 2.48% 2.62% 2.04% 3.55% 2.68% Table 1: GDP Growth Rate of Australia in past 5 years (Source: Satistica.com. 2016) Graph 1: GDP Growth Rate of Australia in past 5 years (Source: Satistica.com. 2016) The above table and graph illustrate that the GDP growth rate of Australia has been fluctuating over the past 5 years. In 2012, the country has experienced a large proportion of growth in GDP and in the following year 2013, it dropped down below than the rate of 2011. However, in the year of 2014, it was increased again but could not exceed the rate of 2011. In the last year 2015, the GDP growth rate has been declined again. Thus, it can be stated that Australia has been experiencing an unstable growth in their economy. However, the present financial record of Australia states that it contains 1.2% of the world economy (Ft.com. 2016). Focusing on the year 2015, it has been found that the growth rate was 0.6% as estimated in the last quarter (Tradingeconomics.com. 2016). It is important to mention that the rate was lower comparing to the previous quarter. It was 1.1% in the previous quarter (Tradingeconomics.com. 2016). Along with that, the economy has experienced a declining capital expenditure and private investment. In the year 2015, the private investment was dropped by 1.9% and capital expenditure was reduced by 0.6% (Tradingeconomics.com. 2016). It has been found that the new engineering construction of the country has been affected and this is the reason that the private investment has been decreasing overtime. In comparison to this, the public investment, import and export of that country was increased by 6% for each (Tradingeconomics.com. 2016). Furthermore, as per the measurement of 2015, the consumption expenditure and government expenditure were hiked up by same percentage that is 0.7% (Tradingeconomics.com. 2016). Besides, the expenditure on household commodities was increased by 0.8% (Tradingeconomics.com. 2016). Meara et al. (2015) mentioned that Australia is the seventeenth largest economy as per the Purchasing Power Parity measurement and twelfth largest economy as per the Nominal GDP Measurement. The major strength of this economy lies on its import and export sector. In the world economy record, it is the nineteenth largest importer and exporter (Forbes.com. 2016). The ASE (Australian Security Exchange) and the South Pacific region is the largest stock exchange in the world economy (Ft.com. 2016). Here, it is important to mention that the Australian Security Exchange has acquired the fourteenth position of market capitalization (Ft.com. 2016). Some specific sectors are there that contribute major portion in the Australian GDP. It has been found that more than 1.3% of GDP was contributed by agriculture, fishing and forestry sector (Tradingeconomics.com. 2016). Recently, they have experienced a positive growth in the iron ore, coal, oil and gas industries. Moreover, the information and tel ecommunication sectors contributed more than 2.7% (Tradingeconomics.com. 2016). Along with that, 2.8% and 2.2% growth was contributed by the real estate services and recreation services respectively (Tradingeconomics.com. 2016). Apart from these sectors, decreasing growth rate has been experienced in other sectors. One of the major reasons of declining growth rate is the decrease in manufacturing sector. The production of petroleum, coal, chemicals and metal products has been diminishing. Moreover, the tobacco, food, and beverage production have been decreasing and this leads the GDP growth rate downward (Tradingeconomics.com. 2016). As discussed by Beeson (2016), the major factors that affect the GDP of Australia includes human resources, prices of commodities, and outside the resource sectors. It has been mentioned before that the human resources play a prime role the growth of the economy. Besides the resource sector, the country has experienced slow growth in other sectors. This is the reason that the unemployment rate has been increasing till the year 2015. However, presently the country restrains the rate, but it is expected that the unemployment rate might be increased further. The rate has been increasing with the rate 6.2% (Satistica.com. 2016). In this context, it is important to mention that the economy has experienced higher rate of unemployment that exceeded their expected rate. This clears the fact that the labor force of the country remains under-utilized. Considerable slacks exist in the labor market as the workforce contributes fewer hours than they expect. As a result, the wages are restraining and hence their disposable income is also declining. Due to this reason, the consumption growth was minimized which adversely affects the growth of the economy. Sharp rise in terms of trade has been experienced in this economy over the past 10 years (Rees, Smith and Hall 2015). In this context, it is important to mention that by the ratio of export to import prices, the terms of trade of the country is determined. The higher bulk commodity prices contribute positive growth in the economy. Apart from this, it has been mentioned that the major strength of the economy lies on the resource sector. Thus, the high price of coal and iron ore leads the growth curve upward. Due to the presence of strong demand, large amount of these commodities are exported to many of the Asian countries including China (Refer to Appendix 3). However, Richards et al. (2015) explained that some sectors are there besides the resources sector that contribute positive growth in the GDP. More specifically, the re sidential construction has been growing rapidly that provide positive impact on the economy. However, residential development contains negligible share in the economy and thus the contribution seems insufficient. After the resource sector, the service sector has been considered as the second strongest and well established sector where continuous growth is noticed. It is important that, in the service sectors, the education and tourism sectors have been improving in a rapid manner (Rees, Smith and Hall 2015). Unlike the Australian economy, even labor force distribution has been found in China (Tradingeconomics.com. 2016). Further the estimated percentages of labor force employed in the primary sector, territory sector, and secondary sector are 36.7%, 34.6%, and 28.7% respectively. However, the Chinese economy has experienced the slowest growth in the year 2015 (Xing and Pradhananga 2013). Popescu (2013) mentioned that it was the slowest in the last 25 years. In the below table and graph, the GDP growth of China has been illustrated, in context of past five years. Years 2015 2014 2013 2012 2011 GDP Growth Rate 6.9% 7.3% 7.7% 7.7% 9.46% Table 2: GDP Growth Rate of China in past 5 years (Source: Satistica.com. 2016) Graph 2: GDP Growth Rate of China in past 5 years (Source: Satistica.com. 2016) From the above table and graph, it has been noticed that the growth rate has been decreasing over the years. The growth rate was much higher in the year 2011, in comparison to the year of 2015. However, it is important to mention that the growth rate is comparatively higher in China than that of Australia. Furthermore, the economists of the country expect that the growth would slow down in the later years also. As per their expected estimation the growth rate will be 6.49% and 6.2% in 2016 and 2017 respectively (Mikosch and Zhang 2014). Furthermore, the growth rate would be stable at 6% in the years after 2017. In the first quarter of 2016, the growth rate was hiked up by 6.7% which is lies little below the rate of the previous quarter (Tradingeconomics.com. 2016). In the prior quarter, the rate was 6.8% (Tradingeconomics.com. 2016). Unlike the Australian economy, the growth in the mining sector acquired the third position in China. The estimated percentage of the contribution of min ing sector is 3.1% (Forbes.com. 2016). In this economy, the manufacturing sector contributes the largest portion in the GDP growth. The outcome in manufacturing sector of this country was increased by 7.2% which positively affect the GDP (Forbes.com. 2016). After the manufacturing sector, the GDP growth strongly depends on the growth in the supply of water, gas and electricity. As per the financial record of the last year, this made 4.8% contribution in the Chinese economy (Tradingeconomics.com. 2016). The growth in the retail sales was hiked up from 10.2% to 10.5% in the first quarter of 2016 (Tradingeconomics.com. 2016). Before achieving the growth, the economists had expected that the rate would be increased up to 10.4% which has been exceeded (Tradingeconomics.com. 2016). Apart from this, the increasing growth in investment has been experienced in this economy. In property investment, the estimated growth was 6.2% and in fixed asset investment, it was 10.7% (Tradingeconomics.com . 2016). In this context the positive contribution has been outlined that is not sufficient to lead the growth curve upward. Dreger and Zhang (2014) discussed that Chinese economy is the second largest economy as per the measurement of Nominal GDP. Furthermore, as per the measurement of purchasing power parity, it is the largest economy in the world. Among all the developing countries, the fastest economic growth and development has been noticed in China. Over 30 years, the country has experienced 10% average growth (Forbes.com. 2016). It has been mentioned before that the manufacturing sector contributes the major portion in GDP. Unlike Australian economy, China is one of the strongest manufacturing economy. Along with that, it is the second largest importer and largest exporter in the world economy (Ft.com. 2016). Mainly, the service products are imported from other nations to this country. Haltmaier (2013) explained that some factors are there that affect the GDP growth of China. These factors include human resources, commodity prices, and outside the manufacturing sector. It has been noticed that the unemployment rate of this country has been increasing in a large proportion till the period of 2000s (Refer to Appendix 4). Afterwards, it came in a stable position. The growth rate defines that the economy failed to fully utilize their human resources in the previous period. However, in present, the human resources are utilized well but still the economy is experiencing low economic growth. Most of the labor force is engaged in the manufacturing sector. In the urban areas, the wage rate was increased by 15% which positively affect the economy of China (Ft.com. 2016). Besides the manufacturing sector, major issues are present in other sectors of that country. Behind the economic slowdown, the major reason was the declining growth in mining sector. It has been found that t he issues regarding CO2 affect other production and thus it negatively affect the economy (Ft.com. 2016). Mainly this particular issue affects steel production, copper smelting and aluminum production (Ft.com. 2016). Grinin, Tsirel and Korotayev (2015) elaborated the fact how the commodity price of that country affects its GDP. Behind the economic slowdown, the sharp fall in the commodity prices is pointed out as the major reason, by the economists. Since the year 2014, the economy has been experiencing decreasing commodity prices which negatively affected the GDP growth rate (Tradingeconomics.com. 2016). The country is the largest exporters and thus fall in commodity prices leads the growth curve downward. It has been found that in the early 2000s, the commodity price was higher and thus the economy was experiencing increasing growth during that period. It clears the fact that strong correlation is there in between the commodity prices and GDP growth rate of China. After 2011, the energy prices by 70%, metal prices by 50%, and agricultural commodity prices was reduced by 35%. This was the major change that led the growth rate to downwards (Tradingeconomics.com. 2016). Moreover, large amount of t he commodities wheat, beef and sugar are exported to many of the countries. Fall in the prices of those commodities caused slow economic growth (Nie 2016). Besides, the economy exports 12% of their crude oil and 5% of natural gas (Tradingeconomics.com. 2016). The price of natural gas was dropped down by 55% and the natural oil was reduced by 73% (Tradingeconomics.com. 2016). This price fluctuation is the prime cause of their mismanaged inventory which affect their export market. As a result, the GDP growth of this country is affect to a larger extent. In order to differentiate the growth of China and Australia, a strongest example can be shown through a context. Nie (2016) mentioned that the largest portion of iron ore China exports from Australia. Thus, the Australian economy becomes more stronger, and the large expenses lead the Chinese growth downward. Further, it has been found that the research and development expenditure in both the countries has been increasing with different proportions (Refer to Appendix 5). Conclusion The above discussion concludes that Australia has been experiencing positive economic growth, whereas China's economic growth has been slowing down. In Australia's increasing GDP growth, mining sector play the vital role. On contrast, China's manufacturing sector contributes positive growth in their GDP. Though, it has been found the growth is not sufficient to lead the GDP curve upward. In comparison with Chinese economy, Australia's manufacturing sector is not that much strong. Moreover, decreasing growth has been found in the manufacturing sector of Australia that negatively affect the economy. On the other way, the mining sector of China is not as strong as that of Australia. Large portion of iron ore is exported by Australia to China which benefitted the Australian economy and affected the Chinese economy as well. The study brings out many differences between the economy of Australia and China. 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