Explain How the Fundamental Accoungting Concepts Are Used in Preparing Financial Statement Essay Example

Explain How the Fundamental Accoungting Concepts Are Used in Preparing Financial Statement Essay Explain how the fundamental accoungting concepts are used in preparing financial statement. Use examples to illustrate the application of the fundamental accounting concepts. Accouting is the language of business and it is used to communicate finance information. In order for that information make sencse, accouting is based on 10 fundamental concepts. These fundamental concepts then form the basic for all of the Generally Accepted Accouting Principles (GAAP).And these are 10 fundamental concepts:the Business Entity Concept, Monetary Concept, Historical (Cost) Concept, Going Concern Concept, Dual Aspect Concept, Accrual Concept, The relisation Concept, Consevatism, Consistency, Materially In those fundamental accounting concepts above which I would apply and explain for 6 fundamantal accouting concept below which I think they are used in preparing the Financial Statements: 1. Going concern: -According to Dyson (2006) The going concern concept implies that the business will continue to operate for the fore-seeable future.It means that it is considered sensible to keep to the use of the historical cost concept when arriving at the valuation of assets. And if the business decides to liquidate or become bankrupt then a different approach to valuation is required. -This value includes the liquidation value of a companys tangible assets as well as the present value of its intangible assets (such as goodwill). The going-concern value is worked into the purchase price of a company, and is the main reason why the purchase price of a company tends to be higher than the current value of the assets of the company.For example, the liquidation value of Widget Corp. is $10 million. This sum represents the current value of inventory, buildings and other tangible assets that can be sold assuming that the company is completely liquidated. However, Widget Corp. s going-concern value could very well be $60 million, as the companys reputation of being the worlds leading widget produ cer and its ownership of patents and associated rights for widget production mean that the company should have a large steady stream of future cash flows. 2. Accrual concept When preparing the profit and loss account, revenue and profits, and matched with the associated costs and expenses incurred in earning them. This means that revenues and expenses are recognized when they are incurred rather than when the related cash is received or paid. Accrual of income is always measured over a period of time which is normally the accounting year. Expenses are costs incurred in earning revenue. Those expenditures which may be charged against revenues for a period will be considered as operating expenses.The accrual concept is applied both in ascertaining the revenues for a period and ascertaining the expenses to be charged against the revenues. For example if   a business has a year end of 30th June 193 and there had been an electricity charge of ? 60 for the six months to the end of Decem ber 192 , ? 30 for the quarter ending 31 March 193 , and an estimate of ? 20 has been made   for the quarter ending 30 June 193 . The amount charged in the profit and loss account for the year end 30/06/x3,   will be the charge for the 12 months ? 110, i. e. ?60 + ? 30 + ? 20. This estimate of ? 20 for the March/June quarter is known as an accrual. . Monetary Concept: -Accounting uses money to express certain facts of a business and they can show a expression of the wealth of the business. 4. Consistency concept: There should be consistency of treatment of like items within each accounting period and from one period to next. In other words, once you have chosen an accounting treatment, you should stick with it from one year to next.. It helps the user to make comparisons over time, and so to pick out useful trends. Without consistency we cannot have comparability; and without comparability, financial reporting is rather meaningless.For example, a profit for the year of ? 100m m ay initially be perceived as good, but can only really be assessed by comparison with last year and/or budget for this year. Finally, it must be noted that the consistency concept does not preclude changes being made. Clearly, as time goes by, new accounting practices will develop. However, as these are adopted two things must happen. First, they must be fully disclosed as a change in accounting policy. And second, the comparative figures for the previous year must be restated under the new policy so as to facilitate comparison. . Materiality: -A very small mistake in the financial statements of an entity will not invalidate those statement . They should still be usable by anyone interested in entity. However, the key issue is obviously what we mean by ‘very small’. The concept of materiality applies the test of whether the financial statements still show a true and fair view. The consistency concept says that when a business has once fixed a method for the accounting t reatment of an item, it will enter all similar items that follow in exactly the same way. 6.Dual Aspect Concept -All business events are regarded as having a dual aspect. In all business transaction involves two entries, a debit entry and a credit entry. Each transaction involves two entries, a debit entry and a credit entry. Every debit must have a corresponding credit, the total debits must at any time equal the total credits. Whether this be so or not is easily ascertained by means of Trial Balance. 2. Critically evaluate the role of financial accouting in aiding the decision making processes of 4 different non-management stakeholder group.Your anwers should include an explanation of the nature of the decisions each of the stakeholders are likely to be taking in relation to their interactions with a business. I would chose 4 different non-management stakeholder groups below to critically evaluate the role of financial accouting in aiding the decision making processes: Investors: Investors are the people who invest the money for business so they are concerned about risk and return in relation to their investment. So they require informaiton to decide whether they should continue to invest in a business.They also need to beable to assess wether a business will be able to pay diviend, and to measure the performance of the business management overall. The key accouting information for an investor is therefore: -Information about growth-sales, volumees -Profitability (profit margins, overall level of profit) -Investment (amount invested, essets owned) -Comparative informmtion of competitors Lenders Lenders are the people who lend money in a business as : banks and loan stokholders so they require information that helps them determined whether loans and interest will be paid when due.The key accouting information for lenders is therefore: -Cash flow -Security of assets against which the lending may be secured -Investment requirements in the business Creditors Sup pliers and trade creditors requirement information that helps them Understand and assess the short-term liquidity of a business. They need to know is the business able to pay short-termdebt when it falls dua? Creditors will, therefore,be looking for information on: -Cash flow -Management of working capital -Payment policyThe purpose of financial accounting statements is mainly to show the financial position of a business at a particular point in time and to show the how that business has performed over a specific period. There are three important elements of finance accounting statement : the profit and loss account for reporting period, a balance sheet for the business at the end of the reporting period and a cash flow statement for the reporting period. Government and taxes department: They need to know about the information of Financial Statements of all the company or business who is running the business legal.There are many agencies and departments that are interested in accoun ting information. And through Financial statement they can know the profit the business make to levy taxes. The Inland Revenue needs information on business profitability in order to levy and collect Corporation Tax. Customer excise need accounting in formation to verify Value Added Tax (â€Å"VAT†) returns; local government needs similar information to levy local taxes and rates. Some agencies(e. g the Competition Commission and the Environment Agency) need information to support decisions about takeover and grants . for example investment analysts are an important user group-specifically for companies quoted on stock exchange. They also require very detailed financial and other information in order to analyse the competitive performance of a business and its sector. (1539 words) Explain How the Fundamental Accoungting Concepts Are Used in Preparing Financial Statement Essay Example Explain How the Fundamental Accoungting Concepts Are Used in Preparing Financial Statement Essay Explain how the fundamental accoungting concepts are used in preparing financial statement. Use examples to illustrate the application of the fundamental accounting concepts. Accouting is the language of business and it is used to communicate finance information. In order for that information make sencse, accouting is based on 10 fundamental concepts. These fundamental concepts then form the basic for all of the Generally Accepted Accouting Principles (GAAP).And these are 10 fundamental concepts:the Business Entity Concept, Monetary Concept, Historical (Cost) Concept, Going Concern Concept, Dual Aspect Concept, Accrual Concept, The relisation Concept, Consevatism, Consistency, Materially In those fundamental accounting concepts above which I would apply and explain for 6 fundamantal accouting concept below which I think they are used in preparing the Financial Statements: 1. Going concern: -According to Dyson (2006) The going concern concept implies that the business will continue to operate for the fore-seeable future.It means that it is considered sensible to keep to the use of the historical cost concept when arriving at the valuation of assets. And if the business decides to liquidate or become bankrupt then a different approach to valuation is required. -This value includes the liquidation value of a companys tangible assets as well as the present value of its intangible assets (such as goodwill). The going-concern value is worked into the purchase price of a company, and is the main reason why the purchase price of a company tends to be higher than the current value of the assets of the company.For example, the liquidation value of Widget Corp. is $10 million. This sum represents the current value of inventory, buildings and other tangible assets that can be sold assuming that the company is completely liquidated. However, Widget Corp. s going-concern value could very well be $60 million, as the companys reputation of being the worlds leading widget produ cer and its ownership of patents and associated rights for widget production mean that the company should have a large steady stream of future cash flows. 2. Accrual concept When preparing the profit and loss account, revenue and profits, and matched with the associated costs and expenses incurred in earning them. This means that revenues and expenses are recognized when they are incurred rather than when the related cash is received or paid. Accrual of income is always measured over a period of time which is normally the accounting year. Expenses are costs incurred in earning revenue. Those expenditures which may be charged against revenues for a period will be considered as operating expenses.The accrual concept is applied both in ascertaining the revenues for a period and ascertaining the expenses to be charged against the revenues. For example if   a business has a year end of 30th June 193 and there had been an electricity charge of ? 60 for the six months to the end of Decem ber 192 , ? 30 for the quarter ending 31 March 193 , and an estimate of ? 20 has been made   for the quarter ending 30 June 193 . The amount charged in the profit and loss account for the year end 30/06/x3,   will be the charge for the 12 months ? 110, i. e. ?60 + ? 30 + ? 20. This estimate of ? 20 for the March/June quarter is known as an accrual. . Monetary Concept: -Accounting uses money to express certain facts of a business and they can show a expression of the wealth of the business. 4. Consistency concept: There should be consistency of treatment of like items within each accounting period and from one period to next. In other words, once you have chosen an accounting treatment, you should stick with it from one year to next.. It helps the user to make comparisons over time, and so to pick out useful trends. Without consistency we cannot have comparability; and without comparability, financial reporting is rather meaningless.For example, a profit for the year of ? 100m m ay initially be perceived as good, but can only really be assessed by comparison with last year and/or budget for this year. Finally, it must be noted that the consistency concept does not preclude changes being made. Clearly, as time goes by, new accounting practices will develop. However, as these are adopted two things must happen. First, they must be fully disclosed as a change in accounting policy. And second, the comparative figures for the previous year must be restated under the new policy so as to facilitate comparison. . Materiality: -A very small mistake in the financial statements of an entity will not invalidate those statement . They should still be usable by anyone interested in entity. However, the key issue is obviously what we mean by ‘very small’. The concept of materiality applies the test of whether the financial statements still show a true and fair view. The consistency concept says that when a business has once fixed a method for the accounting t reatment of an item, it will enter all similar items that follow in exactly the same way. 6.Dual Aspect Concept -All business events are regarded as having a dual aspect. In all business transaction involves two entries, a debit entry and a credit entry. Each transaction involves two entries, a debit entry and a credit entry. Every debit must have a corresponding credit, the total debits must at any time equal the total credits. Whether this be so or not is easily ascertained by means of Trial Balance. 2. Critically evaluate the role of financial accouting in aiding the decision making processes of 4 different non-management stakeholder group.Your anwers should include an explanation of the nature of the decisions each of the stakeholders are likely to be taking in relation to their interactions with a business. I would chose 4 different non-management stakeholder groups below to critically evaluate the role of financial accouting in aiding the decision making processes: Investors: Investors are the people who invest the money for business so they are concerned about risk and return in relation to their investment. So they require informaiton to decide whether they should continue to invest in a business.They also need to beable to assess wether a business will be able to pay diviend, and to measure the performance of the business management overall. The key accouting information for an investor is therefore: -Information about growth-sales, volumees -Profitability (profit margins, overall level of profit) -Investment (amount invested, essets owned) -Comparative informmtion of competitors Lenders Lenders are the people who lend money in a business as : banks and loan stokholders so they require information that helps them determined whether loans and interest will be paid when due.The key accouting information for lenders is therefore: -Cash flow -Security of assets against which the lending may be secured -Investment requirements in the business Creditors Sup pliers and trade creditors requirement information that helps them Understand and assess the short-term liquidity of a business. They need to know is the business able to pay short-termdebt when it falls dua? Creditors will, therefore,be looking for information on: -Cash flow -Management of working capital -Payment policyThe purpose of financial accounting statements is mainly to show the financial position of a business at a particular point in time and to show the how that business has performed over a specific period. There are three important elements of finance accounting statement : the profit and loss account for reporting period, a balance sheet for the business at the end of the reporting period and a cash flow statement for the reporting period. Government and taxes department: They need to know about the information of Financial Statements of all the company or business who is running the business legal.There are many agencies and departments that are interested in accoun ting information. And through Financial statement they can know the profit the business make to levy taxes. The Inland Revenue needs information on business profitability in order to levy and collect Corporation Tax. Customer excise need accounting in formation to verify Value Added Tax (â€Å"VAT†) returns; local government needs similar information to levy local taxes and rates. Some agencies(e. g the Competition Commission and the Environment Agency) need information to support decisions about takeover and grants . for example investment analysts are an important user group-specifically for companies quoted on stock exchange. They also require very detailed financial and other information in order to analyse the competitive performance of a business and its sector. (1539 words)

Importance of Vitamins Essays

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Sales and Purchase Management Essay Example | Topics and Well Written Essays - 1000 words

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Effect of Parental Separation on Adolescence

Effect of Parental Separation on Adolescence Zeenat Jawed PARENTAL SEPARATION AND ITS CONSEQUENCES FOR ADOLESCENCE Family is one of the important social spaces which give you identity; shelter, security, senses of belonging and also nurtures the personality of a person. Parents play an important role to run the family with harmony. They provide basis for the development of personality and, guide their children to face the challenges of the real world. Child learn to adjust in society and make relations with others by observing the role of their parents (Bandura, 1989). Parents influence on child development in three different ways which includes direct interaction with child in activities, emotional identification and, telling stories about family members and relatives (Kagan, 1999). The interpersonal relation of parents also has an impact on child development. According to Moore, Kinghorne and Bandy (2011), the quality of parental relationship is allied with the positive or negative outcome in child’s behavior, social competence, and engagement in school, parent-child communication and parental feeling of aggravation. The reflection of parental relation either lifts up or disrupts the child development. If the conflict persists and parents get divorced so it will impact the development of children. This paper will explore worldwide and Pakistan’s prevalence, causes of divorce, and its impact on child’s development in different stages of life briefly, with more focus on adolescence stage. Furthermore, it will also provide some possible interventions for children to cope up with this emotional trauma without compromising their development. The reason for choosing this topic is that I have witnessed a 14 years old girl during my clinical whose parents got divorced that influenced on her life positively and negatively. She involved in studies more and became resilient but simultaneously, she was depressed, had fear about future life, and didn’t participate in any social activities. Prevalence Divorce is the physical and legal separation of spouse from their relation (Parveen, 2010). The rate of divorce is increasing day by day. Worldwide Divorce Statistics, (n.d.), states that Beralus, United Kingdom and United states are among top twenty countries with the highest divorce rate of 68%, 53% and 49% respectively. According to Avila (2013), â€Å"The United States Bureau of the Census (2005) estimated over 1 million children experience parental divorce each year. According to Strohschein et al. (2009) and Juby et al. (2005) as cited in Ambert Vanier Institute of the Family (2005), about 20% -30% children experience parental divorce at the age of 18 and 15 respectively. According to the statistics retrieved from the court of senior civil judge Lahore and Faisalabad, cited in Parveen (2010), since January to April 2008, 3223 and 1466 cases were registered respectively. About 80 to 85 cases are being registered daily. In addition, a study was conducted in Karachi showed that parental conflict results in negative outcome among their children. The study also suggests that 80.5% to 97.5% of children got affected by parental conflicts (Ali, Assad, Mogren, Krantz, 2011). This frequency shows that it is the most scorching issue in our society and around world that compels me to review this issue through my paper. Causes of divorce There is a temporality in the world that every cause precedes an effect. Similarly, there are certain causes that may leads to dissolution of the marital bond. There is no similar cause for every divorce. Frolick, (2011) as cited in Khurshid, Khatoon, Khurshid, (2012) affirms that, â€Å"every divorce is unique like a snow flake†. There is an increasing rate of divorce in Pakistan, and the few prevalent reasons are; Lack of sacrifice, forced marriages, greed, Joint family system, difference in social status and highly career oriented women (Khurshid, Khatoon, Khurshid, 2012). There are incompatible differences between partners that become necessary for the person to get divorced. Lack of communication, poverty, difference in education level, any kind of abuse (physical, emotional, verbal or sexual), disloyalty, early marriages, mismatch (sexual, intellectual and emotional), sexual dysfunction or disease and drug addiction can also be the contributing factors of divorce (Khurshid, Khatoon, Khurshid, 2012). According to Ali, Assad, Mogren, Krantz, (2011), there is a theoretical model that helps to depict the causes of intimate partner violence (IPV) that in my opinion, can leads to separation. These include psychopathological, sociological, gender, and family systems theories. Sociological theories portrayed that low education, economic vulnerability and stress can leads to conflict. Gender theories states the cultural and social construct of gender, where man have power and superiority, while women have inferior status that makes women dependent and vulnerable for violence. Furthermore, in my opinion, uncertainty and hesitation towards spouse can be a risk factor and it was the main cause of divorce in my patient’s case. Moreover, psychopathological theory suggests that certain psychiatric diseases and disorders maybe a contributing factor. Likewise, family system theories revealed that lack of communication, ineffective problem solving can leads to violence. Therefore it can be assumed that these factors can ultimately lead to divorce. Consequences of divorce Consequences for the couple: Divorce can be both positive and negative. In my opinion, getting away from the stressful relationship could be helpful for a person. Individual can live happy life a head if they are not happy and satisfied with their existing marital life. Literature also suggests that those who ends their relation due to high conflict and violence and grasps an opportunity to change are happier in their later life (Waite Gallagher, n.d.). On the other hand, divorce can be a stressful event too. Initially, the divorced couple feels relaxed but as time passes, they become harsh, fragile and easy to break. They become socially isolated and anxious. Furthermore, men are at risk of substance abuse while women are more prone towards depression, poverty, loneliness and stigmatization (Waite Gallagher, n.d.). Literature suggests that regardless of poverty and depression, women get back from the trauma easily as compared to men (Amato Cheadle, 2005). Consequences for children: Attachment theory: The relation and attachment between parents and children is very important for personality development and intimacy in later life. According to John Bowlby theory of attachment cited in Fraley, (n.d.), there are three types of attachment i.e. secure, avoidant and resistant. In the first type of attachment, the child experiences unconditioned positive regard, loving, warm and responsive attitude of parents. It helps to build intimacy, empathic and supportive behaviors towards their partner and tends resolve their conflicts with constructive strategies. In avoidant attachment, parents shows demanding, disrespectful, critical and harsh attitude towards their children. It leads to jealousy, lack of intimacy and love in adulthood. The resistant attachment is the situation of jump in and out that means that the attitude of parents is unpredictable. This pursued the child to amalgamate completely with others and build their relations quickly but it cannot exist for long. The initial years of life is marked with physical, cognitive, language, social and emotional development and it is also vulnerable for acquiring negative things (McIntosh, 2011). The infancy is a very crucial time in which child develop trust in the world with healthy parenting (Americas Angel, 2011). After divorce, the custody of child is given to one parent due to which, the child lacks attention and care from other parent. For example, if an infant is separated from mother, the primary source of satisfaction in infancy, the child will end up in separation anxiety (Stuart, 2009). In my opinion it will develops mistrust in child for the real world. According to Erickson, preschooler stage is marked with initiative vs. guilt (Americas Angel, 2011). They suffers from depression, confusion, indulge in joyless play, desire for the absent parent, feel guilty and blame themselves for the conflict and divorce of their parents (Kruk, 2013). In my view, if parents don’t give attention to their children due to their marital conflicts and separation, this may develops avoidant attachment which subsequently leads to jealousy and lack of intimacy in later life. Likewise, school-age children build competency and mastery by participating more in academics. They make friends that play an important role in developing self-esteem in child (McLeod, 2008). Following divorce, children doesn’t interact with friends more, they suffer from sleep problems and have low grade academic performance (Ambert Vanier Institute of the Family, 2005). In my opinion, low grade results from lack of parental participation in academics and avoidance of children due to marital conflict. Adolescence (11-20 years) is a stage where drastic change occurs such as pubertal changes, peer relation and physical maturity. Stuart (2009) affirms that it is a period where child is moving towards adulthood, preparing for marriage, career, acquiring sets of values and an ethical system. According to Erickson, in this stage, an adolescent forms his own identity which helps to make intimacy in young adulthood. Consequences of separation are equal for both girls and boys (Department of Justice Canada, 1997). Furthermore, I have detected some sign and symptoms in patient and also supported by a literature, adolescents may feel anger, depression, anxiety and fear, and emotional distress, early or late menarche and blame themselves for separation of their parents. Garvin and colleagues (1991) cited in Avila(2013) affirms that children whose parent got divorce had higher rates of depression, sexual acting out, substance abuse, conduct disorders, school problems, and delinquent behavior a s compared to the children of intact family. Furthermore, according to attachment theory, child may feel avoidant and resistant attachment with parents’ that deteriorates academic performance. In my belief it is because of lack of participation of parents in school due to which child get demotivated and shows poor performance at school. According to Stuart (2009), the children face difficulty in identification of one parent as a victim and develop rejection for other. Literature suggests that parental separation also puts a child at risk for divorce (Amato Cheadle, 2005). They become pessimistic about their future intimate relation (Stuart, 2009). Therefore, I believe that this stage is very crucial and could have dangerous affects of suffering. Furthermore, it is also observed that if the custody of child is given to opposite sex parent, it can also lead to problematic circumstances. For example, in Pakistan’s context, if an adolescent girl is living with her father so she may face many problems at puberty because of lack of guidance from mother. Similar situation goes with boys. They cannot discuss their reproductive health problems with mother flexibly. Children might have problems in identification of their same-sex parents due to lack of interaction with non-custodial parents. On the other hand, the divorce can leave positive effects as well. The patient that I had encountered showed positivity and coped with in an appropriate manner. She became resilient, indulges in studies and showed good academic performance. Middleton, (n.d.) insists that child learn positivity and becomes resilient, adaptable, have self-confidence, shows empathy, and learn more through quality time spent with each parent separately. After adolescence, a person enters in adulthood phase where they make relations and start their own family. If the impact of parental divorce is positive, they are most likely to build good relation with their spouse and children. According to Erickson, they develop intimacy and generativity however, in my opinion, they will get isolated from society and family and experience despair because they haven’t achieved their goal due to parental conflict and separation. Recommendations As health care personnel, we need to support child during this traumatic event. It is important to help child in the grieving period. Friends and family member can play a significant role in it. Furthermore, we can involve child in different group work that help to alleviate the depressive symptoms and provides opportunity to deal with pre and post divorce stress. Besides we can support child in reframing their perception about divorce and help to modify their thoughts into positivity. Avila (2013) states that it can be attain with Psycho-educational and counseling which help child to cope with the reality and impacts of separation. Cognitive behavioral therapy can be given to child in order to change their negative thinking (Avila, 2013). Indulge child in activities to divert their mind from stressful situation to the relaxed situation such as sports. Show empathy towards child to make them realize that they are not alone in this situation. Moreover we can refer child to those who h as coped with parental divorce appropriately. In my opinion, it is also important to teach family to support child during this period. Instruct family and custodial parent to allow child to maintain relation with the absent parent. Allow child to choose with whom they wants to live. Guide them not to discuss about the absent parent in front of child otherwise it will make child more depressed. Parents are required to fulfill the need of child and spend more time with them. In conclusion, the inter-parental relation plays an important role in the development of child. They can influence both positively and negatively. Good parental relation can enhance well-being of a child otherwise it will disrupt the development of child. Divorce is the legal separation of spouses. It has both positive and negative impact on the couple as well on their children. Additionally, child will have psychological, behavioral, social, physical and emotional problem in their development. Every stage is very crucial but adolescences are at greater risk to be affected with parental separation as it provides identity to children which help to develop intimacy in later life. By following above mentioned strategies, children can cope up with this painful event smoothly.

Misrepresentation and the Ethical Decision to “Embellish”

Applying for a job is one of the most challenging processes most adults have to undertake. It generally requires an individual to display his or her best qualities in order to create a lasting impression that would make an employer convinced that he or she is right and qualified for the desired job. However, there are times when people get desperate for a job, its high-paying salary, and benefits that misrepresentation in job applications takes place. This is a common practice experienced by employers.This act of false presentation of the self through resumes and personal interviews can theoretically be explained by the psychological idea of establishing a social identity. This social identity that an individual creates is bound to represent him or her in front of the social environment where he or she belongs. In this process of building a social identity or social â€Å"self,† an individual creates a concept of a â€Å"front† which Erving Goffman describes as one†™s representation of performance that can be judged by others depending on the how pleasant and how well-represented the front is (cited in Barnhart, 1994).It may include writing falsely about one’s personal job experience (writing better ones even though the person did really have such experiences), about awards and honors, and even about one’s personal identity. One can easily understand the logic behind the practice of misrepresenting oneself with made-up experiences, achievements, and identity—people do this in order to present themselves in the best way possible and obtain their dream job.However, this act of embellishing one’s resume or profile to make it more appealing to the eyes of the employer also involves several risks. Aside from the possibility that one might get caught immediately and lose the chance of being interviewed, embellishing resumes can also cause him or her to lose his or her job during the time when the person is already worki ng and loving his or her job. In addition to this, misrepresenting oneself may also lead to a damaged reputation (Safani, 2008).Credibility and honesty are two of the most important values an employer always seeks from job applicants. These values do not just build trust but also assures the employers and the company that their members and staff do not have any tendencies of committing fraudulent acts which can possibly involve the company in the future. Thus, the building of trust and confidence between an employer and a future employee starts in the process of application.An applicant’s credibility shall be first tested at that moment when the application requirements have been passed and the employer checks on the requirements to know about the applicant. Hence, this is the crucial time to build up one’s self in a legal, truthful way to be able to develop and maintain that confidence and reputation. In turn, this will enhance a person’s employment history whi ch can further help him or her in future job applications