Critical Thinking and the Society Essay Example | Topics and Well Written Essays - 1500 words

Critical Thinking and the Society - Essay Example Non-Critical Thinker Critical Thinker To evaluate the information and the conclusions drawn from it, the critical thinker should have the â€Å"questioning power.† To think critically the thinker must ask questions to get as much information as possible and to judge how far the information collected is relevant, applicable, important and significant. Then after the thinker needs to ask questions in regards to the conclusion drawn from this information. Using logic he needs to think if the conclusion is fair, logical, reasonable and consistent with all the collected information. There are different kinds of questions for critical thinking related to different activities. There are tools for Getting the Facts, Evaluating the Facts, Drawing a Conclusion and Evaluating the Conclusion. SKILLS REQUIRED FOR CRITICAL THINKING. Critical Thinking is an art which can be learned over time and needs special skills for its successful implementation: Rationality. It’s about reply on t he reasons and facts rather than emotions. Rationality is more based on known evidences and follows them where it leads. Self-Awareness. One can think critically when recognizes his/her own point of view without being biased. Honesty. One can think critically if he/she recognises emotional impulses, selfish motives, purposes or other modes of self-deception. Open-mindedness. Critical thinking demands reasonable inferences, variety of point of views or perspectives open to alternative interpretations. Critical thinking needs to be open to new explanations, model or paradigm if they explain the evidences better with more simplicity with more data. Judgement. Critical thinking always recognises the relevant and/or merit of alternative... Thus critical thinking is used in all our important decisions in our daily life. It affects one’s growth personally as well as professionally. The concepts and principles of critical thinking can be applied to any context. Thus critical thinking is based on one universal principal but its application to different disciplines requires reflective conceptualisation. Critical thinking is gaining importance in academics as well as to judge professional’s potential within a professional environment. Academically, Critical Thinking enables the students to analyse, evaluate, explain and restructure their thinking, thereby decreasing the risk of adopting, acting on and thinking with a false belief. However this kind of academics is only introduced in the West whereas in the East it’s still not prevalent. Introducing critically thinking into the curriculum would help the students to build thinking skills which would not only benefit them as individuals but would benefit the democracy as well. Professionally, the people who think critically are called the clear thinkers and are in high demand as they whittle down solutions for the company. Critical thinking would play a very important role in today’s alarming decline of the earth’s natural resources. The society can turn towards critical thinking only if thinking is considered as primary and not as a complex phenomenon. If the existing problems in the world are critically thought over with a open mind and unbiased natured, these problems could definitely get a solution.

Assignment for Business Economics and Finance Example | Topics and Well Written Essays - 1000 words

For Business Economics and Finance - Assignment Example 4). There are of course several accounting specialties and each of them is important in their own characteristics (Bonner et al. 2006). 2. Case of Halfords A. Identify the main accounting books that can be used by Halfords to records transactions. Halfords is a company that buys and sells bicycles. The main financial statements that can be used by organizations to record is financial condition, especially business organizations are the balance sheet, income statement, and the statement of cash flows (Stice et al. 2004). The balance sheet â€Å"reports, as of a certain point in time, the resources of a company (the assets), the obligations (the liabilities), and the net differences between its assets and liabilities, which represents the equity of its owners† (Stice et al. 2004, p. 10). The balance sheet addresses two fundaments information: what it owns and what it owes (Stice et al. 2004). The income statement â€Å"reports, for a certain interval, the net assets generated t hrough business operations (revenues), the net assets consumed (expenses) and the difference, which is called net income† (Stice et al. 2004, p. 10). ... 2004, p. 11). Stice et al. (2004, p. 11) pointed out that the â€Å"statement of cash flows is the most objective of the financial statements because it is somewhat insulated from the accounting estimates and judgment needed to prepare a balance sheet and an income statement.† Meanwhile, â€Å"accounting statements and judgments are outline in the notes to the financial statements† (Stice et al. 2004, p. 11). â€Å"The notes contain supplemental information as well as information about items not included in the financial statements† (Stice et al. 2004, p. 11). Stice et al. (2004, p. 11) pointed out that â€Å"each financial statement routinely carries the following warning at the bottom of the statements: ‘The notes to the financial statements are integral part of this statement.† B. Describe the usual transactions recorded by this company The usual transactions recorded by a company engaged in buying and selling a merchandise like in the buying and selling of bicycles in which Halfords is engaged cover buying the merchandise to sell, maintaining and monitoring the inventory of the merchandise, recording assets and liabilities, recording sales and revenues, payments for overheads like the rent for the store space and the city services involved, and payment of taxes. 3. In a press release, Halfords explained that its income statement for 2011 will show a loss. A. What is the meaning of this loss? Statements of loss are determined by the assumptions adopted in the financial statement. It is important to stress that losses are profit are based on the firm of operations as recorded by the accountants serving the firm. For instance, it may happen that the Halfords would be reflecting a loss but because the bicycles that are sold were purchased from a manufacturing firm