Study of Financial Accounting System of Heat Exchanger Fabricator Inc
Chapter I
THE PROBLEM AND A REVIEW OF RELATED LITERATURE
1. Background of the Study
The progress of men has been continuously evolving from many years ago since they first populated the world. The use of different primitive tools from stone, bone, ivory and wood proves that knowledge and skill already exist; and that were the inherent tools of men. As time goes by, these knowledge and skill are endlessly developing that led to the progress and innovation of the human race and their resources. As progress sets in and men became competent and skilled, a focus on core businesses arises and thus gave way to the dawn of the Manpower industry. Abraham Lincoln once quoted that “Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if Labor had not first existed. Labor is superior to capital, and deserves much the higher consideration,” having said that, manpower is the lifeline of businesses and industries that cannot be neglected. It captures the importance of groups that assume collective responsibility for performing a set of tasks and in this case the labor industry, a sector that the Philippines is superior, both in the domestic and international market. No business can flourish without taking good care of human capital though complicated and problematic it may be. Every industry and business is in need of human labor that can never be replaced by automation and machineries; and even machineries and automation cannot perform its function without the human touch. Manpower business is a growing industry that covers recruitment, outsourcing (permanent or temporary), employee assessment and selection, training, outplacement and consulting. Big and medium sized companies are helped by the manpower agencies to concentrate on its core business activities that eventually result to raising productivity, improved quality, efficiency and cost reduction across the entire business cycle. And in the
THE PROBLEM AND A REVIEW OF RELATED LITERATURE
1. Background of the Study
The progress of men has been continuously evolving from many years ago since they first populated the world. The use of different primitive tools from stone, bone, ivory and wood proves that knowledge and skill already exist; and that were the inherent tools of men. As time goes by, these knowledge and skill are endlessly developing that led to the progress and innovation of the human race and their resources. As progress sets in and men became competent and skilled, a focus on core businesses arises and thus gave way to the dawn of the Manpower industry. Abraham Lincoln once quoted that “Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if Labor had not first existed. Labor is superior to capital, and deserves much the higher consideration,” having said that, manpower is the lifeline of businesses and industries that cannot be neglected. It captures the importance of groups that assume collective responsibility for performing a set of tasks and in this case the labor industry, a sector that the Philippines is superior, both in the domestic and international market. No business can flourish without taking good care of human capital though complicated and problematic it may be. Every industry and business is in need of human labor that can never be replaced by automation and machineries; and even machineries and automation cannot perform its function without the human touch. Manpower business is a growing industry that covers recruitment, outsourcing (permanent or temporary), employee assessment and selection, training, outplacement and consulting. Big and medium sized companies are helped by the manpower agencies to concentrate on its core business activities that eventually result to raising productivity, improved quality, efficiency and cost reduction across the entire business cycle. And in the