According to Maslow's theory, what needs do the belief that one's work is important rewards meet? Introduction: Based on Maslow's Hierarchy of needs, our basic human needs can be categorized into 5 needs. These include, 1) physiological/physical needs, 2) safety needs: both of which combine to form basic needs, 3) belonginess and love/ social needs, 4) esteem needs: both of which combine to form psychological needs, and 5) self-actualization needs, which comes under self-fulfilment needs. This hierarchy can also be subdivided into deficiency needs and growth needs. The first four stages are deficiency needs and the top level is growth needs. As more and more deficiency needs are met, motivation tends to decrease whilst as more and more growth needs are met, motivation tends to increase.

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Our firm has been the auditor of Caribild Products, a listed company, for a number of years. The engagement partner has asked you to describe the matters you would consider when planning the audit for the year ended 31 January 2022. During your recent visit to the company, you obtained the following information: (a) The management accounts for the 10 months to 30 November 2021 show a revenue of $260 million and profit before tax of $8 million. Assume sales and profits accrue evenly throughout the year. In the year ended 31 January 2021, Caribild Products had sales of $220 million and profit before tax of $16 million. (b) The company installed a new computerised inventory control system, which has operated from 1 June 2021. As the inventory control system records inventory movements and current inventory quantities, the company is proposing: (i) To use the inventory quantities on the computer to value the inventory at the year-end (ii) Not to carry out an inventory count at the year-end…

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Chapter 12, Problem 7DQ

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To determine:

According to Maslow's theory, what needs do the belief that one's work is important rewards meet?

Introduction:

Based on Maslow's Hierarchy of needs, our basic human needs can be categorized into 5 needs. These include, 1) physiological/physical needs, 2) safety needs: both of which combine to form basic needs, 3) belonginess and love/ social needs, 4) esteem needs: both of which combine to form psychological needs, and 5) self-actualization needs, which comes under self-fulfilment needs. This hierarchy can also be subdivided into deficiency needs and growth needs. The first four stages are deficiency needs and the top level is growth needs. As more and more deficiency needs are met, motivation tends to decrease whilst as more and more growth needs are met, motivation tends to increase.

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Our firm has been the auditor of Caribild Products, a listed company, for a number of years. The engagement partner has asked you to describe the matters you would consider when planning the audit for the year ended 31 January 2022. During your recent visit to the company, you obtained the following information: (a) The management accounts for the 10 months to 30 November 2021 show a revenue of $260 million and profit before tax of $8 million. Assume sales and profits accrue evenly throughout the year. In the year ended 31 January 2021, Caribild Products had sales of $220 million and profit before tax of $16 million. (b) The company installed a new computerised inventory control system, which has operated from 1 June 2021. As the inventory control system records inventory movements and current inventory quantities, the company is proposing: (i) To use the inventory quantities on the computer to value the inventory at the year-end (ii) Not to carry out an inventory count at the year-end…

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