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    Macroeconomics of Open Economics

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    US Federal Reserve has increased interest rate once this year and is planning to increase two more times by the end of this year. Please discuss how it will affect Australia in the short and long run, and what RBA could do to keep inflation at its target rate....

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    Introduction

    Macroeconomics offers us the scope to closely study several components of the economy(global, national, and regional) including structure, performance, and the decision-making machinery. In this branch of economics, we often come across two (2) key concepts – increase interest rates and inflation. Almost all settled or reputed economies in the world have a central banking system board to implement and execute financial or economic policies and procedures. In the United States of America, the Federal Reserve system acts as the central bank and performs key functions to boost up the smooth functioning of the US economy; there are twelve (12) regional Federal banks. In the United States of America, the Federal Reserve (also referred to as “the Fed”)decides and determines the exact interest rate. In Australia, the Reserve Bank of Australia (RBA)acts as the central bank of the country. Both RBA and the Fed are involved with cash rates or interest rates.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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