C12 - Hypothesis Testing: GeneralReturn

Paper examines causes of workplace conflicts faced by Czech accountants (members of the Chamber of certified accountants) with their supervisors (clients) from the perspective of accountants, identifies impacts of conflicts on job satisfaction, and projects the impacts into possible cost effects.Results of the survey show that 72.4 % of respondents reported significant conflicts, majority (28.2 %) of them being caused by illegal requirement, 18.2 % by underestimating accountants' profession, and 15.5 % by poor communication. Further analysis is focused on the job satisfaction of accountants in connection with perceived conflicts. Spearman's correlation coefficient calculated in this regard reached the value -0.58, which shows a relatively strong negative correlation. Significance of the change in job satisfaction related to the significance of faced conflicts was also evaluated through Spearman's correlation coefficient as negative (-0.29). Average time lost on conflicts reached the highest values in the case of managers and independent accountants, where it also leads to the highest average costs. Paper concludes with a brief recommendation for the Chamber of Certified Accountants in terms of how to react to these findings - as far as the most frequent causes of conflicts are related to illegal requirement, underestimating accountants' profession, poor communication, directive approach, specific attention needs to be paid to managers, not only to accountants themselves.

The aim of this paper is to critically evaluate the terms that are described by various authors in Czech literature, compare those terms with the terms used by the original Altman model, use data from selected enterprises to show whether enterprises could be considered at risk of bankruptcy due to such inaccuracies and verify whether the average Z-score values for small enterprises within the Zlín Region are greater than 3. The data were analysed using a one-sample t-test and the Altman model for enterprises that are not publicly-traded. Financial statements for 2007 through 2011 were used in the data analysis.
The one-sample t-test showed that the sample of 32 small enterprises from the Zlín Region had good financial health. The largest percentage change that was associated with a decline in performance was demonstrated when adding net profit to retained earnings (-16.64%). The largest percentage change that was associated with an improvement in performance was demonstrated when using current assets instead of working capital (33.07%). Replacing retained earnings with net profit reduced the enterprise's performance (a percentage change of -24.43%). Adding funds from profit and net profit to retained earnings reduced performance by 0.17 percentage points.
We recommend using net working capital to calculate the X1 ratio. Retained earnings should be used to calculate the X2 ratio. Only sales should be used to calculate the X5 ratio. For manufacturing enterprises that are not publicly-traded, we recommend using equation (8). Publicly-traded enterprises may use equation (2). Enterprises that provide services and enterprises in emerging markets may use equation (4).