Introduction, review of accounting process and financial statement Essay Example for Free

Introduction, review of accounting process and financial statement Essay Part 1 General acceptable accounting principle General accounting principles are set of rules generated by accounting board to guide accountant in preparation and reporting of financial statements. General acceptable accounting principles are accounting guidelines (GAAP) used in United States and are issued by financial accounting standard board (FASB). Other countries uses the guideline issued by international accounting standard board (IASB) supplemented by their own local laws. GAAP guide selection of events to be accounted for, the measurement of these events, and the mean of summarizing and communicating them to interested parties. In recording transactions GAAP make use of the following principles a) historical cost principle b) revenue recognition c) marching principle d) full disclosure GAAP facilitate comparability of financial statement for various firms. Information that has been measured and reported in a similar manner for different enterprise is considered comparable. Comparability enables users to identify the real similarities and differences in economic phenomenon. Comparability is achieved when companies use similar accounting procedures (e.g. use of same inventory method, depreciation) to account for similar economic circumstance (Porwal, 2008). Double entry accounting This is the method of recording accounting transaction where every debit entry must be accompanied by a credit entry and vice versa. If this method of accounting is not enforced then the basic accounting equation i.e. ASSETS = LIABILITIES + EQUITY will not balance. Therefore double entry accounting is used to ensure that financial record are complete and thus ensures that final statements give a true and fair view of financial performance at a given date otherwise if an accounting transaction is recorded on one side i.e. a debit or credit the balance sheet will not balance which indicate an error in preparation of financial statement (Fridson Alvarez, 2002). Historical cost Historical cost is the original cost incurred in acquisition of assets. All assets and liability are recorded in financial statement under historical cost principle.   Under this principle the exchange price established or cost incurred at the time a transaction occurs is the basis for initially recording assets and liability. Cost is usually the best estimates of an asset or liability i.e. cost and fair value of an asset are equal at acquisition date. Historical cost principle ensures that there is consistency in recording asset and liability where assets are recorded at historical cost and subsequent loose of value is shown as depreciation and adjusted from historical cost to show the book value of an asset at a given date. Accrual basis vs. cash basis accounting Measurement of revenue can either be through accrual method or cash accounting basis. The two accounting method consists of rules that determines how and when expenses and revenue are reported. With accrual basis of accounting, revenue is recorded in the period in which it is earned and not necessarily when cash is received while expenses are recorded when they have been incurred. This method of accounting is used by all publicly traded company and large businesses. With cash basis of accounting revenue is recognized when cash is received while expenses are recorded when cash is paid (Fridson Alvarez, 2002). The major difference between the two methods is that 1). In using the cash basis of accounting there are no any payables or receivable recorded in the balance sheet while in using the accrual basis both receivables and payables are recognized in the balance sheet. While reporting revenue using accrual basis both collected and uncollected revenue are recorded while for cash basis only the cash amount collected from sales and other activities are recorded. For instance if a customers pay $ 100,000 for goods which he has not yet received by the end of accounting period, using the cash basis this will be shown as revenue in the income statement but while using the accrual basis $100,000 is described as deferred revenue and   will appear in balance sheet as current liability. On the other hand when the firm deliver goods or offers a service but such amount remain outstanding at the end of the period using cash basis such a transaction will not be recorded but while using the accrual basis such amount will be described as accrued  revenue and will be recognized as revenue in the income statement and recorded in balance sheet as current asset (Siegel, 2007). 2) In a cash basis report, only the cash paid to vendors are shown as expenses while in accrual reports both paid and unpaid amount are included as expenses. For instance if a company pay rent amounting to $120,000 for 12 month but by the end of accounting period only rent for six month have been utilized using the accrual method $60,000 will be recorded as rent expense in the income statement while the remaining $ 60,000 are described as prepaid expense and are recorded as current asset in the balance sheet. For cash basis the whole amount of $120,000 will be recorded as rent expense during the current period. In preparation of financial statement the accrual basis of accounting is used where revenue is recorded in the accounting period it is earned irrespective of whether cash is received and associated cost used in generation of this revenue are also recorded in the same period. This is used in order to show the correct profit generated by an enterprise during a certain period. Current assets and liability vs. non-current items Assets include anything of value that is owned or due to the business. Current asset are those that mature in less than one year e.g. inventory, debtors, prepayment and note receivables. Liabilities represent a company’s obligation to creditors. Obligations that have to be paid within one year are called current liabilities. In preparation of financial statement asset are recorded as either current or non-current while liabilities are dividend  into current and non-current liability and companies have to adhere to this rule of financial reporting. Part 2 Bp group BP group present it final statement in term of income statement, balance sheet and cash flow statement. All the statement are presented in vertical format and each item is shown together with the corresponding item in the previous year. The income statement shows the income generated and division of this profit to various stakeholders i.e. among the total profit generated in year 2008 which amounted to $ 35,239 million the providers of finance received $1,547 million, government received $12,617 million and the shareholders received $ 21,666. The group balance sheet is dividend into five categories namely current assets, non-current assets, current liabilities, non-current liabilities and equity. The cash flow statement is dividend into three category i.e. the operating activities the investing activities and the financing activities. It financial statement are prepare in accordance with applicable UK law and international financial reporting standard. Quicksilver Inc The company also presents it final account in term of income statement, balance sheet and cash flow statement. The income statement show the profit generated and distribution to various stakeholders i.e. shareholders, government and minority interest. For each item in year 2008 the corresponding item in year 2007 and 2006 is also shown. The balance sheet is also presented in a vertical format where items are categorized into non-current assets, current assets, current liability, non-current liability and equity.  The cash flow statement is dividend in to operating, investing and financing activities. It financial statement has been prepared in accordance with the general acceptable accounting principles. RTL group It general presentation of financial statement is like in above two companies with the balance sheet dividend in to current asset and liabilities vs. non-current item and equity. The balance sheet and income statement are prepared in vertical format and show corresponding figures of previous year. Cash from operating activities is the best measure of company performance since it indicates whether or not the company will be able to meet it financing and investing need. Even if the company may have generated sufficient profit it may be in financial difficulty and may even be declared bankrupt for failure to meet obligation of creditor. Higher profit may be as a result of a change in accounting policy and not improvement in performance. More detail relating to each companies associate and subsidiaries can be collected from the filing they make in the respective country in which they are incorporated and their final report. Predicting company’s future trend Quick silver The company net income increased by 19% in 2007 compared to 2006. In 2008 the net income increased by 11% and in the year 2009 income is expected to grow by between  5%-8%. The company management also expect a hard time ahead due to current financial crisis which has led to a decline in household income and lower demand. RTL group In year 2008 revenue grew by 0.01% compared to and in year 2009 revenue are expected to decline by 2-5%. The company management and directors expect a drop in revenue in key market due to global economic crisis which has heightened the intensity of competition. Bp group The net revenue in year 2007 grew by 7% compared to 2006. In 2008 income grew by 27%. In 2009 revenue is expected to grow between 30-35%. Despite the harsh economic condition the management expects to increase it revenue earnings through higher fuel price.

Should Abortion Clinics be Closed? :: social issues

Should Abortion Clinics be Closed? In 1973, the supreme court decision known as Roe v. wade, made it possible for woman to get safe, legal abortions from well-trained medical practitioners and therefore led to dramatic decreases in pregnancy-related injury and death. Now the policy proposal has been done to close up abortion clinics. We are against this proposal and we will give you some arguments why we think abortion clinics in this state should not be closed. Closing up abortion clinics enables a lot of woman to have an abortion. Having an abortion should be woman’s own choice. But when there are no providers of abortion around, that choice has already been made for her. Closing up the clinics will higher the barriers of having an abortion. But when the barriers are too high, this means that for some woman, the right to make their own choices in life, is taken away from them. The constitution says we have a right on Privacy, so taking away a woman’s chance to make decisions over her own body and life, infringes with that right. In 1973 the American Supreme Court ruled that American’s right to privacy included the right of a woman to decide whether to have children, and the right of a woman and her doctor to make that decision without state interference. Closing up abortion clinics violates that right woman have. The ACLU (American Civil Liberties Union) is the nation’s preeminent defender of the Constitution and The Bill of Rights, they defend the rights of all. The ACLU has protected the right of woman to choose abortion, and in recent years has argued the key cases opposing restrictions that deny woman access to reproductive health care. Policy 263 states: â€Å"The ACLU holds that every woman, as a matter of her right to the enjoyment of life, liberty, and privacy, should be free to determine whether and when to bear children.† Closing up abortion clinics will be done with the purpose to reduce the number of abortions. This raises the question whether this will be effective. Before 1973 abortion was illegal. Criminalization of abortion did not reduce the number of woman who sought abortion. What is known is that between 1880 and 1973 many thousands of woman died or suffered serious medical problems after attempting to self-induce their abortions, or going to untrained practitioners who performed cheap abortions with primitive methods or in unsanitary conditions.

Of Morality and Spirituality Essay

The moral sacred Philippines started from a dream, and now that it continues to progress it can be one good evidence that as long as someone believes in an idea, it can be possible. As long as its aim is for the goodness of the citizens, it can be a reality. This concept does not want to create a world of perfection but rather a world of morality and spirituality. That world is where we can clearly distinguish the right ones from the bad. It is where we can not only think about ourselves but also the community, the government, and the nation. This dream can all be possible if we just go and believe that the land where we stand can be a better habitat of mankind. From Genesis 1:27, God created mankind in His own image. This verse proves that each of us is spiritual at heart. We just have to go and find the path through our hearts. We are created in His likeness which gives us the realization that all living things have something good in the inside. If we believe, make something to make this work, the moral sacred Philippines will make sense. A. WRITING AS A SOCIAL ACT The event connects with how writing can be a social act. In the said event, one does not only think about himself but also for the people around him. As for writing, a writer does not only write for him or for him to understand but also for his readers and audience. You write alone, but you always write for others. Readers matter. Once a writer sets his or her thoughts to any medium, whether paper, blog, status update, there is the potential for audience interaction. Ideas and creativity are created outside ourselves. Writers can never be more creative without the experiences and thoughts the people have. They continue to interact with people. Writing is a social act. Writers choose to see the beauty and brilliance of the world around them. Writing is nothing without the world and mind that surrounds them. B. WRITING AS A MORAL ACT Morality and spirituality is what the event focuses on. As for writing, writers do not only write everything that flows from their thinking, he must be careful. Something that anyone who writes words of any kind would do well to remember. Words have their moral consequences. The responsibility is particularly great for writers who deal with spiritual issues. Every word they write leaves its mark upon their soul and upon the souls of those who read their work. Their words may become sacraments, visible signs of an invisible grace, or they may turn to poison and ashes. It may signify the abyss or nothing at all. Writers must strive against mediocrity in one’s work, aiming always higher for lucidity of thought and beauty of expression with still being careful with the words they use. Every piece they make has an effect in this world. They are part of our moral conversation as a society. They weigh in. The creation of literature worthy not only its high artistic calling but of his stature as a creature created in the image and likeness of God.

Essay on Comparative Education Project - 1269 Words

COMPARATIVE EDUCATION PRESENTATION LECTURE ENGLAND Carla Antoine History 600-1300 ï‚ § 600-1800 Beginnings ï‚ § 597 St Augustine arrived in England. ï‚ § 598 First grammar school established at Canterbury. ï‚ § 600s More grammar schools established at Dorchester, Winchester, Hexham, Malmesbury, Lichfield, Hereford and Worcester. ï‚ § 776 Alcuin established school at York. ï‚ § 1016 Canute became king of England: concerned about the education of poor boys. ï‚ § 1066 Norman invasion: French replaced English as vernacular medium for teaching Latin. ï‚ § 1096 Oxford: evidence of teaching. ï‚ § 1209 Cambridge: scholars arrived from Oxford. ï‚ § 1249 Oxford: University College established, followed by Balliol 1260, Merton 1264. History 1300-1800 ï‚ § ï‚ § 1384 Grammar school†¦show more content†¦Annotated Bibliography Edwards, N. (1936). History of Education in England Newton Edwards Review of Educational Research. History of Education And Comparative Education, 4(6), 383-387. Retrieved from http://www.jstor.org/stable/1167458. Newton Edwards provided a comprehensive history of education in England. The nearest approach found that is similar to Edwards’ was Adamson’s Short History of Education. He presents a brief history of the majority of phases of English education. He traced the development of the educational structure from the development of the educational structure to the legislative enactment. Other topics covered in the article are the history of elementary education, history of secondary education, higher education and sources of the history of education. Contrasting a different outcome of education is the contrasting goals of social benefit or personal benefit. 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Computer Based Instructional Programs For Student Reading...

Chapter three will describe the methodology selected for an applied dissertation study, the participants, research design, instruments, data collection procedures, and limitations informing the research. The purpose of the proposed study is to determine the effectiveness of the i-Ready ® computer-based reading program used at a Title I school in a large urban district for relationship to increases of student reading achievement. i-Ready ® is an interactive computer-based instructional program designed to accelerate reading and language skills at the host school. According to Curriculum Associates (2014,) i-Ready ® combines assessment and individualized instruction in a single web-based format ensuring accessibility anywhere a computer or tablet with internet access is available. i-Ready ® screens all students for reading difficulties by first requiring students to take a computerized diagnostic test to determine a personal i-Ready ® ability level. Thus, the diagnostic can monitor individual performance throughout primary and secondary education by analyzing specific needs for students. The adaptive technology analyzes test response patterns to derive information in order to pinpoint needs more efficiently than traditional fixed-form testing methods. The i-Ready program was designed in 2013 to meet the growing demands of the Common Core State Standards, which was adopted prior to the Florida State Standards. For reading, i-Ready addresses the primary Common Core domains: Phonics,Show MoreRelatedStudent At Risk And With Disabilities1400 Words   |  6 PagesSTUDENT AT RISK AND WITH DISABILITIES Recently, CAI has become an acceptable instructional strategy to provide several academic outcomes for at-risk students and those with disabilities. 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The Lottery, By Shirley Jackson And A Rose For Emily By...

The Use of Symbolism in â€Å"The Lottery† by Shirley Jackson and â€Å"A Rose for Emily† by William Faulkner The use of symbolism is used in literature to enhance writing and add meaning to a story, this is evident in the two short stories â€Å"The Lottery† written by Shirley Jackson and â€Å"A Rose for Emily† written by William Faulkner. With the authors use of symbolism Jackson and Faulkner are able to add depth to their writing in a way that connects with the readers. By adding symbolism to the short stories the authors manage to add meaning to inanimate objects that in the end become a crucial part to understanding the story and the lessons it contains. Without these uses of symbolism in the short stories the text would not be as compelling to the reader and not have such a strong impact on how the reader interprets the story. Whether it be a black box filled with sheets of parchment paper, a wooden stool, a simple red rose, or time itself the u se of symbolism can be seen in almost all pieces of literature and is essential in creating a piece of work that readers will connect with. In the short story â€Å"The Lottery† written by Shirley Jackson, the use of symbolism is evident throughout the short story. We as the readers first see the use of symbolism in the text when the sacred black box is brought out into the town square where people are gathered to one by one draw a piece of paper from out of the box. While the box is viewed as a long standing tradition within the community theShow MoreRelatedTraditions in The Lottery by Shirley Jackson and A Rose for Emily by William Faulkner1176 Words   |  5 Pagesto do whatever they want. There are a lot of comparisons between The Lottery by Shirley Jackson to the short story A Rose for Emily by William Faulkner. 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Relevance of Intellectual Capital Research †MyAssignmenthelp.com

Question: Discuss about the Relevance of Intellectual Capital Research. Answer: Introduction Uber Corporation is a company that started in the year 2009. Its headquarters are in San Francisco, California. The company operates worldwide in more than 570 cities spread across the globe. The company has specialized in development, marketing and operation of the mobile apps. These apps are the Uber Car transportation and food delivery mobile apps. People with cars; whether rented or personally owned can join and use Uber apps. Drivers use smartphones to connect with taxi customers who are also required to have smartphones or access to the mobile website. The company is, therefore, able to manage its operation using technological innovation (Barrett Sean, 2010). Innovation refers to the process of creatively generating new ideas that can be translated into the value which customers can pay for because it satisfies their particular need. Entrepreneurship refers to the course of applying through putting the innovative ideas into practice (Gassmann et al., 2010). This involves the company's willingness to invest in the notion and also acceptance and management of its associated risks. Nowadays, Innovation and entrepreneurship are considered to be the change driver, because business process change in many companies is mostly geared by the innovation and entrepreneurship (Christensen et al., 2015). Knowledge management entails all aspects of information in the organization. It covers information creation, movement, and its general use. This concept focusses on the various ways in which companies generate, share and utilize the information to act as a gear towards achieving their business objectives. It also covers the aspects of knowledge transition on how knowledge can be passed from those people exiting the company to those joining the organization. This helps mentor and build individuals who later become resourceful to the team (Booker et al., 2008). Governance refers to the established processes, rules, systems and the policies which are used to guide and control a given company. It, therefore, defines the way a given organization is lead. The organizations governance usually exists in two categories. Firstly, there is an internal aspect which constitutes the company policies and the ruling Constitution among others. Secondly, there is the external aspect which is made up of the government laws, existing regulations in the area of operation, the expectations of the community where the business is operating among others (Clarke, 2007). Innovation and Entrepreneurship at Uber Corporation Uber has shown a lot of efforts to adopt change for sustainability.Innovation entails coming up with new ways of doing business, coming up with lucrative ideas and their application. Uber was founded and is sustained by technological innovation. It has demonstrated its entrepreneurship through its acceptance to manage the risks that are associated with the implementation of the innovative ideas. The company is trying to implement and promote innovation by incorporating it into the organizations culture. These efforts have helped Uber to improve on its production and also in gaining the competitive advantage (Oke, 2007). Innovation and entrepreneurship have been a fundamental aspect driver in the business operation of Uber. It has shown a lot of efforts in adopting change and it runs on the technological innovation which has helped it to grow fast since the time of its establishment in the year 2009. Through, entrepreneurial spirit, the company has invested a lot of money and other resources into innovation. Through innovation, Uber has managed to improve on the brand strength by improving brand reach to its customers in the whole world. This has made it get a higher market ratio because many people at different places can access and use the Uber services (Kosoff, 2015). Besides improving the brand reach, innovation and entrepreneurial spirit of Uber have also helped it to make more profit. The company develops and manages two mobile applications where customers can access the services from wherever they are, and it is not a must for clients to come to the office in person. It is always convenient for customers to get a self-service, and Uber has achieved this. This has increased the client's number using the services because the technological innovation has made possible for them to get served from wherever they are. This is convenient for customers, saves them time, cost, and other also delivers them value (Dahlan Gann, 2010). It is evident that implementation of innovative ideas prone the organization to losses before the notion become successful. Innovation may require a lot of capital, resources and other massive inputs and thus the company will incur losses in case the implementation of the idea is not successful. Therefore, Uber needs to have an established system that can be applied to the potential risks through identification, controlling and solving of the bad events that may happen (Enkel et al., 2009). This is important and will help the company to gain more out of innovation. Uber Corporation has acquired a lot of technological innovation. The benefits have helped the company to move to the top in the transportation industry. Innovation and entrepreneurship have helped it to gain the more competitive advantage over other businesses in the transportation industry. Nowadays, innovation is the power for success in any industry, and it is, therefore, true that innovation plays a critical role in the profitability of the organization and the general sustainability of this company. Therefore, Uber should continue embracing change for it is a guarantee to growth. Domestic contextual factors Government regulations affect business in many ways. The policies and regulations of different countries always affect the businesses that operate in those countries. Some laws restrict certain activities that could be profitable to the organization such as those that mainly inhibit implementation of some creative ideas that seems lucrative to the organization. It is, therefore, important for Uber to ensure that it implements only strategies that are in line with the laws, policies, and regulations of the country of operation. This reduces the conflict in the business process that may arise when the company carries out its activities. Businesses operating in a given country are significantly impacted by the state of infrastructure in that country. A nation that has good roads, electricity and telecommunication systems will help businesses to carry swiftly thus more profitability. Roads help for quicker better movement of various aspects of production. A better telecommunication system in the country facilitates easier business information sharing thus improved productivity. It is, therefore, true that poor infrastructure hinders the productivity of the country while better one promotes performance (Lichtenthaler, 2011). Businesses operate at the mercy of the political state in the country of operation. A stable political state will help the business to operate normally according to their plan. On the hand, if the political situation of the country is not stable, the proper operation of the firm is interrupted. Thus they can't realize the expected profit due to reduced productivity. In extreme cases of political instability, some businesses are forced to close down. This, therefore, shows that the innovation and entrepreneurship or the general productivity of Uber is substantially determined by the political state of the country in operation (Midgley, 2010). International contextual factors People at different places have different beliefs and values which influence the business process in various ways. Some cultures advocate for particular products and services while others may be of the same. This affects the type of the goods and services consumed and their general purchase habits. If not well considered, companies may run to a loss. Thus, they need to understand the culture of their consumers to ensure that the products or services produced satisfy their demands and expectations (James Szeman, 2010). Some of the legal factors include ownership rights, rewarding systems, tax laws, business registration processes among others. These factors affect the business in many different ways. Business organizations must operate within the existing legal rules for their smooth running. Some legal factors may appear discriminating to the company, tending to restrict the business from certain activities yet allowing others. It should, therefore, come up with the strategies to comply with the legal system in place (Barry et al., 2017). World economic state affects the business in many ways; better state affects the business positively while bad state affects it negatively. Some of the economic factors include the labor conditions, inflation, cost of living and the cost of production among many others. Innovation and entrepreneurship in a given company are directly affected by the world economic state. Businesses enterprises make the profit when the financial condition of the world is right, for when there is no inflation, the cost of production is lower among others, but on the other hand, they make the lower profit when these factors of economic conditions have changed negatively (Chaudhry et al., 2007). Conclusion In conclusion, every business should embrace innovation and entrepreneurship culture. This can be implemented through strategic directions that accommodate innovative culture because the best way to adopt it is through organizations incorporation into their corporate culture. Innovation is nowadays a change driver, and it gives businesses a competitive advantage. Also, various factors affect the innovation and entrepreneurial culture of a given organization. These factors are categorized as internal factors such as the political state of the country, government regulations, and the infrastructure or may be international factors such as the legal issues, cultural factors, and the world economic state. All these factors have different effects on the business, and therefore it needs to come up with strategic plans that ensure they successfully ensure that these aspects work for them. References Barrett Sean D. (2010). The Sustained Impacts of Taxi Deregulation. Economic Affairs 30(1): 6165. Barry, Jordan M., and Elizabeth Pollman. (2017). Regulatory Entrepreneurship. Southern California Law Review 90(1): 363. Booker L., Bontis N., and Serenko A. (2008). "The relevance of knowledge management and intellectual capital research." Knowledge and Process Management.15(4): 235246 Chaudhry, Azam, and Phillip Garner. (2007). Do Governments Suppress Growth? Institutions, Rent-Seeking, and Innovation Blocking in a Model of Schumpeterian Growth. 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