Practice in Correcting Errors in Parallel Structure

When two or more parts of a sentence are parallel in meaning (such as items in a series or words linked by correlative conjunctions), you should coordinate those parts by making them parallel in form. Otherwise, your readers may be confused by the faulty parallelism. Editing Exercise Rewrite each of the following sentences, correcting any errors in parallelism. Answers will vary, but youll find sample responses below. We must either raise revenues or it will be necessary to reduce expenses.Stoics deny the importance of such things as wealth, good looks, and having a good reputation.In his farewell address to the army, the general praised his soldiers for their unsurpassed courage and gave thanks because of their devotion.The crowd that had gathered outside the court was loud and they were angry.The police have a duty to serve the community, safeguard lives and property, protect the innocent against deception, and they must respect the constitutional rights of all.Sir Humphry Davy, the celebrated English chemist, was an excellent literary critic as well as being a great scientist.The Johnsons were cheerful and knowledgeable traveling companions and behaved generously.The delegates spent the day arguing with one another rather than work together to find common solutions.My sisters promotion means that she will be moving to another state and take the children with her.A company is not only responsibl e to its shareholders but also customers and employees as well.Examples of aerobic exercises are distance running, swimming, cycling, and long walks.Consuming too much of a fat-soluble vitamin can be as harmful as not to consume enough.The gyrocompass not only points to true north at all times, it is unaffected by external magnetic fields.Everything that could make a sound either was removed or taped down.If you hire a contractor to make home improvements, follow these recommendations:Find out if the contractor belongs to a trade association.Obtain estimates in writing.The contractor should provide references.The contractor must be insured.Avoid contractors who ask for cash to dodge paying taxes.The new instructor was both enthusiastic and she was demanding.Annies dress was old, faded, and it had wrinkles.By the time she was two, the child was not only active but also she was well coordinated.It is a truism that to give is more rewarding than getting.A battery powered by aluminum is simple to design, clean to run, and it is inexpensive to produce. Sample Responses We must either raise revenues or reduce expenses.Stoics deny the importance of such things as wealth, good looks, and a good reputation.In his farewell address to the army, the general praised his soldiers for their unsurpassed courage and thanked them for their devotion.The crowd that had gathered outside the court was loud and angry.The police have a duty to serve the community, safeguard lives and property, protect the innocent against deception, and respect the constitutional rights of all.Sir Humphry Davy, the celebrated English chemist, was an excellent literary critic as well as a great scientist.The Johnsons were cheerful, knowledgeable, and generous traveling companions.The delegates spent the day arguing with one another rather than working together to find common solutions.My sisters promotion means that she will be moving to another state and taking the children with her.A company is responsible not only to its shareholders but also to its customers and employees.Examples of aerobic exercises are distance running, swimming, cycling, and walking.Consuming too much of a fat-soluble vitamin can be as harmful as not consuming enough.The gyrocompass not only points to true north at all times but is unaffected by external magnetic fields.Everything that could make a sound was either removed or taped down.If you hire a contractor to make home improvements, follow these recommendations:Find out if the contractor belongs to a trade association.Obtain estimates in writing.Ask for references.Make sure that the contractor is insured.Avoid contractors who ask for cash to dodge paying taxes.The new instructor was both enthusiastic and demanding.Annies dress was old, faded, and wrinkled.By the time she was two, the child was not only active but also well coordinated.It is a truism that to give is more rewarding than to get.A battery powered by aluminum is simple to design, clean to run, and inexpensive to produce.

Social Changes in America Brought About by the Gilded Age...

The Gilded Age was characterized by rapid industrialization, reconstruction, ruthless pursuit of profit, government, corruption, and vulgarity (Cashman 1). After the Civil War, America was beginning to regroup as a nation. There were many other changes developing in the country. Industrialization was taking over the formerly agricultural country. The nation’s government was also in great conflict (Foner 20). Many changes occurred during the Gilded Age. These changes affected farmers, labor, business, and politics. Many southerners saw Reconstruction as an attempt by the north to punish the south, rather than an attempt to rebuild the nation (Foner 29). This period was marked by intense bitterness and anger. Regional and racial pressure†¦show more content†¦Police officers did nothing about this although it was illegal because they have government jobs also (Mandelbaum 148). Boss Tweed is the best example of machine politics. He was in charge of the â€Å"Tweed Ring† in New York City. Machine politics worked wonderful in New York City where the Irish stuck together and used machine politics to their advantage(Mandlebaum 28). Tweed gained control over the police officers allowing him to exercise control over contracts of jobs. The Tweed Ring stole more than two hundred million dollars from the city and state (Mandelbaum 97). In 1872, the New York Times exposed and the lawyer Samuel Tilden exposed Tweed and destroyed his career (Mandelbaum 199). The 1883 Pendleton Act was just what America need to get away from machine politics. The act instituted a merit based system of competitive exams, requiring that civil servants prove their skills in order to be hired to a government office (Cashman 4). The Pendleton Act did not cover all government jobs. The strongest supporters of the Pendleton Act were educated northeasterners (Powers 201). They knew that they could easily pass the competitive exams. Once they were in the government system, they would have protection against being fired meaning many civil servers were almost guaranteed a lifelong career in government (Powers 201). As the Pendleton Act solved old problems, it also introduced new ones. It increased the power of bigShow MoreRelatedThe Gilded Age : An Era Of Extreme Corruption1169 Words   |  5 Pagesthe Civil War, America enters the Gilded Age from 1877 till about the 1890’s. Then the next era would be the Progressive Era beginning from where the Gilded Age left off till around 1920. Though these eras are accepted in the historical community, some historians argue that it is useless to label these two as separate eras in American history. One historian is Rebecca Edwards in her article Politics, Social Movement, and the Periodization of U.S. History. She argu es that the Gilded Age and the ProgressiveRead MoreThe Statue of Liberty Enlightening the World1417 Words   |  6 Pagesby Frederic-Auguste Bartholdi†. 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Weather it’s the economy, relig ion or society itself Darwinism ruled the minds of people all through the Gilded Age, and shaped the way businesses and social classes think today. â€Å"The Origin of species† was written in 1859 and gave a new look on theology all together. InRead MoreEdith Wharton: Exposing Aristocratic Society Essay1136 Words   |  5 Pagespersonal experiences have definitely had a huge impact on her writing. Her high social status, the Gilded Age in America, and her love for nature influenced Edith Wharton to write The House of Mirth. Wharton’s noble social background was very influential on her writing. It allowed Wharton to give an insider’s perspective on the wealthy people of New York during this time. 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In 1876, the government was based on the ideas of Laissez-faire which meant that government stayed out of the citizens lives. Society in 1876 was dominated by white men who ran the country while there were no rights for women, blacks, and immigrants. In 1876, Americans lived on farms in rural America. By the 1930s, America was a welfare state with government just starting to control different aspectsRead MoreUrban Growth During the Gilded Age: Social, Cultural, Political, and Economic Changes1915 Words   |  8 Pagesthe Gilded Age: Social, Cultural, Political, and Economic Changes One of the most notable times during the late 19th century was the Gilded Age. This is a term often used to describe this time period since from the outside looking in urban life in America seemed perfect, but in reality, many citizens did not like the changes that were occurring. Since the verb gild means to cover with or as if with a thin coating of gold[1], historians often refer to this time period as â€Å"the Gilded Age†Read More`` The Jungle `` : Social Injustice And Unfair Treatment Of The Working Class1128 Words   |  5 PagesThe Gilded Age in American History was a time period of great controversy. Those in wealthier classes believed the changes that had been made socially were for the best. For instance, Andrew Carnegie in the The Gospel of Wealth sees the industrialization in a positive light. He, along with other Robber Barons of the late nineteenth-century are the ones that created the idea of a â€Å"Gilded Age†. His class of folks believed the ir contributions to society was bringing back a Golden Age. Carnegie, thoughRead MoreThe Gilded Age During The Nineteenth Century1220 Words   |  5 Pagesnineteenth century, there was a time of critical social problems we now know as the Gilded Age. Like Mark Twain said, it was glittering on the surface but corrupt underneath. Some of the social problems were increased by immigration, which brought in poverty, and increased labor force with dangerous conditions. During this period many business leaders tried to craft strategies to gain more power and success. Two Americans, who where among those trying to make social reform, were Henry Demarest Lloyd and AndrewRead MoreGilded Age Dbq Essay1643 Words   |  7 PagesThe Gilded Age was the time of rapid economic growth for the United States. The period where little corporations turned into a millionaire company. The time of one of the most dynamic, contentious, and volatile periods in American history happened. National wealth increased dramatically but their was a problem for the poor and the farmers of the U.S. People may say that the Gilded Age was the era of corruption, harsh labor and brutal industrial competition, but others think that the Gilded Age is

Mohandus Karamchand Gandhi Essay Example For Students

Mohandus Karamchand Gandhi Essay Mohandus Karamchand Gandhi was a major figure in Indian history. He was best known for his policy of passive resistance and civil disobedience against unjust laws set by the British government. He inspired other nonviolent movements notably the U.S. civil right movement of the 1950s and 1960s lead by Dr. Martin Luther King, Jr. (Encarta 98). Gandhi was highly influential, some say responsible, for Indias gain of independence and the abolishment of untouchability, the lowest rank under the caste system. Gandhi was born to a middle-class Indian family in 1869 and married at the age of thirteen to Kasturbai Makanji. He began to study law at the University of London in 1888 and as he completed his studies and prepared to return home for India in 1891 he had doubts about his future (Sherrow 34). He lacked the knowledge of Indian law as well as the social connections needed for a successful career. He had never set foot inside an Indian courtroom in his life. He attempted to set up a law practice but had little success. Two years later an Indian firm with assets in South Africa held him as a legal advisor at its office in Durban. While in Durban, Gandhi was treated as a member of an inferior race. He was offended and horrified at the denial of rights and liberties to Indian immigrants. He joined the struggle for elementary rights for Indians. He stood in South Africa for 20 years. He was imprisoned many times. Gandhi began to teach a policy of passive resistance to South African authorities after being attacked and beaten by white South Africans. In 1899 the trouble that had been brewing between the British and the Boers escalated into war (Sherrow 47). Gandhi sided with the Boers in what was known as the Boer war but set up a British ambulance service called the Indian Ambulance Corps. According to Gandhis sense of justice, if you wanted the rights of a British citizen you must perform the duties expected of one. He urged other Indians to serve with him. Because of this act, Gandhi receives two war medals. In 1914 the government of the Union of South Africa made important compromises to Gandhis demands, incl uding recognition of Indian marriages and the abolition of the poll tax for them (Encarta 98). Seeing his work in South Africa complete, he returned to India. Gandhi became a leader in the tough struggle for home rule. After World War I Gandhi started his movement of passive resistance to Great Britain. He was again urging Satyagraha (Sanskrit, truth and firmness). In 1919, Parliament passed the Rowlatt Acts, which banned terrorism and disloyal acts or resistance toward the government. Satyagraha spread through India gaining millions of followers. On April 10th 5,000 gathered to protest the Rowlatt Act. Nearly 400 unarmed Indians are massacred and 1,200 were wounded at Amristar, where this demonstration was held, by British soldiers to punish the Indians (Sherrow 67). Gandhi declares that Britain must leave India. Britain failed to make amends and Gandhi launched and organized a campaign of noncooperation. Government bureaus were boycotted and the streets were blocked by squatting Indians refusing to leave even when beaten (Encarta 98). Gandhi was arrested but was soon released. Gandhi realized that Satyagraha would be necessary and that swaraj, or self-rule, must be their goal. Gandhi asked for massive nonviolent noncooperation throughout India. He urged a boycott of British goods, British schools, universities, jobs, liquor, stores and cloth. He carried a portable spinning wheel in hopes of encouraging others to end Indias dependence of British goods (Sherrow 68). He wore simple homemade clothes. Indians saw him as a saint and began to call him Mahatma, Sanskrit for great soul. His power was great and Indians adored him. .ufdba0a2313007dd4598ca289271fd922 , .ufdba0a2313007dd4598ca289271fd922 .postImageUrl , .ufdba0a2313007dd4598ca289271fd922 .centered-text-area { min-height: 80px; position: relative; } .ufdba0a2313007dd4598ca289271fd922 , .ufdba0a2313007dd4598ca289271fd922:hover , .ufdba0a2313007dd4598ca289271fd922:visited , .ufdba0a2313007dd4598ca289271fd922:active { border:0!important; } .ufdba0a2313007dd4598ca289271fd922 .clearfix:after { content: ""; display: table; clear: both; } .ufdba0a2313007dd4598ca289271fd922 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ufdba0a2313007dd4598ca289271fd922:active , .ufdba0a2313007dd4598ca289271fd922:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ufdba0a2313007dd4598ca289271fd922 .centered-text-area { width: 100%; position: relative ; } .ufdba0a2313007dd4598ca289271fd922 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ufdba0a2313007dd4598ca289271fd922 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ufdba0a2313007dd4598ca289271fd922 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ufdba0a2313007dd4598ca289271fd922:hover .ctaButton { background-color: #34495E!important; } .ufdba0a2313007dd4598ca289271fd922 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ufdba0a2313007dd4598ca289271fd922 .ufdba0a2313007dd4598ca289271fd922-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ufdba0a2313007dd4598ca289271fd922:after { content: ""; display: block; clear: both; } READ: Law in political science EssayIn 1930 Gandhi proclaimed a new campaign of civil disobedience. It was necessary for the Indian population to refuse to pay the British taxes especially the tax on salt. On March 12, 1930 Gandhi set out at dawn with seventy-nine followers to lead a march to the Indian coast to evaporate the seawater to make salt. This historic march was known as the Salt March. For twenty-four days Gandhi lead the group on the 241-mile march to the sea. People cheered along the way and the group grew. By the time they reached the Dandi on April 5th several thousand people joined them (Sherrow 81). Defying British law the marchers picked up the salt encrusted s and. Many arrests were wade as salt marches took place around the country. About 60,000 people were arrested many people were beaten and injured by police. Less than two weeks later Gandhi was once again arrested but released stopping the campaign after the British made compromises to his demands. In 1932, Gandhi started a new crusade. Once again he was arrested for civil disobedience. While in jail, Gandhi fasted on behalf of the Untouchables. These fasts were effective because great chaos would have broken out if he had died. He was sixty-three now and his body was weak from years of fasting and years of hard work. Friends came to prison and begged him to stop. His wife, Kasturbai, pleaded with him but Gandhi would not end the fast. Doctors warned him that he was near his death. The British government came to an agreement that allowed the Untouchables to be represented in the Assembly. There was an effort to give Untouchables more rights. Due to these changes, Gandhi finally broke his fast on the sixth day. By 1945 it finally seemed possible that Great Britain would give India her independence under the condition that the two nationalist groups, the Muslim League and the Congress Party, resolve their differences. The two groups were unable to live together peacefully. Gandhi stood strongly against the partition of India into Muslim Pakistan and Hindu India but saw that it was essential in order for Great Britain to grant India her independence. He finally agreed to the separation with hopes that peace would be achieved. India and Pakistan became two different states and Great Britain granted India its independence in1947. Riots followed the partition of India and Gandhi fasted until the riots stopped. This fast was successful and brought about peace. Twelve days after this fast, while on the way to a prayer meeting, Gandhi was killed by an assassins bullet. He was cremated according to Hindu tradition the next day in before millions. All countries sent condolences to India and Gandhi be came a historical part of Indias past. Mohandus Karamchand Gandhi was a huge part of Indias past. He contributed many great things to the world such as passive resistance and civil disobedience against unjust laws. He was an enormous figure in the campaign for home rule the attack upon the caste system and the gain of Indias independence. He was an Indian nationalist leader who established his countrys freedom through a nonviolent revolution. He was the Mahatma.

The Trial Of Galileo Essays - Copernican Revolution,

The Trial Of Galileo The Trial of Galileo Copernicus's De Revolutionibus of 1543 was dedicated to the Pope; yet ninety years later (1633) Galileo was tried by the inquisition for espousing Copernican views. How did this come about? Prior to the publication of De Revolutionibus, astronomical theories proposed that the earth was the centre of the universe and all the planets revolved around the earth. This was a view that was supported by both Aristotle and Ptolemy although Ptolemy's work was based upon observations and scientific methods as opposed to Aristotle who was in effect theorising based upon religious belief. I shall outline the essential content of the De Revolutionibus and explain why it took so long for the church to condemn his book and then try Galileo for heresy as a result of his supporting Copernican ideas. Copernicus was studying and writing during the Renaissance and arguably the Scientific Revolution. The Renaissance was a time of rebirth of old ideas and a new way of looking at things not just in the areas of science but throughout literature, arts and many other areas. It was a time when new ideas did not seem to provide solutions to all the questions that were being asked.( ) Copernicus proposed a new system of planetary motion that had the sun at the centre of the universe rather than the earth. However contrary to popular belief, this was not a new and revolutionary idea. The ancients had proposed such a solution, most notably from Aristarchus who argued that it was more plausible for the sun to be at the centre rather than the earth. However Copernicus makes no mention of Aristarchus in De Revolutionibus. Not long before Copernicus began writing, Cusa suggested this again, and it is argued that this may be where Copernicus got early inspiration from, although this is not proven . ( ) It was in the rest of his writing that Copernicus suggested ideas that were considered to be revolutionary. According to the Copernican system not only was the Earth revolving around the sun; it was revolving on its own axis. This was later to replace the idea that it was the stars that were revolving. Copernicus proposed that the earth revolved on its own axis once every day and orbited the sun throughout the period of a year. Copernicus hesitated in the publishing of the book as he was afraid that it may be heretical, even though the book when it was eventually published in 1543 was dedicated to Pope Paul the 3rd. At the time of his writing, Aristotelian physics were popular, and it was a difficult task to convince people that the heavens were not perfect, but were the same as the earth and that the earth was constantly moving. ( ) Many historians have argued that Copernicus initiated an astronomical revolution, which led to a whole new approach to looking at the heavens. This revolution was taken up by Galileo towards the end of the sixteenth century. Galileo believed in the Copernican theory that the Sun was the centre of the universe. It was this firm belief that eventually led to his trial for heresy.( ) The main question is what happened in the years between the publication of De Revolutionibus and the publication of firstly Sidereus Nuncius (1610) and the Dialago [Dialogue Concerning the Two Chief World Systems] (1632) I am firstly going to discuss some of Galileo's main astronomical discoveries and then highlight the changes in the seventeenth century that led to the trial of Galileo for heresy. Galileo admitted to Kepler as early as 1604 that he was a supporter of Copernicans, but at this time his field of study was not astronomy. However Galileo remained silent about this belief for a number of years, probably heavily influenced by the execution of Giordano Bruno in 1600 for heresy. He was more interested in the study of mechanics and motion, and upon overthrowing the Aristotelian view of motion.( ) Galileo only became interested in the field of Astronomy after hearing of the invention of the telescope although he made one contribution to astronomy in 1604. He observed the phenomenon of the Nova or new star, which of course played an important

Role Of A Company Chairman Within A Public Limited Company And The Content of The Chairman’s Report of Reckitt Benckiser Plc. The WritePass Journal

Role Of A Company Chairman Within A Public Limited Company And The Content of The Chairman’s Report of Reckitt Benckiser Plc. Introduction  Ã‚   Role Of A Company Chairman Within A Public Limited Company And The Content of The Chairman’s Report of Reckitt Benckiser Plc. ). It is the responsibility of the chairman to set the agenda of the board and ensure that there is enough time for discussing all the items in the agenda with specific emphasis placed on strategic issues that affect the company.   The chairman should facilitate the effective contribution of NEDs in particular and ensure that constructive relations exist between executive directors and NEDs. This ensures that a culture of openness is prevalent in the board. In addition, the chairman should ensure that directors receive accurate, timely and clear information. In addition, the chairman should promote effective communication with shareholders. . The chairmans statement of Reckitt Benkiser Plc contains some important information. It contains information regarding the performance of the company during the year ended 2011. It provides details of the difficult environment in which the company operated and the strategies that the company implemented. For example, the Chairman begins by stating that the company performed well in a turbulent business environment. The chairman also notes that a new CEO was appointed during the year. This was a significant event for the company because the CEO is very important in implementing the companys strategy. The chairman further notes that the company witnessed an improvement in its cash flows during the year which enabled it to pay down part of its debt. The strong cash position also enabled the company to increase its dividend by 9% from the year 2010 figure to 125 pence per share. The chairmans statement also focused on the companys strategy. The chairman notes that considering the changing business environment, the company has redefined its vision and purpose to align itself with the opportunities and challenges of the environment in which it operates. The chairman believes that the new vision and purpose are fundamentally sound and will result in the creation and growth in shareholder value. The chairman concludes by making a statement on corporate governance. Accordingly the chairman notes that the Board conducted its regular reviews of the performance and results of the business including reviews with management on strategy, brands, geographic area and functional performance as well as detailed reviews of human resources, corporate responsibility and reputation, controls and business risks (Reckitt Benkiser Plc, 2011). Critical Evaluation of the IFRS Foundation’s convergence Agenda The IFRS foundation is working through its subsidiary body, The International Accounting Standards Board (IASB) to develop a global set of accounting standards that can be used across different. The foundation is making efforts to promote the convergence of national standards with International Financial Reporting Standards. For example, the IASB has been working on a Joint Conceptual Framework project with the US Financial Accounting Standards Board to ensure the convergence of US GAAP standards with IFRSs. In addition, the IASB has made significant progress in achieving convergence of national accounting standards of different countries with IFRS. For example, in 2002, the European Union (EU) issued Regulation EC No. 1606/2002 of the European Parliament and of the Council requiring all EU listed firms to adopt International Financial Reporting Standards on or before 1st January 2005 (European Union, 2002; Jermakowicz and Gornik-Tomaszewski, 2006; Epstein and Jermacowicz, 2007). Thi s meant that more than 7000 firms were required to prepare financial statements that complied with IFRS standards during the year ending 31st December 2005. Moroever, in 2007, the United States (U.S) Securities and Exchange Commission (SEC) which regulates the trading of securities in the U.S decided to waive the requirement that foreign firms listed in the U.S should reconcile their financial statements with U.S Generally Accepted Accounting Principles (GAAP) (SEC 2007; Street and Linthicum, 2007). Moreover, the SEC has considered proposals to allow U.S firms to prepare financial statements that are in compliance with IFRS (GAAP) (SEC 2007; Street and Linthicum, 2007). IFRS is increasingly gaining recognition as a global set of accounting standards. Zalm (2008) observes that the number of countries that had replaced their national GAAP with IFRS was approximately 100 in 2008. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board have been working on a joint project to harmonise IFRS with U.S GAAP. The objective is to enhance the comparability of financial statements prepared under both standards and to improve the understandability, relevance and reliability of financial reports prepared using either U.S GAAP or IFRS. In order to evaluate the convergence project, this paper benefits and costs of convergence. Benefits of Convergences Improvement in FDI flows One of the benefits of convergence is that it will result in an increase in cross-border capital flows such as foreign direct investment (FDI) (Chen et al., 2010). Convergence will result in a reduction in the degree of information asymmetry between home country and foreign users of the information reported in financial statements (Chen et al., 2010). Users of financial statements will be able to compare financial statements prepared across different countries and thus make better investment decisions. It has also been argued that widespread adoption of IFRS will reduce or eliminate differences in accounting standards across the globe. This will result in a reduction in information processing costs and to an increase in cross-border economic transactions (Chen et al., 2010). According to the European Commissioner, McCreavy for example, adopting IFRS standards as a global set of accounting standards will result in more efficient allocation of resources and greater cross-board investment which will enhance economic growth in the EU (McCreavy, 2005). Enhancement of the quality of Financial Reports A potential benefit of the adoption of IFRS standards is that it will result in high quality and more corporate reporting practices. This will in turn improve market liquidity, lower costs of capital and enhance resource allocation. Greater market liquidity is consistent with a more efficient capital market. Improving market liquidity will result to a decline in transaction costs and increase the number of people participating in the market. An increase in the number of market participants will result in more efficient markets because more people will ensure that securities are always trading at their equilibrium prices (Bodie et al., 2007). Costs of Convergence Despite the potential benefits cited for convergence some investor groups believe that it is still very early to determine whether IFRS can effectively serve as a global set of accounting standards (SEC, 2010). The main argument offered is that IFRS is yet to be sufficiently developed or applied in practice to the extent that one can judge its ability to serve as a global set of accounting standards. According to the SEC (2010) IFRS lacks guidance in certain significant areas. In areas where there is guidance, such guidance tends to require much latitude before it can be comparable with US GAAP. There are jurisdictional variants in the application of IFRS which pose significant challenges to the adoption of IFRS. In order for IFRS to be applied globally, countries will need to converge in many other areas such as auditing, taxation, legal systems, etc. According to commentators, existing US GAAP standards are already universally accepted as high quality financial reporting standards. In addition, not all firms in the US require capital from global capital markets or market securities internationally. Therefore, the convergence agenda is likely going to result in increased costs for US companies. Investors and large firms in the US also felt that there were significant challenges and risks associated with having an international institution as the ultimate body that would issue accounting standards for issuers of securities in the US. Significant concerns were raised over whether this was likely going to be a wise policy taking into account the long standing role of the SEC as the oversight body over the financial reporting process in the US. Another concern raised is that incorporating IFRS standards into the financial reporting system in the US will have a negative impact on the compliance with corporate governance requirements in the US. For example, the Sarbanes Oxley Act prescribes a number of corporate governance rules that US companies with comply with such as ensuring that the audit committee has at least one independent non-executive director with financial expertise. Investor groups in the US feel that the IFRS agenda may affect the ability of US companies to comply with these rules and as such the convergence agenda of the IFRS foundation is likely not going to be feasible in so many countries. In addition, Hail et al. (2009) argue that accounting standards play a limited role in improving the quality of financial reports. There are other institutional factors that contribute to the enhancement of financial reporting quality. For example, the reporting incentives of firms and the enforcement of standards have been cited as important factors that determine the quality of financial reports. Hail et al. (2009) further contend that comparability of financial reports cannot be guaranteed by the adoption of a single set of accounting standards across different countries. Comparability can only be fully achieved if the reporting incentives of firms are similar. Therefore, the argument that comparability of financial statements will improve as a result of the adoption of IFRS remains questionable. Furthermore, it is not correct to view accounting standards in isolation from other important factors of a country’s institutional framework. There must be a match between the institutional framework and accounting standards. This means that if a country adopts accounting standards that do not properly match with the elements of its institutional framework can result in undesirable consequences for the economy as a whole irrespective of whether the new accounting standard unambiguously improves the element itself. SECTION B Environmental Reporting By Reckitt Benkiser Plc. According to the Sustainability report of the Reckitt Benckiser Plc, the companys strategy incorporates a commitment to run the business in a manner that is responsible, environmentally sound and sustainable. With respect to the environment, the company is committed to ensuring that the workplace environment is safe and healthy. It is also committed to ensuring that the employment environment attracts, developed and retains the right talent of people to manage the business. The company has a life cycle carbon management program and a sustainable operational excellence program. With respect to the life cycle carbon management program, the company is committed to reducing its carbon dioxide emission. The life cycle management approach is used to reduce CO2 emission right across the product life cycle. This approach is used because the largest emissions occur when consumers use products. For example, Air Wick launched a ground-breaking air fresher product which replaced the traditional propellant gases with compressed air. The natural propellant delivers a cleaner fragrance experience in a safer way than butane or nitrogen. The propellant is non-flammable and non-hazardous. Using compressed air in place of butane saves 5,000 tonnes of butane per year which in turn saves 20,000 tonnes of CO2 emissions (Reckitt Benckiser Plc, 2011b). It should be noted that there is no specific legislation that governs environmental reporting in the UK. The only legislation that governs the reporting of CO2 emissions in the UK is the Climate Change Act of 2008 and the Energy Act of 2010. The Climate Change Act aims at reducing CO2 emissions. The Climate Change Act and the Energy Act led to the implementation of the Carbon Reduction Commitment, which represents a mandatory climate change and energy saving scheme. The scheme aims at enhancing energy efficiency and CO2 emissions. The sustainability report of Reckitt Benckiser Plc is to some extent in compliance with the Climate Change Act and the Energy Act 2010 (Gray et al., 2010). Despite the absence of legislation on environmental reporting in the UK, a significant number of attempts have been made to encourage businesses to provide sustainability and environmental reports on a voluntary basis. Businesses are often encouraged through codes of practice and environmental reporting guidelines. Reckitt Benkiser Plc might have been influenced by these encouragements to disclose information relating to its environmental and social performance. Despite the absence of legislation, it has been argued that voluntary disclosure of environmental and social performance helps in enhancing firm value. For example, McGuire et al. (1988); Davis (1960); and Roberts (1992) provide evidence suggesting that there is a positive link between corporate social responsibility (CSR) disclosure levels and firm performance. The evidence also suggests disclosure of environmental performance is positively related to firm value. This explains why Reckitt Benkiser Plc has made an effort to d isclose information about its environmental performance. Advanatges a Company may gain by adopting and disclosing voluntary environmental Accounting Practices Adopting voluntary environmental accounting can help a company improve its reputation (ICAEW and EA, 2010). Voluntary environmental accounting can be viewed by users of financial statements as a positive signal that the company is using efficient and low cost manufacturing techniques which results in efficient use of resources. As such the company’s share price can increase if it discloses positive information. In addition, customers and can view the company as having concern over its environment. customers are not interested in buying from companies that do not have regard for their external environment. Consequently voluntary disclosure of environmental information can result in an improvement in the company’s sales and financial performance (Gray et al., 2010). How Future Environmental Accounting will continue to support accrual accounting and going concern. Accrual accounting is essential because not all transactions are settled in cash. It enables organisations to record transactions that have not been settled in cash as credit transactions. The going concern assumption assumes that the business will continue to exist for the foreseeable future. Environmental accounting will support accrual accounting in that it will enable businesses to continue recording all transactions irrespective of whether they are settled in cash or not. With respect to going concern, environmental accounting will enable users of financial statements to assess the impact of the company on its environment and determine whether the company will be able to continue as a going concern. Section C. Classification of the Convertible Bond The convertible bond in question is a compound financial instrument because it has both debt and equity characteristics. According to IAS 32, Financial Instruments, Presentation, the instrument’s component parts should be accounted for separately. The accounting should be done according to their substance based on the definitions of liability and equity. The entity is required to make the division between equity and debt at issuance and is not allowed to make any amendments in response to changes in market conditions such as a change in the market interest rate, share prices, or other event (Deloitte, 2012). Therefore, the instrument will be classified as a compound instrument including debt and equity components. The debt component is the contractual obligation of the company to pay cash and the equity component is the option of the holder to convert the bond into common shares of the issuer (Epstein and Jermakowicz, 2007; Deiloitte, 2012). Calculation of the Equity Component The present value of the bond is calculated as follows: Year Discount Factor (9%) Interest/Principal Present Value 1 0.9174 0.08 0.073392 2 0.8417 0.08 0.067336 3 0.7722 0.08 0.061776 4 0.7084 0.08 0.056672 5 0.6499 4.08 2.651592 Debt Element 2.910768 Equity Element 1.089232 The bond pays a coupon of   $.08million (2% x $4million) per annum. At the end of the year, the bond is expected to repay the coupon plus principal of $4.08million. The cash flows need to be discounted at the market interest rate of 9% on similar non-convertible bonds. The present values are based on the discount factors for the 9% interest rate. It can be observed that the present value of the bond is $2.91million. This represents the debt component of the financial instrument. The equity component is calculated by subtracting the debt component from the amount raised from the issue of the security. Therefore, the equity instrument is equal to $4million less $2.91million. This gives $1.19million. Closing Figure in the Statement of Financial Position The closing figure in the statement of Financial Position is based on the following amortisation Schedule: Year Cash Paid Interest Expense Discount Amortised Liability ($millions) 0 2.91 1 0.08 0.36 0.28 3.19 2 0.08 0.29 0.21 3.40 3 0.08 0.31 0.23 3.62 4 0.08 0.33 0.25 3.87 5 0.08 0.35 0.27 4.14 References Gray, R., Collins, D., Bebbington, J. (2007) Environmental and Social Accounting Reporting, Centre for Social and Environmental Accounting Research. ICAEW and EA (2010) TURNING QUESTIONS INTO ANSWERS ENVIRONMENTAL ISSUES AND ANNUAL FINANCIAL REPORTING, available online at: environment-agency.gov.uk/static/documents/Business/TECPLN8045_env_report_aw.pdf [accessed: 25th April 2013]. Deloitte (2012) IAS 32 Financial Instruments: Presentation [online] IAS Plus: Available at: iasplus.com/en/standards/standard31 [accessed: 26th April 2013]. McGuire, J. B., Sundgren, A., Schneeweis, T. (1988), â€Å"Corporate Social Responsibility and Firm Financial Performance†, The Academy of Management Journal, Vol. 31, No. 4, pp. 854-872; Academy of Management, Available online at: jstor.org/stable/256342 Davis, K. (1960, Spring). Can business afford to ignore social responsibilities? California Management Review, 2, 70-76. Roberts, R. W. (1992), â€Å"Determinants of corporate social responsibility disclosure: An application of stakeholder theory†, This article is not included in your organizations subscription. However, you may be able to access this article under your organizations agreement with Elsevier. Accounting, Organizations and Society, Vol. 17, No. 6, pp. 595-612 Bodie, Z. Kane, A., Marcus, A. J. (2007). Investments. 6th Edition. McGraw-Hill Duangploy, O., Gray, D. (2007)   ‘‘Big Bang’’ Accounting Reforms In Japan: Financial Analyst Earnings Forecast Accuracy Declines As The Japanese Government Mandates Japanese Corporations To Adopt International Accounting Standards Advances In International Accounting, vol. 20, pp. 179–200 Epstein, J. B., Jermakowicz, E. K. (2007), â€Å"Interpretation and Application of International Financial Reporting Standards†, Wiley. European Union, 2002. Regulation (EC) No 1606/2002 of the European parliament and of the council of 19 July 2002 on the application of international accounting standards. Official Journal of the European Communities September 11, 2002, L. 243/1 L. 243/4. Zalm G. (2008), Prepared statement of Gerrit Zalm, Chairman of the International Accounting Standards Committee Foundation, before the Economic and Monetary Affairs Committee of the European Parliament, available online at: iasb.org/NR/rdonlyres/A318265C-10E4-4051-A7D1-DCC9E4D763C5/0/Prepared_statement_Gerrit_Zalm.pdf [accessed: 9th April, 2012].

Ancient Near East Reaction Paper †History Essay

Ancient Near East Reaction Paper – History Essay Free Online Research Papers Ancient Near East Reaction Paper History Essay The Epic of Gilgamesh is a legendary tale of the once ruler of Uruk that takes place about 2700 B.C. Gilgamesh’s story begins when he hears of Enkidu, an animal-like human who essentially challenges Gilgamesh’s manhood. Gilgamesh and Enkidu engage in a battle that results in a draw, and ultimately the two become friends. Gilgamesh goes on to reject the goddess Ishtar’s request for love, and in response to Gilgamesh, Ishtar summons the Bull of Heaven. Gilgamesh and Enkidu defeat the bull, Enkidu insults Ishtar and she casts him to the underworld for eternity. The death of Enkidu reminds Gilgamesh that he is mortal and he commits the rest of his life to obtaining immortality. Gilgamesh searches for Utnapishtim who is said to know the secret of obtaining immortality. Utnapishtim can be paralleled to Noah of the Bible, he is warned of a great flood and builds a ship to live through it. Because Gilgamesh would unfortunately never find the secret of immortality and would eventually die. His death marked the last epic emperor to rule Sumer. During the Old Babylonian period from about 2000-1600 B.C. messages of social justice and morality became more prominent. The sun god, Shamsh, emerged as the preeminent god of justice in Babylonian culture. During the Old Babylonian period Hammurabi came to power. When Hammurabi came to power the Old Babylonian Empire it was a very turbulent period. Hammurabi worked to improve on these ideas of social justice and morality. During the same age of Old Babylon existed another empire, Egypt left behind a great deal of texts inscribed on the walls of the tombs of kings and nobles. They left behind no epics, but their beliefs of what would lead them to worldly success. Egypt lacked moral principle at this point in time, but it didn’t last. Ptah-hotep’s lack of concern with the afterlife was soon overshadowed by a deep concern with the afterlife around 2300 B.C. Egyptian religion was now very concerned with preparation for the afterlife. Religious reform had long been at the forefront of Egyptian policy and it had resulted in a loss of territory. It was the goal of Ramses II to restore the areas of the empire that were lost, but it doing so he ran into the Hittites. After a short struggle the two civilizations came to a compromise. From the times of Gilgamesh to Hammurabi, from Hammurabi to Ramses II there was a great deal of change occurring throughout the Near East, but what remains constant is religion at the centerpiece of all this change. In the case of Hammurabi the new laws promoting morality and social justice worked to help the Old Babylonian Empire. Unfortunetly for Egypt this was not the case. Egpyt let their guard down to focus their attention on religion as well, but it resulted in problems. They began to lose territory and ultimately faced annihilation at the hands of the Hittites. Research Papers on Ancient Near East Reaction Paper - History EssayCanaanite Influence on the Early Israelite ReligionBook Review on The Autobiography of Malcolm XComparison: Letter from Birmingham and CritoBringing Democracy to AfricaHarry Potter and the Deathly Hallows EssayCapital PunishmentAssess the importance of Nationalism 1815-1850 EuropeRelationship between Media Coverage and Social andLifes What IfsGenetic Engineering

Two choose one. will upload later Essay Example | Topics and Well Written Essays - 1000 words - 1

Two choose one. will upload later - Essay Example Internationalization, as a key current business trend is vital is promoting political reforms based on diverse perspectives. Further internationalization of business has environmental and political impacts. This paper provides a succinct discussion of the economic, political, social, and environmental implications of internationalization of business. Internationalization may be in diverse forms. A business can opt for foreign or direct investments in a foreign country and set up its subsidiaries from which it operations. A business may opt to form partnerships or business arrangements with interest business in a foreign country. It may involve allocation of subcontracts to foreign businesses or experts. It may also involve a business entity’s participation in foreign networks. Internationalization of business has accelerated economic progress in less-industrialized countries compared to any other development factor according to Penrose (1956). An example is the case of General Motors (GM). The firm started in Australia in 1926 and operated in the country until 1954. After 1954, the firm had plans to expand to other markets. In essence, GM’s operations in foreign markets outside Australia promoted industrial development, both in Australian and foreign destination markets. Growth of foreign investments through internationalization of firms contributes to economic progress. Hymer, Cohen and Dennis, 1979,  address the internationalization of capital by multinational corporations. Multinational corporations may engage in three key aspects. First, the can engage in capital movements across different countries. Second, multinational corporations can engage in capitalist production. The third aspect is engagement in international governments. All the three are vital to promoting economic progress by multinational corporations through internationalization of capital (Williamson, 1981). Improvement in

Economics case assignment module 01 Essay Example | Topics and Well Written Essays - 500 words

Economics case assignment module 01 - Essay Example In the contrary, trifling manufactures which provides small amount of needs of a small number of people also employ small number of workmen. Division of labour is much observed since all of them are working in one workhouse. To take an example, B dressmaking that was operated by Mr. Joe employed 3 dressmakers. His business location was in the heart of a small town. Long before, his 3 dressmakers were used to finish a maximum of 5 or a minimum of 3 dresses a day. However, there produce was insufficient enough, so he came up to the idea of dividing the whole work into branches instead of hiring additional dressmakers. His dressmakers were task to do a particular part of the dress instead of sewing it alone. The work was divided to around 6 so each of the workers was assigned to do 2. The first one shaped and cut the cloth; the second one made the collar, the third sewed the sleeve and so on until all the parts were sewed together and the dress was made. After couple of weeks, the diffe rence was quiet obvious, from the minimum of 9 dresses to around 30 dresses daily. And the work showed much excellent! Hence the division of labour increases the productivity of the workmen because employing a simpler and particular task enhances their skill. Repeating one or two tasks is not as difficult as doing the whole work. Perhaps, a particular dressmaker who was used to sew dresses may not feel difficulty in doing his job but became lazy in using different machines in completing a dress. The several stages undergone may become complicated for him; he may put less concentration on them; whereas, if he only focused shaping and cutting the cloth, its repetitions would result to a greater part of his dexterity. Secondly, Smith’s idea about invisible hand is linked to his concept of self-interest. Every individual struggles to get what he wants. He works hard to fulfill his dreams.

Pros and Cons of Globalization Essay Example for Free

Pros and Cons of Globalization Essay Former CEO of Vodafone Group, Mr. Arun Sarin, at the 2009 Global Business Forum debated that there is a profound change occurring in the world today. The world is becoming more interconnected due not only to physical infrastructure but also the intellectual and software infrastructure that is being built; moreover, the way in that trade is being done today. For him, the United States is still the most powerful country in the world; however, if the country wants to have global excellence in the future, innovation is a most. Since its earliest appearance, about three decades ago, the term globalization has been used to describe a process, a condition, a system, a force, and an age. The term signifies a social condition characterized by the existence of global economic, political, cultural, and environmental interconnections and flows that make many of the currently existing borders and boundaries irrelevant. Globalization suggests dynamism best explained by the idea of change and the transformation of present conditions. In other words, globalization is an ongoing process rather than a static condition. According to Manfred Steger, author of the book: Globalization: A Very Short Introduction, globalization refers to a multidimensional set of social processes that create, multiply, stretch, and intensify worldwide social interdependencies and exchanges while at the same time fostering in people a growing awareness of deepening connections between the local and the distant. In the other hand, globalization is a complex and contradictory phenomenon that encompasses progress and degradation, opportunity and compulsion, freedom and restrictions. These countless contradictions are points of political contestation. Advantages of Globalization * Countries around the world have made the choice of establishing trade relationships with each other in order to improve their economy. Past hostile experiences were left behind, and globalization has announced an era of international peace and security. In addition, there has been propagation of democratic ideas among countries. * Countries have resolved to test free trade with some regions. Eliminating taxes, duties, and export/import quotas has allowed consumers to buy goods and services at a lower cost. * Globalization is encouraging the use of international connectivity such as the internet. Exchanging thoughts and ideas is helping interlink people around the world. * Several companies are investing in other markets providing better employment opportunities for skilled and unskilled labor all around the world. Globalization is helping in increasing the standard of living of the developing world; and at the same time is helping to reduce poverty. * Competition among different countries is leading to international innovation and quality goods. Consumers are benefited in the process because they get quality products at a cheaper rate and from a large variety available in the market. * Mutual trade has brought an understanding of the importance of protecting the environment and natural resources. Global environmental problems are being discussed. Disadvantages of Globalization * Many people from develop nations are losing jobs since corporations are outsourcing work to developing countries due to savings in cost of labor. There is a lot of pressure in the develop world; people are always under the threat of their job being outsourced. Outsourcing has resulted in unemployment. * Any sort of economic disruption in one nation will have a domino-effect on other nations that are closely related to that country in terms of trade and commerce. * Influence of local cultures and traditions will slowly start to wear down. Western ideas will impose over other cultures. * Globalization may lead to more environmental problems. A company may want to build factories in other countries because environmental laws are not as strict as they are at home. * Income distribution within countries is becoming less equal. The rich is getting richer and the poor is getting poorer. * Transnational integration and increased mobility has simultaneously strengthened and diminished the protection of individual rights and the dignity of individuals. Globalized markets have facilitated more monitoring of social conditions but have also opened up more opportunities for economic exploitation. Example of the pros and cons of globalization The Philippines is one of the countries in Asia that has been affected by the contradictions of globalization. The country is taking part in the process since it became part of the World Trade Organization in 1995. Globalization has allowed major changes in the nation like more labor, more Filipino foreign companies, high levels of education, and high per capita income. Philippines have four regions that globalization has targeted and these four are: liberalization, mobility of capital, technology, and management of organization through private and public sectors. Nevertheless, the Philippine state has failed in organizing a socioeconomic environment that would have prepared the country for global competition. Many Filipinos believe that globalization has done nothing for their country. And this is due to the poverty that has been becoming worse each year. The Philippines is still corrupt and still faces economic and political problems, therefore, the nation and its people does not trust the process of globalization. About 60% of the population lives in poverty and poverty levels are still increasing. The institutional framework of a country, its political culture and the quality of its leadership play an important role in fostering economic development and in promoting social welfare. For some, globalization can make the Philippines a better nation if the Philippine leaders get involve in allowing for more global trading and more foreign investors to the help boost the economy. And by accomplishing those goals, the Philippines should be able to reduce poverty levels. The Future of Globalization Globalization is transforming the structure of worldwide interaction and people are changing along with it. The positives aspects of globalization are becoming more significant than the negatives ones. In the long term, the world will be transformed into a more prosperous, democratic, and peaceful environment. This may means that cultural conflict and global chaos will occur in the short term but large economic growth and democratic governance will prevail in the long term. Globalization is making the way for free trade and international business. It is also improving communication around the world. The biggest advantage is that globalization has the potential to make the world a better place to live in. Globalization cannot be stopped; however, leaders should always be on the top of its spread and outcomes. Work Cited Steger, M. B. (2004). Globalization, a very short introduction. New York: Oxford University Press, USA. Retrieved from http://library.books24x7.com.dml.regis.edu/SearchResults.aspx?qdom=authorscol={all}qstr=Manfred B. Steger Hill, C. (2010). International business. (8 ed., Vol. 5). New York City NY: McGraw-Hill Irwin. Rupert, M., Solomon, S. (2006). Globalization international political economy. Rowman Littlefield Publishers INC.

The Age of Reason Essay -- history

The Age of Reason The Age of Reason was a period in time that took place from the Peace of Utrecht (1713), to the French Revolution of 1789. It was a period when reason basically replaced religion as the guiding principle in art, thought, and the governance of men. Unquestioned acceptance of the old order of society and the old ways of statecraft yielded to a new spirit of critical inquiry which demanded some rational justification for the existing social system. People thought that the general application of reason would free Europe from the artificialities, restrictions, injustices, and superstitions which that was inherited from the Dark Ages. Reason would create a society of law and order. The traditions, customs, and autonomous rights of the nobility and the church were essentially alien to the spirit of rationalism and operated to block the establishment of centralized, well ordered states. In central and eastern Europe and many minor states of the continent, the main contenders against the powers of the nobility and the clergy were the dynastic sovereigns. Competition between the great states was ruthless and the monarchy which failed to overhaul its internal administration, faced dismemberment. Seeking to focus on their own authority, the crowned heads struggled with the separatism of provinces, which their royal houses had inherited through medieval and 17th century wars and marriages. They tried to introduce uniformity in law and administration th...

Contiki Tours : Marketing Strategy Analysis Essay

Contiki Tours is an organisation that offers packaged holidays to a variety of local and international destinations. Their targeted market is limited by age. Clients must be between 18 and 35 years old. The analysis will focus on Contiki *s Australian market for international holidays. Contiki have adopted a concentrated marketing strategy in identifying market segments. This means that they have elected to focus their marketing efforts on gaining a high share of one particular segment of the market (i.e. 18-35 year olds). The advantage of such a strategy is that it allows specialisation which may produce economies in production, distribution and promotion. However, it does entail some risks in that market needs can change or competitors may enter the segment. The risks and benefits of this strategy will be examined more closely in the analysis of the marketing mix. Product In order to assess the effectiveness of Contiki’s marketing strategy it is important to understand the n ature of the product offered by the organisation in terms of the benefits that it provides. Broadly, it is a service product (eg. flight, bus trip, food preparation) although elements of the product are physical (eg. food, t-shirts). It is a specialty product given that it meets a specialised need and consumers are willing to spend quite some time searching for and evaluating. It is also purchased infrequently. It would also be considered a high involvement product due to the relatively high risks of purchase. The notion of purchase risk will be explored in more detail in an analysis of consumer behaviour. Price The nature of the product, characteristics of the target market, and consumer behaviour each have important implications for pricing. It should be noted that the price paid for the product by the consumer involves more than the nominal price (i.e. the ‘price tag’). As well as the money paid for the product, consumers endure time costs and must expend behavioural and cognitive effort. Cognitive effort may involve the customer dealing with some of the risks of purchase (Ross, 1984). There are a number of implications of this analysis for Contiki. Firstly, the organisation can manage the price t hat consumers pay by minimising the time, behavioural and cognitive effort that is used purchasing the product. By decreasing the costs to the consumer, Contiki is able to increase the perceived value of their product to consumers. Over-the-phone or internet information and booking services would decrease the time taken in actually purchasing the product, and therefore the cost of the product to the consumer. Also, convenient agent locations would minimise the behavioural effort for consumers. Contiki attempt to coordinate with a wide range of travel agencies who are educated by Contiki sales staff on product attributes (the distribution channel and its implications for pricing with be covered more thoroughly in a later section of this analysis). It should be recognised, however, that many consumers derive utility from extensive cognitive involvement in the purchase process. For example, some customers may enjoy discussing at length with consultants, their itinerary and travel options. To the extent that this occurs, friendly and knowledgeable travel consultants should be an integral part of Contiki’s product offering. In order to achieve this, promotion (i.e. personal selling) to the distribution channel should be emphasised. From this discussion it is evident that the interaction between consultant and customer is a key aspect of the value delivery sequence. Increasing perceived value involves managing the people or participants in the consumption process (Berry, 1980; Booms & Bitner, 1981).

Analysis of the Poem “Genesis”

Bruce Dawe, an Australian poet, has written the poem ‘Genesis'. The poem compares the beginning of school to Adam and Eve's expulsion from the Garden of Eden, hence the title ‘Genesis'. Dawe has put the context of the poem into a modern day theme. Using the comparison of Adam and Eve's loss of innocence, he describes how the innocence of children is lost at school. This correspondence to the story of God expelling Adam and Eve from the Garden of Eden because they had eaten fruit from the tree of knowledge. In the poem ‘Genesis', children are expelled from innocence into the harsh realities of the world by partaking of the tree of knowledge – education at school. Dawe has used various techniques to convey his message across. Throughout the poem, there is an underlying criticism of what society does to children by sending them to school, leading us to question the wisdom of â€Å"education† as provided at school. He has achieved this critical commentary by lightly incorporating the technique of gentle satire into the poem to attack the human folly. This satire implies that society has not learnt from Adam and Eve's mistakes and condones the sinful behaviour in the name of â€Å"education†. His idea has been put forward by the interpretations that God created Adam and Eve, of whom lost their innocence from the tree of knowledge, but society created the cause of the loss of innocence through education. In the lines â€Å"Ah, what ink-stained webs we weave†(1.23), Dawe implies that the adults of society have created a trap (that cannot be untangled) for their children, in their desire for their children to know more, almost pushing them into losing their purity of heart. This satire has made possible by the technique of irony because the Garden of Eden is supposed to harmonise paradise, but school is far from paradise; yet is respected and designated as a ‘good' place by society. The predominating mood created by Dawe is quite paradoxical for he has put forward a serious inner meaning, in an informal manner. The tone of the poem is cynical and sarcastic, occasionally using wry humour to express the feelings of entrapment and unwillingness of the children â€Å"Stabbing first flies with new biros† (1.8). In the poem you can almost sense the children's lack of freedom when the poet describes them â€Å"Watching corner-eyed, the sun, No longer at their beck and calling† (1.10-11). The school bell has replaced their freedom of control over the day. Using sarcasm, Dawe describes the different classrooms as prison cells. This implication is made by the words â€Å"Like old ‘lags' to whom all's one!† (1.7). ‘Lag' was the name given to a convict in the early days of Australian's history and refers to the children who are â€Å"imprisoned† in their classrooms. The fact that all cells look the same illustrates their lack of interest in their classrooms. It all symbolises the loss of freedom. The children's loss of freedom innocence is shown throughout the poem and is illustrated by examples of them choosing bad over good. â€Å"Dumping wholesome snacks Mum makes, In the school incinerator† (1.22) and eating â€Å"tooth-rotting cakes† (1.19) and drinking â€Å"Mind-destroying Fizzi-cola† (1.20). With the help of his mindful selection of words such as, ‘mincing' and ‘cocky' he has built up the imagery that incorporates the sense of flirtatiousness and rebelliousness in the students. Other effects of imagery include the use of metaphor where Dawe compares the delay of sound from a jet-plane to the delay of understanding from the school children when faced by the information in their new text-books. â€Å"Like jet ‘planes so far above them, Waiting for the sonic boom† (1.16-17). The use of simile is also closely connected with the metaphor, where Dawe compares the difficulty of schoolwork to the difficulty of reaching a jet-plane. â€Å"Text-book whose right answers loom, Like jet ‘planes so far above them†(1.15-16). By using both techniques, Dawe enables the reader to visualise more clearly the poet's impressions. The words used by Dawe are vivid and image is substantial, yet simplistic. This allows readers of all levels to appreciate and understand his writing even those who do not normally care for poetry. He has accomplished this in ‘Genesis' by using compound words throughout the whole poem, which allow him to describe ideas promptly and concisely, producing a clear image of his intentions: â€Å"†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦tooth-rotting cakes, Mind-destroying fizzi-cola† Along with these compound adjectives his rhyming pattern and regular rhythm futher enhances ease of reading and permits the poem to become almost harmonious. Dawe's negative connotations of school, aroused emotions of sadness. This is because I believe the poem speaks of truth of that innocence is lost in school, a place that provides one of the most important aspects to life, education. Dawe has created this poem to comment on the tragedy of the human race, that is to say, what children have become since Adam and Eve. However, I find that his negative attitudes are not necessarily accurate. Despite my disagreeing view with Dawes beliefs, he has nevertheless been successful in conveying his intentions – to satirise the human obsession with education and the emphasis placed on school learning. He has achieved by incorporating many techniques into his work.

Is it glorious to die for youre country essays

Is it glorious to die for youre country essays Is it glorious to die for your country?.... This question has been posed to many young people about to embark on war although the answer has usually been yes in response to their country due mainly to the fact that the government instills it in the people of the country to support one's country and one way is to send young abled bodied men into the army. If you were one individual that was not in favour of fighting for your country you would surely become an outcast by the countries people. To avoid ridicule and becoming outcasted by the people living around you, you would join the army just in the thought that you were obligated to for the sole sake of your country. Such thoughts were reinforced by the government promotion of propaganda. Glorifying death is not needed to be taught and should be up to the sole individual. School systems should teach an unbiased point of view of war to enable the child to make their own decision to fight for one's country. Is it Glorious to Die for your Country? Within the education system it was instructed to the teachers to teach the children at a young age during the brink of war to instill that their the life of the country and for them to defend their country against the enemy. Teachers showed being in a army was representing honour and the pride of the country. Guilt was laid on the students who showed rebellion by the teacher. Many times the teacher would try to show a soldier that looks happy and content trying to represent being a soldier makes you happy and content. Many young inexperienced soldiers were sent to training camps near the battle fields that they would soon be sent to fight, for their country and their life. The training camps were situated on similar enviroments that resembled the battle fields of where the fighting would take place. Reinforced displine to the young and ignorant men. Trench warfare is ...

Migrants vs. Refugees

Migrants vs. Refugees Migrants vs. Refugees Migrants vs. Refugees By Maeve Maddox A reader wonders about the use of these words in the media: Please explain the difference between migrants and refugees. The news has provided nonstop coverage of migrants flocking to Europe from the Middle East and northern Africa. It seems to me these people should be more accurately described as refugees. Why are they suddenly considered migrants? Applied to human beings, the word migrant has a basic meaning of â€Å"a person who moves temporarily or seasonally from place to place.† The noun is also used attributively, as in â€Å"migrant camps† and â€Å"migrant policies.† In the United States, the most common use of migrant is in the context of agricultural workers: Between one and three million migrant farm workers leave their homes every year to plant, cultivate, harvest, and pack fruits, vegetables and nuts in the U.S.    In Australia, the word migrant is commonly applied to immigrants who have come to make a permanent home in the country: Settlement services are intended to assist new migrants to participate as soon and as fully as possible in Australia s economy and society. A migrant chooses to leave home, but a refugee is forced to seek a place of safety elsewhere, often in a foreign country. People flee their homes for causes that include war, religious persecution, political troubles, and natural disaster. The earliest use of the word refugee in English was in reference to Protestants who fled France in the seventeenth century. In the media, the word migrant is sometimes used alone in reference to the hordes of people presently moving into Europe, but increasingly, the two words are used together: Tens of thousands of  migrants and refugees  have entered Germany in recent weeks after making arduous journeys through multiple countries. All of the people flooding into Europe from Syria and elsewhere are migrants, but not all are refugees according to the international legal definition. As defined by international law, a refugee is a person who has fled a country to escape war or persecution and can prove it. Refugees are entitled to basic protections as defined by a United Nations convention. Verified refugees cannot be sent back to countries where their lives would be in danger.   Migrants, on the other hand, move from one place to another for reasons that may be understandable, but are not sufficient to classify them as refugees. For example, some migrants are fleeing poverty. Others may have been living above poverty in their home countries, but decide to emigrate in search of better economic opportunities. Note: Although people fleeing the devastation of natural disasters are often referred to as refugees, they are not at present included in the international legal definition. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:30 Religious Terms You Should KnowWhat's a Male Mistress?20 Names of Body Parts and Elements and Their Figurative Meanings

Casino taxes Essay Example | Topics and Well Written Essays - 750 words

Casino taxes - Essay Example Casino taxes The basic casino gaming tax laws which are to be followed by all states including Nevada and New Jersey are the following: Winnings from all types of gambling are taxable and should be declared as income on the tax return, while the losses from gambling are to be deducted as an itemized deduction for the spare time players, restricted to the amount of winnings declared. Players who are professional gamblers must hold a file as self-employed business using Schedule C. Schedule C is an Internal Revenue Service form used to file profits and losses by a company (What is Schedule C, 2011). The worth of comps received is considered as gaming winnings and are included in the total winnings. Though, the person is allowed to deduct the losses to counterbalance the income from the comps. The winnings and losses are reported only in the year of occurrence. Excessive losses are not to be carried forward or backward to balance winnings in other years. Married couples who file a joint return shou ld combine their winnings losses, and account only one figure for both. According to the instructions issued by IRS, lumping is unacceptable. Lumping is either reporting only one final win figure and no losses, or reporting nothing if the net value from gambling is a negative. A person must report total of the winning sessions individually from the total of the losing sessions. The Internal Revenue Service requires an accurate record to be maintained to substantiate ones wins and losses. The records must contain at least the following information: the date and type of person’s particular wager; the name of the gaming organization or establishment with its location and address; the names of the other people, if any, present with the player; the amount the person won or lost. A report containing wagering tickets or receipts; W-2Gs; credit card records such as cash advances; cancelled checks; receipts provided by the gambling establishment and bank withdrawals is also require by the IRS to substantiate a person’s diary. A person does not submit these records with return but will be needed if the person is to be audited. As casinos and card rooms are subjected to the money-laundering rules therefore they must report cumulative cash transactions of ten thousand dollars or more in one day to the IRS. They can also make out such reports for amounts as low as two thousand dollars if they are doubtful and apprehensive. Once a casino has a person’s SSN and ID on record, they may issue these Cash Transaction Reports (CTRs) without his/her knowledge. Though the basic rules of casino gaming taxes are almost the same for every state but there are some differences as well. The revenues generated from the taxes in Nevada are used by the local governments and state general fund. In New Jersey the casino revenues provide financial assistance to the disabled and elderly. (State Tax Systems: recreational gambling, 2010) Casino gaming taxes in Nevada: A licens e fee is imposed at both local and state level. The range of County license fees is from $10 to $50 per month, whereas, the range of State monthly license fees is from 3% to 6.25% of the gross revenues. Range of Annual state license fees is from $100 to $6,000 for each year depending on size of the organization. Annually, an additional $80 fee is imposed on every slot machine for an unrestricted state license. Quarterly fee ranges from $45 to $225 plus 90 per machine for a restricted state licence fee (Rafool, 2004). Annually, $ 250 tax is imposed each slot machine. Casino entertainment tax equals to 10% of amounts

American Literature Nella Larsen Research Paper

American Literature Nella Larsen - Research Paper Example Thesis Statement   II. Main Idea (1st control of Thesis)   Larsen used Helga Crane to express her insights about issues of race, gender and social recognition. A. Brief Background B. Supporting idea or research The protagonist in Quicksand reflected Larsen’s early life and struggles. C. Supporting idea or research   Helga Crane expressed Larsen’s insights on self-identity, particularly the difficulties in growing up as a mulatto. D. Supporting Idea or research The gender theme was explained by how Larsen viewed motherhood as one that constrained or enslaved women. III. Main Idea (2nd Control of Thesis)   The numerous ways of â€Å"passing†in Passing symbolized Larsen’s own struggles for self-identity and her insights on each of them. A. Brief Background B. Supporting idea or research How the strategies of passing as a white woman – passing completely or just for convenience - demonstrated the differing approaches toward self-identity.   C. Supporting idea or research   There were the failures of Larsen’s protagonists in their struggles and how these reflected her own and her thoughts in this regard. D. Supporting idea or research   The quest for self-identity as expressed in Larsen’s two novels was characterized by an interplay of race, gender and social recognition. The self-identity handle was effective because it was a theme Larsen was familiar with. E. Opposition Point Larsen’s background may not correctly reflect those experiences she narrated in her works. V. Conclusion   Quicksand and Passing are the evidences to demonstrate Larsen’s view, insights and experiences with regards the theme of self-identity entailed in the issues of race, gender, and social recognition. A. Summary of Arguments Raised B. Thesis Re-worded   C. Concluding Statement: Larsen was not satisfied with being a member of the black elite as well as with the existing alternatives available to her in her ques t for self-identity, she wanted more, and for this she suffered some tragedy. First, she seemed trapped by its narrowness, and because black experiences longed to live in a world. Secondly, the solutions she was able to come up with were all still found wanting as demonstrated by the failures of her characters. She was torn and all her life, she continued to struggle. The author expressed these feelings and perceptions through her writings and her female protagonists. Analyzing the African American Woman: The writings of Nella Larsen Nella Larsen was a famous novelist and short story writer associated with the Harlem Renaissance era, which one writer has aptly called as "an era of extraordinary progress in American black art and literature" (Thadious, 133-145). Although her literary work was limited, it was of extraordinary quality, and earned her recognition from both contemporaries and critics today. In 1928 and 1929, Larsen published two novels, â€Å"Quicksand† and  "Passing†, respectively. Both of which focused on the lives of African American women and their place in society.   She created brilliant female characters in her novels who fought for equal rights and social recognition. Particularly, the extensive study devoted to her characters and the complexity and realism they depicted are widely recognized. Through the roles she explored in them, she was able to explain the intersections of race and gender, and in doing so, she demonstrated how the discussion of black identity, which often restricts the range of

Total Quality Management Case Study (Welz Business Machines) Essay

Total Quality Management Case Study (Welz Business Machines) - Essay Example Welz Business Machines collected data for a 2 week period in order to know why some customers have to wait. Through this process data was collected on all the four reasons given above for customers having to wait. According to the information collected by the characters mentioned in the case the primary reason of the problem being faced by the company is short-staffed operators. The next two causes being receiving party not being present and operator not being able to understand the problem of the customer. Customer being dominant in the conversation and some other causes has also been mentioned in the case. The analysis is shown below with the help of a Pareto analysis and cause and effect diagram. Pareto analysis is a technique which can be used to prioritize the different types or sources of a problem. It can be used to identify the reasons for majority of the problem being caused. It uses the Pareto principal – 80% of the problems are caused by 20% of the causes. (Pyzdek, 2003).The Pareto analysis of the case is shown below – We can see from the above analysis that 90% of the problems are being caused by three reasons – operator short staff(51%) ,Receiving party not present(22%) and lack of operator understanding(18%).These are the areas to focus on. It is also known as the fishbone diagram or the Ishikawa diagram, named after the Japanese quality expert who made it famous. (Dale, 2007) It is basically a graphical representation of an outline that presents a chain of cause and effects. (Ishikawa & Loftus), 1990). With the analysis of the case given, various causes have been analysed because of which problems occur leading to the inability to answer customer calls effectively. These have been shown above in the form of a fish bone diagram. As we can see from the Pareto analysis done above; shortage of staff is the root cause of the problem and accounts for 51% of the causes. Increasing the

E-Book vs Books Essay Example for Free

E-Book vs Books Essay Nowadays, the world of books has greatly developed; that is why reading a book is easier than in the past. Now, heavy books are not a problem to carry and read them because e-books are virtual books. The way books are read has evolved dramatically. Thanks to e-books, there is another option to read a book. As a result, there are no more invalid excuses for not reading. Both e-books and books have several similarities and differences, which has created new reading options. To begin with, people can read either printed books electronic books, which makes them similar in some aspects. Printed books contain the same information as e-books do; in other words, what people read from e-books can be also read from conventional books. As readers can easily buy a printed book in a bookstore, they can buy an electronic book on the Internet. Also, printed books are sold on the Internet; however, people have to pay a shipping fee to get the book on their hands. Throughout history, printed books have played an important role in society, for they have been the first way of learning. Similarly, the popularity of e-books has increased tremendously and they have become significant in the past few years. Online books have become an important approach to educate children. Wherefore e-books and regular books are essentially important for readers, they have developed in order to meet the needs of a modern society. On the other hand, online books and printed books are very different for some reasons. To read an e-book people need to have an electronic device; in contrast, to read a regular book people just need to have the printed sheets. Unlike readers of books made of paper, e-readers need electrical energy to read an e-book. Another particular difference is that e-books can be shared having the advantage of keeping them on one’s electronic device. However, if people lend physical books, they become unavailable; thus people cannot resort to them as they please. In contrast to printed books, which need more space to carry and keep them, virtual books are easily portable. For example, people can carry a lot of e-books in an ipad, kindle, or another special electronic device and read them wherever they are. Another difference between these kinds of books is that online books help to preserve the environment because they do not use paper as conventional books do. To conclude, printed books or e-books play an important role in society since they facilitate the learning process. Moreover, regular books or online books could teach people better than teachers do. Virtual books have developed the books in a modern way; consequently, they have become extremely useful. Even though there are some similarities and differences between printed books and electronic books, both of them can be very beneficial for people.

The Pent-up Guilt in Macbeth :: Macbeth essays

The Pent-up Guilt in Macbeth      Ã‚   There is hardly any emotion in William Shakespeare's tragedy Macbeth that outweighs that of guilt. Both Lady Macbeth and Macbeth are seriously compromised by the impact of this emotion.    Clark and Wright in their Introduction to The Complete Works of William Shakespeare explain how guilt impacts Lady Macbeth:    Lady Macbeth is of a finer and more delicate nature. Having fixed her eye upon the end - the attainment for her husband of Duncan's crown - she accepts the inevitable means; she nerves herself for the terrible night's work by artificial stimulants; yet she cannot strike the sleeping king who resembles her father. Having sustained her weaker husband, her own strength gives way; and in sleep, when her will cannot control her thoughts, she is piteously afflicted by the memory of one stain of blood upon her little hand.   (792)    In Fools of Time: Studies in Shakespearean Tragedy, Northrop Frye sees a relationship between Macbeth's guilt and his hallucinations:    The future moment is the moment of guilt, and it imposes on one, until it is reached, the intolerable strain of remaining innocent. [. . .] We notice that anyone who is forced to brood on the past and expect the future lives in a world where that which is not present is present, in other words in a world of hallucination. Macbeth's capacity for seeing things that may or may not be there is almost limitless, and the appearance of the mousetrap play to Claudius, though more easily explained, has the same dramatic point as the appearance of Banquo's ghost. (90)    Fanny Kemble in "Lady Macbeth" asserts that Lady Macbeth was unconscious of her guilt, which nevertheless killed her:    Lady Macbeth, even in her sleep, has no qualms of conscience; her remorse takes none of the tenderer forms akin to repentance, nor the weaker ones allied to fear, from the pursuit of which the tortured soul, seeking where to hide itself, not seldom escapes into the boundless wilderness of madness. A very able article, published some years ago in the National Review, on the character of Lady Macbeth, insists much upon an opinion that she died of remorse, as some palliation of her crimes, and mitigation of our detestation of them. That she died of wickedness would be, I think, a juster verdict. Remorse is consciousness of guilt .

Arthur “Mr. Chips” Chipping, age 85 Essay

The venerable institution of Brookfield has grown a little poorer. Its memories have faded, just a little more swiftly than memories are apt to do, having lost its greatest memory-keeper. The teachers, the staff, and even the boys that passed through its halls, considered Arthur Chipping to be as much a part of Brookfield as the stone and mortar of its walls. However, in the end, he proved to be flesh and blood. Arthur Chipping died in his sleep today, at the age of 85, after a long life of service to the young men of England. Chipping was born in 1848. In 1870, at the age of twenty-two, Chipping â€Å"took his prep† at in the Big Hall of Brookfield, a boys’ public boarding school. It was at Brookfield that he remained until the end of his life, although he had retired in 1913, at the age of 65. Viewing hours will be between 7 p. m. and 9 p. m. tomorrow. Flower donations should be sent in care of Mrs. Wickett, Brookfield. Chipping was a master throughout his career, teaching classical history, Greek, and Latin for all of his 42 years at Brookfield. In 1900, Chipping briefly served there as Acting Head, following the sudden death of the Head of Brookfield, from pneumonia. Following his retirement in 1913, Chipping remained active at the school, attending important matches and dinners and taking it upon himself to prepare and edit a new Brookfeldian Directory (91). In 1916, Chipping returned to teaching at his old post, due to the teaching shortage created by the First World War. During this time, he acted as a stabilizing force for Brookfield, keeping, as he was fond of saying â€Å"a sense of proportion† about it when he was again appointed to Acting Head of Brookfield. He retired for a second time in 1918; this time his retirement was permanent. It would not be overstating the matter to say that Chipping, fondly known as â€Å"Mr. Chips,† was a once in a lifetime master. Only one other individual seems to approach his dedication: a Mr. William Balgarnie, a master at The Leys (Carroll par. 8), whose life was similar enough so that they seemed modeled after one another. Chipping leaves no living relatives. At 48, he met 25-year-old Katherine Bridges, an out of work governess, while walking at Great Gable. They married only a week before the autumn term began that year, not leaving themselves time for a honeymoon. It was Katherine who gave Chipping the nickname of â€Å"Mr. Chips. † She predeceased him after a brief marriage, while giving birth to their only child. Although he leaves no heirs, Chips once commented that he had â€Å"thousands† of children. All boys. Goodbye, Mr. Chips. You will be missed. Works Cited Carroll, Timothy. â€Å"Who was the real Mr. Chips? † 12 Sept. 2002. 6 June 2008. . Hilton, James. Goodbye, Mr. Chips. 1934. New York: Little, Br

Working with Financial Statements

Working with Financial Statements Accounting is the heart and soul of executing a successful business. Accounting is used to provide record for all items that are paid and received for a business over any period of time. Within the purpose of accounting lies the need to provide continuity and sustainability within a business, without it a business will not thrive. The information obtained is kept on record, in order to give insight to upper management on data concerning the daily revenue and expenses of that business. This data is needed to not only inform the employees of the business, but also the investing parties of that business as well.Success in business is equated to being accountable of all aspects of revenue and expenses. To help aid in the understanding of the practice of accounting, Team A will discuss the subjects of revenue and expense recognition principles. We will also discuss the importance of journal adjustments that are prepaid, unearned, and accrued for both reve nues and expenses over time. Each item discussed helps provided and maintains a balance for the completion of a financial statement. If entered correctly, the all entries used will provide a clear picture of the account efforts of any business.The Revenue Recognition and Expense Recognition Principle Being able to account for a business’s revenues and expenses in a certain accounting period is difficult to determine. To do it correctly, one would need to understand two principles that set the standard; the revenue recognition principle and the expense recognition principle. In chapter 4 of our textbook Financial Accounting Tools for Business Decision Making, it states â€Å"the revenue recognition principle requires that companies recognize revenue in the accounting period in which it is earned.In a service company, revenue is considered to be earned at the time the service is performed. † Therefore, the definition is that it is only to be recorded when the items sold where the profit can be estimated reliability and when the amount is recoverable. What tells the revenue to be recognized and to ignore when the cash inflows occur is when the account will use the accrual basis of accounting. An example to illustrate revenue recognition principle is when a phone company sells talk time through scratch cars. There is no revenue to recognize when a customer purchased the scratch card.The revenue is recognized when the customer has made the call and actually consumed the talk time. The expense recognition principle is defined in the same chapter as, â€Å"The principle that dictates that companies match efforts (expenses) with results (revenues). † They provide a simple rule to remember as â€Å"Let the expenses follow the revenues. † which would indicate how the expense recognition goes hand and hand with the revenue recognition. To illustrate that, we could say it is sales commission owed to an employee because it is based on the total of a sale.In the same accounting period as the sale, the commission expense is when it should be recorded. At the same time, the sale is recognized and expensed when the cost of inventory is delivered to the customer. That is when the commission expense should be recorded in the same accounting period as the sale. That would be the example of the matching principle is associated with the cause and effect of accounting. Situations That Require Adjusting Journal Entries Adjusting entries are grouped as deferrals and accruals and each has two subgroups. The two categories of deferrals are prepaid expenses and unearned revenue.Prepaid expenses are recorded as assets until they are used or consumed. For example prepaid monthly insurance is recorded as an asset until the coverage has been consumed. Because prepaid expenses expire with time does not require daily adjustments, which would be unrealistic. When preparing financial statements adjusting entries are made to record the expense co nsumed of the prepaid assets and show the remaining amounts in the asset account. Unearned revenue is when cash is received before service is provided, which increases the liability account. For that reason unearned revenue are opposite of prepaid expenses.When a company receives a payment for a future service, it credits liability the unearned revenue account increases. The recognition process occurs during the accounting period where the service was provided. Then the company makes the adjusting entry for the unearned revenue by debiting the liability account and crediting the revenue account. Before the adjustment is made liabilities are overstated and revenue is understated. The second category for adjusting entries is for accruals. Preceding the entry adjustments the revenue account or the expense account are understated.Consequently the entry adjustment for accruals increases the balance sheet and income statement account. Accrued revenue is accumulated revenue that is not rec orded at the statement date because revenue is accrued with passing time, which is impractical to record daily. The adjusting entry records the amount owed to a business at the balance sheet date and the revenue earned in that time. The adjusting entry increases both the revenue account and the asset account. If services provided to client that were not billed will not be recorded.The accrual of unrecorded service account increases accounts receivable, which also increases stockholder equity by increasing revenue account. It would be unethical for a company to backdate sales or accounts receivable to increase revenue and asset accounts to meet a quarter’s target sales. Expenses incurred but not yet paid or recorded at the statement date are called accrued expenses. Adjustments are made to recognize expenses incurred at the current accounting period and record debt that is present at the balance sheet date. Consequently adjusting entry increase expense account and increase lia bility account.Why Adjusting Entries are Important Every business or organization makes adjusting entries in the end of a set accounting period. Adjusting entries are entries made at the end of an accounting period to make certain that the profits and expenditures recognition principles are followed (Kimmel, Weygandt, & Kieso, 2011). Accrual transactions and the purposes of these transactions should be reported when these financial actions occur. These actions should be recorded not only when cash is paid or received but also anytime a financial action takes place.These important concepts in accounting are imperative because they recognize net gains or losses and a business’ financial position can be identified within the accounting period. The preparations of general entries and postings are important and the information added to these journals should be precise and reliable. The truth in numbers is critical, and the information should be calculated exactly. There are numero us reasons regarding why adjusting entries are important. To establish if the accurate value of cost of goods sold and gross profit, adjusting entry of closing stock is needed.To determine the correct value of net profit, adjusting entry of depreciation is needed. Making adjusting entries of advance expenses are essential because after this step is completed an accountant can take away advance expense from expenses collected, and this will be charged in next accounting period when these expenses will be payable. To show the correct amounts due to a third party and to show correct expenses for the accounting period making adjusting entries of outstanding expenses are important. In this entry the accountant must have debit expense and credit outstanding expense for a third party accounted for. ConclusionAs one can see, revenue recognition and expense recognition are important parts of the accounting process of any business. It is also important to understand what situations require a company to adjust their journal entries and why it is so important to do so. With the appropriate accounting techniques and accurate journaling, a company’s financial statements become more accurate and easier for both internal and external users to understand. Not only do accurate financial statements keep a company above suspicion and consequence, but it helps users make informed decisions about that company based on its financial health.Without good decision making based on accurate information, a company will not be able to succeed. References Kimmel, P. D. , Weygandt, J. J. , & Kieso, D. E. ( 2010). Financial accounting: Tools for business decision making (6th ed. ). Hoboken, NJ: John Wiley & Sons. 2011 Financial Principles Explained. Retrieved from http://accountingexplained. com/financial/principles/revenue-recognition Walther, L. (2012) Financial Accounting 2012 Edition. 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