...Advantages and Disadvantages of Convention and Concept Advantages of accounting concepts, conventions and regulations. There are many advantages that accounting concepts have on financial statements. Four important accounting concepts that underpin the preparation of any sets of accounts one of which is going concern that helps an account to assume for any future problems that occur in a business. This helps companies to make future plans and gives them time to gather money to sort out any financial problems. Consistency also has an advantage in helping in accounting by users of accounts can make more meaningful comparisons of financial performance. Prudence helps investors sort out financial performance such as future problems and cost of the business before recognising any signs of profits. Accruals also help financial data to be useful for users by all business revenues and cost are recorded in the appropriate statements and at the appropriate time. Conventions also have many advantages in influences financial statements to be useful for investors. Separate entity is one example this convention seeks to ensure that all private transactions and matters relating to the owners are segregated from transactions that relate to the business. This is an advantage because owner’s transactions are kept private. Also they are not mixed with the business finance so that users can clearly see the business financial state. Also materiality is also an important convention in a business...
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...Advantages and Disadvantages of Convention and Concept Advantages of accounting concepts, conventions and regulations. There are many advantages that accounting concepts have on financial statements. Four important accounting concepts that underpin the preparation of any sets of accounts one of which is going concern that helps an account to assume for any future problems that occur in a business. This helps companies to make future plans and gives them time to gather money to sort out any financial problems. Consistency also has an advantage in helping in accounting by users of accounts can make more meaningful comparisons of financial performance. Prudence helps investors sort out financial performance such as future problems and cost of the business before recognising any signs of profits. Accruals also help financial data to be useful for users by all business revenues and cost are recorded in the appropriate statements and at the appropriate time. Conventions also have many advantages in influences financial statements to be useful for investors. Separate entity is one example this convention seeks to ensure that all private transactions and matters relating to the owners are segregated from transactions that relate to the business. This is an advantage because owner’s transactions are kept private. Also they are not mixed with the business finance so that users can clearly see the business financial state. Also materiality is also an important convention in a business...
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...to start a new business to provide ICT consultancy services to the organizations in different industries. He has $200,000 ready to be invested in the new business. His friends, Graham Arnold and Andrew Chen, are interested in joining the new business and are willing to invest, but all of them are not sure of the business model for collaboration. John has talked to you, a business consultant, for advice and a consultancy report. This will help his consideration and his discussion with Graham and Andrew. Task: You undertake some research and prepare a business report. Based on their situation, you analyse and evaluate two or three specific types of ownership structure that you think are suitable, outlining their advantages and disadvantages. You then make recommendation of ONE most appropriate ownership structure based on your findings. You also advise him on legal requirements for establishing the new business under the recommended ownership structure. Your business report consists of: * Cover page * Table of contents * Executive summary * Relevant types of ownership structures * Recommendation * Legal requirements for establishing the new business * Bibliography * Appendices (if appropriate) Please note: In the section of “Relevant types of ownership structures”, you 1) exclude those types of ownership structures that are obviously not suitable and give brief reasons; and 2) focus on two or three specific types of...
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...SUBMITTED TO: MELITA MEHJABEEN SUBMITTED ON: 30/ 04/ 2012 FIFO [ FIRST IN FIRST OUT ] | ADVANTAGES | DISADVANTAGES | * If the business trades perishable goods with the use of FIFO it can avoid obsolescence of stock. * Closing stock valuation is done upon the most recent prices paid for stock which takes into account the rate of inflation. * The method is more realistic as the inventory is issued in the order in which they have been received. * FIFO is acceptable method of inventory valuation as per Accounting concepts and conventions. * Inventory is issued to production at the price actually paid purchase them. | * At times of high rate of inflation FIFO values closing stock at the latest price which is high and hence the profit gets overstated as the cost of goods sold gets reduced. * Higher income taxes may have to be paid as FIFO results in profits being inflated. * Manufacturing firms do not issue raw materials at the latest prices and hence it forms a barrier to setting realistic price for the final product. * Identical inventory is issued to production at a different price simply because they are deemed to be made out of different batches of production. This makes the calculation of unit cost difficult as it varies for different batches of production. | 4 LIFO [ LAST IN FIRST OUT ] | ADVANTAGES | DISADVANTAGES | * The inventory is issued to production at the most recent prices paid to acquire them. *...
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...MODULE code : mOD003351 MODULE name: RESEARCH APPLICATION IN GLOBAL BUSINESS. | THE ADVANTAGE AND DISADVANTAGE OF ETHICS AND RESEARCHER RESPONSIBILITY ON THE DEVOLOPMENT OF KNOWLEDGE. | SHORT ASSIGNMENT | SHAMSUL KABIR MASUMSTUDENT ID : 306340/408209 | LECTURER: STEPHEN HUMPHREY | SUBMISSION DATE: 23/09/13 | | | | John has been offered to write his assignment by one who knows that assignment area very well. John has to pay £150 for this. John is not an outstanding student, his writing is very poor and john knows very well that if he pay £150 pound then he will get good mark for that assignment, which will help him to finish his graduation. Now the question rises whether john will pay £50 pound for good result or he will submit his own written assignment. Above scenario helps us to understand the basic concept of Ethics. Ethics comes from ethos, which is a Greek word means “character” (Wikipedia). Definition of ethics can be described in many ways as ethics varies in different sector. Ethics helps us to understand the difference between right or wrong, good or bad. Ethics describe some standards of right and wrong which tells us what to do in terms of rights, obligations, benefits to society, fairness, or specific virtues. Ethics also provide the opportunity to study and development of ethical standards (Velasquez, 2010). If we consider above scenario where john have two options...
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...Discussion of the issues (2.5) * Limitation of historical cost accounting Historical cost accounting: assets are recorded at the amounts paid/ received at acquisition Problem: +) inflation, +) increase in asset values are not reflected in financial statements (wearing out of assets, increase in market value) Advantage: +) objective method: documentary evidence to prove the purchase price of an asset, or amounts paid as expense. +) costs can easily be verified. * Alternative method of accounting that have been developed to address the problem: Measurement of the elements of financial statements: measurement options rather than historical cost include: +) replacement cost/ current value: means the amount need to replace an item with an identical item. Ex: XY Co purchased a machine five years ago for $15 000. It is now worn out and needs replacing. An identical machine can be purchased for $20 000. Historical cost is $15 000 Replacement cost is $20 000 +) net realisable value: is the expected price less any costs still to be incurred in getting the item ready for sale and then selling it. Ex: XY Co's machine from the example above can be restored to working order at a cost of $5 000. It can then be sold for $10 000. What is its net realisable value? Net realisable value = $10 000 – $5 000 = $5 000 +) deprival value: is the loss which a business entity would suffer if it were deprived of the use of the asset. Value to the business, or deprival...
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...Early Years, Gillian Pugh (ed.) page 71 The concept of childhood and how it’s changed over the past 30 years Back in the Middle Ages, children were seen simply as miniature adults. According to Philippe Aries (1962), children used to wear the same sort of clothes as their parents; they shared adults work and leisure. Children were not assumed to have needs different from adults, nor were they shielded from many aspects of adult life. Many children died soon after birth and it was seen as God’s will and a blessing. The status of the child and the concept of childhood have changed significantly from these times. Melvyn Bragg in 1999 noticed that the meaning and the story of childhood have been changed monumentally. Children join the workforce later, they are born into smaller families, they tend to spend their parents’ money rather than contributing to family coffers and they are handed over to the school for what used to be called the best years of their lives. 30 years ago, something very important took place for children around the world: the UN Declaration of the Rights of the Child in 1989. The UN Convention on the Rights of the Child, ratified by the UK government in 1991, states that a child “means every human being below the age of eighteen years unless, under the law applicable to the child, majority is attained earlier.” (Article 1, Convention on the Rights of the Child, 1989). In short, according to the Convention, children should have the right to safety, education...
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...Skip to NavigationSkip to Content TermPaperWarehouse.com - Free Term Papers, Essays and Research DocumentsThe Research Paper Factory JoinSearchBrowseSaved Papers Search Video Concepts, Inc In: Business and Management Video Concepts, Inc Executive Summary Whether to remain in the business with increase in Rental to $ 2.49 whereby increasing the profitability of the business due to stiff competition from the Blockbuster or to sell it off or hire a manager for the shop and start doing job at some other place, has to be evaluated on the basic objectives of economics of the firm. The main objective of the firm is to maximize the profit and thereby maximize the return on investment. In order to attain this at the same market share it is suggested to sell the business to the competitors, if they are interested. Word Counts: 102 Table of Content SITUATION ANALYSIS | 2 | THE PROBLEM STATEMENT | 5 | OPTIONS | 5 | CRITERIA FOR EVALUATION | 6 | EVALUATION OF OPTIONS | 7 | RECOMMENDATIONS | 9 | ACTION PLAN | 9 | Situation Analysis Outlook of Video Rental business in Lexington In Research conducted by the Chad Rowan for the business of Video Rentals when it was relatively a new business, it was found that it is profitable enough to earn more than the average rate of return on investments. So it was possible to start with the store of 200 square feet with the 500 video tape library in Lexington, North Carolina, a town of 28,000 people...
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...ARTHUR LOK JACK GRADUATE SCHOOL OF BUSINESS THE UNIVERSITY OF THE WEST INDIES EXECUTIVE MASTERS IN BUSINESS ADMINISTRATION GLOBAL MACROECONOMICS AND THE CARIBBEAN BUSINESS ENVIRONMENT (BUAD 6085) INDIVIDUAL COURSEWORK ASSIGNMENT CAN SMALL DEVELOPING COUNTRIES SURVIVE IN A GLOBALISED ENVIRONMENT? Submitted by: VITRA SINGH (UWI ID #: 91780646) Cohort 22 25 OCTOBER 2010 It has been said that arguing against globalization is like arguing against the laws of gravity. - Kofi Annan INTRODUCTION I sit at a food court near a Manchu Wok take out in O’Hare International Airport in Chicago, waiting on a flight to Miami and a connection back home, to Trinidad. My Dell laptop is on the table in front of me and my Nokia phone is next to it. My roll-on hand luggage is at my feet, a SwissGear brand, bought in London with a tag on the side which reads ‘Made in China’. Across the table from me, sits a group of young American men on their way to Beijing. Announcements in the background call the departure of an Air France flight. A family walks by; a man, a woman and a girl of about six. The man calls out to the little girl and his accent confirms for me, his East Indian heritage. The girl’s attention is absorbed in a bright pink Nintendo DSi. Later at the gate, a seventy five year old woman from Nebraska, sits next to me and tells me that she is on her way for an ‘overseas adventure’ in South America. She has always wanted to do this, she says, handing...
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...designers? 1.5. What are the different types of database end users? Discuss the main activities of each. 1.6. Discuss the capabilities that should be provided by a DBMS. Exercises 1.7. Identify some informal queries and update operations that you would expect to apply to the database shown in Figure 1.2. 1.8. What is the difference between controlled and uncontrolled redundancy? Illustrate with examples. 1.9. Name all the relationships among the records of the database shown in Figure 1.2. 1.10. Give some additional views that may be needed by other user groups for the database Shown in Figure 1.2. 1.11. Cite some examples of integrity constraints that you think should hold on the Database shown in Figure 1.2. Chapter 2 Database System Concepts and Architecture Review Questions 2.1. Define the following terms: data model, database schema, database state, internal Schema, conceptual schema, external schema, data independence, DOL, OML, SOL, VOL, query language, host language, data sublanguage, database utility, catalog, client/server architecture. 2.2. Discuss the main categories of data models. 2.3. What is the difference between a database schema and a database state? 2.4. Describe the three-schema architecture. Why do we need mappings between? Schema levels? How do different schema definition languages...
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...International Financial Reporting Standards Abstract The International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international borders. It represents the general accounting conventions outlining the way transactional reports should be completed as well as stating the information to be included or eliminated. IFRS has provided businesses with a quicker way of conducting their operations. Although the IFRS has been considered by many businesses as a solution to a number of financial issues, a few see it as a basis of new challenges in the financial business world. This research will look to evaluate whether the IFRS lessens the level of clearness for financiers globally. It will discuss this concern by reviewing some of the rewards and deficiencies, as well as try to differentiate the IFRS standards from the US GAAP standards. Table of Contents Abstract 2 Table of Contents 3 Introduction 4 2.0 Advantages of adapting IFRS 5 2.1 Better Comparison 5 2.2 Flexibility 6 3.0 Disadvantages of adapting IFRS 6 3.1 Global Unacceptability 6 3.2 Manipulative 7 3.3 Cost 7 3.4 Increased Taxes 7 4.0 Conclusion 8 References 10 Introduction Subsequent to the collapse of the stock market, the American Institute of Accounts (AIA) during the early 20th century proposed various ideologies...
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...STAGE 2 BIOLOGY ASSESSMENT TYPE 1: Investigations Folio Issues Investigation Human Awareness Essay – Source Analysis Should all babies be DNA fingerprinted at birth? Article to be evaluated: Website: Genetics and Public Issues – ELSI (Ethical, Legal and Social Issues) – http://darwin.nmsu.edu/ Reliability: This source is a reliable one as it was developed by Dr. Clay Dillingham and Dr. Susan Root. They are professionals, educated in the technique and knowledgeable about the subject with years of experience as scientists in the field. Therefore it is expected to have some reliability. Bias: This article presents both the advantages and disadvantages of the topic of storing everyone’s DNA sequences and is not biased in either direction. It gives the scientific facts and procedures of DNA fingerprinting and continues to give the good effects and also the issues it would cause in the public. It explains how DNA fingerprinting would benefit us, referring to the solving of criminal offenses, detection of possible future diseases of the subject, clues about possible behavioral traits, and other medical information. This is the positive side. The article also discusses the negative side and questions the accessibility of the DNA fingerprints and the information they hold. The effects on the public if the information was misused are discussed including the impact on individuals in relation to seeking insurance policies...
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...to explain, to inform, to persuade, and so on. The effective writer achieve their objectives. Writing helps for the exploration of writing in different areas. It also provides the concept of becoming a self-reflective writer, and issues surrounding writing in twenty-first century. In university career we expect writing is a powerful tool both for writing and for demonstrating learning. We use writing to explore course material generally learn more and get higher grades as writing is an effective way to become more involved with our course material. Similarly in professional career almost all jobs expect writing. We frequently list writing as one of the most important skills in job candidates. We will be expected to hire only if we can write and speak clearly and effectively, think critically, solve problem efficiently, work well in terms, and use technology thoughtfully. In personal life, we expect writing is most important of all. We write to the people who are significant to us-whether on paper or in cyberspace-to accomplish life’s daily tasks and to fulfill our needs. As for an academic paper writing is generally concerned with grades. So in order to get good grades writing should be impressive to examiner, writing should include topics describing its parts, its advantages and disadvantages in 21st century and also summary with excellent conclusion points. So generally we expect good writing for good grades and to improve writing for further more academic papers to get...
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...history. Also, we can compare and contrast the two Internet Protocols with the advantages and disadvantages of both. There will also be mention of DHCP, and how DHCP servers can be configured to use IPv6. First, it is important to talk about the history of IPv4, but first IP’s, or Internet Protocol, main principle is routing network packets. This essentially creates internetworking, which establishes the Internet. In IP, or at the IP level, the main task is to deliver packets from the host to the destination host. But to do this the host and the destination host needs an address, and this is where IPv4 (and later IPv6) comes into play. IPv4 was then created to hand this, “In the 1980s, when the Internet went live to the public, IPv4 was the fourth revision of Internet Protocol, and the first offered to the public. IPv4 is the general standard of delivery of information between devices connected to the Internet.” (Dooly, 2013) After this, the Department of Defense eventually took on IPv4 as it’s own preferred method. It became the universal method of addressing of the world. IPv4 uses a 32-bit address of numbers and is limited to 4,294,967,296 addresses. The IPv4 addressing scheme uses a dotted decimal notation; an example of an IPv4 address is 192.168.80.5. The following picture is an example of an IPv4 packet (Mlamson’s Weblog, 2008): Some may think that IPv6 is a relatively new concept or idea, but in-fact, IPv6 does have a history of it’s own even as something...
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...Concept of Constitution Roel Gordolan Eroma USJ-R Meaning of Constitution In broad sense, the term constitution refers to that body of rules and principles in accordance with which the powers of sovereignty are regularly exercised. It maybe defined as that written instrument by which the fundamental powers of the government are established, limited, and defined and by which these powers are distributed among the several departments or branches for their safe and useful exercise for the benefit of the people. Nature and purpose or function of constitution the charter creating the government. It has the status of a supreme or fundamental law as it speaks for the entire people from whom it derives its claim to obedience. It is binding on all individual citizens and all organs of the government. It is the law to which other laws must conform and in accordance with which all private rights must be determined and all public authority administered. It is a test of the legality of all government action, whether proceeding from the highest official or lowest functionary. The purpose is to prescribe the permanent framework of the system of government and to assign to the different departments or branches, their respective powers and duties and to establish certain basic principles on which the government is founded Designed to preserve and protect the rights of individuals against the arbitrary actions of those in authority. Meaning of constitutional...
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