Legal Characteristics of a Crime Essays

Legal Characteristics of a Crime Essays Legal Characteristics of a Crime Essay Legal Characteristics of a Crime Essay Legal Characteristics of a crime are: -There must be a failure to act (an omission) which breaks the law. -The act or omission must be seen harmful to the whole community. Summary Offences – are those heard and decided by a magistrate sitting without a jury. They are relatively minor and include motor traffic offences and offensive behaviour. Indictable Offences- are serious criminal offences and may be heard by a judge or jury. They include murder, sexual assault and malicious wounding. The federal government legislates for some criminal offences such as tax evasion, social security fraud and importation of illegal drugs. However most criminal law is state law. Criminal law is found in both common and statute law. Common law still covers many areas of criminal law, for example, conspiracy, and the courts play a major role in interpret ting statutes. The major statute in Australia is the Crimes Act 1900 (NSW) which lists offences and prescribes maximum penalties. Other statutes include the Summary offences Act 1988 (NSW) which mostly deals with public order offences and the Drug Misuse and Trafficking Act 1985 (NSW) which covers drug offences. Elements of a crime. -Actus Reus is the guilty act. This is the voluntary commission of an act, or voluntary omission of a duty that breaks the law. The important features of the actus reus are: -The act or omission actually took place -It was done by the accused person -That it was voluntary. If a person have a muscular spasm and hit someone during that spasm, they would not be acting voluntarily and therefore the actus reus could not be proved. -Mens Rea is the guilty mind, this means that the person must have committed the act or omission with the intention to do so recklessly or with gross negligence. This shows that the actus reus must have been committed by a person with one of the following states of mind: -The intention or specific desire to commit the act or omit the duty. -Recklessness – the person could foresee the probability of harm, but acted anyway. -Negligence – person failed to exercise the degree of care. Causation: The act or omission must have caused the specific injury complained of. The principle of causation mainly applies in murder and manslaughter charges. In these cases, if the accused had the mens rea and the actus reus to to commit the murder, but the victims death resulted from other means, then the offence of murder is not proved. In Blaue v R (1975) WLR, the victim was stabbed and upon reaching the hospital refused a blood transfusion, because of her religious beliefs as a Jehovah’s witness. The victim died as a result of refusing the treatment. The accused was convicted of murder for the stabbing, because the stabbing was and ‘operative and substantial’ cause of death. Issues and Remedies Education about why laws are established, how they function and why certain acts are illegal is one of the best crime prevention techniques and should begin in early childhood and continue throughout life. The morals and ethics of certain groups in society might make crime education difficult. Social and economic disadvantage might also make it difficult for people to break a cycle of crime through education. Regulation can also prevent crime. This means that because society has made an action illegal, for example, stealing, that members of society will not steal. Regulations of actions are established by common and statue law and are enforced by the police and the court system. In this way, social order is maintained. Coercion is crime that can be prevented through force. If you steal a car in NSW, then police and the legal system will enforce the law that you are breaking. You will be punished and you would be aware of this before you steal a car. Crime Prevention Social Crime Prevention-Crime can be prevented by changing the social factors which cause people to be criminals. Some criminals come from low socio-economic, minority or disadvantaged backgrounds and may have been surrounded by crime from a young age so that the differential theory comes into play. It is argued that the best crime prevention is through education, employment and a viable social security system. To truly prevent crime, the social causes of a cycle of crime should be broken. Situational Crime prevention –Situations where crime could occur are legislated upon or avoided. For example, parents may stop their children from going to a party where a criminal matter could occur.

Idiom

Idiom Idiom Idiom By Maeve Maddox Because I’m in the habit of blithely flinging the word idiom about as if everyone should know what I mean by it, this comment from a reader brought me up short: I guess I dont know what an idiom is. The word idiom derives from a Greek word meaning â€Å"appropriate to oneself.† In the context of language, an idiom is a usage peculiar to a particular language. When I use the word idiom, I usually mean one of two things: 1. A construction or usage peculiar to English For example, in English, we state our age with the verb to be: â€Å"I am twenty-one years old.† Speakers of French and Spanish, on the other hand, use their verbs for to have (avoir and tener): â€Å"J’ai vingt-et-un ans.† â€Å"Tengo vientiuno†- literally, â€Å"I have twenty-one years.† These distinctive ways of stating age in different languages are idioms. 2. An expression that means something other than what is expressed by the individual words in it For example, consider the words kick and bucket. The meaning of to kick is â€Å"to thrust out the foot or feet with force.† The meaning of bucket is â€Å"a vessel for catching, holding, or carrying liquids or solids.† Kick and bucket may be used with their denoted meanings: The girl overturned the bucket when she kicked it. The frustrated farmer kicked the bucket down the hill. But the idiom â€Å"to kick the bucket,† conveys a meaning that has nothing obvious to do with kicking or buckets: I don’t want to kick the bucket until I’ve seen Rome. The idiom â€Å"to kick the bucket† means â€Å"to die.† The adjective for idiom is idiomatic. When I say that a particular usage as idiomatic, I mean that it â€Å"sounds right† in English. For example, here are two examples of unidiomatic English from sales letters: UNIDIOMATIC ENGLISH: I have a huge interest in making business with you. IDIOMATIC ENGLISH: I’m very interested in doing business with you. UNIDIOMATIC ENGLISH: On getting an opportunity, I can add value to your content writing solution. IDIOMATIC ENGLISH: Given the opportunity, I can add value to your site content. The word idiom is also used with these meanings: 3. The kind of language and grammar used by a particular people at a particular time or place. So, too, in the expressive language  of Wall Street  do we find illumination of all that has taken place. For in its  idiom  is crystallized the wisdom of a hundred years. 4. The style of writing, music, art, etc. that is typical of a particular time or place. Coplands music was infused with the folk and jazz idioms of America. Related post: Idiomatic English 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 Vocabulary category, check our popular posts, or choose a related post below:Creative Writing 10144 Resume Writing TipsTrooper or Trouper?

The Leadership at Food and Drug Administration Essay

The Leadership at Food and Drug Administration - Essay Example The FDA granted permission to Merck to market rofecoxib (Vioxx) and it generated more than $2.5 billion but surprisingly, the company withdrew the drug as a result of the excess risk of myocardial infarctions and strokes. The responsible people, in this case, did not take appropriate action to safeguard the health concerns of the people through several studies had shown that this drug has side effects in the people involved. Merck and the FDA reneged on their responsibilities to the public which can be regarded as unethical in their health care profession. Â  The traits of Merck, for instance, are oriented towards generating revenue at the expense of the health of the consumers of rofecoxib. He prioritizes commercial interests ahead of the public health concerns. This is shown by his audacity to spend more than $100 million per year in direct-to-consumer advertising. On the other hand, it can be noted that the FDA which could have stopped Merck from using direct-to-consumer advertising as a result of the fact that cardiovascular toxicity was real since it received considerable confirmation in multiple studies did not act decisively. The leadership at FDA and Merck share the responsibility of not taking appropriate action meant to safeguard the interests of public health.

Experience in discipleship programs Personal Statement

Experience in discipleship programs - Personal Statement Example Then, the opening prayer was led by the pastor who also took the pulpit from the song leader as the program progresses. The topic discuss is wife's role in marriage. As an opener, the pastor refreshed his audience about the biblical duties of the wife as written in the Epistle of Paul to the Ephesians. This activity allowed both couples to participate yet more focus has been given to the wives because the lesson was specifically for them. This discipleship program lasted for an hour and ended with the couple's praying together in the church's altar benches. The next discipleship program which I attended is a one on one discussion between a pastor and a church member who wanted to become a "worker" in the ministry. In this denomination, a member cannot simply participate in duties like singing in the choir or being a musician without being having undergone the rigorous application process. The qualification of a worker goes beyond having the talent and willingness to conduct the duty but more on having the spiritual requirements set by the church. A worker should receive his salvation first before he can commit himself to any church duty. After communicating his desire to become a worker, he will then undergo an indoctrination process where the major doctrines, conduct of a worker, and the proper lifestyle of a worker is fully and thoroughly discussed. Thus, what I attended in is a part of the one-on-one indoctrination process which is a must for every worker. The meeting started with a candid conversation by the pastor and the applican t. I was also introduced to the applicant and was invited to share my thoughts in the discussion. Afterwards, the pastor led the opening prayer. He then reviewed what was discussed in the previous session and then moved on to the other topics. For each specific doctrine discussed, the pastor read supporting Bible verses for the applicant to note. Afterwards, he asks the applicant what he thinks about the doctrine and inquires if he has any questions or objections. At one point, the applicant has difficulty in accepting a Bible doctrine and I have seen how the pastor laboriously explained everything through the aid of Bible verses. The discussion ended with a prayer this time led by applicant. The applicant and I was treated a cup of coffee and slice of cake courtesy of the pastor's wife after the activity. Both activities have really inspired me in leading a discipleship program of my own in the future. In the first experience, the pastor have explained to me their Couple's Night is considered as a discipleship program because it basically teaches how a disciple should conduct himself in order to truly follow the Master. He told me that instead of being just a mere program, their church consider discipleship as a lifestyle which should be a venue where the proper Christian virtues should be taught by the pastor. I am really impressed at this pastor's earnest dedication in following the Lord Jesus Christ's commandment of making everyone disciples. I realized that really, a discipleship program is not just a matter of following some written program but in teaching the members how to live a Christian life through

Wright Family Essay Example for Free

Wright Family Essay Following is an estate plan designed for Wright Family. It consists of Margaret and Tom Wright, and their first child is about to come. Their objectives are: 1. To grow their wealth to ensure that their debt levels are reduced in the long term. 2. To have sufficient funding to ensure that their and their children’s needs are met, without both having to work full-time. 3. To ensure that their joint assets are protected as far as possible from any potential litigants. Thus, the aim of clients is to preserve and enhance the value of their estate and to avoid adverse consequences for their intended beneficiaries. Circumstances Margaret and Tom Wright are bright young professional couple expecting their first child soon. They come from middle class background. Tom is a partner in a medium sized accounting firm and Margaret is a doctor working in a local clinic. Both are doing well in their fields as Tom is a partner in middle sized accounting firm and Margaret has prospects of becoming a partner in the clinic where she works. Tom is quite a bit older than Margaret and has an eight year old son from his ex-wife whom he has divorced. As a result of his divorce, he has significant borrowings that funded his property settlement. Tom feels that his ex-wife and his son have been adequately compensated and now his key objective is to ensure that Margaret and their new baby are fully provided for in the event of his death. He wants to ensure that his former wife cannot overthrow any arrangement he establishes for the benefit of Margaret and his new child. Similarly, Margaret would like to ensure that Tom benefits from her assets, and not his former wife or his son. They want to have sufficient funding to ensure that their needs and, most importantly, the needs of their children, are met. Ideally, they would like to be able to maintain a comfortable lifestyle without both having to work full-time. Funding Tom and Margaret Wright have certain assets which shall provide them funding for their estate. They are: Tom’s Assets: 1. Interest in his accounting practice ( through a discretionary trust which he controls solely), 2. The equity in which is funded through a life insurance policy on his life in the event of his death, 3. Some superannuation (a portion of which has been ‘split’ with his former wife), 4. The family home that he and Margaret share, that is mortgaged to about 80 per cent of its value, 5. A trust funded by an advance of his inheritance from his parents, that he uses to fund his child support payments. Margaret’s Assets: 1. Savings from her years of working, 2. An investment property with the inheritance she received from her parents. In addition to these existing funds, they can also look for increasing their funds in future. This can be done by investing more in municipal bonds, real estate, modified endowments, stocks and mutual funds. Though the return through any investment varies, but careful planning and expert advice can yield expected results. Options and impediments From available facts, it appears that Margaret and Tom Wright are people of modest wealth who need to reduce taxes, protect their assets and secure enough to maintain their lifestyle. They are also at risk of litigation from certain parties and they would like to mitigate that risk. Considering their circumstances and objectives, it shall be wise for them to formulate an estate plan before actually finalizing their funding and investment strategy. An ideal estate plan ensures speedy transfer of estate to the intended beneficiary without any hassles. It also maximizes the value of estate by minimizing taxes and other expenses. The idea is to take benefit of various exemption clauses present. A major tax that comes in case an estate is transferred to a beneficiary is the estate’s tax. This can be reduced if the value of estate owned by the deceased is less at the time of his death. Most of the planning strategies achieve this by transferring the estate step by step by using annual gift tax exemptions in cases where a will is present. â€Å"Estate planning for people of modest wealth is challenging because they face significant death taxes but do not have such a large base of wealth that they can easily afford to make significant lifetime gifts or other transfers to reduce the taxes which will arise when they die. †

Essay --

While raining, your child walks six blocks to the bus stop with no shelter. When the bus finally arrives, it is in need of thirty minutes to get to school. Eventhough, there is a school a couple blocks down from their house, it is not even a thought in the eyes of the law due to the mere color of their skin. This is not just the story of Oliver Brown and his family, but many other families experiencing discrimination throughout the world. Brown was ready for a change, so he and the NAACP gathered evidence to take on the courts. Through the process of many getting denied the acceptance of their children in school, the National Association for the Advancement of Colored People gathered evidence for a lawsuit against the courts. Oliver Brown and many others were tired of the saying seperate but equal and the inferiority they were given through out their lives. Instead of just accepting the opinions of others and sitting around wanting a change, they stood for what they believed in, beco ming the turning point in America. Judith Conaway was the author of the book Brown vs. Board of Education. In this book, Conaway describes in detail, the discrimination and experiences our ancestors had to go through. Through the triumphs they experienced, laws changed where segregation was abolished and everyone is equal. She says that the "supreme court had ruled that racial segregation in public schools denied African Americans equal protection under the law." She also said that the courts agreed that seperate schools harmed black children both academically and psychologically. For example, African American children would choose white dolls over black dolls because the black dolls were considered ugly with their heads down. This decision of the c... ...aiting for. We are the change that we seek. All in all, just like Oliver Brown and the NAACP , do not live life waiting for things to happen, take control of today and be the future of yet to come. If you live life in fear and accept what is handed to you, you can never succeed. The decision of Brown vs. Board of Education did not just effect our ancestors, if effected us today and future generations. It accomplished more than the abolishment of segregation in school, it abolished segregation laws throughout the world. I am able to go to school everyday knowing I am not being discriminated against because the color of my skin. Not only that, I am able to go to a restaurant, movie theater, and even a water fountain without a sign saying white or black people only. In my oppinion they constituted the future for my education, all those before me, and those to follow.

Agriculture Industry Overview

Industry Overview From the birth of the nation, farming has played a crucial role in the U. S. economy. Initially European agricultural practices were adopted while settlers from the area began to populate the Americas. Agriculture in Colonial America was important to society because it was the primary livelihood for 90% of the population, and most of the farms were specifically used to create food for family use. As settlers moved west, they took advantage of the cooler climate to grow wheat, leading to the â€Å"wheat frontier. † In the south, cotton and tobacco served as the regions cash crop.Industrialization and urbanization soon changed the agricultural industry into a lucrative market. The lucrative agricultural market has attracted over twenty two million American workers to produce, process, sell and trade the nation's food and fiber. Currently there are only 4. 6 million people who actually live on a farm. These farmers earn a fourth of the food profit, while the rem aining profit is used for costs beyond the farm gate: wages and materials for production, processing, marketing, transportation and distribution.Forty-two percent of America’s total land area is still actively used as farmland, which mainly yields soybeans, wheat, and corn. Livestock is also raised on the land and primarily includes dairy/beef cattle, swine, poultry, and sheep. Customer preferences regarding agriculture have also affected the industry. Today’s customers are more health conscious. Consumers now prefer the limited use of pesticides, hormones, and other chemicals. Family farms are able to produce the preferred organic products, but for an increased price.Although consumers prefer the family farm because it fits their vision for good food, the corporate farms must exist in order to provide for the growing population. Even though corporate farms are allowed to use chemicals, they must use the crop protectants effectively and safely, in amounts that are no m ore than what is necessary to combat pests and diseases. Governance of the agricultural industry is both and federal and local responsibility. The U. S. Farm Bill is the primary agricultural and food policy tool of the federal government.United States Department of Agriculture reviews the comprehensive omnibus bill almost every five years and then passes necessary amendments through congress. The laws and government support are very different for the agricultural industry compared to other industries. For example, the U. S. provides aid for agriculture including research into crop types and regional suitability as well as many kinds of subsidies, some price supports and loan programs. Also farmers are not subject to production quotas.Lastly workplace laws regarding child labor and immigrant labor are exceedingly lax in the agricultural industry. Exemptions are made for children working on their family farm, and immigrants can more easily acquire agricultural work permits. Economic c onditions for the past several years have been poor. Even though other industries are suffering, the agricultural industry is thriving. The dollar depreciation actually allowed for cheaper prices for foreign countries, and therefore caused exports to increase.The growing population and limited land in Asia has also caused an increased number of exports from the U. S. agricultural industry. Russia recently experienced unusually high temperatures that caused a drought and killed a majority of the crops. The U. S. will be able to use this event to their advantage to once again increase exports. In order to take advantage of opportunities within the industry, farms can expect to increase the agricultural output in order to make a larger profit.

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (United States) In the U. S. , generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. Generally GAAP includes local applicable Accounting Framework, related accounting law, rules and Accounting Standard.Similar to many other countries practicing under the common law system, the United States government does not directly set accounting standards, in the belief that the private sector has better knowledge and resources. US GAAP is not written in law, although the U. S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly-traded companies. Currently, the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepte d accounting principles for public and private companies, as well as non-profit entities.For local and state governments, GAAP is determined by the Governmental Accounting Standards Board (GASB), which operates under a set of assumptions, principles, and constraints, different from those of standard private-sector GAAP. Financial reporting in federal government entities is regulated by the Federal Accounting Standards Advisory Board (FASAB). The US GAAP provisions differ somewhat from International Financial Reporting Standards (IFRS), though former SEC Chairman Chris Cox set out a timetable for all U. S. ompanies to drop GAAP by 2016, with the largest companies switching to IFRS as early as 2009 Basic objectives Financial reporting should provide information that is: †¢useful to present to potential investors and creditors and other users in making rational investment, credit, and other financial decisions. †¢helpful to present to potential investors and creditors and oth er users in assessing the amounts, timing, and uncertainty of prospective cash receipts. †¢about economic resources, the claims to those resources, and the changes in them. [edit] Basic conceptsTo achieve basic objectives and implement fundamental qualities GAAP has four basic assumptions, four basic principles, and four basic constraints. [edit] Assumptions †¢Accounting Entity: assumes that the business is separate from its owners or other businesses. Revenue and expense should be kept separate from personal expenses. †¢Going Concern: assumes that the business will be in operation indefinitely. This validates the methods of asset capitalization, depreciation, and amortization. Only when liquidation is certain this assumption is not applicable. †¢Monetary Unit principle: assumes a stable currency is going to be the unit of record.The FASB accepts the nominal value of the US Dollar as the monetary unit of record unadjusted for inflation. †¢The Time-period pri nciple implies that the economic activities of an enterprise can be divided into artificial time periods. [edit] Principles †¢Cost principle requires companies to account and report based on acquisition costs rather than fair market value for most assets and liabilities. This principle provides information that is reliable (removing opportunity to provide subjective and potentially biased market values), but not very relevant.Thus there is a trend to use fair values. Most debts and securities are now reported at market values. †¢Revenue principle requires companies to record when revenue is (1) realized or realizable and (2) earned, not when cash is received. This way of accounting is called accrual basis accounting. †¢Matching principle. Expenses have to be matched with revenues as long as it is reasonable to do so. Expenses are recognized not when the work is performed, or when a product is produced, but when the work or the product actually makes its contribution t o revenue.Only if no connection with revenue can be established, cost may be charged as expenses to the current period (e. g. office salaries and other administrative expenses). This principle allows greater evaluation of actual profitability and performance (shows how much was spent to earn revenue). Depreciation and Cost of Goods Sold are good examples of application of this principle. †¢Disclosure principle. Amount and kinds of information disclosed should be decided based on trade-off analysis as a larger amount of information costs more to prepare and use.Information disclosed should be enough to make a judgment while keeping costs reasonable. Information is presented in the main body of financial statements, in the notes or as supplementary information [edit] Constraints †¢Objectivity principle: the company financial statements provided by the accountants should be based on objective evidence. †¢Materiality principle: the significance of an item should be consid ered when it is reported. An item is considered significant when it would affect the decision of a reasonable individual. Consistency principle: It means that the company uses the same accounting principles and methods from year to year. †¢Prudence principle: when choosing between two solutions, the one that will be least likely to overstate assets and income should be picked (see convention of conservatism). Generally Accepted Accounting Principles (UK) The Generally Accepted Accounting Practice in the UK, or UK GAAP, are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company law.What is referred to elsewhere as Generally Accepted Accounting Principles is in the UK referred to as Generally Accepted Accounting Practice. [edit] History Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issue s standards called Financial Reporting Standards (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies[1], and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work.To the extent that the ASC's pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRS, they remain in force. [edit] Creation/Revision of Standards The ASB has a formal exposure process for proposed standards. Early concepts are issued as Discussion Papers. These are released to the public and comments invited. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. The standard in final form is only issued when comments have been incorporated or addressed.This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. Issues that require an immediat e solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from industry and accounting firms. It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately. [edit] Legislation The principal legislation governing reporting in the UK is laid down in the Companies Act 2006, which incorporates the requirements of European law.The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public. From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRSs). In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP[2].Recently issued UK FRSs have, in any case replicated the wording of c orresponding IFRSs, reducing the differences between the two sets of standards significantly. China Accounting Standards From Wikipedia, the free encyclopedia (Redirected from Chinese Accounting Standards) Jump to: navigation, search Chinese accounting standards are the accounting rules used in Chinese state owned corporations in mainland China. They are currently being phased out in favour of Generally Accepted Accounting Principles or International Accounting Standards.As of February 2010, the Chinese Accounting Standard Systems is composed of Basic Standard, 38 specific standards and Application Guidance. Chinese accounting standards are unique because they originated in a socialist period in which the state was the sole owner of industry. Therefore unlike Western accounting standards, they are less a tool of profit and loss and an inventory of assets available to a company. In contrast to a Western balance sheet, Chinese accounting standards do not include an accounting of the d ebts that a corporation holds, and are less suitable for management control than for accounting for tax purposes.This system of accounting is widely considered to be unsuitable for managing corporations in a market economy. As a result, Chinese corporations are gradually moving toward International Financial Reporting Standards. This has proven to be a massive undertaking. As a consequence Chinese companies who offer shares for sale in the United States used to be required to prepare three sets of statements, one using Chinese accounting standards (China GAAP), one using international standards (IFRS), and one using North American GAAP standards (US GAAP).However, since 2008 the U. S. Securities and Exchange Commission (SEC) allows foreign private issuers to use financial statements prepared in accordance with IFRS. [1] However, in recent years, The Finance Department of Chinese Government has issued new Chinese Accounting Standards which converge into IFRS and the similarity is alm ost 90-95%. The translation cost has been reduced greatly because of this measure Generally Accepted Accounting Principles Generally Accepted Accounting Principles (United States) In the U. S. , generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. Generally GAAP includes local applicable Accounting Framework, related accounting law, rules and Accounting Standard.Similar to many other countries practicing under the common law system, the United States government does not directly set accounting standards, in the belief that the private sector has better knowledge and resources. US GAAP is not written in law, although the U. S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly-traded companies. Currently, the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepte d accounting principles for public and private companies, as well as non-profit entities.For local and state governments, GAAP is determined by the Governmental Accounting Standards Board (GASB), which operates under a set of assumptions, principles, and constraints, different from those of standard private-sector GAAP. Financial reporting in federal government entities is regulated by the Federal Accounting Standards Advisory Board (FASAB). The US GAAP provisions differ somewhat from International Financial Reporting Standards (IFRS), though former SEC Chairman Chris Cox set out a timetable for all U. S. ompanies to drop GAAP by 2016, with the largest companies switching to IFRS as early as 2009 Basic objectives Financial reporting should provide information that is: †¢useful to present to potential investors and creditors and other users in making rational investment, credit, and other financial decisions. †¢helpful to present to potential investors and creditors and oth er users in assessing the amounts, timing, and uncertainty of prospective cash receipts. †¢about economic resources, the claims to those resources, and the changes in them. [edit] Basic conceptsTo achieve basic objectives and implement fundamental qualities GAAP has four basic assumptions, four basic principles, and four basic constraints. [edit] Assumptions †¢Accounting Entity: assumes that the business is separate from its owners or other businesses. Revenue and expense should be kept separate from personal expenses. †¢Going Concern: assumes that the business will be in operation indefinitely. This validates the methods of asset capitalization, depreciation, and amortization. Only when liquidation is certain this assumption is not applicable. †¢Monetary Unit principle: assumes a stable currency is going to be the unit of record.The FASB accepts the nominal value of the US Dollar as the monetary unit of record unadjusted for inflation. †¢The Time-period pri nciple implies that the economic activities of an enterprise can be divided into artificial time periods. [edit] Principles †¢Cost principle requires companies to account and report based on acquisition costs rather than fair market value for most assets and liabilities. This principle provides information that is reliable (removing opportunity to provide subjective and potentially biased market values), but not very relevant.Thus there is a trend to use fair values. Most debts and securities are now reported at market values. †¢Revenue principle requires companies to record when revenue is (1) realized or realizable and (2) earned, not when cash is received. This way of accounting is called accrual basis accounting. †¢Matching principle. Expenses have to be matched with revenues as long as it is reasonable to do so. Expenses are recognized not when the work is performed, or when a product is produced, but when the work or the product actually makes its contribution t o revenue.Only if no connection with revenue can be established, cost may be charged as expenses to the current period (e. g. office salaries and other administrative expenses). This principle allows greater evaluation of actual profitability and performance (shows how much was spent to earn revenue). Depreciation and Cost of Goods Sold are good examples of application of this principle. †¢Disclosure principle. Amount and kinds of information disclosed should be decided based on trade-off analysis as a larger amount of information costs more to prepare and use.Information disclosed should be enough to make a judgment while keeping costs reasonable. Information is presented in the main body of financial statements, in the notes or as supplementary information [edit] Constraints †¢Objectivity principle: the company financial statements provided by the accountants should be based on objective evidence. †¢Materiality principle: the significance of an item should be consid ered when it is reported. An item is considered significant when it would affect the decision of a reasonable individual. Consistency principle: It means that the company uses the same accounting principles and methods from year to year. †¢Prudence principle: when choosing between two solutions, the one that will be least likely to overstate assets and income should be picked (see convention of conservatism). Generally Accepted Accounting Principles (UK) The Generally Accepted Accounting Practice in the UK, or UK GAAP, are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company law.What is referred to elsewhere as Generally Accepted Accounting Principles is in the UK referred to as Generally Accepted Accounting Practice. [edit] History Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issue s standards called Financial Reporting Standards (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies[1], and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work.To the extent that the ASC's pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRS, they remain in force. [edit] Creation/Revision of Standards The ASB has a formal exposure process for proposed standards. Early concepts are issued as Discussion Papers. These are released to the public and comments invited. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. The standard in final form is only issued when comments have been incorporated or addressed.This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. Issues that require an immediat e solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from industry and accounting firms. It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately. [edit] Legislation The principal legislation governing reporting in the UK is laid down in the Companies Act 2006, which incorporates the requirements of European law.The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public. From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRSs). In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP[2].Recently issued UK FRSs have, in any case replicated the wording of c orresponding IFRSs, reducing the differences between the two sets of standards significantly. China Accounting Standards From Wikipedia, the free encyclopedia (Redirected from Chinese Accounting Standards) Jump to: navigation, search Chinese accounting standards are the accounting rules used in Chinese state owned corporations in mainland China. They are currently being phased out in favour of Generally Accepted Accounting Principles or International Accounting Standards.As of February 2010, the Chinese Accounting Standard Systems is composed of Basic Standard, 38 specific standards and Application Guidance. Chinese accounting standards are unique because they originated in a socialist period in which the state was the sole owner of industry. Therefore unlike Western accounting standards, they are less a tool of profit and loss and an inventory of assets available to a company. In contrast to a Western balance sheet, Chinese accounting standards do not include an accounting of the d ebts that a corporation holds, and are less suitable for management control than for accounting for tax purposes.This system of accounting is widely considered to be unsuitable for managing corporations in a market economy. As a result, Chinese corporations are gradually moving toward International Financial Reporting Standards. This has proven to be a massive undertaking. As a consequence Chinese companies who offer shares for sale in the United States used to be required to prepare three sets of statements, one using Chinese accounting standards (China GAAP), one using international standards (IFRS), and one using North American GAAP standards (US GAAP).However, since 2008 the U. S. Securities and Exchange Commission (SEC) allows foreign private issuers to use financial statements prepared in accordance with IFRS. [1] However, in recent years, The Finance Department of Chinese Government has issued new Chinese Accounting Standards which converge into IFRS and the similarity is alm ost 90-95%. The translation cost has been reduced greatly because of this measure Generally Accepted Accounting Principles A corporation must use the same depreciation method for tax and financial reporting purposes. Must use different depreciation methods for tax and financial reporting may use different depreciation methods for tax and financial reporting must use different (than for tax purposes), but strictly mandated, depreciation methods for financial reporting purposes. 1 points Question 2 1 . Allocation of the historic costs of fixed assets against the annual revenue they generate is called net profits. Gross profits. Depreciation. Amortization. 1 points Question 3 1 .Given the financial manager's preference for faster receipt of cash flows, a longer depreciable life is preferred to a shorter one. A shorter depreciable life is preferred to a longer one. The manager is not concerned with depreciable lives, because depreciation is a non-cash expense. The manager is not concerned with depreciable lives, because once purchased, depreciation is considered a sunk cost. 1 points Question 4 1 . The Modif ied Accelerated Cost Recovery System (MACROS) is a depreciation method used for tax financial reporting managerial cost accounting Question 5 .The depreciable life of an asset is of concern to the financial manager. In general, a longer depreciable life is preferred, because it will result in a faster receipt Of cash flows. A shorter depreciable life is preferred, because it will result in a faster receipt of cash flows. A shorter depreciable life is preferred, because management can then purchase new assets, as the old assets are written off. A longer depreciable life is preferred, because management can postpone purchasing new assets, since the Old assets still have a useful life. 1 points Question 6 1 . A corporation sold a fixed asset for $100,000.This is an investment cash flow and a source of funds. An operating cash flow and a source of funds. An operating cash flow and a use of funds. An investment cash flow and a use of funds. Question 7 1 . A corporation raises $500,000 in long-term debt to acquire additional plant capacity. This is considered an investment cash flow. A financing cash flow. A financing cash flow and investment cash flow, respectively. A financing cash flow and operating cash flow, respectively. 1 points Question 8 1 . A firm's operating cash flow (SCOFF) is defined as Ross profit minus operating expenses. Generally Accepted Accounting Principles Introduction The purpose of this report is to identify the items that may result in adjusting entries for both prepayments and accrual by looking at the trial balance and Income statement. Furthermore, analyzing the historical summary of financial Is to know the trend for profit or loss of the company assets.Fundamental First of all, why we have to make BAD? Balance day adjustments are therefore required to ensure the financial statements portray a correct picture on the firm's financial performance and financial position. We have to recognize all transaction occurring in that accounting period, irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries Is to ensure that the revenues (income) earned In the accounting period are matched by all costs Incurred for that name accounting period (Monish College, 2011).Prepayment There are two types of adjusting entries, prepayments and accruals. Prepayment is a payment in advance of the period to whi ch it pertains. What this mean is, this category of adjustments aligns recorded revenues (income) and costs with appropriate accounting periods. For example, there are situations where cash Is received before goods and services are provided to customers or situations where cash has been paid In advance for costs of operation and which relate to future counting periods.Prepayments divided into two sections, which are prepaid expenses and unearned revenue. Prepaid expenses is type of assets that shown on a balance sheet as a result of business payments for goods and services to be received in the near future. While prepaid expenses are initially recorded as assets, their value Is expensed over time as the benefit Is receive something of value in the near future. Prepayments often occur In regard to Insurance, supplies, advertising, and rent. Earned revenue is also known as prepaid revenue. It means payment, which is received in advance of providing a good or service. Since an obligati on exists on the part of the company to provide goods or services for which the advance payment was received, unearned revenue is a liability. An example is a retainer received by an attorney. When the services are performed, revenue is the earned. Another examples are pre-booked airline ticket, rent received In advance and magazine subscription Generally Accepted Accounting Principles A corporation must use the same depreciation method for tax and financial reporting purposes. Must use different depreciation methods for tax and financial reporting may use different depreciation methods for tax and financial reporting must use different (than for tax purposes), but strictly mandated, depreciation methods for financial reporting purposes. 1 points Question 2 1 . Allocation of the historic costs of fixed assets against the annual revenue they generate is called net profits. Gross profits. Depreciation. Amortization. 1 points Question 3 1 .Given the financial manager's preference for faster receipt of cash flows, a longer depreciable life is preferred to a shorter one. A shorter depreciable life is preferred to a longer one. The manager is not concerned with depreciable lives, because depreciation is a non-cash expense. The manager is not concerned with depreciable lives, because once purchased, depreciation is considered a sunk cost. 1 points Question 4 1 . The Modif ied Accelerated Cost Recovery System (MACROS) is a depreciation method used for tax financial reporting managerial cost accounting Question 5 .The depreciable life of an asset is of concern to the financial manager. In general, a longer depreciable life is preferred, because it will result in a faster receipt Of cash flows. A shorter depreciable life is preferred, because it will result in a faster receipt of cash flows. A shorter depreciable life is preferred, because management can then purchase new assets, as the old assets are written off. A longer depreciable life is preferred, because management can postpone purchasing new assets, since the Old assets still have a useful life. 1 points Question 6 1 . A corporation sold a fixed asset for $100,000.This is an investment cash flow and a source of funds. An operating cash flow and a source of funds. An operating cash flow and a use of funds. An investment cash flow and a use of funds. Question 7 1 . A corporation raises $500,000 in long-term debt to acquire additional plant capacity. This is considered an investment cash flow. A financing cash flow. A financing cash flow and investment cash flow, respectively. A financing cash flow and operating cash flow, respectively. 1 points Question 8 1 . A firm's operating cash flow (SCOFF) is defined as Ross profit minus operating expenses. Generally Accepted Accounting Principles Introduction The purpose of this report is to identify the items that may result in adjusting entries for both prepayments and accrual by looking at the trial balance and Income statement. Furthermore, analyzing the historical summary of financial Is to know the trend for profit or loss of the company assets.Fundamental First of all, why we have to make BAD? Balance day adjustments are therefore required to ensure the financial statements portray a correct picture on the firm's financial performance and financial position. We have to recognize all transaction occurring in that accounting period, irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries Is to ensure that the revenues (income) earned In the accounting period are matched by all costs Incurred for that name accounting period (Monish College, 2011).Prepayment There are two types of adjusting entries, prepayments and accruals. Prepayment is a payment in advance of the period to whi ch it pertains. What this mean is, this category of adjustments aligns recorded revenues (income) and costs with appropriate accounting periods. For example, there are situations where cash Is received before goods and services are provided to customers or situations where cash has been paid In advance for costs of operation and which relate to future counting periods.Prepayments divided into two sections, which are prepaid expenses and unearned revenue. Prepaid expenses is type of assets that shown on a balance sheet as a result of business payments for goods and services to be received in the near future. While prepaid expenses are initially recorded as assets, their value Is expensed over time as the benefit Is receive something of value in the near future. Prepayments often occur In regard to Insurance, supplies, advertising, and rent. Earned revenue is also known as prepaid revenue. It means payment, which is received in advance of providing a good or service. Since an obligati on exists on the part of the company to provide goods or services for which the advance payment was received, unearned revenue is a liability. An example is a retainer received by an attorney. When the services are performed, revenue is the earned. Another examples are pre-booked airline ticket, rent received In advance and magazine subscription

Communism and the Vietnam War essays

Communism and the Vietnam War essays The Vietnam War began in 1959 and ended in 1975. In the beginning, the communist guerrillas, Vietcong, from the South worked with the Communist forces of North Vietnam in an attempt to overthrow the government of South Vietnam. This struggle eventually grew into a civil war, and by the time it was over it had become a conflict of international proportions. In 1945, shortly after Japan had surrendered to the Allies, Vietminh guerrillas seized the capital city of Hanoi and forced Emperor Bao Dai to abdicate. They proceeded to declare Vietnam independent and announced the creation of the Democratic Republic of Vietnam or North Vietnam. France officially recognized North Vietnam as a new state, but the inability of the two countries to agree on certain economic and political polices led to armed conflict in early December of 1946. As a result of this conflict, the French helped Bao Dai set up the state of Vietnam or South Vietnam, where they establish the new capital of Saigon. During the following year, the US recognized South Vietnam and the Saigon government. President Truman attempted to help South Vietnam, by training them in the use of our weapons. In the following years, both the Vietminh and the French, Vietnam's main rivals, were building up their military forces. The first attack came in the spring of 1954, Vietminh attacked the French fortress Dien Bien Phu in North Vietnam. After a 55-day siege, the French surrendered. On the same day that the French surrendered, North and South Vietnam met with France, Great Britain, the Soviet Union, US, Communist China, Laos, and Cambodia in Geneva to discuss the future of "Indochina." France and North Vietnam agreed to a truce. They agreed to temporarily split the country of Vietnam into North and South. The North would go to the communist, and the Saigon government would control the South. The agreement was made under the condition that elections would be held to reunify the...

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Profile essay Example | Topics and Well Written Essays - 750 words

Profile - Essay Example Martin Scorsese portrayed in his epic Taxi Driver with the famous dialogue â€Å"you talking to me?† So I decided to talk to one of them and find out what it is that makes them tick. Jose is part of the 2nd generation Mexican living in Phoenix. His parents came to the USA during the 50s and have been living in Phoenix ever since. He never got to finish school but his daughter Gabriella is now in the 3rd grade and he is very proud of it. â€Å"School is important you know, I never got to complete school, but I want my daughter to finish school, get an education.† So was Jose always a cabbie? â€Å"No man, this was purely luck, the thing is that we weren’t all that well off in the beginning. We had a small store in the neighborhood but then that wasn’t doing all too well, and since I was the eldest I had to take odd jobs here and there to help out the family. I started by helping my father in the store with small things but then he wasn’t paying me anything and I wanted to make some money.† With that Jose started working in whatever capacity he could to help out his family and soon he dropped out of school so that he could work full time. Why did he drop out of school? â€Å"Hey back then I didn’t realize how important an education was for me, I mean after you learn to read and write what difference does it make, what’s the point of learning all that other stuff, and with the money I was bringing in, I could help out with my family and to me that was important.† Any regrets about dropping out back then? â€Å"Not really, back then we needed the money so in a way it was justified, but now with our situation better, I’m going to make sure that Gabriella gets nothing but the best.† Josà © worked many jobs, a sort of jack of all trades, he was a handy man for some time, he worked in a shoe shop selling shoes and so on. All small things but it was helping the family and that was all that mattered to him. When he was 20 he landed a job as a docker in a Best Buy