Touro University International Essays (436 words) -

Touro University International James L. White ACC 501 Module 1, Case Assignment Dr. Paul R. Watkins INTRODUCTION The purpose of this report is to search the course background information, the Internet and/or the Cyber Library. Discuss each of the following terms; Generally Accepted Accounting Principles, Historical Cost, Accrual Basis vs. Cash Basis Accounting, Current Assets and Liabilities vs. Non-Current Items. My discussion will expand on the definition as given in the course terms and explain why this concept is important to financial statements. I will then describe the general organization of Ford Motor Company, Microsoft, and ExxonMobil by looking at three sets of their financial statements (Balance Sheet, Income Statement, and Statement of Cash Flows). I will make one prediction about each company's from that company's financial statements and Reach one additional conclusion about each company from the additional information I find in the annual report. By discussing these topics, I hope to offer some knowledge on these accounting terms and the three companies listed above. I will conclude this report with a brief summary of the entire analysis, highlighting some of the most significant parts that the report contains. terms Wikipedia defines Generally Accepted Accounting Principles (GAAP) as, "the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements". (Wikipedia, 2006) Every country has their own version of GAAP with the standards being set by their national governing body. Wikipedia defines the United States version as, "the accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States". (Wikipedia, 2006) GAAP is not an unchanging set of rules. It is a guideline of objectives and conventions that have evolved over time to oversee how financial statements are arranged and presented. Qualified public accountants customarily audit companies to determine if their financial statements are in compliance with GAAP. GAAP has four basic assumptions (Economic Entity Assumption, Going Concern Assumption, Monetary Unit Assumption, and Periodic Reporting Assumption), four basic principles (historical cost principle, revenue recognition principle, matching principle and full disclosure principle) and four basic constraints (Cost-benefit relationship, Materiality, Industry practices and Conservatism). Organizations such as the; United States Securities and Exchange Commission, American Institute of Certified Public Accountants, Financial Accounting Standards Board, Government Accounting Standards Board , American Accounting Association, Institute of Management Accountants, and the Financial Executives Institute, all influence the development of GAAP in the United States. CONCLUSION WORKS CITED 1. Generally Accepted Accounting Principles (USA): Retrieved October 12, 2006, from http://en.wikipedia.org/wiki/US_GAAP 2. Generally Accepted Accounting Principles, Retrieved October 12, 2006, from http://en.wikipedia.org/wiki/GAAP 3. "What Are Generally Accepted Accounting Principles?" from ALLBusiness . Retrieved October 13, 2006, from www.allbusiness.com

True Confessions essays

True Confessions essays Robert A. Heinlein once said, "A long and wicked life followed by five minutes of perfect grace gets you into Heaven. The punishment imposed on one by others is not as destructive as the guilt that person experiences. In The Scarlet Letter, Nathaniel Hawthorne uses the theme of sin to show how when unconfessed, that sin will destroy the sinners soul. First, Hester also commits the sin of Adultery. She immediately confesses and, therefore, must stand on the scaffold in solitude for three hours and bear her scarlet letters, the actual letter badge and Pearl, to show for it. Both the actual scarlet letter and Pearl symbolize her sin. Although, for seven years she has, been shunned and mocked by the townspeople, they have come to respect her. Through devoting herself to charity and her selflessness, she has gained the respect and the kindness of the townspeople. Hesters scarlet letter has come to represent, not of that one sin, for which she had borne so long and dreary a penance, but of her many good deeds since (159). Hesters sin was confessed and she suffered for it on earth, therefore she will be able to spend eternity in Heaven. Secondly, Chillingworth commits the sin vengeance. He represents the ultimate evil of the novel. His entire life is consumed to find out the father of Pearl and destroy him, it takes over his very being, I shall see him tremble (73) When he finds out that the father is Dimmmesdale, he tortures and antagonizes him mentally. Dimmesdale is haunted was either by Satan himself, or Satans emmissary, in the guise of old Roger Chillingworth (124). The term leech is used to describe Chillingworth because it describes how he is sucking secrets out of Dimmesdale and the way he is sticking to him to get revenge. As Dimmesdale puts it, That old mans revenge has been blacker than my sin. He has violat ...

Political Ethics Essay Example | Topics and Well Written Essays - 500 words - 1

Political Ethics - Essay Example Elders, usually male and heads of households, have religious authority, as well as powers to decide on aspects of community life. In the case of chiefs and regional or national leaders, there is a mixing of political, religious and moral authority which makes them very powerful indeed, and able to influence the life of those underneath them for good or for evil. Culture, laws and history are traditionally preserved through oral means, which entails a lot of reciting of material, and listening, as well as ritual performances of various kinds which serve to remind those present of essential underlying principles which are used to pass judgement on particular cases. Another major difference between Western and African ways is that societal groups in Africa are usually very much smaller scale, so people actually know those who are leaders, and have some sort of relationship through kinship with them. Hereditary social structures create bonds which last over generations, and ensure a certain stability in society. Ancestor worship is an extension of the strong ties that exists within and between clans and tribes in the present time. The whole system is hierarchical, with each layer courting the approval of the one above, from the king or chief at the top right down to the family unit where the child is subordinate to the father. The main values of African societies are â€Å"good company, dignity, display, decency and wisdom,† (Magesa, 1997, p. 258) and these are embodied in the leaders in a system that the author calls â€Å"relative gerontocracy† (Magesa, 1997, p. 265) Conflict resolution is done in a consultative way, with several people sitting in judgement, and an audience listening to complaints and defences. By making the preserving of human life the main point of moral behavior, Magesa argues that African