Why do we need so many different theories in accounting Essay - 1

Why do we need so many different theories in accounting - Essay Example It is therefore essential that this information is recorded and reported in such a way that it holds value for all its users. In this paper framework for accounting profession including different accounting theories would be discussed. Furthermore, an illustration of different accounting treatment based on different accounting approaches is also made in this paper. The accounting profession is based on values and conceptual framework that has been developed over the years. This conceptual framework incorporates different well established theories and principles which determine the methodology for recognising, measuring and recording of the company’s assets and liabilities. The framework also allows logical reasoning for addressing different accounting and financial issues and provides guidelines for incorporating the information related to these issues in the financial records. This ensures that a uniform approach could be applied to different classifications of assets and liabilities and the information that has been produced and verified can be depended upon for decision making. An accounting theory defined as â€Å"a coherent set of hypothetical, conceptual and pragmatic principles forming a general frame of reference for enquiring into the nature of accounting†(Hendriksen & Breda, 1992) therefore could be suggested to provide the necessary concepts, framework, principles, procedures, rules and regulations. Another way of looking at accounting theories is that they allow predicting accountants’ behaviour and provide basis for coherent accounting treatment of assets and liabilities. There are numerous accounting theories suggesting that there is no single comprehensive of accounting. They could be categorized into three broad areas that are 1) those providing explanation of accounting practices 2) those providing forecasts or predictions of impacts of future

Case study on HIV Example | Topics and Well Written Essays - 1250 words

On HIV - Case Study Example Since the patient has recurrent pneumonia, it is also advisable to know whether or not the patient has been receiving IVDU or blood transfusion including possible drug addiction and vaccination history since HIV virus can be transmitted through the use of needle via blood contact. Other information should include asking whether or not the patient has been diagnosed with hepatitis B or C, neoplasms, night sweats, adenopathy, pharyngitis, mouth and anal pain, depression, and significant changes in sleeping patterns. All these factors increases the chances that the patient will have low immune system making her easily infected with HIV virus. It concerns me that the patient has a history of recurring pneumonia, had a smoking history, fatigue, 7-lbs unintentional weight loss during the past six months, and has a long history of an abnormal vaginal yeast infection. Since the patient has recurring pneumonia and has 5-day history of fever, dyspnea, and right-sided pleuretic chest pain, I would like to ask whether or not the patient is experiencing shortness of breath and cough since these symptoms together with the patient’s health complaints are associated with opportunistic infections like Pneumocystis carinii pneumonia (PCP) – the most common type of respiratory infection, and Myocobacterium avium complex (MAC) / Mycobacterium avium intracellular (MAI) which is the common bacterial infection among the patients with acquired immunodeficiency syndrome (AIDS) / HIV infection (Johnson, 2004, p. 2). With regards to fatigue and 7-lbs unintentional weight loss during the past six months, I would like to ask whether the patient is experiencing loss of appetite, nausea, oral and esophageal candidiasis which is often characterized by painful white patches when swallowing food, oral lesions, or retrosternal pain (Johnson, 2004, p. 2). All these additional questions are necessary

Voluntary cooperation Essay Example | Topics and Well Written Essays - 750 words

Voluntary cooperation - Essay Example Investment trusts are companies just like any other company as they issue share to raise funds from shareholders, and thereafter invest that money. The difference between normal trading companies, and investment trusts is that, they invest their money in the shares of other companies. Contrary, they invest in physical assets like mobile phone networks and factories. The problem with the investment trust is that sometimes they deviate from fundamental policy without the approval of the stakeholders. In addition, securities sold to companies by an affiliated person acting as the principal (Larkins 428). In investment advisory contract, there were failures in obtaining approval of the board of directors or stockholders. As it has been noted by the stakeholders, that there were omissions and failure to present financial information, they should put in place devices to regulate such omissions. The companies should make sure that they buy securities from the principals and not the affiliat ed persons. Voluntary cooperation enables minimization of risks of life. The free markets relieve risks as much as possible by providing security against aggression. They foster it by allowing people to invest whilst enacting the insurance policies that allow people to pool and abate risks. In addition, voluntary charity is available; this enables the donation of resources to those who are less secure. Financial crisis, revealed a fundamental weakness in the pre-crisis financial architectures for managing, preventing, and resolving crises in the financial global system.

Toni Morrison Is Adulthood inevitable Essay Example | Topics and Well Written Essays - 1250 words

Toni Morrison Is Adulthood inevitable - Essay Example She stated that each phase of individual’s life is very important and has to be experienced with the greatest enthusiasm. Since she herself is an adult now, and she practices what she preaches, so there is nothing more satisfactory than becoming the adult in mind and heart. Morrison explained brightly that adulthood is about being content with the present, happy with the rewards one gets, and also work hard every day to make ones adulthood fulfilling. I completely agree that an individual needs to be in the present moment and be happy in that because the present is what matters the most since the past is gone and future is yet to be experienced. Living this way not only enlightens the present, but also the past and the future since one has lived every moment happily as the past and such a philosophy lays the basis of a bright future ahead as well. Morrison defined true adulthood in terms of the ability of an individual to take responsibility for his/her actions. This only can be achieved if people understand their role in the society in addition to just thinking about their personal well-being. It is not the chronological age, white hair or time period that defines adulthood. Adulthood is defined by an individuals attitude and approach towards life. As individuals, we have to choices. First; we can be selfish and take care of our own needs, and safeguard only our own interests, and second; we can live for more than ourselves, that is to say that we live for others and try to make a positive change in their life. If we adopt the first approach towards life, adulthood for us does not get inevitable. But if we choose to adopt the second approach towards life, adulthood for us gets inevitable. Hence, to say that adulthood is inevitable and generalize it for all people is wrong because there are many people who live and care only for themselves, so they are not included in this category. However, for the rest, who live and care for others, it can

Why might an existing non-franchised business choose to become a Essay

Why might an existing non-franchised business choose to become a franchisor - Essay Example The motive is consistent with the resource allocation theory that stipulates that organizational units are most productive when tightly controlled (Ashar & Shapiro, 1988), although the new resource-based view of the theory advocates value creation by combining local (or franchisee) and central (or franchisor) advantages (Combs, 2003). The motive was a major driver of franchising among American auto manufacturers in the 1900s (Combs, 2003). The auto manufacturers lacked funds to open dealerships across the country. Their workaround to the problem was to create chains of franchises across the US. The franchisees invested in stocks of vehicles and premises. In return, they enjoyed exclusive marketing territories. Although a business may want a franchise in order to use other people’s funds to grow, some scholars have cast doubt over the cherished notion that the ability to expand without investing their money and retain control over operations is one of the main reasons firms fra nchise. Franchisee financial constraints are a major cause of poor relations between the franchisor and franchise and a threat to the survival of both (Dada, et al., 2009). If this argument is true then it defeats the logic of the franchisor seeking to expand using the franchisee’s capital. A number of reasons explain the occurrence of such a situation. First, some franchisees may falsify their financial position in order to meet the stringent requirements of the franchisor. Such falsification of information, coupled with lack of due diligence on the part of the franchisor creates a situation where the franchise starts the franchise with inadequate capital. Shortly afterward, the franchise becomes unable to provide the product they set out to provide. Even in the absence of documented cases of this nature, the risk of such a scenario is real. The implication is that a business that is desirous of adopting a franchise model as a

Creation and Development of New Firms Assignment

Creation and Development of New Firms - Assignment Example Side by side, the trouble of poverty also became highlighted in these emerging economies of the entire world. However, in order to recover from such distressful state, most of the countries, especially the emerging or developing countries are reliant on economic liberalization. Due to such economic shift, most of the emerging economies and the firms of recent age are entirely responsible for economic recovery of the world (Yalcin & Kapu, 2008, p. 32). Due to which, most of these firms offered high concentration over the development of the entrepreneurship programs. Therefore, the importance of entrepreneurship program is highlighted in this assignment and it also focuses on five significant areas: Creation and development of new firms Success rates of entrepreneurial activities Global entrepreneurship in developing economies Degree of risks or safety of entrepreneurial programs Present entrepreneurs and innovative technology Creation and Development of New Firms In recent age, the em erging economies of the world are always trying to develop large number of new firms so as to improve their financial condition. Along with this, it also helps in improving the profit margin and revenue of the firms might also be improved. It also helps in enhancement of the employment rates resulting in upliftment of the living standards of the citizens of the economies. As a result, the reputation of the developing economy increases to a certain extent among other neighboring ones in the entire world. For the above reasons, the rate of entrepreneurship is increasing day by day and thereby improving the prospects of the firms and the employees as well. This is mainly because, the entrepreneurs of recent age are extremely talented and intelligent and comprise of excellent management and leadership skills that are extremely essential to control and operate any business firm or organization in this competitive age. As a result, the level of interaction among the employees and the mana gement is extremely high resulting in invention of varied types of new ideas and facts that might result in betterment of the organization (Yalcin & Kapu, 2008, p. 31). So, the prospect of the entrepreneurship has been increasing and it is resulting in amplification of the rate of development of new firms in the emerging economies. Success Rates of Entrepreneurial Activities As the entrepreneurs of recent age always try to develop and introduce new ideas and information for the betterment of the firm. This is done only after analyzing the situation and the strengths and weaknesses of the firm. By doing so, an entrepreneur might attain get a better analysis of the essential requirements of the firm. On the basis of that, the entrepreneur might develop the plans and the strategies that might lead to its betterment. Along with this, after the plans are finalized, the goals and objectives are also developed after consulting with the other employees of the firm. Then, to attain such obje ctives, the innovative skills and talents as well as equipments are introduced within the employees of the organization. Therefore, with the coordinated efforts of the employees, equipments and management, the objectives might be surely achieved resulting in success of the organization. Due to which, the working condition of the organization improved resulting in enhancement of the rate of devotion of the employees towards work. This is the

How did the roll of religion affect ancient Egypt Research Paper

How did the roll of religion affect ancient Egypt - Research Paper Example Religion in Egypt was a central part of the daily routine and believed to be the reason for existence. The Egyptian gods had the most important role to play in the society. The gods were believed to be in control of all natural and human aspects of the society. For example, the god Ra was associated with the sun while Anubis was responsible for resurrection. The purpose of the lives of the ancient Egyptians was to keep their gods pleased. If a farmer needed rain for his crops to grow well that season, he will pray to the gods and offer favors in exchange of his wish; so will a boy longing to have a camel or a woman wanting to get married. Thus, every need of the Egyptians was linked with the gods. Magical acts were also used to interact with gods (Brewer and Teeter 132). This helped in bringing unity within the ancient Egyptian society as every individual turned towards the same source to plead. The Egyptian religion taught the people the lesson of good and bad. Every child born in an Egyptian household was made to believe that if s/he does not pray or offer the rituals, the gods will be displeased with him/her and punish him/her (Allen 79). Likewise, if s/he would perform good deeds and prayed regularly, s/he would be rewarded with a perfect life and all his/her wishes would be fulfilled. This helped develop a strong conscience within the Egyptians and prevented them from committing acts that were ethically, morally and religiously wrong. The fear of gods also made them loyal to the pharaoh and brought law and order to the country because the word of the pharaoh was considered to be the word of gods (Allen 80). Thus, the chances of rebellions against the authority of the pharaoh were also minimal and the pharaoh had a strong hold over is empire and the people living in it. ‘Ma’at’ was another important concept of