Financial Systems and audits Essay Example | Topics and Well Written Essays - 3000 words

Financial Systems and audits - Essay Example An income statement is composed of several items, including sales, costs, increase and decrease in intangible value, taxes, and outstanding shares. Another key accounting record is the balance sheet. A balance sheet categorizes a company’s resources such as assets, liabilities and owner’s equity. According to Pandey (2002), the components of a balance sheet are divided into current and long-term categories. Pandey (2002) further observes that these components are listed in order of liquidity. Besides a balance sheet and income of statement, a statement of cash flows is also very important in a business. A statement of cash flow provides one with information about a company’s cash receipts and cash payments during a period. According to Khan and Jain (2003), a statement of cash flow has several objectives. Firstly, it is effective in predicting the amounts timing and ascertaining of future cash flows. Secondly, it indicates how cash is used and generated. For thes e reasons, it also helps the creditors, stockholders and customers to determine the flow of cash in a business. Thirdly, it helps an entrepreneur to understand the differences between net income and net cash flow from operating activities. Finally, it helps an entrepreneur to examine a company’s investing activities and financing transactions. 2. Importance of accounting concepts It is important for an entrepreneur to understand different accounting concepts the common of which are business entity, matching concept, money measurement, going concern, accounting period, cost concept, realization concept and accrual concept. To understand the importance of each of these concepts it is instructive to examine their roles. To start with, the business entity treats business and owner as two different entities. In other words, a business entity is the very basis of accounting concepts, conventions and principles. The money measurement concept allows an entrepreneur to distinguish bet ween transactions that can be expressed in terms of money and those that cannot. The going-concern concept assumes a business entity can carry out its activities for an indefinite period of time. This concept is important as it facilitates the preparation of financial statements. The accounting period concept is important in calculating tax, predicting future prospects of a business and helping an entrepreneur to procure credit from financial institutions. The accounting cost concept requires all assets to be recorded in the books of account at their purchase price. This requirement is helpful in the sense that it allows an entrepreneur to calculate depreciation of fixed assets. Another key concept is the dual aspect concept which allows an entrepreneur to detect errors. Another key concept is the realization concept which makes accounting information more objective. Equally important is the accrual concept which helps an entrepreneur to know the actual expenses and income during a particular period of time. In addition, using this concept an entrepreneur should be able to calculate the net profit of his or her business. Finally, there is the matching concept which states that revenue and expenses should be recorded in the same accounting period. This concept should help an entrepreneur to ascertain the exact amount of profit or loss of the business. 3. Factors influencing the structure of accounting systems In order to effectively business it is also important for an

Free Great Gatsby Essays: Reflection of an Era :: Great Gatsby Essays

The Great Gatsby - Reflection of an Era During the 1920's America was a country of great ambition, despair and disappointment. The novel The Great Gatsby is a reflection of this decade, it illustrates the burning passion one man has toward his "American Dream" and the different aspects of the dream. Fitzgerald's work is a reflection of America during his lifetime. The Great Gatsby shows the ambition of one man's reach for his "American Dream," the disappointment of losing this dream and the despair of his loss. In the 1920's the spirit and ambition of the American people soared.   Unlike their European counterparts who were trapped in the social class to which they were born, the American people knew that if they worked hard then they could rise to a higher social class. The flappers and the women's liberation movement were just two examples of how Americans expressed their newly discovered social freedom.   It seemed that nothing was impossible to achieve. James Gatz, shared the spirit and ambition on the American people and fought long and hard to earn his place in the world. He had dreamed of transforming himself from the poor, young man that he was into the wealthy celebrity that he would soon become. Gatsby, as a child, had a daily schedule that he followed. He knew from childhood that he had to work for his fame. "Jimmy was bound to get ahead. He always had some resolves like this or something" (175). Gatsby's ambition lay not only in his future, but as he grew older it would be found in his love. He had an obsession with Daisy Buchanan and tried everything in his power to bring things back to they way they used to be when they first met. He thought he could relive the past. He threw lavish parties to get her attention. He did everything in his power to be near her. " ‘Gatsby bought that house so that Daisy would be just across the bay' " (79) He earned his wealth so that they could finally be together. Like Gatsby, the American people of the 1920's followed their hearts, and their ambition. Through World War One, American men fought to save their country and woman fought to win the right to vote. Even in fashion women were liberated, as the hemline on an average skirt was raised.

Facebook and Privacy Essay

Objective Summary: Ex-Apple Engineer, Peter Warden, has collected public fan page data from 215 million Facebook pages, revealing current trends, such as ‘God’ being the number one most popular fan page among Facebook users in the Southern U.S., whereas ‘Barack Obama’ featured heavily for San Francisco users, and ‘Starbucks’ was number one in Idaho. Warden plans to release this data to the academic community because he sees great potential in the data that can be extracted from these sites. This process is called data harvesting. The article suggests future academic work in this area is likely to occu impacting on people’s privacy. (FACTS – 100 words) Response: The ETHICAL issue central to this article is privacy and control. On one hand, Warden claims his intentions are altruistic (helpful to others) and that the data he is making visible here is a matter of public discourse. However, the FACTS are that individual users who are generating this data have neither been consulted about the data collection nor have they given permission for Warden to use it. Clearly Warden does not VALUE other’s people’s privacy as much as he WANTS (emotion) to create the website. The argument could be made that once a user ‘becomes a fan’ of a page on Facebook or, indeed, publishes any content to the internet, that information becomes public. User who have deployed privacy settings to carefully maintain a strong sense of control over their profiles, however, might well feel very ANGRY about this use of their data. Facebook can harvest that data (and does, for targeted advertising purposes) because they have a commitment to those adve rtisers (emotion)and engineers like Warden can develop data-trawling engines to collect accessible information across a massive dataset. The LAW needs to be much clearer about the rights of consumers, companies and advertisers in these situations. As Facebook is presumably bound by its own set of critically considered ETHICAL guidelines, these are neverthess underpinned by commercial VALUES and a vested interest (emotion) in keeping the data of its users from competitors. Warden claims to be operating under his own set of ethics that privilege (value) the furthering of knowledge. The issue then shifts to the academic community. Warden contends that one of his central motivations for collecting this data was so that he could share it with the academic community. Although this claim may be true, most (if not, all) Universities have clear ETHICAL guidelines for research that explicitly VALUE and therefore require consent from participants. If none of the users gave consent for their data to be collected in this way, this in effect denies them a sense of AGENCY. Thus, academically, this data is tainted. While its implications are important the trends it makes visible are crucial to understanding the localised structures of social network sites like Facebook. Personally, I would believe people should be able to tick a box that gives consent for the use of their personal material. I do not believe, either, that it should be one of those boxes you are obliged to tick before being able to use a site: that removes my personal AGENCY and I VALUE this very much. It should be up to me to decide whether other people get my data. If this sort of system was in place, everyone would know the FACTS, everyone would understand what is going on and no one would feel (emotion) betrayed or exposed unfairly.

Timeline of the Lebanese Civil War From 1975-1990

The Lebanese Civil War took place from 1975 to 1990 and claimed the lives of some 200,000 people, which left Lebanon in ruins. Lebanese Civil War, 1975 to 1978 April 13, 1975:  Gunmen attempt to assassinate Maronite Christian Phalangist leader Pierre Gemayel as he’s leaving church that Sunday. In retaliation, Phalangist gunmen ambush a busload of Palestinians, most of them civilians, killing 27 passengers. Week-long clashes between Palestinian-Muslim forces and Phalangists follow, marking the beginning of Lebanon’s 15-year civil war. June 1976: Some 30,000 Syrian troops enter Lebanon, ostensibly to restore peace. Syria’s intervention stops vast military gains against Christians by Palestinian-Muslim forces. The invasion is, in fact, Syria’s attempt to claim Lebanon, which it never recognized when Lebanon won independence from France in 1943. October 1976: Egyptian, Saudi, and other Arab troops in small numbers join the Syrian force as a result of a peace summit brokered in Cairo. The so-called Arab Deterrent Force would be short-lived. March 11, 1978: Palestinian commandos attack an Israeli kibbutz between Haifa and Tel Aviv, then hijack a bus. Israeli forces respond. By the time the battle was over, 37 Israelis and nine Palestinians were killed. March 14, 1978: Some 25,000 Israeli soldiers crossed the Lebanese border in Operation Litani, named for the Litani River that crosses South Lebanon, not 20 miles from the Israeli border. The invasion is designed to wipe out the Palestine Liberation Organization’s structure in South Lebanon. The operation fails. March 19, 1978: The United Nations Security Council adopts Resolution 425, sponsored by the United States, calling on Israel to withdraw from South Lebanon and on the UN to establish a 4,000-strong UN peacekeeping force in South Lebanon. The force is termed the United Nations Interim Force in Lebanon. Its original mandate was for six months. The force is still in Lebanon today. June 13, 1978: Israel withdraws, mostly, from occupied territory, handing over authority to the breakaway Lebanese Army force of Maj. Saad Haddad, which expands its operations in South Lebanon, operating as an Israeli ally. July 1, 1978: Syria turns its guns on Lebanon’s Christians, pounding Christian areas of Lebanon in the worst fighting in two years. September 1978: U.S. President Jimmy Carter brokers the Camp David accords between Israel and Egypt, the first Arab-Israeli peace. Palestinians in Lebanon vow to escalate their attacks on Israel. 1982 to 1985 ​June 6, 1982: Israel invades Lebanon again. Gen. Ariel Sharon leads the attack. The two-month drive leads the Israeli army to the southern suburbs of Beirut. The Red Cross estimates the invasion costs the lives of some 18,000 people, mostly civilian Lebanese. August 24, 1982: A multinational force of U.S. Marines, French paratroopers, and Italian soldiers lands in Beirut to assist in the evacuation of the Palestine Liberation Organization. August 30, 1982: After intense mediation led by the United States, Yasser Arafat and the Palestine Liberation Organization, which had run a state-within-a-state in West Beirut and South Lebanon, evacuate Lebanon. Some 6,000 PLO fighters go mostly to Tunisia, where they are again dispersed. Most end up in the West Bank and Gaza. September 10, 1982: The Multinational force completes its withdrawal from Beirut. Sept. 14, 1982: The Israeli-backed Christian Phalangist leader and Lebanese President-Elect Bashir Gemayel is assassinated at his headquarters in East Beirut. Sept. 15, 1982: Israeli troops invade West Beirut, the first time an Israeli force enters an Arab capital. Sept. 15-16, 1982: Under the supervision of Israeli forces, Christian militiamen are bused into the two Palestinian refugee camps of Sabra and Shatila, ostensibly to â€Å"mop up† remaining Palestinian fighters. Between 2,000 and 3,000 Palestinian civilians are massacred. September 23, 1982: Amin Gemayel, brother of Bashir, takes office as Lebanon’s president. September 24, 1982: The U.S.-French-Italian Multinational Force returns to Lebanon in a show of force and support for the Gemayel’s government. At first, French and American soldiers play a neutral role. Gradually, they turn into defenders of the Gemayel regime against Druze and Shiites in central and South Lebanon. April 18, 1983: The American Embassy in Beirut is attacked by a suicide bomb, killing 63. By then, the United States is actively engaged in Lebanon’s civil war on the side of the Gemayel government. May 17, 1983: Lebanon and Israel sign a U.S.-brokered peace agreement that calls for the withdrawal of Israeli troops contingent on the withdrawal of Syrian troops from northern and eastern Lebanon. Syria opposes the agreement, which was never ratified by the Lebanese parliament and canceled in 1987. October 23, 1983: U.S. Marines barracks near Beirut International Airport, on the south side of the city, are attacked by a suicide bomber in a truck, killing 241 Marines. Moments later, French paratroopers’ barracks are attacked by a suicide bomber, killing 58 French soldiers. Feb. 6, 1984:  Predominantly Shiite Muslim militias seize control of West Beirut. June 10, 1985:  The Israeli army finishes withdrawing out of most of Lebanon, but keeps an occupation zone along the Lebanon-Israeli border and calls it its â€Å"security zone.† The zone is patrolled by the South Lebanon Army and Israeli soldiers. June 16, 1985:  Hezbollah militants hijack a TWA flight to Beirut, demanding the release of Shiite prisoners in Israeli jails. Militants murder U.S. Navy diver Robert Stethem. The passengers were not freed until two weeks later. Israel, over a period of weeks following the resolution of the hijacking,  released  some 700 prisoners, insisting the release was not related to the hijacking. 1987 to 1990 June 1, 1987:  Lebanese Prime Minister Rashid Karami, a Sunni Muslim, is assassinated when a bomb explodes in his helicopter. He is replaced by Selim  el Hoss. September 22, 1988:  The presidency of Amin Gemayel ends without a successor. Lebanon operates under two rival governments: a military government led by renegade general Michel Aoun, and a civil government headed by Selim  el Hoss, a Sunni Muslim. March 14, 1989:  Gen. Michel Aoun declares a â€Å"war of Liberation† against Syrian occupation. The war triggers a devastating final round to the Lebanese Civil War as Christian factions battle it out. September 22, 1989:  The Arab League brokers a cease-fire. Lebanese and Arab leaders meet in Taif, Saudi Arabia, under the leadership of Lebanese Sunni leader Rafik Hariri. The Taif agreement effectively lays the groundwork for an end to the war by reapportioning power in Lebanon. Christians lose their majority in Parliament, settling for a 50-50 split, though the president is to  remain  a Maronite Christian, the prime minister a Sunni Muslim, and the speaker of Parliament a Shiite Muslim. November 22, 1989:  President-Elect Renà ©Ã‚  Muawad, believed to have been a reunification candidate, is assassinated. He is replaced by Elias Harawi. Gen. Emile Lahoud is named to replace Gen. Michel Aoun as commander of the Lebanese army. October 13, 1990:  Syrian forces are given a green light by France and the United States to storm Michel Aoun’s presidential palace once Syria joins the American coalition against Saddam Hussein in Operation Desert Shield and Desert Storm. October 13, 1990:  Michel Aoun takes refuge in the French Embassy, then chooses exile in Paris (he was to return as a Hezbollah ally in 2005). October 13, 1990, marks the official end of the Lebanese Civil War. Between 150,000 and 200,000 people, most of them civilians, are believed to have perished in the war.