Accounting And Discuss The Users Of Accounting Finance Essay - Free Essay Example

Sample details Pages: 3 Words: 996 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? a) Define accounting and discuss the users of accounting. The systematic recording, reporting, and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles. Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit. There are two kind of groups who using accounting they are internal users and external users. The internal users include marketing managers, production supervisors, finance directors and company officers. And external users are investors and creditors. Investors those who are owners and they use accounting data to make a decisions to buy, hold or sell ownership shares of a company. And creditors are suppliers and bankers, they use the accounting data to evaluate the risks of granting credit or le nding money. b) Discuss ethics is financial reporting and why ethics are a fundamental business concept. a) The president Phil McNally is the stakeholder in this situation. b) Ethics refers to the moral rights and wrongs of any decision a business makes. It is a value judgment that may differ in importance and meaning between different individuals. Businesses may adopt ethical policies because they believe in them or they believe that by showing they are ethical, they improve their sales. But they cannot hide anything from the financial statement however they succeeding in the business. c) If I had this situation I will do only ethically. If I found any misstatement that over stated the net income I should report to the head of the company also I move only with the right thing. I will not do any kind of unethical thing to the business. Part III 1) Family Department Store Income Statement For the Year Ended December 31, 2014 Net sales $735000 Cost of goo ds sold 548590 Gross profit 186410 Operating expenses 120000 Net income 66410 2) Family Department Store Income Statement For the Year Ended December 31, 2014 Net sales $700000 Cost of goods sold 553000 Gross profit 147000 Operating expenses 92700 Net income 54300 In my opinion, Debbies strategy the net income is more than Mikes, and in Mikes plan we can see the difference between their expenses Mike had a less expenses than Debbies. Therefore, implementing both strategies to their Family Department Store will surely make their profits higher and increase their net income. Family Department Store Income Statement For the Year Ended December 31, 2013 Net sales $735000 Cost of goods sold 548590 Gross profit 186410 Operating expenses 92700 Net income $9371 Part IV Chapter 10 communication Activity BYP10-5 The advantages of bonds over common stock financing are three basic advantages. Bondholders do not have voting rig hts; owners can raise capital with bonds and still maintain corporate control. Also, bonds are attractive to corporations because the cost of bond interest is tax-deductible. As a result of this tax treatment, which stock dividends do not offer; bonds may result in lower cost of capital than equity financing. Although bond interest expense reduces net income, earnings per share on common stock often is higher under bond financing because of no additional shares of common stock are issued. When it comes to the types of bonds that might be used one can look at the following: Secured and unsecured bonds which have specific assets of the issuer pledged as collateral for the bonds (they include mortgage bond, sinking fund bond, debenture bonds). Term and serial bonds; bonds that mature at a single specified future date are term bonds, and bonds that mature in installments are serial bonds. Registered and bearer bonds; bonds which are issued in the name of the owner are registered bond s, while those that are not registered are bearer or coupon bonds. Finally, convertible and callable bonds; while bonds that can be converted into common stock at the bondholders option are convertible bonds. Bonds that the issuing company can retire a at a stated dollar amount prior to maturity are callable bonds. When respect to the issuing procedures used in bond transactions one must know that in authorizing the bond issue, the board of directors must stipulate the number of bonds to be authorized, total face value, and contractual interest rate. The face value is amount of principal the issuing company must pay at the maturity date. The contractual interest or the stated rate is the rate used to determine the amount of cash interest the borrower pays and the investor receives. Also, the terms of the bond issue are indicated in a legal document called a bond indenture, which states the rights and terms of bondholders and trustees. Moreover, issuing company arranges for the pr inting of bond certificates. Part.V Page 51 IFRS 1-1 through 1-4 IFRS 1-1 The key players are the Securities and Exchange Commission, which is responsible for the supervision and regulation of the securities industry and has oversight responsibility for the FASB; the Financial Accounting Standards Board, an independent body that establishes and interprets U.S. GAAP; and the IASB, which is working with the FASB on the convergence of U.S. GAAP and IFRS. The AICPA has provided thought leadership to the IASB and the FASB on financial reporting topics. IFRS1-2 Page 217 IFRS 4-1 through IFRS 4-4 IFRS4-1In IFRS requires separation of current and noncurrent assets and liabilities. And in case of GAAP it recommends separation of current and noncurrent assets and liabilities. IFRS4-2The terms that commonly used under IFRS are Balance sheet, income statement, changes in equity, cash flow statement and footnotes. IFRS4-3-Current Asset Cash 15400 +Short term Inv smt -6700 Accounts Receivable-12500 Prepaid Insurance -3600 Total current assets=38200 Part VI Interview Name George Jose Company name JK trades Job title and responsibilities- Accountant, keep recording the daily business transactions How accounting information is used by selective individual- Major in college-CPA Job satisfactio Perception of job stability- Opportunities for the growth- Student response-he is very smart and he is very confident to do his work with responsible. Don’t waste time! Our writers will create an original "Accounting And Discuss The Users Of Accounting Finance Essay" essay for you Create order

The Ghetto Of A Caste System - 1630 Words

America would like to believe that we do not live in a caste system but if asked anyone living in the inner city would say otherwise. A class system exists that is built on individual’s achievements but elements of a caste system are certainly practiced in the United States. Power and wealth is distributed amongst only 1 percent of the U.S population, therefore, their wealth is inherited from generation to generation, segregated from the rest of the population. Consequently, the ghetto poor families living in the inner city are the most alienated class of people in the city. They are racially and socially discriminated against and are segregated within a close opportunity structure similarly in a caste system. Urban Sociologist Harvey†¦show more content†¦They do not get locked up for minor violations of the law. Wealth is measured by assets such as properties, bonds, savings, and checking accounts minus debts and these assets provide a sense of privilege that can last for generations. For example, the name Kennedy is an asset because the name can open so many opportunities for a Kennedy even if they are not worthy of the opportunity. One of the biggest inequalities in the inner city is property inequality. People in the inner city cannot afford to own any property of their own and if they manage to own a home their mortgage loan is higher than their white counterpart due to â€Å"predatory lending practices in the United States†. (Massey and Rough) People in the inner city were identified and exploited by these banks by providing these loans they knew they could not afford. (Porter) According to Wilson and Wacquant, there is a cost that is associated with racial and class exclusion in the inner city. People are subjected to â€Å"poverty, social disruptions, degradation of public housing and public schools†. Since the system itself is designed for its citizens to fail by providing little to no resources, people are left to cope with social, economical, political, and cultural inequality. These issues play a role on the overall perspective of an individual. People are the sum of their experiences and when these experiences are accompanied by hardship all their lives they tend to cope by doing drugs and alcohol to

Non-Cognitivists vs. Moral Realism Free Essays

Cognitive sentences are those that are dependent to facts and readily have or consist of truth values, such as true and false. Non-Cognitive Sentences constitutes statements which are independent of facts and are cannot be assumed to have a truth value. In this regards, statements such as â€Å"Girelle is stands about five feet and five inches tall† and â€Å"the vase is red† are statements which falls under the Cognitive division. We will write a custom essay sample on Non-Cognitivists vs. Moral Realism or any similar topic only for you Order Now While statements like â€Å"keep quiet† and â€Å"you must not lie† corresponds to Non-cognitive statements.(Marturano 2006, 1) According to the Stanford Encyclopedia of philosophy, Non-cognitive holds that moral properties otherwise known as moral facts do not exist. This means that moral statements are statements that can neither be true or false or simply these statements do not contain any truth condition. Moral sentiments are merely â€Å"approval or disapproval† expressions more akin to wishes and aspirations that are seldom associated with emotions than to cognitive â€Å"state of mind† such as beliefs or ideas. Moral Realism on the other hand holds that moral statements were actually reports of factual actions or ideas that are always true or real or existing. ( Sayre-McCord 2005, 1) Non-cognitivist argues that moral statements have no truth conditions in such case that their predicate was merely moral utterances or sentiments that neither have truth or falsity. It does not tell anything about its subject that could prove its truthfulness. In a sense, moral sentiments are meaningless and remain to be mere expressions. They further argue that moral statements were emotive, prescriptive and motivational that cannot be classified as either true or false (Ayer 1936, 28-55) .Non-moral statements on the other hand can express beliefs and ideas that can be evaluated as either true or false (Blackburn 1984, 12-25). Thus the Non-Cognitivist holds that since moral claims are non-cognitive statements, they do not contain any descriptive sentence and are therefore not describing anything at all which means that they do not contain factual statements and are not asserting anything.(Railton 1986, 4-6) The Non-cognitivist believes that normative claims are not valid of any logic since they cannot be true or false. According to Ayer, as quoted in the Internet Encyclopedia of Philosophy, â€Å"ethical claims are comprised of pseudo concepts which merely convey commands or feelings and do not contain any meaning (Marturano 2006, 1). Ethical statements remains important or significant because it is being use to persuade other people most specifically the receiver to perform or act in a certain way. In such case, ethical claims can be debated or can cause several disagreements and agreements but it can never comprise a logical understanding or reach any rational conclusion because normative claims cannot express the truth value of the statement. Thus, logical laws or basic rules of logic are inapplicable to moral statements (Hooker 1996, 3-5). By being a non-cognitivist, a person can deal with more relevant questions concerning reality. For instance, instead of dealing with the question of truthfulness of the statement â€Å"abortion should not be permissible†, people would be more focused on assessing the claim with respect to its effect or to its general utility. If abortion is done what would be its effect, thus basing the judgment on the factual outcome and not on mere assumption. To make this point clearer, consider the statement â€Å"genocide is wrong†, since it does not express any truth value, its assessment or its continuation would depend on its result. Non-cognitivism, by removing the truth value of normative statements has ended the dispute regarding the reality of an objective moral code or morality. This paved the way for moral relativism which favors the variation of moral codes in the different parts of the worlds at different times. This results to more respect to different cultures and traditions across national and ethnic boundaries. By denoting that moral statements are merely expression of approval/disapproval or sentiments, the non-cognitivist have also succeed in emphasizing the reason why there have been different reactions among different people regarding a certain moral issue. The varying reason as to why and how people view things differently. It also shows that moral statements cannot be true or false, thus they cannot be use to persuade other people in doing this or that. Moral realism on the other hand purports that moral statements is either true or false. The moral claim, â€Å"abortion is wrong† is either true or false. If this will be the case, there would be fixed moral codes that should apply to everyone else or at least every rational person in the planet. Yet, the relativity and subjectivity of moral statements seems to contradict the moral realist position because in different countries there were differing view regarding this matter and this is something that is prevalent in the reality in which we lived in. People does not agree on the same moral issue, most often they would argue differently depending on their position, biases, outlook, experiences and so on. The reason why I agree that â€Å"abortion is wrong† would be very different from your or his or her reason. In moral realism, people would continue to argue and debate over claims fruitlessly. In the end they would come up with a conclusion that is not far from being the decision of the â€Å"majority†. If moral realism are right in asserting that moral statements expresses truth value, then what people, specially influential and powerful ones would do is to persuade other people into believing that their statement is the right and whatever that contradicts their statement and purpose are wrong. Moral realism maintains that there can be â€Å"objective moral values† which contradicts the Non-cognitivist claims. However, moral realist failed to account what constitute the objective moral facts (Shafer-Landau 2005). They argued that â€Å"death penalty is wrong† can be accounted as either true or false simply because they believed that it is the same as any cognitive statement such as â€Å"it is dark†. Moral realist cannot prove that â€Å"death penalty is wrong is in fact true† for it differs from people’s opinion, perspectives and desire. There is no factual evidence that could actually prove that it is true (Stevenson1944, 15). The reality of the existence of moral facts is inaccessible to scientific inquiry and cannot be observed directly through our senses without appeal to our emotions, sentiments or feelings. References: Ayer, A. J. 1936. Language, Truth and Logic. London: Gollancz Blackburn, S. 1984.   Spreading the Word. Oxford: Clarendon Hare R. M. 1997. Sorting Out Ethics. Oxford: O.U.P. Hooker, Brad. 1996. Truth In Ethics. Oxford. Kim, Shin. 2006. Moral Realism. The Internet Encyclopedia of Philosophy. Marturano, Anotonio. 2006. Non-Cognitivism in Ethics. The Internet Encyclopedia of Philosophy.   Railton, Peter. 1986. Moral Realism: The Philosophical Review. Vol. 95, No. 2 (Apr.,), pp. 163-207 Sayre-McCord, Geoff. 2005. Moral Realism. The Stanford Encyclopedia of Philosophy. Retrieved on September 20, 2007. Retrieved from the World Wide Web: http://plato.stanford.edu/entries/moral-cognitivism/   Shafer-Landau, Russ. June 15, 2005. Moral Realism: A Defense.   USA: Oxford University Press Stevenson, C.L. 1944. Ethics and Language. New Haven: Yale U.P How to cite Non-Cognitivists vs. Moral Realism, Essay examples