Brutus A Noble Roman Essay Research Paper free essay sample

Brutus, A Noble Roman Essay, Research Paper Brutus, a Baronial Roman In the drama, Julius Caesar, Antony admired many qualities about Brutus. Antonyhad referred to Brutus as the noblest Roman, but this did non intend Brutus was perfectbecause he was non. Brutus had illustrated that he is a honest, caring and a determinedman. Brutus had proved that he was an honorable adult male. During his funeral oration forCaesar, he was honest with his words, he spoke truthfully to the crowd about why he hadkilled Caesar and said it was for the good of Rome. Antony genuinely admired Brutus. Antonyand Octavius were traveling to give him proper entombment out of regard, this proves that if Brutus enemies were traveling to give him a entombment, so that would intend that Antony truly admiredBrutus for his good qualities. Many people respected and looked up to Brutus beforeAntony spoke at Caesar s funeral. For illustration, when Brutus spoke the citizens had been onBrutus side and were against Antony. We will write a custom essay sample on Brutus A Noble Roman Essay Research Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A citizen had said, We ll conveying him to his housewith cries and clamors ( 3.2.55 ) . Even though Brutus might non hold done the best thingfor Rome by killing Caesar, he was still a baronial and a honorable Roman. Brutus was a baronial and caring individual and in Antony s words you could state, Thiswas a adult male ( 5.5.75 ) . Brutus had genuinely believed that it was in Rome s best involvement thatCaesar were to be killed. Brutus determination for fall ining the confederacy or non was non takenlightly. even though Brutus was tired, he was still doing up his head about fall ining theconspiracy after his eventides interview with Cassius and the other plotters. WhenBrutus had found the several anon. letters ( truly from Cassius ) he truly thought thatthey were from the citizens of Rome and Thursday at they did non desire Caesar to be crowned King. His logical thinking was that Caesar was non to be killed for what he had done but for what he maydo in the hereafter. Brutus had all four elements, and they were all every bit assorted up in him, ( 5.5.73 ) . Brutus did non hold excessively much pride or enviousness, he had merely the right sum of each. Brutus did non state his married woman Portia about the confederacy because he knew she would be hurtand would non understand. If Brutus enemies could state sort words about him it must havetruly meant that he was a great adult male. Brutus was a really determined adult male. He was like the Master Mind of the wholeconspiracy. All the other plotters looked up to Brutus and listened to him with greatrespect. Anything Brutus told the plotters to make they did it with out so much as aquestion asked. His great finding to kill Caesar came from the fact that he thought theidea of Caesar being King would finally destruct Rome wholly. Brutus was notafraid to decease if he lost the conflict t o Antony and his ground forces. Near the terminal of the drama withCassius dead, Brutus knew that there was no opportunity that his side could come out victoriousin the conflict for the control of Rome. He did non desire to give his enemies the satisfaction ofletting them parade him through the streets of Rome and acquire tortured so he killed himself. Brutus fought to the terminal and to him the whole ordeal was deserving it because he was fightingfor Rome and died contending for it. Therefore, in this drama, as proven it is obvious that Brutus was non perfect because ofhis actions in killinq Caesar. Brutus had proven that he was honest, baronial and determined.. What mattered to him is that he fought for what he believed in and that was for the honor ofRome.

Tootsie essays

Tootsie essays Interpersonal communication is the communication that occurs simultaneously with another person in an attempt to mutually influence one another, usually for the purpose of managing relationships. Dustin Hoffman encountered and altered his interpersonal communication skills while playing the character of Michael Dorsey in the film Tootsie. Tootsie examines a gender bending, cross-dressing male in the mid 1980s. This movie was a script for its time as well as the future as its ideas on relationships between men and women still hold in todays society. Tootsie stars Dustin Hoffman as a talented but troublesome actor, unemployable due to his reputation. Out of desperation, he dresses up as "Dorothy" to win a role as a woman on a daytime soap. He continues his charade of the sexes for a full year. Michael faces many interpersonal relationships throughout the film between himself as a male along with what it means and feels like to be a woman. Michael faced stages of relationship building as a male and as a woman, in some cases with the same person. Michael was turning a friendship into more of an intimate relationship with a fellow actor (Teri Garr). Michael reached the intimacy stage with his new love however, as Dorothy, Garr despised him/her. Garr watched Dorothy enter Michaels apartment leaving Garr with a hostile and uneasy feeling on Dorothys intentions with her new man. In a chance encounter, I believe Garr and Dorothy would reach the turmoil stage quickly. Garr was able to hold two very different relationships with both characters. Michael and Dorothy conformed unknowingly to societies views of the loving man and the man stealing woman in turn changing Garrs reaction to each. Dorothys nonverbal and verbal communication changed dramatically from her original form as Michael. Dorothy used her small, frail and grandma like appearance to her advantage to create ...

Policymaking in US Government Essay Example | Topics and Well Written Essays - 1250 words

Policymaking in US Government - Essay Example Stephan, Citizen Democracy: Political Activists in a Cynical Age ) The agenda setting relates to whether showing disrespect to a national symbol is a criminal act or is an act envisaging free expression. As a national policy, National Flags are sacred symbols to be respected by all citizens both in word and spirit. Apparently, Gregory Lee ( Joey ) Johnson thought otherwise and utilized this form of expression to express his criticism for the American Administration. He was charged with 3 others for conspiring in, if not burning, the flag, and was sentenced to I year in jail and fine of $2000 by a jury in Dallas Country Criminal Court. Upon his appeal, the Texas Court of Appeals in Dallas rejected his plea that flag burning was an expression guaranteed by the US Constituition. However, the Texas Court of Criminal Appeals held that the Texas Venerated Objects Laws had been utilized in order to stifle Johnson’s right to free expression. This set off a trail of similar bizarre incidents and in one case, the school of the Art Institute of Chicago invited guests to step on the flag to sign the Guest Book. This triggered off severe indictment and legislation in which the Chicago City Council banned placing flags in the floor. The Texas vs. Johnson case became a landmark one when the Supreme Court exonerated him of charges of desecration of the flag, adjudicating that it was a symbol of public protest and an Act of free Expression. Views regarding the question of Flag protection are divided among the Liberal and the Conservatives. While the Conservatives favor its protection the liberals think otherwise. The Flag Protection Amendment was sent several times for approval, but despite support, it failed to achieve the necessary supermajority for its enactment. In a free country, people have the right to do acts or say things, which are disagreeable to the majority of people, but it is a right Guaranteed to them by the

A Report on Reasons why Governments Prefer Financial Systems featuring Essay

A Report on Reasons why Governments Prefer Financial Systems featuring Fixed - Essay Example On the other hand, a floating rate of exchange is the one that is moving and received currency depends on exchange time.To maintain their local exchange rate, central banks of European Union members bought and sold their own currency in foreign exchange markets, and in return, they acquired their pegged currency. For example, if the value of a single local unit currency is US$4, the central bank ensures that those dollars can be supplied in market by the country. High foreign reserve levels are required so as to maintain the rates (Eichengreen & Ricardo, 1999). High foreign reserve levels also ensure that there is good money supply thus preventing inflation/ deflation. An exchange rate refers to the rate at which one currency is exchanged for another. Therefore, it is the value of a country’s currency in terms of another. From 1870 to 1914, the global exchange rate was fixed. During that time, currency was likened to gold, implying that a local currency’s value was set at a fixed exchange rate that was determined in terms of gold ounces, that is, the gold standard (Eichengreen & Ricardo, 1999). This allowed free capital mobility and global stability in trade and currencies. The gold standard was abandoned when World War II started, but the end of the Second World War, the Breton Woods conference sought for efforts to stabilize the global economy and increasing global trade by establishing basic regulations and rules that governed international exchange. This led to the establishment of International Monetary Fund (IMF) for foreign trade promotion and monetary stability maintenance of countries and hence of the global economy. It was agreed that the exchange rate would be fixed, in terms of the US dollars, which was then pegged to gold (US$35 per ounce) (Obstfeld & Kenneth, 1995). This means that a currency’s value was directly converted in terms of its value to the US dollar. For example, to buy a euro, the Euros had to be converted into US dollars, and then into gold value. This peg was maintained till 1971, US dollar could not hold the pegged rate value of US$ 35per gold ounce. Since then, many governments adopted the floating rate system and attempts of returning to gold like a peg together with a global peg were completely abandoned. Why Governments Prefer Fixed/ Pegged Exchange Rates Governments prefer fixed exchange rates because they ensure economic stability, especially in current developing nations, where a country can decide to fix its currency in order to stabilize the atmosphere thus ensuring foreign investment. This is because a peg gives the investors their investment value, thus relieving them from fluctuation worries unlike under a float (Calvo, 2002). A pegged currency also helps in lowering inflation rates and generating demand, which further increases a currency’s stability confidence. However, fixed regimes can cause serious financial crises because it is hard to maintain a peg in the long r un. This was experienced in 1995 in Mexico, 1997 in Asia and Russia. Therefore, the governments could not meet the demands of a high value for their currencies to the peg resulting into overvaluing of their currencies. With panic and speculations, investors quickly removed their money out of these countries, and convert it to foreign currencies before the local currency was devalued against the peg. Eventually, foreign currencies became depleted. In Mexico, the government devalued the peso by 29.98%. Eventually, in Thailand, the government eventually allowed floating of

Alcoholic Beverage Essay Example for Free

Alcoholic Beverage Essay Alcohol is drinkable ethanol according to http://mentorfoundation. org/drugs . php? id=2. It is powerful and addictive this liquid is taken orally and often consumed in abundant quantities. Surveys say that adolescents and young adults are likely to drink. There are three basic types of alcoholic drinks are: Beer, Wine, Spirit. Their difference is what each is made of and percentage of alcohol content. Beer is made from fermented grains and has 3 to 6 percent of alcohol content while is made from fermented fruits and have alcohol content of 11 to 14 percent. Spirits are made from fermented distilling products. It usually contains 40-50 percent of alcohol. American Council Education says 12 ounce glass of beer, 5 ounces of wine and 1. 5 ounce shots of spirits contains the same amount of alcohol. Beer, wine and spirit have the same potential for intoxication and addiction. When a person consumes alcohol the drug acts on nerve cells deep in the brain. These are the well known signs that a person is drunk: the smell of alcohol on breath, irritability, loss of physical coordination, violent behaviour, loss of balance, incoherent speech, loss of consciousness, slowed thinking, blackouts, and Euphoria, an extreme happiness. According to the American Psychiatric Association, (1994) that alcohol use is continued despite knowledge of having a persistent or recurrent physical or psychological problem that is likely to have been caused or exacerbated by alcohol. Frequent binge drinking or getting severely drunk more than twice is classed as alcohol misuse. According to research done through international surveys, the heaviest drinkers happen to be the United Kingdoms adolescent generation. Alcohol abuse affects about 10% of women and 20% of men in the United States, most beginning by their mid-teens. In Antipolo City, Philippines, many teenagers are now facing the problems of being addicted to alcoholic beverages. One major cause is depression and family problems. Teenagers who are facing this kind of problem suffer in terms of heath like disorders in their eating habits. Other illnesses and diseases which they may have are liver cancer, migraines, and various sicknesses associated with their physiques. Where an alcoholic has experienced a sense of withdrawal in the same time period. According to http://www. sciencedaily. com/articles /a/alcoholism. htm alcoholism is the consumption of preoccupation with alcoholic beverage to the extent that this behaviour interferes. The chronic alcohol caused by alcoholism can result in psychological or physiological disorder. It is also called world’s mostly drug use problems. Alcoholism is often progressive diseases says Ehrlich (2011). A person who is alcoholic typically craves for alcohol and drink and increases his tolerance for alcohol stated by Stoppler (2011) For this reason according to Langham (2010) they are causes of teen alcoholism depend on genetics and life experienced. Teens begin drinking before the age 15 according to Butler (2006) are more likely to develop a dependency on alcohol than those who begin drinking 21 years old. According to Langham (2010) following reason of alcoholism in teens is: Genetics or Family History, meaning a teenager comes from families who its family members are addictive in alcoholism because some teenagers experienced frequent in sexual, physical, mental, or emotional abuse in home but also in school. Another basis of alcoholism in teens is peer pressure, teens experience this kind of reason when a teenager feels that she or he is not accepted because there is something wrong to his or her personality or maybe he or she becomes alcoholic because of friends. Lack of parental support is one of the sources, teenager who regularly experiences this kind of trait is a person who regularly experience harsh discipline, criticism, hostility and rejection of his or her parents and the foremost reason of alcoholism in teens is depression, a teenager convince himself or herself that alcohol will take away his or her sadness and make her feel better stated by Boyles (2012). If its so, this causes may lead to some teenagers in different dangerous effect like: decreasing of paying attention, difficulties in memory, drunk driving, suicide attempt, engaged in sexual activity , poor hygiene, breaking curfews, Hiding in their room, becoming verbally or physically abusive toward others according to Palmera (2009)To understand teenagers. Parekh (2009) says that parents seek for understanding; they must always use the open communication for teens. To care by letting them be who they are, gaining the trust of the adolescent. CHAPTER II. REVIEW OF RELATED LITERATURE AND STUDIES The numerous studies and articles on Alcohol is ethanol, or ethyl alcohol. It is a powerful, addictive, central nervous system depressant produced by the action of yeast cells on carbohydrates in fruits and grains. A liquid that is taken orally, alcohol is often consumed in copious quantities. American Psychiatric Association, (1994) that alcohol use is continued despite knowledge of having a persistent or recurrent physical or psychological problem that is likely to have been caused or exacerbated by alcohol. Surveys of adolescent and young adult drinkers indicate that they are particularly likely to drink heavily with the intention of getting drunk often every time they drink according to http://mentorfoundation . org/drugs. php? id=2. Alcoholism is the consumption of or preoccupation with alcoholic beverages to the extent that this behaviour interferes with the alcoholics normal personal, family, social, or work life by http://www. sciencedaily. com /articles /a/alcoholism. htm. Alcoholism is also is a chronic, often progressive disease. A person with alcoholism typically craves alcohol by Ehrlich (2011), and for Langham (2010) Alcoholism is a chronic disease in which someone becomes dependent on alcohol. The following section will present succinct points which are tediously discussed in the following order: Causes, and Effects. Causes Many teens have fallen victim to the ingestion and accommodation of alcoholic drinks which they have been able to acquire, sadly, from local sources. These are the common causes which encourage or lead a teen into alcoholic addiction and dependence: Abuse. Teen Suicide Prevention states that a teenager who experiences frequent sexual, physical, mental or emotional abuse at home is more likely to form an alcohol dependency than a teenager who comes from a stable, loving and non-abusive home. Abused teenagers may use alcohol as a way to dull or block out their pain and forget reality for a short time. Peer Pressure. During adolescence, teenagers usually feel increased pressure to be accepted by their peers and to make friends, according to the website Teen Drug Abuse. A teenager may feel that she is not accepted because there is something wrong with her personality. She may associate alcohol dependency with loosening up and fitting in with her peers. In addition, a teenager may become an alcoholic because her friends are alcoholics. If a teenager spends a lot of time with other teens who abuse alcohol, then it is likely that she will also abuse alcohol as a way to fit in. Depression. Teens who are depressed are more likely to become alcoholics than teens who are not depressed. Alcohol acts as a depressant that affects the central nervous system and increases depression in some teens, according to Depression-Guide. com. A teenager may convince herself that the alcohol will take away her sadness and make her feel better, but after the alcohol wears off she may feel worse than she did before she began drinking. Lack of Parental Support. During adolescence, a lack of parental support, guidance or communication can cause a teenager to become dependent on alcohol, according to Focus Adolescent Services located in Salisbury, Maryland. Teenagers who regularly experience harsh discipline, criticism, hostility or rejection from their parents tend to feel abandoned, causing them to turn to alcohol as a way to dull the pain. (Langham, 2010) Effects Butler (2006) stated that teenagers have been drinking alcohol in early 15 in age. There several warning signs indicating that your teen is abusing alcohol or other drugs: Changes in appetite or sleep patterns. This could be characterized by a marked increase or decrease in either or both. For example, individuals abusing amphetamines may show a diminished need for sleep and food. Those abusing marijuana may sleep more and have an increased appetite. These effects may vary depending upon the drug being abused. If you are interested in the effects of specific drug use, you may want to conduct some online research or call your local drug and alcohol commission or mental health clinic for more specific information. Deterioration of physical appearance. Typical teenagers are very concerned about the way they look to peers and friends and may be very specific about clothing, makeup, and overall hygiene. Individuals abusing substances often start to focus less on their physical appearance as their substance use increases. Withdrawal from social or important activities. You may notice your teen stops showing interest in things he or she once found pleasurable. For example, they may start missing school or participate less in sporting events or other social activities. They may also stop attending family functions or gatherings such as church because their drug use has become more important, or they may be embarrassed and try to hide their use from others. Unexplained need for money or secretive about spending habits. Individuals abusing drugs may begin asking for money without a clear reason. Generally an abuser will not ask for very large amounts, but rather small amounts over periods of time. They may also become more secretive about spending habits. For example, he or she may claim to need more for something than they actually need and pocket the extra money. Sudden change in friends or locations. The abuser’s friends or hangout spots may change. For example, a teen may start hanging out with a different crowd of friends. You may notice where they hang out may change as well. They may suddenly think their old friends are no longer â€Å"cool. † They also may start to break curfew or lie about where they are hanging out. Increased interpersonal or legal problems. Individuals abusing substances may start having more interpersonal problems, i. e. , increased arguments with parents, friends, or other authority figures. They may begin to get in legal trouble for shoplifting or other crimes and cited for possession or underage drinking. Change in personality or attitude. This one can be a little tricky. Given the raging hormones of teenagers, personality and attitudes can change regularly. In someone abusing substances, this will look a little different. The mood swings would be unlike typical teenage attitudes. Depending on the substance being abused, you may begin to notice marked hyperactivity or extreme happiness followed by a â€Å"crash† where the mood becomes just the opposite. The individual may appear very lethargic or more irritable than usual. Thinking and behaviours may become irrational and unpredictable. Neglecting responsibilities. If your teen is normally very responsible and there is a change in that behaviour, this may be a sign. Substance abuse often begins to take precedence over other things that were once deemed important. As a result, responsibilities are often neglected and the teen becomes more and more irresponsible over time. Using despite knowing it is dangerous. Most teens are very aware of the negative effects and possible consequences of substance use. If your teen is using despite this knowledge, this is a sign of abuse. To help teenager who are involve in alcohol according to Parekh (2009) parent must give teenagers a open communication between parent and child. Trust to adolescent trust to adolescent and caring, respecting and allow them to be who they are. And to be a responsible people in the society. Reference American Psychiatric Association (1994) Diagnostic and statistical manual of mental disorders. 4th ed. Washington, D. C:182–3. Boyles S. (2012) Why is Alcohol is Addictive? Retrieved from: http://www. webmd. com/mental-health/alcohol-abuse/news/20120111/study-sheds-more-light-on-why-some-get-alcoholism Butler K. (2006) The Grim Neurology of Teenage Drinking. Retrieved from: http://www. nytimes. com/2006/07/04/health/04teen. html? pagewanted=all_r=0 Ehrlich S. (2011) Alcoholism Retrieved from: http://www. umm. edu/altmed/articles/ alcoholism-000002. htm#ixzz1WJ62XF7v Langham R. (2010) What Causes Alcoholism In Teens? Retrieved from: http://www. livestrong. com/article/146676-what-are-the-causes-of-teenage-alcoholism/ National Institute on Drug Abuse (2012) Alcohol. Retrieved from: http://mentorfoundation. org/drugs. php? id=2 Palmera (2009) The Effects of Alcohol Abuse on Teens. Retrieved from: http:casa palmera. com /the effects –of –alcohol –abuse – on –teens Parekh R. (2009) Understanding Alcohol Abuse in Adolescents. Retrieved from: search=onewordhighlight=ajaxSearch_highlight+ajaxSearch_highlight1+ajaxSearch_highlight2 Stoppler M. (2011) What is Alcoholism? Retrieved from: http://www. medicinenet. com/alcohol_and_teens/page2. htm#what_is_alcoholism White D. (2012) Symptoms of Teen Substance Abuse. Retrieved from: http://psychcentral. com/lib/2012/symptoms-of-teen-substance-abuse/.

Abraham Lincoln And Slavery Essay -- Slavery Essays

Abraham Lincoln and Slavery What did Abraham Lincoln do and think regarding slavery during the Civil War? In Abraham's First Inaugural Address he states "I do but quote from one of those speeches when I declare that I have no purpose, directly or indirectly, to interfere with the institution of slavery in the States where it exists. I believe I have no lawful right to do so, and I have no inclination to do so."" (Pg 53-54) Lincoln did not want the South to be afraid of his Republican Presidency either. That was why he made these statements at his Inauguration about slavery. Lincoln also talks about leaving the returning of fugitive slave clause alone, and keeping it in the Constitution. He feels he should still abide by the clause because to Lincoln the intention of the lawgiver was the law. This clause was debated whether it was to be enforced by either national or state authority. " If the slave is to be surrendered, it can be of but little consequence to him, or to others, by which a uthority is done." (Pg 55) Lincoln during his inauguration also talks of how Congress may prohibit slavery in the territories, and must Congress protect slavery in the territories? Lincoln says the Constitution does not say therefore it will not happen. Lincoln was a follower of the Constitution and did not plan on changing clauses. He abided by the fugitive slave clause and the suppression of the foreign s...

Nature and scope of accounting Essay

As an introduction to the course in accounting, it may be useful to define the following terms : – Accounts : These are the financial records in the organization. Every business transaction, or accounting entity, may be represented in an account by itself, e.g. wages, telephone expense, motor vehicle, Cash at bank, Investment – Book-keeping : This is the recording of the financial transactions of a business in a systematic manner, so that relevant financial data may be extracted when needed. – Accounting : This is a more comprehensive step than book-keeping. It involves the classifying, recording, compiling, reporting and interpreting the financial activities in the organization. This allows the users of the information to make informed judgement, planning and decision regarding the organization. – Accountancy : This is the procedure or the system that must be followed when recording, reporting, and interpreting the financial activities of the organization. It involves the set of principles or rules that must be observed in order to achieve an objective view of the accounting results. Accounting in the fullest sense, is therefore the interactive and integrated process of reviewing, forecasting, planning, recording, classifying, reporting , and interpreting the financial activities in the organization. This allows the custodians to make informed judgments and decisions pertaining to the performance and financial position of the organization. It also facilitate those who may have a vested interest in the business to assess their relationship and expectations from the operations. To this end accounting information should be – Relevant : to the users so as to influence their ability to make informed decision – Reliable : free from material error and bias, giving a truthful representation of the firm – Comparable: presented in a consistent manner so at to allow for reasonable comparisons – Understandable : uncomplicated, structured, and clearly presented. – Timely : provided when needed, or on time as required by law – Unqualified : not subjected to unnecessary modifications or restrictions USES OF ACCOUNTING INFORMATION The accounting system in the organization generates a wealth of financial data that may be utilized by several interest groups. These include : – Management : Those who are entrusted with the day to day operations of the business must not only make informed decisions, but also set operating standards and then review the results. In order to do this, they must use the accounting system as their base. – Owners : The accounting system enables those who have an invested interest in the business to make an overview of the performance, as well to determine the results of their investment. – Investors : Others who have contributed to the business, either by way of financial assistance, supply of goods, or any other form of involvement, need to analyse the levels of profitability and risk involved in the business – Government : Assessment of the business operations by the government may be done for tax purposes, or to determine national income, or other statistical calculation. – Trade Union : Collective bargaining on the behalf of employees by the trade union can only be done beneficially if the union has a clear understanding of the financial position of the firm. DIVISIONS OF ACCOUNTING In order to satisfy the users of the accounting information, the accounting process may be sub-divided into broad categories : – Cost and Management Accounting : This aspect of accounting is concerned with the supply of information to the internal users, i,e, to the managers and the decision makers. It includes such activities as product costing, budgeting, systems operations, and accounting methods. This allow the users to formulate plans, set policies, make decisions, and control the operations in the organization. – Financial Accounting : This is the maintenance of the accounting records in a methodical manner and the preparation of summarized statements regarding the results of the business. This is of use primarily to parties external to the business, and gives an indication of the level of profitability and financial position of the business. – Special Reports : Some business operations may be financed or regulated by a parent organization. These operations must prepare and submit progressive reports to the regulatory body, indicating any factor that may have impacted on the results of its operations. These regulatory bodies included development banks, cooperative societies, venture capital assistance organizations, industry related organizations, and government agencies – Annual Return : Most firms must submit various types of tax or other statutory returns. These include NIS, NHT, HEART Fund, Income tax, Sales Tax ( GCT), Property Tax. Compliance to these is mandatory, although it is usually a complex procedure. Some organizations may engage the services of an attorney who specializes in business law or taxation. USES OF ACCOUNTING DATA Management Cost & Management Accounting Regulatory Bodies Statutory Agencies The Special Reports Accounting Annual Returns Process Financial Accounting (Certified By Public Accounting Auditor) Govt Trade Union Shareholders Investors Creditors General Public There are several areas of difference between financial and management accounting. Among these are: AREASFINANCIALMANAGEMENT Main UsersExternal parties, e.g. investors Creditors, trade union, gov’tInternal parties, e.g. managers, owners Time OrientationReview of the pastForecast of the future AccessAvailable to any partyAvailable to insiders only Restrictions Presentation FormatsStandard financial StatementsWhatever format most suitable View of the Organization Condensed view of the organization as a Detailed view of segments or activities whole RegulatoryRegulated by ruling of bodiesNo significant regulatory Restrictionssuch as IFRS, ICAJ, as well asRestrictions the Companies Act PurposeInformation disclosureDecision making and control CONCEPTS OF ACCOUNTING Certain fundamental concepts provide a rule or framework for the recording and reporting of business transactions. These may also be termed as principles, assumptions, or standards. Among them are : The Accounting or Business Entity Concept: Each business enterprise should be regarded as a separate and distinct unit from the other economic or personal affairs of the owners. Thus the information compiled by the business unit should only relate to the activities of that enterprise. The Historical Cost Concept: Resources should be maintained in their accounts at their original cost, not at the periodically revised or market value. Adjustments to the cost, e.g. depreciation, should therefore be shown in a separate account. The accumulative effect of these accounts may be determined when the balance sheet is being prepared. The Going Concern Concept: It is assumed that the business unit will continue for a lasting period during which time it will be able to fulfil its objectives. Thus, interim liquidated values are not shown when preparing the balance sheet. This assumption would not apply if the firm’s continued existence can not be established by fact, e.g. If faced with a legal injunction, anticipating liquidation, on the expiration of a contract, or in the event of a buyout or takeover. The Money Measurement Concept: Accounting transactions and the summary of their results can only be measured in monetary units. Thus, those activities or situations that are not measurable in a monetary sense would not be reflected in the accounts. These include the firm’s industrial relations, management styles, or industry position. The net value of these situations, however, may be classified as goodwill when the firm is being re- valued, or being sold as a going concern. The Accrual Concept: Revenue and expenses must be accounted for during the period when they occurred, and not necessarily when they were honoured. Thus, income is calculated from revenue and expenses incurred, not from those actually paid for. The Dual Aspects Concept: There are two aspects to every accounting transaction, one shows the gains realised and the other represents the claims that may be made against these gains. From this concept comes the double entry principle, i.e. for every debit (Dr) entry there must be a corresponding credit (Cr) entry. The Realisation Concept : Income is regarded as being earned at the point when the legal property, or the claim, in goods has passed from the seller to the buyer. This may be different from the point when the order was received, the delivery was made, or payment completed. This, however, is determined by the terms of contract. The Materiality Concept: On-going accounts are only maintained for those items or activities that by themselves will make a significant impact on the business. These are called assets or liabilities. Immaterial or complementary items or activities are written off as expense or revenue at the end of each accounting period. The Prudence Concept: Accounting systems should allow for the reporting of the minimum value of income. Thus, total expenses include non-cash items such as depreciation, bad debts, and other provisions. The Substance Over Form Concept: The benefits from, or material substance of a resource should take precedence over the legal form of ownership. Thus, the firm may be in possession of an asset that is being used in the business but which has not yet being paid for. For example, an equipment may have been bought on hire purchase or acquired by way of a lease, and as such the asset does not legally belong to the firm until it is paid for. However, the material substance of the equipment must be shown in the books, and this takes precedence over the legal form in it. The Time Interval or Periodicity Concept: The firm should prepare a set of final accounts in order to take a reading of its performance and financial standing from time to time. This is required although the business is regarded as a going concern. This periodic reading of the business allows management to exercise informed assessment and control over the affairs of the business. The Full-Disclosure Concept: Although the financial statements are concerned with the last accounting period, it should also take into consideration any future events that may have an impact on the firm’s financial position. Thus a disclosure should be made for eventualities such as a pending lawsuit, on-going negotiations for sales, disposal, acquisition or take-over, or changes in the accounting methods being used. These disclosures are usually listed as explanatory footnotes. The Objectivity Concept: The accounting transactions recorded in the firm’s books should be supported by objective evidence or by a basis of origin in fact. This includes such documentation as sales invoices, payment vouchers, cash receipts etc. Thus there should be a basis by which the transactions can be verified. This is usually required whenever an audit is being done. The Consistency Concept: The methods that are used in the recoding and reporting of accounting transactions should be unchanged over the course of the business, unless it is governed by some new rule or mode of operations. Changes result in a distortion of profit, thus objective comparison or analysis would not be allowed.