Reflection on Financial Statements Essay

Reflection on Financial Statements Essay IAS 1 requires that at the minimum, any business should prepare four types of financial statements. Balance sheets indicate what the entity owns and owes at that particular point in time. They include assets, shareholder’s equity and liabilities. Assets are the properties that the companies own that can be valued while liabilities are the amounts owed to others. Income statements are different in that they only indicate what the business entity has made and spent over a fixed period. Cash flow statements show the exchange or flow of cash between the business entity and the economy. The difference between an income statement and a cash flow statement is that the latter shows whether the company has generated cash while the former indicates whether it has made profits. The statement of shareholder’s equity shows the changes to the equity component of the balance sheet that includes shares, retained earnings and other forms of comprehensive income. Analyzing financial statements is an important part of decision making because finances and the valuation of profits and losses are the most important drivers in business. They are used to diagnose weak spots in the current strategy in an internal perspective, key in making decisions to mitigate against such losses. For external decision makers, reviewing the components of financial statements are important in ascertaining the situation at the company, the effects of the current decision-making strategies. Such analysis can only be relevant when relevant data is used and when such data is correct and timely. The decision-maker should then make the decision in time to reinforce the strengths and solve the weak spots. Decision makers who use financial statements assess the effects of certain activities to reveal the internal forces within the company. They look for ways of increasing the effectiveness of the activity and the productivity of the factors of production. Horizontal analysi s of financial statements is where the components are compared over a period. Vertical analysis, on the other hand, is whereas component is compared to another within the same accounting period. The Sarbanes-Oxley Act (2002) was enacted as a response to financial scandals at WorldCom and Enron that resulted in loss of investments from shareholders. It applies to all public companies in the US as well as their subsidiaries, all foreign companies that trade shares in US stock exchange. Under this law, the ultimate responsibility of ascertaining the financial statements is placed on the CEO and the CFO. In Section 404, the Act also requires that these executives have control over the finances of the company and should therefore have evaluated the effectiveness of the current systems, process and measures for financial control. The 11-Title Act addresses almost all aspects of financial reporting and control. It means that companies now have to ensure that any process that has a financial implication is correctly documented in real-time and accounted for. The standard data-entry system also means that an ethical and easy-to-understand financial practice is in place.

Christian Churches and Marriage Equality - 1304 Words

In America, marriage is generally regarded as a constant, never changing commitment that has stood firm throughout the ages. However, this image is perhaps more distorted than most realize. In reality, marriage has evolved through the years, mostly for the better, but occasionally it takes a turn for the worse. The first records we have of marriage are from the Bible. Sometime before 500 BC, Abraham was married his half-sister, Sarah. To gain riches and political power, he forced her to sleep with the Egyptian Pharaoh and King Abimelech. When Abraham later realized she was unable to have children, he married another woman, Sarah’s Egyptian slave, who bore his son Ishmael. From the earliest time, woman were treated as the property of their†¦show more content†¦Lippold.) These laws banning interracial marriage had been in place since 1850, but were about to be changed. The court ruled that two people of different races should not be kept from marrying, as marriage is a fundamental right, and should not have laws confining it based purely on race. In 1957, four out of five US citizens believed choosing to stay single was â€Å"sick, neurotic, or immoral.† Interracial marriage was still mostly socially unacceptable, but marriage was beginning to be the only option for young people. Although California had banned racially prejudice marriage, the rest of the country did not follow their lead until almost 20 years later, thanks to the Loving v. Virginia case. Richard and Mildred Loving, a European-American man and African-American woman, were arrested the night of their honeymoon. The charge was â€Å"violating the ban on marriage for interracial couples† (A Historical Look at Marriage.) Racial hygiene laws were still quite common in Virginia, along with 15 other states. By 1976 however, the Supreme Court had ruled these laws unconstitutional, according to the 14th Amendment, which says that no AmericanShow MoreRelatedThe Issue Of Marriage Equality1393 Words   |  6 Pages Marriage Equality Sydney Sedlack The University of Akron 30 March 2015 â€Æ' Abstract This paper examines the rising issue of marriage equality and LGBT rights and the myriad of differing social stigmas of each. Covered more and more frequently by the mass media, equality for people of all sexual identities and orientations is rapidly becoming the most important human rights issue in the United States. This paper deduces a viewpoint on equality as a legal issue completely separate from religiousRead MoreWhat Makes One Kind Of Love Better Than Another?1002 Words   |  5 Pagesholding future events somewhere else. Republican lawmakers said repeatedly the outrage was unfounded and due mostly to misinterpretation. 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In Chicago, the family attended â€Å"a Mennonite church that was intentionally interracial† (Huffman). The church has both white and black pastors and a strongly diverse congregation. As mentioned before, early experiences with racial equality also colored Carolyn’s thoughts on gender equality. Though heavily exposed to issues of racial equality at that age, gender equality was still far off. â€Å"We grew up with the ideaRead MoreTyler Dudley. Ms. Elliott. Ap English/2P. 24 January 2017.1481 Words   |  6 PagesTyler Dudley Ms. Elliott AP English/2p 24 January 2017 Same Sex Marriage Research Paper There are many different topics in the world that split people’s opinions. Some stronger than others. These views and opinions are often swayed by one’s political views, and one of the biggest topics that sparks controversy are the rights of all people. Some of the bigger groups are Black Lives Matter and feminists. 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Cultural Considerations in Moral and Ethical Reasoning Free Essays

Cultural considerations in moral and ethical reasoning The sound development of moral reasoning and ethics is an integral part of the growth and maturation of a healthy and productive human being. Without morals and ethics, a person cannot exist within society’s boundaries and would be doomed to be forever barred from its hallowed walls for as long as that person did not conform to the societal norms of having the ability to morally reason and implement a set of ethics. But morals and ethics, as necessary as they are, are relative and not absolute (Brink, 1989). We will write a custom essay sample on Cultural Considerations in Moral and Ethical Reasoning or any similar topic only for you Order Now This means that what a particular society constitutes as moral behavior is actually very much like beauty and in the eye of the beholder. The society in which an individual grows up in and is a member of dictates the type of societal rules that must be accepted as part of the price of membership. However, it does not take into account the various cultural differences that must affect which ethics and morals are adhered to in a particular place. Ethics are generally defined as the principles of morally acceptable conduct of individuals, and a person’s belief about right and wrong behaviors (Cosmides amp; Tooby, 2004). It is evident however, that the difference in cultures around the world make it quite clear that moral reasoning and ethics are directly influenced by the cultures in which they are developed (Boyd amp; Richerson, 2005). Behavior that is unacceptable in the U. S. is perfectly acceptable elsewhere in the world. For example, polygamy is accepted in most African societies, and even encouraged, but in the U. S. it is not only considered morally reprehensible, but also criminal. Homosexuality is accepted and even celebrated in the U. S. et woe betides the person trying to engage in this behavior in the Middle East, where it is considered a moral abomination (Haidt amp; Hersh, 2001). It is clear that there is no universal standard for moral reasoning not with culture, religion, and even environment playing roles in how it will occur (Wright, 1994). Therefore, it is of utmost importance to teach developing humans how to evaluate critically their own views on morality and that of others in order to preserve a balance in their world view no matter where they are. They must be taught an openness that allows for them to discuss omfortably moral matters with many types of people in order to gain a clearer picture of the world. By honing reasoning skills one can better evaluate ethical and moral statements or judgments (Gigerenzer amp; Goldstein, 1996) and this will help to describe the negatives and the positives of a situation and ultimately take us a step closer to understanding our world and the various subsets of which it is made up of. References Boyd R. , amp; Richerson, P. J. (2005). The origin and evolution of cultures. New York: Oxford University Press. Brink, D. (1989). Moral realism and the foundations of ethics. Cambridge: Cambridge University Press. Cosmides, L. , amp; Tooby, J. (2000). Knowing thyself: The evolutionary psychology of moral reasoning and moral sentiments. Unpublished manuscript. Gigerenzer, G. (2004). Fast and frugal heuristics: The tools of bounded rationality. In D. Koehler amp; N. Harvey (Eds), Handbook of judgment and decision making (pp. 62-68). Oxford: Blackwell. Haidt, J. , amp;Joseph, C. (2004). Sexual morality: The cultures and reasons of liberals and conservatives. Journal of Applied Social Psychology, 31 191-221. Wright, R. (1994). The moral animal: Why we are the way we are. New York: Pantheon. How to cite Cultural Considerations in Moral and Ethical Reasoning, Papers

Geographic Features of A Region Has Important Effects on Development Essay Example For Students

Geographic Features of A Region Has Important Effects on Development Essay Geographic Features of A Region Has Important Effects on DevelopmentThe geographic features of a nation or region have an important effecton the development of that nation or region. This effect is apparent in many incases such geographic features as Japan being a group of islands or archipelagoand the rain forest in Latin America. This essay will describe the effects ofthese features on there nation. Japan is a group of islands called an archipelago. This influences thedevelopment of Japan because it limits the size of their usable land and sincemuch of the land is mountainous it leaves even less usable land. The areaswhich are usable are heavily populated. Also another effect of the lack of landis limited farming. This leads Japan to one of there most plentiful resources,the ocean. Most of the Japanese nutrition is from fish and other sea foods. Since there is so much water it effects the temperature. There are no very coldwinter or very warm summers. The ocean supplies for plenty of rain whichlengthens the growing season. Another instance of a geographic features effect on a nation is theeffect of the rain forest on Latin America. There is an abundant amount ofrain in the rain forest (hence the name). The constant rain dissolves andwashes away many of the nutrients in the soil. There are pools of water layingall around which supply disease laying insects with a place to lay there eggsand spread disease throughout the nation. The large amount of moisture causesmold on clothing and other possessions. The above paragraphs show clear reasons how geographic features effectthere region and that there are many good and bad effects of these features.