Benjamin O. Davis - Tuskegee Airmen - World War II

Benjamin O. Davis - Tuskegee Airmen - World War II Benjamin O. Davis, Jr. (conceived December 18,â 1912â at Washington, DC) earned notoriety as the pioneer of the Tuskegee Airmen during World War II. He had an embellished thirty-eight-year vocation before he resigned from well-trained. He kicked the bucket on July 4, 2002, and was covered at Arlington National Cemetery with much differentiation. Early Years Benjamin O. Davis, Jr. was the child of Benjamin O. Davis, Sr. furthermore, his significant other Elnora. A profession US Army official, the senior Davis later turned into the administrations first African-American general in 1941. Losing his mom at age four, the more youthful Davis was raised on different military posts and looked as his dads profession was hampered by the US Armys segregationist strategies. In 1926, Davis had his first involvement in flight when he had the option to fly with a pilot from Bolling Field. After quickly going to the University of Chicago, he chose for seek after a military profession with the expectation of figuring out how to fly. Looking for admission to West Point, Davis got an arrangement from Congressmen Oscar DePriest, the main African-American individual from the House of Representatives, in 1932. West Point In spite of the fact that Davis trusted that his cohorts would pass judgment on him on his character and execution instead of his race, he was immediately evaded by different cadets. With an end goal to constrain him from the institute, the cadets exposed him to the quiet treatment. Living and feasting alone, Davis suffered and graduated in 1936. Just the academys fourth African-American alumni, he positioned 35th in a class of 278. In spite of the fact that Davis had applied for admission to the Army Air Corps and had the imperative capabilities, he was denied as there were no all-dark flight units. Thus, he was presented on the all-dark 24th Infantry Regiment. Based at Fort Benning, he told a help organization until going to the Infantry School. Finishing the course, he got requests to move to Tuskegee Institute as a Reserve Officers Training Corps educator. Figuring out how to Fly As Tuskegee was a generally African-American school, the position permitted the US Army to appoint Davis some place where he was unable to order white soldiers. In 1941, with World War II seething abroad, President Franklin Roosevelt and Congress guided the War Department to shape an all-dark flying unit inside the Army Air Corps. Admitted to the primary instructional course at close by Tuskegee Army Air Field, Davis turned into the main African-American pilot to solo in an Army Air Corps airplane. Winning his wings on March 7, 1942, he was one of the initial five African-American officials to move on from the program. He would be trailed by about 1,000 more Tuskegee Airmen. 99th Pursuit Squadron Having been elevated to lieutenant colonel in May, Davis was provided order of the primary all-dark battle unit, the 99th Pursuit Squadron. Working up through the fall of 1942, the 99th was initially booked to give air resistance over Liberia however later was coordinated to the Mediterranean to help the battle in North Africa. Furnished with Curtiss P-40 Warhawks, Davis order started working from Tunis, Tunisia in June 1943 as a feature of the 33rd Fighter Group. Showing up, their tasks were hampered by segregationist and bigot activities with respect to 33rds administrator, Colonel William Momyer. Requested to a ground assault job, Davis drove his group on its first battle crucial June 2. This saw the 99th assault the island of Pantelleria in anticipation of the intrusion of Sicily. Driving the 99th through the mid year, Davis men performed well, however Momyer revealed in any case to the War Department and expressed that African-American pilots were second rate. As the US Army Air Forces were surveying the formation of extra all-dark units, US Army Chief of Staff General George C. Marshall requested the issue contemplated. Thus, Davis got requests to come back to Washington in September to affirm before the Advisory Committee on Negro Troop Policies. Conveying enthusiastic declaration, he effectively safeguarded the 99ths battle record and made ready for the arrangement of new units. Provided order of the new 332nd Fighter Group, Davis arranged the unit for administration abroad. 332nd Fighter Group Comprising of four every dark group, including the 99th, Davis new unit started working from Ramitelli, Italy in pre-summer 1944. Reliable with his new order, Davis was elevated to colonel on May 29. At first outfitted with Bell P-39 Airacobras, the 332nd changed to the Republic P-47 Thunderbolt in June. Driving from the front, Davis by and by drove the 332nd on a few events including during an escort crucial saw Consolidated B-24 Liberators strike Munich. Changing toward the North American P-51 Mustang in July, the 332nd started to win a notoriety for being extraordinary compared to other warrior units in the theater. Known as the Red Tails because of the particular markings on their airplane, Davis men ordered an amazing record through the finish of the war in Europe and exceeded expectations as aircraft accompanies. During his time in Europe, Davis flew sixty battle missions and won the Silver Star and Distinguished Flying Cross. After war On July 1, 1945, Davis got requests to assume responsibility for the 477th Composite Group. Comprising of the 99th Fighter Squadron and the all-dark 617th and 618th Bombardment Squadrons, Davis was entrusted with setting up the gathering for battle. Starting work, the war finished before the unit was prepared to convey. Staying with the unit after the war, Davis moved to the recently shaped US Air Force in 1947. Following President Harry S. Trumans official request, which integrated the US military in 1948, Davis helped in coordinating the US Air Force. The following summer, he went to the Air War College turning into the primary African-American to move on from an American war school. Subsequent to finishing his examinations in 1950, he filled in as head of the Air Defense Branch of Air Force activities. In 1953, with the Korean War seething, Davis got order of the 51st Fighter-Interceptor Wing. Situated in Suwon, South Korea, he flew the North American F-86 Saber. In 1954, he moved to Japan for administration with the Thirteenth Air Force (13 AF). Elevated to brigadier general that October, Davis became bad habit officer of 13 AF the next year. In this job, he supported in modifying the Nationalist Chinese aviation based armed forces on Taiwan. Requested to Europe in 1957, Davis got head of staff for the Twelfth Air Force at Ramstein Air Base in Germany. That December, he started administration as head of staff for activities, Headquarters US Air Forces in Europe. Elevated to significant general in 1959, Davis got back in 1961 and accepted the workplace of Director of Manpower and Organization. In April 1965, following quite a while of Pentagon administration, Davis was elevated to lieutenant general and relegated as head of staff for the United Nations Command and US Forces in Korea. After two years, he moved south to assume responsibility for the Thirteenth Air Force, which was then situated in the Philippines. Staying there for a year, Davis became representative president, US Strike Command in August 1968, and furthermore filled in as president, Middle-East, Southern Asia, and Africa. On February 1, 1970, Davis finished his thirty-eight-year vocation and resigned from well-trained. Later Life Tolerating a situation with the US Department of Transportation, Davis became Assistant Secretary of Transportation for Environment, Safety, and Consumer Affairs in 1971. Serving for a long time, he resigned in 1975. In 1998, President Bill Clinton elevated Davis to general in acknowledgment of his accomplishments. Experiencing Alzheimers illness, Davis kicked the bucket at Walter Reed Army Medical Center on July 4, 2002. After thirteen days, he was covered at Arlington National Cemetery as a red-followed P-51 Mustang flew overhead. Chosen Sources US Air Force: General Benjamin O. Davis, Jr.Aviation History: Benjamin DavisNational Park Service: Benjamin O. Davis

Personal Application of Criminology

Individual Application of Criminology cooperate in their gathering and along these lines he can't deny being a companion to the kid. He clarified that the kid is splendid in class and encourages him to enhance the things that he has not seen well from their instructor. Therefore, he chose to make him a school companion however he has nothing to do with him with regards to home exercises. Since I was not persuaded I went further and requested that my child mention to me what he think about his companion and in the event that they take an interest in similar exercises. I am not exceptionally secure with his way of life in light of the fact that most our exercises are school focused, he said. From this data, I comprehended my child was ignorant. This made me to think about the subsequent choice of examination. Getting more examination from my children companions In the wake of attempting my best to accumulate data and fizzled, I mentioned my child to disclose to me a portion of his companions that could be all the more near the kid with the goal that I can get more data. My child didn't spare a moment this. He let me know and even took as much time as necessary to take me to where they were. All things considered, this was incredible in light of the fact that it truly helped me to assemble more data. We got one of my children companions Jimmy whom I stopped for a moment to chat with, in the discussion I inquired as to whether he realizes that kid well and what they partook in like manner. Jimmy clarified that they had known each other as of late, and he in this way had little data about him. He felt free to reveal to me that despite the way that they had known each other as of late, he had the option to see that the kid was benevolent. Other than this, his jolly face and great execution in class made them neighborly. Then again, he had as of late found that kid looked so cryptic. He was not prepared to open up to companions, and did the greater part of his exercises quietly. This answer made me to be progressively curious. I needed to recognize what sort of insider facts the kid had so I can think of better foundation of crimes. It constrained me to ask Jimmy clarify precisely what he implied by saying the kid is clandestine, and what sort of mystery did he keep. Jimmy disclosed to me that he sat close to him in class and he appeared to have an excess of cash however on asking him, he was not prepared to tell where he gets it. Jimmy likewise noticed that the kid may here and there look fretful and he would state he is going to take some medication. After at some point, he returns to class diminished and with a joyful face however if Jimmy somehow happened to solicit what kind from infection he experienced and medication medicine a specialist he could no tell. Jimmys proclamation squeezed me had, that I was unable to falter burrowing further. I subsequently, request that Jimmy reveal to me whatever other companion that realizes the kid better. Jimmy at that point chose to tell and give me perhaps the dearest companion of the kid called Wayne. I got Wayne and talked about this issue. While examining with Wayne he disclosed to me that separated from being companions they were likewise close neighbors. He included that despite the fact that he is a nearby neighbor he isn't his dear companion. I despite everything didn't become weary of my examination, I in this way asked Wayne to let me know for what good reason the kid was not his dear companion. He said that the kid vigorously remained at home, he would have his day spent out of his home and arrives behind schedule at night. This character was in opposition to what Waynes guardians expected and accordingly this caused them to have an inaccessible companionship relationship. This was insufficient to make my examination. I along these lines requested that Wayne lets me know whether there is whatever other individual who could give me more data about the kid. I could see Wayne making an effort not to know any of the young men companions. I unmistakably observed from Waynes eyes that there was something fishy. This was something stunning in light of the fact that it drove me to speculate Wayne as well. I thought for some time, and got a thought. It was bad to give Wayne a possibility over this. I chose to utilize issue a treat to him. I revealed to Wayne that I had definitely known every one of their insider facts and. Other than this, I had known all the exercises they attempt, hence it will be better on the off chance that he unmistakably clarify this. In the event that he doesn't he will likewise be a survivor of condition and he will land to the hands of law. The treat I gave to Wayne made him to reveal to me progressively about the kid. Ha said that the kid was rich and at once, he had proposed to him that they participate in a specific business with the goal that he likewise gets rich. This announcement stroke my head, I at that point become sharp and asked for additional. Wayne felt free to state that he really didn't have the foggiest idea about this business on the grounds that the kid had a condition to this, He will possibly acquaint him with the business if he somehow happened to concur the terms and state of the business. Since Wayne was not prepared to acknowledge the terms and condition, he was unable to be acquainted with the business. I stuck Wayne to the divider, however he demanded that he didn't know about the business. He said that he had noted something peculiar in that kid, Wayne had once sited on their gallery when he saw him snick out of their home with a sack on his back. He at that point moved a separation and made an exchange with a specific man. Prior as far as possible of that exchange, he saw the kid taking something like a cigarette from his pocket at that point lit it and smoked for a brief timeframe. He at that point returned to the house following smoking. On the next day, Wayne asked him for what reason he was connecting with himself prone to smoke. The kid denied it totally and even requested to know where Wayne saw him smoking. I met the guardians of the kid for additional examination In the wake of social affair data to this point, without satisfying my craving I currently thought of moving to the subsequent stage. I made a stride ahead to meet with the guardians of the kid. I got his dad at that point requested that he give personal time to talk about over the issue. He was certain and permitted me an opportunity to examine with him. I disclosed to him that I had noted something peculiar from his child. He was prepared to hear me out. I currently revealed to him that I once get back home and discovered my entryway partially open, just to discover it was his child in my kitchen. Other than that, he had set aside my gems and he smelled pot. I revealed to him that this scene was not satisfying and I chose to instruct him to leave promptly and he did as such. I disclosed to him that it was something irritating to discover that little fellows participate in crimes. I along these lines caused an examination so as to set up the crime. He was by all accounts apprehensive, yet I felt free to disclose to him that I had conveyed a concentrated examination. From my examination I had set up proof that the kid was a lawbreaker. I requested that his dad settle on a choice on what to do so as to spare him from wrongdoing. The dads reaction was acceptable. He said that he was unable to deny the way that his child could be taking part in crimes. He included that as of late, he has been returning home past the point of no return and on asking him, he would state that he gone out to play with his companions. Something else that he had noted was that his child removed additional time from home. Fortunate enough he was in when I came and he had not understood my quality in their home. His dad called him. I scrutinized the kid concerning the real factors that I had built up from the earliest starting point of the examination. The kid couldn't concede, I chose to utilize dangers as a proportion of distinguishing a lawbreaker. I took steps to call a police, this was nothing to him he despite everything prevented the charges from securing wrongdoing on him. His dad and I come into an understanding; we concurred that we would make a hunt in his room. In the hunt, we got a pack containing weed and different sorts of medications. Other than this, he additionally had risky weapons, for example, gun and blade. His dad was irritated, as a result of his inconvenience he chose to call the police. He said he was against wrongdoing and he would not endure it in his home. At the point when the police come, we utilized the kid to carryout more examination. We discovered that there were other little fellows taking part in criminal initiates. From the individual utilization of criminology, it is urged to find out about wrongdoing. This will assist our general public with growing genuinely, socially and ethically upstanding. It causes individuals figure out how to draw in themselves in helpful exercises rather than wrongdoing. Particularly the adolescent, they are powerless and this turns into a premise of training to them.

Rumination Disorder Diagnosis and Treatment

Rumination Disorder Diagnosis and Treatment Eating Disorders Diagnosis Print Rumination Disorder Diagnosis and Treatment By Susan Cowden, MS facebook linkedin Susan Cowden is a licensed marriage and family therapist and a member of the Academy for Eating Disorders. Learn about our editorial policy Susan Cowden, MS Medically reviewed by Medically reviewed by Rachel Goldman, PhD, FTOS on February 06, 2020 Rachel Goldman, PhD FTOS is a licensed psychologist, clinical assistant professor, speaker, wellness expert specializing in weight management and eating behaviors.   Learn about our Medical Review Board Rachel Goldman, PhD, FTOS on February 06, 2020 More in Eating Disorders Diagnosis Symptoms Treatment Awareness and Prevention Rumination disorder involves bringing previously chewed or previously swallowed food back up to the mouth, to either spit out or re-swallow. Its also sometimes called regurgitation disorder. In babies, rumination disorder usually ends without any medical intervention. But the condition also can last into later years. Most people who are treated for rumination disorder are children and adults with intellectual disabilities and/or developmental delays. For these people, regurgitation and rumination seem to be soothing. Rumination disorder differs from self-induced vomiting more commonly found in anorexia nervosa and bulimia nervosa because in rumination disorder the regurgitation is usually automatic and not usually intended to influence shape or weight. It is important to remember that because these rumination behaviors are often done in secret and there is a fear of how others will react to it, it is assumed that many people who are struggling with this disorder do not seek treatment. Unfortunately, the true prevalence of rumination disorder is unknown. Diagnosing Rumination Disorder In order to meet the criteria for a diagnosis of rumination disorder, someone must meet all of the criteria for the condition outlined in the  Diagnostic and Statistical Manual of Mental Disorders  (DSM-V), the guide that mental health professionals use to diagnose mental conditions. These criteria include: Repeated regurgitation of food for at least one month.  This food may be re-chewed, re-swallowed, or spit-out.  The regurgitation occurs without any sort of nausea or retching.There is no medical condition causing the person to regurgitate their food (for example, someone with bad heartburn might regurgitate food unintentionally).This problem does not occur exclusively when the person is suffering from another feeding or eating disorder such as  anorexia nervosa,  bulimia nervosa,  binge-eating disorder, or  avoidant/restrictive food intake disorder.If the symptoms are occurring alongside another mental disorder, the symptoms are severe enough to warrant attention by themselves. Rumination disorder is relatively rare among adults receiving treatment for eating disorders. One recent study assessed 149 consecutive females entering residential treatment for an eating disorder and found that 4 patients met criteria for rumination disorder, but were ineligible for a formal diagnosis because they met criteria for one of the other eating disorders.   Complications of Rumination Disorder People who have rumination disorder can suffer from malnutrition, and that can lead to a host of other medical complications.  Malnutrition  may occur because rather than eating more food, the person is continuously eating and re-chewing the same food over and over again. Older children and adults may also restrict what they are eating in order to avoid negative social reactions to their rumination. Less extreme complications of rumination disorder are bad breath, tooth decay, and ulcers on the esophagus.   Treatment Unfortunately, there is very little research on the treatment of rumination disorder.  However, the treatment of these symptoms must be individualized to each person, based on whether or not there is another co-occurring disorder such as anorexia nervosa or bulimia nervosa, or if the person is intellectually delayed.   If the person with rumination disorder also is suffering from another eating disorder, then treatment goals will focus on that problem, with the goal of reducing all symptoms related to the eating disorder.  For a young child or someone who has an intellectual disability or delay, treatment will likely include some type of behavioral therapy and may include goals such as changing the way(s) the person is able to soothe themselves. Behavioral strategies such as diaphragmatic breathing training, which teaches individuals to breathe using their diaphragm muscles are often effective because diaphragmatic breathing is incompatible with regurgitation. Self-monitoring of the behavior can also be beneficial by drawing greater awareness of the behavior.

A Case Of Mecial Ethical Dilemma - Free Essay Example

Sample details Pages: 3 Words: 972 Downloads: 10 Date added: 2019/05/18 Category Society Essay Level High school Tags: Ethical Dilemma Essay Did you like this example? An elderly woman, age 91, named T.B was found unresponsive. Emergency services was called and for approximately 45 minutes, attempts were made to revive her and to regain a heartbeat. Although she regained a heartbeat, she did suffer an anoxic injury to her brain because of the extended period without oxygen to her brain. Don’t waste time! Our writers will create an original "A Case Of Mecial Ethical Dilemma" essay for you Create order She is now on life support and is developing pressure sores because of being bed bound for so long and is also developing pneumonia because of using a ventilator for a long period of time. T.B has three children who are adults, and concerned about their mothers future. The doctors explain to them that their mother has no quality of life, her prognosis is poor, she is very advanced in age and her neurological status is not getting better. Taking into consideration all this, the doctors recommend putting a do not resuscitate (DNR) order into her chart and taking her off life support. Naturally, this has stirred up many different emotions in T. Bs children and has caused them to be divided as to what to do. This case is very delicate because it deals with human life and whether it would be ethical to keep her on life support or not. Careful deliberation will have to be made to make the best decision possible. Medical Indicators The patients medical problem is an anoxic brain injury. The article Evoked potentials not just to confirm hopelessness in anoxic brain injury states, Complete cerebral circulatory arrest and oxygen deprivation cause unconsciousness within seconds (Kreiger, 1998, p.1). The brain can survive only a few minutes without oxygen so making a full recovery from this is very rare. T. Bs prognosis is very poor, and her case is terminal. As stated in Legal and Ethical Issues for Health Professionals Although there may be a duty to provide life-sustaining equipment there is no duty to continue its use after it has become futile and ineffective to do so in the opinion of qualified medical personnel (Pozgar, 2016, p. 125). Even if T. Bs neurological status did improve and she did make a recovery, the damage she sustained is already severe and the quality of life she would lead would be poor. Given T.Bs advanced age. the possibility of recovery is little to none and medical and nursing care would b e of little help to her if she made a recovery, because she is now permanently disabled. Patient References T. B has not been made aware of the risks and benefits of being on life support or the termination of life support. The patient is unresponsive and currently does not have the mental capacity to grasp the intensity of her situation and she has not stated what she would like done incase a situation like this should occur. She does have three adult children capable of making decisions for her. Although they are divided on what the best decision is to make, they each want to do what is best for their mother. The patient is not unwilling or being uncooperative or denying medical treatment. Quality of Life Without the patient being on life support, there would be little chance of a normal life because the patient would not survive. With the patient being on the treatment, there is also little chance of having a normal life because T. B would be bedbound. The doctors can judge her quality of life because having a patient that suffered an anoxic brain injury, medical personnel would know that there is little to no chance of having a normal life. An article called Euthanasia statesthe motive is to relieve comatoseness, physical suffering, anxiety or a serious sense of burdensomeness to self and others (Frederich Tischauser, 2013). Taking T. B off life support would be reliving her of any physical suffering she might have to endure or might have to live with. It would also relieve the children of the trauma of seeing their mother with a disability and ultimately dying. The ethics of euthanasia are highly debatable; some agree with it and think that you are saving that person from a life o f pain. Others disagree and according to the article Top Ten Reasons Euthanasia Should be Illegal, Euthanasia is the conscious act of ending a life by withholding necessary treatment (passive euthanasia) (Anderson, 2015). In the article, Anderson goes on to say that euthanasia can be viewed as murder by some. Many would disagree with this because although euthanasia is debatable, there are many benefits to it. Contextual Features There are no professional, business interests or interprofessional interests that might create conflicts in the clinical treatment of the patient. There are not any other parties interested in this case except the family members and the doctors. There are also no known religious or monetary issues that would prevent them from making a decision. However, there are health issues that would affect the decision; the patient is developing bed sores from being bedbound for a long time and pneumonia because of prolonged use of the treatment. On top of dealing with a permanent disability, if she gets well, she would also have to deal with pneumonia and bed ulcers; at her age, this could be life threatening. There are not conflicts within hospitals that may affect the patients welfare and clinical decisions. Conclusion The correct decision must be made in this situation. Taking T. B off life support would be the best situation in this case. In the article Active and Passive Physician-Assisted Dying and the Terminal Disease Requirement, Varelius statesa patients disease is terminal when it leads to her death within a given period, usually that of six months (2016. P. 2) T. B did suffer a terminal injury and her chances of living and prognosis is not good. In this case, removal of life support would be the best decision.

A Research Study On Group Dynamics - 1671 Words

In group dynamics, the attitudes and behaviors of a group are the main concern to any therapist. More so, the way the group is formed, its structure and processes involved in its running are equally important. People in a particular group share a common vision to help achieve the goals they set. When creating a group, one should take into consideration the type of group to create, the target population and the purpose of the group. In this project I will create a therapy group and address the necessary information required. In classifying a group of choice by type, the group can either be formal in which is established by a given organization with an aim of achieving its goals or an informal group, where they naturally develop as people with similar goals come together. There are three main types of informal groups which includes interest groups, friendships groups and reference groups. I am going to develop a therapy group and specifically an adolescent support-group therapy. This group is aimed at helping (gay/lesbians/bisexuals) g/l/b teen aged students are able to learn major topics affecting their lives such as peer pressure, dating, family relationship and self-esteem. This will help have a socially healthy group of teenagers in our society as they will develop or learn necessary life skills during the study sections. Also, the issues of teenage pregnancy will be addressed together with drug use in the society. Deep analysis of drug abuse and addiction will a majorShow MoreRelatedImpact Of Group Dynamics On The Productivity Of An Organization1701 Words   |  7 Pages Impacts of Group Dynamics on the Productivity of an Organization Organizations around the globe understand clearly the needs of the people they serve. For employees, the need for training is always to enhance their capacity in a way that helps them to perform their work effectively. 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Foreign Exchange Management in Perfect Pieces Limited Free Essays

Ltd is exposed to foreign exchange risk because it buys some of its production inputs from overseas and pays for them in foreign currency; has sales revenue in foreign currency and competes with other manufacturers whose costs are denominated in foreign currency. The company imports from New Zealand, Japan, and the United States. The company’s foreign currency payable are in the US Lars, NZ dollars, and Japanese yen. We will write a custom essay sample on Foreign Exchange Management in Perfect Pieces Limited or any similar topic only for you Order Now On the other hand, the sales are mostly conducted in US dollars. Proceedings of the International Academy for Case Studies, Volume 10, Number 2 Lass Vegas, 2003 page 74 UP Lad’s exposure environment consisted predominantly of the US dollars, the NZ dollar, and the Japanese yen. The foreign currency denominated sales were about 52 percent of total sales: 40 percent in US dollars, and 12 percent in New Zealand dollars. The company’s estimate of US dollar denominated payable was 36 percent of total sales: 19 percent in US dollars, 12 percent in Japanese yen, and 5 percent in New Zealand dollars. In general UP Ltd gives customers an average credit period of between 3 to 6 months while the average credit period for all foreign currency denominated payable was 3 months. There was therefore a working capital gap as the collection of accounts receivable was longer than accounts payable. This situation was made worse by the fact that 40 per cent of the sales were denominated in US dollars and the US dollar was weakening against the Australian dollar. There was no cover taken out for the exposure in US dollars because the financial accountant who acted as the company’s exposure manager thought the US dollar would shortly strengthen. Previously the US dollar was stronger than the Australian dollar and the company had gained from the US dollar denominated receivables. This experience had apparently, surprisingly, made the company’s exposure manager consider it inappropriate to hedge the US dollar. The responsibility for identifying FEMME was in the hands of a financial accountant, with the assistance of the general manager. They hedged 50 per cent of the transactions for accounts payable in Japanese yen, and accounts receivable in New Zealand dollars. The financial accountant, in consultation with the general manager, bought forward contracts to cover the exposures. Most senior members of the company were concerned with manufacturing, promoting and marketing products rather than foreign exchange exposure management. It was increasingly becoming difficult for the general manager to meet the financial accountant in order to manage FEE because the general manager had to deal with other company duties. Previously, the general manager and the financial accountant met at least once a day to assess foreign exchange market movements. The increasing inability to meet the general manager as frequently as before was making the financial accountant concerned. The financial accountant was anxious that he should be left alone to make decisions in matters as volatile as the foreign exchange movements. The financial accountant felt that it was important to specify Job descriptions in order to attach responsibility for the monitoring and compilation of foreign exchange information. Presumably, he hoped, that would lead to increasing resources in his section. He explained: The two clerks in my section are responsible for helping me in ash management, pension management, as well as compiling foreign exchange exposure management forecasts. The finance section is very understaffed. The engineering and marketing functions were considered more important than financial management. The finance section was not only understaffed, but it also lacked properly qualified and experienced personnel. The general manager thought that taking personal interest in treasury matters would mitigate the sense of alienation that was perceived by the financial accountant. The lack of understanding about the importance of FEMME among most of the company officers was discernible urine the interview. Most senior managers considered the primary tasks in the company to be the operational activities, namely; manufacturing, procurement, and selling. Lass Vegas, 2003 page 75 In terms of the organizational structure for exposure management, members of the company felt that centralization should be pursued subject to other considerations. One senior member of the company said: The task of identifying and managing foreign exchange exposure is too onerous to be left in the hands of only one functional unit The financial accountant was a relatively Junior officer in the company and had robbers in trying to obtain information he needed to manage exposure. Since FEE is a result of activities that transcend one functional unit, and can be constrained by lack of resources such as trained and experienced staff, and lack of appropriate equipment, this seemed to call for a company-wide policy from the top. The dialogue with most members of the company confirmed that there was no company-wide policy for FEMME. The next point was to consider the extent of risk aversion. Most members of the company were keen that currency risk should be avoided as much as possible. Some of the members wondered why the company should not invoice customers in Australian dollars rather than foreign currencies. As to the general attitude to foreign exchange risk, some members said that they generally preferred average expected return with average risk to high return with high risk for any business involving foreign currency denominated receivables and/or payable. But if the company was considering projects which involved no foreign currency receivables or payable, then high expected return and high risk projects could be considered. One of the senior officers, however, pointed out that foreign exchange considerations are but one factor. He was supported by another senior officer who said that sometimes the company may have other overriding strategic considerations to take into account, such as obtaining a share of the market even if that means at the expense of incurring foreign exchange loss. The company’s foreign exchange rate forecasts were mainly obtained from banks and publications such as the Financial Review newspaper. The information on foreign exchange rates was prepared manually. The lack of computerizing was considered hindrance to better monitoring of exposure management. The influence of the satisfaction with previous foreign exchange forecasts on hedging could only be commented on by the financial accountant and the general manager who carried out hedging of FEE. They both said that satisfaction with previous foreign exchange forecasts had minimum influence on the way they hedged. They were not confident with the forecasts they used. As they said: Foreign exchange forecasts are Just forecasts, they are never the same as the actual exchange rates so we are usually less confident about them. The extent of hedging is a situational matter. UP Ltd was involved in foreign exchange transactions at least once a fortnight. It was evident that the intensity of involvement in foreign exchange transactions did not have any influence on the hedging behavior. In spite of the fact that the US dollar denominated receivables were left exposed, Proceedings of the International Academy for Case Studies, Volume 10, Number 2 page 76 most members felt that the extent of involvement in foreign currency denominated business should be accompanied by more hedging activity. How to cite Foreign Exchange Management in Perfect Pieces Limited, Papers

O Henry Essays - O. Henry, Short Story, , Term Papers

O Henry "William Sydney Porter- later known as O. Henry was born in North Carolina." O. Henry wrote many colorful and dramatic short stories. The inspiration for the many stories that he wrote came from his experiences through life. Some of these include working in a "drugstore, sheep ranching, bronco busting, living as a fugitive in Honduras" (Zwerger #1) William Sydney Porter's mother died when he was only about three years old. After her death William moved in with his aunt and his grandmother. While he was living with his aunt and grandmother will started to enjoy reading books and drawing sketches. "Will was influenced a lot by his Aunt". When will was seventeen he got his first real job. Will worked in a Drugstore with his Uncle Clark. "His Uncle Clark was the owner of the store". "Will liked working as a Pharmacist got licensed as a practicing pharmacist". .(Current-Garcia, pg13 #2) In 1882 will decided to leave home and come along to Southwest Texas as a guest of Mr. and Ms. Hall. They were going to visit their four boys that lived out in Southwest Texas. "Will enjoyed Texas very much he learned the ways of the west and while out in the west he started to develop talent as a cartoonist". Will also learn how to raise cattle and work on a cattle ranch. Will enjoyed working on the ranch, he worked on the ranch for about two years. . (Current-Garcia, pg13 #2) "In 1884 will decided it was time for a change of pace and moved to Austin Texas". Will still kept his interest for drawing cartoons and drawing sketches. At age twenty-five, he married a beautiful nineteen-year-old lady named Athol Estes. A year after there marriage their first child was born. Sadly their son died shortly after his birth. "Will and Athol were devastated by this". One year later they had another baby and it was a healthy girl, they named her Margaret. Margaret became ill after the second child (Current-Garcia, pg13 #2) "In 1891 will worked as a teller in The First National Bank of Austin". Will was not making enough money so in 1894, he bought a printing press and started publishing his own a comic. The paper was printed weekly and put in the Rolling Stone paper. A year later he decided to give up the paper. He was suspected and later questioned by the authorities embezzlement charges. "In 1985 will wrote short stories and drew many sketches for the Houston Post. (Current-Garcia, pg14 #2) In 1896 will was arrested on charges of embezzlement. "While awaiting trial will fled to New Orleans and than on to Honduras". After about a year of being away from the states will came back to Austin only to find his very sick wife who dies only a short time upon his return. Will went and turned himself into the Authorities shortly after he returned. He was tried and found guilty and sentenced to five years in the Federal Penitentiary in Ohio. (Current-Garcia, pg14 #2) "While in prison will wrote more than a dozen short stories". These stories were published in many national magazines. Will was released two years early from prison due to good behavior. Will moved to New York and became famous under the pen name O. Henry. O. Henry singed a contract with The New York Sunday World for a weekly feature short story. Over the next two years will produced over a hundred stories and for this he gained national fame. (Current-Garcia, pg14 #2) In 1904 will published his first book, Cabbages and Kings. This book was a book of short stories. The stories were about his adventures and experiences in Central America. Four years later Will Publishes his second book "The Four Million" it was a collection of twenty-five of his stories that were his most famous in New York. This book was a huge success for will. (Current-Garcia, pg14 #2) In 1910 William Sydney Porter died In New York.

Daniel OConnell - Biography of Irish Statesman

Daniel OConnell - Biography of Irish Statesman Daniel OConnell was an Irish patriot who came to exert enormous influence on the relationship between Ireland and its British rulers during the first half of the 19th century. OConnell, a gifted orator, and charismatic figure rallied the Irish people and helped secure some degree of civil rights for the long-oppressed Catholic population. Seeking reform and progress through legal means, OConnell was not really involved in the periodic Irish rebellions of the 19th century. Yet his arguments provided the inspiration for generations of Irish patriots. OConnells signature political achievement was the securing of Catholic Emancipation. His later Repeal Movement, which sought to repeal the Act of Union between Britain and Ireland, was ultimately unsuccessful. But his management of the campaign, which included Monster Meetings which drew hundreds of thousands of people, inspired Irish patriots for generations. It is impossible to overstate the importance of OConnell to Irish life in the 19th century. After his death, he became a venerated hero both in Ireland and among the Irish who had emigrated to America. In many Irish-American households of the 19th century, a lithograph of Daniel OConnell would hang in a prominent location. Childhood in Kerry O’Connell was born on August 6, 1775, in County Kerry, in the west of Ireland. His family was somewhat unusual in that while Catholic, they were considered members of the gentry, and they owned land. The family practiced an ancient tradition of â€Å"fosterage,† in which a child of wealthy parents would be raised in the household of a peasant family. This was said to make the child deal with hardships, and other advantages would be that the child would learn the Irish language as well as local traditions and folklore practices. In his later youth, an uncle nicknamed â€Å"Hunting Cap† O’Connell doted on young Daniel, and often took him hunting in the rough hills of Kerry. The hunters used hounds, but as the landscape was too rough for horses, the men and boys would have to run after the hounds. The sport was rough and could be dangerous, but young O’Connell loved it. Studies in Ireland and France Following classes taught by a local priest in Kerry, O’Connell was sent to a Catholic school in the city of Cork for two years. As a Catholic, he couldn’t enter the universities in England or Ireland at the time, so his family sent him and his younger brother Maurice to France for further studies. While in France, the French Revolution broke out. In 1793 O’Connell and his brother were forced to flee the violence. They made their way to London safely, but with little more than the clothes on their backs. The passing of Catholic Relief Acts in Ireland made it possible for O’Connell to study for the bar, and in the mid-1790s he studied at schools in London and Dublin. In 1798 O’Connell was admitted to the Irish bar. Radical Attitudes While a student, O’Connell read widely and absorbed current ideas of the Enlightenment, including such authors as Voltaire, Rousseau, and Thomas Paine. He later became friendly with the English philosopher Jeremy Bentham, an eccentric character known for advocating a philosophy of â€Å"utilitarianism.† While O’Connell remained a Catholic for the rest of his life, he also always thought of himself as a radical and a reformer. Revolution of 1798 A revolutionary fervor was sweeping Ireland in the late 1790s, and Irish intellectuals such as Wolfe Tone were dealing with the French in hopes that French involvement could lead to Ireland’s liberation from England. O’Connell, however, having escaped from France, was not inclined to align himself with groups seeking French aid. When the Irish countryside erupted in rebellions of the United Irishmen in the spring and summer of 1798, O’Connell was not directly involved. His allegiance was actually to the side of law and order, so in that sense, he sided with British rule. However, he later said that he wasn’t approving of the British rule of Ireland, but he felt that open revolt would be disastrous. The 1798 uprising was particularly bloody, and the butchery in Ireland hardened his opposition to violent revolution. Legal Career of Daniel OConnell Marrying a distant cousin in July 1802, O’Connell soon had a young family to support. And though his law practice was successful and constantly growing, he was also always in debt. As O’Connell became one of the most successful lawyers in Ireland, he was known for winning cases with his sharp wit and extensive knowledge of the law. In the 1820s O’Connell was deeply involved with the Catholic Association, which promoted the political interests of the Catholics in Ireland. The organization was funded by very small donations which any poor farmer could afford. Local priests often urged those in the peasant class to contribute and become involved, and the Catholic Association became a widespread political organization. Daniel OConnell Runs for Parliament In 1828, OConnell ran for a seat in the British Parliament as the member from County Clare, Ireland. This was controversial as he would be barred from taking his seat if he won, as he was Catholic and Members of Parliament were required to take a Protestant oath. OConnell, with the support of poor tenant farmers who often walked miles to vote for him, won the election. As a Catholic Emancipation bill had recently passed, due in large measure to agitation from the Catholic Association, OConnell was eventually able to take his seat. As might be expected, OConnell was a reformer in Parliament, and some called him by the nickname, The Agitator. His great goal was to repeal the Act of Union, the 1801 law which had dissolved the Irish Parliament and united Ireland with Great Britain. Much to his despair, he was never able to see Repeal become a reality. Monster Meetings In 1843, OConnell mounted a great campaign for Repeal of the Act of Union and held enormous gatherings, called Monster Meetings, across Ireland. Some of the rallies drew crowds of up to 100,000. The British authorities, of course, were greatly alarmed. In October 1843 OConnell planned a huge meeting in Dublin, which British troops were ordered to suppress. With his aversion to violence, OConnell canceled the meeting. Not only did he lose prestige with some followers, but the British arrested and jailed him for conspiracy against the government. Return to Parliament OConnell returned to his seat in Parliament just as the Great Famine ravaged Ireland. He gave a speech in the House of Commons urging aid for Ireland and was mocked by the British. In poor health, OConnell traveled to Europe in hopes of recuperating, and while en route to Rome he died in Genoa, Italy on May 15, 1847. He remained a great hero to the Irish people. A grand statue of OConnell was placed on the main street of Dublin, which was later renamed OConnell Street in his honor.

10 Fascinating Facts About Beetles

10 Fascinating Facts About Beetles Beetles inhabit nearly every ecological niche on the planet. This group includes some of our most beloved bugs, as well as our most reviled pests. Here are 10 fascinating facts about beetles, our largest insect order. One out of Every Four Animals on Earth Is a Beetle Beetles are the largest group of living organisms known to science, bar none. Even with plants included in the count, one in every five known organisms is a beetle. Scientists have described over 350,000 species of beetles, with many more still undiscovered, undoubtedly. By some estimates, there may be as many as 3 million beetle species living on the planet. The order Coleoptera is the largest order in the entire animal kingdom. Beetles Live Everywhere You can find beetles almost anywhere on the planet, from pole to pole, according to entomologist Stephen Marshall. They inhabit both terrestrial and freshwater aquatic habitats, from forests to grasslands, deserts to tundras, and from beaches to mountaintops. You can even find beetles on some of the worlds most remote islands. The British geneticist (and atheist) J. B. S. Haldane is purported to have said that God must have an inordinate fondness for beetles. Perhaps this accounts for their presence and number in every corner of this globe we call Earth. Most Adult Beetles Wear Body Armor One of the traits that make beetles so easy to recognize is their hardened forewings, which serve as armor to protect the more delicate flight wings and soft abdomen underneath. The famed philosopher Aristotle coined the order name Coleoptera, which comes from the Greek koleon, meaning sheathed, and ptera, meaning wings. When beetles fly, they hold these protective wing covers (called elytra) out to the sides, allowing the hindwings to move freely and keep them airborne. Beetles Vary Dramatically in Size As you would expect from a group of insects so numerous, beetles range in size from nearly microscopic to downright gigantic. The shortest beetles are the featherwing beetles (family Ptiliidae), most of which measure less than 1 millimeter long. Of these, the smallest of all is a species called the fringed ant beetle, Nanosella fungi, which reaches only 0.25 mm in length and weighs just 0.4 milligrams. On the other end of the size spectrum, the Goliath beetle (Goliathus goliathus) tips the scales at 100 grams. The longest known beetle hails from South America. The appropriately named Titanus giganteus can reach 20 centimeters long. Adult Beetles Chew Their Food That might seem obvious, but not all insects do so. Butterflies, for example, sip liquid nectar from their own built-in straw, called a proboscis. One common trait all adult beetles and most beetle larvae share is mandibulate mouthparts, made just for chewing. Most beetles feed on plants, but some (like ladybugs) hunt and eat smaller insect prey. Carrion feeders use those strong jaws to gnaw on skin or hides. A few even feed on fungus. Whatever theyre dining on, beetles chew their food thoroughly before swallowing. In fact, the common name beetle is thought to derive from the Old English word bitela, meaning little biter. Beetles Have a Big Impact on the Economy Only a tiny fraction of the overall insect population can be considered pests; most insects never cause us any trouble at all. But because so many are phytophagous, the order Coleoptera does include quite a few pests of economic importance. Bark beetles (like the mountain pine beetle) and wood-borers (such as the exotic emerald ash borer) kill millions of trees each year. Farmers spend millions on pesticides and other controls for agricultural pests like the western corn rootworm or the Colorado potato beetle. Pests like the Khapra beetle feed on stored grains, causing more economic losses well after the harvest is completed. Just the money spent by gardeners on Japanese beetle pheromone traps (some would say money wasted on pheromone traps) is greater than the GDP of some small countries! Beetles Can Be Noisy Many insects are famous for their sounds. Cicadas, crickets, grasshoppers, and katydids all serenade us with songs. Many beetles produce sounds, too, although not nearly as melodic as those of their Orthopteran cousins. Deathwatch beetles bang their heads again the walls of their wood tunnels, making a surprisingly loud knocking sound. Some darkling beetles tap their abdomens on the ground. A good number of beetles stridulate, particularly when handled by humans. Have you ever picked up a June beetle? Many, like the ten-lined June beetle, will squeal when you do. Both male and female bark beetles chirp, probably as a courtship ritual and a means of finding one another. Some Beetles Glow in the Dark Species in certain beetle families produce light. Their bioluminescence occurs through a chemical reaction involving an enzyme called luciferase. Fireflies (family Lampyridae) flash signals to attract potential mates, with a light organ on the abdomen. In glowworms (family Phengodidae), the light organs run down the sides of the thoracic and abdominal segments, like tiny glowing windows on a railroad boxcar (and thus their nickname, railroad worms). Glowworms also sometimes have an additional light organ on the head, which glows red! Tropical click beetles (​family Elateridae) also produce light by virtue a pair of oval light organs on the thorax and a third light organ on the abdomen. Weevils Are Beetles, Too Weevils, easily recognized by their elongated, almost comical beaks, are really just a type of beetle. The superfamily Curculionoidea includes the snout beetles and various types of weevils. When you look at a weevils long snout, you might assume they feed by piercing and sucking their meal, much like the true bugs. But dont be fooled, weevils belong to the order Coleoptera. Just as all other beetles do, weevils have mandibulate mouthparts made for chewing. In the case of the weevil, however, the mouthparts are usually tiny and are found just at the tip of that long beak. Many weevils cause significant damage to their plant hosts, and for this reason, we consider them pests. Beetles Have Been Around for About 270 Million Years The first beetle-like organisms in the fossil record date back to the Permian Period, roughly 270 million years ago. True beetles - those that resemble our modern-day beetles - first appeared about 230 million years ago. Beetles were already in existence before the breakup of the supercontinent Pangaea, and they survived the K/T extinction event thought to have doomed the dinosaurs. How have beetles survived for so long, and withstood such extreme events? As a group, beetles have proved remarkably adept at adapting to ecological changes. Sources Insects - Their Natural History and Diversity, by Stephen A. MarshallBorror and DeLongs Introduction to the Study of Insects, 7th edition, by Charles A. Triplehorn and Norman F. JohnsonEncyclopedia of Insects, edited by Vincent H. Resh and Ring T. Carde. Featherwing Beetles - Insecta: Coleoptera: Ptiliidae, University of Florida. Accessed December 13, 2012.Coleoptera : The biggest, the smallest ? How many beetles are there?, Coleoptera website. Accessed December 13, 2012.Plant pests: The biggest threats to food security?, BBC News, November 8, 2011. Accessed December 13, 2012.Introduction to Bioluminescent Beetles, by Dr. John C. Day, Centre for Ecology and Hydrology (CEH) Oxford. Accessed December 17, 2012Glow-Worms, Railroad-Worms, University of Florida, accessed December 17, 2012.

Response to an Article What is for Sale Essay Example | Topics and Well Written Essays - 1000 words

Response to an Article What is for Sale - Essay Example †). THESIS STATEMENT This essay intends to respond to the thesis and one of the main ideas, emphasising the socio-political implications of such a transition in the human society, as presented in Sandel’s article i.e. â€Å"What Isn’t For Sale.† DISCUSSION Sandel’s article of â€Å"What Isn’t For Sale† fundamentally demonstrates that everything is made up for sale in the present day context. Sandel also illustrates certain instances that clearly depicts that everything made on this earth today is made for the selling purpose. For instance, as argued in the article by Sandel, the immigration rights particularly to the US is sold at $500,000; again, the shooting right to a jeopardised black rhino is sold at $250,000, and astonishingly, the upgradation of a prison-cell is sold at $90 per night. According to Sandel, not everyone can pay towards buying or availing the above mentioned services. However, the renowned college professor strongly realised that there are numerous ways for making huge money that further has ignited the trend of buying anything and selling almost everything in return of a nominal monetary value. ... From a futuristic perspective and with a hint of scepticism, Sandel also argues that the shift of today’s modern society towards which everything is made up for sale might generate worries in the economy that can further be associated with inequality in proper distribution of wealth along with income (Sandel, â€Å"What Isn’t for Sale?†). The above discussed perceptions presented in Sandel’s article drawing a critical judgement of the idea that everything for sale in this modern day context can be supported by a certain degree. This can be justified with reference to the fact that the market economy has radically transformed into a market society in recent times as compared to the preceding years. In this similar context, Sandel differentiated between the two important market concepts i.e. market society and market economy. According to Sandel, a market economy is often regarded as an effective and a valuable tool, which organises productive activity. On t he other hand, a market society is typically recognised as a place, wherein almost everything has been made up for sale or selling purpose quantifying the values of such objects in monetary terms (MacNeil/Lehrer Productions, â€Å"What Money Can’t Buy’ and What It Shouldn’t Buy†). It has often been argued that certain areas of human life have fundamentally become less market-driven, which eventually contributed in generating market society rather than market economy. One of the areas in this similar concern can be associated with reference to the fact that people had effectually paid for their respective spouses with dowries in the traditional period. In the article,

My Writing Improvements, Challenges, and Goals Essay - 1

My Writing Improvements, Challenges, and Goals - Essay Example I avoid repetition and redundancy. I avoid using high faluting words, but rather I use words that are simple and can easily be understood. I face several challenges in my writing. A challenge that I have to deal with is my failure to follow a specific format. I am quite confused with the APA, MLA and Harvard style. A specific problem which I encounter with regards to the different styles is the format of the in-text citations and the references. I also think that I should expand my vocabulary so as not to repeat words in a single article that I write. Another shortcoming that I have to tackle is my need to be more concise in my writing style and refrain from being overly wordy in my prose. I still find summarizing an article a challenge. I realize that I just end up copying most of the sentences in the piece that I have to summarize instead of paraphrasing them. I intend to improve my writing skills because I know that it is essential in communicating my thoughts, ideas and feelings. If I want to excel in my academic and professional life, I should try to enhance my writing prowess. I plan to read more prose and poetry, not to copy their style but to widen my knowledge on the various styles of writing. Doing so will also expand my vocabulary. Re-reading and editing my work more than twice will surely help me not to commit grammatical and spelling errors. Moreover, if I re-read my work, the sentence constructions will also be checked. I am determined to perfect my work by requesting other people to read it and asking their opinions on how I can further improve on it. One important step that I can do to improve my writing is to determine who will be the readers of my work. The profile of my readers will help me choose my paper’s tone, the words I will use and the ideas I am going to present. Furthermore, before I even start to write, I have to identify the idea I want to convey to my readers. Having a thesis statement will keep me focused on

Lord of the Flies :: essays papers

Lord of the Flies Artificial Restraints in Lord of the Flies "GOLDING PUTS SO MANY ARTIFICIAL RESTRAINTS ON HIS STORY IN ORDER TO EMPHASISE HIS POINT, THAT THE WHOLE THING COMES OUT TOO NEATLY AND, IN FACT, REDUCES THE POWER OF HIS MESSAGE." I think that, while the boys experience immense bad luck due to the author, the story still proves its point. It is still possible though, that the bad luck of the boys could have been experienced in real life. I think that without this bad luck, the point of the story wouldn’t be as great, because without the restraint’s Golding placed on the boys, life on the island would have been too easy for the boys. The major constraint that Golding puts on the boys is the personality clash between Jack and Ralph. From the beginning, when Ralph is elected leader, Jack hates Ralph, and towards the end of the book, the feeling becomes mutual. Without Jack and Ralph’s problems, life would have been easy, and the ‘darkness of man’s heart’ would not have been conveyed to the reader. Jack shows ‘the darkness’ and if he and Ralph had just been friends, there would never have been an opportunity for Jack to show this darkness which lurked beneath the surface. Golding also uses the dead pilot conveniently against the boys - the way in which he is caught in the trees just in the right position to be caught by the wind and look like the beast and the way the wind picks up after Simon has let him down from the trees and carries him out to sea, so that the other boys cannot see that it wasn’t a beast. The author uses the boy’s fear against them, and although this could possibly happen in the situation, Golding uses it as a weapon against them, their morale and their companionship. I think that the boys split up and go to Jack because of the fear - he can kill the beast, he can get them meat, and if they ever get upset, he can start a dance and all will be fine.

Compare the differences between a Sole Trader, a Partnership and a Limited Company Essay

Introduction In the following essay, I will compare the differences between a Sole Trader, a Partnership and a Limited Company when preparing final accounts also included in the essay will be the concepts and conventions used when preparing final accounts. I shall also outline the regulatory standards within the Accounting Profession. I shall start by giving an explanation of how the accounting system functions. How does the accounting system work? Business keep financial records for a number of practical reasons, which are: > To quantify such items as sales, expenses and profits > To present these figures in a meaningful way so the business can judge its success over the past year Below is a diagram of the Accounting System: (all things below will be explained later in the assignment) Diagram taken from Business Accounting Second Edition by David Cox. Prime Documents Business transactions generate documents, these documents go into the primary accounting records and from these records are placed throughout the accounting system. The following are prime documents: > Invoice – when a business purchases goods the company or individual the goods where purchased from sends the business an invoice which outlines the amount that is owing, when this amount is to be paid by and details of the goods or services that have been provided. This is also the same case when the business receives an order for a good or service. > Credit Note – if a buyer returns a good that has been bought on credit, a credit note will be generated and sent to the buyer, the value of the credit not will be deducted from the buyers amount owing. On the credit note it outlines the money amount and the goods or services that have been given. > Banking Transactions – businesses use their bank accounts to pay in and withdraw money at regular intervals, from these bank transactions paying-in slips, cheques and BACS are frequently used. These are then entered into the primary accounting records. Primary Accounting Records The primary accounting records are used to log the prime documents from day to day. The following are primary accounting records: > Sales day book – this is a list of sales made and is recorded from the invoices issued > Purchases day book – this is a list of purchases made and is recorded from the invoices that have been received > Sales returns day book – this is a list of the goods that have be returned and is recorded from the credit notes that have been issued > Purchases returns day book – this is a list of the goods that have been returned and is recorded from the credit notes that have been received > Cash book – this is a record of the business bank account and the amount of cash that is held, this is recorded from receipts, paying-in slips, cheques and BACS documents > Petty cash book – this is a record of the small cash purchases that have been made by the business and is completed from the petty cash voucher. Small cash purchases being ones that are made with motes and coins > Journal – this is a record of non-regular transactions, which are not recorded in any other primary accounting record Double-Entry Accounts: The Ledger The foundation of the double-entry book-keeping system is the recording of the ledgers which are broken down into separate accounts. Double-entry book-keeping The double-entry book-keeping system involves the entry of a transaction twice. If operating a manual accounting system the book-keeper will be required to input the transaction twice whereas if the book-keeper is using a computer software package the package will automatically enter the transaction twice. Accounts The sources that are entered into the ledgers are taken from the primary accounting records. Each primary accounting record will be entered into its corresponding ledger. Division of the ledger The following list shows the different types of ledgers: > Sales ledger – this is where the personal accounts of the debtors are placed > Purchases ledger – this is where the personal accounts of the creditors are placed > Cash books – the cash book is the record of the bank account and the cash account, the petty cash book is for small cash purchases. Both these books are primary accounting records. > General (nominal) ledger – this is a record of all transactions and completes the double-entry system Trial Balance The trial balance is a method used within the Double-Entry book-keeping system to check for any error that may have occurred. The trial balance takes all the final balances from the ledgers and lists them down. If the credit and debt sides don’t match at the end, there has been an error within the entering of the transactions. The trial balance is also used as a source of information when the final accounts are being prepared. Final Accounts The final accounts of a business are made up of the profit statement and the balance sheet. Profit Statement The profit statement includes the trading and profit and loss account, if the business manufacturers goods it too will be included. What this statement does is calculates the profit that was made and is now due to the owners of the business after certain deductions have been made from the income: > The manufacturing account which shows the cost of producing a quantity of a finished good > The trading and profit and loss account which shows the profit/loss after the deduction of the cost of goods this gives you the gross profit then the expenses are deducted which gives the net profit The figures that are used for these calculations are taken form the double-entry system. Balance Sheet The double-entry system also contains the figures for the following: > Assets – these are items that the business owns, they fall into two categories Fixed assets – these are items that were bought for the business use such as buildings, vehicles etc Current assets – these are items used in the everyday running of the business such as stock, debtors etc > Liabilities – these are things that the business owes and there are two types of liabilities Current liabilities – things like creditors etc Long-term liabilities – things like long-term loans > Capital – this is money or assets that have been introduced by the owner(s) of the business and is a liability to the business because it owes it to the owner Note: all examples of final accounts for each type of business are shown at the end of the essay also shown is a trial balance The Final Accounts for a Sole Trader The sole trader accounts are the basis of all accounts Legal requirements of a Sole Trader By law a sole trader is not required to keep accounts and thus is not legally required to publish their accounts for viewing by the General Public, however they must keep all VAT receipts so that the Inland Revenue can take their tax from the business and the situation regarding VAT can be sorted. Final Accounts and the Trial Balance The final accounts of a company are produced annually, but can also be produced at anytime in order to inform shareholders and stakeholders of how the business is performing. When starting to prepare any final accounts the trial balance must be prepared by the book-keeper. All the figures that have been entered onto the trial balance will be used in the final accounts. The trading, profit and loss accounts are a part of the double-entry system, meaning that the records that are within these accounts have to be recorded somewhere else for the double-entry system to work. However the balance sheet is not an account it is simply a statement, which outlines the account balances reaming after the trading, profit and loss accounts have been completed. Trading Account The purpose of a trading business is to by a good at one price and sell it on for a profit. The profit that is gained is known as the gross profit. Instead of the gross profit being calculated on each item, the sales and purchases that have been recorded in the primary accounting records will be calculated together. This also includes things like purchase returns and sales returns. When the end of the financial year comes around, the trading account is drawn up this includes: > The total sales > Minus purchases > Plus purchase returns > Minus sales returns > Also included is the opening stock and the closing stock Notes on trading account > Sales and purchases – these are only the items that the business trades > Adjustments – these are the adjustments that have happened in relation to the stock, the opening stock, which is calculated at the start of the year, this is added to the purchases because it has been sold during the year. The closing stock on the other hand will be deducted form the purchases because it has still yet to be sold. The closing stock will then become the opening stock for the next financial year > Cost of sales – this is the cost to the business of the goods that have been sold. To calculate the cost of sales you do the following: * Opening stock * + Purchases * + Carriage in * – Purchases returns * – Closing stock * = Cost of sales > Gross profit – to calculate gross profit you do as follows: * Sales * – Sales returns * = Net sales * – Cost of goods sold * = Gross profit If the cost of sales is more than the net sales then the business has made a Gross Loss > Carriage in – is the expense that the business incurs due to having the purchases delivered. The carriage in is added to the purchases > Net sales – the net sales is the turnover and is calculated by doing the following: * Sales * – Sales returns * = Net sales > Net purchases – to calculate the net purchases you do the following: * Purchases * + Carriage in * – Purchases returns * = Net purchases Profit and Loss Account In the profit and loss account the running expenses of the company are listed these are then taken away from the gross profit to give the net profit. The net profit then shows how profitable the business has been that particular year. Balance Sheet A balance sheet is used to show the financial state of the business at any one time. It lists the assets and liabilities of the business at a particular time. The balance sheet however is not a part of the double-entry system. Notes on balance sheet > Assets – an asset is an item or an amount that is owned by the business. There two types of assets fixed and current. Fixed assets are material assets such as premises or vehicles. Current assets are short-term assets, which change in value every day. > Liabilities – a liability is an item or amount owned by the business. There are tow types of liabilities current and long-term. Current liabilities are ones that are due to be repaid within 12 months or less. A long-term liability is a something like a loan that can be paid later than 12 months. > Capital and working capital – capital is money that is owed to the owner by the business. Working capital is the capital left after the current liabilities have been subtracted from the current assets. If the business does not have any working capital the business will not be able to continue to operate. Significance of the balance sheet The balance sheet shows how the business has been financed. For he sole trader the balance sheet can be shown as a formula, which is: > Fixed assets > + Working capital > – Long-term liabilities > = NET assets The final Accounts for a Partnership Accounts Definition of a Partnership The Partnership Act of 1890 defines a partnership as: The relation which subsists between persons carrying on a business in common with a view of profit Accounting requirements of a partnership The accounting requirements of a partnership are as follows: > To follow the rules that have been set out in the Partnership Act of 1890 > Or they could agree upon a partnership agreement, to follow different accounting rules. This will be explained in further detail later on in the essay If the partners cannot agree upon terms then the Partnership Act 1890 will apply it stats the following accounting rules: > Any profits or losses are to be shared between the partners equally > No partner is eligible to a salary > Partners are not entitled to receive any interest on their capital > Interest is not to be charged on drawings made by the partners > If any partner contributes more capital than has been agreed, they are entitled to receive interest at 5% per annum on the extra amount This only applies if the partners fail to agree on an agreement of their own. Year end accounts of a Partnership A partnership prepares that same end of year accounts as the sole trader, this being: > A trading and profit and loss account > And a balance sheet The difference between the end of year accounts for a sole trader and a partnership is that after the profit and loss account the partnership must prepare an appropriation account. This serves to show how the net profit that the profit and loss account shows is divided amongst the partners. Partnership Agreement A partnership agreement is drawn up by the partners and is a deviation form the accounting rules set out by the Partnership Act 1890. All partners must agree to the agreement before being allowed to go ahead. The partnership agreement will normally follow the following areas: > The division of profits and losses between the partners > Any partners salaries/commission > If interest is allowed on capital and at what rate > If interest is to be charged on partners drawings and at what rate The division of profits and losses between the partners The partnership act 1890 states that no matter how much someone has contributed to the business in the form of capital, they will only receive the same share of the profits as a person who has contributed less. This is why many partnership agreements state that if someone contributes more capital they get more of the profit. Partners salaries/commission The partnership act 1890 states that no partner is to receive a salary. This however is not normally the case within partnership agreements, many partnership agreements set out that those partners who work more within the business deserve a salary due to the time they are committing to the business. Similarly a partnership agreement may have within it a commission payment with sales that a partner may make once again this is due to the contribution this partner is making. Interest allowed on capital The partnership act 1890 states that no interest on capital is to be paid unless a partner contributes more than agreed then they are allowed 5% on the extra capital. Within many partnership agreements there is a clause that allows interest to be given on capital this is a form of compensation to the partner because they can use this interest money to invest in other things. The interest on capital may also be used as a form of compensating the differences that may appear between the capitals that are contributed. Interest charged on partners drawings In the partnership act 1890 it states that no interest is to be charged on the drawings made by a partner this leads to problems because the partner may withdraw valuable funds when they are most required, so many partnership agreements outline that a charge is to be set on the withdrawal of capital, this then deters the partner from withdrawing due to the penalty they will incur. Other points > Interest on loans – if a partner makes a loan to the partnership then as set down in the partnership act 1890 they will receive interest of 5%, this is why many partnership agreements agree on a different rate of interest > Interest on current accounts – a partnership agreement may outline the interest that is to be allowed on the balance of a partner’s current account this will be paid to the partner if they are still credited and taken away if they are debited. Capital accounts and Current accounts An important difference between the final accounts of a sole trader and that of a partnership is that each partner of a partnership has a capital account and a current account. The capital account is usually fixed and only changes if an alteration in the amount of capital is exhibited. The current account is constantly changing and is the account that the following are placed: > Share of any profit is credited > Share of any loss is debited > Salary/commissions if there are any are credited > Any interest on partners capital is credited > Any drawings are debited > Any interest on charged on partners drawings is debited The current account is treated as a working account. Appropriation of Profits The appropriation account shows how the net profit has been divided amongst the partners, before the net profit can be divided the following things must be taken or added to the net profit before the final share of profits can be disturbed: > Any interest added on partners drawings > Salaries/Commissions to be taken away > Any interest on partners capital to be subtracted After these have been taken or added the final share of profits will remain, this then can be distributed between the partners at the correct percentage for each. Balance Sheet When a partnership is completing its balance sheet at the end of the year the end balances on each partner’s capital and current accounts must be shown. It is usual that the transactions that have taken place on each account be shown in a summary form, just as in a sole traders balance sheet they will take the drawings away from the net profit for that year. The other features of a balance sheet are the same as a sole traders balance sheet. The Final Accounts for a Limited Company Accounts Advantages of forming a Limited Company A limited company is owned by the shareholders and run by the directors, it is a separate legal entity. A limited company is often chosen as the legal status of a business because of the following reasons: > Limited liability > Separate legal entity > Ability to raise finance > Membership > Any other factors Limited liability If a company where to go into solvency with limited liability the shareholders would only lose the capital they have invested. This means the shareholder is covered for any losses of the company and will not be liable to repay the creditors. Separate legal entity The company is a separate legal entity form the shareholders, if someone where to take action against the company they do so against the company and not against the individual shareholders. Ability to raise finance A limited company can raise funds from the follow outside sources: > For a PLC – this capital is generate from the general public buyer shares which are traded on the Stock Market > For a LTD – this capital is generated from Venture Capital companies and friends and family who can purchase shares Membership To be a member of a limited company you are required to own at least one share of that company, there is a minimum number of members which is two and no upper limit. If you are a member of a company you are the same as a shareholder. Other factors As a limited company is normally larger than that of a sole trader or partnership it benefits from economies of scale and makes it of sufficient size to employ such specialists as production, marketing, finance which work in their respective functions. The Companies Act The Limited Companies Act 1985, which was amended in 1989 states that there are two types of limited companies. The large Public companies or PLC’s and the smaller Private companies or LTD’s there is also another type of limited company which is called the limited by guarantee. Public limited company (PLC) A company can become a public limited company if it has the following: > The issued share capital is over à ¯Ã‚ ¿Ã‚ ½50,000 > There are at least two members and at least two directors A public company does not have to sell stocks and shares on the Stock Exchange but this is normally where most of the capital is raised. Private limited company (LTD) The most common limited company is the private limited company or LTD, the term private company was not set out in the Companies Act 1985, but is the most traditional way of describing a LTD. A private limited company has the following: > There are no minimum requirements for issued share capital > There needs to be at least two members and at least one director The shares are not traded on the stock market, but can be traded between individuals although with the shares not being traded on the stock exchange the price at which these shares will be traded may fluctuate. Company limited by guarantee The limited by guarantee company does not rely on the purchase of shares, but relies on members agreeing to pay a stated amount if the company goes bankrupt. Governing Documents of Companies When a limited company is being set up the Companies Act requires the two following documents: > Memorandum of Association > Articles of Association The Memorandum of Association is the constitution of a company, it outlines how the business is to relate to the outside world. It will contain the following five clauses: 1) The name of the company along with the public or private limited part 2) The authorised share capital 3) The objects of the company which is the activities that the company can engage in 4) The registered company of the company 5) A statement that the liability of the members is limited The Articles of Association this regulates the internal administration of the company, it also includes powers of directors and the holding of company meetings. Accounting requirements of the Companies Act The Companies Act 1985 which was amended in 1989, requires the production of accounts for a limited company it also sets out the detailed information that must be disclosed. For a large company the accounts are audited by an external auditor, this is not often the case with a small or medium sized company due to them being exempt. After the end of the financial year the accounts must be completed within nine-months and sent to the Companies House where they are available for the viewing of the public. A copy of the accounts must be available to all shareholders this is paired with a report on the companies activities during the year. Types of shares by Limited Companies In the Memorandum of Association the authorised share capital is stated. The issued shared capital may not be the same as the authorised share capital, the issued share capital under law is not allowed to exceed the authorised share capital. If a company wishes to extend the amount of share capital that it is allowed to issue it must pass an appropriate resolution at a general meeting of the shareholders. The authorised and shared issue capital is divided into different types of shares which are: > Ordinary shares > Preference shares With these shares come voting rights to the holder which can give the right to the holder to have their say at the annual general meeting. Ordinary shares An ordinary share is the most commonly issued share and carry’s with it the main ‘risks and rewards’ that come with the success of the business. If the business makes a profit the holder of the share will receive a dividend, these share are paid after preference shares dividends. Also of the company records a loss the share holders will loss part or all of their investment. Many companies when they have made a profit don’t pay out all the profit, many keep a percentage as a reserve. This reserve money can be used the next year as a dividend if the company does not make a sufficient profit, this serves to keep the investor interested and thinking they are getting a return on their shares. When a business goes into solvency the ordinary share holders receive any payments last. Preference shares A preference share normally carry’s a fixed rate of dividends. The dividends of the preference shares are paid out before the dividends of an ordinary share, although the dividends are only paid if the company makes a profit. If the company goes into solvency the preference share will receive a part of their payment before the ordinary shares. Nominal and market values of shares The nominal value of a share is the face value of the share, shares can be issued for any amount. This nominal value is not normally the same as the market value of the share due to it being traded at different prices constantly. Issue price This is the price the shares are issued to the shareholders by the company. The issue price is either at a par with the nominal value or above the nominal value. When the issue of the issue price is above the nominal value it is known as a share premium. Loans and Debentures As well as selling shares to raise capital the business may also be required to take a loan or debenture which can be obtained from the shareholders. With these two methods of raising capital usually comes a fixed rate of interest on the amount. This interest is considered a business expense so is placed in the profit and loss account with all the other expenses. If the company goes into insolvency the loan/debenture will be paid off before any shareholders are paid. Trading and Profit and Loss Account When most limited companies are creating their financial statements they are normally the same as that of a sole trader and a partnership. However there are two expenses that are found in a limited companies profit and loss account but not in any other type of business, these are: > Directors remuneration (directors salary) – this is entered because the directors are employed by the company and thus are an expense to the company > Debenture interest – this is entered into the companies profit and loss account because it is an expense to the company The limited company completes it profit and loss account and finds out the Net profit, an appropriation account is then drawn up below this. Balance Sheet The balance sheet of limited companies are for the most part the same as all other companies balance sheet apart from the odd difference in the things that go into the current assets, fixed assets and liabilities. The difference is that the capital section of the balance sheet is rather complex due to the different shares that are issued and the various reserves. Reserves A limited company will very rarely disburse all its profits between its shareholders, it will instead keep back a certain amount as a reserve. There are two types of reserve: > Capital reserves – which are created because not all the capital that has been taken was used for trading > Revenue reserves – these are the retained profits from the profit and loss account Capital reserves Examples of capital reserves which cannot be used to fund dividends payments include: > Revaluation reserve – this takes place when a fixed asset is revalued in the balance sheet, this revaluation is then placed in a revaluation reserve, it then serves to increase the shareholders investment in the company > Share premium account – a company may wish to issue extra shares to be available to the general public at a price over that of the nominal price. The nominal value of the shares is input into the share capital account and the extra money on top of the shares laced into the share premium account. Revenue reserves This is very often left as the balance of the appropriation account of the profit and loss account, it is most commonly known as the profit and loss account balance. On the other hand they may choose to put this revenue into a separate account of its own. This transfer to and from these accounts will in recorded in the appropriation account. The regulatory framework of accounting When talking about the regulatory framework of accounting you are simply talking about the rules that are to be followed when preparing final accounts. There are two forms these rules take the form of these are: > Accounting concepts > Accounting standards Accounting concepts Below are the basic accounting concepts that are to be followed when preparing final accounts: > Business entity > Money measurement > Historical cost > Duality > Materiality > Going concern > Accruals > Consistency > Prudence Business entity concept This concept outlines that the final accounts and records of a business are that of the business and that no personal assets of the owner’s are included within these records. The main links that are disclosed between the business and the owner(s) is the capital accounts and drawings. Money measurement concept This concept means that all items that are within the final accounts are expressed as money, this means all the values can be added together to come up with the net profit, gross profit and so on. The problem with this is that things that cannot be recorded as money such as good management will not be valued and all companies will be seen to be managed the same way, only in time will the good management become apparent. Historical cost concept This is an extension of the money measurement concept, it basically means that a transaction should be recorded at the value it was historically recorded or initially recorded, so if a vehicle cost à ¯Ã‚ ¿Ã‚ ½20,000 at purchase it should be entered for that amount. This concept brings with it advantages which are as follows: > Verifiable – there is a prime document that confirms that this transaction has occurred > Objective – there are no new valuations of the vehicle which will make it easier to price when it comes to sale This concept also brings with it disadvantages which are as follows: > The change of value – all items change in value over time and this wont be recorded the value may have went up or down > The effects of inflation Duality concept This concept ensures that all transactions are entered into the double-entry system twice one on the credit side and one on the debit side. Materiality concept This concept sets out that some items within accounts are so low in monetary value there would be no point in recording them separately. Some examples of these types of items are listed below: > The likes of donations to charities, the purchasing of plants for the office and other small expenses such as these are seen not to justify their own expense account, so they are grouped together in a sundry expenses account > The end of year stocks of stationary such as paper for printers, paper clips, pens etc are not seen to be material due to the fact they don’t affect the business earnings however they are placed within the profit and loss account > The low cost fixed expenses such as bins, staplers etc are not classed as capital expenditure, they are instead classified as expenses within the profit and loss account. Technically they should be placed within the fixed assets account of the balance sheet and be depreciated every year of their life span, but it would not be worth the effort due to them being immaterial in that they wouldn’t cause any real affect to final figures. What a business will consider material depends really on the size of the particular business, the likes of a large business would find anything under à ¯Ã‚ ¿Ã‚ ½1,000 immaterial and not worth putting into their own account whereas a small company would consider these items material and have them in their own account. Going concern concept This concept is presuming that the business to which the final accounts relate will continue to trade for the foreseeable future. The final accounts are prepared on the basis that the business has no intention of significantly down sizing or liquidating its assets. If the business was going to down size and where to sell a purpose built factory this factory would be a going concern to the business but would be of limited use to other industries for this reason the building would command less value. This instead of being described as a going concern would instead be described as a gone concern. In a gone concern extra depreciation would be added to the profit and loss account to account for the reduction in fixed assets. Accruals concept This concept is concerned with the expenses and revenues being matched so that they will concern the same goods/services and the same time period. In the profit and loss account expenses should always be entered whether they have been paid for or not. This is where the principle of income and expenditure accounting came from. Below are further examples of the accruals concept: > Debtors > Creditors > Depreciation > Bad debts > Provision for bad debts > Opening and closing stock adjustments in profit and loss account Consistency concept This concept is concerned that when a company adopts a particular method for accounting they should continue to use that method in a constant fashion. When a business has adopted a particular practice for accounts they may at times wish to make some changes, this is acceptable as long as there is a good reason for it, this change is to be noted on the final accounts to explain what has happened. With the consistency of the accounts the business can make comparisons between different years. Prudence concept This concept is also known as the conservatism in accounting. This concept requires where there is any doubt as to the value of an item report a conservative figure to be entered within the final accounts. Although this does not mean that profits are to be anticipated and should only be recognised if there is a distinct possibility they will be realised, as well as this all known liabilities should be provided for. A good example of this process is the provision for bad debts this is so any debt that maybe written off may be accounted for. The theory behind this concept is that it prevents the business from being to over optimistic with its presentation of final accounts. All of the above concepts apply to the final accounts of a sole trader, a partnership and a limited company. With relation to the limited companies the Companies Act 1985 gives legal force to the following concepts: > Going concern > Accruals > Consistency > Prudence If the company does not apply these concepts will receive a qualified report from its auditors. Accounting Standards The framework for accounting is represented by the Statements of Standard Accounting Practice (SSAP) and Financial Reporting Standards (FRS). The Statements of Standard Accounting Practice are no longer issued, but they still come under the control of the Accounting Standards Board. The Accounting Standards Board requires that accountants adhere to all applicable accounting standards and are able to disclose and explain deviations from the standards that may occur. To try and reduce the number of permissible accounting treatments, a number of Statements of Standard Accounting Practice have been replaced by Financial Reporting Standards. The main accounting standards are: > SSAP 5 Accounting for Value Added Tax > SSAP 9 Stocks and long-term contracts > FRS 15 Tangible fixed assets > FRS 18 Accounting policies SSAP 5 Accounting for Value Added Tax VAT is a tax on the supply of goods and services. Business with a turnover of over a certain figure will be registered for VAT. At regular intervals the business that are registered will pay VAT Authorities such as HM Customs and Excise on the following: > The amount of output tax collected on sales made > Less the amount of input tax on goods and services purchased The business can claim a refund from the HM Customs and Excise department if the input tax is greater than the output tax. This claim will be made on the difference. A business that is VAT-registered does not normally include the VAT in the income and expenditure of the business – whether for capital or revenue reasons. There are goods and services that are exempt from VAT these are things such as the loaning of money and letting of land, VAT cannot be charged by the charge so no output tax is received, they can only clam back an agreed proportion of the input tax that has been pre agreed with the VAT authorities. Irrecoverable VAT occurs when a business that has been registered cannot reclaim VAT on input tax, this means the VAT is entered into the accounts as an expense. A business that is not registered for VAT will include VAT within its input financial statements. SSAP 9 Stocks and long-term contracts This sets out the broad rule that stock should be valued at cost or, where lower, selling price. FRS 15 Tangible fixed assets This sets out that a fixed asset has a known economic life and must be depreciated, this doesn’t apply to land unless it is either a quarry or mine. As long as the depreciation method is acceptable it can be used to spread the cost of a fixed asset consistently over that fixed assets economic life. A depreciation amount is most of the time based on the cost of the fixed asset. FRS 18 Accounting policies This standard is to ensure that all material items have the following: > The particular circumstances of the business accounting policies are fit of the given purpose and give a true and fair view > The policies that have been selected by a company are regularly reviewed to ensure they are still appropriate, also when the circumstances change the policies are changed to > The information that is disclosed within the financial statements is of sufficient information to enable users to understand the accounting policies that have been adopted and how they have been implemented