Interm Acct Essay Example for Free

Interm Acct Essay 1. What is the defining distinction between for-profit businesses and not-for-profit, including governments? What are the implications of this distinction for financial reporting? Governments and not-for-profits provide services that are targeted to groups of constituents who advocate a political or social cause or who carry out research or other activities for the betterment of society. The objectives of governments and not-for-profits cannot generally e expressed in dollars and cents and are often ambiguous. Government and not-for-profit have relationships (unlike with a business) with the parties providing their resources. 2. Why is the budget a far more important document in both governments and not-for-profits than it is in businesses? Revenues and expenditures are controlled or strongly influenced through the budgetary process. 3. What is meant by â€Å"interperiod equity†? What is its consequences for financial reporting? The term interperiod equity is the concept that emphasizes that entities should not transfer costs eve to future years, let alone future generations. 4. Why may the â€Å"matching concept† be less relevant for governments and not-for-profits than it is for businesses? 5. What is the significance for financial reporting of the many restrictions that are placed upon a government’s resources? 6. Why is it difficult to develop accounting principles that are appropriate for governments within the same category and even more difficult to develop them for governments within different categories? 7. What is the significance for financial reporting of a government’s power to tax? How does it affect the government’s overall financial strength? 8. Why has it proven especially difficult to establish accounting principles that enable governments to satisfy all three elements of GASB’s first objective of financial reporting in a single statement of revenue and expenditures or balance sheet?

Analysis of Two settings in Shakespeare’s Macbeth Essay -- The Tragedy

An analysis of two settings in Shakespeare’s Macbeth. By using the heath and castles as contrasting settings in Macbeth, William Shakespeare reinforces and reflects various themes present throughout the play. Through the combined use of these settings, he contrasts notions of security and danger, fairness and foulness, and the natural and supernatural. Although the heath is a meeting place for evil and is represented as a grim location through a number of methods, the heath itself is safe. Contrarily, the castles that Macbeth inhabits, both Inverness and Dunsinane, are repeatedly described as safe, secure, and welcoming. These castles, however, are far more dangerous than the heath, acting more as traps than shelter. The notions of fairness and foulness are also reversed at the heath and the castles in the play. The witches at the heath are relatively benign and only deliver prophecies of truth to Macbeth, while conceptions of fairness are repeatedly distorted to the point of foulness at the castles he inhabits. Finally, while it is certainly true that the witches represent the supernatural world, the supernatural deeds which occur at the heath are far more subtle when compared to the unnatural events which take place in the castles. By examining the plot developments which transpire in their respective settings, one can conclude that Shakespeare intentionally contrasts the settings of the play with the deeds that happen there, creating a strong separation from appearance and reality throughout the play. First, the concepts of security and danger are constantly in question when referring to the settings of the heath and the castle. As Hecate proclaims to the witches, â€Å"security / Is mortals’ chiefest enemy† (Mac. ... ...med to his table. By examining the use of setting in Macbeth, one can infer that the castles in the play are the setting for much more horrid deeds than the heath. Although the heath is represented as a dark, scary place inhabited by creatures of the supernatural, no character is ever killed, or even injured there. The heath is safer than Macbeth’s castles, which are the scenes of multiple murders. Far more foulness evidently occurs at Macbeth’s homes, despite their pleasant appearance. This interesting contradiction resonates in the witches’ proclamation â€Å"Fair is foul, and foul is fair† (Mac. 1.1.11), suggesting the duality of the settings in the play. The setting which appears most foul, the heath, is actually a relatively harmless place, while the castles, despite their fair appearance and inhabitants, are the scene of the supernatural, foulness and danger. Analysis of Two settings in Shakespeare’s Macbeth Essay -- The Tragedy An analysis of two settings in Shakespeare’s Macbeth. By using the heath and castles as contrasting settings in Macbeth, William Shakespeare reinforces and reflects various themes present throughout the play. Through the combined use of these settings, he contrasts notions of security and danger, fairness and foulness, and the natural and supernatural. Although the heath is a meeting place for evil and is represented as a grim location through a number of methods, the heath itself is safe. Contrarily, the castles that Macbeth inhabits, both Inverness and Dunsinane, are repeatedly described as safe, secure, and welcoming. These castles, however, are far more dangerous than the heath, acting more as traps than shelter. The notions of fairness and foulness are also reversed at the heath and the castles in the play. The witches at the heath are relatively benign and only deliver prophecies of truth to Macbeth, while conceptions of fairness are repeatedly distorted to the point of foulness at the castles he inhabits. Finally, while it is certainly true that the witches represent the supernatural world, the supernatural deeds which occur at the heath are far more subtle when compared to the unnatural events which take place in the castles. By examining the plot developments which transpire in their respective settings, one can conclude that Shakespeare intentionally contrasts the settings of the play with the deeds that happen there, creating a strong separation from appearance and reality throughout the play. First, the concepts of security and danger are constantly in question when referring to the settings of the heath and the castle. As Hecate proclaims to the witches, â€Å"security / Is mortals’ chiefest enemy† (Mac. ... ...med to his table. By examining the use of setting in Macbeth, one can infer that the castles in the play are the setting for much more horrid deeds than the heath. Although the heath is represented as a dark, scary place inhabited by creatures of the supernatural, no character is ever killed, or even injured there. The heath is safer than Macbeth’s castles, which are the scenes of multiple murders. Far more foulness evidently occurs at Macbeth’s homes, despite their pleasant appearance. This interesting contradiction resonates in the witches’ proclamation â€Å"Fair is foul, and foul is fair† (Mac. 1.1.11), suggesting the duality of the settings in the play. The setting which appears most foul, the heath, is actually a relatively harmless place, while the castles, despite their fair appearance and inhabitants, are the scene of the supernatural, foulness and danger.

On issue of reconstruction of Iraq after war Essay

One year after the war on Iraq was launched; the promise of improved human rights for Iraqi citizens remain far from realized, concludes a new report by Amnesty International. Twelve months on from the invasion of Iraq by the US-led coalition, the Iraqi people still suffer from serious human rights violations. The past year has seen scores of unarmed people killed due to excessive or unnecessary use of lethal force by Coalition forces during public demonstrations, at check points and in house raids. Thousands of people have been detained, often under harsh conditions, and subjected to prolonged and often unacknowledged detention. Many have been tortured or ill-treated and some have died in custody. Violence is endemic, whether in the form of attacks by armed groups or abuses by the occupying forces. Millions of people have suffered the consequences of destroyed or looted infrastructure, mass unemployment and uncertainty about their future. There is little or no confidence that all those responsible for human rights abuses, both past and present, will be brought to justice. After a year of war, lawlessness, spiralling violence and economic hardship, Iraqis face an uncertain future. For the next year to be better than the last, the occupying forces, Iraqi political and religious leaders and the international community must make a real commitment to protecting and promoting human rights in Iraq. A year after the war began Iraqi civilians are still being killed every day. Over 10,000 Iraqi civilians are estimated to have been killed since 18 March 2003 as a direct result of the military intervention in Iraq, either during the war or during the subsequent occupation. The figure is an estimate as the authorities are unwilling or unable to catalogue killings. Scores of civilians have been killed apparently as a result of excessive use of force by US troops, or have been shot dead in disputed circumstances. No US soldier has been prosecuted for illegally killing an Iraqi civilian. Iraqi courts, because of an order issued by the US-led authority in Baghdad in June 2003, are forbidden from hearing cases against US soldiers or any other foreign troops or foreign officials in Iraq. In effect, US soldiers are operating with total impunity. Iraqi civilians have also faced danger in the form of attacks, apparently carried out by armed groups that have been a growing feature of life in Iraq since the occupation began. The attacks have targeted the US military, Iraqi security personnel, Iraqi-controlled police stations, religious leaders and buildings, media workers, non-governmental organizations and UN agencies. They have resulted in the deaths of at least hundreds of civilians. To the extent that these bombings are part of a widespread or systematic attack on the civilian population of Iraq in furtherance of an organization’s policy, they would constitute crimes against humanity. The lack of law and order continues to be a major concern in many areas of Iraq. Ensuring justice is fundamental for the countless victims of human rights violations in Iraq. Iraqis have suffered decades of grave violations by their government as well as abuses committed during the course of several conflicts, including the recent war and its aftermath. Fundamental changes to Iraq’s legal, judicial and penal systems are needed. Human rights must be at the centre of all efforts to rebuild and reconstruct Iraq. A failure to fully protect human rights in the process of change would be a betrayal of the Iraqi people, who have suffered so much in the past. CURRENT RECONSTRUCTION MOVEMENT The hopes to American and British plans of reconstruction of Iraq have cast serious doubts whether it will serve the rights of the Iraqis or the economic ends of US and UK. George Bush and company having a clear idea of the destruction they will unleash on the Iraqi people is beyond doubt. However, that does not deter them from following this disastrous course of action. The US government is prepared to spend around $12bn on attacking Iraq. So far it has only offered $65 million to provide them with the basics of life. This $65 million is expected to last less than 6 months but that is all right according to the calculations of the Bush administration. By then, the world media would have moved on to some new crisis, just as Afghanistan is now relegated to the inner most pages of newspapers. This $65 million should help contain the misery of the Iraqi people within some parameters for the brief period of time that they expect the world to pay attention to Iraq. The real â€Å"reconstruction† of Iraq has the US and UK, along with their cronies, salivating. In the name of reconstruction they will receive lucrative contracts for their respective private sectors. In the case of Iraq, the oil company Halliburton, which incidentally was headed by US Vice President Dick Cheney between 1995-2000, has already been awarded a multi-million dollar contract to clean up the Iraqi oilfields after the devastation of war, especially if a retreating Iraqi army puts them to fire. Other American and British oil companies are likely to exert complete control of Iraqi oilfields. Since the market for oil is relatively price-inelastic, and does not lend itself well to brand differentiation, control of supplies is everything in this industry. The prizes don’t come any bigger than the Iraqi oilfields. Other equally substantial payoffs await these companies in the future. For instance, apart from the immediate profits and control of natural resources, first mover advantages in these markets are bound to be enormous. As Steven Schooner, a George Washington University law professor maintains â€Å"the most sophisticated firms that come in first, and establish good will with the locals obviously will reap huge benefits down the road. These are going to become brand names in Iraq.

Credit Derivatives in the Recent Global Financial Crisis

Credit Derivatives in the recent Global Financial Crisis 1.0 Introduction: In the recent times credit derivatives have become a very popular financial security for investors. If we take a look at the chart given below we can see how the popularity of credit derivatives increased in the past decade. The maximum volume of derivatives was traded during the years 2005 to 2007 of which 2006 was the highest at $2000bn. Then when the financial crisis occurred at the end of 2007 the trading decreased rapidly the following two years to as low as $100bn in 2009. There has been claims from financial critics that these credit derivative are the main factor that has lead to the almost collapse of the world financial markets and if corrective measures†¦show more content†¦3.0 Why control measures are necessary? From the simple description of what happened during the financial crisis as mentioned above, it is clear that the use or rather the overuse of credit derivatives was the major cause of the collapse of the financial market. The creatively designed derivatives helped to hedge the risks off parties involved and eventually the party held accountable for the risk would get lost in all the complexity of each tranche. In May 2010, the Financial Times quoted Warren Buffett with the following: â€Å"Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal to the financial system† (Lemer, 2010). This quote nicely reflects the fear of some market participants and observers that credit derivatives may threaten the stability of the financial system. The transactions of credit derivatives are not required to be disclosed by the market participants and this opaqueness in the system can easily lead to yet another collapse in the fi nancial markets. Furthermore, there is no common method of documentation and thus control measures are only self-regulatory (Ayadi Behr, 2009). Sometimes government heavily subsidizes the derivative markets making it easier for anyone to get credit derivatives cheaply. Almost one-third of OTC market trades require no margin or collateral requirements at all. Financial innovation has a bad reputation at the moment, because exotic derivatives were one ofShow MoreRelatedA Brief Study of Derivatives and Risks783 Words   |  3 Pagescontain all of the terms and conditions that govern your purchase Derivatives and risks Virtually all financial decisions carry some implication of risk, because of the uncertainty of the future. 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