Accounting Opinion About Cash Discounts and Trade Discounts free essay sample

Year end: Mr. Williams 4 weeks Accounting v IFRS v US GAAP AASB IFRS for SME / Differential Reporting Standards Auditing Ethics Other (specify): 30 April, 2012 30 June, 2012 Prepared for (name of supervisor): Time spent on this opinion: What type of opinion (select options)? Accounting Standards applied: Query or issue: Whether the debit-balance account â€Å"Cash Discounts† in the Statement of Comprehensive Income should be treated the same way as the â€Å"Trade Discounts† account. Background and pertinent facts: Trade discount is allowed by the supplier of the goods to the purchaser when he buys from the supplier in bulk quantities. The purchaser is accountable for the invoice price which is the list price less the trade discount. Whereas, cash discount (also known as sales discount) is a decrease granted by supplier from the invoice price of the goods in order to encourage prompt payment. Authoritative Guidance and Research: AASB 101 Presentation of Financial Statements IAS 18 Revenue (IAS 18. We will write a custom essay sample on Accounting Opinion About Cash Discounts and Trade Discounts or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 0) http://www. e-conomic. co. uk/accountingsystem/glossary/cash-discount http://www. letslearnfinance. com/difference-between-cash-and-trade-discount. html http://accountingexplained. com/financial/receivables/cash-discount-on-sales http://basiccollegeaccounting. com/2008/08/summary-of-difference-between-cash-discount-and-tr ade-discount/ Discussion and Analysis: Trade discount is given before the exchange happens; therefore, the amount recorded as sales revenue is the invoice price. Hence, there is no entry in the books of the account. Sales should be recorded after the deduction of such trade discounts. Unlike trade discount, cash discount is allowed on the payment of money after the invoice is made by the supplier; therefore, the cash discount is not shown on the invoice. In order to indicate the difference of amount between the sales revenue and the cash received, a cash discount account should be opened on the ledger. There are two methods of accounting for sales that offer cash discounts: the gross method and the net method. Once one method is chosen, it would be used to record all sales according to this method. The gross method records sales and Accounts Receivable at their gross amount and the discounts are recorded only when they are taken. The following journal entries should be recorded for the sale and for the full invoice amount payment: Dr. Accounts Receivable Cr. Sales Dr. Cash Dr. Sales Discounts Cr. Accounts Receivable IAS 18 Revenue requires cash discounts to be treated as reductions in revenue; thus, this special Sales Discounts account should be subtracted from Sales to calculate net sale. The net method puts forward a special revenue account Sales Discounts Forfeited. At the time of sale, sales and receivables are recorded net of possible discounts: Net Price = Gross Price ? Potential Cash Discount Thus, the journal entry at the time of sale is like: Dr. Accounts Receivable (Net Price) Cr. Sales (Net Price) If the payment is received within the time that was entitled on the invoice and the discounts are taken by the purchaser, it should be recorded as: Dr. Cash (Net Price) Cr. Accounts Receivable (Net Price) If the discounts are not taken, the amount is debited to Account Receivable and credited to Sales Discounts Forfeited which is calculated into an â€Å"other revenue† account that appears on the Income Statement. The journal entry should be recorded as: Dr. Cash (Gross Price)

Qualities of a Great President essays

Qualities of a Great President essays What are the qualities of presidential leadership? What makes a president a great leader? The presidents were great leaders because they knew how to guide and to inspire the American People. The great presidents had leadership qualities such as possessing persistence like Lincoln, having resilience through education like Truman, demanding excellence like Kennedy, having sympathy or compassion like Lincoln, communicating and informing people like Reagan, being decisive like Grant the general, developing esteem like Franklin Roosevelt, having nerve or courage like Washington, practicing team leadership like Eisenhower, and finally sharing a vision like Thomas Jefferson. All these great presidents had these qualities as leaders that have transformed vision into reality. A quality most commonly associated with the president is leadership. A president must be able to lead the country. The president who comes to mind is Abraham Lincoln. Abraham Lincoln was a great man. He was honest, humble, and most of all: a great leader. He led in his early political days as well as leading the United States through the toughest time in our nations history. Lincoln issued the Emancipation Proclamation, which was extremely controversial; however, Lincoln held his ground, as all great leaders must. He stood up for what he believed in. He believed in the Constitution, the Bible, and the idea that all men are created equal. For a president to be successful, he needs to be ambitious. Also, the most successful presidents tend to be hard working and persistent. Presidents who succeed set ambitious goals for themselves and move heaven and earth to meet them. Lyndon B. Johnson was a very hard-working and ambitious president. Congress passed his proposals for increased federal aid to education, a cut in excise taxes, stronger safety measures for automobiles, and the establishment of two new executive departments-the Department of Housing and Urban D...

Globalization revisited Essay Example | Topics and Well Written Essays - 250 words

Globalization revisited - Essay Example This is valuable as concepts for democracy and equality are espoused influencing leaders of other countries who incorporate them into their own governments. The more educated people spread their elevated ideas to others, the more the society becomes as a whole. Over time, this has and will continue to create a more globalized world. The somewhat less beneficial effects are initiated by big business. They hope to reach as many markets as possible to increase their profits. While the youth may enjoy these modern developments there is a great deal to be said about preserving a countries rich national culture. These elements also lead to a more globalized world but at what cost. Coca Cola sold in parts of Africa and China, Disneyland and such other American things may not necessarily contribute to the culture but rather direct every nation to be as the United States is. Is this really beneficial? Perhaps the US would benefit more by learning from other cultures, rich in tradition and values rather than being so profit driven. This leads to man’s lust for power. Imperialism started 500 years ago with ancient empires conquering other lands. Their desire to have as much power possible led to great expansion and the conquering of other lands. The Ottoman Empire, British Empire and Roman Empire all led to domination over the conquered peoples and forced influences on their own cultures (Hussain 2011). Today as the empires are broken up into individual nation states we see the lust for power rise to the surface in other ways. The United States, seen as the greatest defender of democracy, also hopes to impose it on other countries. Such is evidenced today by our militaristic intervention in Iraq and Afghanistan. While we don’t wish to maintain any level of control in these countries as some do by hoping to include Canada and Mexico as part

Stop and frisk Research Proposal Example | Topics and Well Written Essays - 500 words

Stop and frisk - Research Proposal Example causal relationship exist between two variables when a cause exist and some consequences follow the cause and policy enforcement is the cause with change in gun violence rate as the effect. Existence of a correlation relationship that other factors cannot explain is another requirement for a causal relations and research control can ensure this (Aparasu 72). Implementation of the policy is the independent variable while incidence of gun violence is the dependent variable. Implementation of the stop and frisk policy and effects of the implementation are the concepts for measure. Implementation defines effective enforcement of the policy within the perception of citizens while effects of implementation define associated change in gun violence behavior among the public because of the policy implementation. In addition to peer group questionnaire that background study identified, I plan to use existing data on the subject and opinions among psychology and criminology experts in collecting data on the concepts. Individuals who have been accused of gun violence and those who have close relation to the already accused individuals ate the study’s target population. One of the major characteristics of the population is arrest or issuance of arrest warrant against an individual. These characteristics forms the characteristics of the remaining population segments, associated of the accused. Criminal records from attorney’s office will help in identification of individuals who have been arrested or against whom arrest warrants have been issued for gun violence crimes. Background study on the identified individuals will facilitate identification of their associates. A survey design will be used will be used for data collection because of its potential to collect data of human traits (Aparasu 161). Cross sectional approach will be implemented to collect data relating to periods before the policy and after the policy. This will also incorporate data on application and

Theology Marriage in the 20th Century Essay Example | Topics and Well Written Essays - 750 words

Theology Marriage in the 20th Century - Essay Example Duncan thinks that perhaps knowing how to fight will help his son survive as a man in a man's world, just as he thinks this skill helped himself and his brothers cope with life: "Over time, physical combat begot intellectual combat, and our competitiveness and discipline allowed us to be fairly successful in the world" (Duncan 2009, 1). Mr. Duncan wants to be a just parent, as he worries about "failing [his] children" (Duncan 2009, 1). What he means to be the implications of failing his children, one is not exactly sure. Would his children become effeminate if they didn't learn how to fight Would they not have material success in the world if they didn't learn how to fight Duncan says the conflict between pacifism and fighting "creates a kind of parental dissonance, a discomfort that [he feels] slightly embarrassed to talk about in polite company" (Duncan 2009, 1). Duncan wonders if he is being a good father by not teaching his son to fight-just as his own father seemed to have been an effective father by teaching his sons how to fight, and also carry on the legacy of his grandfather. Duncan seems to be indebted to his father but conflicted by the social message of the Catholic teaching he grew up with: "My father would tell me that my son should learn to fight. My church tells me he should learn to love. Am I a bad father for teaching him one, and not the other I hope not" (Duncan 2009, 1). In some ways, Duncan feels a call to lead a "countercultural" sort of lifestyle. He says he is "a Catholic who takes the call to be a peacemaker much more seriously than [his] own parents did. Though [he] is not a pacifist[he has] great admiration and respect for the kind fo courage pacifism entails[my own] paradox" (Duncan 2009, 1). Some advice for Mr. Duncan is in order. First of all, Mr. Duncan must realize that there are certain unwritten codes which we all follow according to the gender roles which society dictates. In a study of ads, "Goffman's models seem to follow one body of tacit social rules about gender, not two or three, or some mix[a sort of] code" (Hochschild 2003, 46). Mr. Duncan's child is young. It is normal for a child to question at that age who he is. "So, at this point [in a boy's life], [he's] asking [himself], Who and what am I Is this my identity" (Cahill 2006, 146) A good relationship with his father is guaranteed to help his son have success in life, not learning how to fight necessarily. Gathered from the "clinical experience of many psychiatrists and therapists doesstemfrom problematic relationships with parents. The basic idea is that each individual in some sense has to 'achieve' his gender identity by going through a developmental process" (Cahill 2006, 153). This solves the issue of gender roles. Now, Duncan is worried if he is being a just parent. "[W]here the ordinary relationships with parents are disrupted [in this process of achieving gender identity]this process is short-circuited" (Cahill 2006, 153). Clearly Duncan does not have problems here. He may perceive he is being a bad parent if he does not clearly define gender roles-ultra-masculinity being demonstrated by the fact that his son would know how to fight. "Ultra-femininity, like ultra-masculinity, may mask the underlying

Communication Diversity and the Human Services Worker

Communication Diversity and the Human Services Worker Communication Diversity and the Human Services Worker Introduction Effective communication is more than just passing information from one person to another, we communicate both verbally and non-verbally (Howard 1991) in addition, we all hunger for contact that is meaningful. A communicator enters into relationships with other people (Gamble Gamble 2008). Healthy communication is essential, we all like to be valued and heard, and it is fundamental to all people from all facets of life and in all sectors of society (Bolton 1987, p. 4). Daily, human services workers encounter a diverse range of people, from colleagues to clients, professionals, and the public. Therefore, responding appropriately is necessary for effective communication to occur. Communication is never neutral (Tyler, Kossen Ryan 2005, p. 26) furthermore, we construct our world view from our own point of view as well as the point of view of the culture or society that we inhabit (Tyler, Kossen Ryan). Hence, there can be barriers to effective communication when class and low socio-economic circumstances are present. There is a tendency for Australians to look down on low-income earners and those receiving government benefits. To some, a low-income earner has less value because the belief is that they are non-contributors to the wealth and growth of Australian society. While this occurs less in the human services industry than in general, none the less it still occurs. Terms used within the community such as dole bludger have a negative connotation, and present difficulties that impact in an unconstructive manner on low income earners who may already be feeling guilty about their inability to find employment. Careless terms, labels, and negative attitudes build resentment, which has consequences that can flow on from clients to their families, whether from ill health, crime, family breakdowns, or drug and alcohol problems. Ineffective communication causes an interpersonal gap that is experienced in all facets of life and in all sectors of societyeven death results when communication breaks down (Bolton 1987, p.4). Covey (1989, p. 239) states, Unless you are influenced by my uniqueness, Im not going to be influenced by your advice therefore, building effective emotional bank accounts (Covey, p. 239) is crucial for successful communication to occur. This essay will address issues that confront human services workers and the challenges they face when working with unemployed people from low socio-economic backgrounds. Situation Australia is supposed to be an egalitarian society but increasingly it is becoming a nation of haves and have nots. The divide between rich and poor continues to expand (Barrett, Crossley Worswick 1999; The Age 1999, cited in Healey 2001). Stratification based on economic and social position is becoming a part of the Australian identity (Hartley 2002). The success of some at the expense of others has also seen growing resentment by those on welfare who see themselves as victims (The Weekend Australian 2000, p. 23, cited in Healey 2001). Hegemony refers to the dominant classes maintenance of social and cultural domination over others (OSullivan et al. 1983). It forces people to hand over their power either consciously or unconsciously by creating a power bloc (OSullivan, p. 102). Government agencies such as Centrelink, job network centres, and training institutions, which in theory are neutral and are there to represents everybody often exercise their power to achieve hidden company outcomes. As the dominant economic class, they look after the interests of the company first and their clients needs often become secondary. Unequal power relationships that influence the manner in which people communicate with each other are easy to develop and difficult to dismantle. The exchange between senders and receivers is an active encounter in which participants frequently occupy positions of unequal power (Kress 1988, p15). Those on the receiving end feel diminished, unheard, and often defensive. Negative stereotypes on both sides are liable to increase, and self-fulfilling prophecies and conflict occurs because of ineffective communication. There is growing concern about welfare dependency and the impact this is having on the economy. There is a shift in government policy, the emphasis now is that those on welfare must accept more responsibility for their economic circumstances (Saunders 2005). Community service workers understand that participation in order to lead a rich meaningful life within the community it is necessary to have a healthy self-esteem. They are aware that social exclusion and unemployment deny people the opportunity to participate (Saunders). Approach Reading body language, paying attention to details and clear effective communication require well developed skills that human service workers need to keep in mind when working with clients. When communication, the life blood of every relationship (Bolton 1987, p. 6) is positive, it creates nurturing fulfilling relationships. As fifty-five percent of all communication consists of body language (Hargie Dickson 2004, p. 46), particular attention to non-verbal communication skills is required. Non-verbal communication such as a sneer, a sense of distain, or body language that is closed, communicates indifference, which can be as damaging as a verbal confrontation. As a human services worker it is essential that the clients your there to assist do not feel ostracised by the agencies assigned to help them. Human service workers must be conscious of non-verbal behaviour, their own and their clients because non-verbal behaviour often contains significant, misleading, and undeclared messages (Baney 2004). How people dress, their posture, eye contact and how they walk all convey meaning, and reveal to the observer a myriad of information. Cultural differences need to need recognition, studies show that African Americans and white Americans gaze in opposite directions when spoken to (Hargie 2006), Indigenous Australians also avoid eye contact. Avoid judgements because for clients to develop a healthy self-concept, judgement does not have to be verbal to be experienced. Judgement is one of the major roadblocks to successful communication (Rogers cited in Bolton 1987, p.17). Most people fear rejection and the surest way to create it in relationships with people is through judgement and criticism. Our sense of self develops through our interactions with others, we are social beings, and developing self-awareness is an important step in understanding ourselves and other people (Gamble Gamble 2008). Our self-concept and self-image is often warped and unbalanced, often how we see ourselves differs from how others see us. Our culture teaches us to repress our feelings, and many people are unaware of what emotionally, is actually occurring inside of them (Bolton 1987). A new counsellor may want to help clients avoid painful emotions, but emotional release encourages healing processes to occur (Geldard Geldard 1998, p. 50). An effective counsellor has the capacity to help their clients to feel what is happening within them, by either understanding what the client is verbally expressing, or transmitting by body language. By assisting clients whose body language maybe conveying feelings of inadequacy or inferiority, a human services worker, can bring to their clients attention factors that their clients maybe unaware of, and hence the client can begin to address them. Human service workers must be aware that giving advice can create interfere-iority complex (Bolton 1987, p. 22) and they must avoid giving advice but rather assist clients to find solutions. How something is expressed alters reactions, and those with low self-esteem often expect criticism from others, and possibly will read into statements meaning that was never there (Bolton 1987). Human service workers have the ability to reflect feelings back to the speaker, and are in a position to offer assistance that can and does make a difference in peoples lives. Building self-esteem can mean the difference between employment and continuing unemployment for a client, as a positive relationship exists between career development and the ability to communicate effectively (Bolton 1987, Gamble Gamble 2008). Therefore, human services workers are required to have skills that go beyond those of basic communication. Listening, assertion, conflict-resolution, and collaborative problem solving skills (Bolton 1987) are strengths that assist practitioners successfully negotiate interpersonal communication. As Bolton says low-level communication, leads to ineffectiveness, both at work and in personal communication, consequently by developing effective intercommunication skills it will lead to increased competence in all areas of life. Listening skills are required for successful communication, paraphrasing lets the listener know that you understand what the speaker has said. It allows the listener to comprehend the context of what the speaker said, and therefore the speaker knows understanding has been achieved. Communication skills require empathy and genuineness and need to affirm and validate peoples experiences (Kenny, 1994). Attending skills, following skills and reflective skills (Bolton 1987) are all a part of listening and allow the listener to demonstrate a clear understanding of what the speaker has conveyed. Listening allows a counsellor to bring to the attention of clients the negative self-talk they may use. Clients can then overcome barriers and create for themselves employment opportunities previously denied with knowledge, new skills, and understanding. Conclusion Human service workers are at the forefront in developing new programs aimed at increasing participation within the workforce. They are working for government and job network agencies on programs that address issues such as appearance, attitude, and communication styles. They are aware that sending solutions (Bolton 1987, p.20) rather than assisting clients to come to their own conclusions are barriers to empowerment that could undermine a clients motivation. Eighty percent of people who fail at work do so for one reason: they do not relate well to other people (Bolton 1987, p. 7). Human service workers are adopting principals, with the intention of addressing this problem. They know that with the correct assistance the downward spiral that creates unemployment, class stigma, and low income is reversible. By assisting low-income earners and unemployed people to understand how their verbal and non-verbal cues are preventing them from leading fulfilling lives can help motivate people to change. Methods learnt as a child can be undone and the barriers broken so that they can participate in a meaningful way, to live fulfilling personal and social lives, as well as gaining employment. Skill building workshops, training workshops, and counselling aimed at improving interpersonal relations are a practical solution in assisting clients to gain the skills required to communicate effectively. The flow on from that comes from learning how communication barriers lead to anger, ineffectual and damaging social relationships and that a clearer understanding will empower, and assists the disadvantaged members of society. Creating a ripple effect that will be of benefit to the wider community. Communication is our link to the rest of humanity (Gamble Gamble 2008, p.5), therefore as workers in the human services industry by helping clients to win, ultimately we all share the rewards. References Baney, J 2004, Guide to interpersonal communication. Pearson Education, Upper Saddle River, New Jersey. Barrett, G, Crossley, T Worswick, C 1999, Consumption and income inequality in Australia, Centre for Economic Policy Research, Australian National University Discussion Paper no.40. Bolton, R 1987, People skills, Simon and Schuster, NSW. Covey, SR 1989, 7 habits of highly effective people, Simon and Schuster, New York. Gamble, TK Gamble, M 2008, Communication works, McGraw-Hill, New York. Geldard, D Geldard, K 1998, Reflection of feelings, in Basic personal counselling, Prentice Hall, Frenchs Forest, pp. 49-58. Hargie, O 2006, Skill in practice: An operational model of communicative performance, in O. Hargie (ed.), The handbook of communication skills, Routledge, London, pp. 37-70. Hargie, O Dickson, D 2004, Nonverbal communication, in Skilled interpersonal communication: research theory, and practice, Routledge, London, pp. 43-66. Hartley, J 2002, Communication cultural and media studies, Routledge, London. Healey, J (ed.) 2001, The wealth divide, Issues in Society, vol 141, The Spinney Press, NSW. Howard, G 1991, Can you put it on a t-shirt? David Charles, London. Kenny, S 2007, Developing communities for the future, Thompson, Victoria. Kress, G 1988, Communication and culture, in G. Kress (ed.), Communication and culture, New South Wales University Press, NSW. OSullivan, T, Hartley, J, Saunders, D Fiske, J, 1983, Key concepts in communication, Routledge, London. Saunders, P 2005, Welfare to work in practice, in P.Saunders (ed.), Welfare to work in practice social security and participation in economic and social life, Ashgate, Hants, England, pp. 1-7. Tyler, S, Kossen, C Ryan, C, 2005, Theories of communication, in Communication: a foundation course, Pearson Education Aust., Frenchs Forest, NSW, pp. 16-26.

Albert Camus The Myth of Sisyphus Essays -- Papers Albert Camus Sisyp

Albert Camus' The Myth of Sisyphus Albert Camus' essay, 'The Myth Of Sisyphus' is an insightful analysis of the classic work, 'The Myth Of Sisyphus'. In some regards Camus' view of Sisyphus can seem quite accurate and in tune with the original text, but based on Camus' interpretation of the justness of Sisyphus' punishment, it is clear that the writer has some different ideas as well. Camus concludes that this punishment does not have the effect the Gods had intended, and ultimately the tragic hero must be seen as being 'happy'. This is his greatest departure from the intent of the original myth wherein the reader is left with the feeling that Sisyphus' punishment can be seen as appropriate and just. As his punishment for repeatedly outwitting the Gods, Sisyphus is forced to roll a great rock up a steep hill only to have it roll back down each time he reaches the top, forever condemned to repeat the process over and over again. It is this punishment that Camus is most focused on, as the topic of Sisyphus? trickery only comes up to give the reader some background on the story. It is unusual however that Camus considers this punishment as an, ?unspeakable penalty in which the whole being is exerted toward accomplishing nothing?, and at the same time assumes that; ?The struggle itself towards the heights is enough to fill a man?s heart.? The gratification that one might find through hard work could certainly be seen as an accomplishment, but it?s hard to see how this pertains to Sisyphus. Camus states that, ?the workman of today works every day in his life at the same tasks?, and that his fate is, ?no less absurd.? If a man whistles while performing his laborious job it is onl y because it is assumed that the fruits... ...l text was meant to represent. Camus states that, ?myths are made for the imagination to breathe life into them?, and he surely takes advantage of this. If it is true that Sisyphus truly owns his fate and is the master of his own ?absurd? universe, then that should be seen as his greatest punishment of all, for it does not amount to very much, and as Camus himself pointed out, ?the rock is still rolling.? Bibliography: Works Cited Bierlein, J.F. ?The Myth Of Sisyphus.? Lives Through Literature A Thematic Anthology (3rd ed.). Helane Levine Keating and Walter Levy. New Jersey: Prentice Hall, 2001. 1042-43. Camus, Albert. ?The Myth Of Sisyphus.? Lives Through Literature A Thematic Anthology (3rd ed.). Helane Levine Keating and Walter Levy. New Jersey: Prentice Hall, 2001. 1044-46.