Financial Accounting Reporting - 550 Words

Financial Accounting Reporting (Essay Sample) Content: Name: University: Course: Tutor: Date: Financial Accounting and Reporting Question 1 Workings (Account Adjustments) Trade Payables A/C Dr Amount Cr Amount Bal b/d 11,700.00 Bal b/f 11,200.00 Material Purchase 500.00       11,700.00    11,700.00 bal c/f 11,700.00 Cash A/C Dr Amount Cr Amount Bal b/f 11,700.00 Purchase 500.00 Sales 240.00 Wages 260.00    Bal c/f 11,180.00    11,940.00    11,940.00 Bal c/f 11,180.00 Purchases Dr Amount Dr Amount Bal bdf 12,400.00 Bal b/f 13,400.00 Cash 500.00    Credit 500.00          13,400.00    13,400.00 Bal b/d 13,400.00 Sales A/C Dr Amount Cr Amount Bal b/f 15,640.00 Bal b/f 14,600.00 cash 240.00 Credit 800.00       15,640.00    15,640.00 Bal b/d 15,640.00 Recievables Dr Amount Cr Amount Bal B/f 12,000.00    Sales 800.00    Bal b/d 12,800.00       12,800.00    12,800.00 Bal b/f 12,800.00 ABC Trial Balance ABC Trial Balance March 31, 20x7    Unadjusted Adjusted Item Dr ($) Cr ($) Dr ($) Cr ($) Bank Loan 12,000.00 12,000.00 Cash 11,700.00    11,180.00    Capital 13,000.00 13,000.00 Rent 1,880.00    1,880.00    Trade payables 11,200.00 11,700.00 Purchases 12,400.00    13,400.00    Sales 14,600.00 15,600.00 Sundry Payables 1,620.00    1,620.00 Recievables 12,000.00    12,800.00    Bank loan on Interest 1,400.00    1,400.00 1,400.00 Other Expenses 11,020.00    12,380.00    Vehicles 2,020.00    2,020.00    Wages    260.00    Equity 3,240.00                      Total 54,040.00 54,040.00 55,320.00 55,320.00                ABC Profit and Loss Account ABC Profit and Loss Account March 31 20x7 Amount Sales       15,600.00       Cost of sales 12,400.00       Gross Profit 3,200.00       Expenses    Rent 1,880.00    Wages 260.00    Bank loan interest 1,400.00    Other Expenses 11,020.00 14,560.00       Profit/Loss (11,360.00)                                           Question 2: Consolidated Financial Statements How information needs of different user groups vary Financial information obtained from reports is used by a wide number of stakeholders in all business industries. Users of financial information are divided into external and internal users. Despite the class or group of user one is placed, it is necessary to take note of the fact that users need this information to make better financial decision (Jury 2012, pp. 42-49). Financial information users are therefore classified or listed as follows; * Internal users * Management * Employees * Owners/ Shareholders Financial information is always presented to internal users in the form of management accounts, budgets, forecasts and financial statements. The above tools or documents are important to the users in that they need them to steer effective decision to the company. Ranging from pricing, allocations and investment decisions, it is wise for a user to consider comprehensive usage of these statements. Management à ¢Ã¢â€š ¬Ã¢â‚¬Å" Management is considered to be the engine of any organization. This is because the management takes charge of day to day running of the organization. Based on this, the management needs financial information to help them analyze organizational performance and position. From effective analysis of organizational position, the management will be well placed to make appropriate decisions towards improving company results. The manner in which management uses financial information is different from how other users apply the same. For example, management needs a budget to determine allocation and funds sourcing for various projects. It is important to note management is a center of decision making when it comes to resource allocation, investment and income sharing. This makes the management a vital user of financial information. Employees - Every company or organization is served by employees, this implies that employees need vital information for effective service delivery. In most cases, employees assess various situations such profitability and stability among others. It is important to note that employees find it pleasing working for well performing and stable organizations. To ascertain the stability of their employers, employees use information from financial statements such as balance sheet, income statement and forecast among others. Employees love working for organizations with a going concern concept. A going concept in any organizations is only assessable through information obtained from balance sheet and income statement. Owners à ¢Ã¢â€š ¬Ã¢â‚¬Å" Owners or shareholders happen to be a special group of information users. This is because they have a special interest in terms of financial investment. Based on the fact that owners invest and expect income, it is the important to provide them with information that will help them analyze key areas such as viability and profitability among others. In most cases, a number of owners or shareholder have increased or reduced their investment interest based on financial information provided. It is therefore necessary that the owners are served with valuable financial information to determine key course of action regarding the future. * External users * Creditors * Tax authorities * Investors * Customers * Regulatory authorities External users just like internal users must be informed through the use of financial information. This is because, external user are engaged in a number of transactions or business activities with these organizations. Creditors à ¢Ã¢â€š ¬Ã¢â‚¬Å" Creditors are part of day to day operation of any organization. Creditors such as suppliers of both goods and services must ascertain various positions of companies such as credit worthiness. Credit worthiness of a business organization can only be ascertained by analyzing its statement of financial position (balance sheet) and income statements. Based on such information, a creditor will be able to determine the kind credit facility to offer the organization. Tax authorities à ¢Ã¢â€š ¬Ã¢â‚¬Å" Tax obligation lies with all business organizations. However; in most cases, tax authorities need to conduct a verification process on the credibility of returns filled by various organizations. To ascertain the credibility of filled returns, tax authorities often take a keen look at the financial statements which communicate the revenue and expenditures of the organization. These authorities are therefore vital users of the financial information provide. Investors à ¢Ã¢â€š ¬Ã¢â‚¬Å" Investors have a lot of considerations to make to before making any investment decisions. For wise investment, investors must consider vital areas such as feasibility of investing in accompany. From the word go, all investors aim at making good returns. It is therefore necessary to apply good analysis of the financial information provided to ascertain stability of the company how possible is a positive return from kind of investments (Khan Jain 2007, pp. 17-21). The main reason as to why investors find financial information necessary is the fact that they want to be sure of reasonable return before making any commitment. Customers à ¢Ã¢â€š ¬Ã¢â‚¬Å" Every organizatio...

The Detrimental Effects of Teenage Drug Abuse in the UK

The use of drugs by teenagers today has caused a concern in the UK. Teenagers are unknown to the effects that drugs can cause physically and mentally. It is very important that there is awareness on drug abuse among young people. Since the usage of drugs not only affects the body, it also affects many aspects of a person’s daily life. Firstly, it affects the social life, causing isolation, which is one of the most common effects that happen due to drug usage. Secondly, it affects family and relationships. Due to the addiction of drugs, sometimes families abandon their children or lose their trust on them. Lastly, drug use affects people financially and professionally. Depending on drugs, causes the financial strain to be devastating, as†¦show more content†¦When taking amphetamine, users start to get anxious, tense and if they take a heavy dose over a long period of time, they get linked to the mental illness, psychosis. Some drugs, like cannabis, cause the user to b ecome paranoid. Cocaine can cause extreme alertness, impaired judgment, impulsiveness, and compulsively repeated acts. Even though, cocaine is used to enhance the sex drive, the effect that it has on the receptors in the brain reduces the ability to feel pleasure, which eventually causes the dependency on the drug. Another drug that has a powerful effect on the body is Ritalin. Ritalin causes severe headaches, anxiety, paranoia and delusions. These are some of the psychological effects that drugs cause to the human body. Following the usage of drugs, young people’s social lives and relationships get affected harshly. Most teens find refuge from current problems by taking drugs. Once a person starts using drugs, they gradually start drifting apart from family and friends. For them, drugs are their only life lines, and the reason to live. The most common effect that drugs have on social lives is isolation. This eventually starts effecting family, as the family starts getting dysfunctional. 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The Marxist Model Of Class Struggles - 1052 Words

The Marxist Model is thoroughly used throughout the duration of The Communist Manifesto to break down the complexity of the pamphlet into 3 parts. The 3 parts include history, economics, and social class; each collaboratively explaining the alienation of certain social classes and how class struggles arise. Karl Marx presents the notion that history is inevitable and the idea of class struggles will always be present in society. Marx recounts the numerous times in society where social classes crashed and ended in a revolution. By understanding Marx’s premises, we can conclude that as long as there is capitalism, class struggles will always be prevalent. In terms of economics, Karl Marx explains that the proletarians are constantly being†¦show more content†¦Normally historical references are an effective way to draw the reader to a better understanding, but in terms of the Communist Manifesto, that would be dubbed inaccurate. Marx takes the time to compare those classes that evolved out of the Modern Industrial era to those within the feudal system. Provided, knowing that the feudal system was a system that occurred before the time of capitalism, the connection between the two wasn t comprehensible nor was the overarching argument Marx was attempting to present to the reader. In addition, another method Marx used that was effective and lead to a broader understanding of the argument he was trying to unveil was his ability to critique the principles of other movements. The Communist Manifesto is inevitably a difficult read for general intro level political science students. While being incredibly interesting and maintaining my attention cover to cover, its concepts, analogies and theories many times went over my head. I caught myself reviewing a paragraph 4 times over, simply to understand the gist of it. I conclude that The Communist Manifesto was written in a manner that would ultimately eliminate many from understanding the principles of communism. It was written at a high intellectual capacity, which will in essence deny those who are not educated from being knowledgeable on the ideology. Furthermore, Karl Marx ability to state an argument in the most simplistic

D. W. Griffiths Birth of a Nation Analysis free essay sample

D. W. Griffith was raised on a Kentucky farm in Crestwood, with his father, his mother, and sister. His father was a colonel in the Confederate Army, and served Kentucky as a state legislator. His family raised him Methodist, and his sister did his schooling in a one-room schoolhouse. At the age of 10, his father died and his mother left the farm to move to Louisville, Kentucky. They struggled with poverty after that, and he eventually got into acting and filmmaking. He started off as an actor when his first screenplay was rejected. However, he started working with a production company called Biograph, and soon became the main director. However, his intentions and budget did not match up with Biographs ideas and motives, so he left with his clan of actors and formed a studio by the name of Reliance- Majestic Studios under the Mutual Film Corporation. When he made The Clansman, it became the first blockbuster. It was untraditionally long in airtime, and had great box office sales. However, there was controversy over the themes and romanticism of the Ku Klux Klan, and race relations during the Civil War and Reconstruction. From a technical side, this movie was successful, and many film historians conclude it was one of the irst feature length films. In Birth of a Nation, it reinforces the notion that slavery was a social and gentle experience for the slaves in many instances throughout the film. When there was a scene with the slaves, they were depicted dancing, singing, and being Jubilant. Even when Silas Lynch, the mulatto governor of the North, tells slaves to stop working, they put up a fght and do not want to stop. Then, there are many more cutbacks to slaves dancing around outside, and having a good time throughout parts of the film. This depiction enforces the Dunning School of History very closely for many reasons. It seems as though Griffith represented a lot of the ideals present in the school of thought in this movie. He showed that the South was suffering under the Union army, and did not present a real cause to the war. Basically, the South was already suffering with the start of the film, and was painted to feel sorry for. The Cameron family got poorer at the start of the war, while the Stoneman family in the North remained wealthy. In the movie, it depicts the Union army, with freed slaves, as a disaster, with irrationally hateful attitudes towards the South. The abolitionists, arpetbaggers, and Radical Republicans are the antagonists in the film, and Justify the forming of the vigilante group, the Ku Klux Klan. He depicted the Ku Klux Klan restoring order to the Post-war South in reaction to the misrule of their country. The freed slaves and Union army soldiers are portrayed as unnecessarily violent and sex crazed. This represents the Dunnings school notion that the former slaves will never be fully assimilated into the society because of their true nature that disrupts the natural order of their society. Moving on, the five character types Donald Bogle talks about are maintained in his film. First, Id like to mention the Cameron family maid named Mammy. An obvious portrayal of the mammy included darker skin, which is supposed to de sex the character, as well as a round body shape that is supposed to come off as motherly, which turtner takes away trom ner sexuality. In the tilm, sne is viewed as constantly loyal to the Camerons, in the face of the Union soldiers and people from up North. When the Stonemans butler comes into town, she is antagonistic towards him with her attitude. She denies the bags he tries to hand off to her, and eventually sserts her superiority in her house by kicking him into the back room. When he tries to express his sexuality towards her, she brushes him off, which further enforces the idea that the free blacks are over sexualized. The biggest sense of loyalty from Mammy we see is when she tries to protect her master from union soldiers arresting him for being in the Ku Klux Klan. Gus, the Union Solider, seems to be best associated with brute and coon tendencies, which is characterized by his sexuality towards Flora. The union soldiers in general represent the brutal buck character type because they are seen as violent, ncontrollable and sexualized in the film. Gus, also has coon tendencies, however, in the way his character expresses himself. His eyes are very big and full of expression, and seem to be laughed at a lot. He is used as comic relief in addition to his role as an instigator to the Ku Klux Klan. When he comes onto Flora, he is overly sexual and aggressive towards her. He seems to be out of control as soon as the interaction starts, and ends with a chasing scene through the forest. This goes along with the Moonlight and Magnolia theme that white women are the epitome of beauty, and how frail and delicate they seem. Silas Lynch is also depicted as overly aggressive in his pursuit and proposal to Elsie Stoneman. This represents the fear of miscegenation, as well as rape. The skewed view promotes the domination of women through portrayals of white women and black soldiers. The Stoneman housekeeper, Lydia, is portrayed as a mistress mulatto character. She is seen flirting with her master, and is one of the few character types to have a sexuality. Also, she is seen with the most humane depiction of anguish throughout the film. This indicates there might have been miscegenation, which was risky at the time because of the racial ensions in the south. To soften the blow to the white audiences in the South, she was portrayed with an antagonistic, even immature, persona towards the Stoneman family, and played a small role in the movie overall. She is also painted to be a schemer, and her light skin is an indicator of her sexuality, that contrasts the skin tone and servility of the mammy. The Tom represented in this film seems to be more of a plural, background character. In both houses, there seems to be a gentile, loyal, butler that are easily manageable, and used to enforce the idea that slavery is right. All the character types work to that effect, but what is interesting here is that the Tom and Coons seems to fade into the background, and are used as placeholders. The Stoneman family butler seems to be the most prevalent Tom character in the movie, and is not seen talking much in the film, Just in the background to enforce the idea of servants in the house to represent wealth. Before going on, more Moonlight and Magnolia themes are present in the film, which also coincides with the Dunning school of history. The southerners were viewed as heroic underdogs, even though they started the war. The cause of the war is conveniently left out; The South seceding from the Union, the split in Congress about slavery in new territories, and the attack on Fort Sumpter by the Conferederate army. Even Lincolns portrayal was skewed, as he was seen a saintly character in favor of slavery. His assassination was dramatized, and marked the start ot Reconstruction. Silas Lynch was elected Lieutenant Governor, and the newly elected, mostly black legislature was depicted as cheats and lazy. The blacks were stuffing the ballot box while the Southern whites were turned away. The scene in the courtroom showed the legislature as rresponsible, more into drinking alcohol and roughhousing than being responsible. This is an example of the belief that blacks will never be a fully functioning part of the Southern American society. The Tom represented in this film seems to be more servants in the house to represent wealth. I believe that Griffiths film should be regarded as slanderous, because the history presented is so offensively biased. It is like he painted the history to make up what he believed to be true. History is not as subjective as he makes it out to be. It is so far from the truth, and romanticizes the prising of a terrible group, the Ku Klux Klan. In no way should the actions of those hooded members be glorified. What they did in history was appalling, to say the least, and void of compassion. No Justification will ever convince me otherwise. I found this film to be offensive, and full of lives; so much so, it seems like a fantasy world of Griffiths. All of his character portrayals were in defense of slavery. His movie Just helped to perpetuate terrible stereotypes today, and has done way more harm than good. I am glad we have come a long way since this film has come out, and that his iews do not coincide with the majority consensus about our society. I wish it did not have such great success, because the impact it had on the film industry was detrimental on a moral level. The film had great box office success, but that Just represents how the Souths view on slavery needed to be addressed. Justifying slavery of another group of people is so wrong; where is the compassion? This film should not be regarded as a masterpiece, but a slanderous anti-negro portrayal, as Donald Bogle puts it. His legacy should be that of what not to do; and his views seen as void of reason or basis in reality.