Saturday, February 29, 2020

Basic accounting principles

Basic accounting principles The set of rules that governs the field of accounting are known as accounting principles. Accounting principles are conventions that provide a framework for accounting, book keeping, and financial reporting. These principles are essential for businesses preparing their financial statements. For reporting purposes, both internal and external, accounting principles ensure that the financial information should not be misleading for its users. During the Great Depression of 1929, US Government passed a law for the creation of convention, principles, and standards for accounting practices. These principles are known as Generally Accepted Accounting Principles or GAAP. GAAP helped in standardizing the practices used in the accounting industry for preparing financial statements. With the help of GAAP debtors, creditors and investors can analyze the financial health of the company and also compare its performance with other companies. All the companies are expected to follow these generally accepted accounting principles when they are preparing their financial statements. The topics that GAAP covers are assets, liabilities, revenue, expenses, equity, preparation of financial statements, and all the other industry-specific accounting practices pertaining to aviation, banking, etc. There are three principles of accounting. These are: The Business Entity Concept – In accountancy, a clear distinction has been made between the business and its proprietor. Business Entity Concept means that the business should be treated as a separate entity from its owner. A business is a separate entity in the eyes of laws. In legal terms, it can be said that a business can exist even after the existence of its proprietors. Even in the books of accounts of business entity, each transaction is recorded from the perspective of the business and not from point of view of the proprietor. Going Concern Concept – Going concern concept explains that the business until and unless entered into liquidation, is to be considered having a perpetual or an indefinite life. American Institute of Certified Public Accountants defines it as â€Å"going concern concept assumes that the business will remain in existence long enough for all the assets of the business to be fully utilized. Utilized assets mean obtaining the complete benefit from their earning potential†. Any business is said to going concern when there is neither an intention nor the necessity to wind up its operations in foreseeable future. Full Disclosure Concept – Full disclosure concept requires that companies should reveal every aspect of its accounting in their financial statements. According to this concept financial statements should provide fair and full information about they purport to represent. To meet the requirement of Full Disclosure concept, financial statements are supported by the footnotes. For example, market value of investments, methods used for valuation of investments, inventories and methods used for charging depreciation on fixed assets, etc. are shown in the Balance Sheet as footnotes. The purpose of full disclosure concept is to provide all material and relevant facts pertaining to the financial health and results to its users.

Thursday, February 13, 2020

The ways of resolving conflicts Assignment Example | Topics and Well Written Essays - 250 words

The ways of resolving conflicts - Assignment Example This research will begin with the statement that if one were in Lee Lattoni’s place, one will deal directly with the conflict by talking with B.J. O’Malley first before making any decision. Since B.J. seems to be the leader of the male group in the cost accounting department, the objective is to convince him to accept the decision so that eventually, he can convince the others in the department. One will tell him about the plan to hire Regina Simpson and the reason why one believes that it will be for the best interest of the department to hire her. One will point out to him that it will make the department more efficient and if that happens, everyone in the department will benefit because management will see its improved performance. One will request him to just be open to the idea and not judge Regina prematurely. One will also talk with Regina to inform her in advance about how she might be treated in the department and the culture that pervades there. She will, howe ver, be assured that she will have one’s 100 percent support. For B.J. O’Malley is the difference in the values, beliefs, and personalities. Whereas Lee and Regina value a college education, B.J. and the rest of the males in the department find it irrelevant. The insecurities of the males in the department are reasons why they do not want Regina to join them. Their male egos are threatened by Regina’s presence, especially her educational background.

Saturday, February 1, 2020

Family needs Assignment Example | Topics and Well Written Essays - 500 words

Family needs - Assignment Example Successful communication helps meet the needs of the family of a sick individual Unfortunately, many studies indicate that families can satisfy their needs very seldom. The study of Ejaz et al shows that many families report about their negative interaction with nurses. The authors emphasize the importance of positive interaction and family satisfaction improvement: â€Å"with respect to direct care, families perceived significant improvements were needed when they had more negative interactions with staff† (Ejaz et al, 2002, p.1). Taking care of the families of sick individuals should be among the primary tasks of a nurse especially if a case is serious. According to Hardicre, â€Å"Caring for the families of critically ill patient is an essential component of a nurse’s role and a professional obligation† (Hardicre, 2003, p.1). Usually relatives want to be able to stay with a patient as much as it is possible, to be provided with all necessary conditions to feel comfortable taking care of their relative, to be able to ask questions and have support every time they need it. If technological improvements allow to meet all these needs, the attitude of nurses towards the relatives is usually far from ideal. Notwithstanding that taking care of relatives is among nurse’s responsibility, the attitude of nurses towards this issue is not studied well. Staying with their relative the members of the family can express negative emotions, which are caused by the serious case of their loved relative and by the fear to lose him/her. In this case the communication is very important as a nurse should find the right words to stabilize the emotional state of the relatives. Unfortunately, very often the words of a nurse do not provide any support, but on the contrary increase the stress. Nurses should not forget about their task to support the relatives instead of expressing negative emotions towards them. Nurse should be always available to help the members of