Risk Managment Essay Example | Topics and Well Written Essays - 1500 words

Risk Managment - Essay Example The purpose of risk management centres not in eliminating risk, but to comprehend risk so that the organization can take advantage of the upside and reduce the downside. Risk management cannot be considered as an end in and of itself, but rather forms part of sound organizational practices detailing planning, program appraisal, process improvement, preparedness, and budget priority development. The core principles guiding effective risk management entail transparency, effectiveness, urgency, flexibility, adaptability, practicality, customization, robustness, synergy, and transparency. The key areas in risk management include fund (governance risk); strategy (asset allocation risk); implementation (manager risk and Implementation risk), and review (monitoring risk). Given the uncertainties connected to estimating the costs and benefits, the function of risk management strongly connected to process rather than outcome. Cost benefit analysis is a useful tool for structuring, appraising, and presenting the cost and benefits, as well as the pros and cons on interventions. This demands a coherent methodological, especially in data-restricted environments. In the context of risk management, two prominent issues deserve close attention when undertaking risk management: assessment of risk, whereby the analysis should be undertaken in a â€Å"stochastic way so as to account for the nature of exposure impacts† (Moller 2011, p.2). Second, the assessment of averted risks, whereby benefits represent risks avoided. The core benefits derived from investment in risk management centres on the minimization of future impacts and losses. Risk management plans may detail set functions, areas, activities, projects or processes that are consistent with the organization’s risk management strategy. In order to manage risk, companies should first comprehend the risks that they may be

Corruption in the Corrections System Research Paper

Corruption in the Corrections System - Research Paper Example In my study, I came up with the best solutions to minimize corruption in these units and include punishing the vote brokers and vote sellers during the judicial voting and annual assessment of the public officials. Others include; conducting regular surprise examination for all the correction system officers, a timely governmental audit by COA or an independent audit firm, strict regulations of the entire correctional system and demolishment of private prisons. A correctional system, sometimes referred to as panel system, is a connection between different agencies with the prime role of providing a jurisdiction’s prison as well as other community-based initiatives such as parole and probation boards. A correctional system forms a major crucial and important part of the macro criminal justice system, which to extent includes other processes of policing, making prosecutions and the general court system. There are some forms as well as types of this system including; Power Factor Correction Systems, Community Correction Information Systems, AccuSine Power Correction System and the Trajectory Correction System, among others. All these different types of correctional system have the same objectives, goals, and aims, which make them, stay focused towards the achievement of the best standards of providing jurisdiction’s prison to the public. However, corruption has diminished the quality of service provision by these systems, leadin g to partial failure on some of them towards the realization of their mission statements. In this research paper, I am going to identify some of the corruptions of this system and discuss the possible tactics that can get used to solving some of these problems. Corruption refers to all the activities leading to abuse of power by the public officers with the prime purpose of private and individual gain. It may also be an organized, independent processes and mechanisms. This is whereby a

Twelfth Night Essay: Olivias Denial -- Twelfth Night essays

  Ã‚  Ã‚   After first reading Twelfth Night I was puzzled at Olivia's denial of Orsino's hand in marriage and her subsequent desire for Cesario. After considerable thought and research, I intend to propose and support the argument that Olivia is not being simply "coy" towards Orsino, nor does she desire Cesario because he/she is attracted to him/her. She denies Orsino because of her refusal to marry a man of higher rank and desires to marry Cesario because he is a man of lower rank. Olivia wants to give the impression that her mourning of her brother's death doesn't allow for the admittance of suitors. In the opening scene, Valentine says that Olivia "shall not behold her face at ample view" (1.1.27) because she "desires to season a brother's dead love" (1.1.31). Feste knows that mourning is the not real reason for her refusal to marry Orsino.    Clown: Good madonna, why mourn'st thou? Olivia: Good fool, for my brother's death. Clown: I think his soul is in hell, madonna. Olivia: I know his soul is in heaven, fool. Clown: The more fool, madonna, to mourn for your brother's soul, being in heaven. Take away the fool, gentlemen. (1.1.64-70)    Feste shows Olivia the foolish nature of mourning over her brother's death since he is in hea... ...t that Olivia may have a lesbian tendeny because she is attracted to Cesario (who is really a woman) is rendered less plausible.    Works Cited David, R. W., ed. The Arden Shakespeare: Love's Labour's Lost. London: Methuen, 1951. Erasmus, Desiderius. In Praise of Folly. Trans. Hoyt Hopewell Hudson, Princeton, New Jersey: Princeton University Press, 1970. McDonald, Russ. The Bedford Companion to Shakespeare: An Introduction with Documents. New York: Bedford Books of St. Martin's Press, 1996. Shakespeare, William. The Norton Shakespeare. Edited Stephen Greenblatt et al. New York: W. W. Norton & Company, 1997.

A Summer with My Aunt Essay

I, of course, was not used to spending any amount of money because my parents were doing well enough to keep my sister and me in school, so the idea of having leisurely money was a new concept which I craved. As a child I admired this woman for many reasons and wanted to be like her. I wanted to live in a nice neighborhood with a big house, I wanted to drive a beautiful white shiny car and wear new clothes, I wanted to be strong and healthy , but most of all I wanted to be successful like she was. So I spent my days in school preparing for college so that someday I would be able to be like her. Things changed, though, when I moved down to Texas for two months to take care of her nine month old son, Luke; as it turns out Gretchen Decker was and is not as happy with her life as I thought she was. At the beginning of the summer I had agreed to fly out to California to take my grandma’s place as a helping hand for my aunt. Gretchen had just married her third husband, Chris, two years prior and had recently become pregnant. My whole family was rather concerned with this matter because my aunt was now in her forties; when complications started arising my grandmother put her own life on hold to focus her attention on her daughter. When the time came, though, it was my turn to help my aunt. I left my job, friends, summer activities, and leisurely time to fly out to California and take care of my cousin. Plans were interrupted by my aunt’s job, though, when she received recent news of a promotion that would land her in the Dallas metropolis. I, of course, did not mind because either way I would be able to finally get to know this woman I so aspired to be like, and at the same time I would be able to visit with my aunt Trudy. So at the end of the summer I packed up my bags and my dad, sister, and I drove down to Texas. The house was gorgeous with a huge entry way and vaulted ceilings and a large open-concept kitchen and living room. The rooms were not very large but they were a decent size, close to a large bathroom. There was no furniture yet because it was still being moved from California and sadly we’d have to live without it for a couple more weeks. It was a great neighborhood, though, quiet and clean but most importantly, safe; this was the house my mother and father were working so hard for. The city was also very established with great schools and big malls, another thing I, myself, had always wanted. The next day I met Luke and was shocked by his appearance. He was a gorgeous baby but his weight brought up a bit of a concern for me. Luke was only nine months old and weighed 30 pounds; the first though in my mind was, â€Å"why is she feeding him so much? † but I held my tongue and asked, â€Å"So, what does he eat? † My aunt replied saying, â€Å"well he has five bottles a day and two to three solid meals a day. † Another thought, â€Å"holy crap,† then I said, â€Å"Wow, he’s big. † She laughed and said, â€Å"Yeah he’s definitely not starving. She may have found it funny but I found it odd that this child was the size of a two year old and was barely able to move. I walked over to the refrigerator next and poured myself a glass of water. As I drank, I stared at a picture of my aunt and Chris. They were running side by side concentrating on the goal ahead, when suddenly Luke laughed and my attention was turned to the other side o f the room. My sister, Darian, was playing with Luke and showing him how to use his toys. My aunt smiled at the sight and said, † Darian, I love this little guy so much. It’s amazing. I’ve never loved anyone or anything this much. † My sister immediately asked, â€Å"Don’t you love Chris? † The pause in-between the question surprised me, but finally she answered, â€Å"well†¦ yes but I just love Luke so much. † She continued to answer the question by saying that Chris was a good companion and that’s why she married him. Later I would learn my aunt â€Å" just liked to be married† and that is what led me to believe my aunt didn’t care about love as much as she did her job, because she went into a marriage thinking like a business woman rather that a girl in love. To me this also meant she just didn’t want to be alone. A week went by and the moving was done and I was left alone with my aunt. She was struggling to get used to things at her new job and ii could tell she was under much stress. So I did everything I could think of to take a load off her back like doing the laundry, cooking, cleaning and making sure Luke was in a good mood for her when she came home. No matter what I did though my aunt began to become increasingly frustrated with her job. She would leave the house around six-thirty every day and come back around six and continue to do work after Luke went to bed. She would always tell me she wished she could spent more time with Luke but that wouldn’t be able to happen because Chris was playing â€Å" peter pan† in Afghanistan. Every day it was the same thing: â€Å"Chris is peter pan,† â€Å"I wish I didn’t have to be the main provider† but the fact of the matter is that my aunt makes around 104 thousand dollars a year and Chris makes around 84 thousand. I was becoming very frustrated with my aunt’s complaints because my family of four had loved off 30 thousand for quite some time and managed to survive, so why couldn’t she live off 84? The answer to my question was very upsetting. She said, â€Å"Well that’s Missouri and Missouri isn’t the real world. † How dare she belittle my parents’ hard work! They both worked day and night trying to provide a better life for my sister and I and this is how she sees their work? I didn’t even get to see my parents a lot of the time because one of them was always at work, and here my aunt sat in a huge house with a nice neighborhood, with a beautiful baby and a handsome husband and money so much that she didn’t even know what to do with it, trying to tell me how terrible her life was. I kept my mouth closed because it was not my place to tell her these thoughts but more and more I became disappointed in my aunt. Why could she not be thankful and content with what she had? Her favorite subject of complaint was her husband; mostly, because he didn’t make enough money for her to stay at home but she also accused him of trying to avoid her and Luke because he didn’t wasn’t to take any responsibility. She thought this because he was going to stay in a deployable unit but at the same time the reason he was doing that was for an education opportunity. There was no pleasing her, though; even the fact that Chris wanted to be the provider did not appease her. She had made a comment to me about how she would â€Å"Find Luke a new daddy† if she had to. This made me sick to my stomach that she would say such a thing but I guess that is what happens when you marry someone just because you â€Å" like to be married. † Marriage is not like playing house it is a gift God has given us to become one with another person you love. Everything I admired my aunt for pretty much washed away because of my experience this summer and I will not go back to live with her again. She will sit in her big house in a nice neighborhood, with a husband she dislikes, a job that makes good money, and rot because she does not know how to be content. That’s what I really want is to marry a man I love, give him beautiful children, and work at a job that I absolutely love; not a bunch of money with nothing to do with it. I can thank my aunt, though, for showing me how unhappy a person can be in their life because they focus their mind on only the negative and never any positive aspects of their lives.

The Rise of America’s Prison Empire Essay - 1927 Words

When envisioning a prison, one often conceptualizes a grisly scene of hardened rapists and murderers wandering aimlessly down the darkened halls of Alcatraz, as opposed to a pleasant facility catering to the needs of troubled souls. Prisons have long been a source of punishment for inmates in America and the debate continues as to whether or not an overhaul of the US prison system should occur. Such an overhaul would readjust the focuses of prison to rehabilitation and incarceration of inmates instead of the current focuses of punishment and incarceration. Altering the goal of the entire state and federal prison system for the purpose of rehabilitation is an unrealistic objective, however. Rehabilitation should not be the main purpose of†¦show more content†¦While all three are considered prison’s goals, punishment is most heavily relied on and rehabilitation, when attempted, is often halfheartedly executed to uninterested participants. According to authors Gerald Mel nick, et al. in their essay, â€Å"Treatment Process in Prison Therapeutic Communities: Motivation, Participation, and Outcome,† the lack of motivation an individual prisoner experiences regarding his success often contributes to his dropping out of an in prison rehabilitation program (634). Such programs are therefore futile because the inmates who would benefit most from the rehabilitation are often the most unmotivated and unwilling to participate. If an inmate does fulfill the numerous participation requirements for completion of an in prison program, the chances of his continuing treatment are exponentially low. Prisoners often neglect to extend treatment through the use of after-care rehabilitation programs upon release from jail (Melnick, et al. 636). The benefits of rehabilitation are therefore lost because after-care facilities are designed to further reinforce critical values gained by prisoners during prior rehabilitation. This means that even if a prison were to offer inmates the most innovative forms of rehabilitation, the programs would be in vain due to the overwhelming majority of prisoners who would not willingly partake in treatment. If a prisoner manages to acquire a job upon release, his rehabilitation may stillShow MoreRelatedTexas Tough : The Rise Of Americas Prison Empire1423 Words   |  6 PagesTexas Tough: The Rise of America’s Prison Empire In Robert Perkinson’s book, Texas Tough: The Rise of America’s Prison Empire, a remarkable amount of a decade’s worth of in-depth research is given regarding Texas and it’s astounding past regarding racism, prisons, and penitentiaries. Perkinson’s finding lead to how the only way to escape what could be the continuation of tragedy in this nation is to examine the history of this nation’s most severe prison state, Texas. It allRead MoreThe French Revolution And The American Revolution1294 Words   |  6 PagesSaint-Domingue, there was the most successful slave revolt , The Haitian Revolution in 1791. In 1821 Greece fought the Ottoman Empire for their freedom(Richards 85). There was a rise in German nationalism in 1794 that lead to the execution of Hungarian Jacobins. Later on in the mid nineteenth century Italy also had their national unity movement. Many of Latin America’s republics were created on the French model. This French influence can even be seen in the amount of native French speakers, theRead MorePolitical Elements Of 1984870 Words   |  4 PagesGeorge Orwell’s book, 1984, was and still is an astonishing success. Every year this book rises to the top of the charts than falls back down until the next year comes around. Even though 1984 is a book from 1949, somehow it stays relevant in modern day society. Many people ask the question why and the answer is not as simple as you may think. 1984 has many elements in it that makes it perfect for studying in a school. The book has a big focus on government control as well as politics, uses manyRead MoreFamous Trials : Al Capone1092 Words   |  5 Pages The Accused: Al Capone (full name Alphonse Capone), was born into an Italian immigrant family in 1899 in Brooklyn, New York. Capone rose to infamy as the leader of the Chicago outfit during the prohibition era. Prior to being sent to Alcatraz prison for tax evasion, Capone amassed a total income of $100 million as the head of perhaps the most infamous crime syndicate of all time. Once he had served his time for the conviction, Capone died due to a cardiac arrest at the age of 48. The Crime:Read MoreKu Klan And Ku Klux Klan1359 Words   |  6 Pageslocal branches of the Klan met in a general organizing convention and established what they called an â€Å"Invisible Empire of the South.† Leading Confederate general Nathan Bedford Forrest was chosen as the first leader, or â€Å"grand wizard,† of the Klan; he presided over a hierarchy of grand dragons, grand titans and grand cyclopses (â€Å"Nathan Bedford Forrest†, 2014, para. 5). Rise in Power The Klan’s popularity grew quickly after it was formed. Articles were being written, people began to talkRead MoreA Brief View Of The History Of Marijuana Legalization Essay1379 Words   |  6 Pages there were only 169 marijuana related convictions in the entire United States. During this time, marijuana was seen more as an escape and protest. Time Magazine saw marijuana use as an attention worthy means of protest. (Time) Crime rates did not rise, and no major health problems had appeared to be caused by the drug. The 1962 White House Conference on Drug Abuse concluded that there was only weak evidence indicating that marijuana leads to using harder drugs. (Eldridge) At that point in timeRead MoreCould the Second World War have been Avoided?1442 Words   |  6 PagesTreaty of Versailles, the rise of Hitler, the rise of Japan as a world power, the rise of fascism in Italy and the League of Nations were all factors which contributed to the cause of World War II. The Treaty of Versailles was a peace settlement between Germany and the Allied Powers that officially ended World War I. However, the conditions in the treaty were so harsh on Germany that many believe the Treaty of Versailles was one of the main causes for the eventual rise of Nazis in Germany and theRead MoreThe Negative Impact of American Prohibition1632 Words   |  7 Pagesappeared, along with new dances and a new and exciting era for women. Also, a general relaxation of standards after the stressful years of WWII. (Prohibition.) Prohibition in the 20’s was also called the â€Å"Noble Experiment† by many, because it was America’s first try at the prohibition of alcohol on a national level that many people didn’t agree with. Prohibition has changed America by changing the way people live, and setting the foundation for organized crime in America. â€Å"The last day before theRead MoreThe Start of Gangsterism/ Organized Crime because of Prohibition1984 Words   |  8 Pagespeople took notice of the amazingly high level of demand for alcohol within society and the extremely limited avenues of supply to the average citizen. Within this imbalance of supply and demand, gangsters saw profit.† . Organized crime started to rise because gangsters wanted money and they noticed that people needed alcohol, finally they came to the idea of selling alcohol illegally. Sometimes there were even government officials that would help control gangsters control bootlegging. As organizedRead MoreColombia: Drugs, War and Cartels2311 Words   |  10 PagesColombia has been home to some of the most violent and sophisticated drug trafficking organizations in the world. What started as a small cocaine smuggling business has, in the last thirty years, blossomed into an enormous multi-national cocaine empire. Starting in the mid-1970s, marijuana traffickers in Colombia began exporting small quantities of cocaine to the United States hidden in suitcases. At that point, cocaine could be processed for $1500 a kilo in jungle labs and could be sold

Poverty and Nutrition in America Essay - 2234 Words

For most Americans, the word poverty means insufficient access to to housing, clothing and nutritious food that meet their needs for a healthy life. A consequence of poverty is a low socioeconomic status that leads to being exposed to poor nutrition. Since food and dietary choices are influenced by income, poverty and nutrition go hand in hand. There are many important factors that threaten the nutritional status of poor people. The number one factor is not having enough money to buy food of good quality and quantity. Not having enough money can have a profound impact on the diets of low-income people. Limited financial resources may force low income people to make difficult decisions about what kind and how much food to buy. Limited†¦show more content†¦That number rose by 40 million more people in less than three years. The links to good nutrition in diet and health are scientifically proved from many studies. Good and proper nutrition helps to maintain good health and prevent disease. A diet of whole grains, fruits, vegetables, lean and low fat meat, and dairy are essential for a healthy balanced diet. However, a well balanced does not include foods that contain added sugars, high sodium, saturated fat, and high caloric foods. Good nutrition is a valuable asset. Well fed people are more likely to be healthy and productive. Everyone benefits from good nutrition. The Department of Agriculture (USDA) recommends eating a variety of foods to have good nutritional health. Dark green, yellow and orange vegetables and fruit should also be included in a good diet each day. They also suggest eating lean, low-fat meats and poultry, increase amounts of seafood, and healthy fats such as olive oil and omega-3 fatty oils but advise against eating trans and saturated fats, added sugars, and sodium. The USDA also recommends that at least half of the grains eaten should come from whole grains and not refined grains. (U.S. Department of Agriculture and U.S. Department of Health and Human Services). While most people know that eating well is important to staying healthy and for prolonging life, poverty makes it difficult to access good nutritious food. Easy access to abundant food is notShow MoreRelatedPoverty And Its Effects On Children Essay1111 Words   |  5 PagesEdgar Perez Mrs. Prince ENG 1113 16 November 2016 Poverty in America As of 2013 approximately 45 million people in America lived below the poverty line. In an average three-person household, an annual income of $20,090 is federally considered to be at poverty level. In the year of 2014, 44 percent of children under the age of 18 were living at or below the poverty level. Coming from a low economic standing can be detrimental for children’s physical and mental states. Pursuing a higher educationRead MoreGlt1 Task 2 Essay676 Words   |  3 PagesChild Hunger in America By Western Governors University Abstract The United States faces many social problems. One of these problems is child hunger. It has sociological origins and challenges for government and citizens alike. Social Problem The United States Department of Agriculture (USDA) reports 16.7 million children under the age of eighteen live in a householdRead MoreThe Effect Of Nutrition On Children And Its Economic Impact1549 Words   |  7 PagesThe Value of Nutrition in Children and its Economic Impact Nutrition is the elements in food and drinks that are essential for the body to function, grow, and sustain a healthy life. Proper nutrition is particularly important to children and the lasting effects of inadequate or poor nutrition can be detrimental to a child’s long-term health and well-being. Nutrition plays a crucial role in the physical and mental development of children and can have a striking impact as they progress through theirRead MoreChild Hunger in the USA Essay1445 Words   |  6 Pageschildren even short-term episodes of hunger can cause lasting damage.(â€Å"Child Nutrition Programs) Child hunger in the United States is caused by poverty, unemployment, food insecurity, and food shortage; however there are many solutions to this problem like FRAC strategies, food banks, summer feeding programs, and backpack feeding programs. Poverty is one of the main causes of child hunger. Most people that live in poverty cant afford to buy food. All the money they have goes to housing bills.Read MoreFeeding America840 Words   |  4 Pagesï » ¿ Feeding America Persuasive Speech Introduction to Communications Topic: Hunger in America Purpose: To persuade my audience to feed people in America that are less fortunate than we are. Thesis Statement: The number of American that does not have food to eat due to job loss, the economy, and other reasons are constantly growing. If we stuck together and helped one another, we could make that number that is constantly growing, decline. I. Introduction We see homeless people everyRead MoreTaking a Look at Bolivia1826 Words   |  7 Pagesin western-central South America, Bolivia is bordered by Brazil, Paraguay, Argentina, Peru, and Chile. Bolivia is divided into 3 very diverse regions, the Andean region, that’s surrounded by mountain ranges and has the highest altitude in Bolivia, the sub Andean region, that’s distinguished by its farming activities, and the llanos region, that’s surrounded by rainforest and is very bio diverse. Although Bolivia has seen many great advances over the last few years, poverty, political instability,Read MoreEssay on Poverty in America: Hungry Children1601 Words   |  7 Pageslasting damage (â€Å"Child Nutrition Programs). Child hunger in the United States is caused by poverty, unemployment, food insecurity, and food shortage; however there are many solutions to this problem like FRAC strategies, food banks, summer feeding programs, and backpack feeding programs. Poverty is one of the main causes of child hunger. Most people that live in poverty cant afford to buy food. All the money they have goes to housing bills. The effects of poverty are Families are homelessRead MorePoverty And Hunger : Hunger1542 Words   |  7 PagesHardy Social Problems SOC S-163-Sect. 29531 08 April 2016 Poverty and Hunger Hunger impacts 48.1 million Americans; 46.7 million of them live in poverty. According to Feeding America, seventy percent of their clients are at one hundred percent below the federal poverty line (â€Å"Hunger and Poverty Facts†, 2016). Poverty is the social factor, which creates and sustains hunger. You may be wondering that if poverty creates hunger, what creates poverty? Economics, politics, and capitalism all keep the impoverishedRead MoreHunger is a Globlal Problem Essay1438 Words   |  6 Pageslack of food (Nutrition Concepts and Controversies). According to a 1995 national survey 4.1 percent, or 4.2 million, of all United States households experienced hunger (Could There Be Hunger In America? 1). Of the 4.1 percent of these Americans, 300,000 are hungry children. In September 1997 the United States Census Bureau released data that indicated that 36.5 million Americans, or 13.7% of the American population, had lived in poverty in 1996 (Could There Be Hunger In Ame rica). Often familiesRead MoreChildren Are The Hope Of The Nation s Future Essay1525 Words   |  7 Pagesreasons for this social adversity, poverty is one of the main factors that contribute to the complexity of the problem. According to the National Center for Children in Poverty, it was reported that in 2014, 44% of children under 18 years of age live in low-income families (Jiang, Ekono, Skinner, 2016). Since most of these children are dependent on their parents for a living, the fact that their necessities are not wholly provided is the main reason why poverty negatively affects the well-being

Generally Accepted Accounting Principles and Balance Sheet Free Essays

F? 151. Assets become liabilities when they expire. F152. We will write a custom essay sample on Generally Accepted Accounting Principles and Balance Sheet or any similar topic only for you Order Now Revenue results from collection of accounts receivable. F153. A company’s fiscal year must correspond to the calendar year. T154. Accounting periods should be of equal length to facilitate comparison between periods. T155. When there is no direct connection between revenues and costs, the costs are systematically allocated among the periods benefitted. T156. Applying accrual accounting results in a more accurate measurement of profit for the period than does the cash basis of accounting. F157. Adjusting entries affect cash flows in the current period. T158. Revenue cannot be recognized unless delivery of goods has occurred or services have been rendered. F159. Accrual accounting recognizes revenues and expenses at the point that cash changes hands. F160. A deferral is the recognition of an expense that has arisen but has not yet been recorded. T161. Adjusting entries are useful in apportioning costs among two or more accounting periods. T162. An adjusting entry includes at least one balance sheet account and at least one income statement account. T163. Recording incurred but unpaid expenses is an example of an accrual. F164. If all transactions were originally recorded in conformity with GAAP, there would be no need for adjusting entries at the end of the period. T165. Every adjusting entry must change both an income statement account and a balance sheet account. F166. When the reduction in prepaid expenses is not properly recorded, this causes the asset accounts and expense accounts to be understated. T167. Accumulated depreciation may be referred to as a contra-asset account. T168. The adjustment to record depreciation of property and equipment consists of a debit to depreciation expense and credit to accumulated depreciation. T169. When services are not paid for until they have been performed, the accrued expense is recorded by an adjusting entry at the end of the accounting period. T170. The amount of accrued revenues is recorded by debiting an asset account and crediting an income account. F171. Acquiring a computer for cash is just exchanging one asset for another and will not result in an expense even in future periods. F172. A decrease in an expense account is the equivalent of a decrease in owner’s equity. F173. Accrued revenue is a term used to describe revenue that has been received but not yet earned. T174. Book value is the original cost of a building less depreciation for the year. F175. The adjusting entry to allocate part of a cost of a one-year fire insurance policy to expense will cause total assets to increase. T176. The adjusting entry to recognize earned commission revenues, not previously recorded or billed will cause total assets to increase. F177. The adjusting entry to recognize an expense which is unrecorded and unpaid will cause total assets to increase. T178. The adjusting entry to recognize earned revenues which was received in advance will cause total liabilities to decrease. F179. The maximum period covered by a worksheet is 6 months. T180. Withdrawals is recorded in the Balance Sheet debit column of the worksheet. F181. The Owner’s capital account is shown in the Income Statement credit column in the worksheet. F182. The Owner’s withdrawal account will not appear on an adjusted trial balance on the worksheet. F183. Accumulated depreciation appears on the income statement. T184. The worksheet is used to pull together up-to-date account balances needed to prepare the financial statements. F185. Financial statements are prepared from the adjusted trial balance of the worksheet. F186. Because adjusting entries are recorded on a worksheet, they do not need to be journalized or posted. T187. A loss occurs when there are more expenses than revenue. T188. If revenue and expenses were equal for an accounting period, the result would be neither profit nor loss. T189. The worksheet is not presented with the financial statements. T190. The third step in worksheet preparation is to enter the adjusted account balances in the adjusted trial balance column. T191. The worksheet is a convenient device for completing the accounting cycle. T192. After all necessary adjustments are entered in the worksheet, the two adjustment columns are totaled to prove the equality of debits and credits. F193. Income and expense accounts are moved to the balance sheet columns of the worksheet. F194. Assets, liabilities capital and withdrawal accounts are extended to the income statement column of the worksheet. T195. The balance of the Unearned Revenues account will appear in the balance sheet credit column of the worksheet. F196. The balance sheet credit column of the worksheet usually contains only the liability and equity accounts. F197. Where the income statement column of the worksheet are totaled the excess of debits over credits is called profit. F198. The totals of the balance sheet columns of the worksheet will usually be the same as the totals appearing in the formal balance sheet. T199. The last step in the worksheet preparation is to enter the profit and loss figure as a balancing figure in the income statement and balance sheet columns. T200. The worksheet helps the accountant discover existing posting and calculation errors. T201. If an asset has been carried to the debit column of the income statement and a similar error occurred involving income or liabilities, the worksheet may appear to be correct but the profit figure is actually misstated. F202. Financial statements are confidential documents which are available only to the owner of the business. T203. The focal point of the accounting cycle is the financial statements. T204. The income statement shows the types and mounts of revenues and expenses for the accounting period. F205. The excess of expenses over revenues is called loss. F206. Expenses are increases in equity caused by the entity’s income-generating activities. F207. Cash loaned from a bank constitutes income. F208. The statement of changes in equity uses only the profit figure from the income statement to explain the change in equity. T209. The balance sheet provides the financial statement user the type and amount of each asset, liability and capital account at a particular date. T210. The balance sheet is prepared based on the final equity balance in the statement of changes in equity. F211. The account form of balance sheet shows assets, liabilities and equity in a vertical sequence. T212. Financial flexibility is the ability to take effective actions to alter the amounts and timings of cash flows so that it can respond to unexpected needs and opportunities. T213. Solvency refers to the availability of cash over the longer term to meet financial commitments as they fall due. T214. Liquidity refers to the availability of cash in the near future after taking account of the financial commitments over this period. T215. An income statement refers to the specified period while a balance sheet shows the financial position of the entity at a particular date. T216. Cash flow statement reports the amount of cash received and disbursed during the period. T217. Notes to financial statements include narrative descriptions or more detailed analyses of amounts shown on the face of the balance sheet, income statement, cash flow statement and statement in changes in equity. T218. Accounting policies are the specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements. F219. The purchase of an equipment is an example of a financing activity. T220. Buying and producing goods and services are examples of operating activities. T221. The purchase of land is an example of an investing activity. F222. Paying taxes to the government is an example of financing activity. T223. Financial position may be assessed by referring to the balance sheet. T224. The statement in changes in equity discloses the withdrawals during the period. F225. The heading of the income statement might include the â€Å"As of December 31, 2011. † T226. The balance sheet is also known as the statement of financial position. T227. The statement of cash flows discloses significant events related to the operating, investing and financing activities of the business. T228. The statement of changes in equity relates the income statement to the balance sheet by showing how the owner’s capital account changed during the accounting period. F229. The account Commissions Earned would appear on the balance sheet. F230. The account Wages Payable would appear in the income statement. T231. Financial statements cannot be prepared correctly until all the accounts have been adjusted. F232. A worksheet is more useful for a small company than a large one. T233. Working papers provide a written record of the work performed by an accountant or auditor. T234. The worksheet is a type of accountant’s working paper. F235. The amount for owner’s withdrawal will appear in the income statement column of a worksheet. T236. The adjusted trial balance columns of the worksheet are prepared by combining the trial balance and adjustments column. T237. When the Income Statement columns of the worksheet are initially footed, they should be out of balance by the amount of profit and loss. F238. When the balance sheet columns of the worksheet are initially footed, they should be in balance. F239. The worksheet should be prepared after the formal financial statements have been prepared. T240. An important use of the worksheet is an aid in the preparation of financial statements. 241. The worksheet is prepared after the formal adjusting and closing entries. 242. On a worksheet, the balance of the owner’s Capital account is its ending amount for the period. 243. The amount placed opposite the owner’s Capital account in the Balance Sheet columns of the worksheet is the amount to be reflected for owner’s Capital on the Balance Sheet. 244. The balances of the Accumulated Depreciation accounts will appear on the credit side of the worksheet’s Balance Sheet Columns. 245. The balance sheet may be prepared by referring solely to the Balance Sheet columns of the worksheet. 246. When adjusting entries are entered onto a worksheet, it is not necessary to record them in the general journal. 247. Total assets, total liabilities and owner’s equity on the balance sheet are the same as the totals of the Balance Sheet columns on the worksheet. 248. The amount of owner’s withdrawals can be found on the worksheet. 249. After the adjusting and closing entries have been recorded and posted, the general ledger accounts that appear on the balance sheet have no balances. 250. General account balances agree with those in the financial statements even before adjusting and closing entries are recorded and posted. 251. The income summary account is used to close the income and expense accounts. 252. The balance of the owner’s Capital account represents the cumulative net result of income, expense and withdrawal transactions. 253. Closing entries clear income and expense accounts at the end of the period. 254. The post-closing trial balance contains asset, liability, withdrawal and capital accounts. 255. The final trial balance is called a post-closing trial balance. 56. A reversing entry is a journal entry which is the exact opposite of a related adjusting entry made at the end of the period. 257. To simplify the recording of regular transactions in the next accounting period, all adjusting journal entries are reversed. 258. Post-closing trial balance tests the equality of the accounts after adjustments and the closing entries are posted. 259. Trial ba lances are prepared to ensure that no entries have been omitted. 260. In the accounting cycle, closing entries are prepared before adjusting entries. 261. In the accounting cycle, information from source documents is initially recorded in the journal. 262. Nominal accounts are reduced to zero by closing entries. 263. Closing entries deal primarily with the balances of real accounts. 264. The only accounts that are closed are the income statement accounts. 265. Closing entries result in the transfer of profit or loss into the owner’s Capital account. 266. After all closing entries have been entered and posted, the balance of the income summary account will be zero. 267. Depreciation Expense-Building is a permanent account. 68. Supplies expense is a temporary account. 269. A revenue account is closed with a credit to the revenue account and a debit to income summary. 270. An expense account is closed with a debit to the expense account and a credit to income summary. 271. Income Summary is closed with a debit to income summary and a credit to the owner’s Withdrawals account. 272. When profit or loss is exactly zero, one of the usual closing entries will be avoided. 273. The Income Summary account appears in the income statement. 274. Temporary accounts are also known as real accounts. 75. During the closing process, revenues are transferred to the credit side of the Income Summary account. 276. During the closing process, expenses are transferred to the credit side of the Income Summary account. 277. All nominal accounts must be closed before the Income Summary account can be closed. 278. The post-closing trial balance will have fewer accounts than the adjusted trial balance. 279. The balances of all accounts that appear on the balance sheet are the same on the adjusted trial balance as they are on a post closing trial balance. 280. There is sufficient information on a post-closing trial balance to prepare an income statement. 281. The post-closing trial balance will contain only real accounts. 282. The Income Summary account will appear on the post-closing trial balance. 283. There is sufficient information on a post-closing trial balance to prepare a balance sheet. 284. There is sufficient information on a post-closing trial balance to prepare a statement of changes in equity. 285. If the post-closing trial balance does not balance, then the error/s definitely occurred at some point during the closing process. 86. The adjusting entries involving Rent Receivable and Salaries Payable could be reversed. 287. The adjusting entries involving Depreciation Expense-Building and Supplies Expense could be reversed. 288. A reversing entry will include either a debit to a revenue account or a credit to an expnseaccount. 289. Reversing entries are never required. 290. Reversing entries can be made for deferrals but not for accruals. 291. Reversing entries are made to correct errors in the account. 292. The purpose of reversing entry is to simplify the bookkeeping process. 293. Adjusting entries are all dated as at the first day of the new accounting period. 294. Closing entries can be prepared by referring solely to the income statement columns of the worksheet. 295. The chart of accounts for a merchandising entity differs from that of a service entity. 296. The difference between revenue from sales and cost of sales is operating income. 297. For cash sales, the operating cycle is from cash to inventory to accounts receivable and back to cash. 298. The bill of lading is a document prepared by the seller detailing the terms of delivery. 99. A validated deposit slip indicates that cash and checks were actually deposited. 300. Discounts offered to the buyer to encourage early payment are trade discounts. 301. Cash discounts are called purchase discounts from the buyer’s viewpoint. 302. The sales discounts account is a contra-income account and will have a debit balance. 303. A credit term of 2/10 n/30 means that the buyer may deduct 3% from the invoice if payment is made within 10 days from the end of the month. 304. Purchases return and allowances is a deduction from purchases. 305. The cost of merchandise purchased during the period is determined by subtracting from the net purchases the amount of transportation costs incurred during the period. 306. The purchase of equipment not for resale should be debited to the purchases account. 307. If the seller is to shoulder the cost of delivery, the term is stated as F. O. B destination. 308. The term freight prepaid or collect will dictate who shoulders the transportation costs. 309. The two main systems for accounting for merchandise are periodic and perpetual. 310. The perpetual inventory system requires recording the cost of each sale as it occurs. 11. There is no need for a physical inventory count in the perpetual inventory system. 312. The debit balance in the inventory account in the trial balance under the periodic inventory system is the amount of inventory at the end of the current year. 313. The ending inventory of one period is the beginning inventory of the next period. 314. The balance in the merchandise inventory account at the beginning of the period represents the cost of merchandise on hand at that time. 315. The operating cycle involves the purchase and sale of inventory as well as the subsequent payment for purchase and collection of cash. 16. A business can shorten its operating cycle by increasing the percentage of cash sales and reducing the percentage of credit sales. 317. Merchandise inventory could include goods in transit. 318. An advantage of using the periodic inventory system is that it requires less recordkeeping than the perpetual inventory system. 319. The periodic inventory system relies on a physical count of merchandise for its balance sheet account. 320. Under the periodic inventory system, the cost of goods sold is treated as an account. 321. The periodic inventory system provides an up-to-date inventory on hand. 322. Summing ending merchandise inventory and cost of goods sold gives the cost of goods available for sale. 323. A physical inventory is usually taken at the end of the accounting period. 324. Under the periodic inventory system , purchases of merchandise are not recorded in the Merchandise Inventory account. 325. A company would be more likely to know the amount of inventory on hand if I it used the periodic inventory system ra of all merchandisether than the perpetual inventory system. 326. Taking a physical inventory refers to making a count of all merchandise on hand at a particular time. 327. When the periodic inventory system is used , a physical inventory should be taken at the end of the fiscal year. 328. The income statement of a company that provides services only will not have cost of goods sold. 329. For a merchandising company, the difference between the net sales and operating expenses is called a gross margin. 330. Sales return and allowances is described a contra-revenue account. 331. On the income statement of a merchandising concern, profit is the amount by which net sales exceed operating expenses. 332. Transportation out is included in the cost of goods sold calculation. 33. Advertising expense appears as a selling expense on the income statement. 334. Transportation in is considered a cost of merchandise purchased. 335. The difference between gross sales and net sales is equal to the sum of sales discounts and sales returns and allowances. 336. When the terms of sale include a sales discount, it usually is advisable for the buyer to pay within the discount period. 337. The terms 2/10, n/30 mean that a 2% discount is allowed on payments made over 10 days but before 30 days after the invoice date. 338. Terms 2/10, n/30 is an example of a trade discount. 39. Goods should be recorded at their list price less any trade discounts involved. 340. FOB Shipping point means that the seller incurs the shipping costs. 341. Under the perpetual inventory system, the cost of merchandise is debited to Merchandise Inventory at the time of purchase. 342. The merchandise inventory account is not affected when a sales allowance is granted. 343. Ending merchandise inventory is included in the calculation of cost of goods available for sale. 344. Ending merchandise inventory for year 1 automatically becomes the beginning inventory for year 2. 45. The calculation of cost of goods available for sale during the year is not affected by the previous year’s ending inventory. 346. The change in inventory level from the beginning to the end of the year affect cost of goods sold. 347. Transportation In is treated as a deduction in the cost of goods sold section of the income statement. 348. Under the periodic inventory system, the Purchases account is used to accumulate all purchases of merchandise for resale. 349. Cost of goods sold is the primary difference between a merchandising and a service business income statement. 350. Debiting income summary and crediting beginning merchandise inventory eliminates the beginning inventory at the end of the period. 351. Cost of goods sold is a major expense of a merchandising business. 352. Using the nature of expense method of presenting expenses in the income statement has the advantage of simplicity because no allocation of operating expenses between functional classifications is necessary. 353. The function of expense method reports gross margin and income from operations. 354. Operating income is not computed in the nature of expense method. 355.Gross margin from sales is the income that the business would have made if all goods available for sale had been sold during the period. 356. The excess of gross profit over operating expenses is called operating profit. 357. In the worksheet, the ending inventory amount will appear in the income statement credit column and the balance sheet debit column. 358. The determination of net cost of purchase would include addition of transportation out. 359. The traditional balance sheet arrangement of assets on the left-hand side with the liabilities and owner’s equity on the right-hand side is called the report form. 360. Net sales is not an account name. 361. In the income statement, operating expenses are classified as selling expenses, administrative expenses and other operating expenses. 362. The sales return and allowances has a normal debit balance. 363. The closing entry for transportation in debits purchases and credits income summary. 364. Both Transportation In and Tr ansportation Out accounts are closed by crediting the accounts. 365. On the worksheet of a merchandising company that uses the perpetual inventory system, the Merchandise inventory account balance is not adjusted. 366.When using the perpetual inventory system, the Merchandise inventory account will not appear in the closing entries. 367. The worksheet of a merchandising company that uses the perpetual inventory system will not have a Transportation In account. 368. When preparing a worksheet for a merchandising company that uses the perpetual inventory system, the cost of goods sold can be derived from the balances of several account in the income statement column. 369. Under the perpetual inventory system, the ending merchandise inventory balance is closed at the same time as cost of goods sold. 370.When preparing a worksheet for a merchandising company that uses the periodic inventory system, the merchandise inventory amount shown on the trial balance will be carried over the Balance Sheet debit column. 371. On the worksheet of a merchandising company that uses the periodic inventory system, both Purchase and Purchases Returns and Allowances appear in the Income Statement column. 372. The Purchases account is closed to the Merchandise Inventory account. 373. The ending inventory amount appears in both Income Statement columns on the worksheet of a merchandising company that uses the periodic inventory system. 74. Under the periodic inventory system, the Merchandise Inventory account appears in the closing entries made at the end of the period. 375. When preparing closing entries under the periodic inventory system, Sales, Purchases Returns an Allowances are both closed in the same entry. 376. Sales discount is a contra-revenue account with a normal credit balance. 377. Purchases discount would be recorded as a credit. 378. Transactions involving the payment of cash for any purpose are usually recorded in the cash journal. 379. Special journals are modified in practice to adapt to the specific needs of an entity. 80. The primary ledger that contains all the balance sheet accounts and income statement accounts is called the general ledger. 381. At the end of each month, the total of the amount column of the sales journal is posted as a debit to accounts receivable and credit to sales. 382. After postings have been completed for the month, if the sum of the balances in the accounts receivable subsidiary ledger does not agree with the balance of the accounts receivable In the general ledger, the errors must be located and corrected. 383. Sales on ccount of office equipment used in the business would be recorded in the sales journal. 384. Each amount in the other accounts column of the cash receipts journal must be posted individually to the appropriate general ledger account. 385. When there are numerous accounts with a common characteristic, it is common to place them in a separate ledger called a detail ledger. 386. The sale of merchandise for cash is recorded in the sales journal. 387. The total of the other accounts column of the cash receipts journal is not posted to the general ledger. 88. When special journals, control accounts, and subsidiary ledgers are used, no posting to any ledger is performed until the end of the month. 389. For each transaction recorded in the purchases journal, the credit is entered in the accounts payable column. 390. Acquisitions on account which are not provided for in a special debit column are recorded in the other accounts column in the purchases journal. 391. Debits to creditor’s accounts for invoices paid are recorded in the accounts payable debit column of the cash payments journal. 392. Comparing the purchase order with the receiving report will show that all the goods ordered actually arrived and all goods that arrived were actually ordered. 393. The total of the accounts payable in the cash payments journal is posted at the end of the month as a debit to accounts payable and a credit to cash. 394. When customers are allowed to return for credit to their accounts, these transactions are recorded in the general journal. 395. A check register is used to record all expenditures. 396. The voucher register is a substitute for a sales journal. 397. The voucher register takes the place of the cash payments journal. How to cite Generally Accepted Accounting Principles and Balance Sheet, Essay examples