Using Fair Value Accounting, Questions and Answers

Question 1 What is the distinction between valuation and measurement? List down the advantages and disadvantages of using Fair Value Accounting. Accounting valuation is a process by which the value of a company is measured in terms of their assets and liabilities for financial reporting purpose. Andriessen (2003) had been explained the valuation by using the Rescher’s Value Theory in his article. Rescher (1969) used the term of â€Å"evaluation† to describe valuation as ‘a comparative assessment or measurement of something with respect to its embodiment of a certain value.’ Valuation can be achieved through several methods, with the ultimate goal to present the most precise picture of the company’s financial performance. Banks and lenders assessing the viability of a business and loan will provided based on how they are performing in the market. This process must include the most recent assessment possible of the company because its value may change significantly in just a short period. Campbell, N.R (1938) defined measurement as ‘the assignment of numerals to represent properties of material systems other than numbers, in virtue of the laws governing these properties.’ In accounting, measurement is the computation of economic or financial activities in terms of money or other measurable elements like hours to produce a product. Accounting measurement is used to compare and evaluate accounting data. Furthermore, measurement in accounting falls into the category of derivedShow MoreRelatedEssay on Financial Accounting Theory1727 Words   |  7 Pagesï » ¿QUESTION 1 a. Outline the objective and the principles of a theory that prescribes fair value accounting. Fair value accounting is to measure selected assets at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The objective of fair value accounting is linked with the objective of ‘decision usefulness’ of general purpose financial reporting. That is, to provide relevant information thatRead MoreAccounting Theory 41063 Words   |  5 PagesFair value or false accounting 1. How are assets and liabilities measured under IAS 39? Answer: According to IAS 39, Financial Instruments: Recognition and Measurement, financial instrument are to be stated at their ‘fair value’- defined as ‘the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction’. ‘If the market for a financial instrument is not active, an entity establishes a fair valueRead MoreContemporary Issues Of Accounting : Take Home Final Exam1179 Words   |  5 PagesSamah Alshaikh ACC680- contemporary Issues in Accounting Take Home Final Exam 1. Managers use cookie jar reserves to smooth earnings by creating excessive reserves in good periods so that they can use them to offset losses in bad periods. In order to determine whether this practice is considered an ethical violation or not, an ethical decision model should be used. Graham Tucker offers five-question approach for ethical decision-making. The model can be used to examine and challenge a proposedRead MoreIntangible Asset1170 Words   |  5 PagesProvide references for your answers and quote where you have written something that is word-for-word from a source Textbook Questions (15 marks): Challenging Question 29 (5 marks) Inglis Ltd has a number of taxi licences that are shown in the financial statements at cost. Can these licences be revalued to fair value and, if so, do they also need to be subject to periodic amortisation? Yes, if these taxi licenses are freely transferable, they can be revalued to fair value. The requirements of AASBRead MoreThe Evaluation Of Super Co1291 Words   |  6 Pagesitems not clearly understood by management, provided below is an outline of the company’s inquiries. The analysis and ripostes provided should elaborate on the necessity of various accounting topics and situations. As well as, ensure SUPER CO. is affording the most preeminent financial statements in accordance with accounting guidelines and principles. †¢ Adjusting lower cost of market inventory on valuation: Companies that record the cost of inventory at lower cost of market must record inventory costRead MoreAccounting And Financial Methods And Tools1745 Words   |  7 PagesFirm valuation relates to accounting in that it uses a combination of both accounting and financial methods and tools. Some of the accounting tools used includes the valuation of firms’ assets, valuation of a firm’s profit and loss and also the valuation of a firm’s obligations, which are liabilities. Just like accounting, firm valuation process follows defined steps so as to arrive at the correct value of the firm that is free from errors. â€Å"There are five steps involved; preparation and planningRead MoreGenerally Accepted Accounting Principles ( Gaap ) And Financial Accounting Standards Board953 Words   |  4 PagesGenerally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) exist to make financial reporting consistent while reducing fraud and materia l errors. Because GAAP guidance is crucial for public and private companies depend heavily upon it to make financial decisions. Through GAAP, the entity understands how to properly carry out the accrual accounting process and most importantly when to recognize revenue. However, what happens when GAAP guidance is not sufficientRead MoreA Case Lease For Finance Lease1499 Words   |  6 Pagesrequirement in AASB117-Leases for finance lease. AASB 117 define finance lease as a lease that transfers substantially all the risk and rewards incidental to ownership of an asset. Some indicators for a lease to be classified as finance lease are: fair value, non-cancellability, contingent rent, transfer of ownership, bargain purchase option, lease term, economic life, and minimum lease payments (AASB 117 par 10-11). In this case, we can see that some of the indicators of being a finance lease has beenRead MoreDepreciation and Correct Answer1282 Words   |  6 Pagesï » ¿Question 1 1 out of 1 points Which of the following disclosures are optional under IAS 12? Selected Answer: b.   a numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis of calculating the applicable tax rate Correct Answer: b.   a numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis of calculating the applicable tax rate Question 2 0 out of 1 points WhichRead MoreAccounting For Asset Retirement Obligation1077 Words   |  5 Pagesis incurred and when there is reasonable estimate that a fair value will be made for an asset as per the Statement of Financial Accounting Standards (SFAS) N.O 143. There are different kinds of approaches that are followed when recognizing the asset retirement obligation, these include: recognition of the asset retirement obligation at fair value without considering the uncertainty that emanates from the timing of the retirement, fair value can be recognized when there is likelihood that asset will

Analysis of Emily Bronte´s Wuthering Heights - 623 Words

Book Review: Wuthering Heights This book deals a lot with love and revenge as evidently exhibited through the characters Heathcliff and Catherine. The book depicts the journey of societys social class. Catherine learns to love Heathcliff even though he is inferior to her. The reader discovers deep and affectionate motives within the novel. In my view it is a well annotated version of Emily Brontes classic about denied love between central characters Heathcliff and Catherine. Not a predictable love story, regardless of the version shown in films, it is a mix of Gothic drama and community’s explanations. The readers interest in the plot is maintained throughout and the character enlargement of Heathcliff which is superb, the readers sympathies shifting as the novel progresses. The novel spans two generations of families: the end of one, and the beginnings of another. This great novel, though not extremely long, and, contrary to general assumption, not extremely complicated, m anages to be a number of things: a romance that brilliantly challenges the basic assumption of the romantic; a gothic that evolves—with an absolutely inevitable grace—into its temperamental opposite; a parable of innocence and loss, and childhoods necessary defeat; and a work of consummate skill on its primary level, that is, the level of language. (Shinary, 1994) Heathcliff is a difficult character to like, but at the same time a character difficult to dislike. Hes crude, but he has the sortShow MoreRelatedAnalysis Of Emily Bronte s Wuthering Heights 1589 Words   |  7 PagesReading Analysis Wuthering Heights Tramel – 2nd period November 4, 2016 Introduction The self-consuming nature of passion is mutually destructive and tragic. The gothic Victorian novel, Wuthering Heights, was written by Emily Bronte and published in 1847 where Bronte challenges ideas of religious hypocrisy, social classes, gender inequality and mortality. Wuthering Heights was first ill received being too much removed from the ordinary reality in the mid-nineteenth-century; however, Emily Bronte’sRead MoreAnalysis Of Emily Bronte s Wuthering Heights 1408 Words   |  6 PagesBrontà « also compares the characters indirectly, as she did the houses. Two very prominent characters she displays in this way include Lockwood and Isabella. They are both fundamental narrators in the work. Lockwood does so directly through his retelling of Nelly’s recounting of the story, and Isabella does so through her letter to Nelly explaining her relationship and life with Heathcliff soon after they were married. Although Isabella only briefly seen as a narrator, she a nd Lockwood have variousRead MoreAnalysis Of Emily Bronte s Wuthering Heights 3443 Words   |  14 PagesRRS Wuthering Heights Title: Wuthering Heights Publication Date: 1847 Author: Emily Bronte Nationality: English Author’s Birth/Death dates: July 30, 1818 – December 19, 1848 Distinguishing traits of the author: Emily Bronte, otherwise known as Ellis Bell, had many siblings growing up in the isolated town of Thornton, Yorkshire. One of which was Charlotte Brontà « author of the masterpiece, Jane Eyre. At the time of their publishment Jan Eyre was known as the superior book but over time Wuthering HeightsRead MoreAnalysis Of Emily Bronte s Wuthering Heights Essay2188 Words   |  9 Pagesa part of life to them at the time. One such author is Emily Brontà «, a woman who never married. She and her sisters experienced many familial hardships and began writing at a young age, perhaps as a coping mechanism. With this in mind and assessing trials and events in her life, one cannot help but find uncanny parallels between the characters of her novels and the social turmoil she witnessed. At first glance, Brontà «Ã¢â‚¬â„¢s Wuthering Heights may seem to be the tragedy of two young lovers. HoweverRead MoreAnalysis Of Emily Bronte s Wuthering Heights 2133 Words   |  9 PagesKimberly Boots Ms. Loomis AP Literature and Composition 16 January 2015 The Meaning Behind It All Emily Brontà «Ã¢â‚¬â„¢s Wuthering Heights is not only one of the most widely read books in America, but it also encourages different critical approaches. One of the most interesting approaches is the psychoanalytical approach in this circumstance. Through the entirety of this book it is understood that defending oneself in different ways is a way to escape the stresses of reality. â€Å"Our unconscious desiresRead MoreAn Analysis Of Emily Bronte s Wuthering Heights 1784 Words   |  8 Pagesthrough a community and spread as quickly as the plague. Historian and philosopher Howard Zinn proposes that, â€Å"the air of the world is poisonous. And you must carry an antidote with you, or the infection will prove fatal (Zinn 114). In Wuthering Heights, Emily Bronte demonstrates the corrosive effects of human interaction through the motif of disease and contagion coupled with mental decay and the deaths of integral characters. During the Victorian Era, disease ran rampant throughout England. HygieneRead MoreAnalysis Of Emily Bronte s Wuthering Heights Essay1066 Words   |  5 PagesGiovanni Rosas P.4 AP ENGLISH BOOK REPORT 1. Title of Work: Wuthering Heights 2. Author and date Written: Emily Bronte author of Wuthering Heights wrote the book between October 1845 and June 1846 3. Country of Author: Emily Bronte was born in Thornton, Yorkshire, England, on July 30, 1818 4. Characters (Major and Minor): Heatchliff: Dark-Skinned: they describe him as dark-skinned Cruel: Because he uses his son to get vengeance against young Catherine Catherine: Is Hindley sister andRead MoreAnalysis Of Emily Bronte s Wuthering Heights Essay1059 Words   |  5 Pages1. Title of Work: Wuthering Heights 2. Author and date Written: Emily Bronte author of Wuthering Heights wrote the book between October 1845 and June 1846 3. Country of Author: Emily Bronte was born in Thornton, Yorkshire, England, on July 30, 1818 4. Characters (Major and Minor): Heatchliff: Dark-Skinned: they describe him as dark-skinned Cruel: Because he uses his son to get vengeance against young Catherine Catherine: Is Hindley sister and Mr. Ms. Earnshaw daughter Mean: because knowing sheRead MoreAnalysis Of Emily Bronte s Wuthering Heights 975 Words   |  4 PagesEmily Bronte’s two main sources of imagery are nature and the supernatural. Using Wuthering Heights, write a well-developed essay that explores the symbolic associations of storm and calm through the characters. â€Å"Wuthering heights†, a novel that explores different types of imagery: natural and supernatural. Along the storyline, the characters change and the reflections are noticed throughout with symbolic natural occurrences. In times of disarray and unrest, â€Å"Wuthering Heights† becomes symbolicRead MoreAnalysis Of Emily Bronte s Wuthering Heights Essay891 Words   |  4 PagesThere is truly nothing better than a love story with a perfect ending. Unfortunately that is not the case in Emily BrontÃ'ԉ۪s Wuthering Heights. The love shared between Catherine Earnshaw and Heathcliff is definitely not hidden. The two are practically the same person, they even say they share the same soul. The only problem is one is a part of a nobility and the other adopted and forced to be a servant. Due to this, Catherine and Heathcliff never get their happily ever after. Or do they? One of

What Is Leadership Defining Leadership Qualities Free Essays

Defining Leadership through the Fortune 500 Leadership is a difficult term to define. In literal definition, it means â€Å"the action of leading a group of people or an organization†. However, that is a very prosaic definition. We will write a custom essay sample on What Is Leadership? Defining Leadership Qualities or any similar topic only for you Order Now What qualities make up â€Å"the action of leading a group of people or an organization†? One way to find out is to observe the qualities possessed by leaders themselves. The Fortune 500 is an annual ranking of America’s largest corporations. At the very head of each one of these 500 corporations is a single individual called a Chief Executive Officer, or CEO. The CEO is in charge of all of the main responsibilities of the corporation. So it is no doubt that CEO’s are leaders; the CEO’s of the Fortune 500 lead millions of employees and large scale business decisions everyday. As number two on the Fortune 500 list, Walmart is regarded as one of the very first â€Å"big businesses† to ever go multinational. The statistics on Walmart are astonishing: housing more than two million full-time employees, boasting a whopping $405 billion in revenue last year and owning more than 8,500 stores worldwide. Beginning as a small business investment, it is no doubt that the Walmart corporation took someone with a vision to develop its domination in the business world. Not only did it take a vision, but someone audacious, reliable and empowering enough to execute such a large dream. In 1962, small business owner Sam Walton opened the very first Walmart in Rogers, Arkansas. The strategy of the business was one the world had not seen yet before: a chain discount store. Within just five years, it had expanded to 24 stores, and by 1968, it had went multistate. That was just the beginning of the Walmart rise to reign. But what qualities did Sam have to build such an empire? Many claims Walton was very inquisitive and open to criticism of his business in order to improve it; he was constantly concerned about the customer and looking to improve. Walton was also optimistic; his positivity bred grounds for happy employees—gaining the willpower of each individual. Walton was also clever, learning from his competitors and seeing how he could use the skills he had seen to advance his own business. Today, Walmart is one of the largest corportations in the world thanks to its first CEO, Sam Walton. Walmart also gives back to its community: In 2011, Walmart and the Walmart Foundation gave $958. 9 million in cash and in-kind contributions around the world. Rising above Walmart this year for number one on the list of the Fortune 500 is ExxonMobil. Over the last 125 years, ExxonMobil has went from a kerosene distributor of the US to the largest publicly traded petroleum enterprise of the world. Their leadership strategies date back to its founding, with the Rockefeller’s oil industry. The Rockefellers were one of the biggest and first U. S. businesses back in the age of the industrial revolution. ExxonMobil has underwent several name changes and through many CEO’s to get to its standing in today’s #1 place in the market. So how does Rex Tillerson handle it all? Many report Tillerson as optimistic, clear and confident. He has been working with ExxonMobil for over thirty years, so it is apparent that he is consistent and persistent with his business as he deals with a fluctuating market. Communication also plays a major role in Tillerson’s leadership style. â€Å"What we support is continued efforts to understand the problem better. We need to work harder on articulating our views, and we’re going to try to do better at that in the future,† Rex has said. Rex understands the importance of communicating within his company with his employees as well as potential investors. Not only is Tillerson a great business titan, but like Walmart, he gives back to his community. Through the work of Tillerson’s leadership, ExxonMobil is involved with many groups and organizations including his involvement of many organizations including Alpha Phi Omega, the United Negro College Fund, and the Boy Scouts of America. Allergan is ranked #457 on the Fortune 500 list, but do not be fooled by this number: it is by far the fastest growing corporation on the Fortune 500 list with a 155650. 0% change of profits from 2010 to 2011. David Pyott is the CEO of this pharmaceutical corporation and ranked #11 on Forbe’s list of CEO’s. He joined in late 1998 and reconstructed the business’s strategy on worldwide operations. In June 2006, he was awarded the honor of Commander of the Most Excellent Order of the British Empire (CBE) by Her Majesty the Queen in acknowledgment of Pyott’s contribution to British business excellence and management skills in the United States. Pyott holds leadership in many international boards as well as serves member in many international medical-related councils and organizations. Through this, he gains a keen view of the evolving world around him and applies this to his business. So it is of no doubt why Allergan can be seen as the fastest Fortune 500 under Pyott’s leadership of just 13 years thus far. Allergan also has significant claims about its companying, stating â€Å"Allergan, Inc. is a multi-specialty health care company focused on discovering, developing and commercializing innovative pharmaceuticals, biologics and medical devices that enable people to live life to its greatest potential — to see more clearly, move more freely, express themselves more fully. Tying back directly to this mission statement is their â€Å"insight for life† program that gives developing countries access to medicine and healthcare. So what is a leader based on the qualities expressed by three of America’s top CEO’s? Being a leader is being visionary, being communicative, being insightful, being clever, being open-minded, being persistent, being motivating, being smart, being hard-working and most of all, being caring and compassionate to those around you. How to cite What Is Leadership? Defining Leadership Qualities, Essay examples

Business Supply of a Definite Product

Question: Discuss about the Business Supply of a Definite Product. Answer: Introduction This essay has been highlighted the concept of Economics assignment. In this connection, this study tried to focus to the demand and the supply of a definite product. Therefore, in this purpose, the products of Adidas have been selected. It can be seen that the demand for the products of Adidas Apparel has been increased with the increasing of time. This will help to enhance the production of the products of Adidas within the mentioned country. In addition, with the increase in the requirement for the products, there may arise two probable situations, which would be discussed in this study. In this occasion, this study has also been discussed the influential factors, which can affect the demand for the mentioned products as well as the supply and the production of the products. The influential factors such as the level of income of the buyers, their demographic condition have been described in this following study. Demand and supply of the products of Adidas in Australia and the factors that affect the demand as well as the supply sides of the market According to Bachelor (2013), the demand for the products of Adidas such as sports shoes, clothing, gym wears as well as accessories in Australia has been rising over time. In this connection, it can be mentioned that the citizens of Australia are concerned about the brand or their figure, that they would like to go the gym. As a result, they need to purchase the items, produced by Adidas. Moreover, it can be stated that the total revenue earned by this company in the year of 2015 was $266,196,000. This proves that the demand for these products were comparatively higher. Instead of this, the trend of this consumption has been increasing effectively from the past few years. In the words of Bowen and Sosa (2014), this consumption level also can be determined based on the customers taste and preferences. In this context, it can be predicted that the increase in demand for the products will increase the supply or the production of the products by the mentioned company. Based on the taste and preferences and the requirements, the company manufactured the items. This will significantly enhance the profitability of the company. Furthermore, Bruneel et al. (2012) suggested that the consumers are looking for varieties of goods, innovations. As a result, the company can focus to the development of the manufacturing procedure. It can be identified that the rise in the demand of a specific item will successfully expand the supply of the products. Moreover, the consumption of the sports shoes has been reached to the largest peak as stated by Fleury et al. (2014). Therefore, in this aspect, there may arise two probable situations. If the demand for a particular product massively increases, then the company may not supply the products by that amount. In this case, the price for the particular product will increase. As a result, the demand for the product may fall and the consumers may reluctant to purchase the particular product. On the other hand, the second case can be discussed as the demand may not fall with the rise in the price of the product. This will happen in case of giffen goods. As per the statement of Obizhaeva and Wang (2013), this violates the law of demand. Hence, in this purpose, it can be mentioned that if the sports shoes of Adidas are seemed to the giffen goods, then with the rise in price, the demand as well as total sales by the company will not decrease. As a result, in this scenario it can be stated that most of the consumers are brand conscious and they would not like to purchase the same product from the other sport shoe manufacturing company. Therefore, in case of the giffen goods, the substitution effect would be compensated by the income effect. The above figure depicted that in case of giffen goods, the demand for the particular item will not reduce with the increase of price. It will remain equal as previous. Hence, if the price increases from P0 to P1, the demand for this particular product will also rise from Qo to Q1. As a result, the demand curve is upward sloping. In order to describe the influential factors, Piller, Lindgens, and Steiner (2012) mentioned that it will be beneficial to recognise the factors, which can affect the demand and the supply of products of Adidas in Australia. The production of the factors depends upon the growth of preferences and the increase of demand. As a result, it can be mentioned that the supply of the products and volume of sales of the company will be fruitfully increased. Furthermore, the demand and the supply of the products are also based upon the taste and the preferences of the buyers. This will fetch the demand and the supply of the factors. On the other hand, the requirements for the products of Adidas depend upon the level of income of the buyers. In this purpose, it can be mentioned that the prices of the products are the reflecting factors, which can estimate the demand. Roberts and Schlenkera (2013) mentioned that higher the level of income, greater will be the demand for the products and the supply for the items. Moreover, in case of the giffen goods, the higher income group people can afford the higher price of the manufacturing goods. Hence, the supply of the products will also rise. As a result, the suppliers will be profitable. Nevertheless, Shultz (2014) criticised that the lower income group people will not be able to afford the higher price and in that case the supply will decrease. Conclusion The overall study has been constructed on the on the notion of Economics assignment. In this context, the requirement for the products of Adidas has been considered. After the analysis, it can be observed that the demand for the products of Adidas has been increasing with the rise in time. As a result, the production has also increasing. On the other hand, the influential factors, which can affect the demand of the items, have also been discussed in this essay. References Bachelor, O., 2013.determining safety stock for an adidas apparel factory applying probabilistic demand model(doctoral dissertation, vietnam national university). Bowen, W.G. and Sosa, J.A., 2014.Prospects for faculty in the arts and sciences: A study of factors affecting demand and supply, 1987 to 2012. Princeton University Press. Bruneel, J., Ratinho, T., Clarysse, B. and Groen, A., 2012. The Evolution of Business Incubators: Comparing demand and supply of business incubation services across different incubator generations.Technovation,32(2), pp.110-121. Fleury, F.A., Cardoso, M.V., Fouto, N.D., Vance, P. and Marques, R., 2014. the impact of the stadium in the supporters consumption: how does the frequency at the stadium boosts the demand for the clubsproducts. Obizhaeva, A.A. and Wang, J., 2013. Optimal trading strategy and supply/demand dynamics.Journal of Financial Markets,16(1), pp.1-32. Piller, F.T., Lindgens, E. and Steiner, F., 2012. Mass Customization at Adidas: Three Strategic Capabilities to Implement Mass Customization.Available at SSRN 1994981. Roberts, M.J. and Schlenkera, W., 2013. Identifying supply and demand elasticities of agricultural commodities: Implications for the US ethanol mandate.The American Economic Review,103(6), pp.2265-2295. Shultz, D., 2014. Competing in a Commodity World.