Inventory Accounting Essay Example for Free

Inventory Accounting Essay 1.  Ã‚  Ã‚  Ã‚  Ã‚   Inventory costs: The use of LIFO for determining inventory costs under International Accounting Standards is prohibited, while it is permitted under US GAAP. 2.  Ã‚  Ã‚  Ã‚  Ã‚   Reversal of inventory write downs: Under IAS, it is required if certain criteria are met whereas US GAAP strictly prohibits it. 3.  Ã‚  Ã‚  Ã‚  Ã‚   Basis of Inventory valuation: Under IAS, the inventory is carried at the lower of cost or net realizable value (NRV). Under US GAAP, Carried at the lower of cost and market (market is the lower of replacement cost and NRV minus normal profit margin). 4.  Ã‚  Ã‚  Ã‚  Ã‚   Whether the costs of idle capacity and spoilage can be included in inventory Under IAS, it is prohibited. Under US GAAP, it is permitted. The change to IAS will avoid the biggest disadvantage of US GAAP that is; it permits LIFO to be used for inventory valuation where the oldest inventory costs are assigned to the inventory account which, when prices are changing can result in an inventory value that does not reflect the true current value. Also, in case of shift to IAS, US companies will not be able to show lower profits by using LIFO when prices are rising. US GAAP helped the companies to reduce their payment of taxes. Under US GAAP, extraordinary items are permitted but restricted to infrequent, unusual and rare items that affect profit and loss. However, it is prohibited under IAS. Thus, extraordinary items give companies somewhat of a hall pass with the markets, allowing them to sometimes report lower earnings but get credit for higher earnings. Obviously, it is tempting for companies to try to report every bad thing that happens as an extraordinary item. This can be avoided once IAS is in place. IAS is more comprehensive and clear. It would avoid misinterpretation by the companies.

Vandy Religion Essay :: essays papers

Vandy Religion Essay I have been around religion all my life, but only recently has it become important to me. I find this ironic, because I recently transferred to a ‘public’ DODDS school from a small, private Catholic school. Only after I was removed from the Catholic school environment did I begin to see what religion really is. I came to the Catholic school system in Leavenworth, Kansas in the fifth grade. Before that time, I was naà ¯ve; I barely knew any swear words and all I knew about sex was that I was interested in cute boys. Ironically, it was this time, all through and every year after fifth grade that I was subjected to and learned vulgarity. By the time I was a sophomore, I was so familiar with all of the four-letter words that I swore casually with my friends when we would discuss sex or gossip about other students. I picked up every slang word for every body part and knew every sexual innuendo there was to know, all during the six years I attended Catholic school. Even though we were not very good examples of church-going youngsters, my friends and I regularly went to Youth Group meetings. I never really listened to what the speaker was saying or to what I was singing, I just went to socialize with my friends. When we moved to Okinawa, I immediately wanted to make friends with the popular crowd, but my mother forced me to go to Youth Group. I only knew one person there, but I met another girl, who introduced me to her group of friends, the exact crowd I wanted to meet. We went out a couple of times, but after a few weeks at school, they decided I was not ‘cool enough’ and dropped me from their group. I was crushed. However, since I was new, I had met other new people, who I brought to the Youth Group so I would not be alone. Soon I met other people at the Youth Group and began to get more involved with that crowd. They did not reject me because of my appearance or because I sometimes said stupid things, but accepted me for who I was and welcomed me into their group.

Fables

Common type of story is the fable, which presents a moral, or lesson about human behavior. Fables usually feature animals behaving and speaking as humans. Among the most widely known are those from the ancient Sanskrit Pancatantra (Five Chapters), which was first written down in India perhaps 2,000 years ago. Known in Europe as The Fables of Bidpai, this collection presents animal characters in entertaining stories and poetry. Many European animal fables have at least in part descended from the Pancatantra. Among the most renowned Western fables are those attributed to Aesop, a (probably fictitious) slave from ancient Greece.One of the best-known of Aesop's stories is â€Å"The Ant and the Grasshopper,† which teaches the need to be industrious and save for the future during times of plenty. Stories that point out lessons are called fables. Nearly everyone knows the fable about the three little pigs. They leave home and go out into the world to make their fortunes. Of course, t hey have to build places in which to live. The first little pig makes his house of straw. The second little pig also takes things easily, building his house of sticks. The third little pig works hard and long to make a house of bricks—a good, sturdy house.Along comes a wolf who blows down the houses of straw and sticks and eats the two lazy little pigs. All his huffing and puffing, however, cannot blow down the house of bricks. In this fable the three little pigs show human characteristics. Two little pigs are shiftless and meet an unhappy end through their own fault. The hard-working little pig earns the reward of a good life. History of fables In very early times people told stories in which animals talk. By their actions the animals show how foolish or wise people can be. Folklore scholars think that fables probably originated among the Semitic peoples of the Middle East.The tales spread to India and then west to Greece. Many fables go back to an ancient Sanskrit collectio n from India called ‘Pancatantra' (Five Chapters). These stories were told and retold through many generations. Eventually they reached Greece. The Greeks added detail and action and made Aesop master of all the fables. The Romans translated Aesop's fables into Latin. They were translated into French in the 13th century. The first of many versions of the folktale of â€Å"Reynard the Fox† appeared in about the 12th century. Fables of Aesop’s The greatest teller of fables was Aesop (see Aesop).He was believed to be a slave in ancient Greece. His stories are simple moral lessons illustrated usually by the actions and speech of animals. Some of his best-known fables are â€Å"The Lion and the Mouse,† â€Å"The Fox and the Stork,† â€Å"The Hare and the Tortoise,† â€Å"The Wolf in Sheep's Clothing,† â€Å"The Fox and the Grapes,† â€Å"The Frogs Desiring a King,† and â€Å"The Shepherd Boy and the Wolf. † In Aesop's à ¢â‚¬Å"The Lion and the Mouse† the great, strong lion is tired of hunting. He lies down to sleep under a shady tree. A mouse runs over his face and awakens him.The angry lion is about to crush the tiny mouse with his huge paw, but the mouse begs so hard to live that the lion lets him go. Some time later the lion is caught in a hunter's trap. He roars with surprise and fury. The little mouse recognizes the roar and races to the trap. He gnaws the ropes and sets the lion free. The powerful lion is grateful for the help that his tiny friend gave him. The king of beasts thinks to himself â€Å"Sometimes the weakest can help the strongest. † Aesop's â€Å"The Fox and the Stork† shows that a tricky person does not always win. A fox invites a stork to dinner.The fox serves soup in a shallow dish. The poor stork can wet only the end of his long narrow bill in the soup. The sly fox makes false apologies and laps up all the food. The stork pretends to be satisfied and invit es the fox to dinner. When the fox comes a few days later, he finds the food served in a tall jar with a narrow neck. Down in the jar goes the stork's long bill. All the fox can do is lick his chops. This fable may have suggested the old proverb â€Å"he who laughs last laughs best. † Many proverbs and maxims are expressions of the wisdom found in fables.Some of these sayings and the fables from which they come are listed after the â€Å"History of Fables† section. Fables by La Fontaine Another great teller of fables was Jean de La Fontaine (see La Fontaine). He wrote in France in the 17th century. La Fontaine based many of his fables on those of Aesop. In the writings of both men are â€Å"The Fox and the Crow,† â€Å"The Dove and the Ant,† â€Å"The Fox and the Grapes,† â€Å"The Maid and the Pail of Milk,† and â€Å"The Fox and the Stork. † Some of La Fontaine's titles vary slightly from Aesop's. â€Å"The Fox and the Crow† tells that a fox sees a crow ith a piece of cheese in her beak settle in a tree. The fox wants the cheese. He looks up at the crow and says, â€Å"Good day, Mistress Crow. How well you look today! I feel sure that your voice must surpass that of other birds, just as your figure does. Let me hear you sing but one song so I may greet you as queen of the birds. † The crow begins to caw her best.As soon as she opens her mouth, the piece of cheese falls to the ground and is snapped up by the fox. â€Å"That will do,† he says. â€Å"That was all I wanted. In exchange for your cheese, I'll give you a piece of advice for the future. Do not trust flatterers. Another of La Fontaine's fables is â€Å"The Animals Sick of the Plague. † The lion, who is king of the beasts, asks all the animals to confess their sins. The guiltiest will be sacrificed to save the rest. The lion begins by confessing that he has â€Å"devoured an appalling number of sheep† and â€Å"the s hepherd, too. † Reynard the Fox defends the king. His plea is applauded by the lion's flatterers. Finally a poor donkey is sacrificed after he confesses that he has eaten grass on the monastery grounds. The moral of the tale is: â€Å"Thus do the courts acquit the strong and doom the weak as therefore wrong. †

Identity, Work and Labor Essays - 990 Words

What are the differences between work and labor? There are many differences between work and labor. At the same time, it is complex to point out these differences because they are subtle. To illustrate one difference between work and labor, here is an example from a building site. The manager or contractor organizes the structure of the tasks that need to be executed. The laborers are those who are doing the heavy work, laying bricks, digging the holes and carrying the lumber. The manager, foreman and the laborers, however, are all working at the site. It is only those doing the heavy work that would be considered to be laboring. Some people work very hard and they really enjoy their work, while others find work to be a chore, could at†¦show more content†¦Furthermore, they had only taken a vacation a few times in their entire careers. Joe Robinson says, â€Å"Vacations can makes people with A-type personalities feel worthless, † (Vacation Doesn’t Work, New York times, 2008). I think very differently and I would encourage them to take vacations or to explore new things in their life. It was really hard for me to see how they became slaves to their work and didn’t receive extra payment for the extra time they worked for years and years. Some of these people retired and were so disrupted in their lives that they didn’t know what to do. Shortly after they retired they became sick and died. The work gave meaning to their life. The author, in the â€Å"Ant and Grasshopper†, Aesop (86), the author describes that the ant works very hard during summer to store food for the winter. She labors through the task while the grasshopper sang and didn’t care about the winter. Life is so much more intricate than this; people are a lot more complex than insects and it is not always easy to accomplish those tasks that the workers or the boss had impose on their selves to accomplish a specific task or project. Their level of constant worry and pressure is intensified when they have a dead line to finish a task. Nevertheless in the corporate world people have to follow certain schedule. For example the employees at some large companies need to sign in and out when they arrive at work andShow MoreRelatedAs I have shown, throughout his essays, Gordon establishes a narrative of the past in the Diaspora1200 Words   |  5 Pagesestablishes a narrative of the past in the Diaspora which is distinctly negative, dra wing on images of the Jewish people as passive and parasitic, alienated from nature and labor and accordingly without a living culture. Through his ideology, Gordon establishes an idea of the perfect relationship between people, nature and labor; a relationship that must be withheld in order for a people to be a living, creative culture. Gordon asserts that the Jewish people have been kept apart from the natural sphereRead MoreWorking Class Solidarity:Rebuilding Youngstown1205 Words   |  5 PagesWorking-Class Solidarity; Rebuilding Youngstown Undoubtedly work and place influence its surroundings. Youngstown, Ohio is emphasized as one in particular. As a result â€Å"steelmaking fueled the area’s economy and defined its identity† (68). The city was represented in newspapers, art work, postcards, and many texts as both â€Å"impressive and attractive† (75), as well as â€Å"imposing, confusing, and uninviting† (86). Considering the conflicting representations, steelmaking â€Å"also suggest(s) a key element ofRead MoreFather Son And The Father1353 Words   |  6 Pagesdirectly. Stevens inability to communicate with his father blatantly highlights the emotional barrier between the two characters. Furthermore, by relinquishing his father of his duties, Stevens will be effectively stripping the man of his professional identity. Stevens is unable to directly demote his father, however, further suggesting that he is unwilling to fully assume the figure of dominance over his father. If Stevens were t o directly address his father on this professional level, he would fullyRead More Examining the American Identity Essay837 Words   |  4 PagesExamining the American Identity â€Å"Americans aren’t idyll daydreamers; they take the initiative.† (Cato.org) In his statement, Edward Hudgins, the director of regulatory studies at the Cato Institute, captures the essence of â€Å"Americaness.† Since the publishing of Ben Franklin’s Autobiography in 1790, this definition of Americans as go-getters and self-made-men has become stock. While Franklin’s life story helped define the American identity, the discussion of what an American is began decadesRead MoreOverseas Chinese and Chinese People Essay1615 Words   |  7 PagesAmericans have their ancestors in other countries. Even though they are called â€Å"Americans†, they have a special identity, that is, hyphenated Americans actually. Chinese-Americans have been one of the large groups of hyphenated Americans since a long time ago. This passage mainly observes the living conditions of Chinese-Americans in America and tries to analyze how the hyphenation identity impa cts their thoughts and life. The first section gives a brief introduction about Chinese-American, includingRead MoreThe Rights Of Immigration And Citizenship Essay1564 Words   |  7 PagesThe high presence of immigrants in ‘vulnerable’ labor markets make the pathways for migration and citizenship critical in accessing agency. The legality of labor for immigrants affects the vulnerability of immigrants. The ‘under the table’ nature of many economic opportunities presented to immigrant populations changes the stability of accumulating capital or creating economic mobility. The ‘off the books’ nature changes the agency to immigrants to gain their wages, protest exploitation and to attainRead MoreMarx And Engels s Impact On Society1349 Words   |  6 Pagesbelieved could use revolution to bring an end to capitalism. The proletariats were a class that depended on selling their labor to survive. Being just another commodity exposed them to the c hanges of competition and the market. Manufacturing factories changed the nature of work for laborers and devaluated and alienated workers. Division of labor and machines caused laborers’ work to lose individual character and they become slaves of the bourgeoisie. Marx recognized that exploitation of workers didRead MoreThe Flaws of Prison Labor Essay687 Words   |  3 PagesThe Flaws of Prison Labor The debate over prison labor has existed as long as the concept it’s self. Opponents claim that it exploits prisoners, takes away jobs from the general population, and puts people in danger by allowing convicts access to their personal information. While supporters of prison labor argue that it helps the economy as well as benefits prisoners. On this issue I stand on the side of the supporters. By having prisoners work we are accomplishing several beneficial thingsRead MoreDual Career Families1654 Words   |  7 Pageshome and completed the majority of the domestic work. The traditional marriage has definitely changed, as it has become more of a norm for both the husband and wife to maintain separate careers. Research has identified numerous variables that affect the stability of a marriage. The factors that have been identified as affecting marriages and in turn influencing divorce rates include: financial stressors, domestic workload, job stressors, identity strains, and marital interaction time. The resultsRead MoreHurricanes And Its Impact On The United States1107 Words   |  5 Pagesdescriptive chronologies by David L. Niddrie and David M. Ludlow to name a few. By reviewing and using all of these resources, Louis A. Pà ©rez concluded that the 1840’s hurricanes had an effect on agriculture, social relations, and the overall national identity of Cuba. The Cuban coffee, tobacco, and sugar productions transformed in the 19th century due to the hurricanes of 1842, 1844, and 1846. The productions of coffee, tobacco, and sugar prior to the 1840’s hurricanes were profitable businesses. Many