A Long Way Gone by Ishmael Beah (Book Report) Essay

A Long Way Gone by Ishmael Beah (Book Report) - Essay Example Beah’s demeanor is that of a man who has experienced wide growth from a childhood of war. The book promises to be a story of triumph and victory. When first reading the chronology in the back of the book, it leads the reader through a political maelstrom full of a twisting tale of governmental breakdowns and churning disruption of leadership. Power is transferred back and forth between factions creating an instability that will lead to a rebellion beginning in March of 1991 that would set the stage for Beah‘s story. That rebellion is manifested in the Revolutionary United Front lead by Charles Taylor and is more infamously known by its acronym, the RUF. Those letters become a source of terror in Sierra Leone. Sierra Leone’s history is full of struggle. The country was occupied and colonized by Britain. The famous story of the Amistad, a slave ship where a rebellion by the slaves occurred the story of which was later immortalized on film, was lived out by slaves who were taken from Sierra Leone. During the colonization a hut tax was created in 1898 by the British that taxed the citizens according to hut size. This act resulted in two rebellions. In 1951 the beginning of decolonization began as a constitution was enacted by the British for local citizens. In reading the chronology it is initially apparent that the RUF was created for an altruistic cause. The RUF seeks to abolish the corruption of the All Peoples Congress, or the APC. They have begun a rebellion to overturn a government that they do not believe serves the needs of its people. Seeing this history before reading the book brings into question of how such turmoil in government could directly affect a childhood. Beah begins his story with an exchange between himself and other teenagers after he has been relocated to New York. â€Å"Why did you leave Sierra Leone?† â€Å"Because there is war.† â€Å"Did you witness some of the

Induction of Beta Galactosidase in E.Coli | Lab Report

Induction of Beta Galactosidase in E.Coli | Lab Report Aim: To study the effects of IPTG, lactose, glucose, chloramphenicol, rifampicin and streptomycin induction on the units of beta-galactosidase of E.coli Introduction In 1961, a special group of units that able to control its beginning and ending of transcription activities by undergoing induction process was discovered by Jacob and Monod. This special enzyme is known as Lac operon which is group of genes that arranged in sequences of promoter region, operated region and structural genes that found in the Escherichia Coli. Promoter region is the site where the RNA polymerases binds to and initiate the transcription process while the operated region in the operon is the site where the regulatory protein such as inducer and repressor bind to and stimulate the genes to turning on or off the transcription process. Lac operon made up of three specific lac genes; there are lac Z, lac Y and lac A and they can be found in the structural genes of the operon. At the end of the transcription process, Lac Z gene can be encoded into ÃŽÂ ²-galactosidase which is an enzyme that used to hydrolyze lactose molecules into allolactose molecules fist then further into glucose and galactose which are the monosaccharide molecules (Kathryn Grace Patterson, 2009). Allolactose is the intermediate product when ÃŽÂ ²-galactosidase used to catalyses the reaction of converting lactose to glucose and galactose. According to Miiller-Hill, Rickenberg Wallenfels, allolactose is a natural and effective inducer to trigger transcription process to occur (1964). lacY encodes into ÃŽÂ ²-galactoside permease which playing the role in transporting lactose molecules into the cell while lacA is converted into ÃŽÂ ²-galactoside transacetylase through transcription process which is an enzyme that involved in adding an ac etyl group (CH3) from acetyl coenzyme A to the 6 position of the ÃŽÂ ²-galactosidase (Xing Guo, Wang, Laurence R. OlsenSteven L. Roderick, 2002). As the inducer such as allolactose (natural inducer) or IPTG, Isopropyl ÃŽÂ ²-D-1-thiogalactopyranoside which is an artificial inducer binds to the operated region and deactivated the repressor protein. Hence, repressor protein generated by the lac I gene cannot binds to the operated region which stimulates the RNA polymerases to bind to the promoter region and start the transcription process which is positive control mechanism. On the other hand, negative control mechanism occurs when active repressor protein binds to the o-site (operated region), it blocks the RNA polymerases binds to the p-site (promoter region) and thus no transcription can take place. IPTG acts as the inducer due to its structure is similar to the allolactose. o-nitrophenol ÃŽÂ ²-galactosidase Isopropylthiogalactosidase (IPTG) ortho-Nitrophenyl-ÃŽÂ ²-galactosidase  which known as ONPG is used to measure the ÃŽÂ ²-galactosidase enzymatic activities in this experiment which show a yellow colour when ÃŽÂ ²-galactosidase  presence. ONPG has a similar structure as lactose which also catalyze by the beta-galactosidase enzyme to form galactose + O-nitrophenol whereas the O-niotrophenol responsible to the colour changes. When the intensity of yellow colour increases, the rate of enzymatic activity also increases. Hans Noll and Joseph Orlando also mentioned that o-nitrophenol-beta-galactosidase is hydrolyses by ÃŽÂ ²-galactosidase enzyme but not for IPTG molecules (Hans Noll Joseph Orlando, 1960). Hypothesis: a) IPTG activates beta-galactosidase enzyme at most effective effects. b) The rate of beta-galactosidase enzymatic activities depend on the time of induction. Materials and Methods: Part A: Time course of induction of ÃŽÂ ²-galactosidase by IPTG Induction of the ÃŽÂ ²-galactosidase enzyme. Two different sets of culture condition were investigated. One set in the condition with IPTG (5mM) and another set in the condition of adding water as the control experiment. 15 labeled microfuge tubes which contain 100  µl of the CTAB solution which used to kills the E. coli cells and lyses the cells to release the contents including ÃŽÂ ² -galactosidase were prepared and placed in the ice bath. 2.5ml of actively growing Escherichia Coli K12 was transferred into two separate 50ml conical flasks and covered with the foil immediately and then immersed in the temperature of 37  °C shaking water bath. 250 ÃŽÂ ¼l of water was added into the control flask and note the time as t=0 and then transferred 200 ÃŽÂ ¼l of the E. coli culture out immediately into the microfuge tube which labelled as 0c tube, mixed well and stored in the ice bath. The same procedure for another set of conical flask but 250 ÃŽÂ ¼l of IPTG was used inst ead of water. After that, two conical flasks were placed in the shaking water bath to maintain the temperature constant at 37 °C.The previous two steps were repeated for preparing the 1, 2, 3, 4, 5, 7, 10, 12, 15, 30 and 45 minute time points for the induction flask and 15 and 45 minutes time points for control flask. ÃŽÂ ²-galactosidase activity of each sample was ready to be observed after addition ONPG and Na2CO3 which used to stop the assay activity by changing the pH value to 11. (School of Biotechnology and Biomolecular Sciences, 2012). ÃŽÂ ²-galactosidase Assay. 15 sample of microfuge tubes were placed in the 37 °C water bath for 5 minutes to reach thermal equilibrium. Addition of 200 ÃŽÂ ¼l of 3mM ONPG into each sample at every 30 intervals and addition of 300 ÃŽÂ ¼l of 1M Na2CO3 into the microfuge tube followed by order after exactly 5 minutes of time of ONPG induction to deactivate the ÃŽÂ ²-galactosidase enzyme activities. The time of ONPG induction was recorded. All samples were centrifuged for 5 minutes and then 300 ÃŽÂ ¼l of supernatant of each sample was taken out and read the absorbance under 414nm with 300 ÃŽÂ ¼l water used as the blank. (School of Biotechnology and Biomolecular Sciences, 2012). Part B: Characteristics of the induction of ÃŽÂ ²-galactosidase Exactly same procedures in the Part A were carried out but several different of conditions were tested in this experiment following by: *A. 250 ÃŽÂ ¼l of IPTG (5 mM) and 250 ÃŽÂ ¼l of water (this is to keep the culture at close  to the same concentration for all alternatives) *B. 250 ÃŽÂ ¼l lactose (20 mM) + 250 ÃŽÂ ¼l H2O. *C. 250 ÃŽÂ ¼l IPTG (5 mM) + 250 ÃŽÂ ¼l glucose (20mM). *D. 250 ÃŽÂ ¼l IPTG (10 mM) + 250 ÃŽÂ ¼l glucose (20mM).. E. 250 ÃŽÂ ¼l IPTG (5 mM) then, after the 10 min sample is removed, add 250 ÃŽÂ ¼l  chloramphenicol (200ÃŽÂ ¼g/ml). F. 250 ÃŽÂ ¼l IPTG (5 mM) then, immediately after the 10 min. sample is removed,  add 250 ÃŽÂ ¼l rifampicin (250 ÃŽÂ ¼g/ml). G. 250 ÃŽÂ ¼l IPTG (5 mM) then, immediately after the 10 min. sample is removed,  add 250 ÃŽÂ ¼l streptomycin (500 ÃŽÂ ¼g/ml) . Note: At zero time point, all materials were added into set A, B, C and D while the antibiotic that used in the set E, F and G was added after 10 minutes time points sample has been taken out. (School of Biotechnology and Biomolecular Sciences, 2012). Discussions: From the graph shown in the figure 2, it can clearly see that the units of beta-galactosidase per ml of bacterial culture show a positive results when IPTG used in the induction but no response when water used instead of IPTG. The longer the IPTG induction time, the greater the units of beta-galactosidase per ml of bacterial culture produced. It can be explained that, IPTG acts as the inducer which depressed the repressor protein into inactive form by undergoes conformational change in the shape of the repressor protein that prevent them from binding to the operator region. Thus, the RNA polymerases can bind to the promoter site without any obstacles, transcription of lac operon occurs. Therefore, it can be concluded that inducer is playing a significant role in inducing of beta-galactosidase enzyme. Model data provided by the coordinator was used instead of the raw data because there is induction timing error when transferred the sample which causes the failure of the group results as it can notice that there is a sudden decrease in the value of the beta-galactosidase per ml of bacterial culture produced during 12 minutes in the figure 1. Based on the information provided in the part B experiment, the highest value of unit of beta-galactosidase produced was observed when IPTG was presence in the culture environment. An increasing trend of response with lower efficiency of effect were shown in the lactose, IPTG (5mM)+glucose and IPTG (10mM)+ glucose induction. However, as rifampicin, streptomycin and chloramphenicol added into the culture samples, a increasing concentration of beta-galactosidase enzyme at the beginning of experiment until 10 minutes then the reactions started to maintain at the constant level. The observations can be elucidated that when both IPTG and lactose were used as the inducer, they play the similar mechanism but the only reason that causes lactose had lower performance is IPTG will not be broken down during reaction whereas lactose will be degraded or used by the cells. As the rate of lactose degradation increases, the concentration of inducer in the culture decreases. In addition, glucose and galactose were formed after hydrolysis of lactose molecule. Glucose molecule is more preferred than the lactose molecule by the E.coli. Hence, a lower performance was shown when lactose was used as the inducer and IPTG always the best choice of inducer to use in the experiment. Since the glucose molecules involved in the experiment, a mechanism named as catabolite repression can be used to illustrated the other two IPTG (5mM)+glucose and IPTG (10mM)+ glucose conditions. Catabolite repression is a mechanism that represses the transcription process by introducing glucose molecules into the reaction since E.coli is more preferred glucose than IPTG while IPTG is essential for switching on the reaction. When the concentration of glucose molecule increases, the level of cyclic-AMP becomes lower. CAMP is required to start the transcription process as it is needed to binds with the Catabolite activator protein (CAP protein) and form an active complex which promotes RNA polymerases binds to promote region. Therefore, if cAMP level is low, there is inactive complex produced it unable to deactivate the repressor protein so repressor protein will bind to o-site and inhibit the occurrence of the transcription process. On the other hand, if the glucose molecule is absence, the high level of cAMP permit the transcription process to take place due to the cAMP binds to the CAP protein to form cAMP.CAP complex and deactivated the repressor protein, transcription takes place. Since the glucose is the preference substrate so when concentration of IPTG increases, it also will not affect the result when glucose is supplied. CTAB solution which also defined as the cetyl trimethyl ammonium bromide and used in the experiment to remove the E.coli cells and also destroyed the membrane of the E.coli cells in order to release ÃŽÂ ²-galactosidase enzyme that needed for the experiment from its content. E. coli is the source of the beta-galactosidase enzyme in the experiment. In the IPTG+ chloramphenicol culture condition, there was only IPTG inside the sample at the first 10 minutes and induction of enzyme was occurs but after Chloramphenicol was added the units of beta-galactosidase of bacterial culture remain constant due to the reason that Chloramphenicol is an antibiotic that inhibit the protein synthesis process and growth of E.coli (Ambrose,P.J,1984). The polypeptides synthesise of the RNA in the E.coli was hindered when added Rifampicin (Campbell, E. A et al, 2001). Rifampicin changes the shape and structure of the ribosomes which makes the lyses of the ribosomes (Sippel Hartmann, 1968) and also preven ts RNA polymerases from binding to promoter region. After streptomycin was added into the culture sample, Streptomycin inhibits growth of the E.coli by leading to misread the mRNA and protein synthesize disturbance when low amount of streptomycin provided (Modolell,  Juan, 1969). Hence, induction of beta-galactosidase activity was prohibited. Nevertheless, high quantity of Streptomycin added will even cause the death of E.coli.

ISO 18001 :: essays research papers

In this report we will look at how the LaingOrourke Safety Management System (SMS) meets the criteria of; OHSAS 18001 and how the LaingOrourke SMS policy can also be mapped across it. In the mapping document (see below in file two) I have laid out in the first column the 18001 clauses; in the second column I have laid out what the clause is. In the third column I have laid out the section of the SMS that matches the criteria of 18001, the fourth column identifies what is in that section of the SMS to correspond to it. The fifth column shows how the LaingOrourke Health and Safety Policy comply with the relevant sections of 18001. Throughout the mapping I have identified in Bold where the LaingOrourke SMS and their policy comply with OHSAS 18001, I have also added in where secondary references meet the requirements also, (not in bold) It is very important that companies have suitable and sufficient SMS that details their commitment to the Health and Safety of their employees, companies have a moral, humane and legal duty to do it, the reasons for monitoring and reviewing is because there is a legal requirement to do so under the Management of Health and Safety at Work Regulations 1999. Reducing the human and financial costs of accidents and the loss of public image of the organization. I Prior to OHSAS 18001, HS (G) 65 was used to ascertain if British businesses SMS were suitable and sufficient, this gave the safety professional a sort of systematic and methodical approach to gauge how a business that he was advising or auditing were managing the business of health and Safety. HSG 65 is readily recognizable as the "Five Steps to Successful Health and Safety Management HS (G) 65" published by the 'Health and Safety Executive. 1. Set your policy. 2. Organize the staff. 3. Plan and set standards. 4. Measure the performance. 5. Audit and review - learn from experience. But within British businesses there was no way to obtain confidence in their systems like the confidence that they felt they had in ISO 9001 quality and ISO 14001 Environmental auditing. On both these ISO’s there were the benefits of being audited by an independent third party and certification to prove that the organization was meeting the standards, as a response to this Occupational Health and Safety Assessment Series 18001 (OHSAS 18001) was published as a BSI specification in 1999. The full title of the document was Occupational Health and Safety Management Systems - Specification.

Compare And Contrast Sociology Essay Essay

Sociology is based on two frameworks, namely structure-agency and conflict-consensus. These frameworks center around three founders of sociology, Emile Durkheim, Karl Marx and Max Weber. This essay will attempt to demonstrate which author explains sociology within which framework. The structure used for this essay will be a point-by-point structure. This essay will start off with structure, move on to agency and then to conflict and lastly conclude with consensus. Structure is the social patterns, which influence and may restrict the choices and opportunities of the individual. Durkheim is a structuralist and explains structure through social facts. Social facts are the structures, values and norms, which surpass the individual and may lead to social constraint. Durkheim believes that structure together with hierarchy is the most important aspect of maintaining a civilized society. Similarly, Marx is also a structuralist. However, he explains structure through dialectical materialism. Through this, he believes that history is not driven by ideas but rather by economic and class interests. Thus, structure is based on what the interests of the most influential class (in an economic context) are. In contrast, Weber is not a structuralist and focuses on agency more than structure (this will be explained further later on). However he does explain structure through bureaucracy and a rational-legal model. He defines bureaucracy as routine tasks that become jurisdictional areas and are ordered by rules and regulations. Thus, structure can only optimally function if bureaucracy follows the strict rules and regulations put in place without any corruption. On the other hand, agency is the ability of individuals to make their own decisions and act independently through free will. Durkheim does not believe that society is based on the individual but more on the social structures around the individual. He maintains that individuals will come and go from social institutions, but institutions have a life over and above the individual and therefore structure plays a more influential role than agency. Likewise, Marx also believes that structure is more important than agency but also emphasizes the fact that structure leads to the detriment of the majority of individuals. This means that the majority of individuals’ interests are not taken into consideration and are over powered by the role of structure. On the contrary, Weber starts his argument with agency and explains agency through â€Å"verstehen† and the theory of social action. Weber maintains that it is important to understand why the individual does a certain action (â€Å"verstehen†) and that there are three different types of social action that make up a civilized society: Traditional action (actions carried out due to tradition and because that’s they way things have always been done), affective action (actions carried out due to emotion to express personal feelings) and rational action (actions carried out using reason to achieve a certain goal). Weber also believes that legitimate authority is based on agency and the free choice of individuals. The conflict theory maintains that social, material and economic inequality are the forces of social change within a society. Durkheim is of the belief that conflict will not achieve social change, but rather consensus (will be explained further later on). He stresses the fact that conflict will only cause disorder and chaos within a society and a society will not be able to move forward if there is too much conflict. However, Marx emphasizes conflict over consensus and that inequality and class conflict furthers one side of society (the bourgeoisie) and not the other (the proletariat) due to the economic interest of the upper class. Weber is in the middle of Durkheim and Marx on both conflict and consensus. Weber is of the opinion that conflict is due to inequality within a society and the fact that there are certain people in power by force (are not chosen to be in power), which contributes even more to conflict. In contrast to conflict, consensus maintains that social and economic systems are fair and sustain social order in society. Durkheim believes that for there to be a normative basis for order within a society, there has to be moral and normative consensus. This means that everyone within a society needs to have the same values, and when everyone has the same values they become norms for a society to live and act by. Marx on the other hand, does not believe in consensus but rather in conflict. He focuses on the fact that a society can only progress if there is conflict, not shared values and norms. If there is no economic interest within a society or class, a society will remain stagnant and not move forward. As stated before, Weber stands in the middle of Durkheim and Marx on consensus and states that for there to be consensus within a society, legitimate authority needs to be achieved through the consent of the people in a society. This means that all people should decide together on who should be given authority to do what. However he also believes that for a society to progress forward, conflict and consensus need to occur simultaneously. In conclusion, the three different authors all have very different but equally important viewpoints on society. Durkheim emphasizes structure over agency and consensus over conflict. Marx also focuses on structure over agency but rather conflict over consensus. And Weber stresses agency over structure and that conflict and consensus are equally important. Therefore Durkheim, Marx and Weber have many differences and similarities within the structure-agency and conflict-consensus frameworks.

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (United States) In the U. S. , generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. Generally GAAP includes local applicable Accounting Framework, related accounting law, rules and Accounting Standard.Similar to many other countries practicing under the common law system, the United States government does not directly set accounting standards, in the belief that the private sector has better knowledge and resources. US GAAP is not written in law, although the U. S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly-traded companies. Currently, the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepte d accounting principles for public and private companies, as well as non-profit entities.For local and state governments, GAAP is determined by the Governmental Accounting Standards Board (GASB), which operates under a set of assumptions, principles, and constraints, different from those of standard private-sector GAAP. Financial reporting in federal government entities is regulated by the Federal Accounting Standards Advisory Board (FASAB). The US GAAP provisions differ somewhat from International Financial Reporting Standards (IFRS), though former SEC Chairman Chris Cox set out a timetable for all U. S. ompanies to drop GAAP by 2016, with the largest companies switching to IFRS as early as 2009 Basic objectives Financial reporting should provide information that is: †¢useful to present to potential investors and creditors and other users in making rational investment, credit, and other financial decisions. †¢helpful to present to potential investors and creditors and oth er users in assessing the amounts, timing, and uncertainty of prospective cash receipts. †¢about economic resources, the claims to those resources, and the changes in them. [edit] Basic conceptsTo achieve basic objectives and implement fundamental qualities GAAP has four basic assumptions, four basic principles, and four basic constraints. [edit] Assumptions †¢Accounting Entity: assumes that the business is separate from its owners or other businesses. Revenue and expense should be kept separate from personal expenses. †¢Going Concern: assumes that the business will be in operation indefinitely. This validates the methods of asset capitalization, depreciation, and amortization. Only when liquidation is certain this assumption is not applicable. †¢Monetary Unit principle: assumes a stable currency is going to be the unit of record.The FASB accepts the nominal value of the US Dollar as the monetary unit of record unadjusted for inflation. †¢The Time-period pri nciple implies that the economic activities of an enterprise can be divided into artificial time periods. [edit] Principles †¢Cost principle requires companies to account and report based on acquisition costs rather than fair market value for most assets and liabilities. This principle provides information that is reliable (removing opportunity to provide subjective and potentially biased market values), but not very relevant.Thus there is a trend to use fair values. Most debts and securities are now reported at market values. †¢Revenue principle requires companies to record when revenue is (1) realized or realizable and (2) earned, not when cash is received. This way of accounting is called accrual basis accounting. †¢Matching principle. Expenses have to be matched with revenues as long as it is reasonable to do so. Expenses are recognized not when the work is performed, or when a product is produced, but when the work or the product actually makes its contribution t o revenue.Only if no connection with revenue can be established, cost may be charged as expenses to the current period (e. g. office salaries and other administrative expenses). This principle allows greater evaluation of actual profitability and performance (shows how much was spent to earn revenue). Depreciation and Cost of Goods Sold are good examples of application of this principle. †¢Disclosure principle. Amount and kinds of information disclosed should be decided based on trade-off analysis as a larger amount of information costs more to prepare and use.Information disclosed should be enough to make a judgment while keeping costs reasonable. Information is presented in the main body of financial statements, in the notes or as supplementary information [edit] Constraints †¢Objectivity principle: the company financial statements provided by the accountants should be based on objective evidence. †¢Materiality principle: the significance of an item should be consid ered when it is reported. An item is considered significant when it would affect the decision of a reasonable individual. Consistency principle: It means that the company uses the same accounting principles and methods from year to year. †¢Prudence principle: when choosing between two solutions, the one that will be least likely to overstate assets and income should be picked (see convention of conservatism). Generally Accepted Accounting Principles (UK) The Generally Accepted Accounting Practice in the UK, or UK GAAP, are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company law.What is referred to elsewhere as Generally Accepted Accounting Principles is in the UK referred to as Generally Accepted Accounting Practice. [edit] History Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issue s standards called Financial Reporting Standards (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies[1], and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work.To the extent that the ASC's pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRS, they remain in force. [edit] Creation/Revision of Standards The ASB has a formal exposure process for proposed standards. Early concepts are issued as Discussion Papers. These are released to the public and comments invited. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. The standard in final form is only issued when comments have been incorporated or addressed.This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. Issues that require an immediat e solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from industry and accounting firms. It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately. [edit] Legislation The principal legislation governing reporting in the UK is laid down in the Companies Act 2006, which incorporates the requirements of European law.The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public. From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRSs). In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP[2].Recently issued UK FRSs have, in any case replicated the wording of c orresponding IFRSs, reducing the differences between the two sets of standards significantly. China Accounting Standards From Wikipedia, the free encyclopedia (Redirected from Chinese Accounting Standards) Jump to: navigation, search Chinese accounting standards are the accounting rules used in Chinese state owned corporations in mainland China. They are currently being phased out in favour of Generally Accepted Accounting Principles or International Accounting Standards.As of February 2010, the Chinese Accounting Standard Systems is composed of Basic Standard, 38 specific standards and Application Guidance. Chinese accounting standards are unique because they originated in a socialist period in which the state was the sole owner of industry. Therefore unlike Western accounting standards, they are less a tool of profit and loss and an inventory of assets available to a company. In contrast to a Western balance sheet, Chinese accounting standards do not include an accounting of the d ebts that a corporation holds, and are less suitable for management control than for accounting for tax purposes.This system of accounting is widely considered to be unsuitable for managing corporations in a market economy. As a result, Chinese corporations are gradually moving toward International Financial Reporting Standards. This has proven to be a massive undertaking. As a consequence Chinese companies who offer shares for sale in the United States used to be required to prepare three sets of statements, one using Chinese accounting standards (China GAAP), one using international standards (IFRS), and one using North American GAAP standards (US GAAP).However, since 2008 the U. S. Securities and Exchange Commission (SEC) allows foreign private issuers to use financial statements prepared in accordance with IFRS. [1] However, in recent years, The Finance Department of Chinese Government has issued new Chinese Accounting Standards which converge into IFRS and the similarity is alm ost 90-95%. The translation cost has been reduced greatly because of this measure Generally Accepted Accounting Principles Generally Accepted Accounting Principles (United States) In the U. S. , generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. Generally GAAP includes local applicable Accounting Framework, related accounting law, rules and Accounting Standard.Similar to many other countries practicing under the common law system, the United States government does not directly set accounting standards, in the belief that the private sector has better knowledge and resources. US GAAP is not written in law, although the U. S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly-traded companies. Currently, the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepte d accounting principles for public and private companies, as well as non-profit entities.For local and state governments, GAAP is determined by the Governmental Accounting Standards Board (GASB), which operates under a set of assumptions, principles, and constraints, different from those of standard private-sector GAAP. Financial reporting in federal government entities is regulated by the Federal Accounting Standards Advisory Board (FASAB). The US GAAP provisions differ somewhat from International Financial Reporting Standards (IFRS), though former SEC Chairman Chris Cox set out a timetable for all U. S. ompanies to drop GAAP by 2016, with the largest companies switching to IFRS as early as 2009 Basic objectives Financial reporting should provide information that is: †¢useful to present to potential investors and creditors and other users in making rational investment, credit, and other financial decisions. †¢helpful to present to potential investors and creditors and oth er users in assessing the amounts, timing, and uncertainty of prospective cash receipts. †¢about economic resources, the claims to those resources, and the changes in them. [edit] Basic conceptsTo achieve basic objectives and implement fundamental qualities GAAP has four basic assumptions, four basic principles, and four basic constraints. [edit] Assumptions †¢Accounting Entity: assumes that the business is separate from its owners or other businesses. Revenue and expense should be kept separate from personal expenses. †¢Going Concern: assumes that the business will be in operation indefinitely. This validates the methods of asset capitalization, depreciation, and amortization. Only when liquidation is certain this assumption is not applicable. †¢Monetary Unit principle: assumes a stable currency is going to be the unit of record.The FASB accepts the nominal value of the US Dollar as the monetary unit of record unadjusted for inflation. †¢The Time-period pri nciple implies that the economic activities of an enterprise can be divided into artificial time periods. [edit] Principles †¢Cost principle requires companies to account and report based on acquisition costs rather than fair market value for most assets and liabilities. This principle provides information that is reliable (removing opportunity to provide subjective and potentially biased market values), but not very relevant.Thus there is a trend to use fair values. Most debts and securities are now reported at market values. †¢Revenue principle requires companies to record when revenue is (1) realized or realizable and (2) earned, not when cash is received. This way of accounting is called accrual basis accounting. †¢Matching principle. Expenses have to be matched with revenues as long as it is reasonable to do so. Expenses are recognized not when the work is performed, or when a product is produced, but when the work or the product actually makes its contribution t o revenue.Only if no connection with revenue can be established, cost may be charged as expenses to the current period (e. g. office salaries and other administrative expenses). This principle allows greater evaluation of actual profitability and performance (shows how much was spent to earn revenue). Depreciation and Cost of Goods Sold are good examples of application of this principle. †¢Disclosure principle. Amount and kinds of information disclosed should be decided based on trade-off analysis as a larger amount of information costs more to prepare and use.Information disclosed should be enough to make a judgment while keeping costs reasonable. Information is presented in the main body of financial statements, in the notes or as supplementary information [edit] Constraints †¢Objectivity principle: the company financial statements provided by the accountants should be based on objective evidence. †¢Materiality principle: the significance of an item should be consid ered when it is reported. An item is considered significant when it would affect the decision of a reasonable individual. Consistency principle: It means that the company uses the same accounting principles and methods from year to year. †¢Prudence principle: when choosing between two solutions, the one that will be least likely to overstate assets and income should be picked (see convention of conservatism). Generally Accepted Accounting Principles (UK) The Generally Accepted Accounting Practice in the UK, or UK GAAP, are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company law.What is referred to elsewhere as Generally Accepted Accounting Principles is in the UK referred to as Generally Accepted Accounting Practice. [edit] History Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issue s standards called Financial Reporting Standards (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies[1], and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work.To the extent that the ASC's pronouncements, known as Statements of Standard Accounting Practice (SSAPs), have not been replaced by FRS, they remain in force. [edit] Creation/Revision of Standards The ASB has a formal exposure process for proposed standards. Early concepts are issued as Discussion Papers. These are released to the public and comments invited. Where a new standard is to be proposed, a Financial Reporting Exposure Draft (FRED) is released for comment. The standard in final form is only issued when comments have been incorporated or addressed.This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. Issues that require an immediat e solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from industry and accounting firms. It meets as necessary to consider pressing issues and issues Abstracts which become binding immediately. [edit] Legislation The principal legislation governing reporting in the UK is laid down in the Companies Act 2006, which incorporates the requirements of European law.The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public. From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRSs). In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP[2].Recently issued UK FRSs have, in any case replicated the wording of c orresponding IFRSs, reducing the differences between the two sets of standards significantly. China Accounting Standards From Wikipedia, the free encyclopedia (Redirected from Chinese Accounting Standards) Jump to: navigation, search Chinese accounting standards are the accounting rules used in Chinese state owned corporations in mainland China. They are currently being phased out in favour of Generally Accepted Accounting Principles or International Accounting Standards.As of February 2010, the Chinese Accounting Standard Systems is composed of Basic Standard, 38 specific standards and Application Guidance. Chinese accounting standards are unique because they originated in a socialist period in which the state was the sole owner of industry. Therefore unlike Western accounting standards, they are less a tool of profit and loss and an inventory of assets available to a company. In contrast to a Western balance sheet, Chinese accounting standards do not include an accounting of the d ebts that a corporation holds, and are less suitable for management control than for accounting for tax purposes.This system of accounting is widely considered to be unsuitable for managing corporations in a market economy. As a result, Chinese corporations are gradually moving toward International Financial Reporting Standards. This has proven to be a massive undertaking. As a consequence Chinese companies who offer shares for sale in the United States used to be required to prepare three sets of statements, one using Chinese accounting standards (China GAAP), one using international standards (IFRS), and one using North American GAAP standards (US GAAP).However, since 2008 the U. S. Securities and Exchange Commission (SEC) allows foreign private issuers to use financial statements prepared in accordance with IFRS. [1] However, in recent years, The Finance Department of Chinese Government has issued new Chinese Accounting Standards which converge into IFRS and the similarity is alm ost 90-95%. The translation cost has been reduced greatly because of this measure Generally Accepted Accounting Principles A corporation must use the same depreciation method for tax and financial reporting purposes. Must use different depreciation methods for tax and financial reporting may use different depreciation methods for tax and financial reporting must use different (than for tax purposes), but strictly mandated, depreciation methods for financial reporting purposes. 1 points Question 2 1 . Allocation of the historic costs of fixed assets against the annual revenue they generate is called net profits. Gross profits. Depreciation. Amortization. 1 points Question 3 1 .Given the financial manager's preference for faster receipt of cash flows, a longer depreciable life is preferred to a shorter one. A shorter depreciable life is preferred to a longer one. The manager is not concerned with depreciable lives, because depreciation is a non-cash expense. The manager is not concerned with depreciable lives, because once purchased, depreciation is considered a sunk cost. 1 points Question 4 1 . The Modif ied Accelerated Cost Recovery System (MACROS) is a depreciation method used for tax financial reporting managerial cost accounting Question 5 .The depreciable life of an asset is of concern to the financial manager. In general, a longer depreciable life is preferred, because it will result in a faster receipt Of cash flows. A shorter depreciable life is preferred, because it will result in a faster receipt of cash flows. A shorter depreciable life is preferred, because management can then purchase new assets, as the old assets are written off. A longer depreciable life is preferred, because management can postpone purchasing new assets, since the Old assets still have a useful life. 1 points Question 6 1 . A corporation sold a fixed asset for $100,000.This is an investment cash flow and a source of funds. An operating cash flow and a source of funds. An operating cash flow and a use of funds. An investment cash flow and a use of funds. Question 7 1 . A corporation raises $500,000 in long-term debt to acquire additional plant capacity. This is considered an investment cash flow. A financing cash flow. A financing cash flow and investment cash flow, respectively. A financing cash flow and operating cash flow, respectively. 1 points Question 8 1 . A firm's operating cash flow (SCOFF) is defined as Ross profit minus operating expenses. Generally Accepted Accounting Principles Introduction The purpose of this report is to identify the items that may result in adjusting entries for both prepayments and accrual by looking at the trial balance and Income statement. Furthermore, analyzing the historical summary of financial Is to know the trend for profit or loss of the company assets.Fundamental First of all, why we have to make BAD? Balance day adjustments are therefore required to ensure the financial statements portray a correct picture on the firm's financial performance and financial position. We have to recognize all transaction occurring in that accounting period, irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries Is to ensure that the revenues (income) earned In the accounting period are matched by all costs Incurred for that name accounting period (Monish College, 2011).Prepayment There are two types of adjusting entries, prepayments and accruals. Prepayment is a payment in advance of the period to whi ch it pertains. What this mean is, this category of adjustments aligns recorded revenues (income) and costs with appropriate accounting periods. For example, there are situations where cash Is received before goods and services are provided to customers or situations where cash has been paid In advance for costs of operation and which relate to future counting periods.Prepayments divided into two sections, which are prepaid expenses and unearned revenue. Prepaid expenses is type of assets that shown on a balance sheet as a result of business payments for goods and services to be received in the near future. While prepaid expenses are initially recorded as assets, their value Is expensed over time as the benefit Is receive something of value in the near future. Prepayments often occur In regard to Insurance, supplies, advertising, and rent. Earned revenue is also known as prepaid revenue. It means payment, which is received in advance of providing a good or service. Since an obligati on exists on the part of the company to provide goods or services for which the advance payment was received, unearned revenue is a liability. An example is a retainer received by an attorney. When the services are performed, revenue is the earned. Another examples are pre-booked airline ticket, rent received In advance and magazine subscription Generally Accepted Accounting Principles A corporation must use the same depreciation method for tax and financial reporting purposes. Must use different depreciation methods for tax and financial reporting may use different depreciation methods for tax and financial reporting must use different (than for tax purposes), but strictly mandated, depreciation methods for financial reporting purposes. 1 points Question 2 1 . Allocation of the historic costs of fixed assets against the annual revenue they generate is called net profits. Gross profits. Depreciation. Amortization. 1 points Question 3 1 .Given the financial manager's preference for faster receipt of cash flows, a longer depreciable life is preferred to a shorter one. A shorter depreciable life is preferred to a longer one. The manager is not concerned with depreciable lives, because depreciation is a non-cash expense. The manager is not concerned with depreciable lives, because once purchased, depreciation is considered a sunk cost. 1 points Question 4 1 . The Modif ied Accelerated Cost Recovery System (MACROS) is a depreciation method used for tax financial reporting managerial cost accounting Question 5 .The depreciable life of an asset is of concern to the financial manager. In general, a longer depreciable life is preferred, because it will result in a faster receipt Of cash flows. A shorter depreciable life is preferred, because it will result in a faster receipt of cash flows. A shorter depreciable life is preferred, because management can then purchase new assets, as the old assets are written off. A longer depreciable life is preferred, because management can postpone purchasing new assets, since the Old assets still have a useful life. 1 points Question 6 1 . A corporation sold a fixed asset for $100,000.This is an investment cash flow and a source of funds. An operating cash flow and a source of funds. An operating cash flow and a use of funds. An investment cash flow and a use of funds. Question 7 1 . A corporation raises $500,000 in long-term debt to acquire additional plant capacity. This is considered an investment cash flow. A financing cash flow. A financing cash flow and investment cash flow, respectively. A financing cash flow and operating cash flow, respectively. 1 points Question 8 1 . A firm's operating cash flow (SCOFF) is defined as Ross profit minus operating expenses. Generally Accepted Accounting Principles Introduction The purpose of this report is to identify the items that may result in adjusting entries for both prepayments and accrual by looking at the trial balance and Income statement. Furthermore, analyzing the historical summary of financial Is to know the trend for profit or loss of the company assets.Fundamental First of all, why we have to make BAD? Balance day adjustments are therefore required to ensure the financial statements portray a correct picture on the firm's financial performance and financial position. We have to recognize all transaction occurring in that accounting period, irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries Is to ensure that the revenues (income) earned In the accounting period are matched by all costs Incurred for that name accounting period (Monish College, 2011).Prepayment There are two types of adjusting entries, prepayments and accruals. Prepayment is a payment in advance of the period to whi ch it pertains. What this mean is, this category of adjustments aligns recorded revenues (income) and costs with appropriate accounting periods. For example, there are situations where cash Is received before goods and services are provided to customers or situations where cash has been paid In advance for costs of operation and which relate to future counting periods.Prepayments divided into two sections, which are prepaid expenses and unearned revenue. Prepaid expenses is type of assets that shown on a balance sheet as a result of business payments for goods and services to be received in the near future. While prepaid expenses are initially recorded as assets, their value Is expensed over time as the benefit Is receive something of value in the near future. Prepayments often occur In regard to Insurance, supplies, advertising, and rent. Earned revenue is also known as prepaid revenue. It means payment, which is received in advance of providing a good or service. Since an obligati on exists on the part of the company to provide goods or services for which the advance payment was received, unearned revenue is a liability. An example is a retainer received by an attorney. When the services are performed, revenue is the earned. Another examples are pre-booked airline ticket, rent received In advance and magazine subscription