Ronald Reagan Was A Fiscally Liberal President - 1962 Words

Neither Republicans nor Democrats will admit it today, but Ronald Reagan was a very fiscally liberal president. His eagerness to please citizens with tax cuts and a boost in defense spending, all while balancing the budget, seemed well placed, but with the largest deficit run in peacetime up to that time, Reagan proved he did not have the heart to make cuts to control the budget. Additionally, the change from reactionary monetary policy to monetarism by Federal Reserve chairman Paul Volcker dealt with the increasing inflation and unemployment problem of the late 1970’s, but at the cost of deep recession. Reagan, who as a candidate had promised economic prosperity, found himself in a difficult situation, as his plans for growth were†¦show more content†¦The lackluster effort of the Fed to control the money supply shows their true hand. In the mid to late 70s, the increasing inflation had gone out of control, and Volcker made it his mission to stop that inflation. To th e members of the Federal Reserve Board, this policy was clearly to reduce inflation, but market outsiders were confused by the Fed’s switch in policy, and scared by the volatility of the money supply. In 1981, the uncertainty of Federal Reserve policy could be seen in the bond markets, which rely heavily on stable interest rates. According to Greider, the bond market had a â€Å"traumatic seizure† that could best be described as an â€Å"anxiety attack† in April of 1981, as a result of the monetary policy pursued by the Fed, which fundamentally abandoned the control of interest rates (Greider 374). With the new policy, the Fed caused interest rates to fluctuate with the money supply, which relies heavily on the velocity of money, or the amount of times money changes hands over an interval of time. Monetarists believed that the velocity of money was constant, and criticized the Fed for not simply increasing the money supply slowly over time, but tit became clear in the early 80s that the velocity was not constant at all. Even thoughShow MoreRelatedNational Debt : The Biggest Issue Of The Global Politics1270 Words   |  6 Pagesbe a major concern to all American citizens and tax payers, because they contribute to government spending a great deal. In 1790, Alexander Hamilton stated in the first report on the public credit that: The United States debt, foreign and domestic, was the price of liberty. The faith of America has been repeatedly pledged for it... Among ourselves, the most enlightened friends of good government are those whose expectations of prompt payment are the highest. To justify and preserve their confidence;

The Odyssey And Oedipus The King How Bonds And Abilities...

The Odyssey and Oedipus The King: How Bonds And Abilities Shape Our Lives Both The Odyssey and Oedipus the King demonstrate different extremes of the kinds of relationships and abilities that still exist in our society today. Our lives are determined by the people who influence us as well as the choices that we make, which are influenced by our individual talents and abilities. In both works, the correlation between personal bonds and individual abilities appears in the protagonists and their families. Father and son relationships and the triumphs and downfalls that occur because of the unequal distribution of strength and intellect between individuals are two representational ideas that correlate between both works and attempt to demonstrate how our lives develop and the outcome of our destiny. The bond between parents and their children, more specifically fathers and sons, is unlike any other. The bond that they share, if there is even a bond to be shared, is determined by the lives of both and the decisions that they make. In The Odyssey and Oedipus the King, there are four main father and son arcs that must meet. In a way, these arcs represent the different kinds of bonds that still exist in the world today. Our parents and their involvement or absence in our lives plays a large part in how we develop and what drives our lives. In Odysseus and Laertes relationship, Odysseus seems to be his father’s pride and joy. During Odysseus’s absence Laertes practically withersShow MoreRelatedGreek Mythology8088 Words   |  33 Pages  Greek   mythology.  Athena  (known  as  Minerva  in  Roman  mythology)  was  protector  of  numerous  Greek  cities,  especially   Athens,  and  was  associated  with  industry,  art,  wisdom,  and  warfare.  In  the  two  major  epics  of  Greek  antiquity,  the   Iliad  and  the  Odyssey,  Athena  fought  on  the  side  of  the  Greeks  in  the  Trojan  War  and  aided  Odysseus  in  his  return   home  from  the  war.  The  Greeks  dedicated  numerous  buildings  and  shrines  to  Athena,  including  the  prominent   temple  in  Athens,  the  Parthenon.  This  ancient  Read MoreDeveloping Management Skills40413 1 Words   |  1617 PagesRating Scale 166 Comparison Data 166 Source of Personal Stress 166 3 SOLVING PROBLEMS ANALYTICALLY AND CREATIVELY 167 SKILL ASSESSMENT 168 Diagnostic Surveys for Creative Problem Solving 168 Problem Solving, Creativity, and Innovation 168 How Creative Are You ? 169 Innovative Attitude Scale 171 Creative Style Assessment 172 SKILL LEARNING 174 Problem Solving, Creativity, and Innovation 174 Steps in Analytical Problem Solving 174 Defining the Problem 174 Generating Alternatives 176 Evaluating

Qualitative Characteristics of Financial †Free Samples to Students

Question: Discuss about the Qualitative Characteristics of Financial. Answer: Introduction: Conceptual framework is an accounting theory prepared by the regulatory body of accounting standard setters which can be used to solve the practical issues of financial reporting. The general purpose financial statements are aimed at imparting the financial information to the intended users, especially, the current and potential investors as they are the external parties and hence are not involved in the preparation and presentation of reports. These parties play important role for an entity as they invest huge amount of funds in it. To take critical decisions about their investments they require entitys financial reports. Financial information is the organised form of raw accounting related data that is presented in the financial terms for the purpose of financial reporting requirements. While making the presentation of such significant information in the financial reports an entitys professional accountant has the statutory duty to fulfil the requirements of conceptual framework of accounting (IASB, 2010). The framework on financial reporting prescribes certain qualitative characteristics which the information contained in the financial reports must possess. As significant decisions are made using such information it is necessary that it is reliable, relevant, understandable and comparable. These features increases the overall quality of the financial reports of the entity. If the information is not carrying the prescribed qualities it may not reflect the true picture of companys financial situation which misleads the intended users. An information is called relevant when it has the capability of the influencing the decisions of intended users. The relevant quality of the information must provide it the predictive value and confirmative value (Birt, Muthusamy Bir, 2017) (Jones Smith, 2011). Also, the information must be reliable so as to be used by the users in understanding the financial performance as well as the situation of the reporting entity. Reliabi lity of the information is generated when it is faithfully represented in the financial statements (Collier, 2015). Both the relevance and faithful representation are fundamental qualitative characteristics of financial information. However, the requirement of informations faithfulness can be considered as more important as in comparison to the relevance feature. Even if the relevant information is disclosed in the statement and reports but if is not free from material errors or is no complete in the holistic manner than it would not be useful to the readers. The term faithful representation has replaced the term reliability as was used previously. It requires the financial statements to depict accurate information of the companys business. This feature of information must be applied to all the significant parts of financial statements like results of operating segments, companys financial position and the entire cash flows of the company (Kadous, Koonce, Thayer, 2012).The informat ion that possess faithfulness as its characteristics will have mainly three aspects. First, the information must be free from any kind of bias treatment and hence it must be neutral. The neutrality concept requires the preparers of financial reports to present the financial statements in such a way that it reflects the true position of reporting entity without inflating its profitability merely to make it attractive or to gain some undue advantages. Unbiased accounting treatment is necessary to promote and maintain the greater level of transparency of the companys operations. Second, the information is considered as faithful when it is free from material that means the reports must not contain any errors either in terms of presentation or in calculation (Lusardi Mitchell Curto, 2010). Only if the information is accurate then it will reflect the true and fair view of companys financial situation. The relevant information if not correctly prepared or presented may impair its ability to influence the thought process of its investors (Kargin, 2013). Third, the information must be complete in each sense as an incomplete information can lead the investors or potential investors to take inappropriate decisions about the company. An information is reliable only when it faithfully represents all the necessary events and transactions of entitys operations. If the information holds influencing power by nature but is not represented or disclosed in the reliable manner than it would not be able to serve its purpose (Nobes Stadler, 2015). Given the nature of accounting standard setting it is not possible for the preparers of financial reports to achieve the quality of faithful representation because of the inherent uncertainties, assumptions and estimates made in accounting. These factors might not always allow the financial information to be free from material errors. Hence, it would be difficult for the preparers to achieve this feature. However, if any omission or error does not affect the explanation of economic phenomena of financial information and the processes that have been used in producing the reported information are selected and applied with no errors the faithfulness can be still be achieved. Alternative Normative Theories to Historical Cost Accounting Normative theories of accounting are those theories that are not based on the observations rather they based formed on the basis of the ways that tells how accounting operations are undertaken. These theories are believed to use various differing methodologies to ultimately find the best and suitable accounting opinion. They use few formulas to determine business income based on the values and not on the costs. Historical cost is the aggregate of prices paid by the company to acquire and install the asset to make it available in the working condition. The approach that Historical cost accounting follows is based on the actual cost incurred in acquiring the ownership of asset and under this accounting the same cost is disclosed in the balance sheet of the firm (Greenberg, et.al, 2013). There are certain strengths and weaknesses of this concept. Its strengths includes the objectivity provided it as the financial statements are not affected by the increase and decrease in the values of its elements. So it avoids the chances of data manipulation. Further, this method of accounting is quite convenient and simple to be implemented in comparison to the other methods of valuation. Moreover, the use of historical cost accounting promotes the level of consistency of financial statements making it easier for the readers to compare the information with other related data. At the same time HCA suffers from various limitations which affects its usability such as it does not consider change in prices leading to overstatement of profits in inflationary times. Further, this approach impairs the current operating results of the company by making inclusions of holding gains which were accrued in last years, in the income of current year. Moreover, this approach contributes to misleading financial statements (Coetsee, 2010). There are several accounting theories which are advanced as the alternatives to accounting historical cost was holding many limitations especially in case of rising prices. As this particular accounting works on the assumption that money always holds a purchasing power that remains constant. Below is the discussion of alternative normative theories of historical cost approach of valuation: Current Purchasing Power Accounting (CPPA): This accounting model was approved by IASB (international board for accounting standards) and was advanced as an alternative to the accounting based on historical cost. It has the view that in the rising price times i.e. in inflation, if entity distributes the unadjusted profits on the basis of historical costs it would amount to reduction in the entitys real value. Therefore, under this approach the financial statements prepare on historical cost basis will be restated to incorporate the changes in purchasing power of public and the adjusted statements would represent the original amounts on the basis of purchasing power of the current time. Current cost accounting is another alternative normative theory to the historical cost accounting. This concept separates the profits from trading activities from the gains arising from holding the assets. This concept considers the changes in the prices to a specific firm or industry instead of taking into account the entire economy. It seeks arriving at the profit which are distributable without having any adverse impact on the operational capacity of the entity (Zhang Andrew, 2014).Unlike historical cost accounting, current cost accounting considers valuing assets at the price which was required to be paid currently if the assets were to be purchased currently (BESSONG CHARLES, 2012). This concept of accounting relies mainly on the use of indices and also it is easier to be applied to the particular assets of the firm. This approach helps in providing the information in relation to companys capability to adapt itself in the present conditions. Unlike historical cost accounting, CoCoA assumes that the moneys purchasing power does not remains constant and keeps on changing. Under this accounting the assets and liabilities are measured at their existing cash price. This type of accounting does not use a particular cost to value assets rather it uses the value which is acceptable generally between the potential buyers and sellers of the assets. It may sometimes represent current cost or net realisable value or net present value depending upon the situations. Modified Historical Cost Accounting (MHCA): this concept is permitted by companies act. Under this method certain assets are incorporated in the financial statements at the revalued amount instead of recording them at their historical cost. The fair value accounting and current cost accounting has gained much of considerations and are both are being implemented most commonly by the entities to measure their assets and liabilities of the business. These approaches evaluates the current position of the business by valuing the important elements of it on the current values. Discussion on the Conceptual Framework of Accounting Conceptual framework of accounting has been introduced by the international board of accounting standards. It deals with the fundamental issues of financial reporting like necessary characteristics of financial information, objectives of financial statements, main aspects of financial assets and the concepts of identifying and measuring the basic elements of financial statements. The key building blocks of conceptual framework of accounting are given as follows: Financial Reporting Definition: This section of the framework draws the scope of financial reporting. It considers the activities that needs to be embraced in the financial reporting discipline. Reporting entity: This area is administered by SAC 1 and it is concerned with the determination of criteria to identify the reporting entities which are required to prepare financial reports. Objectives of financial reporting: This area of framework sets out the main objectives that the financial reporting must achieve. It defines the users of the financial reports and also the kind of information they need. This part is administered by SAC 2. Qualitative characteristics: This section is addressed by SAC 3 and deals with identifying and defining the qualitative characteristics of financial information which it should possess to achieve the purpose of financial reporting. Financial statement Elements Recognition of basis: This block of conceptual framework primarily deals with the basic aspects of financial statements such as equities, reserves, incomes and expenses, assets and liabilities. This part is also concerned with identifying defining and establishing the recognition criteria of the main elements to be included in the financial statements. This block is assessed by SAC 4. Perceived users of financial statements: The users are the ones who reads the financial reports of the reporting entity to make their decisions in relation to the matters in which they are associated with the company. They are mainly the shareholder and investors of the company. Measurement basis Measurement techniques: This block defines the techniques of measuring the basic elements of the financial statements. It also explores the alternative attributes of measurement such as historical cost, cash equivalents, current costs etc. Moreover, it sets out the basic measurement units of the elements. There are other building blocks like financial position, Performance, Change in financial position, compliances. There are various advantages for accounting that can be resulted from the development of the conceptual framework of accounting. The framework offers accounting standard board with the base for setting accounting standards and also the concepts to be used as tools to resolve the accounting and reporting related queries. It helps in guiding the standard setters in development of financial reporting norms and regulations (Weygandt, 2010).It also helps the readers of the financial information to understand the information and its limitations in the better way. It offers precise definitions of certain terms to be used in the accounting. Moreover, the auditors can use such framework to resolve the financial reporting issues. The conceptual framework of financial reporting has been severely criticized for not offering an adequate basis for setting accounting standard (Christensen, 2010). Its implementation is difficult to by the developing countries as it quite time consuming and is too expensive. At the same time this framework is highly criticized for its rigidity. Moreover, the framework only considers the qualitative characteristics of financial information. Due to all these inefficiencies the conceptual framework requires to be altered. The framework provided by FASB was also criticized for not requiring the entities to report the necessary and interpretable information to the users of financial statements (FASB, 2010). Further, the framework is also criticized for not providing conformity between the previously used accounting standards before the introduction of conceptual framework of accounting. Also, the critics of conceptual framework has also been arguing that the accounting standards are getting overly rules based which are leading to its inefficiencies ((Wells, 2011). No, it would not be appropriate for me to agree with the criticism as the critics are not considering the most critical viewpoint of the conceptual frameworks. The perspective of users of financial reports have been duly emphasised by the accounting framework. From the users point of view the conceptual framework is quite adequate as it considers the reliance of users i.e. existing and potential investors and other stakeholders of the company on its financial reports for the purpose of decision making. The characteristics of financial information that the existing conceptual framework provides takes into account the general attitude of the person while interpreting and understanding the financial reports. Therefore, the criticism made by several critics are not acceptable. References: Australian Government, (2001). Qualitative Characteristics of financial information: SAC 3, available at https://www.aasb.gov.au/admin/file/content105/c9/AASB112_07-04_COMPsep11_07-12.pdf (viewed on 9th October, 2017). BESSONG, P. K., CHARLES, E. (2012). Comparative Analysis of Fair Value and Historical Cost Accounting on Reported Profit: A Study of Selected Manufacturing Companies in Nigeria.Research Journal of Finance and Accounting,3(8), 132-149. Birt, J.L., Muthusamy, K. and Bir, P. (2017). XBRL and the Qualitative Characteristics of Useful Financial Information.Accounting Research Journal,30(1). Christensen, J. (2010). Conceptual frameworks of accounting from an information perspective.Accounting and Business Research,40(3), 287-299. Coetsee, D. (2010). The role of accounting theory in the development of accounting principles.Meditari: Research Journal of the School of Accounting Sciences,18(1), 1-16. Collier, P.M., 2015.Accounting for managers: Interpreting accounting information for decision making. John Wiley Sons. Conceptual frameworks of accounting from an information perspective.Accounting and Business Research,40(3), 287-299. Financial Accounting Standards Board (FASB), (2010). Conceptual Framework for Financial Reporting: Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information. Statement of Financial Accounting Concept No. 8. Financial Accounting Standards Board (FASB). (2010). Conceptual Framework for Financial Reporting: Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information. Statement of Financial Accounting Concept No. 8. Greenberg, M. D., Helland, E., Clancy, N., Dertouzos, J. N. (2013).Fair Value Accounting, Historical Cost Accounting, and Systemic Risk. Rand Corporation. IASB, C. F. (2010). The Conceptual Framework for Financial Reporting, as in September 2010.International Accounting Standards Board, London, UK. Jones, D.A. and Smith, K.J. (2011). Comparing the value relevance, predictive value, and persistence of other comprehensive income and special items.The Accounting Review,86(6), pp.2047-2073. Kadous, K., Koonce, L., Thayer, J. M. (2012). Do financial statement users judge relevance based on properties of reliability?.The Accounting Review,87(4), 1335-1356. Kargin, S. (2013). The impact of IFRS on the value relevance of accounting information: Evidence from Turkish firms.International Journal of Economics and Finance,5(4), 71. Lusardi, A., Mitchell, O. S., Curto, V. (2010). Financial literacy among the young.Journal of consumer affairs,44(2), 358-380. Nobes, C. W., Stadler, C. (2015). The qualitative characteristics of financial information, and managers accounting decisions: evidence from IFRS policy changes.Accounting and Business Research,45(5), 572-601. Wells, M. J. (2011). Framework-based approach to teaching principle-based accounting standards.Accounting Education,20(4), 303-316. Weygandt, J. J., Kimmel, P. D., KIESO, D., Elias, R. Z. (2010). Accounting principles.Issues in Accounting Education,25(1), 179-180. Zhang, Y., Andrew, J. (2014). Financialisation and the conceptual framework.Critical perspectives on accounting,25(1), 17-26.

Questions On The Enlightenment free essay sample

He was scientist and he had a lot of theories. 8. Rene Descartes was a French philosopher and mathematician and was also as Isaac, working With theories. He was born 1596. 9. Deism is the belief that god took a step back after he created the world. He took a Step back not to intervene, compromised the people who claimed to be enlightened. 10. He was a philosopher and analyzed the origin of knowledge and the best ways of governing a society. He claimed that all knowledge comes from experience. 1 1. The most important idea of the enlightenment was the belief in human reason.It was argued that every human being was able to think for themselves. Newton and Locke became tremendously influential because of their view that reason and science could be used to established the both the laws of nature and the laws of science. 12. Many people considered that lower classes couldnt be a part of the enlightenment. We will write a custom essay sample on Questions On The Enlightenment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But at the bottom line everyone could be a part of the enlightenment. 13. They had coffeehouses and newspaper. The coffeehouses were an important meeting point for intellectual interchange. There were a lot of bookshops, libraries and book clubs. . Daniel Defoe wrote the novel Robinson Crusoe which made him world famous. Robinson was on his way from Brazil to Africa to trade slaves. His ship sinks on his journey and he was the only one who survived on a desert island. He lives alone in 28 years before he gets rescued. The last year on the island he saves a native called Friday from being eaten by cannibals. Friday becomes Robinsons loyal servant that last year. The story is completely in line with the enlightenment. 15. Jonathan Swifts most famous writings is Guilders travels and A modest reports.A modest proposal was written in the 1 800 century and it is about a satirical article written about how to solve the hunger problem in Ireland. Jonathan s solution is that the poor people could sell their children to the rich people to get a better economy. He meant that the children was delicacies for the humans. Many people in the world took this article very serious, but Jonathan thought that the article was ironically written. Guilders travels is about Gullible who is a doctor and captain, he travels to the countries Lilliputian,Branding, Lappet and the country of the Homonyms. Gullible is named as a giant. During the hard famine in Ireland he wanted people to take it very seriously. When he visit the countries he notices the big difference between the people. Discussions about politics and how people are reacting on things. When he is visiting the Homonyms he gets stuck and he finds out that the horses there are very smart and the people are used as wild cattles. One day Gullible are on his way home and meet his family, he realizes that he rather be hanging with the horses. 6. The satire is an expression you can use when you want to mock someone/something, in a nice way. Swift s satires were used for the Irish people. It should be taken with irony. 17. The Encyclopedia is a dictionary contained 28 books. It is a summary of the conception that described the world from a scientific perspective. Everything was were based science, reason and technique. 18. His most famous writing is Candied and it is about a young man who was raised by a baron. One day he was kicked out of the castle because he was kissing the baron s daughter.A philosopher, alas about the best of all possible worlds. Candied s point of view of the world does change and the society has a dark and negative view of the world. 19. He was a Swiss-French writer focused on political philosophy. He was critical and wanted people to go back to nature. He meant that the people with ownership has a source of evil. He wrote the novel Mile, or on Education and he wrote about how he thought that you should raise children. To let them make mistakes and learn from that. He meant that they should go out and explore the world from their own eyes.