Nutrition of Young Athletes Free Essays

Sustenance for Young Athletes Heather Rushing Houston Community College November 11, 2011 Abstract Research encompassing the nourishment of youthful competitors proposes that they are in danger of getting insufficient in a large portion of their crucial supplements. Most guardians concur there is worry for this issue, yet they dread they need more data on the best way to fix the issue. This writing survey incorporates a few experts and experienced groups’ conclusions and features the approaches to handle the issue of dietary inadequacies and the numerous weights youthful competitors face. We will compose a custom paper test on Nourishment of Young Athletes or on the other hand any comparative theme just for you Request Now Sustenance for Young Athletes Youthful competitors face a huge number of difficulties particularly those that encompass their eating regimen. The social, passionate, and physical parts of their developing bodies can introduce novel situations that guardians of youthful competitors may not realize how to approach. When preparing them on the best possible methods to be a top pick player it ought to consistently incorporate an even eating regimen alongside positive assertions. For the individuals who are searching for answers for a legitimate eating regimen for youthful competitors, occupied ways of life, pre and post movement dinners and enthusiastic weights dietitians and specialists are finding the correct data. It might be requesting for guardians when at least one of their kids are competitors. This can provoke their capacities to perform multiple tasks and undesirable food decisions may result from a wild family wearing way of life. Carmen, a mother and article essayist from gatorade. com, gives the bustling guardian supportive tips on the most proficient method to pick better alternatives from inexpensive food menus. Rewarding the family doesn't need to comprise of oily hamburgers and French fries each time one visits McDonald’s, yet picking one of their tidbit wraps stacked with flame broiled chicken and the plate of mixed greens with no dressing will just add up to 300 calories (Carmen, 2011). Indeed, even Starbuck’s now offers in a hurry decisions that incorporate new organic product plates with cheddar and protein stuffed plates that incorporate hard bubbled eggs and nutty spread. Remember that proteins are only one of the numerous supplements expected to finish an even eating regimen for growing competitors. The University of Waikato in New Zealand offers a lot of data for a parent looking for what specific supplements are required and in what sums. The supplements that ought to create youthful athlete’s diet are under two classes, Micro and Macro. Under the micronutrient classification are calcium, iron, B-complex nutrients, and zinc. These nutrients and minerals are just required in modest quantities yet are fundamental to the development and improvement of kids including their invulnerable capacities (The University of Waikato, 2011). Macronutrients, which are required in enormous sums, incorporate the vitality supplier’s sugars, proteins, and fats (The University of Waikato, 2011). Ebb and flow inquire about recommends that progressively youthful competitors are indicating insufficiencies in these supplements (Nisevich, 2008). To pick up the correct measures of nutrients and supplements one should look first to food sources. In spite of the fact that there are nutrient enhancements for little youngsters, supplements are not the perfect hotspot for these supplements. Calcium rich nourishments, for example, milk, broccoli and other green vegetables bolster the development of bones and increment their mass; they additionally help in the constriction of muscles and the driving forces of nerves (Nisevich, 2008). Iron, which can be found in meat and beans, is â€Å"a significant player in the job of vitality digestion of starches, protein, and fats† (Nisevich, 2008, para. ). Zinc and B-complex nutrients which incorporate folic corrosive, niacin, riboflavin, B6, B12 and thiamin are utilized fundamentally to support the blood. Zinc underpins tissue development and wound recuperating while B-complex nutrients help to shield muscles from getting sore and keep up psychological mind work (Nisevich, 2008). In th e event that an eating regimen is even in meats, fish, beans, and journal those nutrients and minerals ought to be in sufficient levels inside the body. Deliberately choosing what goes in the bodies is the way to living and performing at one’s best. At the point when youthful competitors are presented to arduous exercises pre and post movement dinners just as appropriate hydration are generally significant for their bodies. Exercises going on for in any event one and half to two hours ought to be viewed as difficult, particularly sports, for example, paddling, crosscountry running, and serious swimming (Gavin, 2011). On a major day of exercises dinners ought to be given three hours preceding the occasion that convey plentiful measures of sugars and low fats (Gavin, 2011). These sorts of food are changed over into vitality and the body will use them all through the action. Including great sugars, for example, entire grain oats with low fat milk, nutty spread on entire wheat toast with a large portion of an apple, or lean meat on a pita with squeezed orange are approaches to pack vitality boosting nourishments into snacks (Baylor College of Medicine, 2004). Arranging a sound bite can profit youthful competitors particularly during exhibitions. Previously, during, and after an occasion are times when it is urgent to hydrate. It is required on numerous levels for the body to work appropriately. Water supplies vitality, quality just as coordination and guardians, mentors and youthful competitors should realize that â€Å"even gentle drying out can influence performance† (Gavin, 2011, pg. 2). As per Collins (2007), a prominent dietitian, drinking 5-9 ounces of water each 15-20 minutes relying upon age and size is suggested. Collins (2007) likewise makes reference to that guardians can gauge youngsters when an occasion to decide how much liquid has been lost, drinking one cup for each half pound they have lost will renew their bodies. As indicated by a known clinical teacher, Mary Gavin (2011), â€Å"after practicing for sixty to an hour and a half, the body has spent its promptly accessible wellsprings of vitality; so sports beverages might be a decent decision for kids who take an interest in arduous movement for more than an hour† (p. 2). The supplements in sports beverages, for example, sodium and potassium are actually what athlete’s need when they are dynamic for significant stretches to supplant what was lost through perspiration, however water should in any case be their principle wellspring of hydration (Gavin, 2011). Sports have for some time been related with demonstrating how extreme you are through endurance and quality. As I would like to think, these characteristics can be useful just as unsafe to a naive youngster competitor. Partners that appear â€Å"stronger and better† can make a poor mental self view inside a youthful competitor who doesn’t feel the individual in question fits the physical rules that mentors are searching for. Destroying impacts can come about because of constraining the body to accomplish ideal appearance. Competitors may build weight and mass by indulging to attempt to arrive at wanted results while unconsciously putting their selves in danger. â€Å"When an individual indulges, the food the body can’t promptly use gets put away as fat† (Gavin, 2011, p. ). Different sorts of competitors may attempt crash diets to shed pounds for sports like wrestling, aerobatic, swimming and move. This conduct prompts â€Å"less quality and continuance and poor mental concentration† (Gavin, 2011, p. 2). It is anything but difficult to clasp under the weigh ts of sports, however an accentuation on positive self talk and giving congratulatory gestures for an occupation all around done go far in a youngster. Reminding a youngster that it is only a game and everybody gets injured and feels agony can bring sentiments of brought down self-assurance into point of view. At the point when the media sprinkles medicate use and unfortunate behavior of well known competitors who youngsters love in the news can make difficulties for the kid and the parent. It might assist with clarifying the hard real factors of the weights to execution to a kid by imparting straightforward qualities that shape their reality. As I would see it, basic qualities will give them a firm balance throughout everyday life and a level head when they are confronted with testing life choices. The rundown of inquiries concerning nutritious nourishments and sports pressures are interminable. The well established realities about smaller scale and full scale supplements help massively with regards to getting ready snacks for youthful competitors and their games. Cheap food decisions would now be able to be made without destroying the waistline from suppers that contain abundance calories and fat, accordingly offering help to occupied guardians of youthful competitors. Indulging and under eating are turning into a higher need among specialists, dietitians and guardians. As the strain to perform is expanding, the need to teach youthful competitors and their folks on appropriate nourishment is foremost. The parent’s capacity to acquire exact data about sustenance from confided in bloggers, specialists, and dietitians can make the way toward raising sound youthful competitors a lot simpler. References Baylor College of Medicine (2004, November 4). Appropriate sustenance ought to be a piece of preparing youthful competitors. Recovered from Baylor College of Medicine, Houston, USDA/ARS Children’s Nutrition Research Center site: http://www. bcm. edu/cnrc/shopper/files/competitors. htm Carmen 5, CafeMom client (2011, October 11). Articles Advice [Supplemental material]. More beneficial Fast Food Options. Recovered from http://www. gatorade. com Collins, K. (2007, May 25). Sustenance Notes [Supplemental material]. Fuel your young competitor for top execution. Timing, size and kind of dinners matterâ€so do liquids. Recovered from http://www. msnbc. msn. com Gavin, M. L. (2011, November). Taking care of Your Child Athlete. Recovered from The Nemours Foundation, Kids Health site: http://www. kidshealth. organization/parent/nutrition_center/dietary_needs/feed_child_athlete. html# Nisevich, P. M. (2008, March). Sports Nutrition for Young Athletes: Vital to Victory. Today’s Dietitian, 10, no. 3, 44. Recovered from The most effective method to refer to Nutrition of Young Athletes, Essay models

Foundations of Behavior

Establishments of Behavior Presentation A comprehension of the chronicled points of view of brain research is valuable in helping us to all the more likely welcome the cutting edge brain science. The exposition tries to look at three hypotheses of brain research: behaviorism, subjective, and humanistic. Further, the article will likewise give a model that speaks to every last one of these three viewpoints. The likenesses and contrasts that describe the three discerning of brain science will likewise be tended to, alongside how every last one of them impacts brain science today.Advertising We will compose a custom research paper test on Foundations of Behavior explicitly for you for just $16.05 $11/page Learn More Behaviorism hypothesis of brain science Such popular analysts as B. F. Skinner and John B. Watson are solid supporters of social brain research. The primary portion of the twentieth century saw social hypotheses intensely rule the field of brain science (Baum, 2005). Conduct procedures are these days being utilized all the more frequently for treatment. These advanced strategies empower clinicians their o help customers to appreciate the up and coming aptitudes and practices better. Behaviorism might be viewed as to a greater degree a way of thinking whose position is that so as to be viewed as a science, there is requirement for brain research to stress more on that which can be watched, that is, practices and the earth, rather than that which is just accessible at an individual level-pictures, considerations, emotions, and recognitions (Plotnik, 2005). The last are described by a specific degree of insusceptibility and subjectivity in most definitely and accordingly, they are less inclined to bring about a goal science. A case of the behaviorism hypothesis of brain science is the old style molding created by Ivan Pavlov, and which expands on reflexes. Traditional molding for the most part starts with a reflex and an unconditioned improvement. When the unconditioned upgrade is handed-off, the ideal reaction is gotten since it relates the given genuine boost with a reflex. When this has been rehashed various occasions, in the long run, the genuine reaction is evoked by the impartial boost. We at that point rename the impartial improvements as the molded boost. Then again, we allude to the reaction as the adapted reaction. Psychological hypothesis of brain research Cognitive speculations attempt to more readily clarify the conduct of people through a superior comprehension of their manners of thinking. For this situation, the speculations accept that as legitimate creatures, people are in a situation to distinguish the most reasonable decisions. A case of the psychological hypothesis of brain science is the Piaget’s Theory of Cognitive Development. Jean Piaget is credited with having built up the Piaget Theory.Advertising Looking for inquire about paper on brain science? We should check whether we can support you! Get your first paper with 15% OFF Le arn More Although for the most part alluded to as the formative stage hypothesis, in any case, this hypothesis is basically engaged with the idea of information just as the procedure of information obtaining by people, and its application. Through psychological speculations, analysts are better ready to contemplate the various improvements that spur individuals. Likewise, they are additionally ready to examine the critical thinking capacity of people their dynamic procedures, and procedures of reasoning. Humanistic hypothesis of brain science The humanistic speculations of brain science began to increase colossal prevalence during the 1950s. Before the 1950s, the common speculations in brain research focused on additional on both the anomalous just as mental issues. Then again, the humanistic hypotheses are progressively worried about the essential goodness controlled by human starts. The humanistic hypotheses were created by such acclaimed humanistic scholars as Abraham Maslow and Carl Rogers. The primary focal point of humanistic brain research was accordingly on the capability of a person. Moreover, the speculations likewise underscored more on the issues of self-completion and development (Sun, 2008). The humanistic scholars held the key conviction that people are essentially naturally acceptable. At the point when individuals are noted to turn from this regular inclination, this is taken as a beginning of a social and mental issue. A case of the humanistic hypothesis is the Maslow’s chain of command of requirements. This hypothesis was created by Abraham Maslow. In this hypothesis, Maslow uncovers how people place accentuates on the quick needs confronting them and once these are satisfied, they are not, at this point a need and in that capacity, consideration move to the following degree of requirements. This pattern goes on in a progressive way, until in the end an individual arrives at the zenith of the pecking order of necessities: the self-com pletion level of requirements. The previously mentioned hypotheses sway on cutting edge brain research in different manners. For instance, the humanistic hypothesis impacts the pretended by a person. In this circumstance, individuals get more credit from humanistic brain science that helps them in deciding and dealing with their emotional well-being state (Schunk, 2008). Likewise, humanistic brain research plays a significant obligation in impacting treatment, instruction, and medicinal services. As per humanist hypotheses, individual and mental developments are a piece of the characteristic conditions that people involvement with their lives. All around, each individual harbors a longing to acknowledge self completion. To a greater part of the clinicians, humanism is a lifestyle, rather than a real science.Advertising We will compose a custom research paper test on Foundations of Behavior explicitly for you for just $16.05 $11/page Learn More On the other hand, subjective hypothese s place more accentuation on mental procedures in to the extent the exercises of memory discernment, critical thinking, language, and practices are concerned. Intellectual speculations focus on subjective techniques, for example, thinking and judging. Then again, humanistic underscores on an individual’s abstract encounters. This is not normal for the behaviorist speculations that emphasis on the conclusive components that are answerable for the assurance of conduct. Reference List Baum, W. M. (2005). Getting behaviorism: Behavior, Culture and Evolution. Oxford: Blackwell. Plotnik, R. (2005). Prologue to Psychology. London: Thomson-Wadsworth Schunk, D. H. (2008). Learning Theories: An Educational Perspective. fifth Ed. New York: Pearson. Sun, R. (2008). The Cambridge Handbook of Computational Psychology. New York: Cambridge University Press.

Seven Missteps to Avoid in Your Business Blog

Seven Missteps to Avoid in Your Business Blog According to data analysis by HubSpot, small businesses that blog get 55% more website visitors and 126% more lead growth than small businesses that do not blog. If you own a small business and dont blog, you are missing out on a valuable opportunity to generate traffic to your website and position yourself as an expert in your field.However, as with any endeavor, the process of blogging for your business often comes with a few missteps, especially for businesses that are new to the concept of blogging to increase their potential customer base. Whether you have blogged for your business for years or are just now starting to take advantage of this wonderful marketing opportunity, learning to avoid these common errors will help ensure your blog is a success.Misstep 1 â€" It isnt your personal blog â€" dont write it like oneWhile personal anecdotes and observations can help your clients get to know you as a business owner, focusing too much on yourself and not enough on your business wi ll drive customers away. Your companys blog should be a space for discourse and education on topics related to the companys focus. Specific things to avoid are politics (unless you run a political organization); religion (unless you run a religious organization); or controversial topics that have nothing to do with your business, your product, or the services you offer.Misstep 2 â€" Avoid discussing insider informationRememberâ€"anything you put in print (whether online or otherwise) could have potential for litigation. Discussing insider information, particularly if you are a franchise of a larger company, could have legal consequences and might end up being more trouble that you anticipated. Beyond this, it is unprofessional to go public with information that should be kept private, or among your employees.Misstep 3 â€" Dont discuss company dramaEvery workplace has its share of dramaâ€"some more than others. However, airing that dirty laundry through the company blog is unprofessi onal. Keep workplace conflict out of the publics eye in order to maintain your companys reputation, and never use a blog for a personal vendetta against a co-worker, co-owner, or the competition.Misstep 4 â€" Dont relate news, statistics, or published information without citing the sourceBeyond the fact that its plagiarism, including information on your blog that is not properly cited looks sloppy and untrustworthy. With so much information available on the web, and so much misinformation published daily, you dont want your business blog to run the risk of being seen as misleading. You will lose readers quickly by doing this.Citing sources can be as simple as including where you found it within your text, creating a hyperlink to the original source, or including a citation at the bottom of the blogâ€"just as you would do if you were writing an academic paper. Particularly if your blog is written to show your expertise to potential clients, youll want to make sure your writing is see n as a legitimate and valid source of trustworthy information.Misstep 5 â€" Dont limit your blog to written contentInternet users are accustomed to a wide variety of content online, including videos, photos, graphs, music, and written words. Limiting your blog to the written word not only makes it boring to read (regardless of how great your content is)â€"it also limits your audience. Ask any marketing professional and theyll tell you that using a variety of tactics and media is the best way to attract potential customers. For this reason, you can immediately make your blog more interesting and more likely to have a larger audience if you include photos, videos, graphs, or other types of media. These media also work well as posts on social media to attract readers to your blog.Misstep 6 â€" Dont allow your blog to become outdatedYouve seen it beforeâ€"a business has a great website with a blog, but when you start reading the content, you find that most of the information was written years ago. This is bad for two reasons. First, outdated content makes your business appear outdated. If the last blog entry you posted was in 2010 and it is now 2014, anyone reading that content or visiting your website will wonder if you are still in business. Second, if the purpose of your blog is to draw more traffic to your website, the only way this will happen is if you continue to add fresh content on a regular basis. Constant activity on a website not only helps search engines like Google find your pages, it also makes your page rank higher when those search engine results are returned to an internet user. Higher page rankings mean more traffic.Misstep 7 â€" Dont neglect your audienceMost blogging platforms allow for comments from readers. This is a great asset to your blog because it shows that people are reading and that your content is generating interest. Responding to these comments allows your readers the opportunity to interact with you and benefit from your expertis e, which ultimately draws customers to your door. Responding to criticism is equally as important, since criticism will help you improve your business and will show that you care about your customers or clients.Blogs are also easy targets for spammers, so not paying attention to the comments could make your blog appear unprofessional. One way to avoid the spamming is to set your blog to post only comments that you approve. If you do this, be sure to also approve the comments that question the content youve written. Replying to that questioning not only shows your expertiseâ€"it shows that you are confident enough in your content to defend it. Just keep the replies professional.

Prejudice in Heart of Darkness Racism is a Relative Term...

Heart of Darkness: Racism is a Relative Term Racism is a relative term. While many people argue that Conrads novel, Heart of Darkness, contains the theme of racism, they tend to ignore the fact that this novel was written around the turn of the century. During this time period it was accepted practice to think of a black man as savage because that was how the popular culture viewed the African American race. If someone called a black man savage today, that someone would be considered a racist. Of course, this turn of the century view of blacks is inexcusable but it was the accepted norm of the time. The problem is that modern critics tend to apply modern thinking to all novels, including those written in a specific time period with†¦show more content†¦All these inherited features are the same for every person belonging to the same race according to a racist. Since racists believe that human beings divide into races, they also believe that the different races are either superior or inferior (e.g. a racist would call wh ite Europeans a superior race and black Africans an inferior race). The superior races are entitled to dominate, exploit and destroy anyone belonging to an, in their mind, inferior race, and racists do not hesitate to do so either.1 Members of inferior races are not seen as individuals or as human beings with feelings at all. Using this definition of racism makes it, in many ways, easy to see racist statements in the text and this is why it is also easy to classify the text as a racist text. Nevertheless, a text does not need to be racist just because some of the characters in the text are. Heart of Darkness is an example of a text with many racist statements without being racist itself. Moreover, why is that one might wonder? Mostly because there are also many antiracist parts in the book. I have selected a few of these antiracist parts to prove that Heart of Darkness cannot be a racist book just because some of the minor characters are racists. That does not make the purpose of the book racist. One of the first non-racist statements that Marlow pronounces is when he talks about London and how it also has been heathen at someShow MoreRelatedEnhancing Cultural Interactions and Removing Misunderstandings2291 Words   |  9 Pageswhich means cultivation. The term culture was first used in its actual sense in the 18th and 19th centuries in Europe in order to promote or connote the process of cultivation. However, the term culture at first referred to the betterment of an individual in the 19th century. This betterment especially referred to educational improvement. However, the culture also referred to the betterment and fulfillment of national aspirations or ideals. Other than that, the term culture has been used by someRead MoreThe Political Impact of 9/113412 Words   |  14 Pagespolitically associated and assumed culture references that are attached to that skin pigmentation; that are eventually used to afford or deny them a society. After conceptualizing race it is nece ssary to circumscribe racism, being that it goes hand in hand with the concept of race. Racism is the lack of veneration of a person or people based on their skin color, ethnic background, and national origin, religious or political affiliation. The concept, of dividing people into groups or populations on theRead More Offensive Speech Should be Allowed Essay2753 Words   |  12 Pagesto freedom of speech above all others. Yet, as we stand here in the birth of a new millennium, this right has become endangered. College campuses across the nation are embroiled in a heated debate over what, exactly, constitutes free speech. At the heart of the debate is the issue of hate speech, or speech that offends, threatens, or insults a person because of some trait such as gender or race (McMasters). Incidents of hate speech include an international student shouting racial epithets from hisRead More Visions of The Primitive in Langston Hughes’s The Big Sea Essay examples6201 Words   |à ‚  25 Pagesscraping and crunching against their sides, and the steam hissing in the radiators were ideal for reading. I read all the ship’s library. (Hughes, 1986, p.95) Among the books that Hughes finds in the ship’s library is a copy of â€Å"Conrad’s Heart of Darkness† (p.95). That Conrad’s novella should be mentioned in this context reveals a playfully comic incongruity: the icy â€Å"wide bend of the Hudson† river (p.91) sharply contrasts with Conrad’s fictional rendering of a seething, sinister Congo, and HughesRead MoreLangston Hughes Research Paper25309 Words   |  102 PagesJim became angry and blamed the color line for blocking his progress. Searching for a better position, he eventually took a job in Mexico. Carrie refused to follow her husband. Instead, she traveled around the country, living with friends and relatives and working at temporary jobs as a maid or waitress. She had ambitions to become an actress, but roles for black women were scarce. Sometimes she took young Langston with her, but most of the time he stayed with his grandmother in Lawrence, KansasRead MoreRastafarian79520 Words   |  319 Pagesrights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, or under terms agreed with the appropriate reprographics rights organization. Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above You must not circulate this bookRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagessequence of world history units has meant that it often ends up becoming a rushed add-on of rather random, abbreviated capsule summaries and general overviews. In view of the fact that no phase of history can begin to match the twentieth century in terms of the extent to which it has shaped the contemporary world, this marginalization is particularly pernicious and has been at times literally lethal. The unmatched abundance and accessibility of primary documents and secondary works on world historyRead MoreLogical Reasoning189930 Words   |  760 Pagesyou will have to search elsewhere. But you ask yourself: Is it really worth your trouble to search for more information from an expert? That search will probably require a hike back to the ranger station near the parking lot. Rangers ought to be relative experts on drinking from their streams. If the experts advice is to avoid drinking the boiled water unless you have sterilization tablets, then youll have to hike all the way back to camp to tell the others and then start the process of packing

Analysis Of Aetna s Workplace Culture - 930 Words

Culture Aetna’s workplace culture stands as a model to other organizations, regardless if they are an insurance company or not. The CEO’s mantra on having a successful workplace simply states â€Å"let’s invest in our people† (Aetna CEO: Let’s, 2015). Bertolini himself was no stranger to struggle in his personal life, having his son beat an incurable cancer as well as he himself getting into a skiing accident where he was given his last rites (O’Donnell, 2015). Having gone through these life altering events, his outlook on how employees should be treated and the resources they should have access to surpasses those of other organizations. This prompted open communication between all employees, allowing for everyone to freely speak what they thought of their work conditions. Enabling employees to have more input on decisions strengthens their alliance to the company and also makes them feel like they are a valued piece of the organization. The mo st talked about change for the betterment of employees by far was his announcement to raise the minimum wage to $16, in addition to lowering out-of-pocket costs for their health care without having to pay more in premiums (O’Donnell, 2015). This demonstration of how the company cares about its employees went over wonderfully with the low wage workers, as they now have a higher take home pay, as well as better health insurance coverage from their organization which they could not previously afford. To go along with increasing wages,Show MoreRelatedGeneral Background Details On The Company Aetna Essay2072 Words   |  9 Pagesestablish general background details on the company Aetna. This report will identify some key characteristics about the company. This will include a brief overview of the company history. Additionally, this report will provide details about the company mission, the range of services that Aetna provides, as well as logistical details of how Aetna goes ab out its operations. Lastly, this background research report will go over a few examples of how Aetna has appeared in recent news articles. Aetna’s financialRead MoreJournal of Management Development5290 Words   |  22 Pagessystem operates within a relatively stable, more global structure. Changes within the local structure tend to have only a minor effect on the global structure. The stability of the global structure stems from its creation over time as a result of the culture, vision, and values shared by the majority of organizational members and key stakeholders. The leadership development implications of self-organizing system theory are found in the providing of direction and control. First, disequilibrium and disorderRead MoreFundamentals of Hrm263904 Words   |  1056 Pagesmoney From multiple study paths, to self-assessment, to a wealth of interactive visual and audio resources, WileyPLUS gives you everything you need to personalize the teaching and learning experience.  » F i n d o u t h ow t o M A K E I T YO U R S  » www.wileyplus.com ALL THE HELP, RESOURCES, AND PERSONAL SUPPORT YOU AND YOUR STUDENTS NEED! 2-Minute Tutorials and all of the resources you your students need to get started www.wileyplus.com/firstday Student support from an experiencedRead MoreEarly Supplier Integration in the Design of the Skid-Steer Loader18409 Words   |  74 Pagesworkforce and its supply chains. Successful process integration is also something that can be difficult for firms to benchmark; rather, each firm must develop its own unique set of integration capabilities. Different firms have different employees, cultures, processes, products, suppliers, customers, and technical capabilities; therefore their means to successful integration and supply chain management may vary from their competitors, or other firms like Texas-based computer manufacturer Dell and mega-retailerRead MoreCrossing the Chasm76808 Words   |  308 Pagesconsulting organization. In addition to maintaining its communications disciplines, it must also provide experienced counsel and leadership in making Foreword xiii fundamental marketing decisions. Market entry, market segmentation, competitive analysis, positioning, distribution, pricing—all these are issues with which a successful marketing effort must come to grips. And so we again remade ourselves, adding to market relations a second practice-high-tech marketing consulting. Today, our practices

Legaliza of Medical Marijuana Free Essays

Assignment 2 Write your outline for your research paper by filling out the following template. Outline – Topic: Should Marijuana Be Legalized For Medical Purposes Introduction: Thesis Statement: Medical marijuana should be legalized but in the strict control of the doctor. Paragraph 1: PRO 1 Idea(s) to be developed: marijuana can relieve certain types of pain. We will write a custom essay sample on Legaliza of Medical Marijuana or any similar topic only for you Order Now Evidence/Examples: The evidence is overwhelming that marijuana can relieve certain types of pain, nausea, vomiting and other symptoms caused by such illnesses as multiple sclerosis, cancer and AIDS. Source(s) used: Joycelyn Elders, Mar. 26, 2004 Paragraph 2: PRO 2 Idea(s) to be developed: It’s a matter between doctors and patients. Evidence/Examples:If doctors believe that it does help, and will be useful to the patient, they have the right to appoint it! Source(s) used: Aug. 9, 2007 – Dennis Kucinich Paragraph 3: PRO 3 Idea(s) to be developed: Marijuana clearly has medicinal value. Evidence/Examples: Thousands of seriously ill Americans have been able to determine that for themselves, albeit illegally. Source(s) used: 1999 – Lyn Nofziger Paragraph 4: PRO 4 Idea(s) to be developed: Study of marijuana . Evidence/Examples: I have found in my study of these patients that cannabis is really a safe, effective and non-toxic alternative to many standard medications. There is no such thing as an overdose. Source(s) used: Nov. 17, 2005 – Philip Denney, MD Paragraph 5: PRO 5 Idea(s) to be developed: Cannabis is remarkably safe. Evidence/Examples: Although not harmless, it is surely less toxic than most of the conventional medicines it could replace if it were legally available. Source(s) used: 1 oct. 2007 – Lester Grinspoon, MD Paragraph 6: CON 1 Idea(s) to be presented: It is addictive. Refutation :Marijuana is not the safe drug portrayed by the marijuana lobby. It is addictive; it adversely affects the immune system; leads to the use of other drugs such as cocaine; is linked to cases of cancer; causes respiratory diseases, mental disorders, including psychosis, depression, panic attacks, hallucinations†¦ Source(s) used:Oct. 1, 2004 – Janet Lapey, MD How to cite Legaliza of Medical Marijuana, Essay examples

Acct 1501 Notes Essay Example

Acct 1501 Notes Essay ACCT1501 ACCOUNTING FINANCIAL MANAGEMENT 1A SEMESTER 1 2008 COURSE NOTES Last Revised: 13th August 2008. kaheiyeh. web. officelive. com Contents Page 3: The Nature of Accounting Page 5: The Balance Sheet Transaction Analysis Page 8: The Income Statement Transaction Analysis Page 13: Financial Reporting Principles Page 18: Adjustment to Accounting Entries Page 23: Completing the Accounting Cycle Page 26: Accounting for Cash Holdings Receivables Page 30: Accounting for Inventory Page 37: Accounting for Non-Current Assets I Page 42: Accounting for Non-Current Assets II Page 45: Accounting for Liabilities 2~ Week 1 – The Nature of Accounting What is Accounting? Accounting is the main way in which organisations present the financial performance and financial position of that organisation. Essentially, it is a language. It is also used to convey economic information to the decision-makers (users). The Rise of Economic Consequences Economic consequences have a very acute relation ship with accounting. Take, for example, the collapse of Enron in 2001. This was due to: ? Misleading accounting ? Accounting scandals Accounting along took the business down and also the auditing firm and demonstrates this relationship. There is a focus on economic consequence in equity markets. This means that the decision maker is usually the investor/owner and they decide the value and the amount of shares they are willing the buy or sell. Users of Accounting Some users of accounting include: Management: To Monitor and Control Creditors: To decide lending amounts and terms Customers: To buy the product or not? This generally applies to large buyers, not the end consumer) Tax Office: To see the assessable income Regulators: To check for compliance with legislation and laws Analysts: To provide recommendations to potential and current shareholders Competitors: To gain insight into the businesss strategies Managers: To decide on performance incentives (Pay rises, bonuses etc. ) Employees: To check their work, pay and conditions Accounting is a dynamic field. It can adapt and is responsive to cur rent events. Double Entry Book-Keeping Double Entry Book-Keeping states that for every transaction, there is a source and a resource. We will write a custom essay sample on Acct 1501 Notes specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Acct 1501 Notes specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Acct 1501 Notes specifically for you FOR ONLY $16.38 $13.9/page Hire Writer That is: RESOURCES = SOURCES Which turns into: ASSETS = LIABILITIES + OWNERS EQUITY This is known as the Accounting Equation and always balances. ? ? ? ? ? ? ? ? ? ~3~ Assumptions in Accounting There are a few assumptions in accounting: ? Reporting Entity The enterprise which is being reported should be the same entity (Either the legal entity or the economic entity or both) The Legal Entity is the enterprise itself, such as Woolworths Ltd. The Economic Entity is the consolidated business, such as Woolworths Ltd and all its subsidiaries. Monetary Assumption The universally accepted medium of exchange, such as cash, and in common denominators, such as the Australian Dollar, is assumed. ? Going Concern The report is prepared under the presumption that the business will continue to trade for the indefinite future. ? Period Assumption This assumes that reports are generated at set intervals (per month, year etc. ) ? Historical Cost This assumes that transactions are initially recorded at the price they were bought for. Cash Accounting and Accrual Accounting Cash Accounting is when the transaction is recorded when the actual cash is received. Accrual Accounting records a transaction when it happens, not when the cash is received. ~4~ Week 2 – The Balance Sheet Transaction Analysis The Statement of Financial Position The Statement of Financial Position (aka. The Balance Sheet), shows an organisations resources and claims on those resources at a particular point in time. The sheet shows an enterprises assets, liabilities and owners equity. Owners Equity can be described in different ways: ? A Company: Shareholders equity ? A Sole Trader: Proprietors equity ? A Partnership: Partners equity Most importantly, the Balance Sheet shows the accounting equation: ASSETS = LIABILITIES + OWNERS EQUITY The balance sheet is usually laid out in the following: ASSETS LIABILITIES OWNERS EQUITY This emphasises the equality between Assets, Liabilities and Owners Equity. Or ASSETS LIABILITIES OWNERS EQUITY Important elements on the Balance Sheet include: ? The entity ? The date at which the statement was prepared ? The currency and amount ? Assets, Liabilities and Owners Equity Australian Accounting Standards Board (AASB) Requirements The AASB101 requires that the following must be shown on the Balance Sheet: Assets ? ? ? ? ? Cash and cash equivalents Trade and other receivables Inventories Biological assets Investments Other financial assets ~5~ ? ? ? ? Tax assets Property, plant and equipment Investment property Intangible assets Liabilities ? ? ? ? Trade and other payables Interest-bearing liabilities Tax liabilities Provisions Owners Equity ? Contributed equity/Issued capital ? Reserves ? Retained profit ? Minority interest/Outside equity Assets An asset is defined by the AASB Framework as: A resource controlled by the entity as a result of past events from which economic benefits are expected to flow to the entity. AASB Framework Control of an asset is not necessarily limited to legal ownership of the asset. A past event is usually a transaction such as the purchase of an item or through production. Future economic benefit is the potential for the asset to generate profits/cash flows in the future. The asset does not actually need to generate a future economic benefit itself. As long as it helps in generating future economic benefit (such as buildings), it can be classed as an asset. An item must meet all three requirements to be classed as an asset. It must also be noted that persons cannot be considered assets; as you do not control them. An asset should be recognised on the balance sheet if it is probable (more likely than not likely)that any future economic benefit associated with it will flow into the entity and that the asset has a cost or value that can be measured with reliability. The value of an asset can be measured through historical cost, its realisable value (current or market value) (how much you can sell it for now), its present value (value in use) (the amount it can generate), or the current cost (the amount you have to pay to replace it today). Liabilities A liability is defined by the AASB Framework as: A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. AASB Framework ~6~ A present obligation may be due in the near future (A present obligation is not a future commitment. Such as the planning of purchasing an asset in two years is NOT considered a liability) and the giving up of resources embodying future economic benefits is the payment of cash or the provision of services as obliged. A liability should be recognised on the balance sheet with the same requirements as that of an asset, except with an outflow of cash and not an inflow. Equity Equity is defined as: The residual interest in the assets of the entity after deducting all liabilities That is: OWNERS EQUITY = ASSETS LIABILITIES Current vs. Non-Current An asset is considered current if it is: ? Expected to be realised within 12 months of the date ? Unrestricted cash or cash equivalent ? Held primarily to be traded ? Expected to be settled in normal business processes If it does not meet these criteria, it is considered a Non-Current Asset. A liability is considered current if it is: ? Due to be settled in 12 months of the date ? No right to extend the settlement date past 12 months ? Held primarily to be traded If it does not meet these criteria, it is considered a Non-Current Liability. Transactions A Transaction is an impact on the companys assets, liabilities and owners equity. The criteria for a transaction are: ? Exchange of economic value ? External to the entity ? Evidence of the exchange ? In dollars for quantification purposes Balance is always maintained in transactions. There are always two or more things moving, hence, Double entry accounting. More on transactions is revealed in Week 3. ~7~ Week 3 The Income Statement Transaction Analysis Relating Performance and Wealth A companys net assets (ie. Their Owners Equity) increases in wealth as the companys wealth increases. The company is there to benefit shareholders but, does it benefit society? The community? The economy? The environment? Some do, some dont. For us, we will focus on looking at the companys benefit to its shareholders. The Statement of Changes in Equity Changes to owners equity can be calculated in this way: Start of Year Balance Add Contributions (new share issues) Add Profit/Loss (Revenue Expenses) Add Increases in Reserves Less Distributions (dividends) -= End of Year Balance Owners equity can be increased by contributions by owners, share capital and profitable transactions and events. Owners equity can be decreased by distributions to owners, dividends and unprofitable transactions and events. Retained Profit is when a company earns profit. That profit can be distributed amongst shareholders as dividends. NET PROFIT DISTRIBUTIONS = RETAINED PROFITS It must be stressed that DIVIDENDS ARE NOT AN EXPENSE! The Statement of Financial Performance The Statement of Financial Performance (aka. The Income Statement) uses the accrual accounting principle and measures the financial performance of an enterprise over a period of time. Basically, it records the change in financial position of a business. Principally; it presents the difference between revenues and expenses. That is: PROFIT = REVENUES EXPENSES Differences with the Balance Sheet: ? The income statement covers a period of time and not a point in time. ~8~ ? ? Both can have extensive explanatory notes which are referred to throughout the statement. Different types of data are displayed such as detailed revenue, expenses, gross profit, net profit and net profit before tax. The Statement of Financial Performance must include: ? Revenue ? Finance costs ? Share of the profit or loss of associates and joint ventures accounted for using the equity method ? A single amount that combines the post tax profit (loss) of discontinued operations and the post tax gain (loss) on the disposal of the related assets ? Tax expense ? Profit or loss The following may be shown on either the statement or the notes for it: ? Income or expenses items that are material ? Analysis of expenses ? Depreciation ? Amortisation ? Employee benefits ? Dividends to equity holders Elements of the Statement of Financial Performance Income Income increases with economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases in liabilities that result in increases in equity, other than those relating to contributions from equity participants (ie. Those from Owners Equity). Income can be further split into two categories: ? Revenue Revenue arises in the course of ordinary activity of an entity. They include sales, fees, interest, dividends, royalties, rents etc. Revenue should be recognised if the good or service has been rendered (ie. The good or service has been delivered) It should be noted that revenue is any sort of inflow of economic benefits. Even if the activity produces a net loss of equity, the inflow of money is still labelled as revenue. ? Gains Gains are no different in nature from revenue, however, they may or may not arise in ordinary activities and are usually displayed separately in decision making. Expenses Expenses are the opposite of revenues. They are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or liabilities that result in decreases in equity, other than those relating to distributions to equity participants. ~9~ Capitalising vs. Expensing Capitalising is when the transaction is seen as a deduction in cash but an increase in asset which evens it out with no net change. Expensing is when the transactions is seen as a deduction from cash and also a deduction in Owners Equity. This can create issues if there are large amounts of money involved but not very much with small amounts. If a business continually classes the acquiring of an asset as capitalising (so that Owners Equity is not affected), the business may get into serious problems later on. Recall the definition of an asset from last week. If it does not meet those requirements, consider it under expensing. Cash vs. Accrual Profit An enterprise may post an accrual profit but not a cash profit if the cash has not been received after the day the statement was made. This can cause discrepancies when analysing statements and transactions. In short, the accrual profit is not the same as the cash profit. The incurrence of an expense is not necessarily accompanied by an outflow of cash nor is the earning of revenue necessarily accompanied by an inflow of cash. When should something be recognised? Recognition should occur for revenue when a service has been performed and expenses when you expect to have incurred it. They should be given asymmetric treatment. Under accrual accounting, cash flows are not necessary to recognise revenue and expenses. You do not need to know when cash will arrive, only when cash has been transacted. Expanding the Accounting Equation Consider the Accounting Equation ASSETS = LIABILITIES + OWNERS EQUITY We know what comprises of assets and liabilities: CA + NCA = CL + NCL + OE But what comprises Owners Equity? Owners equity is comprised of: ? Contributions by owners ? Retained Earnings ? Profit (revenue and expenses) ? Distributions ~ 10 ~ Hence, Owners Equity can be described as: Capital Contributions (CC) + Retained Earnings (RE) + Opening Retained Earnings (Op. RE) + Revenue (R) Expenses (E) Distributions (D) = CC + Op. RE + RE + R E D Therefore, the final equation is: CA + NCA = CL + NCL + CC + Op. RE + RE + R E D We see the Revenue and Expenses are part of the Income Statement and the whole equation is part of the Balance Sheet. This provides us with the link between the Balance Sheet and the Income Statement. Double Entry Accounting: Transactions This is an extension of transactions we briefly introduced in Week 2. We already know of one example of double entry accounting; that being: ASSETS = LIABILITIES + OWNERS EQUITY However, there is another example: DEBITS = CREDITS ? Debits are abbreviated to Dr Credits are abbreviated to Cr To consider what credits and debits do to each part of the accounting equation, consult this table: Type of Account Assets Liabilities Share Capital Retained Profits Revenues Expenses Normal Debit Credit Credit Credit Credit Debit Increases result in Debit Credit Credit Credit Credit Debit Decreases result in Credit Debit Debit Debit Debit Credit *Note: The section s in italics are all part of Owners Equity, however different parts of Owners Equity have different effects on where to debit and credit. The general rule of thumb is that Normal or Increases result in a Credit and a decrease results in a Debit; this is only different for Expenses. ~ 11 ~ Remember that in a transaction, there must always be two or more effects. One must be a credit activity and one must be a debit activity. They must also keep the accounting equation balanced. Journal Entries Journal Entries are small entries that document transactions with credits and debits. Remember that in every transactions, there has to be at least two effects; one credit, one debit. An example of a Journal Entry is as follows: ________________________________________________________ Date Debit Account Credit Account Short Statement of transaction PR PR $xxx $xxx ________________________________________________________ *Where PR = Posting Reference. This is usually provided for you in the example, such as A1 or E3. Also take note of the indents, this helps to differentiate debits from credits and show that they balance more easily than if they were accounted for in a straight column. ~ 12 ~ Week 4 – Financial Reporting Principles Note: The entire first section of this week (everything before the accounting cycle) is explained in the document, Framework for the Preparation and Presentation of Financial Statements (Published July 2004 by the AASB) and is available at this link: http://www. aasb. com. au/pronouncements/aasb_standards_2005. htm What is Financial Reporting? Financial reporting is used to provide information about a firms financial position, per formance and cash flows to help the users of that information make good economic decisions. The full set of reports (as required by the AASB) includes: ? The Balance Sheet ? The Income Statement ? The Cash Flow Statement (This uses cash accounting) ? The Statement of Changes in Equity (This is not discussed in ACCT1501. ) ? Notes to these accounts and also other relevant material. The notes to the accounts and reports are not required in a There is a demand for this information which stems from the need to make appropriate and reliable economic decisions for the firm. The people demanding this information want to know about the: ? Performance of the firm ? Financial position of the firm ? Financing and investing with the firm ? Firms compliance with laws Framework Within the AASBs framework, we will need to look at four areas: ? Underlying Assumptions ? Qualitative Characteristics ? The elements of the financial report ? Recognition Principles Underlying Assumptions The underlying assumptions are basically the same as those discussed in Week 1. For more details, look at the Week 1 notes. Listed here briefly are the assumptions: ? Accrual Basis This simply means that financial statements should be produced under accrual accounting methods (to record transactions when they occur, not when the cash is received) so that they can meet their objectives. Going Concern Financial reports should be prepared under the assumption that the business that it is reporting on will continue to operate and function for the foreseeable future. ~ 13 ~ This is so that the business has no assumed intention of liquidation or to scale back its operations. Qualitative Characteristics The accounting statements must fulfil a wide rang e of qualitative characteristics so that it can be understood by all. These are: ? Understandability The statements must be able to be understood by a wide variety of people including professional accountants to high school graduates. The way in which the information is displayed is vital to this (i. e. Logical sequence). Relevant information that is complex should still be presented in statements, but less professional users should be advised to seek professional advice. ? Relevance (Materiality) The information presented on the statements must be relevant to the time period that it is describing. It must be based on current information so that proper predictions can be made. The relevance of information is usually classed by its materiality. Information may be relevant and reliable but it may be immaterial. Including this on statements may do nothing but impair its understandability. If the item will not affect the users decisions (i. e. Transactions of small amounts), then it need not be included. Reliability There should be a faithful representation of transactions and events (i. e. No material bias or error. It should be objective). Prudence must be exercised in that assets or revenue or gains are not overstated and liabilities or expenses are not understated. There, however, may be a small level of bias allowed with small immaterial amounts such as those described above. The information in financial reports must also be complete within the bounds of materiality and cost. An omission can cause information to be false or misleading and thus unreliable and deficient in terms of its relevance. If information is to represent faithfully the transactions and other events that it purports to represent, it is necessary that they are accounted for and presented in accordance with their substance and economic reality and not merely their legal form. The substance of transactions or other events is not always consistent with that which is apparent from their legal or contrived form. For example, an entity may dispose of an asset to another party in such a way that the documentation purports to pass legal ownership to that party; nevertheless, agreements may exist that ensure that the entity continues to enjoy the future economic benefits embodied in the asset. In such circumstances, the reporting of a sale would not represent faithfully the transaction entered into (if indeed there was a transaction). @ ? ~ 14 ~ ? Comparability The information that is generated by the firm must be able to be compared with those generated from other firms and to its own statements from earlier periods as well. This means that the information should be presented in the standards as set by the AASB. The firm should state which policy that it has used, any changes to that policy and the effects of those changes. Reliability vs. Relevancy Information that may be relevant can also be unreliable in nature, or representing it would be useless and/or potentially misleading to the users. Such as a lawsuit against a company would be relevant to the users, but its cost cannot be measured reliably. Thus, these should be mentioned on the notes of the statements. Another issue with this is usually with historical cost of assets. The asset is always relevant to the accounting statements but its measurement is not always reliable. The timeliness of the information also matters as the information will lose its relevance if there is a delay in reporting it. Information should always be relevant to when the statements were prepared and not for a period before. Cost vs. Benefits of Information The cost of providing the information to the user should never outweigh the benefits that can be derived from the information that is produced. There are some problems with this as evaluation of the information is largely by judgement. Also, the costs are not necessarily borne by those who will reap the benefits of that information. In the end, there must always be a trade-off between the qualitative characteristics and this is often inevitable. Appropriate balance must be maintained among these characteristics so that it can meet the objective of financial reports. Financial reports should provide a fair and true view of the financial information of an entity. The appropriate application of and the balance of qualitative characteristics will usually lead to this result. The Accounting Cycle The accounting cycle is a never-ending cycle of gathering economic information and presenting that to the users. The cycle is: 1. 2. 3. 4. 5. Transactions Identifying and measuring (Source Documents) Recording (Journal Entries) Classifying and summarising (Ledgers and Trial Balances) Reporting (The Financial Statements) ~ 15 ~ 1. Transactions First, recall the definition of a transaction: A transaction is an economic event that affects a business and needs to be reflected in its financial statements Characteristics of an external transaction include: ? Exchange of items of economic value ? Past Event ? Involves a party that is external to the business ? Evidence ? Measureable in monetary units Internal transactions are adjustments made to records that introduce new data or alter that existing data. It is normally intended to enhance information. This includes things such as the use of office supplies and the depreciation of an asset. Transactions are a vital first step to the accounting cycle and so must not be left out. 2. Source Documents Source documents are those that provide evidence that a transaction has taken place. These include items such as cheque butts, invoices, bank statements etc. . Journal Entries From source documents, the transactions are transformed into more classified and ordered information that is presented in journal entries. However, the problem with journal entries is that they only show the balance at any one point in time. We need ledger accounts to show a change in balance over time (This is similar to how a balance sheet is to the income s tatement). Journal entries were discussed in Week 3; please see Week 3s notes for more details. 4. Ledger Entries Trial Entries A general ledger is a collection of all individual accounts for a business. It shows a list of all accounts in assets, liabilities and owners equity for a firm but the basic ones are assets, liabilities, owners equity, revenue and expenses. These can be represented in Taccounts. As always, debits are placed on the left while credits are placed on the right. Accounts are used to classify transactions and store information for similar transactions. A chart of accounts is basically, a listing of all accounts in the general ledger. They are usually identified by a single number and are listed in the accounting manual. These are different for each firm and it does not matter how they list them. Writing to a ledger can be in the same way as that of journal entries. Debts and Credits to each of the accounts still follow the same rules as those for journal entries (See Week 3 notes). Writing to the ledger is a very simple process of just transferring the information from journal entries directly to the ledger entry. ~ 16 ~ There are other accounting formats used which includes the narrative format. This method is used more widespread than the T-account because it also includes a column at the right to show the net balance of the account after each debit or credit. Otherwise, it is exactly the same as T-accounts. Trial entries are listings of all accounts with their related balances at certain point in time. They are used to check the accuracy of ledgers and journals by seeing if the total debits equal the total credits. Although, even if all the debits equal the credits, it does not necessarily mean that it is correct. All it means is that there are no obvious errors in the documentation of journals and ledgers. Ways to recheck if the trial balance is not in the balance: ? Re-add the trial balance ? Check that the correct amounts are posted in the journal entries ? Check that each ledger is balanced correctly ? Check that everything balances in the journal entries 5. Reporting Finally, this information is reported in the different forms such as the Balance Sheet, Income Statement etc. References @ Page 18-19, Framework for the Preparation and Presentation of Financial Statements Published July 2004 Australian Accounting Standards Board. ~ 17 ~ Week 5 – Adjustment to Accounting Entries During the course of accounting, a business encounters inaccuracies due to the lack of time that is available to make this accurate. A business with very accurate information would do more accounting than actually doing what the business is supposed to be doing! However, once at the end of the financial period, this is where accuracy matters. Adjusting the accounting entries is what makes this correct in the end. As always, remember that the accrual accounting system is used, period assumption and going concern are also assumed. Revenue Recognition Revenue should only be recognised in the current period if it fits all four criteria: All or most of the good/service has been provided to the customer. Costs to generate the revenue have been incurred and measured. Revenue can be measured accurately. Cash or a promise to pay has been received. ? ? ? ? To recognise a revenue means to include it on the Income Statement for that period. First, we must find out how much should be written down as revenue and when. Revenue is earned only when the goods and services related to the inflows of economic benefits or service potential have been provided. For example: If a magazine company receives money for yearly subscriptions, it cannot be classed as revenue until the magazines have physically been sent out to the customers. This can be divided up as staggered revenue for each individual magazine or as one entire subscription at the end of the year. Expense Recognition Expenses should be recognised in the same period as when the revenue associated with it is recognised (i. e. The matching principal). By matching revenues to expenses, a better picture of the business is created. Recognising in this case is the same as revenue; it means it is included on the Income Statement for that period. Expenses are incurred for that period when there has been consumption or loss of economic benefit or service potential. Buying an asset is NOT considered an expense until it has been used up. i. e. Whiteboard markers are not an expense until they have run out of ink or are lost. The same thing is done with things that are expensed over time, such as pre-paid insurance. The company should show that the items value is being used up each month instead of reporting on bigger loss at the end of the year. This shows a companys financial position and performance much more accurately. ~ 18 ~ Adjusting The Entries The adjusting of entries is done at the end of the accounting period, which is assumed to be equal under the period assumption. There are four types of accounts that must be adjusted at the end of the period. Accruals Revenues Expenses Accrued revenues (an asset) Accrued expenses (a liability) Deferrals Unearned revenues (a liability) Prepayments (an asset) Unearned revenue is cash received but the good or service has not been provisioned yet to the customer. It is also known as: ? Revenue received in advance ? Advances from customers ? Customer Deposits An example would be a customer buying a plane ticket for next month from your firm. This would be unearned revenue for you because you have yet to provision the plane journey for the customer. Prepayments are the like unearned revenues but from the payers perspective. This is considered an asset because you have already paid for goods but they have not been received yet. It may be classified as a current or non-current asset depending on how long the benefits are perceived to last for. Continuing on from the last example, this would be from the customers view. He has paid for the service he wants but he is yet to receive that service from the firm. Note that these can be done in the reverse as well. Sometimes, prepayments are seen as an expense at first until the goods and services arrive, at which then they are not considered expenses anymore. They can also split this into two parts: part prepayment and part expenses. Accrued Revenue is when the good or service has been provided but the cash will not be received until the next accounting period. Accrued Expenses are when expenses are incurred in one period but the outflow of cash associated with it is not paid until the following accounting period. (For example: The wages earned