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

Albinism Gentic Essay

Albinism Gentic Essay Albinism Gentic Essay Gabrielle Correia Albinism What is albinism? Albinism is a defect of the melanin production of color pigment in the skin, hair, and eyes. Melanin is the substance that gives color to skin, hair, and eyes. Albinism is passed down through families, from parent to offspring. There are only two specific types of this syndrome, Type one effects the colors of your eyes, skin, and hair, Type two is due to the effect of the P gene children born with this type have slight coloring. But, the worst case of albinism is called oculocutaneous albinism. People with this form of albinism have either white or pink hair, as well as vision problems. Type one albinism affects mostly the eyes, when looking at a person with type one they look pretty normal. But, with an eye exam it will show that there is no coloring in the retina. There are some ways you can tell if you have Albinism. You can tell by the absence of color in the hair, eyes, or skin. Most people with Albinism have lighter skin then most people and have patchy and m issing skin colors. Also many forms of Albinism associate with these symptoms including: crossed eyes, light sensitive, rapid eye movement, and vision problems. People with Albinism have to be careful with how much exposure they get to the sun because freckles, moles with no color, freckle spots can form all over their body, in which case could cause much harm to ones body. Their hair color can range from very white to brown. People who are either African or Asian have a hair color that is yellow, or reddish brown. But, their hair color may change before early adult hood. Eye color ranges from light blue to brown and may change over time. The iris can completely block light from entering the eye. Because of this their eyes might somewhat appear red in some lighting. The main purpose of the treatment for Albinism is to try and relieve the symptoms. But, treatment depends on how server the case is. One way people with Albinism can treat themselves is by staying out of the sun or weari ng sunblock. Also make sure the person is clothed well so no sun has a way of hitting them. Wearing sunglasses also plays a huge role because this may help with light sensitivity. Most doctors prescribe glasses for people with Albinism to correct vision problems and eye position. But, sometimes eye muscle surgery is needed to correct incorrect eye movements. Albinism does not affect ones lifespan though. But, people with Albinism may be limited to most activities outside because of the sun. Albinism is an inherited disorder; most patients with this disorder are encouraged to go see a genetic

Tips on Writing a Patent Application Abstract

Tips on Writing a Patent Application Abstract The abstract is part of a written patent application. It’s a short summary of your invention, no more than a paragraph, and it appears at the beginning of the application. Think of it as a condensed version of your patent where you can abstract – or take out and focus on – the essence of your invention.   Here are the basic rules for  an abstract from the United States Patent and Trademark Office, Law MPEP 608.01(b), Abstract of the Disclosure: A brief abstract of the technical disclosure in the specification must commence on a separate sheet, preferably following the claims, under the heading Abstract or Abstract of the Disclosure. The abstract in an application filed under 35 U.S.C. 111 may not exceed 150 words in length. The purpose of the abstract is to enable the United States Patent and Trademark Office and the public generally to determine quickly from a cursory inspection the nature and gist of the technical disclosure. Why Is an Abstract Necessary?   Abstracts are used primarily for searching patents. They should be written in a way that makes the invention easily understood by anyone with a background in the field. The reader should be able to quickly get a sense of the nature of the invention so he can decide whether he wants to read the rest of the patent application.   The abstract describes your invention. It says how it can be used, but it does not discuss the scope of your claims, which are  the legal reasons why your idea should be protected by a patent protected, providing it with a legal shield that prevents it from being stolen by others.   Writing Your Abstract Give the page a title, such as Abstract or Abstract of the Specification if you’re applying to the Canadian Intellectual Property Office. Use Abstract of the Disclosure if you’re applying to the United States Patent and Trademark Office.   Explain what your invention is and  tell the reader what it will be used for. Describe the main components of your invention and how they work. Don’t refer to any claims, drawings or other elements that are included in your application. Your abstract is intended to be read on its own so your reader won’t understand any references you make to other parts of your application.   Your abstract  must be 150 words or less. It may take you a couple of tries to fit your summary into this limited space. Read it over a few times to eliminate unnecessary words and jargon. Try to avoid removing articles such as â€Å"a,† â€Å"an† or â€Å"the† because this can make the abstract difficult to read. This information comes from the Canadian Intellectual Property Office or CIPO. The tips would also be helpful for patent applications to the USPTO or World Intellectual Property Organization.

Organizational Behavior & Leadership Essay Example | Topics and Well Written Essays - 1000 words

Organizational Behavior & Leadership - Essay Example One of the major concerns prevailing in the company is that there is no expert in conducting professional performance evaluation. The previous engineer was very expert in conducting the evaluation, but he has left the company due to clashing personalities. The plant manager, presuming that he or others in the company, may not be able to conduct the evaluation, is thinking to skip the annual performance review, and this seems to be another big concern in the company. What makes him think of skipping the review was that the previous engineer left the company claiming that there would be none to do annual performance evaluation. In the current evaluation form of the company, another serious concern is taking decision regarding rating the engineers. The engineer feels friendliness as superior and he therefore would give medium rating on that aspect. Moreover, giving rating on personal qualities and attitudes also will be quite difficult for the engineer. In performance evaluation, the ma nagement should evaluate an employee’s outcomes such as quantities he produced, scraps he generated etc. Management is also expected to evaluate the behaviour of employees especially when they face difficulty to evaluate and identify the contribution of each group member. The third criteria is trait whereby individual traits are to be identified and evaluated. Traits such as attitude works, confidence in completing the tasks, dependence, being busy in work, positive approach etc are therefore related to various work tasks and they are to be evaluated by the management. Advantages and disadvantages of including supervisors, peers and subordinates in the performance evaluation Out of various performance evaluation methods in place today, 360-degree feedback is getting wider popularity among organizations. 360-degree method of evaluation is a latest approach to evaluating the performance from all different customers of an employee. A customer of an employee can be any or all of the manager, supervisors, bosses, peers, friends, clients, subordinates etc. Though present engineers in the case study scenario were not experienced in performance evaluation, they are confident in conducting 360-degree evaluation and they even found that it will be an effective technique for analyzing and evaluating the performance of engineers in the company. The main aim of 360-degree evaluation method is to pool the feedback from all of the customers of an employee. His customers are top manager, other levels of managers, suppliers, subordinates, clients, peers and other department representatives. By adopting the 360-degree performance evaluation, the organization hoping to give everyone a sense of participation in reviewing and evaluation processes and this in turn helps the manager gain more accurate information about the performance of employees (Robbins and Judge, 2011, p. 567). While adopting this method, engineers in the company, for instance, may be able to gain opinion s from various groups in relation to how is the work outcomes, attitudes, behaviour and traits of a particular employee. Many organizations that adopt 360-degree evaluation don’t spend sufficient time in training and educating the parties

Fire Fighters Campaign Plan Essay Example | Topics and Well Written Essays - 5500 words

Fire Fighters Campaign Plan - Essay Example Text messages will be sent to all Caymanians through their mobile providers, providing them with information and asking them to log on to the fire service website to get information including how they can join CIFSD.. Recommended Budget The budget recommended for the campaign is CI $100,000. A competition will also be initiated where individuals will answer questions by texting the answers to the number provided. Each text message will cost CI$2. Funds received from this venture will be used to finance the campaign. Prizes for the competition will be sought from various sponsors. Evaluation Plans Evaluations will be carried out as the campaign progresses to determine if any changes should be made to the campaign strategy. A final evaluation will be carried out at the end to determine whether the goals of the campaign were achieved. 1.0 Situation Analysis The Cayman Islands is a very small group of Islands consisting of 51,384 persons. Approximately 71% of the population lie in the 15 -64 years age group. Of this group, there are approximately 1,000 more females than the 17,600 males in this age group. The country has a 98% literacy rate and an unemployment rate of 4%. According to the Central Intelligence Agency (2011) the country has a standard of living which is equal to that of Switzerland – one of the countries with the highest standard of living in the world. The relative proportions of different ethnic groups are 40% mixed, 20% white, 20% black, and 20% expatriates of various ethnic groups. The Cayman fire service provides fire prevention and emergency services, domestic and aerodrome rescue and fire fighting services for the people of the... This essay examines Cayman Island Fire Services Department. The Cayman Islands is a very small group of Islands consisting of 51,384 persons. Approximately 71% of the population lie in the 15-64 years age group. Of this group, there are approximately 1,000 more females than the 17,600 males in this age group. The country has a 98% literacy rate and an unemployment rate of 4%. According to the Central Intelligence Agency (2011) the country has a standard of living which is equal to that of Switzerland – one of the countries with the highest standard of living in the world. The relative proportions of different ethnic groups are 40% mixed, 20% white, 20% black, and 20% expatriates of various ethnic groups. The Cayman fire service provides fire prevention and emergency services, domestic and aerodrome rescue and fire fighting services for the people of the Cayman Islands. Like all other departments it is faced with both a tight budget as well as the inability to attract employees because of the relatively low salaries that are currently being offered, the perceived difficulties of the job and the attributes required for the job. Despite those facts the government has allocated approximately CI$10.5mn towards its operations. There are currently six female officers working in the Cayman Islands – four in Grand Cayman and two in Cayman Brac. Currently the morale of the fire service staff is low because of the recent negative publicity in the news in relation to the harassment of female staff and the inability of the relevant authorities to deal with the situation.

The Romance of Travel Essay -- Manfred Byron Essays Papers Traveling

The Romance of Travel Romance, as it confirms human agency with regards to understanding the world and organizing one's existence, is an enabling genre. Northrop Frye identifies "romance" in its questing, adventurous, persistently nostalgic, and "perennially child-like quality" as the "nearest of all literary forms to the wish-fulfillment dream" (186). Arguably, many of the texts that we have examined over the course of the term can be understood as (more or less) participating in the affirmative conventions of romance in the ways that they show men and woman turning travel into a journey. Take for instance Gilpin's essay "On Picturesque Beauty:" what a light hearted quest ("the searching after effects") it is that he assigns to the picturesque traveler. He would not bring this intention of travel into conflict with the other more "useful ends of travel," but he also offers it as a goal for those who "travel without any end at all." Gilpin even describes the amusements of picturesque travel as a sort of adventure: This great object [beauty of every kind] we pursue through the scenery of nature. We seek it among all the ingredients of landscape -- trees -- rocks -- broken-grounds -- woods -- rivers -- lakes -- plains -- vallies -- mountains -- and distances. The gaze of the traveler ranges "with supreme delight among the sweet vales of Switzerland," as well as through the "limits of art;" it "seeks" after nature's "various effects;" the "scene of grandeur bursts on the eye." Indeed, Gilpin's picturesque traveler is very active. Moreover, when the traveler finds him or herself among less visually appealing natural environments, then it is that the wish-fulfilling imagination can be "let [. . .] loose" to "plant h... ...eader, as he reads personal travel accounts that are informed by those same conventions, enjoys a rapport with the authors, texts, and characters within those texts that make him/her feel (at least they made me feel) as though they (and I) were going somewhere. Works Cited Auden, W. H. and Elizabeth Mayer. "Intoduction." Italian Journey by Johann Wolfgang von Goethe. London: Penguin, 1970. Byron, George Gordon, Lord. "Byron's Swiss Tour" (1816). http://www.ualberta.ca/~dmiall/Travel/Byron_Oberland.htm Frye, Northrop. The Anatomy of Criticism. Princeton, NJ: Princeton UP, 1973. Gilpin, William. "On Picturesque Beauty." http://www.ualberta.ca/~dmiall/Travel/gilpine2.htm Goethe, Johann Wolfgang von. Italian Journey. London: Penguin, 1970. Wordsworth, William. "Tintern Abbey." http://www.arts.ualberta.ca/~dmiall/Tintern/Tintern_c.htm The Romance of Travel Essay -- Manfred Byron Essays Papers Traveling The Romance of Travel Romance, as it confirms human agency with regards to understanding the world and organizing one's existence, is an enabling genre. Northrop Frye identifies "romance" in its questing, adventurous, persistently nostalgic, and "perennially child-like quality" as the "nearest of all literary forms to the wish-fulfillment dream" (186). Arguably, many of the texts that we have examined over the course of the term can be understood as (more or less) participating in the affirmative conventions of romance in the ways that they show men and woman turning travel into a journey. Take for instance Gilpin's essay "On Picturesque Beauty:" what a light hearted quest ("the searching after effects") it is that he assigns to the picturesque traveler. He would not bring this intention of travel into conflict with the other more "useful ends of travel," but he also offers it as a goal for those who "travel without any end at all." Gilpin even describes the amusements of picturesque travel as a sort of adventure: This great object [beauty of every kind] we pursue through the scenery of nature. We seek it among all the ingredients of landscape -- trees -- rocks -- broken-grounds -- woods -- rivers -- lakes -- plains -- vallies -- mountains -- and distances. The gaze of the traveler ranges "with supreme delight among the sweet vales of Switzerland," as well as through the "limits of art;" it "seeks" after nature's "various effects;" the "scene of grandeur bursts on the eye." Indeed, Gilpin's picturesque traveler is very active. Moreover, when the traveler finds him or herself among less visually appealing natural environments, then it is that the wish-fulfilling imagination can be "let [. . .] loose" to "plant h... ...eader, as he reads personal travel accounts that are informed by those same conventions, enjoys a rapport with the authors, texts, and characters within those texts that make him/her feel (at least they made me feel) as though they (and I) were going somewhere. Works Cited Auden, W. H. and Elizabeth Mayer. "Intoduction." Italian Journey by Johann Wolfgang von Goethe. London: Penguin, 1970. Byron, George Gordon, Lord. "Byron's Swiss Tour" (1816). http://www.ualberta.ca/~dmiall/Travel/Byron_Oberland.htm Frye, Northrop. The Anatomy of Criticism. Princeton, NJ: Princeton UP, 1973. Gilpin, William. "On Picturesque Beauty." http://www.ualberta.ca/~dmiall/Travel/gilpine2.htm Goethe, Johann Wolfgang von. Italian Journey. London: Penguin, 1970. Wordsworth, William. "Tintern Abbey." http://www.arts.ualberta.ca/~dmiall/Tintern/Tintern_c.htm

School Daze

School Daze is a film that was directed, produced, written, and starred in by the legendary filmmaker Spike Lee. Spike Lee was once again trying to make America conscience and aware of racial issues, but this time it was focused on internalized racism at historical black colleges and universities (HBCU). Lee explored an issue that is still prominent in today's society, light-skinned versus dark-skinned African Americans, good hair versus bad hair, and the Greeks versus the Afro-centric students.School Daze is a very enlightening film, but it took a lot of different elements to complete a film of this magnitude to make others aware of this racial issue. School Daze is a film about internalized racism amongst the African American community at a fictitious historical black college called Mission College. The student body has divided itself into groups that are the epidemy of groupthink.In a newspaper called the Journal-Gazette by author Greg Braxton mentioned the battle between good hai r versus bad hair among African American women, by mentioning the 1988 film School Daze were Spike Lee staged a musical production number in a beauty salon, and two warring female college cliques battled over this topic (2009).In a newspaper called the Journal-Gazette author Greg Braxton mentioned the battle between good hair versus bad hair among African American women, by mentioning the 1988 film School Daze were Spike Lee staged a musical production number in a beauty salon, and two warring female college cliques battled over this topic (2009).