Eating Disorders essay

Eating Disorders essay Eating Disorders essay Eating Disorders essay  Ã‚  Ã‚     Anorexia Intervention ProgramAnorexia is often connected with low self-esteem and wrong perception of person’s own body.Intervention steps:Giving the person information about the illness and making understand that there is a problem. For this purpose pictures and weight charts may be used in order to help the person to feel that her weight is much lower than the norm.Giving support. Overcoming anorexia is a hard work and it is necessary to find people who would support the person during the period of rehabilitation.Work with self-esteem. As mentioned above anorexia is often connected with low self-esteem and that is why different techniques for the correction of self-esteem should be applied.Discussing food and diet. Support in composing healthy and nutritious menu can be very helpful for the person with eating disorders. It may help to avoid many problems in the future.Planning physical exercises and leisure. Physical activity can be a g ood help for keeping fit and getting in terms with your own body. Training plan can be developed together with the specialist who is aware of the problem.     Bulimia   Intervention ProgramBulimia eating disorder is also connected with low self-esteem. In addition, the questions of self-control are also up to date when we speak about this disorder. The intervention plan will repeat the one suggested for Anorexia but with some changes.Intervention PlanAdmitting the problem. Giving the person facts which prove his/her disorder. Speaking about possible consequences.Giving support. Very often bulimia is connected with the feeling of gilt and fear of rejection. The promise of support from friends and relatives would contribute greatly to the solution of the problem.Dieting plan. Excessive eating should be replaced by a well-planed diet and this can be done with specialists’ help.Physical activity and active leisure. Professional help with composing a training plan can help t o control weight and prevent from consuming extra food.Finding a group of support. Friendly help and people’s support who have the same kind of disorder may be very useful in this situation.   If it is possible, it is necessary to help the person with the disorder to find such a group.

Conquering Everyday Dilemmas Of a Content Officer With Ann Handley

Conquering Everyday Dilemmas Of a Content Officer With Ann Handley How can you improve your content marketing? How can you take advantage of an opportunity to entice people? Every company has the typical branding and collateral, but goes above and beyond with a tower of donuts! Today, we’re talking to Ann Handley, award-winning content marketing expert and Chief Content Officer (CCO) for MarketingProfs. Ann shares how she organizes her team, what’s she focusing on for the company, and how she measures effectiveness and success. CCO: Person at a management level who manages content what a company sells and does MarketingProfs educates and trains marketers; helps them figure out how to use modern digital tools, tactics, and techniques Six Elements of Campaign Marketing: Strategy, plan, create, communicate, analyze, and management Identify whats important to marketers; always ask what does our audience need to know to be successful in marketing? Focus on the Future: Plan what needs to be done now to know what you will offer in the next six months Remote teams require knowing what everybodys working on and where things are at; MarketingProfs’ philosophy is â€Å"When in doubt, cc† Utilize project management tools; don’t buy helpful tools and then not use them Hire people who are able to work in your company’s environment and who value and crave the type of autonomy offered Metrics used to measure success depends on the content; review open rates, trends, and other indicators what metrics matter more holistically and broadly Ann redesigned and re-launched her Website because to align her personal and professional worlds Focus on your distribution strategy to make your content stand out; distribute conversational and helpful content via email to connect directly with people Links: Ann Handley MarketingProfs Everybody Writes MarketingProfs Campaign Framework Total Anarchy Newsletter Confab ClickZ Andy Crestodina Value vs. Vanity: Revealing Which Marketing Metrics Really Matter The Most What topics and guests should be on AMP? Send your suggestions! If you liked today’s show, please subscribe on iTunes to The Actionable Content Marketing Podcast! The podcast is also available on SoundCloud, Stitcher, and Google Play. Quotes by Ann Handley: â€Å"In my heart, Im really more of a storyteller. The idea of really crafting a story to connect with an audience really was my sweet spot.† â€Å"For me, its not about one particular metric. Its really getting a sense of the metrics that matter more holistically and more broadly.† â€Å"What does our audience need to know to be successful in marketing? Thats really the lens that we look through to identify what it is that we need to either develop or to promote.† â€Å"What am I all about? Im all about content.†

Explore the concept of accountability with regards to the registered Essay

Explore the concept of accountability with regards to the registered nurse having the responsibility of delegating care to suppo - Essay Example In this way, the burden of each and every activity in the hospital or any health care facility is not solely carried by few individuals but rather designated to many other individuals who have the appropriate knowledge and skill in performing hospital duties. Furthermore, errors committed in giving health care will be minimized if not avoided because of mastery of the skill to the tasks that has been designated to the assistants. In everything that has been done, it is the patient’s best interest that is taken into account. A patient has put the trust in our hands for us to deal and treat his disease, thus it is just necessary to return the trust and be their advocates in promoting their well-being. In this text, support workers are team members whom tasks are delegated to by the registered practitioners. Support workers may represent health care assistant, rehabilitation assistant or technician, therapy assistant, assistant practitioner or technical instructors. Registered pr actitioner on the other hand pertains to a registered professional who usually delegates the task i.e. the Health Professions Council (HPC) or the Nursing and Midwifery Council (NMC) (CSP, 2006). Discussion The health care practitioners are bound within the scope of both the criminal and civil courts so as to assure that what they are doing are within the limits of legal requirements especially since they are dealing with human life. Registered health care providers are responsible to their acts of health practice and patient care thus must conform to the conditions and terms set by the regulatory and professional bodies. Currently, heath support workers do not have professional registrations (Department of Health, 2004; Scottish Executive Health Department, 2004). When a registered health care provider has delegated tasks to a support worker, it is to note that the registered practitioner must understand the skill and knowledge needed to perform the delegated assignment. It is the registered health care provider’s responsibility to delegate a task and on the other hand, the support worker is responsible for taking the assigned job sand also for the actions he/she used for accomplishing the specific task. This principle applies when the support worker has sufficient knowledge, judgment, and skills in carrying out the delegated task given that the task is bounded within the standards and conduct set at the work place. Meanwhile, supervision and feedback regarding the task must be appropriately delivered by the registered professional (Mackey & Nancarrow, 2005). Delegation, Accountability and Responsibility Delegation is the process undertaken wherein a registered health practitioner distributes a task to a support worker who is believed to be capable in fulfilling the work. With delegation as basis, the support worker is trusted with the obligation for the task. In a stricter sense, delegation is different with assignment. In delegation of task, the supp ort worker is responsible for the task and the registered health practitioner is held accountable to the support worker. In assignment, both the responsibility and accountability for a specific task passes from one person

International Economics Essay Example | Topics and Well Written Essays - 4000 words

International Economics - Essay Example As a substitute, the United Nations supports the use of special drawing rights (SDRs), a creation of the International Monetary Fund (IMF) – a proposal supported by Russia (Bryanski, 2009). The SDR is the designated international reserve asset that is the unit of payment on IMF loans; it has an advantage over the US dollar in that its valuation is calibrated against a basked of currencies, rather than on the currency of a single country. Preferably, however, the UN recommends the establishment of a new reserve system that is not based on just one or even several currencies, but should instead serve the need for stable international liquidity. In response, several European officials expressed their disagreement, citing the market as the ultimate determinant of which currencies countries would hold in reserve. Several have voiced the concern that political or administrative decisions cannot reformulate the world’s currency system (Vayrynen, in Charbonneau, 2010), and in the entire post-war period the currency exchange system had been based on the U.S. dollar (Sundaram, in Charbonneau, 2010). EU officials fear that any intervention by an administrative body into the workings of the market would just create additional problems and would make things even less predictable (Piebalgs, in Charbonneau, 2010). Some simply reject the idea of an artificial currency as the SDR as the reserve currency of the international financial system, stating that it is a non-starter because it is created by political decision making (Al-Jasser, in Kessler, 2009). Based on this scenario, some sectors have voiced the possibility that the yuan (or renminbi), the currency of China, may in the span of a decade gain the status of reserve currency and present itself as a suitable alternative to replace the U.S. dollar. Supporters cite the relative stability of the Yuan during the recent financial crisis, saying that it is a better holder of value than the dollar. This

Measuring Respect Essay Example for Free

Measuring Respect Essay Campbell-Ewald, an award winning integrated communications agency, noticed that their customer relationship management (CRM) solutions were not meeting the expectations that they should. In order to gain an understanding of how respect influences customer loyalty and purchasing, they team up with a research company, Synovate and developed three different surveys. The surveys consisted of 27 to 29 attitudinal statements that customer use a 5-point scale to rate. They statements were designed to measure how the customers defined respect and how important respect was in determining a purchase. They selected more than 5,000 customers from each business sectors: insurance, automotive, and retail, and mailed them the survey to complete. The customers they selected to survey were adults at least 18 years of age (Cooper Schindler, 2011). Once they had received the completed surveys they analyzed the results. They then used the results to validate the relevance of its five â€Å"People Principles†. The five â€Å"People Principles† were: ? Appreciate me ?Intentions don’t matter; actions do ?Listen; then you’ll know what I said. ?It’s about me, not about you. ?Admit it- you goofed! These five â€Å"People Principles† have helped companies like General Motors, Continental Airlines, and Farmers Insurance incorporate respectful behaviors into their business operations (Cooper Schindler, 2011). When Campbell-Ewald and Synovate developed the surveys they knew that they needed to address respect from all areas such as how a customer ranks respect to loyalty, respect to purchases, respect to continue purchases, and respect to referrals. By gaining a complete overview on how a customer reviews respect then they could develop the five â€Å"People Principles† that their clients could use to improve customer service, increase revenue, gain a competitive advantage, and build a thriving business. Campbell-Ewald knew that their research, findings, and developments would be what would make them successful. By using the numerical scale survey they were placing the same standards on all statements, which make the evaluation process easier. When conducting a survey, the more customers you select to survey will increase the number of responses that a research company will receive back. It is not likely that all 5000 customers responded but I am sure well over 50 percent responded, which gave them a diverse poll of responses. Whereas, if they had chose to survey only 100 customers then they may have received only 30 responses, which is not enough when conducting such research. Using the numerical scale makes tally and measuring the result easier, which will make the comparison easier. Also, by using the numerical scale a research firm eliminates the opportunity for researchers to be swayed by a person comments or opinions, a person either agrees or does not agree with no explanation.

The Fires of Jubilee by Stephen B. Oates Essay -- The Fires Jubilee St

The Fires of Jubilee by Stephen B. Oates The Fires of Jubilee by Stephen B. Oates describes a sad and tragic story about a man named Nat Turner who was born into slavery and his fight to be free. Ironically, his willingness to do anything, even kill, to gain his freedom leads to his own demise. From the title of this book, 'The Fires of Jubilee,'; a reader can truly grasp the concept that there is trouble, chaos, and mayhem brewing in the month of August. This story was not only riveting, but also one that kept me on my heels for almost the entire time that I was reading it. Stephen B. Oates, a prize-winning author of thirteen books and more then seventy articles, is currently a professor of history at the University of Massachusetts, Amherst. Some of his best novels have been 'With Malice Toward None: The Life of Abraham Lincoln,'; 'Let the Trumpet Sound: The Life of Martin Luther King. Jr.,'; and 'Rip Ford's Texas.'; His writing is riveting as well as courageous. His willingness to get to such length to capture the mind of the reader and hold them in suspense has earned him several awards throughout his lustrous career. Some of the awards that Oates has received are the Christopher Award and the Barondess/Lincoln Award of the New York Civil War Round Table. His work has gained worldwide notoriety and is currently translated in four different languages: French, German, Spanish, and Portuguese.   Ã‚  Ã‚  Ã‚  Ã‚  'The Fires of Jubilee'; took place in Southampton, Virginia and County Seat, Jerusalem during the 1800's. The story takes shape during a time in which slavery was the norm, especially in the South. It describes the struggles and turmoil of one such slave named Nat Turner in his quest to gain his freedom. It tells the tale of a man who's destiny was forever to be a slave and his quest to alter his destiny, which in the end leads to his tragic death. Born into slavery, Nat Turner was perhaps one exception to the rule; he was a master's worst nightmare come true. Nat Turner was not only an intelligent man, he knew how to read and write; but he was also determined, willing to go to tremendous measures to gain his freedom, even if it meant killing. He was liked by both the whites and fellow slaves, some of whom came to think of him as a prophet, a savior of slaves. Nat use to go to church every Sunday and the more he learned about the Christian bel... ...ust admit that I wanted to jump right to the last page just to get a peek of the ending, but I resisted my temptation to do so. As I read the story, I began to feel for Nat. Though I really can't agree with how he went about trying to gain his freedom, the author's way of writing left me little choice but to urge Nat on. In all, I was captivated and moved by the story. Though this really did not change my interest in history, I really did enjoy reading it and would really recommend it to anyone who wants to get a total grasp of how horrible slavery was. Stephen Oates has a way of writing that transforms the reader into the actual rebellion and allows one to see and feel the circumstances of Nat Turner's insurrection and the consequences of it to the South. I can tell that Oates performed rigorous study to present an accurate portrayal of Nat Turners' story. His many insights and uses of secondary sources were quite evident and his use of examples and storytelling is quite impressive. Though it seems as if he leaves little to the imagination, I couldn't help but think of what and could have happened if some of the events leading up to the capture of Nat Turner had been changed. The Fires of Jubilee by Stephen B. Oates Essay -- The Fires Jubilee St The Fires of Jubilee by Stephen B. Oates The Fires of Jubilee by Stephen B. Oates describes a sad and tragic story about a man named Nat Turner who was born into slavery and his fight to be free. Ironically, his willingness to do anything, even kill, to gain his freedom leads to his own demise. From the title of this book, 'The Fires of Jubilee,'; a reader can truly grasp the concept that there is trouble, chaos, and mayhem brewing in the month of August. This story was not only riveting, but also one that kept me on my heels for almost the entire time that I was reading it. Stephen B. Oates, a prize-winning author of thirteen books and more then seventy articles, is currently a professor of history at the University of Massachusetts, Amherst. Some of his best novels have been 'With Malice Toward None: The Life of Abraham Lincoln,'; 'Let the Trumpet Sound: The Life of Martin Luther King. Jr.,'; and 'Rip Ford's Texas.'; His writing is riveting as well as courageous. His willingness to get to such length to capture the mind of the reader and hold them in suspense has earned him several awards throughout his lustrous career. Some of the awards that Oates has received are the Christopher Award and the Barondess/Lincoln Award of the New York Civil War Round Table. His work has gained worldwide notoriety and is currently translated in four different languages: French, German, Spanish, and Portuguese.   Ã‚  Ã‚  Ã‚  Ã‚  'The Fires of Jubilee'; took place in Southampton, Virginia and County Seat, Jerusalem during the 1800's. The story takes shape during a time in which slavery was the norm, especially in the South. It describes the struggles and turmoil of one such slave named Nat Turner in his quest to gain his freedom. It tells the tale of a man who's destiny was forever to be a slave and his quest to alter his destiny, which in the end leads to his tragic death. Born into slavery, Nat Turner was perhaps one exception to the rule; he was a master's worst nightmare come true. Nat Turner was not only an intelligent man, he knew how to read and write; but he was also determined, willing to go to tremendous measures to gain his freedom, even if it meant killing. He was liked by both the whites and fellow slaves, some of whom came to think of him as a prophet, a savior of slaves. Nat use to go to church every Sunday and the more he learned about the Christian bel... ...ust admit that I wanted to jump right to the last page just to get a peek of the ending, but I resisted my temptation to do so. As I read the story, I began to feel for Nat. Though I really can't agree with how he went about trying to gain his freedom, the author's way of writing left me little choice but to urge Nat on. In all, I was captivated and moved by the story. Though this really did not change my interest in history, I really did enjoy reading it and would really recommend it to anyone who wants to get a total grasp of how horrible slavery was. Stephen Oates has a way of writing that transforms the reader into the actual rebellion and allows one to see and feel the circumstances of Nat Turner's insurrection and the consequences of it to the South. I can tell that Oates performed rigorous study to present an accurate portrayal of Nat Turners' story. His many insights and uses of secondary sources were quite evident and his use of examples and storytelling is quite impressive. Though it seems as if he leaves little to the imagination, I couldn't help but think of what and could have happened if some of the events leading up to the capture of Nat Turner had been changed.

Accounting Concepts, Conventions and Solutions

Table of Contents QUESTION ONE: Accounting Concepts and Conventions1 a)Accounting Concepts1 i)The going concern concept. 1 ii)The accruals concept (or matching concept)1 iii)The entity concept:3 iv)The money measurement concept:3 v)The historical cost concept:4 vi)The realization concept:4 vii)Duality concept:4 b)Accounting conventions5 QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process9 1. Clash between the accruals/matching concept and the prudence convention9 2. Clash between the historical cost concept and Prudence convention9QUESTION THREE: Solutions to the clashing accounting concepts and conventions11 REFERENCES13 QUESTION ONE: Accounting Concepts and Conventions a) Accounting Concepts Accounting Concepts are broad basic assumptions that underlie the periodic financial accounts of business enterprises. They outline the rules of accounting that should be followed in preparation of all financial statements. T hese concepts are outlined in the International Accounting Standard 1(IAS 1)-presentation of financial statements. The word ‘concept’ in this context means an idea or thought that has a universal application.This includes; i) The going concern concept: implies that the business will continue in operational existence for the foreseeable future, and that there is no intention to put the company into liquidation or to make drastic cutbacks to the scale of operations. Financial statements should be prepared under the going concern basis unless the entity is being (or is going to be) liquidated or if it has ceased (or is about to cease) trading. The directors of a company must also disclose any significant doubts about the company’s future if and when they arise. ( Agatha,2010) The main significance f the going concern concept is that the assets of the business should not be valued at their ‘break-up’ value, which is the amount that they would sell for it they were sold off piecemeal and the business were thus broken up. ii) The accruals concept (or matching concept): states that revenue and costs must be recognized as they are earned or incurred, not as money is received or paid. They must be matched with one another so far as their relationship can be established or justifiably assumed, and dealt with in the profit and loss account of the period to which they relate. ExampleAssume that a firm makes a profit of ? 100 by matching the revenue (? 200) earned from the sale of 20 units against the cost (? 100) of acquiring them. (Williamson,2001) If, however, the firm had only sold eighteen units, it would have been incorrect to charge profit and loss account with the cost of twenty units; there is still two units in stock. If the firm intends to sell them later, it is likely to make a profit on the sale. Therefore, only the purchase cost of eighteen units (? 90) should be matched with the sales revenue, leaving a profit of ? 90. The ba lance sheet would therefore look like this: ? | Assets| | Stock (at cost, i. e. 2 x ? 5)| 10| Debtors (18 x ? 10)| 180| | 190| Liabilities| | Creditors| 100| | 90| Capital (profit for the period)| 90| If, however the firm had decided to give up selling units, then the going concern concept would no longer apply and the value of the two units in the balance sheet would be a break-up valuation rather than cost. Similarly, if the two unsold units were now unlikely to be sold at more than their cost of ? 5 each (say, because of damage or a fall in demand) then they should be recorded on the balance sheet at their net realizable value (i. . the likely eventual sales price less any expenses incurred to make them saleable, e. g. paint) rather than cost. This shows the application of the prudence concept. In this example, the concepts of going concern and matching are linked. Because the business is assumed to be a going concern it is possible to carry forward the cost of the unsold units a s a charge against profits of the next period. Essentially, the accruals concept states that, in computing profit, revenue earned must be matched against the expenditure incurred in earning it. ii) The entity concept: The concept is that accountants regard a business as a separate entity, distinct from its owners or managers. The concept applies whether the business is a limited company (and so recognized in law as a separate entity) or a sole proprietorship or partnership (in which case the business is not separately recognized by the law. iv) The money measurement concept: The money measurement concept states that accounts will only deal with those items to which a monetary value can be attributed.For example, in the balance sheet of a business, monetary values can be attributed to such assets as machinery (e. g. the original cost of the machinery; or the amount it would cost to replace the machinery) and stocks of goods (e. g. the original cost of goods, or, theoretically, the pr ice at which the goods are likely to be sold). The monetary measurement concept introduces limitations to the subject matter of accounts. A business may have intangible assets such as the flair of a good manager or the loyalty of its workforce.These may be important enough to give it a clear superiority over an otherwise identical business, but because they cannot be evaluated in monetary terms they do not appear anywhere in the accounts. v) The historical cost concept: A basic concept of accounting is that resources are normally stated in accounts at historical cost, i. e. at the amount that the business paid to acquire them. An important advantage of this procedure is that the objectivity of accounts is maximized: there is usually objective, documentary evidence to prove the amount paid to purchase an asset or pay an expense.Historical cost means transactions are recorded at the cost when they occurred. In general, accountants prefer to deal with costs, rather than with ‘val ues’. This is because valuations tend to be subjective and to vary according to what the valuation is for. For example, suppose that a company acquires a machine to manufacture its products. The machine has an expected useful life of four years. At the end of two years the company is preparing a balance sheet and has decided what monetary amount to attribute to the asset. vi) The realization concept: Realization: Revenue and profits are recognized when realized.The concept states that revenue and profits are not anticipated but are recognized by inclusion in the income statement only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty. vii) Duality concept: This concept ensures that transactions are recorded in books at least in two accounts, if one account is debited it’s also credited with the same amount in a different account. The recording system is also known as double entry system. Assets = Liabilities + Capital.Every transaction has a two-fold effect in the accounts and is the basis of double entry bookkeeping. b) Accounting conventions Conventions, unlike concepts, are guidelines derived by usage and practice. They are guidelines that arise from the practical application of accounting principles. An accounting convention is not a legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements. As customs change, so to will accounting conventions.Basically, conventions fill in the gaps between guidelines and practical usage. If an accounting regulatory body sets forth a guideline that addresses the same topic as the accounting convention, the accounting convention will no longer be applicable. Concepts supersede conventions. i) The consistency concept states that in preparing accounts consistency should be observed in two respects. a)Similar items within a single set of accounts should be given similar accounting treatment. b)The same treatment should be applied from one period to another in accounting for similar items.This enables valid comparisons to be made from one period to the next. (Crovit,2008) An accounting method used in one accounting period should be the same as the method used for events or transactions which are materially similar in other period (i. e. accounting practices should remain unchanged from period to period ). This also involves treatment of transaction and valuation method. Consistency is also advisable so that the comparison of accounting figures over time is meaningful. Consistency also states that if a change becomes necessary, the change and its effect should be clearly stated. i) The materiality concept: An item is considered material if it’s omission or misstatement will affect the decision making process of the users. Materiality depends on t he nature and size of the item. Only items material in amount or in their nature will affect the true and fair view given by a set of accounts. An error that is too trivial to affect anyone’s understanding of the accounts is referred to as immaterial. In preparing accounts it is important to assess what is material and what is not, so that time and money are not wasted in the pursuit of excessive detail.Determining whether or not an item is material is a very subjective exercise. There is no absolute measure of materiality. It is common to apply a convenient rule of thumb (for example to define material items as those with a value greater than 5% of the net profit disclosed by the accounts). But some items disclosed in accounts are regarded as particularly sensitive and even a very small misstatement of such an item would be regarded as a material error. An example in the accounts of a limited company might be the amount of remuneration paid to directors of the company.The as sessment of an item as material or immaterial may affect its treatment in the accounts. For example, the profit and loss account of a business will show the expenses incurred by he business grouped under suitable captions (heating and lighting expenses, rent and rates expenses etc); but in the case of very small expenses it may be appropriate to lump them together under a caption such as ‘sundry expenses’, because a more detailed breakdown would be inappropriate for such immaterial amounts. a)If a balance sheet shows fixed assets of ? million and stocks of ? 30,000 an error of ? 20,000 in the depreciation calculations might not be regarded as material, whereas an error of ? 20,000 in the stock valuation probably would be. In other words, the total of which the erroneous item forms part must be considered. b)If a business has a bank loan of ? 50,000 balance and a ? 55,000 balance on bank deposit account, it might well be regarded as a material misstatement if these two a mounts were displayed on the balance sheet as ‘cash at bank ? ,000’. In other words, incorrect presentation may amount to material misstatement even if there is no monetary error. iii) The Prudence convention (conservatism): The prudence convention ( classified as a concept by some others) states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the business’s financial position or results.This policy tends to understate rather than overstate net assets and net income, and therefore lead entities to â€Å"play safe†. In accounting, it states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected. According to this concept â€Å"expected losses are losses but expected gains are not gains†. On the basis of this concept closing stock is valued at cost price or market price, whic hever is lower. Provisions for bad and doubtful debts are maintained.Therefore, revenue and profits are not anticipated but are recognized by inclusion in the profit and loss account only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty: provision is made for all liabilities (expenses and losses) whether the amount of these is known with certainty or is best estimate in the light of the information available. (Pixley,2002) Assets and profits should not be overstated, but a balance must be achieved to prevent the material overstatement of liabilities or losses.The other aspect of the prudence concept is that where a loss is foreseen, it should be anticipated and taken into account immediately. If a business purchases stock for ? 1,200 but because of a sudden slump in the market only ? 900 is likely to be realized when the stock is sold the prudence concept dictates that the stock should be val ued at ? 900. It is not enough to wait until the stock is sold, and then recognize the ? 300 loss; it must be recognized as soon as it is foreseen. (Pixley,2002) A profit can be considered to be a realized profit when it is in the form of: †¢Cash Another asset that has a reasonably certain cash value. This includes amounts owing from debtors, provided that there is a reasonable certainty that the debtors will eventually pay up what they owe. Example A company begins trading on 1 January 20X2 and sells goods worth ? 100,000 during the year to 31 December. At 31 December there are debts outstanding of ? 15,000. Of these, the company is now doubtful whether ? 6,000 will ever be paid. The company should make a provision for doubtful debts of ? 6,000. Sales for 20Ãâ€"5 will be shown in the profit and loss account at their full value of ? 00,000, but the provision for doubtful debts would be a charge of ? 6,000. Because there is some uncertainty that the sales will be realized in th e form of cash, the prudence concept dictates that the ? 6,000 should not be included in the profit for the year. iv) Objectivity (neutrality): An accountant must show objectivity in his work. This means he should try to strip his answers of any personal opinion or prejudice and should be as precise and as detailed as the situation warrants. The result of this should be that any number of accountants will give the same answer independently of each other.Objectivity means that accountants must be free from bias. They must adopt a neutral stance when analyzing accounting data. In practice objectivity is difficult. Two accountants faced with the same accounting data may come to different conclusions as to the correct treatment. It was to combat subjectivity that accounting standards were developed. v) Full disclosure It states that information that might affect the judgments of the users of financial information should be presented in the main body of financial statements or in the not es or as supplementary information.Amounts and kinds of information disclosed should be decided based on a tradeoff analysis as a larger amount of information costs more to prepare than to use. Information disclosed should be enough to make a judgment while keeping costs reasonable. QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process Accounting concepts or conventions could clash or there could be inconsistency between them in such a way that users may have more than one definite method of treating items in the financial statements hence causing uncertainty.Examples include: 1. Clash between the accruals/matching concept and the prudence convention The accruals concept requires future income (e. g. in relation to credit sales) to be accrued. On the other hand the prudence concept dictates that caution should be exercised, so that if there is doubt about the subsequent receipt, no accrual should be made. There is a clash in that credit sales should be recognised immediately the sale is made (regardless of payment) under accrual concept while prudence states that incomes be recognized only when receipt is certain.A good example would be the treatment of deferred revenue expenditures that are usually spread over a number of years, during which the organisation is expected to earn additional revenue out of the expenditure. While this treatment is an accepted principle, there may be a counter-treatment, argued by another group, to charge the item as an expense, the entire amount in the year it was spent, on the grounds of conservatism/prudence. In other words, there may be a direct clash between the accruals and conservatism principles. 2.Clash between the historical cost concept and Prudence convention The prudence convention states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the busin ess’s financial position or results. Therefore it requires that stocks should always be valued at the lowest of cost or net realisable value. Net realisable value is the selling price of the stock minus any costs involved in getting this stock into saleable condition (e. g. repair costs).This means that we can value stock at current market rates, but only if the selling price is lower than the cost. However, if the replacement cost of these stocks is lower than cost or net realisable value then it may seem prudent to use the replacement cost to value these stocks. On the other hand, the historical cost concept implies that all assets acquired, service rendered or received, expenses incurred etc. should be recorded in the books at the price at which it was acquired (its cost price). The cost is distinct from its value and the record does not signify the value.It also holds that cost is the most reliable and verifiable value at which a good is or services should be initially re cognized. Therefore in determining inventory prices, the two principles may clash in application. QUESTION THREE: Solutions to the clashing accounting concepts and conventions William (2001) outlines basic rules that should be observed in applying particular accounting concepts in case of conflict. He states that despite the fact that most of the concepts have been universally accepted, accountants quite often come across situations where two concepts are in onflict and one overrides the application of the other. These are situations where an accountant will find it necessary to apply his professional skill and judgment to come up with the best possible solution. To quote from IAS 1, â€Å"There are many different accounting policies in use even in relation to the same subject: judgment is required in selecting and applying those which, in the circumstances of the enterprise, are best suited to present properly its financial position and the results of its operation. † 1. Sol ution to the clash between accruals and prudence When there is a clash between the two, prudence prevails.Although the accruals concept is universally accepted in trading and manufacturing organizations, there are occasions when the concept of conservatism overrides the application of the accruals concept. A typical example would be the accounts prepared for professional firms of accountants, lawyers and medical practitioners. In these accounts, recognition is generally given to the accruals concept insofar as it relates to expenses. In computing the incomes, however, a rather conservative approach is followed and only those items that are actually realized are accounted for in the accounts.This treatment has been accepted by the accountancy profession on the grounds of conservatism, although it generally defeats the concept of the accruals concept. When the accountant has a choice between two alternative treatments, remember, he should select the one that shows a less encouraging p osition of the financial situation. To follow the principle of conservatism is not easy; and good judgment is necessary to decide the right course of action. There is however, a great deal of difference between being conservative and being over conservative.The rule of conservatism should not be stretched to the point where it might eventually result in distorting the financial results. For example, capital items such as buildings, vehicles, machinery etc, which are capitalized in accordance with Generally Accepted Accounting Principles (GAAPs), must always be capitalized and no deviation should be recommended on the grounds of conservatism. 2. Solution to the clash between historical cost concept and Prudence convention Williamson (2001) states that prudence should prevail over the historical cost concept.This is important in order for financial statements to avoid overstating profits or disguising losses which may lead users to make wrong decisions. An example is that of fixed ass ets which should be valued at their historical cost (because it is objective). However, it is prudent to reduce their values to reflect wear and tear so as not to overstate profits. Also, according to the accruals concept, we should match an expense to when it was incurred. Therefore, fixed assets should appear as their historical cost less any depreciation.Also, the cost of these assets should be ‘spread' over their lifetime in the accounts. REFERENCES 1. Agatha J. , Mengyu and W. ,Askew S. ,(2010). â€Å"The Switch from US GAAP to IFRS†. Proceedings of the Northeast Business & Economics Association 48–54 2. Arens A. , and Loebbecke, J. , â€Å"Auditing, an integrated approach†, 1980 Prentice Hall 3. Carruthers, Bruce G. , & Espeland, Wendy Nelson, Accounting for Rationality: Double-Entry Bookkeeping and the Rhetoric of Economic Rationality, American Journal of Sociology, Vol. 7, No. 1, July 1991, pp. 40-41,44 46 4. Crovitz, L. (2008). â€Å"Closing the Information GAAP†. The Wall Street Journal vol III 5. Oldroyd, David & Dobie, Alisdair: Themes in the history of bookkeeping, The Routledge Companion to Accounting History, London, July 2008 6. Pixley, Francis William: Accountancy—constructive and recording accountancy (Sir Isaac Pitman & Sons, Ltd, London, 2002) 7. Williamson, D. (2001), Accounting Business Spreadsheeting, Prentice Hall, London Accounting Concepts, Conventions and Solutions Table of Contents QUESTION ONE: Accounting Concepts and Conventions1 a)Accounting Concepts1 i)The going concern concept. 1 ii)The accruals concept (or matching concept)1 iii)The entity concept:3 iv)The money measurement concept:3 v)The historical cost concept:4 vi)The realization concept:4 vii)Duality concept:4 b)Accounting conventions5 QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process9 1. Clash between the accruals/matching concept and the prudence convention9 2. Clash between the historical cost concept and Prudence convention9QUESTION THREE: Solutions to the clashing accounting concepts and conventions11 REFERENCES13 QUESTION ONE: Accounting Concepts and Conventions a) Accounting Concepts Accounting Concepts are broad basic assumptions that underlie the periodic financial accounts of business enterprises. They outline the rules of accounting that should be followed in preparation of all financial statements. T hese concepts are outlined in the International Accounting Standard 1(IAS 1)-presentation of financial statements. The word ‘concept’ in this context means an idea or thought that has a universal application.This includes; i) The going concern concept: implies that the business will continue in operational existence for the foreseeable future, and that there is no intention to put the company into liquidation or to make drastic cutbacks to the scale of operations. Financial statements should be prepared under the going concern basis unless the entity is being (or is going to be) liquidated or if it has ceased (or is about to cease) trading. The directors of a company must also disclose any significant doubts about the company’s future if and when they arise. ( Agatha,2010) The main significance f the going concern concept is that the assets of the business should not be valued at their ‘break-up’ value, which is the amount that they would sell for it they were sold off piecemeal and the business were thus broken up. ii) The accruals concept (or matching concept): states that revenue and costs must be recognized as they are earned or incurred, not as money is received or paid. They must be matched with one another so far as their relationship can be established or justifiably assumed, and dealt with in the profit and loss account of the period to which they relate. ExampleAssume that a firm makes a profit of ? 100 by matching the revenue (? 200) earned from the sale of 20 units against the cost (? 100) of acquiring them. (Williamson,2001) If, however, the firm had only sold eighteen units, it would have been incorrect to charge profit and loss account with the cost of twenty units; there is still two units in stock. If the firm intends to sell them later, it is likely to make a profit on the sale. Therefore, only the purchase cost of eighteen units (? 90) should be matched with the sales revenue, leaving a profit of ? 90. The ba lance sheet would therefore look like this: ? | Assets| | Stock (at cost, i. e. 2 x ? 5)| 10| Debtors (18 x ? 10)| 180| | 190| Liabilities| | Creditors| 100| | 90| Capital (profit for the period)| 90| If, however the firm had decided to give up selling units, then the going concern concept would no longer apply and the value of the two units in the balance sheet would be a break-up valuation rather than cost. Similarly, if the two unsold units were now unlikely to be sold at more than their cost of ? 5 each (say, because of damage or a fall in demand) then they should be recorded on the balance sheet at their net realizable value (i. . the likely eventual sales price less any expenses incurred to make them saleable, e. g. paint) rather than cost. This shows the application of the prudence concept. In this example, the concepts of going concern and matching are linked. Because the business is assumed to be a going concern it is possible to carry forward the cost of the unsold units a s a charge against profits of the next period. Essentially, the accruals concept states that, in computing profit, revenue earned must be matched against the expenditure incurred in earning it. ii) The entity concept: The concept is that accountants regard a business as a separate entity, distinct from its owners or managers. The concept applies whether the business is a limited company (and so recognized in law as a separate entity) or a sole proprietorship or partnership (in which case the business is not separately recognized by the law. iv) The money measurement concept: The money measurement concept states that accounts will only deal with those items to which a monetary value can be attributed.For example, in the balance sheet of a business, monetary values can be attributed to such assets as machinery (e. g. the original cost of the machinery; or the amount it would cost to replace the machinery) and stocks of goods (e. g. the original cost of goods, or, theoretically, the pr ice at which the goods are likely to be sold). The monetary measurement concept introduces limitations to the subject matter of accounts. A business may have intangible assets such as the flair of a good manager or the loyalty of its workforce.These may be important enough to give it a clear superiority over an otherwise identical business, but because they cannot be evaluated in monetary terms they do not appear anywhere in the accounts. v) The historical cost concept: A basic concept of accounting is that resources are normally stated in accounts at historical cost, i. e. at the amount that the business paid to acquire them. An important advantage of this procedure is that the objectivity of accounts is maximized: there is usually objective, documentary evidence to prove the amount paid to purchase an asset or pay an expense.Historical cost means transactions are recorded at the cost when they occurred. In general, accountants prefer to deal with costs, rather than with ‘val ues’. This is because valuations tend to be subjective and to vary according to what the valuation is for. For example, suppose that a company acquires a machine to manufacture its products. The machine has an expected useful life of four years. At the end of two years the company is preparing a balance sheet and has decided what monetary amount to attribute to the asset. vi) The realization concept: Realization: Revenue and profits are recognized when realized.The concept states that revenue and profits are not anticipated but are recognized by inclusion in the income statement only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty. vii) Duality concept: This concept ensures that transactions are recorded in books at least in two accounts, if one account is debited it’s also credited with the same amount in a different account. The recording system is also known as double entry system. Assets = Liabilities + Capital.Every transaction has a two-fold effect in the accounts and is the basis of double entry bookkeeping. b) Accounting conventions Conventions, unlike concepts, are guidelines derived by usage and practice. They are guidelines that arise from the practical application of accounting principles. An accounting convention is not a legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements. As customs change, so to will accounting conventions.Basically, conventions fill in the gaps between guidelines and practical usage. If an accounting regulatory body sets forth a guideline that addresses the same topic as the accounting convention, the accounting convention will no longer be applicable. Concepts supersede conventions. i) The consistency concept states that in preparing accounts consistency should be observed in two respects. a)Similar items within a single set of accounts should be given similar accounting treatment. b)The same treatment should be applied from one period to another in accounting for similar items.This enables valid comparisons to be made from one period to the next. (Crovit,2008) An accounting method used in one accounting period should be the same as the method used for events or transactions which are materially similar in other period (i. e. accounting practices should remain unchanged from period to period ). This also involves treatment of transaction and valuation method. Consistency is also advisable so that the comparison of accounting figures over time is meaningful. Consistency also states that if a change becomes necessary, the change and its effect should be clearly stated. i) The materiality concept: An item is considered material if it’s omission or misstatement will affect the decision making process of the users. Materiality depends on t he nature and size of the item. Only items material in amount or in their nature will affect the true and fair view given by a set of accounts. An error that is too trivial to affect anyone’s understanding of the accounts is referred to as immaterial. In preparing accounts it is important to assess what is material and what is not, so that time and money are not wasted in the pursuit of excessive detail.Determining whether or not an item is material is a very subjective exercise. There is no absolute measure of materiality. It is common to apply a convenient rule of thumb (for example to define material items as those with a value greater than 5% of the net profit disclosed by the accounts). But some items disclosed in accounts are regarded as particularly sensitive and even a very small misstatement of such an item would be regarded as a material error. An example in the accounts of a limited company might be the amount of remuneration paid to directors of the company.The as sessment of an item as material or immaterial may affect its treatment in the accounts. For example, the profit and loss account of a business will show the expenses incurred by he business grouped under suitable captions (heating and lighting expenses, rent and rates expenses etc); but in the case of very small expenses it may be appropriate to lump them together under a caption such as ‘sundry expenses’, because a more detailed breakdown would be inappropriate for such immaterial amounts. a)If a balance sheet shows fixed assets of ? million and stocks of ? 30,000 an error of ? 20,000 in the depreciation calculations might not be regarded as material, whereas an error of ? 20,000 in the stock valuation probably would be. In other words, the total of which the erroneous item forms part must be considered. b)If a business has a bank loan of ? 50,000 balance and a ? 55,000 balance on bank deposit account, it might well be regarded as a material misstatement if these two a mounts were displayed on the balance sheet as ‘cash at bank ? ,000’. In other words, incorrect presentation may amount to material misstatement even if there is no monetary error. iii) The Prudence convention (conservatism): The prudence convention ( classified as a concept by some others) states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the business’s financial position or results.This policy tends to understate rather than overstate net assets and net income, and therefore lead entities to â€Å"play safe†. In accounting, it states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected. According to this concept â€Å"expected losses are losses but expected gains are not gains†. On the basis of this concept closing stock is valued at cost price or market price, whic hever is lower. Provisions for bad and doubtful debts are maintained.Therefore, revenue and profits are not anticipated but are recognized by inclusion in the profit and loss account only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty: provision is made for all liabilities (expenses and losses) whether the amount of these is known with certainty or is best estimate in the light of the information available. (Pixley,2002) Assets and profits should not be overstated, but a balance must be achieved to prevent the material overstatement of liabilities or losses.The other aspect of the prudence concept is that where a loss is foreseen, it should be anticipated and taken into account immediately. If a business purchases stock for ? 1,200 but because of a sudden slump in the market only ? 900 is likely to be realized when the stock is sold the prudence concept dictates that the stock should be val ued at ? 900. It is not enough to wait until the stock is sold, and then recognize the ? 300 loss; it must be recognized as soon as it is foreseen. (Pixley,2002) A profit can be considered to be a realized profit when it is in the form of: †¢Cash Another asset that has a reasonably certain cash value. This includes amounts owing from debtors, provided that there is a reasonable certainty that the debtors will eventually pay up what they owe. Example A company begins trading on 1 January 20X2 and sells goods worth ? 100,000 during the year to 31 December. At 31 December there are debts outstanding of ? 15,000. Of these, the company is now doubtful whether ? 6,000 will ever be paid. The company should make a provision for doubtful debts of ? 6,000. Sales for 20Ãâ€"5 will be shown in the profit and loss account at their full value of ? 00,000, but the provision for doubtful debts would be a charge of ? 6,000. Because there is some uncertainty that the sales will be realized in th e form of cash, the prudence concept dictates that the ? 6,000 should not be included in the profit for the year. iv) Objectivity (neutrality): An accountant must show objectivity in his work. This means he should try to strip his answers of any personal opinion or prejudice and should be as precise and as detailed as the situation warrants. The result of this should be that any number of accountants will give the same answer independently of each other.Objectivity means that accountants must be free from bias. They must adopt a neutral stance when analyzing accounting data. In practice objectivity is difficult. Two accountants faced with the same accounting data may come to different conclusions as to the correct treatment. It was to combat subjectivity that accounting standards were developed. v) Full disclosure It states that information that might affect the judgments of the users of financial information should be presented in the main body of financial statements or in the not es or as supplementary information.Amounts and kinds of information disclosed should be decided based on a tradeoff analysis as a larger amount of information costs more to prepare than to use. Information disclosed should be enough to make a judgment while keeping costs reasonable. QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process Accounting concepts or conventions could clash or there could be inconsistency between them in such a way that users may have more than one definite method of treating items in the financial statements hence causing uncertainty.Examples include: 1. Clash between the accruals/matching concept and the prudence convention The accruals concept requires future income (e. g. in relation to credit sales) to be accrued. On the other hand the prudence concept dictates that caution should be exercised, so that if there is doubt about the subsequent receipt, no accrual should be made. There is a clash in that credit sales should be recognised immediately the sale is made (regardless of payment) under accrual concept while prudence states that incomes be recognized only when receipt is certain.A good example would be the treatment of deferred revenue expenditures that are usually spread over a number of years, during which the organisation is expected to earn additional revenue out of the expenditure. While this treatment is an accepted principle, there may be a counter-treatment, argued by another group, to charge the item as an expense, the entire amount in the year it was spent, on the grounds of conservatism/prudence. In other words, there may be a direct clash between the accruals and conservatism principles. 2.Clash between the historical cost concept and Prudence convention The prudence convention states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the busin ess’s financial position or results. Therefore it requires that stocks should always be valued at the lowest of cost or net realisable value. Net realisable value is the selling price of the stock minus any costs involved in getting this stock into saleable condition (e. g. repair costs).This means that we can value stock at current market rates, but only if the selling price is lower than the cost. However, if the replacement cost of these stocks is lower than cost or net realisable value then it may seem prudent to use the replacement cost to value these stocks. On the other hand, the historical cost concept implies that all assets acquired, service rendered or received, expenses incurred etc. should be recorded in the books at the price at which it was acquired (its cost price). The cost is distinct from its value and the record does not signify the value.It also holds that cost is the most reliable and verifiable value at which a good is or services should be initially re cognized. Therefore in determining inventory prices, the two principles may clash in application. QUESTION THREE: Solutions to the clashing accounting concepts and conventions William (2001) outlines basic rules that should be observed in applying particular accounting concepts in case of conflict. He states that despite the fact that most of the concepts have been universally accepted, accountants quite often come across situations where two concepts are in onflict and one overrides the application of the other. These are situations where an accountant will find it necessary to apply his professional skill and judgment to come up with the best possible solution. To quote from IAS 1, â€Å"There are many different accounting policies in use even in relation to the same subject: judgment is required in selecting and applying those which, in the circumstances of the enterprise, are best suited to present properly its financial position and the results of its operation. † 1. Sol ution to the clash between accruals and prudence When there is a clash between the two, prudence prevails.Although the accruals concept is universally accepted in trading and manufacturing organizations, there are occasions when the concept of conservatism overrides the application of the accruals concept. A typical example would be the accounts prepared for professional firms of accountants, lawyers and medical practitioners. In these accounts, recognition is generally given to the accruals concept insofar as it relates to expenses. In computing the incomes, however, a rather conservative approach is followed and only those items that are actually realized are accounted for in the accounts.This treatment has been accepted by the accountancy profession on the grounds of conservatism, although it generally defeats the concept of the accruals concept. When the accountant has a choice between two alternative treatments, remember, he should select the one that shows a less encouraging p osition of the financial situation. To follow the principle of conservatism is not easy; and good judgment is necessary to decide the right course of action. There is however, a great deal of difference between being conservative and being over conservative.The rule of conservatism should not be stretched to the point where it might eventually result in distorting the financial results. For example, capital items such as buildings, vehicles, machinery etc, which are capitalized in accordance with Generally Accepted Accounting Principles (GAAPs), must always be capitalized and no deviation should be recommended on the grounds of conservatism. 2. Solution to the clash between historical cost concept and Prudence convention Williamson (2001) states that prudence should prevail over the historical cost concept.This is important in order for financial statements to avoid overstating profits or disguising losses which may lead users to make wrong decisions. An example is that of fixed ass ets which should be valued at their historical cost (because it is objective). However, it is prudent to reduce their values to reflect wear and tear so as not to overstate profits. Also, according to the accruals concept, we should match an expense to when it was incurred. Therefore, fixed assets should appear as their historical cost less any depreciation.Also, the cost of these assets should be ‘spread' over their lifetime in the accounts. REFERENCES 1. Agatha J. , Mengyu and W. ,Askew S. ,(2010). â€Å"The Switch from US GAAP to IFRS†. Proceedings of the Northeast Business & Economics Association 48–54 2. Arens A. , and Loebbecke, J. , â€Å"Auditing, an integrated approach†, 1980 Prentice Hall 3. Carruthers, Bruce G. , & Espeland, Wendy Nelson, Accounting for Rationality: Double-Entry Bookkeeping and the Rhetoric of Economic Rationality, American Journal of Sociology, Vol. 7, No. 1, July 1991, pp. 40-41,44 46 4. Crovitz, L. (2008). â€Å"Closing the Information GAAP†. The Wall Street Journal vol III 5. Oldroyd, David & Dobie, Alisdair: Themes in the history of bookkeeping, The Routledge Companion to Accounting History, London, July 2008 6. Pixley, Francis William: Accountancy—constructive and recording accountancy (Sir Isaac Pitman & Sons, Ltd, London, 2002) 7. Williamson, D. (2001), Accounting Business Spreadsheeting, Prentice Hall, London