Income Tax College Essays Samples For Students

What are the advantages of reducing the income tax rates of lower income families to the economy?

Reducing income tax rates helps in reducing the poverty among lower income families with children. This is achieved through the tax credits received by these families which in most cases exceed the federal tax charged thereby giving the family a profit. According to the article for instance, a family with two children below 17 years and making $50,000 is expected to have a federal income tax of $2,769. The couple receives a pay credit of $800 and the children will receive child tax credits of $1,000 each which amounts to $2,800 thus exceeding the federal tax by $31 which ...

Adjustments to the accounts

In the computation of the income tax of the client, depreciation is allowed as an expense in the income statement. Instead, capital allowances on the capital investments are allowed. The taxpayer computes the capital allowances as per the prescribed rates by the commissioner of income tax. These include investment deduction, wear and tear allowance as well as the industrial building deduction. In the case of Andrew, the capital allowances can be computed as below:

Computation of the writing down allowance on general pool for the year 2012/2013 was at 18%.

Balance brought forward on General pool = £2500
Add: New equipment purchased = £5000
Less: Old Machine sold = (£600)
Net value of general pool ...

Proffesor

Political ideologies and in the progressive era
For all the benefits that we live in today, in an America with democracy and freedoms; an America that allows for different ethniv groups to intergrate and work together, we have the progressives to thank among other activtists. The progressive era had a series of ideological and intellectual conflicts, which led to direct democracy reforms and the continued development of America. A famous newspaper journalist, William White branded the progressives as a “populist who had just shaved his whiskers, put on a different shirt and a derby hat.” This is because the progressives shared the ...

For the purpose of our discussion I have chosen an article which was published in one of the recent editions of the Economist magazine. In the article author describes the initiative of Mexican government to apply changes to the taxation system by introducing tax reform. Major changes in income tax and VAT regulations majorly will affect country’s middle class, which will have to change its buying habits if the reform is introduced.
According to the author, tax reform may have serious impact on both consumers and corporate sector. Companies will be prohibited from using tax consolidation – a technique ...

Analysis of US Corporate Income Tax Reform

A tax system should meet its objective of raising revenue for a government in a manner that meets the principles of equity, efficiency as well as complexity. Consequently, the essence of these principles is to ensure that any tax policy promotes economic growth as well as seeking to improve individuals’ social welfare. However, US corporate tax rate has been one of the highest even in comparison with the other OECD countries hence a need to reform it to meet the above principles as well as serve its key purpose of raising revenue. In this respect, this analysis seeks to analyze and present ...

Economics

Introduction
Understanding the drivers of the amount that is paid by companies in the form of corporate income tax has transformed into an interesting and highly debated topic in the recent past; more so, with the various policies that are being adapted by the governments for stimulating growth, while also factoring in the imminent need for increase revenue in order to fund the various developmental programs while also to successfully repair the public finances, considering the global economic recession.
It is of crucial important to study and construe the impact that tax policies have upon government revenues, upon which ...

Introduction

The taxation system is the largest contributor when it comes to government revenue. There are five basic principles when it comes to the idea of taxation. These principles are: 1) to raise revenue, 2) reprice certain goods and services (tobacco, alcohol, etc.) to meet social objective, 3) income and wealth redistribution, 4) raise representation within the democratic process, and 5) to reorganize the economy (Murphy, 2009, p. 211). It is a firm argument that all of these principles must be in place in order for the concept of taxation to work.

The meaning and importance of equity (fairness) in UK taxation

In 1776, Adam Smith introduced the principles of ...

OUTLINE
Introduction..3
Thesis...3

Discussions3

Conclusion..11

Reference list .13

Introduction
Cooperative society is an association of legal and natural persons formed with the aim of providing services to its members and community. The provision of services is meant to improve the effectiveness of commercial activities of members who formed it. Members who formed it own cooperative societies. Just like any other form of business units, cooperative societies are subjected to taxation, deductions and certain exempts. Most cooperatives are formed under existing laws governing cooperative societies and state laws at the time of formation. The main aim of a cooperative society is to increase the ...

Introduction

The Federal income tax forms are developed in a way that suits the social and economic conditions of all the federal tax payers. This means that the forms put into consideration the different aspects of life evident in the lives of the taxpayers. These aspects of life include but not limited to marriage, education, income earned or generated, age, health and social schemes, business and overall functionality of the economy. In this regard, the individual tax payers’ decisions on the forms to choose when it comes to payment of federal taxes are greatly influenced by these life aspects in the ...

In order to compare the taxation practices of Egyptian and non-Egyptian firms, we will be analyzing the following list of the companies, all of which are from the telecommunication industry. Below is the list of Egyptian and Non-Egyptian firms, which we analyze for the purpose of comparing their tax reporting practices:

Egyptian Firms:

- Telecom Egypt
- Mobinil
- Etisalat

Non-Egyptian Firms:

- AT& T
- MCI
- Sprint

Egyptian Firms

I) Mobinil:
Founded in the year, 1988, Mobinil is one of the largest telecom companies in Egypt. As for the tax reporting by the company, during 2012, the company ...

Introduction

Shanghai and Hong Kong have become important in the global financial sector. Modern banking and finance started in HK and Shanghai in 1845 and 1847 respectively when the first British bank was opened, the Oriental Banking Corporation. The Hong Kong and Shanghai Banking Corporation, a multinational Holdings was founded in 1864 with its Head office in Hong Kong. Other foreign and local banks from Britain, Europe, America and Japan were subsequently opened. The modern Commercial Bank of China was formed in 1897 with its head office in Shanghai. The first stock exchange was established in Hong Kong in 1891 ...

The value added tax (VAT) is consumption tax levied on goods and services in the country while revenue refers to taxes on income from labor or capital. Consumption taxes are not regressive and closely relates to sales tax despite the two being fundamentally different. The shift from income tax to a VAT would raise the nation’s savings.
VAT tends to discourage consumption leading to more savings. Moreover, VAT does not decrease the returns to savings. It follows that it does not affect choices between future and current consumption by changing their relative prices (Congressional Budget Office, 1992 p. ...

Analysis of the Kasich Tax Reform Plan

ANALYSIS OF THE KASICH TAX REFORM PLAN 2
Summary of Governor John Kasich´s Tax Reform Plan

this in part by eliminating most tax deductions other than the mortgage interest deduction
and the charitable contribution deduction. It also does this by reducing the number of
personal income tax brackets from seven down to three. It also reduces marginal tax rates
across the board. Kasich´s tax reform plan would reduce the top individual income tax rate
gains and dividends from 23.8 percent to 15 percent, and completely eliminate the estate
tax (which is currently at 40 percent). It would ...

- Cash Equivalents
The company has entered into arrangements with its partnering distribution clients that designated cash accounts to UTIW from receivables from the end clients of its distribution partners. These cash accounts are identified as the company as “cash equivalents”. As of 2013, the company’s cash equivalents were reported as US$ 27.6 million as of January 31, 2013 and US# 37.4 million as of January 31, 2012.
UTIW often acts as a customs broker. When the company does this act in behalf of its clients, it pays in advance for customs duties and taxes. These payments ...

Public Policy. The Public Policy Institute of California (PPIC) does research on a wide range of issues such as higher education, water policy, and environmental concerns. Using the PPIC site, examine a major policy issue and tell what you learned.

Public Policy (Education).

The state of California has in recent times witnessed a drastic decline in higher education. This is partly due to reduced funding of the higher institutions by the state and also changing state priorities due to economic hardship. By the year 2025, about forty percent of jobs in California will require a bachelor's degree for employment (Reed 2008), also, all over the nation ...

INVESTMENT ANALYSIS OF VIETNAM

INVESTMENT ANALYSIS OF VIETNAM

Summary

Vietnam has changed in the last thirty years from an agrarian country to a service and manufacture country leader in the world in growth and economic activity. The country has a communist system legally but, in the practice, the country has a liberal policy in the economy signing the Trans-Pacific Free Trade Agreement but maintaining the political control under the rule of one party. The country offers opportunities and risks for individual and corporation with the intention to invest.

Introduction

Vietnam is known in the world as the country where United States of America lost a ...

The economies of Canada and the USA are the most developed ones in the whole American continent. The two nations have very intensive economic ties. Furthermore, the whole scope of relations between Canada and the USA is at such intensive level that these two countries will inevitably cooperate, and to understand the possible ways of the development of their economies we should figure out their current situation in financial sector.
Canada is a developed market economy with less government regulation than in Europe, but slightly higher than in the United States. Canada is a member of the Organization for ...

The position of “Tax Accountant” is a new job in the organization. It was created when the company expanded and the workload increased tremendously. The position will be filled externally. Advertisement for the position will be made and any interested and qualified external candidate is free to apply. Before coming up with the position title, job analysis was carried out to identify the needs of the job. The position was new and an extensive job analysis had to be carried out. It involved several steps.
The first step was identification of the purpose of the job analysis. This was ...

Florida

The Florida Legislature is seated in the Florida State Capital in Tallahassee. The Florida Legislature is composed of 160 state legislators. The state’s legislature is responsible for creating and amending laws within the state of Florida. In order to do this, legislators are responsible for proposing legislation in the form of a bill. If successful, the legislation goes through a review, readings, and requires a majority vote. Then, the bill is either signed into law by the state’s governor or the bill is vetoed. The state’s legislature also has the ability to propose amendments within the ...

TELUS is an innovative telecommunications company of Canada. It began is journey from the provinces of Alberta and British Columbia; going on to become the country’s second largest telecommunications company. Today, they provide a range to internet solutions for home, workplace or on the move. They provide a wide range of communication products and services such as data, Internet Protocol (IP), voice, wireless, entertainment and video.
We would like to provide you with the brief history of TELUS to highlight major landmarks in its recent history. In the year 2009, it acquired Black’s Photography, a chain of small format ...

This is an important source of federal revenue all over the world and a major consideration in planning business activities. The USA imposes one of the highest federal corporate income taxes in the globe. This aspect is through enticement of corporations to outsource where there are more favorable tax rates (Abraham, Howard, Richard, 5). The article focuses on the economic incentives created by taxation of the corporate and further review available evidence of their behavioral impact.

History of Corporate Taxation

The 1894 Revenue Act established the principles of taxing available corporations in a way that is separate from their owners. The Federal tax on the ...

Question 1a

This is the benefit which a supplier gets upon selling a commodity. It is calculated as the difference in the amount that a supplier can accept to sell his commodity and the amount which the commodity is actually sold in the in the market.

Question 1 b

The increase in cost of commodity to sellers is seen leads to increase in price of a commodity in the market. If it is not possible to increase the price of a commodity supply curve shifts to the left indicating a decrease in quantity supplied (Depken,26).

Question 1 c

Producer surplus increases as price of a commodity increases.
Question 2a
Company D ...

Government budget provides the projections of revenues to be received and expenses to be incurred by the government in a given financial year. The main sources of government revenue are levies, taxes, returns of government projects and fines. In many cases, the government budget is at a deficit because the amount of expenditure to be incurred is more that revenue projected revenue. Thus, the government has an option of financing the deficit through borrowing or applying austerity measures to cut down its projected spending. The government can also apply austerity measures when debt level reaches unmanageable high level. Everyone ...

Introduction

Governments and nonprofit organizations just like the commercial entities must prepare financial statements, but unlike the commercial entities whose accounting is for measuring profitability, the governments’ and nonprofit organizations’ accounting is for accountability (City of Cambridge Participatory Budgeting, 2016). The nonprofit and government agencies apply an accounting system known as fund accounting, where a fund is made up of several accounts each set apart for a particular purpose in agreement with law and regulations. Unlike the commercial entities which only have a single account called the general ledger for determination of profits, nonprofit and government agencies can have several ...

At present, the number one criminal activity of gangs include drug-trafficking of cocaine and marijuana since it an easy money-making scheme. For the past decades, the legalization of marijuana has been the subject of an enduring debate due to its long term effects in society. However, the lawmakers must consider not only the medicinal benefits of cannabis derivatives, but also its economic prospective and how it can affect the law enforcement agencies. Cannabis should be legalized nationwide to give the public the option to take a holistic approach to the illness instead of using addictive prescription drugs, will generate ...

Many citizens dislike and fail to understand the role of taxation in government. They hope that the taxes would be repelled from the system. These individuals feel that it is unfair for the government to take off a large percentage of their income without considering their opinions and thoughts. Sometimes, they go to an extent of comparing their tax rates in different countries and feel that the tax they pay is exaggerated in comparing to other states. If the government could take off the tax, millions of citizens would match into the streets celebrating the new development. To many people, ...

National or regional government provides a range of public services to its residents, for example, public housing, social security, health care, and social care, and these services are the one referred to as social services. They can either be state or federally funded depending on the budget.
The Texas Temporary Assistance for Needy Families (TANF) Program was formerly known as Aid to Families with Children (ADFC). The purpose of this program is to provide support service in terms of medical and financial assistance parents or relatives living with needy dependent children. Households found to be eligible for the TANF ...

- Cash Equivalents
The term cash equivalents refer to assets held by the company that can be converted into cash within three (3) months. According to the company’s financial statements, the cash equivalents that are held by UPS as declared in their balance sheet are “short term investments” which can be various types of commercial paper. The short-term investments of the company increased from 711M in 2010 to 1,241M in 2011 (75% growth) and then decreased to 597M in 2012 (52% decrease).
According to the company’s year-end financial report the company holds cash and ...

Ch. 8:

Greece is more of a corporatist than a pluralist state because there is a very close relationship between trade union groups and social democratic parties. In fact, the country has very high levels of political realignments in the political marketplace. However, the country has a very narrow level of tripartite bargaining because the country is yet to establish a wage package. The trade unions in Greece are very weak while employer federations are very strong. It is no wonder that the country is yet to establish a minimum wage for employees. New Social Movements have led to the formation of political parties with ideologies aimed ...

Depending on who you speak to, or what pockets of society are examined, the concept of the American Dream is a relative concept. The mantra is depicted as if one works hard and saves money, then one can own a house, a car or two, and have a family with two children. This 1950s invention has proven to be highly reductionist. It paints a picture of the Leave it to Beaver sitcom, where a husband who works from 9 to 5, returns home after a day’s work to be received by a beaming wife, a hot meal and doting children. America is far different than the distortions ...

Introduction

Many companies expand their operations through capital projects. Capital budgeting decisions are critical since capital projects involve a substantial outlay of financial resources. In addition, most of these projects are irreversible. It follows that a company must exercise due diligence in evaluating a proposed capital project before deciding to accept or refuse the proposal. Correct estimation of expected cash flows from the project is key to the sound evaluation of the viability of the project and hence an appropriate capital budgeting decision. This paper explores the costs and items included in the determination of cash flows expected from a project to manufacture golf ...

Members of the National Commission on Fiscal Responsibility and Reform of the United States of America have studied the economic downturn experienced by American families for a long time. They defined the reality of the problem and proposed a solution. They noted that the solution would be difficult and painful. The members consist of people with diverse backgrounds and signify diverse areas sharing a united principle that America’s long-standing financial fissure is indefensible. If the problem continues, the future generation will suffer inevitable poverty in a weak nation.
The moment of truth is a document that tackles the economic challenges faced by ...

Introduction

Tourism is a fast-growing and dynamic constituent of the economy sector in the United Kingdom. Tourism is assimilated into the economic system in such a way that it has considerable direct and indirect impact to the overall performance of the economy. The United Kingdom is a favorite destination for many domestic and international tourists, because of its geographical endowment, heritage, sporting activities and art creations. The United Kingdom is ranked sixth in the world by visitor numbers (Office for National Statistics, 2012). In terms of visitor expenditure the United Kingdom is ranked seventh in the world (Surugiu, 2009).
According to the ...

Bridging Economic Resource Gap

Evaluation of Post-Apartheid Tax Reforms in South Africa
Bridging Economic Resource Gap

Introduction

Critical analysis of South Africa's post-apartheid various tax reforms adopted by the country since 1990 looks at the effectiveness of those policies in bridging the resource gap plaguing the economy. In general, the racial disparities economically remain considerably little changed in review of the centuries of white domination of the South African region and the post-apartheid era through present. The significance of this for the following academic investigation of how tax reforms have or have not proven effective for bridging South Africa's economic resource gap must ...

Financial Reporting

Customer Inserts Tutor’s Name
(30, 09, 2013)
Deferred tax asset is an asset reported on the Statement of Financial Position of a company that will be used in paying taxes for subsequent accounting periods. From financial point of view, deferred tax assets actually reduce the income tax expense for the upcoming periods. On the contrary, the deferred tax liability is an account on the balance sheet which appears because of the temporary differences arises as a result of difference between the profit calculated for accounting purposes and profit computation for the purpose of taxation. In the year end ...

Tax evasion refers to the illegal practices by organizations, corporations or persons, which deliberately avoid meeting the actual tax liabilities. Under the German Criminal Tax Fraud Law, false taxes declaration, failure to or delayed tax declaration comprises a felony, misdemeanor or an infraction, depending on the nature of the act and its gravity, but this penal code allow judges to exercise discretion in the determination of sentences. Intentional tax fraud must be prosecuted as felonies while grossly negligent criminal evasion of tax liabilities is treated as infractions. The law considers all business activities inside or rendered inside Germany are subject ...

While the recession of 2008 has frightened many people because of the seeming inability of many industries to return to a pattern of growth, the widespread panic does not rival the national turmoil that took place during the Great Depression that started in 1929 and did not really end, in the sense that people went back to work in large numbers, until the start of the Second World War. The massive production spurred by that war effort started an economic boom that benefited all classes until a slowdown began in the early 1970s. At that point, a trend of income inequality began ...

Comparing the accounting implications of valuing inventory under FIFO and LIFO methods of a fast moving consumer goods (FMCG) company during a period of rising prices

Inventory constitutes a large part of a company’s assets. Companies use different accounting methods to report inventory and these methods have different implications on income taxes, profits, and cash flow. The two common methods used by companies include first in, first out (FIFO) and last in, last out (LIFO). This paper attempts to analyze the accounting implications of valuing inventory under FIFO and LIFO of a fast moving consumer goods (FMCg) company during a period of rising prices. ...

Individual Assignment

MBA Programme
Issue Date: July 30, 2012
Table of Contents

Table of Contents
2
I.
Introduction and Problem Identification
3
II.
Analysis
4

A.
Calculation of Earnings from Investment in Securities
4

B.
Calculation of Project Cash-Flows
5
C.
Funding the Proposed Project
9
D.
Calculation of Project Cash-Flows
9
III.
Conclusion and Recommendations
10
IV.
Calculations
11

I. Introduction and Problem Identification
The Unit Building Company (UBC) is an established private company ...

Question 1

Analyze the relationship between the marginal cost of capital and foreign investment analysis.
Marginal cost of capital is the cost connected to raising an additional unit of capital. The marginal cost of capital depends on the type of capital that will be used and the associated risks. Marginal cost of capital is important in foreign investment analysis because it is used to determine foreign projects that are to be undertaken and those that are to be rejected. A foreign project can only be accepted if its rate of return is greater than the marginal cost of capital. It ...

Tax that should be paid of the employees is based on their income. In the United States, employees pay taxes through the progressive tax system. It means the higher the income, the higher the amount of tax that should be paid. Taxes are also commonly deducted from paycheck of the employees by the employers (Bernard, 2009). In some cases, employees view tax as a burden due to the high amounts of paper works. However, most of them do not consider lowering their tax burden. Annual tax bill could be legally reduced in several ways. In most cases, lowering the ...

Court allows Wife to consider inherited farm inputs as part of the expenditure of carrying out farming business even when the deceased husband had deducted the same expenditure.
The court held that the petitioner could deduct the cost of all the farm inputs from the 2011 farm income. This is despite the husband tax returns indicating the same cost were deducted in calculating the tax payable in 2010. Thus, the court held that commissioner of internal revenue was wrong to disallow the petitioner from deducting the expense.

Facts

Steve Backemeyer used to carry out farming business while his wife Julie ...

Summary

The principal intention of the article is to find out the effect of state corporate income tax rate cuts on job creation. The author's conducted an experiment trying to establish whether decreasing the amounts of corporate tax helped to spur economic growth which in turn resulted in the creation of employment. The authors of the article analyzed jobs created in economies where the corporate tax was reduced and economies where the taxes remained the same. The main conclusion was that reducing the amount of corporate tax paid enabled firms to hire more workers, which in turn resulted in more ...

Now the most advanced integration Union is the European Union, the main forerunner of which European economic community was created in 1957 by the Task that stands today in the EU during the agenda - formation and strengthening of economic, monetary and political Union of member countries. Integration in the EU affects almost all aspects of relations between member States of the European Union - politics, Economics, social and cultural sphere.
The relevance of the study due to the importance and special role of tax harmonization in the framework of deepening European economic integration, the development of the unified ...

Introduction

An organization is regarded as an entity that is made up of people with a collective objective and is connected to the external environment. Hence, a business organization is a group of people collaborating to achieve a commercial objective (Handy, 2005). Toyota Motor Corporation is a Japan based auto manufacturing company with its headquarters in Toyota, Aichi. The company was ranked as the 13th largest in the world in terms of their revenue. It was the largest automotive manufacturer in 2010 ahead of the Volkswagen group and the general motors in terms of their production. The Toyota motor company ...

The Real Economy in the Long-Run: Apple Inc., Case

Apple Company is one of the leading computer and electronic products company globally. These products are vital in determining Canada’s future living standards. These products are instrumental for future growth despite Canada’s resilience to the global financial crisis (Wessels, 2006). There are procedure and policies by the Canadian government that will boost productivity which is a measure of efficiency in producing goods and services using economic resources; this will enable the Apple products to sell and this include;
Government taxation, corporate tax on the ICT products has changed for the better over the past years, becoming less ...

Business Law

Business Law
The most important aspect when launching a new business is to determine the type of business structure to be able to make the business a successful venture in view of the legal and tax implications that are part of the selected business structure. The six types of business structure shared on U.S. Small Business Administration (2016) website are as follows:

The most basic form of business type and is owned by one person, form a legal standpoint the business has no separate legal identity and the owner can be sued in their own name and the owner ...

Introduction

Capital structure refers to a company’s alignment of the long-term and short-term debts, common equity and the preferred equity. The term also include the analysis of how the company decides on how to allocate the cash flow into various components including a portion that is allocated to meet the financing needs of the debt capital and the other portion that is allocated to the shareholders as part of the dividend. Capital structure is a subset of the financial structure. Financial structure refers to the relative proportion of the various sources of finances that are used in the business ...

Corse Lecturer

There are big changes that have occurred in the economy over the years. Some positive and others negative. A large number of people now are enlightened on issues related to the economy and are involved in investment. More businesses are growing and resources are continuing to be strained. Greed is common as many people aim to have a large pool of resources at their disposal to grow their businesses as well as finances. There are now many economic vices that are stunting the growth of the economy. This paper will look at some of the economic issues today and ...

Homestead exemption meant that peoples’ homes would not be taxed at a full charge although some of their households could be tax-free. In Texas, the current family exemption is $15,000, meaning that if one’s home tax is valued at $100, 000, they would only pay taxes of $85,000 (Texansforprop1.com). Proposition 1 would extend that exemption, meaning that one would even pay less tax than their actual house value.
Proposition 1 achieved four things. First, it ensured that property tax was decreased by increasing the homestead exemption from $15,000 to $25,000. Second, it ensured that ...

Consumption tax refers to levies on goods and services while income tax refers it the income based on income from capital or labor. The consumption tax closely relates to sales tax only that it is not regressive. The shift from income tax to the consumption tax would have various effects on nation's savings.
Since consumption tax is not punitive to the citizens, it tends to encourage spending. As a result, the country would have an increase in the total savings. However, one needs to note that the individual savings are not per se free taxes. Fundamentally, when investors save ...

Since the dawn of industrialization, reducing the poverty levels has been a common challenge across nations. Poverty is the unrelenting duty of trying to survive. It is the regular hustle to make ends meet. Some of the few things that can define poverty involves lack of the basic needs such as food, clothing, shelter, security and education, which are vital to human life Poverty, is a worldwide concern, which has affected not only developing countries but also industrialized ones. For instance, the United States being one of the prosperous countries in the world has one of the uppermost levels ...

Identify different users of accounting information and discuss the varying information needs of these users.

Users of accounting information are both - internal & external to the company in question. Internal users are the primary users of accounting information. They are company managers, employees and proprietors. Managers make use of the accounting information for analysis purpose regarding the company’s output and ranking so that suitable measures could be taken for bettering company performance. Next-in-line internal stakeholders are company employees. Their information needs are different from that of company managers. They use company information for measuring the earnings made by the company and deriving results thereof for relating with their future income and job safety; ...

Short Essay 1

The Federal government could not have their taxes collected, unlike the individual states. This then led to high taxes being charged due to the existence of the state income tax only. The taxes being collected were at a high rate.
Under the Virginia Plan, the local or states were the strongest as compared to the Federal. It was proposed by a representative from Virginia and would have three separate branches of the Federal government that were the legislative, executive and judiciary. The branches were then broken and each given their duty to carry out. There were different styles of ...

The idea of free education is quickly becoming a controversial and much debated political topic throughout the world. Social media and the internet have provided people with a platform in which to express their opinions about whether or not education should be free for all without compromising quality. This topic originally interested me because I come from a country where education is free and where everyone has the opportunity to go to college or university regardless of economic status. In fact, I am in the United States right now because the government of Saudi Arabia has a multi-million dollar ...

M 3/7 Topic: What kind of cultures were at war during 1920s?
During 1920s two types of American cultures were at war: urban culture and rural culture. New urban culture was centered in cities and had such features as religious and ethnic pluralism due to immigration, new forms of mass entertainment (radio and motion pictures), liberated sexual rules. Rural culture concentrated in rural areas of America considered new urban culture not as an expansion of freedom, but as a threat to traditional values, religion and understanding of American freedom. An example of cultural wars was the Scopes trial (teacher ...

IMMIGRATION – WHAT IS TO BE DONE

Introduction

Illegal immigration is defined as an act of crossing the country’s border by foreign nationalists without the permission or any official documentation presented by the government to migrate into their country. Illegal immigration is a direct violation of the law of United States of America that is majorly affected by this issue (Bryan and Nancy, p.2). As of 2012, the illegal population in the country is estimated to be around 11.4 million people that is approximately 3.5% of entire U.S. population. Around 59% of these illegal immigrants ...

Since the ratification of the United States Constitution in 1789, there has been persistent controversy over the rights of the states vs. the rights of the federal government. At times, the controversy has taken the shape of a power struggle. There are three specific factors that have given the federal government its immense power, and in light of the ever-changing interpretation of the Constitution, it becomes easier to see how national power has come to the forefront.
The Constitution created three branches of national government that have both a large scope and powerful reach. The Executive Branch, i.e. the President, ...

This Paper was prepared for_________ taught by___________

Introduction. Interpreting financial statements (FS) requires a thorough understanding of basic principles of accounting and reporting. This paper discusses such concepts as accounting equation and basic formats of FS, role of international financial reporting standards (IFRS), US Generally Accepted Accounting Principles (US GAAP) and The U.S.Securities and Exchange Comission (SEC) in the reporting process.
Principal financial concepts. US GAAP are a set of accounting standards used by US companies for financial reporting. They are introduced by the Financial Accounting Standards Board (FASB) in compliance with SEC regulations and FASB mission of setting and improving principles of accounting and reporting which ...

Income Tax SLP2

Income Tax SLP2

Introduction

The initial income statement of Nybrostrand Company does not reflect year-end adjustments to be made. On making these adjustments, final version of the income statement is prepared for the period ending 31 December 2014 in accordance with US GAAP.

Adjusting entry: inventory

As the purchase of products worth of 42,500$ has not been effected by the client, and the sales account has already been adjusted for the amount of the revenues for these goods, cost of goods sold (COS) should be adjusted as well in accordance with matching concept (FASB,1985). The adjusting entry will increase year-end inventory ...