Essays on Prudence

Abstract

The narrative report is prepared to provide a clear understanding of the prudence concept and historical information attributed to this concept. The prudence concept was applied in 1989 that was not included in the external references of 2010. The IASB observed that the concept was missing or ignored, so they provided an amended definition of the prudence in accounting. The significance of the inclusion of this concept is necessary to provide a clear and complete view of the financial position of users. The prudence concept is related to neutrality and conservatism, so it is badly affected by the adverse ...

Introduction.

The prudence concept has been an area of controversy, especially in accounting standards as there have been conflicting ideas on its relevancy and its desirability as a useful tool in the field of financial reporting. There has been a need to develop the prudence concept to suit financial reporting needs both in the contemporary context and in the future. A conceptual framework that incorporates the use of accounting practices that ensure consistency, coherence, acts as a guide to financial reporting and is easily understood by users is what is required for financial statement users.

Issue of prudence.

Over the years, there has ...

American nationalistic Founders sought to describe and define national good that transcended prejudices and local interest. This national good would encompass merits of self-defense and wealth that were to be realized by the active participation of all Americans in a large commercial nation that could be able to defend itself in an ever changing and unpredictable world. It was only by the use of the constitutional rule of law that national interest and America’s higher purpose would be attained. This higher purpose would involve demonstrating to mankind that self-governance was feasible, and sustainable justice would be the ground ...

Undeniably, ethics is the core pillar of any organization. Business organizations that do not observe business ethics are highly prone to collapse mainly due to poor performance. Ethics entails the principles by which organizations execute their functions. Appropriate professional skills, high level of integrity, prudence, and practical management are essential for the organization’s success (Gross, Negus, and Ceng, 2000). Business managers require a high level of commitment to help them create and foster a favorable business environment necessary to maintain prudence in conducts. Also, such an environment should promote ethics and discourage fraudulent activity. However, unscrupulous managers exist ...

Personal Ethics

There is absolutely no doubt for me that any contemporary society requires ethical values to be observed by everyone. These values are necessary because they would serve to regulate the relationship between people and set some particular rules of accepted behavior. Besides, basic universal values are already spread all over the world. Living in a society we are all interdependent. If I can rely on people around me, I am able to move forward without any feeling of fear or suspicion. Moreover, I am able to learn from these people how to be consistent, I learn what it means ...

1. The word “philosophy” means in Greek “the love/pursuit of wisdom” – considering the first Greek philosophers (the Pre-Socratics), what propelled them to pursue a new kind of “wisdom”? What were they unsatisfied with?

The pre-Socratic philosophers were referred to as physiologoi, meaning physical or natural philosophers. They sought to provide natural and rational justifications for various occurrences. The “essence of things” propelled them to pursue new king of wisdom by posing questions such as; where does everything come from? Can nature be explained mathematically? From what does everything emanate? As such, their concerns were ontology, mathematics, and cosmology. They were unsatisfied with the mythological explanations to the occurrences that were being experienced during their time and sought to provide reasoned explanations to natural occurrences.

2. How are the concepts of Lack (Poverty) and Resourcefulness (Resource) pertinent to Philosophy (and Love, according to Plato)? What does the philosopher lack, what resources does he/she have that enables him/her to attain what is lacking?

The concept of love depicts the fullness ...

The juvenile justice system is a foundation in the society which is granted responsibilities and power; it mirrors the adult system of criminal justice in that it also has three basic components like the adult system of justice. Its components are courts, police and corrections. The juvenile justice system brings the juvenile delinquent in contact with the court system if found guilty and the local police. A police officer is the first contact that a juvenile offender has with the juvenile system. He/she is considered the gate keeper of the juvenile system. Police officers are the most visible officials in the ...

The Constitution rests on a proposition of all constitutional governments through the definition of limited governments. It adds that constitutions are legal and not simply political limitations to the government. There are considerations by various anti-thesis on the arbitrary rule. The contrary imagery to this is despotic government for which the government depends on willingness above law. As the constitution declares all men equal, what is the connection between equality, liberty and happiness? Liberty and equality are incompatible concepts that tend to conflict at most times. Liberty means being free from interference and this is what has driven liberalism especially ...

Business Law

Business Law - The three ethical frameworks discussed by Halbert and Ingulli (2012) include free market ethics, utilitarianism and deontology (rights and duties). Free market ethics focuses on the main objective of the business to be profitable. In this case, the manager has the sole responsibility to improve the value of investments from shareholders. Therefore, if the manager fails to run the company, he is answerable to the company owner. Money-making must also conform to the fundamental rules of the society. For example, there is a growing demand of oil all over the world, while there is renewable energy, ...

Law 4900

4:10 pm Introduction In the United States (US), the judiciary holds the authority to conduct constitutional decision-making, in which they interpret the US Constitution accordingly whenever they confront specific cases that involve its provisions. There are at least three approaches to constitutional decision-making: originalism, living constitutionalism and minimalism. Each of the three approaches of constitutional decision-making have different ideological bases – originalism deems the meaning and intent of the framers of the US Constitution as important, living constitutionalism takes into consideration the various societal changes and minimalism emphasizes the importance of case-specific interpretations, being perhaps the most moderate ...

Aristotle ethics refers to the category of practical science, its purpose is not an abstract theoretical knowledge, but doing things. Ethics, therefore, does not apply to an accurate knowledge of her subjects rather vague and full of uncertainties and, therefore, are understood enough about. One cannot demand - says Aristotle - the same rigor in the proofs of geometry and rhetorician. The subject of ethics is good, then, to aspire to every action and every choice (προαίρεσις). By its purpose, and directed all good art, so a lot of these goals, but some art are subordinate to other, that is. E. ...

[University]

Sunshine Skyway Bridge Disaster of 1980 – An Engineering Failure

Highway bridges on navigable waterways are at risk from vessel collision. Since they are primarily built to let vessels pass through, design considerations should include the probability of a major collision of its structural members from a passing vessel. There are several factors why vessels may come in contact with a bridge’s structural member. The deviation of a vessel from its path may be caused either by human error, mechanical error or may result because of adverse environmental conditions. Indeed, the collision of M/V Summit Venture with the pier of the Sunshine Skyway Bridge was due to poor vision because of a “ ...

- Introduction of the religion The Catholic Church was instituted by Jesus Christ. The word “Catholic” means “universal” (Norman, 2007). “Love Godand love your neighbor” (Mark:12:29-31, The New American Bible). These phrases sum up the teachings of Jesus Christ which Catholics make as their guide as they live their lives following Jesus. At present, the Catholic Church is headed by Pope Francis from the Vatican. The pope is the vicar of Jesus here on earth. The leaders of the Catholic Church are the bishops and priests. They are tasked to spread the teachings of Christ and manage parishes, ...

The Act, otherwise, referred to as Obamacare is intended to provide millions of uninsured Americans with affordable healthcare services. However, from a business perspective, the Act has a number of repercussions on both the non-profit and for profit organizations that engage in the provision of healthcare in America. This paper shall discuss the aspects in relation to the recommended Accountable Care Organizations’ approach as opposed to the service based payment approach. The former is intended to change the manner in which payment for healthcare services would be managed with the spirit being to concentrate on the quality rather than the quantity ...

Changes in my perspective regarding project management

Project management is a task that is constituted by proper integration of a number of interrelated activities. The different portions that are combined to build up a complete project are referred to as the work breakdown structure. Initially, I viewed project management as one huge task that a project manager has to carry out single-handedly. Considering of my perspective, the project manager would be involved in all the stages that a project had been scheduled follow. Provided the project manager has the vision and motivation, the project would terminate successfully in respect of time and objectives. However, after the simulation, I have acquired further ...

The financial crisis hit the entire world threatening the conservatively stable economies and having negative effects on both the developed and developing nations. Some of consequences still continue to haunt the world today in the wake of the Euro Debt crisis and the financial meltdown in the American economy. These occurrences have triggered a re-examination of the market system with the liberal enterprise system in the United States of America incurring some blame. In reaction to that, the American Congress in 2010 passed the Dodd Frank Wall Street Reform and Consumer Protection Act. The Act among others things introduced tough ...

Part I Key concepts of the article: How to Fix Executive Compensation, by Alex Edmunds

The article centres on the concept of managerial control at the executive level. The author begins by noting the fact that managers at the executive level deserve to be compensated. Through this, the author shows his appreciation of the role of compensation in employment circles. However, the author cautions that the centrality of compensation in terms of the send of packages or retirement perks should be appreciative of the long and short term interests of the company. In that vein, the author suggest that firms should leverage on the compensation package to the executives for purposes of demonstrating lessons ...

[Writer’s Name] McDonaldization of the U.S. Court System

Introduction

The McDonaldization representation is an undemanding systematic perspective to what has been believed a flourishing game plan, therefore pointing to the extraordinary value and development of the US court system this plan has been titled after. The model of McDonaldization is consisted of four important conceptions: predictability, efficiency, calculability and control. There is the term McDonaldization that was emerged by Maryland University professor and, sociologist George Ritzer, to signify the mixture of current day 20th century US functions for example scientific supervision, bureaucratization and assembly line manufacture. The achievement of ...

Abstract

Historical cost accounting refers to the accounting method in which only the original costs of assets, liabilities, revenues or expenses are recognised. This means the method is silent as to the effects of depreciation, inflation, time value of money among other things. Much of the arguments for and against the historical cost accounting method can be divided into two, academic and practical reasons. The academic arguments resonate around issues of integrity and rationality while practical argument consider the fact that decision making uses accounting information and the overall need for accuracy in decision making. Its pros include the fact ...

Gaius Marcius Coriolanus-a Roman general existed in the 5th century BC. He was named Coriolanus due to his huge contribution in the Roman siege Corioli’s Volscian city. He was later promoted to a rank of a general. Historians readily accepted that Coriolanus was one historical person. Owing to this, historians such as Livy, Dionysius of Halicarnassus and Plutarch have retold this story. Against the enemy tribe-the Volscians, He successfully led the city’s soldiers. Plutarch affirmed that the Roman aristocracy was represented by Coriolanus. After conquering the Volscians, He gained support from the Roman Senate patricians. He ended up ...

Tartuffe is the most famous play written by Moliere. In the view of many contemporary literary critics, Moliere qualifies as one of the world’s greatest comic playwright (Kasparek, 1977). The other famous play by Moliere is called The Misathrope. The two comprise of Moliere’s greatest pieces. Tartuffe’s plot revolves around wealthy bourgeois Orgon religious piety that almost destroys him but luckily, the pretender Tartuffe is discovered before he completely takes advantage of Orgon. Moliere’s Tartuffe has been a subject of controversy since its writing. The play generated a great deal of discussion owing to its perceived mockery ...

AIG: Between Legally Right and Ethically Wrong

The AIG bailout is one case study that shows that things could be legally right but ethically wrong. It is a case that seem to violate many principles of ethical systems yet the actions of the company were upheld by law. It is ironic because law are supposed to reflect the highest of ethical standards (Ming, 1908). AIG has been one of those companies that are being blamed for worldwide financial crisis that started in 2008. Its officers mismanaged its investments and led to the collapse of the company and many of its investors. Since AIG is such a big ...

Synopsis: This is a five page APA citation style argumentative essay on the 2012 Presidential election in the United States. There are two sources cited. Social Learning Theory by Albert Bandura will be applied in order to assess the behavioral, cognitive and psychological effects on the media viewing public of the intense discourses between President Obama and Republican Presidential Candidate Governor Mitt Romney. The potential implications of the environment on social learning will be explored.

Introduction

The presidential election process of 2012 was a memorable event. This was the election event which had the greatest media attention in American history. This essay ...

Introduction

Generally accepted accounting principles refer to the accounting standards that lay the procedure and method of operations in the larger accounting discipline. In the preparation of accounting information and data, the process ought to be guided by an inclusive framework that essentially encapsulates accounting principles. It should be appreciated that the generally accepted accounting principles do not necessarily give the substantive rules rule procedure; rather, they give the guidelines of operations. The paper briefly discusses some of the essential generally accepted standards and their relation to healthcare finance and reports.

Consistency

Consistency refers to the application of a definite procedure and ...

Tartuffe is the most famous play written by Moliere. In the view of many contemporary literary critics, Moliere qualifies as one of the world’s greatest comic playwright (Kasparek, 1977). The other famous play by Moliere is called The Misathrope. The two comprise of Moliere’s greatest pieces. Tartuffe’s plot revolves around wealthy bourgeois Orgon religious piety that almost destroys him but luckily, the pretender Tartuffe is discovered before he completely takes advantage of Orgon. Moliere’s Tartuffe has been a subject of controversy since its writing. The play generated a great deal of discussion owing to its perceived mockery ...

A Sense of Well-being: An Influence to My Personal Ethics

This essay summarizes my personal sense of well-being that dictates my behavior when faced by ethical dilemmas. This growing sense of well-being in me was firmed up by my reflection of Metzger’s (2011) article entitled The Keys to Integrity and a Sense of Well-being for Accounting Professionals. My insights from the article can be condensed in three key senses, namely, sense of wholeness, sense of purpose, and sense of prudence.

Sense of Wholeness

A person’s integrity is rooted in his sense of wholeness which Metzger (2011) describes as the binding thread ...

Introduction

Ethics, is termed as moral philosophy, and is a branch of philosophy that involves systematizing, recommending and defending the concepts of the wrong and right behavior. The chief areas of the study in ethics incorporate; meta-ethics, which is the theoretical meaning and position of moral propositions and how their true values if any can be determined; normative-ethics, which concerns the realistic means of determining the moral line of action and applied ethics which considers how the moral results may be achieved in particular situations. Meta-ethics is the area, within which ethics seeks to comprehend the nature of normative ethics and ...

What is the Book of Jubilees?

The Book of Jubilees is an ancient religious text which is not part of the Bible but which is deemed to be an apocryphal text which actually covers most of the Ground of the Genesis book in the Bible. It does differ substantially from what we find in the authorative text and tackles certain aspects rather differently. A typical example would be the incestuous relationship that one may find between the son of Adam and Eve, Cain and his wife which is not the case in the Bible but which makes for rather interesting reading. Basically the Jubilees ...

Introduction

Over the recent years, United States economy has indicated a gradual decline resulting to cases of job cuts; which is presently one of the major economic issues in the United States. Increased job cuts by corporations’ poses a major challenge of increased unemployment rates in the United States. The United States seems to be facing a major economic disaster from all major sectors that contribute to its economic development. There is no sustainable economic improvement in major sectors like housing, health services and small-scale businesses.

Major businesses and financial corporations are evaluating strategies to cut down operational and overhead costs in order ...

Introduction

The Prince one of the theoretical writings which have accrued major debates on the applicability of its contents. The prince is a book which was written by an Italian analyst by the name Nicollo Machiavelli. Initially, Niccolo Machiavelli wrote this book the prince in his mother tongue language but it was later translated into a number of languages in order to be understood by interested stakeholders. The prince was written in the sixteenth century and it highly dominated the book industry with it luminous focus on the form of administration and governance appropriate for the best kingdom, country or territory. It ...