Financial Statement Restatement Paper free essay sample

It is well known that over the past decade the amount of errors being discovered within the financial statements of publically held companies has risen. One such error was announced by the internet sales company Overstock. com in early 2009. Due to an accounting error, partners of the company were under billed by $1. 8 million dollars over the course of 2008. Overstock chose to record this entry incorrectly which falsely ballooned the companys revenues; in turn, causing them to record an incorrect profit of $1. million for the year ended December 31, 2008. Had this entry been booked correctly and within the guidelines of the generally accepted accounting principles (GAAP), Overstock would have recorded its earnings correctly, showing a loss of $0. 8 million. To make matters indefinitely worse; this was the second issue dealing with Overstocks financials in less than six months. Chris Kanaracus of the Journal, Computerworld, stated that problems had risen with Overstocks software and network provider Oracle in which Overstock employees did not properly hook up certain wires and when manually trying to fix the issue, some of these wires were verlooked. We will write a custom essay sample on Financial Statement Restatement Paper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These seemingly small issues turned into a rather large problem that caused Overstock to have to restate its financials all the way back to 2003. For the restatement of the year-end 2008 financials, several accounting principals were violated. First is the principle of revenue recognition. The revenue recognition principal states that revenue must be recognized in the period the product or service is sold or rendered. Since the partners should have been billed in previous periods, the prior period statements should have been adjusted to show this change. Another rincipal not adhered to was the principal of conservatism. Conservatism, in general, states that when two or more options are available for recording an accounting transaction, the more conservative route be taken. In Overstocks case there were two options; the right way and the wrong way. Overstocks management made a bad choice and definitely not one that lingered anywhere near the conservative side. SEC Staff Accounting Bulletin No. 99 has several criteria that list whether or not a transaction should be deemed material and corrected amongst the prior period statements. Some of this criteria is; 1) whether the misstatement masks a change in earnings or other trends, 2) whether the misstatement hides a failure to meet analysts consensus expectations for the enterprise and 3) whether the misstatement changes a loss into income or vice versa. It is clear that the transaction to correct the forgotten billings in the amount of $1. 8 million should have, without a doubt, been recorded in the prior period financials in which the billings should have taken place. This error along with the mistakes of Overstocks staff when implementing its oftware has caused much distrust in the public eye regarding the company as a whole. Stock prices have fallen and for that, the stockholders have paid dearly. Todays economy is unkind to that of companies who abuse its investors trust. the general accounting standards this country has put into place and management that will adhere to these standards and ensure the companys financials remain free from misstatement going forward.

Education of People with Exceptionalities

Education of People with Exceptionalities Organizations are increasingly revolutionizing their management styles to meet the demands of the changing society. One of the concepts that have continued to gain currency is systems thinking. Systems thinking is the â€Å"process of understanding how things, regarded as systems, influence one another within a whole† (Hardman, Drew, Egan, 2012, p. 162). The principle is that each organization is a system of interdependent parts that work in harmony to achieve the desired goals and objectives (Meadows, 2008).Advertising We will write a custom report sample on Education of People with Exceptionalities specifically for you for only $16.05 $11/page Learn More In an organization that comprises people, processes and structures that work in harmony in the whole organization, problems that arise are solved by viewing them as part of the entire system. The functioning of one part of the system can best be understood by looking at it in the context of other p arts (Hardman, Drew, Egan, 2012). The United Methodist Church can be used to illustrate how the concept of systems thinking is applied in church organizations. The United Methodist Church believes that the church as a system, as much as God created the world as a system, with both internal and external components. As an open system, the church draws its members from the external environment, processes them through various training programs, and then releases them back to the environment where they will preach and win more church members for the growth of the church. When new members come from the environment, they are ignorant about the regulations that guide behavior in the church. These people come in after being converted, while others come in out of their own volition. Outreach and evangelistic ministries are responsible for bringing in new members. Once they get to the church, the converts are socialized in the ways of the church. Among the church programs in place include Bib le study, new believers’ classes, intercession groups, baptismal rituals and practices, among others (Hardman, Drew, Egan, 2012). Some are given vocational training as a way of developing them as useful members of the church and the outside word. Conversely, the church relies on the members for revenue in terms of tithes and offerings. These are the funds that are used to maintain the preachers and other church workers. After being equipped with skills and the ability to conform to the ways of the church, the members gain the competence needed to go out and preach to others who get converted and join the church. The cycle of events continues. Some of the converts, upon reaching maturity and with a calling from God, opt to set up other United Methodist Churches in other parts of the world, leading to the expansion of the church.Advertising Looking for report on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More From t he foregoing, it is evident that the United Methodist Church espouses system thinking in its operations. If any part of then system malfunctions, the entire system will grind to a halt (Hardman, Drew, Egan, 2012). If the evangelist component of the system fails to effectively evangelize and bring in more members, the church will fail to grow, and may eventually collapse. If the pastoral or apostolic department fails to teach the new converts to be grounded in the doctrines and practice of the church, the result will be weak church members who cannot be relied upon to evangelize for the growth of the church. The church as a system carries out periodic evaluation exercises to determine the effectiveness of its programs, and take corrective measures where need be. System thinking in the United Methodist Church has been made possible by the kind of structure that has been put in place. The Episcopal polity ensures stability of the entire church. There are sub organs charged with the re sponsibility of managing certain aspects of the church. All these sub-organs work together to achieve efficiency and communication plays an important part in coordinating their activities. The Bishops are in charge of the conferences, but do not operate independently. Components of the United Methodist Church can, therefore, be seen to be highly interdependent. Reference Hardman, M.L., Drew, C.J., Egan, M.W. (2012). Human exceptionality: School, community, and family (11th ed.). Boston: Cengage Learning.

Superstructural Methods & Processes Essay Example | Topics and Well Written Essays - 2000 words

Superstructural Methods & Processes - Essay Example Half frame does not require heavy steel. Several decades ago when there was plenty of lumber, houses and barns were framed in full frame. These frames had solid and heavy steel that were tinned, mortised and pinned together. However, the scarcity of lumber that has been a characteristic of the modern times has influenced the construction of houses or structures with half frame style (McEwan, 2007, p 273). Half frame does not require heavy steel. In addition, it uses more nails and planks. Many buildings constructed in the modern day are constructed with balloon framing inside the houses and plank framing in the barns. This paper will analyse the superstructure processes, requirements and other methods that are used in building. Main forms of construction in a storage warehouse The Warehouse space type is designed in a way that allows the storage of goods and other equipment. When constructing a storage house, constructors pay attention to the requirements that are needed by the floor in place. There are many different types of concrete floors. This means that there are many methods of laying these floors. In addition, when constructing storage houses, constructors have to pay attention to the environment used. The environment determines the method to be used and the floor to be laid in a storage house. Precision must always be one of the most important factors to be considered when constructing a storage house. The space, shelving and the storage facility influence the construction of storage houses with respect to materials and adjustments to be considered in the construction process. A competition swimming pool Design The design used to make the recirculation system is critical in a competitive pool. The system must also deal with water displaced by swimmers, also known as static surge and waves with kinetic surge during competition. The water should be returned through the pool bottom in an up flow system that displaces the water evenly without putting preju dice on any one competitor. Lighting is significant to competition because it judges distances and evaluates the position of other competitors. Lighting can be provided by in-pool lights, installing of ceiling fixtures or natural sunlight. The minimum illumination for indoor pools should be 215 lux and outdoor pools must be at least 110 lux. All in-pool lights are placed to the sidewalls during competition. In modern pool design, movable bulkheads are necessary to accommodate the variety of competitive requirements. Construction schedules of a superstructure Construction schedules help in superstructure methods and procedures in different ways. First, it helps to assign dates to activities of the intended project. Project scheduling also helps to match the resources provided for construction equipment and labor provision of project. Scheduling can also eradicate problems because of construction holdup (Hannon & et.al, 2007), p 101). The diagram below shows the procedure followed whe n developing a construction For the facilitation of early clearance of

Memo to Paul Taylor - AM Equipment Term Paper Example | Topics and Well Written Essays - 1750 words

Memo to Paul Taylor - AM Equipment - Term Paper Example One of the major steps that AM should take is to prepare going global. This entails establishing of various managerial positions that will be responsible for overseeing effective distribution of the products in the new markets. In its efforts to enter the three foreign markets, AM should establish an export sales department. Based on the fact that the company is currently based in US, the export sales department will ensure linkage between the production facilities is US and the sales outlets in the three countries. Additionally, AM should employ skilled marketing managers who will be responsible for overseeing the company subsidiaries located in the foreign countries. One of the advantages of the export sales department and the hiring of experienced marketing managers is that new policies such as effective pricing, extensive promotion and creating strong customer awareness will be created. For instance, the company will emulate penetrative pricing policy (Joshi 47). Through this pol icy, AM will enter the new markets using low prices without compromising the quality of its products. This will ensure that it acquires large customer base. However, the company will need more financial resources to cater for the marketing managers wages. ... After preparing to go global, AM should find the right market that will provide ready market for its products and skilled human resources. One of the key factors to consider is the population of the foreign countries. Additionally, the company should take into consideration the competition, political stability and regulatory environment among other factors. Being one of the developing economies with large population, South Africa is a viable country that AM should enter. In the same way, Britain and Australia have strong economies and high customer’s purchasing power thus proving a market opportunity that will enhance the sales and the profitability of the company. It is also vital to note that in order to encourage investments, South Africa, Britain and Australia have flexible regulatory environment that is essential for foreign direct investments. For example, South Africa has entered into double taxation agreement with US. As a result, AM will not face a lot of taxation cha llenges that may hinder its operations in the country. Additionally, South Africa taxation for foreign companies stands at 35% which is not so high. One of the major aspect that make the three countries viable markets that AM should consider is that they experience political stability that is essential for foreign and local investments. Even though AM Equipment Incorporation will be exposed to stiff competition from the well established firm in the three countries, the company will undertake extensive advertisement and promotion thus effectively putting at bay its competitors. Based on the political and technological development in the three countries, AM will benefit from adequate availability of classical factors of production that includes labor, capital, land and

Main idea and themes of Raphael's 'Madonna of the Meadow' Essay

Main idea and themes of Raphael's 'Madonna of the Meadow' - Essay Example Actually, the triangle represents the unity and responsibilities of the trinity, which is symbolized by the three edges of the triangular shape. In the short film, the painter has passed his message of religious belief to other for centuries since his demise. Apparently, the painter has proved an important point: that painting is one of the ways to pass a message. Moreover, a message passed through painting can indeed last long. Even though there has been an evolution in terms of painting with the modern technology threatening to push others into oblivion, Raphael’s work is still significant. Additionally, Raphael seeks to show the God’s commitment to assisting humankind. The red color is used to signify the inevitable shedding of Christ’s blood while the cross is interpreted as the subsequent death. Finally, the painting of the woman represents Mary, the mother Christ whose are eyes are fixed Christ, the expected savior (Weyant, p.4). In short, Raphael seeks to express his religious affiliation through

Education of Disabled Children

Education of Disabled Children Disability could be visible or invisible, temporary or permanent. The first major and systematic record of disabled persons in Pakistan is available from 1961 census. According to this record nearly 2 percent of the population suffered from all kinds of disabilities, particularly the children of age group 0-14 years after the initial crisis, many parents develop healthy and constructive attitude towards their handicapped children maximum population of Pakistan lives in rural areas so majority of the children are born and brought up there. The overall condition of our villages gives their life as start with multiple disadvantages. They suffer from illness caused by malnutrition and non-hygienic condition. The situation of handicapped children is far from satisfactory. The causes of this tragedy are poverty, ignorance, malnutrition, poor housing facilities, inadequate healthcare and environment act as a catalyst for infection. Good physical and mental growth can not be achieved in an e nvironment where there is poverty and misery, food and shelter is inadequate and health services are either lacking or extremely inadequate. The adverse social, economic and environmental conditions can be considered responsible for the poor intellectual performance of many children, who in more favorable environment could develop abilities within a spectrum. (David, 1978) Education of the disabled children was considered as useless exercise. The assumption was in past that a disable person could never become an integral member of the society. Persons with professional expertise to teach disabled children were not available and there was no infrastructure to support the education, training and rehabilitation of special children. The time has changed and the education of disable has started with a focus. A gradual realization has emerged that the education of a disable child is as important as the education of an able bodied main stream child. (Ali, 2003). One-quarter of the teachers believed that they had sufficient classroom time for inclusion efforts, that they were currently prepared to teach students with disabilities, or that they would receive sufficient training for inclusion efforts. These findings were interpreted as support for the assumption that teachers viewed students with disabilities in the context of the reality of the general education classroom rather than as support for the prevailing attitudes about integration. General education teachers thus demonstrated certain reluctance about inclusion that must be addressed if such a policy change was to be successful (Welch, 1989). The emphasis on special education as a place deflected attention away from the fact that special education was a more comprehensive process whose actual dynamics were major contributors to its success or failure A significant part of the special education process was represented in the beliefs and actions of general education. An integrated system means that special education cannot act independently as a separate system, but must formulate policy in response to the attitudes, perceptions, and behaviors of general education (Gallagher, 1994). Consideration for the needs of students of special school is the most central aspect of special education. It not only help teachers to plan, devise and implement modified curriculum but also guide them to create congenial classroom environment, set individual educational plans, arrange suitable educational resources, adopt effective teaching strategies, and select appropriate evaluation methods to improve the learning out comes of special children. Parents themselves take their disable child to special school where the school staff access their needs without following any standardized method for assessing the level of childs disability. Consequently, a very little detail about the special educational needs of the assessed child is available which is not sufficient for teachers to devise effective educational plans and arrange appropriate resources for such children (Coenen et al 2006). The issues concerning education of handicapped children and sociological view are globally highlighted by social scientist. The complexity in the nature of problems has further demanded prudent efforts especially in traditional societies of developing countries. Dera Ghazi Khan remained remote and deprived district of Punjab in terms of resource allocation yet the existence and sustainability of special education centers will determine the socio economic status of handicapped children. The evaluation of centers will help in determining the needs and problems of these helpless population strata. In this regard the present study will be contributing a substantial part in improving the efficiency of services provided to handicapped children. Mext (2002) explored that education system for children with special needs was shifting to special support education at the beginning of the 21st century. Ministry of education, culture, sports, science and technology mentioned that the special support education is a primary catalyst for the progress toward an equal opportunity society for all children including individuals with disabilities. The main principle of special support education is meeting individual needs of each child. A lifelong support system shall be developed through co-operation among every sector in society to promote childrens autonomy and participation in all societies. Ali (2003) studied the maturity of special education system in historical perspective and the nature and put some measures for its improvement. In her study she designed various instruments and conducted interviews of the special educators, support professionals, parents of special children and special persons. She found that the parent involvement in the education of special children is at minimal. A part from this she also concluded that majority of parents of special children of all categories and special persons are not completely contented with the education being given to their children. She also concluded that the role of non-government organizations (NGOs) was very large in the improvement of special education in Pakistan. Alam et al (2005) studied the behavior of parents towards physically handicapped children in Islamabad city by interviewing method. They found that a major proportion of the respondents had intermediate to graduation levels of education. About 30% of the respondents children suffered from deaf and dump and blind. Majority of the respondents said that their children were physical handicapped since birth. Kitcher et al (2005) studied that behavioral disorders were not only very distressing to multiply handicapped patients and their families but also had a negative impact on their learning at school or other facility, peer relationships and social competence, so more attention should be paid to diagnose (detect and classify) and aggressively treat behavioral disorders by pharmacological, educational and environmental interventions. Kazimi (2007) reported that in Pakistan, three systems of Education at present operate 1. Normal schools 2.Special Education Schools and 3. Inclusive Schools. In the last named special students of only the lower classes were accommodated. She argued that problems associated with working environment in Pakistan were wide ranging and have very severe effect on the personality of the person, especially when working with children in special setting or in inclusive settings with mental retardation or physical impairment. Further more, Teachers very often feel stress due to professional demands and ambiguous job description, parental pressure, non-supportive behavior and lack of student motivation. Similarly, Teachers working in mainstream inclusive education setting feel less stress. Molnara et al (2008) reported the education of the forthcoming generation was always a difficult task and this was particularly true for those educational institutes where students requiring special treatment were educated. These students were often educationally challenged, mentally challenged or multi-challenged. They present an international co-operation lasting for three years whose prime goal was to construct non-language-dependent software for handicapped children. They introduce the institutions taking part in the development, the process of the programs creation, the steps to apply the program and the possibilities and methods of improvement. Rao (2008) studied the persons with disabilities enjoyed co-existence, though at special times, the behavior and attitudes were at variant. An intellectual disability poses greater challenges than the other types. The families of persons with intellectual disabilities did also have needs different from others, which cannot be segregated from the needs of children with intellectual disability. The National establishment for the Mentally Handicapped had developed many service models and contributed headed for human resource development and research. National Policy has also measured as vital progress of human resources for providing education to all children with disabilities in the common education stream. Many milestones have been left behind in the path, major achievements have been made and opportunities have been formed for the disabled. Fletcher (2009) studied the students with a classmate with serious emotional problem incident reductions in first-grade test scores particularly students in low-income schools and within schools using school-level fixed effects condition was qualitatively parallel. The importance of the decline in mathematics achievement was approximately 30-60 percent of the size of the adjusted black-white achievement gap. Since nearly 10 percent of the student population has a classmate with a serious emotional problem, the total effect on test scores of the procedure of including these students is potentially quite large. Nabeel (2009) stated that Department of special education Allama Iqbal Open University (AIOU) through distance learning system offers study/training at graduate, masters and Ph. D. levels. Teachers were equipped in 6 specialized areas of visual mutilation, physical disabilities, hearing impairment, intellectual disability, learning disability and inclusive education. Each student is assigned to a teacher who is a subject specialist. The special teacher training model through distance education method is highlighted. Pasha (2009) assessed that no standardized method is being used for special education. In Pakistan International Classification of Functioning has emerged as a standardized method for measuring health and disability at both individual and population a level. He explored the scope of ICF in the field of special education and has established links between ICF categories and curriculum areas, classroom activities and learning objectives for improving the quality of education. Further research has been recommended to find solutions to overcome the initial problems in adapting ICF framework in the field of Special Education in Pakistan.

The Navy Of The Civil War :: essays research papers fc

  Ã‚  Ã‚  Ã‚  Ã‚  The Civil War consisted of many legendary battles over the soil of the United and Confederate States of America, which will be retold for generations in history books. Although these land battles were indeed great, the concept of this paper will be the Naval warfare of the Civil War, paying certain attention to the battle between the Monitor and the Merrimac.   Ã‚  Ã‚  Ã‚  Ã‚  Neither the North nor the South was prepared for Naval activities at the beginning of the war. In order to better prepare the Navy for war, three new designs were put into action for future ships. The most successful of these designs was the Monitor.   Ã‚  Ã‚  Ã‚  Ã‚  The South was at a disadvantage to the North throughout the war. The South was at a lack for manpower during the war, since most of the seamen in the US Navy were from the North and therefore stayed with the Union when the southern states seceded. The South was also found disadvantaged for iron plates for ship armor, since there was only one establishment in the South capable of producing them.   Ã‚  Ã‚  Ã‚  Ã‚  The South, knowing their disadvantage in numbers, made the call for commerce raiding of northern ships. The southern government encouraged privateering of northern ships. This privateering would help take the burden of building up the Navy off the government, since privately owned ships and sailors would be assisting the Confederate war goals.   Ã‚  Ã‚  Ã‚  Ã‚  The response of the North was the blockade on the southern states. This dealt a similar blow to the South that privateering would cause to the North: the loss of supplies. Since the south was a primarily agricultural area, they had few factories to produce war supplies. The goal of the blockade was to cut any supplies and allow the underdeveloped southern states to run out of war goods. Fortunately for the Confederacy, their large coastline was very difficult for the Union Navy to completely blockade.   Ã‚  Ã‚  Ã‚  Ã‚  In measures taken to trade in spite of the northern blockade, blockade-running was employed. Fast wooden ships were used to slip by the blockaders to carry cotton to trading nations in exchange for badly needed war supplies. Blockade-runners did not help the Confederacy with supplies, however, as trading luxuries, such as jewelry and brandy, were more profitable. An act was passed to prevent the import of these luxuries, but was rarely enforced. As a result, the runners succeeded in wasting the slender supply of trained seamen on the imports of useless materials for war.