Linguistics Essay Example | Topics and Well Written Essays - 1250 words

Etymology - Essay Example Single BMCC understudy. 4) Jun-ho (Male, 28) †Single City understudy 5) Jun-gil (Male, 28) †Married. LaGuardia Student, low maintenance laborer at a bar, 6) Hye-jung (Female, 27) †Single Culinary school understudy Throughout our discussion, we invested the majority of the energy discussing work and family, yet in addition about language. This appeared well and good since we were all Koreans and regularly needed to utilize English. Additionally, work and family are two of the most significant things for us all. In the event that we mindfully tune in to the interpretation, Choong-hoon talked the most. His colleague, Jun-gil, additionally talked frequently. The explanation behind such may be on the grounds that Choong-hoon is the oldest among the men in the gathering. In spite of the fact that everybody ridiculed Jun-gil for just addressing Choong-hoon, he really talked a great deal too. In addition, he most likely converses with Choong-hoon a ton since he is only a visit or who doesn't know everyone yet. In this way, we as a whole needed to find out about him to assist him with loosening up a piece. Then again, Hye-jung, who is the most youthful among the ladies at the gathering, talked the least. It may have been on the grounds that individuals regularly ridiculed her Korean elocution. From that point forward, she stayed silent for a long time. Likewise, on the off chance that we listen cautiously at the translation, at that point it becomes obvious that there are a few examples. For example, individuals were all obliging to Jun-gil, who was not an individual from the gathering previously. So they asked him amenable inquiries about his family and occupation. Between the majority of the others, the style of the conversation was much increasingly extraordinary. Discussions were regularly loaded up with jokes, for individuals were progressively acquainted with one another. Regardless of whether this was the situation, the respectful discussion markers like gracious bba, were now and then utilized. Strikingly, they frequently appeared to be accustomed to making jokes, for they weren’t taken by and by. Besides, there were a few standards for how to hinder or differ with somebody. Difference or interference as a rule obliges the sexual orientation of the individuals present. For example when, Hye-jung didn't talk unmistakably, another young lady said something regarding it first. Choong-hoon then said he suspected as much as well, yet he didn't state it so straight forward when contrasted with the girl’s remark. Likewise when Jun-gil was discussing whether he was working during his significant other's work, Jun-ho, another male, is the person who interferes with him. Be that as it may, there were no repaired rules for bringing another subject. It was simply done when we had all got done with looking at something, yet the most eminent element was that Choong-hoon and Jung-yeon, the oldest among the people in the gather ing, as a rule raised the new point. Given the previously mentioned situation, let’s investigate the phonetic standards and ideas in the talk. To begin with, we’ve took in the different properties of human language in class, and one of them is social transmission. Dialects are affected in by their way of life; subsequently these dialects are not all that straightforward without an adequate social foundation. In the talk, we utilized the words gracious bba, hyeong and nu-na, on the grounds that in Korean, dissimilar to in English, there are various methods of making statements like â€Å"you†, contingent upon how individuals are connected socially, for example, the age holes of individuals. There are even various action words for incredibly pleasant circumstances. In our discussion, Jung-yeon said to Jun-gil, â€Å"It’s extremely hard to address you in a casual manner, despite the fact that you are more youthful than me.† That’s on the ground s that it was the first run through Jun-gil and Jung-yeon met, so

Why was the Washington consensus irresistible in Latin America Essay

For what reason was the Washington agreement powerful in Latin America - Essay Example Inside the current globalized framework, the significance of worldwide political economy and the methods by which choices of monetary significance are locked in, the general degree of pertinence is expanded. As a component of this, the accompanying investigation will draw in the peruser with a comprehension of why the â€Å"Washington Consensus† became so generally acknowledged and settled upon by a reiteration of various Latin American nations. Albeit simply referencing the Washington Consensus, and the determinants that it fundamentally forces, would be a compelling beginning, the examination will likewise coordinate with an inside and out conversation of every one of the 10 focuses which incites the Washington agreement as a methods for understanding a definitive fascination that such a large number of Latin American nations had to this specific financial incorporation and approach (Marangos, 2008). Further, the remarkable downsides and implicit failures that the Washington Consensus will likewise be talked about concerning the manner by which partners inside this specific issue understand that it was to their greatest advantage to acknowledge the Washington agreement even with its inferred degree of disadvantages. ... cit level of comprehension as for world undertakings, global relations, and political hypothesis will fundamentally be locked in and ideally comprehended (Arestis, 2004). History/Background Firstly, before diving into a definitive reason behind why such a significant number of Latin American nations decided to coordinate so completely and totally with Washington accord, it must be comprehended that key large scale financial factors all through Latin America incited and summoned a degree of more noteworthy participation and ability to endeavor an unexpected methodology in comparison to might have been understood that some other point ever (Babb, 2013). When of the 1980s, Latin America, notwithstanding a significant part of the remainder of the world, was all the while reeling from the financial repercussions of the worldwide disquietude that had existed for very nearly 10 years during the 1970s. While the United States, and the remainder of the world so far as that is concerned, felt the effect of the extraordinary increment in fuel costs that occurred during the late 1970s and mid 1980s, the effect this had after creating countries were significantly progressively significant (Duncan, 2003). This makes sense because of the way that the United States and other created countries had a degree of riches that could be utilized against an unexpected value change as for an inelastic interest. What at last incited the oil emergency during the 1970s had to do with the rising degrees of obligation, detachment of outside credit, and a limitation in worldwide exchange (Ruckert, 2006). Though the fuel emergency of the 1970s and mid 1980s was obviously of importance, it should additionally be comprehended that this specific issue was a noteworthy contact concerning creating countries around the globe; particularly Latin American nations. The reason behind this is because of the way that Latin

Things I Learned From Freshman Year

Things I Learned From Freshman Year Sleep When Im feeling irritable and/or stressed, I dislike empty advice. I particularly loathe the phrase “work smarter not harder”, probably because it was said to me many times last year by half-hearted well-intentioners who wished to somehow alleviate my IHTFP feelings (then negative) but couldn’t think of better advice. I don’t blame them, certainly, they were just trying to be positive. Still, I don’t believe in blanket statements. I like details, caveats, and qualifications. I like taking a little bit of this and that and putting it together into what works for me. I hate those cliche commands”Work smarter not harder” “Be more focused” “Be more efficient”because they never tell you how to do any of that, and though the sentiments behind those goals are good, I’ve never found them actually very helpful. Summer is a good time for planning and reflection. My nerdy corner of Tumblr is where I put a lot of this reflection. In particular, I seem to have an obsession with productivity for the pure sake of productivity, analyzing and re-analyzing my personal behavior, and, as can happen anywhere on the internet, I was surprised in the last couple years to find an entire niche community of peoplecalled “studyblrs”, and consisting largely of college studentsthat had created a space for expressing this obsession, among other study and work-related pursuits. When summer began, I saw a lot of “Things I learned from college” posts from other college student studyblrs on tumblr, and I applaud them for being very specificI once saw a list of sixty-six individual items that were all pretty detailed. But that being said, we’re still all a little differentwhich is why you can never have too many of those posts, I think. This was my own little contribution, and I have since modified and added to it for the blogs. I hope that people might glean a new procrastination-combatting tactic or two from it, and learn from my own mistakes. (Note: Of course, there were many more important and personal revelations that occurred after freshman year of college that you might think should be included in this post, but what’s included here is simply an obsessive analysis of my habits and how I might change them. Indulge me.) Studying/Academic Work (^how to make studying for finals in December cozy) I have had ADHD since I was a small child. I’ve now (presumably) grown out of it, to the point that for a time I wondered if my diagnosis had been false. After a lot of personal reflection and research (and realizing I trusted my doctor immensely) I realized that it was definitely not false, and whats more, some of the effects still linger. I have tried, in the past year, to constantly evaluate and re-evaluate my work habits. Instead of fighting against my own strange idiosyncrasies with traditional studying or work techniques, I decided to allow them to exist, work around them, and hopefully take advantage of them. Most importantly, this involves realizing what they are. I noticed that the following occurs when I am very stressed/tired/etc., since it is the behavior I exhibited during the end of finals when I was already burnt out, but still needed to cram. Some of it is rather odd, but there you have it. Since this is the case at an extreme, I hope that if I take action in accordance with these behaviors even when I am not as worn out, my productivity levels will increase. I work best in 2-hour intervals, preferably there is a change of location between each interval (e.g., library?coffee shop?library?home) When I am feeling exceptionally tired and unproductive, I should just give in and sleep/nap. This will make me more productive later. I work best in the early morning or the evening, I work worst in the afternoon (around 2-6pm) If I have a whole day to work, regardless of when I go to bed I should just get up early and then take a nap in the afternoon, because getting up later than 7:30AM throws me off (in the spring time that is; this is probably a different time interval for the fall/winter when the sun rises later) Although I enjoy listening to music while studying, I work best when I do not listen to music. The best sound environment is the library, or a cafe when quiet, around other people working. Sometimes, music is good to start my work, because it makes me feel less stressed and more comfortable, but as my concentration mounts its best to turn it off. Other people working influences me to work. This is why libraries and cafes are good environments. I do not work well in my own room/home. The worst work environments are: 1. by myself in my own room anytime before 10pm. 2. around other people not working/only sort of working/talking/etc. Physical movement is the best break (walking from one location to another, stretching, taking a walk, doing ab exercises, etc.) Watching things/writing distracts me for too long a period of time. If I am feeling particularly lazy, it helps to find someone disciplined/equally worried about the next test or assignment/etc. to work with. We can then explain things to each other without distracting each other. In Hayden library, although I like the window seats, I work best at the long outlet tables, preferably when other people are working there. The best way for me to study/work is to first organize information and then problem solve/do examples. If I try to do this in reverse order I get easily discouraged when a problem is hard. Passive studying first, active studying second, but in short blocks of passive-active, passive-active, passive-active, by subject material. When I feel overwhelmed when studying (all the time) it is best to first make a study plan, whether I follow it or not. A study plan involves writing down all resources, practice exams or problems, available notes and relevant topics. I can organize these into what will help me most and/or what I should do first. Making a plan calms me down and allows me to focus. Sleep Ideally, I would always get 7 hours of sleep a night. More often I get about 6 hours of sleep a night. This is doable for the week, but I have to rest well on weekends. If there is a test the next day, I have to get at least 6 hours of sleep the night before. If I get 5 or fewer hours of sleep, I have to get 7+ hours the next night. I have to wake up before 8:00AM at the latest, or else I am significantly less productive the rest of the day. Classes after 3pm are hard to sit through; it is preferable to start early and end early. I usually cannot work efficiently after 2AM if I am problem solving or studying If I am writing a paper, I cannot work efficiently after 4AM. Naps are great. Take them, but not for more than an hour. Food (^my roommate and I killed the cooking game over IAP) Breakfast should be light and late. Eating too early makes me hungrier the rest of the day, and there’s no point in forcing my metabolism to start up before it’s ready. Lunch or dinner should also be light, and potentially split into twice a day or interspersed throughout the day. Eating less food but more frequently is most effective; I usually feel awfully tired or uncomfortable after a full meal. It’s important not to drink coffee too regularly. When there’s a less stressful week of work, take a detox (no coffee or even tea the whole week). This will also keep smaller amounts of caffeine more effective when you do drink it. If you’re hungry late at night, go ahead and eat to maintain your energy, but try to eat fruit or nuts or yogurt or something healthier. Drink lots of water with it. A Note on Food: college students (and most definitely MIT students) usually have a less regular schedule, and often longer days. We don’t wake up at 8 and sleep at 8 every dayif you do, you’re very on top of things, but it’s my belief that you don’t have to do that to be on top of things, especially if, like me, you know that’s never gonna happen. People say this irregular schedule contributes to the Freshman 15, but I don’t think it has to. Rather, pay close attention to when you get hungry. Throw away social norms, and just plan to eat whenever and how often you get hungryfrequently, but in smaller amounts of healthier food. If you always get hungry at midnight, consider splitting your dinner into two parts, or just eat later, or plan for healthy night snacks. If you are always hungry every four hours, bring granola bars or whatever to class. Drink lots of water, especially late at night and whenever you’re tired. Next year, I’m going completely off the meal plan and cooking for myself, so I’m trying to get a really good idea of exactly what my needs are, for my own health.and the health of my bank account. I hope to get on a path toward more self-sustainability. Here goes nothing!

The Pros And Cons Of Equity Financing Finance Essay - Free Essay Example

Sample details Pages: 3 Words: 1030 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Compare and contrast essay Did you like this example? Equity financing and debt financing are two alternative ways which assisted us to start a business. In addition, equity financing and debt financing were the useful methods when a company lacking of funds for the expansion in order to open a new plant. Equity financing is one of the ways to increase the funds of the business. Don’t waste time! Our writers will create an original "The Pros And Cons Of Equity Financing Finance Essay" essay for you Create order It means that more funds can be obtained by sell their ownership interest to the public in exchange for funds and normally it does not have to be repaid. Equity financing are not refers to the owner itself put in the money into the business but the third party investors. Generally, the third party investors included public shares and also preference share. Examples for public share are venture capitalists and angel investors whereas for preference share are friends and family, employee and so on can be uses equity financing as a source of funding. (Jose Valdez, July 2005) Pros and Cons of Equity Financing The advantage of using equity financing is the owner of the business is unnecessary to take out the money and invest to the company because the business already has enough sources of funds from the investors. For instance, such investors like venture capitalists, they do not expected to get an immediate return on their investment but they looking for the growing potential of business which may increasing the investment value in the future. For the angel investors, they are slightly different to the venture capitalists. Angel investors are less aggressive and tend to be one or more investors. Their investment to the business is in the form of loan that secured by the equity. (Thomas Ajaya, Dec 2010) The disadvantage of the equity financing is the owner of the business has to pay back the interest for the investors. It means that the profit of the business is being share among the owner and the investors. And the business owner may probably lose completely control and autonomy of the business because equity financing is depends on ratio of the investment between the owner and the investor. If the investment of the investor is more than the owner then the owner of the business may take risk to lose the autonomy of the business. (Rosemary Peavler) Debt Financing Debt financing, in the other words, is another type form of loan. In simple words, debt financing is some kind of borrowing action from a lender or investor that must be repaid with interest with certain fixed amount in the future and it does not dilute the ownership of the company. Instead of that, the charges of interest rate on the borrowed funds also proportionally reflect the level of risk that the lender might be face by provided funds. For instance, most of the lender or investor, they will charged a higher interest rate of a new start up company compared to the company which has shown a profit for several years. There are several types possible methods for debt financing are available for small business such as private placement of bonds, convertible debentures, industrial development bonds, and leveraged buyouts. Besides, Debt financing also can be classified in short-term which has a maturity shorter than two years, long-term which has a maturity longer than one year o r a credit line for more immediate borrowing needs. For most of the methods that have been mentioned above, they are admitted by the co-signers, guaranteed by the government, or secure by the collateral. Pros and Cons of Debt Financing Like the equity financing, debt financing also has both advantages and disadvantages. The main advantage is that a greater degree of financial freedom is provided for debt financing business owner if compared to the equity financing. When the borrower has no further claim on the business, the loan repayment period are limited for debt obligations. Whereas for the equity financing, the investorsacirc;â‚ ¬Ã¢â€ž ¢ claim does not end until their stock are completely sold off. In addition, a debt that paid on time can increase a businessacirc;â‚ ¬Ã¢â€ž ¢s credit rating and can be making it easier to obtain other types of financing in the future. Furthermore, debt financing tends to be more expensive over the short-term, and less expensive over the long-term when compared to equity financing. On the other hand, the main disadvantage of debt financing is that the regular monthly payment of principal and interest of the loan are required. It mean that, when a business is in shorta ge, meaning that the business are facing the cash flow problem which are could cause the business unable to making payment for loan to the borrower and the penalties for late or missed payment were charged due to the late or missed payment. When the business fails to making payment on time, it may adversely affect the businessacirc;â‚ ¬Ã¢â€ž ¢s credit rating and its ability to obtain future financing. Finally, the amount of fund for a small business may be obtain through debt financing is possible to be limited and it may caused them need to use other sources of financing at the same time as well. Recommendation For the business like IFCA Sdn Bhd which is a medium sized manufacturing company that is more suitable to use debt financing compared to the equity financing. Since the IFCA Company is in form of Sdn Bhd, because it cannot issue public shares to get the funds so that the easier way that could get fund from others is using debt financing. Besides, if the IFCA Sdn Bhd is using debt financing although it needs to repay loan for several years but it bring the benefit to the company which is tax deductible because of the payment of loan interest. In overall, debt financing is considered a valuable option for IFCA Sdn Bhd to begin their business. But if there is carrying too much debt for the company will affect the businessacirc;â‚ ¬Ã¢â€ž ¢s credit rating and its ability to obtain future financing and may cause the business to encounter severe cash flow problem. Therefore, it is best to use combination of different form of financing to spread out the risk and facilitate future fundin g efforts.

Break of Day in the Trenches by Isaac Rosenberg - 950 Words

This poem was written about and during the time of World War 1 from the perspective of Isaac Rosenberg. The poem is actually quite straightforward and simple despite its perplexing lines, and contains few allusions. One of the preeminent allusions was the one referring to the poppy. When he said, â€Å"As I pull the parapet’s poppy† (5), he was referencing the symbolism of the poppy which during the time of WW1 was the symbol of the war dead because it had a tendency to sprout up among the corpses of the fallen soldiers. By using the double meaning of the poppy Rosenberg was perhaps hinting at the inevitable death that awaited him and his comrades. The second allusion comes forth from the rat, which is observed throughout the poem. The poem†¦show more content†¦These tools help the flow of the poem. One tool he uses is long ‘e’ vowel sounds and internal rhyme, or slant rhyme. An example of slant rhyme in the poem can be found in line 12 due to th e pairing of the two words, â€Å"sleeping green† which is referring to the No Man’s Land that separated the opposing trenches of the English and the French during World War 1. These tools add on to the slow, drowsy feeling the poem emits. Rosenberg is a master of tone and creates a poem full of resignation, philosophical ideas, and death. This feeling is heightened by the words he uses, such as: crumbles, sardonic, droll, sleeping, torn, and still heavens. To create the overall feeling of the poem Rosenberg used personification to give humanistic qualities to the rat saying it to have, â€Å"cosmopolitan sympathies† (8). Personification is found numerous times between lines 4 and 19 regarding the rat and in line 17 the tool of personification is used to depict the graves of the dead soldiers as, â€Å"the bowels of the earth.† Personification is what the whole poem was based on because the base of the poem revolves around the rat and the characteristi cs that the poet muses it has. He also uses alliteration in line 5 when he wrote â€Å"parapet’s poppy†. The consonant sounds help add on to the slow pace of the poem. Then using metonymy in line 9 he references the entire English army by using one small part, â€Å"this EnglishShow MoreRelatedThe Murder Of Mankind By Isaac Rosenberg971 Words   |  4 Pagesand revealed the insanity and futility of war. Isaac Rosenberg was a recognised poet who revealed the hidden truth; he was a soldier who joined war in 1960, however, unlike others, he came from a Jewish, working class background which differed him from other well-known First World War poets. The perception of life and death, in which time is juxtaposed with setting, is reflected in Isaac Rosenberg’s unrhymed free verse poem, â€Å"Break of Day in the Trenches†. Through this anti-war poem, his inhuman experiencesRead MoreUniversity Of Oxford English Professor, Dr. Stuart Lee1318 Words   |  6 Pages as it has acted as an avenue to access the real emotions and difficulties faced by the people, including soldiers, caused by the cruelties of the war. The paper will explore O’Prey’s quotation through the poets Siegfried Sassoon, Wilfred Owen, Isaac Rosenberg, Vera Brittain and Charlotte Mew. Their works of poetry not only shed light on the conditions and occurrences of the war but also touch upon the way in which gender relations are viewed during the time of the conflict, which will be explored inRead MoreDifferent Responses to War of Four Ww1 Poets.2490 Words   |  10 Pagespresented in the works of the three most famous protesting War PoetsÂâ€"Wilfred Owen, Siegfried Sassoon and Isaac RosenbergÂâ€"as well as to contrast their poetry with the work of one of the most popular Georgian poets, Rupert Brooke. In 1914, at the beginning of the Great War, Rupert Brooke was already a well-established poet, whose poetry the English people knew and loved, while Sassoon, Owen and Rosenberg had not acquired any fame yet. In December of that year he published five sonnets, which constitutedRead MoreW.B Yeats Great War Poets Symbolism2893 Words   |  12 Pagesreturn, and the verb â€Å"loosed† alludes to the unleashing of the sphinx later in the poem, and thus the Second Coming. The sphinx is spotted â€Å"somewhere in the sands of the desert†[9]. The desert is symbolic of the temptation of Christ during his forty days and forty nights fasting by the devil. Therefore the sphinx can be associated with the devil in heralding the second coming of Christ. The city of Bethlehem mentioned in the last line of the poem is symbolic of the entering into the world of powerfulRead MoreBreak of Day in the Trenches1049 Words   |  5 PagesCourtney Zamarione Mr. Neuber Pre-Ap English II 1st hour February 8, 2013 In life, everyone has a time where they question their chance of survival or their mortality. In Break of Day in the Trenches, by Isaac Rosenberg, he makes a reference that a rat has a better chance of surviving that he does. That even someone more worthless than him is going to survive this terrible thing called war. In this narrative poem, he is at war fighting in France during World War I, questioning his chance ofRead MoreThe Tragedy Of World War II By Siegfried Sassoon1130 Words   |  5 Pagesfrom within the trenches. These men saw their fellow soldiers bodies inside the walls of the trenches, which was caused by wounds that were too extravagant to heal on their own, toxic fumes from poisonous dust that enemies caused, and the exhaustion of the never-ending battle of the war. Also, throughout the walls of the trenches, many massive rats withered their way into the flesh of the dead corpse of a fellow soldier. During the poem, â€Å"Break of Day in The Trenches† by Isaa c Rosenberg, he explainedRead MoreAnalysis Of Siegfried Sassoon s They And Men 1129 Words   |  5 Pagesbattles from within trenches. These men saw their fellow soldiers bodies inside the walls of the trenches, which was caused by wounds that were to extravagant to heal on their own, toxic fumes from poisonous dust that enemies caused, and the exhaustion of the never-ending battle of the war. Also throughout the walls of the trenches, many massive rats withered their way to the flesh of the dead corps of a fellow soldier. During the poem, â€Å"Break of Day in The Trenches† by Isaac Rosenberg, he explained theRead MoreAnalysis Of Siegfried Sassoon s The Great War 936 Words   |  4 Pagesand muddy, and multiple firearms always pointing at each other. Before the men began their journey into booby-traps of the war, many individuals encouraged them that fighting in the war was fun. However, it was far from fun: many soldiers fought in trenches, many became shell shock, an d many saw the world in a much more horrific view when returning back home. A famous poet, Siegfried Sassoon, wrote an outstanding poem, which explained how soldier’s mindset before entering the war was encouraged byRead MoreOrganisational Theory230255 Words   |  922 Pageswhich through experimental testing and ‘piecemeal tinkering. . . combined with critical analysis’, would enable human intervention to manipulate social processes in accordance with their intentions in order to solve the ‘practical questions of the day’ (ibid, pp. 58–59). At first thought, such aims might seem harmless – surely, social progress can be achieved by deploying social scientific knowledge in such a manner, and is this not the whole purpose of social theory anyway? Popper, however, remainsRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesCyr, Northwestern University Evelyn Dadzie, Clark Atlanta University Joseph Daly, Appalachian Stat e University Denise Daniels, Seattle Pacific University Marie Dasborough, Oklahoma State University Nancy Da Silva, San Jose State University Christine Day, Eastern Michigan University Emmeline de Pillis, University of Hawaii, Hilo Kathy Lund Dean, Idaho State University Roger Dean, Washington Lee University Robert DelCampo, University of New Mexico Kristen Detienne, Brigham Young University Doug Dierking

Computers †Invention of the Century Free Essays

string(80) " electronic computers to take advantage of these improvements appeared in 1947\." The History of Computers only once in a lifetime will a new invention come about to touch every aspect of our lives. Such devices changed the way we manage, work, and live. A machine that has done all this and more now exists in nearly every business in the United States. We will write a custom essay sample on Computers – Invention of the Century or any similar topic only for you Order Now This incredible invention is the computer. The electronic computer has been around for over a half-century, but its ancestors have been around for 2000 years. However, only in the last 40 years has the computer changed American management to its greatest extent. From the first wooden abacus to the latest high-speed microprocessor, the computer has changed nearly every aspect of management, and our lives for the better. The very earliest existence of the modern day computer’s ancestor is the abacus. These date back to almost 2000 years ago (Dolotta, 1985). It is simply a wooden rack holding parallel wires on which beads are strung. When these beads are moved along the wire according to programming rules that the user must memorize. All ordinary arithmetic operations can be performed on the abacus. This was one of the first management tools used. The next innovation in computers took place in 1694 when Blaise Pascal invented the first digital calculating machine. It could only add numbers and they had to be entered by turning dials. It was designed to help Pascal’s father, who was a tax collector, manage the town’s taxes (Beer, 1966). In the early 1800s, a mathematics professor named Charles Babbage designed an automatic calculation machine (Dolotta, 1985). It was steam powered and could store up to 1000 50-digit numbers. Built in to his machine were operations that included everything a modern general-purpose computer would need. It was programmed by and stored data on cards with holes punched in them, appropriately called punch cards. This machine was extremely useful to managers that delt with large volumes of good. With Babbage’s machine, managers could more easily calculate the large numbers accumulated by inventories. The only problem was that there was only one of these machines built, thus making it difficult for all managers to use (Beer, 1966). After Babbage, people began to lose interest in computers. However, between 1850 and 1900 there were great advances in mathematics and physics that began to rekindle the interest. Many of these new advances involved complex calculations and formulas that were very time consuming for human calculation. The first major use for a computer in the U. S. was during the 1890 census. Two men, Herman Hollerith and James Powers, developed a new punched-card system that could automatically read information on cards without human (Dolotta, 1985). Since the population of the U. S. was increasing so fast, the computer was an essential tool for managers in tabulating the totals (Hazewindus,1988). These advantages were noted by commercial industries and soon led to the development of improved punch-card business-machine systems by International Business Machines, Remington-Rand, Burroughs, and other corporations (Chposky, 1988). By modern standards the punched-card machines were slow, typically processing from 50 to 250 cards per minute, with each card holding up to 80 digits. At the time, however, punched cards were an enormous step forward; they provided a means of input, output, and memory storage on a massive scale. For more than 50 years following their first use, punched-card machines did the bulk of the world’s business computing (Jacobs, 1975). By the late 1930s punched-card machine techniques had become so well established and reliable that Howard Hathaway Aiken, in collaboration with engineers at IBM, undertook construction of a large automatic digital computer based on standard IBM electromechanical parts (Chposky, 1988). Aiken’s machine, called the Harvard Mark I, handled 23-digit numbers and could perform all four arithmetic operations (Dolotta, 1985). Also, it had special built-in programs to handled logarithms and trigonometric functions. The Mark I was controlled from prepunched paper tape. Output was by card punch and electric typewriter. It was slow, requiring 3 to 5 seconds for a multiplication, but it was fully automatic and could complete long computations without human intervention. The outbreak of World War II produced a desperate need for computing capability, especially for the military (Dolotta, 1985). New weapons systems were produced which needed trajectory tables and other essential data. In 1942, John P. Eckert, John W. Mauchley, and their associates at the University of Pennsylvania decided to build a high-speed electronic computer to do the job. This machine became known as ENIAC, for Electrical Numerical Integrator And Calculator (Chposky, 1988). It could multiply two numbers at the rate of 300 products per second, by finding the value of each product from a multiplication table stored in its memory. ENIAC was thus about 1,000 times faster than the previous generation of computers. ENIAC used 18,000 standard vacuum tubes, occupied 1800 square feet of floor space, and used about 180,000 watts of electricity. It used punched-card input and output. The ENIAC was very difficult to program because one had to essentially re-wire it to perform whatever task he wanted the computer to do. It was efficient in handling the particular programs for which it had been designed. ENIAC is generally accepted as the first successful high-speed electronic digital computer and was used in many applications from 1946 to 1955. However, the ENIAC was not accessible to managers of businesses (Beer, 1966). Mathematician John Von Neumann was very interested in the ENIAC. In 1945 he undertook a theoretical study of computation that demonstrated that a computer could have a very simple and yet be able to execute any kind of computation effectively by means of proper programmed control without the need for any changes in hardware. Von Neumann came up with incredible ideas for methods of building and organizing practical, fast computers. These ideas, which came to be referred to as the stored-program technique, became fundamental for future generations of high-speed digital computers and were universally adopted (Dolotta, 1985). The first wave of modern programmed electronic computers to take advantage of these improvements appeared in 1947. You read "Computers – Invention of the Century" in category "Essay examples" This group included computers using random access memory, RAM, which is a memory designed to give almost constant access to any particular piece of information (Dolotta, 1985). These machines had punched-card or punched-tape input and output devices and RAMs of 1000-word capacity. Physically, they were much more compact than ENIAC: some were about the size of a grand piano and required 2500 small electron tubes. This was quite an improvement over the earlier machines. The first-generation stored-program computers required considerable maintenance, usually attained 70% to 80% reliable operation, and were used for 8 to 12 years (Hazewindus,1988). Typically, they were programmed directly in machine language, although by the mid-1950s progress had been made in several aspects of advanced programming. This group of machines included EDVAC and UNIVAC, the first commercially available computers. With this invention, managers had even more power to perform calculations for such things as statistical demographic data (Beer, 1966). Before this time, it was very rare for a manager of a larger business to have the means to process large numbers in so little time. The UNIVAC was developed by John W. Mauchley and John Eckert, Jr. in the 1950s. Together they had formed the Mauchley-Eckert Computer Corporation, America’s first computer company in the 1940s. During the development of the UNIVAC, they began to run short on funds and sold their company to the larger Remington-Rand Corporation. Eventually they built a working UNIVAC computer. It was delivered to the U. S. Census Bureau in 1951 where it was used to help tabulate the U. S. population (Hazewindus,1988). Early in the 1950s two important engineering discoveries changed the electronic computer field. The first computers were made with vacuum tubes, but by the late 1950s computers were being made out of transistors, which were smaller, less expensive, more reliable, and more efficient (Dolotta, 1985). In 1959, Robert Noyce, a physicist at the Fairchild Semiconductor Corporation, invented the integrated circuit, a tiny chip of silicon that contained an entire electronic circuit. Gone was the bulky, unreliable, but fast machine; now computers began to become more compact, more reliable and have more capacity. These new technical discoveries rapidly found their way into new models of digital computers. Memory storage capacities increased 800% in commercially available machines by the early 1960s and speeds increased by an equally large margin (Jacobs, 1975). These machines were very expensive to purchase or to rent and were especially expensive to operate because of the cost of hiring programmers to perform the complex operations the computers ran. Such computers were typically found in large computer centers operated by industry, government, and private laboratories staffed with many programmers and support personnel. By 1956, 76 of IBM’s large computer mainframes were in use, compared with only 46 UNIVAC’s (Chposky, 1988). In the 1960s efforts to design and develop the fastest possible computers with the greatest capacity reached a turning point with the completion of the LARC machine for Livermore Radiation Laboratories by the Sperry-Rand Corporation, and the Stretch computer by IBM. The LARC had a core memory of 98,000 words and multiplied in 10 microseconds. Stretch was provided with several ranks of memory having slower access for the ranks of greater capacity, the fastest access time being less than 1 microseconds and the total capacity in the vicinity of 100 million words. During this time the major computer manufacturers began to offer a range of computer capabilities, as well as various computer-related equipment (Jacobs, 1975). These included input means such as consoles and card feeders; output means such as page printers, cathode-ray-tube displays, and graphing devices; and optional magnetic-tape and magnetic-disk file storage. These found wide use in management for such applications as accounting, payroll, inventory control, ordering supplies, and billing. Central processing units for such purposes did not need to be very fast arithmetically and were primarily used to access large amounts of records on file. The greatest number of computer systems were delivered for the larger applications, such as in hospitals for keeping track of patient records, medications, and treatments given. They were also used in automated library systems and in database systems such as the Chemical Abstracts system, where computer records now on file cover nearly all known chemical compounds (Dolotta, 1985). The trend during the 1970s was, to some extent, away from extremely powerful, centralized computational centers and toward a broader range of applications for less-costly computer systems (Jacobs, 1975). Most continuous-process manufacturing, such as petroleum refining and electrical-power distribution systems, began using computers of relatively modest capability for controlling and regulating their activities. In the 1960s the programming of applications problems was an obstacle to the self-sufficiency of moderate-sized on-site computer installations, but great advances in applications programming languages removed these obstacles. Applications languages became available for controlling a great range of manufacturing processes, for computer operation of machine tools, and for many other tasks. In 1971 Marcian E. Hoff, Jr. , an engineer at the Intel Corporation, invented the microprocessor and another stage in the development of the computer began. A new revolution in computer hardware was now well under way, involving miniaturization of computer-logic circuitry and of component manufacture by what are called large-scale integration techniques. In the 1950s it was realized that scaling down the size of electronic digital computer circuits and parts would increase speed and efficiency and improve performance. However, at that time the manufacturing methods were not good enough to accomplish such a task. About 1960, photoprinting of conductive circuit boards to eliminate wiring became highly developed. Then it became possible to build resistors and capacitors into the circuitry by photographic means. In the 1970s entire assemblies, such as adders, shifting registers, and counters, became available on tiny chips of silicon. In the 1980s very large scale integration, VLSI, in which hundreds of thousands of transistors are placed on a single chip, became increasingly common. Many companies, some new to the computer field, introduced in the 1970s programmable minicomputers supplied with software packages. The size-reduction trend continued with the introduction of personal computers, which are programmable machines small enough and inexpensive enough to be purchased and used by individuals. One of the first of such machines was introduced in January 1975. Popular Electronics magazine provided plans that would allow any electronics wizard to build his own small, programmable computer for about $380. The computer was called the Altair 8800. Its programming involved pushing buttons and flipping switches on the front of the box. It didn’t include a monitor or keyboard, and its applications were very limited. Even though, many orders came in for it and several famous owners of computer and software manufacturing companies got their start in computing through the Altair. For example, Steve Jobs and Steve Wozniak, founders of Apple Computer, built a much cheaper, yet more productive version of the Altair and turned their hobby into a business. After the introduction of the Altair 8800, the personal computer industry became a fierce battleground of competition. IBM had been the computer industry standard for well over a half-century. They held their position as the standard when they introduced their first personal computer, the IBM Model 60 in 1975. However, the newly formed Apple Computer company was releasing its own personal computer, the Apple II. The Apple I was the first computer designed by Jobs and Wozniak in Wozniak’s garage, which was not produced on a wide scale. Software was needed to run the computers as well. Microsoft developed a Disk Operating System, MS-DOS, for the IBM computer while Apple developed its own software. Because Microsoft had now set the software standard for IBMs, every software manufacturer had to make their software compatible with Microsoft’s. This would lead to huge profits for Microsoft. The main goal of the computer manufacturers was to make the computer as affordable as possible while increasing speed, reliability, and capacity. Nearly every computer manufacturer accomplished this and computers popped up everywhere. Computers were in businesses keeping track of even more inventories for managers. Computers were in colleges aiding students in research. Computers were in laboratories making complex calculations at high speeds for scientists and physicists. The computer had made its mark everywhere in management and built up a huge industry. The future is promising for the computer industry and its technology. The speed of processors is expected to double every year and a half in the coming years. As manufacturing techniques are further perfected the prices of computer systems are expected to steadily fall. However, since the microprocessor technology will be increasing, it’s higher costs will offset the drop in price of older processors. In other words, the price of a new computer will stay about the same from year to year, but technology will steadily increase. Since the end of World War II, the computer industry has grown from a standing start into one of the biggest and most profitable industries in the United States. It now comprises thousands of companies, making everything from multi-million dollar high-speed supercomputers to printout paper and floppy disks. It employs millions of people and generates tens of billions of dollars in sales each year. Surely, the computer has impacted every aspect of people’s lives. It has affected the way people work and play. It has made everyone’s life easier by doing difficult work for people. The computer truly is one of the most incredible inventions in history to ever influence management, and life. How to cite Computers – Invention of the Century, Essay examples

The Accounting Systems of the United States and France free essay sample

Nowadays, because the world is becoming more globalized and harmonized, standard-setters feel the need to report their accounting in a uniform way. The International Accounting Standards Board [IASB] was formed as a non-for-profit corporation to incorporate, monitor and assess International Accounting Standards for all countries in the world, producing what we know as International Financial Reporting Standards [IFRS]. IASB provides insight on potential amendments to current accounting standards. Furthermore, this paper will provide a description of the accounting systems in the countries of the United States and France and provide a comparison of the two systems. United States â€Å"Britains American colonies broke with the mother country in 1776 and were recognized as the new nation of the United States of America following the Treaty of Paris in 1783. During the 19th and 20th centuries, 37 new states were added to the original 13 as the nation expanded across the North American continent and acquired a number of overseas possessions† (CIA World Fact Book, 2004). We will write a custom essay sample on The Accounting Systems of the United States and France or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The history and background of the United States serves as a basis to the way accounting is reported in the US. The earliest method of accounting in the United States includes the â€Å"Dutch style† and the â€Å"method of Venice† (Secord, PowerPoint, 2006). In addition, accounting in the US highly influenced by the United Kingdom (UK); thus, their accounting development and systems were originally exported from the UK system. This British influence initially brought professionalism to accounting in the United States. In addition, the founding fathers of US accounting and early accounting societies were of expatriate Britons, in particular, Arthur Young of Ernst Young and James Marwick of KPMG (Nobes, 2006, p143). â€Å"The United States is a federation of individual states, each of which has its own legislative body with extensive powers to control business activity and levy taxes within its own boundaries† (Nobes, 2006, p144). Due to this, the right to practice as a Public Accountant and the requirements of a PA differs from state to state. Furthermore, it is not a requirement for every state to be a member of the national body the American Institute of Certified Public Accountants (AICPA). By definition, the AICPA is a national association for all Certified Public Accountants (CPA) whose mission is to provide accounting professionals with uniform certification and licensing standards, establishing professional standards, and enforcing current requirements† (Definition of AICPA). Any firm that wishes to be audited by the AICPA must follow Generally Accepted Accounting Principles (GAAP will be discussed later in this paper). The AICPA served as a main standard-setter in the United States for several years. The AICPA’s history dates back to 1887 with the formation of American Association of Public Accountants (AAPA), also known as the American Institute of Accountants, with voluntary committees to help the Institute to maintain high quality standards of the PA profession, promote interest as a CPA, act as a spokesperson for the profession, and providing any necessary services to their members (AICPA, 2006-2007). Although the AICPA gave up its role as the main standard-setter, it still issues detailed guidance called Statements of Position, concentrating from 2003 on industry-specific guidance (Nobes, 2006, p148). The United States’ â€Å"federal securities established a Securities and Exchange Commission (SEC) in 1934 to administer the securities regulations† (Nobes, 2006, p144). The accounting system in the US was strongly influenced by the SEC as opposed to a governmental influence. The SEC sells, exchanges and trades securities, protects investors while maintaining fair, orderly and efficient markets and ultimately facilitates capital formation (Pereira, 1992, p17). The US has the largest and one of the most important, stock exchanges in the world the New York Stock Exchange located on Wall Street in New York City. This makes the US a huge market for investors world-wide. All investors would like to have access to certain facts about an investment before buying it and while holding it. In order to achieve this, the SEC requires all public firms and companies to disclose meaningful financial and other information to the public, to follow GAAP (SEC, 2007). Thus, any company that wishes to be a market in the SEC’s securities must register with the SEC. For those companies with foreign registrants, the SEC requires them to either report under US GAAP or to provide reconciliations to US GAAP (Nobes, p146, 2006). The SEC also requires public firms to follow GAAP in order to be audited. It is quite evident that most of American accounting is rule based, not government based. According to Nobes’ textbook, Comparative International Accounting, the commission since its inception has intended to limit the exercise of its accounting standard-setting authority to a supervisory role, permitting and encouraging the private sector, currently through the FASB, to maintain leadership in the standard-setting process (p145). The Financial Accounting Standards Board, in short, FASB, has been the ultimate standard-setter of financial accounting and reporting in the US since the early 1970’s. The FASB is entirely financed voluntarily by the sales and contributions from PA firms, investor and creditor organizations and contributions made to the Financial Accounting Foundation (FAF). It consists of seven Board members; but for a proposed accounting standard to pass, it must obtain five out of seven votes of the members on the Board. â€Å"In drafting its standards, the FASB adopted a distinctive style: they are very detailed, prescriptive, and proscriptive. With definitions and examples, a FASB standard can be a few hundred pages long! † (Pereira, 1992, p21). The FASB established a conceptual framework regarding objectives and concepts that the FASB uses in developing standards of financial reporting that consists of four framework levels: 1. )objectives of financial reporting by business enterprises, 2. )qualitative characteristics of accounting information, 3. )recognition and measurement in financial statement of business enterprises, 4. )elements of financial statements. The framework acts as a fundamental guide to provide consistent standards, showing the function and limits of financial accounting and statements, and dentifies the goals and purposes of accounting (Nobes, 2006, p151). â€Å"Generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for publicly-traded companies and many privately-held companies. Similar to many other countries practicing under the common law system, the United States government does not dire ctly set accounting standards, in the belief that the private sector has better knowledge and resources† (Wikipedia, US GAAP). The conceptual framework is a fundamental basis of accounting whereas GAAP are the rules that public companies use to prepare their financial statements. Companies’ financial information is presented in financial statements that are viewable by the public, mainly for the interest of investors. Accounting information is extremely important and thus, has to be understandable to the users, reliant and relevant. â€Å"Information is not worth presenting unless it has some minimal level of both relevance and reliability† (Nobes, 2006, p153). Relevance refers to the value and quality of the information and its timeliness availability to users; reliability means that the information is free from bias, represents what its purpose is, and should be verifiable. The consolidated financial statements were originated in the United States (as discussed in class). The statements consist of the Balance Sheet, Income Statement and Statement of Cash Flows. The elements of the financial statements are assets, liabilities, equity, revenues, expenses, gains, losses, and other comprehensive income. In addition, conventions such as historical cost, revenue recognition, matching principle, and so forth are the fundamental basis for income measurement. Thus, US accounting focuses on the measurement of income. The income statement comprises of either income from continuing operations or income from the discontinued operations, including any gains or losses that may have happened during the accounting year. For the most part, if there is a disposal of one operation, there should be a [net of tax] gain or loss on that disposal recorded under the income from discontinued operations. The Statement of Other Comprehensive Income appears sometimes in the financial statements. It can be presented as a note, as a part of the income statement under ‘other comprehensive income’, or as a separate income statement. Also, any gains realized through the reevaluation of investments should be included in the other comprehensive income statement. (Nobes, 2006, p155) Moreover, as mentioned in the textbook, â€Å"a further difference from nearly all other countries is that three years of figures are presented; that is, the two preceding years’ comparative figures. This is the SEC requirement† (Nobes, 2006, p155). The US balance sheet is quite standard in North America. It has two sides the left side shows the assets and the liabilities and shareholders’ equity are shown on the right side. As learned in accounting courses, the total amount of assets should be equal to the sum of liabilities and shareholders’ equity. It is worth mentioning that under the United States balance sheet format, current assets precede the long-term assets (fixed assets). This order is different from the order under European national laws. Thus, the US formats are not usually well-adopted by non-technical shareholders for reading (Nobes, 2006, p154). See Appendix A for sample balance sheet. The final statement is the Cash Flow Statement. It is a more recent statement than the other two and it is a SEC requirement. It focuses on cash movements and needs the balance sheet and income statement to derive the movements in cash. Moreover, like the income statement, it is also required to show three years’ figures in the cash flow statement (Nobes, 2006, p156). The cash flow statement is comprised of three categories: cash from operating activities, cash from investing activities, and cash from financing activities. A comparison of, for example, two years’ figures from the balance sheet and income statement will provide an analysis on the sources and uses of cash, and ultimately showing the change in the beginning cash balance from the ending balance. All three statements, however, can become confusing between countries because of the variety of terminology used. Using the example used in Nobes’ textbook, the UK term ‘shareholders’ funds’ has several expressions in the US – shareholders’ equity, shareowners’ equity, or common stockholders’ equity to name a few. Another example would be the term inventory; â€Å"the most usual meanings of the UK terms ‘stock’ and ‘shares’are translated into the US term ‘inventory’ and ‘stock’ respectively† (Nobes, 2006, p156). This may lead to misunderstanding when other countries’ investors review US companies’ financial statement. Therefore, we need to recognize the terminology problem and try to translate some terms to the correct meanings. In addition to the consolidated financial statements, there are extensive notes and management discussion and analysis section. Furthermore, there is an Auditor’s Report that explains what the independent auditors have done to provide reasonable assurance that the financial statements are free from material misstatement and that the statements are in context of generally accepted accounting principles. One accounting firm is sufficient to perform the audit and sign off on the Auditor’s Report. In short, the US accounting rules are extensive and detailed. The financial statements are prepared under generally accepted accounting principles and are made extremely useful for investors to. However, there are indeed some weaknesses in the US accounting system. For example, there is no major body, like the Government, to control the accounting process; many boards can make decisions about the accounting rules that they set. Moreover, the accounting rules and principles are complicated and the accounting system lacks harmonization. A famous example of the lack of accounting system in the United States is the Enron scandal back in 2001. Enron lied about their profits, especially when they started to suddenly see a huge drop in their market share. Their accounting firm, Arthur Anderson covered up their loss and manipulated the financial statements. They ultimately destroyed any evidence with Enron, thus when the word got out, both companies’ reputation went under because of the fraud they committed. This example lead to a new, updated version of the independence standards for PA’s and had an overall affect to the way accounting was performed in the US. It is required that all firms world-wide accept and adopt IFRS within the next couple of years. Firms and companies are already preparing for the new change instead of waiting for the deadline date. France Financial reporting in France was influenced by the common law system in the late seventeenth century. As cited by Nobes, Howard says â€Å"Colbert’s Ordonnance de Commerce of 1673 during the reign of Louis XIV formed the basis for the Napoleonic Commercial Code of 1807, a Code which has spread throughout continental Europe† (Nobes, 1992, p217). During the past century, France has been increasingly impacted by global capital markets dominated by Anglo-Saxon countries, particularly the United States. Because of this, France has been able to produce a dualism in accounting on the basis of international and US standards between the financial statements of individual business enterprises and those of groups (Nobes, 1992, p217). The accounting system in France was influenced minutely by the French government but it was driven immensely by the tax law. According to Nobes, France’s rules originated from a variety of sources such as the French state, the European Union, the national accounting council (Conseil National de la Comptabilite, CNC), and the accounting regulation committee and are codified in a Commercial Code (Code de Commerce) and a national accounting plan (Plan Comptable General, PCG) (Nobes, 1992, p217). The PCG was established mainly with macroeconomic aims and little input from the accountancy profession. The French national accounting plan is the most distinctive part of French accounting regulation. â€Å"The PCG was amended and made mandatory for all companies in 1983, when France adopted the 4th and 7th Directives of the European Union† (As discussed in class, Secord, 2006). It was the start of French accounting standardization. The purpose of implementing PCG was to be the basis of the accounting legislation in France ( , 2005). It is administrated by the CNC (the national Accounting Council) that consists of a mix of public and private sector regulatory and standard-setting bodies. The PCG is not merely a chart or classified list of ledger accounts but a very detailed manual on financial accounting. Included within it are definitions of accounting terms, valuation and measurement rules, and model financial statements† (Nobes, 2006, p281). 1984 was a period of globalization, deregulation, and privatization in which the accounting profession in France was reorganized and international standards emerged as a strong opponent to national standards (Nobes, 1992, p216). In the 1990’s, more large listed French companies published their consolidated financial statements in accordance with IFRS because there were an increasing number of French companies entering international markets (Nobes, 1992, p225). Accounting laws in France apply to all public and private businesses with the primary focus to report to owners and creditors. France has a unified accounting system as opposed to a flexible system. Furthermore, their accountancy is based on tax and legal framework. Appendix 13. in the textbook shows the classification of expenses and revenues; they are classified by nature, not by function; thus enabling the PCG to be applied in a similar way regarding all business enterprises instead of just companies. The PCG mainly focuses on ‘inventory’ meaning that France accounting’s focal point is the balance sheet rather than the income statement [income measurement] (Discussed in class). As a result, the PCG asked to keep daily acco unting records such as a journal and a ledger in order to prepare the balance sheet in annual financial statements. The balance sheet is most often presented in two-sided form, with assets on one side and liabilities and capital on the other. It is noted that the capital section is broken into several different accounts, tax being the most common. There is more detail on the face of the balance sheet than there is disclosed in the notes. See Appendix B for sample balance sheet. Ultimately, the PCG’s goal is to provide a true and fair view of the financial statements (Discussed in class). The income statement becomes the product of changing in balance sheet accounts. It also asks to show the financial statements to the taxation authorities as well as reporting to owners and creditors (Discussed in class). The cash flow statement is recommended by the CNC but it is not mandatory for individual companies. In addition, notes to the financial statements were only required by law in 1983 (Nobes, 1992, p222). An Audit Report is provided in addition to the consolidated financial statements. All companies are audited by members of the CNCC (Compagnie Nationale des Commissaires aux Comptes). An auditor is appointed for a six-year term and each audit is required to have two auditors from two separate firms to sign off on the financial statements (Nobes, 1992, p226). Accounting principles for the individual company level in France differ significantly than from the United States. Examples include the following: 1. ) Formation costs may be capitalized and amortized rather than being written off as incurred. 2. ) Depreciation rates are usually those laid down for tax purposes. French companies do not use residual values. 3. ) Weighted average cost and FIFO are used to value inventory. LIFO is not allowed because it provides too much of a tax benefit. 4. ) The percentage of completion method is the preferred method for long-term contracts according to the PCG, but the completed contract method id permissible and common (Extracted from Nobes, 1992, p224). These examples show the differences in accounting practices from one country to another. It is evident that terminology and the base of accounting, whether rule-based or government-based, affect the way countries report financial accounting. Unlike the US, tax rules in France generally take over accounting rules. Thus, tax law is compatible with the PCG. It is the most important influence on the financial statements of individual business enterprises. The Commercial Code and the Companies Act are also compatible with the PCG although they do not refer to it. Moreover, the French accountancy profession is increasingly influential but has never issued accounting standards (Nobes, 2006, p292). Because IASB has established IFRS to try and unify financial reporting across the globe, France will be reporting their financial statements in accordance with IFRS. In short, French accounting system is highly uniformed. French government can regulate and control the accounting system and government financing can go to the French companies. The focus on the country’s macroeconomic plan is one of the bases for setting up the accounting system. ( , 2005). Accounting in France is highly influenced by tax laws with financing generally provided by banks, government, and family interests. Comparison of United States and France The United States and France have different approaches as to financial reporting. The US accounting is rule based whereas the French accounting system is governmental based. The accounting rules in the US only apply to the public companies that are required to register with SEC. However, the accounting rules in France are highly uniformed and apply to all the companies. Moreover, the French accounting standards are highly influenced by tax and legal laws; in the US, accounting and tax have completely different method of reporting. In France, there is only one accounting regulation to be the basis of the accounting system the national accounting plan (PCG). Most companies in France obey the rules set in PCG. However, in the US, there are two regulations to guide the accounting work – the SEC, and is Generally Accepted Accounting Principle (GAAP). All the financial statements of the public companies in the US must follow the rules set in the conceptual framework and GAAP. Furthermore, the US accounting rules are more detailed whereas French rules tend to be more general. In short, the French accounting system is not only influenced by the government and tax law, but also related to the country’s macroeconomic plan. In contrast, the US accounting system is more related to the public companies and the US accounting rules always used to standardize the public companies’ financial accounting work (microeconomic). The financial statements in the US are prepared for the investors to aid in making investment decisions. However, the financial statements in the France are prepared for creditors, owners, and tax authorities. The US also has the largest stock exchange in the world. France has four stock exchanges but it is not nearly at the level of the US. After examining the financial statements of companies in the US and France, several differences exist. Overall, in the US, the accounting system focuses on income measurement reported on the income statement. Principles and elements, such as matching, revenue recognition, expense, and revenue are set in the conceptual framework to be the base of financial reporting. The word ‘inventory’ in the US refers to how much merchandise, raw materials and finished goods a company has in stock. On the other hand, in France, they focus on the balance sheet. They do not have many rules for the income measurement. Instead, the income statement is the product of changing in the balance sheet accounts. France focuses on inventory, which in contrast is a broader term for ‘everything’ the company has, and items on the balance sheet to provide their income. On a more detailed level, France capitalizes and amortizes its formation costs whereas the US writes them off as they are incurred. The US uses residual values for the calculation of depreciation whereas in France, residual values are not used. Moreover, for the treatment of inventories, LIFO is allowed and commonly practiced for inventory valuation in the US, as well as the weighted average cost method and FIFO. Because using of LIFO causes large reductions in balance sheet figures and the accounting in France need to obey the tax rules, LIFO is not allowed in France. As we know, the terminology for the financial reporting (for example, the term inventory or shareholder’s equity) may be a problem as a result of different language in different countries. Therefore, when looking at other countries’ financial statement, the reader should read up on the accounting system in the specific country to understand the underlying meanings of the terminologies. With respect to the auditors and the auditor’s report, there are two differences between the US and France. First, there is only one auditor required to audit the US financial statements, but in France, two auditors are required to audit the financial statements and sign off on the Auditor’s Report. Second, in the US, the key words the auditor use â€Å"in the opinion in the last paragraph are ‘present fairly†¦in conformity with generally accepted accounting principles’. Those words contrast with the words used in other countries, which note compliance with company law and that ‘the accounts give a true and fair view’†(Nobes, 2006). Furthermore, as we know, making rules is conceptually distinct from enforcing them but the roles may sometimes be combined in practice. (Nobes, 2006) The strictest and best-resourced enforcement regime in the US is the Securities and Exchange Commission in the US. Auditors in the US are supervised by the Public Company Accounting Oversight Board, and thus follow suggested rule depicted by FASB, in accordance with US GAAP. In France, the enforcement body is the stock exchange regulator, the Aurorite des Marches Financiers, which is proactive and uses advance clearance as one its operating procedures. It has delegated review of audit quality to the Comie de l’Examen National des Activites of the Compagnie Nationale des Commissaires aus Comptes. The latter body is responsible for the registration of auditors and is supervised by the Haut Conseil des Commissaires aus Comptes. (Nobes, 2006, ) In conclusion, the United States and France have different influences on accounting. Their history affects the way accounting is reported in each country. Rules within the country and governmental influences play a huge factor in the way accounting is performed. The United States is more individualistic where Public Accountants tend to display their professional ability to maintain occupational self-control in their accounting practice. France is more centralized where the accounting system is fully influenced by the government and tax laws. However, accounting is always changing. Accounting ideas move from one country to another through transfer of technology. Ultimately, in the next couple years, both countries will have adopted IFRS, along with other countries around the globe to aid in the uniformity of financial reporting. Appendix A