Wage Determination in Perfect and Imperfect Markets

Wage determination in perfect and imperfect markets Perfect competition In perfect labor markets, everyone is wage taker – both the employee and the employer. On the one hand, the employer and his firm cannot control the market as there are too numerous firms and the firm is price taker on the product market and labor market. On the other hand, the workers cannot control their wage as they have no economic power to do so or they are of a clearly definite type. In perfect competition there is a free movement of labor. Everyone can enter the labor market or to switch jobs. Moreover, both workers and employers have enough information on the labor market state – wages, demand, productive level of workers etc. The most common thinking in labor markets is that all workers in the same position are equally There are two driving forces concerning the supply of hours by an individual worker – while working, the worker sacrifices its leisure time and the work may be unpleasant. The worker experiences marginal disutility of work, which tends to increase as work hours increase. To deal with the marginal disutility of work, a wage could be raised. This would lead to people willing to work more hours in order to have a greater income and they are ready to sacrifice their leisure time or in other words the substitution effect appears. Still, with higher wages people tend to work less in order to have more leisure, which is the income effect and as a result we meet the backward-bending supply curve of labor. What determines wage rates in perfect competition is the number of qualified people, the wages and non-wage benefits in alternative jobs and the non-wage benefits or costs of the jobs. The wage of a worker is measured by the interaction of demand and supply in the labor market. A very useful tool for calculating the wage rate is the marginal productivity theory. As long as firms are concerned, they will try to maximize profit by employing workers until the marginal cost of employing a worker is equal to the marginal revenue the worker’s output earns for the firm. In other words, the wage should be equal to the marginal cost the firm has occurred by employing the last worker. According to time some differentiations might be made. In the short run expanding industries will be able to pay higher than contracting industries. In the long run there are wage differentials because workers have different abilities and they are not perfectly mobile. In conclusion, the low paid will be those whose labor is in low demand or high supply, they possess few skills or are unfit, work in contracting industries, do not want to move from the area etc. Highly paid are workers whose labor is in high demand or low supply, they have certain skills or talents or work in expanding industries. Wage determination in imperfect markets In the real world, firms or workers, or both, usually have the power to influence wage rates. This is the case with monopsony – this is a market with a single buyer or employer. Another option to determine prices is when the workers are part of a labor union, which can be a monopolist or part of an oligopoly. Monopsonist are wage setters or wage makers as they are represent all the workplaces. What is interesting about monopsonist is that if a firm wants to hire more workers, it has to pay a higher wage rate to attract workers away from other industries. The wage it pays is the average cost to the firm of employing labor and the marginal cost of hiring one more worker will be above the wage rate. To maximize profit, a monopson equalizes marginal cost of employing labor with marginal revenue product. Union monopoly or oligopoly has market power and can influence wages. The scope of this power depends on the market concerned. However, the higher the wages, the less the workplaces. Moreover, unemployed might undercut the union wage by forcing the firm to employ non-unionised labor. The only way to increase wages and not reduce the level of employment is by increasing the productivity of labor. Another form of imperfect labor market Is bilateral monopoly. It means that a union monopoly faces a monopsony employer. In this case the wage rate and the level of employment depend on the relative bargaining strengths and skills of unions and managers. As a matter of fact, my facing a single powerful employer it might be easier for the union to increase wage rates. In bilateral monopoly the union can threaten the industry with strikes and consequently economic losses which gives unions more power. It often happens both sides – union and management, to gain from the carried negotiations. This is called collective bargaining. In this form of agreement there are various threats or promises made by both sides. Examples of union threats are – picketing, working to rule and such of employers can be lock-outs, plant closures etc. The government can also influence the collective bargaining. It can try to set an example, or set up arbitration or conciliation machinery. Another possibility is to use leglislation, e. g. set a minimum wage rate or prevent discrimination. To change the perspective, a higher wage might also be profitable for the firms. The reason behind this lies in the fact that productivity rises with wage rates. Moreover, by investing in training of the personnel, a firm will meet significant loss in the absence of the better-trained workers. High wage rates motivate workers as well. Other imperfections of labor markets can be the inadequate information workers or employers receive. In addition, wages may respond very slowly to change in demand and supply, causing disequilibrium in labor markets. The last factor in determining wages we are going to examine is discrimination. It might take many forms – race, sex, age, class etc. In economics, discrimination means that workers of identical ability are paid different because of the aforementioned characteristics.

Leadership and Roles of Graduate Nurse

After taking the leadership quiz, it was revealed to me that I am a Participative leader. This type of leadership style describes me very well and up holds my beliefs and values in leadership. Understanding the meaning of participative leadership style helps me understand to roles that are required for this style of leadership. As a participative leader one listens to what the team has to say and allow them to express their opinions, ideas, and suggestions to make decisions and solve problems.However, as the leader of the team he or she has the final say in making the decisions. A participative leader supports and encourages his or hers team. The effectiveness of this leadership leads to correct decision for all that is involved. The leader of participative style uses the team's creativity, knowledge, skills, and education to help reach the decisions. A leader who does this is considered fair and not favoring one side or the other.Leaders with the above qualities and characteristics lead to great leadership. The attributes of participative leaders has great respect from their team. From my experience as a staff nurse in the ED, it takes great teamwork to deal with the everyday stress and the call of duty in the ED; this only can come from a department with great leadership. I have had leaders who will server right beside you and help when things go crazy and I have had leaders who will sit in their offices and not come out to help at all.I prefer the lead that will come out and will answer the call light, place a patient on the bedpan, take a patient to the floor, and give you a bathroom or lunch break. My leaders have allowed me to cry when needed too, and not appear weak, vent when a patient or family is being demanding, listen to my concerns and not view them to being negative or complaining and willing to take my concerns and make changes to help all. A good leader does not allow the authority to overcome the reasons why he or she became a nurse in the firs t place.I believe that one of my strong attribute to participative leadership is encouraging others and lifting them up with words of appreciation and gratitude. From my experience a few words of appreciation and a pat on the back builds relationships and teamwork. I have always lived by the motto â€Å"Lead by example† and that is what I believe we all should do not just in nursing but also in everyday life. Actions speak louder than words in any type of leadership one has.A would have to say that one of my weakness in leadership that I would need to work on is being too sensitive at times and not taking constructive critism very well. Therefore, this is an area that I am willing to grow and learn from as I continue my education as APN. A quote that I feel that goes along with participative leadership: â€Å"Recognize the talent of others and acknowledge it† by Gloria Smith, PhD. , RN, FANN of the W. K. Kellogg Foundation (Burnham, 07). This quote covers all the meani ngs of participative leader style from listening to praising.

Feudalism in Pakistan

Introduction:- The Zamindarana Nizam or Feudal system is a phenomenon that has affected Pakistan’s history time and again; sometimes for the better and sometimes for the worse. There are many salient features of the Feudal system in Pakistan. They are large landholdings by joint families; Lambardari of the local landlord family, work done by peasants or mazeras, complete rule of the landlord in the vicinity and often its surroundings too, debt bondage and sometimes absentee landlordism.The Pakistani feudal system is compatible with the European medieval feudal system where a large proportion of the production of the subsistence farmer would go to the landlord as homage. The Indian caste system is also similar to the hierarchy of the medieval European feudal pyramid expect for the fact there a person from a lower rank could be promoted to a higher rank by proving his worth unlike India where a Pandit’s son will grow up to be a Pandit and a Shudra’s son is deemed t o be a servant for the rest of his life. There are also some similarities with the Japanese feudal system.In this research we will delve into the intricacies of the matter and will ascertain the reason for the phenomenon of feudalism and its effects on Pakistani society in general. The European Feudal Model:- We have to see the similarities between the Indian Feudal Model and the European feudal model because a lot of people confuse one with another. It will also be easier to study the Indian feudal system because it was a forerunner of the modern Pakistani feudal system. The European feudal system was based on homage to one’s feudal lord because of the fact that he protects the plebian from external threat by serving in the military.If we want to study the European feudal model we have to grasp the idea of the King, the Lord, the vassal and the peasant. The King was the sovereign barring exceptions in some cases, all the feudal barons and others were knighted by the King so that they would pledge allegiance to the King. Pledging allegiance to the King meant that many of the feudal lords were required to serve in the military. As a result the profession of an Army Officer up till world war two remained largely a feudal profession.Almost all Earls, Dukes, Viscounts and Barons served in the army or Navy as officers; a tradition that continues to this day as we can see both the sons of Charles, the Prince of Wales serving in the military. Another way how an ordinary man could work up the hierarchy was by proving himself in battle. Once the man would do so, he would be awarded with land by the King called â€Å"fief†. This would make him a landowner and he would then be required to swear an â€Å"Oath of Fealty†, the literal meaning of fealty is fidelity. Once the feudal pledged allegiance to the King he was made head of his area.The entire medieval Europe fell into some sort of a pyramid of hierarchy; with the head of everything being the Pop e and the Clergy. The Pope was responsible for a lot and he would often appoint Prices in an around the area of modern Italy. Cesare Borgia is one such example of people appointed by Pope Alexander the Sixth, his father. The Church was known for its nepotism and this is why the Great Schism or the Western Schism and the Protestant Reformation took place. The Church’s corruption knew no bounds at times. Alexandre Dumas once said that â€Å"Christianity assumed a pagan character†. This is exactly what he was talking about.The Church has absolute power. Then came the Monarchs, then the Knights and Vassals, the business people were next and finally there were the peasants and the serfs. This has a lot of similarities with the Indian caste system. There were basically four Varnas. The Brahmins were the highest and they were the equivalent of the Clergy of those days, then there were the Kshatriyas who were a lot like Knights of the European feudal model and Samurais of the Japanese feudal system, then were the Vaishyas who were the traders, the businessmen and merchants, finally there were the Shudras who were sort of like the peasants.The feudal system in history has been a way of keeping the oppressed down. Both systems show a clear indication of exploitation. While Brahmins and Kshatriyas were landowners, the Vaishyas were confined to doing business only and the Shudras were made to serve the Brahmins, the Kshatriyas and the Vaishyas in the most demeaning and despicable of ways. They were confined to cleaning jobs, acting as servants and laborers. The Mahar are a lower community of India. They were called the untouchables. One of their leaders B. R. Ambedkar was the Chairman of the Constitutional Drafting Committee.He was the author of several books and was very aware of the fact that he was from an oppressed community and made provisions to make India into the secular and tolerant state that it is today. Some people may disagree with this statemen t but I beg to differ. The Union of India has done a lot to protect the rights of its lower castes ever since independence and this is where people like B. R. Ambedkar needs to be given credit. Unfortunately in Pakistan, people from lower castes often try to hide their identity and being from a lower caste is still considered a stigma, particularly in the Punjab.Here the Kshatriya tribes who are almost exclusively Muslim have not let go of their Hindu approach. They still believe in Mazera and Kammi system. They are not sent to school and are forced to work for their landlord families generation after generation. It is a shame what Pakistan has become today. Pakistanis embrace modernism thinking that it is an American phenomenon but they have no clue whatsoever how much of an equalitarian society the United States is today. While India has let go of their former hatred, Pakistan continues to be an insolent, third-rate godforsaken society.Coming back to the European feudal system, th ere were instances when the King knighted the people who were close to the king or were in the process of forging close relationships were also knighted so that their status would be elevated to that of any other peer. We can clearly see that in the case of King Henry the Eighth or Henry Tudor. Before he was set to marry Anne Boleyn he knighted her father making him a Viscount and her brother a Baron. The feudal Barons in the middle ages dominated every walk of life.The German name prefix of â€Å"von† usually showed nobility and we can clearly see that all the people who dominated German and Austrian societies before the Second World War had this prefix in the beginning of their name. For example von Mises the economist, von Bismark the statesman, von Manstein the general, von Hindenburg the Chancellor of Germany before Adolf Hitler and his Third Reich came into power. This is clear evidence of how the nobility was dominant in all spheres of life. We will discuss the same ab out Pakistan but like Europe trends are changing here too and we can see a more fair and equalitarian society.The Indian Feudal Model:- The first evidence of allotment of lands was in ancient India. Indians of antiquity were very giving to their spiritual leaders, the Brahmins. The customs of gifting lands to Brahmins dates back to Maurya times. The Maurya Empire thrived in India between the 4th to 1st Century B. C. E. The Empire controlled from Paltiputra in Present day Patna, Bihar controlled almost all of India. The special thing about this empire was that it was very sparsely populated. This made it very easy for greedy, licentious Brahmins to encroach land. The situation was ideal and the Brahmin is a very shrewd man. According to R.S. Sharma of the University of Patna this is when the trend started and was later enacted into the epic of Mahabharata during the Gupta Empire. This indoctrination meant that the Brahmins would later become landowners. Vast estates of land boil down into huge sums of money and with money comes power, influence and authority. Over the course of the next two thousand years the Brahmin consolidated his position by becoming the landlord along with the Kashatriya. Our ancestors, the Kashatriyas had to earn his land and fight with every fiber of his being for every last chunk of land but the Brahmin had his devious ways.The Brahmin changed the Holy Hindu script and stammered rites for a living. The result of all this was that the Brahmin to this date remains economically well off and continued to rule for centuries to come. Only in today’s world do you see people from lower Varnas such as Laksmhi Mittal or Bajaj strike rich. Otherwise it was always the Brahmin Pandit or the Kshatriya warrior who had control over wealth. It is important to note that the Nehru family is of Kashmiri Brahmin Pandit origin; their scions include Motilal Nehru, Jawaharlal Nehru and Indira Gandhi.The concept was then started off by the Mughals who wi th their skill in administrative issues decided to appoint tax collectors from area to area. This included people from every religion. The Mughals made no discrimination in religion. There were some smaller kingdoms all over India too as the Mughals did not have a hundred percent control over everything. The Mughals, like the British conferred titles upon their tax collectors. Some of these titles were Mian, Rai Bahadur and Chaudhary. Mian was the title given to the Arian family who were the custodians of the Shalimar Gardens. The family is called Mian family of Baghbanpura.Mian Muhammad Shafi, one of the politicians of per-partition India and the Judge to whom Jinnah swore his oath to after becoming Governor-General are both from this family. Rai Bahadur was the title given to those families who helped the Mughals succeed in destroying their enemies for example some people from one tribe would given the title for killing people from another tribe who were causing troubles to for th e Mughals. Chaudhary literally meant â€Å"Lord† and unlike today it was a very rare title back then. It was also customary amongst the Mughals to grant Lordship to Pashtun Generals serving in the army.The Nawabs of Bhopal and the landlords of Khwaspur near modern day Lalamusa were both handed over to Pashtun generals for the services they rendered to the Mughal Empire. Once the British came to power, they had similar tactics of retaining power. The only difference was that they had different names for their loyalists. They preferred to give the title of â€Å"Khan Bahadur†. The British clearly understood the differences between communities of India and did their best to divide us. When people from one tribe rebelled, they were expelled from the army.They placed tribes loyal to them over others in social standing and even today, the effects of this intrusion and manipulation of history effects our society in a very detrimental way which I will discuss later in the rese arch. Hegemony of feudals in Pakistani society:- There were also stories from history where we can see that the King was not as powerful and that the Feudals were running the show altogether. We see the evolution of the â€Å"Magna Carta†, the first bill of rights of man that the western world saw. This Magna Carta was written in the thirteenth century by the Feudal Barons of King John the Second after a series of critical istakes made by the King and now the power lay with the Barons. This is how important the nobility was back in the medieval ages. The phenomenon is still prevalent in modern day Pakistan where we clearly see that almost all of the bureaucrats and politicians hailing from Interior Sindh have remarkably eccentric and ridiculous last names. This is because these are the leaders of their respective tribes. Ghulam Mustafa Jatoi, Asif Ali Zardari, Muhammad Khan Junejo among many others. Why does not any Sindhi from an ordinary background make it to the top? It is the hegemony of these tribe leaders that keeps them oppressed and downtrodden.We do see a sort of connection of these nobles with their German pre world war counterparts. They were all extremely dominant in their societies and controlled the military, the bureaucracy, the foreign affairs, almost all the intellectual discourse, the food production and pretty much everything else. Absentee Landlordism:- This is a phenomenon by which a peculiar landlord from a peculiar rural area of Pakistan remains absent during the entire course of the cultivation and harvest of his crops in order to enjoy a lavish lifestyle in the urban areas of Pakistan.These landlords do not contribute to their land; some of them embark on political careers or take up important bureaucratic jobs. As a result they have little or almost no input on the growth of their crops. There are people that are part of the feudal gentry who leave their country estates and farmlands comprising of hundreds of acres just to live a lavish life in Lahore and other cities playing polo and consuming ridiculous amounts of alcohol. When their crops are harvested they get the largest share of the profits while their mazera gets nothing but some money to barely make ends meet.Societal deterioration of Urban Pakistan:- According to Ayesha Siddiqa, the author accredited with writing â€Å"Military Incorporated†, feudal system is still alive and kicking in Pakistan and even Pakistan’s urban elite are trying to copy the life styles of the feudals. She says and I quote â€Å"the decadent lifestyle of the old Nawabs and the feudal elite by holding huge parties, mujrahs and flaunting money† in their newly built farmhouses. The tragedy of our country is that we try to copy whatever culture we think is superior.Our Anthropology teacher first introduced us to the phenomenon of â€Å"Cultural Diffusionism† where traits of dominant cultures are slowly assimilated into weaker cultures. Unfortunately for Pakistani society, we are ready to accept any culture that has more to do with ostentatiousness than modesty. Moreover, Nawabs and Thakurs were more powerful in areas like Balochistan or Uttar Pradesh. Nawabs of Punjab for example Nawab Sir Fazal Ali of Gujrat and Nawab Sir Hayat of Wah were mostly installed by the British.It is sad to see North Punjabis and other Pakistanis trying to emulate their lifestyles because of their own inferiority complexes. The word â€Å"khandaani† has been thrown around so much and is uttered by every single menial who has a few nickels in his pocket. Pakistani society is a complete and utter shambles and the feudal archetype is to be held accountable in this particular case. Pakistan Army Officer Corps and its deterioration because of differences in background:- Pre-partition Pakistan Army also shows a clear discord between army officers of feudal background and army officers of ordinary backgrounds.In a story narrated by my father, a form er Pakistan Army Armored Corps officer there was a clear discord and hatred between both the parties within the Armored Corps back then. There were two syndicates that we formed one lead by former Lieutenant General Sahabzada Yakub Khan, a landowning aristocrat and the son of the Nawab of Rampur who opted for Pakistan army after partition; The other by Lieutenant General Gul Hassan Khan a man of humble background from Pabbi, Nowshera District.Both Generals were from PAVO Cavalry (Frontier Force) and Probyn’s Horse respectively with the former filled with people from elite backgrounds and elitist principles and the latter being the complete opposite of that. My father told me that before the 1970s if you were serving in the army as a cavalry officer you had to be a part of one group or the other or else you had no future in the army and were constantly harassed by both parties. So the officers picked their sides, all except one General Zia-ul-Haq did so.As a result young Zia a staunch mullah, was thrown out of three army regiments before settling into one dominated by elitists, the Guides Cavalry (Frontier Force). There he was welcomed by Lieutenant Colonel Pir Israr Shah who felt sorry for poor Zia. The day Colonel Shah left poor Zia was once again bullied and harassed by fellow officers especially by former NWFP and Punjab Governors Lieutenant Generals Fazl-e-Haq and Ghulam Jilani, both personally appointed by General Zia later so that he would show them who’s boss.The result of these dissensions was that Zia did his best to purge out the â€Å"elitist† from Pakistan Army and this policy very slowly and gradually took its effect. Coming back to Gul Hassan and Sahabzada Yakub Khan, There were implications that Bhutto wanted Gul Hassan as the future head of the Army, part of the reason why the competent Sahabzada resigned as Commander of East Pakistan (present day Bangladesh). He was replaced by A. A. K. Niazi, a genuinely incompetent offic er.As a result of all of this, Pakistan Army failed to protect East Pakistan from Indian onslaught in the 1971 war. All because our officers failed to unite as one and let go of their backgrounds. What a pity! Perhaps this was why it was so hard to get any work done in any military office back then. There was too much politics surrounding every issue. One party would do whatever it was in their capacity to make the other one look bad and not caring about the duties that their state entrusted upon them.

Capital Budgeting Essay Example | Topics and Well Written Essays - 3250 words

Capital Budgeting - Essay Example The management has the option of employing different techniques for evaluating the performance of individual project managers, each of which has its own characteristics. This paper makes a critical analysis of the performance evaluation technique adopted by Brand Neue Corporation and suggests that the project creating positive shareholder value based on Economic Value Added (EVA) calculation is to be accepted for providing overall greater bonus to the project manager. Organizations adopt both financial and non-financial metrics for evaluating the performance of senior managers. Many of the companies use performance measures such as operating income which rely mostly on financial information generated internally within the organization and are therefore are deficient in making the evaluation perfect. In order to overcome this problem firms have started combining both financial and non-financial measures in the form of balanced scorecards specifying different elements such as profitability measures, customer satisfaction measures, internal measures of efficiency, quality and time and innovation measures. The measures incorporate both long-term and short-term horizon in the evaluation. The internal financial measures are normally based on the accounting numbers routinely prepared and reported by the organization. The idea behind evaluating the performance of different projects is not only to judge the profitability of the projects but also to provid e a meaningful basis for compensating and motivating the senior managers. The objective of this paper is to analyze the project performance appraisal techniques adopted by Brand Neue Corporation. This company has been working on three projects, the performance of which was under review. The company was using ROI technique for evaluating the performance of the projects based on which the performance of the project managers was assessed for compensating them. However the evaluation technique was changed to EVA, since the management was convinced that some of the project managers have been accepting or rejecting projects based on their current ROI status in relation to the bonus structure of the firm. One of the projects was in jeopardy as the project evaluation has not considered the cost of clean up to be incurred consequent upon the passing of an environmental legislation. The cleaning cost has made the project unviable. Therefore the management wants to have a relook at the different project performance evaluation techniques. This report will analyze the effectiveness of the capital budgeting and performance evaluation techniques adopted by Brand Neue such as Return on Investment (ROI), Residual Income (RI) and Economic Value Added (EVA) and recommend to the board of directors, the best technique for evaluating the performance of the managers. The report will also substantiate the recommendation of a particular technique and the likely issues the management has to consider in the process of evaluation. This paper is organized to present theoretical aspects of the evaluation techniques, comparison of the performance evaluation under different techniques and finally a recommendation on the technique that the management can adopt. Project Performance Evaluation Techniques The objective of performance evaluation systems is to provide the information feedback loop to the

Use only english in U.S Essay Example | Topics and Well Written Essays - 500 words

Use only english in U.S - Essay Example se group of people, the action of making English the only language to be officially used in the United States would only turn immigrants against native English speakers. Although forcing new immigrants to only use English would help them adapt to American culture better, it would also take away from their own culture. Many speakers of other languages have no use to learn English because they can get by with speaking their own language. This then weakens American culture because the culture is splintered off in many different directions. However, America has always embraced new immigrants and what they have to offer this country, so taking away their unique culture does not help improve America. In fact, it takes away from their culture and would only seek to serve Americans who have already lived here. Despite the fact that the melting pot of cultures in American would be united if English became the official language, forcing people to use a language that they are not comfortable with would only make them resent the United States and the English language. The guest editorial in the Los Angeles Times refers to a bill sponsored by the Republican representative for Iowa, Steve King, who says that â€Å"English is a unifying force in a multiethnic, multireligious democracy† (â€Å"English Only? Press ‘no’† 2011). It cannot be denied that English binds the United States together. However, one of the greatest things about American society is the freedom to choose, and making immigrants speak English goes against this and the constitution. Also, according to the editorial citizens with weak English skills would struggle to find a place in society (â€Å"English Only? Press ‘no’† 2011). Making English the official language of the United States would have its benefits, but more importantly it would turn new immigrants off American culture. American has always been a nation of immigrants and has embraced them for what they bring to the table, so it makes no sense to

Middle Eastern Origins of International Terrorism since 1945 Essay

Middle Eastern Origins of International Terrorism since 1945 - Essay Example For as long as we have had war, terrorism has been with us as a tactic to bring about change in atmospheres of political discontent and also to maintain control. From the Irish War to Osama Bin Laden, the world has experienced political activism to the extent of vandal, murder and suicide. According to Delaware: â€Å"The history of terrorism dates back at least 1500 years when Jewish resistance groups (66 - 72 A.D.) known as Zealots killed Roman soldiers and destroyed Roman property†. By the middle of the century, the Middle East has perfected and monopolized terror as a strategy to maintain control and promote their regimes. According to Middle East Info: â€Å"The Middle East includes 7 out of 19 of the most repressive regimes in the world. Arab and Iranian dictators oppress their subjects, sponsor half of the world’s major terror groups and imperil Israel, the Middle East’s sole democracy†. Today, tearful vigils in remembrance of the September 11 bombi ng of the World Trade Center in New York is the most historical bookmark of Middle Eastern terror. Concept of Terrorism Emotion is the culprit behind many of life’s extremities. Even a terroristic movement starts with some degree of emotional conflict. The concept of terrorism initially brings to mind political manipulation, kidnappings, bombings, and surprise attacks. The saddest aspect of the term is it is often aimed toward innocent bystanders, including women, senior citizens, and children who have no connection to any perceived offense. â€Å"Terrorism has been described variously as both a tactic and strategy; a crime and a holy duty; a justified reaction to oppression and an inexcusable abomination† .... ine terrorism in terms of law are listed in the table below: Definition of Terrorism, United States Code, (United States Code, 2012) Title 22 Chapter 38 of the United States Code (regarding the Department of State)definition of terrorism: : "The term 'terrorism' means premeditated, politically motivated violence perpetrated against noncombatant targets by subnational groups or clandestine agents† Title 18 United States Code defines international terrorism as: "Activities that . . . involve violent acts or acts dangerous to human life that are a violation of the criminal laws of the United States or of any State, or that would be a criminal violation if committed within the jurisdiction of the United States†¦[and] appear to be intended . . . to intimidate or coerce a civilian population; . . . to influence the policy of a government by intimidation or coercion; or . . . to affect the conduct of a government by mass destruction, assassination, or kidnapping† The essenc e of any terrorist movement is its threat to society. It is the basis for the existence of Homeland Security agencies. Regardless of how it is defined, terrorist tactics add up to one thing: violence. The violent approach arose from several circumstances in the 20th century. Nationalism developed in many countries, which undergirded many political movements and the formation of nationalist interest groups. The World Wars and the Cold War made fighting, death, and casualties a commonality. The tactic of taking hostages was added to the list of methods of political objection. The wars delegitimized any theories of peace and non-violent protest (Terrorism Research, 2012). The wars desensitized people to the death and breaking laws (Terrorist Research, 2012). The death toll of the wars overshadowed

E-Shopping Assignment Example | Topics and Well Written Essays - 250 words

E-Shopping - Assignment Example These technical improvements in consumer electronics also found their way into the Internet. An example of this is on-line casino game sites where the player experiences the thrills of enjoying and playing in almost-realistic casino. This realism extends not only to the quality of the audio produced by the act of playing such as table card games but also in the way the cards slide on the table. The cards seem to glide on a real casino table that is equipped with padding and the cards being dealt do not slide awkwardly as in previous computer programs where they seem slippery like being on top of glass. I believe Internet shopping ten years from now will allow prospective customers to feel, smell and see the real product on-line. This may seem impossible or incredible but scientists have found out that smell is nothing but just a variant of electromagnetic waves. Smell is transmitted by infrared waves and scientists are near to finally finding the solution to the mystery of smell (Grigoryev, Myakishev & Yankovsky, 2001). Similar to what the early movies during the beginning of the previous century, the invention of the phonograph made movies more enjoyable due the added element of sound. Now that scientists have deciphered the mechanism of smell, it might be able to produce and send smell on the Internet. Consumers can see, touch and smell a product (such as perfume) before they will buy

PROGRAM INCEPTION Research Paper Example | Topics and Well Written Essays - 1250 words

PROGRAM INCEPTION - Research Paper Example vance knowledge about education, to encourage scholarly inquiry related to education and to promote the use of research to promote education (AERA, 2012). To achieve this mission, the organization runs several programs related directly or indirectly to education. According to AERA (2012), the key programs that this organization runs are educational research and policy, government relations, social justice, professional development and communication and outreach. All these programs help in one way or the other in the improvement of education in the country. Although the organization has so far done a recommendable job in terms of education improvements, it still has a room for more and better contributions in education. This organization can only achieve this through introduction of more key educational and instructional programs that can improve education. One of such program the organization can adapt is ‘Training the Trainers’. This program, as the name suggests, would involve training the personnel who take part in education of both students and teachers profession. In this program, the trainers will be trained on research practice and ethics required in undertaking an education research. The main objective of this program would be to equip teachers and educators with skills and information that can enable them to conduct research on their students successfully. The program would also give the teachers and educator the skills and information on how to use the findings of a research to improve education without violating individual’s rights. According to Kuhet al (2010), this would enable the teachers and educators in selecting effective education practice that would promote education in the whole country. The way in which I will design the program will depend mainly on the standards that it is required to meet by various stakeholders. Since the standards should vary from one situation to another, I will design the program in a specific way to suite its

Informational interview Article Example | Topics and Well Written Essays - 1000 words - 1

Informational interview - Article Example She had worked as an academic counsellor at the career centre before she was promoted to the post of associate director. Briana has a professional work experience of ten years. She majored in Psychology in her undergraduate level and later acquired Masters and Ph.D. degrees in Counselling. She had also worked in a bagel shop while in high school. I was motivated to request Briana Randall for an interview because of my interest in the field of academic counselling. Following the interview session, I was able to learn a number of issues that are quite crucial to individual who wants to venture into the field. Although an undergraduate degree is an essential foundation for individuals who want to venture into the career of counselling, it is not adequate. The least educational qualification for an academic counsellor is a Master’s degree in any field. In addition to this, work experience in the field is vital for one to be able to effectively deliver in this field. Because of this reason one should explore available options such as volunteer opportunities and internships so as to gain experience before seeking full-time employment. These opportunities may include counselling children, high school students or even working in a crisis clinic. This will also help one to determine if such a job gives him/her career satisfact ion. Moreover, a number of skills are required to be able to succeed in the field including ability to multitask, supervision skills, management skills and delegation skills. Being a very involving career, one needs to be ambitious so as to be able to handle all the tasks. Duties of a counsellor that probably is the starting post for an upcoming academic counsellor include and are not limited to; appointments with students, answering students emails, preparing for workshops and reading extensively about career and job options. The responsibilities of the high-ranking associate director include leading

IHG future plans Essay Example for Free

IHG future plans Essay IHG’ aggressive growth plan is in full swing. They announced future plans for the largest new-build Crowne Plaza in the U. S. with 300 deluxe guest rooms and suites. Located two miles from Baltimore Washington Airport, the property will be part of a $350 million resort complex, attached to a 90,000 sq. ft state of the art conference center featuring a 50,000 sq. ft. grand ballroom. The hotel is expected to open early 2009. As a part of The Grand Isle Resort, the crowne Plaza will be connected to a 14,000sq. ft. indoor aquatic center featuring the east coast’s most exciting slides and attractions. With 3. 5 million sq. ft. of office space, the resort will be an oasis for the business traveler, conference attendee and family like. The hotel believes its convenient airport location will satisfy both business and leisure travelers. The Crowne Plaza at Grand Isle Resort is owned by ASHA Companies and managed by American Resort Management, LLC, under a license agreement with a company in the IHG. The IHG’ brand has experienced very positive growth over the last two years and in 2006, opened a total of ten hotels in seven countries. The brand will continue its global expansion throughout 2007 including new openings planned in China (Chengdu, Qingdao, Shenzhen, and Jiuzhaigou), the opening of the InterContinental Dubai Festival City, and the launch of the ANA InterContinental Tokyo. The InterContinental Moscow is scheduled to open in 2010. In addition, IHG announced plans for Honduras’ first Holiday Inn Express. The 104 – room Holiday Inn Express in San Pedro Sula will be owned by Desarollos Monumentales under a license agreement with a company in the IHG and is scheduled to open September 2008. Conclusion: The growth of the InterContinental Hotels Group, IHG, into one of the world’s largest hotel groups in the world and the leader in hotel room count is based primarily on its emphasis on its own unique brand distinction and customer loyalty. The strong operating system that it maintains in some of the largest markets has also been significant to the global expansion of the InterContinental Hotels Group. The advertising and marketing entity as well as the global call centers, local language websites, sales, and its Priority Club Rewards (PCR) program that comprise the operating system of the IHG group is unrivaled. Furthermore, the unique quality of these systems work together with the objective of driving brand demand, which has been one of the key strengths of this Hotel Group. From its humble beginnings at the Holiday Inns International in 1988 to its global expansion plans into Asia with the help of its joint venture projects in Japan, the IHG group is set to become even larger. The manner by which the group is able to maintain several different brands such as Holiday Inn, Holiday Inn Express, InterContinental Hotels and Resorts, and Crowne Plaza Hotels and Resorts keeps it ahead of the competition because they are able to cater to a wider class of customers. There are more expansion plans for the future of this highly successful hotel group as they have recently announced the plans for the largest new-build Crowne Plaza in the U. S. as well as new openings planned in China for the year 2007. The challenge that remains for this group lies in being able to expand at a sustainable pace and retain the competitive edge that has kept it at the top of the hotel industry through the various innovations and excellent service that it provides.

Historical Background Of The Upanishads Philosophy Essay

Historical Background Of The Upanishads Philosophy Essay The Upanishads are said to contain the essence of the Vedas and the Vedas are the source of the (no need for the here) Vedanta philosophy. They contain the spiritual experiences and revelations of sages, the Rishis. They are said to be the products of the highest wisdom, supreme divine knowledge, which was directly heard (shrutti) in meditation. Hence they stir the hearts of people and inspire themà ¢Ã¢â€š ¬Ã‚ ¦..They give supreme food for the soul  [1]  They are rich in profound philosophical thought and there is great depth of meaning in the passages and verses. They give a vivid description of the nature of Atman, the Supreme Soulà ¢Ã¢â€š ¬Ã‚ ¦ and expound suitable methods and aids to attain the Immortal Brahman, the Highest Purusha.  [2]  They have exercised considerable influence on the religion and philosophy in India. The Upanishads are regarded as the final part of the Vedas, and primarily discuss philosophy, meditation and the nature of God and form the core spiritual thought of Vedantic Hinduism. They are considered as mystic and spiritual contemplations of the Vedas, and are known as Vedanta (the end/culmination of the Vedas). Although the Vedas look outward in reverence and awe of the phenomenal world, the Upanishads look inward to the powers of human consciousness. Opinion differs as to the age of the Upanishads. Some Western scholars have fixed the age as 6th century BCE, but they do not belong to a particular period of Sanskrit literature. The oldest, such as Brhadaranyaka and Chandogya may date to the Brahmana period (roughly before the 7th century BCE) while the youngest may date to the medieval or early modern period. However, Sivananda would say they are dateless and eternal as they came out of the mouth of Brahman and so existed before the creation of the world. Shad means to shatter or destroy so by having knowledge of the Upanishads one destroys ignorance, and knowledge of Brahman is called Upanishad because it leads to Brahman and helps aspirants attain Brahman. Other schools of thought say Upanishad means sitting at the feet of the teacher. The Upanishads were not meant for the masses, as they contain the highest speculations of philosophy. They were only meant for the select few, who were seen as worthy to receive instruction initially from the rishis and later from the Brahmin teaching caste, hence the term Upanishad at first signified secret teaching or doctrine. The teachers integrated to become the Brhma Rishis. The Vedas were initially not written down but passed on orally, by chants and hymns. The Aryan migrants brought Sanskrit to India and so the Upanishads were eventually written down by the Rishis and Brahmin priests. Over 1000 have been recorded but Sankaracharya (8th century mystic who reawakened India to its spiritual herit age) is said to have collected together 108 Upanishads, which are summarised in his famous work The Viveka Chudamani. Of these the principal 10 Upanishads still studied today, are the Brhadarnayaka, Chandogya, Isha, Kena, Katha, Mandukya, Aitareya, Taittiriya, Mudaka and Prashna. The ancient rishis sought to understand the fundamental truths of mans being; the origins, the nature and the destiny of man and his universe, the meaning of life, the world and the relation of the individual to the supreme soul. They sought answers to these basic questions: who am I, what is the universe, whence are we born, on what do we rest, where do we go, are there such things as immortality, freedom, perfection, eternal bliss, everlasting peace, what is Atman, Brahman, or the Self, which is birthless, deathless, changeless, self-existent how to attain immortality or Brahman, what is the means of freedom from earthly bondage. The road to self-discovery is discussed in the Taittiriya Upanishad, which gives us rules for right conduct in our lives and advises If you are in doubt about right conduct, Follow the example of the sages, who know what is best for spiritual growth.  [3]  (chpt 11-v4). It tells us the body is only the outer layer surrounding our self, each layer less physical than the last: the physical sheath is made up of food (Pt 2, 2.1), the vital sheath is made up of living breath (3.1), the mental sheath is made up of waves of thought (3.1) and the sheath of wisdom is the intellect and within this is the sheath of bliss. Bliss is the heart, and Brahman the foundation. Those who affirm the Lord affirm themselves.  [4]  In the journey to discover who we are, the rishis looked at these states of consciousness (Brihadranyaka Upanishad chpt4). As awareness is withdrawn from these layers of consciousness it was discovered that the mind is not conscious, it is only an instrument of our consci ousness. If we were able to observe from within each state, would that be the knower, ie the self? In all creatures, all persons the Self is the innermost essence. Janaka asks who is the self and Yajnavalka replies: The Self, pure awareness, shines as the light within the heart, surrounded by the sense. Only seeming to think, seeming to move, the Self neither sleeps nor wakes nor dreams. This notion of the Self and Brahman being one is considered in the Katha Upanishad (chpt2-v20). Hidden in the heart of every creature exists the Self, subtler than the subtlest, greater than the greatest. They go beyond sorrow who extinguish their self-will and behold the glory fo the Self through the grace of the Lord of Love. A similar theme can be seen in the Isha Upanishad in its description of the Lord as being enshrined in the hearts of all. This seems to merge into a description of the Self culminating in v8 He it is who holds the cosmos together. The question of attaining immortality or Brahman is discussed in the Katha Upanishad, where we have a teenage boy (Natchiketa) as the student and Death (Yama) being the teacher. This studies the notion of reincarnation, wherein Natchiketa is sacrificed to death by his father but Natchiketa is granted three wishes, one for each of the three nights he has spent in the house of Yama (Pt 1-chpt1-v9-29. Natchiketa asks that when he is reincarnated his father will recognise him, secondly that he wants to remember what has gone before, he doesnt want to lose prior knowledge and thirdly he wants to know for certain if his sole really exists after death. The answer is to renounce passing pleasures and seek wisdom (chpt2-v3-4). Death says, The truth of the Self cannot come through one who has not realised the Self  [5]  , so self-realisation is the key. The ignorant believe that when the body dies, they die. This is further expounded by the Mandukya Upanishad which teaches us the need for knowledge through awareness and how this can be passed on through teachers. There are two types of knowledge, that taught through study, or lower knowledge, and the higher knowledge which leads to self-realisation, through mediation those who are pure in heart, who practice meditation and conquer all their senses and passions, shall attain the immortal Self.. The Prashna Upanishad also tells us after the sage Pippaladas explanation of where we come from (qu1-v4-10), that those who meditate, seek wisdom, self-discipline and faith in God will travel after death to the Supreme refuge, beyond the reach of fear and free from the cycle of birth and death. This Upanishad concludes with the question Do you know the self? (QuVI-v1) and Pippaladas summary describes the sixteen forms of the self within the body and that one must realise the self so that these sixteen forms disappear. Then there is no more name or form for us as human beings and we attain immortality. The self is the paramount goal of life. Attain this goal and go beyond death. (QuVI-v) iii) Where did I come from? This question is posed by the Kena Upanishad: by whom? Who makes my mind think?who sees through my eyes and hears through my ears? The teacher replies The Self is the ear of the ear, the eye of the eye and the mind of the mind.. This Upanishad is about knowing Brahman yet how can this not be an impossible task for the average man? How can we possibly conceive of understanding something so abstract and inscrutable? Yet we are urged to try: It is the power of Brahman that makes the mind to think, desire, and will. Therefore use this power to meditate on Brahman. (chpt4-v5-6) However, it seems we are compelled to continually ask questions without questions we cannot develop. What gives us this desire to know, to attain self-realisation? Easwarans interpretation of this question is: by whom impelled do all the motions of life stir?  [6]  Easwaran also quotes Shankara, By whose mere presence does that desire arise which moves the universe? Swami Vishnudevananda says just as the perception of things in the gross world is impossible without light, so knowledge of self cannot emerge other than by inquiry. Who am I? How was this universe born? What is its cause?  [7]  Just as mans quest for enjoyment finds that joy is within himself, knowledge will never be complete until he turns his vision inwards. The Upanishads tell us that all knowledge is in the self, and in fact, knowledge is self. That eternal knowledge of the self when reflected through the mind and brain of man becomes intuition, reason and instinct. In lower animals it is manifested as instinct, in man as reason and in advanced man as intuition. Individual existence is therefore a manifestation of the real existence of the self. So it seems to me we are compelled to seek knowledge, and therefore by implication to seek knowledge of the self. As Easwaran points out, exploring the unconscious requires the daring of youth, as in the Katha Upanishad. The Katha Upanishad seems to be saying that within all human experience it is only the Self that is the enjoyer, and so once one attains self-realisation there will nothing further to know. In the meantime man is forever searching, searching, even when he doesnt know what he is looking for. As Vishnudevananda points out some scale Mount Everest to learn, others navigate under the Artic oceans, while others fly into outer space. Others retire from the world to study or roam the world in search of knowledge. I feel this will go on for a long time yet until man has reached a stage of intellect where self-realisation becomes attainable for all, in ages to come. In the meantime we aspire to seek out extra little bits of knowledge and we pick up lots more along the way by accident without even r ealising it. The problem for us lowly mortals is in a quote I heard a long time ago when I was at college and has stuck with me ever since, although I dont know who said it or when: is not just the known unknown but the unknown unknown. I am aware of many things I do not know but there is of course an ocean of things which I dont even realise are there to be known. It seems an impossible task. Perhaps as I take the advice of the Upanishads and practise meditation, in years to come I may begin to feel as if I have started on my own journey.

Microorganisms Relevant To Bioremediation

Microorganisms Relevant To Bioremediation Introduction Bioremediation is a technology that utilizes the metabolic potential of microorganisms to clean up contaminated environments. One important characteristic of bioremediation is that it is carried out in non-sterile open environments that contain a variety of organisms. Of these, bacteria, such as those capable of degrading pollutants, usually have central roles in bioremediation, whereas other organisms (e.g. fungi and grazing protozoa) also affect the process. A deeper understanding of the microbial ecology of contaminated sites is therefore necessary to further improve bioremediation processes. In the past two decades, molecular tools, exemplified by rRNA approaches, have been introduced into microbial ecology; these tools have facilitated the analysis of natural microbial populations without cultivation. Microbiologists have now realized that natural microbial populations are much more diverse than those expected from the catalog of isolated microorganisms. This is also the case for pollutant-degrading microorganisms, implying that the natural environment harbors a wide range of unidentified pollutant-degrading microorganisms that have crucial roles in bioremediation. This article summarizes the results of recent studies of microbial populations that are relevant to bioremediation. Molecular ecological information is thought to be useful for the development of strategies to improve bioremediation and for evaluating its consequences (including risk assessment). Molecular tools are especially useful in bioaugmentation, in which exogenous microorganisms that are introduced to accelerate pollutant biodegradation need to be monitored. This article discusses recent examples of the successful application of molecular ecological tools to the study of bioremediation. Microorganisms relevant to methane oxidation Traditionally, studies on pollutant biodegradation have been initiated by the isolation of one or more microorganisms capable of degrading target pollutants; however, conventional isolation methods have resulted in the isolation of only a fraction of the diverse pollutant-degrading microorganisms in the environment. In addition, most isolated organisms have shown pollutant-degradation kinetics that differ from those observed in the environment. For example, laboratory-cultivated methanotrophs exhibit half-saturation constants for methane oxidation which are one to three orders of magnitude higher than those observed in soil. Using molecular phylogenetic analyses of isotope-labeled DNA, (Radajewski et al.) successfully identified two novel methanotrophs that actively degrade methane under environmental conditions. Molecular approaches that target the 16S rRNA gene (16S rDNA) and genes encoding enzymes involved in key metabolic steps (e.g. those encoding particulate methane monooxygena se) have been applied to the analysis of methanotrophs in rice field soil, lake sediments and forest soil. Methanotrophs are considered to be important for reducing the emission of methane, a greenhouse gas, from soil and sediment. In addition, methanotrophs co-metabolize trichloroethylene (TCE); therefore, TCE bioremediation often employs methane injection as a means to stimulate the TCE-degrading activity of indigenous methanotrophs (i.e. methane biostimulation). Methanotrophs which occurred at a methane biostimulation site were recently analyzed using denaturing gradient gel electrophoresis (DGGE) of polymerase chain reaction (PCR)-amplified 16S rDNA and soluble methane monooxygenase gene fragments. Marine petroleum hydrocarbon degradation Molecular ecological approaches have also been used to analyze bacterial populations that occur in petroleum-contaminated marine environments. Spilled-oil bioremediation experiments conducted at a sandy beach found that phylotypes affiliated with the subclass of Proteobacteria appeared in the DGGE fingerprints obtained for oiled plots but not in those for unoiled plots, suggesting their importance in spilled-oil bioremediation. Another oil-spill experiment conducted at a beach in the Norwegian Arctic showed that 16S rDNA types affiliated with the ÃŽÂ ³-Proteobacteria, especially those belonging to the Pseudomonas and Cycloclasticus groups, were abundant in fertilized oil sands. Microbial populations which occurred in seawater after supplementation with petroleum and inorganic fertilizers have been analyzed using rRNA approaches; it was reported that bacterial populations belonging to the Proteobacteria and the genus Alcanivorax showed accelerated growth. These studies have indicat ed that some groups of bacteria commonly occur in oil-contaminated marine environments, although other populations change under different environmental conditions. Anaerobic petroleum hydrocarbon degradation As petroleum hydrocarbons are persistent under anaerobic conditions, their contamination of groundwater is a serious environmental problem. The microbial diversity in a hydrocarbon- and chlorinated-solvent contaminated aquifer undergoing intrinsic bioremediation was assessed by cloning and sequencing bacterial and archaeal 16S rDNA fragments. This study detected phylotypes that were closely related to Syntrophus spp. (anaerobic oxidizers of organic acids with the production of acetate and hydrogen) and Methanosaeta spp. (aceticlastic methanogens), suggesting their syntrophic association. Phylotypes affiliated with candidate divisions (that do not contain any isolated organisms) were also obtained in abundance from the contaminated aquifer, although their physiology is completely unknown. A similar syntrophic association of bacteria and archaea has also been reported in a methanogenic enrichment that slowly degrades hexadecane. Likewise, a toluene-degrading methanogenic consortium was characterized by rRNA approaches. The consortium comprised two archaeal species related to the genera Methanosaeta and Methanospirillum, and two bacterial species, one related to the genus Desulfotomaculum and the other unrelated to any previously described genus. Fluorescence in situ hybridization (FISH) with group-specific rRNA probes was used to analyze a denitrifying microbial community degrading alkylbenzenes and n-alkanes; the Azoarcus/Thauera group was found to be the major bacterial group. Bacteria affiliated with the ÃŽÂ µ-Proteobacteria were found to grow in petroleum-contaminated groundwater which accumulated at the bottom of underground crude-oil storage cavities. Microbial communities associated with anaerobic benzene degradation under Fe(III)-reducing conditions in a petroleumcontaminated subsurface aquifer were also analyzed by DGGE analysis, and it has been suggested that Fe(III)- reducing Geobacter spp. have an important role in the anaerobic oxidation of benzen e. The available electron acceptors are the principal determinants for the types of microorganisms that occur in anaerobic environments, and microbial populations identified in the above papers are considered important for petroleum hydrocarbon degradation in subsurface environments under the respective conditions. On the basis of these results, future developments in anaerobic hydrocarbon bioremediation are anticipated. It is noteworthy that phylotypes that are only distantly related to known genera are often detected as major members of the anaerobic communities, suggesting that parts of anaerobic hydrocarbon biodegradation processes remain unidentified. Polycyclic aromatic hydrocarbon degradation Polycyclic aromatic hydrocarbons (PAHs) are compounds of intense public concern owing to their persistence in the environment and potentially deleterious effects on human health. A soil-derived microbial consortium capable of rapidly mineralizing benzo[a]pyrene was analyzed by DGGE profiling of PCR-amplified 16S rDNA fragments The analysis detected 16S rDNA sequence types that represented organisms closely related to known high molecular weight PAH-degrading bacteria (e.g. Burkholderias, Sphingomonas and Mycobacterium),although the degradation mechanisms have yet to be resolved. In soil environments, the reduced bioavailability of PAHs due to sorption to natural organic matter is an important factor controlling their biodegradation. Friedrich et al. reported that different phenanthrene-degrading bacteria occurred in soil enrichments when different sorptive matrices were present. It has also been shown that the application of surfactants to soil enrichments that degrade phenanthrene a nd hexadecane altered the microbial populations responsible for the degradation. These results have common implications for bioremediation; that is, nature harbors diverse microbial populations capable of pollutant degradation from which a few pollutant-degrading populations are selected according to bioremediation strategies. Metal bioremediation Because of its toxicity, metal contamination of the environment is also a serious problem. Recent studies have applied molecular tools to the analysis of bacterial and archaeal populations that are capable of surviving in metal-contaminated environments. Bacterial communities in soil amended for many years with sewage sludge that contained heavy metals were assessed using rRNA approaches, including FISH and cloning and sequencing. The study found that two sequence groups affiliated with the Proteobacteria and Actinobacteria were frequently obtained from clone libraries from the metal-contaminated soil, although most Actinobacteria sequences showed low similarity (

Mastery by Robert Greene: The Steps to Mastery Essay -- creative task,

I am pursuing a Masters degree in Instructional Design and Technology. With this degree, I hope to gain the skills to help revolutionize education with the use of technology. In 1907 Maria Montessori, embarked on such a journey (American Montessori Society, 2013). She was invited to open a center for children living in the poor, inner-city of Rome (American Montessori Society, 2013). While working there, Maria began using approaches to educate the children that would find great success and become world-renown. Because Maria Montessori revolutionized education in a way that I hope to do, I chose her as the focus of my hero in Mastery research paper. In chapter five of his book, Mastery, Robert Greene (2012) outlines the way to find mastery. The first step to mastery is The Creative Path (Greene, 2012 p. 179). Greene states that becoming a master will not occur if you are easily swayed by setbacks or desire a life full of ease and comfort (Green, 2012 p. 179). When pursuing a creative endeavor one must pursue it with their whole being. Maria Montessori was able to achieve mastery despite the obstacles she faced. Montessori grew up in Italy and from an early age showed an interest in reading and academics, which differed from most females of her time (Adams, 1969, p. 49). Maria attended the University of Rome, much to the disdain of her father and the university, and in 1896 she became the first woman in Italy to graduate with a Doctor of Medicine degree. (Adams, 1969, p. 49; Solan, H. A. (2007) p. 61). Like a true master, Montessori did not stop pursuing knowledge in her field. Shortly after graduation she was introduced to a na rrower field of medicine and in 1897 returned to the University of Rome to study pedagogy and education... ...hrough: their development of The Current – his through his experiments with amputee patients and hers through her experiments educating children with disabilities; their study of anomalies – his study of phantom limb syndrome and her study of the education process for the mentally and physically disabled; and they both searched for the great yield – him through evidence of his simple experiments and her through evidence from the Casa dei Bambini. Works Cited Adams, Anne H. (1969, September). Maria montessori: a vignette. Education. p. 49. American Montessori Society. (2013) Maria montessori (biography of). Retrieved from http://amshq.org/Montessori-Education/History-of-Montessori-Education/Biography-of-Maria-Montessori Greene, R. (2012). Mastery. New York: Viking. Solan, H. A. (2007). Maria montessori: a biography. Optometry & Vision Development, 38(2), 61.

Shakespeare?s Sonnets: The Theme Of Love Essay -- essays research pape

Shakespeare’s poems are the monument of a remarkable genius but they are also the monuments of a remarkable age. The greatness of Shakespeare’s achievement was largely made possible by the work of his immediate predecessors, Sidney and Spenser. Shakespeare’s sonnets are intensely personal and are records of his hopes and fears, love and friendships, infatuations and disillusions that in turn acquire a universal quality through their intensity. The vogue of the sonnet in the Elizabethan age was brief but was very intense. Sir Thomas Wyatt and The Earl of Surrey brought the Petrarchan sonnet to England and with that an admiration for lyrical poetry. This had major consequences on English verse; it was not only due to the beauty of the form of the sonnet but also because the Sonnet had become the vehicle of expression of one’s personal feelings. It was with the sonnet that Lyricism entered English Poetry. The Elizabethan sonnets show the mingling of the conventional with the original. There was a greater influence of Italy and France on the English sonnet form but in the hands of the three great masters Sidney, Spenser and Shakespeare it took a unique form. The sonnets had marks of sincerity that were in direct relation to life and their authors. In the Elizabethan Age there were dramatic authors who wrote verse as secondary to their plays and the songs or the lyric were the best in these collections. The songs of this period had the blending of the genius of the people and the artistic sense awakened by humanism. England became the impassioned lover of songs. Most were love-songs, some very free and profane but there were religious songs as well and many were purely fantastic. But Shakespeare’s songs were the most original and spontaneous and they were rich in their impression of Nature. They contained a sort of fresh and rustic realism. Like in ‘Winter’s Tale’ the image of â€Å"when daffodils begin to peer† and the white sheet is â€Å"bleaching on the hedge.† And also the purely fantastic songs, which borrow from Nature as in ‘Midsummer Night’s Dream’, banishing the â€Å"spotted snakes with double tongue.† Shakespeare’s sonnets cannot be classified. They are embedded in a scene and lose their special beauty and subtlety when taken out of context. The majority of Shakespeare’s poems were written in the early stage of his career. The narrative poems ‘Venus and Adonis... ...t displayed when he says, â€Å"Against my love shall be as I am now, With Time’s injurious hand crush’d and o’erworn†¦Ã¢â‚¬  (LXIII) Shakespeare’s sonnets are concerned with the relationship of individual experience (personal ties of love and friendship) with Time. The poems express a conviction of the permanence and validity of emotion in all its different forms, as sonnet 116 does â€Å"Love’s not Time’s fool, though rosy lips and cheeks Within his bending sickle’s compass come†¦Ã¢â‚¬  Shakespeare felt that under the pressure of mutability ‘love’ becomes ‘lust’; it changes form being an intense human experience to an expenditure of ‘spirit’. As love and friendship are born in time they are subjected to impermanence and so he believed that â€Å"what is rooted in time, time itself destroys.† And so in sonnet XCIV he says â€Å"Lilies that fester smell far worse than weeds.† The Sonnets of Shakespeare hold a dominant place among the development of the Sonnet sequence in the Elizabethan period. His poems show how the sonnet form in it’s strict formal limits imposes upon the language a distinctive economy and intensity. The sonnets might be based on historical events but they have a Universal significance.

Museum of Modern Art Essay

â€Å"The agenda for museums in the twenty-first century† by Harold Skramstad is concentrated on the historical aspects of the museums in the United States. He notices that museums were the great success of the American public education on the nineteenth century. During the twenty century museums stayed the important part of cultural landscape, and nowadays the concept of museums as the form of education is in demand. However, the social opinion considers museum as a passive and informal kind of education, and this issue needs correction, The chapter 16 â€Å"Museum Exhibitions and the dynamics of dialogue† by Kathleen Maclean is the attempt to analyze the role of the museums as the civic institutions and the contribution of exhibition, especially the temporary. The author mentioned the evolution of the very concept of museum, noticing the small facts, for example, the days when museum is closed, as the sign of class orientation, and mentioned that last time the museums became more democratic by their nature, Nowadays museums are ready for the dialogue with their visitors. At the very end on the chapter author mentioned that the number of museums constantly increases, unlike the number of money available for them. For this reason every curator of the museum should clearly understand the task of the museum in general and every exhibition in particular. It is necessary to understand the needs of museum visitors and their ability to understand and to learn in the museum. The excellent example of the museum with the definite task is the Museum of Modern Art.

Accounting Test Solutions

ch13 Student:   1. Some liabilities are not contractual obligations and may not be payable in cash. True False 2. Amounts withheld from employees in connection with payroll often represent liabilities to third parties. True False 3. A customer advance produces a liability that is satisfied when the product or service is provided. True False 4. Long-term debt that is callable by the creditor in the upcoming year should be classified as a current liability only if the debt is expected to be called.True False 5. The concept of substance over form influences the classification of obligations expected to be refinanced. True False 6. Under IFRS, a liability that is refinanced after the balance sheet date but before the financial statements are issued would typically be classified as a current liability. True False 7. Warranty expense is recorded along with the related liability in the reporting period in which the product under warranty is sold. True False 8. For a loss contingency to be accrued, the claim must have been made before the accounting period ended.True False 9. A company should accrue a liability for a loss contingency if it is at least reasonably possible that assets have been impaired and the amount of potential loss can be reasonably estimated. True False 10. A disclosure note is required for all material loss contingencies for which the probability of loss is reasonably possible. True False 11. Under IFRS, the term â€Å"probable† indicates a threshold of probability that is substantially higher than a 50/ 50 chance. True False 12.Under IFRS, if it is probable that a contingent liability will result in a future payment but there is a range of equally likely amounts that will be paid, the midpoint of the range should be accrued as a loss. True False 13. The cost of promotional offers should be recorded as expenses in the accounting period when the offers are redeemed by customers. True False 14. Unlike the Social security tax there is no maxi mum wage base for the Medicare portion of the FICA tax. True False 15. State and Federal Unemployment Taxes (SUTA and FUTA) must be withheld from employees' wages. True False 16.Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. __ Liabilities when received. __ __ Confirming event is likely to occur. __ A loss contingency accrued in the period of__ related sales. __ Most common temporary financing__ arrangement. __ __ Requires collateral. __ 1. Short-term note 2. Warranty liability 3. Advances from customers 4. Secured loan 5. Probable 17. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. Accrued liabilities 2. Discount on notes payable 3.Interest payable 4. Sales tax payable 5. Callable Due on demand. Contra liability. A third party liability. Accrues with passage of time. Expenses incurred but not yet paid. ____ ____ ____ ____ ____ 18. M atch each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. Reasonably possible 2. Noncommitted lines of credit 3. Customer deposits 4. Interest paid on debt 5. Gain contingencies Liabilities until refunded. More than remote but less than likely. Face amount x rate x time. Not recorded until realized. Informal borrowing agreements. ____ ____ ____ ____ ____ 19.Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. Unasserted claims 2. Factoring 3. Subsequent events 4. Accounting liabilities 5. Effective interest __ Exceeds the stated rate on discounted notes. __ __ May include items that are not legal liabilities. __ __ Sales of receivables. __ Evaluated for recognition only if an unfavorable__ outcome is probable. __ Occur in the current year before prior year financial__ statements are issued. __ 20. Match each phrase with the correct term placing th e letter designating the best term in the space provided by the phrase. . Noninterestbearing notes 2. Loss contingencies 3. Committed lines of credit 4. Accounts payable 5. Pledging arrangements __ Use accounts receivable as collateral. __ __ Often require compensating balance. __ __ Only formal credit instrument is the invoice. __ __ Effective interest higher than stated interest. __ Recorded if probable and amount is known or__ reasonably estimable. __ 21. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. Present value of interest plus present value__ of principal. __ __ Required for contingencies. __ __ Payable with current assets. _ Short-term debt to be refinanced__ with long-term bonds payable. __ __ Avoids registration with SEC. __ 1. Current liabilities 2. Usual valuation of long-term liabilities 3. Disclosure notes 4. Long-term liabilities 5. Commercial paper 22. Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2011. 1. Not reported 2. Disclosure note only 3. Liability 4. Liability A material gain contingent on a future event that appears__ exceedingly likely. __ A penalty assessment that probably will be asserted by__ the EPA, in which case a determinable payment is probable. _ Unassessed penalty with a reasonable possibility of being__ asserted, in which case a determinable payment is probable. __ An extremely likely loss due to an event that occurred__ previously and whose amount is unknown but estimable. __ 23. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. _ _ How present values affect the measurement_ of contingent liabilities under IFRS. _ _ _ _ Definition of â€Å"probable† under IFRS. _ _ how IFRS refers to an accrued liability_ that would generally be referred to as_ an â€Å"accrued contingent loss† under U.S. GAAP. _ _ _ The amount IFRS would accrue given a range_ of equally likely outcomes. _ _ _ _ Treatment of contingent gains under IFRS. _ 1. mid-point of the range 2. provision 3. more likely than not 4. contingent gains are not accrued 5. report at present value whenever time value of money is material 24. Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2011. 1. Current liability 2. Current liability __ Estimated warranty cost. __ A material gain contingent on a future event that appears__ extremely likely to occur in three months. _ Unasserted assessment of penalty that probably will be 3. Not asserted, in which case there would probably be a loss in six__ reported months. __ 4. Unasserted assessment of penalty with a reasonable possibility Disclosure of being asserted, in which case there would probably be a loss in__ note only 13 months. __ A determinable loss from a past event that is contingent on 5. Current a future even t that appears extremely likely to occur in three__ liability months. __ 25. Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2011. 26.Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2011. 27. The most common type of liability is: A. B. C. D. One that comes into existence due to a loss contingency. One that must be estimated. One that comes into existence due to a gain contingency. One to be paid in cash and for which the amount and timing are known. 28. Which of the following is not a characteristic of a liability? A. B. C. D. It represents a probable, future sacrifice of economic benefits. It must be payable in cash. It arises from present obligations to other entities.It results from past transactions or events. 29. Which of the following is the best definition of a current liability? A. An obligation payable within one year. B. An obligation payable within one year of the balance sheet date. C. An obligation payable within one year or within the normal operating cycle, whichever is longer. D. An obligation expected to be satisfied with current assets or by the creation of other current liabilities. 30. Which of the following is not a liability? A. B. C. D. An unused line of credit. Estimated income taxes. Sales tax collected from customers. Advances from customers. 31.Current liabilities normally are recorded at their: A. B. C. D. Present value. Cost. Maturity amount. Expected value. 32. Current liabilities are normally recorded at the amount expected to be paid rather than at their present value. This practice can be supported by GAAP according to the concept of: A. B. C. D. Matching. Consistency. Materiality. Conservatism. 33. The key accounting considerations relating to accounts payable are: A. Determining their existence and ensuring that they are recorded in the appropriate accounting period. B. Determining their present value and ensuring that they are recorded in the appropriate accounting period.C. Determining their existence and determining the correct amount. D. Determining the present value of the principal and the amount of the interest. 34. Classifying liabilities as either current or long-term helps creditors assess: A. B. C. D. Profitability. The relative risk of a firm's liabilities. The degree of a firm's liabilities. The amount of a firm's liabilities. 35. When cash is received from customers in the form of a refundable deposit, the cash account is increased with a corresponding increase in: A. B. C. D. A current liability. Revenue. Shareholders' equity. Paid-in capital. 36.A discount on a noninterest-bearing note payable is classified in the balance sheet as: A. B. C. D. An asset. A component of shareholders' equity. A contingent liability. A contra liability. 37. The rate of interest printed on the face of a note payable is called the: A. B. C. D. Yield rate. Effective rate. Market ra te. Stated rate. 38. The rate of interest that actually is incurred on a note payable is called the: A. B. C. D. Face rate. Contract rate. Effective rate. Stated rate. 39. On October 31, 2011, Simeon Builders borrowed $16 million cash and issued a 7-month, noninterestbearing note.The loan was made by Star Finance Co. whose stated discount rate is 8%. Sky's effective interest rate on this loan is: A. B. C. D. More than the stated discount rate of 8%. Less than the stated discount rate of 8%. Equal to the stated discount rate of 8%. Unrelated to the stated discount rate of 8%. 40. Jane's Donut Co. borrowed $200,000 on January 1, 2011, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2013. In connection with this note, Jane's should report interest expense at December 31, 2011, in the amount of: A. B. C. D. $0. $24,000. 48,000. $50,880. 41. What is the effective interest rate (rounded) on a 3-month, noninterest-bearing note with a stated rate of 12% and a maturity value of $200,000? A. B. C. D. 12. 4%. 12. 0 %. 11. 5%. 3. 0%. 42. On September 1, 2011, Hiker Shoes issued a $100,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. Hiker's effective interest rate on this loan (rounded) is: A. B. C. D. 9. 0%. 9. 5%. 9. 6%. 9. 7%. 43. Universal Travel Inc. borrowed $500,000 on November 1, 2011, and signed a 12-month note bearing interest at 6%.Interest is payable in full at maturity on October 31, 2012. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2011, in the amount of: A. B. C. D. $8,000. $30,000. $5,000. $25,000. 44. Knique Shoes issued a $100,000, 8-month, â€Å"noninterest-bearing note. † The loan was made by Second Commercial Bank whose stated â€Å"discount rate† is 9%. The effective interest rate on this loan (rounded) is: A. B. C. D. 9. 28% 9. 49% 9. 50% 9. 57% 45. Oklahom a Oil Corp. paid interest of $785,000 during 2011, and the interest payable account decreased by $125,000.What was interest expense for the year? A. B. C. D. $890,000. $660,000. $555,000. $785,000. 46. On June 1, 2011, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $500,000 and a discount rate of 6%. What is the carrying value of the note as of September 30, 2011? A. B. C. D. $525,000. $300,000. $495,000. $475,000. 47. At times, businesses require advance payments from customers that will be applied to the purchase price when goods are delivered or services provided. These customer advances represent: A. B. C. D. Liabilities until the product or service is provided.A component of shareholders' equity. Long-term assets until the product or service is provided. Revenue upon receipt of the advance payment. 48. M Corp. has an employee benefit plan for compensated absences that gives employees 15 paid vacation days. Vacation days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days. At December 31, 2011, M's unadjusted balance of liability for compensated absences was $30,000. M estimated that there were 200 vacation days available at December 31, 2011. M's employees earn an average of $150 per day.In its December 31, 2011, balance sheet, what amount of liability for compensated absences is M required to report? A. B. C. D. $0. $30,000. $225,000. $450,000. 49. Which of the following generally is associated with accounts payable? A. B. C. D. Option A Option B Option C Option D 50. Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related information for 2011 is as follows ($ in millions): What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2011, balance sheet? A. B. C. D. $0. $80. $125. $170. 51.All of the following but one represent collections for t hird parties. Which one of the following is not a collection for a third party? A. B. C. D. Sales tax payable. Customer deposits. Employee insurance deductions. Social security taxes deductions. 52. When a deposit on returnable containers is forfeited, the firm holding the deposit will experience: A. B. C. D. A decrease in cost of goods sold. An increase in current liabilities. An increase in accounts receivable. An increase in revenue. 53. B Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days.Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2011, B's unadjusted balance of liability for compensated absences was $42,000. B estimated that there were 300 vacation days and 150 sick days available at December 31, 2011. B's employees earn an average of $200 per day. In it s December 31, 2011, balance sheet, what amount of liability for compensated absences is B required to report? A. B. C. D. $60,000. $84,000. $90,000. 144,000. 54. On January 1, 2011, G Corporation agreed to grant its employees two weeks vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2011, G's employees each earned an average of $800 per week. 500 vacation weeks earned in 2011 were not taken during 2011. Wage rates for employees rose by an average of 5 percent by the time vacations actually were taken in 2012. What is the amount of G's 2012 wages expense related to 2011 vacation time? A. B. C. D. $0 $20,000 $400,000 $420,000 55.Revenue associated with gift card sales should be recognized: A. When the gift card is sold. B. No later than the last day of the operating period in which the gift card is delivered to the customer. C. When the probability of gift card redemption is viewed as remote. D. Under no circumstances, as gift cards are not themselves a delivered product, but rather a selling technique. 56. All else equal, a large increase in unearned revenue in the current period would be expected to produce what effect on revenue in a future period? A. Large increase, because unearned revenue becomes revenue when revenue is earned. B.Large decrease, because unearned revenue implies that less revenue has been earned, which reduces future revenue. C. No effect, because unearned revenue is a liability, so payment will use assets rather than providing revenue. D. Large decrease, because unearned revenue indicates collection problems that will reduce net revenues in future periods. 57. Peterson Photoshop sold $1000 of gift cards on a special promotion on October 15, 2011, and sold $1500 of gift cards on another special promotion on November 15, 2011. Of the cards sold in October, $100 were redeemed in October, $250 in November, and $300 in December.Of the cards sold in Novemb er, $150 were redeemed in November and $350 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2011, Peterson would show an unearned revenue account for their gift cards with a balance of: A. B. C. D. $0. $1000. $1350. $1500. 58. When a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes: A. B. C. D. A debit to a revenue and a credit to a liability account. A debit to a evenue and a credit to an asset account. A debit to an asset and a credit to a revenue account. A debit to a liability and a credit to a revenue account. 59. Clark's Chemical Company received customer deposits on returnable containers in the amount of $100,000 during 2011. Twelve percent of the containers were not returned. The deposits are based on the container cost marked up 20%. What is cost of goods sold relative to this forfeitu re? A. B. C. D. $0. $2,000. $10,000. $14,400. 60. In May of 2011, Raymond Financial Services became involved in a penalty dispute with the EPA.At December 31, 2011, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable. The additional penalties were estimated to be $770,000 but could be as high as $1,170,000. After the year-end, but before the 2011 financial statements were issued, Raymond accepted an EPA settlement offer of $900,000. Raymond should have reported an accrued liability on its December 31, 2011, balance sheet of: A. B. C. D. $770,000. $900,000. $970,000. $1,170,000. 61. Slotnick Chemical received customer deposits on returnable containers in the amount of $300,000 during 2011.Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits? A. B. C. D. $0. $7,500. $9,000. $45,000. 62. Which of the following is not a current liability? A. B. C. D. Accounts payable. A note payable due in 2 years. Accrued interest payable. Sales tax payable. 63. Short-term obligations can be reported as long-term liabilities if: A. B. C. D. The firm has a long-term line of credit. The firm has tentative plans to issue long-term bonds. The firm intends to and has the ability to refinance as long-term.The firm has the ability to refinance on a long-term basis. 64. Of the following, which typically would not be classified as a current liability? A. B. C. D. Estimated liability from cash rebate program. A long-term note payable maturing within the coming year. Rent revenue received in advance. A six-month bank loan to be paid with the proceeds from the sale of common stock. 65. Large, highly rated firms sometimes sell commercial paper: A. B. C. D. To borrow funds at a lower rate than through a bank. To earn a profit on the paper. To avoid paperwork. Because the interest rate is locked in by the Federal Reserve Board. 6. Which of the following situations would not require that long-term liabilities be reported as current liabilities on a classified balance sheet? A. B. C. D. The long-term debt is callable by the creditor. The creditor has the right to demand payment due to a contractual violation. The long-term debt matures within the upcoming year. All of the above require the current classification. 67. A long-term liability should be reported as a current liability in a classified balance sheet if the long-term debt A. B. C. D. is callable by the creditor. is secured by adequate collateral. ill be refinanced with stock. will be refinanced with debt. 68. On December 31, 2011, L, Inc. had a $1,500,000 note payable outstanding, due July 31, 2012. L borrowed the money to finance construction of a new plant. L planned to refinance the note by issuing long-term bonds. Because L temporarily had excess cash, it prepaid $500,000 of the note on January 23, 2012. In February 2012, L completed a $3 ,000,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2012. On March 13, 2012, L issued its 2011 financial statements.What amount of the note payable should L include in the current liabilities section of its December 31, 2011, balance sheet? A. B. C. D. $0 $500,000 $1,000,000 $1,500,000 69. Liabilities payable within the coming year are classified as long-term liabilities if refinancing is completed before date of issuance of the financial statements under A. B. C. D. US GAAP. IFRS. Either U. S. GAAP and IFRS. Neither U. S. GAAP and IFRS. 70. Kline Company refinanced current debt as long-term debt on January 5, 2012. Kline's fiscal year ended on December 31, 2011, and its financial statements will be issued sometime in early March, 2012.Under IFRS, how would Kline classify the debt on its December 31, 2011 balance sheet? A. In the â€Å"mezzanine† between current and non-current liabilitie s. B. Kline would not classify the debt as current or noncurrent, but rather would write a disclosure note explaining the circumstances. C. As a noncurrent liability. D. As a current liability. 71. Branch Company, a building materials supplier, has $18,000,000 of notes payable due April 12, 2012. At December 31, 2011, Branch signed an agreement with First Bank to borrow up to $18,000,000 to refinance the notes on a long-term basis.The agreement specified that borrowings would not exceed 75% of the value of the collateral that Branch provided. At the date of issue of the December 31, 2011, financial statements, the value of Branch's collateral was $20,000,000. On its December 31, 2011, balance sheet, Branch should classify the notes as follows: A. B. C. D. $15,000,000 long-term and $3,000,000 current liabilities. $4,500,000 short-term and $13,500,000 current liabilities. $18,000,000 of current liabilities. $18,000,000 of long-term liabilities. 72. Other things being equal, most manag ers would prefer to report liabilities as noncurrent rather than current.The logic behind this preference is that the long-term classification permits the company to report: A. B. C. D. Higher working capital and a higher inventory turnover. Lower working capital and a higher current ratio. Higher working capital and a higher current ratio. Higher working capital and a lower debt to equity ratio. 73. Footnote disclosure is required for material potential losses when the loss is at least reasonably possible: A. B. C. D. Only if the amount is known. Only if the amount is known or reasonably estimable. Unless the amount is not reasonably estimable. Even if the amount is not reasonably estimable. 4. Gain contingencies usually are recognized in a company's income statement when: A. B. C. D. Realized. The amount can be reasonably estimated. The gain is reasonably possible and the amount can be reasonable estimated. The gain is probable and the amount can be reasonably estimated. 75. A com pany should accrue a loss contingency only if the likelihood that a liability has been incurred is: A. B. C. D. More likely than not and the amount of the loss is known. At least reasonably possible and the amount of the loss is known. At least reasonably possible and the amount of the loss can be reasonably estimated.Probable and the amount of the loss can be reasonably estimated. 76. A contingent loss should be reported in a footnote to the financial statements rather than being accrued if: A. B. C. D. The likelihood of a loss is remote. The incurrence of a loss is reasonably possible. The incurrence of a loss is more likely than not. The likelihood of a loss is probable. 77. Which of the following is a contingency that should be accrued? A. B. C. D. The company is being sued and a loss is reasonably possible and reasonably estimable. The company deducts life insurance premiums from employees' paychecks.The company offers a two-year warranty and the expenses can be reasonably esti mated. It is probable that the company will receive $100,000 in settlement of a lawsuit. 78. A loss contingency should be accrued in a company's financial statements only if the likelihood that a liability has been incurred is: A. B. C. D. at least remotely possible and the amount of the loss is known. reasonably possible and the amount of the loss is known. reasonably possible and the amount of the loss can be reasonably estimated. probable and the amount of the loss can be reasonably estimated. 79.Paul Company issues a product recall due to an apparently pre-existing and material defect discovered after the end of its fiscal year. Financial statements have not yet been issued. The action required of Paul Company for this reasonably estimable contingency for the year just ended is: A. B. C. D. To disclose it in a footnote. To accrue a long-term liability. To accrue the liability and explain it in a footnote. To do nothing relative to the contingency. 80. Accounting for costs of inc entive programs for customer purchases: A. B. C. D. Requires probability estimation. Follows the matching principle.Is a loss contingency situation. All of the above are correct. 81. Providing a monetary rebate program for purchasing a product: A. B. C. D. Is accounted for similarly to product warranties. Creates an expense for the seller in the period of sale. Creates a contingent liability for the seller at the time of sale. All of the above are correct. 82. The main difference between accounting for rebate and cash discount coupons is: A. B. C. D. The latter is not treated as an expense. Only the former creates a contingent liability when issued. The expense for the latter is usually deferred until redemption of the coupon.There are no significant differences in accounting between the two. 83. Which of the following entail essentially the same accounting treatment? A. B. C. D. Coupons for cash rebates and coupons for other premiums Cents-off coupons and coupons for other premiums Cents-off coupons and coupons for cash rebates All of the above are correct. 84. Blue Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's assets in that country. If the likelihood of expropriation is remote, a loss contingency should be A. B. C. D. Disclosed but not accrued as a liability. Disclosed and accrued as a liability.Accrued as liability but not disclosed. Neither accrued as a liability nor disclosed. 85. Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's asset in that country. If expropriation is reasonably possible, a loss contingency should be A. B. C. D. Disclosed but not accrued as a liability. Disclosed and accrued as a liability. Accrued as liability but not disclosed. Neither accrued as a liability nor disclosed. 86. Red Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's assets in t hat country.If expropriation is probable, a loss contingency should be A. B. C. D. Disclosed but not accrued as a liability. Disclosed and accrued as a liability. Accrued as liability but not disclosed. Neither accrued as a liability nor disclosed. 87. Z Co. filed suit against W, Inc. in 2011 seeking damages for patent infringement. At December 31, 2011, legal counsel for Z believed that it was probable that Z would be successful against W for an estimated amount in the range of $30 million to $60 million, with each amount in that range considered equally likely.Z was awarded $40 million in April 2012. Z should report this award in its 2011 financial statements, issued in March, 2012 as A. A receivable and unearned revenue of $40 million. B. A receivable and revenue of $40 million. C. A disclosure of a gain contingency of $40 million. D. A disclosure of a gain contingency of an undetermined amount in the range of $30 million to $60 million. 88. When a material gain contingency is pr obable and the amount of gain can be reasonably estimated, the gain should be: A. B. C. D. Reported in the income statement and disclosed.Offset against shareholders' equity. Disclosed, but not recognized in the income statement. Neither recognized in the income statement nor disclosed. 89. Which of the following is a contingency that would most likely require accrual? A. B. C. D. Potential claims on extended warranties. Customer premium offers. Potential liability on a product where none have yet been sold. Sales tax payable. 90. The cost of customer premium offers should be charged to expense: A. B. C. D. When the related product is sold. When the premium offer expires.Over the life cycle of the product to which the premium relates. When the premiums are claimed. 91. The accounting concept that requires recognition of a liability for customer premium offers is A. B. C. D. Periodicity. Conservatism. Historical cost. The matching principle. 92. Accounting for costs of incentive prog rams for frequent customer purchases involves: A. B. C. D. Recording an expense and a liability each period. Recording a liability and a reduction of revenue each period. Recording an expense and an asset reduction each period. Recording an expense and revenue each period. 93.A customer of RoughEdge Sharpeners alleges that RoughEdge's new razor sharpener had a defect that resulted in serious injury to the customer. RoughEdge believes the customer has a 51% chance of winning the case, and that if the customer wins the case, there is a range of losses of between $1,000,000 and $3,000,000 in which any number is equally likely to occur. Under U. S. GAAP, RoughEdge should accrue a liability in the amount of: A. B. C. D. $0. $1,000,000. $2,000,000. $3,000,000. 94. A customer of Razor Sharpeners alleges that Razor's new razor sharpener had a defect that resulted in serious injury to the customer.Razor believes the customer has a 51% chance of winning the case, and that if the customer wins the case, there is a range of losses of between $1,000,000 and $3,000,000 in which any number is equally likely to occur. Under IFRS, Razor should accrue a liability in the amount of: A. B. C. D. $0. $1,000,000. $2,000,000. $3,000,000. 95. Volt Electronics sells equipment that includes a three-year warranty. Repairs under the warranty are performed by an independent service company under contract with Volt. Based on prior experience, warranty costs are estimated to be $25 per item sold. Volt should recognize these warranty costs: A. B. C. D.When the equipment is sold. When the repairs are performed. When payments are made to the service firm. Evenly over the life of the warranty. 96. Funzy Cereal includes one coupon in each package of Wheatos that it sells and offers a toy car in exchange for $1. 00 and 3 coupons. The cars cost Funzy $1. 50 each. Experience indicates that 40% of the coupons eventually will be redeemed. During the last month of 2011, the first month of the offer, Fu nzy sold 12 million boxes of Wheatos and 2. 4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2011, income statement?A. B. C. D. $0. $400,000. $800,000. $1,200,000. 97. Captain Cook Cereal includes one coupon in each package of Granola that it sells and offers a puzzle in exchange for $2. 00 and 3 coupons. The puzzles cost Captain Cook $3. 50 each. Experience indicates that 20% of the coupons eventually will be redeemed. During the last month of 2011, the first month of the offer, Captain Cook sold 6 million boxes of Granola and 900,000 of the coupons were redeemed. What amount should Captain Cook report as a liability for coupons on its December 31, 2011, balance sheet? A. B. C. D. $0. $150,000. 300,000. $450,000. 98. At the beginning of 2011, Angel Corporation began offering a 2-year warranty on its products. The warranty program was expected to cost Angel 4% of net sales. Net sales made under warranty in 2011 were $180 million. Fifteen percent of the units sold were returned in 2011 and repaired or replaced at a cost of $5. 3 million. The amount of warranty expense on Angel's 2011 income statement is: A. B. C. D. $5. 3 million. $7. 2 million. $10. 6 million. $27. 0 million. 99. During 2011, Deluxe Leather Goods sold 800,000 reversible belts under a new sales promotional program.Each belt carried one coupon, which entitles the customer to a $5. 00 cash rebate. Deluxe estimates that 70% of the coupons will be redeemed, even though only 350,000 coupons had been processed during 2011. At December 31, 2011, Deluxe should report a liability for unredeemed coupons of: A. B. C. D. $560,000. $1,050,000. $1,225,000. $1,750,000. In 2011, Holyoak Inc. offers a $20 cash rebate coupon to customers who purchased one of its new line of products. Holyoak sold 10,000 of these products during the year. By year end of 2011, 7,600 of the rebates had been claimed, and 7,100 had been paid.Holyoak's his torical experience with such rebates indicates that 85% of customers claim the rebates. 100. What is the expense that Holyoak should report for its promotional rebates in its 2011 income statement? A. B. C. D. $142,000 $152,000 $170,000 $200,000 101. What is the rebate promotion liability that Holyoak should report in its December 31, 2011 balance sheet? A. B. C. D. $20,000 $28,000 $18,000 None of the above is correct. 102. In the current year, Hanna Company reported warranty expense of $190,000 and the warranty liability account increased by $20,000. What were warranty expenditures during the year?A. B. C. D. $190,000. $170,000. $210,000. $0. 103. Panther Co. had a warranty liability of $350,000 at the beginning of 2011, and $310,000 at end of 2011. Warranty expense is based on 4% of sales, which were $50 million for the year. What were the warranty expenditures for 2011? A. B. C. D. $0. $1,960,000. $2,000,000. $2,040,000. 104. Carpenter Inc. had a balance of $80,000 in its warrant y liability account as of December 31, 2010. In 2011, Carpenter's warranty expenditures were $445,000. Its warranty expense is calculated as 1% of sales. Sales in 2011 were $40 million.What was the balance in the warranty liability account as of December 31, 2011? A. B. C. D. $35,000. $425,000. $125,000. $480,000. General Product Inc. shipped 100 million coupons in products it sold in 2011. The coupons are redeemable for thirty cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2012. There were 45 million coupons redeemed in 2011, and 30 million redeemed in 2012. 105. What was General's coupon liability as of December 31, 2011? A. B. C. D. $7. 5 million. $13. 5 million. $16. 5 million. $21. 0 million. 106.What was General's coupon promotion expense in 2011? A. B. C. D. $30. 0 million. $21. 0 million. $13. 5 million. $7. 5 million. 107. What was General's coupon promotional expense in 2012? A. B. C. D. Zero, since all the expe nse should be reflected in 2011. $1. 5 million. $7. 5 million. $9. 0 million. 108. During the year, L Leather Goods sold 1,000,000 reversible belts under a new sales promotional program. Each belt carried one coupon, which entitles the customer to a $4. 00 cash rebate. L estimates that 70% of the coupons will be redeemed, even though only 500,000 coupons had been processed during the year.At December 31, L should report a liability for unredeemed coupons of: A. B. C. D. $700,000 $800,000 $1,000,000 $2,800,000 109. Which of the following may create employer liabilities in connection with their payrolls? A. B. C. D. Employee withholding taxes Employee voluntary deductions Employee fringe benefits All of the above are correct. 110. Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January, 2011, the first month of BMS's fiscal year. The journal entry to record payroll for the January 2011 pay period will include a debit to payroll tax expense of A.B. C. D. $6,120 $4,960 $11,080 $57,880 111. Ontario Resources, a natural energy supplier, borrowed $80 million cash on November 1, 2011, to fund a geological survey. The loan was made by Quebec Banque under a short-term credit line. Ontario Resources issued a 9-month, 12% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Required: (1. ) Prepare the journal entry for the issuance of the note by Ontario Resources. (2. ) Prepare the appropriate adjusting entry for the note by Ontario Resources on December 31, 2011. Show calculations. (3. Prepare the journal entry for the payment of the note at maturity. Show calculations. 112. On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a noncommitted short-term line of credit arrangement. Triton issued a 9month, 12% promissory note. Interest was payable at maturity. Triton's fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Triton. 2. Prepare the appropriate adjusting entry for the note by Triton on December 31, 2011. 3. Prepare the journal entry for the payment of the note at maturity. 113.On May 1, Lectric Industries issued 9-month notes in the amount of $60 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: 114. Grossman Products began operations in 2011. The following selected transactions occurred from September 2011 through March 2012. Grossman's fiscal year ends on December 31. 2011: (a. ) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $10,000,000 at 10% interest. The company is not required to pay any commitment fees. b. ) On October 1, Grossman borrowed $8,000,000 cash and issued a 5-month promissory note wi th 10% interest payable at maturity. (c. ) Grossman received $3,000 of refundable deposits in December for reusable containers. (d. ) For the September through December period, sales totaled $5,000,000. The state sales tax rate is 4% and 75% of sales are subject to sales tax. (e. ) Grossman recorded accrued interest. 2012: (f. ) Grossman paid the promissory note on the March 1 due date. (g. ) Half of the storage containers are returned in March, with the other half expected to be returned over the next 6 months. Required: 1.Prepare the appropriate journal entries for the 2011 transactions. 2. Prepare the liability section of the balance sheet at December 31, 2011, based on the data supplied. 3. Prepare the appropriate journal entries for the 2012 transactions. 115. Bencorp issues a $90,000, 6-month, noninterest-bearing note which the bank discounted at a 10% discount rate. Required: (1. ) Prepare the appropriate journal entry to record the issuance of the note. (2. ) Determine the e ffective interest rate. 116. On November 1, 2011, a $216,000, 9-month, noninterest-bearing note is issued at a 10% discount rate. Required: (1. Prepare the appropriate journal entry to record the issuance of the note. (2. ) Determine the effective interest rate. (3. ) Prepare the appropriate journal entry on December 31, 2011, to record interest on the note for the 2011 financial statements. (4. ) Prepare the appropriate journal entry(s) on July 31, 2012, to record interest and the payment of the note. 117. On November 1, 2011, Ziegler Products issued a $200,000, 9-month, noninterest-bearing note to the bank. Interest was discounted at a 12% discount rate. Required: (1. ) Prepare the appropriate journal entry by Ziegler to record the issuance of the note. 2. ) Determine the effective interest rate. (3. ) Suppose the note had been structured as a 12% note with interest and principal payable at maturity. Prepare the appropriate journal entry to record the issuance of the note by Ziegl er. (4. ) Prepare the appropriate journal entry on December 31, 2011, to accrue interest expense on the note described in 3 for the 2011 financial statements. 118. On October 1, 2011, Home Builders Company issued to Carlton Bank a $600,000, 8-month, noninterestbearing note. Interest was discounted by the bank at a 12% discount rate. Required: 1.Prepare the appropriate journal entry by Home Builders to record the issuance of the note. 2. Determine the effective interest rate. 3. Suppose the note had been structured as a 12% note with interest and principal payable at maturity. Prepare the appropriate journal entry to record the issuance of the note by Home Builders. 4. Prepare the appropriate journal entry on December 31, 2011, to accrue interest expense on the note described in 3 for the 2011 financial statements. 119. The following selected transactions relate to liabilities of Rose Dish Corporation. Rose's fiscal year ends on December 31.Required: Prepare the appropriate journal e ntries through the maturity of each liability. 2011 Feb. 3 Negotiated a revolving credit agreement with Second Bank which can be renewed annually upon bank approval. The amount available under the line of credit is $30,000,000 at the bank's prime rate. April 1 Arranged a 3-month bank loan of $12 million with Second Bank under the line of credit agreement. Interest at the prime rate of 8% was payable at maturity. July 1 Paid the 8% note at maturity. Nov. 1 Supported by the credit line, issued $20 million of commercial paper on a nine-month note.Interest was discounted at issuance at a 6% discount rate. Dec. 31 Recorded any necessary adjusting entry(s). 2012 Aug. 1 Paid the commercial paper at maturity. 120. Stern Corporation borrowed $10 million cash on September 1, 2011, to provide additional working capital for the year's production. Stern issued a 6-month, 10% promissory note to Second State Bank. Interest on the note is payable at maturity. Each firm uses the calendar year as the fiscal year. Required: 1. Prepare all journal entries from issuance to maturity for Stern Corporation. 2. Prepare all journal entries from issuance to maturity for Second State Bank. 21. Hot Springs Marine borrowed $20 million cash on December 1, 2011, to provide working capital for year-end inventory. Hot Springs Marine issued a 4-month, 9% promissory note to Third Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Hot Springs Marine and (b) Third Bank's receivable on December 1, 2011. 2. Prepare the journal entries by both firms to record all subsequent events related to the note through March 31, 2012. 3.Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 9% is the bank's stated â€Å"discount rate. † Prepare the journal entries to record the issua nce of the noninterestbearing note by Hot Springs Marine on December 1, 2011. What would be the effective interest rate? 122. On June 30, 2011, Chu Industries issued 9-month notes in the amount of $700,000. Assume that interest is payable at maturity in the following three independent cases: Required: Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption: 23. The following selected transactions relate to liabilities of Chicago Glass Corporation (Chicago) for 2011. Chicago's fiscal year ends on December 31. (1. ) On January 15, Chicago received $7,000 from Henry Construction toward the purchase of $66,000 of plate glass to be delivered on February 6. (2. ) On February 3, Chicago received $6,700 of refundable deposits relating to containers used to transport glass components. (3. ) On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price. (4. ) First quarter credi t sales totaled $700,000.The state sales tax rate is 4% and the local sales tax rate is 2%. Required: Prepare journal entries for the above transactions. 124. In its 2011 annual report to shareholders, Ank-Morpork Times Inc. included the following disclosure: REVENUE RECOGNITION †¢ Advertising revenue is recognized when advertisements are published, broadcast or when placed on the Company's Web sites, net of provisions for estimated rebates, credit and rate adjustments and discounts. †¢ Circulation revenue includes single copy and home-delivery subscription revenue. Single copy revenue is recognized based on date of publication, net of provisions for related returns.Proceeds from home-delivery subscriptions and related costs, principally agency commissions, are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. †¢ Other revenue is recognized when the related service or product has been delivered. Also, the following information on its current liabilities was included in its comparative balance sheets: Required: Assuming that Ank-Morpork Times Inc. collected $440,000,000 in cash for home delivery subscriptions during fiscal year 2011, what amount of revenue did it recognize during 2011 from this source?Show the relevant T-account information to support your answer. 125. MullerB Company's employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2011, total wages paid to employees equaled $808,000, including $8,000 for vacations actually taken in 2011, but not including vacations related to 2011 that will be taken in 2012. All vacations earned before 2011 were taken before January 1, 2011. No accrual entries have been made for the vacations.Required: Prepare the appropriate adjusting entry for vacations earned but not taken in 2011. 126. The followin g facts relate to gift cards sold by Sunbru Coffee Company during 2011. Sunbru's fiscal year ends on December 31. (a. ) In October, 2011 sold $3,000 of gift cards, and redeemed $500 of those gift cards. (b. ) In November, 2011, sold $4,000 of gift cards, and redeemed $1,400 of October gift cards and $700 of November gift cards. (c. ) In December, 2011, sold $3,000 of gift cards, and redeemed $200 of October gift cards, $2,000 of November gift cards, and $400 of December gift cards. (d. Sunbru views a gift card to be â€Å"broken† (with a remote probability of redemption) two months after the end of the month in which it is sold. Thus, an unredeemed gift card sold at any time during July would be viewed as broken as of September 30. Required: 1. Prepare all journal entries appropriate to be recorded only during the month of December, 2011 relevant to gift card sales, gift card redemptions, and gift card breakage. 2. Determine the balance of the unearned revenue liability to be reported in the December 31, 2011, balance sheet. Show the relevant T-account information to support your answer. 127.Diversified Industries sells perishable electronic products. Some must be shipped in reusable containers. Customers pay a deposit for each container. The deposit is equal to the container's cost. Customers receive a refund when the container is returned. During 2011, deposits collected on containers shipped were $700,000. Deposits are forfeited if containers are not returned in 18 months. Containers held by customers on January 1, 2011, were $330,000. During 2011, $410,000 was refunded and deposits of $25,000 were forfeited. Required: 1. Prepare the appropriate journal entries for the deposits received and returned during 2011. . Determine the liability for refundable deposits to be reported in the December 31, 2011, balance sheet. 128. At December 31, 2011, Cordova Leather's liabilities include the following: 1. $15 million of noncallable 9% notes were issued for $ 15 million on August 31, 1992. The notes mature on July 31, 2012. Sufficient cash is expected to be available to retire the notes at maturity. 2. $30 million of 8% notes were issued for $30 million on May 31, 2007. The notes mature on May 31, 2017, but investors have the option of calling (demanding payment on) the notes on June 30, 2012.However, the call option is not expected to be exercised, given prevailing market conditions. 3. $18 million of 10% notes are due on March 31, 2013. A debt covenant requires Cordova to maintain current assets at least equal to 150% of its current liabilities. On December 31, 2011, Cordova is in violation of this covenant. Cordova obtained a waiver from Village Bank until June 2012, having convinced the bank that the company's normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2012.Required: For each of the three liabilities, indicate the portion of the debt that can be excluded from classifica tion as a current liability (that is, reported as a noncurrent liability). Explain. 129. In its 2011 annual report to shareholders, Border Airlines Inc. presented the following balance sheet information about its liabilities: In addition, Border presented the following among its footnote disclosures: Maturities of long-term debt (including sinking fund requirements) for the next five years are: 2012 – $421 million; 2013 – $212 million; 2014 – $273 million; 2015 – $1. 0 billion; 2016 – $777 million.Required: Consider the appropriate classification of these long-term debt obligations. Assuming no more long-term debt will be issued, what are the implications of the information above for Border's liquidity and solvency risk in 2011 and the following years? 130. Mozart Music Co. began operations in December of 2011. The company sold gift certificates during December in various amounts totaling $1,600. The gift certificates are redeemable for merchandise within 3 years of the purchase date. However, experience within the industry predicts that 90% of gift certificates will be redeemed within one year.Certificates totaling $500 were presented for redemption during 2011 as part of merchandise purchases having a total retail price of $750. Required: (1. ) Determine the liability for gift certificates to be reported in the December 31, 2011, balance sheet. (2. ) What is the appropriate classification (current or noncurrent) of the liabilities at December 31, 2011? Show calculations. In its 2011 annual report to shareholders, the Goodday Chemical Company included the following footnote excerpts on CONTINGENCIES in its annual report to shareholders: At December 31, 2011, Goodday had recorded liabilities aggregating $66. million for anticipated costs related to various environmental matters, primarily the remediation of numerous waste disposal sites and certain properties sold by Goodday. These costs include legal and consulting fees, sit e studies, the design and implementation of remediation plans, post-remediation monitoring and related activities and will be paid over several years. The amount of Goodday's ultimate liability in respect of these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute.At December 31, 2011, Goodday had recorded liabilities aggregating $218. 7 million for potential product liability and other tort claims, including related legal fees expected to be incurred, presently asserted against Goodday. The amount recorded was determined on the basis of an assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and, where available, current trends.Goodday is a defendant in numerous lawsuits involving at December 31, 2011, approximately 63,000 claimants alleging various asbestos related personal injuries purported t o result from exposure to asbestos in certain rubber coated products manufactured by Goodday in the past or in certain Goodday facilities. Typically, these lawsuits have been brought against multiple defendants in state and Federal courts. In the past, Goodday has disposed of approximately 22,000 cases by defending and obtaining the dismissal thereof or by entering into a settlement.Goodday has policies and coverage-in-place agreements with certain of its insurance carriers that cover a substantial portion of estimated indemnity payments and legal fees in respect of the pending claims. At December 31, 2011, Goodday has recorded an asset in the amount it expects to collect under the policies and coverage-in-place agreements with certain carriers related to its estimated asbestos liability. Goodday has also commenced discussions with certain of its excess coverage insurance carriers to establish arrangements in respect of their policies.Subject to the uncertainties referred to above, Goodday has concluded that in respect of any of the above described liabilities, it is not reasonably possible that it would incur a loss exceeding the amount recognized at December 31, 2011, with respect thereto which would be material relative to the consolidated financial position, results of operations, or liquidity of Goodday. 131. Required: Briefly explain the authoritative basis on which the costs/obligations for environmental cleanup and product liability/tort claim matters were accrued in the financial statements.Answer: GAAP regarding accounting for contingencies requires that contingent losses (and the corresponding obligations) be recorded (accrued) when the loss is both probable and the amount is known or reasonably estimable. Goodday based its analysis on pending claims, historical experience and current trends, such as recent case verdicts with similar manufacturers. 132. Required: What is the point of the last paragraph of the Goodday disclosure? Explain in terms of authoritative GAAP. 133.Required: Show the summary journal entry that Goodday recorded for the environmental cleanup and product liability/tort claim matters, described in the footnote disclosure. 134. The following selected transactions relate to contingencies of Eastern Products Inc. which began operations in July, 2011. Eastern's fiscal year ends on December 31. Financial statements are published in April, 2012. 1. No customer accounts have been shown to be uncollectible as yet, but Eastern estimates that 3% of credit sales will eventually prove uncollectible.Sales were $300 million (all credit) for 2011. 2. Eastern offers a one-year warranty against manufacturer's defects for all its products. Industry experience indicates that warranty costs will approximate 2% of sales. Actual warranty expenditures were $3. 5 million in 2011 and were recorded as warranty expense when incurred. 3. In December, 2011, Eastern became aware of an engineering flaw in a product that poses a potential risk of injury. As a result, a product recall appears inevitable. This move would likely cost the company $1. 5 million. 4.In November, 2011, the State of Vermont filed suit against Eastern, asking civil penalties and injunctive relief for violations of clean water laws. Eastern reached a settlement with state authorities to pay $4. 2 million in penalties on February 3, 2012. 5. Eastern is the plaintiff in a $40 million lawsuit filed against a customer for costs and lost profits from contracts rejected in 2011. The lawsuit is in final appeal and attorneys advise that it is virtually certain that Eastern will be awarded $30 million. Required: Prepare the appropriate journal entries that should be recorded as a result of each of these contingencies.If no journal entry is indicated, state why. 135. The following selected transactions relate to contingencies of Bowe-Whitney Inc. Bowe-Whitney's fiscal year ends on December 31, 2011, and financial statements are published in March 2012. 1. Bowe-Whitney is involved in a lawsuit resulting from a dispute with a customer over a 2011 transaction. At December 31, attorneys advised that it was probable that Bowe-Whitney would lose $3 million in an unfavorable outcome. On February 12, 2012, judgment was rendered against Bowe-Whitney in the amount of $14 million plus interest, a total of $15. 2 million.Bowe-Whitney does not plan to appeal the judgment. 2. Since August of 2011, Bowe-Whitney has been involved in labor disputes at two of its facilities. Negotiations between the company and the unions have not produced a settlement and, since January 2011, strikes have been ongoing at these facilities. It is virtually certain that material costs will be incurred but the amount of resultant costs cannot be adequately predicted. 3. Bowe-Whitney is the defendant in a lawsuit filed in January 2012 in which Access Company seeks $10 million as an adjustment to the purchase price related to the sale of Bowe-Whitney's hardwood division in 2011.The lawsuit alleges that Bowe-Whitney misrepresented the division's assets and liabilities. Legal counsel advises that it is reasonably possible that Bowe-Whitney could lose $5 million, but that it's extremely unlikely it could lose the $10 million asked for. 4. At March 1, 2012, the EPA is in the process of investigating the possibility of environmental violations at one of Bowe-Whitney's sites, but has not proposed a penalty assessment. Management feels an assessment is reasonably possible, and if an assessment is made, a settlement of up to $33 million is probable.Required: Prepare journal entries that should be recorded as a result of each of the above contingencies. 136. Concept 1 Office Products sells office electronics that carry a 60-day manufacturer's warranty. At the time of purchase, customers are offered the opportunity to also buy a 1-year or 2-year extended warranty for an additional charge. Required: 1. Does the sale of the extended warranty represent a loss contingency? 2. Provide journal entries for the extended warranty sales and revenue recognition. 137. In its 2011 annual report to shareholders, Hyer Aviation Group Inc. ncluded the following disclosure: On October 6, 2010, the company's subsidiary, Pyro Aeroplex, filed suit against Syntex, an unincorporated division of Bright American Corporation, for breach of contract and fraud with regard to the supply of deficient wire rope that is installed as aircraft flight control cables on WD-50 aircraft. The case, filed in the circuit court of Bell County, Arkansas, was brought to trial and on September 20, 2011, a jury returned with a verdict in favor of the company in the amount of $17. 5 million. The Court, upon a postjudgment motion filed by Pyro, reduced the judgment to $4. million. Pyro has appealed that Order to the Supreme Court of Arkansas. The company believes the appeal is without merit and will continue to pursue final judgment on the Order. The company, pending appeal, has no t recorded the $4. 5 million favorable judgment. Required: What journal entries, if any, has Hyer recorded regarding this contingency? Explain its rationale. The following facts apply to TinyPart Toy Company's pending litigation as of December 31, 2011: a. TinyPart is defending against a lawsuit and believes there is a 51% chance it will lose in court.If they lose, TinyPart estimates that damages will be $100,000. b. TinyPart is defending against another lawsuit for which management believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates damages will fall somewhere in the range of $30,000 – $50,000, with each amount in that range equally likely to occur. c. TinyPart is defending against another lawsuit that is identical to item (b), but the relevant losses will only occur far into the future. The present values of the endpoints of the range are $15,000 and $25,000.TinyPart's management believes the effects of time value of money on the se amounts are material, but also believes the timing of these amounts is uncertain. d. TinyPart is defending against a fourth lawsuit and believes there is only a 25% chance it will lose in court. If TinyPart loses, it believes damages will fall somewhere in the range of $35,000 – $40,000, with each amount in that range equally likely to occur. 138. Required: Indicate how TinyPart would disclose or account for the lawsuit described in part (a) under U. S. GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 39. Required: Indicate how TinyPart would disclose or account for the lawsuit described in part (b) under U. S. GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 140. Required: Indicate how TinyPart would disclose or account for the lawsuit described in part (c) under U. S. GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 141. Required: Indicate how TinyPart would dis close or account for the lawsuit described in part (d) under U. S. GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 142.In 2011, Cap City Inc. introduced a new line of televisions that carry a two-year warranty against manufacturer's defects. Based on past experience with similar products, warranty costs are expected to be approximately 1% of sales during the first year of the warranty and approximately an additional 3% of sales during the second year of the warranty. Sales were $6,000,000 for the first year of the product's life and actual warranty expenditures were $29,000. Assume that all sales are on credit. Required: 1. Prep