Figurative language versus literal language Essay - 1

Figurative language versus literal language - Essay Example Analogy is an inference conveyed from one person to another. It is essential in solving problems (Saeed, 2003). For example, the statement ‘I feel like a fish out of water’ means that a person is not at ease in the situation. The example fits where a person is not conversant with his setting. The example may be misunderstood communicating with a person with low intellect. A metaphor refers to a figure of speech that explains a matter by declaring that it is, when compared, similar with a distinct thing. For example, ‘success is a sense of achievement, it is not an illegitimate child’ is a statement employed to support the view that people want to be accredited for a successful situation through effort or coincidence, and reject it when it fails (Crystal, 1997). The example is significant when developing a project and it may be misunderstood after the outcome of a situation. A simile is an expression that precisely compares dissimilar components, frequently by using ‘as or like’ (Jackendoff, 1997). For example, ‘cute as a kitten’ may be used to compare the similarities between a person’s appearance and a kitten’s appearance. The example may be used to describe a child. It may be misunderstood when explaining behavior or physical appearance. A clichà © is a figure of speech that begins with an intelligent statement that turns out to be familiar. It highlights an idea or action which is predictable or expected on the basis of a previous happening (Crystal, 1997). For example, ‘time will tell’. This asserts there will be a revelation over time. It is appropriate when a person is keeping secrets. The example may lead to a misunderstanding during a translation. Amphiboly is a confusing grammatical composition within an extremely brief conversation or sentence (Jackendoff, 1997). For example, ‘teenagers should not be permitted to party. It is becoming unsafe on the streets’. The example is appropriate where adults are

Ischaemic heart disease is epidemic within western cultures Essay

Ischaemic heart disease is epidemic within western cultures - Essay Example The heart consists of 4 chambers: an atrium and a ventricle on the right, and an atrium and a ventricle on the left. Blood returning to the heart from veins all over the body flows into the right atrium, then blood flows into the right ventricle which pumps it out to the lungs for oxygenation of the blood. This oxygenated blood returns to the left atrium and then flows into the left ventricle, which pumps it at high pressure into the arteries, including the coronary arteries. The strength of the heart muscle (myocardium) depends on the oxygen and nutrient supply coming via the coronary arteries. The walls of these arteries are strong, elastic and flexible. The myocardium is supplied by 3 major coronary arteries. Two of them arise from a common stem, called left coronary artery which supplies the left side of the heart. Its left anterior descending (LAD) branch supplies the front part of the heart, while the left circumflex (LCX) branch supplies the left lateral and back side of the heart. The right coronary artery (RCA) is separate and supplies the right and the bottom parts of the heart. [2] The inner lining layer of the coronary arteries is quite smooth allowing blood to flow easily. With aging, cholesterol and calcium content in the walls of the coronary arteries increases, making them thickened and less elastic. The prolonged effect of risk factors with the consequence of aging, endothelial dysfunction becomes predominant, especially in the coronary arteries. Unhealthy habits, such as a diet rich in cholesterol and other fats, smoking and lack of physical activity accelerate the deposit of cholesterol, fatty compounds, calcium, and a blood clotting material called fibrin within the inner lining of coronary arteries. This process is known as atherosclerosis, or hardening of the arteries. The deposits, or plaques, may increase in size and block the arteries. If blockage is partial it causes chest pain

Product Formulation Portfolio; Evaluation pro-forma 5 (PFPE5) Essay

Product Formulation Portfolio; Evaluation pro-forma 5 (PFPE5) - Essay Example is critically important because Acetyl Chloride is a poisonous chemical and the amount used in the preparation of Aspirin should not exceed the maximum concentration allowed in human consumption products (3). On the other hand, the amount of Acetyl Chloride used is sufficient enough to make salicylic acid the limiting agent (1). For instance, since the reaction is reversible, the presence of excess Acetyl Chloride will force the equilibrium towards the production of the desired end product (Aspirin). The 5 drops of pyridine used are sufficient to neutralize the resulting hydrochloric acid without making the solution basic while at the same time acting as a catalyst for the reaction(4). This is because Pyridine is a base catalyst that plays the dual role of being a catalyst and a neutralizing agent at the same time. Additionally, the use of many drops of pyridine justified because pyridine as a base catalysts is less reactive than most acid catalysts such as 85% Phosphoric acid and, therefore, a greater volume of the ingredient may be required for the reaction to be effectively catalysed. Both the two methods involve acetylation salicylic acid to produce aspirin (acetylsalicylic Acid). However, despite the remarkable similarities between the process of making aspirin using the new formula and the mechanism used in the old formula, the main difference between the two distinct processes is that the leaving group in the new process is a chloride ion as opposed to the acetate ion in the old process. On the other hand, the by-product of the overall process is hydrochloric acid while the old process produces acetic acid as a by product

Politics of war extra Essay Example | Topics and Well Written Essays - 500 words

Politics of war extra - Essay Example The Captain of the Chesapeake refused to be boarded and the ship was fired upon by the Leopard; as a result, about three men of the Chesapeake were killed and 18 were wounded. The Captain then gave in to the inspection, whereupon, four members of the crew who were allegedly deserters were removed from the Chesapeake. When the maimed Chesapeake later returned to Norfolk, outrage from across the country was expressed by the American people. As a result, â€Å"American opinion not only supported, but demanded war† (Coles, p. 7). The present international laws and regulations on war were not in place in the 1800s. The existing international and legal policies surrounding the declaration of war during the 1800s lay in each state’s right to exist and declare war. â€Å"In the United States, it is confided to the federal legislature where it resides with the people and is retained by them as a portion of sovereign power; it must be exercised by them in their collective capacity as provided by constitutional law†¦Ã¢â‚¬  (Halleck, p. 351). On June 4th 1812, President James Madison asked the Congress to declare war; the latter immediately approved Madison’s proposal. After much debate, and only by six votes, the Senate also approved Madison’s proposal (Katcher, et.al., p. 3). Based on this approved process of declaring war existing at such time, the War of 1812 is considered legal. The primary causes of the War of 1812 are the policies of impressment and trade imposed by the British Empire. Impressment subjected British subjects to compulsory military service and in service to the war being fought by the British Empire against Napoleon Bonaparte. Many British subjects who did not want to serve in the British military found work in many of the US ships and other American workplaces. Some Americans were also illegally impressed into service by the British military. This angered many Americans. Due

Personal Fitness Notes Essay Example for Free

Personal Fitness Notes Essay †¢Why did you initially choose this diet? I chose this diet because it was recommended by a close friend of mines, who was also having trouble with his weight. I told me that the meals provided in the diet were really delicious and he was seeing an improvement. So I decided to give it a try. †¢What is the basic premise of this diet/eating plan? The premise of the diet was to help me lose weight with entrees and snacks that contained not so much calories. †¢What were two positive aspects of the diet? The positive aspects of the diet were that the food, which was sold as frozen entrees in supermarkets, was in fact amazing. †¢Were there any downsides to the diet plan? Explain. †¢Did you have success on this diet? I saw moderate success. It didn’t help me lose as much weight as I desired (I wanted to lose 50 pounds or more) but at least I shedded off a couple of pounds. †¢Are you still on the diet plan? I am not on the diet pan as of now. †¢Have you maintained your weight loss? Yes I have. I used to weigh 190 pounds and I’m at 173. †¢Do you feel the diet is safe? Why or why not? The diet is pretty safe because the caloric intake values are pretty decent and the meals are cost efficient. †¢Did you exercise while on the diet? I exercised here and there. I would go running a few times as well as bicycling. †¢Would you follow this diet plan again? Maybe, in the near future. Tell us what you think about the diet used by your interviewee. Explain your thoughts in a reflection paragraph. Compare the diet plan used by the interviewee with the Long Haul Approach that was explained earlier in the course. Which plan would you determine to be better? Please explain your choice. I think the diet was okay because she was able to purchase the meals for a low price instead of those other expensive diets. The Long Haul Approach would be a better diet since she didn’t exercise daily while on it. I believe that’s the reason why she didn’t lose as much weight she wanted to in the first place. The Long Haul Approach would’ve been a much more effective diet for her.

Pepsi marketing plan and business strategy

Pepsi marketing plan and business strategy As a student of strategic marketing, we have asked to make a marketing plan for an organization along with its relation to overall business strategy. For this purpose we have chose PEPSI and we shall be discussing its operations in Pakistan, PEPSI has been market leader in beverage industry since its launch in Pakistan but bow a major threat is been faces by aggressive marketing strategies by Coke. In the below mentioned lines we shall be discussing the marketing strategies to overcome such challenges. Marketing Plan Business Strategy Marketing plan and business strategy are two different things, business strategy or organizational objectives give the direction that where this organization will be going and how we are going to do business, in this sense business objectives play the role of very fundamental principles upon which all the departments establish their operational guidelines. On the other hand marketing plan is the tool to achieve the business objectives, while business objective tells what we are going to do marketing plan tells how we are going to do that. This makes a clear relationship between marketing plan and business strategy, where business strategy plays the role of guiding arrows (Wison, Gilligan, 1999). Since there are different kinds of business strategies, three of them are more popular, cost leadership, differentiation and focus. Keeping this in mind there will be different marketing plans if different organizations within the same industry opt for different business strategies. Competitor form same industry may have different business strategy thus their marketing plan will differ. Where ever a marketing plan is made it should have a clear understanding and link with business strategy otherwise organization will be going in one direction and marketing department will be going in other direction resulting in complete failure (Aaker, 2008). Components of a Marketing Plan A good marketing plan can have several components, ranging from industry analysis to media plan; however it depends from industry to industry and product to product that what a marketing plan should include, it also depends on the problem at hand and urgency of the requirement. However below are few components that marketing should in normal circumstanced, addition and subtraction is dependent on the situation. Company Analysis Company analysis gives the information about the current situation of organization, it comments of strengths, weakness, opportunities and threats in front of the company, for this purpose SWOT analysis is always a good tool to work with, BCG Matrix is also and good tool to judge the performance of company. Going more deep marketing plan can also or marketing audit report to judge the current performance of marketing department and then also suggest the ways to improve it, there are many tools available to do so, details which is not required here. Industry Analysis Industry analysis provides the information about the overall industry environment, its dynamics and level of competition. To have this information PEST and Porters five forces model are widely used tools to get birds eye view about the industry. Customer Information This is a high importance, risky and tricky part, it gives basic information about customers, their liking disliking, values, decision making behaviors, demographics and consuming patterns of the product. All this information is later used in construction of marketing plan, and it is also the basic brick for the segmentation part, If we as marketer fail to know the customer properly, total marketing plan will lead to wrong decision making. Competitor Analysis This part also has a relatively high importance, gives the information about competitors, their strengths, weaknesses, competitive edge, business strategy, value proposition, positioning and product features, customers opinions about competitors and their marketing mix analysis. Having the correct information about competitor, which is not always an easy this to do, can give you a clear understanding of current market situation and also helps in making better strategically moves. Segmentation One of the most important and risky part of marketing plan is segmentation, after getting the customer analysis done via detailed marketing research, market is divided into heterogeneous segments, thats where company can make the mistake, since rest of the marketing mix is dependent of the segmentation, it has be to be done very carefully, any misinterpretation of the information can lead any component of the marketing mix towards wrong direction. 2nd step in after segmentation is segment selection and making of marketing strategy, there are different approaches towards selection of selection, one, more or all segments can be selected for the target, and different marketing mix are made for each segment. Marketing Mix Product This includes the product description, its working, its brand name and positioning, its value proposition, how it is better than competitors product, and what advantages it gives to customer for increasing their value for money. What image we want to produce regarding product in customers mind. This may also include its packaging information and various packaging options can be given in this part. Price This part deals with the pricing of the product, how we are going to price that product, what is the relationship of price with overall positioning, how is price is going to be perceived, what are the discount offering and how we are going to bundle the price, these are questions that may be answered in this section. Place This deals with channel of distribution, what channel is to be acquired, how we are going to handle intermediaries, what role whole seller and retailer will be playing the distribution of the product, where we are going open outlets, what is the criteria of outlet selection, what convenience we are going to give to customer and how we are going to make the availability of the product. Promotion This part deals with actually promoting the product, this should discuss the sales promotion offers, long term or short term promotional strategies, integrated marketing communication strategies, media selection and its relationship with target market. Reach and effectiveness of each medium selected. A brief media plan can also accompany this section. Marketing Plan and Risks There are several risk that one can face while constructing the marketing plan, one of the risk is lack of required information, we need information from within company, we need information from industry and most importantly we need information from our competitors, this amount of information is not readily available, some time it is really hard to get secondary data, while have not sufficient information it is risky to make critical decision and that puts the entire marketing plan on stake. One another aspect of risk is the correctness and validity of information, secondary data is a good source but at the same time it is a risky proposition to make your decision on the basis of the information which is doubted to be valid. The above mentioned both risk deals with industry information as well as competitor information. One another risk is also there which is lack of understanding of information, that mainly deals with the customer analysis part and affects the segmentation that in result affects the entire marketing mix, misunderstanding the research or taking the research into wrong direction are main reasons with this. The final risk is the lack of managements consent on the marketing plan, in some cases marketing department works in on direction and entire company works in other direction, this risk also deals with non-compliance of marketing plan with business objectives. Marketing Plan-PEPSI PEPSI has been the market leader in cola industry in Pakistan, here their business strategy is low cost leadership, below presented marketing plan is made keeping in mind the business strategy. Company Analysis PEPSI has been the market leader in beverage industry in Pakistan; it has gained this position by leveraging first movers advantage and then maintained this position with its aggressive marketing and channel management techniques. Its strengths are a well established brand name, a well managed distribution channel, and strong financial backing. Its weakness are inability to cope with local beverage producers as they take them lightly and now they are becoming a threat, more over cokes aggressive marketing is also a threat to PEPSI. Industry Analysis Beverage industry in Pakistan has been a highly competitive industry since the emergence of other player like Coke and some local manufacturers. With almost zero switching cost, relatively very low differentiation in taste and wide variety of available substitutes makes the cola customer very difficult to make brand loyal. Increasing advertising and operational cost along with every day increasing power of retailer making the competition more intense where price and brand is not the only factor which can give them the success. Now the power rests with customer and retailer as there are many substitutes available to cola drink, not only direct substitutes but also indirect substitutes are also available when come to satisfaction of thrust. Customer Analysis Since company has been on mass marketing strategy then everybody is a prospect customer, everybody who gets thirsty is a customer of PEPSI, cola drinks are kind of product which is presented with food and to guests, so the main purpose is not satisfying the thrust but having a little bit more luxury in drinking. Keeping this thing in mind we come to know that cola customer will be using this product on some special occasions like family get together, or having food or presenting it to guests. So at while drinks are not presented in original bottle customer will be less brand concisions. Pakistani market is always been price sensitive, so is the case with cola. However it is highly affected by the availability factor. Competitor Analysis This is highly competitive market, with more substitutes and zero switching costs. During the last decade Coke has been a tough competitor for PEPSI, with its aggressive marketing campaigns, increasing and aggressive channel of distribution and a good positioning coke is emerging a well established widely accepted and preferred brand especially in metropolitan cities. Another emerging competitor is a local producer which is not really a major threat for PEPSI but yes it has all the capabilities required to become and major competitor, its brand name is Gourmet Cola, a private brand of a local bakery chain, this chain is getting being widely accepted in metropolitan and its growing like anything Segment Selections Apparently there are not much difference in the customer of cola, the same taste is accepted everywhere in the some variation, there is a minor segment which is diet conscious and want a zero calorie cola drink. If we talk about the segment selection then company should go for and its has been going for mass marking, standard marketing mix for everyone, for diet conscious customers diet Pepsi should be introduced. Right now we shall be talking about standard cola drink and its marketing. Marketing Mix Product The product is a standard cola drink, that satisfies the need of thrust and more it works a drink to be presented with the food and on get together occasions. It is positioned as a drink which relates to personal achievement, its focus will be I being the personal achievement. It will be positioned as drink of youth, the drink of successful youth. The element of excitement and emotions will be included in the positioning. It will be presented in various packaging, for example pet bottle, half letter, one litter and 2.5 litters, this packing variation will increase and help its use on various occasions. Price Since it has been a high price competitive industry, price of PEPSI will be kept at par of the industry, some discounts will be introduced in the bulk buying and on one litter and more packaging. Since colas are affected with the push of retailer, good dealer and retailer margins will be given to retailer and distributer, so that they can make sure the availability and push the product, since brand loyal is low in this product, retailer push is always required and helpful in getting the desired results. Channel of Distribution This part is one of the most important parts of the entire marketing plan. Here in Pakistan retailer has the power in the channel more than any other industry, colas has more substitutes, low brand loyalty and zero switching cost, customer will drink whatever cola brand is available on the retail shop, that scenario gives more power to retailer. So we shall be focusing in the improving our strength in retail channel, building the relationships with retailers, making sure the availability and leveraging the exclusivity on retail shops, and giving them more commission so that they can maintain the exclusivity and push the product to customer, once retailer push and exclusivity is achieved there will be no problem with customer to buy the product. Promotion This is another high importance component of marketing plan; more focus will be given on this part as well. PEPSI will focus on building brand and up to some extent brand loyalty among youth by focusing on its positioning and also by maintaining brand recall. More sales promotions will be offered during local occasions like EID etc. followed and good spend on the media especially during the promotional period. Mitigation Strategy There are few elements in plan that are of high risk, one the positioning factor that needs to be handled in a careful manner, the individual success positioning can turn back, on the other hand Cokes positioning is we the family and get together, if positioning can is not handled properly its can be a disaster. The second risky elements is the increasing power of retailers, we are at the same time exploiting the retailer power but on the other hand giving more power to them by adopting push strategy, if more and more power is given to retailer then in the end they will be able to blackmail us on their own conditions. To handle this risk brand should be build so strong that it can generate pull. Plans Relation with Strategic Objective Business strategy is cost leadership, since PEPSI is a market leader is has to maintain its position and at the same time they want to reduce costs. Now if we look at the marketing plan it focuses on the push strategy, building relationships with retailers, giving them incentives for push and winning exclusivity on the retail out lets, if this plan is executed well we can reduce out marketing cost without compromising or even increasing on sales and market share. This plan also suggest that PEPSI should get exclusivity on the large cash and carry retail stores like, METRO, MACRO Hyperstar where customers buy in large quantities, if they are able to do so their marketing cost will decrease and sales will increase noticeably. One can argue that plan also supports the brand building which is an expensive thing to do, I would answer that brand building and getting mindshare is something unavoidable, this is not a luxury spending of marketing budgets but it is in return creates the pull for the brand and pays in the longer run. Agreement and Plan Tracking The success of the plan depends on the total consolidated effort by the entire company that is why managements approval and consent will be required to get whole organization on board. This plan will be presented to all stake holder and if management approves then all other departments will be working on the same direction, for example if management want to cut cost then they are do so with a better management of supply chain, similarly other departments will have their roles to play in achievement of strategic objectives. Success of the plan will be tracked at every execution step with continuously monitoring, on the brand side studies will be conducted to monitor the achievement of brand related targets like top of the mind brand recall, retailer relationship management will be monitored that ho successful we have been bringing retailers on boards and winning exclusivity. A relationship of these tracking studies with overall market share and sales will be established that will determine the success of this plan, if problem found and targets are not achieved then strategy will be review and necessary actions will be taken to improve the performance. Conclusion Making a strategic plan is a tricky this, challenge is to keep the department on the track provided the top management while producing the workable and successful solution, at the same time direction of the other stake holders is also required to be in the same direction. While every care is taken even then there are chance that plan is based on some misunderstanding of information required or required information is also not provided, these are the greatest challenges that a strategic marketer has to face. For getting the plan worked a continuous monitoring is required on its execution part. Some very good strategies tend to fail while in execution, that is another care that a strategic marketer has to be careful about.

Private Limited Companies Advantages and Disadvantages

Private Limited Companies Advantages and Disadvantages Financial Accounting Is the information to make decisions related to the organizations, it begins with the principles, concepts, and applications of financial accounting. Financial Accounting follows a set of rules and legislation known as accounting concepts, accounting policies, and procedures like the entity and prepayments. Financial Accounting explains for us what are the financial statements, tells us what are the rules of legislation while they are getting prepared, shows us how the financial accounts are prepared, helps us to understand how the various fields of business work together. It also keeps tracks of companys financial business like the cash flow and cash inflow. It provides stakeholders with official information like for Example: balance sheet account, profit and loss account, trading account. Sole Trader: It is owned by only one person, that has no exact legislation and has one or more employees, their main aim is to make profit. Sole Trader Advantages: They can make decisions easily and quickly Owner can control anything. Less legal formalities. It is simple to set up Sole Trader Disadvantages: Lack of capital. They have to work and think hard because For Example: If the owner is sick, they will not be able to work. Unlimited liability. Partnership: is between 2 to 20 partners or shareholders that works together and easy to setup, the owners share with each other the profits or losses of their business, and their main aim is to make profit. Advantages of a Partnership: It is easy to setup by the deed of partnership More capital is available. There are few paper to work on Disadvantages of a Partnership: Lack of goals to be achieved Unlimited liability Profits have to be divided between the partners Private Limited Company: Is known as ( LTD), it must have one or more director, they do not need a trading diploma, and it offers limited liability to its shareholders but it places certain limits on its ownership. Advantages of Private Limited Company: Limited liability. More serious than the status of a sole trader. Disadvantages of Private Limited Company: The corporation tax has to be paid. Cannot sell shares to public. Public Limited Company: Is known as PLC , its a company whose shares may be purchased by the public and whose share capital is not less than a statutory minimum, and must have minimum 2 directors. Advantages of a Public Limited Company: greater borrowing power the shareholders have limited liability shareholders can sell their shares freely to public Disadvantages of A Public Limited Company: The personal touch may be lost Published accounts have to be prepared Difficult to control and manage Too many legal formalities Clubs: It is the business that is connected from two or more people that has the same goal that they want to achieve. Their main objective is to provide services to the community Charities: It is known as the charities that we know for foundation like Dubai cares. Their main objective is to help other peoples or countries that are unable to pay for their needs and wants. The Advantages of being a Charity The Charity task can provide advice and information to assist a charity administration. Charities are not liable to pay Corporation Tax which is charged on clubs, societies and voluntary organisations. The Disadvantages of Being a Charity Limited rules that are carried on by charities. Trustees are not generally allowed to benefit financially from the charity. Companies Act ( 1985 ) Is the act of the congress of the UK, which will help the companies to register and to set responsibilities of the companies, their secretaries and directors. The act was the instance of consolidation of many other pieces of company legislation, and was one constituent part of the rules governing companies, it was governed by its own articles of relationship. The act is applied only to companies that will form into a legal corporation under it, or under older companys acts. In the act limited liability partnerships, sole traders, and partnerships were not governed by it. Companies Act (1989) Is an act to amend the law relating to the accounts of company, to make new provisions, to amend the companies act 1985 with respect of powers to get information, to create new provision with respect to the registration of charges in the company and to modify the law related to companies, to rephrase the fair trading act 1973, to allow provision to be made. Partnership Act (1890) Its the relation which exists between persons holding on a business in common with the view of profit. No interest is to be charged on drawings. Profits and losses are shared equally among partners. The relation between members of any company like: It is not a partnership within the meaning of this act Registered as a company under the companies act 1862 Rules for Determining Existence of Partnership To determine whether a partnership does or does not exist, you should follow the rules: Joint property, Joint tenancy, tenancy in common, common property, or part ownership does not of itself create a partnership, whether the owners do or do not share any profits made by the use The sharing of gross does not create a partnership, whether the persons sharing returns have or have not a common right or interest in any property Accounting Concepts Business Entity Concepts: It is a separated business and completely different from the owner at that business. It also can be applied to limited business like the charities. The owners personal spending is not recorded in the books at the business. The owners personal transaction appear in the book is when the introductions capital or makes drawings. Materiality: It is a rule which applies to the materials that are not always included in accounting rule; its applied to sole traders, partnership, limited companies, clubs and charities. Going Concern Concepts: It is the statement that business will continue operating in the future except if there a strong evidence or if there a weak evidence, the value is not taken from their break-up value which is the amount that they can sell it in a slow way. In final accounts of a business one of them prepares on the basis that there is no intension to close down the business. Accruals (Matching) Concepts: It is the income that will be received in some trading, lost profit and loss accounts. They should be given out from time to time to be paid. It also allows some people to go against other accounts if the amounts were so small that will be misled, in another words its when we have use something in a period of time. E.g.: bill phone, gas bill, and water bill. Prudence Concepts: It states that the inventory and the profits should not be expected but also included in the profit and loss account. This concept is known as conservation, If we applied this concept ensures that the account present a practical pictures of the state of the business. This concept is applied for making provisions for reduction of debts and stock valuation. Consistency Concepts: It is a way that accounting method uses it to there business, and the business has to keep on using it from time to another. In some areas of accounting a choice of method is available, and when it will be chosen, then they should apply it consistently from years to years. Money Measurement Concepts: It shows the transactions that can be used in monetary terms and in using measuring unit for financial reports. The account at a business only records the information which can be expressed in monetary terms. The value of a good manager that contains loyal work force, high stall morale, will make great benefits to the business. Historical Cost Concepts: It is the account that asset the price and the balance sheet that is based to an original cost when the company require it. Duality (Double Entry) Concepts: It is only one account that is joined together. For every transaction there is aspect in accounting that is made on the basis. A giving and a receiving is known as Dual Concept of all transaction. This is known as double entry. Principles of Relevance Concepts: It is a fact that is known to be gathered from one point of view and keep it. Reliability: It is a degree of person, measure, or object. It is important that profit is only recorded when it has actually been earned. Profits are not regarded as being earned when a customer places an order for goods. Profit is regarded as being earned at the time of goods or services pars to the customers. Comparability: It is the quality of the things that is used in business. Information in financial statements in a business can be more useful. it is compared with similar information about the same business for some other period of time or with other similar information about other business. Understand ability: Its how you understand the others and be able to talk and communicate to them. Information should not be omitted from the financial statements because it is believed it is too complex for users to understand financial statements must be capable of being understood by the users of those statements. Principles: They have two types in UK and US In US they have a lot of rules but when they prepare for their account they use the rule book and if it doesnt cover the rules, the rule book is approved to be used. In UK there is a general law applied to the accounting practice, but the only difference between US and UK that in UK they have an over riding requirements, the account has to be required it is called true and fair views Conventions: It is rules and procedures which are followed by all the organization it also guides the organization for the preparation of their accounts. Rules and Procedures Which Apply To Financial Statements: Financial statement shows only the business that can be given in a monetary terms. Depreciation: It is a company that has the free choice in choosing the company policies, procedures, and also it will affect on the reduction of the money amount that is used in your normal time in life. The organization has two methods to choose from: the straight line depreciation reducing balances Each method of them will result with a different amount of depreciation being charged against the profits. Bad Debts: The balance sheet reflects the amount of the money that the organizations owing it from sales, there is a lot of debtors that may not be able to pay the full amount. So The organizations need to allow a percentage of bad depts. The organization can choose what percentage they want and when to write the bad debts to make a provision, at the end it will affect the over all profit recorded. Provision for Doubtful Debts: It is a small amount that is set aside for something very expensive or something will happen later in the future (Debtors who may not pay their bills to the company) , they usual state the percentage of the great trade debtors. In future accounting, the profit periods would be twisted if the entity suffered a whole series of bad debts. So it seems cautious to allow for the chance that some debts may become bad. Accruals: It is an amount due for a service provided during a particular accounting period but still not paid for at the end of it. We should include them in our accounting before the year ends to show the true and fair views the organization need to ensure that this accounts is complying with accounting concepts. The addition will be included in the amount charged to the profit and loss account for the period as part of the cost of the service provided. Prepayments: It is an amount paid in cash during an accounting period for a provision that will be provided in a later period. Prepayments made will be deducted from the amount charged to the profit and loss account. Valuation of Stock: It should be valued at the lower cost and to be on the net value to observe with the conservative and caution concept. It has three main methods of valuing stock: FIFO LIFO AVCO Each will lead to different value and will affect the profit level. The Similarities and Differences of Sole Trader and Partnership Sole Traders: It is owned by only one person. One has to keep careful evidence if he is self-employed. If the business falters; his personal assets are likely to be liquidated. They dont need to divide there profit. Its easy to set up. Partnerships: Its owned by two or more people together. Profits are shared either equally or as per the terms given. If profits are to be shared, so are the liabilities too. Partners can profit from limited liability and collect tax advantages. Application of Accounting Conventions and Regulations We have in accounting a concept called true and fair view which help to ensure that accounting information is presented accurately and consistently. The most commonly encountered convention is the historical cost convention This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost. Under the historical cost convention, therefore, no account is taken of changing prices in the economy. And there are other conventions in accounting we can summarize as follows: Monetary Measurement: Like workforce skill, morale, market leadership, brand recognition, quality of managementà ¢Ã¢â€š ¬Ã‚ ¦And the accountants should not account for items unless they can be quantified in monetary terms. An important convention.. The concept of materiality is an important issue for auditors of financial accounts.