Accounting Assumptions, Principles and Constrains Essay

Accounting Assumptions, Principles and Constrains - Essay Example n that assumes that the economic entity has a significant past and future for purposes of recording costs of assets and inventory and decision making based on those costs in the present. Additionally, there are the Monetary Unit assumptions that keeps score with money, but it typically ignores inflation and deflation of currencies; the value and unit of currency are understood to be firm; otherwise, there is transaction with global divisions that uses other currencies besides the U.S. Dollar. Finally there is an accounting Periods assumption that assumes that the periodical accounting periods is applicable and accountants can stop to analyze financial statements. Historical Costs (assets and liabilities) characteristically report on the chronological cost and then adjusted to fair market value when the needs of reporting require it. However, the cost of assets went up some years thereby did not reflect what it is worth to other buyers or the cost of replacement. (Riahi-Belkaoui, 2005).   Revenue Recognition is the recording of revenues when they are realized and earned. (Pratt, J. 2011). This is one of challenge that accrual-based accounting is trying to solve. Notably, receiving cash from a sales order doesn’t mean that everything has to earn the revenue especially when they are shipped. In other words, it is sometimes possible to sell goods or services without receiving cash. Therefore, Matching Expenses to Revenues means matching fixed cost of the revenues or recording profit in the income statement based on the best profit on revenues and expenses. This often leads to Full Disclosure where accountants record and report every bit of information in the numbers and footnotes of financial statements that fairly represent the activities of the business entity in that accounting period. This procedure is perfect; however, for decision-making it is expected to leave out or add things that are relevant to the decision being made. In most cases, Cost and Benefit is

Oedipus The King Research Paper Essay Example | Topics and Well Written Essays - 1250 words

Oedipus The King Research Paper - Essay Example ouses in us both pity and fear, Aristotle explains: â€Å"For pity is aroused by someone who undeservedly falls into misfortune, and fear is evoked by our recognizing that it is someone like ourselves who encounters this misfortune.† (51) That powerful combination of emotion made the story so popular that John Dryden, writing in the mid-1600s, said that the story had â€Å"worn so threadbare by the pens of all the epic poets† (170) that â€Å"people so soon as ever they heard the name of Oedipus, knew as well as the poet, that he had killed his father by a mistake and committed incest with his mother, before the play; that they were now to hear of a great plague, an oracle and the ghost of Laius.† (171) And, indeed, modern critics have echoed these opinions: Jennifer Lewin’s aptly titled â€Å"Oedipus Rex: Possibly the Greatest of all Tragedies† argues that the play represents the apex of dramatic achievement for tragedies. Even the chorus of the pl ay itself reflects the tragedy of Oedipus: Even the Freudians acknowledge the tragedy of Oedipus, even as they psychoanalyze his experience. In the 1950s, Charles Rado read the Oedipus myth in Freudian fashion, revealing it to be a battle between Oedipus and his own unconscious urges, culminating in self-destruction. Rado, of course, makes much of the incestuous relationship between Oedipus and his mother Jocasta, pointing to the riddle of the Sphinx as a metaphor for that union: â€Å"The riddle of the Sphinx is thus interpreted: four refers to the primal scene (four parental legs), the result of which is two, the legs of the child, who later develops a third leg, the penis. The Sphinx personifies the mother in her aspect of Medusa; the child splits her into mother and whore.† (233) Still, there appears to be no question that Rado views the conflicted hero who gave his name to the Freudian’s pet complex with sympathy. Still, the insistence on viewing Oedipus the King as a tragedy leaves a very real space of