Wiccan Religion Essays - Wicca, Modern Paganism, Wheel Of The Year

Wiccan Religion annon The word Witchcraft dates back many hundred of years and means literally The craft of the wise. This is because the Witches of the old were the wise ones of their village, knowledgeable in the art of healing, legal matters and spiritual fulfillment. A Witch had to not only be a religious leader, but also the doctor, lawyer, and psychologist of the village. Today, people have reclaimed this word in their pursuit of Wiccan religion. A With is an initiate of Wicca, one who has earned the right to call themselves Priest, or Priestess, through study, self evaluation, and spiritual living. Wicca itself, is an attempt to re-create European (mostly) Shamansistic Nature Religion, adapting it to fit our modern lives. Witches are worshippers of the Earth and it^?s many cycles. We believe that deity is found not only outside to our realm, or plane of existence, but that is found within every living thing and all that support it. Therefore, we attempt to live in harmony with the Earth and each of it^?s creatures. Wiccan tend to involve themselves with ecological pursuits. Wicca observe the holidays of Pagan Europe; Eight festivals spaced evenly about the wheel of the year, at the quarters (equinox^?s and solstices) and the cross-quarters (midpoints between the equinox^?s and solstices). They are called: Yule (Dec 21) Tmbolc (Feb2), Lady Day (March 21), Beltaine (May 1), Midsummer (June 21), Lugnassed (Aug 1), Mabon (Sept 21), and Samhain (Oct 31). Actual dates vary slightly from year to year, as they are based upon actual celestial events. Many Wiccans also celebrate the Full Moon, of which we have 13 per year. The basis for Wiccans moral conduct is found in the statement An Ye Harm None, Do What Thou Wilt. This is a mock archaic phrase, suggesting that any behavior that harms none, is morally acceptable. Harm is defined by anything that takes away, or works against an individual^?s free will. It is, of course, impossible to exist, or even cease to exist, without causing harm, so Wiccans look to fulfill this as closely as possible. A Wiccan attempts to make choices based on what will cause the least harm, and promote the greatest overall positive effect. Wicca teaches self discipline, personal responsibility kinship with our plant and its creatures, open-mindedness and the virtues of diversity. Wiccans do not proselytize, as we believe that each must find the path that is right for them, and that all religions are different paths to the same truths. We draw our beliefs and practices from our own experiences, and that of others, understanding that age does not makes a religion any more valid, not does political support, numbers of followers or material holdings of it^?s temple. Religion is a very personal thing, one which can only be validated by the experience of the individual. Wicca provides a link for those who follow similar paths to share their experiences.

Improving yourself without climbing the corporate ladder

Improving yourself without climbing the corporate ladder Many of us who enter the workforce come strapped with a host of preconceived notions about how our career journeys will ultimately pan out- the steps we’ll take as we climb the ladder to success, the positions we’ll hold, the salaries and benefits we’ll acquire along the way, and the timelines for making it all happen. Sure, we can spend all our time planning every step of our careers- from our first jobs until the day we retire- but the truth is, it’s almost impossible to predict precisely how it’ll all go. After all, a fair amount of variables that are often out of our direct control, like luck and being at the right place at the right time, factor into the professional mix along with our skill, effort, and good intentions. That said, you don’t need to climb the corporate ladder to grow and evolve. There are ways to make improvements and achieve success that doesn’t involve reaching the next rung. Also, freeing yourself from the cons tant stress and anxiety of having to hit some arbitrary career milestone may be one of the best things you do for yourself. Whether you’re at a career inflection point or want to explore new ways to effect positive professional change that doesn’t include chasing a promotion, keep reading and consider the following strategies for self-improvement.Learn a new skillThese days, too many of us are blindly focused on racing up the corporate ladder and avoid or overlook making the most of opportunities available at our current positions. However, if we slow down and take stock of where we’re currently at in our career trajectories, chances are we’ll see that there are a collection of new skills we can focus on acquiring at our current levels- which will not only benefit us now, but will also likely set us up for greater success in the long term.Consider stepping out of your comfort zone and trying something new at work, or maybe even taking a class or pursuing advanced certification. What’s better, many companies are aware of the benefits of having a highly-trained staff and are willing and eager to provide and fund training opportunities for employers. It’s a total win-win situation for all!Explore your industryAre you up on all the latest and greatest developments in your industry? Or are you so focused on climbing the corporate ladder that you’re allowing yourself to fall behind when it comes to current events? Instead of constantly looking upward at your career growth, consider spending some time looking all around you and getting reacquainted with industry news and trends. This can include attending industry events and joining online groups devoted to your specific field. Not only can you come away with a whole host of knowledge and new contacts, it also might help guide and refocus the direction your career takes.Spark positive change at your companyIf all of your focus is on yourself and your career path, you m ay be missing out on opportunities to help improve things at your company. Instead of thinking solely about the next step on the ladder to success, spend some time thinking about workflow and processes in your team, department, and company. How can you share and implement ideas that can help enhance productivity and efficiency? Not only can this help your company, it can also help improve your work life, impress the higher-ups, and lead to bigger and better things in your professional future.When it comes to your career, ambition can absolutely be a good thing- but focusing all of your time and energy on climbing the corporate ladder isn’t the only way to improve yourself. Consider the strategies and advice presented here to effect positive and lasting change in new and meaningful ways.

15 Promising Seasonal Jobs to Apply for this Fall and Winter

15 Promising Seasonal Jobs to Apply for this Fall and Winter Need to make a few extra dollars this season? While there’s always the option to get a gig as Santa’s Little Helper at the mall, there are lots of other options too. Here are 15 promising and interesting seasonal opportunities- all of them temporary and with flexible schedules.1. Election ClerkNeedless to say, it’s a big year for elections. Starting in November, there are lots of jobs for clerks to oversee the election process.2. Family Programs SupervisorLots of families hold events in the holiday season. Get a job as a staff member or event organizer, depending on your skills.3. Fly Casting InstructorHave a fly casting hobby? Turn that hobby into a part-time job teaching what you like best to those who want to know.4. Forms DeveloperForms are always floating around out there. Help make sure they comply with local, state, and federal specifications by helping to compare and mark-up forms needing to be changed.5. HR AdministratorHR departments always need assista nts- even (and sometimes especially) on a part-time or seasonal basis.6. IT Support Center CoordinatorThere are almost always short-term support jobs offered in the fall and winter in IT centers.7. PerformerAgain, many families and companies host events or parties. Many of these will be entertainment. You have a talent or skill you could use to perform at some of these?8. Print Quality Design ArchitectThere are lots of extra holiday print jobs out there. Companies will have opportunities for those qualified to help with the extra work load.9. Production DesignSome companies might need extra help with production design- processing, proofreading, and typesetting, etc.10. Admissions ReaderInstitutions and organizations with admissions processes always need preliminary readers.11. Sales AssociateRetail has its biggest time of the year over the holiday season. There are more shoppers and more opportunities for temporary sales work.12. Christmas Support ElfSanta needs help! If you’ re up for it, don your elf costume and go help the big man out!13. Retail Visual MerchandiserRetail pumps up their game for the holidays. Put your creative/aesthetic mind to work helping them show off their merchandise with a seasonal gig.14. Senior Tax AssociateReliable tax accountants are always in demand, particularly as we round the corner into the new year and inch closer to tax time.15. Ski InstructorLove to ski? Why not make money teaching new skiers to love your hobby too?

Immigrant experience Research Paper Example | Topics and Well Written Essays - 1250 words

Immigrant experience - Research Paper Example This â€Å"immigrants† first settled on the North American continent by the time the first batch of immigrants from Europe arrived. Conservative estimates places the number of immigrants at this time in the range of two million to eighteen million (Borjas, 1990). According to the United Nations (2006), there were at least one hundred and ninety one immigrants worldwide in 2005. Immigration deserves to be attributed the significant role it has played in the development of the economy as well as the unique contribution that it has made on the economy as well as the rich diversity that it also brings on board. Some of the immigration can be said to be cyclic or temporary since the immigrants usually go back to their country of origin after achieving their goal of economic success. In some instances, some immigrants usually go to the new country for seasonal work and return back home after the work is over waiting for the next season. A good example of such a case is the Mexicans who often go to America to do some seasonal work. For instance, they usually immigrate to United States of America during the harvest season of tomatoes and work in the farms harvesting the tomatoes. After the harvest season is over, they return back to their country and wait for the next harvesting season (Borjas, 1990). However, most of the immigrants are usually aiming at staying in the new country forever. That would explain why most of the immigrants have historically opted to settle in the urban centers. There have been some important changes in the immigration trends in the last few decades. For starters, there have been more and more colored people immigrating and the second important change in trends is that these new immigrants are often settled in small urban settlements where colored people have not settled in the past (Cross,1997). It is a significant development especially since it creates anew scenario in

Brighter Cleaning Company Marketing Plan Essay Example | Topics and Well Written Essays - 2250 words

Brighter Cleaning Company Marketing Plan - Essay Example This paper illustrates that the number of employees and experience puts the Brighter Cleaning Company in a position to handle any size of customers. Brighter Cleaning Company main focus is supplying cleaning products to the businesses around. The company offers products to some parts of Ohio: Defiance, Bryan, Plymouth, Peru, Lima, Napoleon, Celina, and Coldwater. Other areas that the company’s products have gained popularity are Auburn, Anderson, Angola Bluffton and Fort Wayne just to name a few. The Brighter Cleaning Company offers janitorial equipment and cleaning solutions products for furniture and floors. The cleaning products and janitorial equipment help in keeping the workplace clean and free from germs. The products can be categorized into three major areas: equipment, paper products, and cleaning chemicals. The specific products include brooms, brushes, dustpans, chemicals, dust mops, dusters and cleaning pads. Additional other products are a floor and furniture care , janitorial carts, paper products, rags, and wipes. The Brighter Cleaning Company also offers receptacles, personal care, trash bags, liners, recycling equipment and replacement parts. Branding is among the most significant factors that enhance the success of any business, irrespective of its size, B2B or retail. Affective branding process offers the business a cutting edge in increasing its competitiveness in the market. Simply put, a business brand is like a promise to business clients that the business is ready and willing to adhere to the proposed brand requirements. A brand tells customers what to expect from the products and services that are being developed. According to Sheth, it is important to realize that in making the business brand, it is often derived from the routine activities that the business is involved in. it explains what the business is all about, who it wants to become in the near future as well as the kind of image that it wants its customers to perceive. Th ereafter, it provides the direction that the business managers are going to take in reaching the destination that is outlined in the brand name. The advantage of having a successful brand is that it often becomes a container for creating and storing the goodwill and reputation of the business.

Discharge Plan for Older Person

Discharge Plan for Older Person In this assignment the author will discuss a discharge plan with rationale for an older person with a long term condition. Included will be potential and actual problems presenting from the patient profile on discharge from an acute care setting. Reference to the Nursing and Midwifery Councils (NMC) professional code of conduct (2008) shall be made throughout the assignment along with a discussion of legislation in the latter part that is relevant to the plan of care arranged. Moreover any copies of documentation used in the appendix will remain anonymous maintaining confidentiality. The theoretical model used to formulate this plan of care is Roper et al (1990) activities of daily living which concentrates on twelve elements essential for daily living skills and the level of dependence required for them. The elements of the theoretical model chosen will be those applicable to the patients discharge care for example, mobility and breathing. The patient profile referred to is that of an elder gentleman in his late seventies admitted to hospital following weakness on waking to the left side of his body which had mainly affected his mobility. There also appeared to be some facial drooping with dysarthria. For the purpose of this assignment when referring to the patient he will be named as Mr Smith as to personalise the plan of care. Mr Smith has a past medical history of chronic obstructive pulmonary disease (COPD) and asthma for which he receives drug therapy of salbutamol and becotide inhalers. He is also the main carer for his wife whom suffers severe Alzheimers disease. Discharge plan Liaise with the discharge co-ordinator as to the impending discharge of Mr Smith. This will ensure the continuity of his care on discharge. The discharge co-ordinator provides valuable assistance and is able to amplify the experience of a patients venture from hospital to the community Day et al (2009). They are highly skilled nurses in this specialist area and mediate between the multidiscipliness involved in the care needs of Mr Smith. Mobility. Problem 1 Possible changes to Mr Smiths movement, function and orientation. Method/outcome Complete a falls risk assessment using an identified tool and follow advisory notes on completion. With consent liaise with occupational therapy and physiotherapy departments for a discharge assessment and continued rehabilitation within the community. Make certain a home visit with therapy teams has been undertaken before discharge. Rationale A falls risk assessment tool (FRAT) is a way to establish risk and manage falls prevention. Its use is advocated in the National institute for clinical excellence (NICE) guidelines in falls prevention document (2004). Following the use of FRAT (appendix 2) it is decided that Mr Smith is at moderate risk of falling and advices of therapy team input. Mr Smith requires an assessment by the occupational therapy team in his home environment prior to his discharge. This ensures his safety and well being for day to day living and maintains his independence. The visit presents an opportunity for the occupational therapist to evaluate the need for adjustment in the home. For example it is recorded that Mr Smith has some difficulty in rising out of the bath he would therefore need modification in his bathroom to enable him to do this, promoting independence and maintaining his dignity. Mobility doesnt just include the physical aspect of movement it involves fine motor activity, personal assertion, feeling and communicative function also. Having a stroke can cause dysfunction, having a dramatic causatum on the persons life Barnet et al (2009). Making adjustments in the home can be an upsetting experience. An assessment by the physiotherapist will maximise rehabilitation in physical movement and allow instruction on the use of equipment that may be required in doing so, this ascertains safety and accuracy during use. Physiotherapists have superior kinetic knowledge and can introduce advice in falls prevention minimising the occurrence. NMC (2008) requires you as a nurse to refer to another practitioner when it is in the best interests of a persons care. Both therapists will be able to initiate communication with day hospitals for continued rehabilitation therapy sessions within the community. Maintain a safe environment and communication. Problem 2 Mr Smith is to administer daily medication and understand the information provision. Method/outcome Ensure the prescription with 7 days supply is provided and sent to pharmacy in time for discharge. Guarantee Mr Smith and his relatives receive relevant information regarding medication. Explain in an accessible manner. Arrange an out patients appointment. Present written and verbal information regarding the appointment. Inform the GP of Mr Smith discharge. Rationale Mr Smith has been prescribed aspirin 75mg following an ischaemic cerebral vascular accident (CVA). The aspirin is given prophylactically and inhibits platelet aggregation which could otherwise result in a thrombus formation British national formulary (BNF) (2009). Eighty percent of strokes result from ischemia, caused by a thrombus blocking the cerebral circulation therefore, preventative medication such as aspirin reduces the risk of a reoccurrence Greenstein and Gould (2009a). It is important to provide Mr Smith with written and verbal information with regard to instruction on how and when to take his medication, along with the dosage and possible side-effects he may encounter. Educating Mr Smith on the need for medication and possible consequence of non compliance present him with an informed choice and reduces the risk of a drug induced re-admission. Reports suggest that fifty percent of older people may not take medicines prescribed for them as they have not received valued information about the benefits and risks involved Department of health (DOH) (2001). The NMC (2008) says that you must share information about peoples health and regimes in a way they can understand. This facilitates informed choices and compliance. Nurses have a responsibility to continue assessment of their patients suitability for self-administration; the NMCs standards for medicines management (2008) standard 9 require you to acknowledge changes to a patients condition and safety with regard to self-administration. Assessing Mr Smiths understanding and capability of remembering to take his medication is of great importance as if he is likely to encounter difficulty, provision for pre-dispensed medicine or help from a carer can be arranged Wade (2007). Indirect questioning will provide some indication as to how much Mr Smith understands and will not make him feel inadequate, maintaining his dignity and respect. An outpatients appointment with a neurologist will maintain consistent specialist monitoring of Mr Smiths condition even though once discharged the GP is responsible for care in the community and continued prescribing. It is therefore vital that the GP has documentation on this hospital admission and any follow up appointments to be attended. Problem 3 Change to Mr Smiths social and home environmental needs. Method/outcome Inform Mr Smith as to the importance of social services participation and gain his consent. Liaise with social services for an assessment of needs completing the relevant documentation (sections 2 5) in acceptable time ready for Mr Smiths discharge. Rationale Consent must be given by Mr Smith prior to the involvement of social services, even though it is documented that they have had previous input with Mrs Smiths care. It is the individuals right to confidentiality and as a nurse you must respect this NMC (2008). Mr Smith has indicated that he has concerns with regard to coping and caring for his wife whom has severe Alzheimers disease when he is discharged. Social services must assess the need for a care support package and provide financial advice for the services required as Mr Smith is a home owner. With Mr Smiths consent social services may even consider the possibility of Mrs Smith remaining in the nursing home until Mr Smith is more able bodied. The need fulfilment of the dependent can generate emotional stress in the carer and burden their physical well-being with the high level of physical exertion needed to provide endowed care Mackenzie and Lee (2006). When Mr Smith returns home it is the expectation that he will be allowing himself time to recover and not put his self under duress which could result in a relapse in his health. Anecdotally, caring for his wife at this stage would not be beneficial to his rehabilitation. Problem 4 Transportation home on discharge from hospital. Method/outcome Liaise with relatives regarding transport home and if necessary arrange hospital transportation. Verify Mr Smith has keys to his property, that someone will be there to receive him or that the key safe number is available. Rationale It is of upmost importance that Mr Smith and his relatives are fully aware of the date of discharge and the preparations for his arrival. Where possible, Mr Smith and his relatives should contribute to the discharge plan. The expectation of you as a nurse is that you uphold peoples rights to be involved in decisions about their care NMC (2008). Working and playing. Problem 5 Possible isolation and lack of social contact. Method/outcome With consent refer Mr Smith to the community stroke liaison services and complete the relevant referral documentation. Provide the services contact details. Rationale The community stroke liaison nurse is there to provide support with initial changes to Mr Smiths life. She is a specialist in stroke rehabilitation and can present him with coping strategies. These will help Mr Smith focus on problem solving approaches and heighten his sense of control Carpenito-Moyet (2008a). The nurse specialist may also be able to provide Mr Smith with mini health checks and details of support groups, clubs and give advice regarding enrolling on an expert patient programme if it is available within the local authority. The expert patient programme is a self management course for people with long term conditions. It was launched in 2002 as a pilot programme but is now national. The course is delivered over a six week period by a trained tutor who is either a volunteer or a previous programme attendee and is vastly beneficial. The service reduces isolation, promotes confidence and empowers those living with deficits or complex needs DOH (2001). Eating and drinking. Problem 6 Nutritional support and secondary prevention Method/outcome With consent refer Mr Smith to a community dietician completing the documentation. Highlight the importance of lifestyle and dietary changes with regard to his condition. Outline the need to attend to any future difficulty in swallowing or further dysarthria. Rationale Following his stroke Mr Smith may have a reduced appetite. Carpentino-Moyet (2008b) suggests this may be due to fatigue, being less mobile or even because of some pain from limb limitation. Carpentino-Moyet (2008c) also discuss that during Illness or convalesce a good nutritional consumption can reduce the risk of further complications and aid faster recovery. Referring to the community dietician ensures that a diet plan optimal in calories and nutrition is received. Making certain that Mr Smith has some understanding about his condition will endeavour compliance with diet and life style changes. The reoccurrence of a CVA is much higher during the first year of rehabilitation, therefore regular checks and life style conversions need to be initiated DOH (2001). Mr Smiths awareness and detection of further difficulties with speech and swallowing is a desired outcome as this could most definitely interfere with his nutritional intake in the future and would incorporate further change to his diet and lifestyle they would also warrant a referral to a speech and language therapist for a swallow assessment. Breathing Problem 7 Mr Smith has COPD and asthma and requires respiratory maintenance and secondary prevention advice. Method/outcome Ensure Mr Smith is aware of how to use his inhalers with the correct technique. Inform him of the importance to have regular visits to the GP or respiratory nurse in order to maintain adequate respiration. Provide cessation of smoking advice. Rationale Belamy and Booker (2000) suggest that the recommended maintenance appointment for patients with mild to moderate COPD should be annually within the primary care setting, they also indicate the monitoring session should involve a full assessment of the patients smoking status, symptom control, and medication efficiency with inhaler technique. Furthermore it allows the health care professional to perform spirometry. It appears that Mr Smiths therapeutic intervention of becotide and salbutamol inhalers have symptomatic control of his COPD at present however, he is now also prescribed aspirin which could contraindicate his condition. Occasionally aspirin causes bronchospasm Greenstein and Gould (2009b) therefore close monitoring is essential. In practice we can promote smoking cessation and provide advice to Mr Smith with regard to the health risks involved following his stroke and COPD. It is his individual choice as to whether he will participate. Many people given smoking cessation advice will continue smoking disregarding concern for their health. The NMC (2008) stipulates that as a nurse you must not discriminate against those in your care, treating people as individuals regardless of whether their choice exacerbates their illnesses. Key issues in older adults and long term conditions care provision: Extensive change has been underway with regard to the care standards and expectations of health and social care services for older people. The force for change has happened due to demographic analysis, which indicates that people are living much longer with an increase in those above the age of eighty. According to the DOH (2001) this figure is expected to have doubled between 1995 and 2025. Such longevity influences the amount of people living with long term conditions. Research and reports from extensive consultation with older people, their carers, healthcare professionals and from media coverage, discuss services declining to meet the needs of older people with age discrimination and depletion of dignity and respect being a major domination as clinical areas lacked evidence based practice DOH (2001). The introduction of clinical governance has helped develop effectiveness of evidence based practice assuring the quality of care is of a high standard. Zwanenberg and Edwards (2004) describe clinical governance as a system to advance the quality of care in which healthcare managers are responsible for policy compliance. They explain that primary care trusts are accountable for providing evidence of their effectiveness and quality of clinical practice and further acknowledge the level of need for accountability since public interest in cases of malpractice. Care plans are aspects of clinical governance policies Lugon and Secker-Walker (1999) as is the essence of care document developed by the DOH in 2001. The essence of care document is a guidance tool specific in enabling healthcare professionals to deliver a structured and patient focused practice within eight areas of care. Some of the areas include food and nutrition, self-care and privacy and dignity. The document also enables professionals to distinguish areas of poor practice allowing for remediation DOH (2001). The national institute of clinical excellence formulated guidelines for practice in assessment and prevention of falls, declaring that falls are a major cause of disability or mortality in the elder population and impact on their quality of health and life NICE (2004). NICE (2004) also report that falling can have a devastating repercussion to an individual causing psychological distress, lack of confidence and poor self esteem, dependency and even pressure injury. The guidelines provide strategies for assessment (FRAT appendix 2) of those at risk of falling, including individuals following a stroke and suggest setting provision for interventions such as physical therapy, home adjustment and the revisal of visual deficit NICE (2004). The development of the national service framework (NSF) for older people by the DOH (2001) delivers policies as to the standard of healthcare that older people should receive. The NSF endeavoured to set strategies over a 10 year programme looking for improvements within specific areas of health promoting independence and providing treatment with respect and dignity. The document lists the quality of care that is required on the best available evidence and provides one standard for all, achieving consistency within healthcare DOH (2001). The focus of the NSF for older people was to abolish age discrimination and provide a patient centred approach to care DOH (2001). The document defines stroke and falls prevention, promotion of health and introduces standards of care for hospital and intermediate settings and for mental health illness in older people. The DOH in connection with the NSF for older people also developed the NSF for long term conditions in 2005. The document expresses the need for the promotion of quality of life with autonomy based around the individuals specific need for their condition. Implementation of this policy includes provision of support for housing, benefits, education and pension schemes helping those suffering with long term conditions to live as independently as possible with access to services as required DOH (2005). A stroke (CVA) is classified as a long term condition and the DOH (2007) stroke strategy document identifies the need for health promotion and management of risk. The plan of action firstly focuses on awareness and prevention, treatment and services available for those whose lives have been affected by stroke. Secondly, it identifies that all needs, health and social of the individual, should be contemplated in a plan of care not just medical ones DOH (2007). The stroke strategy guidelines allow for individuals following a minor event to be given an MRI scan within 24 hours, as evidence suggest eighty percent will follow on to have a severe stroke DOH (2007). Clinical areas can therefore reduce deaths in practice if they adhere to this policy. Promotion of healthy weight, physical exercise and smoking cessation along with regular blood pressure checks and advice on alcohol consumption further reduce risks DOH (2007). The stroke strategy also expresses the need for a multidisciplinary approach, all health and social care workers collaborating together cultivating a stroke care community that will provide the best possible service for those affected returning home DOH (2007). Continued assessment by the multidisciplines following a hospital admission is essential to ensure an individuals suitability for discharge. The DOH (2004) suggests that consideration be made for the individuals physiological, functional and psycho-social wellbeing during the assessments. Being fit for discharge means that receiving care in an acute setting is no longer needed and continued care can be provided between the GP, community services and outpatients appointments DOH (2004). One professional included in the multidiscipline approach within the community is a pharmacist with initiatives developed to increase their involvement in care, such as repeat dispensing, medication reviews and independent prescribing especially for those with long term illness DOH (2005). The pharmacists involvement within the multidisciplinary team is very beneficial to patient care as it decreases medication errors, discovering discrepancies and many contra-indications before the medication reaches the patient. All legislation and government policies have influence on the way healthcare professionals practice. They provide guidelines as to accommodate continuity of healthcare in general. They set standards for quality of care that service users can expect when accessing healthcare provision and project how they will receive this provision. Legislation is an important aspect of healthcare and individuals have the right to life without discrimination, being treated equally with dignity and respect regardless of their condition, disability or age. The writer concludes that Mr Smith is awaiting discharge from hospital following a stroke. Evident from the patient profile he has achieved a satisfactory level of independence and he appears to be making good progress. The discharge plan documented for Mr Smith incorporates many of the NHS and social care policy initiatives to deliver continuity of care from hospital to home using elements from the Roper et al (1990) theoretical nursing model. The discharge plan supports the inclusion of multidisciplines, health promotion, prevention strategies and patient participation. It also up holds the NMC code of professional conduct (2008) whilst focusing on independence and maintenance of ones dignity, providing community support and rehabilitation. References: Barret, D. Wilson, B. Woollands, A. (2009) Care planning a guide for nurses, Essex: Pearson Education Limited. Belamy, D. Booker, R. (2000) Chronic obstructive pulmonary disease in primary care, all you need to know to manage COPD in your practice 3rd ed. London: Class Publishing. BNF 57 (2009) British national formulary. London: BMJ Group/RPS publishing. Carpenito-Moyet, L.J. (2008) Nursing care plans documentation, nursing diagnoses and collaborative problems 5th ed. Hong Kong: Lippincott Williams Wilkins. Day, M.R. McCarthy,G. Coffey, A. (2009) Discharge planning: the role of the discharge co-ordinator, Nursing Older People, 21, (1), pp. 26-31. Department of Health (2001) Medicines and older people: implementing medicine-related aspects of the NSF for older people, The Department of Health. [online]. Available from: http://www.dh.gov.uk/en/Publicationsandstatistics/Publications/PublicationsPolicyAndGuidance/DH_4008020 [accessed 18/03/2010]. Department of Health (2001) The essence of care: patient-focused benchmarking for healthcare practitioners, The Department of Health. [online]. Available from: http://www.dh.gov.uk/prod_consum_dh/groups/dh_digitalassets/@dh/@en/documents/digitalasset/dh_4127915.pdf [accessed 12/02/10]. Department of Health (2001) The national service framework for older people, The Department of Health. [online]. Available from: http://www.dh.gov.uk/dr_consum_dh/groups/dh_digitalassets/@dh/@en/documents/digitalasset/dh_4071283.pdf [accessed 14/02/2010]. Department of Health (2002) The expert patient program, a new approach to chronic disease management for the 21st century, The Department of Health. [online]. Available from: http://www.dh.gov.uk/prod_consum_dh/groups/dh_digitalassets/@dh/@en/documents/digitalasset/dh_4018578.pdf [accessed 30/03/2010]. Department of Health (2004) Achieving timely simple discharge from hospital, a toolkit for the multi-disciplinary team, The Department of Health. [online]. Available from: http://www.dh.gov.uk/dr_consum_dh/groups/dh_digitalassets/@dh/@en/documents/digitalasset/dh_4088367.pdf [Accessed 26/03/2010]. Department of Health (2005) The national service framework for long-term conditions, London: The Stationary Office. Department of Health (2007) National stroke strategy, Department of Health. [online]. Available from: http://www.dh.gov.uk/dr_consum_dh/groups/dh_digitalassets/documents/digitalasset/dh_081059.pdf [accessed 25/03/2010]. Greenstein, B. Gould, D. (2009) Trounces clinical pharmacology for nurses 18th ed. London: Churchill Livingstone Elsevier. Lugon, M. Secker-Walker, J. (1999) Clinical governance, making it happen. London: Royal Society of Medicine Press. Mackenzie, A. Lee, D.T.F. (2006) Carers and lay caring, In: Nursing older people: Redfern, S.J. Ross, F.M. (eds.) Nursing older people. 4th ed. London: Elsevier. National Institute of Clinical Excellence (2004) Clinical practice guidelines for assessment and prevention of falls in older people. CG21. London: Royal College of Nursing. Nursing and Midwifery Council (2008) Professional code of conduct, London. Nursing and Midwifery Council (2008) Standards for medicine management, London. Roper, N. Logan, W. Tierney, A.J. (1990) The elements of nursing, based on activities of daily living. New York: Churchill Livingstone. Wade, S. (2007) Refusing discharge or transfer of care, in: Nurse facilitated hospital discharge: Lees, L. (ed.) Nurse facilitated hospital discharge. Keswick: MK Publishing. Zwannenberg, T.V. Edwards, C. (2004) Clinical governance in primary care, in: Clinical governance in primary care: Zwannenberg, T.V. Harrison, J. (eds.) Clinical governance in primary care. 2nd ed. Oxon: Radcliffe Medical Press Ltd.

Accounting Concepts, Conventions and Solutions

Table of Contents QUESTION ONE: Accounting Concepts and Conventions1 a)Accounting Concepts1 i)The going concern concept. 1 ii)The accruals concept (or matching concept)1 iii)The entity concept:3 iv)The money measurement concept:3 v)The historical cost concept:4 vi)The realization concept:4 vii)Duality concept:4 b)Accounting conventions5 QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process9 1. Clash between the accruals/matching concept and the prudence convention9 2. Clash between the historical cost concept and Prudence convention9QUESTION THREE: Solutions to the clashing accounting concepts and conventions11 REFERENCES13 QUESTION ONE: Accounting Concepts and Conventions a) Accounting Concepts Accounting Concepts are broad basic assumptions that underlie the periodic financial accounts of business enterprises. They outline the rules of accounting that should be followed in preparation of all financial statements. T hese concepts are outlined in the International Accounting Standard 1(IAS 1)-presentation of financial statements. The word ‘concept’ in this context means an idea or thought that has a universal application.This includes; i) The going concern concept: implies that the business will continue in operational existence for the foreseeable future, and that there is no intention to put the company into liquidation or to make drastic cutbacks to the scale of operations. Financial statements should be prepared under the going concern basis unless the entity is being (or is going to be) liquidated or if it has ceased (or is about to cease) trading. The directors of a company must also disclose any significant doubts about the company’s future if and when they arise. ( Agatha,2010) The main significance f the going concern concept is that the assets of the business should not be valued at their ‘break-up’ value, which is the amount that they would sell for it they were sold off piecemeal and the business were thus broken up. ii) The accruals concept (or matching concept): states that revenue and costs must be recognized as they are earned or incurred, not as money is received or paid. They must be matched with one another so far as their relationship can be established or justifiably assumed, and dealt with in the profit and loss account of the period to which they relate. ExampleAssume that a firm makes a profit of ? 100 by matching the revenue (? 200) earned from the sale of 20 units against the cost (? 100) of acquiring them. (Williamson,2001) If, however, the firm had only sold eighteen units, it would have been incorrect to charge profit and loss account with the cost of twenty units; there is still two units in stock. If the firm intends to sell them later, it is likely to make a profit on the sale. Therefore, only the purchase cost of eighteen units (? 90) should be matched with the sales revenue, leaving a profit of ? 90. The ba lance sheet would therefore look like this: ? | Assets| | Stock (at cost, i. e. 2 x ? 5)| 10| Debtors (18 x ? 10)| 180| | 190| Liabilities| | Creditors| 100| | 90| Capital (profit for the period)| 90| If, however the firm had decided to give up selling units, then the going concern concept would no longer apply and the value of the two units in the balance sheet would be a break-up valuation rather than cost. Similarly, if the two unsold units were now unlikely to be sold at more than their cost of ? 5 each (say, because of damage or a fall in demand) then they should be recorded on the balance sheet at their net realizable value (i. . the likely eventual sales price less any expenses incurred to make them saleable, e. g. paint) rather than cost. This shows the application of the prudence concept. In this example, the concepts of going concern and matching are linked. Because the business is assumed to be a going concern it is possible to carry forward the cost of the unsold units a s a charge against profits of the next period. Essentially, the accruals concept states that, in computing profit, revenue earned must be matched against the expenditure incurred in earning it. ii) The entity concept: The concept is that accountants regard a business as a separate entity, distinct from its owners or managers. The concept applies whether the business is a limited company (and so recognized in law as a separate entity) or a sole proprietorship or partnership (in which case the business is not separately recognized by the law. iv) The money measurement concept: The money measurement concept states that accounts will only deal with those items to which a monetary value can be attributed.For example, in the balance sheet of a business, monetary values can be attributed to such assets as machinery (e. g. the original cost of the machinery; or the amount it would cost to replace the machinery) and stocks of goods (e. g. the original cost of goods, or, theoretically, the pr ice at which the goods are likely to be sold). The monetary measurement concept introduces limitations to the subject matter of accounts. A business may have intangible assets such as the flair of a good manager or the loyalty of its workforce.These may be important enough to give it a clear superiority over an otherwise identical business, but because they cannot be evaluated in monetary terms they do not appear anywhere in the accounts. v) The historical cost concept: A basic concept of accounting is that resources are normally stated in accounts at historical cost, i. e. at the amount that the business paid to acquire them. An important advantage of this procedure is that the objectivity of accounts is maximized: there is usually objective, documentary evidence to prove the amount paid to purchase an asset or pay an expense.Historical cost means transactions are recorded at the cost when they occurred. In general, accountants prefer to deal with costs, rather than with ‘val ues’. This is because valuations tend to be subjective and to vary according to what the valuation is for. For example, suppose that a company acquires a machine to manufacture its products. The machine has an expected useful life of four years. At the end of two years the company is preparing a balance sheet and has decided what monetary amount to attribute to the asset. vi) The realization concept: Realization: Revenue and profits are recognized when realized.The concept states that revenue and profits are not anticipated but are recognized by inclusion in the income statement only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty. vii) Duality concept: This concept ensures that transactions are recorded in books at least in two accounts, if one account is debited it’s also credited with the same amount in a different account. The recording system is also known as double entry system. Assets = Liabilities + Capital.Every transaction has a two-fold effect in the accounts and is the basis of double entry bookkeeping. b) Accounting conventions Conventions, unlike concepts, are guidelines derived by usage and practice. They are guidelines that arise from the practical application of accounting principles. An accounting convention is not a legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements. As customs change, so to will accounting conventions.Basically, conventions fill in the gaps between guidelines and practical usage. If an accounting regulatory body sets forth a guideline that addresses the same topic as the accounting convention, the accounting convention will no longer be applicable. Concepts supersede conventions. i) The consistency concept states that in preparing accounts consistency should be observed in two respects. a)Similar items within a single set of accounts should be given similar accounting treatment. b)The same treatment should be applied from one period to another in accounting for similar items.This enables valid comparisons to be made from one period to the next. (Crovit,2008) An accounting method used in one accounting period should be the same as the method used for events or transactions which are materially similar in other period (i. e. accounting practices should remain unchanged from period to period ). This also involves treatment of transaction and valuation method. Consistency is also advisable so that the comparison of accounting figures over time is meaningful. Consistency also states that if a change becomes necessary, the change and its effect should be clearly stated. i) The materiality concept: An item is considered material if it’s omission or misstatement will affect the decision making process of the users. Materiality depends on t he nature and size of the item. Only items material in amount or in their nature will affect the true and fair view given by a set of accounts. An error that is too trivial to affect anyone’s understanding of the accounts is referred to as immaterial. In preparing accounts it is important to assess what is material and what is not, so that time and money are not wasted in the pursuit of excessive detail.Determining whether or not an item is material is a very subjective exercise. There is no absolute measure of materiality. It is common to apply a convenient rule of thumb (for example to define material items as those with a value greater than 5% of the net profit disclosed by the accounts). But some items disclosed in accounts are regarded as particularly sensitive and even a very small misstatement of such an item would be regarded as a material error. An example in the accounts of a limited company might be the amount of remuneration paid to directors of the company.The as sessment of an item as material or immaterial may affect its treatment in the accounts. For example, the profit and loss account of a business will show the expenses incurred by he business grouped under suitable captions (heating and lighting expenses, rent and rates expenses etc); but in the case of very small expenses it may be appropriate to lump them together under a caption such as ‘sundry expenses’, because a more detailed breakdown would be inappropriate for such immaterial amounts. a)If a balance sheet shows fixed assets of ? million and stocks of ? 30,000 an error of ? 20,000 in the depreciation calculations might not be regarded as material, whereas an error of ? 20,000 in the stock valuation probably would be. In other words, the total of which the erroneous item forms part must be considered. b)If a business has a bank loan of ? 50,000 balance and a ? 55,000 balance on bank deposit account, it might well be regarded as a material misstatement if these two a mounts were displayed on the balance sheet as ‘cash at bank ? ,000’. In other words, incorrect presentation may amount to material misstatement even if there is no monetary error. iii) The Prudence convention (conservatism): The prudence convention ( classified as a concept by some others) states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the business’s financial position or results.This policy tends to understate rather than overstate net assets and net income, and therefore lead entities to â€Å"play safe†. In accounting, it states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected. According to this concept â€Å"expected losses are losses but expected gains are not gains†. On the basis of this concept closing stock is valued at cost price or market price, whic hever is lower. Provisions for bad and doubtful debts are maintained.Therefore, revenue and profits are not anticipated but are recognized by inclusion in the profit and loss account only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty: provision is made for all liabilities (expenses and losses) whether the amount of these is known with certainty or is best estimate in the light of the information available. (Pixley,2002) Assets and profits should not be overstated, but a balance must be achieved to prevent the material overstatement of liabilities or losses.The other aspect of the prudence concept is that where a loss is foreseen, it should be anticipated and taken into account immediately. If a business purchases stock for ? 1,200 but because of a sudden slump in the market only ? 900 is likely to be realized when the stock is sold the prudence concept dictates that the stock should be val ued at ? 900. It is not enough to wait until the stock is sold, and then recognize the ? 300 loss; it must be recognized as soon as it is foreseen. (Pixley,2002) A profit can be considered to be a realized profit when it is in the form of: †¢Cash Another asset that has a reasonably certain cash value. This includes amounts owing from debtors, provided that there is a reasonable certainty that the debtors will eventually pay up what they owe. Example A company begins trading on 1 January 20X2 and sells goods worth ? 100,000 during the year to 31 December. At 31 December there are debts outstanding of ? 15,000. Of these, the company is now doubtful whether ? 6,000 will ever be paid. The company should make a provision for doubtful debts of ? 6,000. Sales for 20Ãâ€"5 will be shown in the profit and loss account at their full value of ? 00,000, but the provision for doubtful debts would be a charge of ? 6,000. Because there is some uncertainty that the sales will be realized in th e form of cash, the prudence concept dictates that the ? 6,000 should not be included in the profit for the year. iv) Objectivity (neutrality): An accountant must show objectivity in his work. This means he should try to strip his answers of any personal opinion or prejudice and should be as precise and as detailed as the situation warrants. The result of this should be that any number of accountants will give the same answer independently of each other.Objectivity means that accountants must be free from bias. They must adopt a neutral stance when analyzing accounting data. In practice objectivity is difficult. Two accountants faced with the same accounting data may come to different conclusions as to the correct treatment. It was to combat subjectivity that accounting standards were developed. v) Full disclosure It states that information that might affect the judgments of the users of financial information should be presented in the main body of financial statements or in the not es or as supplementary information.Amounts and kinds of information disclosed should be decided based on a tradeoff analysis as a larger amount of information costs more to prepare than to use. Information disclosed should be enough to make a judgment while keeping costs reasonable. QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process Accounting concepts or conventions could clash or there could be inconsistency between them in such a way that users may have more than one definite method of treating items in the financial statements hence causing uncertainty.Examples include: 1. Clash between the accruals/matching concept and the prudence convention The accruals concept requires future income (e. g. in relation to credit sales) to be accrued. On the other hand the prudence concept dictates that caution should be exercised, so that if there is doubt about the subsequent receipt, no accrual should be made. There is a clash in that credit sales should be recognised immediately the sale is made (regardless of payment) under accrual concept while prudence states that incomes be recognized only when receipt is certain.A good example would be the treatment of deferred revenue expenditures that are usually spread over a number of years, during which the organisation is expected to earn additional revenue out of the expenditure. While this treatment is an accepted principle, there may be a counter-treatment, argued by another group, to charge the item as an expense, the entire amount in the year it was spent, on the grounds of conservatism/prudence. In other words, there may be a direct clash between the accruals and conservatism principles. 2.Clash between the historical cost concept and Prudence convention The prudence convention states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the busin ess’s financial position or results. Therefore it requires that stocks should always be valued at the lowest of cost or net realisable value. Net realisable value is the selling price of the stock minus any costs involved in getting this stock into saleable condition (e. g. repair costs).This means that we can value stock at current market rates, but only if the selling price is lower than the cost. However, if the replacement cost of these stocks is lower than cost or net realisable value then it may seem prudent to use the replacement cost to value these stocks. On the other hand, the historical cost concept implies that all assets acquired, service rendered or received, expenses incurred etc. should be recorded in the books at the price at which it was acquired (its cost price). The cost is distinct from its value and the record does not signify the value.It also holds that cost is the most reliable and verifiable value at which a good is or services should be initially re cognized. Therefore in determining inventory prices, the two principles may clash in application. QUESTION THREE: Solutions to the clashing accounting concepts and conventions William (2001) outlines basic rules that should be observed in applying particular accounting concepts in case of conflict. He states that despite the fact that most of the concepts have been universally accepted, accountants quite often come across situations where two concepts are in onflict and one overrides the application of the other. These are situations where an accountant will find it necessary to apply his professional skill and judgment to come up with the best possible solution. To quote from IAS 1, â€Å"There are many different accounting policies in use even in relation to the same subject: judgment is required in selecting and applying those which, in the circumstances of the enterprise, are best suited to present properly its financial position and the results of its operation. † 1. Sol ution to the clash between accruals and prudence When there is a clash between the two, prudence prevails.Although the accruals concept is universally accepted in trading and manufacturing organizations, there are occasions when the concept of conservatism overrides the application of the accruals concept. A typical example would be the accounts prepared for professional firms of accountants, lawyers and medical practitioners. In these accounts, recognition is generally given to the accruals concept insofar as it relates to expenses. In computing the incomes, however, a rather conservative approach is followed and only those items that are actually realized are accounted for in the accounts.This treatment has been accepted by the accountancy profession on the grounds of conservatism, although it generally defeats the concept of the accruals concept. When the accountant has a choice between two alternative treatments, remember, he should select the one that shows a less encouraging p osition of the financial situation. To follow the principle of conservatism is not easy; and good judgment is necessary to decide the right course of action. There is however, a great deal of difference between being conservative and being over conservative.The rule of conservatism should not be stretched to the point where it might eventually result in distorting the financial results. For example, capital items such as buildings, vehicles, machinery etc, which are capitalized in accordance with Generally Accepted Accounting Principles (GAAPs), must always be capitalized and no deviation should be recommended on the grounds of conservatism. 2. Solution to the clash between historical cost concept and Prudence convention Williamson (2001) states that prudence should prevail over the historical cost concept.This is important in order for financial statements to avoid overstating profits or disguising losses which may lead users to make wrong decisions. An example is that of fixed ass ets which should be valued at their historical cost (because it is objective). However, it is prudent to reduce their values to reflect wear and tear so as not to overstate profits. Also, according to the accruals concept, we should match an expense to when it was incurred. Therefore, fixed assets should appear as their historical cost less any depreciation.Also, the cost of these assets should be ‘spread' over their lifetime in the accounts. REFERENCES 1. Agatha J. , Mengyu and W. ,Askew S. ,(2010). â€Å"The Switch from US GAAP to IFRS†. Proceedings of the Northeast Business & Economics Association 48–54 2. Arens A. , and Loebbecke, J. , â€Å"Auditing, an integrated approach†, 1980 Prentice Hall 3. Carruthers, Bruce G. , & Espeland, Wendy Nelson, Accounting for Rationality: Double-Entry Bookkeeping and the Rhetoric of Economic Rationality, American Journal of Sociology, Vol. 7, No. 1, July 1991, pp. 40-41,44 46 4. Crovitz, L. (2008). â€Å"Closing the Information GAAP†. The Wall Street Journal vol III 5. Oldroyd, David & Dobie, Alisdair: Themes in the history of bookkeeping, The Routledge Companion to Accounting History, London, July 2008 6. Pixley, Francis William: Accountancy—constructive and recording accountancy (Sir Isaac Pitman & Sons, Ltd, London, 2002) 7. Williamson, D. (2001), Accounting Business Spreadsheeting, Prentice Hall, London Accounting Concepts, Conventions and Solutions Table of Contents QUESTION ONE: Accounting Concepts and Conventions1 a)Accounting Concepts1 i)The going concern concept. 1 ii)The accruals concept (or matching concept)1 iii)The entity concept:3 iv)The money measurement concept:3 v)The historical cost concept:4 vi)The realization concept:4 vii)Duality concept:4 b)Accounting conventions5 QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process9 1. Clash between the accruals/matching concept and the prudence convention9 2. Clash between the historical cost concept and Prudence convention9QUESTION THREE: Solutions to the clashing accounting concepts and conventions11 REFERENCES13 QUESTION ONE: Accounting Concepts and Conventions a) Accounting Concepts Accounting Concepts are broad basic assumptions that underlie the periodic financial accounts of business enterprises. They outline the rules of accounting that should be followed in preparation of all financial statements. T hese concepts are outlined in the International Accounting Standard 1(IAS 1)-presentation of financial statements. The word ‘concept’ in this context means an idea or thought that has a universal application.This includes; i) The going concern concept: implies that the business will continue in operational existence for the foreseeable future, and that there is no intention to put the company into liquidation or to make drastic cutbacks to the scale of operations. Financial statements should be prepared under the going concern basis unless the entity is being (or is going to be) liquidated or if it has ceased (or is about to cease) trading. The directors of a company must also disclose any significant doubts about the company’s future if and when they arise. ( Agatha,2010) The main significance f the going concern concept is that the assets of the business should not be valued at their ‘break-up’ value, which is the amount that they would sell for it they were sold off piecemeal and the business were thus broken up. ii) The accruals concept (or matching concept): states that revenue and costs must be recognized as they are earned or incurred, not as money is received or paid. They must be matched with one another so far as their relationship can be established or justifiably assumed, and dealt with in the profit and loss account of the period to which they relate. ExampleAssume that a firm makes a profit of ? 100 by matching the revenue (? 200) earned from the sale of 20 units against the cost (? 100) of acquiring them. (Williamson,2001) If, however, the firm had only sold eighteen units, it would have been incorrect to charge profit and loss account with the cost of twenty units; there is still two units in stock. If the firm intends to sell them later, it is likely to make a profit on the sale. Therefore, only the purchase cost of eighteen units (? 90) should be matched with the sales revenue, leaving a profit of ? 90. The ba lance sheet would therefore look like this: ? | Assets| | Stock (at cost, i. e. 2 x ? 5)| 10| Debtors (18 x ? 10)| 180| | 190| Liabilities| | Creditors| 100| | 90| Capital (profit for the period)| 90| If, however the firm had decided to give up selling units, then the going concern concept would no longer apply and the value of the two units in the balance sheet would be a break-up valuation rather than cost. Similarly, if the two unsold units were now unlikely to be sold at more than their cost of ? 5 each (say, because of damage or a fall in demand) then they should be recorded on the balance sheet at their net realizable value (i. . the likely eventual sales price less any expenses incurred to make them saleable, e. g. paint) rather than cost. This shows the application of the prudence concept. In this example, the concepts of going concern and matching are linked. Because the business is assumed to be a going concern it is possible to carry forward the cost of the unsold units a s a charge against profits of the next period. Essentially, the accruals concept states that, in computing profit, revenue earned must be matched against the expenditure incurred in earning it. ii) The entity concept: The concept is that accountants regard a business as a separate entity, distinct from its owners or managers. The concept applies whether the business is a limited company (and so recognized in law as a separate entity) or a sole proprietorship or partnership (in which case the business is not separately recognized by the law. iv) The money measurement concept: The money measurement concept states that accounts will only deal with those items to which a monetary value can be attributed.For example, in the balance sheet of a business, monetary values can be attributed to such assets as machinery (e. g. the original cost of the machinery; or the amount it would cost to replace the machinery) and stocks of goods (e. g. the original cost of goods, or, theoretically, the pr ice at which the goods are likely to be sold). The monetary measurement concept introduces limitations to the subject matter of accounts. A business may have intangible assets such as the flair of a good manager or the loyalty of its workforce.These may be important enough to give it a clear superiority over an otherwise identical business, but because they cannot be evaluated in monetary terms they do not appear anywhere in the accounts. v) The historical cost concept: A basic concept of accounting is that resources are normally stated in accounts at historical cost, i. e. at the amount that the business paid to acquire them. An important advantage of this procedure is that the objectivity of accounts is maximized: there is usually objective, documentary evidence to prove the amount paid to purchase an asset or pay an expense.Historical cost means transactions are recorded at the cost when they occurred. In general, accountants prefer to deal with costs, rather than with ‘val ues’. This is because valuations tend to be subjective and to vary according to what the valuation is for. For example, suppose that a company acquires a machine to manufacture its products. The machine has an expected useful life of four years. At the end of two years the company is preparing a balance sheet and has decided what monetary amount to attribute to the asset. vi) The realization concept: Realization: Revenue and profits are recognized when realized.The concept states that revenue and profits are not anticipated but are recognized by inclusion in the income statement only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty. vii) Duality concept: This concept ensures that transactions are recorded in books at least in two accounts, if one account is debited it’s also credited with the same amount in a different account. The recording system is also known as double entry system. Assets = Liabilities + Capital.Every transaction has a two-fold effect in the accounts and is the basis of double entry bookkeeping. b) Accounting conventions Conventions, unlike concepts, are guidelines derived by usage and practice. They are guidelines that arise from the practical application of accounting principles. An accounting convention is not a legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements. As customs change, so to will accounting conventions.Basically, conventions fill in the gaps between guidelines and practical usage. If an accounting regulatory body sets forth a guideline that addresses the same topic as the accounting convention, the accounting convention will no longer be applicable. Concepts supersede conventions. i) The consistency concept states that in preparing accounts consistency should be observed in two respects. a)Similar items within a single set of accounts should be given similar accounting treatment. b)The same treatment should be applied from one period to another in accounting for similar items.This enables valid comparisons to be made from one period to the next. (Crovit,2008) An accounting method used in one accounting period should be the same as the method used for events or transactions which are materially similar in other period (i. e. accounting practices should remain unchanged from period to period ). This also involves treatment of transaction and valuation method. Consistency is also advisable so that the comparison of accounting figures over time is meaningful. Consistency also states that if a change becomes necessary, the change and its effect should be clearly stated. i) The materiality concept: An item is considered material if it’s omission or misstatement will affect the decision making process of the users. Materiality depends on t he nature and size of the item. Only items material in amount or in their nature will affect the true and fair view given by a set of accounts. An error that is too trivial to affect anyone’s understanding of the accounts is referred to as immaterial. In preparing accounts it is important to assess what is material and what is not, so that time and money are not wasted in the pursuit of excessive detail.Determining whether or not an item is material is a very subjective exercise. There is no absolute measure of materiality. It is common to apply a convenient rule of thumb (for example to define material items as those with a value greater than 5% of the net profit disclosed by the accounts). But some items disclosed in accounts are regarded as particularly sensitive and even a very small misstatement of such an item would be regarded as a material error. An example in the accounts of a limited company might be the amount of remuneration paid to directors of the company.The as sessment of an item as material or immaterial may affect its treatment in the accounts. For example, the profit and loss account of a business will show the expenses incurred by he business grouped under suitable captions (heating and lighting expenses, rent and rates expenses etc); but in the case of very small expenses it may be appropriate to lump them together under a caption such as ‘sundry expenses’, because a more detailed breakdown would be inappropriate for such immaterial amounts. a)If a balance sheet shows fixed assets of ? million and stocks of ? 30,000 an error of ? 20,000 in the depreciation calculations might not be regarded as material, whereas an error of ? 20,000 in the stock valuation probably would be. In other words, the total of which the erroneous item forms part must be considered. b)If a business has a bank loan of ? 50,000 balance and a ? 55,000 balance on bank deposit account, it might well be regarded as a material misstatement if these two a mounts were displayed on the balance sheet as ‘cash at bank ? ,000’. In other words, incorrect presentation may amount to material misstatement even if there is no monetary error. iii) The Prudence convention (conservatism): The prudence convention ( classified as a concept by some others) states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the business’s financial position or results.This policy tends to understate rather than overstate net assets and net income, and therefore lead entities to â€Å"play safe†. In accounting, it states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected. According to this concept â€Å"expected losses are losses but expected gains are not gains†. On the basis of this concept closing stock is valued at cost price or market price, whic hever is lower. Provisions for bad and doubtful debts are maintained.Therefore, revenue and profits are not anticipated but are recognized by inclusion in the profit and loss account only when realized in the form of either cash or of other assets the ultimate cash realization of which can be assessed with reasonable certainty: provision is made for all liabilities (expenses and losses) whether the amount of these is known with certainty or is best estimate in the light of the information available. (Pixley,2002) Assets and profits should not be overstated, but a balance must be achieved to prevent the material overstatement of liabilities or losses.The other aspect of the prudence concept is that where a loss is foreseen, it should be anticipated and taken into account immediately. If a business purchases stock for ? 1,200 but because of a sudden slump in the market only ? 900 is likely to be realized when the stock is sold the prudence concept dictates that the stock should be val ued at ? 900. It is not enough to wait until the stock is sold, and then recognize the ? 300 loss; it must be recognized as soon as it is foreseen. (Pixley,2002) A profit can be considered to be a realized profit when it is in the form of: †¢Cash Another asset that has a reasonably certain cash value. This includes amounts owing from debtors, provided that there is a reasonable certainty that the debtors will eventually pay up what they owe. Example A company begins trading on 1 January 20X2 and sells goods worth ? 100,000 during the year to 31 December. At 31 December there are debts outstanding of ? 15,000. Of these, the company is now doubtful whether ? 6,000 will ever be paid. The company should make a provision for doubtful debts of ? 6,000. Sales for 20Ãâ€"5 will be shown in the profit and loss account at their full value of ? 00,000, but the provision for doubtful debts would be a charge of ? 6,000. Because there is some uncertainty that the sales will be realized in th e form of cash, the prudence concept dictates that the ? 6,000 should not be included in the profit for the year. iv) Objectivity (neutrality): An accountant must show objectivity in his work. This means he should try to strip his answers of any personal opinion or prejudice and should be as precise and as detailed as the situation warrants. The result of this should be that any number of accountants will give the same answer independently of each other.Objectivity means that accountants must be free from bias. They must adopt a neutral stance when analyzing accounting data. In practice objectivity is difficult. Two accountants faced with the same accounting data may come to different conclusions as to the correct treatment. It was to combat subjectivity that accounting standards were developed. v) Full disclosure It states that information that might affect the judgments of the users of financial information should be presented in the main body of financial statements or in the not es or as supplementary information.Amounts and kinds of information disclosed should be decided based on a tradeoff analysis as a larger amount of information costs more to prepare than to use. Information disclosed should be enough to make a judgment while keeping costs reasonable. QUESTION TWO: Clashing accounting concepts and conventions that might bring about inconsistency in the accounting process Accounting concepts or conventions could clash or there could be inconsistency between them in such a way that users may have more than one definite method of treating items in the financial statements hence causing uncertainty.Examples include: 1. Clash between the accruals/matching concept and the prudence convention The accruals concept requires future income (e. g. in relation to credit sales) to be accrued. On the other hand the prudence concept dictates that caution should be exercised, so that if there is doubt about the subsequent receipt, no accrual should be made. There is a clash in that credit sales should be recognised immediately the sale is made (regardless of payment) under accrual concept while prudence states that incomes be recognized only when receipt is certain.A good example would be the treatment of deferred revenue expenditures that are usually spread over a number of years, during which the organisation is expected to earn additional revenue out of the expenditure. While this treatment is an accepted principle, there may be a counter-treatment, argued by another group, to charge the item as an expense, the entire amount in the year it was spent, on the grounds of conservatism/prudence. In other words, there may be a direct clash between the accruals and conservatism principles. 2.Clash between the historical cost concept and Prudence convention The prudence convention states that where alternative procedures, or alternative valuations, are possible, the one selected should be the one that gives the most cautious presentation of the busin ess’s financial position or results. Therefore it requires that stocks should always be valued at the lowest of cost or net realisable value. Net realisable value is the selling price of the stock minus any costs involved in getting this stock into saleable condition (e. g. repair costs).This means that we can value stock at current market rates, but only if the selling price is lower than the cost. However, if the replacement cost of these stocks is lower than cost or net realisable value then it may seem prudent to use the replacement cost to value these stocks. On the other hand, the historical cost concept implies that all assets acquired, service rendered or received, expenses incurred etc. should be recorded in the books at the price at which it was acquired (its cost price). The cost is distinct from its value and the record does not signify the value.It also holds that cost is the most reliable and verifiable value at which a good is or services should be initially re cognized. Therefore in determining inventory prices, the two principles may clash in application. QUESTION THREE: Solutions to the clashing accounting concepts and conventions William (2001) outlines basic rules that should be observed in applying particular accounting concepts in case of conflict. He states that despite the fact that most of the concepts have been universally accepted, accountants quite often come across situations where two concepts are in onflict and one overrides the application of the other. These are situations where an accountant will find it necessary to apply his professional skill and judgment to come up with the best possible solution. To quote from IAS 1, â€Å"There are many different accounting policies in use even in relation to the same subject: judgment is required in selecting and applying those which, in the circumstances of the enterprise, are best suited to present properly its financial position and the results of its operation. † 1. Sol ution to the clash between accruals and prudence When there is a clash between the two, prudence prevails.Although the accruals concept is universally accepted in trading and manufacturing organizations, there are occasions when the concept of conservatism overrides the application of the accruals concept. A typical example would be the accounts prepared for professional firms of accountants, lawyers and medical practitioners. In these accounts, recognition is generally given to the accruals concept insofar as it relates to expenses. In computing the incomes, however, a rather conservative approach is followed and only those items that are actually realized are accounted for in the accounts.This treatment has been accepted by the accountancy profession on the grounds of conservatism, although it generally defeats the concept of the accruals concept. When the accountant has a choice between two alternative treatments, remember, he should select the one that shows a less encouraging p osition of the financial situation. To follow the principle of conservatism is not easy; and good judgment is necessary to decide the right course of action. There is however, a great deal of difference between being conservative and being over conservative.The rule of conservatism should not be stretched to the point where it might eventually result in distorting the financial results. For example, capital items such as buildings, vehicles, machinery etc, which are capitalized in accordance with Generally Accepted Accounting Principles (GAAPs), must always be capitalized and no deviation should be recommended on the grounds of conservatism. 2. Solution to the clash between historical cost concept and Prudence convention Williamson (2001) states that prudence should prevail over the historical cost concept.This is important in order for financial statements to avoid overstating profits or disguising losses which may lead users to make wrong decisions. An example is that of fixed ass ets which should be valued at their historical cost (because it is objective). However, it is prudent to reduce their values to reflect wear and tear so as not to overstate profits. Also, according to the accruals concept, we should match an expense to when it was incurred. Therefore, fixed assets should appear as their historical cost less any depreciation.Also, the cost of these assets should be ‘spread' over their lifetime in the accounts. REFERENCES 1. Agatha J. , Mengyu and W. ,Askew S. ,(2010). â€Å"The Switch from US GAAP to IFRS†. Proceedings of the Northeast Business & Economics Association 48–54 2. Arens A. , and Loebbecke, J. , â€Å"Auditing, an integrated approach†, 1980 Prentice Hall 3. Carruthers, Bruce G. , & Espeland, Wendy Nelson, Accounting for Rationality: Double-Entry Bookkeeping and the Rhetoric of Economic Rationality, American Journal of Sociology, Vol. 7, No. 1, July 1991, pp. 40-41,44 46 4. Crovitz, L. (2008). â€Å"Closing the Information GAAP†. The Wall Street Journal vol III 5. Oldroyd, David & Dobie, Alisdair: Themes in the history of bookkeeping, The Routledge Companion to Accounting History, London, July 2008 6. Pixley, Francis William: Accountancy—constructive and recording accountancy (Sir Isaac Pitman & Sons, Ltd, London, 2002) 7. Williamson, D. (2001), Accounting Business Spreadsheeting, Prentice Hall, London