Notes to Consolidated Financial Statement Essay

Notes to Consolidated Financial Statement - Essay Example In the statements of financial position, the Johnson’s Company is kept separately from its owners. The owners’ equity is made as an independent entity in the statement of financial position and classified under liabilities. In the year ended 2003, the Johnson’s Company had total stockholder’s equity worth $900,082. Among this were 7% preferred stock worth $300,000, common stock worth $400,000 and additional paid-in capital worth $737,500. The going concern concept states that the firm remains in operation till the future. The business will continue running for a fairy long time and that it has no intention of scaling down its operations. Therefore, preparation of statements of the financial position of The Johnson’s Company is made under this concept. It is against this concept that it justifies charging depreciation over the entire life of an asset. The total accumulated depreciation of plant, property and equipment for The Johnson’s Company in the year ended 2003 was worth $634,600. There is also the monetary measurement concept. This concept states that accounting should be done only to those items that are measurable in monetary terms / monetary value can be attached. The Johnson’s Company follows the monetary measurement concept by recording all its transactions and assets in monetary terms. This makes it easy to calculate profits and show the financial position of a business. The historical cost concept assumes that assets are entered in books of accounting at the cost at which they were initially acquired. The Johnson’s Company records its transactions while following the historical cost concept. All the assets are entered in the statements of financial position in their initial cost of acquisition. According to the accounting period concept, business life is divided into segments in order to study the results shown in financial statements after

Ancient Civilizations Governance Essay Example | Topics and Well Written Essays - 1000 words

Ancient Civilizations Governance - Essay Example The period of the Pharaohs started when the Lower and Upper Egypt were unified under the same state. Same us Mesopotamia the Nile was the only source of livelihood in Egypt as were Tigris and Euphrates. There were royal governors appointed to national administrative centers by the pharaoh who were worshiped as the god. During this period of the fourth dynasty it was strong than ever and it's when the pyramids were built to bury the pharaohs (Clare, 1906). They had a centralized form of government to organize the vast kingdom and hold on together, where they used slave labor from around Egypt. They are also known to be the cradle of civilization as their counterparts in Mesopotamia, who also had specialist in writing, stone cutters for pyramid construction as well as mathematicians and painters. The kingdom came to for fall during the fifth dynasty when civil wars arose and the regional governors revolted against the royal family which undermined the unity of the government (Alcock, 2001). Ancient Hebrews of Israel and Judah Israelites are traced in the book of genesis, with Abraham, Isaac and Jacob as their leaders in the beginning, where Abraham lived a nomadic lifestyle and bore the royal family of Israel that was later led by his son Isaac and his grandson Jacob. The history of Israelites and Judah is mostly found in the Bible conceptualization in the Old Testament, dedicated to the Bronze Age. After living in the desert, they conquered cities in Canaan such as Jericho, Hazor and Ai. The structures of Israelites were conforming to those of Canaanites states in their monarchial government, religion, economy and social structures, where they improved on these structures to establish a strong kingdom (Collingwood, 1946). The Israelite Kingdom... Ancient Civilizations Governance The habitants of Mesopotamia had a polytheistic religion, with same belief that the world was surrounded everywhere by water and it was a flat disc. As a region they had the same beliefs on the universe but they differed from one city state to another, where they refer to different gods and goddesses. The city states of the Sumerian people thrived independently of each other, where the larger cities would try and conquer the whole region to unify it under the latter's rule, where this was met with great resistance breaking down the empire most of the times (Clare, 1906). The Mesopotamian's believed that the authority of their rulers ( kings and queens) were anointed by their Gods, giving them total control over the populace as it was legitimized by the religion of the land. Other rulers were believed to be as gods being more than two-thirds gods and lesser human. The empire was divided into the city states which were known as provinces and were headed by a governor who made sure that people paid their taxes, gathered soldiers for war, supplied workers for building temples and was entirely in responsible for law enforcement in his state. Some of the early city states were Samaria, Damascus, and Nineveh and later there was Babylon which expanded much during the times of Hammurabi's rule. Growth and prosperity in this period was stagnant as a series of plagues and famines had reduced the populace almost by half leading to peasant revolts and social unrest. This also threatened the Catholic Church’s unity.