Verbs + Gerund or Infinitive That Change in Meaning

Verbs + Gerund or Infinitive That Change in Meaning Many verbs in English can be combined with verbs  in the gerund (doing) or infinitive (to do) form.   Verb Gerund Some verbs are followed by the gerund (or  ing) form of the verb: consider doing - I havent considered looking for a new job.appreciate doing - I appreciate listening to music on a daily basis. Verb Infinitive Some verbs are followed by the infinitive form of the verb: hope to do - I hope to see you next week at the party.decide to do - Ive decided to find a new job next week. Most verbs take either the gerund or the infinitive, but not both forms. In this case, its important to learn which verbs take which form. However, there are a number of verbs which can take both forms. Most of these keep the meaning the same:   She started to play the piano. She started playing the piano.I like to go to the beach at least once a year. I like going to the beach at least once a year. Some verbs which can take both forms have a change in meaning depending on whether the verb is followed by the gerund  or the infinitive. Here is an explanation of these verbs with examples to help provide context. Forget to Do Use  forget to do  to indicate that someone did not do something: She often forgets to lock the door when she leaves the house.I forgot to get the groceries at the supermarket. Forget Doing Use  forget doing  to say that someone doesnt remember something that they have done in the past: Mary forgets meeting Tim in Italy.Annette forgot locking the door before she left her home. Remember to Do Use  remember to do  when speaking about something someone should do: Make sure you remember to pick up some eggs at the supermarket.Im sure Ill remember to invite Peter to the party. Dont worry about it! Remember Doing Use  remember doing  to speak about a memory that someone has: I remember buying him a present.Jeff remembers living in Italy like it was yesterday. Regret to Do Use  regret to do  in the case that someone must do something that is unpleasant: I regret to tell you the bad newsThey regret to inform us that weve lost all our money! Regret Doing Use  regret doing  to express that someone doesnt like what they did at some time in the past: Peter regrets moving to Chicago.Allison regrets falling in love with Tim. Stop to Do Use  stop to do  in order to say that someone stops one action in order to do another action: Jason stopped to speak with his boss about the convention.My friend stopped to smoke a cigarette before he continued with the conversation. Stop Doing Use  stop doing  to show that someone has completely quit some action. This form is often used when speaking about bad habits: I stopped smoking cigarettes.You should stop complaining about money all the time. Try to Do Use try to do  to encourage someone to do something: He should try to learn a new language.I think you should try to save some money this month. Try Doing Use  try doing  when speaking about an experiment or something that is new: He tried going to a fitness club, but it didnt work out for him.Have you ever tried cooking fish in olive oil? Infinitive or Gerund Quiz Test your understanding of these differences in meaning by deciding whether the verb should be used in the infinitive or gerund form based on the clues provided: Jack remembers _____ (buy) eggs at the supermarket because he always takes a list.Jason stopped _____  (play)  the piano at six because it was time for dinner.I certainly didnt forget ___________ (ask) him the question because hes already given me his answer.Janice stopped _____ (make) a telephone call before she continued with her shopping.  Whats the worst thing you regret _____ (do) in your life?Have you ever forgotten _____ (get) a present for your wife on your anniversary?Alan stopped _____ (drink) years ago because of a serious liver problem.I regret _____ (tell) you that we are going out of business next month.I remember ______ (play) football when I was in high school. Unfortunately, I didnt play much during the games.I dont think Ill ever regret _____ (fall) in love with my wife. Weve been married for over thirty years! Answers: to buyplayingto askto makedoingto getdrinkingto tellplayingfalling

The methods in which advertising media influence and reinforce sexism Essay

The methods in which advertising media influence and reinforce sexism in American society - Essay Example This paper illustrates that advertising revenue is the major funding source for the majority of entertainment and information that Americans receive. Broadcast and cable networks use advertising to generate money to fund programming that is informative, such as news magazine shows, and entertaining, such as sitcoms. Social media sites use advertising to pay for the costs of running their business. Most individuals watch television, read magazines and newspapers, or gather information through social media and the internet. Because advertising is the source of funding for most of these entertainment and information outlets, the individual is exposed to advertising multiple times per day. If sexism exists in the advertising, the individual is exposed to the influence of sexism, even if this exposure is subconscious. In short, we all view advertising, and it has an effect on us. The researcher hope to discover that advertising found in print, television, radio, and internet media employs sexism to sell a good or service. The researcher also hopes to discover that the sexism used in this advertising portrays men in a negative fashion. Specifically, the researcher hope to find evidence that advertising paints men as incompetent fathers, inattentive husbands, and unintelligent uninformed citizens. The researcher realizes that advertising objectifies women and uses sex to sell products to men. However, the researcher has noticed that many companies have begun doing the same to men. ... 5. Why do you care about the topic? I care about this topic primarily because I am male. I realize that advertising objectifies women and uses sex to sell products to men. However, I have noticed that many companies have begun doing the same to men. These corporations often portray men as horrible fathers that are incapable of rearing their children, as horrible husbands who do not listen to their wives, and as beer swilling sports fanatics that have no interest in intellectual pursuits. I think that, just as sexism in advertising has led to poor body image and other issues in females, sexism against men in advertising is leading a generation of men to view themselves as incompetent and worthless. 6. Why would others care about the topic or why do you want them to care? There is little doubt that women have been subject to sexism in American society for generations. However, in recent years, researchers and advocates have succeeded in voicing the issue of women’s rights. Women have responded by overcoming much of this sexism and are now succeeding in school and career at a much higher rate than men. The same battle against sexism must be waged for men as well. If the negative portrayals of men continue to grow in advertising, we can expect that men will begin to devalue themselves and underachieve in school and career. This trend is already taking place within the male population, and our society must stop it. 7. Can you identify any significant connections to the topic that are taking place at this time in the world? Males in our education system are currently underperforming at an alarming rate. Fewer men graduate high school, college, and graduate school than women. At the same time, negative messages about men in

Impact of establishment of HCT in the Western Region Research Proposal - 1

Impact of establishment of HCT in the Western Region - Research Proposal Example Questionnaires- the questionnaires will be handed out door to door to the participants while. Open-ended questionnaires would be more appropriate to ensure that the participants feel they can speak their mind and are not restricted in any way. In addition, the questionnaires will also be handed out to the students in class to get their views. Focus groups will also be used. The participants will be grouped in accordance to age and areas where they reside to get their views on how the establishment of HCT colleges has affected the Western region. Simple random sampling was used to guarantee that all different points of view are taken into consideration. This will help in ascertaining that the data collected is accurate and that it reflects what the entire population believes and not just a partial part of the population is used in the analysis (Kothari,

An Invaluable Study with Slight Setbacks A Review of Weeks Coming Out Essay

An Invaluable Study with Slight Setbacks A Review of Weeks Coming Out - Essay Example A closer examination, however, of how specific social events influenced homosexual identity would have greatly aided in creating an understanding of the relationship and origins homosexual identity has in British society. Thus, Weeks emphasizes the structural existence of homosexuality, while failing to consider the forces that might have established this structure. "We tend to think now that the word 'homosexual' has an unvarying meaning, beyond time and history." Weeks writes. "In fact it is itself a product of history, a cultural artifact designed to express a particular concept." (3) Often who we define as a homosexual runs no further than the sexual acts in which a person engages. The basis of this definition, however, fails to consider what type of person is or is not a homosexual. Weeks suggests that the reasons for crafting this shallow connotation towards homosexuality appears to have been to provide a standard on which to label permissible and impressible behavior and also to limit the number of those who are viewed as untraditional. In addition to carefully describing the differences between historical and social aspects of homosexuality, Weeks makes sure to describe the differences in treatment towards various types of "homosexuals." Weeks pays particular consideration towards Lesbians, who Weeks describes as "invisible women" (80) and who debatably may have suffered even more hardships than homosexual men. Like most gender studies, Weeks also tackles the objective of showing that although the idea of "homosexuality" is a product of specific circumstances, homosexuality is wide ranging and alludes any historical or cultural constructs. After the introductory section of this book, these two objectives are placed in the background as tools for understanding the history of homosexuality in Britain.As Weeks linearly traces the development of homosexual struggles in England, he crafts the notion that the acceptance of homosexuality in England is growing significantly. Thus, homosexuality appears to be escaping the negative conceptions with which it has previously been associated. Weeks primarily bases his argument that the acceptance of homosexuality in England is growing by citing the increasing number of gay rights supporters. After levels of prejudice against homosexual rose to peak levels after World War II, radical movements in the 1970's by the Gay Liberation Front resulted in stagger numbers of supporters and gay badge wearers. Furthermore, Weeks makes a slight mention that homosexuality was once even more confined than is has been over the course of the previous centuries. Although homosexuality was prevalent, occurring in "knightly orders," "medieval scandals," and certain "monarch courts" (35), it was always confined. In Weeks's portrait of the widening acceptance of homosexuality throughout the previous century, he fails to create an in-depth portrait of how England's various cultural and economic transitions helped to impact perspectives of homosexuality. The book is not without its failures. I

Individual Reflection Report On A Business Plan Education Essay

Individual Reflection Report On A Business Plan Education Essay Terms of Reference This report has been prepared as a reflective work of my groups business plan for MBA course. The purpose of this reflection sheet is to redirect how I and my team mates worked while undertaking the project. The point of writing this report is to include my thoughts and reactions to the experience. The reflective journal is a personal record of my learning experiences (White, 2005). I have been asked by university management to write an individual reflective journal on business plan that should consist of my critical way of thinking in an analytical way. It has been written to reflect on my work which will allow the readers to understand my achievement being a member of a team and my role as a researcher, analyser, critical thinker, reporter and presenter (White, 2005). I tried to be as specific as possible as this journal is a persuasive essay arguing on behalf of myself. It includes where my inspiration comes from, how I made use of my ideas to develop my work and my awareness of t he context in which I work. This reflective journal is an individual report that has described my work based on the business plan that I have participated in. I was chosen to work in a team of five members to build a business plan regarding launching a business in Cardiff. My team members for this assignment were Archana Ashu, Gagan Deep Singh, Nadeem Khan and Rachit Ajmera. The business plan that we have worked together, is regarding launching a multiplex cinema in Cardiff. This business plan provides a 3 year operating plan for a Multiplex cinema with a start-up capital of  £5 million. In this report we highlighted and analysed all the factors essential for a start-up. We considered market analysis, market strategy and costing, staffing and resourcing, and financial projections for the first 3 years of the business. In this reflective journal I have described objectively what happened, I tried to Interpret the events explaining what I saw and heard, my insights, my connections w ith other learning, my hypotheses and my conclusions. I also evaluated the effectiveness and efficiency of what was observed. In this journal, I have described how I tackled team issues, interpreted my role as a team member, what did I learn being a team member and How I approached challenges. Other than problem solving I have recorded and mentioned knowledge and understanding of relevant theories, synthesis of what would I do differently next time reflecting on how the workshops/meetings helped develop my study? I have been asked to reflect an analysis, taking into account aspects of my strategy formulation and explaining how I built upon and applied knowledge from taught modules. I have made sure that structure of work follows all the section headings and recognises marking scheme, language is concise and this journal is presented according to school guidelines. Problem solving I was chosen to work in a team of five members to build a business plan regarding launching a business in Cardiff. My team members for this assignment were Archana Ashu, Gagan Deep Singh, Nadeem Khan and Rachit Ajmera. Although I wanted to be in a team of my close friends, the administration allocated teams randomly and put me in a group of five students. Luckily I already had close friendship with one member and I knew one other as he was in a same study group as mine. Initially I had objections with the supervisors decision of allocation but gradually as I started to know my team members, this opposition faded away. I felt friendly and enthusiastic being in this team. Being students from different backgrounds and societies naturally raised some problems for us but we managed to solve all the issues quite amicably (Gillie, 2010). All the disagreements were resolved and we worked together harmoniously. As a contemporary management student, I understood the capability of a team is gre ater than the collective abilities of the individuals within it. As soon as I was consigned in a team, I called everyone for a meeting to know each other and discuss task in hand. For me, doing the work in a friendly environment and more casually could make the task easier. Rest of the team members did not agree and had some reservations but I motivated them and persuaded them to follow my arrangement. In the meetings, plan was discussed and ideas were revolved (Gillie, 2010). I also put forward my thoughts and plans. After careful planning, thorough discussion and constructive arguments I made them agree on the topic. We defined our roles according to our strengths in subject areas and tasks were assigned to each member. My team set its standards of ethics and behaviours to achieve positive synergy and to create effective environment (Levin, 2008). All team members were highly committed and motivated. My strong area was marketing, hence id been assigned with collecting, analysing a nd evaluating marketing aspects of the business plan. I also convinced them to work closely and stay in constant contact. Although we had to work individually on our tasks but I collaborated to help others in their work and vice versa (Levin, 2008). Apart from problems mentioned above, I and other team members faced some other problems such as lack of knowledge of how to conduct the study, inexperience of research process, lack of critical analysis during research process, less research was done on every individuals part and there were critical judgements on each others work, no involvement of critical thinking which made our presentation look descriptive, and inconsistent decision making. All these problems were solved jointly (Gillie, 2010). I have learnt that team is more successful when members within it are able to create synergy. Since our goals, objectives, tasks, and priorities were larger than any individual, teamwork was required. When team members know how to be more effective together, synergy happens and greater organizational success is achieved. I have also understood the importance of teamwork (Sugars, 2005). I considered every member of my team as important as each person brought unique skills, knowledge, and experience. Team members also brought energy, drive, passion, and determination. Since not everyone brings different amounts of all of these things, team members needed each other. Increasing the strength of each team member produced greater team success and results. I along with my team members approached all the issues quite confidently as I knew our collective strengths could tackle any problem we face (Glover, 2009). Knowledge and Understanding By conducting a research as a team, I felt that there is no doubt team theory is relevant in practice. I was confident to relate the research and the theory I have studied during my MBA course (Sugars, 2005). Previous experience in management field also came handy. The most important thing I have gained knowledge of is the effectively working in a team. In the later stages of the project, coordination among team members increased considerably. This helped in improving and polishing our communication skills. We learned that everyone can do their own part to work towards a common goal and that there doesnt need to be just one distinct leader (Glover, 2009). Although different tasks were assigned to team members, I remained in constant contact with every member and consulted on every possible occasion. This also helped me learn and understand their approach as well (Glover, 2009). As an individual, working on a business plan has helped me to understand how to make an official report. It assisted me in research methodology, how to check different sources and how to carry out research. The proposed business plan was solely concentrated on market penetration and market acquisition with its customer service, facilities, ambience, and projection technology and above all, operational benefits (Sugars, 2005). Beside this, I managed to learn different marketing techniques and got a practical experience of how to apply marketing models and theories. I considered myself an important member of a team in formulating strategy and objectives to achieve this strategy. The main purpose of conducting a market research was to identify and establish potent ial market and also to get the reliable data for product. I have learned to analyse the market and potential customers before entering the market. I understood the market analysis for business is to check the feasibility and the absorbance of product in the market and to understand the trends and behaviour of the consumers in market and to apply strategies accordingly (Dyer, 2007). All this provided crucial and reliable information. I studied to carry out market analysis; learned about market size and forecast; its share, trends and behaviour. I also assessed competitors and their strategies, targeted market segments, analysed our business core competencies and critical success factors; marketing and costing strategies. This business plan also assisted me in projecting financial position and reports along with knowledge of staffing and resourcing for business (Sugars, 2007). Synthesis Although all team members planned the business plan and divided the tasks according to their strengths but we still faced some problems. I would like to change my approach a little next time I involve myself in this type of activity. I would definitely focus on time management and motivation issues (Dyers, 2007). Others areas need to be improved are analytical skills and market assessments. The area of critics of team needs some perfection as well. Every members presentation skills were weak that resulted in lower marks. The report looked descriptive and team members just read that in the presentation meeting. Experience gained from this project will definitely help to improve the above mentioned areas in the future (Saunders et al. 2009). There are a lot of aspects and factors that helped me develop my understanding and improve my knowledge. Workshops and lectures taught me how to carry out a research in desired fields, what method to select and what approach to take. Meetings provided facilitation in problem solving and strategic planning. These also helped me in decision making and working in a team (White, 2005). Analysis and Evaluation As a student studying MBA course from a renowned university, I was expected to apply critical thinking and analyse the business plan. The modules that I have studied during my lectures helped me apply marketing tools and techniques to my research. I learned how to apply theory into practice. This was a new idea to me but I was successful in interpreting this. This helped me gained both theoretical and practical knowledge. I applied knowledge from the books and journals to formulate the strategic plan, mission and vision of the company that I was working on. I applied different models successfully such as McKenzie 7s model, Porters generic strategies, Ansoffs growth model, IR model, Porters five forces model and some others (Kotler. 2010). The knowledge from the lectures helped me how to search different sources which was useful in strategy formulation. Overall the use of theoretical knowledge in practical situation helped me understand the business plan. I used the theories to advanc e my understanding of the business plan. The practical experience was built upon the theoretical knowledge (Saunders et al. 2009). Theory asked me how to conduct a research; based on this I practically collected data and information for analysis. Theory taught me how to calculate; I practically used this knowledge to formulate a financial projection; Theory explained how to apply different models; I managed to use these theories according to my situation and constructed a whole report. I practically worked in human resource filed to staff and resource my business. Having completed this project, I have learned how to better argue a point in discussion. Using facts and example, my arguments have become much better (Sugars, 2005). The project taught me and my team members to be good team members, cooperative and helpful. I felt a change as my researching skills increased considerably. I can better understand the topic and use a variety of sources for search purposes which will help me a lot in future research process. I can create a conclusive argument that can set a tone of the entire project. Using latest techniques of researching and arguing, my paper will seem clearer and my arguments more apparent (Bryman and Bell, 2007). I have also updated my accounting knowledge by working on new accounting principles. I was responsible for quite of lot of report writing. It was good for me to get practice at writing, at proof reading, editing, etc. I did have a sense of achievement when a report was finished. And finally my computer skills have also impr oved from writing reports and through having 24-hour access to the computer. These skills are not great, but in comparison to my own skills before working on this project they have progressed well. I personally feel that business plan is viable as it helps us understand not just to apply critical thinking and analyse the information but to use the theory into practice. This is what I think MBA requires. It helps the students getting management experience and applying what they have learnt in their lectures and workshops.

Essay on Flashbacks, Thrid Person Narration, and Harsh Language in Anot

Use of Flashbacks, Thrid Person Narration, and Harsh Language in Another Country James Baldwin's novel, Another Country , is enhanced by Baldwin's unique narrative style. The majority of the exposition of Another Country is presented through flashbacks. Baldwin uses the third person omniscient point of view to narrate his characters' personal thoughts and develop the characters. Lastly, Baldwin intensifies the rage and anger through his uncommonly harsh diction. Quite often Baldwin oversteps the traditional bonds of appropriate language. Although his diction is not appealing, it is both strong and effective. Such words evoke emotions in all readers. "You took the best, why not take the rest?" is the opening statement of Another Country. Readers begin the novel with the description of a man who has sunk to a low position in life. This man has fallen from his position as a prominent jazz musician to the lowest of street bums. His hair is uncombed; his body is unclean. He has descended from a very public position to a place where he hides from family, friends and police. And finally, in desperation, this man sells his body to another man for food and drink. All this action takes place in two pages. It is at the bottom of the second page that Baldwin give... ...the novel. Through harsh language Baldwin intensifies the anger. One such example is this passage: "I'll be back," he (Vivaldo) said. "No, you won't," said Rufus. "I'll kill you if you come back" (58). This passage expresses great rage when it is placed in context. Rufus is talking to his one true friend. His words are abrasive and at times abusive. Baldwin's diction represents the anger of his characters and his time. Another Country is written in an intense narrative style. James Baldwin utilizes the techniques of flashback narration, omniscient point of view and harsh language to increase the power of his novel.

Tutorial solutions

Customer's business name, address and contact details Type of information (economic / other) Other – details ensure business exists and invoices can be posted to the correct address . Years customer has been in this business Other – establishes track record and history 3. Total assets and estimates of values of assets in the business Economic – establishes size of asset base of business 4. Total liabilities (total commitments) Economic – establishes how much the business currently owes others to assess the extent of claims against assets 5.Profits of the business for the most recent and previous periods Economic – used to assess whether the business generates sufficient profits to cover the payments that will have to be made of their account 6. Credit references Other – enables Ashley to follow up with other businesses the customer already has accounts with, to assess whether the customer has paid their accounts in time and in full 7.Details Of any collateral or security that can be provided should the customer default on their payments Economic and other – Ashley will want to ensure that the business will be able to recover any unpaid amounts by claiming from a third party or having a claim over the assets of the business Page 2 of 19 Exercise 1. 7 Factors in making a government decision Consult the relevant business journal or newspaper article and identify the acts of your case involving an important government decision. Identify the key government decision involved.Discuss the impact of the decision and its relevance to the press and community. Factors to be taken into account in arriving at a government decision include: 2. 3. 4. 5. 6. 8. 9. 10. 11. 12. 13. 14. The nature of the government decision. The government policy dictating the decision. The political impact of the decision. Identifying all parties affected by the government decision. Identifying all the stakeholders (I. E. Parties to which the decisi on will have a positive or negative impact). Identifying any particular lobby or special interest groups involved with the Issue.Identifying the available funding or resources available for the government decision. How is the government initiative to be funded? Identifying the cost of the initiative. Was the decision made in a consultative manner? Was there much political debate or commentary? Possible gains or losses anticipated to be experienced by the community. Possible alternatives which could have been employed by the government. Was the resultant decision considered to be the most efficient use of community resources? Page 3 of 19 Exercise 1. Economic decisions made by management Required: Provide examples of economic decisions that the following people would need to make with the use of accounting information: ; A manager in a sales department Of a shoe store ; A factory manager ; The manager of a state cricket team ; The manager of an animal shelter which relies on donation s for funding Manager of a sales department: Decisions about number of staff required, and when the busy times are (for additional staffing); type and quantity of stock to purchase (based on historic sales figures), cost of inventory researched (for deciding on selling prices and specials / discounts / sales during the coming season); average length of time for which stock is held; stock on hand at any point in time (for purposes of re-ordering); latest fashion trends; information about the demographics of the customer base to enable appropriate stock to be held and appropriate prices to be set. Factory manager: Decisions about appropriate factory staff levels; appropriate plant and machinery capacity to run the factory; costs of raw materials, labor and overhead, such as electricity, in order to make decisions bout goods to be manufactured, production mix; costs of occupational health and safety to make decisions about the most cost effective way to achieve compliance.Manager of a state cricket team: Decisions about the selection and costs of players and coaching staff; appropriate playing and training Venues and their location to the centre of the city; sponsorship enticements and entitlements; purchase of appropriate sporting equipment for training and match days. Manager of an animal shelter: Decisions about the cost of collection systems to receive donations and the most appropriate method of obtaining nations; the cost of maintaining animals in the shelter such as food and veterinary costs; overheads such as electricity, insurance and premises; the costs of full-time employment in the shelter, and the management of volunteers. Page 4 of 19 Exercise 1. 10 The small business owner What types of economic decisions would a person wishing to start their own small business be required to make?How could an accountant assist in making these decisions? The following are examples of the types of economic (financial) and non-financial decisions a small business own er would have to make: A clear definition of the product or service that is to be provided (non- financial), and what the business will charge for these products or services (financial) – this will determine the projected or likely income ; How the business will be funded – will the owners put all the money in or will there be other owners or lenders (non-financial and financial)? ; How the business will market its product or service (non-financial), and how much it will cost to do this? Financial) ; Where the business will be located (non-financial), and what the rental cost will be (financial) How much staff will be required, what skills do they need to perform their jobs properly (non-financial), and how much will they be paid (this will have to be benchmark against other businesses in the same industry or using staff with similar skills and experience) ; What equipment or other assets are required to start the business (non- financial), and how will these be acquir ed and at what cost (financial)? ; Will the business be registered for SST? ; What accounting and information systems are required for the business (non-financial and financial)?This should be adequate to provide information o the owners, and accurately capture transactions that take place, (including any SST components thereof) The above are just some examples of decisions that will need to be made by a person wishing to start a business. There are many others, and it should be noted that many decisions have both a financial and non-financial component – it is therefore often difficult to make non-financial decisions without considering the financial implications and impacts of those decisions. Accountants can help small business owners With the selection of an appropriate accounting system, with regulatory' acquirement such as registering for SST, registering a business name, and applying for tax numbers and other tax obligations (such as PAYS) as required – this wil l depend on the size of the business and what staff will hired.They can also assist by providing the financial information and assisting in the drafting of a sound business plan that covers all the likely financial impacts of the decisions to be made. They can provide book-keeping and page 5 of 19 accounting services to maintain accurate financial records for the business and assist in preparing income tax returns, SST returns and other regulatory porting requirements. Accountants can also help a small business owner prepare a budget for the business, forecast cash flow requirements, and make decisions about which assets to purchase and how best to finance them. CHAPTER 2 FINANCIAL STATEMENTS FOR DECISION MAKING DISCUSSION QUESTIONS SOLUTIONS 2. Define the terms, assets, liabilities, and equity. Are these terms related in anyway? If so, how?Assets are defined in the Framework as resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Liabilities are defined in the Framework as present obligations of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Liabilities require future payments from assets, generally in the form of cash, or the performance of services to cancel them. Equity is the owner's claim to (or the residual interest in) the assets of the entity after deducting all its liabilities. The basic accounting equation (Assets = Liabilities + Equity) indicates the relationship between assets, liabilities and equity.From the equation, the total assets of the entity equal the total claims against those sets by creditors and owners. Creditors' claims take precedence over owners' claims, and owners are seen as the ultimate risk-takers in the entity. Thus, equity is a residual claim on the assets of the entity after liabilities are fully paid, and the basic accounting model whic h expresses this idea clearly is: Assets – Liabilities = Equity 3. A local restaurant is noted for its fine food, as evidenced by the large number of customers. A customer was heard to remark that the secret of the restaurant's success Was its fine chef. Would you regard the chef as an asset of the business? If so, would you include the chef on the balance sheet of the business and at what value?Suggested topics of discussion: Asset definition – â€Å"Assets are resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. † Does the chef provide future economic benefits to the entity? Yes. Is the chef controlled by the entity? In Page 6 of 19 many cases, it is evident that he/she could not be controlled by the entity (e. G. He/she can resign when he/she likes, can take sick days). He/she cannot be â€Å"acquired† or â€Å"sold† by the business, I. . They do not have rights to possess him/her. How would you value the chef as an asset? Usually you have some idea of the â€Å"life† of the asset, however, the restaurant would not know how long the chef would be working for them (this argument relates back to controlling the asset). 6.Discuss the significance of the following assumptions in the preparation of an entity financial statements: (a) entity assumption (b) accrual basis assumption (c) going concern assumption (d) period assumption (a) Entity Assumption If the transactions Of an entity are to be recorded, classified and summarized onto financial statements, the accountant must be able to identify clearly the boundaries of the entity being accounted for. Under the accounting entity assumption, the entity is considered a separate entity distinguishable from its owner and from all other entities. It is assumed that each entity controls its assets and incurs its liabilities. The records of assets, liabilities and business activities of the ent ity are kept completely separate from those of the owner of the entity as well as from those of other entities. The accounting entity assumption is important since it leads to the derivation of the accounting equation. ) The Accrual Basis Assumption Under the accrual basis of accounting, the effects of transactions and events are recognized in accounting records when they occur, and not when the cash is received or paid. Hence, financial statements report not only on cash transactions but also on obligations to pay cash in the future and on resources that represent receivables of cash in future. It is argued in the Framework that accounting on an accrual basis provides significantly better information about the transactions and other events for the purpose of decision making by users of financial statements than does the cash basis. C) The Going Concern Assumption According to the Framework, financial statements are prepared on the assumption that the existing entity is expected to continue operating into the future.It is assumed that the assets of the entity will not be sold off and that the entity will continue its activities; hence, liquidation values (prices in a forced sale) of the entity assets are not generally reported in financial statements, as this assumes that an entity is to be wound up. When management plans the sale or liquidation of the entity, the going concern assumption is then set aside and the financial statements are prepared on he basis of estimated sales or liquidation values. The significance of the going concern assumption is in the valuation Page 7 of 19 placed on the assets of an entity in the mentis financial statements. The statements should identify clearly the basis upon which asset values are determined – going concern? Or liquidation? (d) The Period Assumption For financial reporting purposes, it is assumed that the total life of an entity can be divided into equal time intervals.Hence, the financial performance of the entity can be determined for a given time period, and the financial session of the entity can be determined on the last day of that reporting period. As a result of this assumption, profit determination involves a process of recognizing the income for a period and deducting the expenses incurred for that same period. Together, the period assumption and accrual basis assumption lead to the requirement for making balance day adjustments on the last day of the reporting period. These adjustments will be considered in a later chapter.