The Restoration Of Grecian Philosophical Documents

The Preservation of Grecian Philosophical Documents Was an Important Islamic Contribution to Western Civilization Islamic preservation and translation of the Greek philosophical works of Aristotle, and Plato contributed to the flourishing of Western civilization. Under the direction of Islamic cultural patrons, they translated these vital texts from Greek into other languages. Such actions were significantly contributive to the revival and transmission of these pieces, bringing about their subsequent spread throughout Europe. Centuries of Islamic scholarship like this were crucial to the eventual emergence of the European Renaissance Period. The anterior exposure of the Arab world to Greek philosophy follows paths reaching back to the sixth century C.E. A common occurrence among Judaism, Christianity, and Islam, were their interactions with Greek philosophy, and their attempts to reconcile their religious dogmas with the Greek philosophical known truths of reason; trying to marry faith with reason. Commonalities between their interactions produced a naturally occurring process of sharing respective religious and philosophical problems, and it is in the latter that Islamic philosophers deserve much credit from Judaism and Christianity, for the Abbasid caliphate’s deference to translation and preservation of key Aristotelian (and other) works long lost to the West. The irony of this sharing between religions remains that each was using the similar material to try and prove

What Does the First Amendment Mean to The Press

The First Amendment to the U.S. Constitution guarantees the freedom of the press in the United States. The First Amendment is actually three separate clauses that guarantee not only press freedom, but freedom of religion, the right to assemble, and to petition the government for a redress of grievances. For journalists its the clause about the press that is most important. Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances. Press Freedom in Practice The U.S. Constitution guarantees a free press, which can be extrapolated to include all news media—TV, radio, the web, etc. What do we mean by a free press? What rights does the First Amendment actually guarantee? Primarily, press freedom means the news media are not subject to censorship by the government. In other words, the government does not have the right to try to control or block certain things from being published by the press. Another term often used in this context is prior restraint, which means an attempt by the government to prevent the expression of ideas before they are published. Under the First Amendment, prior restraint is clearly unconstitutional. Press Freedom Around the World Here in America, were privileged to have what is probably the freest press in the world, as guaranteed by the First Amendment to the U.S. Constitution. Most of the rest of the world isnt so lucky. Indeed, if you close your eyes, spin a globe and plop your finger down onto a random spot, chances are that if you dont land in the ocean, youll be pointing to a country with press restrictions of some kind.   China, the worlds most populous country, maintains an iron grip on its news media. Russia, the largest country geographically, does much the same. Around the globe, there are entire regions—the Middle East is but one example—in which press freedom is severely curtailed or virtually non-existent. In fact, its easier—and quicker—to compile a list of regions where the press truly is free. Such a list would include the U.S., Canada, Western Europe, Scandinavia, Australia, New Zealand, Japan, Taiwan and a handful of countries in South America. In the U.S. and many industrialized nations, the press enjoys a great deal of freedom to report critically and objectively on the important issues of the day. In much of the world, press freedom is either limited or virtually nonexistent.  Freedom House offers maps and charts to show where the press is free, where its not, and where press freedoms are limited.

Civil Rights Movement and Black Nationalism Essay

English 1302.044 March 3, 2000 Militant and Violent Acts of the Civil Rights Movement and Black Nationalism The rights of African-Americans have been violated since they were brought over to America as slaves in the late 1600s to the land of the free. Great political gains for African-Americans were made in the 1960s such as the right to vote without paying. Still, many African Americans were dissatisfied with their economic situation, so they reacted with violence in the form of riots. Other African-Americans became frustrated with the system of white America; hence they turned to militant organizations that stressed black power. Many people believe that violence or militant actions solve their problems, but in reality the†¦show more content†¦Malcolm X was never the leader of a mass movement. Malcolm Xs ability to express the needs and aspirations of black people made him very influential with militant young people. Malcolm X was a militant and often criticized Dr. Kings method of nonviolent civil d isobedience. Malcolm believed that [African-Americans] had to defend [themselves] and fight for [their] liberation by any means necessary. (Socialism par. 3-6) The factions of the civil rights movement that gained prominence after Dr. King died insisted that power for African-Americans would come faster with shows of violence. Many young African-Americans took the philosophy by any means necessary to heart. Some African-Americans believed that a strict policy of nonviolence would lead to their demise as a culture. They balked at the idea that a black minority could bow its head [to violence] and get whipped into a meaningful position of power (Carmichael par 4). People with these views were the leaders of the Black Power movement and the Black Panther Party. The advocates of Black Power had many radical ideals and goals. The Black Power movement was born as a cultural movement inspiring racial pride. The Black Power movement is directly related to the concept of Black Nation alism or emphasizing African origins and identity, pride in being black, and the desire to controlShow MoreRelatedHow Black Nationalism Helped Civil Rights991 Words   |  4 Pagesproduct of various struggles by civil rights groups and individuals over several decades. As racial tolerance should be a basic foundation of any society, it unfortunately had to be attained through various routes in the American society; some peaceful, while most not so much. For African Americans, tolerance through civil rights was achieved through two overlapping movements. The first type of movement was the desegregation movement, aimed at ending the separation of blacks and whites and trying toRead MoreAssess the Significance of the Role of Individuals in Reducing Racial Discrimination in the Period 1877-19811222 Words   |  5 Pagesperiod 1877-1981. The post-civil war era of American history could be argued as one with great promise for African Americans. With the North winning the Civil War and Lincoln granting the Emancipation Proclamation in 1863, surely the seeds had been sown for equality for all in America; blacks and whites included? Despite the foundations having been laid for equality, it may not be surprising that only small progress was made when Lincoln- the â€Å"saviour† of Blacks- had little interest in abolishingRead MoreThe Black Panther Party Formed1313 Words   |  6 Pages The Black Panther Party formed as a result of Black Nationalism which came from a multitude of events that began to form decades before any mention of The Black Panther Party. To even begin to understand a group such as this, one must first attempt to grasp the historical context which lies behind them. Blake (1969) asserts that the initial onset began back in 1619 when the first of the colonial settlers accepted a number of captu red Africans which were to be used as servants leading to the periodRead MoreThe Civil Rights Movement Of The 1950s And 1960s1183 Words   |  5 Pagesthe impact of the Civil Rights movement of the 1950s and 1960s on the lives of African-Americans in that period. The Civil Rights movement refers to the movement which aimed to remove racial discrimination and segregation and improve the social, political, legal, and economic rights of black people in America . Although slavery had been abolished with the end of the Civil War , the â€Å"Jim Crow† laws kept black people and white people segregated from each other and the voting rights of African-AmericansRead MoreAn Autopsy Of Nuwaubianism, Black Nationalism, And The Epistemological Concepts Surrounding Separatist Theory1300 Words   |  6 PagesNuwaubianism, Black Nationalism, and the Epistemological Concepts Surrounding Separatist Theory Regina Farrell Professor Gregory Smithsimon May 17, 2017  Thesis The Black man has a long history of slavery, violence and general tension in the United States. Although there have been amendments to legislation to allow for some equality, there is still progress to be made. In the meantime, civil rights movements have given birth to organizations such as Nuwaubianism, that aim to keep the Black communityRead MoreDuring The Mid-1960S To 1980, The Black Power Movement1362 Words   |  6 Pages During the mid-1960s to 1980, The Black Power movement was highly important for African Americans in the United States. This time frame increased the self-determination of black pride and the empowering movements that took place across the nation. The development of organizations influence African Americans to form unity, group awareness, and institutions in order to enhance the race as a whole. Important activists stood firm in their prolific speeches, which influenced the nation to believe thatRead MoreThe Civil Rights Movement Of America1526 Words   |  7 PagesThe civil rights movement was and still is a crucial piece of American culture because it helped shaped our society to what it is today. The civil rights movement occurred at a time where Americans began to protest, in mass groups, against racial segregation and discrimination that was increasingly prominent in America. American began to think different about segregation, many did not believe in it. The civil rights movement occurred in America from the 1940s to 1960s. During this time protestorsRead MoreCivil Rights During The 20th Century989 Words   |  4 PagesToday, we stand at a precipice threatening a definitive split between Blacks and Jews, and Jews of Color and Jews. The recent platform of Black Lives Matters denounces Israel as an apartheid state. A respect for the history of Black political thought demands we not forget Israel and Jews (of all races) remain a vulnerable minority. Jews and Black Americans are most often linked together during the 20th century Civil Rights movement. These communities were victims of institutionalized discriminationRead MoreAnalysis Of Cornel West s Race Matters1205 Words   |  5 Pagesseemingly fail to deal with this threat. He begins by blaming the liberal structuralists for focusing too heavily on the economy and politics and not focusing enough on culture and its character. The liberal structuralists address the plight of Black America by calling for full employment, health, education, and childcare through more government money, better bureaucrats, and active citizens (PowerPoint). He then refers to their views on people as basically selfish and self-centered. This meaningRead MoreThe Turbulent Sixties - An essay about the turbulent 1960s decade and black civil rights.863 Words   |  3 Pagesboom generation was reaching adulthood, the culture of the time promoted sex, drugs and rock and roll, and civil rights issues were tearing the United States of America apart. Three major civil rights issues nearly tore the nation apart in the 1960s. Desegregation of the public school system had the end result of integrating black and white children into the same school. New Black Nationalism began to demand economic justice and legal equality and they would fight for it at any cost. Those struggles

What Diseases Symbolize in Literature Analyzing Chapter...

Essay 1 What is in an illness? Is it just a physical ailment or abnormality? Well, in real life it may, but the presence of disease in literature seems to symbolize a lot more than what meets the eye. This is what Thomas C. Foster brings up in Chapter 24 of his work How to Read Literature like a Professor. Essentially, the chapter examines the importance of disease in literature from a symbolic standpoint. First, Foster explores the general concept of illness in literature in general. He discusses the presence of illness, not as it is in real life, but the more symbolic presence it has within literature. Illness has come to represent a physical embodiment of internal disease. It has come to represent a way for readers to connect physical symptoms and abnormalities to the inner working and characteristics of the characters within whatever novel presents the disease in the first place. Authors from many different literary genres tend to use strategies which have characters of novels an d other works afflicted with various types of diseases in order to symbolize some internal flaw or degradation of character. Throughout the chapter, Foster describes the literary strategy using a compelling metaphor [which] can induce an author to bring another wise objectionable illness into a work (Foster 219). This illness works as a strategy to expose a characters internal flaws and ills in a way that is not overtly announced by the narrator. It is a covert way to cue in the reader

Learning Check Free Essays

Chapter 14 Auditing the Revenue Cycle |Learning Check | The revenue cycle includes the activities involved in the exchange of goods and services with customers and the realization of the revenue in cash. The classes of transactions in this cycle for a merchandising company are sales, sales adjustments, and cash receipts. The primary accounts affected by these transactions are sales, accounts receivable, cost of sales, inventory, cash, sales discounts, sales returns and allowances, bad debts expense, and allowance for uncollectable accounts Specific audit objectives for the revenue cycle are derived from the five categories of management’s financial statement assertions. We will write a custom essay sample on Learning Check or any similar topic only for you Order Now b. Specific audit objectives for credit sales transactions include the following: |Specific Audit Objectives | |Transaction Objectives | |Occurrence. Recorded sales transactions represent goods shipped or services provided during the period. |Recorded cash receipt transactions represent cash received during the period. | |Recorded sales adjustment transactions during the period represent authorized discounts, returns and allowances, and | |uncollectable accounts. | |Completeness. All sales cash receipts and sales adjustments made during the period were recorded. | |Accuracy. All sales and cash receipts and sales adjustments are accurately valued using GAAP and correctly | |journalized, summarized and posted. | |Cutoff. All sales, cash receipts and sales adjustments have been recorded in the correct accounting period. | |Classification. All sales, cash receipts, and sales adjustments have been recorded in the proper accounts. | |Balance Objectives | |Existence. Accounts receivable representing amounts owed by customers exists at the balance sheet date. | |Completeness. Accounts receivable include all claims on customers at the balance sheet date. |Rights and Obligations. Accounts receivable at the balance sheet date represent legal claims of the entity on | |customers for payment. | |Valuation and Allocation. Accounts receivable represents gross claims on customers at the balance sheet date and | |agrees with the sum of the accounts receivable subsidiary ledger. The allowance for uncollectable accounts | |represents a reasonable estimate of the difference between gross receivables and their net realizable value. |Disclosure Objectives | |Occurrence and Rights and Obligations. Disclosed revenue cycle events and transactions have occurred and pertain to | |the entity. | |Completeness. All revenue cycle disclosures that should have been included in the financial statements have been | |included. | |Understandability. Revenue cycle information is appropriately presented and information in disclosures is | |understandable to users. |b | 14-3. Following are a few examples of differences between how the auditor might use the knowledge of the entity and its environment for a computer company v. a hotel. a. Certain balance sheet accounts like accounts receivable and inventories are going to be very significant for the computer manufacturer, but relatively immaterial for the hotel. The computer company is also likely to have a higher ratio of sales to fixed assets, or sale to total assets, than the hotel. b. The computer company auditor will have significant issues associated with the risk of misstatement with respect to the existence of receivables and inventories that are not present for the hotel. The computer company auditor will also have to address valuation and allocation issues associated with the collectability of receivables and lower of cost or market of inventories that are insignificant for the hotel. The hotel will have a potential risk of material misstatement in terms of how it accounts for revenues from properties that it manages for others, as opposed to properties that it owns. 14-4. Factors that might motivate management to deliberately misstate revenue cycle assertions include: †¢ Pressures to overstate revenues in order to report achieving announced revenue or profitability targets or industry norms that were not achieved in reality owing to such factors as global, national, or regional economic conditions, the impact of technological developments on the entity’s competitiveness, or poor management. †¢ Pressures to overstate cash and gross receivables or understate the allowance for doubtful accounts in order to report a higher level of working capital in the face of liquidity problems or going concern doubts. Factors that might contribute to unintentional misstatements in revenue cycle assertions include: †¢ The volume of sales, cash receipts, and sales adjustments transactions is often high, resulting in numerous opportunities for errors to occur. †¢ The timing and amount of revenue to be recognized may be contentious owing to factors such as ambiguous accounting standards, the need to make estimates, the complexity of the calculations involved, and purchasers’ rights of return. 14-5. a. Following are example analytical procedures that the auditor might use to estimate total revenue for a household appliance manufacturer and for an airline. Industry |Possible Analytical Procedures | |Household Appliance Mfg. |Use past ratio of net sales to capacity with adjustments for capacity | | |changes. | | |Use a combination of past ratios of market share with adjustments of | | |current changes in market share. Requires knowledge of the total market | | |size in the industry. |Air line |Estimate net revenues using information on utilization of capacity | | |(airline seat miles) and average revenue per seat. | b. Two analytical procedures that the auditor might use to estimate gross margin for company might include. |Analytic Procedure |Audit Significance | |Compare historical trends in market share and |Companies with commanding market shares often are able to obtain larger | |gross margin with current unaudited data. gross margins. | |Evaluate the percentage of revenues coming from |Companies with a high proportion of revenues from new products may earn | |new products. |premium gross margins due to the ability to innovate. | c. Two analytical procedures that the auditor might use to estimate net receivables and the allowance for doubtful accounts for company might include. |Analytic Procedure |Audit Significance | |Accounts receivable turn days |Understanding a company’s history of accounts and sales volume can assist| | the auditor in evaluating net receivables and the adequacy of the | | |allowance for doubtful accounts. | |Evaluate the entities history of uncollectable |This procedure is primarily related to the adequacy of the allowance for | |accounts expense to net credit sales, with |uncollectable accounts. The above history of accounts receivable turn | |adjustment for economic conditions |days would be most useful for evaluating estimating gross receivables | | |given sales. 14-6. Several control environment factors and their applicability to revenue cycle assertions are: †¢ Integrity and ethical values – reduction of risk of overstatement of revenues and receivables by eliminating incentives to dishonest reporting. †¢ Commitment to competence – by chief financial officers and accounting personnel. †¢ Management’s philosophy and operating style – conservatism in developing such accounting estimates as the allowance for uncollectable accounts and allowance for sales returns. Hu man resource policies and practices – bonding of employees who handle cash 7. The following table summarizes the functions that apply to credit sales transactions, the department that performs the functions, and the principal documents or records produced in performing the function. | |Department that performs function |Principal documents and records produced in performing the | |Function | |function. |Initiating credit sales |Sales department |Documents | | | |Customer Order | | |Credit department |Sales Order | | | | | | | Computer Files and Records | | | |Customer Master File (with credit information) and Accounts | | | |Receivable Master File. | | |Perpetual Inventory | | | |Authorized Price List | | | |Open Order File | |Delivering good and |Warehousing and shipping department for |Documents | |services |goods. Shipping documents | | | |Reports of unfilled orders and back orders | | |Line operating departments for services. | | | |Computer Files and Records | | | |Open Order File | | | |Perpetual Inventory | | | |Shipping File | |Recording sales |Accounting (Billing) |Documents | | | |Sales Invoice | | | |Sales Reports and Sales Journal | | | |Various Exception Reports | | | |Monthly Customer Statements | | | | | | |Computer Files and Records | | | |Sales Transaction File | | | |Accounts Receivable Master File | 14-8. In order to assess control risk as low based on programmed control procedures the auditor should test the following. |Control |Importance to Control Risk Assessment | |Programmed control procedures |If a programmed control procedure in critical to a low control risk assessment then| | |the auditor should directly test the control procedure. |Computer general control procedures |In order to obtain assurance that the programmed control procedure functions | | |effectively throughout the period the auditor also needs to these the effectiveness| | |of computer general control procedures. | |Manual follow-up procedures. |Programmed contro ls usually report exceptions noted when performing the control. | | |As a result auditors also need to test the effectiveness of manual controls that | | |follow-up on reported exceptions. | 14-9. The following tables describes programmed controls for a typical manufacturing company. |Potential Misstatement |Programmed Control |CAATs (Assuming Test Data) | |a. |Sales invoices may not be |The computer compares entries in the sales |Submit test data for a transaction that has | | |recorded. |journal with underlying shipping information. |shipping information, both with and without a | | | |All shipping documents must be matched with a|supporting sales invoice. | | | |sales invoice. | | |b. |Sales invoice may be recorded |The computer compares dates on the sales |Submit test data with dates on sales invoices | | |in the wrong accounting period. invoice with dates on shipping documents. |that both do and do not match with dates on | | | | |related shipping files. | |c. |A fictitious sal es invoice, or |The computer will not prepare a sale invoice |Submit test data with sales invoice information | | |a sales transaction for which |without underlying information on shipping |that both is and is not supported by underlying | | |revenue should not be |files. |shipping information. | | |recognized, is recorded. | | | |d. Sales are made without credit |The computer searches a field for appropriate|Submit test data for sales orders that both are | | |approval. |credit authorization before an order is |and are not supported by appropriate credit | | | |placed on an open order file. |authorization. | |e. |A sales invoice has incorrect |The computer matches quantities on a sales |Submit test data for sales invoices that both do | | |quantities or prices. |invoices with underlying shipping information|and do not match underlying shipping information | | | |and matches prices with an authorized price |and authorized price lists. | | | |list. | |f. |Sales invoices may not be |T he computer checks run-to-run totals of |Submit test data for batches that with complete | | |posted or may not be |beginning accounts receivable balances, plus |and incomplete data sets in terms of completed | | |journalized |sales transactions, with the ending |transactions. | | | |receivable balances. | | |g. |Sales invoices may be posted to|The computer matches customer information on |Submit test data with underlying information that| | |the wrong customer’s accounts. the sales invoice with the master customer |both does and does not match with information on | | | |file, the sales order, and the shipping |previously created sales order and shipping | | | |documents. |files. | 14-10. A common management control involves having managers with responsibility for sales to review daily or weekly sales reports to assess the reasonableness of recorded sales. Further management responsible for warehousing and shipping should review daily or weekly sales and inventory movement re ports to assess the reasonableness of recorded sales and inventory removed from the perpetual inventory. 14-11. The sub-functions involved in cash receipts include (1) receiving cash receipts, (2) depositing cash in bank, and (3) recording the cash receipts. 14-12. a. Two important controls pertaining to cash sales and the transaction class audit objectives to which they relate are: †¢ The customer’s expectation of a printed receipt and supervisory surveillance of over the counter sales transactions helps to ensure that all cash sales are processed through the cash registers or terminals – completeness. †¢ Independent check by supervisor on the accuracy of cash count sheets, and verification of agreement of cash on hand with totals printed by a cash register or terminal – existence or occurrence and valuation or allocation. b. Two important controls pertaining to the initial handling of mail receipts are (1) immediate restrictive endorsement of checks received and (2) preparation of a multi-copy listing (prelist) of mail receipts. 14-13. a. A lockbox is a post office box that is controlled by the company’s bank. The bank picks up the mail daily, credits the company for the cash, and sends the remittance advices to the company for use in updating accounts receivable. This system eliminates the risk of diversion of the receipts by company employees and failure to record the receipts. b. Depositing receipts intact daily means that all receipts are deposited; that is, cash disbursements should not be made out of undeposited receipts. This control reduces the risk that receipts will not be recorded (completeness), and the resulting bank deposit record establishes the existence or occurrence of the transactions. 14-14. Four controls that can aid in preventing or detecting errors or irregularities in recording cash receipts are summarized below along with potential tests of controls: |Control |Test of Control | |Independent check of agreement of validated deposit slip |Inspect a sample of daily cash summaries and examine evidence of | |with daily cash summary. |agreement with validated deposit slip by responsible employee. | |Computer check of information included in the cash receipts |Use CAATs to test computer matching of information from cash receipts | |journal with information from prelist. journal with electronic prelist. Also follow-up on how exceptions are | | |reported and examine evidence or correction of errors reported on | | |exception reports. | |Preparation of periodic independent bank reconciliations. |Examine a sample of periodic bank reconciliations. Make inquiries about | | |bank reconciliation procedures and test accuracy on a sample basis. | |Mailing of monthly statements to cus tomers. |Observe the mailing of monthly statements to customers. Make inquiries | | |about procedures to follow-up on issues raised by customers, and examine | | |reports or other evidence of follow-up. | 14-15. a. The functions pertaining to sales adjustments transactions are: granting cash discounts; granting sales returns and allowances; and determining uncollectable accounts. b. The following three types of controls pertaining to sales adjustments transactions have as their common focus establishing the validity, or existence of occurrence, of such transactions: †¢ Proper authorization of all sales adjustments transactions. The use of appropriate documents and records, particularly the use of an approved credit memo for granting credit for returned or damaged goods, and an approved write-off authorization memo for writing off uncollectable customer accounts. †¢ Segregation of duties for authorizing sales adjustment transactions and handling and recording cash receipts. 14-16. a. The accounts receivable balance is a function of the tr ansactions that are posted to the account, namely credit sales, cash receipts, and sales adjustments. A sound system of internal controls over these three transaction cycles that ensure the completeness and accuracy of these transactions, should also ensure the completeness and accuracy of account receivable. b. The primary control over the balance involves sending monthly statements to customers and having an independent function to receive and follow-up on any issues raised by customers. c. The rights and obligations assertion for accounts receivable involves selling, or factoring, cash receipts. If an entity sells its receivables, it should keep a documentary record of the receivables that have been sold or pledged, and have a process for following up on collection of those receivables and the reduction of the related liability to the factoring agent. These records should be compared with monthly statements received from a bank or factoring agent. d. Public companies normally control establish controls over the presentation and disclosure assertion and related audit objectives through an effective and independent disclosure committee. The disclosure committee should have individuals who are knowledgeable about GAAP and the transactions being processed. 14-17. The following table provides example controls and tests of controls for each assertion (and transaction level audit objective) related to credit sales and cash receipts. Examples emphasize programmed control procedures where appropriate. Student should note that tests of controls should also emphasize testing computer general controls, observing exception reports, and testing manual follow-up of items that appear on exception reports. Credit Sales Assertion (Audit Objective) |Control |Test of Controls | |Existence and Occurrence (Occurrence) |Computer matches sales invoice information |Submit test data where invoice data does not match | | |with underlying shipping informati on. |with underlying shipping information. | |Completeness (Completeness) |Computer prints a report of all goods |Submit test data with shipments that have not been | | |shipped but not billed. |billed to test accuracy of report of all good shipped | | | |but not billed. |Existence and Occurrence / Completeness |Comparison of invoice date with the |Submit test data with shipments in one period and | |(Cutoff) |accounting period when goods were shipped. |billing in the subsequent period. | |Valuation and Allocation (Accuracy) |Computer matches sales prices with |Submit test data with invoice prices that do not match| | |authorized price list and sales order. |the authorized price list or sales order. | |Presentation and Disclosure |Computer matches customer number on sales |Submit test data the customer information on the sales| |(Classification) |invoice with customer number on sales |invoice does not match the underlying sales order. | | |order. | |Rights and Obligations |If an ent ity sells its receivables, it |Observe and reperform procedures for documenting | | |should keep a documentary record of the |receivables that have been factored or sold. | | |receivables that have been sold and it | | | |should compare that record with monthly | | | |statements received from a factoring | | | |company. | | Cash Receipts Assertion (Audit Objective) |Control |Test of Controls | |Existence and Occurrence (Occurrence) |Independent check of agreement of cash and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. |independent check of the prelist with the cash | | | |receipts journal. | |Completeness (Completeness) |Independent check of agreement of cash and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. independent check of the prelist with the cash | | | |receipts journal. | |Existence and Occurrence / Completeness |Preparation of periodic independent bank |Observe and test th e accuracy of independent bank | |(Cutoff) |reconciliations. |reconciliations. | |Valuation and Allocation (Accuracy) |Independent check of agreement of cash and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. |independent check of the prelist with the cash | | | |receipts journal. |Presentation and Disclosure |Mailing of statements to customers. |Make inquiries about mailing of monthly statements to | |(Classification) | |customers. Observe notes and procedures used to | | | |follow-up upon questions raised by customers. | |Rights and Obligations |If an entity sells its receivables, it |Observe and reperform procedures for documenting | | |should keep a documentary record of the |receivables that have been factored or sold. | |receivables that have been sold and it | | | |should compare that record with monthly | | | |statements received from a factoring | | | |company. | | 14-18. a. The transaction classes that should be considered i n assessing control risk for accounts receivable assertions are: credit sales, cash receipts, and sales adjustments. b. In assessing control risk for the existence or occurrence account balance assertion for accounts receivable, the following transaction class control risk assessments should be considered: †¢ Existence or occurrence for sales transactions that increase accounts receivable. †¢ Completeness for cash receipts and sales adjustments transactions that decrease accounts receivable. c. A revised acceptable level of detection risk for tests of details and a revised level of substantive tests must be determined for an assertion when the relevant final or actual inherent risk assessments, control risk assessments, and analytical procedure risk assessments, differ from the planned assessed levels. 14-19. The following table explains some example preliminary audit strategies for each financial statement assertion in the context of the audit risk model. Assertion |Inherent Risk |Control Risk |Analytic Procedures Risk |Test of Details Risk | |Existence and |Maximum due to revenue|Low if in ternal |Moderate to high depending on|Moderate which will allow for smaller sample sizes| |Occurrence |recognition problems. |controls over the |reliability of expectation |and changing the timing of confirmations of | | | |occurrence of sales are|model. |receivables. It will also reduce the extent of | | | |strong. | |cutoff tests. | |Completeness |Moderate. Not a |Low if internal |Moderate to high depending on|Moderate to high which will allow for smaller | | |significant inherent |controls over the |reliability of expectation |sample sizes and changing the timing of | | |risk. |occurrence of sales are|model. |confirmations of receivables. It will also reduce| | | |strong. | |the extent of cutoff tests. | |Rights and Obligations|Moderate to high |Moderate to high |Moderate to high depending on|Low: Consider confirming with factoring agent and| | |depending on the |depending on internal |reliability of expectation |search for large unusual cash receipts. | | |entity’s ability to |controls. However, |model. | | |generate operating |control are more | | | | |cash flow. |nonroutine than | | | | | |routine. | | | |Valuation and |High or maximum due to|Moderate to high |Moderate to high depending on|The auditor can test the accuracy of receivables | |Allocation |subjective nature of |depending on internal |reliability of expectation |a t gross value with confirmation. The auditor | | |allowance. |controls over |model. should consider extensive tests of the allowance | | | |collection of | |after year-end. | | | |receivables. | | | |Presentation and |Inherent risk is |Moderate to high |Maximum: Analytical |Maximum to High. It is often cost effective to | |Disclosure |usually high or |depending on internal |procedures are not directed |substantively test disclosures which are not | | |maximum. controls over |at testing disclosures. |complex for receivables. | | | |disclosures. | | | 14-20. In vouching recorded accounts receivable transactions to supporting documentation, a sample of debits to customers’ accounts is compared to data on supporting sales invoices and matching shipping documents, sales orders, and customer orders. The evidence obtained pertains primarily to specific audit objectives derived from the existence or occurrence, rights and obligations, and valuation or allocation assertions for accoun ts receivable. 14-21. Both the sales cutoff test and the cash receipts cutoff test pertain to accounts receivable. The sales cutoff test involves: †¢ Examining shipping documents for several days before and after the cutoff date to determine the date and terms of shipment. †¢ Tracing shipping documents to sales and inventory records to establish that the entries were made in the correct accounting period. †¢ Inspecting invoices for a period of time before and after the cutoff date to ascertain the validity and propriety of the shipments and corresponding entries. †¢ Inquiring of management about any direct shipments by outside suppliers to customers and determining the appropriateness of related entries. In performing a cash receipts cutoff test, the auditor may be present at the balance sheet date to personally observe the promptness of the cutoff. In particular, the auditor determines that all collections received prior to the close of business are included in cash on hand or in deposits in transit and are credited to accounts receivable. Alternatively, the auditor may review the daily cash summary and validated deposit slip for the last day of the year. Both cutoff tests relate to the occurrence and completeness audit objectives for accounts receivable. 14-22. a. It may not be necessary to confirm accounts receivable when: †¢ The balance is immaterial to the financial statements. †¢ The use of confirmations would be ineffective as an audit procedure. The auditor’s combined assessment of inherent risk and control risk is low, and that assessment, made in conjunction with the evidence expected to be provided by analytical procedures or other substantive tests of det ails, is sufficient to reduce audit risk to an acceptably low level for the applicable financial statement assertions. b. Factors to be considered in choosing the form of confirmation request are (1) the acceptable level of detection risk and (2) the composition of the customer balances. The positive form is used when detection risk is low or individual customer balances are relatively large. The negative form should be used only when all three of the following conditions apply: †¢ The acceptable level of detection risk for the related assertions is moderate or high. A large number of small balances is involved. †¢ The auditor has no reason to believe that the recipients of the requests are unlikely to give them consideration. c. When no response is received after the second or third positive confirmation request to a customer, the auditor should apply such alternative procedures as (1) examining subsequent collections and (2) vouching open invoices comprising the customer ’s balance. Alternate procedures may be omitted when both of the following conditions apply: †¢ There are no unusual qualitative factors or systematic characteristics related to the nonresponses, such as that all nonresponses pertain to year-end transactions. The nonresponses, projected as 100% misstatements to the population and added to the sum of all other unadjusted differences, would not affect the auditor’s decision about whether the financial statements are materially misstated 14-23. a. The aged trial balance is used primarily in assessing the adequacy of the allowance for uncollectable accounts. b. Procedures applied to the aged trial balance include (1) footing and crossfooting the aged trial balance and comparing the total to the general ledger balance for accounts receivable and (2) testing the aging of the amounts shown in the aging categories by examining supporting documentation such as dated sales invoices. c. After testing the accuracy of the aged trial balance the auditor should perform the following procedures to draw a conclusion about the fair presentation of the allowance for doubtful accounts. †¢ Examine past due accounts for evidence of collectability such as correspondence with customers and outside collection agencies, credit reports, and customers’ financial statements. †¢ Discuss collectability of accounts with appropriate management personnel. †¢ Evaluated management’s process for estimated the allowance for doubtful accounts using hindsight. †¢ Evaluate the adequacy of the allowance given information about industry trends, aging trends, and collection history for specific customers. d. Hindsight allows auditors to evaluate the reasonableness of management’s process for estimating the allowance for doubtful accounts. The reliability of management’s process for developing this accounting estimate can be gauged by evaluating estimates in prior periods and the degree to which those estimates accurately estimated subsequent uncollectable accounts. 14-24. GAAP disclosure for accounts receivable include: †¢ Disclosure of receivables from employees, officers, affiliated companies and other related parties. †¢ Appropriate classification of material credit balances. †¢ Appropriate classification of current and noncurrent receivables. †¢ Disclosure of pledging, assigning, or factoring receivables. How to cite Learning Check, Essays

Plastic Waste Management free essay sample

Plastic Waste Management 1. Plastics Waste: Environmental Issues and Challenges The quantum of solid waste is ever increasing due to increase in population, developmental activities, changes in life style, and socio-economic conditions, Plastics waste is a significant portion of the total municipal solid waste (MSW). It is estimated that approximately 10 thousand tons per day (TPD) of plastics waste is generated i. e. 9% of 1. 20 lacs TPD of MSW in the country. The plastics waste constitutes two major category of plastics; (i) Thermoplastics and Thermoset plastics. Thermoplastics, constitutes 80% and thermoset constitutes approximately 20% of otal post-consumer plastics waste generated in India. The Thermoplastics are recyclable plastics which include; Polyethylene Terephthalate (PET), Low Density poly Ethylene (LDPE), poly Vinyl Chloride(PVC), High Density poly Ethylene (HDPE), Polypropylene(PP), Polystyrene (PS) etc. Thermoset plastics contains alkyd, epoxy, ester, melamine formaldehyde, phenolic formaldehyde, silicon, urea formaldehyde, polyurethane, metalised and multilayer plastics etc. The prescribed authority for enforcement of the provisions of these rules related to manufacturing and recycling is SPCB in respect of States and the PCC in Union Territories and for relating to use, collection, segregation, transportation and disposal shall be the District Collector/ Deputy Commissioner of the concerned district. We will write a custom essay sample on Plastic Waste Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 4. Options for Plastic Waste Management 04. 1 Recycling of plastics through environmentally sound manner: Recycling of lastics should be carried in such a manner to minimize the pollution during the process and as a result to enhance the efficiency of the process and conserve the energy. Plastics recycling technologies have been historically divided into four general types -primary, secondary, tertiary and quaternary. Primary recycling involves processing of a waste/scrap into a product with characteristics similar to those of original product. Secondary recycling involves processing of waste/scrap plastics into materials that have characteristics different from those of original plastics product. Tertiary recycling involves the production of basic chemicals and fuels from plastics waste/scrap as part of the municipal waste stream or as a segregated waste.