Financial statement Essay Example | Topics and Well Written Essays - 1750 words

Financial statement - Essay Example An income statement reports on the organisations profits, expenses and income over a period of time. An income statement is also known as the profit and loss report, it provides information on the processes of the business enterprise. A statement of cash flows reports on an organisation’s cash flow activities,which include its processing, financing and investing activities. Financial statements for large companies are complex compared to the small companies because they include a wide range of notes added to the financial statements, management discussions, and analysis (Bragg, 2013). The notes added to the financial statements are considered as an essential part of the statements because they normally explain each item on the balance sheet, cash flow statement and income statement in further details. Albrecht an Stice (2011) defined capital maintenance as an accounting concept based on the principle that income is only recognized after capital has been maintained or there has been a full recovery of costs. When the amount of a company’s capital at the end of a period is unchanged from that at the beginning of the period,with any excess amount treated as profit (Albrecht an Stice ,2011). According to the writings of Taparia (2003), the concept of capital maintenance is significant as only income earned in excess amounts is needed to maintain capital may be considered as profit. There two concepts of capital maintenance are the financial capital maintenance and the physical capital maintenance. Under the concept of financial capital maintenance, profit is earned only if the financial amount of the net assets at the end of the fixed period exceeds the financial amount of net assets at the beginning of the period, after excluding any distributions to and contributions from owners during the period (Antle and Garstka,2004). Antle and Garstka, (2004) also stated that financial capital maintenance can be measured in either nominal monetary

Idustrialize America Essay Example | Topics and Well Written Essays - 2500 words

Idustrialize America - Essay Example But even if it was thought that the death of Lincoln would be the death knell to the cause of emancipation, the following Presidency of Andrew Johnson tried to maintain the status quo with policies that protected African Americans. Unfortunately his efforts did not prevail, the power was once again given to the Army and there was even a period that followed in which the Democrats regained the impetus, re-enacting laws that revived the era of slavery for these newly freed men and women. Lynching and race riots were rampant in some States, and the Redeemer Government and Klu Klux Klan were determined to re-establish white supremacy. It seemed that all the efforts of the Reconstruction had been for nothing. 1. PRESIDENTIAL RECONSTRUCTION Notwithstanding that they had just been through a harsh and debilitating war, President’s Abraham Lincoln wanted to be magnanimous towards the South. In December 1863, he placed the idea that a State could be integrated into the Union if 10 perce nt of the population count under 1860’s census supported emancipation. Tennessee, Louisiana and Arkansas were won over by the Union through Lincoln’s Ten Percent Plan. However this compromise did not sit well with the diehard Republicans, nor some in Lincoln’s own party who feared that it would once again undermine the cause of emancipation by bringing economic slavery to blacks on white owned cotton ginning farms. The mood of the South was rebellious and unrepentant. They sought to regain control of the situation, and could not bear to see blacks getting education, voting rights and freedom. On his part, President Andrew Jackson who took up the reins of Government following Lincoln’s death tried his best to follow the former’s lenient policies for the collective benefit of all. He appointed new Governors in 1865. Unfortunately his efforts did not meet with success and were spurned by the diehard Republicans. They challenged and undermined his effo rts, rejected his nominations from the South and eventually managed to oust his Government in 1865-66 after success in the 1866 Congressional elections. They managed to regain control of Congress in 1877. The Fourteenth Amendment to the US constitution made on 09 July 1868 was an attempt to ensure that blacks would have the same rights as whites. This included the right to vote, travel and bear arms. The Elections of 1866 were a turning point in the cause for Reconstruction. The Union party was supported by the War Republicans having abolitionist tendencies. The Radical Republicans however favored a more stringent policy with the South, preferring military control over their lands and forcing them to give civil and voting rights to blacks. These hardliners prevailed and after usurping Johnson, moved to give control over many States to the Army. 2. CONGRESSIONAL RECONSTRUCTION The efforts towards emancipation of the slaves brought them across to many abolitionist states. Black migrat ed from North to South and East to West in search of jobs, housing and a source of livelihood. Most of them had lived under miserable conditions in the slave owned plantations of the South. However it was a time of considerable flux and fluidity, with blacks having to protect themselves from those who still wanted to take advantage of them. They had to learn to protect their own right to freedom. Concerted efforts were made by former slave owners to try to enslave the freed men through economic necessity. The war had destroyed eleven cities quite comprehensively-