of the lower-of-cost-or-net realizable value (LCNRV) rule is based on both the expense recognition principle and the concept of conservatism. The expense recognition principle applies because the application of the LCNRV rule allows for the recognition of a decline in the utility (value) of inventory as a loss in the period in which the decline takes place. The departure from the cost principle for inventory valuation is permitted on the basis of
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EMPLOYEE DISCIPLINE‚ COMPLAINTS AND GRIEVANCES MICHAEL L. PROTACIO Employee discipline: Employee discipline According to Richard D. Calhoon‚ “Discipline is the force that prompts individuals or groups to observe rules‚ regulations‚ standards and procedures deemed necessary for an organization.” Therefore discipline means securing consistent behaviour in accordance with the accepted norms of behaviour. I am sure you will agree that discipline is essential in every aspect of life. It is equally
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PRINCIPLE OF MANAGEMENT Management defined Perceptive of Managers: There are many definitions of management but most perceptive managers are convinced that it is an organized effort of people whose purpose is to achieve the objectives and goals of an organization. Of course‚ it is not that simple. To gain a better understanding of management‚ let’s review the ideas and views expressed by academicians and practitioners. Management as a “Process”: McFarland defines management as “A process by which
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PRINCIPLES OF WAR 1. Selection and maintenance of the aim It is imperative not to take the first step without considering the last Clausewitz was actually defining what is called the ‘end state’. Jomini also believed that the end state had to be stated in unambiguous political objectives‚ so that clear campaign objectives could be compiled. This requirement remains as relevant today as it was then. Selection and maintenance of the aim are often referred to as the Master Principle. A single
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is and how it is implemented and evaluated IBM policies Global employment standards At IBM‚ we have always set high standards for the way we conduct business – in areas from corporate and social responsibility to sound business ethics‚ including compliance with all applicable laws and regulations. These Conduct Principles apply to all IBM employees. However‚ they are not meant to describe the full scope of IBM human resource policies or practices. More detailed statements of policies‚ procedures
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Mankiw’s 10 Principles of Economics: How People Make Decisions 1. People face tradeoffs: To get one thing‚ you have to give up something else. You may have heard economists say “there is no such thing as a free lunch”. What they mean by this is that‚ for example‚ you might get a free bowl of soup at the student co-op‚ but the soup is not free because you have to give up 35-minutes waiting in line to be served. 2. The cost of something is what you give up to get it: Making a decision requires
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The Verification Principle The Verification Principle Throughout the years‚ science has been a very productive practice. From explaining why and how things happen to sending people to the moon. Not only do we see its benefits every day‚ but also new discoveries are being made constantly. Science has proven its success. By using the scientific method and critical thinking‚ a wide range of things have been discovered. One cannot say the same for philosophy. Many of the questions that
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The OECD Principles of Corporate Governance What are the Principles and what issues do they address? How to strengthen the ownership role of shareholders? How do the Principles deal with conflicts of interest? How do the Principles help strengthen company oversight by boards? How can governments use the Principles? How was the review of the Principles carried out? What happens next? For further information For further reading Where to contact us? Introduction The integrity of businesses and
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General Principles As the written sources of EU law cannot always provide a solution for every question which comes before CJEU‚ there is what has become known as general principles of law. These principles originate from the laws of individual member states‚ such as equality and from interpretations of treaty articles. The legal basis for the incorporation of these principles can be found under Article 263 TFEU‚ which states infringement of rule of law‚ and in Article 340 TFEU there is a direct
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1)The Principle of Utility is the belief that when a person has a number of options in a moral situation he should chose the one that results in the greatest amount of happiness for the greatest number of people. However‚ the definition of happiness is up to interpretation. I feel as though people should follow this principle in certain situations. For example‚ if you are faced with the choice of playing videogames by yourself at home or going out to dinner with your family you should chose the
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