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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practice and experience. As a science the management has to follow some principles which are universally applicable to all the organization. The concept of management is based on the basis of observation‚ research‚ analysis and experimentation. Elaborate Management: To know the depth of management. One should know its basic characteristics. There are three main characteristics of management. 1. Flexible & open: The principles of management are flexible‚ open and dynamic in nature. They can be modified
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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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providing that the legislature "lay down by legislative act an intelligible principle to which the person or body authorized to fix such rates is directed to conform". Whitman v. Am. Trucking Ass’Ns‚ 531 U.S. 457 (U.S. 2001)‚ Loving v. United States‚ 517 U.S. 748 (U.S. 1996)‚ citing Chief Justice Taft in J. W. Hampton‚ Jr.‚ & Co. v. United States‚ 276 U.S. 394‚ 409 (U.S. 1928). The question becomes what is the "intelligible principle" and whether it exists in the Emergency Bubblegum Price Control Act
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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 definition of quality has two aspects from the customer’s perspective: Quality is... 1. A greater number of features that meet customer needs 2. Fewer defects Key Attributes The Juran Trilogy Fitness for Use Quality Council Pareto Principle 10 Steps to Quality Improvement The Juran Trilogy To attain quality you must begin by establishing the vision‚ policies and goals of the organization. Converting these goals into results is done through three managerial processes called the
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Chapter 8 – Goods and services tax Objectives The aim of this chapter is to introduce students to the fundamental concepts of the goods and services tax (‘GST’) and how it operates in Australia. Chapter 8 – Goods and services tax - overview: 1. Introduction 2. Relevant legislation 3. Format of the Acts 4. Policy reasons behind GST 5. Comparison to PAYG reforms 6. Terminology 7. Taxable supplies 8.
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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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The Preamble of the US Constitution is similar to the thesis of an essay. The Preamble gives the reader an overview of what the Constitution hopes to accomplish. The five principles stated in the Preamble are expressed throughout the Constitution. I believe that the Constitution lives up to the bold goals stated in the Preamble. The first goal of the Constitution is to "establish justice." This phrase is used to express that every citizen is equal under the law‚ so that justice will uphold. Therefore
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