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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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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1-4050-3144-1-cxc-pi-vi-n 8/15/05 10:44 AM Page i Principles of Business for Caribbean Examinations 4th Edition Ivan L. Waterman and Dave Ramsingh 1-4050-3144-1-cxc-pi-vi-n 9/21/05 2:43 PM Page ii Macmillan Education Between Towns Road‚ Oxford Ox4 3PP A division of Macmillan Publishers Limited Companies and representatives throughout the world www.macmillan-caribbean.com ISBN 1-4050-3144-1 Text © I. L. Waterman and D. Ramsingh 2005 Design and illustration
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CHAPTER 5 BALANCE SHEET AND STATEMENT OF CASH FLOWS IFRS questions are available at the end of this chapter. TRUe-FALSE—Conceptual Answer No. Description F 1. Liquidity and solvency. T 2. Limitations of the balance sheet. T 3. Definition of financial flexibility. T 4. Long-term liability disclosures. F 5. Definitions of the balance sheet. F 6. Land held for speculation. T 7. Balance sheet format. F 8. Disclosure of fair values. F 9. Disclosure of company operations and estimates. T
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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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Module No. 2 – Principle of Management Question No 2 a) List and explain the four Basic Functions of Managers Answers The functions of a manager are :- a) Planning b) Organizing c) Directing d) Controlling a) Planning Planning means setting an organization’s goals and deciding how best to achieve them. Managers need to plan so that worker’s activities are consistent with the organization’s goal and the correct type and amount of resources can be acquired. Planning
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The Principles of Marketing E1. Produce a marketing strategy for a product or service with a clear understanding of the principle of marketing. My objective for the marketing strategy is to achieve more profits by making some adjustments to the packaging of Coca-Cola. I want to see whether the demand for Coca-Cola will increase or decrease due to small changes. These changes are that I will replace the opening with a cap on a Coca-Cola can to stop people throwing away the drink
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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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