Etas Soc

Indemnity is arguably the most fundamental principle of insurance. This principle plays a critical role in general insurance. Indemnity is easily applied to losses that are quantifiable. Indemnity is monetary compensation that aims to return the insured to the same financial position he enjoyed before the loss occurred. Life insurance and personal accident policy are therefore not contracts of indemnity. A dollar value cannot be easily placed on life and limb. However, the idea behind indemnity is used for financial underwriting where life insurance is concerned. Insurance in general covers pure risks. Pure risks differ from speculative risks in that they do not involve gain. Financial underwriting...

Monopoly is a classic board game that seems to have stood the test of time. It is often thought of as an extremely protracted game, but useful in understanding capital accumulation and money management. The Monopoly Here and Now Edition is a modernised, software version of the classic board game. It retains the classic feel of the original, while making certain adjustments for flexibility.i) Interface and usability The game interface is very simple and easy to navigate. It is definitely one for all computer users. The options tab on the menu allows the user to adjust sound and music. You can also determine whether you want to view the game full screen or if you want to see the computer moves. Not...

"Streams run into rivers and rivers into seas". The mistakes that we make in our youth can remain with us many years later. Financial mistakes that young adults make are no different Young adults would normally have just started earning an income. The inexperience and novelty of the increase in economic power causes many young adults to make serious financial mistakes. 1) Not developing a proper financial plan For many reasons, young adults may neglect or be unable to develop a sound financial base. The reasons could range from poor financial attitudes to myriad competing needs (education, accommodation and living expenses). Insufficient attention to financial planning is a broad category that...

The Hound of the Baskervilles, by Sir Arthur Conan Doyle, is a classic by most standards. The redoubtable Sherlock Holmes assumes responsibility for a case that is part-mystery and part-thriller. The story is set in rural England, on the estate of Baskerville Hall. The Baskervilles are a family with a long history, with only two known descendants alive at the beginning of the story. Sherlock Holmes enters the fray after the death of Charles Baskerville. The death of Charles occurs under mysterious circumstances - mysterious to Sherlock Holmes at least. To the untrained eye, it appears to be a death by natural cause. The keen observation of the singular detective leads to discovery of the paw marks...

There exist different views of user resistance and multi-level views which attempt to incorporate organisational constraints and demographics (Venkatesh et al. 2003). One can view resistance as an amalgam of social, technical and organisational factors that prevent the desired outcome of technology intervention. Unlike resistance models that are limited to user resistance, the conceptual definition of resistance employed in this article is more difficult to deconstruct. The construct that would be used would be that of non-acceptance combined with non-usage. Adapting some of the operational definitions of user resistance and the notion of infrastructure from Ciborra (2001), this article examines...

The difference between a top-notch article and a flop is often the quality of information that constitutes it. It follows that a poor article lacks one or more of the qualities that constitute good information. Whether an article is for entertainment or enlightenment, the qualities of good information can help you to write an article that would satisfy readers and significantly enhance your writing portfolio. Accuracy When writing a knowledge-article, your information should be valid and reliable. In striving for accuracy, writers should double-check the data used in writing an article. Since writers aid the transformation of data to information, it follows that unreliable data will necessarily lead...

One of the main principles of financial management is prudence. The concept of prudence - in this context - refers to having a long term view and displaying sufficient financial acumen. As a risk-management tool, the concept of insurance is premised on financial prudence- protecting your assets, life and health. Risk management - which is based on prudence - offers a few options. When you are faced with a risk, you can avoid, control, transfer or accept that risk. Once you can avoid, control or accept a risk, insurance may not be necessary or prudent. If you can only control an insurable risk to a limited extent or cannot bear the potential losses, then it will be prudent to transfer the risk to an...

The premise of the social identity concept is that individuals partially derive their self-concepts from membership in social groups. George Mead introduced the social basis for self-definition around 1934, thus setting a base for the development of social identity theory. Henri Tajfel and John Turner developed this idea further through their 1979 experiment. In that experiment, they found that humans are likely to form a group identity and discriminate in favor of their groups, even though the researchers formed the groups arbitrarily and with no clear commonality present. Social identity theory posits that social identification is borne out of biased in-group comparisons. These social group...

The Old Man and the Sea was once described as a deceptively simple tale with a deeper meaning. Such was the depth of the reference, that Hemingway employed only a few characters in constructing the short story. This is indeed a unique novel where the main characters are not necessarily all individuals or all human. Santiago/the Old Man The old man is undoubtedly the main focus of the novel. He is Hemingway's hero against nature and the main conduit of the references and symbols that the author inserts into the story. Santiago is an old, experienced fisherman who is not invulnerable to a lack of success. His passion and desire for his trade is unequivocal, but those qualities help him not when he...

In a broad context, prudence is a virtuous principle that brings to mind careful consideration and foresight-among other things. In terms of economics or accounting, prudence is a fundamental principle that facilitates estimation in an uncertain context. It advocates that you should not overestimate your possessions or underestimate your liabilities and expenses. As such, we can understand how prudence plays a significant role in a retirement calculation. A retirement calculation uses the premise that you can use present information for planning purposes. No one can argue that the future is certain. Since a retirement calculation requires you to determine or estimate a number of variables, it is...

Those who are have a healthy income stream can afford to lose a percentage of their income and live comfortably still. Folks who have a limited income cannot afford to lose what they have. When you have limited resources, what you do with them is even more critical. Financial planning helps persons to structure their financial resources so that they get the most out of a limited income. Financial planning helps people preserve and stretch the dollars that they earn and save. It does this by:i) Protecting your savings and incomeii) Ensuring that the value of your savings is maintainediii) Structuring and allocating your savings and incomeiv) Allowing persons to set financial goals The base of...

Simplicity, challenge and fun are qualities that would mark a game as the best one of all time. Pac Man contains huge quantities of each. However, what really marks this game as the best of all time is its appeal over time and space. This game was introduced in 1980, yet remains relevant in 2008. Pac Man has become a unique brand that is gender-neutral and indifferent to several other boundaries. One of the core factors in Pac Man's supremacy in the video game realm is the combination of simplicity with challenge. You only need the cursor keys or a joystick to play this game. Not a lot of time is spent learning the controls. Even though the controls are simple, the gameplay is not unsophisticated by...

So many articles are being written today dedicated to Michael Jackson’s sudden death. However no one yet knows about the real causes of it. The only official assumption is that M.Jackson’s heart stopped to beat due to misuse of painkiller drugs that were prescribed to him by his personal doctors. But no one speaks about really solid reasons behind this tragedy, at least those which forced him to use so many pills that eventually killed him. Here we have tried to bring up the list of known injuries and other facts that negatively affected Michael Jackson’s health throughout his career: 1979. Aged 21, Michael Jackson fell while practicing his slick dance moves and broke his nose during a complex...

The most fun movies that we ever watched were generally family-oriented and dealt with. As a video game, Pac Man embodies the qualities of wholesome family entertainment that we have loads of fun with. The innocence and simplicity of Pac Man's gameplay appeals to us. Unlike war games or those that involve shooting and killing, it takes itself less seriously and is decidedly less macabre. The innocence of the game surely makes it more fun than all other contenders. Of course, there are other reasons for it being a heap of fun. 1) Flight or fight Ok, so most of the game involves more flight than fight. However, the early levels facilitate this option. For the first few levels, the player has the...

You read about this in every newspaper in every town in the entire country: Some bookkeeper, trusted by the owner of a small business, embezzles thousands of dollars. If the theft doesn’t put owner out of business, it certainly causes a major headache. The reason we hear of these cases so often is that, in a small business, there may only be the owner and a bookkeeper. The owner doesn’t like doing the books, doesn’t understand them, and relies on this one person to take care of things. The bookkeeper, who is usually having personal financial difficulties, takes a small amount of money intending to pay it back. No one seems to notice, so more is taken. Over a period of time, it starts to mount...

cl Waking up to the smell of coffee has become a tradition in many homes. Coffee lovers will set the timer of their coffee maker the night before and, as soon as steaming hot water hits the fine grounds in the filter and the delightful aroma starts filling the house in the morning, they are up and ready to start their day. It has been said that, aside from crude oil, green coffee is the second most traded commodity in the world and that coffee is one of the most popular beverages worldwide. Just count the coffee houses and vendors in your neighbourhood and the amount of coffee products your local grocery store carries and you will have to agree that coffee is indeed deep rooted into our society...

Most people are convinced that betting cannot earn profits to gambler in long-term perspective. It’s obvious even for those who are a great experts of statistics and probability theory. The only simple rationale here is: If bookmaker organizations exist, it means that they earn money from this business, and if they manage to earn then gamblers are supposed to spend. However this could be an absolute true if there would be only 1 bookmaker around the world. But its not like that and nowadays we have a hundreds of internationally recognized bookmakers. To see how it could be possible to earn risk-free money from betting, let’s look first at how betting works in general. Let’s say we have a...

There is a unanimous belief that a Big 4 company is the best way to start a career for accountants, financial consultants, tax specialists, etc. Most of us are well aware of those 4 brands: PricewaterhouseCoopers, Deloitte, Ernst&Young and KPMG. Of course this highly regarded repuation makes it more difficult for job seekers to secure place at those firms. To better understand whom they are looking for and get some help for being hired by Big 4 go through below list of useful points:    1. Education. As the main fields of Big 4 business are accounting, tax and finance, of course some educational background in those areas would be useful. However it well may be the case when people with totally...

Today most of the modern developed economies are built on the free market principles first introduced by the famous economist Adam Smith. We all have many times heard about the supply-demand model which is always represented by the intersecting curves on the graph. I’ll try to illustrate the main concept of the free market in a bit simpler way not using those graphs. First let’s understand 2 basic assumptions of the free market economy: the Law of Demand and the Law of Supply. The Law of Demand states that as the price of a good increases consumer demand for that good will decrease and vice versa. Simply speaking if we used to buy a bottle of beer for 3 USD and one day we observe at some store...

  CAPITAL EXPENDITURE REVENUE EXPENDITURE 1. Nature of Assets purchased Any expenditure incurred to acquire a fixed asset or in connection with installation (expenses for installation) of fixed asset is capital expenditure.   Any expenditure incurred as price of goods purchased for resale along with other necessary expenses incurred in connection with such purchase are revenue expenses. 2. Discharging Liability A payment made by a person to discharge a capital  liability is a capital expenditure     An expenditure incurred to discharge a revenue liability is revenue expenditure 3. Based on Transactions If expenditure is incurred to acquire a source of income, it is capital expenditure e.g...

A company’s financial position indicates the amount of resources that they have, and also the claims against those precious resources at any time. Claims can also be referred as equities. So, a company can be known as a combination of economic resources and equities. Economic Resource=Equities. No mater what type of business your in, every type of company has two different types of equities. They are creditor’s equity and owner’s equity. In another way Economic Resources= Creditors Equities +Owners Equity. When using accounting language, the economic resources a company has at a particular time is called their assets? On the other hand the amount of creditor’s equity a company has is...

Finding accounting jobs net-works online is relatively easy. In fact, if you are looking for an accounting job, then the internet is where you should be looking. This is simply because the net opens up a vast number of opportunities and as we all know, the more the number of opportunities, the greater the scope and the greater the probability of securing your dream job. Where to Do The internet has a whole range of accounting jobs for you, but there is a catch – you need to know where to look for them and you need to know how to market yourself properly. After all, it is a fiercely competitive industry out there and you need to have an edge over the competition, or at least convince prospective...

Accounts receivables are the amount of money that a consumer owes a company for a service or product obtained on credit. Accounts receivables are therefore a company's sales that have not yet been paid in cash. While accounts receivables are considered as currents assets, it remains difficult to consider a product or a service as sold or purchased unless it has been paid in cash. If your company regularly makes a sale on credit and you do not implement and maintain an efficient accounts receivable system, the cash flow in your company will be negatively affected. This can have unwanted implications in the operation of your business. It is therefore crucial that a company observes proper and...

Globalization is a trend businesses cannot ignore. The transformation to International Financial Reporting Standards (IFRS) from U.S. GAAP began in early 2005, with numerous states in the European Union adopting techniques to prepare their financials in accordance with the new standards. Since 2005, many states that were planning on converting to U.S. based Generally Accepted Accounting Principles (GAAP) have switched their focus to adopting IFRS. Countries like New Zealand, Canada, and Australia have already implemented IFRS, while Japan plans to do so by 2011 and the United States by 2014; a huge change that will affect everyone. Now that a little background has been brought to the table on the...

In continuing in our series of fundamental concepts of financial modeling, and after taking a quick break to discuss the cash conversion cycle, I will now turn to another initial step of understanding how to forecast financial information. It is important that the reader has some familiarity of the three major financial statements (income statement, balance sheet and cash flow statement) that I covered in the prior three articles. If not, please read those first prior to continuing. Long-Term Assets The most common long-term asset for many industrial or manufacturing companies is property, plant and equipment ("PP&E"), also referred to in certain cases as fixtures, furniture, fixtures and...

Do you need QuickBooks at this time? Are you feeling swayed by the advertisements about how easy it will make things? QuickBooks is a full-blown double-entry accounting system. Although Intuit has done an excellent job making double-entry accounting accessible to many people, it still requires a certain amount of specialized knowledge to use the program effectively. Brand new, solo, sole proprietors generally only need a few things in their day-to-day business accounting: 1. Accurate Bank Balances. Managing and reconciling the check register should be as easy as possible. Printing vendor checks is nice, but optional. 2. How Much Revenue? Tracking revenue for tax purposes is an absolute must. 3...

Partnership is defined as the relationship which exists between persons carrying on a business in common with a view of profit. In other words, a partnership is an arrangement between two or more individuals in which they undertake to share the risks and rewards of a joint business operations. It is usual for a partnership to be established formally by means of a partnership agreement. However, if individuals act as though they are in partnership even if no written agreement exists, they it will be presumed in law that a partnership does exist and that its terms of agreement are the same as those laid down in the partnership act 1890. The partnership agreement The partnership agreement is a written...