Financial Report on Crimson PLC Essay Example | Topics and Well Written Essays - 1000 words

Financial Report on Crimson PLC - Essay Example The cash flow statement is omitted from the financial statements due to the lack of classification data. The Income Statement does not present comparative information because of the lack of prior period data. Crimson Plc did not prepare a balance sheet or accumulate its accounting records in a general ledger due to the turbulence of the period. The opening balances for the 22 Balance Sheet accounts were compiled from a pro forma Balance Sheet drawn up as of the last day of the financial year 31 December 2005. It is possible that amendments to the Balance Sheet may be called for if and when new information emerges. The 22 financial transactions presented in the Balance Sheet and Income Statement were processed using double entry accounting but without a general ledger system. The following accounting principles have been applied consistently during the period with respect to items that are considered material in relation to Crimson’s financial statements. The financial statements have been prepared under the going concern concept. The going concern concept has been defined as follows: "the enterprise will continue in operational existence for the foreseeable future. This means in particular that the income statement and balance sheet assume no intention or necessity to liquidate or curtail significantly the scale of the operation." The financial statements are presented on a fair value basis for financial assets and liabilities falling within the scope of IAS 39, except those for which a reliable measure of fair value is not available. For those assets not falling within the scope of IAS 39, the principal of historical cost is adopted on initial recognition. Adopting IAS 18 clause revenues are recognised when earned and expenses when incurred. Expenses are recognized in the Income statement on the basis of a direct association between the costs incurred and the earnings of specific items of income(matching).However, here the application of the matching concept does not allow

Management Essay Example | Topics and Well Written Essays - 1250 words

Management - Essay Example Knowledge, understanding, skills development, attitude development, synthesis, analysis, comprehension etc are some of the major elements of learning. Knowledge and understanding represents the surface level learning whereas the skills development, attitude development, synthesis, analysis and comprehension etc are the symbols of deep learning. Critical thinking is necessary for the occurrence of deep learning. According to Pavlovich, (2007), Describing the experience, analysis of the experience, creation of new meanings and understandings and actions for change are the four major dimensions of critical thinking (Pavlovich, 2007, p.284). This paper analyses the importance of these dimensions in critical thinking process. Dimensions of critical thinking â€Å"The first dimension is the manner in which experience act as the context for personal learning. Reflection begins with asking the key questions that describe experience† (Pavlovich, 2007, p.283). It is often said that expe rience is the best teacher than anything else in this world. For example, a child who suffers burns from a candle flame may never tries to touch the flame again. What he knows from this experience is that candle flame or fire is extremely dangerous and it may present painful experience. It is not necessary that he may develop deep understanding from this experience. ... At the same time, fire is a useful entity for the human bad side. Critical thinking is the only way for a person to judge the goods and evils associated with things in this world. The second dimension outlined by Pavlovich, (2007) is the mental activity that reviews experience (Pavlovich, 2007, p.283). Moon (1999) defined critical thinking as a â€Å"mental process with purpose and /or outcome in which manipulation of meaning applied is applied to relatively complicated or unstructured ideas in learning† (p.155). It is not necessary that two people who suffered the same problem may learn similar facts. For example, everybody knows that smoking is injurious to health. Plenty of people died in this world because of smoking related diseases. However, only few people stopped smoking after realizing the dangers associated with smoking. There are plenty of people who continue smoking even after realizing the dangers. This is because of the differences in the mental activities of dif ferent people. Some people are ready to learn from the experiences whereas others are reluctant to learn from experiences. Some people think on long term basis whereas others think on short term basis. Those who stopped smoking can be labeled as long term thinkers whereas those who continue smoking can be labeled as short term thinkers. Paul & Elder (2002) have mentioned that â€Å"short term thinking, which leads to quick fix solutions, is largely the rule of the day† (Paul & Elder, 2002, p.5). On the other hand, long term thinking helps a person to secure his future even if he faces some short term problems. For example, a poor manager may fire an employee who underperforms, whereas a smart manager guide the employee to improve his