Why Marijuana Should Be Decriminalized

Connor Biro – 2577567 English 102 Price 4/5/13 Why Marijuana Should Be Decriminalized in the U. S. â€Å"Marijuana, in its natural form, is one of the most therapeutically active substances known to man† (qtd. in Rosenthal and Kubby 49). The DEA’s Administrative Law Judge, Francis L. Young, stated this in the matter of Marijuana Medical Rescheduling Petition, in 1988 when attempting to list marijuana as a Schedule II drug (Keene 93). Marijuana, or â€Å"weed,† is made from the leaves and flowers of the hemp plant cannabis sativa.In 1937, cannabis was made illegal with the passage of the Marijuana Tax Act. Since it was criminalized, billions of dollars have been spent in marijuana –related incarcerations. Marijuana consumption should be decriminalized in the United States for both medical and recreational use because it could prove medically, economically, and socially beneficial for the nation. The first reason marijuana should decriminalized in the United States is for its medicinal value. Marijuana can be used to treat an assortment of diseases and disorders, and also helps in pain relief.Patients suffering from glaucoma, an ocular disease where the eye is subject to increased pressure that damages the optic nerve, eventually leading to blindness, can be treated with marijuana to help reduce the pressure on the eye (Keene 92). For individuals suffering from epilepsy, a brain disorder in which an individual may has repeated seizures over time, marijuana can potentially prevent seizures at a very affordable price (Rosenthal and Kubby 50). Marijuana also helps relieve the side effects of chemotherapy, which include loss of appetite and nausea (Keene 91).Finally, marijuana helps individuals suffering from chronic pain caused by diseases such as fibromyalgia, arthritis, and cancer (Rosenthal and Kubby 50). Although, it appears that marijuana should be available at every pharmacy, behind every counter, after reading about its medi cinal properties, it is not. The second reason marijuana should be decriminalized in the U. S. is because it can improve our nation economically. So far marijuana has been legalized in 14 states, for medical use only. If marijuana were to be legalized more jobs would be reated, more money would be made in advertising businesses, and a significant amount of tax revenue made (Bradford). By comparing the taxes of liquor and cigarettes, it is concluded that the government could make about seven billion dollars a year in revenue just from state licenses, taxes and fees (Rosenthal and Kubby 26). Marijuana does not only provide medical uses, but industrial uses as well. Hemp, the nonpsychoactive sister of marijuana, is a very unique plant that has many useful qualities. Hemp has the longest fiber in the plant kingdom and is also known for its very strong and durable characteristics (Rosenthal and Kubby 28).The industrial applications that hemp can be used for include insulation, textiles, clothing, paper and most importantly, rope (Rosenthal and Kubby 28). In ancient China (around 8000 or 7000 B. C. ), archaeologists have found proof that hemp was a main crop for thousands of years, originally used as fabric, then eventually the Chinese found other uses like using the hemp fibers for rope and paper, and even mixing it with other grains as a food source (Keene 29). If marijuana were to be legalized, the manufacturers could export products such as the ones previously mentioned.As long as marijuana remains an illegal import, there is no way for the government to regulate its sale as well (Rosenthal and Kubby 75). The final reason marijuana should be decriminalized in the U. S. is because it can prove to be socially beneficial to the nation. Marijuana is listed as a Schedule I drug, along with heroin, LSD, and PCP, meaning the government believes it has a high potential for abuse, there is no current medical use in treatment in the U. S. , and that there is no acceptable use even under medical supervision (Rosenthal and Kubby).Millions of arrests and thousands of people are thrown in jail for marijuana charges, ranging from minor offenses, such as paraphernalia, to major offenses like illegally importing marijuana into the U. S. Police officers shouldn’t be wasting their time arresting youths with minor offenses like marijuana possession. If marijuana was decriminalized, teenagers arrested with minor charges related to marijuana would not have their lives ruined with marijuana-related crimes on their record (Rosenthal and Kubby 81-82). Another reason the nation’s society would be improved is by removing the young adults from the marijuana business.These young entrepreneurs succumb to the fast, easy money involved in dealing marijuana and ruin their chances of having a bright future. Marijuana should be decriminalized so the nation can benefit medically, socially, and economically. Legalizing marijuana just seems like the most logical thing to do, especially when the nation’s government is in such a tremendous amount of debt. It is presently legal to own and smoke small amounts of marijuana in Colorado and Washington. Over 65 million Americans use marijuana either occasionally or regularly (Rosenthal and Kubby IX).So why waste millions of dollars on the criminalization of marijuana charges, and lose the opportunity to make money off of this highly used plant? Citations Keene, Ann. Marijuana: It’s Effect on Mind & Body. New York: Chelsea House Publishers,1992. Print. Rosenthal, Ed, and Steve Kubby. Why Marijuana Should Be Legal. New York City: Thunder’sMouth Press. 2003. Print. Bradford, Harry. â€Å"14 Ways Marijuana Legalization Could Boost The Economy. † The HuffingtonPost. TheHufiingtonPost. com, Inc. 7 November, 2012. Web. 1 April. â€Å"Should Marijuana Be a Medical Option? † Medical Marijuana. ProCon. org, Inc. 6 May, 2009. qWeb. 28 March.

Analysis Of A Stakeholder Essay

The Stakeholder in which I decided to research and write about is the AMA or to some it may be known as the American Medical Association. This association’s mission is to better public health and promote the art and science of medicine. The AMA was founded in 1847 by a man by the name of Nathan Smith Davis. The group has since invested in the doctor and patient relationship and has promoted scientific advancement as well as improved public health. Mr. Davis was the first editor of the Journal of the American Medical Association back in 1883 until 1888. The first code of medical ethics was adopted by the AMA delegates and they were the ones to establish the first nationwide standards for preliminary medical education as well as the degree of MD’s. This association has become the largest in American history. The AMA continues to serve as an advocate for the profession, physicians, and patients. The AMA focus on three core areas within health care: (1) Improving the outcome of health care, (2) Changing medical education, (3) and by making sure payment models are delivered efficiently as well as enhancing physician satisfaction. Members of the AMA say they plan on setting goals in order to reach these things. (www.ama-assn.org) By doing so they plan to initiate, identify share, and develop patient-physician decision making. Also when it comes to bettering the system the AMA states that they will: (1) Increase productivity, save lives and money, and improve outcomes and health by developing and practicing it’s delivery, (2) Diversify physician services so that it may reflect the levels as well as its service risk by adopting a good payment policy, (3) and allow physicians to select the models that fits the mode of their practices.(www.ama-assn.org) After reading and knowing what the AMA stood for and the mission in which they are striving to accomplish made me better understand how they connect with the health care field. Now since we all have a better understanding about the AMA I can focus on the Health Care Reform Act and describe the AMA’s position on it. Here are a few things in which the Health Care Reform Act states. Thirty-two million uninsured Americans will be extended medical coverage. In the year of 2014 small business will be allowed to purchase coverage through a separate exchange. If a child has a preexisting medical condition they will not be denied health insurance coverage. Also in the year of 2014 no health insurance company will be able to deny health coverage to anyone. Parents will be able to carry their children on their health insurance policy until the age of twenty-six. Even if illegal immigrants want/need health insurance coverage and they are willing to purchase it with their own money they will not be allowed to do so with any exchange. In 2009 expansion of insurance coverage was the most contentious issue and the AMA was the most visible organization that represented physicians and their views on this issue. The AMA opposed Medicare expansion and proposed coverage of the uninsured primarily through private means. Many AMA members were in disagreement about this but it seems as if the older physicians supported the AMA’s decision but the younger ones disagreed. Many physicians supported the proposals for health insurance expansion in which the AMA opposed. Even though the AMA is considered the most visible organization that represent physicians, it’s views did not represent the majority of the physicians views on coverage expansion in the most recent reform efforts. The AMA felt as if the reform act did introduce and promise some priority goals which were: (1) extend coverage to uninsured, (2) investing in physician’s workforce, (3) proving long term relief from Medicare flawed physician payment formula, (4) focusing as well as increasing the nation’s preventive care and wellness initiatives, (5) and simplifying administrative burdens for patient and physicians. The AMA states that they will continue to work with Congress as well as Administration pushing for the best outcome for physicians as well as patients. (www.ama-assn.org) They also will continue to eliminate the IPAB (Independent Payment Advisory Board), replace the SGR (Sustainable Growth Rate), and Enact the MLR (Medical Liability Reform). With this being said overall it will take time but the AMA states that it will continue to stand strong and firm about its mission as well as its goals in which they are try to reach for its physicians and the patients.(www.acep.org) Even though the disagreed about certain proposals they will continue to fight. References www.acep.org www.ama-assn.org www.nejm.org

Literature Review On The Framework Of Investment Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3238 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Graham and Qadd (1934) states that an investment operation is one which is based upon thorough analysis that guarantees safety of amount invested and gives an adequate return. Operations that do not meet these conditions are speculative. Gordon and Sharpe (2002) differentiate between investment and saving. Don’t waste time! Our writers will create an original "Literature Review On The Framework Of Investment Finance Essay" essay for you Create order Investment is restricted to real investment as that type that increases national output in the future, while saving is consumption forgone. For Reilly and Brown (2002), investment is the current commitment of money for a time period in order to develop future payments that will reward the investor for the time period the funds are devoted, the rate of inflation, and the degree uncertainty of future payments. Bodie, Kane and Marcus (2003) speak of investment as the sacrifice of existing resources, something of value now, to benefit from that sacrifice later in terms of benefits. It is the engagement of money or other resources that one have in its possession to some other consistent assets with the expectation of earning some benefits in the future. From an Economist point of view, investment refers to the amount of expenditure on goods and services, which are not used for present consumption but for producing further goods and services. Economists argue that investment is equal to saving in any economy. While we can note a distinction between savings and investment, both terms are regularly used conversely (Hamouda, 2009). The three main characteristics of investment are return, time and risk. The engagement of resources invested now is certain, while the reward upon investment in meant in the future and the degree of uncertainty is uncertain. For instance, government bonds it is the time factor that predominates and the risk element is the principal feature for a common stock (Sharpe and Gordon, 2006). 2.2 Real Investment and Financial Investment Real investments represent investments in tangible or real assets such as equipment, land or buildings while financial investments deal with securities and contracts written on papers. The material wealth of a society is calculated by the productive capacity of goods and services of the society members. The capacity function of real assets of the economy can be used to manufacture goods and services by using land, buildings and knowledge. Real asset is that component of real investment that determines the productive capacity of any economy. Financial assets are written paper contracts and represent claims on real assets or the revenue generated by them. Financial assets define the proportion of income or wealth among investors while real assets create net income to an economy (Sharpe and Gordon, 2006; Bodie et al, 2002). Real investments that can generate significant income require significant financing. It is obvious that an individual will not be able to own banks, but this indiv idual, have the possibility to invest in the securities of an established firm to perform these fruitful activities. Table 2: Balance of U.S Household For instance, an individual who buys stocks of the Barclays PLC or the Mauritius Commercial Bank is carrying out financial investment in these organisations, which then can execute real investment in buildings, equipment, technology and furniture and fittings. Individuals have the choice of consuming today or investing their wealth today for future consumption. If they prefer to invest today, they will place their present wealth in financial assets through investment in various securities. Investors returns come from the income generated by the real assets that were funded by the issuance of those securities (Breadley and Myers, 2001). The difference between financial and real assets will be clearly apparent when one looks at the balance sheet of households. For instance, we are going to look at the United State household balanc e sheet as shown in Table 2 and Table 3 depicting United States national wealth. Source: Flow of Funds Accounts of the United States, Board of Governors of Federal Reserve System, June 2008 Table 3 :Domestic net worth (only with real assets) Assets Billion Non-residential real estate $9,001 Residential real estate $22,070 Equipment and software $3,923 Inventories $1,849 Consumer durables $4,082 Total $40,925 Source: Flow of Funds Accounts of the United States, Board of Governors of Federal Reserve System, June 2008 The largest asset and liability both come from the house owned. The position of deposits is usually maintained for liquidity of consumption and pension reserves are the money or assets invested for future retired life. Equity in non-corporative business may come from the investment in sole proprietorship or partnership companies. For example, a bond that an individual possess as an asset gives him an entitlement on int erest income while repayment of principal is a liability for the bond issuing company, where these payments are compulsory. The individuals asset is the bond issuing companys liability. When the balance sheet is totalled, the financial assets nullify the liabilities. Structures, equipment, inventories and land form the National wealth. 2.3 Behavioral Finance It is an integral part of investment decision making. In comparison with traditional finance theory. Behavioral finance lays emphasis on irrational behaviour of investors. Factors like cognitive biases, heuristics and mental errors can cause bad investment decisions. It integrates psychological factors with risk-return trade off theory (Mauboussin, 2004). Behavioural finance describe individual investors as unrational investors who are subject to cognitive psychological biases, who often exhibit risk seeking behaviour and their expectations are biased(Lucey, 2005). The classical decision-making under risk and uncertainty is based on asset integration, risk aversion and rational expectations. Unlike traditional finance theories suggest, investors do not necessarily make rational investment decisions. Cognitive psychological biases, which influence investment decision making, are heuristics (Representative, overconfidence, availability), regret aversion, cognitive dissonance, ancho ring mental accounting and greed fear (Chandra, 2008). 2.4 Factors affecting Investment Decisions The selection of investment alternative for the investor are to be considered first to know what are the objectives of investors (Hirt and Block, 2003). Different investors have different investment objectives. Some will be willing to bear significant risk in reaping returns; for other investors, safety is a principal concern. Taking into considerations investor objectives, the most vital question is: Why should we invest at all? (Corrado and Jordan, 2001). We shall consider the following factors as the investment objectives of an investor and the guidance in the selection of the different types of investment. Risk, return and Safety The most vital decision that an investor must deal with is the degree of risk he is prepared to shoulder. Risk tolerance measures the level of risk an investor is willing to accept. Most investors are risk-averse, that is, they will choose the investment with the minimum risk possible (Pellinen et al, 2010). Since higher returns are generally ass ociated with higher risks, the investor must therefore seek equilibrium between return objectives with risk tolerance. Most investors have a difficulty in expressing in any defined way their attitude toward risk. The main reason is that risk is not a simple theory; it cannot be easily defined or measured (Chandra, 2008). Investors who are rational and risk-averse will choose a portfolio made up mostly of short-term debt, securities from the government and major organisations. Conservative investors will normally invest in market fund where the capital of several investors are combined and reinvested in high-yielding investments and short-term investments. Current Income vs. Capital Appreciation If current income is the return objective, the investors portfolio will contain generating income rather than capital gains. This strategy sometimes suits investors who want to increase their income with income engendered by their portfolio to meet their living expenses. Pensioners may favour this objective for part of their portfolio to be able to generate spendable funds. The investment will usually be in high-yielding mature firms. Capital appreciation is an appropriate objective when the investor wants the portfolio to develop in real terms, through a rise in value to provide the expected return over time to meet some future need. Under this strategy, growth generally occurs through capital gains. It shows an aggressive strategy where investors are prepared to take on risk to meet their aim. It should be noted that there is a balance between growth and income, where it is unlikely to find these two characteristics in one type of investment. Capital Preservation Investors want to minimise their risk of loss, usually in real terms. They strive for maintaining the purchasing power of their investment, that is, the return should not be less than the rate of inflation. This is a strategy for strongly risk-averse investors or when funds are needed in the short -run, such as a down payment on a house. Ease of Management It is a factor worth considering in investment selection such that the time period and effort the investor has to dedicate to his portfolio should define the type of assets he decide to invest in. Liquidity Considerations Liquidity measures the ability to quickly convert an investment into cash at a price close to fair market value. Assets are more liquid if many traders are interested in a standardised product. Treasury bills are highly liquid while real estate and venture capital are not. There is need to consider in the investment plan the liquidity needs of the investor. Tax Factors Different types of investments are taxed differently. Higher tax bracket investors will prefer investment strategies with favourable tax credits or tax shelters while lower tax bracket investors will focus more on pre-tax returns. 2.5 Major differences in Investment Cultures around the Globe Culture comprises of beliefs and values that religious, ethnics and social groups hand on from generation to generation. Individuals have less control over their culture than other social capital (Becker, 1996). They cannot change their race, ethnicity, or family history, with some difficulties arousing that they can move to another country or change religion. Trust is one facet of culture, the levels of trust differ from countries to countries; it is quite high in China and they are particularly high in Norway, Finland, and Sweden. They are quite low in France and Italy and lower in Mexico and the West Indies (Statman, 2009). Guiso at al (2006) institute that levels of trust persevere among immigrants to the United States, and quite high levels of trust among immigrants are connected with quite high levels of trust in their countries of origin. Does cultural background affect financial attitudes? This is an essential question for financial advisors whose clients originate from different cultures. If we take Japan as example, decision-making is slower because they tend to seek authorisation of everyone in the group, particularly the elders. Japan is a high context culture, where less is expressed overtly and more is understood. For a person originating from a low context culture, sometimes it is challenging to understand what is the real definition. You need billions to penetrate the Japanese market; this is what makes it the last resort for investors. Despite Japanese has larger disposable income, they still find it hard to find investment opportunities (Ghimire, 2006). In Zimbabwe, where inflation rate is high, the government encourages the population to invest in securities rather than saving their income. Their investment culture has changed towards militating against the current hyper inflationary situation and the presence of resources in starting up and running their own business (The Herald, 2007). Uganda is populated by 30 million people and ha s around three million bank accounts, confirming that a major part of the population does not possess a formal saving structure. Mr Charles Ocici, Executive Director of the Enterprise Uganda, stated: its not always easy for an individual to save for future investment, hence if they are put in a group its easier to gather a fair amount of money for future investments where individual savings return less potential capital (Ladu, 2010). Johnson (2006) promulgates that Jamaicas investment culture is defined in terms of size, skill, bureaucracy and corruption. Coming to Chinese and American Investment Culture, Chinese households witnesses a high percentage of net worth in investments and they may experience fluctuations in wealth larger than they are able to cope, which could pave the way to stress or absurd financial behaviours. The difference between the two investment cultures lies in the collectivism of Chinese culture versus the self-centred nature of American culture. The Chines e are risk attracted because even though the asset is highly risky and offers a high probability of low return, there is still a guarantee of family or friends solidarity and support even in case of bankruptcy. The Americans on the other side of the coin are risk averse because they do not benefit from the same support. Family and friends are rarely present for help in case of high loss and bankruptcyÂÂ  and that is the cultural safety net. Financial advisers must know that people are different and even people who were born in any country have diverse preferences and those preferences may be found in family history, in personality or in culture. People carry on with their culture even for several years after they establish in a new country (Statman, 2009). New Zealand has witness a fall in household saving and a rise in household wealth, as they are tempted to invest in residential property due to rises in house prices. It should be noted that the household saving rate has b een among the lowest and investment in wealth is at much lower levels than the United States or Australia. Wealth is more unevenly distributed than income as well as financial skills. People who possess high financial knowledge have higher education, higher income and higher wealth and these people represent only 15 % of the population (Burns and Dwyer, 2007). Studies demonstrate the consumers inability to ascertain the quality of investments and they are faced with lots of information. Others will turn up with rules of thumb on how to progress. Consumer interviews suggest that advice from family members and friends are regarded as an important factor for investment decisions. A small proportion of people will have recourse to professional financial advisors. Lower taxes on managed funds, changes in the regulatory framework of the financial sector, educational measures to increase financial literacy are some factors that affect the investment culture in a particular country. A ne w trend has been observed; people tend to see education a reliable investment with much greater return. For instance, when Sweden denationalised its social security scheme, the Swedish population who had invested their own pensions chose more costly and less diversified funds (Burns and Dwyer, 2007, adapted from Stewart, 2005). The intricacy of the market and investment products, the costs of swapping products has set up demand-side restrictions that alleviate competition in the investment market (Burns and Dwyer, 2007, adapted from Grimes, 2005). Information about investment products has contributed to a low-trust environment, where light should be spread on investment products, fees, charges, and terminologies. Across the globe, investment decisions are taken, but there are some factors that an investor should consider like considering risks and making adequate comparison against the possible returns to be realised from the investment and the investment that provides the optima l value is chosen. We have also random an unsystematic investors. The investment climate depends on a large number of factors that can be gathered into three main categories: macroeconomic conditions, physical infrastructure and institutions. Foreign investors select an explicit location based on the investment type and the expected profitability. The foundation for making investments is determined by the definite features of the favoured location: disposal of cheap skilled labour, market size and volatility, existence of natural resources, nearness to the home country or admittance to good financial and physical infrastructure (UNECE, 2004). People also prefer safer investment like property, treasury bills, and investment in foreign currency and trading. The reluctance of people towards investment is just because they prefer to put in a bank to keep it safe. Moreover, with the uncertainty linked with how quick they can get their investment back on bonds make people reluctant to invest. Another factor that shape investment decisions is the familiarity of the financial institution and the investment type. People are more attracted towards safer investment where they are absolutely familiar with and invest in an institution that they already know. It is also to be noted that some investors prefer their intuition to any systematic methods for their decisions. The source of information for investment decisions would include recommendation by friend, newspapers, leaflet or books, financial skills or a financial agent. The objective of investment would vary form keeping investment safe, making more money, employer actions or a friends advice (Boye, 2005). Studies have shown that men investment has been higher than womens for social and various demographic reasons. Women tend to be more risk averse than men in general. Individual investment choices on lifestyle and demographic attributes (Warren et al. (1990) and Rajarajan (2000), adapted from Dash, 2010). For making long-term investment, institutional investors need to analyse environmental, social and governance information. Racial differences on investment behaviour are investigated below. The way how black household invest in risky asset ownership would differ from white households. According to Wall Street Journal, the affluent Blacks are less involved in stock market than whites thus benefiting less from market gains. The reasons behind less interest on behalf of Black on the stock market arise from risk tolerance, investment choice, or a cultural difference. The investment behaviour can be viewed in different cases. In the case of individual investor, there is a large difference between Blacks and Whites in wealth accumulation over the life cycle, possibly leaving Black families less prepared for retirement. For financial consultants, lack of understanding between financial planners and Black clients may deter Blacks from ever seeking the advice of financial advisors (Gutter et al, 1999). Investors vary in risk tolerance and it is an important factor. Too little risk tolerance may leave investors with little superannuation income as they retreat from uncertain investments with high estimated returns. Too much risk tolerance might also leave investors with slight superannuation income as they spend their savings in gambles (Hoffman, 2007). In Mauritius, investment is viewed in a different angle, where the preferred investment vehicle is 95.9 % for bank savings and deposits for safety reasons while 7.14 % have invested in SIT and the stock market. 69 % of potential investors are ardent to invest on the stock market subject to disposal of funds and predictions of benefits being good. 10 % expressed hesitation to invest in risky sectors and the rest were reluctant and showed confidence in the banking system for safety reasons. The main reason why there is little investment by Mauritian is the lack of adequate information, no proper financial education. Other f actors would include income tax reasons, unprepared for downturns, the saving rate and the agreement, which is too bulky to read that discourages investment (FSC, 2002). 2.3 Conclusion Investment can be termed as deferred consumption. When an investor is confronted towards an investment decision, he will in a first instance analyse, what is his risk tolerance, what is the investment return and when will the investment yield to maturity. This is a general notion for everyone, but investors attitude vary from country to country or even continent to continent. Different investors have different preferences and needs. A deeper analysis shows that there are differences between male and female investors, uneducated and educated investors, young and older investors. It should be noted that knowledge of the relation between culture and financial attitudes helps financial advisors to improve services to their clients. Besides culture, the financial instrument used helps to define the investment culture and where people who are relatively savers see their savings as an investment. Friends have a major say, as they tend to influence the investor decision thus derouting from its own objective. A poor saving culture may not essentially explain a poor investment culture.

The Black And The White, The Rich And Poor, And Men And Women

The black and the white, the rich and the poor, and men and women were terms that are commonly used to illustrate disparity of people. Race, class, and gender were used for special purposes in the United States from the American Revolution through the Civil War. They were not only used to limit the rights of some groups of people, but also to extend the benefits of others. African Americans, Native Americans, and the Chinese were some of the groups of people that best portray the inequality during this period of time. The usage of race, class, and gender had brutal effects on these groups, and it drove them to take many actions to overcome the inequality. By using race, gender, and social class issues, certain groups, who focused on the†¦show more content†¦Thus, they had to do what God made them do, which was to lead the world and rule everybody. They had to fulfill their duties by expanding, possessing more land, and taking civilization to new territory. The Declaration of Independence seemed to be set up in order to secure life, liberty, and happiness of citizens, but that was not really what was believed. The Constitution was created by powerful white men to benefit themselves. All the power was in the rich white elites hands, while the other groups of people, such as the poor whites, African Americans, Native Americans and other immigrants, had almost absolutely no rights. The rich whites created the legislation and all policies. Many laws were passed to please and benefited the government and its parties. In addition, laws were passed one after another to deny the rights of those low class people. The poor whites, Native Americans, African Americans, and other immigrants were categorized as non-white, which made them unqualified to be a citizen. Moreover, those who were citizen could not vote if they did not own any property. Not being able to vote meant that they could not stand up and speak for their own. Thus, they were oppressed and exploite d by the powerful groups: governments and its elites. The issues of slavery led to racism in the United States. In order to treat slaves like property, slave owners had to be racist. People who worked in the office for the government were all rich

Professionalism Military History - 1272 Words

The means or in which a man gains his livelihood (1 â€Å"Webster’s dictionary†) should be one of the most important things in a man’s life. It is often overlooked on yourself but always noticed by others. The method of how a man should conduct himself in pursuit of a profession is professionalism. It is a roughly defined word which means it is often misused. First there are a set of guidelines about professionals which apply in all realms, Second professionalism has deep roots in military history as well as its hero’s, and lastly there are many ways professionalism is related to the recon community in particular. One of my friends is a public speaker and old business associate of mine laid out the guidelines to being a professional. (2†¦show more content†¦Some examples of this are. â€Å"Every action done in company ought to be with some sign of respect to those that are present.† Similar to the fifth principal of praising your peers. â€Å"Keep clean shaven, teeth clean, and nails short without showing great concern for them.† This rule is still followed by the military today. This man thought of things like this as a fourteen year old. He built his career in the military on being the most professional man around. Then when we won the war against Great Brittan because of his unmatched professionalism everyone wanted him to be in charge. Similar qualities and traits can be found in many of military history’s great icons because they are timeless guidelines that always satisfy the other party and put them at ease. Professionalism is important to the military and applies more so to the special forces of the military because of the higher standards they are held to. The Recon community has a tremendous reputation to uphold because of those who went before them. In the recon creed it specifically says â€Å"through professional pride, integrity, and teamwork I shall be the example for all marines t o emulate. If it were not for these high standards of professionalism in the recon community then there would be no reason why commanders wouldShow MoreRelatedAmerican Civil-Military Relations: Argumentative Essay1595 Words   |  7 PagesModule C160- American Civil-Military Relations Submitted by MAJ David Nicoll The purpose of the argumentative essay is to assess written communication skills. The challenge is to persuade the reader of the validity of the thesis presented and convince the reader of the argument. It is also to argue why it will assist students in their duties as a Field Grade officer over the next 10-years of their career and the importance for professional military education (PME). 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Auditing Theory and Risk Assessment Practice Free Sample

Questions: 1. List and discuss several factors that would have contributed to an increased subjective risk assessment at the financial statement level. Also, identify which of these factors may be identified during the strategic business risk assessment. 2.Inherent risk factors that would have contributed to an increased inherent risk assessment at the account balance level. 3.Assessment of the issue of going concern as either low, medium or high. Answers: Introduction Examination of business financial operation through auditing has been a major concern in the line of business. For any business entity to identify its level of growth and development there must be a proper assessment conducted in the firm. Most of the operations in the economic sector highly depend on the nature of auditing, therefore, several principles have then been developed to assist in the elimination of risks and perils which may be accrued during auditing (Lpez and Peters 2012). These hypothesis have been designed by worlds financial reporting framework establishments such as GAAP and IFRS to direct auditing practices. Several policies have also been developed to assist auditors in making corrections on the risks which may face them during financial assessment. The way of examining and duty of review group guarantees the accomplishment of an organization inside the business or worldwide business sector. In the later past, hypotheses like going concern has been produced. Usage and routine of these stipulated issues stay in the hands of examiners and the leading group of administration of any given entity. The extent of this paper explores the use of these present issues in One.Tel Company in Australia. The organization has been in operation in media transmission industry since May 1995 in the wake of being propelled in Sydney. The paper further examines natural danger in the organization budgetary reports and the issue of going concern. 1. Understanding of Inherent Risk Inherent risk is one of the review dangers oversaw under risk evaluation. Review hazard includes three sorts of dangers. These dangers are inherent danger, control dangers and the detective hazard. Assessment risks is considered as the result of the three dangers as shown previously. It might be experienced amid evaluating execution which for this situation is One.Tel Telecommunication Company. Inherent risk is subsequently a segment of the review which comes as a consequence of material misquote inside the money related articulation. Incorrectness happens in an organization's assessment reports due to underutilization of important control measures (Chung et al. 2012). Inherent dangers emerge for the most part because of the mistake of oversights in the adjustments of the organization books of records. On account of One.Tel Company, intrinsic dangers may have emerged because of disappointments and poor utilization of the control measures. The event of disappointments because of inher ent might be as an aftereffect of oversight and fake practice during auditing. Inherent risk can be high or low within an organizations financial reports depending on the prevailing business environments. Some of the factors which may lead to high inherent risks are as discussed below. Factors Which Affect Inherent Risk at the Financial Report Level Legitimacy of Company Administrators The expansion in inherent risk in One.Tel Telecommunication Company might be as a consequence of the inadequacy of the leading group of the Directorate. The organization's administration is made of nine individuals having distinctive powers and benefits. The board is made up of five none-official individuals shaping up most of the board individuals. There are other four official individuals having a full order to everything inside the organization (Coetsee 2010). The rate at which the inherent risk is increasing in One.Tel media transmission organization is high as indicated by the case of study. The board of management is committed to a great deal of obligations which includes: approval of corporate and budgetary procedures, distinguishing and addressing issues of great concern confronting One.Tel as an organization, checking on and observing administration procedures and reporting instruments, regulating money related execution and arrangement of the senior administration group. Th e organization has developed as far as possible where the administration group of nine personalities can't meet every one of their commitments. The chiefs will probably conceal their poor notorieties, along these lines, neglecting to create important articulations amid evaluating prompting an expansion in the characteristic danger due to poor administration. Management Understanding, Alertness and Instabilities During Financial Assessment Period The wastefulness in the administration of the organization and absence of learning encourages wrong readiness of the budgetary report prompting an increment in the inherent risk. Once the examiner recognizes standard workforce turnover in basic administration areas, there is possibilities of arising inherent risk in light of the fact that honest identities are prone to leave their official positions as opposed to proliferate some extortion. This generally happens when the organization extends quickly as reflected on account of One.Tel Telecommunication Company (Herda and Lavelle 2012). Unusual Pressure on Organization Management There may be inducements for administration to misstate the financial report increasing the inherent risk. The incentives in can be either from the internal environment or the external environment (Kerler and Brandon 2010). The incentives may be cash flow problems, poor liquidity rationing, poor operating results due to management limitation and work overstretch and connection of management compensation pay schemes tied to share capital and earnings. This may lead to an increase in the inherent risk since management may be induced to misstate operating and financial statements to acquire some bonus. Nature of the Kind of Venture One.Tel is Operating Various issues have been acknowledged in the business or industry in which One.Tel Company operates. The company has a complex investment organization, which is an aid to increase inherent risk. The existence of related-party transactions such as the company shareholders would also increase inherent risk as the operations are not with the self-regulating party (Al Nawaiseh and Jaber 2015). The company has got capital share transactions which require a lot of financial know-how to audit since such operations are complicated. The company operates in larger geographical context and generates a lot of income through sales. In review of the given case, One.Tel Company gained huge sum of money in the previous trading period. The company received a total income of $687.2 million where $429.4 million revenue came from Australia, $144.7 million UK, $15.1million France, $ 36.6 Netherlands, Hong Kong $39.2 and $ 13.2 million from other trading regions. This indicates how Telecommunication compa nies have probably recompenses until they inaugurated a standing, and a trustworthy income source inherent risk will keep on rising. Telecommunication industry is facing a challenge which requires a company in the industry to apply controls mechanism to be stable and remain relevant in the industry. Since new economies and unstable economies result in high inherent risk than stable economies. Factors Affecting the Industry in which the Entity Operates Variations in commercial and competitive environments would be anticipated to have a significant influence on the inherent risk of an entity like one.tel in the telecommunication industry. Factors such as imbalance in the revenue and growth in some telecommunication service providers may lead to a rise in the inherent risk during financial statement preparations. Throughout risk assessment stage the company audit team goes through the risks identified like the inherent risk discussed above. The team or the auditor evaluates the factors of the risks through fair evaluation (Martin 2013). Evaluation of risks results into two types of risks which in this case is an inherent risk. The identified risk is a component of material misstatement of the financial statement motivated by several factors. Factors relating to fraud can be identified during strategy development process whereas those factor that increase inherent risk due to fraud identifiable via the AU section 316. Accounts likely to Require Adjustment When the books of accounts are being adjusted to fit to the demands of business in the recent trading period there is likeness of errors to occur. These errors may be due to omissions, oversight, imaginary conclusions by accountants or as a result of errors carried forward. In such situations the rate of inherent risk is considered to be high as a product of errors. Complexity of Fundamental Transactions If the deal during a trading period is complicated, it is likely that there will be an increase in inherent risk. In consideration of One.Tel Telecommunication Company, the books of accounts indicates complex types of transactions such as the shareholder's inequity, reserves and dividend. Challenging transactions are prone to errors as they are difficult to understand leading to high inherent risk at the accounting level. Conclusion Involved in Determining Account Balances The kind of judgment made by the auditor during the process of balancing of auditors is likely to influence inherent risk. In case the account report on a given transaction may be induced by some factors within the company (Reichelt and Wang 2010). These judgments can be affected by the type of operation and the management pressure. Susceptibility of Assets to Loss or Misappropriation The susceptibility of the companys assets to loss or misappropriations leads to increased inherent risk at the accounting level. During the transaction entries, it is evident that simple misappropriation of an asset result into accelerated inherent risk. For instance taking misplacement of an asset to liability may lead to an increase in the inherent risk (Herd and Lavelle 2014). The Occurrence of Unusual and Complex Transactions, Particularly at or near Year-End The manifestation of substantial trades during the trading period has a possible increase the inherent risk (Skinner and Srinivasan 2012). When an unfamiliar transaction occurs precisely towards the end of a trading period, there are high chances of errors in the books of accounts. Such different operations may be a challenge to the auditor and accountants and may result in high inherent risk. Transactions not Subject to Usual Processing The degree of an upturn in the inherent risk is high at the bookkeeping level when we make dealings which require unfamiliar processing. In the event of such case the auditor of a business entity like One.Tel Telecommunication Company may make mistakes leading to an increase in inherent risk as a result of limited knowledge of such transactions. 3. The ongoing concern builds on the auditors' assessment whether low, medium or high in correlation to inherent risk and control risk (Francis 2011). The detection risk during the evaluation is maintained at the lowest level to keep the audit risk at the recommended rate. Minimum detection risk can be accomplished through scope test enhancement. Due to the argument, it is evident that the going concern can be either high, medium or low based on the three type of risk. The issue of going concern in relation to One.Tel Companys case can be considered to be high. Inherent in the companys financial statement is deemed to be high since the company operates in a highly controlled industry. In this situation, the companys going concern is considered to be high (Chang, Dasgupta and Hilar 2009). Other factors such as the detective risk and control risk are seen to be high according to the nature of the business entity. In application of the knowledge acquired it is clearly evident that the g oing concern can be high, low or medium. Conclusion It is clear from the above discussion that the rate of going concern depends more on the kind of risks in the financial statement. In the event of low audit risk, the nature of going concern remains low whereas when the types of a risk is medium or high, the going concern is either low or high. Even though the assumption may be correct, it is hard to regulate the following circumstances that may lead to the continuous application of a going concern (Knechel et al. 2012). The nature of a going concern in accompany depends on the application of the stipulated financial framework. The above discussed issues should therefore be given proper assessment as per the financial stipulated framework of GAAP and IFRS. References Al Nawaiseh, M.A.L. and Jaber, J., 2015. Auditing subsequent events from the perspective of auditors: study from Jordan. International Journal of Financial Research, 6(3), p.p78. Chang, X., Dasgupta, S. and Hilary, G., 2009. The effect of auditor quality on financing decisions. The Accounting Review, 84(4), pp.1085-1117. Chung, J.O., Cullinan, C.P., Frank, M., Long, J.H., Mueller-Phillips, J. and O'Reilly, D.M., 2012. The auditor's approach to subsequent events: Insights from the academic literature. Auditing: A Journal of Practice Theory, 32(sp1), pp.167-207. Coetsee, D., 2010. The role of accounting theory in the development of accounting principles. Meditari Accountancy Research, 18(1), pp.1-16. Francis, J.R., 2011. A framework for understanding and researching audit quality. Auditing: A journal of practice theory, 30(2), pp.125-152. Herda, D.N. and Lavelle, J.J., 2012. Auditor commitment to privately held clients and its effect on value-added audit service. Auditing: A journal of practice theory, 32(1), pp.113-137. Herda, D.N. and Lavelle, J.J., 2014. Auditing Subsequent Events: Perspectives from the Field. Current Issues in Auditing, 8(2), pp.A10-A24. Humphrey, C. and Miller, P., 2012. Rethinking impact and redefining responsibility: The parameters and coordinates of accounting and public management reforms. Accounting, Auditing Accountability Journal, 25(2), pp.295-327. Iwu, C.G. and Xesha, D., 2011. Used Bookstore as a Vehicle for Improved Learning and Development: The Case of a South Africans Tertiary Institution. Janvrin, D.J. and Jeffrey, C.G., 2007. An investigation of auditor perceptions about subsequent events and factors that influence this audit task. Accounting Horizons, 21(3), pp.295-312. Knechel, W.R., Krishnan, G.V., Pevzner, M., Shefchik, L.B. and Velury, U.K., 2012. Audit quality: Insights from the academic literature. Auditing: A Journal of Practice Theory, 32(sp1), pp.385-421. Lpez, D.M. and Peters, G.F., 2012. The effect of workload compression on audit quality. Auditing: A Journal of Practice Theory, 31(4), pp.139-165. Martin, R.D., 2013. Audit quality indicators: Audit practice meets audit research. Current issues in auditing, 7(2), pp.A17-A23. Reichelt, K.J. and Wang, D., 2010. National and office specific measures of auditor industry expertise and effects on audit quality. Journal of Accounting Research, 48(3), pp.647-686. Skinner, D. J. and Srinivasan, S. 2012. Audit quality and auditor reputation: Evidence from Japan. The Accounting Review, 87(5), 1737-1765. Thompson, T.R., 1960. Problems of Auditing Computing Data: Internal Audit Practice and External Audit Theory Section 1: Internal Audit. The Computer Journal, 3(1), pp.10-11. Unegbu, A.O., 2014. Theories of Accounting: Evolution Developments, Income-Determination and Diversities in Use. arXiv preprint arXiv:1411.4633.

The Importance of Music Nowadays Research Paper Example

The Importance of Music Nowadays Paper Music has accompanied people from time immemorial. In ancient times, music was part of religious ritual; in the Middles Ages, the first polyphonic compositions were written to praise God, and from the Renaissance, the world has seen an enormous development of different music forms. Today, you can hear music everywhere, at a concert, at home and even in a supermarket. It is difficult to imagine what the world would be like if there were no music. In this essay, I will examine this subject from the point of view of the professional musician and the music teacher, and to make the picture more complete, I will give my views. What, then, is music or how is this concept understood? If you ask a graduate of a conservatoire, or consult an encyclopaedia, you will know that music is the art of combining sounds into a unified whole, usually for an aesthetic purpose. This definition means that any piece of music has to be written by someone. For most of us, however, music is something we take for granted. We will write a custom essay sample on The Importance of Music Nowadays specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Importance of Music Nowadays specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Importance of Music Nowadays specifically for you FOR ONLY $16.38 $13.9/page Hire Writer You can buy a CD for a tiny fraction of your salary, or using your computer, at the flick of a switch, you can get the latest hits for free. Therefore, it is no wonder that the status of music has diminished substantially in the last fifty years. Professional musicians – who, as usual in such cases, should earn fame and fortune – are fighting a losing battle with ever cheaper sound systems. For most of them, it is not easy to get an opportunity to play live, let alone to find a place in a classical orchestra. Only few are lucky enough to make a career and big money; the rest end up as music teachers or have to retrain for jobs which will make them employable. As far as music teachers are concerned, whether retrained or otherwise, they cannot understand why so little emphasis is placed on aesthetic values in education today. They feel very disappointed as they see music giving way to mathematics and foreign languages. They claim that in the long run music can develop children’s creativity and imagination. Another benefit of musical skills, according to teachers, is making new friends. Music, they add, is a universal language which bridges the gaps in human relationships. It is often said that people from opposing factions are on common ground when they play or talk about music. Having presented the views of professional musicians and music teachers, I want to offer my thoughts on the subject. I have attended a music school, and I have to say that those were very important years in the formation of my character, temperament and stamina. On many occasions, being dejected and dispirited, I tried to seek and then I found refuge in my music. Also, through music, I have made a lot of friends and been to many places in the world. Last but not least, playing music is a good exercise for your brain and body and is more enjoyable than listening to it. The status of music would be raised if we made a concerted effort to give it due attention: music lessons as important as mathematics and languages, more financial support to professional musicians, less publicity surrounding the release of a new hit and more programmes about classical music.