Cash Basis Accounting Coursework Example | Topics and Well Written Essays - 250 words

Cash Basis Accounting - Coursework Example The coursework "Cash Basis Accounting" talks about the cash basis accounting particularly when it is appropriate, petty cash fund and the age of accounts receivable particularly on what basis they are determined. The cash basis accounting is used by most of the sole proprietors as well as businesses without inventory. The system is considered appropriate for a small service company, cash-based business or small businesses. On the cash basis, accounting revenue is recognized once cash is received. On the other hand, in accrual accounting expenses tend to be recognized when cash is paid. Cash basis accounting differs with the accrual basis accounting in some ways. In cash basis accounting, revenues are recorded on the income statement once cash is received while in accrual-based accounting it is recorded when cash is earned. Cash earned entails cash received from customers. In cash basis accounting expenses are reported once cash is paid out while in accrual-based accounting expenses a re reported when they expire or occur. The expiry date is different from the payment period. Cash based accounting is the common mode because it is simple and provides cash flow picture more accurately. Petty cash fund is defined as the amount of cash on hand that is used in paying small amounts owed instead of writing a check. There are ways which can be employed by companies to control petty cash fund. Reporting and audit and the acceptable use are the ways which companies can employ so as to control petty cash fund.

The Similarities Between Marx and Aurelius Essay

The Similarities Between Marx and Aurelius - Essay Example It will be shown how they agreed and the differences they shared. Karl Marx's Estranged Labour confirms that man is defined by the work he produces. His whole identity is intertwined with the right to work. Man is a product of his environment. He identifies himself with the "fruit of the efforts". Aurelius's environment is the Universe, Nature and Divine Providence. He considers it more important the work one does upon his intelligence and his existence in the present. To explain Marx's economic principle, if the man is a product of his material wealth in which his work is for someone else, the more he works, the poorer he becomes. "The alienation of labor occurs because labor is not essential to his being. He does not affirm himself but denies himself, does not feel content but unhappy, does not develop freely his physical and mental energy but mortifies his body and ruins his mind" (74) If he is poor, he becomes alienated to what he is doing and his self-identity is destroyed. If h e has a low concept of himself. He will become estranged to others and his society. Marx says as we work for others, we become slaves to the material wealth we produce. Material wealth will determine our level of happiness. How can one think highly of himself if he is poor and hates what he is doing? An earlier philosopher, John Locke said that "work was one of the unalienable rights of man". Aurelius said that work should have a purpose. Aurelius defines the man by his introspection and lack of material wealth. Aurelius shows man what needs to be done in order to be happy. Marx's implicitly says that our happiness is defined by the projection of our self-identity. Aurelius says we only can find freedom when we no longer depend on material wealth. Karl Marx "work is essential so that an individual does not become estranged or alienated from himself and other workers." Self-conception is defined by the fruits of one's efforts. Work or labor on physical matter enables an individual to meet his basic needs and see himself in terms of society. If we agree that self-conception is defined by the effort one puts into the work, both Marx and Aurelius agree to the meaning of happiness. Aurelius would say that Necessity is the need to work. The ability to create from the soul forms one's personal identity and thus enables personal survival and the desire to survive. These three concepts are the basis of humanity. Aurelius would agree at his level, as change keeps the universe going. "The transformation of nature into objects is one of the fundamental aspects of human condition. Two different philosophers agree that the universe has to have constant creation and change otherwise there is decay and death. Aurelius used different language to say that we are all from one universe and must work together to find a common ground. It is not natural to stand in each other's way. He would have agreed with Marx that it would not have been natural to have an unhappy worker. Aureliu s didn't want the man to become distracted by the material aspects of life. He did not really explain if the necessities of life were part of the material aspects. One would have to assume that he meant material wealth. The basic daily needs of man were met. Once again Aurelius and Marx mentioned that people should not have to suffer from others, whether they were good or bad if they did not work harmoniously together.