Why do we need so many different theories in accounting Essay - 2

Why do we need so many different theories in accounting - Essay Example The purpose of this paper is to discuss how accounting theories differ from each other including real life examples that show contrasting accounting theories in the real world. Accounting is a simple, yet complex field due to fact that there hundreds of different principles that establish the foundation for its practice. The accounting profession as a whole is self-regulated. There different accounting bodies that set the principles and standards that guide the profession. Two of those governing bodies are the FASB and ICPA. The primary accounting framework that is used by accountants to guide their everyday daily activities are the generally accepted accounting principles (GAAP). The GAAPs covered a wide variety of accounting subjects such as long lived assets, revenue recognition, and inventory topics (Accountingtools). An illustration of how the accounting profession has different treatments or accounting applications for the same economic event can be seen in the way accountants calculate depreciation of assets. Accountants can choose one among various depreciation methods to calculate the depreciation of an asset. Five of the techniques that accountants can use to calculate depreciation are FIFO, LIFO, age-life method, straight, declining balance, and sum-of-the years’ digits method (Weygandt & Kieso & Kimmel, 2002, p.409). The final depreciation calculated by each of these methods gives an output that is different. This might seem a little confusing for a person outside accounting circles, but there is a financial logic behind the existence of so many depreciation methods. The reason there is so many accounting depreciation method is that these methods are available so that accountants can select the method that most appropriate depending on the circumstance. For example an accountant that is auditing a company dedicated to selling

Diet for a new American Movie Review Example | Topics and Well Written Essays - 250 words

Diet for a new American - Movie Review Example Cruel treatment of animals shocks the viewer raising a powerful question that should a man do all such heinous acts just to fill the belly? My personal opinion is, this is a great movie. I have always been for vegetarian diet and this movie by the scientific treatment of the subject, has further consolidated my stand for vegetarian diet. This is an eye opener for the animal loving people and the health conscious ones. I believe that America needs to do serious re-thinking about the diet of its people and explain to them the correct position through print and electronic media. Legislation needs to be enacted for the protection of the animals. Pigs, cattle and chicken are raised in awful conditions and the entire process of meat production in inhumane. More or less, it is now an admitted fact that meat eating causes coronary problems and harms the body and environment by eating animal protein in large quantities. I am a vegan and on the basis of facts and figures articulated in the movie I do hope that it will lead to transformation amongst the viewers and they will seriously consider switching over to vegan lifestyle. Yes, this movie is the victory for vegetarians and the time is not far off when vegetarian food will be the way of life for the entire humankind. That will be a great relief to the suffering of the birds and