American Creation by Joesph Ellis Free Essay Example, 1000 words

This uniqueness was what President Abraham Lincoln expressed when he called America, â€Å"the last, best, hope of earth†. The two-party System, which then was a novel idea, is the most shining legacy left behind by the founding fathers. A Constitution with virtues of ambiguous sovereignty, a nation without a state religion and the creation of the first geographically large republic are the other legacies. But the inability to abolish slavery and the failure to reach a just settlement with the native Indians are two tragedies, which still has repercussions in the body polity of the United States, according to Ellis. The author’s thesis emphasizes on every thing from the strange strategy that won the Revolutionary war to the great wisdom and genius that made possible a constitution and a large republic. Ellis goes through some historical situations very dramatically and raises some strange questions. How much did the element of luck play in the victory of American Revolution over Great Britain, in Valley Forge? George Washington was commanding an ill trained continental army in 1775. It was with this ill equipped army, of a group of amateurs as generals, that he fought the better equipped British Army for six grueling years and won the revolutionary war. We will write a custom essay sam ple on American Creation by Joesph Ellis or any topic specifically for you Only $17.96 $11.86/pageorder now Fall back slowly and then strike unexpectedly was Washington’s strategy which resembles the modern guerilla war strategy. The war at the Valley Forge was a real turning point during the winter of 1777-78. Outer Philadelphia was a great farming area. But the farmers refused to sell wheat and grains to their army, because they were paid poor. So they were selling food products to the British army who paid them in pounds sterling. About two thousand soldiers died of starvation and cold. But before the whole citizenry ended up siding with the British, lured by pounds sterling, Washington deployed his soldiers in an arc around the country side and took control of the country side. It worked and turned out to be decisive in the victory of the Revolution. Like Washington’s strategy, it was James Madison’s wisdom that made the United States of America possible, argues Ellis. After the war there were separatist arguments for each of the former colonies to go their ways. A big republic was impossible. All republics were small like Swiss cantons or Greek city states. A republic wouldn’t work on a large mass of land. It was James Madison’s wisdom and genius that countered these arguments convincingly in the constitutional convention, argues Ellis.

slaverybel Morrison’s Beloved as Chronicle of Slavery...

Morrison’s Beloved as Chronicle of Slavery?nbsp;nbsp; Stories written in our present time about slavery in the eighteen-hundreds are often accepted as good accounts of history. However, Toni Morrison’s Beloved cannot be used to provide a good chronicle in the history of slavery. While writing about black female slaves and how they were the most oppressed of the most oppressed, Toni Morrison, herself as a female black writer, has a very bias view, as seen by many others. Beloved is written in a completely nonlinear fashion that makes it very difficult to view as a good account of history; the jumping around that it goes through makes it very difficult to place oneself into the story. Due to this jumping around that the book proceeds†¦show more content†¦She writes about how the â€Å"villains† only talk in a perspective that will provide â€Å"self-serving records of their crimes†, and how the victims in the story remain, only to continue to tell their story by forgetting what actually happened (Wolff, 105). Neither the â€Å"bad guys† nor the â€Å"good guys† tell exactly what happened. Stories, or histories, are never correct or exact because they are always passed on. Everybody adds their own two-sense or changes it to fit their interpretation of what really happened. Wolff states that this is the only way of getting to the actual truth, that this communal effort will actually lead back to the real story. She goes on to say that the union of women, specifically Morrison and her reflection on the work of Harriet Beecher Stowe, is what is needed to tell the real account of what happened; â€Å"to liberate the slave woman from the bondage and isolation of her silence† (Wolff, 105-106). How could the story of a woman, let alone the story that is passed on through a community of women, remain unbiased? Obviously, it will be fueled by feminist views. Crouch states that feminism had an influence of writing â€Å"that was charged with corroborating the stereotypes of b estial black men† (Crouch, 39). Beloved is a book â€Å"designed to placate sentimental feminist ideology, and to make sure that the vision of black women as the most scorned and rebuked of the victims doesn’t weaken† (Crouch, 40). Therefore, there is no availability for Morrison’s book to

Understanding Oil and Gas

Question: Describe about following points..The route of your product through the oil and gas industry sectors. The impact, if any, by International Oil Companies (IOCs), National Oil Companies (NOCs) and Government agencies. The factors that may effect the demand and supply of these products. Answer: Introduction Oil and gas industry is known as one of the largest in the world in terms of revenue generation. This report presents a brief overview of oil and gas industry. It presents a discussion about the products derived from natural gas and crude oil such as ammonia and petrol. Additionally, the report focuses on the impact of international oil companies, national oil companies, and government agencies on oil and gas industry. Moreover, this report provides the factors that affect demand and supply of ammonia and patrol, which are selected in this report. Oil and gas industry: It is a well-known fact that oil and gas industry is the biggest sector of the world in term of monetary value. This industry is assumed as a global powerhouse in terms of job creation and in generating revenues (Hilyard, 2012). In this way, the oil and gas industry is a major contributor to the growth of OPEC nations like Dubai, Kuwait etc. Natural gas: Natural gas is a highly flammable product. It is a mixture of methane, nitrogen, hydrogen sulfide, carbon dioxide, helium and other higher alkenes. It is used to make fuel, paint, LPG, ammonia etc. Ammonia: Ammonia is an inorganic product that is derived from Natural gas. Ammonia was discovered for first time in 1774 by a chemist Joseph Priestley. It is produced by Haber process from nitrogen and hydrogen (Roney, 2011). Firstly, the natural gas is cleaned from sulfur and then mixed with heated water and supplied it to reactors, where itis passed to catalyst beds. This stage is known as gas vapor conversion. After this stage, a mixture of methane, hydrogen, carbon oxide (CO) and carbon dioxide (CO2) are produced by the reactor. After then, this mixture is mixed with atmospheric oxygen, nitrogen, and vapor in appropriate proportion. Atthe end of this stage, carbon monoxide (CO) and carbon dioxide are detected from the mixture. After this, themixture of nitrogen and hydrogen is passed with high pressure of atmospheres to the high cooling area, and then it turns into liquid form. This form of ammonia is used to cleaning, deodorizing and bleaching activities. It also used for the pr oduction of fertilizer and chemicals (Liu, 2013). Crude Oil: Crude oil is a compound of hydrocarbons and other organic materials. It is processed to produce different products like Petrol, diesel, jet fuel, heating oil, kerosene and many more products (Shah, 2011). Petrol: Petrol is a liquid product that is produced by the refining of crude oil. The crude oil is heated to 900 F temperature in a Coker and boiled at 104 F to produce petroleum. This boiling process is conducted at a temperature of 1112+ F. This process uses hydrogen to remove Sulfur products and converts it into naphtha molecule, which is the end product of petrol. At the end of this process, heavy residual oils are converted into end product as petrol by using of delayed coking unit. This end product (i.e. petrol) is used for internal combustion of the engine for cars, bikes, boats, trucks and more. Upstream, Midstream, and Downstream in oil and gas industry: Oil and Gas industry is very big. It can be divided into three key areas such as upstream, midstream and downstream. Upstream: Upstream is also known as EP (Exploration and Production) sector. Upstream tends to identify the underwater and underground fields of gas and crude oil. It also includes exploration of drilled wells and operating the wells to recover oil and gas on the surface. Midstream: It is an operational link between the upstream and downstream units. Examples of midstream unit are Kinder Morgan and Williams Companies, which provide resources to Midstream and Downstream units. Downstream: Downstream tends to filter of raw materials that are obtained from the upstream phase. In other words, it is a phase, in which natural gas is purified and crude oil is refined. It also includes the marketing and distribution of crude oil and natural gas products like petrol, diesel, lubricants, kerosene, heating oil, LPG as well as in other forms of petrochemical products. The impact of International Oil Companies (IOCs), National Oil Companies (NOCs) and Government agencies (GA): International oil companies significantly affect oil and gas industry as well as its products. For example, if these oil companies produce a low quantity of crude oil and natural gas than the prices will hike in the whole world. This way, all the products related to this industry will become expensive. It is because the international oil companies control over all supply of petroleum products of the world. In the same manner, the National Oil companies will also affect the prices of oil and petroleum products in countries, as they rely on IOCs. NOCs will need to increase the price with a hike in crude oil prices by IOCs. In this concern, Government agencies keep high-level control on domestic oil and gas sector. Government agencies frame regulations related to health and environment safety for regulating this sector. These agencies control the trade of oil and gas by enforcement of regulations and taxes. It also designs different rules and waste regulations for controlling this industry. Factors that may affect the demand and supply of the selected products: There are various factors such as; price, the cost of production, natural conditions, technology, transport, government policies, prices of related goods etc, which affect the demand and supply of a petroleum/gas and related products (Moon, 2013). Descriptions of these factors are as below: The price of Crude: If the price of crude oil increases, the price of Ammonia and Patrol will also increase. The increase in the price of these products will affect the demanded quantity of these commodities negatively. In other words, there is an inverse relation between the price and demand. At the same time, from the point of view of oil and gas companies, the increase in the price of oil and gas products will lead to increase in the supply of these products (Mendes, 2011). Because, when prices increases than the suppliers of these products try to earn more revenue. For this, they will increase the supply of these products. The cost of production: If the cost of production of these products increases, then the profitability decreases. In this way, the seller will increase the price of its products. Increase in price will lead to a decline in demand (Ruttan and Thirtle, 2014). Natural conditions: Natural condition also affects the demand and supply of the products. In the rainy season, the demand for fertilizer products increases. The demand of Ammonia will rise because it is used in the production of fertilizer products. Technology: Technology is an important determinant of demand and supply. Advanced and best technologies decrease the cost of production and enhance the quality of the product (Meijer et al, 2012). This will lead to an increase in demand for products. It is because the cheap and qualitative products are more demanded in the market. So, the improved technology will increase demand and supply of these products. Transport: It an important factor, as it directly affects the demand and supply of the product. If there is a good transport facility for transportation of these products, then the supply of the products will increase (Desjardins, 2014). Due to poor transportation condition, the supply of the product will decrease and the demand for the product will increase there. Factor prices of input products and their availability: If the inputs like equipment, raw material, labor, and machines are available in enough quantity at lower prices, then it will increase the production of goods (Zinnert, 2010). This increased quantity of these products will increase the supply of the product. For example, if these factors are available nearby the manufacturing plants of Ammonia and Patrol, then it will be helpful in reducing the cost of manufacturing. As a result, it will increase the production and supply of the product. Government policies: The different government policies like monetary policy; fiscal policy etc. also have a greater impact on the supply and demand. If the taxes and excise duties are increased than the cost of production also gets increased (Nechyba, 2010). In this case, the companies will decrease the supply of the product due to low-profit margin. On the other hand, if the price of the product is increased by the manufacturing firms to maintain its revenue, then the demand for that product will generally decrease. Prices of related goods: This factor refers to the price of substitute goods and complementary goods. If the price of these goods is increased, then suppliers will increase the supply of products to earn more revenue. But, if the customers are switched to lower priced product then, it will decrease the demand for these products, Conclusion From the above report, it is concluded that Oil and Gas industry is an important sector of the economy of every country. Upstream, downstream and midstream are the important areas to recover the oil and gas on the surface. It is also identified from the above discussion that there are different factors affecting demand and supply of oil and gas products like the price of crude oil, change in government policies, change in technology and quality of transport facility etc. Additionally, IOCs, NOCs, and Government agencies also affect Oil and Gas industry in a great manner by the formulation of different policies and tax rates. References Desjardins, R. (2014) Rewards to skill supply, skill demand and skill match-mismatch: Studies using the Adult Literacy and Lifeskills survey. UK: Lund University. Hilyard, J. (2012) The Oil Gas Industry: A Nontechnical Guide. USA: PennWell Books. Liu, H. (2013) Ammonia Synthesis Catalysts: Innovation and Practice. UK: World Scientific. Meijer, M., Haar, M., and Lousberg, J. (2012) The Demand Supply Governance Framework. USA: Van Haren. Mendes, P. (2011) Demand Driven Supply Chain: A Structured and Practical Roadmap to Increase Profitability. UK: Springer. Moon, M. (2013) Demand and Supply Integration: The Key to World-Class Demand Forecasting. USA: FT Press. Nechyba, T. (2010) Microeconomics: An Intuitive Approach with Calculus. USA: Cengage Learning. Roney, N. (2011) Toxicological Profile for Ammonia. USA: DIANE Publishing. Ruttan, V., and Thirtle, C. (2014) The Role of Demand and Supply in the Generation and Diffusion of Technical Change. UK: Routledge. Shah, S. (2011) Crude: The Story of Oil. USA: Seven Stories Press. Zinnert, S. (2010) Integrative Long-Term Supply Chain Demand Planning. UK: Logos Verlag GmbH.

Accounting Earnings and Cash Flows

Question: Discuss about the Accounting Earnings and Cash Flows. Answer: Introduction: Longreach Ltd has adopted the international accounting standard and the objective of the standard in relation to the impairment of assets is prescribing the procedures to ensure that the assets are carried at not more than recoverable amount. Since the assets are described as impaired under this standard, it is required by the entity to recognize the loss arising from impairment. There are several types of assets included in the entity in both the profit and non-profit organization. Such assets are segmented into various section and those employed for carrying out the current operation are deemed as the current assets (Bevis 2013). Fixed assets on the other hand serves the entity for longer period. An entity may comprised of several intellectual assets other than current and fixed assets such as trademark, copyright assets and many more. It also comprised of assets emerged from the acquisition or due to the growing popularity among consumers are also included along with the goodwill and brand. The organization can increase its revenue by directly employing such assets. There are also intangible assets, which are not physical and cannot be measured in units. In the books of account, such assets are maintained at the amount purchased (Briloff 2013). There is a significant decline in the real value of the assets with the time. The company at the real time value applies impairment and the decreased amount is adjusted in the impairment account. Decline in the value of asset leads to loss, which is viewed as loss due to impairment. There are certain common factors applicable to the numerous assets and several factors influences the asset value. Value of machinery, equipment and several tools is based on the manufacturing capability and usage. It is viewed that the upcoming g production capability of these assets might decrease due to their increased usage in the production (Dechow 2012). The older equipment and machineries decreases in the value and eventually it becomes obsolete because of the emergence of modern machineries and equipment. The value of land gradually increase due to various factors such as over population, new cities emergence and transformation of the locality. Due to the alterations in the choice of consumers and modern technology emergence, the trademark along with the patent right tends to fall in value. Goodwill is falsified in the event of acquiring any acquisition and it serves as an additional value (Gray et al. 2013). The goodwill imbibed in purchasing the assets falls significantly when there is the reduction in the value of the assets. There is need to the financial report as per the requirement of the stakeholders because the stakeholders have different interest over the organization. Government and the accounting standards signifies huge importance in the interest of shareholders. It is desired by the stakeholders that financial reports must represent the true and fair value of the asset and liabilities of the listed companies. Due to the emergence of the modern machineries at the lower price, the market value of the machineries has turned out to be half of the real value cost. There can be the case when the organization has acquired the machinery before five years. If the cost price of certain machinery is presented in the financial report, it would indicate that the asset are overvalued. This would not represents the true and fair value of the assets. Valuing the assets of the organization are considered an efficient investment option by the shareholders (Maas et al. 2016). Shareholders of the company may take faulty investment decision if the shareholders rely their investment decisions on the overvalued financial statements, if the organization does not represents the fair and true value of the assets. The accounting board for gaining the shareholders interest has introduced the impairment concept. Introduction of the government policies and the accounting standards outlines the instruction for the impairment of the assets along with the general financial statements. When the carrying amount of the assets exceed the recoverable amount, it is required to carry out the test of impairment at that time. In the books of accounts of the assets, the carrying amount is recorded. The purchasing cost of the assets represents such amount and it is depreciated in relation to the appropriate technique of depreciation (Huian 2013). The asset fair value can be selected as the amount recovered after all the anticipated expenses of the assets are reduced by the organization. Asset value can be regarded as another recoverable amount. The net cash flow of the entity anticipated to be collected from the assets is referred to as the value. The higher value among the two can be chosen in accordance with the IAS 36. If we consider IAS 36, the loss arising from the impairment is measured by reducing the recoverable amount of assets from their carrying amount (Aasb.gov.au 2017). Since the book value of the asset is reduced, the impairment loss attributed to the respective assets are debited. In addition to this, the maintenance of the accounting amount of the assets has decreased the value. Such impairment loss is adjusted in the income statement in the year-end along with the profit and loss account. The loss is representing as the non-operating loss in the income statement. The overall value of the shareholder is decrea sed if the impairment loss is credited in the revaluation surplus account. In case of the assets that are generally considered as the Cash Generating Units that encompasses the goodwill, which has resulted from the acquisition of the assets. The impairment loss is not adjusted accordingly in this case. The impairment loss can be calculated as per the aforementioned method if the overall value of the cash-generating unit requires being impaired. Moreover, the loss is adjusted with the Goodwill account. In the event of making adjustment with the goodwill, certain amount is left, and then the remaining amount is aligned with the CGU assets (Rappaport 2012). This is relied on the book value of the assets. Reference and Bibliography: Aasb.gov.au. (2017). Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPapr07_07-07.pdf [Accessed 18 Jan. 2017]. Bevis, H.W., 2013.Corporate Financial Accounting in a Competitive Economy (RLE Accounting). Routledge. Briloff, A.J., 2013.The truth about corporate accounting. Harpercollins. Dechow, P.M., 2012. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals.Journal of accounting and economics,18(1), pp.3-42. Gray, R., Owen, D. and Adams, C., 2013.Accounting accountability: changes and challenges in corporate social and environmental reporting. Prentice Hall. Huian, M., 2013. Stakeholders participation in the development of the new accounting rules regarding the impairment of financial assets.Business Management Dynamics,2(9), pp.23-35. Maas, K., Schaltegger, S. and Crutzen, N., 2016. Integrating corporate sustainability assessment, management accounting, control, and reporting.Journal of Cleaner Production. Paton, W.A. and Littleton, A.C., 2012.An introduction to corporate accounting standards(No. 3). American Accounting Association. Rappaport, A., 2012. Establishing objectives for published corporate accounting reports.The Accounting Review,39(4), pp.951-962. Rennekamp, K., Rupar, K.K. and Seybert, N., 2014. Impaired judgment: The effects of asset impairment reversibility and cognitive dissonance on future investment.The Accounting Review,90(2), pp.739-759.