Godfather Ii Essays - English-language Films, Action-adventure Games

Godfather Ii Armando Powell The real importance of any movie can't be adequately appraised solely by box office success or critical response. 'The Godfather Part II is an example of how a carefully crafted sequel to a great film can become both a box office and critical success when attention is paid to its artistic quality. The movie continues the tale of the Corleone family, and presents to the viewers a world filled with greed and betrayal, family union and loyalty. A companion piece in the truest sense of the term, The Godfather Part II earned as much praise as its predecessor, if not more. Earning twelve Academy Award nominations, the second installment has been rightfully hailed as the best sequel of all time. While The Godfather, Part II did not exceed the box office gross of the original, the movie can still be considered a blockbuster, and not at all a flop. The Godfather earned instant success when it was first released in 1972. Earning both praise from critics and box office success, making about $135 million, the movie became an instant classic. One of the reasons for the high status of The Godfather Part II lies in the fact that the movie was authored by the same author with the same intent in mind. While other sequels usually serve as nothing more than easy way for unimaginative producers to cash on previous successes, The Godfather Part II was a nice opportunity for Coppola to experiment, correct some possible flaws or even answer to critics of his previous work. (Dragan Antulov, IMDB) The biggest and most serious objection to The Godfather was Coppola's allegedly apologetic portrayal the Mafia. Coppola was accused of showing organized crime as being more noble and less violent than it actually was. His Mafiosi are shown as dedicated family men, opposed to narcotics and any unnecessary violence, and in some way even better alternat ive to legitimate government. In the second movie, Coppola intended to use the story of the first part to paint more realistic and, consequently, much darker picture. Instant financial success did not follow The Godfather Part Two as it did the first movie. The reason was created due to the fact that the second movie represented one of the examples of the now generally despised practice in modern Hollywood, making sequels out of the successful, great movies. Such practice earned the utter disdain of contemporary critics because the sequels almost always fail to meet the standards of its predecessors, and, more often than not, succeed only in tarnishing their great memory. Therefore audiences were wary of attending the second movie, fearing it would not live up to their expectations. The box office numbers reflect this; the second movie earned only $57.3 million. Nevertheless, other factors contribute to the blockbuster status of the movie. The Godfather Part 2 is considered to be the finest sequel ever made and is arguably a finer film than the original Godfather. The film is divided into two main parts, the story of a young Vito Corleone and the rise to power of Michael as the head of the family. The film expands upon the original movie and brings us into the family's activities in Nevada, Florida and Havana. Set in the 1950s, the story picks up soon after The Godfather left off: Michael Corleone has moved some operations to Las Vegas, but remains involved in New York organized crime. He also seeks to expand operations to pre-Castro Cuba, in partnership with aging, chronically ill Hyman Roth (Lee Strasberg). He also has to defend himself against congressional hearings into his criminal activities. As in the first film, Michael ruthlessly punishes those who oppose or betray the 'family' (i.e. himself). Although his success continues, he also becomes ever more cold and distant: nearly a personification of evil. The only emotions that remain are the desires to punish those who have hurt him. The second part involves flashbacks of Michael's father Vito first as a boy, then as a young man. Vito (De Niro) immigrates to America, alone, to escape a vendetta against his family. Although he can be as ruthless as his son would later be, Vito also rewards with favors those who are

Working for a Year Before Entering University

Working for a Year Before Entering University Free Online Research Papers There is no denial that people increasingly gain freedom in developing themselves, and a trend has been more and more popular amongst young people in some countries where they are encouraged to get employed or have a travel between the completion of high schools studies and the commence of university study. From my perspective, several factors needed to be taken into consideration. On one hand, young people could benefit from travel or work experience, in some meaning, if under proper direction. Take a student who want to enter film industry, for example, he or she may learn from what it is like from their teachers or other academical sources. However, it is most likely that such knowledge can’t help them get in touch with the real professional people, and moreover, many students would be misled that they can fulfill any job requirement simply by copying from existing models. On the other hand, there are certain risks for youngsters to take in working or traveling. Firstly, it is almost certainly that student could not find the relevant occupation or meet appropriate requirement of real working positions in particular field, which may result in disappointment or depression. Hence, teachers and mentors should be appointed or be consulted in order to provide advice wherever needed. Secondly, financial support could be another problem for some individuals. It is highly recommended that different situation and economical conditions should be considered thoroughly before any action is taken out. Ultimately, travel and working is inappropriate for some unskilled people, since they aren’t qualified for certain activities, and it is probably that they can’t finish any tasks or gain any social experience as their peers. elaborate training scheme rather than working opportunities should be of much more use for people in that category. To conclude, I believe some people does benefit from traveling experience, as well as participating in some practices, in terms of broadening their vision, enlarging knowledge, and realizing ambition. In most cases, certain measures nevertheless are indispensable to ensure people do not waste time or money in taking part in such activities. Research Papers on Working for a Year Before Entering UniversityStandardized TestingPersonal Experience with Teen PregnancyIncorporating Risk and Uncertainty Factor in CapitalOpen Architechture a white paperResearch Process Part OneBionic Assembly System: A New Concept of SelfBringing Democracy to AfricaAnalysis of Ebay Expanding into AsiaInfluences of Socio-Economic Status of Married MalesThe Project Managment Office System

Isaac Newton is a great man Research Paper Example | Topics and Well Written Essays - 1750 words

Isaac Newton is a great man - Research Paper Example Isaac Newton was born in Woolsthorpe, England in 1642 and grew up to be an authority in Mathematics, dynamics, celestial mechanics, astronomy, optics and philosophy (Newton). His life appears to have been influenced by the death of his father who died few months prior to Newton’s birth (English-Online). He took charge of his life early in his life, waiting on tables and doing menial jobs for wealthy students to pay for his school fees, which shows his great love for education. His mother had remarried and left him under the care of aged grandparents who could barely support him, but this did not deter his quest for learning. During his youth, he is known to have been interested in mechanical devices, doing many experiments and building many devices (Newton). He is known to have built a mill model, clocks and kites among other devices, which he experimented in his neighborhood, with some of the experiments greatly frightening his neighbors. He drew many drawings and architectur al diagrams on the window edges and walls of his Woolsthorpe home which included drawings of men, animals, birds and also plants. During this time, he is known to have been influenced by the book; ‘mysteries of nature’ by John Bates (Newton). He had his early education at Skillington and Stoke which is thought to have started when he was five years old. Newton the proceeded to King’s school in Grantham during which time his step father died and his mother went to their Woolsthorpe home (Newton). The mother removed him from school and intended to make him a farmer, but Newton was not interested in farming but had a great thirst for learning. John Stokes, master of the Grantham School and William Ayscough, Newton’s uncle intervened, leading to the decision to prepare Newton for University, which was done in 1661, with entry to Trinity College, Cambridge (Newton). It is at this college where he is thought to have made his mathematical discoveries where he had easy access to the college and university libraries where he spent lengthy hours of study. It is also assumed that it was in the rooms of the Trinity College where he did the experiments of the dispersion and refraction of light, and probably done the one on the pendulum to explain about the earths pull of gravity. The experiment about the falling apple, which Newton said explained about the idea of gravitation, was done either at Boothbay or at the Woolsthorpe house (Newton). Isaac Newton was a very ambitious scientist who did his researches very conclusively and had a firm belief that everything in nature had an explanation in mathematics, but not all scientists during his time concurred with him. He was so engrossed in his work and researches that he did not have many acquitances and did not also marry. When for example he was writing the principia, which is the mathematical principles of natural philosophy in the Latin language, he rarely left his room and ate little food or ev en none at all, had unkempt hair and worn out shoes, and also very rarely went to the chapel. Isaac Newton contributed much through his research and discoveries in many of the fields in which he was involved. In the field of mathematics, his most notable work was in calculus, and other fields of

EXERCISE 5 P+P Research Paper Example | Topics and Well Written Essays - 1000 words

EXERCISE 5 P+P - Research Paper Example The Merise has the basic assumption of System design and development going through three cycles of - abstraction, approval and life cycle. There can be object oriented transformation of Merise analysis. The cognitive bias of Merise is that it is not limited only to the modeling of a database (Pham, 1991). 2. Purpose & Periphery   What does the method encompass?   What is it (designed to be) used for?   To what can it be adapted/applied?   What does it preclude? The method encompasses three characteristics viz. structural overview with diagram and text that is beneficial for easier implementation, better quality system and a use of improved planning. The development method was primarily designed for UK and the government computing requirements. The application later became hugely popular and hence it was adapted by the European public sector companies (Doorn, 2002) . The Merise mainly encompasses graphical representation through three different cycles. It is mainly designed fo r development cycle, which is decision cycle, life cycle and abstraction cycle. It is mainly applied such that data and processes are viewed in conceptual level then logical level and finally operational level (Pham, 1991). The SSADM technology precludes various drawbacks of previous technologies by offering below listed advantages:- 1. SSADM involves user 2. SSADM separates the logical and physical aspect of the system 3. It gives the three different views of the system 4. It has well-defined techniques and documentation However, SSADM technology cannot be applied in all conditions. The SSADM technology requires a large enterprise and may not be suitable for all types of enterprises like Small scale or medium. A large investment of time and money is required to use this technology. It requires a big place and also needs trained people to use it (Ashworth, 1990). 3. Process & Procedure Guidance offered   What do we do? What happens next?   Procedures for moving through the stage s/phases/tasks/ Practitioner guide   Participant guidance   There are guidance available, which can teach the software designing methodology with plenty of tutorials available, both in printed form and online format. The Practical Business Systems Development using SSADM4 by Philip Weaver (Weaver, 2002) is a complete guideline on it. There are software development sites, which help in these issues too. With the help of Logical Data Modelling, one can identify, model and document the requirements of data for the system being considered for design. Using this method, the data is separated into relationships and entities. Because of this, it becomes easier to know about the fields for which business needs to record the information and about the relationships between entities. The data flow modelling recognize, model and document the movement of data around the information system. It examines the actions which transform one form of data to another, area where data is held, what rece ive data into system or sends data from system and also about the routes through which data can flow. And the entity behaviour modelling takes care of actions that influence each unit and the sequence in which these actions occur. There are detail procedures in these tutorial books which guides through stages of the task. Even there are modules like requirements analysis,

The Self Criticism And Reflection Education Essay

The Self Criticism And Reflection Education Essay During the college years, I had multiple hurdles that I have encountered. One of the biggest hurdles was time management and procrastination. Throughout my education, I have always been a procrastinator, even in finishing up this essay. When I go into my assignments, I will always go with good intentions and plan on getting them done early so that I will not have to worry about doing them later. However, life seems to get in the way. I always find something else that needs to be done immediately, while my assignments are not due for a few days. I also find it very difficult to motivate myself if the assignment is not due right away. I have myself convinced that I will do better under pressure. So I always end up putting myself in that situation. Although throughout my education so far this technique has worked, I certainly believe that it will not work through university. In order to change my ways of thinking about assignments and deadlines, I need to set some concrete rules for me to follow. First off, I need to set realistic goals. I often set goals that are very unlikely to get my work done. Therefore, to improve this, I will try to break my assignment into parts and give myself more than enough time to accomplish each task. By doing this, my time will be fully utilized instead of wasted. In co-curricular activities, I realized that I had done little in games and clubs within the university, despite having a number of athletic teams, training personnel as well as other facilities. I was not able to attend any of the activities and even spent most of my time playing games on my personal computer rather than being involved in real athletics. Therefore, I have made strict schedules to allow me attend my favourite games which are football and rugby. I believe sports can season me to be mentally and physically fit. Moreover, physical fitness is important for all, and is also the main core for engineers to go the distance. In life, we are bound to encounter challenges. Thus, by doing sports, I hope they can help me to steel myself in coping with the challenges in life. Furthermore, as most sports involve precision, which is fundamentally linked to engineering, it also helps me to develop the natural traits as an engineer. Through the hurdles, I also realized some of my strength. One of them is that I always get all of my work done. I always make the time and find the will to get them done. This takes a lot of self-discipline, because I could always been distracted with other matters. If I get all of my work done, then surely it will help me in final year examinations. I am also learning all that I am given in order to expand my knowledge and do well on assignments, laboratories and coursework. This will ultimately help me to be more knowledgeable throughout my life. Professional Engineering principles and personal opinions Being a professional engineer, it means that I have to work to enhance the welfare, health and safety whilst paying due regard to the environment and the sustainability of resources. Personally, there are three fundamental principles that I think we, engineers, should hold as guidance in achieving the high ideals of professional life. Firstly, without any doubt, a professional engineer should normalise themselves with integrity and honesty. Professional engineers should adopt the highest standards of professional conduct, openness, fairness and honesty. Therefore, from now, I should start training myself to be alert on the ways in which my works and actions might affect others, and duly respect the rights and reputation of others too. I also need to avoid deceptive acts and take steps to prevent corrupt practices or professional misconduct. Bribery and improper influence should not be in practice too. Other than that, I would weight leadership as one of the most important principle for professional engineers as we should aspire to high standards of leadership in the exploitation and management of technology. Being a professional engineer, it shows that I hold a privileged and trusted position in a society. Therefore, I am expected to demonstrate that as professional engineer, I am seeking to serve wider society and also be sensitive to public concern. Thus, I have to be aware of the issues that engineering and technology raise for society, and also listen to the aspirations and concerns of others. Moreover, I have to actively promote public awareness and understanding of the impact and benefits of engineering achievements. Lastly, I believe professional engineers should be accurate and rigour. We hold a duty which is to ensure that we acquire and use widely and faithfully the knowledge that is relevant to the engineering skills needed in their work in service of others. Therefore, I should always act with care and competence. I have to get my knowledge and skills up to date and also assist the development of engineering knowledge and skills in others. In addition, I should present and review engineering evidence, theory and interpretation honestly, accurately and without bias. As a Professional engineer, I also need to identify and evaluate risks before take any actions. University experiences. University life has taught me to be more self discipline. Back in college, I was assigned with daily homework and teachers will check them on regular basis to ensure that the works given were properly done. However, when I step into university life, I am trusted to complete my assignments without being reminded. I also have to relate what I have learned in class to my readings. Most importantly, I have to keep myself notified the due date of my assignments. Other than that, it teaches me to be more independent thinker. In college, teachers will still check my homework and guide me through different thinking process, whilst in university; I have to develop my own independent thinking. An obvious example is when having a discussion with course mates on certain topics, there will be conflicting views on a single subject. However, in compensation, university provides us with more resources to clarify some disputes. Conclusion Upon finishing this essay, I have learned that time management is the most critical tool towards achieving personal goals not only in education, but also in other aspects of life. I have realized that my overall academic grades, as well as in extracurricular activities, improves with proper time management and the ability to work with strict time schedules. I have also learned a lot of useful insight from this whole module. Some of them have helped me to understand myself better. The questionnaires given during SESM1015 lecture have really helped me to understand about the different learning styles and thus made me realize which style that best fits me. Knowing this information also will help me utilize my strengths and ultimately learn better. To become the cream of the cream, one must always continue to learn and progress. Therefore, I set some expectations on myself for this year. One of the expectations that I have for myself is to continue to complete all of my work because that is the only way that one can truly learn. I am also going to work on feeling more confident about myself and my abilities. I have thoughts and ideas and I want to feel like I need to share them. That is going to be difficult for me since I am an international student, I have always been a quite one, but I will work on it. I am also expecting to be presented with ideas that I have never thought of, so I can learn from them. I want to learn a lot and look back on this year from now and be glad that I took it. Overall, I want to be taught things that I need to know in order to be the best professional engineer that I can be.

“The Tell Tale Heart” and “The Black Cat”

Kaleb Clem Mrs. Winslow English II Honors 31 October 2012 â€Å"The Tell-Tale Hearts† – â€Å"The Black Cat† Comparison â€Å"The Tell-Tale Hearts† and â€Å"The Black Cat† are two stories that share more similarities than differences. The plots both start out the same with a main character whose actions throughout the story makes apparent to the reader his insanity and have to deal with the internal and external dilemmas that are caused by the evil deeds, which both happen to be involved with murder, due to the unstable state of the man’s conscience.The two stories have settings that are both strikingly similar. Both stories have a gothic, mysteriously dark setting. And both stories are set within the narrator and the main character’s home; however, â€Å"The Black Cat† had more than one setting. In â€Å"The Black Cat† the main character’s house is burned down and so he is forced to get a new one. More details ar e given about this house than his earlier house or the home in â€Å"The Tell Tale Heart. † We are told that the house is old, unlike the first one, and not what he and the wife are used to.The story also tells about the cellar, being such an important setting the narrator tells us that the psychological confinement is increased and taping that gets into our deepest fears concerning home and life. The characters from â€Å"The Tell-Tale Heart† and â€Å"The Black Cat† we see that for the most part, the stories are unbelievably alike. Both stories feature a man who is undoubtedly considered insane by the end of the story and who is the main character and policemen investigate under suspicion of murder. The Tell-Tale Heart† also has a neighbor who plays a small role in the story and The Black Cat contains the man’s wife, Pluto, and the second cat. The plot is almost exactly the same in both stories. Both stories feature a man who claims to be sane in the beginning although he proves to be otherwise later. The insanity in both characters differs. In â€Å"The Tell-Tale Heart,† the man just seems to have a mental condition of sorts. In The Black Cat,† however, the main character is a raging alcoholic, which seems to be the main cause for his abnormal and malevolent behavior, like when he cut out Pluto’s eye. Pluto never did anything wrong, but the man was intoxicated. â€Å"The Tell-Tale Heart† and â€Å"The Black Cat† were very similar. They had almost the same plot. The settings in the stories were much in common, and both plots featured gothic elements with large houses and lack of character variety.

Accounting – Concepts and Conventions

NATURE OF FINANCIAL STATEMENT The data exhibited by financial statements are affected by a)Recorded facts b)Accounting Concepts, Conventions & Principles c)Personal Judgment 1)Recorded Facts: The term recorded facts means the data used for preparing financial statements are taken from accounting record which are facts. i. e. Cash in Hand: Actual cash is recorded Amount due from debtor: Actual to be recorded Amount due to creditor: Actual to be recorded Thus the financial statement do not disclose such facts which may be reality, which are not recorded. For ex. : L/Bldg. urchased are shown at cost price in the Accounting Books But market value which in reality may be different is not stated because it is not recorded in Books of A/c. 2)Accounting concepts & conventions & principle: The Dictionary meaning is â€Å"Fundamental truth implying uniformity of Applicability everywhere. † However when applied in Financial Statement Analysis, it gives different meaning in different conc epts & so it is rarely used as a fundamental accounting truth. Accounting Principles are those rules of Action which are adopted by the Accountant universally in recording transaction.Different professional bodies like Australian Society of Account (i. e. Institute of Chartered Accountant in Australia) The Institute of Chartered Accountant in England & Wales. The American Institute of certified public accountant have made recommendation on accounting principles in the recent year. Accounting principles have been developed over the years from experience, usage & necessity. They are judged on the General Acceptability rather than Universal Acceptability to the user of financial statement hence they are called as General Accepted Accounting Principles (G. A. A. P. )According principles can be broadly classified into two categories: A. Accounting concepts B. Accounting Conventions Accounting Principles Accounting conceptsAccounting Conventions a)Entity Concepta)Disclosure b)Going Concer n Conceptb)Materiality c)Accounting period conceptc)Consistency d)Money Measurement Conceptd)Conservatism e)Cost Concept f)Cost Attach Concept g)Dual Aspect Concept h)Accrual concept i)Periodic Matching of cost and Revenue Concept j)Realisation Concept k)Verifiable Objective Evidence Concept ACCOUNTING CONCEPTS: They are the necessary assumptions or conditions upon which accounting is based.Accounting concepts are postulates, assumptions or conditions upon which accounting is based. They are developed to convey the same meaning to all people. Some of the important concept are given as follows: 1. Entity Concept: For accounting purposes- the ‘business’ is treated as a separate entity from the proprietor (s). It may sound to be absurd that one sell goods to himself, but all transactions are recorded in the books of the business as per this point of view. This concept helps in keeping private affairs of the proprietor away from the business affairs. Thus if a proprietor in vests Rs. ,00,000/- in the business, it is deemed that the proprietor has given Rs. 1,00,000/- to the ‘business’ and it is shown as a ‘liability’ in the books of business. (because business has to ultimately repay it to the proprietor). Similarly, if the proprietor withdraws Rs. 10,000/- from the business, it is charged to him. This concept is applicable to all forms of business organizations. Although in the eyes of Law a Sole trader and his business or the partner and their business are one and the same, for accounting purposes they are regarded as separate entities. It is the ‘business’ with which we are concerned. . Going Concern Concept (Continuity of Activity): It is assumed that the business concern will continue for a fairly long time, unless and until it has entered into a state of liquidation. 3. Accounting Period Concept: Although the ‘going concern’ concept stresses the continuing nature of the business enterprise, it i s customary to divide its life into chapters known as ‘Accounting Periods. ’ An accounting period is the interval of time at the end of which the income statement and financial position statement (balance sheet) are prepared to know the result and resources of the business.Although shorter periods are frequently adopted for purposes of comparative studies, the normal accounting period is twelve months. This is because though the life of the business is considered to be indefinite, the measurement of income and studying the financial position of the business after a very long period would not help in taking timely corrective steps or to enable periodic distributions of income to proprietor (s) with reasonable safety. Therefore, it is necessary for the concern to ‘stop’ at regular intervals and ‘see back’ how it is faring. 4.Money Measurement Concept : In accounting everything is recorded in terms of money. Events or transaction which cannot be e xpressed in terms of money are not recorded in the books of accounts, even if they are very important or useful for the business. Purchase and sale of goods, payment of expenses and receipt of income are monetary transactions which find place in accounting etc. Death of an executive, resignation of a manager are the events which cannot be expressed in money and so are not to be recorded in Book’s of A/c. 5. Cost Concept (Objectivity Concept): As per cost concept: )an asset is ordinarily recorded at the price paid to acquire it i. e. at its cost, and b)this cost is the basis for all subsequent accounting for the asset. For example, if a plot of land is purchased for Rs. 1,00,000/- it is recorded in the books of at Rs. 1,00,000/- and even if its market value at the time of preparation of final accounts is Rs. 2,00,000/- or Rs. 60,000/- it will not be considered. Thus the balance sheet on a particular date does not ordinarily indicate what the asset could be sold for. The cost c oncept does not mean that the asset will always be shown at cost.It only means that cost becomes the basis for all subsequent accounting for the asset. Thus the assets recorded by the process of depreciation. Cost concept brings objectivity in the preparation and presentation of financial statements. It implies that the figures shown in the accounting records should be based on objective evidence and not on the subjective views of a person. 6. Cost-attach Concept: This concept is also known as ‘cost-merge’ concept. In order to produce an article it is necessary to purchase raw-material, process it and convert into finished article.This calls for the services of other factors of production and therefore, there are several other costs like labour cost, power and other overhead expenses. These cost have a capacity to ‘merge’ or ‘attach’ when they are brought together. Thus the proportionate raw-material costs, labour costs, and other overheads are added together to obtain product cost so as to increase the utility of cost data. 7. Dual Aspect Concept: This is the basic concept of accounting. As per this concept, every business transaction has a dual effect. 8.Accrual Concept: The accrual concept implies recording of revenues and expenses of a particular accounting period, whether they are received / paid in cash or not. Under cash system of accounting, the revenues and expenses are recorded only if they are actually received / paid in cash irrespective of the accounting period to which they belong. But under accrual method, the revenues and expenses relating to that particular accounting period only are considered. 9. Periodic Matching of Cost and Revenue Concept : This concept is based on the accounting period concept.Making profit is the most important objective that keeps the proprietor engaged in business activities. That is why most of the accountant’s time is spent in evolving techniques for measuring the profit /profitability of the concern. To ascertain the profit made during a period, it is necessary to match ‘revenues’ of the period with the ‘expenses’ of that period. Income (profit) earned by the business during a period can be measured only when the revenue earned during the period is compared with the expenditure incurred to earn that revenue. The question when the payment was made / received is irrelevant.Therefore, as per this concept adjustments are made for all outstanding expenses, prepaid expenses, accrued incomes, unearned incomes etc. 10. Realisation Concept : According to this concept profit should be accounted for only when it is actually realized. Revenue is recognized only when sale is effected or the services are rendered. Sale is considered to be made when the property in goods passes to the buyer and he is legally liable to pay. However, in order to recognize revenue, receipt of cash is not essential. Even credit sale results in realization as it creates a efinite asset called ‘Account Receivable’. However, there are certain exceptions to the concept: like in case of contract accounts, hire purchase etc. Similarly incomes like commission, interest, rent etc. are shown in Profit and Loss Account on accrual basis though they may not be realised in cash on the date of preparing accounts. 11. Verifiable Objective Evidence Concept : According to this concept all accounting transactions should be evidenced and supported by objective documents. These documents include invoices, contracts, correspondence, vouchers, bill, pass books, cheque books etc. uch supporting documents provide the basis for making accounting entries and for verification by the auditors later on. This concept also has its limitations. for example, it is difficult to verify internal allocation of costs to accounting periods. 2. ACCOUNTING CONVENTIONS: Conventions are the customs or traditions or usage which guide of accounting statements. They a re adapted to make financial statements clear and meaningful. 1. Convention of Disclosure: This means that the accounts must be honestly prepared and they must disclose all material information.The accounting reports should disclose full and fair information to the proprietors, creditors, investors and others. This conventions is specially significant in case of big business like Joint Stock Company where there is divorce between the owners and the managers. However, it does not mean that all information or information of any kind is to be included in accounting statements. The term ‘disclosure’ only implies that there must be a sufficient disclosure of informations which is of material interest to proprietors, present and potential creditors and investors. 2.Conventions of Materiality: The accountant should attach importance to material details and ignore insignificant details. If this is not done accounts will be overburdened with minute details. As per the American A ccounting Association, â€Å"an item should be regarded as material, if there is a reason to believe that knowledge of it would influence the decision of informed investor. † Therefore, keeping the convention of materiality in view, unimportant items are either left out or merged with other items. Some items are shown as foot notes like, contingent liabilities, market value of investment etc.However, an item may be material for one purpose but immaterial for another, material for one concern but immaterial for another, or material for one year but immaterial for next year. 3. Convention of Consistency: The comparison of one accounting period with the other is possible only when the convention of consistency is followed. It means accounting from one accounting period to another. For example, a company may adopt straight line method, written down value method, or any other method of providing depreciation on fixed assets. But it is expected that the company follows a particular method of depreciation consistently.Similarly, if stock is valued at ‘cost or market price whichever is less,’ this principle should be followed every year. Any change from one method to another would lead to inconsistency. However, consistency does not mean non-flexibility. It should permit introduction of improved techniques of accounting. 4. Convention of Conservatism: It refers to the policy of ‘playing safe. ’ As per this convention all prospective losses are taken into consideration but not all prospective profits. In other words ‘anticipate no profit but provide for all possible losses’.However, this convention is being criticized on the ground that it goes not only against the convention of full disclosure but also against the concept of matching costs and revenues. It encourages creation of secret reserves by making excess provision for depreciation, bad and doubtful debts etc. The Income statement shows a lower net income and the Bal ance sheet overstates the liabilities and understates the assets. The convention of conservatism should be applied cautiously so that the results reported are not distorted. Some degree of conservatism is inevitable where objective data is not available.Following are the examples of application of conservatism: a)Making provision for doubtful debts and discount on debtors. b)Not providing for discount on creditors. c)Valuing stock in trade at cost or market price whichever is less. d)Creating provision against fluctuations in the price of investments. e)Showing Joint Life Policy at surrender value and not at the paid up amount. f)Amortization of intangible asset like goodwill which has indefinite life. ESSENTIAL QUALITIES OF FINANCIAL STATMENTS As stated earlier, the basic objective of financial statement is to provide information useful to the users of these statements.Different users like shareholders, investors, financial institutions, workers etc. are interested in financial sta tements with varying objectives. Generally, it is not possible for a firm to prepare these statements in such a form that may suit every interested user. However, such statements should possess at least the following essential qualities. 1. Relevance : Only these information should be disclosed in financial statements which are relevant to the objectives of the firm. The information is said to be relevant only when it influences decision of the users, while evaluating any event or correcting past evaluation.The conclusions drawn on the basis of irrelevant information would be misleading of no use. Therefore, the information irrelevant to the statements be avoided, otherwise it would be difficult to make a distinction between relevant and irrelevant information. 2. Understandability : The main objective of financial statements is to provide necessary information about the firm’s resources and performance. To fulfill this objectives, the information contained in these statement s should be clear, simple and lucid so that a person who is not well versed with the accounting terminology shall be able to understand without much difficulty.Hence, as far as possible, the form of financial statements should not be complex, and the terms used in these statements should be simple, in common language and non-technical. 3. Reliability and Accuracy : The information incorporated in financial statements should be reliable. Information has the quality of reliability when it is free from material error and bias and can be depended upon by users. Reliability charges with the nature of information contained in the subject matter. Therefore, such information should be provided whose reliability can be verified. Reliability of financial statements also depends on the accuracy of accounts.Hence, to arrive at right conclusions, accuracy of the accounts is an essential quality. To be reliable*, information must (i) carry faithful representation of transactions, (ii) should be p resented in accordance with the substance and economic reality, and (iii) must be neutral, prudent and complete. 4. Comparability : Comparison is the essence of financial statement analysis. Comparable information will reveal relatively strong and weak point. Financial statement should be prepared in such a way that current year’s progress can be compared with that of previous year and inter-firm comparison is possible.To facilitate comparison, it would be more useful to provide with the financial statement of 5 to 10 years summary of important terms such as production in quantity, net sales, net profits, dividend paid, working capital etc. 5. Completeness : The information contained in the financial statements should be complete in al respects. It must be ensured that there is no possibility of any information being incomplete or doubtful. Therefore, full disclosure should be made of all significant information in a manner that is understandable and does not mislead creditor s, investors and others users. . Timeliness : Financial statements are prepared for a definite period of time. At the end of this period, they should be ready and submit to the parties concerned. If the statements are not prepared in time, they can not be properly used and the firm cannot formulate plans for future developments. In addition to the aforesaid qualities, financial statements be prepared easily, attention of the reader is automatically drawn and directed to most significant items and required data for the calculation of different ratios are also essential qualities.As American Accounting Association, has described, â€Å"every corporate statement should be based on accounting principles which are sufficiently uniform, objective and understood to justify opinions to the condition and progress of the business enterprise behind it. † LIMITATIONS OF FINANCIAL STATEMENTS The summary of accounts maintained by a business firm is presented in the form of financial statem ents. The amounts expressed in these statements are based on vouchers and accounting records.Hence, decisions based on these information are more true and logical. However, the conclusions drawn on the basis of these information cannot be treated as final and accurate, because there are certain limitations to the financial statements. One must, therefore, keep in view these limitations while studying the profit and loss account and balance sheet of the firm. Important and impact bearing limitations of financial statements are identified as below : 1. Lack of Precision 2. Lack of Exactness 3. Incomplete Information 4. Interim Reports . Hiding of Real Position or Window Dressing 6. Lack of Comparability 7. Historical Costs Analysis – To Analyse – to cut into pieces But only analyse – No – It means also Interpretation. Thus Financial Statement Analysis means â€Å"Analysis, comparisons and interpretation of Financial data to achieve the desired result† TOOLS OF FINANCIAL STATEMENT ANALYSIS 1. Comparative Statements 2. Common Size Statements The Essential Requirement is 3. Trend AnalysisVertical Financial Statement. 4. Ratio Analysis 5. Fund Flow Statement 6. Cash Flow Statement