Monday, August 24, 2020

How Did the Australian Government Respond to the Threat of Communism After WWII?

Australia confronted the danger of socialism after WWII finished in 1945. The danger was known as the Red Menace which was brought about by all the contentions in Asia and furthermore things that were going on in Australia at that point. The Australian government reacted to the Red Menace from various perspectives. They made military move, made unions, gave economoc help and had a go at restricting the Communist Party in Australia. Socialism is a social association where everybody in the nation/network all have normal property and cash is shared similarly. Australia didn't consider socialism to be a danger until China was taken into control and transformed into a socialist nation. Australia at that point started to expect that it would just involve time ‘before the reds were on our doorsteps. ‘ Australia reacted to the danger of socialism in Asia by joining the Korean War in 1950. We went along with it since we had a conviction that it is smarter to battle socialism abroad as opposed to sit tight for it to arrive at Australia and battle it here. The Korean War was a piece of our administration's ‘Forward Defense Policy'. Military activity was sent to Korea to assist our partners with fighting socialism abroad. Another reaction to socialism in Asia was the ANZUS Treaty which was one of the most significant advances that Australia took to shield Australia from the danger of socialism. The arrangement was an understanding marked by Australia, New Zealand and the United States; it implied that every one of the three countries included would be obliged to help the other in the event that one was assaulted. It was an understanding of help in like manner barrier. The motivation behind why it was marked by Australia was on the grounds that we accepted that a solid partner was expected to guard Australia from socialism. There was additionally another understanding that Australia engaged with called the SEATO collusion. The SEATO collusion was marked by Britain, Thailand, Pakistan, the Phillipines, France, New Zealand, Australia and the United States, in 1954. The collusion was begun by the United States becasue of the expanding socialist movement in South-east Asia from 1945. The Korean War had quite recently finished and socialist movement was spreading to France and socialist guerillas were as of now dynamic in Malaya. This caused the United States to feel powerless, so they proposed a collusion with the East-Asian nations to battle ‘communist hostility'. Australia was glad to sign this union since it confirmes to the Unites States that we had their back and it upheld our ‘Forward Defense Policy'. Australia later joined the Vietnam war to help their job of a partner and to keep up a nearby bind with the United States. In 1962, Prime Minister Robert Menzies started sending 30 Australian military educators to South Vietnam where Vietcong were attempting to oust non-socialist South Vietnam. The motivation behind why Australia felt that it was essential to enable the United States to battle in this war was a direct result of the guidance we got from Washington revealing to us that on the off chance that we help the United States battle North Vietnam, at that point when Australia need military assisstance, USA would support us. Dread of socialism was likewise another explanation which lead to Australia battling in the Vietnam war. We accepted that on the off chance that one progressively Asian nation fell into socialism, different nations just as Australia would follow. This was known as the ‘Domino Theory'. Just as reacting to the danger of socialism abroad, Australia likewise avoided potential risk inside the nation. In 1949, Robert Menzies guaranteed that he would boycott the Communist Party Dissolution Bill which prohibited the Communist Party. The Bill was managed as unlawful by the High Court and was barely crushed after a choice was held. Numerous Australians expected that socialism was drawing nearer and they were very stressed. It was the ideal opportunity for an elction and the Labor Party was certain that they were going to win thhe next elecion. Only right away before the political race, there was a colossal ‘spy alarm'. This was the Petrov undertaking. It was about Petrov and his significant other Evdokia who gave itemized records about a Soviet Spy Ring working in Australia. Robert Menzies utilized this case and utilized the dread of socialism for his own political closures, which made him win the political race. This was the manner by which the Australian government reacted to the danger of socialism after WWII finished.

Saturday, August 22, 2020

The Empowerment of People from a Vulnerable Segment of Society Essay

The Empowerment of People from a Vulnerable Segment of Society - Essay Example I might want to arrive at the most elevated level of expert greatness, both as far as picking up information and experience and simultaneously, increasing suitable status. My transient goals are to pick up involvement with the field and endeavor to build up a decent notoriety as an individual with an inventive and dynamic methodology towards the government assistance of society. My emphasis would be on the strengthening of individuals from a defenseless section of society. Subsequently, endeavors would incorporate the making of encouraging a stage for the obtaining of abilities and essential information for their expert development. College training has made me well prepared to address the difficulties of the present time. I am an exceptionally innovative individual and my degree has additionally encouraged and enlarged my subject matter that would enormously assist me with applying the educated decisions in the way that befits the requirements of the individuals. Henceforth, five ye ars consequently, I consider myself to be a CSR expert who might be concocting available resources for the worldwide organizations to satisfy their corporate social duties. Last yet not the least significant would be the selection of intelligent practices in my own and expert fields. Glancing back at our activities and basically evaluating them gives a chance to improve and extemporize the working strategies. In the expert field, the input from the friend populace and partners give significant knowledge into the imperfections of the systems received and give us an important opportunity to grow expertly. Along these lines, intelligent practice in my own and expert life would persistently assist me with growing in the quick developing condition of serious business elements.

Friday, July 24, 2020

A Bachelors Masters in 5 Years

A Bachelor’s Master’s in 5 Years This will be the first in a series of entries focused on my department and opportunities available to its students. :) Well, you may have heard that many of MITs engineering departments have something called the MEng, or Master of Engineering, which is typically a one-year degree pursued after graduation, or during ones final semester of senior year and an additional semester. Most notably, Course 6 (Electrical Eng Comp Sci) offers this and Im pretty sure its a lock if you have a certain technical GPA (like a 4.25 out of 5.0). Its an attractive option because you end up with both bachelors and masters degrees in a shorter period than if you were to pursue them separately or elsewhere. But its not just for engineers. Undergraduates in the Dept. of Urban Studies and Planning (known affectionately as DUSP) have a similar option. The two-year Master of City Planning (MCP) program accepts applications from DUSP students in the junior year, waiving the GRE requirement (!!!) and allowing entrance to the program the following year (as a senior). So as a senior, youd be both a fourth-year undergrad and a first-year grad student, working to complete the requirements for both degrees at the end of five years. That doesnt mean you cant graduate with your undergrad class first its all about how you want to structure things. In DUSP, there are four specialization areas or groups, and students tend to pick an advisor and affiliate with the group that most closely matches their interests. As a grad student, you choose which group you want when you apply, but as an undergrad you have the chance to explore offerings in any field and see how youd like to focus in the future. The topics are wide-ranging and can be closer to the kinds of design one might see in Course 4, architecture (see the Senseable City Lab) or to the sorts of quantitative analysis one might do in Course 1, civil engineering (see the Center for Transportation and Logistics). I was one of the student representatives of DUSP at the Choice of Majors fair last week (event in the student center to help freshmen get a flavor for what they might want to study next year), and we had several people stop by who were interested in the social and planning aspects concerning developing countries. That is also a big part of our department in fact, its the focus of IDG, the International Development Group. Im especially attracted to the study of transportation, as youve no doubt found if youve followed my blog in the past. A nice thing about DUSP is the ability to pursue a joint program of the MCP and a related masters degree (such as the MST, the Master of Science in Transportation). You still have to fulfill the separate credit requirements, but you can come up with a joint thesis to satisfy both degrees. One of the great things about our department is the study and research of planning in all sorts of places, not just the Boston area or the U.S. My next entry will talk about some of the available international and study-abroad opportunities, including a class that pays for spring break overseas!

Friday, May 22, 2020

Supply, Demand, and Government in the Markets - 803 Words

Module 1_Assignment 3 Assignment 3: Supply, Demand, Government in the Markets 1. Using Microsoft Excel, draw a graph illustrating the supply and demand in this market. 2. What is the equilibrium Price and Quantity in the market? This is where the quantity demanded and the quantity supplied are equal. The corresponding price is the equilibrium price and the quantity is the equilibrium quantity. *Let us take the first line of data from the Spreadsheet as an example: Price- $200 Quantity Demanded- 1000 Quantity Supplied- 2200 Here there is an excess supply amount, so there are more computers than that are actually wanted. At this point, the sellers would recognize there are fewer buyers for their product at the current set†¦show more content†¦4. Disregard the new tax from number three. Now assume the government imposes a price ceiling of $100 in this market, as the result of protest of price gouging by sellers. What would happen to the price and quantity in this market? A price ceiling is a government-levied maximum rate for a product or good. When a price ceiling inflicted by the government is more than retail equilibrium price, the price ceiling has no effect on the market or economy. This is because it does not obstruct supply, nor does it boost the demand. A different effect transpires if the government imposes a price ceiling below the market’s equilibrium rate. The suppliers will no longer be capable of charging the price that the market mandates, but they are required to meet the maximum price determined by the government’s price ceiling. When the demand rises beyond the capability to supply, shortages ensue. This leads to rationing of the product, causing some consumers to experience longer lines to obtain the product. In a worse case, there would be no products available for the consumer to buy. 5. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being essential for college students but they are considering halting production due to the lack of profits. The lawmaker’s agree and now set a price floor at $150. What would happen in this market? A price floor keeps rates from dropping too low, whichShow MoreRelatedAssignment 3: Supply, Demand, Government in the Markets1517 Words   |  7 PagesStudy Aide and TIPS for Module 1-Written Assignment 3 Rubric for grading: M1-Assignment  3 Grading Criteria | Maximum Points | Points Earned | Correctly constructed the supply and demand graph. It is recommended that you use the EXCEL study aide I posted to do this. | 12 | 12 | Answered questions 2-5 correctly, 15 points each. | 60 | 60 | Answered question 6 correctly. | 8 | 8 | Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representationRead MoreBumper Harvest On The Cards1381 Words   |  6 Pagesdetermined by its demand and supply. Market is composed of two parties that are buyers and sellers. Thus both demand and supply curves are important for determining the price of a commodity. †¢ Equilibrium price: The price at which quantity demanded equals quantity supplied is called equilibrium price. †¢ Total demand: Here demand doesn’t mean the amount of commodity which people need rather effective demand that is the amount which people are willing to buy at various prices. †¢ Total supply: it means theRead MoreSupply And Demand Of Gasoline1118 Words   |  5 PagesSupply and demand is best describes as the varying of prices of a specific service, product or commodity and the desirability for consumers. In theory, the supply and demand model works best for markets that are normally in perfect competition. Now in order for this desired market to work, there has to be a numerous amount of sellers and a numerous amount of buyers that have no real or major impact on the pricing of goods and services. In the follow essay, we will receive a better understand onRead MoreEconomics and Growth Essays934 Words   |  4 PagesThe demand curve is likely to change upwards or rise as a result of changes in a number of factors. One, if there is a move up in the price of an alternative commodity, or decrease in price of the given commodity’s accompaniment. Two, if there is a rise in buyers’ income. Three, if the taste as well as preferencs of the c onsumers shifts in regard to the particular product or service under consideration. Four, when there is a decrease in the cost of borrowing. And finally, if there is an overall increaseRead MoreMarket Is An Actual Or Nominal Place That Forces Of Demand916 Words   |  4 PagesMarket is an actual or nominal place that forces of demand and supply operate (Challet, 1997), under this situation, buyers and sellers interact directly or through intermediaries to trade goods and services. Market including mechanisms or means for determining price of the traded item and available goods and services (cox, ibid.). Communicating the full price information. Facilitating deals and transactions, and effecting distribution. The market for particular items is made up of potential customersRead MoreEssay on cars in china743 Words   |  3 PagesDue to a strong domestic demand for cars in China, car manufacturers are expected to sell 13 million cars this year. China is expected to overtake United St ates as the world’s No.1 car market next year. As the car export market is still being affected by the global economic downturn, China carmakers have been focusing on the Mainland China market which is more attractive. The expected growth is more than 50% and this trend will continue next year as per some forecast. The stimulus package, providedRead MoreReview Of James Bovard For The Wall Street Journal1279 Words   |  6 PagesAn article written in May 2016 by James Bovard for the Wall Street Journal details the direct effects and potential related problems created when the government chooses to provide subsidies to the producers of a particular product (Bovard, 2016). The effects of the subsidies, although positive for those receiving the subsidy, can have far reaching effects on the economies and cultures of other nations. This paper will use the concepts and textbook (Schiller, 2016) from BUSB230 to examine the pointsRead MoreThe Relationship Between The Price Elasticity Of Demand1633 Words   |  7 PagesThe Relationship between the price elasticity of demand and total revenue and Impacts of various forms of elasticities on business decisions and strategies to maximize profit. Price elasticity of demand enables business organizations to predict how their total revenue will be effected in the event they change the prices of their products. When a given good has inelastic price elasticity of demand i.e. Ed 1, then the percentage change in the quantity demanded is greater that the change in priceRead MoreMarket Intervention1537 Words   |  7 PagesA  market is on  supply and demand with little or no government control.  A completely free market is an idealized form of a market economy where buyers and sells are allowed to transact freely based on a  mutual agreement on price without  state intervention. However, when prices are too high, low or start to fluctuate, governments take the view that markets are best suited to allocating scarce resources and allow the forces of supply and demand to set prices. A market will naturally settle intoRead MoreIncrease In Demand Advantages And Disadvantages1457 Words   |  6 Pages Due to Hurricane Irma, Florida’s production possibility frontier curve will shift inwards due to the amount of resources that has been destroyed hence there is a reduction in resources as shown in Figure1.0. One of the main affected markets due to this natural disaster is energy (electricity). â€Å"The state’s largest electric utility company, Florida Power and Light, warned that as many as 9 million residents could be affected by power outages†. These power outages could last weeks which

Thursday, May 7, 2020

The Exchange Of Religion And Ideas - 1908 Words

The exchange of religion and ideas has been a common theme within the works that have been read. Many of the religious people studied mix their existing views of the world, which are often described as traditional â€Å"African† beliefs, with a mixture of the cosmology of Christianity, Islam, and other popularized, organized religion originating from across the world. Cosmological views held by different groups of people tend to vary, clash and change the way people go about their daily life. Paying respect to your ancestors is a common practice in Africa, including the Harare and Chitungwiza area. In both places, Masowe apostolics have taken many people by faith, and dictate a large part of their daily lives. These apostolics also firmly believe that the practice of â€Å"communicating† with your ancestors is a form of veneration, which goes against their Christian beliefs. The apostolics call for the cessation of this practice, however, Engelke speaks with some of the locals that carry out this practice who refuse. He describes: â€Å"Most apostolics would argue that holding rituals to communicate with one’s ancestors—as many Shona-speaking people do—amounts to the worship of false gods. You should not pray to your ancestors; pray only to God. As with several apostolic interpretations of â€Å"traditional† religious practice, this one is rejected by the people it is meant to describe... For many Shona-speaking people, as I have noted, ancestors are an integral part of social relationships,Show MoreRelatedThe Impact Of The Columbian Exchange On The New World1051 Words   |  5 Pagesthe discovery of the New World, a new era opened that would come to be known as the Columbian Exchange. With the transfer of plants, animals, culture, diseases, and ideas between Europe and the Americas, good came from the Columbian Exchange which became a possibility after Christopher Columbus set sail in 1492, giving him full credit for this duration. The plants associated with the Columbian Exchange affected the Old and New Worlds by providing success in agriculture as well as technological advancementsRead MoreThe Silk Road And Its Effect On Every Aspect Of People s Lives1615 Words   |  7 Pagesas well as religion, communication, and idea. The Chinese kept the process of creating the silk to themselves, using it to their own advantage in the trade world. The long process and a final product of a strong, soft, and smooth fabric made silk so valuable. Silk, although the most traded, was only one of a wide range of goods imported between Eastern and Western civilizations. Its importance lies not only in the traded merchandise and commodities but also in its development of new ideas, spread ofRead MoreFactors Affecting Cultural Exchange Through Civilizations during 1000 and 1400 A.D.1282 Words   |  6 PagesThrough analyzing the five given documents, factors affecting cultural exchange through civilizations during 1000 and 1400 A.D. are noticeably those which result in the bringing of new ideas to a different area, such as missionary work, commerce, war, and travels. As new religions sprouted throughout Europe on other expansive areas, missionaries were sent out to foreign lands. Document 1 comes from the viewpoint of a Roman Catholic missionary attempting to spread his faith by presenting a letterRead MoreReligion As A Foundation Of Morality Essay910 Words   |  4 Pagesof years, religion has been part of nearly all cultures. Starting as a rather barbaric force, religion swiftly diffused into nearly every culture across the globe. Almost every culture has adopted, forcefully at times, some form of religion. It is asserted that before religion, we were nothing short of barbaric savages with no sense of right or wrong; it is said that religion saved us from an imminent self-destruction from our unethical ideas. Some will even assert that we need religion as a foundationRead MoreAncient And Medieval World Of Eurasia1678 Words   |  7 Pagesbegan a cultural exchange between the east and west through the diffusion of goods, technology, medicine, and religion. The two most vital networks of trade in the ancient and medieval world of Eurasia were the Spice Routes and the Silk Road. The Spice routes were a network of sea routes running from the Greco-Roman world, through North Africa, to the subcontinent of India, and eventually to China and Southeast Asia. The commerce of this maritime route was defined by the exchange of various spicesRead MoreAnalysis Of Emile Durkheim s Theories On Sociology And Psychology1114 Words   |  5 PagesZenawit Nerae Dr. Jennifer Patico Anth 4020 October 7, 2015 Midterm A Functionalism is simply defined as the idea that the purpose of everything we do is to support our society or ourselves. Many Anthropologists and sociologists are functionalists but for this essay I’ll be focusing more on two of the most famous people who support this idea; Bronislaw Malinowski and Émile Durkheim. The two share differences and similarities in the approaches they take depending on the groups they studied. DurkheimRead MoreByzantine Empire vs China1272 Words   |  6 Pagesamong the two. The Byzantine and Chines Empire were similar in economic aspects as both were huge centers of trade and promoted new technologies such as banking for the sake of good trade. These two empires were different regarding changes in their religion as the Chinese Empire became a cosmopolitan society letting Buddhism penetrate their empire and the Byzantines continued through the thread of Christianity. Furthermore, these empires differed when looking the way of government each society implementedRead MoreThe Impact On The Industrial Revolution1114 Words   |  5 Pagestrade things in exchange for things. Next, in Afroeurasia, the Silk Road was a major trade route that stretched from southwest Asia to Turkmenistan. Foods, wine, riches, spices, medicine and ideas were traded on this trade route. Since the Silk Road was a trade route, all aspects of PERSIA apply to this. Political views, economical costs, religious ideas, different people of different social classes used this route, intellectual ideas were exchanged along with pottery, paintings, ideas, etc. which fallsRead MoreThe Development Of Exploration And The Industrial Revolution1168 Words   |  5 Pagesknown as the Moorish Crusades. After the Moorish Crusades, schools for exploration began to open in Europe. When the schools were created, more and more people became interested in traveling to other countries to expand their own economy, spread religion, and to win glory (Beck, Crowston, Davila, Ebrey, McKay and Wiesner- Hanks 461, 462). Explorers such as Columbus and Magellan revolutionized Europe. Columbus’s desire to spread Christianity to new lands causes him to discover a route from EuropeRead More British Identity and Literature Essay1312 Words   |  6 Pagesnot a simple concept and is complicated by the existence of many British colonies all over the world. The colonized people of the British colonies also have claims on Britishness. So what determines if an individual is British or not? Is it ones religion? Is it the way one speaks? Is it just the difference of skin color? Is it ones appearance and dress? Is it based on citizenship? Is it ones knowledge of social norms of England? The colonized people of British colonies defied many of those above

Wednesday, May 6, 2020

Effects Of Mercury On The Enviroment Free Essays

LA Gear and other shoe companies have been using mercury to make the switch active in their shoe that light up when a person walks. The shoes should return to the company after the user is done with the to be recycled. Since LA never advertises this, people just thrown them away like any other pair of old shoes. We will write a custom essay sample on Effects Of Mercury On The Enviroment or any similar topic only for you Order Now Eventually the shoes end up in a land fill and the mercury can leak out into the environment. Mercury is a highly toxic substance and is the cause of the Minamata Disease in the 1950’s. On the top 20 toxic chemical list, mercury rates 3rd. Mercury bioaccumulates in the body and has difficulty eliminating it. It may reach dangerous levels over time and causes sever damage to the central nervous system. Mercury’s Effect on the Environment and People Mercury is one of the biggest environmental problems that exist because it is hard to get of once in the environment. In the past, mercury was used to make things like paper, put in paint and thermometers, and as an agricultural pesticide. The Minamata Disease is a good example of what could happen if mercury enters into the environment. In the mid 1950’s, more than 100 Japanese were poisoned by fish that contained methyl mercury. The mercury came from industrial waste that had been dumped into the bay where the fish were caught. The mercury bioaccumulated up the food chain. The cats the were eating the fish showed the symptoms first. They began to act very strange; running into walls and acting like they were â€Å"in a trance. † The people in the village developed mental retardation, insanity, and birth defects from eating the poisoned fish. Fifty people died and 150 people suffered from these disorders. Another example of mercury’s effect on people and the environment comes from the saying â€Å"mad as a hatter. † In the 1800’s, hats were made with mercury to stiffened the brim. The hatters that made the hats worked with mercury all the time. The mercury was absorbed into their skin and caused them to develop neurological and physiological disorders. People just assumed they were going crazy. From then on, when someone thought another was going out of their mind they would say they were â€Å"mad as a hatter. † How to cite Effects Of Mercury On The Enviroment, Essay examples

Monday, April 27, 2020

Profit Determination free essay sample

Depreciation Schedule Units of production Assume cost $105 000 residual $ 5 000 estimated useful of 24 000 units Units Used 6 000 6 000 4 000 4 000 4 000 Depn. Charge 25 000 25 000 16 667 16 667 *16 666 Accum. Depn. 25 000 50 000 66 667 83 334 100 000 Carrying Amount 105 000 80 000 55 000 38 333 21 666 5 000 Date Asset Cost 1/7/XO 105 000 30/6/X1 30/6/X2 30/6/X3 30/6/X4 30/6/X5 * rounded down by $1 16 Accounting for Depreciation †¢ Standard entry to record depreciation charge for the period †¢ End of period adjustment , assuming straight line for y. e. 0/6/X1 June 30 Depreciation Expense 20 000 Accumulated Depreciation 20 000 to record depreciation expense for the period 17 Pre-collected/Unearned Revenue †¢ Amounts received before service is performed LIABILITY ACCOUNT Unearned Revenue Adjusting entry Debit Cash receipt REVENUE ACCOUNT Adjusting entry Credit revenue earned during the current period 18 6 Balance-day adjustment for precollected revenue †¢ Origin al entry – Cash – GST Collections – Unearned Revenue Dr Cr Cr 11 000 1 000 10 000 †¢ Balance day adjustment for revenue earned – Unearned Revenue – Revenue Dr Cr 5 000 5 000 19 Accrued/Unrecorded Expenses †¢ Expenses consumed but not yet paid for ASSET ACCOUNT Expense Payable Adjusting entry Credit EXPENSE ACCOUNT Adjusting entry Debit expenses incurred 20 Balance day adjustment for accrued expenses †¢ Balance Day – Wages Expense – Wages Payable Dr 6 000 Cr 6 000 †¢ Next year when wages of $15 000 are paid (no GST on wages) – Wages Payable – Wages Expense – Cash Dr Dr Cr 6 000 9 000 15 000 21 7 Accrued/Unrecorded Revenue †¢ Amounts due for services performed but not yet received ASSET ACCOUNT Accounts receivable Adjusting entry Debit REVENUE ACCOUNT Adjusting entry Credit evenue earned but not yet received 22 Balance day adjustment for accrued revenue †¢ Balance day adjustment for services performed but not yet received in cash – Fees Receivable Dr Service Fees Revenue Cr 30 000 30 000 †¢ When revenue is received in new year – Cash – GST Collections – Fees Receivabl e Dr Cr Cr 33 000 3 000 30 000 23 Disposal of Non-current Assets †¢ Remember how inventory is recorded when sold (perpetual inventory system) (Ignore GST) – Receivables/Cash – Sales – Cost of Sales – Inventory Dr Cr Dr Cr 5 000 5 000 3 200 3 200 24 8 Disposal of Non-current Assets †¢ When non-current assets are sold, we used to simply follow the inventory entries: – Receivables/Cash – Proceeds on Sale Dr Cr 5 000 5 000 – Carrying Amt of Asset Sold Dr 3 200 – Accumulated Depreciation Dr 6 800 – Non-current Asset Cr 10 000 25 Disposal of Non-Current Assets †¢ For the sale of non-current assets – Proceeds recorded at the ‘gross amount received’ (revenue) – Carrying amount of asset sold represents expense for the period – The difference between proceeds and carrying amount represents the gain or loss on sale 26 Disposal using a Sale of Assets Account, (which makes life more complex) Sale of non-current assets Date Cash at Bank Sale of Asset to record gross proceeds from sale Sale of Asset Accumulated Depreciation Non-current Asset to transfer the expense (carrying amount of the asset sold) 500 500 gain of $400 Date 100 900 1 000 27 9 Using a Sale of Asset account †¢ We need a third entry under this approach: (ignoring GST) – Sale of Asset Dr 400 – Gain on Sale of Asset Cr 400 28 Disposal of Non-Current Assets †¢ Sale of non-current assets – eg, carrying value more than the selling price Date Cash at Bank Proceeds on Sale of Asset to record gross proceeds from sale 50 50 loss of $50 Date Carrying Amount of Asset Sold 100 Accumulated Depreciation 900 Non-current Asset 1 000 to recognise as expense the carrying amount of the asset sold 29 Closing entries in the Accounting Cycle 1. We will write a custom essay sample on Profit Determination or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Recognise record transactions Source documents 2. Journalise transactions General journal 3. Post to ledger accounts General ledger 4. Prepare unadjusted trial balance of GL Trial balance (unadjusted) 30 Continued next slide 10 The Complete Accounting Cycle 5. Determine adjusting entries and/or journalise General journal 6. Post adjusting entries to general ledger General ledger (accounts adjusted) 7. Prepare adjusted trial balance of GL (adjusted) Trial balance (adjusted) 8. Journalise closing entries General journal 31 Closing Temporary Accounts †¢ Revenue expense accounts must be closed at the end of each period to determine profit/loss for the period †¢ They begin and end each accounting period with a zero balance †¢ Profit loss summary account used to facilitate closing process determination of profit 32 FLOWCHART of CLOSING PROCESS (CLOSE REVENUE ACCOUNT) REVENUE 28 500 12 000 7 500 9 000 (CLOSE EXPENSE ACCOUNTS) PL SUMMARY 4 450 24 050 28 500 24 050 SALARY EXP 1 500 1 800 3 300 (CLOSE P L SUMMARY) CAPITAL ACCOUNT 2 500 24 050 RENT EXP 800 800 DRAWINGS SUPPLIES EXP 350 350 2 500 2 500 33 (CLOSE DRAWINGS ACCOUNT) 11 The Closing Process †¢ Revenue accounts closed to P L summary †¢ debit revenue †¢ credit P L summary †¢ Expense accounts closed to P L summary †¢ debit P L summary †¢ credit expense 34 The Closing Process Profit Loss summary balances to determine profit/loss then closed to capital †¢ debit P L summary (assuming a profit) †¢ credit Capital account †¢ Drawings closed to capital †¢ debit Capital account †¢ credit Drawings account 35 After the Closing Process †¢ †¢ †¢ †¢ All revenue accounts have nil balances All expense accounts have nil balances The drawings account has a nil balance The capit al account has been increased/decreased by the profit/loss decreased by the owner’s drawings 36 12 Post Closing Trial Balance †¢ Reflects all accounts with balances after the closing process – Assets – Liabilities – Owner’s capital 37 13