A Balance Sheet Is A Financial Statement Of Assets And Liabilities
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Fixed assets are the long term items the business owns which the business has acquired and uses to generate business over a number of years. Fixed assets consist of tangible items such as land and buildings, plant and machinery, fixtures and fittings, vehicles and computers.
The numerical value of the fixed assets shown in the balance sheet represents the original cost of those items less the amount that has written off as accumulated depreciation. Depreciation is the amount that management has decided to reduce the net worth of the assets as those assets are used and also serves to put aside from the declared management profits that amount which would often be required at some future date to replace those assets.
Fixed assets include a category known as intangible assets. An intangible asset is a long term acquisition by the business that may not be a physical item. Intangible assets would include items such as goodwill which is an amount of money the business has paid out to acquire another business or certain rights.
Other intangible assets would be investments in royalties, trade marks and patents. Items the business has bought to support and extend its business empire. Long term investments such as loans, debentures and shareholdings would also be regarded as intangible assets.
Current assets are the items the business owns which can change from day to day and provide a snapshot of the asset liquidity of the business. Current assets include stock which will be made up of both finished stock available for resale, work in progress and raw materials.
Other current assets include debtors which is the short term money owed to the business often from clients and customers who have received credit terms. Debtors may also include money the business has paid out in advance of the liability, prepayments.
If the business has a credit balance at the bank then this is also included in current assets as would be a credit balance on a business credit card, cash in hand and other short term investments the business can quickly turn into cash.
Current liabilities are normally shown immediately under the current assets as the size of each balance is an indication of the liquidity of the business.
Current liabilities represent the short term debts of the business being amounts owing that should be repaid within one year which is before the next balance sheet is required for publication by most companies.
Current liabilities include trade creditors which are the short term debts owed by the business to its suppliers and other creditors since it is normal practise to separate debts owed to the tax authority such as vat, tax deductions from sub contractors, income tax and national insurance liabilities and other corporate taxes.
If the business has short term loans repayable within one year these items would be included with items such as bank overdrafts and other short term financial arrangements.
Long term debts and financial agreements including director loan accounts which do not have a short term repayment plan would be long term liabilities. Creditors are also included in long term liabilities where there is an agreement for repayment longer than one year.
The final section of the balance sheet concerns the capital of the business. While the owners of that capital such as the shareholding regard the item as an asset to themselves for the business it is a long term liability as the business effectively owes that money to its shareholders as is the case of retained profits and reserves which is also owned by the shareholders. The total of the assets side of the balance sheet and the liabilities side must always be the same. This is because to produce a balance sheet double entry bookkeeping is used to record all financial transactions. So whenever an accounting entry is made it is made twice to reflect the action and reaction.
An example of double entry bookkeeping would be purchase of stock from a supplier. The stock acquired is an asset while until paid the amount invoiced by the supplier is a debt, the creditor and a liability. In accounting terms the transaction is recorded by debiting the stock account and crediting the trade creditor account.
Alternatively when goods are sold by the business the double entry bookkeeping would be to debit the customer account, the debtor, as the proceeds owed by the customer is now an asset. The equal and opposite financial record being to reduce the stock value since those goods are now sold and no longer an asset of the business.
Terry Cartwright is a qualified accountant in the UK and producing Accounting Software including Company Accounts packages for small limited companies in accordance with Companies House and HMRC submission requirements.
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What is the True Meaning of Success to You?
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How you interperet the meaning of success, is a very individual thing. Each person who achieves thier own definition of what success really is to them, has truly reached their own goals and will be at peace with their passion and destiny.
You’ve probably heard the saying “success is a journey and not a destination”, and that holds true in all our lives, if we’re going to find the true meaning of success for ourselves.
Success is a learned skill, it’s not just something that we’re born with naturally, and yes, some of us may be born with some pretty darn good natural talents and abilities. But it’s in the identification and moulding of those talents, that equates to the true meaning of success.
How many times have you seen someone who has a god given gift, and doesn’t have the fortitude, skills, knowledge of self-discipline to buck the system and say NO to the security and mediorcrity of their current circumstance.
And understanding that being responsible for defining our own meaning of success for ourselves, and knowing that the choices we make are significant, and what we do really does affect who we are, our outcomes and whether we’re successful or not. In short, our future has many different pathways.
So we need to really go on a journey of self-growth, and begin to look inside ourselves, so we can define our own meaning of success. I would like to point out that your success, just the same as anyone who has succeeded before you, has begun from the inside-out. We cannot change the external forces in our lives, but we can change what is inside our heads, hearts and souls.
The achiever who is striving to identify their true meaning of success, whether it be financial independence, great health, first class relationships or a sporting achievement always push the boundaries of their minds and beliefs.
Through continual learning and growing in every area of their life, they not only increase their understanding, knowledge and wisdom of what it is they wish to succeed at. They also develop their character, attitudes and endurance by constant, continual and gradual improvement.
Great successes in life are big people, and they think big thoughts with a lack of “Dis-belief” in themselves, they in essense have developed what Aristotle once coined the term “Great Souled”.
By having a great personal and practical programme that serves your personal growth, you’ll develop a fantastic tenacity in dealing with the little surprises that life will present to you each and every day. And don’t be surprised if these little tests of the universe are sent to you in the form of stumbling blocks,
which we can choose to look upon as “stepping stones” to our ultimate success.
Over time and as you grow, you will discover that you have an abundance of mental toughness and the correct mindset to deal with any problems that come your way each day, you’ll indeed become so good at dealing with problems that you’ll have time and heart left over after dealing with them rather than feeling winded and exhausted after putting out the fires of life.
In essense you will have discovered the true meaning of success for your life and be living in a content, happy and desirable life, that many will aspire to having.
Adam Price is a successful holistic life coach and author around the laws of the universe. Learn how tap into the powerful laws of the universe in your life by visiting: http://www.Law-Of-Attraction-And-Success.com
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3 Things to Keep in Mind during Scholarship Applications
by J Clark
Each year, thousands of students compete for scholarships to fund their college education. It is common for students with similar academic and extra-curricular records to compete for the same scholarship award. Unless a scholarship has requirements that qualify a very small group in the population, trying to get a scholarship can be difficult or frustrating.
But don’t lose hope yet! In order to increase your chances of winning a scholarship of your choice, you may have to apply to as many scholarships as you can. Unfortunately, some scholarships will ask you to submit a long list of requirements, making applications to multiple scholarships a bit of a challenge. This is especially true if you consider the limited amount of time that you’re working with to complete your applications. In addition, many requirements and questions overlap among the different scholarships. Hence, it is very possible to confuse one scholarship for another.
Keep in mind, too, that what you do in the application process can easily make or break your chances at getting the financial assistance you need. Be sure to get your forms and requirements right the first time — after all, you don’t want to be wasting your energy by messing up your first attempt at applying for a scholarship! Here are some key points to remember when going through the scholarship application process.
1) Read the instructions thoroughly.
Although this seems like a no-brainer, many students get disqualified each year for scholarship awards simply because they failed to follow simple directions. Don’t squander all your efforts just because you submitted an oversized envelope. As mentioned, many application requirements and instructions overlap from one scholarship to another, so it’s very easy to mix up which requirement belongs to which. Make sure that you follow the instructions of all your scholarship applications to the letter, and remember to double check what you’ve already double checked. You can never be too sure when it comes to scholarship applications!
2) Make sure your presentation is neat and organized.
It is always advisable to type out all your essay requirements. Typing your essays using a computer is convenient, and programs such as Microsoft Word or Open Office make it easy for you to spot spelling errors. Secondly, you can store your work in multiple backup drives so that you can reprint them if you ever need to resend your application. But most importantly, typewritten works give a sense of formality because they look neat and tidy.
If the application form requires you to write by hand, be sure to write legibly. Take the time to write as best you can. Be careful of ink blots or any other blemishes like spilt coffee. Submitting untidy work reflects badly on you, and will make you look sloppy or irresponsible.
3) Consult your English Teacher for your Essay.
There is no better advice than that from an expert. If you want your essays to be free of grammatical errors, you may want your English teacher to review your work. Mind you, you don’t need to write like Shakespeare. All that matters is that you write in a way that conveys your thoughts in the most efficient manner without any careless mistakes. Your English teacher can give you valuable tips on how you can improve your essays before you submit them. You must also remember that Microsoft Word’s grammar checker isn’t as reliable or accurate as its Spell Check function, so always consult someone else if you want to make sure that your essay is at its best.
J Clark is a writer for http://instantscholarshipsearch.com - His task is to provide information, tips and advice for students in search of scholarships.
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Tractor Trailer Truck Wrecks
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The National Highway Traffic Safety Administration (NHTSA) reported that there were 3.6 million tractor trailer trucks in use in 1998, as reported by the NHTSA’s Office of Crash Avoidance Research. Tractor trailer trucks are becoming the most costly and fatal automobile accidents.
Also, in 2001, there were 7.9 million registered heavy trucks in United States, which is 4 percent of all registered vehicles, according to statistics compiled by the NHTSA.
Heavy trucks are considered those with a weight greater than 10,000 pounds. Heavy trucks are involveved in an array of traffic accidents, with this number ever increasing. These can also include rollover accidents and. Although rollover accidents are not as frequent, they can result in more damage to the vehicle and more injury to the driver.
Improving Tractor Trailer Truck Technology
Tractor-trailer trucks are involved in approximate average of 200,000 crashes annually, however, that number is quickly increasing, according to the NHTSA. In 2002 there were 435,000 large trucks involved in traffic accidents, of these accidents, nearly 4,542 involved a fatality.
Many are working to improve technology of the tractor trailer trucks and commercial vehicles to improve safety. Due to unavoidable constraints among current combination-unit truck trailer electrical powering and communications systems, there is becoming an increase in mechanical failures causing truck crashes.
The NHTSA has developed the Truck Multiplexing (TruckMux) project to better equip truck drivers with communications and technology between the tractor and the trailer, because truck accidents can frequently occur due to a loss of control between the two units. Other items that are also being worked on to better improve tractor-trailer trucks and thus decrease the number of accidents associated, include:
* advanced lighting multiplex modules
* trailer air brake reservoir low pressure
* brake status
* air suspension pressure and height
* tandem axle load
* rear object detection
* side object detection
* trailer door open
These are just a few of the technological issues that can cause a tractor-trailer truck accident, however, there are a plethora of reasons that a tractor-trailer truck accident can occur. For example, a study from the Large Truck Crash Causation Study from the Federal Motor Carrier Safety Administration, NHTSA and U.S Department of Transportation (DOT) discovered that there are two different categories of truck accidents: the environment and unforeseen conditions, including driver/driving conditions.
Some driver conditions include:
* traveling too fast for conditions
* driver fatigue
* aggressive driving behavior
* illness
* conversation
* alcohol, drug or prescription drug use
* interior distraction
* following too closely
* misjudgment of gap distance
Some of the environmental conditions include the following:
* roadway or weather related factors
* stop required to crash
* traffic flow interruption
* sightline obstructed
* other traffic/vehicle factors
* vehicle brake deficiency
* cargo shift or securement
* tire deficiency
* jackknife event
* brake, transmission or tire failure
* other vehicle defects
Tractor Trailer Accidents
The NHTSA has also developed a 10-year study to better determine the trends of heavy truck accidents. According to the study, the increase of truck accidents is occurring, and while many more individuals involved in accidents are wearing seatbelts/restraints, the fatalities associated with heavy truck accident/tractor trailer truck accidents is increasing. The study, conducted from 1994 to 2002, determined that:
* In 2002, there were only 523 fatal wrecks during this length of time.
* On average, 18 percent of all heavy truck accidents and fatal injuries were a result of a single vehicle rollover accident.
* There was an annual 6 percent of heavy truck accidents involving fatalities and incapacitating injuries associated with restrained drivers.
* Thirty five percent of drivers in heavy trucks were wearing restraint, such as seatbelt, which is an average.
Avoiding Harm After a Tractor Trailer Truck Accident
If involved in a tractor-trailer truck accident, it is imperative that, whether injuries are visible or not, an individual seek medical attention immediately. As some injuries may be internal, it is important to ensure all potential conditions are thoroughly reviewed by a physician. Discussing your tractor trailer accident with an experienced automobile attorney is advisable.
Often, medical bills as well as additional costs of missing work, school, etc., are associated with being involved in a tractor-trailer truck accident, which is why it may be necessary to develop truck accident litigation and pursue compensation for the injury incurred.
Copyright (c) 2008 Katie Kelley
To garner more details on the truck accidents, visit http://truck-accidents.legalview.com/ . LegalView (http://www.LegalView.com ) also offers additional legal resources including information on the Levaquin side effects as well as a link to the recently updated Avandia portal.
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Sand Art Bottle History
by ma141
From the magical city of Petra Jordan and its multi-colored sand mountains, the original inspiration was born: Bottles with multi-colored sand from the Petra mountains for the city visitor to take home, sometimes with geometrical decorations and mostly layers of different colors. No one recalls precisely who started the whole thing or when, the only thing we know for sure is that it was born in Petra, inspired by its multicolored sand rocks in the 1920’s or earlier.
In the late 1940’s, the camel was born, and bottles from that era show its first basic shapes, the oldest bottle I came across was from the year 1922. A tourist came across it in Aqaba, Jordan. From there it found its way to Essex, England.
In the year 1994, we where introduced to this craft while visiting Petra, and though it came a long way from where it started, it still wasn’t mature enough to stand as an art.
Our first contribution that year was giving the idea a grander prospect and presentation, introducing handmade bottles as containers to replace the old recycled jars, making it at once more original, indigenous to the region and artistically appealing. It was a good first step, which went very well, and up to this day, we still make and sell our handmade glass to sand artists in Jordan and around the world.
Since that date, we also developed the sand art skill to determine what can be draw using colored sand, from basic layers to almost anything, new colours, new tools were introduced to the sand artist.
Funnels simply replace brushes and bottles replace canvas. The sky’s the limit on what you can draw once you learn how to do it.
In our travels around the world introducing this art, we were continuously challenged. Moving sand art out of its homeland means intuitively that it has to adapt to new environs. A camel would look silly in Switzerland, but a reindeer would blend nicely so the rain dear was born in Switzerland. The dolphin and the palm tree were born in Devon, England.
In Italy, customers were more challenging … they wanted to see a Picasso in sand art. This opened the door more widely on what we could strive to achieve: almost anything!
That’s our answer today when people ask what else you can do and the credit for that goes to Sand gallery senior artists! , Sand Galley senior artist!
Sand gallery senior artists! is one of few around the world so far who can do almost anything and he is one of few willing to share his knowledge as well. Sand art has been for many years a well-guarded secret, though Sand gallery senior artists! had no problem teaching sand art in Jordan, our homeland, and around the world, breaking that wall of silence that limited sand art for many years.
He even taught it in Egypt back in 1997, and if you visit Egypt now, you will find it riddled with sand fillers, though it’s still in its basic origins, the camels and the layers. Revaluations take time as we know, but at least he got the bug started there, and it won’t be long before we’ll start seeing real master works from that part of the world.
Parallel to sand art revaluation in the Mid-East, there are still various themes of this art practiced around the world.
In Tibet, monks make pictures on the floor using colored sand, and it’s a thousand year old tradition, but we can’t establish a link to the sand art we practice today, so, speaking fairly, it may be a completely separate form of art, but we won’t exclude any possibilities.
Also, in northern Brazil, they draw using crushed chalk in medicine bottles. From a historical point of view, I think the Jordanian version came long before they started, and it’s much more representative and achievable, but I found no links or ties between these arts.
Sand art stands now as the newborn babe in the art world. It’s becoming more common and more accessible. Sand Gallery is attempting to introduce it to schools, as younger generations will infuse this art with popularity and prosperity. Bear in mind that we teach you how to draw in sand and not just layers. Achieving that is the mission we are on in sandgallery.com.
www.sandgallery.com
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