History of Immigration in the USA Essay Example | Topics and Well Written Essays - 1000 words

History of Immigration in the USA - Essay Example The settling of America began with an idea. The idea was that people can join together and agree to govern themselves by making laws for the common good. The history of U.S immigration began in 1513 when a Spanish explorer, Ponce De Leon discovered Florida. In the 16th century Spain took control of Florida, California and the south-west region of America. About 200,000 Spaniards migrated to the new world and founded some 200 settlements in different parts of America. St. Augustine, Florida, founded by Pedro Merendez in 1565, was the first permanent settlement established by the Europeans in what is now the United States. The Spanish mined precious metals and was able to ship back to Europe large quantities of gold and silver. Then came the Dutch who first arrived in America in 1609 when the Dutch East India Company vessel De Halve Maen, commanded by the English captain, Henry Hudson, laid anchor at Sandy Hook, before sailing up what is now known as the Hudson River. The arrival of people from England grew steadily and by 1650 the population of Virginia reached 15,000. Settlements spread from the banks of the James River to the York and Rappahannock Rivers. Many immigrants decided to leave the coastal regions and move inland. By 1685 the population of Virginia had grown to 60,000.The early British arrivals in America were known as colonists or settlers. The term immigrant was first used in 1787. However, it was argued at the time that there was a difference between the colonists who "established a new new society, and those foreigners who arrive only when the country's laws, customs and language are fixed.

Finance accounting assignment Essay Example | Topics and Well Written Essays - 1250 words

Finance accounting assignment - Essay Example Income encompasses both revenue and gains. Revenue is income that arises in the course of ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends and royalties. â€Å"Revenue is recognised on the provision of goods and services that relate to the ordinary activities of the entity† (ACCA, 2013). Gain or loss is calculated with reference to the amount received in excess or short of the asset's carrying amount in the books of account. It is also important in accrual accounting that revenue and expenses are required to be matched with the accounting period. IAS 18 clearly specifies that â€Å"When the selling price of a product includes an identifiable amount for subsequent servicing, that amount is deferred and recognised as revenue over the period during which the service is performed† (ec.europa.eu, p. 2). For instance, income received in respect of annual maintenance contract by a company can recogni se only 1/12th of revenue in a month. It is immaterial whether a sale is made on cash or credit basis. Revenue is recognized when title of the goods or services is transferred to the buyer. In the case of construction companies or the projects which takes several years for completion, revenue is recognized to the extent the project is completed during the period. In the case of ‘hire purchase’ the sale at future date is agreed between the parties. The payments collected in instalments in advance by the seller are treated as hire till the last instalment payment is collected. Gross profit in this case is calculated only in proportion to cash received. This concept is important to avoid overstatement or understatement of profit or gains. Similarly, in sale and repurchase agreement, they should be dealt with together. IAS 18 has specified u/s14, the conditions to be satisfied for recognition of revenue from the sale of goods. Section 20 specifies the conditions for recogni tion of revenue associated with rendering of services and 30 specifies the bases for recognising interest, royalties and dividends. This standard also prescribes the norms for disclosure of the accounting policies adopted for recognition of revenue, including the methods adopted to determine the stage of completion of transactions involving rendering of services. Question 2: Case Study A. In the case of sale of electrical goods, it is important to ascertain whether the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. Ibi Ryan Plc retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold as he has sold the goods and despatched them in the normal course of business. Therefore, the accounting treatment is appropriate. B. C. The terms of the company’s contract with Witney specify that the goods remain the property of Ibi Ryan until they are paid for by Witney. Amount owing to Ibi Ryan from Witney ?600,000 includes ?50,000 for the products delivered by Liverpool warehouse. Therefore ? 600,000 treated as sale in the books of account should be reversed fully. 50% of this sale amount i.e. ? 300,000