Free Labor And Slave Labor Essay - 1540 Words

Capitalism was the sole purpose for being the cause of an exponential use of slaves in all aspects of production. Notably, it involved an economic system whose basis originates from private ownership of all the means of production as well as the production of goods and services majorly meant for profit. With characteristics such as accumulation of capital, labor, private property ownership, and competitive market. Therefore, there was a great need for means of production hence slavery. However, there is a close relationship between free and slave labor as used in production. The paper uses â€Å"Capitalism and Slavery† (William, 1961) as a primary source material to compare the profitability of free labor and slave labor through an in-depth discussion of the role the African slavery played in the development of capitalism in the New World. Free labor and slave labor both have profits in the production process and would be applied differently at various places. For instance, sl ave labor was profitable in activities in which little skills and versatility in production process were required. It is worth noting that, the use of slave labor to cultivate a fresh soil is more profitable than the use of free men in the cultivation of an exhausted land. However, the use of slave labor was the option at the earlier stages of development of colonies, although slaved labor was unskillful, given reluctantly, and lacks versatility (Eltis, 2000). Moreover, use of slave labor were not moral butShow MoreRelatedThe Morality Of Slave Labor Versus Free Market Capitalism1095 Words   |  5 Pagesabout the morals of slave labor versus free market capitalism. Abolitionists tended to support capitalism, or even socialism, and would argue that slave labor is immoral. Supporters of slavery would argue that Christianity allowed for slave labor, and it also created a more equal society; one much closer to the socialist dream than European philosophers could hope for. The image of â€Å"Lowell Offering† depicts free market labor in which the worker is paid for the fruits of their labor. â€Å"Slavery Justified†Read MoreThe Ancient Greek Civilization Essay1681 Words   |  7 Pagescivilizations was founded upon the shoulders of slave labor has gone around for ages despite scholastic efforts to counter the assertion. Nevertheless, it is vital to consider a particular civilization as a case study in order to really unearth the truth behind such assertion. For example the Greek Civilization, studies indicate that Greece may have surpassed many other civilizations of its time, especially concerning acquisition and use of forced labor (Cuffel page 323). Amazingly, research effortsRead MoreWhich Greek Civilization Was Based On Slave Labor Essay1698 Words   |  7 PagesThe Extent To Which Greek Civilization Was Based On Slave Labor The assumption that all of the formidable early civilizations were founded upon the shoulders of slave labor has gone round for ages despite scholastic efforts to counter the assertion from time immemorial. Nevertheless, it is vital to consider a particular civilization as a case study in order to really unearth the truth behind such sentiments. Taking for example the Greek civilization, studies indicate that Greece may have surpassedRead MoreB Du Bois s Black Reconstruction1408 Words   |  6 Pagestheir Black slaves. Black slaves were the most exploited group during Black Reconstruction; however, despite being the most exploited group of people in America, White workers were also exploited which lead to the groups having two different movements. Black slaves were the most exploited group in America during the time preceding the Civil War by planters and White workers. Du Bois viewed the Black person as the most exploited person in capitalism because he formed â€Å"that mass of labor which had neitherRead MoreThe New World During The 19th Century Essay1607 Words   |  7 PagesBefore labor become modernized, it was a means to construct the New World during its formation in the late fifteenth century. After Christopher Columbus and the Spaniards discovered what would now be called the Americas, the use of labor became intensely racialized during the centuries to follow. This foreign land became a new territory in which the Europeans believed they could control to gain wealth and power. The manpower used to construct the European settlements included certain forms of coercedRead MoreSlavery : Slavery And Slavery901 Words   |  4 PagesAmericans to Jamestown, Virginia. The slaves came to Jamestown to work on the tobacco pla ntations. The slaves were also sent to other colonies such as South Carolina to work on the cotton plantations. Slaves were people who worked for no pay. This caused the land owners to make more profit from their plantations because they didn’t have to pay their workers. Southern slave owners, specifically in South Carolina, relied on slavery as a major part of their economy. ​When slaves came to Virginia many laws wereRead MoreThe Root Of The War Between The States1441 Words   |  6 Pagessocial class, and labor. These four issues, how they interacted, evolved, how the North and South viewed them is what laid the foundation of the road to war and beyond. However before addressing the beyond the paper will address the South’s viewpoint. Central to the South’s perception was the institution of slavery. Slavery was the keystone of Southern society, almost everything pertaining to the Southern way of life was touched by slavery. At the time South the basis for being a slave was race. Of allRead MoreSlavery 1680-18601039 Words   |  5 Pagesthey had freedom, agreements to be released from indentured servants and free with rights. Indentured servants were quite scarce and expensive and the issue of equal rights presented a major challenge to developing slave states like Virginia. Indentured servants slowly became life long servants, having no chance of release at a certain age. By 1660, laws were being enacted that defined the regulated slave relations. By 1680, slaves were chattel, nothing but property sold as commodities and traded. WithRead MoreLabor As An Agent Of Production And The Differences Of Productive Labor And Unproductive Labor1235 Words   |  5 PagesIn this paper, I will discuss labor as an agen t of production and the differences of productive labor and unproductive labor. Labor condition will capture slavery to the wages in economy. The labor production has tailored for human use, to use to an operations or positions. When it came to making bread, labor for the baker was equal to the labor for the miller which make the produced for the baker? When it comes to employment for substance such as corn, flour and wheat involves more than one stateRead MoreThe Kansas- Nebraska Act Essay1085 Words   |  5 Pagesthe American political arena with is idea of popular sovereignty, his bill convinced non-Democratic Northern party factions to join together and oppose the Democratic power in American politics. The non-democratic parties that join forces were the Free-soilers, Anti- Nebraska Whigs, Anti- Nebraska Democrats, Nativist groups and Abolitionists. These groups created the Republican Party. The Republican Party unlike parties before it was a purely sectional party. The Republican Party made its first

My Philosophy of Life Free Essays

My philosophy of life Is quite simple. When I was younger, I would always be more focused on the things that people had. I would look at my other cousins, and since the parents had better jobs than my mom, they would have nicer clothes, or the newest v died games before I did all the time. We will write a custom essay sample on My Philosophy of Life or any similar topic only for you Order Now This would make me feel really self conscious through hoot my childhood, not necessarily because I was worried about not getting as much as they would. When I turned 16 and goat Job, I had decided that I was going to save all my money, and eventually get all the nice things that my cousins had. It was at this same time to o, that I had started to fall In love with the Idea of going to concerts, and finding new music to listen to. I would be spending all my money on concerts, and would never have anything concur et to tangibly have with my money, and my cousins would still have all these nice possess ones they could hold onto. I had the experiences that they didn’t, but they were Just embedded in my mind, and they could physically touch and use theirs, it didn’t seem fair. When I had decided to move to Florida to visit my step dad for a few months before moving to Boston to go to Emerson College, that was when my perspective changed. Were at a hot spring south of our town of residence Call, called Alexander Springs. How to cite My Philosophy of Life, Papers

Advanced Financial Accounting for DelGro- MyAssignmenthelp.com

Question: Discuss about theAdvanced Financial Accountingfor Comfort DelGro. Answer: Introduction Comfort DelGro Corporation Limited is identified to be the market leader of the private coach services and the public scheduled bus sectors in the Singapore. The public listed subsidiary SBS Transit Ltd is depicted to be operating at the fleet of about 3448 buses and 255 bus routes are considered. It also comprises of the 205 bus services, 23 niche bus services and 25 premium bus services (Welch, 2014). The Comfort DelGro Corporation Limited consists of the 350 fleet buses with including the buses that are belonging to the subcontractors. Comfort DelGRo Corporation Limited operates in seven countries such as Singapore, China, UK, Australia, Vietnam, Malaysia, and Ireland. The company always tries to maintain a good relationship with their investors and with shareholders by providing them with the correct information at the correct time. The literature which is being explained in this report is consisting of the changes to the accounting requirements is affecting the company or the no t along with the judging the effects revealed on the financial statements as presented by the company (Bacon, 2010). The pros and the cons are also discussed at the end of this report which justifies the effect created by the company. Henceforth the primary objective is being defined in the form of the literature as provided in this report. Changes to Accounting Requirements The most important thing which is being observed in the form of the changes in the IAS 17 and IFRS 16 is that the way of bringing the operating lease into the account of the balance sheet which is being produced by the companies. As under the IAS 17, a lessee is not obligated to be presenting the report of the assets and the liabilities from the operating leases. But in the case of the IFRS 16, a lessee is obligated to be presenting the report of the assets and the liabilities in the financial statements in the form of the operating leases (Arnold, 2012). IFRS-enabled this for the purpose of recognizing the arising rights and the values of the assets and the liabilities as it is being represented on the balance sheet. IAS 17: It shows operating lease which is presented off balance in the form of the single expenses. The finance lease is only being represented in the balance sheet. IFRS16: It shows the recognition of the operating lease which is being used for recognizing the assets and the liabilities on the balance sheet. The operating lease is being presented in the form for the purpose of reporting the depreciation and the interests separately (Correia, 2005). Effects on Financial Statements The new lease rules stated in the IFRS 16 will impose a significant impact on the financial statements of the ComforDelGro. The financial statement should show recognition, measurement and disclosures of the leases. The company has to disclose the financial information about the leasing of the assets. The company has to recognize the values of the leasing, impairment losses and depreciation charges (Besley, 2016). The company has to recognize the value of the items on the basis of the transfer of rewards and risks. The financial statements of the company show the details of the leases and also all the details of transaction. The lessee has to recognize all the assets and liabilities and the lessor has to classify leases as finance or operating. The value of both the group and company has been decreased from the year 2015 to 2016 which means that some of the assets have been removed or dismantled. Thus, according to the new lease standard, the company has to show the changes in their balance sheet (Dauber, 2005). The company has to evaluate under the recognition principle of the costs of the assets and liabilities. The assets, liabilities, capital, income, cash flow, are included in the financial statements. The shareholders would be able to determine and evaluate the valuation of the lease account. These new amendments drop significant impact on the preparation of the financial statements of the companies, and the ComfortDelgro is also affected by these new changes. The new standard can be beneficial in both accounting and operational aspects of ComfortDelgro (Emery, Finnerty and Stowe, 2011). The arrangement of the new leases can be more competitive and can decrease the risk of the companies. The effects of the changing accounting standards are related to the management processes and the adjustment mechanism of the company. The effect is also linked to the investors, before investing money they will be able to know about the value of the company due to the implementation of the new lease standard. The balance sheet should show the value of the asset which will provide appropriate information. Financing leases and the focus to the real cost of the lease assets is the effect of the International Financial Reporting Standard 16 (IFRS16). The auditors represent the income statement, balance sheet, cash flow statement and they have to follow the standard. The audit evidence obtains the sufficient and appropriate information to provide a fair view of financial statement (Helbk, Lindset, and McLellan, 2010). The implementation of the new leases has a significant effect on the preparation of the financial statements. It is effective in the identification of the compound and judgmental leases arrangement. Based on the figure of the business the new standard is useful in the making of significant differences in the assets ratio. In the case ComfortDelgro, the effects of the new standard will be felt across and have an impact on the risk management plans. According to the financial decla ration of the ComfortDelGro Company, the board of director represents the financial position as per the report. It affects the non-parametric analysis of the financial ratio and the calculating other ratio. Without depending on the leases intensity, the International Financial Reporting Standard 16 (IFRS16) affects the assets value of the companies. The effect of IFRS16 may be more than the expected value which is considered as the minimum lease payment declared by IFRS16 (Horngren, 2013). It is useful in the risk management, financial, operational control and in the other processes. It has an impact on the advanced financial accounting which facilitates the analysis of the financial results. So in the application of the new leases IFRS16 rather than the old one, IAS17 is more profitable than before. The investors will be able to get the appropriate value of the leases and classification of lease. The calculation of the financial ratios will be changed on the basis of new standard r equirements, and the shareholders will get an accurate result of the financial statements. Effects on ComforDelGro The changes in the standard will impose significant impact on the financial statements of the company. It evaluates the items on recognition of the lease costs and its classification. The price of the items of ComfortDelgro can be measured reliably. The impact of the changes in new lease requirements in retail is expected to be mostly significantly, and it impacts ComfortDelgro substantially (Mott, 2008). The new standard has brought the biggest change in the making of financial reports according to the standards if the assets are bought and financed with debt, the assets and liabilities arising from the lease must be brought onto a lease balance sheet. Hence, the company ComfortDelgros material off-balance sheet leases that IFRS 16 is projected to better results in an increase of financial liabilities and lease assets. According to the IASB expects key financial ratios derived from a ComfortDelgro reported to some assets and liabilities to change. Hence, the lease the finance lease receivable along with the vehicles procured under finance lease plans are considered as finance lease of the company ComfortDelGro. The arrangement of the expenditure related to leases and other some effects (Oppermann, 2009). The new standard removes the differentiation of operating lease and finance lease and all lease are treating as the finance lease. The appreciation of the expense is related to rent and own lease and as well as the portfolio of contracts. The dimension of the increase in service of profit and finance costs that depends on the suggestion of leasing to ComfortDelgro and measurement or the discount rates applied (Rahman, 2015). The new IFRS 16 standard has brought the principles that are used for detection, measurement plus disclosure of the lease. The reduction of the leased asset will be documented on a straight-line basis that outflow decreases over the contract terms as upon the rent due to responsibility decreases. Under at the new normal, a lease is agreement or part of a contract that conveys to use the right asset for an extended period in replace for reflection. Reduction operating cost and interest expenses cannot be collective in the income declaration. Attention expenditure is presented based on an accounting policy election that by IAS 7 Statement of cash flows. To obtain all of the economic benefits from the utilization of the identified asset, the use of the directly identified asset significantly made. Lesser are required to apply IFRS 15 to distribute the consideration in the agreement. Many contracts of ComfortDelgro contain a lease engaged with a concurrence to obtain or sell other goods or services. It is required to originally be familiar with lease liability for the responsibility to make lease payments and use of right assets to use the underlying asset for the lease term (Parrino, 2015). Use of safe assets is subjected to mutilation testing under IAS 36 Impairment of assets. The new lease rule effect on the gearing ratio of ComfortDelgro as it changes the liabilities of the company, so the debt ratio of the is also changed. Moreover, due to the changes in debt the financial position of ComfortDelgro is also changed. Lessees create the contractibility to reflect concentration and decrease the liability and to imitate on lease payments made. For an individual off balance sheet lease, the expenditure recognized was typically the same in each of the periods throughout the lease term that ComfortDelgro known as operating lease expenses characteristically on a straight line basis. The related use of a true asset is depreciated in agreement with the depreciation requi rements of assets. Lessees premeasured the contract obligation upon the incident of individual actions. Use of right assets presented unconnectedly from the other assets on the balance sheet or disclosed separately in notes (Rayman, 2013). For operating leases, lesser continues to be familiar with the underlying asset. The new standard will require ComfortDelgro to do more than just exchange its obtainable operation lease commitments that expos to reproduce lease assets and liabilities. These actions will need participation from a selection of departments across ComfortDelgro. The cost to put into practice and carry on to meet the terms of new leases standard could be substantial for most lessees. Conclusion The change in the lease standards is representing that the company had to show all the details of the leases in the balance sheet as per the standards of the IFRS 16 (Schroeder, Clark and Cathey, 2011). The pros and the cons of the changes are surrounding the discussion which is revolving around the effect on the financial statements and the effect on the selected company is depicted to be showing that the investors are benefitted by this a lot since, they can have each and every detailed information of the company's assets which will be listed on the balance sheet (Tracy, 2013). The values and classification of the leases will be determined and evaluated by the shareholders. References Arnold, G. (2012).Corporate financial management. Harlow, England: Pearson. Bacon, F. (2010).Corporate financial management. Acton, MA: Copley Custom Textbooks. Besley, S. (2016).Corporate finance. [Place of publication not identified]: Cengage Learning. Correia, C. (2005).Corporate financial management. Cottesloe, W.A.: Skystone Investments. Dauber, N. (2005).2006 Auditing standards. Canada: Thomson. Emery, D., Finnerty, J. and Stowe, J. (2011).Corporate financial management. Morristown, NJ: Wohl Publishing. Helbk, M., Lindset, S. and McLellan, B. (2010).Corporate finance. Maidenhead, Berkshire: Open University Press/McGraw-Hill Education. Horngren, C. (2013).Accounting. Frenchs Forest, N.S.W.: Pearson Australia. Mott, G. (2008).Accounting fro Non-Accountants (7th Edition). London, GBR: Kogan Page, Limited. Oppermann, H. (2009).Accounting standards. Lansdowne: Juta. Parrino, R. (2015).Corporate Finance. Singapore: John Wiley Sons. Rahman, N. (2015).Corporate Finance. North Ryde: McGraw-Hill Australia. Rayman, R. (2013).Accounting Standards. Hoboken: Taylor and Francis. Schroeder, R., Clark, M., and Cathey, J. (2011). Financial accounting theory and analysis. Hoboken, NJ: Wiley. Tracy, J. (2013).Accounting for dummies. Hoboken, N.J.: Wiley. Welch, I. (2014).Corporate finance. Los Angeles: Ivo Welch.