Trip to Florida :: essays research papers

It's hard to decide which entertainment to see near Orlando, Florida first.Universal has a lot for kids, Spiderman, Cat in the Hat, Popeye water rides, some of the rides you can only go on with a child so this was the first time I got to ride them with my sister's kids. I guarantee you will want to come back. This was my first time at SeaWorld and it was a lot to see in 1 day, luckily we had the second day free to spend more time, and I still didn't see it all. It is good if kids like to see animals (like zoos and aquariums) and touch and feed them (dolphins and stingrays and sea lions) and watch shows. WDW is actually 4 parks and it is impossible to see in just 1 day. Magic Kingdom has the classic rides (Space Mountain, Haunted Mansion, Pirates of Carribean, etc) mostly slow (but sometimes dark & scary) for kids and adults. Epcot has different countries represented, but not many rides, except the new one "Mission Space" (more for adults); not as entertaining as MK. MGM has a good selection of rides for kids and shows and a couple adult rides (Rock-n-roll coaster, Tower of terror); my first time there was 2 years ago and it was fun but not as much fun as MK. Animal Kingdom is "nahtazu" (not a zoo) but had few rides for kids and adults (safari, dinosaur); it was as interesting as a zoo, but not as fun as MK. They also have water parks if you go in summer, and a racetrac/sports park, I've never been to yet. Obviously my favorite is Magic Kingdom. I definitely wouldn't go to Orlando without spending time at Universal/IOA too, I love Jurassic Park ride, and Back to the future ride, and ET ride, and new Mummy ride, and Men in black ride. (They're rides are related to movies or TV) I went to Busch Gardens years ago, but my sister said they improved it a lot. It's not just flowers and plants, it has lots for kids to ride too (more like fair rides).

FRANKENSTEIN :: essays research papers fc

The origin of Frankenstein is almost as mysterious and exciting as the novel itself. It all began back in the summer of 1816 at the Villa Diodati on the shores of Lake Geneva, Switzerland. Mary Shelley seems not to condemn the act of creation but rather Frankenstein’s lack of willingness to accept the responsibility for his deeds. His creation only becomes a monster at the moment his creator deserts it. Essentially, Frankenstein warns of the careless use of science which is still an important issue. In feminist literary theory, it claims that Frankenstein’s act of creation is not only a sin against God and nature. It is also an act against the â€Å"female principle† which includes natural procreation as one of its central aspects. The monster, the result of male arrogance, is the enemy and destroyer of the eternal female principle. The classification of Frankenstein as a ghost story, Gothic novel or horror novel is not completely accurate. It contains no supernatural apparitions such as ghosts, witches, devils, demons or sorcerers. And other typical gothic elements such as ruined castles, graveyards and charnel houses appear only briefly or in the distance. In the novel, Mary Shelley is silent on how Victor Frankenstein breathes life into his creation. But her story did not just come from her imagination alone. Scientists and physicians of her time were tempted by the boundaries between life and death, constantly experimenting with lower organisms, human anatomical studies, attempting to resuscitate drowning victims, and experiments using electricity to restore life to the recently dead. Another origin of this monster has to do with people’s fascinations with â€Å"nature’s monsters,† the sharp deviations from normal human development. The monster â€Å"Frankenstein† is thought of as a horrible, evil creation. One informant thought of him as frustrated, loud, and uncommunicative. Some others remember aspects from the many different movies such as the monster having â€Å"the mind of a killer and the heart of a kind man.† One informant recalled the monster having a â€Å"soft spot for children† when he helped a little girl kill all the evil monsters in one of the movies. Abandoned by his creator, the monster takes revenge on Victor Frankenstein by killing his younger brother, William. Frankenstein’s silence, in the face of the monster’s murderous actions, exacts a terrible price. His self-imposed isolation from society mirrors the social isolation the monster experiences from all who see him.

Symbols and Symbolism in The Great Gatsby :: Great Gatsby Essays

Symbolism in The Great Gatsby What is unknown is often talked about as being mysterious, perhaps even ominous. Naturally, many people become curious and want to find out what lurks about in the dark and be able to say that they know what others do not. In F. Scott Fitzgerald's novel, The Great Gatsby, the main character, Jay Gatsby is quite enigmatic. Seclusion and isolation are well known to Gatsby, especially when it comes to his personal life and his history. Throughout the novel, except when with Nick or Daisy, Gatsby asserts himself as an observer, who would rather watch others than to join in with the crowd. The silhouette of a moving cat wavered across the moonlight, and turning my head to watch it, I saw that I was not alone--fifty feet away a figure had emerged from the shadow of my neighbor's mansion with his hands in his pockets . . . (p. 21) Being the absolute mystery that he is, Gatsby is this "silhouette of a moving cat," and lives his life this way. As this quote shows, Gatsby emerges from the shadow to reveal himself to Nick (who is one of a very few amount of people that he confides in with the truth of who he really is). Whether Gatsby is throwing extravagant parties in his own home or with a small group of people, who he is remains a secret. Gatsby is constantly encompassed by darkness and secrecy When Gatsby threw his large parties, he was rarely seen amongst his guests and was most often alone, observing them. "Gatsby, standing alone on the marble steps and looking from one group to another."(p. 50) The one time that Gatsby is noticed talking to his guests is when he introduced himself to Nick and started a conversation with him. Yet, most of the time that he throws these parties at his own home, he is alone and does not socialize with the people who attend. Trying to understand Gatsby is a very difficult thing to do, because there is so much to grasp. Entering into the upper class of wealthy people, Gatsby not only held onto a secret past, but also had the hidden agenda of trying to get Daisy back, whom he had fallen in love with while in the war.

Red Badge of Courage Essay

â€Å"The central thrust of the Red Badge of Courage is directed towards the puncturing of Henry Fleming’s youthful range of illusions. † â€Å"Our inescapable conclusion concerning Red Badge of Courage is that Fleming is as deluded as the novel ends as he is when he first joins the Union Forces. † Which of the above assessments of the development of Henry Fleming’s character do you feel comes closest to the truth? In your answer you should Consider the arguments for and against accepting the question’s assertions; Bring to bear knowledge of external critical opinion on the issue; Look at contextual aspects of the novel in relation to the topic under consideration. ANSWER I feel that both these arguments show strong opinions and though both show a critical view of Henry Fleming, they are opposing views. The first statement seems to come closest to the truth in that the narrator uses irony to mock and deride Henry yet at the same time he feels a certain affinity with him also. Statement two is a conclusion but not inescapable as Henry, although still deluded, is not as deluded as he was at the time he joined the Union Army. In choosing statement one to be the truer of the two I have come to the conclusion that the narrator is being used as a figure who mocks Henry’s egotism and self deception on one hand then shows sympathy on the other. Stephen Crane uses the narrator to tell the story from a third party point of view and therefore can use this to get his points across. This use of third parties belies Crane’s own experiences of death and mutilation both in his private life with the death of his siblings and in the stories, pictures and photographs he has seen whilst researching the book. It is possible, Stephen Crane had read General Ulysses S Grant’s memoirs and also â€Å"Battles and Leaders of the Civil War†, which was a very popular and factual compendium of four books at the time and he no doubt saw Mathew B Brady’s photographs of the Civil War in these also. The novel is a naturalistic human- interest story but Crane uses the experiences of ordinary soldiers who fought during the Civil War to get the feel of how young men were forever changed by their experiences. Crane cleverly uses contrasts to show how Henry feels at differing times, using monster images to show how active an imagination Henry has, for example to describe a column of men, â€Å"two serpents crawling from the cavern of night†. Crane also uses nature and colour to show contrasts, with constant references to how the sky looks and the fact that â€Å"Mother Nature† still goes on regardless of anything that puny men can do to themselves, for example â€Å"a river, amber tinted in the shadow of its banks, purled at the army’s feet, and at night, when the stream had become of a sorrowful blackness, one could see across it the red, eye-like gleam of hostile campfires†¦ † Phrases like â€Å"A fair field holding life. †¦ It would die if its timid eyes were compelled to see blood† and â€Å"He conceived nature to be a woman with a deep aversion to tragedy† all show Henry’s wonderment at the fact that nature can carry on despite what happens, and at times the narrator sometimes unfairly mocks Henry for this. As the story develops and we see how Henry deals with the harsh realities of war the use of symbols becomes more developed, with Henry seeing the darker sides to war and death. This is when, I feel, the narrator becomes sympathetic to Henry as he tries to reconcile himself with the terrible things he has seen and done. The narrator give the most sympathy to Henry when he gets lost in the woods and finds a dead man, â€Å"horror-stricken by the sight of a thing† and again when he meets up with Jim Conklin and watches as he dies. Paradoxically he mocks when Henry’s thoughts turn to death and the hope that he â€Å"would be understood† in the afterlife. When Henry celebrates victory too soon and then runs away and when Henry leaves the tattered man to die despite staying with Jim whilst he died. After Henry returns to his own camp and Wilson tends his wound he gets very defensive if anyone mentions his absence or his wound, to the point of him thinking of blackmailing Wilson with the return of his letters and the narrator here shows how Henry is feeling superior yet benevolent, thinking himself the better for not being able to conjure up a scathing remark and how his self justification makes him pompous, devious and condescending. Henrys illusions are punctured again when after bravely fighting, he hears the veterans laughing at him, which only provokes him to further prove his own worth on the battlefield. His perception of the battle is now coloured by the â€Å"brotherhood of battle. † The second claim, is wrong in that Henry is not as deluded as he was, he has fought his demons and come out on the other side, not perfect, but able to realise that he has done dreadful things and he will have to live with them. Crane uses this discovery of self to great aplomb as he makes Henry question himself in the final chapter. Henry has a totally selfish and biased view of the world at the start, which slowly unravels as the story goes on. Crane uses the narrator to give us an insight into Henry’s mind by verbalising his thoughts and giving the narrators view of his actions. This in turn helps us to see the turmoil that Henry faces both within fighting the war and within himself. He turns out to despise his early blusterings and convinces himself that he has matured fully. Although this is not true, he has matured to some extent by being able to see the flaws in his character. Henry still romanticises himself and his surroundings but his personal battle between his consious fear and his desire to become a hero has been won. When Henry joined up he believed that he would become a great hero and that he would win great battles, he of course had never even seen a battle except those that went on in his head. He boasts and brags, to himself, about how brave he is going to be yet he turns and runs once the realities of the fighting become apparent. Through his experiences he slowly comes to terms with the fact that war is bloody and cruel And when his friend shows weakness he stores the information to use at a later date – something he later cannot do. To justify all that he has done he thinks † it had been necessary for him to swallow swords that he might have a better throat for grapes. Fate had, in truth been kind to him. † And to justify leaving the tattered man â€Å"he exclaimed that its importance in the aftertime would be great to him if it even succeeded in hindering the workings of his egotism. † Critics of Stephen Crane have both blasted this story as utter rubbish and Crane’s usage of the third party narrator as him trying to write a biography. General McClurg, when this book was published blasted it as blatant lies. His soldiers would never act like that in such a base manner. McClurg himself fought in the Civil War but being a general was not of course in the front lines of the battle. Many of the men who were, swore that they had fought with Stephen Crane even though he was not born until after the Civil War had ended. Such was the reality of the story to those people. The people who thought that this story was an analogy for Stephen Crane’s life based this assumption on these claims, so therefore, Stephen Crane must know of the battle mindset. Personally I think that Crane had heard so many stories of the war he could picture himself there and could imagine how a young boy would feel going through these experiences. Rather like modern stories penned by writers for television and films. I believe that Crane has shown himself to be a psychological realist in writing this piece and that each reader takes from it what they want in relation to their own experiences and knowledge. Perhaps this was a biographical piece and Crane used Henry to show his own delusions. On discussion of this piece, both within a classroom setting and using discussion groups on computer, I have read and heard many differing views of Henry. These views vary depending on the critic’s age. Many young people see him as egotistical, judgemental and self absorbed whilst mature students see him as just like most teenagers, too young to be able to see the big picture. Henry may be deluded but like most people once maturity sets in delusions become lessened as experience is gained. In conclusion I feel that statement 1 is true because the story develops many internal storylines one of which is the puncturing of Henry Fleming’s youthful range of illusions, of which he has many. Statement 2 on the other hand seems true because Henry is deluded to a certain extent. This is one definite statement with no real detail behind it, the author of it seems to be assuming that Henry can not or will not change.

Value at Risk (VaR)

Financial markets started to use the â€Å"Value at Risk† extensively since 1990’s. But the measures of Value at Risk (VaR) were active in different names since as early as 1920’s (Holton 2003). It is the measurement of the worst expected loss at a given confidence level under normal market conditions over a specific time interval. It can also be expressed as the lowest confidence level of the potential losses that can occur within a given portfolio during a specified time period. Value at Risk only presents the worst-case scenario (Harper n. d. ).The two major parameters to be chosen for risk measurement are the time period and the confidence level. The time period can vary from a few hours to a few years. For example it can be stated that when a portfolio manager has a daily VaR at $1 million at 1%, it means that there is only 1 chance in 100 to incur a daily loss of more than $1 million under normal market conditions. The commonly used methods to estimate Valu e at Risk are: Variance – Covariance Method, Historical Performance and Monte Carlo Simulation (Benninga & Wiener 1998). Variance – Covariance Method:This model was made popular by J. P. Morgan in early 1990’s. This approach is based on the assumption that the underlying market factors have a multivariate normal distribution. This assumption helps in determining the distribution of mark-to-market portfolio profits and losses. After finding the distribution of possible portfolio profits and losses, the standard mathematical properties of Normal distribution can be used to determine the loss that will be equaled or exceeded x percent of the time which is called Value at Risk (Linsmeier & Pearson 1996).The following example can be taken to discuss the theory. A U. S. company entered a FX forward contract in the past. The difference between current date and date of delivery is 91 days. The contract requires the company to deliver $15 million in 91 days and in exchan ge it will receive  £10 million. The facts taken into consideration are the spot exchange rate expressed in dollars per pound (S), 3 month pound interest rate (rGBP) and 3 month dollar interest rate (rUSD). The current mark to market values in dollars is calculated based on the following formula:USD mark to market value= S x GBP 10million – USD 15 million 1+ rGBP (91/360) 1+ rUSD (91/360) Here the holding period is one day and the probability is 5%. The distribution of possible profit and loss on this portfolio has the mean of zero as the expected change in portfolio value over a short holding period is almost always close to zero. A standard property of the Normal distribution is that if a probability of 5% is used in determination of the Value at Risk then it will be equal to 1. 65 times the standard deviation of changes in the portfolio value.Standard deviation is the measure of the spread or dispersion of the distribution and computing the value of the standard deviatio n of changes in the portfolio value is the main factor in this method (Linsmeier & Pearson 1996). Value at Risk = 1. 65 x standard deviation of change in portfolio value The first step in measurement of VaR through this method is to determine the basic market factors and standardized market positions through â€Å"Risk Mapping†. In this case the basic market factors are spot exchange rate and 3-month dollar and pound interest rates.The associated standardized positions are spot pounds, dollar dominated 3 month zero coupon bond and a 3 month zero-coupon bond exposed only to changes in the pound interest rate. The next step is to estimate the parameters of distribution assuming that the percentage changes in the basic market factors have a multivariate Normal distribution with means of zero and thus capturing the variability of market factors by standard deviation and co-movement by the correlation coefficients.The third step is to compute standard deviations and correlations o f the changes in the values of standardized positions using the covariance matrix of changes in the basic market factors. The final step is to calculate the value of variance and standard deviation of the portfolio using standard mathematical results about the distributions of sums of Normal random variables. Standard deviation is the square root of variance. In our case its value is $ 52500 approximately. Now as the probability was taken as 5%, the formula comes to Value at Risk = 1. 65 x standard deviation of change in portfolio value = 1. 65 x $ 52,500 = $ 86,625The benefit of this model is that it uses compact and maintainable data set often available from market and third parties and calculation is quite speedy using algebraic formulae. The drawback of this method is that it assumes the change of the portfolio value to be linearly dependent on all the changes in the values of assets and also that the asset returns normal distributed (Jorion 2006). Historical Performance: Histor ical Performance method is the simplest and most transparent method that takes into account relatively lesser number of assumptions about the statistical distribution of underlying market factors (Linsmeier & Pearson 1996).The method works by using historical changes in market rates and prices to estimate potential future loss or profit with the portfolio and thereby calculating the Value at Risk. This can be illustrated based on the above example. Here we assume the holding period as 1 day, probability of 5% and computation to be based on 100 preceding business days from the current date. The current day will be the 100th day. The method involves five steps. The first step is to identify the basic market factors and to determine the formula to express mark to market value.In our case the basic market factors are 3 month dollar interest rate, 3 month pound interest rate and spot exchange rate. The formula for mark to market value is derived as USD mark to market value= S x GBP 10mil lion – USD 15 million 1+ rGBP (91/360) 1+ rUSD (91/360) Next the values of the identified basic market factors for previous 100 days are to be obtained. Daily change in these rates will be able to set the base for constructions of hypothetical values of market factors useful in the calculation of hypothetical profit and loss.The daily Value at Risk number is a measure of the portfolio loss caused by such changes over a one day holding period. The next and most important step is to subject the current portfolio to the changes experienced in the previous 100 days to calculate daily hypothetical profits and losses. In this step 100 sets of hypothetical values for market factors are calculated based on daily historical percentage changes in the market factors combined with current market factors. These hypothetical values are then used to compute 100 hypothetical mark to market portfolio values.Subtraction of current day mark to market portfolio value from each of the 100 hypothe tical values gives 100 hypothetical daily profits and losses. Ordering mark to market profits and losses from the largest profit to the largest lost is the next step. Finally the loss, which equals or exceeds 5% of the time is selected. In the present example of 100 days calculation the fifth worst loss will be the value at risk. This method relies completely on the historical data. Thus it may not be able to predict most accurately if the period chosen is not a typical one and is posing any special market condition (Jorion 2006).Monte Carlo Simulation: This method is quite similar to the Historical Performance Method. The major difference is that this method uses statistical distribution to capture the possible changes in the market factors instead of observing historical changes in market factors to calculate hypothetical profit and loss. The method involves five steps to estimate Value at Risk. The same example of single forward contract can be considered in this respect. The fir st step here is to identify the basic market factors and to determine the formula to express mark to market value similar to the Historical Performance Method.The next step is to assume a specific distribution for changes in the basic market factors and to estimate the parameters of that distribution. For the present example the percentage change in the basic market factors having multivariate Normal distribution is assumed and estimates of standard deviation and correlates are used as in this case the parameters like means, standard deviations and correlations can be interpreted naturally and their estimation is easier. However, it can be said that Monte Carlo Simulation allows risk managers to choose the distribution according to their requirements.But this flexibility also runs a risk of a bad choice that may not be suitable for the particular case (Jorion, 2006). Pseudo-random generator is used in the following step to generate more than 1000 or sometimes 10000 hypothetical valu es of changes in market factors. These are then used to calculate hypothetical mark to market portfolio values. Actual mark to market portfolio value on the current date is subtracted from each of the hypothetical values to get the hypothetical daily profits and losses.The following step is to order the mark to market profits and losses from the largest profit to the largest loss and the Value at Risk is selected as the loss which equals or exceeds 5% of time. While comparing the different aspects of these three methods it can be said that Historical Performance is the simplest method for estimating Value at Risk. It is suitable for estimation for any kind of options of the portfolio. It is easy to compute and implement and can be explained without much effort.The drawbacks of the method are that it can be misleading if the data used is not typical and represents a specific condition quite similar to Monte Carlo Simulation and Variance-Covariance methods. It is too much dependent on historical data. It is not possible to analyze alternative assumptions through this method. Monte Carlo Simulation and Variance-Covariance methods on the other hand can easily analyze alternative assumptions. Variance-Covariance method though can not examine distribution of market factors other than normal. Both of these methods are easy to implement but tougher to explain.Variance-Covariance method is easy in computation but can not capture the risks of portfolio with options when the holding period is long. Monte Carlo Simulation on the other hand is not easy to compute but it can surely capture the risks regardless of any options (Linsmeier & Pearson 1996). Thus it can be said that all of the three methods have their own benefits and drawbacks and it is completely at the discretion of the risk manager to choose a method appropriate to the portfolio based on the factors to be considered and the holding time.

Impaired Asset

IMPAIRMENT OF ASSETS The following information relates to Q1 & Q2.Information about three assets are given below in the table:Aldo Balbo Casco Value in Use $150,000 $195,000 $105,000Carrying Amount $90,000 $140,000 $112,000Net Realizable Value $115,000 $136,000 $85,000 Q1. What are the recoverable amounts of each asset? (MCQ)Aldo ($115,000), Balbo ($136,000), Casco ($105,000)Aldo ($150,000), Balbo ($136,000), Casco ($105,000)Aldo ($150,000), Balbo ($195,000), Casco ($105,000)Aldo ($115,000), Balbo ($195,000), Casco ($85,000)(2 marks) Q2. What are the impairment losses on each asset? (MCQ)Aldo ($0), Balbo ($0), Casco ($0)Aldo ($0), Balbo ($55,000), Casco ($20,000)Aldo ($25,000), Balbo ($4,000), Casco ($7,000)Aldo ($0), Balbo ($0), Casco ($7,000)(2 marks) Q3. A cash-generating unit has the following assets:Building $600,000Plant & Machinery $100,000Goodwill $80,000Inventory $50,000Total $830,000One of the machines valued at $60,000 has been damaged & will be scrapped. The total recoverable amount estimated from the cash-generating unit is $470,000. What is the recoverable amount of the current assets after the impairment loss? (MCQ)$21,800$28,000$33,500$50,000 (2 marks) Q4. Which of the following correctly defines the recoverable amount of an asset? (MCQ)Current market value of the asset less cost of disposalHigher of fair value less cost of disposal & value in useHigher of carrying amount & fair valueLower of fair value less cost of disposal & value in use (2 marks) Q5. An asset has a carrying amount of $55,000 at the year-end 31st March 2002. Its market value is $47,000 having a disposal cost of $3,500. A new asset will cost $85,000. The company expects that the asset will generate $19,000/per annum of cash flows for the next three years. The cost of capital is 8%. What is the impairment loss to be recognized for the year end 31st March 2002? (FIB)3613151270000$ (2 marks) Q6. Which of the following are internal indications of impairment? (MRQ) A fall in the market value of a machine due to inflationThe management realized that an asset is unable to produce up to its full capacityA report prepared by the warehouse manager than one of the lifter cars has crashed into a wallThe development of intention of management to sell the asset during the next 3 months (2 marks) Q7. Moby had purchased an asset on 1st September 2009 at a cost of $500,000 with the useful life of ten years with no cash inflow at the time of disposal. The asset has been depreciated until 31st October 2014. At that date, an accident occurred which resulted in the damage of the asset & an impairment test was taken by Moby. On 31st October 2014, the fair value of the asset was $160,000 with $10,000 cost of disposal. The expected future cash flows were $13,000/annum for the next five years. The cost of capital is at 10% with five-year annuity factor of 3.79. Calculate the impairment on 31st October 2014? (MCQ)$0$100,000$150,970$200,730 (2 marks) Q8. A cash-generating unit has the following assets:Property & Plant $400,000Machinery $90,000Goodwill $75,000License $5,000Net Assets (realizable value) $30,000Total $600,000The company had breached a government legislation which results in its cash-generating unit value to fall by $200,000. What will be the value of Property & Plant after the impairment? (MCQ)$101,010$126,316$266,667$298,990 (2 marks) Q9. Which of the following is not an indicator of impairment? (MCQ)The NRV of inventory has reduced due to damages but carrying amount is still lowered it's than NRV Technological advancement has boomed in a country resulting old machinery becoming obsoleteCost of capital of a company has increased due to increase in market ratesThe carrying amount of an asset is higher of the recoverable amount of an asset (2 marks) Q10. A company purchased an asset on 1st January 2000 costing $2.1 million and its life was 10 years. On 31st December 2001, the fair value of the assets was $1.9 million. On 31st December 2002, the recoverable amount of the asset was $0.7 million. Calculate the impairment loss to be recorded in Profit ; Loss account on 31st December 2002? (FIB)3613151270000$ (2 marks) Q11. A cash-generating unit has the following assets:Building $409,050Plant ; Machinery $311,000Goodwill $30,500Inventory $156,000Total $906,550One of the plants valued at $91,000 was destroyed ; will be scrapped. The total recoverable amount estimated from the cash-generating unit is $760,050. What is the recoverable amount of the Plant ; Machinery after the impairment loss? (FIB)3613151270000$ (2 marks) Q12. Meagan had purchased an asset on 1st September 2015 at a cost of $300,000 with the useful life of six years with no residual value. The asset has been depreciated until 31st October 2020. At that date, the asset was damaged ; an impairment test was taken by Moby. On 31st October 2020, the fair value of the asset was $60,000 with a $3,000 cost of disposal. The expected future cash flows were $16,000/annum for the next five years. The cost of capital is at 13% with five-year annuity factor of 3.52. Calculate the impairment on 31st October 2020? (MCQ)$0$680$6,320$7,000(2 marks) Q13. A delivery van has a carrying amount of $39,000 at the year-end 31st March 2016. Its market value is $33,800 having a disposal cost of $1,250. A new delivery van will cost $46,500. The company expects that the van can generate $9,300/per year of cash flows for the next four years. The cost of capital is 5%. What is the impairment loss to be recognized for the year end 31st March 2016? (MCQ)$1,250$5,200$6,022$6,450(2 marks) Q14. ZZZ Co purchased a non-current asset on 1st January 2012 costing $3.75 million and its life was eight years. On 31st December 2013, the fair value of the non-current asset was $2.95 million. On 31st December 2014, the recoverable amount of the asset was $1.25 million. Calculate the impairment loss to be recorded in Profit ; Loss account on 31st December 2014 nearest to $000? (FIB)3613151270000$ 000 (2 marks) IMPAIRMENT OF ASSETS (ANSWERS) Q1. CRecoverable amount is the higher of the Value in Use or the Net Realizable Value. Q2. DImpairment loss = Carrying amount – Recoverable amount = Positive (+) Aldo = $90,000 – $150,000 = (-$60,000) No ImpairmentBalbo = $140,000 – $195,000 = (-$55,000) No ImpairmentCasco = $112,000 – $105,000 = $7,000 Impairment Q3. DAssets which have their own impairment criteria do not fall under the scope of IAS 32 -Impairment of asset. Inventory is impaired under IAS 2 – Inventory where it is calculated by choosing lower of Cost or Net Realizable Value. Q4. B Q5. $6,037Value in UseCash Flow Discount Factor 8% Present Value19,000 0.926 $17,59419,000 0.857 $16,28319,000 0.794 $15,086Total PV $48,963Fair Value less Cost to sell = $47,000 – $3,500 = $43,500Higher of = $48,963Impairment Loss = $55,000 – $48,963 = $6,037 Q6.A fall in the market value of a machine due to inflation (External indication)The management realized that an asset is unable to produce up to its full capacity (Internal indication)A report prepared by the warehouse manager than one of the lifter cars has crashed into a wall (Internal indication)The development of intention of management to sell the asset during the next 3 months (Internal indication) Q7. BCarrying Amount = (500,000 Ãâ€" 5/10) = 250,000Fair value less cost to sell = (160,000 – 10,000) = 150,000Value in use = (13,000 Ãâ€" 3.79) = 49,270Recoverable amount $150,000, Impairment = 250,000 – 150,000 = $100,000 Q8. DThe total impairment of CGU is $200,000The goodwill is impaired by $75,000 leaving $125,000 of impairment to be allocated to other assets.Total of assets to be impaired is $495,000 (400 + 90 +5)Impairment = (400,000 à · 495,000) Ãâ€" 125,000 = 101,010Fair Value after impairment = 400,000 – 101,010 = $298,990 Q9. AThe NRV of the inventory is still greater than its carrying amount so no impairment has arisen Q10. $742,500Calculation done in $000Cost = 2,100Depreciation = (2,100 Ãâ€" 2/10) = 420Carrying amount (After 2 years) = 2,100 – 420 = 1,680Revaluation of asset = 1,680 1,900 = 220 in Revaluation ReserveNew Cost = 1,900Depreciation = (1,900 Ãâ€" 1/8) = 237.5Carrying amount (After 1 year) = 1,900 – 237.5 = 1,662.5Impairment loss = 1,662.5 – 700 = 962.5Reversal of Revaluation Reserve = $220Excess recorded in Profit ; Loss account = 962.5 – 220 = $742,500 Q11. $211,257The total impairment of CGU is $146,500The goodwill is impaired by $30,500 leaving $116,000 of impairment to be allocated to other assets. The plant is impaired by $91,000 leaving $25,000 of impairmentTotal of assets to be impaired is $629,050 (409,050 + 311,000 – 91,000)Impairment = (220,000 à · 629,050) Ãâ€" 25,000 = 8,743Fair Value after impairment = 220,000 – 8,743 = $211,257 Q12. ACarrying Amount = (300,000 Ãâ€" 1/6) = 50,000Fair value less cost to sell = (60,000 – 3,000) = 57,000Value in use = (16,000 Ãâ€" 3.52) = 56,320Recoverable amount $57,000, Impairment = 50,000 – 57,000 = $0 Q13. CValue in UseCash Flow Annuity Factor 5% (1-4) Present Value9,300 3.546 $32,978Total PV $32,978Fair Value less Cost to sell = $33,800 – $1,250 = $32,550Higher of = $32,978Impairment Loss = $39,000 – $32,978 = $6,022 Q14. $1,071,000Calculation done in $000Cost = 3,750Depreciation = (3,750 Ãâ€" 2/8) = 937.5Carrying amount (After 2 years) = 3,750 – 937.5 = 2,812.5Revaluation of asset = 2,812.5 2,950 = 137.5 in Revaluation ReserveNew Cost = 2,950Depreciation = (2,950 Ãâ€" 1/6) = 491.67Carrying amount (After 1 year) = 2,950 – 491.67 = 2,458.33Impairment loss = 2,458.33 – 1,250 = 1,208.33Reversal of Revaluation Reserve = $137.5Excess recorded in Profit ; Loss account = 1,208.33 – 137.5 = $1,070,830Nearest to $000 = $1,071,000

Habeas-Corpus Essay

Habeas-corpus is a Latin term which literally means â€Å"you may have the body†. Under the law of England, as a result of long usage, the term came to signify a prerogative writ; a remedy with which a person unlawfully detained sought to be set at liberty. It is mentioned as early as the fourteenth century in England and was formalised in the Habeas-corpus Act of 1679. The privilege of the use of this writ was regarded as a foundation of human freedom and the British citizen insisted upon this privilege wherever he went whether for business or colonisation.This is how it found a place in the Constitution of the United States when the British colonies in America won their independence and established a new State under that Constitution. In India, under the Constitution, the power to issue a writ of habeas-corpus is vested only in the Supreme Court and the High Courts. The writ is a direction of the Court to a person who is detaining another, commanding him to bring the body of the person in his custody at a specified time to a specified place for a specified purpose.A writ of habeas-corpus has only one purpose: To set at liberty a person who is confined without legal justification: to secure release from confinement of a person unlawfully detained. The writ does not punish the wrongdoer. If the detention is proved unlawful, the person who secures liberty through the writ may proceed against the wrongdoer in any appropriate manner. The writ is issued not only against authorities of the State but also to private individuals or organizations if necessary.