Sunday, December 29, 2019

The American Dream in The Great Gatsby and This Side of...

Frances Scott Fitzgerald was born on September 24th, 1896 in St. Paul Minnesota and died of a heart attack in an apartment in Hollywood on December 21st, 1940. Throughout his career, Fitzgerald wrote many works, traveled the world, and served in the United States Army. F. Scott Fitzgerald wrote mostly short stories but became famous because of his novel This Side of Paradise and became even more famous because of The Great Gatsby which was released in 1925. The time period in which Fitzgerald lived played an extensive role in his work. Fitzgerald is one of the all time greatest American authors solely of the fact that his works displayed â€Å"The American Dream.† This brings up an excellent question: What was or what is â€Å"The American Dream†?†¦show more content†¦His father was an English poet and writer who grew up in Norfolk, England. His mother, Mollie McQuillan was born and raised in St. Paul, Minnesota. The two were married in February 1890 and later had four children, Frances Key being one of them. When the young Fitzgerald was just twelve years of age, he attended St. Paul Academy, a nonsectarian school (Reuben). While he was there, he began to fall in love with literature; he even became a literacy apprentice. â€Å"During his time as an apprentice Scott published his very first book titled: The Mystery of the Raymond Mortgage† (Reuben). He was accepted into Princeton University in 1913. While at Princeton he joined extra curricular organizations such as the newspaper and theatre club. In 1917 Fitzgerald was put on academic probation because he wasn’t meeting the academic standards. He discontinued his time at Princeton and enlisted in the United States army as a second lieutenant at Fort Leavenworth and began to write his novel The Romantic Egotist later (Shmoop Editorial Team) to be published as This Side of Paradise. During his time at Princeton, Fitzgerald had a passion for literature and was constantly wr iting. He also wrote plays for Princeton. Frances Key Scott Fitzgerald developed a love for literature. In fact, the young boy would write whenever he could. Frances later left St. Paul Academy and enrolled at Newman, a boardingShow MoreRelatedThe Pursuit Of The American Dream By F. Scott Fitzgerald1653 Words   |  7 PagesKristin Liu Research Paper Date due: June 10, 2015 Date turned in: June 15, 2015 Self Demise in the Pursuit of the American Dream The 1920s was a time when parties and prosperity were abundant. This created the view that everything was possible and eventually led to the idea of the American Dream. The American Dream was the thought that if one lives in America, then they are living in a land of opportunity. The perception was that an individual, through hard work, can be successful when in AmericaRead MoreResearch Paper F Scott Fitzgerald2343 Words   |  10 PagesThe Unsatisfied American Dream As Florence King once said, â€Å"People are so busy dreaming the American Dream, fantasizing about what they could be or have a right to be, that theyre all asleep at the switch. This quote symbolizes the simple fact that the American Dream is impossible for someone to ever attain because people are to busy dreaming about what others have, that they fail to recognize what they themselves already have attained. The American author F. Scott Fitzgerald has had an unprecedentedRead MoreF. Scott Fitzgerald Essay1597 Words   |  7 PagesN. Bhaskar Ms. Budacki American Literature 19 December 2013 Author Report on F. Scott Fitzgerald F. Scott Fitzgerald is one of the greatest American authors. Many of Fitzgerald’s novels are considered classics and will forever be read. Fitzgerald is most known for his novels detailing the youth of America in the 1920s to the 1930s. Many of these books that Fitzgerald wrote are based of his life experiences. Fitzgerald is considered a literary genius and also lived a very interesting life. Read MoreIdentifying And Surveying F. Scott Fitzgerald s The Great Gatsby1675 Words   |  7 Pagestruths that where clearly noticeable where â€Å"The American dream† and â€Å"Old and New Money† which greatly supported the normalities of the era, these two topics will be discussed later in the piece. But let s start by recapping a brief understanding that is this novel. F. Scott Fitzgerald’s novel The Great Gatsby is a classic about the desire for love and money and how they both affect the characters within the story. It is the story of a man named Jay Gatsby who wants the love of a beautiful young womanRead MoreThe Great Gatsby by F. Scott Fitzgerald930 Words   |  4 PagesF. Scott Fitzgerald is mostly known for his images of young, rich, immoral individuals pursuing the American Dream of the 1920’s (Mangum). This image is best portrayed in his greatest novel, The Great Gatsby, alongside his principal themes, â€Å"lost hope, the corruption of innocence by money, and the impossibility of recapturing the past† (Witkoski). Fitzgerald was identified as a modern period writer because his themes and topics were inconsistent with traditional writing (Rahn). The modern periodRead MoreSymbolisms in The Great Gatsby by F. Scott Fitzgerald Essay846 Words   |  4 Pagesas memorable as the green light in F. Scott Fitzgerald’s The Great Gatsby. Shining at the end of Daisy’s dock, it is close enough to be seen, but too far away to be reached. Still, Gatsby, an eternal optimist, stares at it at night, as if it showed him that all his far-away dreams were about to come true. The green light in The Great Gatsby is symbolic of hope, a source of inspiration, and a representation of the American Dream to Gatsby and to the novel’s readers. Gatsby’s aspirations reflect theRead MoreThe Great Gatsby : Similarities And Comparisons1382 Words   |  6 PagesHani Abidi Honors American Lit. 12/8/2014 The Great Gatsby Similarities and Comparisons The Great Gatsby is an American Novel written by F. Scott Fitzgerald, published in 1925 and set in the summer of 1922 in the fictional towns of East and West Egg in Long Island, New York. The story is about the young and perplexing millionaire Jay Gatsby, and his obsession to win back the only girl he’d ever loved, a Southern debutante the name of Daisy Buchanan. Some themes in the novel include dedication, destructivenessRead MoreThe Great Gatsby By F. Scott Fitzgerald1569 Words   |  7 PagesBrian Barnaik Mrs. Bowers English May 10, 2016 Fantastic Fitzgerald The greatest American writers have their places in history and their stories forever passed down to new generations. Their stories are easily relatable and understandable. One of the most memorable authors is F. Scott. Fitzgerald. His writings during the 1920’s give perspective to the 1920’s atmosphere: most notably in this novel, The Great Gatsby. The environment has influenced his creative mind set and has caused his writing skillsRead MoreAnalysis Of F. Scott Fitzgerald953 Words   |  4 PagesF. Scott Fitzgerald was an American author who was known for his novels that generally take place during the Jazz Age after World War I. His use of similes add deeper imagery and to emphasize certain descriptions that are necessary to understand in his distinctive writing style. Fitzgerald incorporated a lot of his own personal life into his works; his struggles with alcoholism, mental disorders and marital problems are generally thrown into almost all his novels. Many of his stories can be readRead More Francis Scott Key Fitzgerald and His Work Essay735 Words   |  3 PagesWork      Ã‚  Ã‚  Ã‚   By the time F. Scott Fitzgerald published The Great Gatsby in 1925, he had already amassed an impressive literary resume. From his first commercial publication of the short story, Babes in the Woods at age 23 to The Sensible Thing at age 28, Fitzgerald published fourteen short stories, one play, two collections of short stories, and two novels. His first novel, This Side of Paradise, made Fitzgerald a celebrity. The second, The Beautiful and the

Saturday, December 21, 2019

Christopher Nolan s Memento Movie Analysis - 903 Words

The movie that I decided to examine is Christopher Nolan’s Memento. The movie was set in a backwards chronological order meaning that the movies storyline was moving backwards so the sequence of events were backwards as well. The movie starts with Leonard, portrayed by Guy Pearce, shaking an instant photo but the image blurs instead of developing into the actual shot; confirming the reverse storyline. Leonard reveals that he is suffering from a medical condition due to an injury that prevents his brain from developing new memories and allows him to retain only 10-15 minutes of his memories. However, Leonard is not suffering from amnesia because he can recall memories from the past, including the origins of his condition. Leonard’s wife was being raped in their home and when he tried to interfere, the assailants dealt a blow to his head and damaged a part of his brain while leaving his wife dead, assumingly. This relates to the concept of memory formation and how humans retrieve, store, and create memories. The brain responds to a certain eternal event we get something that is called sensory memory that brief and extremely short term. The brain then encodes the sensory memory into explicit short term memory that then may be encoded to explicit long term memory. Leonard’s memory is not encoded well after his assault damaged his brain and hence he cannot form long term memory while his short term memory keeps refreshing. As the plot reverses, Leonard’s way of functioning in

Friday, December 13, 2019

Assignment SWOT Analysis due Sun Free Essays

I selected PC Repair   sample business plan. PC Repair is a S Corporation type of business that will be available to local small businesses and home computer users with computer related issues. PC Repairs offers computer and technical consulting such as repairs, training, networking, and upgrades. We will write a custom essay sample on Assignment SWOT Analysis due Sun or any similar topic only for you Order Now PC Repair’s has many strengths that will benefit local businesses and home pc users with all the computer consulting and services it offers. This computer consulting business offers excellent quality services to their clients. They have on-site repair, which is better for the client to eliminate transport of the computer to PC Repair’s office. They offer extended maintenance contracts for clients to work with a single item expense. Their main focus in on small businesses, who don’t have a full-time IT person, but have full-time IT needs. They offer affordable on-demand services to these businesses. They can offer maintenance agreements for small businesses for additional monthly income. They offer flexible, affordable, helpful services for the residential clients. The computing industry is expected to grow at a rate of 12% (Business Week). The expansion of processor speeds through the years will provide a rich resource for sales. PC Repair will use an aggressive advertising plan to exploit its competitor’s weaknesses and to make the name common to the community. They have established relationships with local distributors that will provide them with rapid services, but will be more expensive. They have reasonable prices for the high quality service they offer. They offer pick-up and drop-off service. PC Repair is not only interested in selling new components, but maintaining existing computers and finding client solutions. I can name a few weaknesses I came across first, PC Repair is a new player to the computer consulting business, which may affect initial sales. PC Repair lacks credibility it needs to be more involved in the industry to enhance it. The owner of PC Repair’s home equity is collateral for its short-term loan is a threat if it has no steady monthly income. Offering limited software support is weakness, which I think unlimited would be best. Another weakness is that PC Repair doesn’t have enough computer technicians because if computer services/troubleshooting are in demand and if there are not enough employees, then there might be a overload of clients you need assistant immediately. First year, a one-man home-office to possibly a 3-person business at a leased location I believe is a major weakness because a 1-3 person computer consulting business needs maybe at least 5-8 persons to operate. I also find that PC Repair’s start-up funding requirements to be too high for one-man operation. Their business only works in a 15 mile radius/local area for both business and residential clients. PC Repair’s market segmentation states client’s age range who they will provide services. They only provide services to small businesses or home users. This business plan has determined that small business’ pc needs are more urgent than residential users. The opportunities of PC Repair are that there are potentially huge markets to begin. With the consideration of the many marketing options it will help with the growth of PC Repair. An important characteristic for PC Repair in its marketing plan is the diversity. PC Repair each quarter needs to evaluate their results. Implementing frugal operating procedures and practices will help outgrow their competition and be in a better position in the market. The ability to understand the expectations of clients, having clearly definite responsibilities for their clients, knowing the best person to decide is the client and to know that PC Repair’s solutions address their client’s needs. The rapid rate of technological development creates constant need for PC Repair’s services. Clients tend to be loyal if they provide excellent services and satisfy client’s needs. In the Service Business Analysis it explains how their local competitors have serious weaknesses so there will be no significant barriers entering the market. There are many threats for any type of business, especially computer consulting services like PC Repair. The lack of new computer information may hurt PC Repair. Increasing prices may result in reduced profitability. Downsizing and poor client spending in all markets are results of economic recessions. They have only two main competitors for this type of business in the local area. Competitor A is well known and is efficient. How to cite Assignment SWOT Analysis due Sun, Essay examples

Thursday, December 5, 2019

Principles and Ethics Advanced Financial Accounting

Question: Discuss about the Principles and Ethics Advanced Financial Accounting. Answer: Introduction: Financial accounting of the company should be prepared and presented by following the principles and standards on accounting for each of the components of financial information and transactions. The following assignment highlights the accounting issue in revenue recognition for a law firm Slater and Gordon that is based in Melbourne, Australia. It has been observed that the firm had experienced serious issue on maintaining the accounting policy for recognizing the revenue of work-in-progress. As per AASB 15, revenue from contract is to be recognized if the contract is approved between the parties to perform the contracted activities as per the terms and conditions of the contract (Eichengreen and Gupta 2015). In order to recognize the revenue from contract the firm is required to identify the terms of payment for products and services as well as there must be commercial substance. The firm is required to record the revenue transaction in the statement of income at the transaction pri ce for the performance provided by the party. In the present case, Slater and Gordon firm did not follow the accounting policy to record the revenue of work in progress. As a result, the firm experienced several issues on incurring loss, fall in share price, consumers loyalty and other specified issues. The assignment covers reason on capital market issues, fall in share price, maintaining code of ethics with respect to the requisite of International Financial Reporting Standard and Accounting Professional and Ethical Standard (Badertscher et al. 2016). Meeting the expectation of capital market In order to maintain the business growth, firms or organizations are required to meet the expectations of capital market. Observing the article of The Undoing of Slater and Gordon it has been found that the firm faced serious issues for not maintain the accounting policies for recognizing the financial information. However, the firm worked to meet the expectations of capital market by maintaining the profitability, return on shares for investors, price- earnings ratios and other financial measures (Akbas et al. 2015). Growth of firm depends on the profitability percentage along with the other important measures. Profit of an organization is measured by considering the revenues and expenses that incurred directly or indirectly as well as after applying the expenses for tax. On the other hand, return on shares also known as earning per share is an important element to determine an organizations capacity to pay off the investors (Spotts, Weinberger and Weinberger 2015). It is measured b ased on the weighted average outstanding ordinary shares of the company and net earnings adjusted by the interest and tax expenses. In the present situation, Slater and Gordon disclosed around $467 million as a revenue in work in progress in the year 2015 resulting in loss during the six months. However, the firm maintained the cost of capital structure as well as return on capital employed to meet the expectations of capital market. As reported in the article, firm Slater and Gordon managed to record the expected return on shares and capital for the stakeholders including investors (Virtanen, Parvinen and Rollins 2015). Reasons of fall in share price Market price of the shares of the organization or companies depends on the several factors through internal and external sources. The share market or stock market follows the trend of bullish and bearish trend for the fluctuations of the stock price of the firms and organizations. Bullish trend represents rise in the price of shares while bearish trend represents fall in the price of stocks. In the case of Slater and Gordon, the firm experienced fall in share price by almost 50% and accordingly faced a bearish trend in the recent year 2015 (Keyhanian and Rabbani 2015). Such fall in share price of the firm was due to several internal and external reasons during the years 2013, 2014 and 2015. One of the major reasons for a fall in the price of share was issues in following the accounting policies for recognition of financial information. During the year 2015, the firm recorded huge amount of revenue in work-in- policies that were not confirmed by the contracts to perform the activities . Further, the firm also experienced the poor trading results as well as issues in accounting records amounted to $80 million in the year 2013 and $90 million in the year 2014. Additionally, firm experience the bearish trend due to decline in the earnings of around $958 million during the half year in 2015. As there was constant decline in the revenue of the firm due to inappropriate recognizing of accounting information and lack in management accounting. The firm also failed to comply the requirements of the investors for decline in the dividend payment as well as paying the investors as per the expected rate of return (Mardini and Power 2015). Recognition of service revenue According to the IAS 18 on Revenue Recognition, revenue for any firm is termed as gross inflow from the business operating activities and other economic advantages. As per the principles of IAS 18 revenue from the operating activities are to be recognized at fair value. If there is an exchange of goods or service that are of similar nature, then the consideration received from such sale cannot be regarded as revenue. Additionally, the revenue by firms or organizations is to be recorded if the firm is sure about the inflow of future economic benefit from the sale of the products or services. Another condition that has to be satisfied is that the amount of consideration would be determined with reliability. Further, revenue from the sale of products or services would be eligible for recognition if the risk and reward from the sale has been transferred to the buyer along with the reliable measure of costs (Bohusova and Nerudova 2015). Considering the IFRS 15 on Revenue from Contracts with Customers the firm is required to recognize the consideration against the contracts entered with clients except the contracts on lease, consolidation accounting. According to the requirement of the standard consideration from the contract is to be recorded if the agreement creates rights and liabilities as enforceable between the parties. In order to record the revenue from the contract, it is significant to identify the obligation of performance as per the agreement, transaction price and the performance liability should be satisfied (Lim, Devi and Mahzan 2015). In the present case, Slater and Gordon recognized the revenue for the contract services that was not completed during the accounting year. It was observed that the firm did not receive the payment for the services as well as the performance obligation for the work was not satisfied. Yet the firm recognized the revenue for work-in-progress in the financial year 2014 with an amount $467 million while $826 million in the year 2015. In view of the standards of IAS 18 as well as IFRS 15, this amount should have been recognized either if the firm had received the consideration payment or if the contractor satisfied the performance obligation of contract service (Martin and Van Linden 2015). Compliance of accounting standard by the firm as per IFRS 15 According to the principles and regulations of IFRS 15 on revenue recognition from contracts with the consumers, consideration from all the contracts is to be recognized. However, certain contracts are excluded from the requirements of IFRS 15 that are contracts on leases, contracts on financial instruments, contracts from insurance business, consolidation contracts and joint agreement business. As per IFRS 15, revenue from the contract should be accounted by identifying the contract or agreement as well as the obligations of performance with the consumers (Salotti and Carvalho 2015). It is significant to determine the transaction price of the contract as well as the performance obligation during the recording of revenue from contracts. In case of Slater and Gordon, the revenue had been accounted for work in progress for the financial years 2013, 2014 and 2015. The firm accounted the amount of revenue not collected from the consumers nor did the company receive the satisfaction for t he performance obligation for the part of contract services. As per the accounting framework, recognition of financial information should be done by following the prudence level and accrual basis. Accounting standards require the recognition of revenue or consideration only when the amount is received against the trading of product or services. Since the firm recognized its revenue without realizing the same, it cannot be said that the Slater and Gordon followed the principles of IFRS 15 (Wagenhofer 2016). Analysis of recognized revenue Slater and Gordon is a law firm that recognize its revenue on the progressive work basis since it is engaged in the business of rendering law cases related to personal injury cases. However, as per the IFRS 15 and IAS 18 revenue on contracts is to be recorded if it has been received and the performance obligation has been satisfied. In case remuneration for contracted service received partly then the remuneration should be recognized in proportion to the percentage of work completed (Liu, Liang and Wang 2015). Besides, in the given case of law firm, it has been noted that the firm recognize its revenue from the cases on progressive basis. For certain cases the firm ensures the success of the cases and for some of the case it may not win the case yet it record the consideration for the all the cases that are work-in- process. During the financial year 2013, the firm recorded its revenue on basis of completed cases as well as for the cases that were under process. Out of the cases that were under process included the revenue for cases that the firm was not sure to win and as a result the firm would not receive the service charges. Considering the principles on accounting of revenue from contracts as per IAS 18 and IFRS 15, revenue recognition for incomplete services should not be recorded (Choi and Young 2015). During the accounting year 2014 also the firm recognized its revenue on the basis of work in progress. Its total revenue recorded in the year 2014 amounted to $37,538,814 included the consideration of cases whose success was not confirmed. Accordingly, the management of the firm was not supposed to recognize the revenue for those pending cases. On the other hand, revenue for the financial year 2015 had been recorded for all the contracts undertaken by the firm. The amount of revenue recorded included the revenue that was not collected by the firm as the cases were pending (Singleton-Green 2016). Apart from that, the revenues collected from the pending cases were related to the cases of financial year 2013 as well as of 2014. It has been observed that the firm did not follow the required accounting policies and standards on recognition of revenue related to the contracts with the consumers. One of the major reasons for decrease in Slater and Gordons revenue is the recognizing policy a s per the accounting standard IAS 18 and IFRS 15. In the year 2015, firm recognized the revenue for the cases related to the current year while amount collected for previous years were already recognized in those related years (Ingason 2015). Factors influence the choice of accounting policy Accounting of financial information is required to be done based on the relevant accounting policies and frameworks. Accounting frameworks states the accounting should be done on prudence basis, accrual basis and should present the reliable information to the users of accounting books. However, the principles on standards of accounting states the recognition criteria to record several elements of financial information that also gives choice to the companies and firms to adopt such criteria (Harriss and Atkinson 2015). In the given situation, Slater and Gordon selected the positive accounting theory to recognize its financial information. Positive accounting theory is a theory that explains the actual practice of accounting for the financial information for the efficient recognition of companys financial performance. Factors that influence that selection of accounting policy are the financial results should reveal the true and fair view of companys financial performance on earnings an d costs. Another factor that influences the choice of accounting policy is the tax benefits. Since the firm is required to pay taxes on income, it is important to correctly recognize the business related costs and incomes (Svensson, Wood and Callaghan 2015). In case of Slater and Gordon, the firm was recognizing its revenue from contracts on the progressive work for the cases on which the actual consideration had not been collected. Such recognition revealed the higher and unfair income of the firm because the amount was not received by them. Accordingly, Slater and Gordon adopted the accounting policy to record the revenue and other financial components by following the positive accounting theory. The firm adopted the policy on revenue recognition by following IFRS 15 because it reflects the revenue on the basis of satisfaction of the performance obligation as well as on receipt of the related amount (Aryee et al.2015). Reason for decrease in revenue for the financial year 2015 During the financial year 2015, the revenue of Slater and Gordon dropped in comparison to the accounting year 2013 and 2014. One of the major reasons for such fall is the criteria of revenue recognition as per the principles of IFRS 15, revenue recognition from contracts with consumers. During the previous years, the firm was recognizing the revenue for cases that were pending and there was no confirmation on receipts of revenue from such cases (Jaggi et al. 2016). Accordingly, the income of the firm reflected the inflated income in the years 2013 and 2014 for the amount that was actually not collected by the firm in the accounting year. However, in the accounting year 2015, the firm changed its accounting policy and adopted positive accounting theory to recognize its revenue by following the requirements of IFRS 15. According to this policy, the firm recognized its revenue from contracts based on the amounted actually collected and for the cases, that ensures the satisfaction of per formance obligation (Hopper and Bui 2016). Therefore, in the year 2015, the firm could not recognize the revenue for the pending cases and as a result, the recorded revenue in the accounting records dropped in comparison to the previous year. Moreover, the firm could not recognize the consideration received for pending cases that were received against the cases of 2013 because it had already been recorded in the same year. Hence, the revenue of Slater and Gordon in the financial 2015 declined with a high percentage from that of the year 2014 and 2015 (Ve erskien, Valan ien and Boguslauskas 2015). Principles and ethics in accounting practices Preparation and presentation of financial information should be done as per the fundamental principles and code of ethics of accounting. It is essential to follow the requisite principles of accounting by maintaining the ethical codes, which is regulated by APES 110. In order to recognize the financial information it is essential to follow the fundamental principles of integrity, objectivity, confidentiality, professional competence and appropriate use of accounting policies and standards. Further, APES 110 states the code of ethics for professional accountants for recognizing the business transactions to reflect the true and fair view of organizations financial performance. As per the APES 110, professional accountants are required to follow the integrity on recording the expenses and incomes. It is important for the accountants to be honest and required to avoid the biasness or undue influence for determining the performance of the business organizations (Flammer 2015). In the present case, Slater and Gordon prepared and presented its accounts for the year 2013 and 2014 by recognizing the revenue for pending cases the amount of which was not received by the firm. Such recognition of revenue reflects the breach of code of ethics and fundamental principles of accounting practices. On the contrary, it was found that the accounting balance of the firm for the year 2013, 2014 and 2015 reflected disputed balance amounted $80 million, $90 million during the financial year 2013 and 2014 respectively. It was due to the breach of accounting principles with respect to the integrity, objectivity and professional competence for disclosure of revenues not received by the firm (Dobrzykowski, McFadden and Vonderembse 2016). Conclusion It can be concluded from the case of Slater and Gordon that recording of financial transactions should reflect the true and fair view of the performance of the business activities. Expenses and revenues of the organizations are the most significant financial element that discloses the financial result for the accounting year. In the case of Slater and Gordon firm faced the issue on recognizing the revenue from contracts with customers during the financial year 2013 and 2014. However, the firm maintained the expectations of capital market through earnings from shares, expected return to the investors on capital employed and by maintain the cost on capital structure. Besides, the firm experienced the fall in its share price by almost 50% during the year 2015 because its revenue dropped at a high percentage in comparison to the year 2013 and 2014. For the purpose of recognizing its revenue from contracts the firm did not follow the principles of IAS 18 as well as IFRS 15 as a result it reflected the inflated income. Moreover, in the accounting year 2015 the firm adopted the positive accounting theory and followed the regulations of IFRS 15 to recognize the revenue. As a result, the income of Slater and Gordon dropped in the year 2015 and revealed the breach in following the fundamental principles of accounting and code of ethics for the years 2013 and 2014. As the firm experienced several issues with respect to the revenue recognition in the accounting years 2013 and 2014 for the amount that was not collected by them, it opted the positive accounting theory during the year 2015. The company adopted the accounting practice by following IFRS 15 for recognizing the revenue from contracts that were completed and actually received that eventually reflected a decline in the firms income. Reference List Akbas, F., Armstrong, W.J., Sorescu, S. and Subrahmanyam, A., 2015. Smart money, dumb money, and capital market anomalies.Journal of Financial Economics,118(2), pp.355-382. Aryee, S., Walumbwa, F.O., Mondejar, R. and Chu, C.W., 2015. 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