Confucius said “Perfect is the mean. For a long time, few people have been able to follow it.” Confucius was referring to centrality and universality when he spoke of “the mean.” Wing Tsit Chan defined the mean as equilibrium or harmony. The mean, whether we adhere to it or not, is an important part of everyday human life. In modern terms, Confucius was basically saying that perfect is having centrality and universality or being balanced and having harmony, but few people are able to find the right balance in their lives. Confucius felt that if equilibrium could be restored to the individual, then order could be restored to the family, to other relationships, to the state, to the world, and to the universe. He described the superior man as being one who could maintain centrality and universality. According to Confucius, “When a man pursues the Way and yet remains away from man, his course cannot be considered the Way.” I believe this means that if one attempts to pursue balance to better their own life, then they must also seek to improve life for the people around them. Balance is being able to maintain peace and happiness in life based on what one presently has, as well as maintaining a degree of peace with the outside world. Today, we live in a nation where 3.4% of Americans suffer from major depression and 9% report feeling occasionally depressed. 75% of the American population reported feeling at least a little stress every two weeks. We live in a society where money is power, where material things reign almost supreme over spiritual beliefs and moral values. Everyone is constantly trying to get ahead or be the next best thing, and it is so consuming! How can the executive manager find peace if she is working 80 hours a week so that he may step up to the General Manager position that just came available? How can a high school student find balance if he’s practically killing himself to maintain a 4.0 grade point average so that he may be accepted into Yale
One fine evening, while walking to my friend’s place enjoying the beautiful climate & cool breeze, making one to be there walking or standing still to enjoy it, I saw a group of kids riding their bicycles like a gang & roaming. A huge van came in the opposite direction, which meant they had to make space, which they have been occupying so far, for the monster vehicle. Due to sudden change of course or rough terrain, one of the kids lost his balance & fell to the safe side….
BALANCE OF TRADE
BALANCE OF PAYMENTS –
The balance of payments account indicates a systematic record of all export incomes and import payments of a country during any year. Any import from abroad has to be paid for. On the other hand, any export will bring money flow into the country. If we subtract the total value of the imported commodities from the total value of the exported commodities of a country, what we obtain is called the ‘Balance of Trade’ of the country. If the….
The Balance of Payments of a country always balances
The BOP accounts summarize international transactions for a specific period, usually a year, and are prepared in a single currency, typically the domestic currency for the country concerned.
Since the balance of payment is based upon system of double-entry book-keeping, the total debits must equal to total credits. This is because two aspects of each transaction recorded are equal in amount but appear on opposite sides….
prepares its master budget on a quarterly basis.
The following data have been assembled to assist in preparing the master budget for the first quarter:
a. As of December 31, 2011 (the end of the prior quarter), the company’s general ledger showed the
following account balances:
Finished goods Inventory (1000 units)
Raw Materials inventory (500 units)
Buildings and equipment (net)
Balance Lab of a Copper Slug and Sodium Chloride (NaCl)
on a Centigram and Electronic Scale
The purpose of this experiment is to learn how to weigh a substance on a centigram scale and an electronic scale through direct weight or by weight difference. The hypothesis is that all scales used should show the same weight for a given sample. The experiment should show precision and accuracy of the equipment being used. This will allow a better understanding on how to properly….
Balance of payment
Most of exports and imports involve finance i.e. receipts and payments in money. An account of all receipts and payments is termed as Balance of Payments (BOP).
According to Kindle berger, "The balance of payments of a country is a systematic record of all economic transactions between the residents of the reporting country and residents of foreign countries during a given yeriod of time".
The balance of payment record is maintained in a standard double-entry book-keeping….
For many purposes, it is necessary to determine the balance in an account. This is accomplished by adding the debits, credits, and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely, an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as….
COURSE 2 - The Balance Sheet
The balance sheet (also called statement of financial position) reports the financial position of the business at a point in time. It does so by listing the categories and amounts of assets, liabilities and equity on a specific date, in a format that proves the fundamental accounting equation.
ASSETS = EQUITY + LIABILITIES
ASSETS – LIABILITIES = EQUITY
Formats of presentation
BALANCE OF PAYMENT (BOP)
Balance of payments (BOP) is a record of economic transitions between the residents of one country and the rest of the world during one year. The balance of payment like all balance sheets must balance. The items, which lead to, an inflow of foreign earnings are placed on the credit side of the balance sheet, whereas the items, which give, rise to an outflow of foreign currency are placed on the debit side.
“Balance of payment is a systematic….
Balance of Payment
Balance of Payment is the recording system of economic and financial flows that take place over a specified time period between residents and non-residents of a given country. The residents of a country compromise of the general government, individual, private and non- profitable bodies serving individuals and enterprises. The Balance of Payment will consist mainly with three sections.
1. Current Account- This shows all the inflows and outflows of a country.
2. Capital Account-….