Accounting Revenue Recognition Research Paper Example | Topics and Well Written Essays - 500 words

Accounting Revenue Recognition - Research Paper Example SolvGen Inc has agreed to three separate deliverables: a) The commercial launch of the first instrument system Version 1- Delivered March 31 b) The commercial launch of an improved instrument system Version 2- Pending development c) The commercial launch of new improved instrument system Version 3-Pending development. The other part of their agreement is the five year distribution and license contract with Careway Inc. Under this agreement Careway will have the right to market and distribute their proprietary instrument systems developed in conjunction with SolvGen. SolvGen is responsible for producing the necessary volume to meet the demand requirements of CareWay after each product launch. The company is responsible to maintain adequate inventory and production quality control to meet client requirements. 2) Based on the generally accepted accounting principles (GAAP) it is common practice to use the revenue recognition principle which states that any current revenue has to be reco gnized in the accounting period on which it is earned. Therefore a company cannot realize as current revenue any payments that are part of a long term contract; these payments should be differed and systematically recognized over the remaining time of the agreement or contract.

How do sociological perspectives contribute to an understanding and Essay

How do sociological perspectives contribute to an understanding and explanation of media images of ageing and older age - Essay Example In the said analysis, this writer will elucidate upon as to why and how the type of media portrayal is what it is at present. The mass media has become an integral part of the postmodern society. Everyone, regardless of age, has some form of interaction with mass media in his life. Spring (1993) gives an estimate of how much of their leisure time elderly people (above-50) spend listening to the radio, watching television, listening to music, reading and going to the movies. His research reveals that as much as forty percent of their leisure is time dedicated to these activities. Knowing this, it is easy to see why creating a more accurate picture, if not a more compassionate and humanistic one, of the elderly’s situation in the realm of mass media, is very important. Curbing negativities in media’s portrayal of the elderly, many as they are as will be seen in the following paragraphs, should be given high priority. This is so because, it is undeniable that the mass media impacts interpersonal interaction1, affects our mental and physical health2, and, as most relevant to the proceeding discussion, the mass media greatly influence perceptions of aging and elderly people3. The images of the elderly as shown by the media vary depending on the (1) underlying purposes for which these images are created and, quite surprisingly, by the (2) type of communication medium in question. Broadly speaking, there are two types of media portrayal of the ageing population, first is the positive kind of portrayal, while the second paints a more negative picture of the group. Applying the concepts of sociology, the cause of this negative portrayal can be attributed to the phenomenon of ageism4 which will be given more attention later in this paper. For now, a more detailed presentation of the two types of portrayal is called for. Underlying purposes No great amount of intellect needs to be

What Has Nationalism Done To Europe?

What Has Nationalism Done To Europe? Nationalism had a great impact on the European countries; I think that the concept of nationalism and liberalism was expanded by Napoleon and French revolution and gained more attention between 1750 and 1914. As states were up-and-coming, natives were having pride in their states and their society. Societies were segregating in various small clusters and they were proud of what they were. In 19th Century, Nationalism played very significant part in the progress of Europe. Because of common national-identity, various small states were united and transformed into a Country, such as Germany and Italy. Whereas, few more countries were emerged on the globe by achieving independence; these countries are Romania, Greece, Poland and Bulgaria. Progress and Development of the concept of modern nation state became easier by French Revolution. All over Europe major think tanks questioned the old monarchial order and expedite the growth of a popular nationalism devoted to re-sketch Europes political map. French Revolution played a vital role in Europes political transformation by demolishing the long-established structures of power and control in France and its territories that were conquered by Napoleon. Slogan and Idea of liberty, equality brotherhood and liberalism national self-determinism (respectively) was carried out by Revolutionary armies. National awakening also grew out of an intellectual reaction to the Enlightenment that emphasized national identity and developed a romantic view of cultural self-expression through nationhood. German philosopher Georg Wilhelm Friedrich Hegel was the key supporter and promoter of the modernized idea of the nation-state. He supported that wisdom of nationality was an adhesive bond that held modern civilization together in the era when dynastic and religious adherence was in slump. Strong powers of Europe attempted to reinstate the old dynastic system, overlooking the codes of nationality in support of legitimism, the declaration of customary claims to royal power, this attempt was made in 1815, when Napoleon ended his wars. With most of Europeans still loyal to their local states, nationalism was limited to small clusters of scholar, philosophers and political radical. Moreover, political domination, represented by the Carlsbad Decrees published in Austria in 1819, pushed nationalist protest underground. Term nationalism can be defined in many ways I think it is a supposed identity of oneself within geographically organized political collectivity is called Nationalism. In other words we can say nationalism is a loyalty or devotion to the wellbeing of ones nation. I belief that in nationalism nation beliefs that they will benefit from acting autonomously rather than collectively and they emphasize more on national goals rather than international goals. In early days of Europe before the growth of nationalism, people were generally faithful (loyal) to a city or to their particular leader rather than to their nation. At the end of 18th century American Revolution and French Revolution were started. Napoleon was the founder of nationalism. He did everything for his country. French nationalism destroyed realm (monarchy system). Johann Gottfried Herder was the first person who coined the word nationalism during the late 1770s. As per my knowledge the term nationalism is normally used to explain two phenomena: (1) the attitude which members of a nation have when they are particular about the national identity (2) the actions taken by the members of a nation when seeking to accomplish self-determination. Nationalism came into the focus of idealistic debate for last two decades. The flow of nationalism usually presents an ethically ambivalent and fascinating picture. Nationalism is different from patriotism .Patriotism is love for mother land. Nationalism is extreme love and pride for a country. Now of course there is no harm of being proud of your country if your country is really good in the world (developed and stabled). But to be proud of your country, only because, it is your country is very foolish. Nazism/Fascism is extreme examples of nationalism. Generally, nationalism is considered as a more negative concept as compare to the more positive ones. Nationalism is linked directly to racism. The nations often see themselves as higher and right when in fact they are not. Nationalism has several negative and positive points which can be explained as: Patriotism and national pride; these two things are opposed to national apathy. People consider the wellbeing of the nation to be important in their lives. People are motivated to fight against enemies. People stay together in every crisis situation such as an invasion or a natural disaster. Definitely, loving your country rather than others is a good attribute. Here I would like to give an example of Japan, Japan became a great nation in terms of technologies not only because they are good but because they really love their country. Nationalism on the other hand is the love of ones nation above everything, even our own humanity, above morality, and sometimes above common sense. Apart from positive points nationalism also has some negative points such as: Narrow-mindedness and intolerance. Nationalism can be a destructive force within as well as outside the country, it leads to fragmentation. Misuse or exploitation of the people by their leaders. The creation of false enemies. Either in the form of actual people or in concepts, nationalism tends to create the existence of opposing forces, those who are a threat to the nation. I think nationalism causes people to analyze anything different from their countrys way of doing things as a bad thing. Nationalism is simply blind hold up (support) of your country no matter what are the circumstances. And blind respect and support is inhuman, foolish, and will ultimately lend you to being controlled by a person with a powerful will. Nationalism goes against the concept of progressivism. History has shown that any attempts to prevent progressivism will do nothing but destroy you. In contradiction nationalism can be ugly due to a common cause people from overseas can be frowned upon and looked as unequal figures. Nationalism was not only in Europe but it was spreading all over the world especially after the World War 1. Another extensive effect of the war was the rise of nationalism in Asia and Africa. In Asia Japan was suffering from aggressive nationalism, the first Eastern country which transformed itself into a modern state. The leader of the Indian National Congress, Mohandas Gandhi, deeply encouraged his people for national independence. The leader of a famous party named the Nationalist Peoples Party in China was also motivated for a successful national revolution. After World War II (1939-1945) many colonial countries became economically weak because of aggressive nationalism and they were influenced by political liberalism. Many countries willingly granted independence to their colonies. After war nationalist movements resulted in many new nation-states, including Israel, Morocco, Libya, the Sudan, Ghana, the United Arab Republic (Egypt and Syria), and Iraq. In the 1960s and 1970s many once British, French, or Belgian colonies in Africa became independent. During the 1990s Jewish, Arab, and Palestinian nationalist parties continued to generate political instability in the Middle East. In Eastern Europe the decline of Communist rule contributed to the ending of the Union of Soviet Socialist Republics (USSR), Yugoslavia, and Czechoslovakia. In the 19th century, an idea of romantic nationalism moved the continent of Europe changing countries of the continent. Some countries, such as Germany and Italy were created by uniting different smaller states with a common goal which was national interest or national identity. Other countries such as, Greece, Poland came in to being after winning their independence. I think the whole story of nationalism started when the French Revolution tiled the way for the modern state. In 1914 number of multi-national empires was increasing drastically. The French Revolution which was started by Napoleon by conquering number of French territories. This was the time when political transformation of Europe was started. The armys slogan was liberty, equality and brotherhood and their ideas were based on liberalism and national identity. In 1815, when Napoleonic wars were about to end, the major powers of Europe tried to re-establish the old monarchy system. Most of the people of Europe were still faithful to their home city. If we talk about impact of nationalism in Eastern Europe so the major problem was nationalism as well as communism. Communism itself is a very narrow and weak idea. On the other hand when nationalism interacts with communism it creates political problems and it weaken the nation. The nationalism has an impact on communism twice but it depends on circumstances. It can strengthen communism among independent and strong countries just like Soviet Union (which was part of Eastern Europe). Or nationalism can weaken communism in dependent and weak countries. Nationalism clearly has the potential to either strengthen or weaken different nations. When nationalism was spreading in Eastern Europe it started destabilizing different empires such as Hapsburg and Ottoman. Russia was involved in Balkan political system in which they started pretending to be somebody or something just like a champion and they imposed Slavic liberties against the Slavs of Turkey and Austria. This increased tensions be tween Austria, Turkey, and Russia and led the states towards World War I. As per my learning nationalism was everywhere in Europe after World War 1. There were number of nationalistic Socialist parties in Italy, Spain, Romania, France and United Kingdom. But those parties were not as successful as the parties which were in Germany and Italy. Most of the people of socialist party were involved in aggressive crimes and they provided harm to many people. Because of that, the Nazi parties in England, France, and Romania failed. The first nationalistic government was formed in Italy and after that Germany and Spain decided to unite with Italy in the fascism government. Nationalism in Europe was pretty much everywhere in Europe after World War 2. One of the most negative examples of nationalism in this century is of Adolph Hitler in Nazi Germany. Adolph Hitler suffered from aggressive nationalism, which resulted in the deaths of millions of innocent people. I think nationalism has given great harm to the European world especially Western Europe and I would like to support my argument by giving an obvious example of Germany. Germans were famous for their discipline, music, strong army and law and order. It was a rising country. But they were very nationalistic and soon they started suffering from aggressive nationalism. German people felt pride in their nation and in their leader, who was bringing Germany back as a world power. Germany was united in 1860 by Bismarck. It had dozen of German states. Around 1870 Germany defeated France and took over the area called Alsace-Lorraine. They used to think that they are supreme and everyone else is inferior and they will rule the world. They called their country as the greatest country in the world and the rest of the countries are weak and inferior to them. Nationalism was the main reason of world war. Adolf Hitler propagated aggressive nationalism. Hitler was a very brave man, full of aggressive nationalism. He had an extreme love with the Germany. He used to say that Germany is a great country and its the superior of all. At that time World War I, the Allied Powers (France, Great Britain, Russia, the United States, and other smaller counties) and the Central Powers (Germany, Austria-Hungary and Turkey/Ottoman Empire, along with other smaller country support). When 1st World War took place in 1914 Hitler was a soldier of the German army. He wanted Germany to continuously fight against enemies. Germany was having lust of colonies so they started conquering different colonies of Europe. This was the main reason that Germany lost the war. Germans were treated very badly. Germany lost its population, land, their rivers were internationalized, and they lost Alsace-Lorraine. Germany was forced to disarm. France and Britain forced Germany to sign the Treaty of Versailles. This peace treaty was completely against the Germany. It was a harsh treaty. Hitler was completely against this treaty. He was depressed when Germany surrendered on 11th November 1918. After some time he joined a small party and was called to make a speech. His speech was so spectacular that everyone was fascinated by him and then Hitler took over the party and named it as NAZI PARTY (National Socialist German Workers Party). Hitler was anti-communism anti-Semitism, means he was against the Jews. His main goals were to abolish Treaty of Versailles, unite Germany and Austria, remove the Jews from Germany and build a strong central government in Germany. Hitler claimed credit and consolidated his position as a dictator, having succeeded in eliminating challenges from other political parties and government institutions. The German industrial machine was built up in preparation for war. In November 1937, he was comfortable enough to call his top military aides together at the Fuehrer Conference, when he outlined his plans for a war of aggression in Europe. Those who objected to the plan were dismissed. Hitler wanted Germany to rule over the world. He wanted to conquer the whole Europe. Not only Germany but Japan was also suffering from aggressive nationalism. This caused the 2nd World War. I think at the end of World War 2 entire Europe was tired not only by war but also by the internal phobia of two of its major people; Hitlers Germany and Stalins Soviet Union. These two countries went insane, killing their own people and citizens of states which they occupied for reasons that were hardly clear. From my point of view, the anxiety and killing resulted by two world wars on both countries ended up with a mental breakdown. Nationalism was a great worry of that time. I think nationalism had an adverse impact on Europe and it had disturbed entire European community. European nationalism was always deeper than simply love of ones people. Europe is not necessarily unique in this, but it has experienced some of the greatest disaster in history because of it. European ideas of nationalism were repeated everywhere by people who developed their own particular variety of nationalism. But the idea that societies will be organized into nation-states were accepted. COMPANY: KIER GROUP PLC COMPANY: KIER GROUP PLC INTRODUCTION Kier Group plc is a leading company involved in construction, development and services specialising in building and civil engineering, support services, public and private house building, property development and the private finance initiative (PFI). The Groups annual revenue is  £2.4bn and 11000 employees are employed by it worldwide. Kier Group plc deals in four divisions which are Health, Education, Custodial and Retail. Each of the Groups four main divisions is focused on being best in its class. This rare offering of in-house capability, coupled with our strategic alliance business units, presents Kier as one of few organisations able to offer complete solutions for the delivery of a wide range of innovative schemes, frameworks and strategic alliances. Operating from a network of over 50 offices nationwide, all of Kiers locally known and well established business units enjoy particularly high levels of partnered projects and repeat business. The Group also operates overseas, including the Gulf, the Caribbean and Eastern Europe. MISSION STATEMENT By providing our clients with the highest possible quality of service and through the Sustainable and profitable growth, our vision is to be the most highly respected company in the industry. à ¢Ã¢â€š ¬Ã‚ ¢Ã‚  Be enthusiastic, open and honest à ¢Ã¢â€š ¬Ã‚ ¢Ã‚  Be proactive, committed and safe à ¢Ã¢â€š ¬Ã‚ ¢Ã‚  Be a team à ¢Ã¢â€š ¬Ã‚ ¢Ã‚  Be KIER By maintaining our core values and remaining focused on improvement and delivery, our vision will become reality. (WWW.KIER.CO.UK) 1.  Understand the impact of projects and project management on strategic objectives. 1.1  Asses the purpose of project planning and management. Planning is actually about thinking ahead. A project is a well-defined set of activities or actions that is completed in order to meet the projects goals usually under taken to add value or bring about a change. Each task or activity has an independent start and end but they must be completed in a given sequence. A project management is a process of planning and managing resources within a time frame in order to achieve the projects goal. Project management is the discipline of defining and achieving targets while optimizing the use of resources like time, money, people, space, etc. the planning engineer coordinates following management resources: People/skill/manpower, Money, Materials/logistics, Machines e.g.: computers Project management constitutes all the activities needed to plan and complete a project like deciding needs, cost estimation, appointing suitable staff, defining responsibilities, scheduling and arranging things for work. Project management knowledge and practices are best described in terms of their component processes. These processes can be placed into five process groups are initiating, planning, executing, controlling, closing. A typical stage project process framework Organization frame work Culture System System structure Process Before starting the project we have to understand the level of the strategic management Project leader Project team member Upper manager Project manager Resources manager Line manager Product manager Product user group Project testers Strategic Leaders Strategic leaders are generally responsible for large organizations and may influence several thousand to hundreds of thousands of people. They establish organizational structure, allocate resources, and communicate strategic vision. Strategic leaders work in an uncertain environment on highly complex problems that affect and are affected by events and organizations outside their own. Strategic leaders apply many of the same leadership skills and actions they mastered as direct and organizational leaders; however, strategic leadership requires others that are more complex and indirectly applied. Perhaps of principal importance because they exert influence primarily through subordinates, strategic leaders must develop strong skills in picking and developing good second-tier leaders.

Free Raisin in the Sun Essays: A Happy Ending :: Raisin Sun essays

A Happy Ending for A Raisin in the Sun    A Raisin in the Sun is about a black family stuggling through family and economic hardships. The story ended as the head of the family Walter took control, became a family man, and rejected an offer from a white businessman to stay out of a white neighborhood and to stay with all blacks. This offer disgusted the Younger family and hurt their black pride. I would like in my own words to continue this story as I see it fit to occur. Three changes I would make would be is Walter is forced to take action against segregation, the grandmother passing away, and how the blacks finally became accepted and began to enjoy and be proud of where they live.    As the Younger family moves themselves into a white suburban neighborghood the whites in the community are upset that they have come to be with them. Their direct neighbors who have a son that is Travis's age no longer lets her son play with Travis and he become hurt and confused. Walter has to explain that many people that are white beleive that they are better then those who are black. Travis who is stay in dismay and is confused waits at home while Walter goes over to the neighbors house to talk to them about what has happened. Walter is, in good reason, very angry and annoyed by the racist whites. He goes over and at first tries his best to stay calm over the situation. The white father then says, "Listen, if I ever see your son with mine, I will througth that little black spoiled brat back into your yard." Walter becomes enraged and hits the man directly in the face as hard as he can. This brings an upraw amongst the Youngers and the entire community. Thus bringing the whites, even those who weren't before, totally against the Younger family. After the eventual calming down of the community and the lowering of racial tensions of the blacks against the whites, grandma Ruth who paid her own $10,000 for the house they live in dies in her sleep, but in the hapiness of knowing her family can get along by themselves. Free Raisin in the Sun Essays: A Happy Ending :: Raisin Sun essays A Happy Ending for A Raisin in the Sun    A Raisin in the Sun is about a black family stuggling through family and economic hardships. The story ended as the head of the family Walter took control, became a family man, and rejected an offer from a white businessman to stay out of a white neighborhood and to stay with all blacks. This offer disgusted the Younger family and hurt their black pride. I would like in my own words to continue this story as I see it fit to occur. Three changes I would make would be is Walter is forced to take action against segregation, the grandmother passing away, and how the blacks finally became accepted and began to enjoy and be proud of where they live.    As the Younger family moves themselves into a white suburban neighborghood the whites in the community are upset that they have come to be with them. Their direct neighbors who have a son that is Travis's age no longer lets her son play with Travis and he become hurt and confused. Walter has to explain that many people that are white beleive that they are better then those who are black. Travis who is stay in dismay and is confused waits at home while Walter goes over to the neighbors house to talk to them about what has happened. Walter is, in good reason, very angry and annoyed by the racist whites. He goes over and at first tries his best to stay calm over the situation. The white father then says, "Listen, if I ever see your son with mine, I will througth that little black spoiled brat back into your yard." Walter becomes enraged and hits the man directly in the face as hard as he can. This brings an upraw amongst the Youngers and the entire community. Thus bringing the whites, even those who weren't before, totally against the Younger family. After the eventual calming down of the community and the lowering of racial tensions of the blacks against the whites, grandma Ruth who paid her own $10,000 for the house they live in dies in her sleep, but in the hapiness of knowing her family can get along by themselves.

Is It Better for People to Stop Trying When They Feel Certain They Will Not Succeed?

Assignment: Is it better for people to stop trying when they feel certain they will not succeed? Although there is the notion held by some people that we should give up some tasks in our life which â€Å"seem† not to be successful forever, I really consider that we should insist on everything we want to do. For, the consistency and the durability of the certain thing will lead us to splendid success. Due to Continuation, Mathew Emmons, a famous sport shooter, and Alfred Nobel, known for his invention of dynamite, earn themselves irreplaceable fame in their respective fields.Matthew Emmons, though missed the Olympics Games champ in shooting all the time, still impresses us with his fortitude. As a famous American shooter, Matthew attended Olympics Games for three times separately during the past twelve years; he missed the first place unchangeably. Nevertheless, he always appeared at the great games, chasing after his dream to become the champ in shooting. During the Olympics o f Athens, he let his champ go by bombing in the last shoot. Matthew, though frustrated, still collected enough courage to participate in the following games in Beijing and London.Unfortunately, misfortune happened on him again; He implausibly scored only few points in the last shoot in the final of his games, narrowly escaping the champ. Afterwards, interviewed by journalists, Matthew said that he would assiduously prepare for Rio de Janeiro. Undeniably, he might feel distressed when he failed in so many great games; he never gives up. Instead, he insists on training and hopes to attend the Game in Rio de Janeiro, 2016. At the same time, the unstopped experiment made by Alfred Nobel can illustrate my idea.Alfred Nobel owes his irreplaceable fame as an inventor of dynamite. Alfred Nobel cultivated great interest in science, especially in explosive, since very young under the influence of his father. Alfred Nobel engaged himself into experiments to find a more powerful and stable subs tance after his graduation from the college. The procedure proved to be tough, even frustrated. On 3 September 1864 a shed, used for the preparation of nitroglycerin, exploded at his factory, killing 5 people including Nobel's brother.Nobel was not obsessed with the bitterness of such accident; instead, he became more strengthened about his goal to find new chemical substance to replace nitroglycerin. Nobel was eventually rewarded when he successfully invented dynamite in 1867. We had to admit that Nobel suffered a lot during the experiment: lose his brother, lose many friends, and lose the trust from the family. However, he had no idea to give up the research on the Dynamite. Through our constant efforts, we can best demonstrate our ability and pursue our dreams. Maybe, the result may change miraculously towards direction desired by us.

How the American Legal System and Business is impacted

1. Introduction This paper seeks to examine the economical effect, if any, upon what the legal system requires of business in America, from a sole proprietor, to a corporation. The paper will also have to look at the costs imposed on operating a business for obtaining a business license, advertising, filing fees paid to the State, and all such costs and within a State, City, and County. 2. Analysis and Discussion The conduct of any business in any part of the world is regulated by the government and therefore business activities are governed by laws locally and on the state level. As to why the government impost cost to conducting business is based on basically two state powers, which are the police power (Lee, 1973) and the power of taxation.   In regulating the business entities and the latter are activities, the government has the best of intentions of promoting public welfare. Hence, under the local level of government, there can be imposed local permits fees and license fees that must be paid by business operators whenever these entities are sole proprietorship, partnership or corporations are to start in operating their business.     Ã‚  Since these fees are being imposes to recover the cost of government in allowing the conduct of business, such power of the state from local to national is being imposed by the exercise of police power of the state by the local level government. Being therefore cost of regulation, the amount of cost is rather fixed and rates may be more or less the same for the group of similar type of business industry. Still pursuant to the police power of the state, the government enforces the laws of business and administers justice where business entities complain of violations of commercial laws. To illustrate the point, business entities enter into contracts and in certain cases it could happen there could refusal to comply with the obligations created out of contracts.   The parties cannot put the law into their hands, thus there must be a court systems that must settle the issues between the parties.   One may therefore clearly see the relevance of the legal system which is part of doing business.   Since legal system entails services rendered by government, it should not be a surprise when government courts require the payment of filing fees as cost of pursuing justice on the part of business entities. But since government does not only interfere from the local level but also at state level, another form of charges are imposed under the state’s power of taxation.   Since the power of taxation (Goode, 1951) involves the revenue generating power of the government, the government may impose several forms of taxes such as income taxes and value added tax. Income tax (Goode; 1976; Smith, et. al, 1958) is a tax based on the financial earning capacity of the business entities, which may include sole proprietorship, partnership and corporation. Under this kind of taxation, the state is charging taxes on the basis of an assumed obligation of the taxpayer-entities to the state in return for the service given by the state to the business entities in the form of security and protection and other services by reason for its being a government that needs funds to defray its expenses. Another form of taxation which may also be imposed by the local levels of government if provided in their city charters, are the business taxation. This may take the form of sales tax or the more familiar business taxes. As distinguish from income taxation, business taxation, charges the taxpayer for having been given the privilege of operating a business. Such kind of taxes is normally based on the amount of gross receipts, or sales revenues as basis for output tax but subject to certain deductions for claims like input taxes to reduce the taxes payable to the government. Surely the effect of these charges economically could just be huge that could affect the operation of doing business. Since business entities operate under the idea of being profitable to be able to recover cost expended in business, the amount of taxes, charges and licenses should not be too prohibitive as to discourage business from doing business. This might be apparent for business taxes in the form of excise tax (Fossen, 2002) on cigarettes and wines or the so called ‘sin taxes’. This kind of taxes are also in the nature of excise taxes and therefore part of the business taxes like the sales tax or value added tax. It may be observed that the higher amount of taxes imposed on certain taxes like ‘sin taxes’ manifests the intention of the government to control the consumption of said good because these products may not be essentially be good to people because of health effects. To illustrate the point, the government prohibiting smoking in public place may have already prohibited TV advertising of the industry’ products because of the effect of the industry on public health only that the government cannot completely ban the sale of these products. Hence, being tied with its hands to limit production without violating the laws of commerce, the government resort to higher taxes to discourage consumption. 3. Conclusion It may be concluded that there are indeed effects of the legal system on how the business entities operates in a certain place.   To such the extent of these economic effects must be viewed in the context of the objective of governments in terms of its paramount purpose of encouraging entrepreneurship while ensuring compliance with laws that are conducive to protecting the life, health, employment and other need of its people. Since business entities could not be avoiding this government interference on business operations, they may just as well comply since these laws are also meant to protect them. Without regulation there could be chaos in society as privileges to operate business could be subject to abuse. Imposing charges to regulate is therefore justified in the exercise of the police power of the state. On the other hand, it is necessary to emphasize that governments also need to defray its expenses and the means to the attain the same is to impose several kind of taxes from business entities and individuals.   When viewed on a wider concept, business entities also need the government in terms of regulation and protection of its interest. Without the government administering the laws on commerce, business entities would be in dangerous situation since they would be operating as if they are playing basket ball without a referee who will tell them who is wrong and who is right in case one of the teams abuses its rights. If therefore the are no government to charge regulation cost and taxes, the law will just be useless because there would be no agent to implement the same. Hence, business entities are to accept the reality of these charges and taxes and factor them in computing profits. References: Fossen   (2002) Norfolk Island and Its Tax Haven; The Australian Journal of Politics and History, Vol. 48, 2002 Goode (1951) The Corporation Income Tax; Wiley Goode (1976) The Individual Income Tax; Brookings Institution Lee   (1973) A History of Regulatory Taxation; University Press of Kentucky, 1973 Smith, et. al (1958) Income Tax Differentials; Tax Institute of America