SECTION 1: THE THREE APPROACHES TO JUSTICE
Welfare (Utilitarianism)
Freedom (Libertarianism, Kant, Rawls)
Virtue (Aristotle, MacIntyre, Communitarianism)
Justice is about distributing income, wealth, rights, duties, powers, opportunities, offices, and honors.
SECTION 2: HOW TO IDENTIFY EACH THEORY QUICKLY (HIGH-YIELD MCQ CLUES)
Utilitarianism:
Looks at consequences
Maximize total welfare or happiness
“Greatest good for the greatest number”
Cost-benefit analysis; efficiency; overall outcomes
Libertarianism:...
Defining Wellness:
Wellness is the process by which health is achieved, involving choices that we make to improve or maintain health, or more broadly, improve our existence. Wellness, like health, exists across various dimensions.
Dimensions of Wellness (Dr. Bill Hettler):
Intellectual: expanding knowledge, engaging in creative and stimulating activities
Physical: self care and health enriching behaviors
Spiritual: appreciation for like and natural forces in the universe
Emotional: awareness
The Auditor's Report is a formal, written opinion issued by an independent external auditor after examining a company's financial statements. Its purpose is to provide assurance to stakeholders (investors, creditors, regulators) regarding the fairness and reliability of the financial statements in accordance with the applicable financial reporting framework (like GAAP or IFRS).
It is a critical component of financial reporting that adds credibility to the information presented by the management.
🌎
The Income Statement for a manufacturing company is the most complex of all business types because it must accurately track and allocate the costs of converting raw materials into finished goods.
The core complexity lies in the calculation of the Cost of Goods Sold (COGS), which requires the use of several schedules to move costs through three different inventory accounts: Raw Materials, Work-in-Process (WIP), and Finished Goods.
🏭 Key Distinguishing Feature: Cost of Goods Sold (COGS)
The primary
💡 Concept of eXtensible Business Reporting Language (XBRL)
eXtensible Business Reporting Language (XBRL) is an open international standard for the electronic communication of business and financial data. It is essentially a markup language (like HTML for web pages, but based on XML) specifically designed to make financial information machine-readable.
Instead of treating a financial report as an image or a static PDF document that humans can read, XBRL uses digital tags to identify each individual
A comparative statement in accounting is a financial report that presents the same financial information for two or more reporting periods (e.g., this year vs. last year) side-by-side.
This presentation format allows stakeholders like investors and managers to easily:
* Identify trends and patterns in financial performance or position.
* Track a company's progress or regression over time.
* Calculate the absolute change (difference in currency amount) and percentage change for each line item,
Exam 1: (Extensions → 6 months for everyone)
Chapter 2: Statute of Limitations - 1. Normal → 3 years from later of original due date or date filled 2. Omission of > 25% of gross income → 6 years 3. Fraud and/or failure to file → indefinite Trial courts and where appeals go - 1. Must go through the process (Revenue Agent's Report (RAR), 30-day letter, informal appeal, and 90-day letter) before going to court 2. The tax deficiency must be paid prior to filing in the Court of Federal Claims
Lok Adalat
*Lok Adalat: A People's Court*
Lok Adalat, also known as People's Court, is a unique approach to delivering justice in India. It's a platform where disputes are resolved through dialogue, negotiation, and mutual understanding.
*Key Features:*
- *Informal Setting*: Lok Adalats are held in informal settings, like community centers or temples.
- *No Lawyers*: Parties represent themselves, without the need for lawyers.
- *Mediator-Like Judges*: Judges act as mediators, facilitating negotiations