Aspects of Materiality A Continuing Education Report...

Introduction The concept of materiality provides a topic for continuing educational discussion that many firms across the country find essential to the development of their audit staff. Measuring and using materiality to obtain desired results during an audit becomes the responsibility of the staff member of a CPA firm. Partners and managers of a firm typically allow the staff member to use his/her judgment when applying this concept during the fieldwork of an audit. The overall success of an audit relies at least in part on the materiality concept; therefore, staff members’ continuing education on the concept becomes important and necessary. This report will define the term materiality, determine how to measure materiality, and†¦show more content†¦The article discusses that in 1976 the U.S. Supreme Court ruled in one case that omitted financial statement information altering a reasonable investor’s decision proves the material nature of the information. The article c ontinues by describing that lower courts earlier ruled that all financial information whether material or not must have full disclosure in a company’s financial statements. The rejection of the lower courts’ ruling by the U.S. Supreme Court gives the investor the ability to focus on the aspects of the financial statements that are most important by allowing the elimination of minute details (Sauer 2007, 317-357). In essence, this ruling allows for the elimination of financial information below the determined materiality threshold unless otherwise required by the ruling of a regulatory body. Measuring Materiality The FASB provides guidance for measuring materiality in an audit. Materiality incorporates professional judgment in practice; however, factual information and the consideration of the needs of the users of financial statements provide a guideline for measurement. 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Gross Domestic Product ( Gdp ) - 1695 Words

Gross Domestic Product (GDP) is a description of a nation’s production levels for a period of time, as well as a measurement of economic viability. It is calculated by adding the consumption, investments, governmental outlays, and net exports of a nation in either one year or a quarter. The different components of GDP are at differing levels in each nation. China and Germany, for example, have substantial net exports, and Singapore comparatively relies much more on government outlays to grow its economy. Although the latter uses more governmental outlays than most nations, all nations to some degree make attempts to alleviate economic downturns, as well as to maximize upward movement. Though there must be concern for issues such as the notorious crowding out effect, government activity is often the catalyst to dramatic changes in the economy. The previous example of China as an exporter is true, however it must be noted that it too relies heavily on government expenditures to create a stable economy that has the financial infrastructure to grow. As a matter of fact, all the Economic Tiger nations had to use government planning to change their course from being impoverished nations, to being financial hubs with much room for opportunity in the work force. Japan alone, would not have become the first industrialized nation without its use of public loans and active national bank. Since understanding a government’s ability to spend is important for an economy, it is critical toShow MoreRelatedGross Domestic Product ( Gdp )920 Words   |  4 PagesGross Domestic Product (GDP) is an economic objective used to predict and measure economic growth and output. GDP is defined as the monetary value of all goods and services produced in an economy in one year. 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Demand and Supply of Iron Ore in Australia- myassignmenthelp

Question: Discuss about theDemand and Supply of Iron Ore in Australia. Answer: Today, iron is one of the most important resources in the world. Fundamentally, this is because the mineral is used in many industries as a raw material. Mainly, it is used in manufacturing industries throughout Australia and the rest of the world. Today, the metal is a major export product from the country. For this reason, any changes in its supply or demand significantly affect the performance of other industries in the economy. Over the recent past, the price of the metal has been low. However, according to an article in the Business Insider, its demand, and hence the price of the metal is expected to rise. In the article CBA says demand for Australian iron ore and coking coal will continue to increase the demand for the product is expected to rise and meet its supply. It is imperative to note that the article may be useful to various stakeholders. For instance, the article may attract the interest of manufacturing companies who use iron as a raw material in their production. In the same way, mining corporations may find the information contained in the article as useful. According to the news, the production of steel in the country is expected to rise in the near future. Consequently, this implies that the demand for iron ore is also expected to rise substantially since it is a main ingredient in the production of steel. In addition, the Australian government is also a key stakeholder in the mining industry. For this reason, government mining agents may take keen interest in the information provided in the article. Fundamentally, the information provided in the article can be explained in terms of economic concepts and theory. According to economic theory the demand and supply of a product influences its price. The law of demand postulates that a rise in the price of a good leads to a decline in its demand. On the other hand, the law of supply proposes that a rise in the price of a product brings about an increase in the quantity supplied of that product. However, some goods such as iron have a low price elasticity of supply (Khan, n.d.). For that reason, a significant increase in the price of iron brings about a less than proportionate increase in the quantity of iron ore supplied. From the article, the reader notes that the demand for iron ore in the country is expected to rise in the near future. More precisely, the author predicts that Australian iron ore exports to China will rise substantially (Pakiam, 2017). Notably, exports to China account for approximately 80 percent of the countrys iron ore export production (Business Insider, 2017). In addition, the demand for Australias iron ore is expected to increase again this year (Monfort, 2017). Furthermore, the demand from India is also projected to increase over time. Therefore, as economic theory suggests, the increase in quantity demanded for iron and its related products will create an upward pressure on its price, forcing it to rise. Graph illustrating the effects of increasing in demand on price Source: (Khan, n.d.). As noted earlier, iron ore has a relatively low elasticity of supply. Markedly, iron ore is a natural resource. For this reason, the resource is scarce and its extraction and production has to be done sparingly to avoid depletion (Adam, 2009). Holding this view, the mining of the product is done in moderation. In turn, it makes the supply elasticity of iron ore in the country low (Diss, 2016). A low elasticity of supply implies that the increase in price of iron following an increase in the demand for the product will be accompanied by a small increase in its supply. Therefore, a continued increase in the quantity of the resource demanded amidst a substantially inelastic supply would result in significant increases in the price of the good in the near future. Graph illustrating inelastic PES Source: (Khan, n.d.). By and large, the increase in demand of the commodity will be very beneficial for the Australian economy. Today, proceeds from the mining sector are a major source of government revenue in the country. More specifically, an increase in export demand for the product will raise export revenue for the country. Consequently, it will improve the countrys net exports and, thus, improve the nations balance of payment position. In this regard, it is crucial for the Australian government to initiate marketing strategies and policies that will ensure an increase in foreign demand for the countrys iron ore. Indeed, an increase in the level of demand from both local and international firms would increase the level of government revenue in the country. This way, the Australian economy will experience substantial increases in its GDP and, hence, economic growth. All in all, all factors taken into consideration, the demand and supply of iron the country is plays a significant role in the Australian economy. Through the article, the reader notes that the demand for iron ore is expected to rise in the near future. Largely, the rise in demand is expected to originate from economies such as India, China, and other Asian countries. On the other hand, the supply of the commodity is expected to change only by a small proportion. Mainly, this is because the mineral is a scarce resource. For this reason, a surplus demand over an inelastic supply of the commodity may bring about significant increases in the price of the metal. Imperatively, the increase in demanded for the product will be beneficial for the Australian economy. As such, the country will benefit from high net exports, leading to an improvement in the nations foreign account. Internal demand would also raise government revenue substantially. Hence, the government should instigate measures that ensure an increase in demand and supply of the commodity. Reference List Adam, G. (2009). Economic Theory Supply and Demand. [Online] Science 2.0. Available at: https://www.science20.com/gerhard_adam/blog/economic_theory_%E2%80%93_supply_and_demand [Accessed 20 August 2017]. CBA says demand for Australian iron ore and coking coal will continue to increase. (2017). [Online] Business Insider. Available at: https://www.businessinsider.com/cba-says-demand-for-australian-iron-ore-and-coking-coal-will-continue-to-increase-2017-5?IR=T [Accessed 20 August 2017]. Diss, K. (2016). Iron ore prices explained: What is causing the spike?. [Online] ABC. Available at: https://www.abc.net.au/news/2016-11-15/iron-ore-price-hike-explained/8028298 [Accessed 20 August 2017]. Khan, S. (2017). Law of Demand. [Online] Khan Academy. Available at: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/a/law-of-demand [Accessed 20 August 2017]. Khan, S. (2017). Supply, demand, and market equilibrium. [Online] Khan Academy. Available at: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium [Accessed 20 August 2017]. Monfort, J. (2016). Iron Ore Outlook and Implications for the Australian Dollar. [Online] Pound Sterling Live. Available at: https://www.poundsterlinglive.com/aud/6321-the-australian-dollar-and-its-link-to-iron-ore [Accessed 20 August 2017]. Pakiam, R. (2016). China demand for iron ore sets new record high for February [Online] Financial Review. Available at: https://www.afr.com/business/mining/iron-ore/china-demand-for-iron-ore-sets-new-record-high-for-february-20170308-gutwwn [Accessed 20 August 2017]

Synthesis of Aspirin Essay Example

Synthesis of Aspirin Essay Sypnopsis In this experiment, acetylsalicylic acid was synthesized from the acidification of salicylic acid and acetic anhydride. The objective was to convert a specific amount of salicylic acid into the same amount of aspirin that was high in purity. Furthermore, the other objectives were to enable students to conduct the synthesis of aspirin, reinforce skills or recrystallisation and the technique of melting point determination. The amount of each compound should be the same because there is a 1:1 ratio between them. The purity of the synthesized aspirin was measured by determining its melting point and percent yield. Soluble impurities increase the range over which a compound melts and often decreases its overall melting point temperature1. If the experiment went as expected, a pure sample of aspirin with a high percent yield would have been obtained. The percent yield obtained was 56. 1% and the melting point was 134. 7- 136. 8. Introduction Aspirin (acetylsalicylic acid) is a versatile drug that is consumed in huge quantities worldwide. It is a non-steroidal anti-inflammatory drug (NSAID) with a wide range of physiological effects. The first discovery of aspirin occurred in England, in 1963, believing that the bark of willow trees with a beneficial effect in alleviating distress due to fevers, aches, and pains2. Salicylic acid was later extracted from the willow bark and it proved to be an active ingredient. Salicylic acid was synthesized from basic starting materials by 1860 which was helpful to the medicinal field but there were some problems2. Salicylic acid turned out to be irritating to the membranes of the throat, mouth, and stomach. We will write a custom essay sample on Synthesis of Aspirin specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Synthesis of Aspirin specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Synthesis of Aspirin specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The product had a high acidity of the compound but fortunately, successful amendments were done, namely, the replacement of the acidic phenolic hydrogen atom with an acetyl group. In 1893, a effective synthesis of acetylsalicylic acid was created, patented in 1899, commercialized under the trade name of ‘aspirin’ by the Bayer Company in Germany3. The name ‘aspirin’ was invented by the chemist, Felix Hoffman, who originally synthesized acetylsalicylic acid for Bayer3. At very low doses, aspirin is used to treat and prevent heart attacks and blood clots. At higher doses, it is used as an analgesic to reduce pain and as an antipyretic to reduce fever. At very high doses, it is an effective anti-inflammatory agent used to treat rheumatic fever, gout and rheumatoid arthritis. It is also an anticoagulant, it dissolves corns and calluses, and it provokes loss of uric acid (a toxin) but promotes retention of fluids in the kidneys. It kills bacteria and induces peptic ulcers. When ingested, acetylsalicylic acid remains intact in the acidic stomach, but in the basic medium of the upper intestinal tract, it hydrolyzes forming the salicylate and acetate ions. When ingested, acetylsalicylic acid remains intact in the acidic stomach, but in the basic medium of the upper intestinal tract, it hydrolyzes forming the salicylate and acetate ions. The exact mechanisms of its pharmacological actions are still under study. In many plants, salicylate can induce flowering. However, aspirin may cause side effects for example, nausea, vomiting, stomach pain and heartburn. Theory Aspirin is prepared from salicylic acid and acetic anhydride with the help of an acid catalyst. Concentrated sulphuric acid acts as a catalyst. After preparation, the product is purified. This is especially important for chemicals that are used as food additives and pharmaceuticals. The most common method of purifying solid organic compounds is by recrystallization. When an impure solid compound is dissolved in a solvent, it is then allowed to slowly crystallize out as the solution cools. As the compound crystallizes from the solution, the molecules of the other compounds dissolved in solution are excluded from the growing crystal lattice, giving a pure solid. Crystallization of a solid is different from a precipitation of a solid. In crystallization, there is a slow, selective formation of the crystal framework resulting in a pure compound. In precipitation, there is a rapid formation of a solid from a solution that usually produces an formless solid containing many trapped impurities within the solids crystal framework. For this reason, experimental procedures that produce a solid product by precipitation always include a final recrystallization step to give the pure compound. Figure: The esterification of salicylic acid by acetic anhydride5. The -OH group of salicylic acid that reacts with acetic anhydride to form an ester-like product. The carboxylic acid group of salicylic acid remains unchanged. Acetic anhydride is used because it is cheap and forms a by-product, acetic acid. Acetic acid is non corrosive and can be recovered to produce more acetic anhydride. Procedure 2. 4g of salicylic acid was weighed and poured into a 100ml conical flask. The actual weight was then recorded. In the fume hood, 6ml of acetic anhydride was added to the salicylic acid in the flask. To this mixture, 3 to 4 drops of sulphuric acid was added, swirled to mix and then heated in a water bath for 10-15 minutes to complete the reaction. The mixture was removed from the water bath while it was still hot and then 1ml of distilled water was added from a dropper carefully to decompose the excess acetic anhydride. An additional 40ml of cold water was added and stirred with a stirring rod to induce crystallisation. The crude product was collected by suction filtration and washed with a little cold water. The crude product is relatively impure; hence it was needed to be purified by recrystallisation. A solvent suitable for this recrystallization process would be a mixture of ethanol and water. The crude product was dissolved in approximately 5ml of ethanol in a 100ml conical flask and heated on a hot plate. To the solution, 30ml of hot distilled water was added in. The solution was then warmed till all solid has dissolved. The solution was allowed to cool. A clean, dry watch glass together with a filter paper was weighed and the weight was recorded. The recrystallised product was obtained by suction filtration using the weighed filter paper. The crystals and filter paper was transferred onto the weighed watch glass and dried in to the oven (100Â °C) for 15 to 20 minutes. The crystals, filter paper and watch glass are then placed in desiccators for 5 to 10 minutes. The dried crystals, together with the filter paper and watch glass were weighed. The weight was recorded and the weight of dried, recrystallised aspirin was calculated. The expected yield of aspirin was calculated from the amount of salicylic acid used. The percentage yield of dried, recrystallised aspirin was also calculated. The melting point of aspirin was determined. Results Mass of salicylic acid Mass of filter paper and watch glass Mass of dried, recrystallised aspirin, filter paper and watch glass Mass of dried, recrystallised aspirinMass of dried, recrystallized aspirin, filter paper and watch glass Mass of filter paper and watch glass Percent yield Number of moles of salicylic acid used (mol wt of salicylic acid = 138) Expected number of moles of aspirin Expected mass of aspirin Percent yield Melting point Temperature Range134. 7 – 136. 8 Appearance The crystals are white and shiny, shaped needle-like. The crystals resemble glass wool. Discussion The results and calculations shows how much acetylsalicylic acid was synthesized compared to how much salicylic acid was used. Since there is a 1:1 ratio between the two, then the amount of salicylic acid used should be equal to the amount of acetylsalicylic acid recovered at the end of the experiment. As the result shows, this is not the case, for 1. 83g of acetylsalicylic acid was harvested when 2. 40g of salicylic acid was used. This could have some effect on the purity; for the melting point of the harvested acetylsalicylic acid which is 134. 7 – 136. 8 was not very close to the theoretical melting point. The percentage yield is only 56. 1%. Since the final product was determined not to be very pure, it is highly likely that less than 1. 83g of the product was acetylsalicylic acid. Further analysis of the product will have to be done to determine exactly how pure the product actually was. There were several problems that could have contributed to the low purity or mediocre percent yield. When dissolving the initial amount of salicylic acid in the solution of acetic anhydride and concentrated sulphuric acid, it did not completely dissolve into the solution, even when it was heated. There could also be loss of product on the filter paper. Some crystals would be stuck onto the filter paper and this might have affected the mass of the crystals. The sample may not have been completely dried out before weighing. This could have a slight impact on the results of the overall yield of aspirin because it was possible that not all of the salicylic acid was synthesized. To determine if this affected the synthesis of aspirin at all, the experiment should have been ran a second time to see if the same thing occurred. Conclusion The experiment did not go completely as expected. The reaction yielded only 56. 1% of its expected product. The purity of the aspirin was not very high, because there might be impurities in the acid used. Reference 1. Henry, Dr. Geneive. 2004. Susquehanna University. Synthesis of acetylsalicylic acid (aspirin). 2. The history of Aspirin, accessed 25th May 2009, 3. History of Aspirin, viewed on 13th Dec 2010, ; http://inventors. about. com/library/inventors/blaspirin. htm; 4. Theory, accessed 15th Dec 2010, 5. Dr. Carman. 2002. University of Nevada, accessed, 15 Dec 2010, ; http://tooldoc. wncc. nevada. edu/aspirin. htm; 6. Synthesis of Aspirin, accessed 13th Dec 2010, 7. Aspirin, accessed 14th Dec 2010,