Toyota Motor Corporation Essay Example | Topics and Well Written Essays - 1500 words

Toyota Motor Corporation - Essay Example On pursuing its business model, Toyota periodically reviews the carrying value of its long-term assets used in the business, including intangible assets as circumstances deserve such review. The company carries out the review using estimates of future cash flows and fair value that the management think would influence the accurate valuation of assets. In the same way, Toyota also needs to consider the assets like high quality fixed income bonds and fixed income bonds that are presently available and anticipated to be available in the future. The company also takes into account the deferred tax assets as there are chances for the actual taxable income to differ from the estimated amounts due to various assumptions (Toyota Motor Corporation, 2010). There are liquid assets in the business which the company defines cash and cash equivalents, time deposits, marketable debt securities that are taken into account to make sure that the company is in line with its business model. However, goo dwill is not material to Toyota’s consolidated balance sheet, and intangible assets with a definite life are amortised on a straight-line basis with estimated useful lifetime of five year. Intangible assets with indefinite life are examined for impairment whenever incidents or circumstance signify that a carrying amount of an asset may not be recuperated. The company evaluates the impairment loss when carrying amount of an asset exceeds the estimated undiscounted cash flows. Toyota’s strategy and aim for plan asset management is to maximise returns on plan assets to meet future benefit payment requirements under risks that the company thinks to be permissible (Toyota Motor Corporation, 2010). Assets in financial accounting can be considered as the economic resources of the firm. Anything that is touchable or intangible and able to be owned by or administered to produce value by preserving it on the process of obtaining a positive economic value can be regarded as an as set. In simple worlds, asset can be stated as an ownership that can be converted into cash (cash itself is an asset). Asset in simple sense is anything of value that a company owns, including cash and should be recorded on the balance sheet of the company. Even if the firm used credit to purchase an asset, the company still owns it. In such case, the original cost of the asset must be recorded on the asst side of the balance sheet as well as the amount that the company owes should be recorded on the liability side of the balance sheet. The three components that constitute a company’s balance sheet, which illustrate the business’s financial position at any point are assets, liabilities, and owners’ equity (U.S. Securities Exchange Commission, 2007). This association among these three components can be explained using the following equation: Assets = Liabilities + Owners’ Equity This equation sets the framework for keeping trace of money as it flows in and out of the business. Every penny in the business should be recorded into appropriate ledgers, every single transaction into the books using a double-entry system of debit and credit. In general accounting practice, assets are recorded on the top left side of the balance sheet. Assets may be classified in many ways and the principal distinction normally made for business purposes is between: Fixed assets and Current assets. There are other business

Literature Review - The perception of pain Essay

Literature Review - The perception of pain - Essay Example Pain causes suffering and renders an individual incapable of carrying out his or her daily activities. Pain may have several negative feelings attached with it, but the function of pain is to protect the individual from further or exacerbating an injury. For instance, when an individual’s hand touches a hot pan, the reflexive withdrawal is the best example to demonstrate this aspect of pain and how it protects the individual from skin burn. Similarly, the excruciating muscle pain during over-exertion clearly indicates that an individual needs to rest and shows that pain can have its benefits, despite the suffering and misery it puts one through. Pain also teaches people to avoid certain behaviors that can trigger the pain and acts as a reinforcer of safety behavior. (Gambert, 2010) Pain is classified into two forms that is acute and chronic pain by Turk, Meichenbaum and Genest. Acute pain is the onset of pain and last for only a few days and it occurs due to tissue damage and has a protective purpose. In other words the source of the acute pain can easily be seen. Certain examples of acute pain include heart attack pain, acute appendicitis, sprain, fractures or lacerations. Chronic pain is a type of pain that lasts for a period of six months or more than that. It is a slow, throbbing pain and usually and may persist for a very long time. Chronic pain is further divided into three categories that is chronic recurrent pain, which is experienced by people suffering from migraines; it is characterized by bouts of no pain in the middle. (Hartvigsen et.al, 2004) The second category is called chronic intractable; the pain experienced is benign but it persists throughout the individual’s life. An example of chronic intractable pain would be lower back pain. The third category is called chronic progressive, whereby the pain is experienced by the individual with increasing intensity. Cancer pain is one such example of chronic progressive whereby, the pain i ntensity increases as the condition of the patient exacerbates with time. The persistence and intensity of chronic depends on a number of factors such as social support and environmental variables that reinforce pain behavior; for instance, if the pain behavior is followed secondary benefits from the individual’s environment then the pain is likely to persist for a very long time. Also individual personality, resistance and resilience play a great role how the pain is perceived and managed by the individual. (Hartvigsen et.al, 2004) Pain may have several functions; however, researchers have often conducted detailed researches regarding how pain is transmitted from the region of injury and processed in the central control unit that is brain. The oldest theory regarding the transmission of pain is called the specificity theory developed by Renee Descartes. This model to explain pain transmission was based on the premise that there is a particular pain pathway that gets activate d every time an individual sustains an injury. This theory was very short on detail and shed no light as to where this pathway was located in the body and did not answer the fundamental question that is how can the pain pathway gets activated regardless of where the injury is sustained and how different kinds of pain are transmitted through one pathway. (Sullivan et.al, 2001) The theory had many shortcomings but remained the most dominant angle on the subject