Ceratosaurus Facts and Figures

Name: Ceratosaurus (Greek for horned lizard); pronounced seh-RAT-oh-SORE-us Habitat: Swamps of southern North America Historical Period: Late Jurassic (150-145 million years ago) Size and Weight: About 15 feet long and one ton Diet: Meat, fish and reptiles Distinguishing Characteristics: Row of bony plates on back; small horns on head; sharp teeth; bipedal posture About Ceratosaurus Ceratosaurus is one of those Jurassic dinosaurs that gives paleontologists fits: although it bore a distinct resemblance to other large theropods of its day (notably Allosaurus, the most common predatory dinosaur of late Jurassic North America, and the comically short-armed Carnotaurus of South America), it also possessed some distinct anatomical quirks—such as the line of bony plates along its back and the modest horn on its snout—that werent shared by any other meat-eaters. For this reason, Ceratosaurus is usually assigned to its own infraorder, the Ceratosauria, and dinosaurs that resemble it are technically classified as ceratosaurs. There is one generally accepted species of Ceratosaurus, C nasicornis; two other species erected in 2000, C. magnicornis and C. dentisulcatus, are more controversial. Whatever its place in the theropod family tree, its clear that Ceratosaurus was a fierce carnivore, gobbling up pretty much any living thing it happened across—including fish, aquatic reptiles, and both herbivorous and carnivorous dinosaurs (the marine component of its diet can be inferred from the fact that Ceratosaurus had a more flexible and crocodile-like tail than other carnivores, which presumably allowed it to swim with greater agility). Compared to the apex predators of late Jurassic North America, though, Ceratosaurus was fairly small (measuring only about 15 feet from head to tail and weighing no more than two tons), meaning it couldnt have hoped to win a standoff with a full-grown Allosaurus over, say, the carcass of a deceased Stegosaurus. (Interestingly, many dinosaur fossils have been discovered bearing Ceratosaurus tooth marks!) One of the most misunderstood features of Ceratosaurus is its nasal horn, which was actually more of a rounded bump, and nothing to compare with, say, the sharp, tapered horns of Triceratops. The famous American paleontologist Othniel C. Marsh, who named this dinosaur on the basis of remains discovered in Colorado and Utah, considered the horn an offensive weapon, but the more likely explanation is that this growth was a sexually selected characteristic—that is, Ceratosaurus males with more prominent horns had precedence when mating with females. Assuming it was thickly lined with blood vessels, the bump may even have been brightly colored during mating season, making Ceratosaurus the Jurassic equivalent of Rudolph the Red-Nosed Reindeer!

The Character Achilles in Homers The Iliad - 993 Words

The Character Achilles in Homers The Iliad The first book of The Iliad, appropriately titled the Rage of Achilles, sets the scene for the remainder of the epic (selu.edu/Academics/Depts/WritingCenter/The_Growth_of_Achilles.htm). This rage is invoked by pride, a theme of pivotal importance for the Greeks. Pride is the source of the conflict between Achilles and Agamemnon in Book 1. The incident that provoked Achilles rage took place in the tenth and final year of the Achaean attack on Troy. The king is angered by what he sees as a challenge to his authority. He is furious at Calchas for indicting Agamemnon as the cause of the plague. Rather than graciously admit his mistake, the king becomes monstrous and demands compensation for†¦show more content†¦Hector killed him. This drove Achilles over the edge and he entered the battle to kill Patroclus killer -- which he did. Achilles continues to mutilate the corpse of Hector, while the gods continue to preserve it (Approaches of Teaching Homers Iliad). Finally, the gods agree that Achilles should accept an immense ransom for the return of the body, so Hermes guides Priam to Achilles tent, so that Priam can make his case, and present his ransom, in person. (thinkquest.org/library/site_sum.html?tname=23057url=23057/iliad4.html). Priam pleads with Achilles to remember his mortal parent, and recognize that every human being, even the most blessed and most powerful king, must suffer loss just as Achilles has. Achilles is still angry and still willful: he declares himself ready to disobey the gods, should he so choose, and he gives Priam instructions as to the precise limits of what he will and will not bear (astro.temple.edu/~rguay/iliad3.pdf). In short, he is himself. But his rage has finally abated. He can share his pain with another, and he is ready to go on living, even though that means he must be ready to die soon. Priam must realize, Achilleus implies, that there is no human achievement whatsoever unless Zeus allows it. The power of Zeus is supreme. In the end the Muse conveys in the Iliad, the glory of Achilleus is secure, in spite of, and because of, the will of Zeus (Approaches of Teaching HomersShow MoreRelatedEssay on Main Characters in Homers The Iliad, Achilles and Hector590 Words   |  3 Pages Two of the main characters in Homeramp;#8217;s The Iliad, Achilles and Hector, compare very differently in many ways. Although they were both war heroes, they came from different sides of the battle and fought each other under different beliefs. These two brave warriors fought to the death in Book 22, where Hector eventually lost to Achilles. Even though Hector lost the fight, the war still raged on, even less merciful than before. These two warriors were similar in a few ways, but mostly veryRead MoreThe Iliad Of The Homer s Iliad Essay1475 Words   |  6 PagesThe Iliad ranks as one of the most important and most influential works in terms of world literatures since its establishment. Between the underlying standard to which the Iliad offers us as audience members, along with the plethora of writers that have followed in the footsteps to which Homer’s Iliad paved, the impact that the Iliad has played is remarkable in itself. While the Iliad can be credited for much of pre sent day literature we study today, Hollywood can be created for the plethora ofRead MoreTroy vs. the Iliad Essay1398 Words   |  6 PagesOver the thousands of years that the epic story the Iliad has survived, there has no doubt been some form of alteration to Homers original. Last May, Wolfgang Petersen directed a movie based on the Iliad. This movie, Troy, has proven to be a very loose adaptation of Homers original, as are almost all stories that are made into movies, unfortunately. With its timeless storyline, amazing scenery, gorgeous actors/actresses and most of all, its reported two hundred million dollar budget, it is easyRead MoreIliad - Self image1193 Words   |  5 Pagesï » ¿The Iliad Essay Prompt 1. Complete one take home essay. Provide textual evidence, specific lines and incidents from The Iliad that proves your thesis. You may also draw from The Odyssey. Use in text parenthetical documentation according to MLA standards. The style guide that many colleges use is DianaHacker.com. We will use this style guide for both MLA format and grammar and mechanics. If you have any questions about MLA format, refer to DianaHacker.com. This paper needs to read asRead More Troy vs. The Iliad Essays1385 Words   |  6 PagesTroy vs. The Iliad Over the thousands of years that the epic story the Iliad has survived, there has no doubt been some form of alteration to Homer’s original. Last May, Wolfgang Petersen directed a movie based on the Iliad. This movie, Troy, has proven to be a very loose adaptation of Homer’s original, as are almost all stories that are made into movies, unfortunately. With its timeless storyline, amazing scenery, gorgeous actors/actresses and most of all, its reported two hundred millionRead MoreEssay on A Review of the Movie Troy808 Words   |  4 Pagesoffice hit. Troy, based on the Iliad, has proven to be a very loose adaptation of Homers classic and one cannot help noticing the major differences between the book and the movie. One of the most noticeable differences between the book and the movie is the absence of the Gods. In Homers Iliad, the Gods played a major part in the Trojan War. Though the viewers are made aware that the characters believe in the Gods, the only God we see in the movie is Thetis, Achilles mother. The omission of theRead MoreExamples Of Glory And Glory In The Iliad1054 Words   |  5 PagesHaley Vinson English 271 December 4, 2017 Glory and Honor in Homer’s Iliad Thesis: Great honor comes with great responsibility. Glory should come with wisdom. Homer presents this idea in various ways. This theme is woven through The Iliad showing the foundation of dignified heroes and self-glorification. Introduction: I. Honor and glory A. Heroic actions B. God-like glory II. Social Status A. Greek Society B. Recognition and influences III. Mortality and immortality A. Glory afterRead MoreThe Iliad: Literary Analysis1552 Words   |  7 PagesThe Iliad: Literary Analysis Throughout The Iliad, an epic poem written by Homer, there were numerous warriors and other characters that could be looked upon as heroes; some of these heroes included Achilles, Ajax, Diomedes, Hector, and Glaucus. All of these individuals were heroes because of their remarkable mental and physical strength: they were courageous and were better fighters in war than other ordinary men. The trade of battle was a way of life to the Greeks back in Homer’s time. ChildrenRead MoreJustice and Love in the Iliad 959 Words   |  4 Pagesand the use of force in the Iliad, in all of its brutality, violence, and bitterness bathes the work in the light of love and justice (pg 25). The point Weil is making is that by depicting the suffering of all of these men regardless of their side, or strength Homer equalizes them in a â€Å"condition common to all men†(pg 25). Because Homer equalizes them the reader can feel empathy, or at least compassion for all of the men. However while W eil is correct about how Homer’s descriptions of war and forceRead MoreThe Era Of Homer By Homer911 Words   |  4 Pagessomewhere around 8th century BC and was possibly one of the first literate authors. Other theories suggest that he only spoke his epics and they were put into writing by others. Homer’s stories show us the first glimpse of documented information of Greek myth and religion. Most important was the creation of Homer’s writing style named the Homeric epic. He was the first author to write epics and his writing style held strongly as the first major literature of its type in western civilization.

Econ 101 Free Essays

Economics: intro †¢Economic questions arise bc we want more than we can get. †¢Inability to satisfy want: scarcity †¢Incentives: rewards that encourage action or penalties that discourage action. †¢Economics studies the allocation of scarce recourses among people †¢Alfred marshell (1842-1924) shaped macro economics †¢Joan robinson: â€Å" the main reason to study econ is to avoid being fooled by it Two main parts: A) Microeconomics: studying the choice of individual decision makers. We will write a custom essay sample on Econ 101 or any similar topic only for you Order Now And how they interact in markets B) macroeconomics: how the overall economy performs. 2 big questions 1. What, how and for whom do goods and services get produced? 2. When do choices made in self interest align with the social interest? Answer 1) †¢what: goods and services are objects that people value and are produced to satisfy human wants †¢how: factors of production. A) Land: natural recourses. B) labour: work time effort. â€Å"quality of labour† (human capital). C) capital: tools, equipment, machines, computers, buildings.. D) entrepreneurship: human resource hat organizes the above. †¢For whom: who gets good: services depends on the incomes people earn. oLand=rent oLabour=wages oCapital=interest oEntrepreneurship=profit Answer 2) †¢We make choices in self interest oChoices you think are best for you †¢Choices that are best for society are said to be in the â€Å"social interest† oUses resources efficiently oDistributes goods â€Å"fairly† When does self-interest align with social interest? (important) †¢Environmental issues †¢Bad corporate responsibility The â€Å"Economic† way of thinking Choice under scarcity = trade offs Opportunity cost: the highest valued alternative that you give up to get something. Choices at the â€Å"margin† †¢We look at the tradeoffs â€Å"at the margin† Marginal benefit (MB): benefit from an incremental increase in an activity. Marginal cost (MC): opportunity cost from an incremental increase in an activity. People respond to incentives MBMC= do more of an activity MB does less of an activity Lesson 2 Recap: †¢Economics oMicro oMacro †¢2 big question owhat, how, for whom oself interest vs social interest †¢opportunity cost otrade-offs †¢thinking at the â€Å"margin† Lesson 2 Water vs. diamonds Water: essential but almost costless Diamonds: not essential but very costly What is value? What gives things value? Labour theory of value: the value of a commodity is proportional to the amount of labour that goes into it. Abandoned: ex. Cement lifejacket Economists think about value differently: 1. the value of something is what you’re willing to give up to get it. 2. Economists think about marginal value instead of total value. Water is plentiful= marginal value low Diamonds are scarce= marginal value high Positive and normative statements Positive: statements of facts about observable data Normative: statements about what ought to be. Value judgments Ex. 20% of teens smoke†¦ Positive: †¢Are you more likely to smoke if your parents do? †¢Does living location affect likelihood of smoking? †¢Are smoking rates different across education levels? †¢Self reported reasons for smoking Do prices affect smoking rates? Normative: †¢Kids shouldn’t smoke Cause and effect: Just because two things happen together doesn’t mean that one causes the other. Ex: ice cream sales deaths by drowning †¢Both related to temperature Economists try to unscramble cause and effect by building models. Model: a purposeful simplification of the real world. Ex: paper airplane Simplification. Learn about: aerodynamics, wind structure†¦ Cant learn about: thrust, fuel capacity, engines†¦ Maps are models: Subway map †¢Lines †¢Stops Doesn’t show curves or turns Road map †¢Street names †¢Turns/curves Satellite photo †¢Adds detail Graphs: Reveal relationships between variables 3 main types: 1. Time series 2. Cross sectional 3. Scatter plots Lesson 3 Recap: water/diamonds†¦ Value: what you’re willing to give up to get something †¢Positive vs normative †¢Cause effect oModels †¢Graphs in economics The Economic problem †¢Production possibilities frontier (ppf) Model: focus on tradeoffs between 2 goods. (holding other goods constant) PPF shows boundary between what we can produce and what is unattainable Building a PPF: First good: â€Å"numbers† Ex. X + 3=7 Second good: â€Å"words† Our PPF for X’s words EX. In textbook PFF’s show marginal cost. opportunity cost of producing one more unit† Preferences marginal benefit †¢your â€Å"likes† and dislikes marginal benefit: what your willing to give up to get an additional unit of something what does MB look like? Principle: the more you have of a good, the less you’re willing to pay for an additional unit. Allocative efficiency: $ up the left side of graph, pizza across the bottom. MC is a positive incline, MB is a negative decline at pt Awe have allocative efficiency. We cant produce more of any one godd without giving up some other good that we value more highly lesson 4 recap: †¢allocative efficiency (MB=MC) Economic growth isn’t free 2 key factors †¢Technological change oresearch and development †¢Capital accumulation oDevote resources to production of capital Both require resources that could be used for current consumption †¢Economic growth doesn’t eliminate scarcity †¢Opportunity cost of growth is reduced current consumption Consuming outside your PPF. †¢Gains from trade Imagine if you produced everything you consume†¦(â€Å"Autarky†) Producing one (or a few) goods and trading with others is called â€Å"specialization† Gains from specialization come from exploiting â€Å"comparative advantage† Absolute Advantage: More productive at something Comparative Advantage: Producing at a lower opportunity cost Ex: textbook smoothie bar example†¦ On lined paper Liz: absolute advantage in smoothies. And comparative advantage in smoothies Joe: no absolute advantage but comparative advantage in salads Where does Comparative advantage come from? †¢Over time people or countries can develop comparative advantage through repeated production. â€Å"learning by doing† (dynamic Comparative advantage) Economic Coordination? †¢Who organizes all this? Centrally planned economy: USSR, china†¦ Decentralized market system: most countries Decentralized markets rely on 4 institutions†¦ON MIDTERM . Firms: hire and organize factors of production 2. Markets: any arrangement that connects buyers and sellers 3. Property Rights: social arrangements that govern ownership and use 4. Money: any commodity or token that is generally accepted as a means of payment Markets coordinate economic activity through price adjustments. L esson 5 Demand and supply In a market system, economic coordination happens through price adjustment Competitive markets: many buyers and many sellers †¢Prices determine the rate at which goods can be exchanged Money Price: number of dollars Relative price: $price of one good relative to another Ex: coffee:$2, gum$1 (Money), one coffee costs 2 gums Demand: different than â€Å"want† †¢To demand something you must: a. Want it b. Be able to afford it c. Plan to buy it Law of demand: holding everything else equal, the higher the price of the good the lower the quantity demanded 2 effects cause this: a. Income effect: when price increases, your money doesn’t buy as much b. Substitution effect: when a price increases people substitute to purchasing other goods Ways of representing demand: a. Demand schedule b. Demand curve: When the price of this good changes we move along the demand curve Changes in Demand: when things other than the price of the good change, the demand curve shifts. Things that shift demand: †¢Nature †¢Quality †¢Tastes/preferences †¢Income †¢Price of other goods oComplements: consume these goods together (Ex. Shoes, always need both) oSubstitutes: consume one or the other †¢Expected future prices †¢Population Supply: a firm supplies a good if it†¦ a. Has the resources and technology to produce it b. Can profit from producing it c. Plans to produce and sell it Law of supply: holding everything else equal, the higher the price of a good, the more is supplied The supply curve: IN binder Example Changes in Supply: †¢Input prices †¢Prices of related goods produced †¢Expected future prices †¢Number of suppliers †¢Technology †¢nature Lesson 6 Market Equilibrium Equilibrium: a state where opposing forces balance each other †¢consists of a market price and quantity Changes in equilibrium (pg 74) 1. French fry demand 2. Market for cocaine 3. Market for kitchen sinks 4. Market for barrels of crude oil 5. Market for fresh orange juice Midterm exam review †¢20 multiple choice †¢2 short answers †¢Multiple choice worth 2points †¢Short answers worth 10 †¢Exam worth 60 †¢Chapters 1-3 Ch 1 †¢What is microeconomics Scarcity and tradeoffs †¢What is value †¢2 big questions owhat how and for whom oself interest vs. social interest †¢positive vs normative statements †¢graphs in econ Ch 2 †¢ppf and opportunity cost †¢marginal benefit and marginal cost †¢allocative efficienc y †¢growth †¢specialization and trade †¢absolute and comparative advantage †¢economic coordination Ch3 †¢demand curve (law of demand) †¢movement along vs shifts of the demand curve †¢factors that shift the demand curve †¢supply curve (law of supply) †¢movement along vs shifts of the supply curve †¢factors that shift the supply curve †¢equilibrium pg 74, 75 changes in equilibrium Lesson 7 October 11, 2011 Modeling demand 1. Demand schedule (table) 2. Demand curve (picture) 3. Demand equation Ex: in notebook In general: P=a-bQ. (a and b are some numbers) A: vertical intercept B: absolute value of slope Modeling supply* 1. G 2. G 3. Modeling equilibrium †¢At equilibrium price (P) quantity demanded equals quantity supplied Equilibrium quantity Q Ex: finding equilibrium Demand: p=800-2Q Supply: P=200+Q †¢Make the right hand side of each equation equal 800-2Q=200+Q 600=3Q 200=Q Elasticity (Ch 4) Law of demand: when price inc reases quantity demanded falls This gives us direction Elasticity measures how much demand changes Ex: Good X †¢Price increases by 1$ †¢Demand drops by 100 unts Good Y †¢Price increases 200$ †¢Demand drops by 1000 units Cant compare the 2! In order to compare goods we need a measure of responsiveness Price of elasticity demand= % change in quantity demanded over % change in price Ex: ticket price 21$- 9tickets/hr 19$-11 tickets/hr Find elasticity of demand 1. % change in quantity =change in Q =2/(over) 10 (from 9 to 11) over Average Q Fuck it. In notebook What does elasticity number mean? In notebook Lesson 8 Elasticity of demand = % change in quantity demanded/ over % change in price If elasticity is 1 elastic Tuesday October 18, 2011 What affects elasticity? 1. Closeness of substitutes 2. Proportion of income spent on a good 3. Time since price change Other Elasticities 1. Cross elasticity = %change in demand for x % change of price of good Y if X Y are: Substitutes: positive Complements: negative 2. Income elasticity = %change in demand %change in income bigger than 1: income elastic. As income increases demand increases a lot Between 0 1: income inelastic. Income increases, demand increases by a little Negative: inferior good. Income increases, demand decreases Elasticity of Supply = % Change in quantity supplied % Change in price What affects supply elasticity? 1. Resources substitutions possibilities 2. Time frame for supply decisions Efficiency and Equity (Ch5) Markets are one way of allocating goods Do they do a good job? A. Efficiency (do the goods go to those that value them the most? ) B. Fairness Ex. X pins†¦ how should we allocate them? 1. Contest: 5 highest grades Ex sports, performance bonuses Pros: †¢May encourage effort Cons: †¢Goods may not go to those people that value them the most 2. First come, first serve: first 5 people to show up get them Ex: walk in clinics Pro: †¢People who value the good highly will line up early Con: †¢May get allocated to those with a low opportunity cost of their time 3. Command System: I decide who gets them Ex: how tasks get allocated inside a firm Pro: †¢May work well when tasks/people are familiar and authority well defined Con: †¢ I can’t tell who values the good the most 4. Lottery: draw names from a hat. Ex. Dorm rooms Pros: †¢Fair†¦everyone gets an equal shot Cons: †¢No reason to expect that high value people will get the good 5. Majority rule vote Ex, voting politicians Pro: everyone gets an equal say Con: special interest group 6. Personal characteristics If you have a brown belt Ex. Relationships Pros: may work if characteristic highly related to value people have for the good Cons: discrimination 7. Force: everybody fights Ex organized crime/war Cons: strongest might not value the highest Pros: Force can work well in the background oCourts can forcibly reallocate goods 8. Market Mechanism oWhoever is willing to pay the price gets the good Pros: people who have high values are willing to pay more and are more likely to get it Cons: people might not have enough money Tuesday October 18, 2011 Midterm #2 November 3 (Ch 4,5,6) †¢Demand and supply †¢Elasticity (ch 4) †¢Efficiency and equity (ch 5) Obstacles to efficiency †¢Price and quantity regulations (gov’t actions) †¢Taxes and subsidies (gov’t actions) Externalities: your actions impose costs or benefits on others Ex. Smoking. A person might take into account only their own personal benefits and costs but ignore social costs. (second and smoke) OR. Pollution. Firm doesn’t account for external social cost that its production creates. Public Goods A. Consumption by one person doesn’t â€Å"use up† the good. B. Anyone can consume the good without paying Ex: lighthouse: people want to use these goods without paying. â€Å"freeriding†. These are usually under provided Monopoly: a single firm sets the market price †¢Price is higher, quantity is lower Fairness 1. Utilitarianism, (Jeremy bentham, John Stuart mill) †¢Ã¢â‚¬Å"The Greatest Happiness for the greatest number† †¢people are roughly the same †¢the marginal value of money is lower when you have more of it †¢Redistribute wealth to achieve equality (tax rich, subsidize poor) Problems: A) taxing income: less income generation (work) B) taxing capital: less capital produced (slower growth) C) costs in administering taxes (more fair but size of the â€Å"pie shrinks) 2. Rawls: theory of Justice †¢Fairness of society judged by the well being of the person who is poorest †¢(Equal shares of a small pie) may be worse than (unequal shares of a larger pie) 3. Fairness in Rules, not outcomes †¢Emphasis on equality of opportunity Robert Nozick A. Strong private property rights B. Private property should only be transferred through voluntary exchange Problems: A. No room for redistribution after the fact B. No taxes or government since these aren’t voluntary Government Actions in Markets (Ch 6) Price ceiling: gov’t regulations that makes it illegal to charge a price higher than some specified level †¢Set above equilibrium price= no effect †¢Set below equilibrium price= Example in notebook Black market †¢Illegal market in which price is higher than price ceiling †¢Graph in notebook †¢ Thursday October 27, 2011 20 m/c few short answer midterm review: †¢Note on demand on supply equations (end of ch 3) †¢Elasticity (Ch 4) know how to calculate and know what it is †¢Efficiency and equity (Ch 5) *consmer and producer surplus †¢Government actions in markets (Ch 6) Price ceilings oPrice flooring oTaxes Price Floors: Mandatory minimum price Ex. Minimum wage Graph in notebook †¢Unemployment increases search costs †¢More power to firms in hiring decisions †¢Black markets oEx. Illegal labour markets where people are paid below the min wage oIn notebook Taxes: When the government taxe s a good the price paid by consumers and the price received by producers are now different Ex. Gov’t puts a $5 (per unit) tax on producers In notebook Tuesday November 1, 2011 Midterm Thursday Material: 1. Note on demand and supply equations. (end of Ch 3) 2. Elasticity (Ch4) †¢Price elasticity Elasticity and total revenue (figure 4. 5 in text) †¢Cross elasticity and income elasticity †¢Supply elasticity 3. Efficiency and equity (Ch 5) †¢Alternative allocation methods †¢Consumer and producer surplus †¢Efficiency of equilibrium †¢Ã¢â‚¬Å"fairness† 4. Government Actions (Ch 6) †¢Price ceilings †¢Price floors †¢Taxes Tuesday November 14, 2011 Global Markets Many of the goods and services you consume aren’t produced in Canada Ex. Iphones (all over), clothes (china), tech support (india) †¢Part of the globalization process oImports: goods we buy from other countries oExports: goods we sell to other countries Global Imports: Exports in 2008 =$35 trillion Canada: †¢exports: $535 billion. Agriculture, forestry, energy, mining, machinery, automotive, aircraft †¢Imports: $503 billion In binder example Tariffs: a tax imposed by the importing country on goods that come from another country Arguments for protection 1. Infant industry Argument †¢We need to protect domestic industries when they start so that they can mature enough to compete on world markets. †¢Develop comparative advantage †¢Everyone can argue this 2. Barriers to trade to protect jobs. †¢Trade costs jobs †¢There isn’t a â€Å"fixed number of jobs† †¢Trade also creates jobs How to cite Econ 101, Essay examples

Locker Room Talk free essay sample

Page 1 Locker Room Talk Ethical Case April 18, 2010 Page 2 The Locker Room Talk Ethical Case outlines a situation that is an ethical dilemma for CPA Albert Gable who has performed personal financial planning for Larry and Susan Wilson. The Wilson’s, in their discussions with Mr. Gable regarding their personal finances, mentioned that in the past they have had marriage problems but have worked through the problems and are not seeking a divorce. Gable and the Wilson’s became personal friends due to the relationship built during their personal financial planning. Mr. Gable also performs the annual audit for one of the largest banks in the town where they all live. The sample pulled for the audit at the bank included the Wilson’s loan information. While performing the audit, Mr. Gable discovers information on the Wilson’s loan that does not coincide with the information given to him during the personal financial planning. Mr. Gable is concerned and addresses the discrepancy with a loan officer but did not confide to the loan officer that he was also their personal financial planner. The loan officer confided in Mr. Gable that Mr. Wilson was setting up his business to divorce his wife without any compensation. This situation puts Albert Gable in a situation with a conflict of interests. His personal financial client is also a client of the bank where he performs the annual audit. The information the Wilson’s provided to him during their personal financial planning conflicts with the information provided on loan documentation at the bank. Albert Gable needs to determine the best course of action to take in this situation. The Stakeholders The stakeholders involved are: Page 3 1. Albert Gable As the CPA, his professional business ethics are at risk and his personal reputation is on the line. He also has a large bonus weighing on his decision. 2. Mrs. Wilson – She has the understanding that her marriage is not at risk and the financial planning is for the benefit of her and her husband for their future. 3. Mr. Wilson – If he is not being honest with his wife and is planning on divorcing her, the information that Albert has uncovered during the audit could create problems for him. . The loan officer – the loan officer that shared Mr. Wilson’s personal information with Mr. Gable. 5. The bank – the relationship Mr. Gable had with the Wilson’s as personal financial planner was not disclosed to the bank and is a conflict of interest. Course of Action The best course of action that Mr. Gable should take is to meet with the Wilson’s and explain that he cannot continue with thei r personal financial planning. He should have them seek out another financial planning firm to complete their personal financial plans. He should explain to them that he completes the annual audit for the bank and during the audit he discovered discrepancies with the loan information and the bank statements provided to him to prepare their personal finances and due to the discrepancies he feels it is necessary to remove himself as their personal planner. By removing himself as the Wilson’s personal financial planner, this eliminates the conflict of interest with the bank audit. By informing the Wilson’s they need to locate another Page 4 irm and cannot use the CPA firm he is partner with for financial planning removes all conflict business and personal and maintains business and personal ethics. Furthermore, he needs to notify the bank of the conflict with the Wilson account and that he will not be able to conduct an audit of their accounts due the relationship that was initially formed with the personal finance planning. By following the above steps he protects the clients, the bank and upholds his pro fessionalism and his business ethics. Impact to Stakeholder The deontology approach was used to determine the course of action. This approach to ethics emphasizes doing what one should do in accordance with rules, obligations and/or ethical principles of the profession. The impact of the decision could cost Mr. Gable the banks account but if he would have acknowledge upfront his knowledge of the Wilsons prior to beginning the audit on their loan documents the situation could have been diverted. He is also losing a client, the Wilson’s due to the bank audit and the review he completed of their loan documents. If he would have acknowledged to the bank and had the file removed from the audit all of this could have been avoided. Mr. Gable will need to take the time and explain to his client the Wilson’s but he needs to keep it at a professional level and not discuss what was discovered only that it is conflict of interest. Conclusion Mr. Gable used poor judgment in his decision making process and has violated the ethic rules of the accounting profession. During the audit of the bank documentation he should have immediately notified the bank of the conflict with the Wilson file. He needed to be upfront with the bank and explain the Wilson’s were also a client of his for personal financial planning Page 5 nd have the file removed from the sample audit or bring in a third party to complete the audit on the Wilson documents. The loan officer should not have shared the personal information with Mr. Gable and Mr. Gable should have ended the conversation before it began. Sharing with the Wilson’s that discrepancies were noted between bank statements and loan documentation will allow the Wilsonà ¢â‚¬â„¢s to clear up the discrepancies at the bank in regards to their accounts. Page 6 References Brooks, L. J. , 2007. Business professional ethics for directors, executives accountants (4th ed). Mason, OH: Thomas South-Western.