Code Of Ethics And The Laws Of The Accounting Profession...

Critically reflect on the arguments as to why a code of ethics is essential to support the regulation of the accounting profession in New Zealand. Introduction Code of Ethics display the ideal qualities that one should follow and demonstrate, in the accounting profession. It lays down the expected standards, and are based on personal characteristics and behavior. According to New Zealand Institute of Chartered Accountants Act 1996 the five fundamental principles in the Code of Ethics are integrity, objectivity, professional competence and due care, confidentiality and professional behavior (NZICA, 2013). These five principles aim at guiding an accountant in a moralistic way. Although it highlights the general expectations of an accountant, it is designed to benefit the wider accounting network. The Code of Ethics can also be thought of as a perfect role model, which accountants use to compare themselves against. The Code of Ethics is vital to the accounting profession because it helps keep a controlled, safe and positive working environment. Discussion Integrity is one of the fundamental principle, which is responsible for securing and maintaining confidence among the public, and also internally through professionalism. In the Code of Ethics, integrity is defined to be, the key to building a network of good trust, and also personal characteristics that distances one from taking advantage personally (Velayutham,2003).Generally we can assume that integrity is directlyShow MoreRelatedA Study On Malaysian Institute Of Accountants1416 Words   |  6 PagesAccountants By-Laws Background The Malaysian Institute of Accountants website offers viewing of the code of ethics for practicing accountants (2010). As per the website and information therein, The Malaysian Institute of Accountants set up the Ethics Standard Board in June 2009 in order to supplement the Malaysian Government’s push to promote greater integrity and ethics. The vision of the Ethics Standard Board is to adopt high quality professional and ethical standards for the accountancy profession. TheirRead MoreEthical Issues Faced by the Accountancy Profession Essay1747 Words   |  7 PagesEthics plays an essential and integral part in the accountancy profession. Professional conduct plays an important role in establishing public trust in financial reporting and business practise. Yet this can and has come under threat when clients and employees are exposed to the risk of fraud when accounting ethics are not adhered to. Codes of ethics are adopted to ensure the reliability, comparability and integri ty of financial statements. Ethical standards exist to safeguard the fundamental principlesRead More Code Of Professional Ethics By American Institute Of Certified Public1259 Words   |  6 Pages Code of Professional Ethics by American Institute of Certified Public Accountants Introduction quot;A code of professional ethics is a voluntary assumption of self discipline above and beyond the requirements of the law. The Code of Ethical Conduct serves the highly practical purpose to notify the public that the profession will protect the public interestquot; (Carey, Doherty: p 3). When people need a doctor, a lawyer or a certified public accountant, they seek someone whom they can trust toRead MoreEssay on The Ethical Values Held in Accounting, A Literature Rewiew1426 Words   |  6 PagesEvery profession faces a multiple of ethical challenges on a daily bases, this can be clearly witnessed in the accounting profession. The main focus of this literature review is to discuss the ethical values held in this profession and to also explore the ethical challenges that they face. Professional ethics for accountants is all about making sure that accountants carry out their duties to the highest standard possible and in a very professional manner. A code of ethics is designed to make sureRead MoreThe Ethical Framework Of Accounting897 Words   |  4 PagesBusinesses, investors, creditors rely on accounting ethics. The accounting profession requires honesty, consistency with industry standards, and compliance with laws and regulations. The ethics increase the responsibility and integrity of accounting professionals, and public trust. The ethical requirements influence the management behavior and decision-making. The financial scandal of Enron and Arthur Anderson demonstrates the failure of fundamental ethical framework, such as off-balance sheet transactionsRead More Accounting Ethics Essay1247 Words   |  5 PagesThat is because the CPA profession has a squeaky clean image--anal-retentive little wimps who wear thick glasses and cannot get a date. CPAs are known and respected for their honesty. The profession that goes out of its way to project that image, and there is a certain amount of truth to it. Not all accountants are anal-retentive little wimps who cannot get a date. Many of them are quite articulate. Some are quite lovely, in some schools, more than half of the accounting majors are women. Also,Read Morethe legal ethical and technological conerns paper1087 Words   |  5 Pages The Legal, Ethical, and Technological Concerns Paper For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technologicalRead MoreFinancial Accounting819 Words   |  4 Pagesproposed Accounting code of ethics guides those in the profession to behave in a respectful, controlled and moral way. Clients need to have confidence in the business practices of professional accounting firms. A clear ethical code ensures that accountants practice a high standard of business that is exceptional in integrity and professionalism (Maughan, 2011). According to Schreiber (2003), integrity is defined in Article III of the California Society of CPA’s code of ProfessionalRead MoreImportance of Ethics in Accounting1065 Words   |  5 PagesRunning head: IMPORTANCE OF ETHICS IN ACCOUNTING Importance of Ethics in Accounting Everest University Importance of Ethics in Accounting Accounting fraud is common but is not as trivial as the common cold; a typical organization loses annual revenues of nearly 5 percent to fraud. In addition, almost one-quarter of reported fraud is exceeding $1 million dollars. The accounting industry is constantly growing and changing. Consequently, difficult decisions have to be made every day. Read MoreAccounting Ethics677 Words   |  3 PagesAccounting Ethics: Ethics is a term that is commonly used to describe a code or moral system that serves as a criterion for assessing right and wrong. Professionals operating in the business world usually face ethical dilemmas, which are situations where a person or group is faced with a decision that tests the moral system or code. While most of these dilemmas are easy to identify and resolve, they come with temptations that test a persons or groups ethics. Similar to others operating in the

American Culture Breeds Violence Against Women - 1215 Words

American culture breeds violence against women. In the US, hyper-sexualized images of women dominate the advertising campaigns of Fortune 500 companies. Still, women are deemed passive, overly emotional, and always seeking aid, primarily in the form of the hard bodied male hero. Cinematic depictions of women haven t improved since the 1950s. And the pornography industry, now more violent and exploitative than ever, rakes in more cash than Hollywood. Indeed, the notion that men should dominate, humiliate, harass, rape or assault women is constantly reinforced in modern American society and culture. That being said, college campuses are some of the worst offenders. Here, I m not just referring to flippant forms of harassment, but also rape, violent assault and murder. Consequently, the American university is an important political, cultural, and ideological battleground in the ongoing War Against Women. Yet, universities only represent one segment of the larger War Against Women, a war that has taken countless lives, and destroyed numerous others, a war that reaches every inch of American society. Campus Life Recently, several fraternities have been photographed displaying highly demeaning and offensive banners from the balconies of their fraternity homes. At Old Dominion University, the banners read, Hope your baby girl is ready for a good time, Freshman daughter drop off, and Go ahead and drop Mom off too. At Ohio State University, the banners read, DaughterShow MoreRelatedHate Crimes Essay936 Words   |  4 PagesEssay #2: What are the roots of the violence/hate crimes today in our contemporary society? What can we do to reduce them? Explain. The world is full of HATE. What is this word? What makes someone HATE someone else enough to kill or harm another human being? Hate crimes are criminal actions intended to harm or intimidate people because of their race, ethnicity, sexual orientation, religion, or other minority group status. They are also referred to as bias crimes. Hate crimes have been goingRead MoreGender Inequality And Violence Against Women1375 Words   |  6 PagesAmerican culture has contributed attributed to the idea of what a man should be. From a young age boys are indoctrinated with the idea that in order to be a man one must be emotionless, though, and fearless. Unfortunately this ideology has created a plethora of problems within America and the creation of a dominate patriarchy that has led a loss of right for woman and violence against them. Although, this idea that women are second class which has been persistent in society is slowly changing, thanksRead More`` Song Of Solomon Written By Toni Morrison And Film The Searchers Directed By John Ford1535 Words   |  7 Pageslegacy takes the form of violence. 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While many choose to label this phenomenon as the fading issue of racism, the simple fact is that our obsessive desire to ‘sort’ has insteadRead MoreEssay on Human Trafficking: Modern Day Slavery1036 Words   |  5 Pagespurpose of human slavery. In the United States alone it is estimated that 100,000 children each year are part of the sex trade. According to the US Department of State in 2007, 4 to 27 million people globally are in some form of slavery. Most Americans feel that human trafficking is it happening â€Å"somewhere else† and although appalling, there is nothing we can do to change the way other countries and peoples choose to live their lives. Now slavery on the other hand was worth fighting a war over

The Impacts of Interest Rate Volatility

Question: Discuss about the Impacts of Interest Rate Volatility on the Growth of Australian Property Market. Answer: Introduction Interest rate is the price of money. The price of Australian property changes depending on the level of interest. Rate. For instance, in the year 2015, the interest rate was fell causing a fall in the price of houses. In most economies, the purchase of a property in the property market is done through mortgaging. This is the process in which an investor or a consumer buys for instance a house on a loan basis. The buyer of the property gets the ownership of the property and uses it as he/she continues to pay the mortgage. The amount of loan taken is less than the accumulated monthly payments after the mortgage has been fully paid. This is because some interest rate is attached to the monthly payment so as to compensate for the time value of money and for the risk taken. Many investors are attracted to the Australian property market owing to the rising value of the properties (Oliver, 2015). The demand for houses has gone up. What some people are not aware of is that higher prices of h ouses may have a great influence on the interest rate which might in turn push the mortgage rate. If the mortgage rate goes up, the future returns from these investments will be low. Interest rate is an important factor in the economy as its a monetary policy tool of the government which is influenced any time the Reserve bank of Australia (RBA) needs to stimulate macroeconomic indicators such as unemployment rate, inflation rate and the economic growth. The government sometimes lower its cash rate to stimulate the demand for house (Chande, 2015). In order to stimulate consumption and investments, the RBA changes cash rate so as to lower the interest rate. However, the macroeconomic policy of low interest rate is harmful to an economy as it results in a greater demand for money. This stimulates the investment level and may result in an economic bubble. Most of this investment are poured on the stock and real estate markets. The percentage charged for money use is the interest rate. When money is borrowed, the interest is charged based on a stated interest rate which is payable when the loan is being paid. The lender charges a borrower a proportion of the total loan amount as an interest rate. The interest rate is stated in monthly, quarterly, semi-annually or annually. The expensiveness of the loans advance by banks is caused by the interest rates. During periods of high interest rates, the amount of money available in an economy falls since people are avoiding the borrowing since servicing of the debt is more expensive. For this reason, the consumer demand is reduced. However, the returns on savings are high when the interest rates are high, thus, investors saves more and invests less. At higher interest rate, the mortgage interest is high causing a rise in the prices of houses (Simon, 2015). Consequently the demand for houses falls. Similarly, at lower interest rate, the mortgage interest is low which makes the price of houses to fall. According to Koukoulas (2015) and Business.uq.edu.au. (2014), the housing prices is Australia stopped rising and investors was uncertain whether this was the beginning of the collapse of this market. Millar (2016) noted that sustained low interest rate has raised the affordability of houses due to capital availability and this has resulted in a rampant fuelling of the Australian property market. She noted that the Australians have a natural appetite for properties. However, she questioned the sustainability of this growth in the Australian property market owing to the global unrest, the end of the mining boom and the slowing of the Chinese economy. She also noted that there is a fall in the prices of commodities on the board and thus a widespread in the market instability. Aims and Objectives The major aim of this project is to determine the impacts caused to the Australian property market as a result of interest rate volatility. The objectives below indicates what the project is meant to achieve in line with the aim. To identify the major impacts caused by interest rate volatility on the Australian property market. To provide a basis in which the policy makers could make decisions regarding the restoring the prices of the Australian Properties when there is a volatility in interest rate. To determine whether the rising prices of Australian properties are sustainable in future. A Brief Methodology In order to fully achieve the intended goals of this project, the following methodology will be used; Literature review: The issue of volatility in interest rate and the impact on the housing prices have been experienced for many instances, there is therefore a significant information which has been put forward in explaining the same. This project will search for various theories that are related to these economic situations. The theories will over a simpler understanding of such changes. In the literature review part, this project shall consider not only the theoretical literature review, but it will also consider the empirical literature review. The empirical part will show how a similar situation such as that facing the Australian property market was experienced in maybe another economy; the resulting impacts will be analysed. Research design and data collection: The research design to be used will be descriptive and will gather information on the current situation in the Australian property market. Quantitative techniques will be applied since historical data on the interest rate and prices will be gathered. Both primary and secondary data will facilitate this research. Questionnaires will be used in the collection of the primary data. Data analysis and interpretation: There will be a regression analysis to determine whether the interest rate has a significant influence on the Australian property market. This analysis will help in giving an answer to the hypothesis that will be under test. Data will be analysed and interpreted. Conclusions and recommendations will be put forward. The importance of this research will be noted down and if there will be a deficiency in the research results, a research gap will be identified and noted down; thus, indicating a need for further research. Bibliography Brown, S. (2016). Australian Resi Property Market Update April 2016 - Stanford Brown. Stanford Brown. Retrieved 5 April 2017, from https://stanfordbrown.com.au/australian-resi-property-market-update-april-2016/ Business.uq.edu.au. (2014). Is the house price bubble about to burst? | UQ Business School. Business.uq.edu.au. Retrieved 5 April 2017, from https://www.business.uq.edu.au/momentum/house-price-bubble-about-burst Chande, M. (2015). The impact of interest rates on the property market. Property Week. Retrieved 4 April 2017, from https://www.propertyweek.com/opinion/the-impact-of-interest-rates-on-the-property-market/5077199.article. Helliar, C. (2005). Interest Rate Risk Management. Burlington: Elsevier. Koukoulas, S. (2015). We're almost certainly a million miles away from a house price collapse. ABC News. Retrieved 4 April 2017, from https://www.abc.net.au/news/2015-10-22/koukoulas-are-we-really-heading-for-a-house-price-collapse/6873812 Millar, S. (2016). QA: How will the global economy affect the housing market? - realestate.com.au. realestate.com.au. Retrieved 4 April 2017, from https://www.realestate.com.au/news/qa-how-will-the-global-economy-affect-the-housing-market/. Oliver, S. (2015). Australian home prices and interest rates. Ampcapital.com.au. Retrieved 4 April 2017, from https://www.ampcapital.com.au/article-detail?alias=/olivers-insights/april-2015/australian-home-prices-and-interest-rates Simon, J. (2015). Low Interest Rate Environments and Risk | Speeches | RBA. Reserve Bank of Australia. Retrieved 4 April 2017, from https://www.rba.gov.au/speeches/2015/sp-so-2015-10-08.html

Renewable and Nonrenewable Energy free essay sample

Energy can be explained as having the ability to do work. There are many forms of energy potential, electrical, chemical and magnetic just to name a few. Energy is used for everything an individual must do from preparing a meal to launching a rocket. There are two general categories of energy: potential energy and kinetic energy. Potential energy is energy that has been saved waiting to be discharged including chemical, electrical and magnetic. Kinetic energy is energy that is related to moving items. These energy categories can be classified as renewable or nonrenewable (Trefil amp; Hazen, 2010). Energy is used in every aspect of daily life. From the moment a person opens their eyes, energy is being used. Energy is used to get work done. The lights to illuminate the house, a stove for cooking, dishwasher to clean dishes, clothes washer for laundry and various electronics are powered by electricity. Electricity is supplied to customers by power that is created at plants then transferred to high voltage power lines known as the â€Å"grid† (EIA, 2012). We will write a custom essay sample on Renewable and Nonrenewable Energy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The tankless water heater used for all water heating needs, the furnace to heat a home in the winter and cool in the summer, and clothes dryer all receive energy from natural gas. Customers receive service for natural gas to their homes from lines that run from a main (AGA, 2013). Petroleum, a fossil fuel, powers the vehicle used to drive to work. Petroleum is derived from oil and gas exhumed from rocks deep within the earth. Once processed, the petroleum can be sold to customers to run their vehicles (Petroleum – Oil and Natural  Gas, 2013). Solar panels help supplement power to the travel trailer used for family fun and propane is used for BBQ cooking. Solar panels use the power of the sun to convert the light into energy. Propane is removed from crude oil during the refining process and made available to customers through portable cylinders (DeFilippo, 2011). During the summer months San Diegans have learned to make necessary adjustments to their energy usage because the â€Å"grid† can become overloaded. This has caused temporary rolling black outs in many cities through out the county. This household is using natural gas and fossil fuels, which are nonrenewable sources of energy. Nonrewable sources are expensive long term and cannot be replenished after they have been used. Electricity, which is a secondary source, is neither nonrenewable nor renewable. Renewable energy is sources that are continuously being replaced (Trefil amp; Hazen, 2010). The only source of renewable energy this household is using is solar. Renewable energy sources assist in the preservation of natural resources individuals presently consume. There are several types of renewable energy sources for example solar, hydropower and wind power. Solar power involves transferring the suns rays into solar cells, and then sunlight is converted into electricity. Solar energy is can be used for preparing food, heating and has been used for desalination of saltwater. Hydroelectric power originates from the potential energy of restricted water driving a water turbine and generator. This is similar to the water wheels that would drive mills. Wind energy is the use of the wind to generate power to move blades on a turbine. The turning of the blades is changed into electrical flow by a generator. Wind towers constructed on farms can capture the electrical flow and distribute the current to grids providing electricity on a national level, isolated locations or individual homes (Orloff, 2013). Renewable energy sources are good for the environment, economy and overall health however they may not always be available or appropriate for consumers. Solar and wind energy are not appropriate at this specific location. The roof on the house is not oriented for south facing solar panels and the lot size is not sufficient to build a wind tower. Our family’s dream is to buy a property large enough to support the renewable energies of solar panels and a wind turbine. Electricity and natural gas are the only viable options due to lot location and consumer cost. At this time it would seem the nonrenewable energy is our best choice. There are several advantages and disadvantages for each type of energy previously discussed. One advantage of solar power is the Sun. As long as it survives, Earth will benefit from it. Solar power production discharges no water or air pollution. Solar energy can be used cost-effectively for heating and lighting. Another benefit of solar power is to heat pools and spas. The disadvantages of solar power it does not produce energy if the sun is not shining during the day or at nighttime and there is limited power on cloudy days. Solar power stations are pricey to construct. Some of the advantages for hydroelectric power are power stations can quickly raise to filled capacity. Electricity can be produced continuously. Hydroelectric power creates no pollution and water used can be recycled. The disadvantages to hydroelectric power are Dams can be very high-priced to construct. It is a necessity for an adequate, and powerful source of water to generate energy in the area. An advantage to wind energy it will make no pollution. Wind generation is a renewable source of energy, and it will never run out. Wind farms can be manufactured offshore. A disadvantage to wind power wind is sporadic. Reliable wind is necessary for uninterrupted power production. If wind speed declines, the turbine idles and less electricity is produced. Wind farms can have an undesirable effect on the landscape (Orloff, 2013). Several advantages to natural gas are it is the cleanest burning fossil fuel, generally accessible, and made detectable by adding synthetic scent. Some disadvantages to natural gas are emissions despite burning cleanly, high transportation costs, and lack of alternatives due to shortage of infrastructure. Advantages of petroleum are, they are cost-effective, easy to transport and the basis for many prescription drugs. Disadvantages of petroleum are environmental issues from drilling, extreme emission levels and availability is limited due to location (Energy Source Comparison, 2013). Finally, advantages for electricity are non-toxic as a vehicle power source, powers many appliances and electronics and they are cheap to produce. Disadvantages of electricity, are pollution, electric shock, it is often created from crude oil, which is nonrenewable (Brachmann, 2013). Alternative sources of energy in most cases are still too expensive for the average consumer. In an effort to reduce toxins and conserve energy, our household does a small part by turning off lights when leaving a room, installed solar lighting, use of a thermostat to recommended gas and electric settings and combine errands to save fuel. Additional ways energy could be conserved are the future purchase of an alternative fuel vehicle, replacement of the home insulation, and installation of solar paneling when pricing is more consumer friendly. Energy is the ability to work. There are two categories of energy, renewable and nonrenewable. Renewable energy can be replaced and used again.  Once a nonrenewable source of energy has been depleted it is gone forever. Individuals must conserve and find alternative sources of energy in order to have the energy they will need for the future.

Renewable and Nonrenewable Energy free essay sample

Energy can be explained as having the ability to do work. There are many forms of energy potential, electrical, chemical and magnetic just to name a few. Energy is used for everything an individual must do from preparing a meal to launching a rocket. There are two general categories of energy: potential energy and kinetic energy. Potential energy is energy that has been saved waiting to be discharged including chemical, electrical and magnetic. Kinetic energy is energy that is related to moving items. These energy categories can be classified as renewable or nonrenewable (Trefil amp; Hazen, 2010). Energy is used in every aspect of daily life. From the moment a person opens their eyes, energy is being used. Energy is used to get work done. The lights to illuminate the house, a stove for cooking, dishwasher to clean dishes, clothes washer for laundry and various electronics are powered by electricity. Electricity is supplied to customers by power that is created at plants then transferred to high voltage power lines known as the â€Å"grid† (EIA, 2012). We will write a custom essay sample on Renewable and Nonrenewable Energy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The tankless water heater used for all water heating needs, the furnace to heat a home in the winter and cool in the summer, and clothes dryer all receive energy from natural gas. Customers receive service for natural gas to their homes from lines that run from a main (AGA, 2013). Petroleum, a fossil fuel, powers the vehicle used to drive to work. Petroleum is derived from oil and gas exhumed from rocks deep within the earth. Once processed, the petroleum can be sold to customers to run their vehicles (Petroleum – Oil and Natural  Gas, 2013). Solar panels help supplement power to the travel trailer used for family fun and propane is used for BBQ cooking. Solar panels use the power of the sun to convert the light into energy. Propane is removed from crude oil during the refining process and made available to customers through portable cylinders (DeFilippo, 2011). During the summer months San Diegans have learned to make necessary adjustments to their energy usage because the â€Å"grid† can become overloaded. This has caused temporary rolling black outs in many cities through out the county. This household is using natural gas and fossil fuels, which are nonrenewable sources of energy. Nonrewable sources are expensive long term and cannot be replenished after they have been used. Electricity, which is a secondary source, is neither nonrenewable nor renewable. Renewable energy is sources that are continuously being replaced (Trefil amp; Hazen, 2010). The only source of renewable energy this household is using is solar. Renewable energy sources assist in the preservation of natural resources individuals presently consume. There are several types of renewable energy sources for example solar, hydropower and wind power. Solar power involves transferring the suns rays into solar cells, and then sunlight is converted into electricity. Solar energy is can be used for preparing food, heating and has been used for desalination of saltwater. Hydroelectric power originates from the potential energy of restricted water driving a water turbine and generator. This is similar to the water wheels that would drive mills. Wind energy is the use of the wind to generate power to move blades on a turbine. The turning of the blades is changed into electrical flow by a generator. Wind towers constructed on farms can capture the electrical flow and distribute the current to grids providing electricity on a national level, isolated locations or individual homes (Orloff, 2013). Renewable energy sources are good for the environment, economy and overall health however they may not always be available or appropriate for consumers. Solar and wind energy are not appropriate at this specific location. The roof on the house is not oriented for south facing solar panels and the lot size is not sufficient to build a wind tower. Our family’s dream is to buy a property large enough to support the renewable energies of solar panels and a wind turbine. Electricity and natural gas are the only viable options due to lot location and consumer cost. At this time it would seem the nonrenewable energy is our best choice. There are several advantages and disadvantages for each type of energy previously discussed. One advantage of solar power is the Sun. As long as it survives, Earth will benefit from it. Solar power production discharges no water or air pollution. Solar energy can be used cost-effectively for heating and lighting. Another benefit of solar power is to heat pools and spas. The disadvantages of solar power it does not produce energy if the sun is not shining during the day or at nighttime and there is limited power on cloudy days. Solar power stations are pricey to construct. Some of the advantages for hydroelectric power are power stations can quickly raise to filled capacity. Electricity can be produced continuously. Hydroelectric power creates no pollution and water used can be recycled. The disadvantages to hydroelectric power are Dams can be very high-priced to construct. It is a necessity for an adequate, and powerful source of water to generate energy in the area. An advantage to wind energy it will make no pollution. Wind generation is a renewable source of energy, and it will never run out. Wind farms can be manufactured offshore. A disadvantage to wind power wind is sporadic. Reliable wind is necessary for uninterrupted power production. If wind speed declines, the turbine idles and less electricity is produced. Wind farms can have an undesirable effect on the landscape (Orloff, 2013). Several advantages to natural gas are it is the cleanest burning fossil fuel, generally accessible, and made detectable by adding synthetic scent. Some disadvantages to natural gas are emissions despite burning cleanly, high transportation costs, and lack of alternatives due to shortage of infrastructure. Advantages of petroleum are, they are cost-effective, easy to transport and the basis for many prescription drugs. Disadvantages of petroleum are environmental issues from drilling, extreme emission levels and availability is limited due to location (Energy Source Comparison, 2013). Finally, advantages for electricity are non-toxic as a vehicle power source, powers many appliances and electronics and they are cheap to produce. Disadvantages of electricity, are pollution, electric shock, it is often created from crude oil, which is nonrenewable (Brachmann, 2013). Alternative sources of energy in most cases are still too expensive for the average consumer. In an effort to reduce toxins and conserve energy, our household does a small part by turning off lights when leaving a room, installed solar lighting, use of a thermostat to recommended gas and electric settings and combine errands to save fuel. Additional ways energy could be conserved are the future purchase of an alternative fuel vehicle, replacement of the home insulation, and installation of solar paneling when pricing is more consumer friendly. Energy is the ability to work. There are two categories of energy, renewable and nonrenewable. Renewable energy can be replaced and used again.  Once a nonrenewable source of energy has been depleted it is gone forever. Individuals must conserve and find alternative sources of energy in order to have the energy they will need for the future.