Second Battle of Bull Run of the American Civil War

The Second Battle of Bull Run (also called the Second Manassas, Groveton, Gainesville, and Brawners Farm) took place during the second year of the American Civil War. It was a major disaster for the Union forces and a turning point in both strategy and leadership for the North in the attempt to bring the war to its conclusion. Fought in late August of 1862 near Manassas, Virginia, the two-day brutal battle was one of the bloodiest of the conflict. Overall, casualties totaled 22,180, with 13,830 of those Union soldiers. Background The first Battle of the Bull Run occurred 13 months earlier when both sides had gone gloriously to war for their separate notions of what the ideal United States should be. Most people believed that it would take only one big decisive battle to resolve their differences. But the North lost the first Bull Run battle, and by August of 1862, the war had become an unrelentingly brutal affair. In the spring of 1862, Maj. Gen. George McClellan ran the Peninsula Campaign to recapture the Confederate capital at Richmond, in a grueling series of battles that culminated in the Battle of Seven Pines. It was a partial Union victory, but the emergence of the Confederate Robert E. Lee as a military leader in that battle would cost the North dearly. Leadership Change Maj. Gen. John Pope was appointed by Lincoln in June of 1862 to command the Army of Virginia as a replacement for McClellan. Pope was far more aggressive than McClellan but was generally despised by his chief commanders, all of whom technically outranked him. At the time of the second Manassas, Popes new army had three corps of 51,000 men, led by Maj. Gen. Franz Sigel, Maj. Gen. Nathaniel Banks, and Maj. Gen. Irvin McDowell. Eventually, another 24,000 men would join from parts of three corps from McClellans Army of the Potomac, led by Maj. Gen. Jesse Reno. Confederate Gen. Robert E. Lee was also new to the leadership: His military star rose at Richmond. But unlike Pope, Lee was an able tactician and admired and respected by his men. In the run-up to the Second Bull Run battle, Lee saw that the Union forces were yet divided, and sensed an opportunity existed to destroy Pope before heading south to finish McClellan. The Army of Northern Virginia was organized into two wings of 55,000 men, commanded by Maj. Gen. James Longstreet and Maj. Gen. Thomas Stonewall Jackson.   A New Strategy for the North One of the elements that surely led to the fierceness of the battle was the change in strategy from the North. President Abraham Lincolns original policy allowed southern noncombatants who had been captured to go back to their farms and escape the cost of war. But the policy failed miserably. Noncombatants continued to support the South in ever-increasing ways, as suppliers for food and shelter, as spies on the Union forces, and as participants in guerrilla warfare. Lincoln instructed Pope and other generals to begin pressuring the civilian population by bringing some of the hardships of war to them. In particular, Pope ordered harsh penalties for guerilla attacks, and some in Popes army interpreted this to mean pillage and steal. That enraged Robert E. Lee. In July of 1862, Pope had his men concentrate at Culpeper courthouse on the Orange and Alexandria Railroad about 30 miles north of Gordonsville between the Rappahannock and Rapidan rivers. Lee  sent Jackson and the left wing to move north to Gordonsville to meet Pope. On Aug. 9, Jackson defeated Banks corps at  Cedar Mountain, and by Aug. 13, Lee moved Longstreet north as well.   Timeline of Key Events Aug. 22–25: Several indecisive skirmishes took place across and along the Rappahannock River. McClellans forces began to join Pope, and in response Lee sent Maj. Gen. J.E.B. Stuarts cavalry division around to the Union right flank. Aug. 26: Marching northward, Jackson seized Popes supply depot in the woods at Groveton, and then struck at the Orange Alexandria Railroad Bristoe Station. Aug. 27: Jackson captured and destroyed the massive Union supply depot at Manassas Junction, forcing Pope into retreat from the Rappahannock. Jackson routed the New Jersey Brigade near Bull Run Bridge, and another battle was fought at Kettle Run, resulting in 600 casualties. During the night, Jackson moved his men north to the first Bull Run battlefield. Aug. 28: At 6:30 p.m., Jackson ordered his troops to attack a Union column as it marched along the Warrenton Turnpike. The battle was engaged on Brawner Farm, where it lasted until dark. Both sustained heavy losses. Pope misinterpreted the battle as a retreat and ordered his men to trap Jacksons men. Aug. 29: At 7:00 in the morning, Pope sent a group of men against a Confederate position north of the turnpike in a series of uncoordinated and largely unsuccessful attacks. He sent conflicting instructions to do this to his commanders, including Maj. Gen. John Fitz Porter, who chose not to follow them. By afternoon, Longstreets Confederate troops reached the battlefield and deployed on Jacksons right, overlapping the Union left. Pope continued to misinterpret the activities and did not receive news of Longstreets arrival until after dark. Aug. 30: The morning was quiet—both sides took the time to confer with their lieutenants. By afternoon, Pope continued to assume incorrectly that the Confederates were leaving, and began planning a massive attack to pursue them. But Lee had gone nowhere, and Popes commanders knew that. Only one of his wings ran with him. Lee and Longstreet moved forward with 25,000 men against the Unions left flank. The North was repelled, and Pope faced disaster. What prevented Popes death or capture was a heroic stand on Chinn Ridge and Henry House Hill, which distracted the South and bought enough time for Pope to withdraw across Bull Run towards Washington around 8:00 p.m. Aftermath The humiliating defeat of the North at the second Bull Run included 1,716 killed, 8,215 wounded and 3,893 missing from the North, a total of 13,824 alone from Popes army. Lee suffered 1,305 killed and 7,048 wounded. Pope blamed his defeat on a conspiracy of his officers for not joining in the attack on Longstreet, and court-martialed Porter for disobedience. Porter was convicted in 1863 but exonerated in 1878. The Second Battle of Bull Run was a sharp contrast to the first. Lasting two days of brutal, bloody battle, it was the worst the war had yet seen. To the Confederacy, the win was the crest of their northward-rushing movement, beginning their first invasion when Lee reached the Potomac River in Maryland on Sept. 3. To the Union, it was a devastating defeat, sending the North into a depression that was only remedied by the quick mobilization needed to repel the invasion of Maryland. The Second Manassas is a study of the ills that pervaded the Union high command in Virginia before U.S. Grant was chosen to head up the army. Popes incendiary personality and policies bared a deep schism among his officers, Congress and the North. He was relieved of his command on Sept. 12, 1862, and Lincoln moved him out to Minnesota to participate in the Dakota Wars with the Sioux. Sources Hennessy, John J. Return to Bull Run: The Campaign and Battle of Second Manassas. Norman: University of Oklahoma Press, 1993. Print.Luebke, Peter C. Second Manassas Campaign. Encyclopedia Virginia. Virginia Foundation for the Humanities 2011. Web. Accessed April 13, 2018.Tompkins, Gilbert. The Unlucky Right Wing. The North American Review 167.504 (1898): 639–40. Print.Wert, Jeffry. Second Battle of Manassas: Union Major General John Pope Was No Match for Robert E. Lee. History.net. 1997 [2006]. Web. Accessed April 13, 2018.Zimm, John. This Wicked Rebellion: Wisconsin Civil War Soldiers Write Home. The Wisconsin Magazine of History 96.2 (2012): 24–27. Print.

The Changing Concept of Race in the South Essay - 580 Words

The Changing Concept of Race in the South Throughout the years, the concept of race has changed in the South. Slavery and the concept of â€Å"white supremacy† have largely contributed to the viewpoints of race in the southern states, as well as the rest of the country. The definition of race has changed, as well as the effects of race on a nation. Prior to the sixteenth century, race was defined as descendants of a common ancestor, or your kin. This definition was based solely on ancestry instead of the color of your skin. After the 16th century, the concept of race changed during the Age of†¦show more content†¦African Americans, however, were not free yet from the white population in the South. They needed political freedom and economic freedom, neither of which they had at the Civil War’s end. In 1865, the 13th Amendment abolished slavery in the United States, but it didn’t really mean the freed had their freedom The concept of race also changed in the South after the Civil War during the Reconstruction Era from 1865-1877. The concept of â€Å"white supremacy† was still strong and evident. Sharecropping came about for poor black and white farmers as a way to keep them working. Through this system, the poor farmers would never be able to pay off their debt to the landowner. Black codes were enacted in the South to keep conditions as close to slavery as possible. The Ku Klux Klan was created as a terror organization against the black population. Politics became intertwined with race in the South as well. Throughout the Reconstruction Period, politics were closely related to dealing with the controversy over slavery, white supremacy, and African American relations in the country. 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Trade Liberalization A Win Winning Proposition And...

Introduction According to economic theory, trade is a win-win proposition and economic incentives should encourage trade and eliminate restriction to it. Probably that is the reason we observe a trade intensive global economy. Trade liberalization are not as simple as it appears. Questions such as which trading partner to choose, how much and how fast the liberalization should take place, and whether the additional trade is beneficial are still debatable for many developed and developing countries (Ciuriak, 2008 ). The international economic integration promotes a win – win situation on an aggregate national level. Nevertheless, the uneven distribution of cost and benefit in the industry level, and further to the firm and household level makes the trade liberalization controversial and politically difficult regardless of its benefits. under normal circumstances trade should lead to transfer of surplus from producer to consumer. However, some consumers may benefit more than others. Some might even lose. For instance, if the consumer’s preferred product being pushed out the market due to an intense competition. Reduction in trade barriers such as tariff and licensing requirement increases the competition for domestic industries. At the same time, it provides an access to foreign markets. This can provide advantages for some industries and drawbacks for others. Some firms will gain even in declining industries and some lose or forced to exit. The adjustment cost ofShow MoreRel atedSecret Recipe Plan10552 Words   |  43 Pagesinitiatives for manufacturing activities, tourism, the agricultural sector, transportation, and communication. Trade Policy Trade policy is to pursue trade liberalization through the rule-based multilateral trading system under the World Trade Organization (WTO). Free trade agreements (FTAs) have traditionally been confined to trade in goods. However, after the establishment of the WTO, trade in services has been included in many FTAs. 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Advanced Financial Accounting And Reporting - Myassignmenthelp.Com

Question: Discuss about the Advanced Financial Accounting And Reporting. Answer: Requirement The evidence of impairment of individual trade receivables leads to recognition of provision for impairment loss. It can be ascertained from the latest annual report of WHK limited that trade receivables have been tested for impairment. Total amount of trade receivables that have been impaired stood at pre tax value of $ 5.4 million. Cash flow from impairment for trade receivables for year stood at $ 2223000 in year 2011 compared to $ (341000) in year 2010 when there was negative cash flow generated from impairment (Delisted.com.au 2018). Assessment of impairment of all assets is done by evaluation of conditions that are regarded particular to the group and any specific assets that might lead impairment. Impairment triggers that existed at reporting date is not considered by management and organization does not carry impairment of such assets. Impairment of assets is performed annually by making any adjustment in actual run off and trail run off (Macve 2015). Impairment testing of goodwill is conducted by WHK limited in three ways. In first method, allocation of carrying amount of goodwill is attributed to the cash-generating unit. Determination of recoverable amount of goodwill for all cash-generating units is based on value in use. Allocation of goodwill is done to such units if that has been acquired through business combination identified through country of operations and business segments (Bohuov 2015). Impairment testing for goodwill is conducted annually according to accounting policy. Determination of recoverable amount of goodwill is done for all cash-generating units that is based on value in use calculations using the projections of cash flow. Forecast of cash flow is performed by making the assumption such as growth rate, discount rate and gross margins. Aggregate carrying amount of cash generating unit cannot exceed recoverable amount if there is any possible changes in key assumptions. Value in use calculations forms the basis of recoverable amount of cash generating units. Organization conduct evaluation of conditions those are specific to particular assets such as economic environment, demand financial and professional services and any possible changes in legislation (Lin et al. 2017). Impairment of intangible assets such as goodwill is assesse according to accounting policy adopted by standard. Assets are tested for impairment on annual basis by making adjustment for any differences in experiences of actual run off and trail run off. Recognition of impairment loss is done in the statement of profit and loss. WHK limited recognized the provision of impairment of assets such as trade receivable when there is indication that it will not be recovered in future. Loss related to impairment is discounted at effective interest rate by making comparison between the present value of estimated future cash flow and carrying amount of assets (Horton 2018). Existence of any subjectivity in estimates of organization will help in accuracy of an impairment testing. The recoverable amount of assets in organization is determined by making judgments in respect of parameters and input. In this aspect, it is required by organization to carefully consider international accounting standard. Possibility that assets will be subjected to impairment is influenced by economic climate of specific regions and jurisdictions. WHK limited complied with accounting policies and standard while carrying out impairment of assets. Therefore, it can be said that impairment reporting process of organization is subjected to low degree of subjectivity (Krivogorsky 2015). However, key assumptions, estimates, and disclosure of uncertainty estimation are prone to subjectivity. Assumptions and estimates about impairment testing differ from one organization to another. Understanding the process of impairment testing of WHK limited seems to be interesting as it depicts all the factors that should be considered in evaluation of impairment of assets. Analysis of annual report of WHK limited depicts that accuracy impairment test is affected by many internal as well as external factors. Involvement of subjectivity involved in carrying out impairment makes the outcome of impairment of assets considerably different and this is done by not adhering to accounting standards and policies (Wong and Joshi 2015). It can be evaluated from analysis of annual report of WHK limited that organization has conducted impairment of trade receivables. Organization conducts impairment or impairment testing when there is objective evidence that it is not possible for the group to collect receivables. Generally, when there is likelihood that group will not be able to collect receivables, the make the provision of doubtful debt (You 2017). However, group in the current annual report dates 2011 has made provision for impairment related to trade receivables. Therefore, new information has been gained in respect of impairment provisions. Financial report of organization is prepared in accordance with Australian accounting standard that is issued by International Accounting standard board. Financial liabilities and financial assets of organization are held at fair value recognized through loss and profit. Measurements of financial assets are done at fair value and the cost of business combination is allocated to fair value of assets assumed at acquisition date. Determination of fair value is done by model of binomial valuation by making assumptions (Lim et al. 2014). One of the most important activities of any organizations is lease and majority of leased assets are not reported on balance sheet of lessee under existing lease standard. Critics of existing standard is attributable to the fact that users are not provided faithful representation of leasing transactions and thereby failing to provide with user requirement. Lease are classified as capital and operating lease and existing standard only requires to account for capital lease liabilities and assets on balance sheet. Different economics are involved in variety of lease transactions and absence of their disclosures does not reflect economic reality to users (Lee et al. 2014). Amount of leases presented in the financial report can be substantial and lack of transparency leads to provide deceptive information to investors. Existing accounting lease standard requires disclosures of only capital lease assets and liabilities and operating lease assets and liabilities are not obliged to be disclosed in the financial report of reporting entity. It is certainly possible that an organization will have thousand of lease assets and liabilities that are not depicted in financial metrics. This would lead to understatement of total amount of liabilities. This makes total liabilities mentioned in reported balance sheet of entity multiple times lower than liabilities that are off balance sheet. Moreover, calculations of substantial obligations to lease is done by making assumptions that results in lack of accuracy and thereby transparency (Vimpari and Junnila 2017). All the discussed factors make off balance sheet liabilities 66 times higher than on their on balance sheet. Financial position of airline companies can be difficult to be evaluated by investors. Reason is attributable to the fact that the financial position of company buying assets and leasing assets might be actually different. However, in actual scenario, the financial position of companies is significantly different from companies leasing most of its aircraft fleets and companies buying most of its fleet. Evaluation the financial leverage and operational flexibilities of these companies becomes difficult for investors (James 2016). Therefore, it can be said that there is no level playing field between airline companies under current lease standard. There will be wider implications for organizations adopting new accounting standard in terms of change in internal control and systems of doing business. Adoption of new standard requires additional cost for business, as they need to upgrade their system in an attempt to gather adequate knowledge. Several criticism against new standard include higher costs as balance sheet of lessee will appear more leveraged. Furthermore, management is required to assess knowledge adequacy concerning the implementation of new accounting standard for lease. Implementing the new standard would lead to alteration in financial metrics. Organization will be required to incur additional costs and thereby reducing the total amount of profits reported (Smyth 2015). Under new lease standard, lease term will require judgments in terms of relevant facts, recognition of lease liabilities and circumstances identification. Organization will exercise leasing options that will lead to reasonable uncertainty concerning economic reality. All the relevant actors pertaining to lease accounting in an organization such as contract based, assets based, market based and entity based and considered. Leasehold accounting will be improved significantly in terms of calculations, contracts terms and conditions, practice concerning lease and underlying assets relevance concerning operations of lessee. Economic reasons associated with leases will also be considered in new accounting standard. Under the existing standard, investors are required to make a rough estimate about operating lease accounts. New standard will not require investors to make estimate and do rough calculations for adding back lease liabilities or assets to balance sheet (Macve 2015). Moreover, ne w standard for leases will facilitate comparison between companies and smaller companies will receive more benefits. All this will assist investors in having informed decisions while making investment to any reporting entity. References Bohuov, H., 2015. Is Capitalization of Operating Lease Way to Increase of Comparability of Financial Statements Prepared in Accordance with IFRS and US GAAP?.Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis,63(2), pp.507-514. Horton, J., 2018.Advanced Financial Accounting and Reporting: Theory, Practice and Evidence. Routledge. James, M.L., 2016. Accounting for Leases: A Case Exploring the Effect of the New Lease Accounting Standard on the Financial Statements.Journal of the International Academy for Case Studies,22(3), p.152. Krivogorsky, V., 2015. ACCTG 501 Advanced Financial Accounting. Lee, B., Paik, D.G. and Yoon, S.W., 2014. The Effect of Capitalizing Operating Leases on the Immediacy to Debt Covenant Violations.Journal of Accounting and Finance,14(6), p.44. Lim, S.C., Mann, S.C. and Mihov, V.T., 2014. Market Recognition of the Accounting Disclosure and Economic Benefits of Operating Leases: Evidence from Borrowing Costs and Credit Ratings. Lin, K.C. and Graham, R.C., 2017. How Will the New Lease Accounting Standard Affect the Relevance of Lease Asset Accounting?. Macve, R., 2015.A Conceptual Framework for Financial Accounting and Reporting: Vision, Tool, Or Threat?. Routledge. Smyth, C., 2015. Lease lapses, development collapses.Park Watch, (262), p.4. Vimpari, J. and Junnila, S., 2017. Valuing retail lease options through time: Volatility spread between different types of retailers.Journal of Property Investment Finance, (just-accepted), pp.00-00. Wong, K. and Joshi, M., 2015. The impact of lease capitalisation on financial statements and key ratios: Evidence from Australia.Australasian Accounting Business Finance Journal,9(3), p.27. You, J., 2017.The Impact of IFRS 16 Lease on Financial Statement of Airline Companies(Doctoral dissertation, Auckland University of Technology).