Historical Cost and Fair Value - 1733 Words

Abstract This paper is written for the accounting theory course as a course project. This paper discusses the differences between the historical cost accounting approach and the fair value accounting approach. The discussion will focus on the debate on using which accounting approach. We begin by stating the definitions of both concepts and discussing them thoroughly, then we state the main advantages of the two approaches followed by comparison between them. The last section of this paper discusses the disadvantages of each approach, including the main criticism points against them. In the end, we draw a conclusion on the best approach to be used in the Accounting profession based on the previous discussion. Introduction†¦show more content†¦When fair values are estimated using unadjusted or adjusted market prices, they are referred to as mark-to-market values. If market prices for the same or similar positions are not available, then firms must estimate fair values using valuation models. FAS 157 generally requires these models to be applied using observable market inputs (such as interest rates and yield curves that are observable at commonly quoted intervals) when they are available and unobservable firm-supplied inputs (such as expected cash flows developed using the firm’s own data) otherwise. When fair values are estimated using valuation models, they are referred to as mark-to-model values. Advantages of Historical Cost Supporters of Historical Cost Accounting argue that this method has several advantages that make it popular. Some advantages are discussed below. * Historical cost is based on actual, not merely possible, transactions. It is the acquisition price of the assets. The managers only have to record all the assets and liabilities at their acquisition price. Hence they are measured and reported objectively. Historical cost is therefore basically verifiable. Thus, this minimizes the risk of manipulation of figures by the managers. * Historical cost has survived the test of time. Most users of accounting data believe that accounting income is useful and that it constitutes a determinant of the practices and thought patterns of decision makers. * Historical cost is an easierShow MoreRelatedHistorical Cost vs. Fair Value695 Words   |  3 Pagesuseful to investors, creditors and others in making rational economic decisions. One accounting issue that has been debated on a lot is the historical cost method versus the fair value measurement. The historical cost method has been the basis of GAAP accounting for the past decade but has slowly been disappearing. Today it is starting to be replaced by the fair value method of accounting. When choosing a valuation method, it seems that there is a tradeoff between the two fundamental qualities of accountingRead MoreFair Value And Historical Cost Controversy2400 Words   |  10 PagesFair Value versus Historical Cost Controversy Over the past several years, there has been a growing controversy over the accounting issues of fair values and historical cost. The basis of this controversy revolves around which one of these principles is the most accurate. There are many different viewpoints on this issue. Many accounting professionals believe that fair value is just as accurate as the historical cost principle, while others believe that the historical cost is more reliable. TheRead MoreFair Value vs. Historical Cost Accounting1188 Words   |  5 PagesDifference between historical cost and fair value accounting In order to make the most profitable and rational decisions entity’s stakeholders have to evaluate organisation’s financial statements. Today’s world of rapidly changing prices has made it difficult to estimate what something is actually worth. Thus leading to debates at what price – historical costing price or market value – assets and liabilities should be reported. Therefore, before making any evaluations about reported transactionsRead MoreComparative Analysis Of Fair Value And Historical Cost Accounting On Reported Profit1659 Words   |  7 PagesTitle: Comparative Analysis Of Fair Value And Historical Cost Accounting On Reported Profit: A Study Of Selected Manufacturing Companies In Nigeria. (BESSONG, 2012) Study the importance of historical value and fair value cost accounting on reported profit. The study discussed how fair value accounting and historical cost accounting will have effect on the reported profit. However it is said that key objective of any business is to earn profit and it is also equally important to report the profitRead MoreThe principle of historical cost is still used in accounting when there is a large measure of agreement that it is inappropriate. Discuss.1226 Words   |  5 PagesSynopsis. Historical Cost Accounting is a traditional valuation method as it reflects only on the past cost of the asset, however in the contemporary business environment companies must remain flexible and transparent. This belief has lead to the creation of several other valuation methods, due to word constraints I have focused primarily on Fair Value Accounting as an alternative to Historical Cost Accounting. Although Fair value accounting is a theoretically superior valuation methodology, thereRead MoreAdvance Issues In Accounting1743 Words   |  7 Pagesi.e. historical costs based on the measurement of assets and liabilities at purchase price /costs which is incurred at the moment of the purchase, and the fair value measurement method which is based on market prices. The basis of accounting measurement is considered to be undertaken in the following methods: †¢ Historical Cost †¢ Fair Value †¢ Realisable value †¢ Value in use †¢ Current Cost All the above measurement bases forms the part of accrual accounting. It is measured when the cost is incurredRead MoreThe Impact Of Fair Value Accounting On Real Estate Companies1497 Words   |  6 PagesTHE INFLUENCE OF FAIR VALUE ACCOUNTING ON REAL ESTATE COMPANIES : BASED ON HONG KONG LISTED COMPANIES (PROPOSAL) BY ZHANG MUDI DEBBIE 12250511 ACCOUNTING CONCENTRATION GAO JIAYI CINDY 12250295 ACCOUNTING CONCENTRATION An Honours Degree Project Submitted to the School of Business in Partial Fulfillment of the Graduation Requirement for the Degree of Bachelor of Business Administration (Honours) Hong Kong Baptist University Hong Kong January 2016 Table of Content Read MoreThe Impact Of Fair Value On Financial Reporting Essay1529 Words   |  7 Pagestoday’s time in the world of accounting is fair value. However, one common point of confusion is the scale of businesses affected by fair value, and when fair value came onto the scene. According to Robert Herz and Linda MacDonald â€Å"...the use of fair value in financial reporting is not new. In fact, it has been in place for decades, principally for financial assets. But even then, fair value is not required for all assets.† (2008) The idea of using fair value measurements goes back at least to the 1930’sRead MoreAccounting Theory 41063 Words   |  5 PagesFair value or false accounting 1. How are assets and liabilities measured under IAS 39? Answer: According to IAS 39, Financial Instruments: Recognition and Measurement, financial instrument are to be stated at their ‘fair value’- defined as ‘the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction’. ‘If the market for a financial instrument is not active, an entity establishes a fair valueRead MoreAccounting Treatment Adopted By The Elements Of The Financial Statement Influences Accounting Information Produced Essay1669 Words   |  7 Pagesfinancial report, particularly the use of mixed measurement methods that involving historical cost and fair value model. This report evaluates the choice to use single measurement type or mixed measurement method by discussing the strengths and drawbacks based on prior studies. Furthermore, this report gives highlights of the impacts of fair value in the financial institution. Keywords: Measurement, Fair Value, Historical Cost Introduction Purpose. The objective of this report is responding to a recently

Gustav Vassa the Book Free Essays

string(63) " that to list them all would be â€Å"tedious and disgusting\." Gustav Vassa Plot Summary Gustavus Vassas was born Olaudah Equiano in the African province called Essaka in 1745. He was the youngest son of seven surviving children and was very close to his mother. He describes a happy childhood during which he learned – as all his people did – to work hard. We will write a custom essay sample on Gustav Vassa the Book or any similar topic only for you Order Now He is kidnapped and taken as a slave while still very young and soon finds that he has a talent for the sea and for trading. By being very frugal, he is able to save enough to buy his freedom after only a few years, though his master initially refuses to honor their agreement for the sale. He does gain his freedom and soon returns to the sea, seeing there a greater opportunity for financial gain than any other he can find. He spends his time also in pursuit of an acceptable religious affiliation and eventually finds himself ready to become a missionary. Gustavus Vassa Summary and Analysis Gustavus Vassas was born Olaudah Equiano in the African province called Essaka in 1745. He was the youngest son of seven surviving children and was very close to his mother. He describes a happy childhood during which he learned – as all his people did – to work hard. He recalls little of any true religion though he describes briefly some ceremonies in which dancing and feasting were important. He write that his people were circumcised, one of many similarities to the Jewish religion. Chapter three begins when, at age eleven, Gustavus and his sister are alone at their house while the adults worked at their agricultural pursuits. While alone, they are kidnapped by slavers. They are soon separated and Gustavus is sold to several masters for various reasons over the next six or seven months. He encounters his sister briefly during that time but notes that she was soon taken away and he never saw her again. At the end of those months, Gustavus was taken to the coast where he is put aboard a slave ship. He promptly faints. When he wakes, he asks if the strange looking people aboard are going to eat him and is reassured that he won’t be eaten. He remains on that ship for several days until a new ship arrives. He says that the whites aboard were happy to see the other ship and those who, like Gustavus, had never seen a ship in motion under the power of sails were convinced it was magic. In chapter three, Gustavus is first taken to Barbados where he is among the few who aren’t sold. He is then sold to a plantation owner in Virginia but stays only a short period of time before being bought by a man named Michael Henry Pascal who intends him as a gift. At that time, Gustavus is called Jacob but Pascal refuses to call him such and renames him Gustavus. On the voyage to England aboard Pascal’s trading ship, Gustavus meets a young educated white boy named Richard Baker who sees past the slavery issue and becomes friends with Gustavus – a situation that lasts until Richard’s death. Gustavus spends about two years in England, mostly traveling by ship with his master. He talks of the kindness of the people – especially two women named Guerin – who care for him at various times while his master is away. In chapter four, Gustavus talks about his emerging self-confidence and his waning fears. In 1759, Gustavus has learned about Heaven and requests baptism. In February, he is baptized at St. Margaret’s Church in Westminster. Over the coming months, Gustavus is involved in many battles as the French and English clash. Eventually, Gustavus’s master is released from his service and plans to return to private business. Gustavus has now met a man named Daniel Queen who has taught Gustavus many things. Gustavus regards him as a father figure and often spends his meager earnings on sugar or tobacco for Daniel. Gustavus plans to go into business with Daniel as soon as he is released from his military service but his master refuses to release Gustavus and instead sells him to another ship’s captain, James Doran. Several of Gustavus’s former shipmates vow to redeem him as soon as they are paid but he is, in the meantime, at Doran’s mercy. As chapter five begins, Gustavus writes that his current situation is a punishment for having said he planned to spend an entire day in London on â€Å"rambling and sport. He is initially forlorn but comes to believe that God gives suffering of this kind for a reason. In the West Indies, Gustavus learns that Doran has sold him to a Quaker named Robert King who says Gustavus will learn to be a clerk. Gustavus learns to handle almost all aspects of his master’s businesses which include shipping. King is kind and Gustavus kno ws that several other plantation owners make offers for Gustavus. When King turns them down, Gustavus always works harder and thanks God for putting him in this place. Gustavus describes the cruel treatment of most slaves and says that he was once threatened by a man who says he will shoot Gustavus and then pay for him. Gustavus offers up the typical arguments in favor of slavery saying that men who say they believe these arguments are fooling themselves. He also points out that those with kind masters and plenty of food work harder and live longer than those who are mistreated, and that those with cruelty as a daily part of life are more likely to simply give up and kill themselves. Gustavus points out that the slave trade is a study in avarice, and that slavers lie and cheat the slaves. He says that if slaves were treated â€Å"as men† they would be â€Å"faithful, honest, intelligent and vigorous. † As chapter six begins, Gustavus says that he could list many more instances of cruelty, but that to list them all would be â€Å"tedious and disgusting. You read "Gustav Vassa the Book" in category "Papers" † He is soon given the opportunity to become a sailor on one of his master’s vessels and chooses to do so, trading a little to make some profit for himself. He notes that he is anxious to earn money and that escape and freedom is, of course, the ultimate goal though he wants it to be by honest means. Gustavus prepares to go to Philadelphia with the captain. Gustavus’s master hears a rumor that he is going to try to run away once they reach American but Gustavus points out that he’s had opportunities and hasn’t done so. His master sees the wisdom of the words, provides Gustavus credit for some goods to sell on his own in an effort to earn money and promises that he can buy his freedom if he earns forty pounds sterling money. He goes on the voyage to America though he is ill treated by the whites who would buy his items for sale. In Savannah, Georgia, he is beaten by a white overseer and left for dead but the captain finds him and with the help of a capable doctor, Gustavus recovers. In chapter seven, Gustavus earns enough money to buy his freedom. His master is initially upset, saying that he hasn’t expected Gustavus to earn the money so quickly; but the captain intercedes and Gustavus is freed in return for forty pounds. Gustavus agrees to another voyage as a freed man for a wage and wants to buy bullocks to take back with him for sale but the captain refuses and insists that Gustavus buy turkeys instead. He does so against his wishes and the bullocks all die on the crossing though his turkeys survive. The captain takes ill on the voyage and also dies and Gustavus safely takes the ship to port. He’s offered the captain’s position but refuses though he agrees to yet another voyage under the new captain, William Phillips, who runs the ship aground. They are stranded on an island for days and then find themselves at the mercy of a crew who picks them up. Phillips sells some of the slaves that had been cargo on the ship and buys passage to Georgia with plans to sell the rest, parting here from Gustavus. It’s in Georgia that Gustavus reluctantly agrees to perform a burial ceremony for a child and he notes that it’s the first time he serves as parson. In chapter nine, Gustavus begins working his way toward his goal of reaching London. There, he encounters the Guerins and Pascal and notes that Pascal seems indifferent of the way he treated Gustavus even after being confronted about it. Gustavus begins learning hairdressing as a means of supporting himself and begins studying the French horn and arithmetic. He soon learns that he can earn very little money in this way and decides to go to sea again, this time with a desire to see Turkey. He hires on as a hairdresser with John Jolly on a ship called the Delaware. He remains with that ship and captain until 1771, seeing and being enchanted with Turkey but declining the offer there of two wives and eventually parting ways to join Captain William Robertson on the ship Grenada Planter and then on the Jamaica under Captain David Watt. He later ends up on the North Pole, trapped for a period of time by ice. As chapter ten begins, Gustavus continues his travels, going to Turkey for awhile, then London again and then to Spain. In chapter eleven, he is appalled by the bull baiting and eventually returns to Plymouth. In chapter twelve, Gustavus spends more time with the Quakers and is impressed by their actions and their church activities. He wants to become a missionary and says that the rest of his life is to be spent with an eye toward assisting â€Å"the cause of my much injured countrymen. † —- Gustavus’s story begins with descriptions of his own people. He notes that they possess slaves that are usually captured in battle or are people among his own tribe who broke specific laws. However, he writes that those slaves are not treated badly. They are required to work, but their masters work just as hard. The slaves are typically given their own house to live in and the only difference appears to be that those people are not free to leave. He doesn’t go into this discussion to any great depth. Though Gustavus couldn’t have known the horrors that awaited him aboard the slave ship, he notes that he is immediately afraid. He mentions a fear that he’ll be eaten, but doesn’t explain. It seems likely that his people were among those who commonly told their children that kidnappers were frequently cannibals. In any case, Gustavus writes that, had he had entire worlds of his own at that moment, he would have traded them all for the chance to swap places with the lowest slave in his country. Gustavus talks at length about the fact that his people believed in cleanliness and that they were circumcised, and that many of the rituals seem to indicate that the Jewish and the African tribes of that region were related. He quotes a writer who believes that to be true and says the writer indicates that climate is the reason for the dark-skinned appearance of the Africans compared to the traditional light-skinned appearance of the Jews. Gustavus also points out that men with higher degrees of education have discussed the matter and that he isn’t the person to answer the question definitively. As Gustavus writes about his early travels, he seems to flit from one incident to another. He relates the story of a man who got something in his eye and then lost the eye. He talks of being hospitalized for chilblains and small pox. He also mentions a man who saved him from being flogged for fighting with a â€Å"gentleman,† but does not go into any additional details. Gustavus seems to expect that his master is going to simply release him once the military stint is over and goes so far as to make plans for his future. He admits to being heartbroken upon the completion of his sale to a new master. It’s interesting that Gustavus, having encountered so many kind and generous people at this point, has ceased to believe himself a slave. He points out that he’s served his master well for many years and has earned nothing for it, and seems to expect that to be sufficient. He has become somewhat educated and expects a slave owner to have a moral responsibility to allow him to leave when he wants. At one point, Gustavus is enamored with a tribe of the Mosquito Coast. He talks at length about their customs, including that they love the color red and that they enjoy their ceremonies. Gustavus seems to enjoy the actions of the people. He also talks of the fact that they seem similar to his own family of his childhood. Important People Gustavus Vassa Born Olaudah Equiano and sometimes called â€Å"The African,† he was born in the African province of Essaka is 1745. Gustavus says that he’d been given another name in the early days of his slavery and had initially refused to answer to the name â€Å"Gustavus,† but eventually gave in. He is an intelligent man and adept at trading. His services are coveted because he is so capable and hardworking. When he’s purchased by a master who has land and shipping ventures, Gustavus wants desperately to go to sea. He’s learned much about shipping and knows that he has the potential to make enough money there to buy his freedom. He accomplishes saving that money in a matter of only a few years, though there are some pitfalls along the way. When he then asks his owner to release him, the owner initially refuses but is convinced by an employee – a ship’s captain – who has taken a liking to Gustavus and prevails on the man’s sense of fair play. Gustavus loves to learn and devotes as much of his time as possible to learning a variety of things ranging from the Bible to the French horn. He says that he hates to be idle and will take on some new endeavor rather than spend evenings with nothing to occupy his hands and mind. He comes to love London and Turkey as his two favorite destinations among all those he visits. Gustavus finds an array of friends during his travels and learns from many of them. He seems often overly trusting and occasionally finds himself in trouble when he trusts someone to make good on a promise, especially with regard to money. He says that there are those who defend slavery and that they are delusional in their arguments. Gustavus eventually applies to become a missionary. Themes The Desire for Freedom The desire for freedom is an overriding theme and the slaves who wrote these stories are each determined to find freedom, regardless of the cost. This can be seen clearly in the fact that slaves are brutally beaten if caught in a runaway attempt, yet many continue to take the chance. One of the best examples of this desire for freedom is seen in Harriet Jacobs’ brother, William. William has been purchased by Harriett’s lover and the father of her children, Mr. Sands. Mr. Sands is subsequently elected to Congress and takes William along with him. William has the opportunity to travel through many states and to see many things, and it’s noted that Mr. Sands is not a cruel master. Despite the fact that William is treated well with enough to eat and has the promise of eventual freedom, he seizes an opportunity to run away. In his case, there’s little cause for worry about reprisal because Mr. Sands isn’t cruel and isn’t likely to track him down. By contrast, Harriett’s Uncle Benjamin runs away, is captured and brought back where he is treated severely, and still runs away again. In the case of Gustavus, he had a master who was willing to allow him time at sea where he was able to make money on his own, but spent a great deal of money to buy his freedom. This willingness to work for many years at jobs in addition to their regular tasks is another common theme in the quest for freedom and those who achieve that freedom are often then working to â€Å"buy† their family. Style Perspective Each of the stories is written in first person from the perspective of the author. It should be noted that three of these have two different names. For example, Gustavus Vassa was named Obaudah Equiano at birth and was later named Gustavus Vassa by a master. Because Gustavus used that name more frequently than the name given to him by his parents, he is referred to as Gustavus throughout the story. Fredrick Douglass is a well-known name, though he was born Fredrick Augustus Washington Bailey. He took the name Douglass upon his arrival in the free states of the north, though he insisted on retaining his first name as some link to his true identity. For the sake of familiarity, he is referred to throughout this text as Fredrick Douglass. The same is true in the case of Harriett Jacobs who is writing as Linda Benton, and this author is referred to as Harriett Jacobs throughout the text. It should be noted that Jacobs admits at the beginning of the story to having changed the names of some of the people in her book. In fact, research shows that she changed many of the names and it therefore seems appropriate that she would have changed her own name for the purposes of the story. Writing in first person seems the only possible option available to each of these authors because the stories are presented as factual events in the lives of each. Tone The story is written in a straight-forward manner but it should be noted that there are some graphic scenes that may be offensive to some readers. They are, however, a part of the history of these people and it seems appropriate that they should be presented. For example, Gustavus Vassa describes the cruelties visited on the slaves of the Jamaican Islands. Those people were routinely beaten but the tortures often took the form of tying them in impossible positions where they were at the mercy of elements and creatures. In the case of each, the stories of separations of family members are a common theme and will likely touch the reader. It’s interesting to note that all three of these use words that may not commonly be associated with people of little formal education. In most parts, the meanings of words are easily discerned but it should not be assumed that the level of writing is that of an uneducated person. Of the four stories, the messages of all are aptly conveyed but it seems that Harriett Jacobs’ story has a more personal slant, possibly because her story is of a more personal nature and involves her family and friends on a deeper level whereas the others, especially Gustavus Vassa, tells more of his travels and how other people treated him. The tone is often hopeless and a sensitive reader may find himself feeling pity for those involved. How to cite Gustav Vassa the Book, Papers

The Story Behind The Beatles Essay Research free essay sample

The Story Behind The Beatles Essay, Research Paper THE INTERESTING STORY BEHIND THE WORLD # 8217 ; S LEADING POP BAND The debut of dad manner into the music industry in the nineteen-fifties and 1960ss has had a definite consequence on the universe. Pop brought stone # 8217 ; nroll music into being ; it gave those listening to it a sense of non-conformity and freedom. It put parents on the border of their seats with concern, adolescents on the border of their seats desiring more. Most of import were the sets that brought about the development of pop civilization. One of these sets was the Beatles. The Beatles were possibly the greatest dad set of all time, and it is a really interesting narrative how they came to be so. The quartet had many things in common. Each was born in Liverpool, England, and as male childs they lived reasonably near to one another ( About the Beatles ) . Besides, three of the four had losingss that had a great impact on their lives before age 17. As the set became a defined, independent group, the four seemed to hold more and more in common with one another. John Winston Lennon, fundamentally known as the laminitis of the group, was born on October 9, 1940. His parents separated when he was merely four, and it was so that John was sent to populate with his Aunt Mimi in the Liverpool suburb of Woolton. John grew up half a niche higher than Paul, George, and Ringo in the category system ( Roylance, Quance, Craske, Milisec 7 ) . In order to go through clip, John frequently played with his friends at Strawberry Fields-a Victorian house converted into an orphanhood. Subsequently, this would function as the inspiration for the vocal Strawberry Fields. John had a unsmooth school history throughout, and as a male child he frequently thought, there is something incorrect with me because I seem to see things other people don t see ( Roylance, Quance, Craske, Milisec 8 ) . At age 16, he eventually found an involvement when his female parent taught him a few banjo chords. Soon after, his female parent was killed by a intoxicated off-duty police offi cer. In grudge, John turned to imbibing intoxicant in surplus. Mimi, in an attempt to comfort John, bought him a guitar. When he turned to his playing earnestly, Mimi told him that the guitar was alright for a avocation, John, but you ll neer make a life at it ( 11 ) . John s stone involvement was piqued when he heard Elvis Presley # 8217 ; s Heartbreak Hotel at art school in 1956. Soon John formed his ain set, the Quarry Men. James Paul McCartney was born on June 18, 1942. When Paul was immature, his household invariably moved due to his female parent s business as a accoucheuse. The household was frequently located in Arnold Grove. At age 13, his household moved little over a stat mi from John. Paul s resort area country normally consisted of the bombsites located near his place. As a kid he neer associated the rubric with bombardment ; it was considered synonymous with the word resort area ( Roylance, Quance, Craske, Milisec 17 ) . Paul s father taught him to play music by ear. To this twenty-four hours, Paul does non cognize how to read or compose music ( 18 ) . His male parent bought him a cornet for his birthday, but recognizing that he could non play the instrument and sing at the same clip, he asked to merchandise it in for a guitar. He was allowed to, and through this exchange he obtained a Zenith acoustic guitar which he still owns today. Less than a twelvemonth after traveling, when Paul was 14, his female parent died of chest malignant neoplastic disease. A few months subsequently, Paul was invited to travel with his friend to a small town festival. George Harrison was born on February 25, 1943. When he was immature, George s household moved to Speke ( on the outskirts of Liverpool ) . Looking back on his childhood, he says it was happy # 8230 ; with tonss of relations around ( Roylance, Quance, Craske, Milisec 26 ) . George was the lone Beatle whose childhood was unmarred by decease or divorce. He was besides the youngest ( George ) . George was foremost interested in the guitar when he listened to a record # 8211 ; Waiting for a Train # 8211 ; of his pa s. The first clip he remembers desiring a guitar was when he was ill and in the infirmary. His male parent bought him a guitar in 1956 from an art college friend. Equally far as musical instruction, George s father s friend taught him vocals and chords ( Roylance, Quance, Craske, Milisec 27 ) . As George s endowment became evident to others, he found himself mousing out of the house to play ( due to his immature age ) . When George met up with the Quarry Men, he filled in fo r the regular guitar player a few times. As a occupation aside from playing, he left school and became an learner lineman. This had been under his male parent s wants ( 31 ) . Ringo Starr was born Richard Starkey on July 7, 1940. His male parent, a baker, left when Richard was merely three old ages old. His male parent s forsaking forced Richard and his female parent to travel to a lower category place on Admiral Grove. His female parent held many assorted out-of-home occupations, such as being a barmaid, making nutrient store work, and other similar little occupations. When Richard was 13, she remarried ( Roylance, Quance, Craske, Milisec 33 ) . As he was turning up, his grandparents practically raised him. The dry portion of it was that they were his male parent s parents, non his female parent s. At the age of six, Richard s appendix explosion and he was rushed to the infirmary. His female parent was told by the physician three times that he would decease before forenoon. At age 12, he was ill in the infirmary once more. Due to these sick times, Richard succeeded in finishing merely five old ages of school. He didn T learn to read until age nine, and wh en he learned, it was phonetically. To this twenty-four hours, he can non spell letter-by-letter ( 34 ) . Similar to Paul, Richard besides passed his clip as a male child playing on bombsit Es. His involvement in membranophones was sparked at some point when he was in the infirmary. When he dreamed of having his ain set, he decided to do it a world, and saved up the money himself. Richard became Ringo while playing with a group called The Raving Texans. The first name, Ringo, came because of the rings he wore. The last name was chosen so that his membranophone solos could be labeled as Starr Time. John s gruop, the Quarry Men had come to be named so because of the Quarry Bank Grammar School most of the male childs had attended. The school had a slogan that said: Out of this stone you will happen the truth. ( Roylance, Quance, Craske, Milisec 12 ) . They were a skiffle set, to fit the skiffle fad that was enfolding the country. The set was playing a show at a small town festival when Paul met up with them. Paul had gone merely to pick up misss, non at all meaning to listen to the set ( Paul ) . After an debut to the set, nevertheless, he was convinced to travel wing and demo off a small of his workmanship on the guitar. John was impressed that Paul could tune a guitar ; Paul was impressed that John had a set. The Quarry Men were shocked to see that Paul could play and sing all the words to Twenty Flight Rock, which is what he ab initio played to them. Paul got phase fright the first clip he preformed a solo, and so he thought of ask foring his friend George Harrison into the se t. George played Raunchy for the group on top of an empty coach and, no inquiries asked, was in. He knew more chords on the guitar than all of the group combined. John had been playing a four_string guitar, non even cognizing a guitar should hold six strings, when George came into the set. After his entryway, all other members but McCartney, Lennon, Stuart Sutcliffe ( a bassist who was there fundamentally for expressions ) and he were kicked out. It was now that John and Stu came up with the name the Beatles. It was a testimonial to Buddy Holly s set, the Crickets. In order to play at certain nines, they were encouraged to alter the name. So, they called themselves the Silver Beatles. They went through a drummerless period, and Paul even took up the topographic point for awhile. Then, Pete Best, director of a local nine, started beating for them. This lasted a short period of clip, and, unimpressed with him, the others shortly fired him. Brian Epstein became the Beatles director in late 1961. Under him, they signed a recording contract and recruited Starr as their lasting drummer ( About the Beatles ) . They were sent away to Hamburg to play at assorted country nines. At these nines, the set played seven hours a dark for two solid months. The experience the Beatles gained from this was priceless. The male childs returned with phase experience and assurance ; they # 8217 ; vitamin D besides become tighter as friends. They had grown up. While in Hamburg, the male childs became harder, and so did their music. As The Compleat Beatles Tells, they came place from Hamburg improved in # 8220 ; technique, thought, and writing. # 8221 ; As the male childs progressed in celebrity, they took many hazards. One of these was their alteration in manner of music. Subsequently, they took a controversial bend when they ceased touring in 1966. The Beatles had many successes. Their first released individual, Love Me Do reached figure 17 on the Top 40 Chart. Please Please Me, their 2nd individual, went directly to figure one. Please Please Me ( the album ) stayed on top of the charts for 30 hebdomads ; it dropped off of the top place merely when Meet the Beatles, their 2nd album, was released. In February of 1964, the Beatles made an visual aspect on the Ed Sullivan Show. A record 73 million people watched the plan. Throughout their celebrity, the Beatles had 26 Top 40 Hits, 10s of these being figure 1s. They besides made seven figure one albums ( A Beatles History ) . A factor in the Beatles alteration of musical manner was their solid fiscal footing. They were virtually guaranteed gross revenues of more than a million with every album the released ( About the Beatles ) . Three of the four members had experienced traumatic losingss early in their lives. These cases had been suffered old ages before the male childs came together. As a group, nevertheless, there were losingss suffered jointly. In 1962, Stu Sutcliffe died. The group had been mobbed some months earlier and Stu had suffered a concern since. He had died of a encephalon bleeding ( The Compleat Beatles ) . Another loss the group suffered was that of Brian Epstein. He was discovered dead in a hotel room in 1967 ; the cause of decease had been a drug overdose. The first album in which the Beatles began to worsen perceptibly as a bonded group was The Beatles ( otherwise known as The White Album ) It was clear that the album was truly a aggregation of four solo creative persons alternatively of a corporate group ( A Beatles History ) . Ringo even quit the set for a clip. The force per unit areas of their public lives and turning outside involvements caused the male childs to see a discreteness organizing between them ( About the Beatles ) . In April of 1970, with Paul s foremost solo album released, it was clear that the Beatles no longer existed as a whole. Rumors of a reunion lived on until the hope of such a thing was shot down along with John Lennon when he was assassinated on December 8, 1940. The Beatles narrative is clearly an interesting 1. Full of many ups and downs, it tells of the many adversities and victory of stardom. The four members of this set were forged out of the same basic background, but were still four really independe nt people, as came out in the terminal. The Beatles bequest will populate on in the Black Marias and heads of people for many coevalss to come.