Monday, December 30, 2019
Graduation Speech No Day But Today Essay - 965 Words
Mrs. Meke told me never to start a paper with a dictionary definition, but it only seemed fitting to site Merriam Webster today. Graduation is the act of acceptance of an academic degree or diploma. Never have Merriam and Webster been more off their mark. Graduation is much more than a simple ceremony, it is the culmination of 12 years of work, friendships, and the little moments that still make us smile. High school was more than its name leads you to believe. It wasnââ¬â¢t just school, it taught us a whole lot more than how to write a good essay, who laid the foundation for communism, and why we all should despise geometry proofs. High School taught us about love, life, work ethic, and how to be a person of substance, all ofâ⬠¦show more contentâ⬠¦Get used to it, most of us are once again back on the bottom of the totem pole. Morgan Freemanââ¬â¢s character in The Shawshank Redemption says, ââ¬Å"These walls are kind of funny. First you hate em, then you get used to em. Enough time passes, gets so you depend on them.â⬠Of course, he was referring to prison, but it applies here. I guess Jenison High School was our little prison. We were told when to eat, when to go outside, and when to go to the bathroom. All kidding aside, for some, this place grew on us, and for these, as myself, today is bittersweet. As much as we may have loved this place, it is time to go. We finally are free. Tonight is our last night together as the class of ââ¬Ë04; tomorrow we will go our separate ways. Some to college and some to jobs. Some we will see randomly at Meijers or on our respective campuses and some we will not see again until the reunion. So do not let tonight be plagued by the coulda, woulda, shouldas. This is the last night to connect, to bond, to share a few laughs, and a few tears. We donââ¬â¢t have the chance to redo it all, it happened, its over, and were all better for it. If anything, make tonight the best night of you high school experience. In the song ââ¬Å"Another Dayâ⬠from the Broadway Musical RENT, it is most poignantly put, ââ¬Å"Forget regret or life is yours to miss.â⬠Tonight we leave here with everything we have crammed into our heads in 18 years. WhatShow MoreRelatedGraduation Speech By Maya Angelou1566 Words à |à 7 PagesFebruary 18, 2016 Graduation Graduation is a ceremony that almost every single person is familiar with, thus building the connection of the reader. Graduation is an important transition in oneââ¬â¢s life. It represents an accomplishment and signifies moving on to something better, more important and the pathway to use oneââ¬â¢s knowledge to achieve oneââ¬â¢s life goals. It calls for a celebration along with a grand commencement among family, friends, and peers. Maya Angelouââ¬â¢s, ââ¬Å"Graduationâ⬠, is about a youngRead MoreRhetorical Analysis of Ellen DeGeneress Commencement Speech Essay1144 Words à |à 5 Pages Ellenââ¬â¢s Commencement Speech Rhetorical Analysis Graduation caps fly into the air, cheers erupt, and diplomas are received. This is a typical graduation day. Not only did these ceremonial events take place for Tulane Universitys class of 2009, but Ellen DeGeneres was there to congratulate them as well! This class was dubbed the Katrina Class for being survivors of the devastating Hurricane Katrina in 2005. Katrina was named one of the deadliest Hurricanes, causing more than 1,836Read MoreAn Example of a Graduation Speech653 Words à |à 3 Pageswriting papers, doing homework, taking an occasional pop quiz, and of course taking countless exams, it is that time that we all anticipateâ⬠¦Graduation! Purpose Statement: Since the majority of us are seniors, and graduation is a little less than a month away, I am going to provide you with some historical background information and some fun facts about graduation in order to make the occasion even more meaningful than it already is. Road Map: Most of you could probably agree that high school wasRead MoreSpeech For Benards Speech972 Words à |à 4 Pages Bernard Harris was asked to deliver a commencement speech at WPI Graduation in 2015 for the graduates of Wocrester Poolytechnic Univeristy. From start to finish, Benards speech was well organized, backed by strong and exciting message to the graduates on how continue their way into the world after graduation. Humor is what carried the center stage in speech delivery, and the audience enjoyed the funny comments within the speech that were made by Bernard. He also tells the graduates of how respectedRead More Graduation Speech Essay1115 Words à |à 5 Pages family, friends, on this exciting day, I speak to optimism, laughter, and grins. As I was gathering input for this graduation speech, several people suggested including a profound quote offering ââ¬Å"encouraging advice to the young graduatesâ⬠, and then there were others who said, ââ¬Å"eh donââ¬â¢t worry about it, no one listens to those anyway.â⬠Fortunately, I was actually able to take from both suggestions and found a happy balance. You see, I wonââ¬â¢t tell you today to: ââ¬Å"Dare to dreamâ⬠or ââ¬Å"Find your ownRead MoreGraduation Speech : High School934 Words à |à 4 Pageswould be graduation. For many people, graduating from high school is an objective. It takes a lot of time, effort, and determination to accomplish that goal. For others graduation is the end of high school, and the beginning of a new chapter in life. When graduated people feel as if adulthood has begun. In the long run, graduating opens a lot of opportunities for people to thrive. I can almost reminisce the day as if it was yesterday. I was sitting in bed like any other school day. It seemedRead MoreBattle Royal, by Ralph Ellison Essay1206 Words à |à 5 Pageson March 1, 1914 (221). Different themes are presented throughout this short story, which reflect different views that Ellison had at the time that he wrote this essay. One boy is invited to speak at local menââ¬â¢s club where he will deliver his graduation speech. As I go on, I will discuss the nature of the short story and how it affected me. The narratorââ¬â¢s view of this entire situation at the menââ¬â¢s club is kind of humiliating which will later set the stage for events that will happen in his future.Read MoreGraduation Speech - Original Writing992 Words à |à 4 Pages Good afternoon young people. I guess I could say that I am honored to have the privilege to speak to you today. Although 35 years have passed since I was freed from this place, and the school has had forty gra duating classes since it started imprisoning students in 2010, I suppose I must be the only one left that must call this place my ââ¬Å"alma mauterâ⬠and I suppose it was only fitting for them to ask me to do this and take advantage of me some more. Perhaps all of the other alumni are in jailRead MoreSteve Jobs Stanford Commencement Speech Analysis1394 Words à |à 6 PagesSteve Jobsââ¬â¢ Stanford Commencement Speech: Speak from the Heart A- Speaker and Subject Identification. When technology, innovative and new products subjects is brought up, a few names come to mind. Between these names is that of Steve Jobs, the founder of Pixar Animation, NeXT, and Apple, Steve Jobs, was widely known for changing the world of personal computers and electronic fields. His determination led to significant developments that have affected the lives of everyone of us. There is no denyingRead More Graduation Speech Essay1010 Words à |à 5 Pagesfellow students: Instead of taking up more time and reading my speech, it is available to you at http://www.olenââ¬â¢s_speech.com. Thank you. No, just kidding. But seriously folks... Today we are gathered here to celebrate our graduation from 12 long years of schooling. The education granted to us has been a privilege. One so graciously given to us by the citizens of our state, by our community, and by our parents. Today would not be possible without them. So far this evening we have
Sunday, December 22, 2019
Case Study Sit Down Strikes - 2187 Words
1. Sit-Down Strikes: When Franklin Delano Roosevelt signed the Wagner Act, in 1935, a law supported by Senator Robert Wagner, he signed a law that would increase the power of workers; to let them choose how much they were going to get paid for their work. This act constructed the main workings of the National Labor Relations Board (NLRB) ââ¬Å"to supervise unionsââ¬â¢ elections for their collective bargaining agentsâ⬠(Visions of America). After this law was passed employers had a harder time laying off their employees if those employees joined the union. This gave way to an expansion of the unions; ââ¬Å"between 1933 and 1941, union membership rose from 2.9 million to 8.7 million workersâ⬠(Visions of America). This would lead to the start of a major strike caused by employees of the union who wanted higher pay than what their employees could afford; thus the sit-down strike was born. One of the first sit-down strikes happened in Flint, Michigan at the ââ¬Å"General Motors Fisher Body Plant Number Oneâ⬠(www.history.com) on December 30, 1936. This plant, along with others that had similar shutdowns, was the largest to close out of all the plants that closed due to the sit-down strikes. The workers were trying to get the United Auto Workers (UAW) to hear their voice; to try to gain their acknowledgement, mainly because they were the main bartering operator for GMââ¬â¢s specialists. This was nothing new to the UAW as they have seen similar events over in Europe. The workers also wanted the UAW toShow MoreRelatedLabor And Management Of The Industrial Society Essay1563 Words à |à 7 Pagesthe working people to improve their economic, social and working conditions. In this study an analysis of the relationship between the labour and management, and their occurrence of strikes in the industrial society will be done. The study would also involve the understanding of the instruments used to bargain and negotiate by both the parties. LITERATURE REVIEW AND THEORETICAL BACKGROUND: All industrial strikes or any conflict do not just happen without a trigger. It is used as a powerful weaponRead MoreChildren Should Not Withhold Discipline From A Child845 Words à |à 4 PagesDo not withhold discipline from a child; if you strike him with a rod, he will not die. If you strike him with the rod, you will save his soul from Sheol.Proverbs 23:13-14. Spanking children is used as a form of discipline if brought upon with a valid reason. Peoples opinions may very because everything has an extent it can be taken to expressly discipline. Disciplining children has been an widely controversial topic for many years as in the forms, the things used to discipline children, and theRead MoreMy Role in the Air Force Essay939 Words à |à 4 Pagessomeoneââ¬â¢s opinion. I wanted to be in control. This tied directly into one of my most important values: equality. Secondly, choosing the military afforded me independence. Joining the military would mean I would have to leave the proverbial nest and strike out on my own. This connected to my values of accountability and responsibility. I would no longer be dependent on my family to take care of me. I would be completely responsible for sustaining myself. My life was in my hands. I liked that. Read More Three Strike Laws Essay1731 Words à |à 7 PagesThree Strike Laws Mandatory minimums and three strike laws, are they really the answer to the crime problem America has faced for years? Many would say yes, including me, as long as it is for a violent crime such as murder, rape or arson; some feel that even theft, drug trafficking or possession, and burglary are all worthy of the 25-to-life sentence that can be carried under the mandatory minimums for three strike laws. A three-strike law is a law that states that you will be sentencedRead MoreSummary of AA Meeting1025 Words à |à 5 Pagesright here in Batavia. The ââ¬Å"Batavia 12 12â⬠at the Holy Trinity Church down on 6th Wood St. They hold meeting on Mondays around 11:00am. The main focus is to follow the 12 steps in order and work on them in a more traditional fashion. They do have the big book, but follow it more in a step by step focus. However karma decided to rear its head and make it a Closed Meeting, meaning that it is not as open to the public to sit on and they only al low members who are coming with a problem related toRead MoreSocial Observation864 Words à |à 4 PagesSocial Observation Introduction to Sociology 190 Section D097 03/05/2012 Social Observation For my social observation project Iââ¬â¢ve chosen to study life at Don Carter lanes located here in the city of Rockford. The main focus of my study is to observer the social norms as defined in Sociology: a brief introduction, by Richard T. Schaefer, a norm is ââ¬Å"an established standard of behavior maintained by a society.â⬠Iââ¬â¢ll also be observing the informal norms as well.Read More Juvenile Justice Essay1308 Words à |à 6 Pagesacross the country in reaction to crimes, such as school shootings and violent rapes. Yet evidence shows that treating youth as adults does not reduce crime. In Florida, where probability wise more kids are tried as adults then in any other state, studies found that youth sent through the adult court system are twice as likely to commit more crimes when theyre released. It appears that our system doesnt revolve around crime prevention but introduces crime creation. Recently in California PropositionRead MoreEssay on Evolution of the Keyboard1562 Words à |à 7 Pagesstring stretched lengthwise down the middle. The string sits raised on bridges very dissimilar to those of a violin or cello. These bridges positioned approximately 2 inches in from each end. They are simple and usually triangular shaped pieces of hard durable material such as ebony or walnut. Between these two bridges are two taller bridges that may be moved by each hand to alter the pitch given. The philosopher and mathematician Pythagoras used a monochord to study the fundamentals of sound. Read MoreStanding up Against Injustice Essay927 Words à |à 4 PagesKing considers negotiation to be important. However, like he stated, no man is willing to sit down to discuss topics which may hurt them (2).He says this to explain how many people are not willing to help others if it adversely affects them and their standard of living. Therefore, King believes that in order for citizens to receive their demands, more drastic measures must be taken. These methods can include: sit-ins and marches. He believes that the role of the citizens is to take matters into theirRead MoreSouthwest Still Flies High1483 Words à |à 6 PagesAssignment On Principles of Management Course ââ¬â 102 Title: A case study on Southwest Airlines management process. Submitted To Group ââ¬â K Roll Name Q: Name at least two things that Southwest is doing efficiently. Name at least two things that Southwest is doing effectively. In what ways do efficiency and effectiveness support each other at Southwest? In what ways do they contradict each other? Answer: Efficiency at Southwest Airlines: Efficiency or being efficient
Friday, December 13, 2019
Report on Lease Financing Free Essays
string(142) " a contractual agreement between two parties establishing an arrangement for the use of an asset in return for periodic payments by the user\." [pic] [pic] Course code: F-201 Course title: Financial accounting -2 Submitted to: Tahmina Akter Lecturer Department of Finance University of Dhaka Submitted by: Name | | | |Roll | | | |Section | | | |Md. Mostafa Kamal | | | |16-058 | | | |B | | | |Md. Sakib Bin Abdul Hannan | | | |16-096 | | | |B | | | |Md. We will write a custom essay sample on Report on Lease Financing or any similar topic only for you Order Now Mehdi Hasan | | | |16-112 | | | |B | | | |Parvaj Mosaraf | | | |16-140 | | | |B | | | |Belal Hossain | | | |15-132 | | | |B | | | BBA 16th Batch Department of Finance University of Dhaka Date of Submission: 26-05-2011 Letter of Transmittal Date: 26th May, 2011. To Tahmina Akter Lecturer Department of Finance University of Dhaka Subject: Submission of report ââ¬Å"A Report on Lease Financingâ⬠. Dear Madam, We are pleased to submit the report you have assigned to us. The report paper was to prepare the term paper on the course named ââ¬Å"Financial Accounting-2â⬠Course # F ââ¬â201, as a part of our academic activities. This is the report on ââ¬Å"A Report on Lease Financingâ⬠. The report reviews that how leasing company leases equipment. And we have focused a specific lease agreement of United Leasing Company with Delta Pharma Limited to have the real experience. We tried our best to prepare this report a fault free, but it is not possible. We hope that you will take any mistake with kind consideration. Thank you. Sincerely Mostafa Kamal (On behalf of the group-) Contents Acknowledgement This report entitled ââ¬Å"A Report on Lease Financingâ⬠is submitted as the requirement of a part of the study of ââ¬Å"Financial Accounting-2â⬠in the BBA program conducted by Department of Finance, University of Dhaka. To prepare this report an intensive study was made covering various terminologies with the help of books named ââ¬Å"Intermediate Accounting by Donald E. Kieso and Weygandtâ⬠. At first we want to pay our gratitude to all mighty Allah for preparing the report successfully. We are extremely grateful to our honorable course teacher Tahmina Akter, lecturer, Department of Finance, University of Dhaka for her painstaking guidance, suggestion and all type of support supervision to prepare this report. She continuously reminded us for the preparation of this report paper and finally gave a out-line to write down the paper spending her valuable time. Without her untiring efforts, completion of this report paper would have been impossible. We like to give thanks especially to our friends and many individuals, for their enthusiastic encouragements and helps during the preparation of this report us by sharing ideas regarding this subject and for their assistance in typing and proof reading this manuscript. Executive Summary Lease financing is the most important issue that determines the direction of financial behavior in an organization, a financial level of effort, and the organizationââ¬â¢s level of persistence in the face of obstacles of other types of financing. Now-a-days lease financing is the most emphasized topic to any challenging institution or organization to develop their financial resources as well as profit maximization or maximization of ownerââ¬â¢s equity. Lease financing is so central to management because it explains why it is better for the organization to gather financially solvency by lease financing. By lease financing an organization can reach its specific destination. If an organization has effective lease financing efficiency it can survive develop quickly than others. At first an organization considers lease financing and other financing cooperatively with one another then it takes decision to apply lease financing or other financing whichever is best. If other financing is the best than the lease financing then it will be selected, not lease financing. So from this comment it will be clear that lease financing must be selected it is not necessary. So which is the best is considerable matter. Background of the Report As a Part of Financial Accounting-2 course, we have prepared this report. Our course teacher, Tahmina Akter, instructed us to prepare a report on ââ¬Å"Lease Financingâ⬠. We have made a detailed and critical analysis on the topic-All the five members of our group provided their sincerity and serious effort to prepare this term paper and the term paper submitted today ââ¬â 26th May, 2011. Objective of the Report The main objective of our term paper is to show the lease agreement of a leasing company. We have study about advantage of leasing, various features of leasing but while preparing this report we have understood how leasing is important for company. Methodology and sources of information The term paper is written by using secondary resources. To prepare this term paper I have taken the help of numerous books, computer lab of business faculty of university of Dhaka. In this term paper I sorted information shortly and to collect information we went to computer lab and central library of Dhaka University. Besides I have also collected information through numerous sources such as The Daily Star and other daily news papers, journals etc. INTRODUCTION A lease is a contract whereby the owner of an asset (the lessor) grants to another party (the lessee) the exclusive right to use the asset in return for the payment of rent. Lease financing in Bangladesh means financing according to the methods of lease in Bangladesh. Sometimes it is more acceptable than others financing. Actually it is more profitable in some special sectors where other financing will be less profitable than lease financing. Most of us are familiar with lease of apartments, cars, and telephones. Bangladesh is a developing country, so lease financing is not very easy to apply here. In spite of these problems there are many sectors where lease financing is strictly applied. The key difference between a finance lease and an operating lease is whether the lessor (the legal owner who rents out the assets) or lessee (who uses the asset) takes on the risks of ownership of the leased assets. The classification of a lease (as an operating or finance lease) also affects how it is reported in the accounts. The classification of large transactions, such as sale and leasebacks of property, may have a significant effect on the accounts and on measures of financial stability such as gearing. However, it is worth remembering that an improvement in financial gearing may be offset by a worsening of operational gearing and vice-versa. Leasing: A lease is a contractual agreement between two parties establishing an arrangement for the use of an asset in return for periodic payments by the user. You read "Report on Lease Financing" in category "Papers" In a lease arrangement: ? The lessor is the asset owner, who receives the periodic payments. ? The lease makes the payments to the lessor in return for using the asset. Types of leases: All leases can be categorized broadly as either operating or financial leases. In turn, financial leases can be categorized into specific types. We will discuss the various types of leases below. Operating leases: An operating lease is a short-term, cancelable lease. A simple example of an operating or service lease is a lease for telephone service. Financial leases: A financial lease is typically a long term, no cancelable lease- the opposite of an operating lease. At the termination of the lease contract, the lessee often can either renew the lease or purchase the asset. Features of operating leases: 1. The lease is cancelable by the leasee prior to its expiration. 2. The lessor provides service, maintenance, and insurance. 3. The sum of all the lease payments by the lesee does not necessarily fully provide for the recovery of the assetââ¬â¢s cost. Features of financial leases: 1. The lease is not cancelable by the lessee prior to its expiration date. 2. The lessee is typically responsible for service, maintenance, and insurance for the asset. 3. The asset is fully amortized over the life of the lease. Financial leases can be divided into two basic forms: 1. Direct lease: In the straightforward arrangement, the firm leases an asset it did not previously own. The firm simultaneously signs the lease agreement with the lessor and orders the equipment from the manufacturer. The lessor pays for the equipment, which is sent to the firm. The firm makes lease payments to the lessor based on a lease agreement worked out by the two parties. If the direct lease is from the manufacturer, then the manufacturer and the lessor are one and the same. 2. Sale and leaseback: In this arrangement the firm sells an asset it currently owns and then leases the same asset from the buyer. Lease payments are set to return the full purchase price plus a rate of return deemed reasonable. The advantage to the lessee is that it allows the firm to continue using the asset while providing cash that can be used elsewhere. It has become increasingly more common in recent years for companies to lease equipment. Each leasing agreement needs to be read through carefully to understand the terms and conditions within said lease. Typically a lease can run anywhere from one to five years. Most equipment necessary in commercial businesses today, including technical equipment, can be leased. Some leases provide an option to then purchase the equipment at substantially less money when at the end of the term of the lease. By leasing equipment, if structured properly, you can maintain your credit availability, as the lease debt does not have to be considered a direct liability on your financial statements. This is advantageous, as it does not limit your ability to borrow from lending sources. Advantages of lease financing: ? It offers fixed rate financing; you pay at the same rate monthly. ? Leasing is inflation friendly. As the costs go up over five years, you still pay the same rate as when you began the lease, therefore making your dollar stretch farther. (In addition, the lease is not connected to the success of the business. Therefore, no matter how well the business does, the lease rate never changes. ) ? There is less upfront cash outlay; you do not need to make large cash payments for the purchase of needed equipment. ? Leasing better utilizes equipment; you lease and pay for equipment only for the time you need it. ? There is typically an option to buy equipment at end of lease term. ? You can keep upgrading; as new equipment becomes available you can upgrade to the latest models each time your lease ends. ? Typically, it is easier to obtain lease financing than loans from commercial lenders. ? It offers potential tax benefits depending on how the lease is structured. One of the reasons for the popularity of leasing is the steady stream of new and improved technology. By the end of a calendar year, much of your technology will be deemed ââ¬Å"dinosaurs. The cost of continually buying new equipment to meet changing and growing business needs can be difficult for most small businesses. For this reason leasing is very advantageous. Leasing can also help you enhance your status to the lending community by improving your debt-to-equity and earnings-to-fixed assets ratios. There are a variety of ways in which a lease can be structured. This provides greater flexibility so that the lease is structured to best accommodate the individual cash flow requirements of a specific business. For example, you may have balloon payments, step up or step down payments, deferred payments or even seasonal payments. The actual advantages of leasing: The most important reason for leasing remains the tax reason. This advantage exists because firms are in different tax brackets, allowing a firm that can not take full advantage of a potential tax shield to shift such a shield to another firm. If the lease payments are set at proper rate, the firm that does the transferring can benefit, as can the lessor. Although someone has to lose, that someone will be the IRS. Disadvantages of lease financing: Leasing is a preferred means of financing for certain businesses. However it is not for everyone. The type of industry and type of equipment required also need to be considered. Tax implications also need to be compared between leasing and purchasing equipment. You have an obligation to continue making payments. Typically, leases may not be terminated before the original term is completed. Therefore, the renter is responsible for paying off the lease. This can pose a major financial problem for the owners of a business experiences a downturn. ? You have no equity until you decide to purchase the equip ment at the end of the lease term, at which point the equipment has depreciated significantly. ? Although you are not the owner, you are still responsible for maintaining the equipment as specified by the terms of the lease. Failure to do so can prove costly. A lease involving a third party that lends the lessor part of the funds ecessary to purchase the asset to be leased. 1. Equipment manufacturers: Durable-goods manufacturers often establish subsidiary leasing or credit companies. One of the main reasons that manufacturing companies provides lease financing is to encourage the use of their product. 2. Financial institutions: Banks, bank holding companies, and life insurance companies. These institutions are heavily involved in long-term financial leases. From their standpoint, leases are merely a secured lending. 3. Independent leasing companies: This provides much of the direct leasing. The financing effect: It is a form of borrowing. The contractual agreement on the lease payme nts is no cancelable. Therefore as other types of debt, failure to make the lease payments can result in bankruptcy. Both lessors and lessees generally, and correctly, view a financial lease as a form of borrowing. Leasing is similar to debt; it has an impact on the amount of borrowing a firm can do. Generally, the more a firm leases, the less it can borrow. This debt displacement is an implicit cost of leasing. The tax effect: For tax purposes, the lease is entitled to a full deduction of all qualified lease payments. Therefore, like other forms of borrowing, the government subsidizes the cost of leasing. The reporting effects: Leasing used to be referred to as off-balance sheet financing. Under rior accounting practices, because the firm did not own the asset, neither the asset nor the companion lease liability had to appear in the body of the balance sheet. A footnote reference, often a very terse one, was sufficient. The superficial effect was to understate the firmââ¬â¢s indebtedness position. Les see reporting: The capitalized value of capital leases and their companion liabilities are put in the body of the lesseeââ¬â¢s balance sheet. These capitalized values are the present value of the lease payments. Thus the present value of the lease payments appears on the right-hand side of the balance sheet as a liability and on the left-hand side as an asset. [pic] ULC was established in 1989 as a public limited company, to cater the investment needs of our economy. ULC provides lease financing facilities to all market segments of customers, Small Medium Enterprises, Commercial Houses, Large Corporate organizations. Under Lease financing They provide; ? Industrial machinery and motor vehicles at concessionary term. ? Machinery and Furniture for Hospital use. ? Truck or Bus for Transportation. ? Equipment or Furniture for Official use. Delta Pharma Limited (DELTA PHARMA) has been propelling steadily towards its goal (Better Careâ⬠¦ Better Cureâ⬠¦ ) since its launch on November 21, 2004. It is a public limited company. Vission The vision is to reach a level of excellence in pharmaceuticals through a sustained effort to quality assurance and to achieve a global standard through the indoctrination of a culture of excellence. Mission Our mission is to benefit people and improve their quality of life through our quality products. As a generic company, our growth is closely knitted to the satisfaction of our customers. We would like to ensure customer satisfaction through providing quality medicine at affordable cost, launching new molecules expediting export to all possible avenues. We are committed to achieving our goal through skilled, creative, and motivated employees. ULC agrees to lease a drug manufacturing machine to Delta pharma company on January 1, 2010. ULC has added following information in the contract: 1. The lease agreement is noncancellable in nature with 6 years time period. 2. There will be no renewable option after lease term. 3. The cost of the machine was tk. 245000 and the fair value of the machine at January 1, 2010 is tk. 245000. 4. Machine will be reverted to the leesor at the end of this term at which time the machine will have scrape value worth tk. 43622 which is ungurrenteed. 5. Delta Pharma will bear the responsibility all executive cost. 6. ULC requires equal rental payment annually beginning January 1, 2010. 7. Collectability of the lease payment is reasonably predictable. There are no uncertainties surrounding the amount of costs yet to be incurred by the ULC. Required calculation by ULC Rental payment calculation Fair market value of the leased asset to lesor tk. 245000 Less: Present of the ungurenteed residual value tk. 24623. 31 (43622X. 56447) Amount to be received through lease payment tk. 220376. 69 Six periodic lease payment (tk. 220376. 69/4. 79079) tk. 46000 United Leasing Company (Lessor) Lease Amortization Schedule Date |Annual lease payment plus |Interest on lease |Recovery of lease |Lease receivable | | |URV |receivable |receivable | | |1-1-10 | | | |245000 | |1-1-10 |46000 | |46000 |199000 | |1-1-11 |46000 |19900 |26100 |172900 | |1-1-12 |46000 |17290 |28710 |144190 | |1-1-13 |46000 |14419 |31581 |112609 | |1-1-14 |46000 |11261 |34739 |77870 | |1-1-15 |46000 |7787 |38213 |39657 | |1-1-15 |43622 |3965 |39657 |0 | Journal entries for ULC Journal entries given by the United Lea sing Company for the first two years: Date |Journal |Amount(tk) | |1-1-10 |Lease receivableâ⬠¦Ã¢â¬ ¦Ã¢â¬ ¦. â⬠¦. Dr |245000 | | |Equipmentâ⬠¦Ã¢â¬ ¦Ã¢â¬ ¦.. â⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Cr |245000 | |1-1-10 |Cashâ⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. Dr |46000 | | |Lease Receivableâ⬠¦Ã¢â¬ ¦ Cr |46000 | |12-31-10 |Interest Receivableâ⬠¦Ã¢â¬ ¦Ã¢â¬ ¦. Dr |19900 | | |Interest Revenue. â⬠¦.. Cr |19900 | |1-1-11 |Cashâ⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦.. Dr |46000 | | |Lease Receivable â⬠¦Ã¢â¬ ¦Cr |26100 | | |Interest Receivableâ⬠¦. Cr |19900 | |12-31-11 |Interest Receivableâ⬠¦Ã¢â¬ ¦Ã¢â¬ ¦. Dr |17290 | | |Interest Revenuâ⬠¦Ã¢â¬ ¦. â⬠¦. Cr |17290 | Findings Analyzing this report we have come to terms: 1. Lease plays an important role for business. 2. Easy for business to get lease. 3. Lease agreement may contain less restrictive provisions than other debt agreement. 4. Business finds leasing cheaper than other forms of financing. 5. Business does not report an asset or liability for the lease agreement for financial reporting purposes. 6. It is a contractual agreement. 7. It may be cancellable or no cancellable. 8. Leasing provides business an opportunity to transfer tax benefit to another party. The leasing market is becoming more competitive because of the new leasing companies are entering the market. However, There are still leasing companies are doing well. The political stability and overall economic development is an essential precondition of the smooth growth of this sector. If we can ensure these two preconditions, the leasing sector of Bangladesh would be able to perform a strong role in our industrial development. If we disuses more and more about lease financing, and if we try to spread it among our general public about its advantages, we will go clearly ahead. It is very favorable to apply lease financing in Bangladesh. From above discussion, it is clear that, in many sectors lease financing is better than other financing. If we know about lease financing properly, we can use or we can avail all the advantages of lease financing where other financing is not favorable for us. 1. Brigham, E. F. and M. C. Ehrhardt. 2001. Financial management: Theory and practice. 10th Edition. Singapore. South- Western. 2. Bhole, L. M. 1992. Financial Institutions and Markets: structure, growth and Innovations. 2nd Edition. New Delhi. Tata- McGraw-Hill Publishing Company. Evaluation of studentsââ¬â¢ performance; 3. Horne, J. C. 1999. Financial Management and Policy. [pic][pic][pic][pic][pic][pic][pic][pic][pic][pic][pic][pic][pic] ââ¬âââ¬âââ¬âââ¬âââ¬âââ¬âââ¬âââ¬â Bibliography 05 06 07 07 07 08 09 11 13 18 21 22 22 1. Acknowledgement 2. Executive Summary Background of the report Objective of the report Methodology and sources of information 3. Introduction 4. Lease Financing 5. Advantage and disadvantage of leasing 6. Sources of lease financing 7. A lease contract 8. Findings 9. Conclusion 10. Bibliography TOPIC PAGES A Report on Lease Financing Conclusion The effects of leasing on the firm: A Lease contract of United Leasing company with Delta Pharma Limited Sources of lease financing: Leveraged lease: Advantages and Disadvantages of Lease Financing for Businesses Lease Financing [pic] (Lessee) [pic] (Lessor) How to cite Report on Lease Financing, Papers
Thursday, December 5, 2019
College Athletes Should be paid free essay sample
If universities are making millions of dollars off of their superstars jersey, then he should be entitled to some of those earnings. That money is rightfully his or hers and college athletes deserve the money that they earn through their hard work and dedication just as the professionals do. College athletes need to be paid because the universities are using their talent for money opportunities, for some athletes the pros isnt guaranteed, ND an injury on a sport scholarship could set some up for failure.The biggest controversy with all the revenue The NCAA is a multi-billion dollar industry that generated over $845 billion last year due to their players ability to entertain and perform to their fullest extent at all times. (Sonny) superstars jersey, then he should be entitled to some of those earnings. That ability to entertain and perform to their fullest extent at all College Athletes Should Be paid the situation is more closely examined it is realized that for sore athletes,
Thursday, November 28, 2019
Marketing Plan for the Samsung Galaxy Tablet
Introduction Marketing refers to ââ¬Å"the set of institutions, activities, and processes for creating, communicating, delivering, and exchanging goods and services that have value for customers, partners, and the societyâ⬠. Thus, marketing aims at identifying and satisfying customersââ¬â¢ needs effectively.Advertising We will write a custom essay sample on Marketing Plan for the Samsung Galaxy Tablet specifically for you for only $16.05 $11/page Learn More Marketing is crucial to an organizationââ¬â¢s success. It enables an organization to ââ¬Å"integrate and align its resources and functions to an overall goal of customer satisfactionâ⬠. Effective marketing requires a marketing plan. A marketing plan refers to ââ¬Å"a written document that describes how an organization intends to reach its target marketâ⬠. It entails a situation analysis, an organizationââ¬â¢s goals, marketing strategies, and marketing mix decisions. This pap er discusses the marketing plan for the successful development, commercialization, and introduction of the Samsung galaxy tablet into the market. Situation Analysis Strengths In the past decades, Samsung has emerged as one of the most competitive companies. Samsung boasts of several strengths. First, it focuses on producing electronic devices with a hardware system, which is compatible with most software and operating systems. This has enabled Samsung to have an edge over its competitors such as Apple. As a result, ââ¬Å"Samsungââ¬â¢s Android mobile phones and tablets have gained a huge market share as opposed to Appleââ¬â¢s iOS and OS Xâ⬠. Second, Samsung is one of the most innovative mobile phone companies. For example, ââ¬Å"in 2011 Samsung was among the top patent assignees in the United States of Americaâ⬠. The acquisition of several patents has enabled it to surpass most of its competitors. Additionally, the company has won several awards for its productsâ⠬⢠designs, which are user friendly and unique. Samsung also has a major focus on designing environmentally friendly products.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Third, the company has a strong financial base because it has a significant market share in a number of its productsââ¬â¢ categories. Moreover, Samsungââ¬â¢s manufacturing firms are located in countries where the cost of production is relatively low. As a result, it incurs low costs of production; hence, it can offer its products at a lower price. Fourth, Samsung has managed to market its brand effectively. It is among the top rising brands. ââ¬Å"From 2011 to 2012, the companyââ¬â¢s popularity rose by 40 percentâ⬠. This rise was mainly attributed to strategic marketing techniques. For example, the company uses varied avenues such as sporting events to market its products. Weaknesses Despite its streng ths, Samsung faces a number of challenges. First, the company lacks its own software. Software production can enable a company to attain a high profit margin. It also helps to popularize a companyââ¬â¢s product and promote its brand loyalty. Therefore, Samsung is disadvantaged compared to its main competitors such as Apple. Second, the company has businesses in a number of industries. Thus, ââ¬Å"it might lose focus by competing in several industriesâ⬠. In the past years, Samsung has been found guilty of patent infringement. Consequently, this has had a negative effect on its reputation. Third, Samsung is one of the largest electronic companies in the world. Nonetheless, the company experiences a relatively low gross profit margin due to the companyââ¬â¢s aggressive price cuts on its products. Opportunities Samsung has numerous opportunities that it can seize in order to enable it expand further. For instance, ââ¬Å"the smartphone market in India is one of the least pen etrated among the Asian countriesâ⬠. Therefore, its strong presence in India can enable it to maximize gains in Indiaââ¬â¢s smartphone market. The introduction of smartphones and tablets has led to a major increase in the demand for application processors. Fortunately, ââ¬Å"Samsung is one of the main manufacturers of application processors for tablets and smartphonesâ⬠. Therefore, Samsung stands a better chance of meeting this demand because it has a superior experience in the production of processors.Advertising We will write a custom essay sample on Marketing Plan for the Samsung Galaxy Tablet specifically for you for only $16.05 $11/page Learn More Samsung is also one of the dominant players in the tablet market. Therefore, the company has high chances of expanding its niche in the tablet market by producing unique and high quality tablet models. Samsung has a large patents portfolio. As a result, it has a competitive advantage over it rivals. Therefore, it can be able to acquire more patents through acquisition of other firms. Threats Samsung faces a number of threats to its business operations. First, the smartphone market in the developed countries is highly saturated; hence, it might not reap major gains in the developed countries. Second, rapid technological change is also a major threat to the company. Currently, Samsung is under pressure to keep on producing new products at a faster rate. However, this is often difficult whenever a company aims at being innovative and successful because innovations take considerable time. Third, Samsung is prone to experience major price wars. For instance, the company has been offering its products at a relatively lower price compared to its competitors. Therefore, its competitors may also follow the trend. Unfortunately, this will significantly erode Samsungââ¬â¢s profit margins, which are already low. Industry Trends and Competition Samsung is one of the major compan ies in the tablet industry. Others include Apple, Asus, Acer, and Nokia. All the players in the tablet industry have continued to produce new tablet models. For example, at the beginning of 2014, Asus introduced the Transformer Book TD300. ââ¬Å"The new tablet model by Asus switches instantly from Windows 8.1 to Android and backâ⬠. In a similar manner, Apple has also developed new tablet models such as the iPad Air, which ââ¬Å"has a thinner aluminum body chassis, identical to the iPad miniâ⬠. Furthermore, the tablet market is likely to expand due to an anticipated decline in the use of laptops. A number of people have adopted tablets because of their convenience.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Tablets are portable and effective compared to laptops and desktops. Consequently, there has been a rise in the demand and supply of tablets in the market. This has led to a stiff competition among various companies. Therefore, the price and quality of a tablet plays a critical role in determining customersââ¬â¢ purchasing patterns. The Organizationââ¬â¢s Mission Statement A mission statement is a statement of purpose. It explains the reason for the existence of an organization. It guides the decisions and actions of an organization. A mission statement for a commercial company should comprise three major elements. These include ââ¬Å"the key market, the contribution of the organization, and the distinction of its product or serviceâ⬠. Therefore, Samsung will adopt the following mission statement: ââ¬Å"to be the most successful electronic company in the world by developing user friendly tablets that brings a lively experience to all internet users.â⬠Performance g oals The company will pursue the following goals. First, the company aims at realizing a monthly turnover of $500,000. Second, the company aims at supplying the Samsung galaxy tablet to the major online stores by the end of the first month after its launch. Third, the company plans to distribute the Samsung galaxy tablet in all Asian countries within the first six months. Marketing strategy A marketing strategy should ââ¬Å"enable an organization to concentrate its resources on the optimal opportunities with the major aim of increasing sales and achieving sustainable competitive advantageâ⬠. A marketing strategy is one of the most essential elements of a marketing plan. A number of marketing strategies are often developed as long-term plans. In such a case, an organization is often required to develop a tactical plan. A tactical plan spells out what an organization aims at achieving within a period of one year. There are different types of marketing strategies that a company c an adopt. The choice of a particular marketing strategy is largely determined by the situation analysis. For instance, the strengths and opportunities identified in the situation analysis determine the strategy that a company adopts. In most instances, a companyââ¬â¢s success is determined by its strengths and opportunities. Similarly, the choice of a marketing strategy depends on an organizationââ¬â¢s mission statement, as well as, the companyââ¬â¢s goals and objectives. Some of the marketing strategies include the product differentiation strategy, cost leadership strategy, and the market focus strategy. The product differentiation strategy involves the creation of a product or service that is distinct from oneââ¬â¢s competitors. Therefore, a company that adopts this strategy will have to ensure that its product has specific attributes that are unique from other products in the market. On the other hand, the cost leadership strategy is intended to enable a company to at tract cost-sensitive customers. Thus, a company will sell its product at a relatively lower price compared to its competitors. This strategy is most suitable for a company, which incurs lower production and marketing costs. The market focus strategy requires a company to describe its market scope. Thus, a company can choose to have a narrow market scope or a broader market scope. Additionally, ââ¬Å"a company may opt to specialize in the production of a particular product in order to meet the unique needs of customers in a given market segmentâ⬠. Samsung will adopt the product differentiation strategy. This strategy will be most suitable for commercialization and introduction of the Samsung galaxy tablet into the market. The Samsung galaxy tablet has a distinct model from other tablets in the market. Its model is user friendly and can enable internet users to enjoy lively internet browsing. For instance, the Samsung galaxy tablet has a wider screen, which can enable a user to perform multiple tasks. Additionally, the Samsung galaxy tablet is lighter; hence, portable. Market Segmentation Samsung targets people who are eighteen years and above. The company targets adults because the galaxy tablet will facilitate their activities. For example, the tablet has several applications with varied functions. The Samsung galaxy tablet will also be suitable for both male and female users. For instance, the galaxy tablet has different colors such as black, yellow, and silver. Thus, users have a chance to make a choice between the colors available. Additionally, the Samsung galaxy tablet is lighter. As a result, it can easily fit into a jacketââ¬â¢s pocket or in a handbag. Samsung also targets all professionals in various fields. For instance, the galaxy tablet will be suitable for businesspersons who use the internet several times in a day to communicate with clients. It is also suitable for professionals who may wish to prepare and make presentations. The galaxy tablet will also be suitable for professionals who travel regularly. Therefore, the Samsung galaxy tablet can enable them to work while travelling. Integrated Marketing Mix Product Samsung galaxy tablet is seven inches long. It has two cameras and is compatible with a flash disk. ââ¬Å"The Samsung galaxy tablet uses Android 2.2 with market supportâ⬠. It also has a number of pre-installed applications. Finally, ââ¬Å"the Samsung galaxy tablet has five default home screensâ⬠. Price The Samsung galaxy tablet will cost approximately $600 to $500. However, the price will differ from one country to another. One of the major price determinants for the Samsung galaxy tablet will be the market situation in a given country. For instance, factors such as market competition and cost of operations incurred by distributors will influence the local prices in various countries. Location and Distribution Samsung dealers will distribute the Samsung galaxy tablet to all regions within thei r respective countries. The tablet will be available in the major retail stores in various countries. In addition, customers will also have the privilege to purchase the tablet from online stores. Promotion Samsung will use various advertisement channels to market its galaxy tablet. For instance, Samsung will use both print and electronic media for advertisement. The company also intends to organize major sales promotions in the first three months. Summary and recommendations for the execution of the plan This marketing plan aims at maximizing Samsungââ¬â¢s profits. It provides a detailed description of the companyââ¬â¢s strengths such as a large market share, superior experience in the production of electronic devices, and sustained innovation. The company intends to use the product differentiation strategy as its marketing strategy. The company should take note of the following factors in order to execute the marketing plan effectively. First, the company should conduct regu lar evaluation in order to determine progress. It should use the evaluation results to make improvements where necessary. Second, the company should ensure a timely distribution of the tablets immediately after the launch of the galaxy tablet. Third, the company should minimize costs in the execution of the marketing plan in order to increase its gross profit margin Conclusion From the above discussion, it is evident that a marketing plan is a crucial tool that enables a company to have an edge over its competitors. It provides a situation analysis that spells out a companyââ¬â¢s strengths and opportunities. Therefore, a marketing plan helps to focus a companyââ¬â¢s operations, goals, and decisions. References Jurevicius, O. (2013, May 13). SWOT Anayses. Retrieved from Strategic Management Insight: https://www.strategicmanagementinsight.com/ Proctor, T., Chernev, A. (2002). Strategic Marketing: An Introduction. Psychology Press: London. Samsung. (2013). Galaxy Tabs. Retrieved from Samsung: https://www.samsung.com/us/ Whalley, A. (2010). Marketing Definition. London: Bookboon. This essay on Marketing Plan for the Samsung Galaxy Tablet was written and submitted by user Marlee Ratliff to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Monday, November 25, 2019
What is mercantalism essays
What is mercantalism essays Mercantallist theory states that a nations power can be measured by the amount of precious metals, usually gold or silver, the nation posseses. Between 1600 and 1800 most of the states of western Europe were heavily influenced mercentallist theories. This was essentially an effort to achieve economic unity and political control. There are many broad definitions but I belive that mercantallism is a collection of policies, which are used by the mother country, in order to keep itself prosperous, by in a way leeching off of the colonies. There are numerous positive and negative effects of mercantalism. The colonies have some leeway in their legislature. They also receive protection from the mother country. This can be direct (having troops stationed in the colonies in case of attack), or through a more indirect approach. This would be intimidation. No one wants to go attack a colony of a country who is for example the biggest naval power. People look at the colonies as a part of the whole, and not a seperate entity. Something else that mercentalism sets up, is the chance for a colony to become is own free state. This has happpened in many cases, including our own. Funds from the mother country build the colony. They fund industry and establish an economy and trade. After years, the colony becomes self sufficient, and with a bit of rebellion, can become its own free state. This in many cases is good, because the people who left the original country in the first place, left because they wanted to form something of their own, and their dreams are fulfilled. We get more players in the global economic ring, which in turn creates competition and the economies flourish. The colonists gain their own identity. However, for every action, there is an equal and opposite reaction. Murphy's law clearly states that if anything can go wrong it will. The mother country is usually strict and clamps down on colony legislature. The col...
Thursday, November 21, 2019
Sex Tourism Essay Example | Topics and Well Written Essays - 10000 words
Sex Tourism - Essay Example The foremost conclusion of this qualitative research has been that sex tourism is rapidly increasing in hospitality industry across the globe, and the examples of Thailand, Hong Kong and Caribbean countries confirm this fact. Apart from this, the paper also analyses the various fundamental aspects that help to grow sex tourism within hospitality industry and deal with the important legislations affecting sex tourism in hospitality industry. Sex tourism, which refers to trips organized from within the tourism sector in order to engage in sexual activity with prostitutes, has become one of the most booming industries across the globe in recent years, thanks mainly to the advancements in hospitality industry. Significantly, sex tourism incorporates a number of mercantile sexual activities, agencies and academics spread all over the world and there various types of sex tourism, within the broad category, such as sex tourism, child sex tourism and female sex tourism. There are various factors that contribute to the growth and distribution of this industry across the globe and the scholars in the field emphasise the ever-widening nature of this industry. Several studies connected with hospitality industry conclude that sex tourism has become a very lucrative industry which spans the globe. Thus, it is fundamental to comprehend that ââ¬Å"in 1998, the International Labour Organization reported its calculations that 2-14% of the gross domestic product of Indonesia, Malaysia, the Philippines, and Thailand derives from sex tourism. In addition, while Asian countries, including Thailand, India, and the Philippines, have long been prime destinations for child-sex tourists, in recent years, tourists have increasingly travelled to Mexico and Central America for their sexual exploits as well.â⬠(Nair). Therefore, it is indubitable that the booming industry of sex tourism has attained significance all over the world and
Wednesday, November 20, 2019
Economics Essay Example | Topics and Well Written Essays - 1750 words
Economics - Essay Example Global capitalism has been tried before in the world and it has failed. However, when the reforms proposed by the West prove ineffective, it tends to blame the East for its innate weaknesses like insufficient entrepreneurial skills. The matter of the fact is the entrepreneurial skills of the Third World and the ex-communist countries are quite similar to those of their Western counterparts. If the people in the third world do not suffer from certain fundamental deficiency in cultural or genetic heritage, then what could be the reason behind the fact that the capitalism is successful only in the West? An answer to this puzzling question is the failure of the Third World and the ex-communist countries to produce capital. The poor people in the developing world are not wanting in the assets that make capital successful. They in fact hold these assets in defective form: the ownership rights are not fully documented, the terms of the businesses are not defined and the industries are not l ocated at suitable places the cumulative result of which is that these assets cannot be turned into capital. In the West, the property is fully documented which can be used as a capital for producing surplus value in various forms such as mortgage and securities. Because of the absence of this representational process, the third world countries are undercapitalized. The third world despite assimilating a lot of western cultural traits has failed to follow the example of the West in this crucial area of producing sufficient capital. This is the mystery of capital. The fundamental difference between the western nations and the Third World and the ex-communist countries is that only the former have the knowledge of converting capital from places which the other countries cannot. This absence of the conversion process in the Third World is compounded by the failure on the part of the West to understand the origin of the capital. This book is an effort to trace the history of capital and learn right lessons from it to help poor countries overcome their problems which have nothing to do with deficiencies in culture and genetic heritage. This fact has been made clear by the fact that the regions which are culturally as diverse as Russia and Latin America share the same problems because of building capitalism without capital. The Third World today faces the same challenges such as lack of enforcement of property rights, poor law and order situation and biased business and trade regulations which were faced by US in its early history and other Western countries only a couple of centuries before. There are at least five questions which need to be answered to understand why the role of capital despite being the most important component of Western development is not adequately understood: first, how much saving has been done by the poorest sectors of society in the west; second, what is the nature of capital and what is its role in the creation of wealth; third, why have the governments not been able to put the ââ¬Å"dead Capitalâ⬠in the hands of the poor people to some profitable use; four, why have the lessons not been learnt from the history of successful capitalist countries and five, why the adoption of the Western legal system in the third world has not delivered. The Mystery of Missing Information In the Third World, the documentation of property
Monday, November 18, 2019
Financial Reporting and Analysis Essay Example | Topics and Well Written Essays - 2000 words - 1
Financial Reporting and Analysis - Essay Example The LIFO reserve calculation in inflationary environment where the value of FIFO is higher than the value of LIFO inventory is LIFO Reserve=valuation by FIFO ââ¬âvaluation by LIFO. In a deflationary environment, LIFO Reserve has a possibility of having a negative balance caused by LIFO inventory valuation being higher than its FIFO valuation. LIFO reserve indicates the value which a business entity taxable income as a result of using LIFO method has subsequently been deferred. The balance on LIFO reserve account in 2008 is $524.4 c) If LIFO reserve account was added to the inventory at LIFO, the resulting inventory at the end of 2008 would be $1,346.8. I would consider inventory under LIFO to be more realistic. d) Use of LIFO or FIFO during price increase results to an inflated amount of income. During price decreases, it results to lower income. During constant prices, a normal income results when FIFO or LIFO is used. e) Use of LIFO or FIFO results to inflated cash flows during price increase, a lower cash flow during price decreases and a normal cash flows during normal costs assuming no increase or decrease in inventory quantity. This is a similar case in both pre-tax and after-tax cash flows. g) LIFO layer is an excess of the inventory at base of the current period and the inventory base of previous period LIFO liquidation occurs when the purchase are less than the sales that the inventory costs which are older are utilized in determining the costs of the goods sold. During the periods of rising and LIFO valuation is used, LIFO liquidation that occurs will result to a relatively low COGAS and an amount of income that is inflated. Case 6-4 Diversified Technology. (a)1)Day sales receivables =net sales/365 In 2007 $24,462/365 = $67.019 In 2008 $25,269/365 = $69.23 2) Accounts Receivable turnover = credit sales (net)/average accounts receivables Average account receivables= {($3195+$85) + ($3362+$75)}/2 = $3358.50 Receivable turnover =25269/3358.50 = 7.524 3) Day sales in inventory = number of days in a year (365)/inventory turnover ratio In 2008: 365/8.3867=43.521 In 2007: 365/8.577=42.555 4) Inventory turnover ratio=sales/inventory 2008: $25269/ 3013 =8.3867 2007: $24462/2852 =8.577 5) Working capital = current assets - current liabilities In 2008: $9598- $5,839 = $3759 1n 2007: $9838 - $5,362 = $4476 6) Current ratio = current assets/current liabilities In 2008 = $9598/$5839= 1.644 In 2007 $ 9,838 /$5362 = 1.835 7) Acid test ratio = (current assets ââ¬â inventory)/current liabilities In 2008: ($9598-$3013)/$5839 = 1.179 In 2007 : (9838-$2852)/$5362 = 1.303 b) Comment on each ratio Day sales receivables indicate the total average number of days taken in collection of all the accounts receivable. It takes around 67 and 69 days in both years. Accounts Receivable turnover is seven as per the calculations. A lower the turnover means a longer the receivables are being held thus the company have an average turnover rate. Day sales in inventory are 43.5 and 42.5 in 2008 and 2007 respectively. It shows number of days in average to sell average inventory in a specified period that is obviously one year. The company is in a position to meet its current obligations within the two years because it had a positive working capital and this shows the company in short term, is healthy. The current ratio of 2:1 can be regarded as acceptable. The company current ratio is acceptable since it can be approximated to 2:1 in the two years. Acid test ratio indicates that the firm already has short term assets that are enough to cover the liabilities that are immediate because it is more than one in both years. c) Comment on liquidity: the current
Friday, November 15, 2019
Importance of Effective Communication in Construction
Importance of Effective Communication in Construction Introduction Civil engineering works are not just the building of structures, but they provide a livable and safe environment for society. To make it all work, the disciplines involved must be in constant communication. They cannot work in isolation and must communicate with other civil engineers and professions and also be able to communicate with society. When communication fails it will have a negative effect on the works. Defining communication In the Oxford Dictionary the word communication is defined as to share or exchange information, and the word effective is defined as producing an intended result. For a civil project, effective communication can be defined as communication between inter-disciplines, which produces a structure that is designed to be safe, serviceable and economic, and constructed to be on budget, time and to the customers satisfaction. In order for communication to be effective a common language must be used which is understood well by the various disciplines. In communication between two parties, there are four key components involved: Transmitter: person with information Receiver: person to whom information is directed Medium (nature of information): words (written and spoken), drawings, figures, symbols, codes, graphs, diagrams, charts, etc Channel (method of communicating information): meetings, documents, email, telephone, video link, projector slides, etc For communication to be effective, information should flow in both directions because the receiver may not be listening to or reading what is being communicated. There must be a response from them to know that the person has both received the message and understood it2. The nature of Civil Engineering works Compared with products manufactured in factories, where most if not all the design and production stages are carried out by a single company and the end products are the same, civil engineering works are manufactured on site with a number of different disciplines involved in the process at different stages of design and construction. These works are always made to the customers specifications, making them unique for each project. With so many different disciplines3 involved, there is an important need for effective communication between them for any project to be successful. For example, the customer must communicate their needs to the consultant engineers. The consultant engineers must understand the customers needs and interpret them into a design. Then, once the plans have been developed and a bid has been taken, the contractor must understand the plans and communicate the plans to the sub-contractors. The importance of effective communication during civil works As said by Peter Rogers How many projects go wrong because somebody has a vision at the top and the people beneath destroy it because they either do not believe in what is being created or the ambition has not been communicated to them?4 Effective communication is a means to an end, which is fundamentally a project delivered on time, on budget and to an agreed quality. So, where there is a breakdown in communication the opposite is likely to occur. In the UK this has left a bad reputation of the construction industry with the client and as has lead to an increase in disputes with many of cases ending up in court. In 1992 this increasing trend prompted the Conservative government to assign Sir Michael Latham, a former MP with experience of the construction industry to investigate. In 1994 he published his report called Constructing the Team5. One of the recommendations he made was the need for improved team-working, which highlights a need for improved communication between team members. A few years later when the Labour government came into office in 1997 they set up The Construction Task Force. It was made up of a team of ten industry clients6 who were to advise on ways of improving the quality and efficiency of housebuilding. They mentioned seeing the industry typically dealing with the project process as a series of sequential and largely separate operations undertaken by individual designers7. In 1998 the Construction Task Force presented their report (commonly known as The Egan Report). Based on their findings they recommended five key changes that were needed for improvement in the construction industry: Committed leadership A focus on the customer Integrated processes and teams A quality driven agenda Commitment to people It can be seen from their recommendations that a crucial element for any of them to be successful is the ability to communicate and listen effectively and although the Task Force looked specifically at housebuilding, their findings can be applied to civil works as well. It has been over ten years (currently 2009) since the Construction Task Forces recommendations. Looking at the performance of the construction industry in last 5 years, it can be seen that there has been improvement but a lot is still needed. A summary of the performance of the construction industry from 2004 to 2008 is shown in Table 1.1. Client product satisfaction has been at 80% or above for the last five years, but this also means that 1 in 5 clients have not been mostly satisfied with the final outcome of their project. Also the figures for defects last year show that approximately one third of defects had a negative impact on the client. Case Study 1: Wembley Stadium The Wembley stadium project is an example of how clients, contractors and sub-contractors can fall out due to poor communication or the lack thereof, which can cause the project to go over budget and time. The client who is Wembley National Stadium Ltd originally selected Bovis Lend Lease and Multiplex to both design and construct the stadium, but negotiations broke down over costs. Multiplex then independently offered a cheaper tender to the client for a fixed price of à £326 million, which in September 2000 was accepted by the client10. However, the price gradually increased to à £445 million after detailed specifications were made. Bovis believed the client had broken the public sector procurement guidelines and that the project should have been retendered. The government commissioned a report to investigate the issue and concluded that retendering would have harmed the project even further in respect to time and money and believed it was not practical to have retendered. But the report also stated that the client: Failed to follow a formal procurement process, including creating proper documentation Carried out two procurement processes at the same time, making it difficult to have competitive procurement Had meetings and conversations with Multiplex before a formal procurement process There were also other problems. Multiplex complained that the client had made 600 design changes to the contract and there were disputes such as the definition of practical completion. There were delays with the raising into position of the arch. Multiplex said that the delays and other troubles were the result of the subcontractor Cleveland Bridges late and defective design of fabrication work. Cleveland Bridge said that the delays and other troubles were because of too many variations or the late supply of information by Multiplex or by the structural engineer, Mott MacDonald Limited. Case study 2: Heathrow Airport Terminal 5 On 27 March 2008 BAA opened Terminal 5 after six years of work, costing à £4.3 billion. The project was a success in terms of being built on time and within budget. However, on the first day of opening there were problems with the baggage system. The baggage system failed and so over 23,000 pieces of luggage needed to be sorted manually. At a press conference just two weeks earlier, BAAs strategy director said We have a world-class baggage system that is going to work perfectly on day one. An investigation into why these problems occurred was undertaken by the House of Commons Transport committee. They found that most of these problems were caused two main factors: Insufficient communication between owner and operator, and Poor staff training and system testing During their inquiry the national secretary for aviation, told the committee: members and shop stewards locally had been raising concerns both within BAA and BA for a considerable period in relation to the opening of Terminal 5, but that no consideration was given to the response from the trade union side. 11 A shop steward working for BAA said that union representatives: said to the company that the way it was going would not work. Based on our own experience having worked there for years no technology can take that away. we said that they must listen to what we said and do it this way, but we were told that, no, it was a state-of-the-art building and everything would work and be all right.12 The Chief executive of Heathrow BAA said that if he could rewind time, he would focus resolutely and determinedly on keeping British Airways and BAA in the same room tightly together. 13 Methods to achieve effective communication According to research carried out by Court, Culley and McMahon14, the method of communication has an effect on the richness of the information received and processed. Table 1.2 shows the various methods of communication and the levels of richness of each. Table 1.2 shows that the best method of communication is verbal, such as in meetings. With verbal communication immediate feedback is received. Information flows in both directions and new issues may be introduced by either party. Meetings are an essential part of effective teamwork and are probably the most important time where designers and constructors work together. They can be said to have two main functions: A social purpose where team members become familiar with one another and one anothers ways of working, A business purpose for communicating information and agreeing actions. For meetings to be successful each must take time to listen to the other, and remove prejudices. We are all individuals and have our own ways of working and communicating with others. What is needed is the desire to communicate and the passion to build something that is good. By sharing information between members, a team is able to make best use of its combined knowledge. Good communication in meetings also depends on individuals being able to understand what is being said. The use of terminology which is not understood by others outside the profession risks poor communication and misunderstanding. A language must be found which is understood well by all parties. Integrated teams An integrated team which was one of the recommendations of the Construction Task Force is another effective method of having team members talking to each other. Multidisciplinary companies like Arup or Amec have the advantage of the different disciplines working for the same company and in the same building. Typically the members of the project work on the same floor in an open plan office making it easy for communication and ideas to be exchanged between the different team members. Computer programmes As the old saying goes A picture is worth a thousand words, in the same way computer programmes such as CAD can be used to produce 2D and 3D drawings, which can then be communicated to other project members. There is industry standards in terms of symbols and legends used on drawings so that everyone is able to understand what is being communicated. CAD drawings can also be sent electronically to the other team members so that they are able to view the same information and develop their information onto the design. They are also able to analyse the structure and its connection with other structural elements and make any adjustments if necessary. Case Study 3: MidCity Place, London MidCity Place, an office development in London took 57 weeks to construct, which according to the developers Stanhope Plc is half the industry average build time and at a cost 20% lower than the market average for a building of its quality15. The project was completed in December 2001, eleven weeks ahead of schedule and within budget. The contractors Bovis Lend Lease and Stanhope developed a logistics process based on experience in the car industry. The logistics programmes scheduled all the components in their sequence in the construction and put this information into 3D modelling software. The programme modelled the building and its assembly and also allowed them to find glitches in the delivery and construction sequence. The techniques used on MidCity Place are now being used on other Stanhope/Bovis Lend Lease projects, where they are being developed further. Education Educating students at an early stage is important in order to allow them to enact the roles they will need to fill when entering the industry. From experience, this is currently being achieved by methods such as group projects, presentations and subjects such as Civil Engineering Management. Although these methods do improve the personal skills of an individual there does not seem to be any formal subject in developing communication skills. It seems that communicating ideas is left more as an art that needs to be developed individually by students, than something that can be learnt academically. There are postgraduate courses such as Interdisciplinary Design for the Built Environment (IDBE) run at Cambridge University or the Project Team Leadership Programme run by Design Build Foundations and Henley Management College, which broaden the education of graduates to getting the industry communicating and working together. Conclusions Communicating information is just as important as the information that is being communicated, without which no progress can be made and ideas will remain just that. A lot of time is spent communicating during civil projects. It is in the interest of all those participating in a project to develop effective forms of communication, as a breakdown in communication can have not only time delays and cost overruns, but also harm a companys reputation and/or even bring financial ruin. References 1. Payne, A.C, Chelsom J.V and Reavill L.R.P (1996), Management for Engineers, John Wiley Sons, England, Pg 192. 2. Ibid, Pg 193. 3. These professions are typically the Client, Civil Engineer, Contractor, Sub-contractor, Manufacturer, and also the general public. 4. Spence R, Macmillan S Kirby P. (2001), Interdisciplinary design in practice, Thomas Telford, London, Pg 28. 5. Latham, M. (1994), Constructing the Team, HMSO, London. 6. The members of the Construction Task Force (circa 1998): Sir John Egan (Chairman), Chief Executive, BAA plc, Mike Raycraft, Property Services Director, Tesco Stores Ltd, Ian Gibson, Managing Director, Nissan UK Ltd, Sir Brian Moffatt, Chief Executive, British Steel plc, Alan Parker, Managing Director, Whitbread Hotels, Anthony Mayer, Chief Executive, Housing Corporation, Sir Nigel Mobbs, Chairman, Slough Estates and Chief Executive, Bovis Homes, Professor Daniel Jones, Director of the Lean Enterprise Centre, Cardiff Business School, David Gye, Director, Morgan Stanley Co Ltd, David Warburton, GMB Union. 7. DETR (1998) Rethinking Construction: the report of the Construction Task Force July 1998, Pg 13. 8. Ibid, Pg 12. 9. Ibid, Pg 4. 10. Morton R, revised by Ross A (2008), Construction UK, Introduction to the Industry, Blackwell, Pg 145. 11. House of Commons Transport Committee (2008), The opening of Heathrow Terminal 5, The Stationery Office Limited, Pg 74. 12. Ibid. 13. Ibid. 14. Court AW, Culley SJ and McMahon CA. (1997), The Influence of information technology in new product development. International Journal of information Management, Vol. 17 N0.5, Elsevier, Pg 359-379. 15. www.stanhopeplc.com, MidCity Place (2009). 16. Office for National statistics (2008), Construction Statistics Annual No.9, Palgrave.
Wednesday, November 13, 2019
Summary of Hannah Arendts Ideology and Terror: a Novel Form of Governm
In her excerpt "Ideology and Terror: A Novel Form of Government" from her book The Origins of Totalitarianism, Hannah Arendt reveals that terror is at the core of a totalitarian government, and that this terror is based upon ideology. This type of terror exceeds fear. Totalitarianism dominated many governments during the twentieth century. Unlike other forms of government that oppress its people; a totalitarian form of government escapes the boundaries of definition. A totalitarian government is commonly mistaken as a tyranny or dictatorship. Arendt explains that this is because it must begin as a tyranny to lift the boundaries of the laws. Arendt uses two particular governments as examples to help clarify the nature of a totalitarian government; fascist Germany and communist Russia. According to Arendt, the totalitarianism that rose in Germany was based upon the ideology of racism. It was propagated by Hitler and enforced by the Nazi regime. This form of totalitarianism led to the ultimate form of terror: human cruelty and death. Arendt compares that in communist Russi...
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