Wednesday, August 26, 2020
It is anything but a clamor that you as a rule hear originating from an emergency clinic room. Ã¢â¬Å"Ha ha! He heelÃ¢â¬ You make the way for see twelve patients Ã¢â¬ all wiped out, a few in wheelchairs Ã¢â¬ stimulating each other with long inflatables and snickering as hard as it's conceivable to giggle. Participate with the fun is Dry Tim Crick, and this is his week by week meeting of chuckling treatment at Leeds City Hospital. The point of these 30-minute meetings isn't just to assist patients with foregetting that they are wiped out, as indicated by Dry Crick: Ã¢â¬Å"Laughter gives the lungs and the muscles a decent exercise, which Is Important In long haul patients.But more than this. I accept that chuckling can really accelerate recovery from disorder. Ã¢â¬ Laughter treatment's ongoing history starts in the asses, when author Norman Cousins depicted in Anatomy of an Illness how he utilized satire movies to effectively give himself some help from an agonizing ailment. Th is elevated scholastics to start taking a gander at the physiological impacts of chuckling. The spread of restorative Ã¢â¬Å"laughter clubsÃ¢â¬ started In India In the asses with Dry Madman Astral, who started taking patients for meetings In an open park.So Is there any science behind the cases that chuckling speeds recuperation? Absolutely, it triggers a scope of responses in the body. A few investigations have demonstrated that the capacity to utilize and react to humor may raise the degree of contamination battling antibodies, and lift the degree of safe cells. An ongoing report with diabetics indicated that giggling helped control glucose levels. What's more, research at the University of Maryland indicated that giggling helped blood stream by keeping veins relaxed.For Dry Crick, It is In chuckling's capacity to loosen up s that Its mending power lies. After a decent snicker. Our muscles unwind. Our psyche quits concentrating on torment or negative contemplations, and endorph ins begin to stream in our minds. It places the body in a circumstance where it can start to mend itself. At the point when we are sound we can accomplish this state through physical exercise, social contact, and on-things that are progressively troublesome when you are n emergency clinic. Chuckling, similarly as music, can carry unwinding into the wards. While many are far fetched about the logical premise of chuckling treatment, It would be Impossible for even the most outrageous septic to watch these helve patients In Leeds snicker until tears run down their appearances without speculation, Ã¢â¬Å"this is benefiting them. Ã¢â¬ Questions: 1-Read the content and answer the accompanying inquiries: 1. In what two different ways is giggling useful for patients, as indicated by Dry Tim Crick? Chuckling treatment meeting held? Ã¢â¬ 3. For what reason may chuckling help diabetics? Ã'âº 2. Where were the first 4. How does giggling help battle diseases, as indicated by certain inves tigations? 2-Match the featured words In the content with the implications underneath: a.Designed to impact that you are attempting to accomplish: c Makes something start to occur: Ã¢â¬ 3-Fill in the spaces with the near or standout types of the descriptors: a. Anti-inflamatory medicine is (solid) painkiller we have, I feel apprehensive even mentioning it. B. Would i be able to effectively cause you to feel (well) ? C. Moving around is getting (hard) to do. D. Infusion is (quick) approach to regulate relief from discomfort. E. He is (frail) Ã¢â¬ he was yesterday. F. For kids, pondering the infusion is (terrifying) the torment itself. 4-Complete the inquiries in the exchange: Nurse: When did the manifestations initially show up? Understanding: About a year.Nurse: Why (you/not come) to see me? Understanding: At the time I wasn't exceptionally stressed. Attendant: And (the side effects/deteriorate) Ã¢â¬ 7 Patient: Yes, they began to deteriorate about a month prior. Attendant: I see, and (you/take) any medicine from that point forward? Tolerant: I went to see a homeopath and he endorsed these pills. Medical caretaker: I see. (You/your mouth wide and state Ã¢â¬Å"ahÃ¢â¬ ? Ã¢â¬ Ah. Medical attendant: Good, can open) Ã¢â¬ and (what/occur) when you took the pills? Understanding: This rash showed up. (You/can see) it on my back? Attendant: Yes, I see. All in all, (there was) any improvement when you took the pills? Quiet: No
Saturday, August 22, 2020
Questions: 1.Importance Of Accounting to the Owners And Operations Manager. 2.Describe How the Operations Manager Should Record Financial Transactions. 3.Discuss about the Advantages And Disadvantages Of a Company. Answers: Presentation The essential capacity of bookkeeping in business is to help both inward and outer partners to take sound business choices by introducing them steady money related data. The current report rotates around a Melbourne based organization named Advanced Food Services which is confronted with the issue of insufficient bookkeeping strategy because of which it is losing impressive measures of stock and cash. The appropriate responses give suggestions about how the proprietors (Smythe and Alba) and the Operations Manager (Jimmy) can bring the business in the groove again 1.In straightforward words, Accounting is characterized as the act of recording, summing up, assessing and revealing monetary exchanges of an organization. Bookkeeping is viewed as the most basic elements of any association. Actually, it is normally known as the Language of Business (Porter and Norton, 2008). It is significant for the proprietors and Operations Manager of Advanced Food Services to comprehend that receiving legitimate bookkeeping techniques will give them quantitative data of financial nature which thus will help gigantically in dynamic. Right now, no legitimate records are kept up by anybody in the Melbourne based organization. Nonetheless, on the off chance that Jimmy or the two proprietors begin continuing bookkeeping records, at that point the results of their tasks and money related position will be before them in a precise way. Both the proprietors and Jimmy will have the option to take due consideration of their money prerequisite and working capital with the a ssistance of a sound bookkeeping framework (Bragg, 2011). Compelling business bookkeeping ensures convenient account of liabilities that should be paid inside the predefined time period. All organizations require trading cash with their customers and speculators. On the off chance that the entrepreneurs disregard keeping up records of costs, at that point they are probably going to wind up caught in money related issues sometime. A bookkeeping framework will assist them with keeping up appropriate money surge and inflow for deciding the money close by. As the proprietors and Jimmy don't follow their use, stock and deals, it is getting difficult to get an away from of whether the organization is winning a benefit or not (Ernst Young LLP, 2017). Be that as it may, on the off chance that they use GAAP, they can without much of a stretch track their exchanges and set up their fiscal reports. GAAP will help them in accomplishing consistency in their appearance of monetary subtleties. These bookkeeping standards necessitate that the organization utilizes similar gauges from one bookkeeping year to the next, which supports ease of use and consistency of the announcements. For example, moving from the FIFO stock bookkeeping strategy to the LIFO without earlier notification can confound clients and the proprietors as well (Narayanswamy, 2014). In like manner, predictable terrible obligation bookkeeping and income acknowledgment methods sway interior dynamic. As business includes customary activity and requires keeping up records of every one of these exchanges, proclamations arranged as per GAAP are for a specific timeframe as well as kept up regularly. GAAP additionally expands the similarity of money related reports by normalizing bookkeeping strategies. The proprietors and Jimmy can contrast their budgetary records having a place with particular periods against the announcements of comparative organizations of a similar division (Lev and Gu, 2016). Unmistakably, Smythe and Alba (the proprietors) and Jimmy (Operations Manager) are not following either legitimate bookkeeping strategies or GAAP guidelines. Only keeping a container of receipts and installments are going to transform the month end bookkeeping into a lumbering procedure and builds the likelihood of exclusion and duplication. Formal record saving is basic for the smooth working of Advanced Food Services. 2.Financial proclamations are recorded by activity chief through twofold passage framework. The twofold passage arrangement of accounting and bookkeeping alludes to a strategy where every exchange comprises of at least two than two records by giving equivalent impact to charge and credit side. The benefit or misfortune is determined with the assistance of twofold section accounting the framework in an exact way by setting up the benefit and misfortune represent a given timeframe. The arrangement of twofold passage accounting will likewise help with uncovering the data of businesss money related situation with the assistance of monetary record (Bragg, 2011). Activity supervisor is required to utilize mostly five sorts of records in the bookkeeping records which are: - liabilities, resources, value, cost, and income. Activity administrator can process benefits with the utilization of pay explanation. Benefit and misfortune account is another name for the pay proclamation (Narayanswamy, 2014). The recipe for money explanation is: Incomes Expenses =Net Income For endurance, all organizations are required to make benefits, to take care of consumptions, interests on obligations and expenses. In the wake of taking care of all operational, the sum left is overall gain. It is critical to keep up salary proclamation as it helps in computing benefits and shows the budgetary gainfulness of business during a particular timeframe. PL account is utilized all around by bookkeepers and administrators. A case of some vital exchanges for business is listed as underneath: Money exchanges It incorporates money plans and money dispensing. Toward the month's end, activity supervisor must settle the financial balance with respect to any exclusion or exceptional exchanges, for example, if the organization signs a check, it must be promptly recorded in the bookkeeping records, however it may be not cleared by the bank toward the month's end it is as yet remarkable (Bock, 2010). Records receivable This sum is the due measure of clients which the organization needs to get from them. The data of these records is recorded in sub record, and it must be settled to the records receivables posting for the affirmation of equalization sum (Gupta, 2012). Records payable These exchanges commonly show cash payable by the organization to the providers. It is comprehensive of sums because of workers or to charges which are payrolls or HST. It is noteworthy to settle these records and ensure that what to record with respect to the current proceeding with commitments (Aylen, 2012). Deals exchange It records the pay created by a business by selling its administrations and items. This will incorporate money just as credit exchanges by thinking about pertinent records. 3.In Australia, the most normal sorts of organization are: Open organizations (regularly framed for collecting or obtaining open cash by posting its offers to be exchanged on the stock trade) Restrictive constrained organizations (which are not qualified for fund-raising from people in general through issue of offers) (Sinha, 2016) Given the proprietors enthusiasm for extending the business by transforming it into an organization, the most attainable alternative is to frame an exclusive restricted organization. The upsides of doing so are recorded underneath: Constrained Liability The most evident bit of leeway of framing a restricted organization is that it carries money related security with it. The investors of the organization are not responsible for any obligation which is gathered by the organization past the degree of their own speculations. This will give a sentiment of security for the speculators (Bock, 2010). Separate Entity Because of its very nature, an exclusive restricted organization is viewed as an alternate legitimate element and has a different presence from its proprietors. This has numerous advantages, including the way that the association has unending presence and the passing of any part won't stop its reality. This guarantees the security for different individuals and workers and is additionally an advantage which different types of organizations are not qualified for (Burton, 2012). Tax assessment and expense related favorable circumstances The Limited Liability organization may be burdened on its benefits and isn't dependent upon any more prominent duty rates imposed on associations or sole dealers. There are numerous manners by which the constrained organization can be utilized to assist the individuals and their inclinations. By framing and working a constrained organization, the individuals are qualified for pay themselves the lowest pay permitted by law levels. This empowers them to receive rewards of individual remittance. There is additionally the advantage of delivering yourself in profits as opposed to as pay parcels (Aylen, 2012). Possession and Control For the situation of Proprietary Limited Companies, the Directors are additionally the fundamental investors of the organization. Consequently, the control and responsibility for business remain with them. Choices could be taken effectively and rapidly with little wreckage, empowering increasingly productive business the board (Lev and Gu, 2016). It is prudent that Smythe and Alba grow their business by transforming it into a Proprietary Limited Company as a result of the previously mentioned favorable circumstances. In any case, they ought to think about the accompanying hindrances before diving in: Cost A constrained organization is exorbitant to set up. Complex records The principles overseeing accounting and bookkeeping of an organization are progressively prohibitive and unpredictable when contrasted with a sole broker. Limited capital raising There is a limitation on capital raising through the issue of offers. Consequently, however Smythe and Alba can grow their business by framing an organization, they should be cautious about their bookkeeping techniques (Sinha, 2016). End It is apparent that the issues being looked by Advanced Food Services can be moderated by following proper bookkeeping techniques and consenting to GAAP. In addition, as the upsides of framing an organization exceed its detriments, they ought to think about transforming their business into an organization References Aylen, J., 2012. Beginning and Running a Small Business For Canadians For Dummies All-in-One. John Wiley So
Tuesday, August 11, 2020
2016 All Women, All the Time (An FAQ) In a way, 2015 was an excellent year for YA. Because there were awesome books! SO MANY AWESOME BOOKS! Off the top of my head: Bone Gap, A History of Glitter and Blood, The Truth Commission, See No Color, Infandous, Shadowshaper, Kissing in America, Out of Darkness, Dumplin, MARTians, Delicate Monsters, The Scorpion Rules, All the Rageâ¦ and I could go on. But itâs also been an extremely hard year for many of us in the Young Adult community. Thereâs been a lot of conflict, a lot of hurt, a lot of not listening, and a lot of not being heard. Again and again, womensâ voices were brushed aside, dismissed, deemed irrational or deceptive or overreactionâ"which is something I pretty much always expect to see in our larger culture, but not so much in our supposedly warm and fuzzy and inclusive YA community. Naive, I know. And, as a straight white cisgendered woman, entirely privileged. This year, Iâve seen women offer up criticism about the female characterization in male-authored books, and Iâve seen women from marginalized groups offer up criticism about depictions of those same groupsâ¦ and every time, Iâve seen them slapped down for being unkind and unfair, told that they should be quiet if they didnât have anything nice to say, that they were just looking for things to be offended by, that they were looking too closely at the text. (That last one, coming from a literary community that is always fighting for more mainstream respect, is especially galling.) Iâve seen women make the same points again and again and again, and Iâve seen how somehow, very few people hear said point until a man steps up and repeats it. And of course, that situation gets exacerbated exponentially when you factor in intersectional marginalization. About a month ago, an essay ran here at Book Riot about a womanâs decision to read mainly women authors. It got plenty of positive THIS SOUNDS LIKE A FUN PROJECT comments, but it also got a lot of pushback. Ugly pushback. A lot. It spilled out from the comments and onto social media and ugliness was spewed and threats were made and it was just vile. And, as I watched that all play out, rather than scaring me off, all of the garbage levelled at that essayâ"and, of course, at the woman who wrote itâ"resulted in the realization that this year, every single book that Iâve read that I have connected on a kindred-spirit level has been a book written by a woman. It made me realize that lately, while I havenât felt particularly welcome in a community that I used to consider welcoming, that I have felt embraced and affirmed and heard and challengedâ"in a positive wayâ"by those same authors, in those same books. It made me realize that at the moment, I want to surround myself with womensâ voices. That I want to put my energy into listening to them, engaging with them, learning from them, and amplifying them. And so, in 2016, Iâve decided to read entirely women authors. Prose to poetry to comics, nonfiction to fiction, picture books to chapter books to YA to the adult market: for me, 2016 will be all ladies, all the time. And now, I shall provide you with the answers to a selection of predicted questions: DONâT YOU FEEL LIKE YOUâLL BE MISSING OUT? WHY WOULD YOU LIMIT YOURSELF LIKE THAT? Itâs funnyâ"people sit down and spend a year reading only Charles Dickens or Shakespeare or James Joyce, and Iâve never see this question asked. Meanwhile, in addition to whatever comes out next year, Iâve got the entire history of womenâs writing to work with, soâ¦ no. No, I wonât feel like Iâll be missing out. ISNâT THAT SEXIST? No. If that isnât enough of an answer for you, see above. If someone sitting down with Chas or Will or Jim for a yearâ"focusing in on a specific body of workâ"isnât sexist, neither is this. GOOD BOOKS ARE GOOD BOOKS. IT DOESNâT MATTER WHO THE AUTHOR IS. Thatâs not a question. (But really, do you honestly think that an artistâs life experience or identity has no effect whatsoever with the body of work that they create? Like, REALLY? I understand separating the artist from the art, but the theory that perspective and again, life experience, donât affect the art itself is just utterly illogical.) Also, you do you. Read what you want to read, and enjoy it. Iâll do the same.
Saturday, May 23, 2020
Legal and Ethical Considerations in Marketing, Product Safety, and Intellectual Property Sam Cook Dr. William Stone LEG 500 August 28, 2013 1. Research three to five (3-5) ethical issues relating to marketing and advertising, intellectual property, and regulation of product safety. When looking at PharmaCAREÃ¢â¬â¢s relationship with the Colberians, you see that the companyÃ¢â¬â¢s treatment of the indigenous population is unethical. In terms of intellectual property, the scenario in Assignment 2 highlights the exploitation of the Colberians. While the indigenous population freely shares their information about their cures, the company exploits them by not compensating them for their shared knowledge.Ã¢â¬ ¦show more contentÃ¢â¬ ¦Finally, in terms of regulation of product safety, PharmaCARE threw all ethics out the window by working around a number of safety requirements and putting consumersÃ¢â¬â¢ lives at risk. The organization used its reputation as a caring, ethical and well-run company to pull the wool over the eyes of many. After reformulating a diabetes drug to treat those suffering from AlzheimerÃ¢â¬â¢s disease, PharmaCARE was required to seek FDA approval for distributing the new drug in mass quantities. Instead, it created a subsidiary tha t acted as a compounding pharmacy to distribute the drug directly to consumers on a prescription basis. Although pharmacy compounding, a practice where licensed pharmacists reformulate drugs to create a medication more suitable to treat a patientÃ¢â¬â¢s individual need, PharmaCARE, through CompCARE, went on to sell the product in bulk to hospitals, clinics, and doctor offices, an action not permitted by pharmacies. Pharmacy compounding, when done properly, meets a vital public health need when a patient is unable to be treated with a medication approved by the U.S. Food and Drug Administration (FDA), but compounding was never intended to provide unapproved treatment to the masses. This is illegal and unethical. One of the primary roles of the FDA is to regulate prescription drugs to ensure safety of the public, but motivated solely by profit, PharmaCARE took the compound route to avoid theShow MoreRelatedLeg 500 Assignment 3 Ethics and Corporate Responsibility685 Words Ã |Ã 3 PagesLEG 500 ASSIGNMENT 3 ETHICS AND CORPORATE RESPONSIBILITY To purchase this visit here: http://www.activitymode.com/product/leg-500-assignment-3-ethics-and-corporate-responsibility/ Contact us at: SUPPORT@ACTIVITYMODE.COM LEG 500 ASSIGNMENT 3 ETHICS AND CORPORATE RESPONSIBILITY LEG 500 Assignment 3 - Ethics and Corporate Responsibility in the Workplace and the World Write a six to eight (6-8) page paper in which you: 1. Determine all the stakeholders in this scenario. 2. Analyze theRead MoreLeg 500: Assignment 3: Corporate Governance and Ethical Responsibility1802 Words Ã |Ã 8 PagesAssignment 3: Corporate Governance and Ethical Responsibility LEG 500 - Law, Ethics, and Corporate Governance 1. Determine at least three different internal and external stakeholders that Dr. DoRight might have to deal with on a daily basis at the hospital. Stakeholders are individuals who are involved in, have a vested interest in, or a Ã¢â¬Å"stakeÃ¢â¬ in the success of an organization (Merriam-Webster, 2011), such as a hospital. 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Copyright reserved Please turn over INSTRUCTIONS AND INFORMATION Read the following instructions carefully before answering the questions. 1. 2. 3. 4. Answer ALL the questions. Write ALL the answers on your ANSWER SHEET. Start EACH question on a NEW page. Number the answers correctly according to the numbering system usedRead MoreMarketing Plan For A Company Essay1601 Words Ã |Ã 7 PagesMarketing Plan Assignment One The marketing plan for this term will be written for the Company/Brand you have selected. For this assignment, analyze the industry in which your selected Company/Brand operates. For example, Coach operates in the luxury handbag industry. 1 - Using outside sources (cite and reference each source), provide an analysis of the industry. Include specifics on competing brands when possible. Ideas of information to search for: market size/growth rate, industry salesRead MoreEmployment At Will Doctrine Is A Common Law1411 Words Ã |Ã 6 Pages LEG 500- Law, Ethics, Corp. Governance Week 5 Assignment 2: Employment At Will Doctrine Professor Lateefah A. Muhammad. November 8, 2015 Employment-At-Will Doctrine An employment-at-will doctrine is a common law that states an employer can hire, fire, promote, or demote an employee at anytime for any reason as long as there is a law or doctrine that does not oppose it. As an employer can fire an employee for any reason at any time, likewise an employer can quit a job forRead MoreMass Media Comparison Essay1289 Words Ã |Ã 6 Pagesmeans things such as Television, Radio, Newspapers, Internet, Magazines etc; they are a means of communication to people. The mass media have a few main functions, which include informing, educating and entertaining you. In this assignment I am going to compare two articles from two different type of papers, a tabloid and a broadsheet. I am going to us The Sun as my tabloid and The Guardian as my broadsheet. 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Tuesday, May 12, 2020
Sample details Pages: 11 Words: 3272 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? In the world of certainty many Non-financial firms use hedging strategy to reduce the risk. Risk Management is the strategy tool, which helps in identifying, quantifying, monitoring, and controlling risks. Risk management basically protects the firm from insolvency. DonÃ¢â¬â¢t waste time! Our writers will create an original "Analyze All The Relevant Studies Finance Essay" essay for you Create order Many of the Non-financial firms use various types of derivatives like foreign exchange derivative, commodity derivative and Interest rate derivative. Of the risk that many firms try to avoid or manage is interest rate risk. In this I have analyze the information on usage of interest rate derivative by 200 Non-financial firms in 2005-2010 (past 6 years). I found that most of the firms does not use derivative for speculation. In common with several previous studies this paper recognises that different factors might be important for each type of hedging. Therefore, the empirical tests in this paper examine whether sample firms that report they hedge interest rate exposure exhibit characteristics that are consistent with the predictions of hedging theories. The currency and interest rate problems faced by firms today have been exacerbated by the breakdown of the post-war international monetary system established at the Bretton woods conference in 1944. The main features of the Bretton woods system were the relatively fixed exchange rates of individual currencies in terms of the US dollar and convertibility of the dollar into gold for foreign official transactions. The fixed exchange rates were supposed to reduce the risking of international transactions. The fixed exchange rates were supposed to reduce the risking of international transactions thus prompting growth in world trade. With the collapse of fixed parties in 1970s exchange rate were free to fluctuate according to the supply and demand for different foreign currencies. Such an environment led firms to the realisation that a large variation in interest rate could materially reduces net profits reported and could even put them out of business. Hence managing interest rate became one of the important functions of companys strategies policies. The firms which are not significantly changing the interest rate exposure of their operations, their hedging activities should not vary significantly over time. Un less their underlying liability structure is similarly changing over time, evidence that derivatives usage does vary significantly over time is consistent with firms using interest rate derivatives to speculate. An analysis of our empirical literature relates to an accurate assumption that firms that do not use derivative are not hedging. A firm that issues fixed rate debt has the same interest rate exposure and therefore receives the same theoretical benefits of smooth cash flow, as one that issues floating rate debt and swaps it to a fixed rate. If firms are hedging, then the choice of the interest rate exposure of the firms liabilities should be driven by the sensitivity of a firms cash flow to movements in interest rates. By matching the interest rate exposure of the liabilities to that of their assets, firm can reduce the variability of their cash flows. As a result, firms may lower their expected cost of financial distress ( Smith and Stulz (1985))as well as minimise how often they have to raise expensive external capital (Froot, Scharfstein and Stein (1993)). Firms may believe, as suggested in the Harvard Business school case study Liability Management at General Motors (Tufano 1995) that they can reduce their interest cost by actively managing their interest rate exposure as interest rate changes. The use of interest rate derivative has developed significantly over the past few decades. According to, (Guay and khothari (2003)) they argue that derivative positions are generally too small to significantly affect firm value, whereas (Faulkender (2004)) showed that firms in the chemicals industry emerge to use interest rate derivative to speculate rather than hedge. In this we have focused on how Determinants of interest rate derivative influence nonfinancial firm by examining the bond between derivative position and risk exposure. Our data set is consist of detailed information on 150 non- financial firms of United Kingdom for past 6 years from 2006 to 2010. The data allow us to look over the types of derivatives used by the non financial firm to hedge their Interest rate. Purpose of study Interest rate risk signifies one of the key forms of financial risk that bank face in their function as financial intermediaries. Interest rate derivatives are broadly used by Non financial firms. There are two main roles which firms can take: act as a hedger or act as a speculator, but non financial firms basically use derivatives for hedging and very few of them use it speculation. Reasons of implementing interest rate derivatives are obvious but what are the main reasons and determinants which encourage firms to use interest rate derivative. Studies that empirically explore the determinants of interest rate risk have usually used asset-debt maturity as the key factor in explaining firms interest rate exposure. While this topic is quite getting on and researched broadly and there is no clear understanding of determinants. Results of empirical studies oppose each other and there is a need for sorting and fine research. Research Questions Research question helps to split the topic of the dissertation and make it more clear in understanding it easily and aim behind it. It is crucial to build up a set of question which would be based on secondary data and would reveal all undiscovered problems in whole research and define everything clearly. By conducting literature review the lack of studies of the topic was discovered. In this Dissertation after collecting all primary data and secondary data we established to fulfil the following objectives: Analyze all the relevant studies. Determine the main determinants of interest rate by UK non financial firms. In this dissertation we are having both primary and secondary data which is being collected annual reports of the firms and sites from internet respectively. All data and information used are highly reliable. Internet is a basic source of information used for various purposes like education. All risk were minimised by using official reports and sites to get reliable information. Limitation of study The main problem in primary data was while analysing annual reports we encountered the lack of satisfactory information about derivatives usage and notional values of firms and in secondary data the foremost problem which would be encountered by researchers is the lack of suitable exposÃ © of information concerning Interest rate. We couldnt find the annual reports for some firms because it was not available on internet. Chapter2. LITERATURE REVIEW Risk is basically a probability of loss or the danger of realising a loss or profit bigger/smaller than the one assumed in some specific operation or transaction. Or in short its an exposure to danger. The concept of risk is commonly used in two different meanings. First, there is the definition, where risk is measured in terms of variability of possible outcomes around their averages. Capital pricing model is based upon this statistical definition. (Franks 1986). Secondly, risk can be defined as the probability of the occurrence of unfavourable outcomes. (Weston and Brigham 1981). Preference is given to the former definition since it gives interest and exchange rate exposure rate exposure a resultant positive or negative outcome. Financial risks are of various types which are being explained below: Basic risk Ups and down in interest rate will cause interest bearing liabilities to redetermine the price at a higher rate than that of it was fixed earlier. Capital risk Amount of loss from unrecovered loans will affect the financial institutions value of capital. The capital may include factories, liquid securities and equipment. For example a person invests Ã £5000 in stock market, he or she faces capital risk of Ã £5000 invested. Country risk Country risk is collection of risk attached with investing in foreign country. Various economic and political changes in foreign country will affect loan-repayments. These risks include political risk (political changes in debtors country), economic risk (changes in the state of economy), exchange rate risk (risk which includes appreciation and depreciation of a currency) and transfer risk. Default risk In this borrower of loan is not able to pay back the whole amount. Delivery risk The person buying or selling foreign currency will not be able to deliver on maturity. Interest rate risk Decline in net interest income will result from changes in relationship between interest inco me and interest expense. Liquidity risk Liquidity risk is of two types: funding liquidity risk and asset liquidating risk. Funding liquidity risk- unable to meet payment obligation. Asset liquidity risk-situation when a transaction cannot be carried on at dominating market price due to the size of the position. Operational risk It is basically a human risk. It is caused by human error in business operations. Operational risk differs from industry to industry. Industries which have less human interaction bear less operational risk. Commodity Risk Commodity risk rise due to uncertainty of outcome that arises because commodity price changes unpredictable which lowers the producers profit margin and makes budgeting difficult. Futures and options are two financial derivatives used to hedge against commodity price risk. In this dissertation we are looking at Determinants of interest rate and how non financial firm uses various derivative of interest rate for hedging. The approach to interest rate risk management and valuation developed and often used by actuaries assumes a single interest rate. This rate is used to value cash flows and to determine the sensitivity of the value of the cash flow to interest rate changes. Related studies Interest rate risk management has been targeted in some of the previous studies. In the previous study of Hakkarainen et al. (1997). They studied exchange rate and interest rate risk management in major Finnish non financial firms in the spiral of 1994. They approached 100 companies and 84 agreed to take part in the survey. The participants were mailed a questionnaire, which they filled and returned. Hakkarainen et al. analysed that the main target of the non financial firms in their interest rate risk management were to reduce the outcome of the interest rate movements on the firms income, and minimizing net interest rate expenses. Apart from all companies 28% of the company did not perform interest rate ris k management. Interest rate swap (IRS) was the most commonly used hedging instrument, followed by forward rate agreement. The method which is being used in the interest rate risk analysis is duration analysis and average interest rate period. Maximum of the firms assessed having been fairly successful in their interest rate risk management. In the words of Harju and Martikainen (1997) they studied the management of foreign exchange and interest rate risk among small and medium-sized Finnish companies. Their original sample consisted of 64 companies, of which only 23 returned the mailed questionnaire. Their results, as well as their final sample, were quite limited regarding interest rate risk management. Fatemi (2000) The basic factors affecting the approach of a company towards its risk management have not been studied that much. Kasanen et. al. (1997, p46, p 54) recommend that at least firms size and structure, the existence of a written risk management policy and the fir ms attitude towards risk affects the companys risk management. Moreover, they advised (p-220) that the sensitivity of a companys financial profit to a rise in interest rate risk is a main issue that should be taken into consideration. On the other hand, if the goal of financial risk management is to minimise the fluctuations in income (stulz, 1996), the cyclicity of the industry should not be forgotten either. In the words of Shapiro and Titman (1985), debt structure is also a key determinant. Chapter3. The Data and the Methodology 3.1 Research question Research question helps to split the topic of the dissertation and make it more clear in understanding it easily and aim behind it. It is crucial to build up a set of question which would be based on secondary data and would reveal all undiscovered problems in whole research and define everything clearly. By conducting literature review the lack of studies of the topic was discovered. We pay different interest rates every time, thats why we will look over the determinants of interest rate and explains how rates derived. In this Dissertation after collecting all primary data and secondary data we established to fulfil the following objectives: Analyze all the relevant studies. Determine the main determinants of interest rate by UK non financial firms. 3.2 Research Method In this part collecting and analysing the data has been defined. We are screening how usage of derivatives of interest rate affects the United Kingdom firms and what are the v arious determinants of interest rate. The core material of this study is from information of 200 non financial firms for past 6 years, the reason behind not including financial firms in our research is because financial firms use derivatives for both risk management and trading purpose. Whereas, in Non-financial firm they use derivative for only risk management and very few firms uses derivatives for trading purpose. Both financial and non financial firm have different motives for using derivatives In this dissertation we have used quantitative method of research, this method has its own advantages and disadvantages. In our research we have analysed around 150 United Kingdoms Non financial-firms. We have collected annual reports of 150 firms for past 6 years. There are many ways to analyse this research it can be either with empirical analysis with hypothesis testing and so on or descriptive statistics. Advantages for quantitative data are that it helps in broader study, allows having greater objectivity and better accuracy of analysed result. Quantitative data usually provide complete summary of data from the annual report and helps in performing various tests. In order to accomplish this, quantitative research usually involves variables. Using data from the annual reports of the companies which can be analysed and compared with some similar or recent studies. It helps in conducting vast data from the annual report and facilitates comparison over the time. 3.3 Data Collection In this dissertation we have used primary data which is being collected for the first time. The process includes collection of original data for the first time. We have used companys annual report and data stream to collect primary data. All the firms included in the sample have a complete set of past 6 years. This procedure results in total of 150 firms. We have collected the panel data for 150 firms and various variables. To collect information on firms usage of interest rate we started screening for keywords in each firms annual report to check what type of derivative does the firm use for hedging like FX derivatives (FX forward, FX swap and FX option), IR derivatives (IR forward, IR caps, IR collar and IR swaps), commodity derivatives (commodity forward, commodity swaps, commodity futures and commodity option). Firms usage for interest rate derivative includes in these four categories: forwards, swaps, collar and caps. For all firms we tried finding out their outstanding notional values for all derivative usage to pay. We are also having secondary data in our data collection which helped us to conduct broad literature review and research. The main benefit in this type of data was that all the empirical analyses and hypotheses tested are studied and summarised and considering this as a base we took a new approach to the research question. This type of data provided different view on problems by various researchers and collect necessary information on o ur research topic. Secondary data is of two types such as external and internal and so on. In this dissertation we collected information from periodical academic journals, articles, internet and statistical databases. 3.4 Data Sample In this research we are using panel data for 150 UK non financial firms with various variables and it contains firms annual data for past 6 years. To collect the data for research we have used firms annual reports and data stream. Unfortunately, DataStream and firms annual report cannot provide notional value of derivatives like interest rate, foreign exchange rate and commodity derivatives. Then information was structured, combined and organised in one excel document which consisted of 150 UK Non financial firms 3.5 Research variables 3.5.1 Firm size To measure the size of the firm I have a variable called logarithm of assets is a proxy for firms size. It is possible to suggest that participation in a swap market requires from financial institution justification of a transaction. It is proved that a large non-financial firm would have a comparative advantage in transaction support. Block and Gallagher (1986), smith and stulz (1984), greczy, minton, and schrand (1997), john R. Graham, and Daniel A.Rogers (2000), argue that larger firm are more likely to employ managers with specialised information to manage a hedging program employing these instruments. They also argued that small firms do limited hedging because of their set up cost. They note that the size of the firm is positively related to the decision to hedge, stating that larger the firm more chances to hedge as compared to smaller firms. Larger firm are less likely to fail (jagtiani, 1996). The object of research is primary data of non financial firms. Larger non-financial firms can perform economics of scale and such firms are more creditworthy good support for transaction and efficient personnel (Kim and koppenhaver, 1993). Thats the only reason for incl uding this variable. Estimating firms size give us a perfect picture of hedgers and non-hedgers. 3.5.2 Firm Capitalization To measure the firm capital we have variables called equity to assets ratio is employed as a proxy for firms capitalization. Firm is able to bear and take more risk if its capitalization grows at the same point of time need for hedging instruments also get decreased (Kim and koppenhaver, 1993)if the firm is not doing good and is not having enough capital or low capital which discouraged the firm from interest rate swaps because it requires high regulations ( Simons, 1995). So therefore its clear from the previous readings that the firm with large capital are more likely to hedge as compared to those firms which have low capital with them. The amount of capital should be sufficient with the firm to bear its cash flow requirement of the firms billing and collection. Firm should always keep on re-examine its capital annually because of payments of account rec eivables, firm debt, increase in client cost and whenever the firm increases its number of lawyers. 3.5.3 Interest Rate Risk Exposure 3.5.4 Cost of financial Distress Firms with greater variability of cash flows are more likely to find themselves in financial distress, ceteris paribus. Smith and Stulz (1985) suggested that the transaction costs of financial distress can induce firms to hedge financial price risks because this can reduce the probability of incurring costs. . According to their theory, hedging may be particularly more valuable for firms with a higher probability of financial distress. In contrast, the benefits of hedging for financially strong borrowers may be more marginal. We have use the leverage ratio as an indicator of the likelihood of financial distress to measure expected costs of distress. High level of debt doesnt mean that firm has higher probability of distress, important is the ability to service the debt and pay it off at maturity. We have use t he total debt to total asset as measure of the leverage ratio for the year 2005 to 2010. It is important to note that the higher probability of financial distress implies higher expected costs. VARIABLES DEFINITION HEDGER 1= HEDGER ; 0=NON-HEDGER LEV TOTAL DEBT/ TOTAL ASSET SIZE Ln (Total Assets) Empirical Analysis The assumptions in all empirical analysis is that the use of derivatives by the firms is for hedging purpose and the risk firm faces in interest rate is from two sources assets and their debt, they hedge by avoiding market fluctuations because no one can predict the market. Investors are also unsure about the market. Thus, there are many variables that explain different derivative usage for the hedging. Firm faces a
Wednesday, May 6, 2020
Jounal What is My Belief? Belief is something inspirational that encourages others to progress and work towards self-improvement. That is especially important for todayÃ¢â¬â¢s youth and can play an important role in shaping our society. Beliefs can influence a young oneÃ¢â¬â¢s values, conviction, and attitudes, which will shape the person that one will grow to be. We will write a custom essay sample on My Belief or any similar topic only for you Order Now That has the ability to focus that efforts on others rather than on themselves and inspire others not only by their words, but more so by it actions that move us to do the same. Beliefs help others by offering good examples, by inspiring others realize the endless possibilities to reach our goals, and by moving others to be the best that I can be. In my opinion, parents are the most effective and influential role models in the lives of their children. The youth of society can learn from, and aspire to be like their parents as they are being reared in their childhood years. Fathers and mothers strive to teach their children important values and beliefs as well as demonstrate attitudes and behaviors considered appropriate and beneficial for societyÃ¢â¬â¢s well-being. Something that has been the strong belief in my life is love of my parents as family. Because my role models are my parents and they possess the quality of good parents. I know they are not perfect, but they carry the virtue and quality of a parent that everyone could wish for. My parents are very responsible, good providers, committed to their duties and responsibilities, loving and determined in pursuing their plans to nurture us with good values and norms so that we will became responsible, well-disciplined, and God-loving. And they also taught us to love others, as we grow old. Now I want to explain several lessons about why the loves of my parents are strong belief to me. First of all, I remember when I was young, my parents made sure that they provided us with what we needed and they do their best, even in the midst of hardships. Especially, my dad has always taught me that I have to work my hardest for whatever I want in life. My dad had me with his wife, my mother, when he was twenty-five. My parents had very little money to raise me on their own, so my dad went to work right away to help support his family. He gave up all his freedom and the fun on a youngÃ¢â¬â¢s life to help support his family. My dad has been working at least two jobs at a time since the age of twenty-five. They didnÃ¢â¬â¢t stop or even pause in fulfilling their duties and responsibilities as parents they always seek a solution or find ways to keep our life better and meaningful. Second, my parents always show and teach us the good values so that we can past it on to the next generation. They are always there to support us in our endeavor and in pursuing our dreams. They are very supportive especially when I need to decide on my own, they are always there on my side, not to be hindered in my plans but instead to give advice and support that I needed most. At a point when I was failing in a subject of 12th standard, third, as I was not very good in academics. My parent then had a long conversation with me about life; they told me that it would be smarter if I will study hard because it would be easier for me to get a job and earn more money, and that this was the best way I could help the family. They always tell us about what they went through because of not having the chance to concentrate on studies at all and Ã¢â¬Å"Only you can change your life. No one can do it for youÃ¢â¬ . By telling us this, they want us to take advantage of what we have to have a better future. But what got my parents to where they is today was not from being lazy by no means but working hard and driving himself to become something better than what they was and to achieve them dreams. My parents donÃ¢â¬â¢t only give advice about having a good future but also about morals. They always tell us that if I order for people to respect us, we have to respect them at all times. To him having good morals is really important because not only does it make us do the right thing but also they will help us succeed in life. Therefore, I should thank God for met my parents. Fourth, my parents are a real understanding person. they gives me the best advice I can get and that is why I think my parents have given me the best emotional support I can receive. My parents have also been the best role model for me. They have thought me not to worry about what others might think or say about me, as long as IÃ¢â¬â¢m doing the right thing. They have shown me that being humble and warm hearted could win more love then being filled with superficial materials. They also teach me to stand up for what I believe in no matter what the case is. They have though me that no mountain is high enough. Those are a few reasons why they are an excellent role model in my life. In conclusion, here are some of the reasons on how my parents have impacted my life and how the love made an impact in society too. My parents are my role model because I want to be like them, the way they nurtured me. And my parents have also taught me that to be a person in the future, it will give other the hope and desire by saying it Ã¢â¬ËI can do it so you canÃ¢â¬â¢, my parents make sure that they are on my side in every step of the way of our life. To me the love of my parents are my strongest beliefs because I want to be like them, the way they nurtured us. Furthermore, they always tell me that if I order for people to respect us we have to respect them at all times. This saying always makes me strong. How to cite My Belief, Essay examples
Sunday, May 3, 2020
Question: Describe about the Accounts for Managers for Competitive Economic Environment. Answer: Problem 1(i) Most of the companies operating in the competitive economic environment use extensive strategies to increase their competitive advantage. One such process is the reduction in the production rate in the various manufacturing process. Therefore, organizations use faster processes in the manufacturing areas. This method can be implemented in the engineering process by reducing the wait times, operator attention, eliminating the manual actions by automation. The transition time can be controlled by profile rate of change control. The processing time can also be reduced using by override control. The processing time is also reduced through better detection at the end. The workflow in accordance to engineering needs to be realized along with tracking the reports to evaluate the customer and financial satisfaction. A balanced scorecard based on the information gathered is necessary to be created so that the process can be faster (Shen, and Liao, 2013). Therefore, an efficient monitoring of the process can result to reduction in the production rate. The administration part of an organization can be increased through quality and effectiveness of the communication, efficiency and quality of the information retrieval and storage and an effective process control. A good relationship between the administration and the other departments will result to a faster process thus increasing the market potential for an organization. Problem 1 (ii) An improvement in the quality of the production rate is essential for the development of an organization. The benefits of improved quality in a organization are as follows: Customer Satisfaction: The improvement in the quality will result to an improved product and services and therefore will result to a better satisfaction among the consumers as they can fulfill their desire by consuming the product. The increase in the satisfaction level will help to generate customer loyalty towards the organization thereby holding a significant market share. Profit: Improvement in the quality will lead to higher sales for the firm and thus will lead to higher revenue in the market. The main motive of every organization is to earn profit from the market and thus, improving the quality is essential (Yan,and Li, 2013). Goodwill: The goodwill of a firm will increase once the sales of the product offered by the firm increases. The firm will therefore establish a place in the market because of its increased goodwill and the customers will be attracted towards purchasing their product. Efficiency: The efficiency and the productivity of the organization will increase drastically once the quality level develops thereby increasing the productivity and decreasing the level of errors in the manufacturing unit (Davenport, 2013). Employee Moral: The moral of the employees increases once there is efficient productivity in the organization. Efficient productivity will bring in a good working environment within the organization thus bring in harmony and peace. A good working environment will motivate the employees to give out their best thereby increasing the competitive nature of the firm. Helpful in Decision-Making: The improvement in the production rate will help in detecting the errors with respect to the production process and thus, the management can make effective decisions with respect to the production thereby implementing new and better strategies into the business. Problem 1(iii) Production process are instrumental for any organization to scale up efficiency of the employees and manufacturing function as a whole but increasing the rate of process may create problems and can decrease operations of the production. Therefore, the potential problems arising out of increasing the speed of the process are as follows: More focus on the Process rather than the people: In order to standardize and sanitize the level of work in an organization, the management of a firm tries to make every work professional rather than personal. The management looks after the processes rather than the employees to solve any problems and it always does not work as there lacks the vision and inspiration. Overdependence on meetings: Collaborative work process does not require too many meetings for any sort of action or decision. Meetings will lead to ineffectiveness of the employees and the workers as they are always in meetings rather than working. Lack of clear Vision: It is important for organizations to maintain a clear vision, mission and strategies. The companies having a proper vision will reduce the level of error in the production. But, by increasing the production process, the supervision of errors reduces (Gargani, and Strong, 2014). Overstress on the machines: With the increase in the production process, the machineries get overstressed thereby supervision over the machines are necessary to maintain the quality of the product. Problem 2: Steve Smiths observation reveals that decrease in inventory results to increase in the sales for the organization but XYZ does not recognize the fact but only remunerates the manager whose factory has not increased the sales but has increased the profit through any other means. The reduction in the inventory is a reduction in stock and therefore loss of wastage and so the factory in Adelaide has actually increased sales though net profit has not been created. The factory in Brisbane is having a net profit but the inventory stock is low so the sale is less. Therefore, it is seen that there exists a chance of stock blockage leading to wastage in the future. the net profit can be increased by rising the price of the product thereby geberating profit but not increasing profit. But, Adelaide on the other hand increases sales by keeping the price low thus not gaining profit. Thus, it is necessary that both the managers get a commission as one is gaining sales but the other is providing pro fit. There exist a lot of conflicts when any organization announces its commission over the net profits as it is seen that net profit of a firm does not always indicate the competitive edge of a firm. The position of a firm in the market is indicated from its sales and market share along with net profit. Thus, net profit cannot be the only factor to determine the bonus of managers (Steven, 2014). The net profit can be manipulated by changing the figures in the income statement and the cash flows but the position of a firm can only be determined through how much sales the firm produces. If net profit becomes the only basis of bonus payment, then all the managers will try to increase net profit without looking at the firms strategies and thus will not focus on increasing the sales as much as profit. Problem 3 (i) The material variance and labor variances are major factors, which are necessary for any organization to determine its production process and profit margin. According to this problem, Dream Housing Ltd manufactures four styles of homes using standard costing method. It is also found that the material variances are favorable with respect to labor variances, which is unfavorable. The labor efficiency variance indicates measures the capability of labor to perform according to the expectation. This variance is useful to determine the production process areas that use more labor than expected. An unfavorable variance shows that the efficiency of labor has decreased due to inadequate work instructions, in equilibrium with the standard mix of employees and the actual mix of employees present. Such an incident also takes place due to inadequate training as the training was not according to the actual level. Labor variance is useful in realizing the actual amount of time required for manufacturing a product and therefore a favorable labor variance would indicate efficient level of production along with quality products (Fisher, and Krumwiede, 2015). Material variance on the other hand shows the actual amount of material used and the standard amount predicted for use. It depends upon the scrap amount of material, material quality, spoilage and the transportation used for transfer. A favorable material variance indicates that the amount of spoilage and wastage of the materials along with less scrap of the materials. The actual amount of used material is closer to the expected amount thus, lowering the cost of materials. Problem 3 (ii) The analysis of the production costs and the variables included in the manufacturing process of an organization is helpful in realizing the breakeven point of the organization. The breakeven analysis tries to evaluate the relationship between the breakeven volume and the major variances involved in the manufacturing process namely the labor and material variance. The analysis therefore helps the management to find out the ways to increase the favorable condition of labor and measures which can be taken to motivate the labors to stay in the organization and provide their optimum best for the organization (Isberg, and Pitta, 2013). The material variance is favorable in the desired company and thus measures to retain and improve the use of material and reduction in the waste and spoilage of materials. Problem 4 (i) Particulars A B Cost/Unit-A Cost/Unit-B Direct materials 260,000 360,000 13 12 Direct labor 40,000 60,000 2 2 Variable overhead 60,000 75,000 3 2.5 Variable selling and administrative expense 60,000 60,000 3 2 Total variable expenses 420,000 555,000 21 18.5 Problem 4 (ii) The reason behind budget A having high costs and low forecast of sales are due to the selling price estimated for the product. If the selling price is closer to the cost of goods sold then the price then the profit will be lower. The quality of the product along with the production technique also takes into account. Budget A uses a bottom up approach, which uses more complex method to analyze the original system and the sub-systems to come up to a new system. Budget A uses more amount of variable and fixed costs to increase sales and thus the cost become higher (DRURY, 2013). Problem 4 (iii) Budget B has more sales than the costs due to the fact that it uses more extensive technique and results to higher sales than the costs of goods sold. This has only been possible due to the fact that this budget uses the method of implementing the lowest cost possible to increase sales. The top down approach is a clear indication of command and control an therefore it depicts the clear and consistent goals along with the knowledge about the real reasons of cause and effect. The level of authority is also well explained in this process and therefore the rules decided in the top level is well aligned with the rules in the bottom level of management. Therefore, the top down analysis is the appropriate approach for planning and implementing the best method thereby reducing the costs and increasing the revenue (Shepherd, 2015). Problem 4 (iv) The two groups A and B can take the help of each other and organize plans and process thereby using the positive aspects of each group to come up with an idea to create a new budget will be the most efficient budget for implementation in the organization. The idea of merging the positive traits of budget A and B is vital to introduce a new plan efficient and effective for the increase in the market share, profit and sales for the organization. Consensus budgeting has a better prediction than individual forecasts and there are certain differences among the individual and the consensus preparation depending the period of accounting. Thus, consensus budgeting is useful in creating an appropriate strategic leader and team that is useful for effective decision making. Such a budget helps to create a long term vision of the firm thereby creating an efficient vision and mission plan to increase the competitive advantage in the organization. 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