Traditional Versus Activity Based Costing-Free-Samples for Students

Question: Contrast Traditional Costing and Activity Based Costing (ABC). Do you feel ABC is an improvement over conventional costing? Answer: Presentation In business there is event of various expenses in assembling of products or rendering of administrations. The assembling associations need to convey the expense happened for crude material,, work, and overhead to the merchandise delivered so as to decide the general expense of the fabricated products. In costing there are different techniques for designating the all the expenses to the products and ventures. Some of significant cost designation techniques are conventional costing strategy and movement based costing technique. In this article, there will conversation on both of these costing techniques and contrast between them will likewise be clarified. The conventional costing strategy and movement based costing technique both are utilized to assign the aberrant expense caused during the assembling of products or offering the types of assistance. The primary job of both these costing techniques is to figure the overhead expenses and assign them to the items utilizing the specific c ost drivers. Examination of Traditional costing technique and movement based costing strategy The customary costing technique for cost assignment is generally simple and every now and again utilized strategy for designating the processing plant overhead to the items. The fundamental motivation behind why the customary costing technique is much of the time utilized is a result of its straightforwardness and simple to apply qualities. Under this costing strategy, all the overhead cost (processing plant overhead) are apportioned to the various items utilizing the single cost driver, for example, direct work hour technique or machine hour technique or direct material utilized strategy (Cooper and Kaplan,1991). There are numerous potential issues related under this strategy like utilization of single recuperation cost driver to apportion all the overhead regardless of overhead devoured under individual item or not. This difficult offer ascent to basic cost gives that can hurt the companys execution. Under customary costing technique, the cost allotment happens in two phases. In fi rst stage, all the overheads are determined by detailing all the overhead expense to the cost places. In second stage, all the overheads cost are conveyed structure the cost place to the various items in the extent of cost driver utilized by every one of the item in the individual time frame (Hayden, 2017). The customary costing technique for cost designation doesn't help in compelling working administration execution framework that will assist administrators with obtaining the significant data about the items to help in progress of business execution. The clients of the conventional costing technique make ridiculous presumption that volume metric is the most widely recognized hidden driver of the assembling overhead expense. Under the customary costing doles out a wide range of overheads utilizing the single recuperation rate among the items made by the organization. The conventional costing technique for cost distribution has bombed after organization has begun utilizing the machines and other various apparatuses for assembling of items. The advanced assembling process includes numerous exercises to deliver any item and it is totally off-base to apportion the overhead costs utilizing the allotment base that has no connection with the exercises utilized in the assembling of items. To t ake care of every one of these issues, the new costing strategy has been presented known as action based costing framework (Bromwich and Bhimani, 2005). The action based costing strategy is interesting and most precise technique for cost distribution as this technique totally dependent on the genuine utilization premise. According to this technique the total assembling process has been isolated into numerous stages and each stage expends a few expenses. The specific exercises can contrast contingent on the items produced by the organization. Each action utilized in the assembling procedure basically dependent on some cost driver, for example, if item is prepared through certain machine than the cost driver will be machine hours. The movement based costing framework distinguishes the exercises that are performed to make the item fit for the utilization and afterward distribute overhead cost connected with specific action to the items utilizing the recuperation rate that characterize cost driver in separate action. For instance, the overhead expense related with the utilization of machines will be allocated among the items utilizing th e machine hour rate recuperation rate not by the work hour recuperation rate (Cooper and Kaplan, 1991). The significant bit of leeway of this technique is that it perceives the connection between the costs, exercises and items, and by utilizing this relationship it distribute the all the overhead expenses to the items utilizing the most genuine designation strategy which helps he administrator in improving the business execution and take out any non-esteem included exercises (Hayden, 2017). The underneath table obviously shows the contrast between the conventional costing technique and action based costing strategy: Premise of Difference Conventional Costing Method Action based costing strategy Cost Pool Conventional costing strategy utilized one cost driver or most extreme two Action based costing strategy utilized various cost driver that itself speaks to the exercises attempted in the creation Rate applied This costing strategy utilizes volume based cost driver This costing technique utilizes movement based costing driver which is non-monetary in nature Advantages Straightforward, cheap and simple to apply Give precise item costing and help in execution assessment It is critical to comprehend the contrast between the conventional costing strategy and action based costing technique utilizing the numerical model. Model: Following the expense acquired of the assembling of the two items P and Q by ABC Company. Direct Material expense $ 15,000.00 Direct Labor cost $ 45,000.00 Overhead Costs Arrangement the machine $ 9,500.00 Material accepting expense $ 5,500.00 Other data Work hours 450 Hours (P: 60hrs and Q: 40 hrs) Number of Setups 95 (P: 45 and Q: 50) Number of Requisite 55 (P: 35 and Q: 20) Material P: $ 10000 Q: $ 5000 Cost Allocation utilizing the conventional costing strategy Conventional Costing Method Points of interest P Q Direct Material expense $ 10,000.00 $ 5,000.00 Direct Labor cost $ 25,000.00 $ 20,000.00 Overhead expense $ 8,333.33 $ 6,666.67 All out Cost $ 43,333.33 $ 31,666.67 Cost Allocation under action based costing Action Based Costing Method Specifics P Q Direct Material expense $ 10,000.00 $ 5,000.00 Direct Labor cost $ 25,000.00 $ 20,000.00 Overhead Costs Arrangement the machine $ 4,500.00 $ 5,000.00 Material accepting expense $ 3,500.00 $ 2,000.00 Absolute Cost $ 43,000.00 $ 32,000.00 End It tends to be said that customary cost strategy gives just the premise to cost distribution not the exhibition estimating technique according to costing strategies. Then again movement based costing is helpful technique for cost allotment as it can likewise be utilized for execution estimation. References Bromwich, M. furthermore, Bhimani, A., 2005.Management bookkeeping: Pathways to advance. Cima distributing. Cooper, R. furthermore, Kaplan, R.S. 1991. Benefit Priorities from Activity-Based Costing. [Online]. Accessible from: https://hbr.org/1991/05/benefit needs from-movement put together costing [Accessed with respect to: 28 February, 2018]. Hayden, A. 2017. Movement Based versus Conventional Costing. [Online]. Accessible from: https://quickbooks.intuit.com/r/valuing system/movement based-versus customary costing/[Accessed on: 28 February, 2018]

Manufacturing engineering application Personal Statement

Assembling building application - Personal Statement Example This will be a decent open door for me to develop in this field and addition all the understanding I need as a designer. Assembling Engineering is my obsession and I experience never had any difficulty recognizing my desire. What I appreciate most about the program is the decent variety the course presents me. Ventures are shifted, wide, and every last one of them particular which are each reason I locate the subject intriguing. A degree in assembling designing is appropriate to my future profession, it is one of those subjects that will brace my building information and furnish me with the abilities I requirement for fruitful employments consummation in future. I am sure that a degree on a similar will give me the ability I require for an expert activity in a plenty of areas such asâ industry, consultancy, account, and open administrations. Adjacent to my fantasy to seek after assembling designing, the foundation I have on business building the board makes me a qualified understudy for the program. I have picked fabricating building since I need to be a piece of structure innovation that will see the expense of vitality underway cut and ozone exhaustion decreased. To me, a vocation in material designing is all I need as it will place me in the bleeding edge of battling for the improvement of the worldwide condition and counter environmental change. This subject doesn't just energize yet interest me and I believe I need to ace it sooner rather than later. Designing requests a couple of more abilities for an expanded efficiency. Such incorporate relational abilities and greatness in a group based work approach. It requests thankfulness and comprehension of the way that all encompassing methodology is indispensable in fruitful assembling building. I give full consideration to detail, promptly acknowledge obligation, and I have been complimented for practicing decision making ability. The experience I have had in school and in the field has given me the comprehension of

The Unreliable Narrator Definition, Examples, and How to Make It Work

The Unreliable Narrator Definition, Examples, and How to Make It Work From Edgar Allan Poes Tell-Tale Heart to Gillian Flynns Gone Girl, the authors use of an unreliable narrator is one of the most fascinating literary devices used in storytelling. While there have been unreliable narrators dating back to the work of the Ancient Greek playwright, Aristophanes, the term was coined by Wayne C. Booth in his book, The Rhetoric of Fiction.What is an unreliable narrator?An unreliable narrator is one that is not to be fully believed. His or her credibility is compromised due to some admission of insanity or an obviously false claim that the reader knows is incorrect, or due to the story revealing information about the narrator that makes the reader question the believability of claims made.The unreliable narrator as a literary device can be used for dramatic effect to create an ending with a twist (such as Gone Girl), or can be merely hinted at by other characters as a way to make the reader question if the narrator should be trusted. However it is used and r evealed, having an unreliable narrator is an excellent way for an author to psychologically thrill his or her audience. Nothing can be taken at face value. And if the narrator, the primary voice of the story cant be trustedâ€"then who can?The use of the unreliable narrator is also a reminder that any story told from first person point of view has limitations. In reality, all humans are unreliable narrators. Whenever a person recalls an experience, the recollection is subjective and might not include all relevant detailsâ€"either because the details were missed entirely, or were forgotten in the time that passed between the event and the later description of it. Some people forget or omit details as a type of self-preservation. Others do it to avoid negative consequences. Still others omit details simply because they didnt notice them.Gillian Flynns Gone Girl is an example of an unreliable narrator.Types of unreliable narratorsIn his book Picaros, Madmen, Naifs, and Clowns: The Unrel iable First-Person Narrator, author William Riggan explored the types of first-person unreliable narrators often seen in literature. He narrowed it down to the following list:The PícaroThis is a narrator who is prone to exaggeration and bragging and is unreliable due to his or her tendency for tall tales. Some examples include Moll Flanders in the novel by the same name written by Daniel Defoe, Simplicius Simplicissimus by Hans Jakob Christoffel von Grimmelshausen, and Felix Krull from the unfinished German novel, Confessions of Felix Krull by Thomas Mann.The MadmanThis is a narrator who has a mental disorder resulting in dissociation, schizophrenia or paranoia. Fight Club by Chuck Palahniuk gave us one of the best examples of this type of unreliable narrator in the discovery that the insomniac narrator and Tyler Durden were one and the same. Some other examples are Franz Kafkas narrators, Barbara Covett in Notes on a Scandal, Charles Kinbote in Pale Fire, and Patrick Bateman in Br et Easton Ellis American Psycho.The ClownThis is a narrator who toys with the truth and the readers expectations. Examples of this type of unreliable narrator include Tristram Shandy in The Life and Opinions of Tristram Shandy, Gentleman by Laurence Sterne.The NaïfThis type of unreliable narrator is a narrator with a limited understanding or point of view. One of the best examples of this is Rebecca by Daphne du Maurier. Other examples of naïves include Mark Twains Huckleberry Finn, Holden Caulfield, from J. D. Salingers 1951 novel The Catcher in the Rye, and Jack from Emma Donoghues novel, Room.The LiarThis is a narrator who purposefully lies to the audience. John Dowell in Ford Madox Fords The Good Soldier is an example of this type of unreliable narrator.Some unreliable narrators are a mix of several of these categories. For example, in A Clockwork Orange by Anthony Burgess, the narrator is Alex, a depraved and violent psychopathic adolescent who has no desire to change. In thi s sense, he is the antihero of the story and represents an unreliable narrator who admits to his deception, so is The Liar (based on Riggans types). Its made clear that he is manipulating the reader, especially with his use of the term brothers when addressing his audience. His constant drug use and seeming mental instability, along with a fictional jargon called Nasdat to manipulate and lie to other characters, paints him as unreliable from the beginning of the narration (and thus, also The Madman).Alex from Anthony Burgess A Clockwork Orange is an unreliable narrator on many different levels.Outside of Riggans types of unreliable narrators, the following can also be found in modern literature.The narrator who evades the truth out of self-preservationA good example of this type of unreliable narrator is Pi Patel, the narrator of Yann Martels Life of Pi. He tells a story of being adrift at sea and sharing his lifeboat with a zebra, orangutan, hyena, and tiger. When his story is ques tioned for its implausibility, his rescuers (and thus, the reader) learns of another version of the story in which he is adrift at sea with his mother, a sailor, and the ships cook. The rescuers find connections between the two versions of the story and choose to accept the version with the animals, understanding that the alternative (and more likely version) would have been extremely traumatic for the boy.The narrator who doesnt know all of the truthRachel in The Girl on the Train by Paula Hawkins is an example of this type of unreliable narrator due to her frequent alcohol-induced blackouts and her lies to other characters. Her explanation of her whereabouts is unreliable and her connection to the mystery of the novel is questioned due to her loss of memory due to drinking. In this sense, she doesnt quite fall into Riggans category of The Naïf, but her perspective and memory are indeed limited.How to use the unreliable narrator in your writingIf youve chosen to write a story with an unreliable narrator, youre on the right track. Writers have been using this exciting literary device to create blockbuster stories for centuries, and it is still as exciting as it has ever been for readers to discover that the narrator might not be trustworthy (or might be completely crazy). Put simplyâ€"its a great way to hook your audience and create a compelling, memorable character.Here are a few tips for using an unreliable narrator as a literary device in your writing:Make your narrator seem very cleverWe all know that for a lie to work, careful planning is often needed. Liars have to cover all the bases and intuit how their lies might be discovered, by whom, and how to avoid that happening. This is why, particularly if your narrator is the type who lies on purpose, making him or her incredibly clever and intelligent is the easiest way to pull off turning them into a memorable unreliable narrator. In the real world (as in, outside of fiction), liars must work hard and plan carefully to keep their lie from being discovered.Make your narrator do something out of characterWhen your narrator, who is normally a fine, upstanding citizen, suddenly does something out of character, their reliability is immediately called into question. Having them do something that surprises the reader is a great way to set up an unreliable narratorâ€"especially if you dont plan to wait until the end to make the unreliability part of the storys twist.Consider making your narrator the bad guyFrom A Clockwork Orange to American Psycho, having an unreliable narrator who is also a villain is a great way to set up a fascinating story. The trick to this is making sure your narrator is also likable. There have to be some redeeming qualities or some reason for your audience to keep turning pages, otherwise youll lose your readers attention quickly.Make your narrator authenticIf you are toying with the trust of your readers by using an unreliable narrator, it is especially important t o keep your narrator authentic and believable. While many unreliable narrators are narcissists, pathological liars, and/or mentally unstable, staying within an authentic framework when creating them will keep your readers engaged. Even narcissists have a predictable pattern, and various mental illnesses display certain symptoms that should be evident if this is the direction you plan to take with your narrator as a character.However you plan to use an unreliable narrator, whether to add depth to his or her character or to create a surprise twist at the end of your story, dont reveal too much too soon. Readers automatically assume that the narrator is telling the truth and enjoy the surprise when they learn their preconceived notions arent exactly correct. The unreliable narrator is a great storytelling device when used correctly and should be explored by every writer at some point in his or her writing career. Youll have as much fun creating one as your readers will have reading his or her unreliable tales.

The Lombards A Germanic Tribe in Northern Italy

The Lombards were a Germanic tribe best known for establishing a kingdom in Italy. They were also known as  Langobard or Langobards (long-beard); in Latin,  Langobardus,  plural  Langobardi. Beginnings in Northwestern Germany In the first century C.E., the Lombards made their home in northwestern Germany. They were one of the tribes that made up the Suebi, and though this occasionally brought them into conflict with other Germanic and Celtic tribes, as well as with the Romans, for the most part the greater number of Lombards led a fairly peaceful existence, both sedentary and agricultural. Then, in the fourth century C.E., the Lombards began a great southward migration that took them through present-day Germany and into what is now Austria. By the end of the fifth century C.E., they had established themselves fairly firmly in the region north of the Danube River. A New Royal Dynasty In the mid-sixth century, a Lombard leader by the name of Audoin took control of the tribe, beginning a new royal dynasty. Audoin apparently instituted a tribal organization similar to the military system used by other Germanic tribes, in which war bands formed of kinship groups were led by a hierarchy of dukes, counts, and other commanders. By this time, the Lombards were Christian, but they were Arian Christians. Beginning in the mid 540s, the Lombards engaged in war with the Gepidae, a conflict that would last about 20 years. It was Audoins successor, Alboin, who finally put an end to the war with the Gepidae. By allying himself with the eastern neighbors of the Gepidae, the Avars, Alboin was able to destroy his enemies and kill their king, Cunimund, in about 567. He then forced the kings daughter, Rosamund, into marriage. Moving to Italy Alboin realized that the Byzantine Empires overthrow of the Ostrogothic kingdom in northern Italy had left the region nearly defenseless. He judged it an auspicious time to move into Italy and crossed the Alps in the spring of 568. The Lombards met very little resistance, and over the next year and a half they subdued Venice, Milan, Tuscany, and Benevento. While they spread into central and southern parts of the Italian peninsula, they also focused on Pavia, which fell to Alboin and his armies in 572 C.E., and which would later become the capital of the Lombard kingdom. Not long after this, Alboin was murdered, probably by his unwilling bride and possibly with the help of Byzantines. The reign of his successor, Cleph, lasted only 18 months, and was notable for Clephs ruthless dealings with Italian citizens, especially landowners. Rule of the Dukes When Cleph died, the Lombards decided not to choose another king. Instead, military commanders (mostly dukes) each took control of a city and the surrounding territory. However, this rule of the dukes was no less violent than life under Cleph had been, and by 584 the dukes had provoked an invasion by an alliance of Franks and Byzantines. The Lombards set Clephs son Authari on the throne in hopes of unifying their forces and standing against the threat. In so doing, the dukes gave up half of their estates in order to maintain the king and his court. It was at this point that Pavia, where the royal palace was built, became the administrative center of the Lombard kingdom. Upon the death of Authari in 590, Agilulf, duke of Turin, took the throne. It was Agilulf who was able to recapture most of the Italian territory that the Franks and Byzantines had conquered. A Century of Peace Relative peace prevailed for the next century or so, during which time the Lombards converted from Arianism to orthodox Christianity, probably late in the seventh century. Then, in 700 C.E., Aripert II took the throne and reigned cruelly for 12 years. The chaos that resulted was finally ended when Liudprand (or Liutprand) took the throne. Possibly the greatest Lombard king ever, Liudprand focused largely on the peace and security of his kingdom, and did not look to expand until several decades into his reign. When he did look outward, he slowly but steadily pushed out most of the Byzantine governors left in Italy. He is generally considered a powerful and beneficial ruler. Once again the Lombard kingdom saw several decades of relative peace. Then King Aistulf (reigned 749–756) and his successor, Desiderius (reigned 756–774), began invading papal territory. Pope Adrian I turned to Charlemagne for help. The Frankish king acted swiftly, invading Lombard territory and besieging Pavia; in about a year, he had conquered the Lombard people. Charlemagne styled himself King of the Lombards as well as King of the Franks. By 774 the Lombard kingdom in Italy was no more, but the region in northern Italy where it had flourished is still known as Lombardy. In the late 8th century an important history of the Lombards was written by a Lombard poet known as Paul the Deacon.

The New Eldercare Service Model Must Be One Of Inclusion

Chapter Health Disparities in America The new eldercare service model must be one of inclusion. We can no longer afford to marginalize any group of seniors. –Author Introduction I n the United States, wealth is the strongest determinant of health; and the strength of this relationship is profound and continues to increase. Wealth confers many benefits that are associated with health and quality of life outcomes. Wealth creates disparities in high quality education, employment, housing, childcare, nutrition, leisure activities, access to quality medical care, and safer and cleaner neighborhoods. Economic studies, the national press, and forward thinking political leaders are reporting on the major wealth disparities that already exist†¦show more content†¦The Affordable Care Act is moving us in the right direction, but the social inequities and discrimination remain the same. We can’t purport to have a national goal to â€Å"eliminate health disparities† and continue to accept the social inequities that come from such a major gap in wealth. If we hope to solve the pressing issues of eldercare, these inequities must be addressed head on now and in the future. Otherwise, those who are caregivers now may not have access to the care they will need in the future. Defining Health Disparity The United States Department of Health has an overarching goal â€Å"to eliminate health disparities.† This term has no absolute definition. It is most often defined as â€Å"health differences that occur by gender, race or ethnicity, education or income, disability, living in rural localities, or sexual orientation,† or â€Å"population specific difference in the presence of disease, health outcomes, or access to care.† Many factors cause health disparities. Older adults face challenges in one or all of these disparities. Depending on their living conditions and life-time health problems, they may be in double or triple jeopardy, increasing their risk for serious illness and need for eldercare. Defining Health Care Disparities The Institute of Medicine (IOM) defines health care disparities as the â€Å"difference in the quality of care received by minorities and non-minorities who have equal access to care.† Health care disparities can be affected by how

British Airways Management of Company Finance Free Essays

Ahoussou kouadio Jean Christian Student number: 2522706 Management of company finance Analysis of the financial structure of British Airways Name of professor: Tony Kilmister British airways is one of the most valuable company in the world that is why I choose her. With the aim to evaluate the proportion of debt in British airways, we will study his financial gearing: income gearing and capital gearing. In order to calculate the company’s capital gearing according to the book value, we need especially the value of the long-term and short-term borrowings and the value of shareholders’ funds. We will write a custom essay sample on British Airways Management of Company Finance or any similar topic only for you Order Now But, there is several different formulas which arises some issues: the fact that the book value is lower than the market value (the first formula) and provisions can be considered either as liabilities or assets (the second formula), depending on firm. Then I will calculate the Weighted Average Cost of Capital. In 2004, the way of doing the balance sheets changed that’s why there are some differences between two reports. Part ——————————————————————————————1 Measure of the gearing and income ratio Part —————————————————————————– ————-2 Measure of the debt and equity based upon the market value Part ——————————————————————————————3 Estimation of the WACC. I) Measure of gearing and income ratios We will take those expressions: 1. Debt to equity ratio=Long term Liabilities/Shareholders’funds 2. Debt to debt plus equity ratio=LTL/(LTL+ Shareholders’funds) 3. Long Term Borrowings/Shareholders’ funds a) Gearing Ratio Capital Gearing = LTL / Shareholders’ Funds    |2006 |2005 |2004 | |Capital Gearing |259. 75% |437. 6% |590. 7% | To set an upp er ratio; we can incorporate the LTL at the shareholder value. Capital Gearing = LTL / (LTL + Shareholders’ Funds) |   |2006 |2005 |2004 | |Capital Gearing |72. 2% |81. 4% |85. 5% | The provision are incorporates in those 2 formulas. We can consider that the provision can be take as liabilities (highly certain) or as equity (ultra-prudence). Capital Gearing = Long Term Borrowing (LTL – provisions) / Shareholders’ Funds |   |2006 |2005 |2004 | |Capital Gearing |193. 5% |341. 4 % |475,40% | Net Debt: Net debt = (Finance debt – cash and liquid resources)/ Equity For British Airways, Net debt = (loans, finance leases and hire purchase arrangements + Convertible Capital Bonds, net of other current interest bearing deposits and cash and cash equivalents – overdrafts) British Airways’ definition from the annual report 2006) |? million |2006 |2005 |2004 | |Capital Gearing |1641 |2922 |4158 | The figures of long term liabilities are higher than the net debt that explain the fact that the ratios are different; The company health seem less vital, because of the cash and those equivalent, and deposits. Overdrafts are not representing a big amount, we include them. Since 2004 a policy of h igh liquidity is developed in order to reduce the debt, they tried to repay the debt earlier. The debt are reduced by the conversion of the 112 millions of convertible bonds. â€Å"The ? 320 million 9 3/4 per cent Convertible Capital Bonds 2005 issued in 1989 matured on June 15, 2005. On that date 47,979,486 ordinary shares were issued in exchange for 112,317,274 Convertible Capital Bonds on the basis of one ordinary share for every 2. 34 Bonds held† (British Airways Report 2006). The capital gearing of the company is around 65% in almost all gearing indicators and more in som of them, as a conclusion we can say that the financial statement of the company is risky and more the company is weak due to the payment on the debt. We can also highlight the fact that British Airways is finance by debt. Its has a important amount of lease and purchase arrangement, which exceeds the bank loans. b) Income Gearing This ratios show us the security of creditor’s fund and the debt exposure. While using Income Ration we highlight the relation of the company’s income and its interest commitments. Income Ratio = Interest payable / Profit Before Interest and Tax |% |2006 |2005 |2004 | |Income Gearing |0,17 |0,26 |0,87 | Interest are taking a lower place in the profit (strategy reduction of debt). In fact, we use the Interest cover to see if the company can meet its interest. Interest cover = Profit before interest and tax / Interest charges |Times |2006 |2005 |2004 | |Interest Cover |5,79 |3,80 |1,15 | The company can afford her interest. 1) Because of the decrease of the amount of debt, 2) The profit before tax and interest increased by 269%, the risk is less important. We can also use another formula, which gives a better image of the finance. It based on the fact that cash has not been received. As a conclusion we can says that: :British Airways reduced its long term debt by 28. 5%, and keep their interest payment low and increase the PBIT strongly. From the shareholder point of view, the company takes high risks so they have a good return on investment although reduction of the debt of the company makes the rate of return lower and lower. II) Measure of the debt and equity based on the market value a) Value of Equity Share Price*:Number of Shares*: 2004: ? 2,181 083 845 000 2005: ? ,941 082 903 000 2006: ? 2,791 130 882 000 *I took those which were in the report. *The difference in the number of shares between 2005 and 2006 is the conversion of the 112 millions of Convertible Bonds into 47,979,486 shares. The value of equity is now: |? |2006 |2005 |2004 | |Value of Equity |3 155 160 780 |2 100 831 820 |2 362 782 100 | b)Rating: Value of Debt [pic ] The rating shows that the company take risks for financing because she invest in high return share in the junk bond or high yield market those are really unstable. This means that the company is highly financing by debt, investor need an important rate of return regards to the risk of non payment. In spite of that, British Airways’s main source of external funding is less sensitive to credit rating than the unsecured bond. The impact of the credit ration is not important for some parts of the debt. We will use the faire value of the debt to calculate the market value of debt. Because of the â€Å"†fair values of the Euro-Sterling notes and Euro-Sterling Bond 2016 are based on the quoted market values at March 31, 2006. The fair values of floating rate borrowings are deemed to be equal to their carrying values. † British Airways Report Example in March, 31st 2006: [pic] Market value of the debt is: |? million |2006 |2005 |2004 | |Market Value of Debt |4 130 |4 682 |5 954 | |Book Value of Debt |4 081 |4 492 |5 716 | The problem is: Those market values are blending the current liabilities. In the purpose to respect the ratios made before, I will deduct with percentage the current liabilities. The new market value of debt is: |? million |2006 |2005 |2004 | |Market Value of Debt |3645 |4216 |5244 | |Book Value of Debt |3 602 |4 045 |5 034 | There is the a market where Debt are trade daily, that explain the difference between years. ) Measure of gearing based on market values We use here the gearing ratio to compare the book value and the market value of the company: Capital Gearing = LTL / Shareholders’ Funds |% |2006 |2005 |2004 | |Capital Gearing |115,5 |200,7 |221,9 | We can make a second ratio in order to set an upper limit: Capital Gearing = LTL / (LTL + Shareholders’ Funds) % |2006 |2005 |2004 | |Capital Gearing |53,6 |66,7 |68,9 | Figures are lower than the one we made with the book value. The equity are valued in the book value at 25p whereas in the market value at an average price of the three years at 230p This divergence makes the ratios lower, t hus with the book values the company seems to be less indebted and also less risky to investors. III) Estimation of the Weighted Average Cost of Capital (WACC) a) Cost of Equity To estimate the cost of equity, we can use two ways: 1) the dividend valuation model 2) the Capital Asset Price Model (CAPM). In this case, we can not use the dividend valuation model because the company did not distribute dividends since 2001, so the cost of equity will be 0 that would lead to irrelevant results. British Airways has not distributed dividends because: -They wants to strengthen the balance sheet by making new investment, then it invests into the company Quantas and also into the 5th Terminal in Heathrow. British Airways is the 13th highest performing company out of the 93 FTSE 100 companies remaining for the performance period April,1st 2003 to March, 31st 2006. The board of director indicated that the payment of dividends will be resumed at an appropriate time. To calculate the cost of equity, the CAPM is the only model available: Ke = Rf + ? (Rm – Rf) Rf ( the risk-free return; Rm ( the market risk; ? ( quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile. For British Airways, the Beta is, for the three years, 0,91. The risk-free return can be found in the website of the Bank of England for each years and the market risk is the caps of the FTSE 100 of year N less years N-1 divided by the caps year N-1: (Caps N – caps N-1) / caps N-1 The risk-free return rate is: 2004: 4,75% 2005: 5,1% 2006: 4,2% The market risk is: |   |31. 03. 2006 |31. 03. 2005 |31. 03. 004 | |Caps FTSE 100 |5964,6 |4894,4 |4385,7 | |year N – year N-1 |1070,2 |508,7 |772,4 | |Market Risk (%) |21,87 |11,60 |21,38 | The Cost of Equity using the CAPM is: |% |2006 |2005 |2004 | |Cost of Equity |20,1 |10,9 |19,7 | ) Cost of debt In order to obtain the cost of debt, the best ratio is to divide the interest payable by the debt: |% |2006 |2005 |2004 | |Cost Of Debt |2,62 |3,01 |3,50 | They leads to the same conclusion decrease in Debt and interest. We can add that no debt has been taken in 2006. All the purchase have been made by internal cash flow. c) The WACC The Weighted Average Cost of Capital is used to measure the cost of capital. The formula is: Ko = Ke (Ve/Vo) + Kd (Vd/Vo) Where: Ke (the cost of equity Ve (the value of equity Kd (the cost of debt Vd (the value of debt Vo (the total value of the firm: |? million |2006 |2005 |2004 | |Vo |7 236 |6 593 |8 079 | The WACC is: |% |2006 |2005 |2004 | |WACC |10,08 |5,41 |8,04 | The amount of Debt decreased but the WACC stay in the average, that because of the high level of the cost of equity. 2005 is discernible by a share price lower than the two other years. This leads to a lower shareholders’ funds and also an higher influence of the debt’s drop, therefore the lower WACC. However, the CAPM have some limitations. – He is based on several assumptions: – The investors are rational and risk-adverse who set a level of risk. – The investors have the same single-period planning horizon. – The investors have homogeneous expectations on the future yield. The investors can borrow and lend unlimited amounts at a risk-free rate. – There is neither taxes nor cost of transactions – The investors have all an efficient portfolio which maximize the yield, for a level of risk given. Whole of efficient portfolio form a curve called the efficiency frontier†¦ To conclude, from the point of view of market value, we can say that British airways succeeded to face its commitments in term of debt and equity. Indeed, they took advantage of an increase in share price. The repayment of share allowing to reduce the gearing in debt capital. How to cite British Airways Management of Company Finance, Essay examples

Global Economic Crisis-Free-Samples for Students-Myassignement

Question: Write a report on Globalization and/or the Current Global Economic Crisis. Answer: The current global economic scenario has been experiencing the implications of an international phenomenon known as the Globalization. The term globalization indicates towards a more open and interconnected global framework, which facilitates the free and easy transfer of goods and services across different countries. As can be gauged from the notion of the term of globalization, the phenomenon is expected to facilitate international trade considerably and is also expected to facilitate the internal cost effectiveness of those industries of the countries in which the country experiences comparative advantages in production, thereby taking the concerned economies on the path of development (Beck, 2015, pp 9-10). However, Globalization, though is expected to have positive effects on the overall international economy, it is however expected to have several negative implications on those countries which are developing or are at low stages of development and in which the condition of the economies are fragile. This may happen because in most of such economies the industrial sectors are either almost non-existent or are at infant state. In such a scenario, Globalization, by opening the countries to entry of foreign efficient companies who can pose a serious threat to the growth and expansion of the domestic industries (Kaplinsky, 2013). Thus, it can be expected that the Globalization may have a distorted and skewed effect on the overall scenario of international economics as the benefits are mainly expected to be accrued to the developed countries. However, the poor and low developed countries face the threat of losing out economic power and growth aspects which may hamper their growth in the long run. The paper tries to analyze the pros and cons of Globalization in this aspect. References Beck, U. (2015).What is globalization?. John Wiley Sons, 9-10. Kaplinsky, R. (2013).Globalization, poverty and inequality: Between a rock and a hard place. John Wiley Sons.

High School Sophomore Math Curriculum and Course Study

High School Sophomore Math Curriculum and Course Study The standards for mathematics education per grade vary by state, region, and country. Still, it is generally assumed that by the completion of the 10th grade, students should be able to grasp certain core concepts of math, which can be achieved by passing classes that include a complete curriculum of these skills. High School Sophomore Level Math Courses Some students may be on the fast track through their high school math education, already starting to take on the advanced challenges of Algebra II. The bare minimum requirements for graduating 10th grade includes an understanding of consumer maths, number systems, measurements and ratios, geometric shapes and calculations, rational numbers and polynomials, and how to solve for the variables of Algebra II. All students are expected to understand these concepts at this level. In most schools in the United States, students may choose between several learning tracks to complete the prerequisite four math credits needed to graduate High School. Math classes build upon each other, so each subject must be completed in the order they are presented: Pre-Algebra (for remedial students), Algebra I, Algebra II, Geometry, Pre-Calculus, and Calculus. Students must reach at least Algebra I before completing 10th grade. Different Learning Tracks for High School Mathematics Every high school in America does not operate in the same way, but most offer the same list of mathematics courses that sophomores in high school can take in order to graduate. Depending on the individual students proficiency in the subject, he or she can take the expedited, normal, or remedial courses for learning mathematics. In the advanced track, students are expected to take Algebra I in the eighth grade, allowing them to start Geometry in ninth grade, and take Algebra II in the 10th. Meanwhile, students in the normal track start Algebra I in ninth grade, and typically take either Geometry or Algebra II in 10th grade, depending on the school districts standards for math education. For students who struggle with math comprehension, most schools also offer a remedial track that still covers all of the basic concepts students must comprehend to graduate high school. However, instead of starting high school with Algebra I, these students take Pre-Algebra in ninth grade, Algebra I in 10th, Geometry in 11th, and Algebra II senior year. Core Concepts Every 10th-grade Graduate Should Grasp No matter which education track they are on- or whether or not they were enrolled in Geometry, Algebra I, or Algebra II- students graduating the 10th grade are expected to master certain mathematics skills and core concepts before heading into their sophomore years. Proficiency must be displayed with budgeting and tax calculations, complex number systems and problem-solving, theorems and measurements, shapes and graphing on coordinate planes, calculating variables and quadratic functions, and analyzing data sets and algorithms. Students should use appropriate mathematical language and symbols in all problem-solving situations, and be able to investigate problems by utilizing complex number systems and illustrating interrelationships of sets of numbers. Additionally, students should be able to recall and use primary trigonometric ratios and mathematical theorems like the Pythagorean to solve for measurements of line segments, rays, lines, bisectors, medians, and angles. In terms of geometry and trigonometry, students should also problem-solve, identify, and understand common properties of triangles, special quadrilaterals, and n-gons, including the sine, cosine, and tangent ratios. Additionally, they should be able to apply  Analytic Geometry to solve problems involving the intersection of two straight lines, and verify geometric properties of triangles and quadrilaterals. For Algebra, students should be able to add, subtract, multiply and divide rational numbers and polynomials,  Ã¢â‚¬â€¹solve quadratic equations and problems involving quadratic functions. Furthermore, sophomores must be able to understand, represent, and analyze relationships using tables, verbal rules, equations, and graphs. Finally, 10th graders must be able to solve problems that involve variable quantities with expressions, equations, inequalities, and matrices.

8 Startling Truths About Multitasking And Productivity

8 Startling Truths About Multitasking And Productivity One of the more popular posts on this blog described how to save time writing blog posts. Perhaps I ought to have taken that to heart. Over the three days it took me to write this blog post, I found myself writing it: While watching TV. While babysitting three little kids. While periodically checking Twitter. With two side-by-side computer monitors, one running a news feed. That would explain why it took me three days to write one post. What destroys your blog? Irregular posting. Sloppy writing. Unanswered comments and conversation. No new ideas. Split focus  on everything but writing blog posts. Andmultitasking. Content marketers are a busy lot, especially if they are going it alone. They are planning editorial calendars and  content marketing strategies, managing social media, engaging and networking with others and, of course, writing blog posts.  Multitasking seems like the perfect solution: get more done in a limited amount of time. Time is like a pie isnt it, after all? You can slice it up into as many pieces as you want and still have a whole pie. Except that a pie sliced into lots of tiny pieces is a mushy mess. It isnt much of a pie at all. Content marketers are true multitaskers. And thats not a good thing. 8 Startling Truths About Multitasking And Productivity via @JulieNeidlinger1. Multitasking is damaging your brain. Let's start with the big one: your brain. Ever write your blog posts while watching TV? Sitting in on a conference call? Listening to the chatter in the open office? You're asking your brain to split its attention and it can't do that. Our brains are not capable of focusing on multiple tasks at once. They simply aren't. We think they are, but what's happening is your brain is jumping back and forth between the tasks, focusing briefly one at a time. And not only can our brains not make it happen, but they get damaged when we try to force them. Constant interruption (which is what multitasking is) brings on higher levels of stress. It's cognitive overload, and it dulls our brain and our reaction times.  According to a study at the University of Sussex, constant multitasking actually damages your brain. They found out that people who regularly multitasking have lower brain density in the region of their brain responsible for empathy, cognitive control and emotional control. The good news is that you can  fix that damage, the study found, if you take up activities that require concentration or make changes to the things distracting you. Work on one thing at a time, in a place where you can concentrate. So no. Don't multitask. Don't damage your brain. Because that's going to have an effect on your writing, obviously, as well as how you cope with the rest of the workload that content marketing requires. 2. Multitasking  makes you less productive. According to Dr. Susan Weinschenk, multitasking isn't even the right word. What really happens is task-switching, and it takes more time to switch tasks than stick with them until you finish. We think because we're good at switching from one task to another that that makes us good at multitasking. But having a great ability to lose focus isn't admirable. Studies have found that multitasking reduces your productivity by 40%. 40%! If you're convinced that multitasking makes you super-productive, you're super wrong. It just means you backtrack a lot, because every time you switch tasks, you have to repeat a bit to find out where you last left off. How many times have you had to re-read your blog post drafts because you can't remember what you wrote since your last attempt? Singular focus is how you get things done. Illustration by professional comic artist Brian Shearer. 3. Multitasking makes you dumb. That sounds pretty harsh, but repeated exposure to multitasking hurts your ability to continue learning, and can even cause you to lose ground. A University of London study found that multitasking, when attempting to do cognitive tasks (of which writing is definitely one), lowered IQ scores as much as if study participants had used marijuana or stayed up all night. All of that multitasking is reducing your intelligence. It  makes  you lose the ability to know what is important and what isn't. And it's blinding you to the fact that you're not good at all of your attempts to juggle multiple tasks. 4. Multitasking  makes you prone to cheat. Cheating (intentional or not) happens when you make sloppy mistakes you otherwise would not make. According to Weinschenk, you  "make more errors when you switch than if you do one task at a time.  If the tasks are complex then these time and error penalties increase." Multitasking itself won't make you dishonest and turn you into a content crook, but being pressed for time (which is what multitasking ultimately leads to) makes you cut corners. And that's when sloppy things happen that can get you into trouble. Sloppy things like using images you don't have permission to use, or plagiarizing or lifting content a little too heavily. 5. Multitasking hides tools that are working against you. Because we think multitasking is good or, at best, necessary, we use tools to help us be "productive" and get as much done as possible. Unfortunately, our tools aren't helping us. They are working against us. How? We don't realize how bad our tools are. The Faustian bargain we make innocently is one of exchanging work for busy-ness. Multitasking makes us feel very busy, and it often leaves us feeling like we've been productive and good workers, though strangely panicked at the sight of our to-do list with its scant completion rate. All of this fake work success hides the fact that our tools aren't very good. We pick them up and use them a bit and then pick up the next tool, and repeatbecause this is what multitasking is. We swear the tools we have work for us, that they do the job. That we couldn't do it without them. But if we stopped multitasking and stuck with one thing from start to finish, we'd realize how our tools hampered us. We choose tools not meant for the job. One of the joys of working with is that it is specifically meant for the task of creating great content for your WordPress blog and social media. It's meant for content marketing. It isn't a generic task management platform that you can wrangle into being about content marketing. Tools with a specific purpose can help keep you from multitasking and distractions. Specific tools mean you aren't jumping between browser tabs to use tools, and accidentally checking Facebook between opening new tabs. They are built to flow in the direction your work would flow. None of this hopping stuff. Ad hoc tools tend to lead to multitasking because they force you to start and stop and jump around. Illustration by professional comic artist Brian Shearer. 6. Multitasking lowers the quality of your work. When you multitask, your work suffers. Terribly. A study by the National Bureau of Economic Research revealed that multitasking reduces worker performance, makes projects last longer (remember, it took me three days to write this post!), and creates that panic-inducing backlog because your to-do list isn't getting done. Peter Bregman wrote about his experience with multitasking in the Harvard Business Review. While sitting in on a conference call, Bregman decided to not waste any time at all and use that time to email a client. He sent the email. He realized he had forgotten the attachment. He sent another email, with an apology and the proper attachment. And then he had to send a third email explaining why that attachment was the wrong one and apologized while offering the correct attachment. It was at this point he realized that the conference call attendees (specifically, the Chair of the Board) were waiting for him to answer a question. Think you're awesome at your work because you're doing two things at once? Nope. You just make yourself look bad in front of others. 7. Multitasking reduces the ability to make connections. Multitasking reduces your ability to remember things, and that's dangerous for content marketers. A great content marketer needs to be able to recall and connect the blogs, books, and articles they've read in ordered to create valuable and on-point content for their audience. Study after study has shown that when you multitask, you lose the ability to remember what you were doing, you are unable to learn as much, and you have difficulty putting what you're learning into new contexts. Imagine putting in a few hours of research for a blog post only to have been so distracted that when it comes time to write another post, you are unable to remember or recontextualize that same information. Multitasking while reading and researching doesn't work. It leaves you without the ability to recycle previous content and research, i.e. takes more work and time. 8. Multitasking audiences require more work from you. There are some who say that this multitasking infection that has spread across the land is actually a good thing for content marketers. It means that the audience is multitasking, too, particularly with their mobile phones. People are digging and researching and consuming amounts of content that they might not have had they been more single-minded and focused with the task at hand. According to a 2012 Nielsen survey, 47% of tablet users over the age of 13 visit social networking sites while watching television. 27% look up information related to the advertising they see. 61% check their email while watching a program. Audiences are multitaskers, consuming multiple pieces of content at once.In other words, when it comes to media and content, audiences are usually  consuming at least two types of content at once. That is all wonderful, but only if you are meeting these readers where they are in all of the forms possible, and are able to grab their already split focus. That means being on email. Social. The usual suspects. And it also means content that a distracted reader can comprehend quickly, using: Headlines, headings, and subheadings that relay information at a glance. Clear graphics that aren't filler, but relay content. White space. Design that doesn't confuse with clutter. Choosing colors that help your message along and attract your audience. An audience that is multitasking means you have more opportunities, but it also means you are fighting to be noticed. People can only truly focus on one thing, and you want that to be your content. Don't grab them with the headline, with the first paragraph, with the graphics? They're clicking away  to another distraction.  It's a strange Catch-22, fighting against multitasking distraction by trying to be a distraction. What Should You Do About It? Much of the exhortation to blog and create content more regularly comes down to time management. That's why understanding the fallacy of multitasking is important to getting back on track. There are a few things you can do to combat the problem of multitasking: 1. Mix your activities  correctly.  Ã‚  If you must do two things at once, then go about it with the right mix of complexity and simplicity. They key is to match high cognitive activities (like writing or anything that involves complex thinking and judgment), with physical tasks your brain's autopilot (the cerebellum) can handle. Go for a walk and get your blog post outline organized in your head. Talk with a client while making a cup of tea. You get the idea.  Look at your list and match the auto-pilot tasks with the cognitive ones. Read while listening to music without lyrics (lyrics ignite the language center of your brain used for reading...not good.) Never pair multiple cognitive tasks together.

Solar Panel Energy as an Alternative to Traditional Electrical Energy Research Paper

Solar Panel Energy as an Alternative to Traditional Electrical Energy for Residental Dwellings - Research Paper Example The solar energy is a significant source of energy to all living things on the earth. Traditionally, individuals depended on fossil fuels such as coal and oil for electricity production. However, coal and oil being fossil fuels are infinite and cannot be renewed or regenerate themselves. According to research conducted, it is evident that the fossil fuel reserves will become exhausted in few centuries to come. Traditionally, there existed a belief that an alternative fuel to coal and oil would be nuclear power. However, its rate of nuisance is characterized by the 1986 Chernobyl catastrophe in Japan. This has made solar energy to be regarded as the best replacement for fossil fuels. This is because of its greatest accuracy and safety. In addition to that, it is the most reliable and impressive energy source. For instance, the solar radiation on an average day can be five times higher in summer as compared to winter. Nevertheless, in winter to be precise during the sunny day, it is po ssible to capture a radiation of 4-5kWh/M2 /day. This is possible in regardless of the temperatures within the surrounding (Brown, 2006). Solar systems and panels are significant in solar power exploitation and have application in various dimensions. These are such as, domestic hot water preparation, heating of pool water, technology process heating and heating of buildings via heat input. In residential dwellings, there is incorporation of solar thermal systems that are modern without any difficulties in the facilities of the building (Hodgson, 2008). Furthermore, the systems have a longer lifespan (more than 20yrs) thus making them to be effective in complementing the modern technology of heating. Thus, the purpose of this proposal is to analyze solar panel energy as an alternative to traditional electrical energy for residential dwellings. Problem Statement The demand for energy in the world is increasing rapidly. People require energy to communicate, light their houses, and prep are their meals among other functions. The demand is as a result of increased population growth and individuals living standards. The utilization of energy in the world has doubled over centuries. The main source of energy being utilized in the world is oil whose production is projected to peak in the coming few years. Another most utilized source of energy is coal. Coal and oil greatly pollutes the environment. For instance, they are the major causes of climate change and acid rain. That is why the world needs urgently cleaner energy to satisfy its energy demands and reduce negative environmental impacts as a result of traditional method of electrical production. Justification of the study Many environmentalists and scientists perceive that the world needs to reduce on its greenhouse gas emission for purposes of decreasing global warming. Greener energies such as solar power provide a solution to this problem. Even though solar energy is a cleaner alternative source of energy, ther e exist many challenges that need to be addressed. The challenge is such as its ability to be utilized on a wide scale and replace the utilization of fossil fuels as the principal source of energy. In comparison to other methods of electricity production, solar energy is a renewable form of energy that is clean; the solar panels can be utilized sufficiently and effectively to heat homes and water.

The different between simulated reverberation using corner speakers in Research Paper

The different between simulated reverberation using corner speakers in the room and real reverberation - Research Paper Example Another researcher has found that the effects of steady-state suppression are similar in simulated and real reverberant environments. Therefore, there are advances that are closing the gap between the simulated and real reverberant environments, and there are commonalities as well. The following describes the differences between the two environments as well as the common ground that they share. Simulated verses Real Reverberation Simulated reverberation creates a diotic sound field (like loudspeaker in front) prone to spectral cancellations. C.f. to â€Å"amplitude mapping† / â€Å"summing localisation†. The diotic sound field may be replicated by the researcher, such as with the study done by Arai et al. (2007). They wanted to evaluate the effect of overlap-masking on speech intelligibility, so they conducted a study where they presented stimuli diotically through headphones connected to a computer. They were further able to adjust the sound level to the comfort of eac h subject. They found that the intelligibility of speech in reverberation was inversely correlated with the amount of overlap-masking (Arai et al., 2007, p. 440). ... n acoustic field is considered to be perfectly diffuse in a volume V if the energy density is the same on all points of this volume V† (Nelisse & Nicola, 1997, p. 3517). According to Kopco and Shinn-Cunningham (2002), however, this diffusion depends upon where the listener is in the reverberant room. For listeners in the center of the room, the reflective surfaces are located relatively far from the listener, which makes the sounds from all positions in the room diffuse to the listener. On the other hand, when the listener is close to a wall, early reflections are prominent, and these early reflections’ magnitude and timing depends upon where the source is in relation to the listener (Kopco & Shinn-Cunningham, 2002, p. 109). They also found that the reverberation effect on localization varies dramatically depending upon where the listener is positioned in the room, while the effects of room position on localization are modest (Kopco & Shinn-Cunningham, 2002, p. 112). On the other hand, Moorer (1979) found that diffusion is one of the reasons that simulating reverberation does not sound like real reverberation, and found that the effects of diffusion are most prominent when the walls are irregular, as opposed to flat, which is the case with most concert halls. For instance, Moorer cites the case of the Boston Symphony Hall, with its fluted side walls and box well ceiling. This configuration causes a confusion of sounds which are caused by the multiplicity of the diffused sources of sounds that are reflected from every irregularity in the room. Therefore, everything but the first few images are washed out, which means that artificial reverberation has a difficult time simulating the acoustics of a concert hall, which is the source of real reverberation (Moorer, 1979,

The Basic Energy Sources For Electric Energy Environmental Sciences Essay

The Basic Energy Sources For Electric Energy Environmental Sciences Essay What are the basic energy sources for electric energy? Electricity is a converted energy. So its being the basic energy source for simple motor to the complex computer system. In this aspect it runs our life with efficiency and conveniently. There for it is important to aware where does it come from and how does it create. The electric energy can be generated in various ways but basically there are five different sources for electric energy. We can categorize it like as following. Hydroelectric energy In hydroelectric energy generation that electricity is generate by using water.This is a method to generate electricity from a renewable source, and generates very little pollution. Here a dam is built to trap water, usually in a valley where there is an existing lake. Because the water running through tunnels in the dam to the turbines and thus drive generators. The dam is much thicker at the bottom than the top, the pressure of the water increases with depth. Gravitational potential energy stored in the water above the dam. Due to the large amount of water, it will forward to the work under high pressure, which means we can much energy from it. The water then flows away along the river as usual. The first hydroelectric plant in history began producing electricity in 1882. It is located in the state of Wisconsin, the Fox River and is used for the generation of electricity. Hydropower in many countries throughout the world and in Sri Lanka, including Brazil, Canada, Russia, Tanzania, Iceland, North Korea and New Zealand. It seems to be a popular option in almost every area, whether political or economic differences. It has a number of advantages in relation to other electrical sources. Once the dam is built, the energy is virtually free No waste or pollution produced. Much more reliable than wind, solar or wave power. Electricity can be generated constantly. Hydro-electric power stations can increase to full power very quickly, unlike other power stations. But at the same time it has few disadvantages as the dams are very expensive to build. On the other hand building a large dam will flood very large area upstream, causing problems for animals that used to live there. Also hydroelectricity cannot fulfill todays large require consumption in world. Electricity from Coal Coal power is another major resource of electric energy which has been using many parts of the world. Coal is the solid end-product of millions of years of decomposition of organic materials. In truth, coal is stored solar energy. Plants capture the energy from sunlight through photosynthesis, which directly converts solar energy to plant matter. Animals that then eat the plants to convert that energy again, storing it in their own bodies. Over millions of years, accumulated plant and animal matter is covered by sediment and stored within the earths crust, gradually being transformed into hard black solids by the sheer weight of the earths surface. Coal, like other fossil fuel supplies, takes millions of years to create, but releases its stored energy within only a few moments when burned to generate electricity. Because coal is a finite resource, and cannot be replenished once it is extracted and burned, it cannot be considered a renewable resource. Electricity from Wind Weve used the wind as an energy source for a long time. The Babylonians and Chinese were using wind power to pump water for irrigating crops 4,000 years ago, and sailing boats were around long before that. Wind is a renewable resource because it is inexhaustible. The Sun heats our atmosphere unevenly, so some patches become warmer than others. These warm patches of air raise, other air blows in to replace them and we feel a wind blowing. We can use the energy in the wind by building a tall tower, with a large propeller on the top. The wind blows the propeller round, which turns a generator to produce electricity. When it comes to cost the current costs of wind-generated electricity at prime sites approach the costs of a new coal-fired power plant. Wind power is the lowest-cost renewable energy technology available on the market today. According to the researches, the costs of wind power are projected to continue to fall and may rank the cheapest electricity source of all options by 2020. Wind power also has both advantages and disadvantages. It produces no air pollution. They use no water, and there is no need to tear up the land to extract the wind resource that produces wind power. Nonetheless, there may be environmental problems associated with some wind plants. It generates three categories of environmental impacts: visual impacts; noise pollution; wildlife impacts. These impacts can vary immensely from site to site. Solar Electricity Solar electricity is created by using Photovoltaic (PV) technology by converting solar energy into solar electricity from sunlight. Photovoltaic systems use sunlight to power ordinary electrical equipment, for example, household appliances, computers and lighting. The photovoltaic (PV) process converts free solar energy the most abundant energy source on the planet directly into solar power. Note that this is not the familiar passive or solar electricity thermal technology used for space heating and hot water production. A PV cell consists of two or more thin layers of semiconducting material, most commonly silicon. When the silicon is posed to light, electrical charges are generated and this can be conducted away by metal contacts as direct current (DC). The electrical output from a single cell is small, so multiple cells are connected together and encapsulated (usually behind glass) to form a module (sometimes referred to as a panel). The PV module is the principle building block of a PV system and any number of modules can be connected together to give the desired electrical output. PV equipment has no moving parts and as a result requires minimal maintenance. It generates solar electricity without producing emissions of greenhouse or any other gases, and its operation is virtually silent. Sri Lanka lies between 6 and 10 degrees north of the Equator and as such will have limited seasonal variation. However, variations in cloud cover have a significant impact on output from PV. Apart from these basic methods, electricity can be generated via tidal power, wave power, geothermal power and biogas etc. But those energy sources are either in experimental stage or have been used in small scaled projects wise. Electricity from Nuclear power Nuclear energy is energy in the nucleus (core) of an atom. Atoms are tiny particles that make up every object in the universe. There is enormous energy in the bonds that hold atoms together. Nuclear energy can be used to make electricity. But first the energy must be released. It can be released from atoms in two ways: nuclear fusion and nuclear fission. Nuclear fusion, energy is released when atoms are combined or fused together to form a larger atom. This is how the sun produces energy. In nuclear fission, atoms are split apart to form smaller atoms, releasing energy. Nuclear power plants use nuclear fission to produce electricity. Nuclear power plants are very clean and efficient to operate. However, nuclear power plants have some major environmental risks. Nuclear power plants produce radioactive gases. These gases are to be contained in the operation of the plant. If these gases are released into the air, major health risks can occur. Nuclear plants use uranium as a fuel to produce power. The mining and handling of uranium isvery risky and radiation leaks can occur. The third concern of nuclear power is the permanent storage of spent radioactive fuel. This fuel is toxic for centuries, handling and disposal is an ongoing environmental issue. Nuclear plants are very expensive. And also it would be dangerous for small countries like us. Because the heat from the uncontrolled reaction can melt everything it comes into contact with. Catastrophic accid ents could injure or kill thousands of people. For create nuclear plant need huge land are without living creatures (people, animals etcà ¢Ã¢â€š ¬Ã‚ ¦). We need like deserts. So we hard to going to nuclear power.

The Tax Research Process

The Tax Research Process The overriding purpose of tax research is to find solutions to the tax problems of one’s clients or employer. The process is similar to that of traditional legal research. The researcher must find authority, evaluate the usefulness of that authority, and apply the results of the research to a specific situation. One can identify two essential tax research skills: * The first is using certain mechanical techniques to identify and locate the tax authorities that relate to solving a problem. * The second entails a combination of reasoning and creativity and is more difficult to learn.A researcher must begin with native intelligence and imagination and add training and experience properly to apply the information found. Creativity is necessary to explore the relevant relationships among the circumstances and problems at hand to find a satisfying (and defensible) solution. In many cases, no legal authority exists that is directly on point for the problem. I f such a situation comes up, the researcher must combine seemingly unrelated facts, ideas (including those that he or she has derived from previous research work), and legal authority to arrive at a truly novel conclusion.This creative ability of the researcher often spells the difference between success and failure in the research process. Outline of Tax Research Process As the tax problems of the client become more significant, the related tax research can become time-consuming and, thus, expensive to the client. A moderate tax research problem often takes up to eight or ten hours of research time, and the bill for these services may approach or even exceed $2,000. Because of the costs that are involved, the tax researcher must work as efficiently as possible to obtain the solution to the client’s problem.The researcher needs a framework for the research process, so that he or she does not waste time and effort in arriving at a solution to the problem. The tax research proc ess can be broken down into six major steps. Tax researchers (especially those without a great amount of experience at the task) must approach the resolution of a tax problem in a structured manner, so that the analysis of the problem will be thorough and the solution complete. Step 1: Establish the Facts Before a researcher can analyze the tax consequences of a transaction, he or she must understand the transaction itself.Specifically, the researcher should discuss the details of the transaction with the client to ascertain the client’s motivation. What are the client’s business or financial objectives in undertaking the transaction? What does the client foresee as the desired outcome? What risks has the client identified? By asking these types of questions, the researcher gets to be more acquainted with the non-tax features of the transactions. Discover All the Facts The researcher must discover all the facts concerning the client’s transaction.Like a newspape r reporter, the researcher should question the client about the precise â€Å"who, when, where, why, and how† of the transaction. The researcher should not assume that the client’s initial summary of the transaction is factually accurate and complete. Perhaps the client hasn’ t determined all the facts that the researcher needs. Or the client may have discounted the significance of certain facts and omitted them from the initial summary. The researcher should encourage the client to be objective in stating the facts.Often, a client unwittingly presents the researcher with the client’s subjective conclusions about the facts rather than with the facts themselves. Impact of Client’s Tax Knowledge When a researcher is working with a client to uncover the relevant facts, the researcher must take into account the level of the client’s tax knowledge. If the client has some knowledge of the tax law, the researcher can ask questions that presume such knowledge. On the other hand, if the client is unsophisticated in tax matters, the researcher should ask only questions that the client can answer without reference to the tax law.Step 2: Identify the Issues After the researcher is satisfied that he or she understands the client’s transaction and knows all the relevant facts, the researcher can proceed to the second step in the research process. In this step, the researcher identifies the tax issue or issues suggested by the transaction. The ability to recognize tax issues is the product of technical education and professional experience. Consequently, this step is usually the most challenging for new tax researchers. The identification of issues leads to the formation of tax research questions.The tax researcher should be as precise as possible in formulating questions. A precise question is narrowly stated ands provides clear parameters for the remaining steps in the research process. An imprecise question that is vague or overly broad in scope may provide insufficient parameters and result in wasted time and effort. Multiple Research Questions If the tax issue suggested by a transaction lead to multiple research questions, the researcher must determine the order in which the questions should be answered.In our complex tax system, the answer to a question often depends on the answer to one or more preliminary questions. Tax researchers who understand the hierarchy of their research questions can address each question in the right order and conduct their research with maximum efficiency. A combination of education, training, and experience is necessary to enable the researcher to identify all of the issues with respect to a tax problem successfully. In some situations, this step can be the most difficult element of a tax research problem to carry out.Issues in a closed-fact tax research problem often arise from a conflict with the IRS. In such a case, one can ascertain the issue(s) easily. Research of this nature usually consists of finding support for an action that the client has already taken. Types of Issues In most research projects, however, the researcher must develop a list of issues. Research issues can be divided into two major categories: * Fact issues are concerned with information having an objective reality, such as the dates of transactions, the amounts involved in an exchange, reasonableness, intent, and purpose. Law issues arise when the facts are well established, but it is not clear which portion of the tax law applies to the issue. Step 3: Locate Authority As the third step in the research process, the researcher heads for a tax library. A researcher’s mission is to locate the authority that provides answers to the research question. Traditional libraries consist of shelves filled with books, loose-leaf binders, magazines, and other published materials containing all the technical minutiae of the tax law.Today, traditional libraries are disappearing as professional tax advisors gain access to the electronic libraries available on the Internet. Once obvious advantage of electronic libraries is the speed at which researchers can access sources of authority and move among the sources. A second advantage is the ease with which electronic sources can be updated to include current developments. A third advantage is that an electronic library is portable. A tax researcher with a laptop computer can access the library at any time and from any location.Regardless of whether a tax researcher is working in a traditional or electronic library, a researcher must be knowledgeable about the content and organization of the reference pertaining to the problem at hand. The researcher also must be able to distinguish between the two main categories of reference materials: sources of authority and sources of information. Primary Authority Primary authority is an element of the Federal tax laws that was issued by Congress, the Treasury Department, or Internal Revenue Service. Primary authority carries greater precedential weight than secondary authority.Each primary authority also has a relative weight to other primary authorities. Weight is best described as an assessment of relative importance compared to other authority. Statutory sources include the Constitution, tax treaties, and tax laws passed by Congress. Statutory authority is the basis for all tax provisions. The Constitution grants Congress the power to impose and collect taxes and also authorizes the creation of treaties with other countries. The power of Congress to implement and collect taxes is summarized in the Internal Revenue Code, the official title of U. S. tax law.The Internal Revenue Code constitutes the basis for all tax law, and, therefore, the basis for arriving at solutions to all tax questions. The other primary sources of the tax law, administrative and judicial authority, function primarily to interpret and explain the application of the provisions of the Internal Revenue Code and the intent of Congress. Administrative sources include the various rulings of the Treasury Department and the IRS. These are issued in the form of Regulations, Revenue Rulings, and other pronouncements. Judicial sources consist of collected rulings of the various courts on federal tax matters.Secondary Authority Secondary Authority Sources consist of unofficial sources of tax information, such as: * tax services * journals * textbooks * treatises * newsletters. Secondary authority is an element of the tax law that was issued by a professional or scholarly writer. It is an interpretation of the tax law issued by primary sources. Many secondary sources exist. Some of the most useful are the editorial analysis and explanation contained in many of the major tax services, articles published in the numerous professional journals and newsletters, treatises, and textbooks.Secondary authority carries less precedential weight than primary authority. Secondary authorities are useful in finding, analyzing, and evaluating primary authorities. The distinction between primary and secondary (or editorial) sources of authority is more important because of IRC  § 6662, which imposes a penalty on substantial understatements of tax, except where the taxpayer has â€Å"substantial authority† for the position taken on the return. Substantial Authority The Regulation under  § 6662 specifies the sources of â€Å"substantial authority† to include: * provisions of the Internal Revenue Code temporary and final Regulations * court cases * administrative pronouncements * tax treaties * Congressional intent as reflected on Committee Reports. This list was expanded by the Committee Report for the Revenue Reconciliation Act of 1989 to include: * Proposed Regulations * Private Letter Rulings * Technical Advice Memoranda, * Information or Press Releases * Notices * Any other similar documents published by the IRS in the Internal Revenue Bullet in. Treatises and articles in legal periodicals, however, are not considered substantial authority under this statute.Conflicting Authority Secondary authority is useful when conflicting primary authority exists, when there appears to be no extant primary authority, or when the researcher needs an explanation or clarification of the primary authority. Over the past 15 years, as the support staffs of government agencies and (especially) Federal courts have been decreased in number or otherwise become inadequate, more dependence has been placed upon the secondary authorities of the tax law, even by the IRS, the Treasury Department, and the court system.Tax researchers must be careful, though, not to rely too heavily upon secondary authority and always to read any pertinent primary authority that is referred to in the secondary sources. Commercial Tax Services Because of the vast amount of tax authority that is available, the tax researcher would have a tremendous problem in undertakin g a tax research problem for a client if it were not for commercial tax services and treatises.Several publishers have produced coordinated sets of reference materials, such as RIA’s Checkpoint, that organize the tax authority into a usable format, making the Internal Revenue Code and other primary authorities much more accessible. Checkpoint ® Commercial tax services, such as RIA’s Checkpoint, are useful in that they provide simplified explanations with footnote citations, as well as examples illustrating the application of the law. Checkpoint leads the tax researcher, via the footnote references, to the primary source that is pertinent to the question at hand.A tax service can be classified as chiefly an annotated service or as a topical service. Annotated services are organized in Internal Revenue Code section order, such as RIA’s United States Tax Reporter. A topical service, such as RIA’s Federal Tax Coordinator, is organized by topical areas deter mined by the editors. Step 4: Evaluate Authority Regardless of whether a researcher is reading from a printed page or a computer screen, the researcher must have the skill to interpret and evaluate the authority at hand. In some cases, the authority may provide an unambiguous answer to the researcher’s question.In other cases, the answer may be equivocal because the authority is inconclusive or subject to interpretation. Or perhaps different sources of authority provide conflicting answers. In these cases, the researcher must bring his or her own judgment to bear in analyzing the authority and answering the question. Weighting Authorities All tax authority does not carry the same precedential value. For example, the tax court could hold that an item should be excluded from gross income at the same time that an outstanding IRS Revenue Ruling asserts the item is taxable.The tax researcher must evaluate the two authorities and decide whether to recommend that his or her client r eport the disputed item. How Research Can Loop In the process of evaluating the authority for the issue(s) under research, new issues previously not considered by the researcher may come to light. If this is the case, the researcher may be required to gather additional facts, find additional pertinent authority, and evaluate the new issues. All of these research activities must be related to the client’s research problem.The researcher uses professional judgment in selecting issues and determining the effort to expend on the issues. This loop is illustrated below: Step 5: Develop Conclusions As part of the analytic process, the researcher should decide if the authority requires him or her to make a factual judgment or an evaluative judgment. Factual Judgment In making a factual judgment, the researcher compares the authority to a set of facts. Assuming that the facts are complete and accurate, the researcher can provide a definitive answer to the research question.Evaluative Judgment Researchers are required to make evaluative judgments when the relevant authority relates to a conclusion inferred from a set of facts, rather than to the facts themselves. By definition, conclusions are subjective; different observers may draw different conclusions from the same facts. A researcher who must draw a conclusion to complete a research project can never be sure that such conclusion will go unchallenged by the IRS. Therefore, the researcher should never give an unqualified answer to a research question requiring an evaluative judgment.Getting All the Facts At some point in the research process, even an expert may discover that he or she does not have all the facts necessary to complete the analysis of the client’s transaction. In such case, the researcher must repeat Step 1 by obtaining additional information from the client. Oftentimes the additional information suggests additional tax issues and research questions that the researcher must address. A res earcher may have to repeat Steps 1 through 4 several times before he or she is satisfied with the analysis. Handling Unresolved IssuesWhere unresolved issues exist, the researcher might inform the client about alternative possible outcomes of each disputed transaction, and give the best recommendation for each. If the research involved an open fact situation, the recommendation might detail several alternative course of future action, (for example, whether to complete the deal, or how to document the intended effects of the transaction). In many cases, the researcher may find it appropriate to present his or her recommendation of the â€Å"best† solution from a tax perspective, as well as one or more alternative recommendations that may be much more workable solutions.In any case, the researcher will want to discuss with the client the pros and cons of all reasonable recommendations and the risks associated with each course of action. Step 6: Communicate The final step in the research process is to communicate the results and recommendations of the research. The results of the research effort usually are summarized in a memorandum to the client file and a letter to the client. Both of these items usually contain a restatement of the pertinent facts as the researcher understands them, any assumptions the researcher made, issues addressed, the applicable authority, and the tax researcher’s recommendations.The memorandum to the file usually contains more detail than does the letter to the client. Client’s Tax Knowledge In any event, the researcher must temper his or her communication of the research results so that it is understandable by the intended reader. For instance, the researcher should use vastly different jargon and citation techniques in preparing an article for the Journal of Taxation than in preparing a client memo for a businessperson or layperson who is not sophisticated in tax matters.

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Small Business Administration Research - 1326 Words

According to Small Business Administration research, only half of new businesses survive for the first five years and only a third of new businesses are able to survive for 10 years. The inverse is compelling as we can conclude that if only 50% of new businesses survive for the first five years, then the other 50% fail in the first five years. We can also conclude that about 65% of new businesses don’t make it to the ten-year mark. Forbes reports an even more grim statistic, based on Bloomberg research, that of every 10 businesses, eight fail within the first 18 months. What are the reasons businesses fail to thrive, given a 50/50 chance of survival and assuming a product or service for which there’s a demand? Let’s discuss six reasons businesses fail and some ways you can avoid business failure. Six Reasons Businesses Fail 1. Leadership Failure. Your business can fail if you exhibit poor management skills, which can be evident in many forms. 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