Ideas of Ethnicity from the Concept of Nation Essay Example for Free

Ideas of Ethnicity from the Concept of Nation Essay In order to start this question, it is necessary to try to explain some of the phrases within it. Multi-culturalism, nation and civic are all concepts that intertwine in different ways. Ethnicity and civic ideas in the nation can exist together and one incorporates the other. Multiculturalism is the civic nation in so far as a nation is a modern, liberal concept but as a general rule, the states attempt to assimilate immigrants and national minorities into the culture of the dominant ethnie (multi-culturalism) have been met with little success. For example, the state has managed to establish a national system of education and compel most minorities and immigrants to put their children through its uniform schooling system but on the otherhand, modern nations are civic and ethnic which constitutes multi-culturalism. Modern nations are both civic and ethnic and therefore multi-cultural in theory however we shall see that multi-culturalism as a theory does not work to its full definition. The term,Multi-cultural for Kymlicka represents a broader way to encompass a wide range of non-ethnic social groups which have been excluded or marginalised from mainstream society. 1 For the purposes of this essay it means multi-clturalism which arises from national and ethnic difference. ENTER PG NO Another form of multi-culturalism is when different cultures insist that all citizens have the same relationship with the state which is a model that allows for a degree of diversity in terms of language and culture rather than seeking to assimilate different ethnic groups. (Wieviorka 1998. ) The theory of the national state has generally assumed a civic form of nationalism. The ideal of the sovereignty of the people has always had a clear vision of the nature and boundaries of the people who make up the citizens of the state. When one brings the idea of ethnicity into the debate, a conflict arises from the internal contradiction at the heart of the national state between a universal conception of citizenship with its uniform rights and a conception of the people and the ethnic basis where national minorities demand their own rights as members of a community that shares a history which marks themselves off from the dominant ethnie. Thus causing a difficulty in forming a multicultural nation. It is often assumed that ethnic communities in the nation breeds exclusiveness and intolerance to the concept of nation however there is no one to one relationship between ethnic nationalism and exclusiveness for some ethnic groups live peacefully alongside one another such as the Catalan and Czech movements. (Smith. )

Product Life Cycle Theory in International Business

Product Life Cycle Theory in International Business Klug, Adam, 2006. Theories of International Trade. Routledge. This is a book from 2006 by Klug Adam and edited by Warren Young, Michael D. Bordo and Daniel Schiffman. The book tackles on various subjects of international trade including balance of payments, macro economics, political science, international relations, trade and tariffs and on business and economic issues like history and theories. Information contained in the book is very resourceful when studying international trade as its obtained from a through survey that Israeli economic historian conducted looking extensively on the different theories of international trade. Chacholiades Miltiades. 2006. The pure theory of international trade. New York: Transaction Publishers. In this book by Miltiades several theories as of international trade including the classical, neoclassical as well as the modern theories with special attention given to the problems, welfare and growth. In addition to that discussions of the major works done by major contributors in the field of international trade are included in this book. Fr instance contributions by scholars like Heckscher, Ohlin, Ricardo and Mill through Meade to the growth models of Johnson, Uzawa and Solow. In this book problems are sated clearly with easy and convenient solution being sought in each case with the technical topics in the filed discussed in several chapters as well as appendices may be omitted fro less advanced studies by lower level students without necessarily interrupting with the continuity of the book. Markusen,R James. 2004. Multinational firms and the theory of international trade. California: MIT Press. Markusen in his book above on interaction trade despite he obvious importance that multinational firms has in international economics, both theoretical as well as empirical research on such firms has usually been separately conducted especially on international trade. Therefore in this book the author has provided a comprehensive integration of both field and it has achieved this by drawing on two decades of research focusing on the interaction of scale economies, factor endowments, trade costs and competition. Decisions about whether to acquire or build a foreign plant are analyzed separately from the decisions regarding place of raising the financing. Stark John. 2005. Product lifecycle management: 21st century paradigm for product realization. Birkhà ¤user. This book explains the significance of product life cycle management both from the business as well as technical points of views. Explanations given are supported by examples which show how the world class engineering and manufacturing companies successfully implement product life cycle management. This book is very resourceful as it introduces product life cycle management which is a holistic view concerning product development, supports the use as well as the disposal for the industry globally and all these is based on the experience derived from internationally renowned companies. In addition to that the book also shows how one can take full advantage of the product lifecycle management, ways of preparing people to working with product lifecycle environment, ways of making best choices reading personal situations thus help in providing a deeper understanding as well as in the nurturing of skills that are needed to implement product cycle management successfully promoting achieveme nt of a world class product development as well as support performance. Finally the book also gives access to companion websites that contain further material reading the topic. Electronic databases Rubera Gaia, Griffith David Ordanin Andrea. 2011. Incorporating cultural values for understanding the influence of perceived product creativity on intention to buy: An examination in Italy and the US. Journal of business studies. March 2011. Vol 1 no 1 This paper was written in response to the increasing competition globally changing the market place in which new products are introduced to. Therefore the paper helps in extending the knowledge on the effects of a perceived product thus contributing to study literature through empirical investigation of the influence of cultural values on relationships between creativity dimensions of meaningfulness, novelty and intentions of buying process. The paper utilizes the schmaltz values framenwork in theorizing the cultural differences. This paper involves use of results obtained from a case study done between 206 Italian and 201 United States based consumers. Hofstede Geert, Cultural dimensions in management and planning. Asia pacific journal of management, Vol 1 No.2 pg 81-99. Management skills are culturally specific thus management techniques or even philosophy appropriate in one culture does not necessary mean its appropriate for another. This paper describes extensively scope of work related cultural differences based on research conducted in more than 50 countries around the globe. In addition to that it carries a discursion on how these differences affects validity of management techniques as well as philosophies in various countries that lay within the functioning and the meaning of planning. Hoftede Geert, Asian management in the 21st Century. Asia pacific Journal of management. Vol 24, No 4 pg 411-420. This paper is inspired by the recent research that reveals that fundamental differences regarding the goals of business leaders from various societies. Result which are contrary to the popular opinion that crucial elements of management process shows a strong continuity over a period of time, with variation from one country to another which is often as a function of the local culture. Therefore this paper explores the general characteristics of Asian management compared to management in other parts of the world focusing on the impacts of the Asian management and its origins of culture on the merging Asian multinationals as well as the state of art in management in the 21st century business world. Reuer Jeffrey Tony W Tong, 18 February 2010. Competitive consequences of interfirm collaboration: How joint ventures shape industry profitability. Journal of International Business Studies 41, 1056-1073. Based on contrasting results obtained from recent research on international business regarding he use of knowledge of joint venture in increasing through competitiveness and the research on industrialization organization economic which reveal that joint venture can also be use in various ways to attenuate completion ,this article therefore joints the two streams of research on reducing or enhancing competition through empirical testing of the effects of various types of venture on the organization profitability. Thus this paper yield results reading the above issues and also shows the importance of adopting contingent approaches in evaluation of competitive implications of various joint ventures. Finally the paper also addresses on the values of reinvigorating international business research con competitive context as well as consequences of interim collaborations. Rink Davi, 12th April 2002. Product Life cycle Research: A literature Review. Journal of Business Research Vol.7 no 3 pg 219-242 This paper contains resourceful information on the various issues .first is the review of the scope of product life cycle research, areas that require further research and finally provide guideline to be used by future researchers. This paper offer tentative conclusions which are advanced as compared to empirical evidence due to its paucity. For instance it conclude that the most common product life cycle used is the classical bell-shaped. It also has result on the success of the application of product life cycle which it finds that it has been met with quite some success. The paper also has information on the least researched areas which include the effects of different characteristics of the firm on product life cycle and the actual utilization of product life cycle strategy theories among the business planners. Finally the paper has extensive literature on validation of the existing product life cycle concept among the nondurable consumer goods leading to the conclusion that a res earch that is more diversified as well as extensive should be conducted in the future. Items public on the Internet Mullor-Sebastian Alicia. Winter 1983.The product life cycle theory: empirical evidence. Journal of international studies retrievable from: http://www.jstor.org/pss/154692 This article presents resourceful information based on three empirical test of the product cycle theory which is based on information obtained from United States data which is relatively new hence giving information on larger number of products as well as lower levels of aggregation as compared to data used in the earlier tests. The papers also provide information regarding the behavior of industrial products behavior in relation to the theory product cycle theory on world markets. in addition to that it provide result on the behavior of the individual products based on the theory. Finally the paper offer policy implications concerning the reliance of development strategies in industrial sectors rather than on individual commodities. Pomfret Richard.2008. Lecture notes on international trade theory and policy. World Scientific retrievable from: http://books.google.com/books?id=MJDuoEHuIUsCdq=Theories+of+international+tradesource=gbs_navlinks_s This book resource is available online and it provide a very comprehensive review of the international theory on international trade as well as on trade policy, including a coverage of all the research areas that have been studied including the heterogeneous firm trade models as well as trade costs. In addition to that the book proceeds to give an in-depth analysis of the history of trade policies and evolution of global trading system primarily lay an emphasis on the important policies as well as the controversial issues that include Doha Round, regionalism, fair trade as well as anti dumping duties. Olling, Renà ©Soà «nen. 2003. Feature based product life cycle modeling. Retrieved from: http://books.google.com/books?id=rYYonETpoZoCdq=Product+life-cycle+theorysource=gbs_navlinks_s In meeting the ever increasing high demands regarding improvement and speeding up of the product development process fro concept of customer feedback, feature based technology is the critical factor. Therefore it sis expected to providing better approach that enable integration complete product design process chain. this resource therefore provide a lot of important information including chapters encompassing significant phase of product development right from the conceptual design to recycling process covering topics on Knowledge based engineering, Life-phases modeling, *Manufacturing process cost estimation; *Technological links among assemblies, Multiple-view geometric modeling, Product recovery estimation, Machining preparation, Product deterioration prediction and Manufacturing modeling. This books include of a selection of resources obtained from International Conference on Feature Modeling in Advanced Design-for-the-Life-Cycle Systems (FEATS 2001) held in Valenciennes, France in June 2001. Hill, Charles (2007). International Business Competing in the Global Marketplace 6th ed. New York: McGraw-Hill. Retrievable from: www.ebookfree-download.com//international-business6th-edition-charles-hill-pdf.php The book resource is easily accessible in the ebook.com and it has information on the stages that are involved in a product lifecycle. It gives information on the definition of terms on the topic, as well as the introduction, stage, growth stage, maturity stage and finally the decline stage. In addition to that it offer finer detail of the process hence its in details thus can be used as good resource for literature reviews and deeper understanding of the theory of product life cycle as well as the its management. The product life cycle theory Is the Product life-cycle theory significant when it comes to dynamics of international business in this modern era? Essay Plan. In addition to explain the theory of product life cycle, the theory is an economic theory that was developed by Raymond Vernon and it was based on observation that united sates firms introduced a higher proportion of the 20th century worlds new products and more of such products were first sold in the United States market. Example of such products s includes the instant cameras, television, personal computers, photocopiers as well as semi conductors (Chacholiades, 69.) The theory was developed after the Heckscher-Ohlin model failed to explain the observed pattern of international trade. The product life cycle is usually used to understand as well as analyze the various maturity stages of products and industries especially as product innovation and diffusion influences the long terms patterns of the international trade. Products life cycle was used for the first time in 1965 by Theodore Levitt in a Harvard business review article (Hill, Charles, 103). Product life cycle management is therefore a relatively new paradigm for the process of product manufacturing as it enables the company in management of its products through out their life cycles in the possible most effective way. Such management has several benefits to the company and these include the following: aid the company getting its products to the market as quickly as possible, provides a better support for the use of such products, and finally helps in a better management of their end-of-life (Klug, 424). Considering todays high competitive global markets companies are expected to meeting the increasing demands of its customers as well as rapidly continuously and rapidly improving its products and services. Thus for any company to realize such demanding goals the product life cycle management enhance the company efforts of meeting such demand by extending as well as bringing together previously separate filed s like the computer aided design, sustainable management, product data management, enterprises resource planning and the life cycle analysis and recycling (Olling, 203). Product life cycle has several stages which are the introduction stage when the company consults a through market research and develops its product, growth stage follow and in this stage involves strategies that gain the customers attention to help increase products market share, maturity stage (stage where most companies struggle in maintaining their respective market shares, growth stage )and finally the decline stage when the revenues generated from the sales of the products start to deep due to factors like market saturation, latest technological development and finally as a result of stiff competition (Pomfret, 108). The typical pattern of product life cycle has several exception which include the following: it exclude products that have very short life cycles, the luxury and service goods, products that require some specialized labour, products differentiated from competitive offerings and finally the theory excepts products for which its transportation costs are relatively higher (Chacholiades, 678). The typical theory of product life cycle by Vernon has several draw backs that include the following: the theory is les effective when it comes to explaining recent FDI trends, it also helps in explanation of the location of production unfortunately it doesnt explain the initial advantage of the firm moving areas. In addition to that the theory also appears dynamic in nature i.e. Its only programmatic and the final drawback is that it ignores licensing. Since the adoption of the theory by marketing it has achieved a universal acceptance and this is attributed to its appeal and wider application (Mullor-Sebastian, 567). The theory has been widely quoted and frequently taught element of marketing and this has it being very influential as it has been seen in other theories ranging from new product development, in the positioning and differentiation and finally in the portfolio analysis(Klug, 324). Thus product life cycle as Weber provide an intuitively appealing as well as readily understandable framework of analysis process to be used fro considering future growth.

Responsibility Of A Businessman

Responsibility Of A Businessman In the world of business, the paramount responsibility of the businessman has historically been to make profit and increase the shareholder value. In other words the motive of operating business has been the corporate financial responsibility. However in todays competitive world every company is striving to achieve competitive edge in the global market which is not feasible by achieving corporate financial responsibility In this modern era, the drivers of competitive advantage is not restricted to corporate financial responsibility but it also includes other issues such as brand loyalty, staff morale and motivation, reputational risk, environmental sustainability and many other. By keeping this knowledge in mind, in the last decade a movement describing wider concept of corporate responsibilities- for local communities, for ethical responsibility, for the environment, and for working condition, has grown and taken grip. This new driving force is CSR (Corporate Social Responsibility) What is Corporate Social Responsibility? Particularly there is no universal definition of CSR , in general it means transparent business practices which are based on value of ethics along with fulfilling legal requirements and respect for the environment, community and people. Hence company is not responsible for profit only but also for the impact of their operation on people and the planet. Here the term people includes- companys stakeholders: its customers, employees, investors, business partners, vendors, and suppliers, the government and the community [1]. In business world, CSR is alternatively referred to corporate citizenship. According to South China Morning Post, 2002: The desire of companies looking beyond profits to their role in society is generally termed as corporate social responsibility .This term refers to a company linking itself with building employee relations, ethical values, compliance with legal requirements transparency, and all together respect for the communities in which they run. It goes beyond the occasional community service action, however, as Corporate social responsibility is a corporate philosophy that draws strategic decision-making, hiring practices, partner selection, and, ultimately, development of brand.[2] History of CSR The story of social and environment concern about business began with the story of business itself. There are many cases which indicate the presence of Corporate Social Responsibility in long time back. For example we can trace the Commercial logging operations and laws to protect forests around 5000 year back. In Ancient Mesopotamia in 1700 BC, under the rule of King Hammurabia there was a code which says builders, farmers, or innkeepers would put to death if their negligence cause any harm, inconvenience or death to local citizens. In 1622 disgruntled shareholders of Dutch East India Company used to issue pamphlets about the self enrichment and management secrecy. By the 1920s the Corporate Social Responsibility became one of the important issues for discussion this gave the beginning to the morden Corporate Social Responsibility movement [5]. Between 1900 and 1960 the corporate world slowly began to accept and adopt additional responsibilities towards society other than making a profit and obeying the law. Many believed that corporate world has the capability of avoiding social problems. Many legal mandates were designed for business related to product safety, equal employment opportunity, worker safety and the environment safety. In addition to this, society began to make expectation out of the corporate world that it would contribute towards the betterment of the society and will voluntarily participate in solving the problems related to the society. This expectation was based on the view that business should extend its responsibility beyond the economic and legal responsibility and should also cover responsibility towards the society. In this way Corporate social Responsibility came into the world of corporate and became one of the major and vital strategy for achieving and maintaing sustainability in this global world [6]. Corporate Governance is not the same as Corporate Social Responsibility There is a very fine line between Corporate Social Responsibility and corporate Governance. These two terms are extremely vital for the company. If the company has well designed Corporate governance programs then it would mostly cover all the issues related to Corporate Social Responsibility. In simple words corporate Governance means the system by which the organizations are directed and controlled. It is the way in which the top management executes their responsibility by using their authority and how they are accountable for it. It is concerned about openness, accountability and integrity in the decision making process of the organization. No doubtable it is important for all the organization regardless of whether is is private or public sector [10]. Need of adopting Corporate Social Responsibility by the companies Companies have start realizing that in order to be competitive, productive and relevant in a changing corporate world, they have to be responsible towards the society. In the world of globalization, how the company is maintaining its relationship with its employees, host communities, and the marketplace greatly affects the sustainability of the organization. To understand the need of Corporate Social Responsibility there are two aspects: moral aspect- business could not survive in isolation they rely on the society in which they exist. Society and business both are interconnected and inter dependent to each other. Business requires the infrastructure and source of employees that society provides. Corporate Social Responsibility is about recognizing the inter dependence between the corporate and society and a means of working on that obligation so as to giving mutual benefit to the business and to the society in which the business operates. It is analyzed on the part the business that for earning profit business do not exist in a vacuum and the success which it enjoy is mainly due to its healthy relationship with the society in which it operates. The motive of a business is not to make a profit, full stop. But the main motive is to make a profit so that the business can contribute for something more or better. That something is only the real justification for the business. It is a moral issue. To mistake the means for the end is to be turned in on oneself, which Saint Augustine called one of the greatest sins. It is useful and important to ask about any organization, If it did not exist, would we invent it? Only if it could do something good or more useful than anyone else would have to be the answer, and profit would be the means to that larger end.[4] Advocate of Corporate Social Responsibility believe that in advance economies the objective of business should be beyond the maximization of profit and efficiency. Society has an expectation out of businesses to have a responsibility and an obligation towards the society in which they operates, their customers and employees. The business should change its attitude towards its objective and should look beyond the narrow concept of shareholder concerns and traditional-bottom line. Business draw benefits from the society in which it operates in some or the other way like infrastructure, safe environment, employees from the society. economic aspect: In todays brand driven market Corporate Social Responsibility is a way of matching business operations with stakeholders demands and values. Its an economic self interest, there are many real economic benefits to businesses which are working upon the Corporate Social Responsibility. The corporations which are pursuing a Corporate Social Responsibility strategy are making there future bright because this will give the competitive and differentiation market advantage to the corporation. Corporate Social Responsibility covers almost all the day to day operations of the corporation. Whatever corporation does is in some way or the other way interact with the interest of stakeholders, the corporation needs to maintain its relationship with all its stakeholders. Success of the company is directly related to its brand royalty. Involving the large amount of money, time, and effort companies put in their brands, a good Corporate Social Responsibility policy is an best means of utilizing that i nvestment and maximizing its impact. 10 commandments of Corporate Social Responsibility Many companies are applying CSR strategy and getting involved in activities which they consider to be the part of CSR. There is a lot of misunderstanding relating to this term, so it is important to have a clear idea about CSR. To make a certain standards for the CSR, there are 10 commandments made for it: make ensure that corrective action is taken before it is required. Every company sets its own standards which should not be against the interest of other communities. Compliance of self imposed standards is always recommended to compliance with those standards which are imposed by constitution. The organization should work to establish industry-wide standards and self regulation. To follow Corporate Social Responsibility the organization should work with affected constituents to solve common problems. When ever if any mistake or some something against the interest of the society is conducted by the organization then it is recommended to publicly admit it because certain things are worse for organisations image than being caught red hand while trying to hide social irresponsible behaviour. Working for the society or doing anything for the society is not the rigt attitude for following Corporate Social Responsibility, what matters is that the organization should indulge itself into a approprita social programs. The organization should contribute in correcting the environment problems. In this global world the especially the developing coutries are changing their social environment, here comes the Corporate Social Responsibilty for the organization to monitor the changing social environment and shaping it in the better way. Corporate Social Responsibilty seeks for the code of conduct, so the organization should establish and enforce proper and clear corporate code of conduct. It is expected out of the organization that in case of social issues the organization should public stand. The organization should not be lost in enforcing the Corporate Social Responsibilty and get distract from its main objective of earning profit. It should try hard to make profit because an organization can not provide social benefit such as employment, if it is not in a condition to make profit on an on going bases [9]. Companies following CSR: Many companies are practicing CSR, they have made it as a integral part of the organization strategy many big companies are practicing the corporate and ethical practice. most of the companies are changing their product or innovating them in such a way that new product would be environmental friendly and make the sustainable development. An example of the company which is following Corporate social Responsibility Idea Cellular Ltd: This company is in telecom service, its mission is to delight their customers while meeting their customers communication needs any time and any where. This company is very active in Corporate social Responsibility, its CSR activity is mainly based in the area of education and rural development. This company is a responsible corporate citizen and it try hard to give back to the society in which it operates. The activities which this company has undertaken for Corporate social Responsibility are : Pocket Public Call Office project- this company along with International Finance Corporation has taken a step for making and implementing a Pocket PCO project in India. this will create a mobile phone which would have an additional feature of PCO software embedded in it. This device can be use for double purpose, for personal use and as a PCO for business opportunity. This company has made commitment to improve the lives of individuals by providing better quality access to telecommunication. FICCI-Aditya Birla Corporate Social Responsibility Centre for Excellence- as per the mission and corporate value of the company, this company along with the Federation of Indian Chambers of Commerce and Industry , and other groups companies have launched a Corporate Social Responsibility centre. This purpose of doing this is to create the culture and concept of Corporate Social Responsibility among businesses, industries, institutions, which will benefit employees, their families in short to the whole society through training and welfare programs.[8] Recently this company came up with an idea of conducting Corporate Social Responsibility through advertisements. This new advertisement which mostly talks about democracy, rural development and education is a milestone in the journey of this brand. By doing this Idea cellular Ltd. In India is successfully gaining market share. this company has adopted Corporate Social responsibility because they believe that business sustainability depends largely up on the high ethical standards of the company. An example of the companies which are not to much serious about Corporate social Responsibility Corporate Social responsibility is not mandatory for the organization to adopt and apply it in its day to day working. There are certain companies which are not much bother about the Corporate Social responsibility, they believe that they can survive in the market without it. The companies which are consider as socially irresponsible are bp, Hallibrton, Dow Chemical, Glaxo Smith Kline, MERCK and many others. Kelloggs is consider as socially irresponsible company in its few products. The coco pops of Kelloggs contain 35% sugar which is too unhealthy for the children. The highly sugar concentrated Kellogs Coco pop cereal is unsuitable for the children. The advertisement of this product was done basiclly in front of school and bus stops, the target market were children. In the advertisement a monkey wearing school uniform which was aimed to encourage children to eat a high sugar cereal. Kellogs is a partner of Change 4life, a department of health initiative which help to reduce obesity. This Coco Pop cereal of Kellongs advertisement conflicts with this approach. This carelessness of Kellongs affected its image. But it did not affected to its profit much.[11] Benefits of Corporate Social Responsibility Corporate Social Responsibility is one of the most important business strategies, consumers are interested in buying products of those companies on which they can trust, suppliers want to deal with those companies which are trust worthy and employees prefer to work for those companies for which they have respect. Satisfying these stakeholders of the company would maximize the commitment of the company towards its main stakeholders- investors, who get benefits the most when company meets the expectation of its other stakeholders. In the globalization era only those corporations can succeed who manages to handle conflicting interests of it stakeholders. Avoiding unnecessary resource use and reducing waste does not just protect the environment but also saves the money of the organization. There are many benefits attached to Corporate Social Responsibility: It builds the good reputed image of the organization, this make easy to recruit employees. Generally people want to work in that organization where they can have trust that they will get their pay and other benefits. This may hold back the employess in the organization which would further provide benefit to the organization by reducing the cost of recruitment and training. Corporate Social Responsibility makes the organization active and involve it with other local communities in a positive way, this creates an opportunity to make positive press coverage. Corporate social Responsibility encourage the invertors to invest in the organization, it provide assurity to the investors that the organization is favorite of the public so its save to invest in it. It makes the organization more competitive and also sustain the organization in the market. This reduces the risk of sudden damage to the reputation of the organization [7]. In order to satisfy the wants of present generation without compromising the ability of satisfying the future generation wants and needs is what we call sustainable development. Corporate Social Responsibility contributes for sustainable development of the economy. Cost of Corporate Social Responsibility Sometimes corporate social responsibility is also taken in a negative way or as a costly strategy for the corporation. Taking social responsibility is not economically feasible. Social issues should be some other societys responsibility to handle. Implementing Corporate Social Responsibilty might be expensive. Resources such as people, time, and money need to be allocated and requires training and reporting activities will likely raise the cost of operation. It is kind of burden for the organization, it requires more report works other then financial report now to practice Corporate Social Responsibility the organization has to make non profit report Conclusion Corporate Social Responsibility is a pure voluntary action, which depends on the organization to whether adopt it and follow or do not care for its responsibility towards the society in which it operate. It has gained a lot a attention in last decade, many companies are making non financial report. It is believe that Corporate Social responsibility contribute for sustainable development of the economy. It may at first appear to be a cost burden for the organization but at the end it found to be supportive of brand, sales, investor popularity and employee loyalty Government and non government organization along with the businesses are indulge in constructing a number of frameworks and guidelines which the company can practice to measure their commitment towards Corporate Social Responsibility The bottom line is this the combination of corporate financial responsibility and Corporate Social Responsibility makes the organization to realize its goal and enable it to sustain in the market for the long period..

Vocabulary Definitions: Chapter 10 Review (psych) :: essays research papers

1.  Ã‚  Ã‚  Ã‚  Ã‚  Intelligence Quotient - Intelligences quotient is an index of intelligence once calculated by dividing one's tested mental age by one's chronological age and multiplying by 100. Today, IQ is a number that reflects the degree to which a person's score on an intelligence test deviates from the average score of others in his of her age group. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Verbal Scale - Verbal scale is six subtests in the Wechsler scales that measure verbal skills as part of a measure of overall intelligence. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Performance Scale - Performance scale is five subtests in the Wechsler scales that include tasks that require spatial ability and the ability to manipulate materials; these subtests provide a performance IQ. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Aptitude Test - Aptitude tests are tests designed to measure a person's capacity to learn certain things or perform certain tasks. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Achievement Test - Achievement tests are measures of what a person has accomplished or learned in a particular area. 6.  Ã‚  Ã‚  Ã‚  Ã‚  Norms - Norms are 1. a description of the frequency at which a particular score occurs, which allows scores to be compared statistically. and 2. a learned, socially based rule that prescribes what people should or should not do in various situations. 7.  Ã‚  Ã‚  Ã‚  Ã‚  Reliability - Reliability is the degree to which a test can be repeated with the same results. Tests with high reliability yield scores that are less susceptible to insignificant or random changes in the test taker or the testing environment. 8.  Ã‚  Ã‚  Ã‚  Ã‚  Validity - Validity is the degree to which a test measures what it is supposed to measure. 9.  Ã‚  Ã‚  Ã‚  Ã‚  Factor Analysis - Factor analysis is a statistical technique that involves computing correlations between large numbers of variables. Factor analysis is commonly used in the study of intelligence and intelligence tests. 10.  Ã‚  Ã‚  Ã‚  Ã‚  Fluid Intelligence - Fluid intelligence is the basic power of reasoning and problem solving. Fluid produces induction, deduction, reasoning, and understanding of relationships between different ideas. 11.  Ã‚  Ã‚  Ã‚  Ã‚  Crystallized Intelligence - Crystallized intelligence is the specific knowledge gained as a result of applying fluid intelligence. It produces verbal comprehension and skill at manipulating numbers. 12.  Ã‚  Ã‚  Ã‚  Ã‚  Information Processing Approach - Information processing approach is an approach to the study of intelligence that focuses on mental operations, such as attention and memory that underlie intelligent behavior. 13.  Ã‚  Ã‚  Ã‚  Ã‚  Triarchical Theory of Intelligence - Triarchical theory of intelligence is a theory proposed by Robert Sternberg that sees intelligence as involving analytical, creative, and practical dimensions. 14.  Ã‚  Ã‚  Ã‚  Ã‚  Multiple Intelligences - Multiple intelligences are Howard Gardner's theory that people are possessed of eight semi-independent kinds of intelligence, only three of which are measured by standard IQ tests.

Essay on Voltaire’s Candide: The Accuracy of Candide -- Voltaire Candi

  Ã‚  Ã‚   Voltaire is correct in Candide, where he argues that life on earth is hell in many ways. Voltaire accurately describes how selfish people often are and how they inflict misery on others as a result. Voltaire also describes accurately common forms of cruelty in society. Although he may be mistaken that all wars are equally senseless and avoidable, Voltaire is correct in showing that war inevitably produces atrocities, which makes for hell on earth.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In support of these statements, let's examine Voltaire's accurate description of human selfishness.  Ã‚   An example would be the behavior of the sailor who Pangloss and Candide met on their voyage to Lisbon.   This sailor was rescued from drowning by Jacques the Anabaptist. Yet when Jacques fell into the sea himself, the sailor refused to risk his own life to save him. As a result of this selfishness, Jacques died. Later on, when the sailor reached shore, he ignored the sufferings of people horribly injured by a recent earthquake. Instead the sailor took money from them in order to get drunk and hire a prostitute. This sailor was wholly self-centered and uncaring about anyone else and by not helping anybody out he in effect inflicted misery on them. When the terrorists destroyed the World Trade Centers, and many police and firemen were killed, many people received money for relatives that did not die, and used the money for gambling, booze and whores. Human nature in this regard has not changed since the book was written. This being so, Voltaire's description of how human selfishness can often turn life on earth into a hell is accurate.     Ã‚   Voltaire's depiction of how common cruelty is in society is also well supported. For example, Voltaire describes how Candide en... ... again as an example, there were many instances of people who risked their own lives to save others and as a result received citations and promotions as well as the admiration of their family and friends. This objection to my argument, however, does not take an important thrust of Candide into account. That is, that Voltaire felt that he had to use exaggeration and one-sided presentation to make sure his audience did not refuse to contemplate deeply just how much cruelty and selfishness exists at all times all around them and how much people suffer because of that. Works Cited and Consulted: Frautschi, R.L. Barron's Simplified Approach to Voltaire: Candide. New York: Barron's Educational Series, Inc., 1998. Lowers, James K, ed. "Cliff Notes on Voltaire's Candide". Lincoln: Cliff Notes, Inc. 1995. Voltaire. Candide. New York: Viking Publishers, 1976.

Accouting Practice Exam

FACULTY OF BUSINESS ACC100 ACCOUNTING 1 Sample examination TIME: 9. 20 – 12. 30 Hours WRITING TIME: Three (3) hours READING TIME: Ten (10) minutes MATERIALS SUPPLIED BY UNIVERSITY: Answer Booklets (4 x 6 page) General Purpose Answer Sheet GPAS-200R MATERIALS PERMITTED IN EXAMINATION: Writing implements, including a 2B pencil and an eraser Battery operated, hand held, no print facility calculator NUMBER OF QUESTIONS: Part A: Thirty Part B: Four (30) multiple choice (4) questionsINSTRUCTIONS TO CANDIDATES: 1. Enter your name and student number and sign in the space provided at the bottom of this page. You must also enter your name and number in pencil on the multiple choice answer sheet, and upon the answer booklet. This examination consists of THIRTY (30) multiple choice questions in Part A and FOUR (4) questions in Part B. ALL questions must be answered. Part A (Multiple choice): Students must answer questions 1 – 30 on the answer sheet provided.Use a black lead pencil No 2 to fill in completely the letter box corresponding to the most correct answer. To change your answer, erase completely and remark. There are no marks deducted for incorrect answers. Candidates are advised to show all workings in Part B clearly labelling them as such. This examination is worth 60% of the final assessment. Students must pass the final exam to pass the subject. INSTRUCTIONS TO INVIGILATORS: 1 QUESTION PAPER MUST NOT BE RETAINED BY THE CANDIDATE. 2. 3.STUDENT NAME: ____________________________________ STUDENT No: _________________ STUDENT SIGNATURE: _____________________________________________________________ MULTIPLE CHOICE (1 mark each) Record your answers in pencil on the General Purpose Answer Sheet provided. 1 Purchasing inventory for cash has the following dual effect on the accounting equation: A B C D 2 increases an asset and increases a liability increases an asset and increases another asset decreases an asset and increases owner's equity decreases an as set and increases an assetPurchasing office furniture partly for cash and partly on credit affects the accounting equation by: A B C D increasing an asset, increasing a liability and a decreasing an asset increasing an asset, decreasing a liability and decreasing an asset decreasing an asset, increasing a liability and increasing owner's equity decreasing an asset, decreasing a liability and decreasing owner's equity 3All of the following equations of the basic accounting equation are correct except: A B C D assets = liabilities + owner's equity economic resources = claims on economic resources assets – liabilities = owner's equity assets + owner's equity = liabilities 4 A business had assets of $260,000 and liabilities of $75,000. How much is its owner's equity? A B C D $0 $185,000 $335,000 $260,000 5 The business document that reports assets, liabilities and owner's equity is called the: A B C D financial statement transaction statement of financial position (balance sheet) statement of financial performance (profit and loss statement) 6 Terri operates a beauty salon. During the first month of operation Terri performed the following transactions: i ii iii iv v vi invested $2,000 in the business prepaid rent of $1000 purchased $1,500 of furniture on credit purchased $100 of supplies for cash paid $300 on the furniture purchased in iii purchased an antique mirror for $1,000, paying cash of $500 and putting $500 on credit. Using the accounting equation, the final balance on both sides is: A B C D 7 3,900 3,700 4,300 4,400Use the following information to calculate the balance in John's Capital account. Balance of accounts for John's Cleaning on 31 March Accounts Payable Accounts Receivable Cash at bank Equipment Supplies Bill Payable John, Capital A B C D $20,000 $17,500 $18,000 $15,000 $ 1,000 $ 1,500 $ 500 $20,000 $ 1,000 $ 4,000 ? 8 Under the cash basis of accounting: A B C D Net profit is the excess of cash inflows from revenue over cash outflows for expenses Revenue is recognized when goods are sold Expenses are recognized when costs are consumed B and C 3 Judy's Hairdressing Salon uses cash accounting. During 2005 the salon reported $41,000 in wages paid on the income statement. At year-end 2005 wages owing but unpaid were $2,400. If the salon changed to accrual accounting, how much would be reported as wages expense for 2005? A B C D $38,600 $41,000 $43,400 $42,600 10 Which of the following statements concerning accrual accounting is true? A B C D Net profit is the excess of cash inflows from revenue over cash outflows for expenses Revenue is recognised when earned and expenses when incurred.When there are credit transactions the accrual approach gives a better measure of economic performance than the cash approach B and C 11 Joe uses cleaning supplies on a daily basis. Under the accrual basis of accounting these supplies should be an expense of the period in which they are: A B C D Ordered Received Paid for Used 12 Prepaid i nsurance is reported as: A B C D An asset in the balance sheet A liability in the balance sheet An expense in the income statement B and C 13 Which of the following could be reported as a prepaid expense?A B C D A maintenance agreement paid in advance for the next two years Wages owing at the end of the period Rent collected in advance from tenants Interest income unpaid at the end of the period 14 According to an inventory count Cally Printing had office supplies amounting to $100 at year-end. It had $50 of supplies at the start of the year and had purchased $600 of supplies during the year. What was the supplies expense for the year? A B C D $650 $600 $550 $500 4 15 Which of the following statements relating to the Accumulated Depreciation account is correct? A B C D It normally is a balance on the left hand side of a T-account.It reflects the portion of the cost of an asset that has been assigned to expense since the item was purchased It provides information to users on the mark et value of assets It is classified as a liability in the balance sheet The following data relates to questions 16 to 18. Pam's Machine Hire purchased a machine for $6,300 on 1 July 2008. The machine had an estimated life of 7 years, at which time it was expected to have a sales value of $700. The straight-line method of depreciation was used. 16 What was the amount of depreciation charged as an expense on the machine by Pam's Machine Hire for year ended 30 June 2009?A B C D 17 $771 $800 $900 $1,600 What was the balance of the Accumulated Depreciation – Machine account in the books of Pam's Machine Hire at 30 June 2009 following the adjusting entry? A B C D $800 $1,600 $2,400 $2,700 18 What was the book value of the machine in the books of Pam's Machine Hire at 30 June 2009 following the adjusting entry? A B C D $5,600 $3,900 $5,400 $5,500 5 19 Tom purchased two vehicles for his business on 1 January 2009. These vehicles cost $50,000 each and have a useful life of 5 years wit h an expected residual of $20,000 each.The adjusting entry required for depreciation on the two vehicles on 30 June 2005 is: A B C D Increase Accumulated Depreciation $6,000; Increase Depreciation Expense $6,000 Increase Depreciation Expense $12,000; Decrease Accumulated Depreciation $12,000 Increase Accumulated Depreciation $12,000; Decrease Depreciation Expense $12,000 Increase Depreciation Expense $6,000; Decrease Accumulated Depreciation $6,000 20 Unearned revenue is an example of a(n): A B C D Accrual Liability Asset Expense 21 Rent collected from a tenant in advance is considered: A B C D Unearned Revenue Prepaid Expense A liability Both A and C 2 On 1 July 2009 Zoe's Bar & Bistro rented out part of its property at a rate of $12,000 per year. On that date, nine months rent was collected in advance and was recorded as an increase to a liability account. At 31 December 2009, (Zoe's year-end) which of the following adjusting entries should be made? A B C D Increase Cash, $6,000; Increase Rent Revenue, $6,000 Decrease Rent Revenue, $3,000; Increase Unearned Rent Revenue $3,000 Decrease Unearned Rent Revenue, $6,000; Increase Rent Revenue, $6,000 Increase Rent Receivable, $6,000; Increase Rent Revenue, $6,000 23Working capital is determined by A B C D subtracting total liabilities from total assets adding current liabilities to total assets subtracting current liabilities from current assets adding total liabilities to current assets 6 24 Decision-makers may use liquidity ratios to measure a company's financial flexibility. An example of a liquidity ratio would be the A B C D return on total assets current ratio gross profit ratio accounts receivable turnover The following information pertains to question 25. Maria's Coffee reported $56 000 for current assets and $10 500 for other assets. It also had $17 000 of current liabilities.Maria's quick assets totalled $22 000, and its long-term liabilities totalled $10 000. 25 Determine Maria's working capital A B C D 26 $5 000 $39 000 $56 500 $12 500 The following entry appeared in the general journal of the SoHo Realty Company: Office Supplies Cash Accounts Payable 2,500 500 2,000 Which of the following statements is not true about the transaction recorded in the journal entry above? A B C D SoHo's cash decreased by $500 Liabilities increased as a result of the transaction SoHo's signed a note as part of the transaction The asset, office supplies, increased as a result of the transaction 27 End of year records from Sally's Boutique show: $ Cash 20 Salaries Payable 10 Rent Expense 100 Interest Expense 50 Prepaid Rent 30 Salary Expense 20 Rent collected in advance 20 During the closing process the total debit to the Profit and Loss Summary account would be: A B C D $90 $100 $80 $170 28 Muffy Company reported the following for 2009 and 2010: Accounts receivable, 31 December, 2009 Accounts receivable, 31 December, 2010 Sales for 2010 $ 7 000 3 000 85 000 How much cash was collected from customers during 2010? A B C D $81 000 $85 000 $89 000 $75 000Use the following information to answer Questions 29 and 30 2010 $ 20 000 50 000 54 000 130 000 6 000 230 000 127 000 560 000 340 000 2009 $ 22 000 44 000 51 000 129 000 10 000 221 000 125 000 554 000 336 000 Cash at bank Marketable securities Accounts Receivable Inventory Prepaid expenses Plant and equipment Current liabilities Sales revenue (on account) Cost of goods sold 8 29 The current ratio for 2010 is: A B C D 2. 15:1 2. 05:1 1. 88:1 1. 75:1 30 Receivables turnover for 2010 is: A B C D 10. 4 times 21. 3 times 4. 10 times 10. 7 times 9 PART B: (ALL QUESTIONS TO BE ANSWERED) ANSWER QUESTION IN A NEW ANSWER BOOKLET.Question 1 Part A Recording transactions (20 marks) (10 marks) Matthew James Services Pty Ltd began a business consultancy service on 1 July 2010. The company uses a perpetual inventory system. The following transactions occurred during the first month of operations: July 2 Shareholders invested $46000 in the busine ss in exchange for shares in the company. 2 Paid $20000 for the first six month's rent. 2 Paid Local Energy Corp $300 as a deposit on electricity. 3 Purchased and installed shop fittings for a total cost of $21500 by issuing a cheque for $11500 and igning a commercial loan agreement for $10000. 4 Purchased supplies for $1580 4. Purchased $20000 worth of inventory for cash 6 Paid advertising expense of $1750. 16 Recorded sales for the first half of the month of $16480 in cash and $275 on account. Cost of inventory sold during the period was $7650. 20 Paid insurance expense for the first year of $1250. 23 Received a $50 payment from customers on account. 28 Paid salaries of $1500. 31 Recorded revenue for the second half of the month of $22729 in cash and $530 on account. Cost of inventory sold during the period was $10890. 1 Paid telephone account of $110 by cheque. Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 103; Inventory 104; Deposits, 105; Shop Fittings, 110; Loan Payable, 200; Share Capital, 300; Retained Profits, 310; Dividends, 320; Sales, 400; Cost of Goods Sold, 450 Rent expense, 500; Advertising expense, 501; Insurance expense, 502; Telephone expense, 503; Salary expense, 504. Required: 1. Prepare the general journal entries to record the above transactions. 10 Question 1 Part B Financial Statements (10 marks)The adjusted trial balance of Crossing Australia Limited at 30 April 2009, after all adjustments, is as follows: Crossing Australia Ltd Adjusted Trial Balance as at 30 April 2009 Account Cash at Bank Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation – equipment Building Accumulated Depreciation – building Land Accounts Payable Interest payable Wages payable Unearned Service revenue Bill payable, non-current Share capital Service Revenue Depreciation expense – equipment Depreciation expense – building Wages expense Interest expense I nsurance expense Electricity and gas expense Supplies expense Total Dr 1,370 43,740 3,690 2,290 63,930 28,430 74,330 18,260 20,000 19,550 2,280 830 3,660 69,900 64,200 98,550 6,900 3,710 60,310 5,370 8,170 4,970 6,880 305,660 Cr 305,660 Required: Prepare a classified Income Statement and a Balance Sheet for Crossing Australia Limited. 11 Question 2 ANSWER QUESTION IN A NEW ANSWER BOOKLET. Question 2 Part A Financial statement analysis (15 marks) (10 marks) The following information has been extracted from the financial statements and the notes of Softwoods Ltd. 010 Cash assets Marketable securities Receivables Inventories Prepaid expenses Property plant and equipment Current liabilities Credit sales Cost of Goods Sold Total liabilities Total assets Net profit $34 100 110 000 74 800 187 000 4 400 308 000 183 700 979 000 587 400 593 000 650 000 98 000 2009 $37 400 104 500 77 000 173 800 6 600 269 500 167 200 951 500 573 000 567 000 612 000 83 000 Receivables and inventories balances i n 2008 were the same as 2009. Required: Calculate the following for 2010 and 2009: 1. 2. 3. 4. 5. Current ratio Inventory turnover ratio Receivables turnover ratio Net profit ratio Debt to total assets ratio What conclusions can you come to in relation to Softwoods Ltd's liquidity, profitability and solvency? 12 Question 2 Part B Journalise adjusting entries (5 marks)The trial balance of Please-Pass-Me at 30 June 2010, the end of the financial year, is as follows: Pass-Me-Please Trial Balance as at 30 June 2010 Account Cash at Bank Accounts Receivable Supplies Furniture and fixtures Accumulated Depreciation furniture and fixtures Building Accumulated Depreciation building Accounts Payable Salary Payable Unearned Service revenue Capital Drawings Service Revenues Salary Expense Supplies Expense Depreciation Expense – furniture and fixtures Depreciation Expense – building Miscellaneous Expense Total Dr 198,000 370,000 6,000 100,000 40,000 250,000 130,000 380,000 45,000 29 3,000 65,000 286,000 172,000 Cr 13,000 1,174,000 1,174,000 Data needed for the adjusting entries include: a. b. c. d. e. f. Supplies on hand at year-end, $2,000 Depreciation on furniture and fixtures, $20,000 Depreciation on building, $10,000 Salaries owed but not yet paid, $5,000 Accrued service revenue, $12,000 Of the $45,000 balance of Unearned Service Revenue, $32,000 was earned during the current financial year. Required: Prepare the adjusting general journal entries. 13Question 3 ANSWER QUESTION IN A NEW ANSWER BOOKLET. Hardly Normal Ltd (15 marks) As at 30 June 2008 the company's cash account in its GL has a debit balance of $5,815. 30. The bank statement balance as at 30 June 2008 showed a balance of $7,075. 80 Cr The following additional information was noted: †¢ The bank collected a direct deposit of $1200 for Hardly Normal from a debtor and charged $10 for doing so. On 30 June the bank statement showed a debit entry of $550 for a dishonoured cheque deposited by hardl y Normal from IN Debt, a customer. The 30 June cash receipts of $1,819. 60 were not included in the bank deposits for June. They did not get processed until 1 July. Company cheque no. 480 issued to Joe Bloggs, a creditor, for $492 cleared the bank in June but it had been incorrectly recorded and posted in the company's records as $429. The bank service charge for June was $25. Interest of $48 was received. It had not been previously accrued for. Unpresented cheques at 30 June totalled $2,480. 10. †¢ †¢ †¢ †¢ †¢ †¢ Required 1. 2. Prepare the necessary adjusting entries to the company's GL as at 30 June 2008. Prepare the bank reconciliation statement as at 30 June 2008 (include workings for adjusting the GL). 14 Question 3 Part B Internal Control (5 marks) Fred Firkenstirker has worked for Derek Shonk Solicitors for several years. Fred hasn't taken a holiday in the last three years. One of Fred's primary duties is to open the mail and list the cheques rec eived.He also takes cash from clients when they leave. At times it is so hectic that Fred doesn't bother with giving clients a receipt for the cash paid on their accounts. He assures them he will see to it that they receive the proper credit. When the traffic is slow in the office Fred offers to help Mary post the payments received from clients to the accounts receivable ledger. She is always happy to receive his help, because he is a very conscientious worker. Required: Identify any principles of internal control that may be violated in this solicitor's office situation. 15 Question 4 Statement of Cash Flows (20 marks) ANSWER QUESTION IN A NEW ANSWER BOOKLET.Choice Brother Pty Limited Balance Sheet 30 June 2010 Current assets Cash at bank Accounts receivable Total current assets Non-current assets Property, plant and equipment: at cost Accumulated depreciation Total non-current assets Total assets Current liabilities Accounts payable Salaries payable Total liabilities NET ASSETS Ow ner's equity Share Capital Retained Profits TOTAL OWNER'S EQUITY 10,000 11,950 21,950 10,000 4,280 14,280 29,800 3,500 33,300 21,950 35,220 1,000 36,220 14,280 33,000 (17,000) 16,000 55,250 20,000 (8,000) 12,000 50,500 8,750 30,500 39,250 13,500 25,000 38,500 30 June 2009 Other information extracted from Choice Brothers Pty Limited Income Statement for the year ended 30 June 2010 as follows: Sales Revenue Gain on disposal of PPE Salaries Expense Other Expenses (ex. Dep. ) Net Profit Other information: †¢ 141,250 1,000 50,000 71,580 7,670 Equipment that originally cost the company $10,000 was sold during the year.The accumulated depreciated on the equipment sold was $4,000. Accounts payable balance relates to amounts owning that are classified under ‘Other Expenses' †¢ 16 Required 1. Calculate the following cash flows: a) receipts from customers b) payments to employees c) payments for other expenses d) payments for property, plant and equipment e) receipts from the s ale of property, plant and equipment (10 marks) 2. Prepare the company's Cash Flows Statement for the year ended 30 June 2010. (10 marks) 17 Indicative examination solutions Part A: Multiple Choice 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 D A D B C B C A C D D A A C B B A D A B D C C B B C D C B D 18PART B Question 1 Question 1 Part A Recording transactions Matthews James Services Pty Ltd General Journal Date 2010 2 Jul Account titles and explanation Cash Share Capital (Issued shares) Rent expense Cash (Paid first 6 months rent) Deposit Cash (Deposit on electricity) Post. Ref 100 300 Debit 46,000 46,000 Credit (20 marks) (10 marks) 2 Jul 500 100 20,000 20,000 2 Jul 105 100 300 300 3 Jul Shop Fittings 110 21,500 Loan Payable 200 10,000 Cash 100 11,500 (Purchased shop fittings paid part by cash and part covered by a loan agreement) Supplies Cash (Paid for supplies) Inventory Cash (Paid cash for inventory) Advertising Expense Cash (Paid advertisi ng expense) 103 100 1,580 1,580 4 Jul 4 Jul 104 100 20,000 20,000 6 Jul 01 100 1,750 1,750 16 Jul Cash 100 Accounts Receivable 101 Sales 400 Cost of Goods Sold 450 Inventory 104 (To record first half month sales) 20 Jul Insurance Expense Cash (Paid 1 year insurance policy) 502 100 16,480 275 16,755 7,650 7,650 1,250 1,250 19 23 Jul Cash 100 Accounts Receivable 101 (To record collection of accounts receivable) 28 Jul Salary Expense Cash (Paid salaries) 504 100 50 50 1,500 1,500 31 Jul Cash 100 Accounts Receivable 101 Sales 400 Cost of Goods Sold 450 Inventory 104 (To record second half month sales) 31 Jul Telephone expense Cash (Paid Telephone expense) 503 100 22,729 530 23,259 10,890 10,890 110 110 20 Question 1 Part BFinancial Statements Crossing Australia Ltd Income Statement For the Year Ended 30 April 2009 (10 marks) Revenues: Service revenue Expenses: Wage expense Interest expense Depreciation expense – equipment Supplies expense Insurance expense Electricity and gas exp ense Depreciation expense – building Total expenses Net profit $98,550 $60,310 8,170 6,900 6,880 5,370 4,970 3,710 96,310 $2,240 21 Question 1 Part B continued Crossing Australia Ltd Balance Sheet As at 30 April 2009 Assets Current Assets Cash at Bank Accounts Receivable Supplies Prepaid Insurance Total current assets Non-Current Assets Equipment Less: Acc. Depreciation Building Less: Acc.Depreciation Land Total Non-Current Assets TOTAL ASSETS Liabilities Current Liabilities Accounts Payable Interest Payable Wages Payable Unearned Service Revenue Total Current Liabilities Non-Current Liabilities Bill Payable TOTAL LIABILITIES NET ASSETS Owner’s Equity Share Capital Retained Profits OWNER’S EQUITY $ 1, 370 43,740 3, 690 2, 290 $ 51,090 $63,930 (28,430) 74,330 (18,260) $35,500 56,070 20,000 111,570 $162,660 $19,550 2,280 830 3,660 26,320 69,900 96,220 $66,440 64,200 2,240 $66,440 22 Question 2 Question 2 Part A Financial statement analysis (15 marks) (10 marks) Fo rmulae 1. Current ratio = Current assets/ Current liabilities 2. Stock turn (Inventory turnover) = COGS/ Average inventory 3. Debtors turn (Receivables turnover) = Net sales/ Average net receivables 4. Net profit ratio = net profit/net sales 5.Debt to total assets ratio = total liabilities/total assets Calculations 2010 Current assets: $34,100 + $110,000 + $74,800 + $187,000 + $4,400 = $410,300 2009 Current assets: $37,400 + $104,500 + $77,000 + $173,800 + $6,600 = $399,300 2010 Average inventory: ($187,000 + $173,800)/2 2009 Average inventory: $173, 800 * assumed 2008 and 2009 same balances 2010 Average receivables: ($74,800 + $77,000)/2 = $75,900 2009 Average receivables: $77,000 * assumed 2008 and 2009 same balances 1. 2. 3. 4. 5. Current ratio Stock turn Debtors turn Net profit Debt to assets 2010 410,300/183,700 = 2. 23 587,400/180,400 = 3. 26 979,000/75,900 = 12. 90 98,000/979,000 = 10% 593,000/650,000 = . 91 2009 399,300/167,200 = 2. 39 573,000/173,800 = 3. 1 951,500/77,000 = 12. 35 83,000/951,500 = 8. 7% 567,000/612,000 = . 92 Liquidity – Although it has declined slightly in 2004, Softwoods is financially sound in the short term with more than $2 in current assets to meet every $1 in current liabilities Profitability – Net profit ratio has improved marginally in 2004 with Softwoods able turning 10c of every $1 of sales into profit. For a complete picture however the ratio would need to be compared to industry. Softwoods is collecting its debtors balances at the rate of more than 12 times per year and therefore slightly better than once a month. Stock turnover however is rather slow at just over three times per year.Of course the nature of the industry would need to be considered to assess whether this level of turnover was within expectations. Solvency – Softwoods is carrying a high level of long term debt with barely enough assets to cover liabilities. This raises some concern about their long term viability 23 Question 2 Part B J ournalising adjusting entries Pass-Me-Please General Journal 30 June 2010 (5 marks) a) Dr Supplies Expense Cr Supplies b) Dr Depreciation Expense Cr Acc Depreciation (F&F) c) Dr Depreciation Expense Cr Acc Depreciation (Building) d) Dr Salaries Expense Cr Salary Payable e) Dr Accounts Receivable Cr Service Revenues f) Dr Unearned Service Revenue Cr Service Revenues 4,000 4,000 20,000 20,000 10,000 10,000 5,000 5,000 12,000 12,000 32,000 32,000 24Question 3 Question 3 Part A Date Bank reconciliation Debit (15 marks) (10 marks) Credit Account Titles and Explanation June 30 Cash at Bank Bank Charges Accounts Receivable 30 Accounts Receivable – IN Debt Cash at Bank 30 Accounts Payable – Joe Bloggs Cash at Bank 30 Bank Charges Cash at Bank 30 Cash at Bank Interest Revenue 1,190 10 1,200 550 550 63 63 25 25 48 48 (1) Original Cash at Bank account balance Add: Interest Collection of note receivable ($1,200 less collection fee $10) Less: Dishonoured cheque Error in recording c heque no. 2480 Bank service charge Adjusted Cash at Bank account balance $5,815. 30 48. 00 1,190. 00 ($550. 00) (63. 00) (25. 0) 1,238. 00 7,053. 30 (638. 00) $6,415. 30 Hardly Normal Limited Bank Reconciliation Statement As at 30 June 2007 Balance as per bank statement Add: Outstanding deposits Less: Unpresented cheques Balance as per Cash at Bank Account (1) Workings $7,075. 80 1,819. 60 8,895. 40 (2,480. 10) $6,415. 30 25 Question 3 Part B Internal Control (5 marks) This may not be an exhaustive list. Additional control issues identified must actually link to the scenario provided in the question. Violations: 1. It is Mary's responsibility to post payments to patient accounts. In allowing Fred to assist her, the establishment of responsibility principle is violated. 2.Although it appears to be a small office, it is not appropriate that Fred opens the mail, receives and records cash receipts from clients, and also appears to have custody of cash. This situation violates the segreg ation of duties principle. By posting to clients' accounts it would be possible to post credits to patient accounts and pocket the cash. 3. The documentation principle is violated when clients are not given cash receipts. Although many professional offices do not have cash registers, computerised or manual receipts are customary and necessary. 4. Independent internal verification is also being violated. There is no independent counting of the cash and comparison to total receipts. 5. Other controls are being violated. There is no mention of Fred being bonded. Also, personnel should be required to take olidays to increase the likelihood of fraud being detected. 26 Question 4 Required 1 Statement of Cash Flows (20 marks) Receipts from customers = Sales revenue + opening accounts receivable – closing accounts receivable = 141,250 + 25,000 – 30,500 = 135,750 ? Payments to employees = salaries expense + opening salaries payable – closing salaries payable = 50,000 + 1 ,000 – 3,500 = 47,500 ? Payments for other operating expenses = other operating expenses + opening accounts payable – closing accounts payable = 71,580 + 35,220 – 29,800 = 77,000 ? Payment for purchases of PPE = increase in cost value of PPE + cost value of PPE sold = 13,000 + 10,000 = 23,000 ?Receipts from sale of PPE (is a two step process) = Original cost of assets – accumulated depreciation = carrying value of asset sold = 10,000 – 4,000 = 6,000 Carrying value of asset sold + profit on disposal (OR less loss on disposal) = 6,000 + 1,000 = 7,000 Required 2 Choice Brothers Pty Limited Cash Flows Statement (Partial) For the Year Ended 30 June 2010 Cash flows from operating activities $ Cash collections: From customers Cash payments: To employees For other operating expenses Net cash generated by operating activities Cash flows from investing activities Cash collections: From sale of PPE Cash payments: For purchase of PPE Net cash generated by inve sting activities Net movement in cash Opening balance in cash 1 July 2009 Closing balance in cash 30 June 2010 135,750 (47,500) (77,000) 11,250 ? 7,000 (23,000) (16,000) (4,750) 13,500 8,750 27 28

Comparison Between of Mice and Men Novel & Movie

Of Mice and Men Differences Between Movie and Book After having read the original version and the more recent film adaptation of John Steinbeck’s majorly successful novel, Of Mice and Men, the apparency of differences between the two is at times subtle while also being very obvious during different portions of the movie. In the film there are several major differences between the movie and the book with three being particularly apparent. We are shown the differences through the portrayals of characters, Lennie’s sanity and, simply, the scenes themselves.When watching the film, the first difference the viewer can see between the book and the movie is how the characters are portrayed. A notable example would be Carlson. In the film, Carlson seems to play a much larger part compared to the information given in the book about his character. He is introduced much sooner in the movie and appears to be a part of many more conversations. On the opposite side of Carlsons portray al is Crooks’. In the book Crooks is characterized as a much more active character.An example of this would be when Crooks interjects in the farmer’s conversation to let Slim know that he had finished preparing the tar for fixing the mule’s hoof. The filmmakers changed this scene so that Crooks was not involved at all and that George prepared the tar instead. Another massive difference between the book and the movie are the acts themselves. Going back to the previous point of Crooks and the tar, the scene when George took the mule into the barn to fix its hoof is altered drastically.The impression given to those who have read the book as well is that it was changed because Steinbeck used it as a way to flesh out Curley’s wife’s character. This scene was likely changed because there is no narrator and instead we are given a visual explanation of Curley’s wife through her actions. Also, almost the entirety of chapter four is removed or altered in the film. We are shown only a quick conversation between Crooks and Lennie which is interrupted by George who scolds Lennie for going into Crooks room. In the book, Crooks, Candy and Lennie all have a grand conversation about the farm and the dream of having their own land.Crooks opens up to the men and seems to leave his shell so to speak which is followed by Curley’s wife entering and tearing him down. This is a strange scene to leave out based on how important it seemed to be considering it shows more of Lennie’s character as well as Curley’s wife’s cruel side. Finally, at the end of the novel Slim, Curley and Carlson find Lennie dead and George with the gun in his hand. George lies and tells the men that Lennie had Carlson's gun and that he took the gun from Lennie shot him in the back of his neck.Slim tries to console George by telling him â€Å"You Hadda George. and the two walking away for a drink. Curley then asks Carlson what's bugging the t wo. This scene was completely cut out of the movie and replaced with George's flashbacks which seems very odd considering how important it was to the novel and the idea that not all dreams are meant to be. The final major difference between the movie and the book is Lennie’s personal sanity. In the book, the reader is given multiple instances clearly showing that Lennie is not totally there so to speak. The best example possible is when Lennie hallucinates about Aunt Clara and the giant rabbit.This scene is removed in the film and instead Lennie seems to just be a very confused person with a low thinking capacity. The film seems to try and have Lennie appear to be a character who is innocent and has just been dealt a bad hand in life. In the book, however, Lennie’s outbursts seem to be much darker in their description, particularly the murder of Curley’s wife. These three differences between the film and the novel are ways of seeing how the director of Of Mice a nd Men chose to show in a visual way some things differently from Steinbeck’s descriptions.One cannot expect an adaptation to be a complete carbon copy of the original it is based on and it would seem as though the film was successful in bringing out the meat of Steinbeck’s story. These changes could, to some, seem either miniscule or large depending on how the reader (now the watcher) interpreted the book. The movie also won critical acclaim and exposed many people to Steinbeck’s writing, something that would make people who disliked the film because of its differences appreciate it a bit more.