California Gold Rush Essay -- American History

The California princely RushThe California Gold Rush was not each about Americans being happy and rich because of the discovery of gold. Indians, Hispanics, African Americans and Chinese all went through slightly sort of struggle or problem during the Gold Rush period. Not only did men go through rough times but so did some women. The California Gold Rush was a whole different world within California. Gold turned everyone into people they were not. In 1847, an Indian scout brought Mr. James Marshall to Maidu. Maidu was a village of Koloma. There, the prime(prenominal) nugget was discovered where James Marshall built a sawmill. The sawmill was located along the American River. Some people say the first Gold Nugget was pitch by Indian Jim, whom worked for James Marshall to dig a channel to power the sawmill. However, James Marshall received the credit. Indians were famous for their invention in 1849 of the big Tom, also k without delayn as a box which caught gold. Alt hough the Indians worked very hard for John Sutter whom was James Marshalls boss, Indians suffered tremendously. Gold Fever was a common disease which Indians died from in Northern California. Indians also died from violence and starvation. When Indians found gold nuggets, they would trade the nuggets for clothes, blankets or food for their families. It wasnt the money they wanted. It was the supplies they needed. For a while the Indians were doing well until the year of 1850 which California was now their jail. Because of the changes the whites were making, there was so much poverty for Indians around this time. Families were so poor Indian women decided to prostitute themselves. I think this is one of the most dire things anyone can do to degrade themselv... ...erior and controlling about. A lot of people died from trying to survive in a free country because of the way they looked or the color of their skin. Lives were always in danger either way you looked at it. No w days people do have to go through some discrimination, racial problems or struggles such as being poor. We do not fight over land, we fight for each other or for money. Money is likely the only thing everyone will always cherish because money can help you do anything now. ReferencesMinorities During the Gold Rush. (2000).Retrieved October 18, 2005From http//www.LearnCalifornia.org/doc.asp?id=1933pagetype=content The Story of California From the Earliest days to the Present. Henry K. Norton. 7th ed. Chicago, A.C. McClure & Co., 1924.Chapter XXIV, pp. 283-296James J. Rawls, and Walton Bean. California. New York McGraw-Hill, 2002

History of Ledd Zeppelin and ITs Musical Impact Essay -- Led Zeppelin

History of Ledd zeppelin and ITs Musical Impact Tell roundone to plant a call from the 1960s and 70s and you couldprobably listen to a dozen answers before hearing the same one twice. Theoverwhelming amount of talent squeezed into these both decades has produced someof the most popular, most powerful, and in some cases, the most bizarre medicationever. Led Zeppelin, The Beatles, Jimi Hendrix, The Rolling Stones, The Yardbirds,Janis Joplin, Bob Dylan, Elvis Presley, Queen, Aerosmith, Crosby, Stills, Nash &Young, The Eagles.... All were from this era that seemed to invigorate medical specialty as noother time period did, or ever will. The amount of evolution of music that occurred in this time period is frightening as well. The mainstream went from listening to songs like Bill Haleyand the Comets Rock Around The Clock, to The Beatles frightening Revolution9. While these two examples may seem comp allowely different, they are non asdistant as one might think. Nearly all music from the 60s and 70s was bredfrom its earlier ancestors. Music has been constantly evolving, and during thetwo decades in question, it underwent a stand alter like never before.The New Yardbirds In early 1968 the music group The Yardbirds was in shambles. Their last,and half-put --together album Little Games was a total flop and the band hadto agitate to have the release of the album in the UK stopped. On March 30,the group allowed a taping of their concert in Madison Square tend to beconsidered for a live album to be released later. They easily convinced theirrecord contractor, Epic Records, to ditch the project. The lead guitarist ofThe Yardbirds, Jeff Beck, had suffered from a mental equipment failure a few yearsearlier and could no longer handle the pressure of touring. The band members,Keith Relf, Chris Dreja, Jim McCarty, and Jimmy Page decided to throw in the wipe and let the band collapse. Playing wasnt the same rush it used to be,and it just wasnt fun any much. Each member elected to follow their ownprojects. Dreja planned a vocation in photography, McCarty and Relf intended onstarting bands of their own. Lead guitarist, Jimmy Page was given legal rightsto the bands name, songs, and albums. However, along with the rights that Pagewas given, were 10 tour dates that electrostatic indispensable to be honored in Scandinavia.Page nee... ...The most significant thingabout Led Zeppelins music today, is that it doesnt sound dated. The musicseems similar to music today. The tenacious impression of their music is obvious,and can be heard in any Rock band of today. Unfortunately, the machine that was Led Zeppelin came to a make noise deflect on the morning of September 25, 1980. When band members decided to gointo Bonhams bedroom to pull a prank on him in his sleep, Bonham was found dead.after a night of heavy drinking, Bonham had turned the wrong way in his sleep,and asphyxiated himself upon his own vomit. A statement was released o nDecember 4, 1980, stating that the band could not go on in its present state.After 11 incredible years, the band could not function with the loss of ourdear friend. Led Zeppelin had have the 70s, and they were qualifying to finishtheir reign quietly, and let the throne open to the next supergroup. Assuddenly as Led Zeppelin began, it had ended even more so. The lusus naturae had fallen..As it was, then again it will be,Though the course may change sometimes,Rivers always reach the sea. -Ten Years Gone Led Zeppelin History of Ledd Zeppelin and ITs Musical Impact Essay -- Led Zeppelin History of Ledd Zeppelin and ITs Musical Impact Tell someone to name a band from the 1960s and 70s and you couldprobably listen to a dozen answers before hearing the same one twice. Theoverwhelming amount of talent squeezed into these two decades has produced someof the most popular, most powerful, and in some cases, the most bizarre mus icever. Led Zeppelin, The Beatles, Jimi Hendrix, The Rolling Stones, The Yardbirds,Janis Joplin, Bob Dylan, Elvis Presley, Queen, Aerosmith, Crosby, Stills, Nash &Young, The Eagles.... All were from this era that seemed to glorify music as noother time period did, or ever will. The amount of evolution of music that occurred in this time period isamazing as well. The mainstream went from listening to songs like Bill Haleyand the Comets Rock Around The Clock, to The Beatles frightening Revolution9. While these two examples may seem completely different, they are not asdistant as one might think. Nearly all music from the 60s and 70s was bredfrom its earlier ancestors. Music has been constantly evolving, and during thetwo decades in question, it underwent a radical change like never before.The New Yardbirds In early 1968 the music group The Yardbirds was in shambles. Their last,and half-put --together album Little Games was a total flop and the band hadto struggle to have t he release of the album in the UK stopped. On March 30,the group allowed a taping of their concert in Madison Square Garden to beconsidered for a live album to be released later. They easily convinced theirrecord contractor, Epic Records, to ditch the project. The lead guitarist ofThe Yardbirds, Jeff Beck, had suffered from a mental breakdown a few yearsearlier and could no longer handle the pressure of touring. The band members,Keith Relf, Chris Dreja, Jim McCarty, and Jimmy Page decided to throw in thetowel and let the band collapse. Playing wasnt the same rush it used to be,and it just wasnt fun anymore. Each member elected to follow their ownprojects. Dreja planned a career in photography, McCarty and Relf intended onstarting bands of their own. Lead guitarist, Jimmy Page was given legal rightsto the bands name, songs, and albums. However, along with the rights that Pagewas given, were 10 tour dates that still needed to be honored in Scandinavia.Page nee... ...The most signific ant thingabout Led Zeppelins music today, is that it doesnt sound dated. The musicseems similar to music today. The lasting impression of their music is obvious,and can be heard in any Rock band of today. Unfortunately, the machine that was Led Zeppelin came to a screechinghalt on the morning of September 25, 1980. When band members decided to gointo Bonhams bedroom to pull a prank on him in his sleep, Bonham was found dead.After a night of heavy drinking, Bonham had turned the wrong way in his sleep,and asphyxiated himself upon his own vomit. A statement was released onDecember 4, 1980, stating that the band could not go on in its present state.After 11 incredible years, the band could not function with the loss of ourdear friend. Led Zeppelin had owned the 70s, and they were going to finishtheir reign quietly, and let the throne open to the next supergroup. Assuddenly as Led Zeppelin began, it had ended even more so. The giant had fallen..As it was, then again it will be,Thoug h the course may change sometimes,Rivers always reach the sea. -Ten Years Gone Led Zeppelin

Madness and Insanity in A Rose For Emily And The Yellow Wallpaper

Insanity in A Rose For Emily And The Yellow Wallpaper Many of the upper course of instruction women in the Victorian era were assumed to be weaker than men, prone to frailties and female problems and unable to think for themselves, valuable only as marriage bait. The two women in Faulkners and Gilmans stories are victims of such assumptions. Emily in A Rose For Emily and the narrator of The Yellow Wallpaper are driven insane because they feel trap by the men in their lives, and they retreat into their own worlds as an escape from reality, and finally rebel in the only ways they each can find. Emily and antics wife, the woman in The Yellow Wallpaper who is never named, both feel stifled and suppressed by the men in authority over them. Emily, as a slender figure in white... ...he trap that society has placed them in. Works Cited Faulkner, William. A Rose For Emily. The Norton Introduction To Literature. Eds. Jerome Beaty and J. Paul Hunter. 7th Ed. sweet York, Norton, 1998. 1 502-509. Gilman, Charlotte Perkins. The Yellow Wallpaper. The Norton Introduction To Literature. Eds. Jerome Beaty and J. Paul Hunter. 7th Ed. New York, Norton, 1998. 2 630-642.

Womens Rights Versus Gods Will Essay -- Exploratory Essays Research

Womens Rights Versus Gods WillIt seems these days that everyone is concerned with their ripes. People timbre that there argon certain rights that they should have heedless of their race, religion, sex, and so forth. And rightfully so everyone is entitled to basic human rights. Many belonging to specific groups such(prenominal) as women, and homosexuals - feel that these basic rights arent enough and that they ask more. They feel that their group should be granted special rights, which arent really rights at all. The early advocates of womens rights started out with good intentions they were fighting for the abolishment of slavery, suffrage for women and equal even out for men and women, among other similar rights. The first major turning point in the advocates battle was on July 19th and twentieth of 1848. On those dates, the Seneca Falls pattern was held in New York. The men and women at the convention created a enter called the Declaration of Sentiments, which they based on the Declaration of Independence. This document created a foundation, a denotation of where to go, how to go about getting the government to recognize the rights to which they were entitled. As time went on, woman suffrage advocates like Susan B. Anthony and Elizabeth Cady Stanton formed organizations, such as the NWSA ( field Woman suffrage Association) and the AWSA (American Woman voting Association). Eventually, after the formation of other organizations and after lots of support raising within states, women were granted the right to vote on dire 26, 1920.Womens groups didnt stop at getting the right to vote. They worked toward receiving equal pay, equal educational opportunities, and equal job opportunities. In 1963, Congress passed a law req... ...ww.family.org/fofmag/sl/a0010612.html, February 13, 2002. Ms. Herstory. (Online). Available http//64.29.220.68/msherstory.asp, February 12, 2002. National Organization for Women (NOW). Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002) Roe v. Wade. Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002) Wheeler, Marjorie Spruill. The History of the Suffrage Movement. (Online). Available http//www.pbs.org/onewoman/suffrage.html, February 12, 2002. The Path of the Womens Rights Movement. (Online). Available http//www.nwhp.org/legacy98/timeline.html, February 19, 2002. Womens Rights. Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002) Womans Suffrage. Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002) Womens Rights Versus Gods Will Essay -- Exploratory Essays Research Womens Rights Versus Gods WillIt seems these days that everyone is concerned with their rights. People feel that there are certain rights that they should have regardless of their race, religion, sex, and so forth. And rightfully so everyone is entitled to basic human rights. Many belonging to specific groups such as women, and homosexuals - feel that these basic rights arent enough and that they need more. They feel that their group should be granted special rights, which arent really rights at all. The early advocates of womens rights started out with good intentions they were fighting for the abolition of slavery, suffrage for women and equal pay for men and women, among other similar rights. The first major turning point in the advocates battle was on July 19th and 20th of 1848. On those dates, the Seneca Falls Convention was held in New York. The men and women at the convention created a document called the Declaration of Sentiments, which they based on the Declaration of Independence. This document created a foundation, a source of where to go, how to go about getting the government to recognize the rights to which they were entitled. As time went on, woman suffrage advocates like Susan B. Anthony and Elizabeth Cady Stanton formed organizations, such as the NWSA (National Woman Suffrage A ssociation) and the AWSA (American Woman Suffrage Association). Eventually, after the formation of other organizations and after lots of support raising within states, women were granted the right to vote on August 26, 1920.Womens groups didnt stop at getting the right to vote. They worked toward receiving equal pay, equal educational opportunities, and equal job opportunities. In 1963, Congress passed a law req... ...ww.family.org/fofmag/sl/a0010612.html, February 13, 2002. Ms. Herstory. (Online). Available http//64.29.220.68/msherstory.asp, February 12, 2002. National Organization for Women (NOW). Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002) Roe v. Wade. Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002) Wheeler, Marjorie Spruill. The History of the Suffrage Movement. (Online). Available http//www.pbs.org/onewoman/suffrage.html, February 12, 2002. The Path of the Womens Rights Movement. (Online). Available http//www. nwhp.org/legacy98/timeline.html, February 19, 2002. Womens Rights. Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002) Womans Suffrage. Microsoft Encarta Online Encyclopedia 2001 http//encarta.msn.com (12 Feb. 2002)

Compare and contrast the variety of attitudes to marriage as expressed

Compare and contrast the variety of attitudes to marriage as expressedby different characters in conceit and Prejudice.Pride and Prejudice is one of the about famous novels in the history ofEnglish Literature. Written in the year of 1813 by the very well knownauthor, Jane Austen, whose novels all examine the nature of love. Thegeneral tone of the novel is light, but serious.Pride and Prejudice is a story that focuses on the life of marriage,it is full of love. Money and wealth is also a main aspect of thebook.Marriage in Pride and Prejudice is acknowledged in that a single manin possession of a good fortune must be in want of a wife. The firstsentence of Jane Austens Pride and Prejudice could not have betterprepared the reader for the rest of the novel. The thread that sewstogether the lives of all the characters in the novel is theestablishment of marriage. Jane Austen uses the Bennet family ofLongbourn to garnish the good and bad reasons behind marriage.Mrs. Bennet is an irritat ing woman whose main goal in life is to gether five daughters married. It might be adapt in assuming that shefelt social and financial pressure to do so. Her husbands estate wasentailed to his nephew, Mr. Collins, when Mr. Bennet was to pass away.Therefore, Mrs. Bennet wanted her daughters to have financial stability elsewhere in case of their fathers death.In the time period of this story there was very little socialacceptance of women who were single their whole lives. For the closelypart, women could not acquire money on their own without inheriting ormarrying into good fortune. Women who could not find a husband wereoften referred to as senescent maids and lived their whole lives withtheir p... ...daughters were pleasant and appear to be ideal. Janehad longed for Mr. Bingley for quite a while. Bingley was handsome,rich, kind, and well liked. He and Jane share many conversations andhad complimentary personalities. They were pleasantly matched and Ibelieve that they shared a happy life together.Elizabeth (the main character in the novel) and Darcys marriage wasan excellent match. Though she thought him a cold, aloof snobbish manat first, this soon evolved into something else, it was love. Theywere equal in intellect, had tangible attraction and deep love for oneanother, financial security, romance, and companionship. They are thetwo I believe would be most happy in life. Jane Austen wanted thereader to know that marriage should be approached as a package deal -a package of love, financial stability, physical attraction, andhappiness.

Compare and contrast the variety of attitudes to marriage as expressed

Compare and contrast the variety of attitudes to marriage as expressedby different characters in pride and Prejudice.Pride and Prejudice is one of the most famous novels in the history ofEnglish Literature. Written in the year of 1813 by the very well cognizeauthor, Jane Austen, whose novels all examine the nature of love. Thegeneral tone of the novel is light, but serious.Pride and Prejudice is a story that focuses on the lifespan of marriage,it is full of love. silver and wealth is also a main aspect of thebook.Marriage in Pride and Prejudice is acknowledged in that a single manin possession of a good fortune must be in want of a wife. The firstsentence of Jane Austens Pride and Prejudice could not corroborate betterprepared the reader for the rest of the novel. The thread that sewstogether the lives of all the characters in the novel is theestablishment of marriage. Jane Austen uses the Bennet family ofLongbourn to illustrate the good and bad reasons stub marriage.Mrs. Bennet is an irritating woman whose main goal in life is to gether five daughters married. It might be correct in assuming that she felt social and financial pressure to do so. Her husbands estate wasentailed to his nephew, Mr. Collins, when Mr. Bennet was to pass away.Therefore, Mrs. Bennet cherished her daughters to have financialstability elsewhere in facial expression of their fathers death.In the time period of this story there was very little socialacceptance of women who were single their whole lives. For the mostpart, women could not acquire capital on their own without inheriting ormarrying into good fortune. Women who could not find a husband wereoften referred to as old maids and lived their whole lives withtheir p... ...daughters were pleasant and see to be ideal. Janehad longed for Mr. Bingley for quite a while. Bingley was handsome,rich, kind, and well liked. He and Jane shared many conversations andhad complimentary personalities. They were pleasantly matched and Ibeli eve that they shared a happy life together.Elizabeth (the main character in the novel) and Darcys marriage wasan excellent match. Though she thought him a cold, aloof snobbish manat first, this soon evolved into something else, it was love. Theywere equal in intellect, had physical attraction and deep love for oneanother, financial security, romance, and companionship. They are thetwo I believe would be most happy in life. Jane Austen wanted thereader to know that marriage should be approached as a package deal -a package of love, financial stability, physical attraction, andhappiness.

The Expenditure Cycle

CHAPTER 10 THE REVENUE CYCLE SALES AND CASH COLLECTIONS SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 10. 1This should generate a great deal of discussion. The basic affair concerns the willingness of consumers to divulge the kind of knowledge that would bothow companies to soulfulnessalize the gross revenue interaction versus concerns that such information would be mis designd or sold to other parties. In addition, with the growing problem of identity theft, consumers are becoming increasingly concerned about the safety and security of their personal information.Companies that wish to collect this info will most likely have to demonstrate the need for this information to the consumer and also the comp anys ability to keep this information secure. 10. 2Digitized products force little pitch on the four business activities of the revenue cycle. For all products, whether digitized or not, an modulate must be taken, the product shipped, an invoice delivered, and hard currency collec ted. The only thing that digitized products do is change the way these four activities are carried out.Digitized products actually facilitate the four activities by incorporating electronic gross sales redacts, shipping, billing, and cash collections. 10. 3Employees need to be trained to use the POS properly. Such training should include understanding how the POS works, stressing that . In that errors on the employees part will directly affect the scrutinize master file takes. If an item does not s dope, then it must be rescanned or dealt with so that the integrity of the records is upheld.Similarly, employees should be trained not to skip sales. If an item does not scan, the employee should be trained to accurately cypher in the bar code of the item. Entering a generic or erroneous code not only creates an armory error, but it also frustrates the client who may take their business elsewhere. In addition, employees should be trained to report and/or fix errors in bar codes as t hey are encountered and in a timely manner. 10. The report already provides dollar amounts outstanding by number of days past due by customer and by invoice. However, the percentage of total accounts receivable categorized by days past due would help to alert management of categories that are increasing. This could also be reported by customer and by invoice. This way if a particular invoice was not being paid, the company could more quickly identify the invoice, get through the customer, and potentially resolve any problems or disputes about the particular invoice.In addition, reporting by customer can help to identify chronic boring paying customers so that corrective action could be taken such as offering discounts for quick payment, changes in term, and notifying the reference manager to restrict credit for this particular customer. Furthermore, the company may have a certain threshold for each category of past due accounts either in percentages or positive dollars. A metric could be calculated and presented that highlights the categories exceeding that threshold. 10. This is a good question to get students to explore and compare the role of technology in impulsive price setting policies. You may want to preface the discussion by relating the following scenario You have graduated from collage and started your own consulting firm. A client has an urgent need that requires you to travel to his location. Since this is a last minute trip, you pay full price for an airline ticket. Since this client is on a fixed contract, you cannot charge the salute of the ticket back to the client.While riding on the airplane you find yourself sitting next to a college student who is majoring in story. During the course of the conversation with this accounting student, you find that he purchased his airline ticket from a discount reseller and paid less than half of what you paid for the same flight. How do you feel about this organization? Do think this type of prici ng arrangement could transfer to other products? Would the companies that sell these other products be put at a competitive injury when customers find that they are paying different prices for the same goods or services? 0. 6The instructor can facilitate discussion of invoiceless pricing in a B2C surroundings by asking students how they would feel about not receiving a shout out or cable bill. What are the problems the phone or cable company and phone or cable consumers encounter without a paper bill? What about billing problems and disputes. What about payment deadlines or consumers that want to pay in person or pay in cash? 10. 7Any form of electronic or digital cash has the same audit risks as physical cash energy to theft and loss of an audit trail.In addition, digital cash also has risks associated with the durability of the store of value to what extent can the cash be vulcanized if the storage media becomes defective? Another issue concerns the potential loss of privacy , because the digital currency can be marked in a manner that enables ghost its path through the economy. 10. 8 Why not indeed? Copies of the sales order can be used by inventory personnel as a picking ticket to select inventory items ship to the customer. In similar fashion, the sales order converted into a picking ticket can also be used as a packing slip.Just make sure a copy is sent with the package and not the airplane pilot so that in case there is a problem the original form can be reviewed for any errors or discrepancy. If sales orders are created electronically, the information contained on the electronic sales order can be used to create paper (or electronic) picking tickets, packing slips, or invoices. SUGGESTED ANSWERS TO THE PROBLEMS 10. 1Types of controls used at divers(a) steps in the revenue cycle. Process/ Activity ThreatApplicable Controls (P = Preventive, D = Detective, C = Corrective) Sales order entry1.Incomplete or inaccurate customer orders 2. Credit sales to customers with poor credit 3. Legitimacy of order 4. Lost sales due to stockouts, excessive carrying costs, and lost revenue due to markdownsVarious data entry edit controls P Proper credit approval, prior to delivery of goods or services P accurate, current customer data P Authorized customer purchase order P digital signatures D Inventory control frames P casual physical inventory counts D improved sales forecasts P better bestow chain management P and C Shipping5. Shipping errors Wrong merchandise Wrong quantities Wrong address 6. Theft of inventory Compare sales order with packing list and shipping documents D bar coding P Physical get to controls P documentation of all inventory movements D periodic physical inventory counts D Billing and accounts receivable7. Failure to bill 8. Billing errors 9. Errors in maintaining customer accountsSegregation of shipping and billing functions P one-for-one matching of invoices (or EDI acknowledgments) against shipping documents D an d C Comparison of sales orders, shipping documents, and invoices P and C various edit check outs D and CData entry edit checks D and C use of remittance advices P monthly statements to customers D and C Process/ Activity ThreatApplicable Controls (P = Preventive, D = Detective, C = Corrective) Cash collections10. Theft of cash Segregation of cash handling and accounts receivable functions P use of lockboxes or EFT P bank account reconciliation by someone not involved in cash receipts processing D and C segregation of bad debt/credit memo authorization from cash handling and accounts receivable functions P General11. Loss of data 12. Poor performanceBackup procedures C disaster recovery plans P physical and logical access controls P Development and periodic review of assign performance metrics D and C 10. 2 Information Technology to enhance the restriction of physical access to inventory 1. Electronic locks on all entrances and exits to the inventory area. 2. Smart card technology where employees must scan their ID card prior to entering/exiting the inventory area. 3. Install motion detectors. 4. Attach security tags to inventory items and install security tag scanners at each exit of the inventory area. . Attach RFID tags to inventory items to track the movement of inventory. 6. Install and monitor surveillance cameras in the inventory area. 7. Install an infrared alarm system. 8. Build a fence around the inventory area and equip the fence with cameras and sensors. 10. 3a. Shipping personnel should be required to document (on paper or by computer) receipt of goods from the finished goods storeroom. This procedure acknowledges responsibility for custody of the goods transferred. b. Either a redundant data check or closed loop verification could be used.If the transactions are being entered in batches, redundant data such as the first atomic number 23 characters of the customers name could be included in each input record after finding a match on customer acc ount number, the system would also verify that the name characters match forward posting the transaction. If the transactions are being entered online, the system could respond to operator entry of the account number by retrieving and displaying the customers name for the operator to review. c. Up-to-date credit records should be maintained, and credit checks should be made prior to approval of sales orders. . A receiving report should be required to support the authorization of credits for sales returns. e. Separate the function of authorizing write-offs of uncollectible accounts from the function of handling of collections on account, in order to prevent any single individual from perpetrating this type of fraud. f. Shipping personnel should be required to record the actual quantity shipped on the order document and/or enter the quantity shipped into the sales order processing system, in order that bills can be prepared based upon the quantity shipped rather than the quantity ord ered. . Supervision of mailroom operations, limit point of authority to endorse checks to the cashier only, and instructions to the bank to accept only those checks endorsed for deposit in the companys account. h. Cash receipts should be listed and totaled in the mailroom before the cashier receives the checks. A third person compares the amount deposited as shown by a validated deposit slip to the batch total prepared in the mailroom. i. All sales tickets should be prenumbered and accounted for. This would quickly spot a missing ticket. j.Segregate shipping and billing functions. k. Implement accurate inventory control and sales forecasting systems including periodic physical inventory counts and frequent review and revision of sales forecasts. l. A system of user IDs and passwords is the first line of defense followed by allowing read only access to customer data for sales staff, implement access controls over individual terminals, and maintaining activity logs. m. Regular backup s with copies being stored off-site. n. Backup generators as well as cold and/or warm site contracted backup facilities. o.Encrypting sensitive data prior to transmission, creating virtual private networks, and transmitting data over secure socket layer (SSL) networks. p. A system of user IDs and passwords is the first line of defense followed by allowing read only access to price lists for sales staff, implement access controls over individual terminals, and maintaining activity logs. q. A system of user IDs and passwords is the first line of defense followed by allowing read only access to customer data for sales staff, implement access controls over individual terminals, and maintaining activity logs.In addition, formal non-compete agreement could be used when hiring personnel. r. A periodic backup with copies being stored off-site. s. Periodically testing backup data for access and compatibility with current company hardware and software. 10. 4 Formulas Sales (1% Growth Rate) E 5 and actors line 5=D5*101%, =E5*101%, =F5*101%, Cash CollectionsD7=D5*40% E7=E5*40%+D5*30% F7=F5*40%+E5*30%+D5*20% G7=G5*40%+F5*30%+E5*20%+D5*8% reproduction and paste G7 formula to remaining cells Beginning BalanceE2=D9 (same formula for remaining cells in Row 2) Ending BalanceD9=D3+D7 (same formula for remaining cells in Row 9) Spinner and Scroll Bar

Philippine Presidential Elections 2016 Essay

The 2016 presidential election is one of the most talked about topic of today. To date, just more than a year from now we get out again be having our new set of national leaders. It is again the time when we hindquarters use our power to vote and elect the deserving person that will eventually draw rein our country. The scheduled date will be on a Monday, 9th day of March, 2016. As we all know, the incumbent president Benigno Aquino III is barred from seeking re-election pursuant(predicate) to 1987 Philippine Constitution. Therefore, this election will determine the 16th President of the Philippines.In recent months, we have heard so many big names that can potentially be our next Philippine president. Two of the most prominent Filipino politicians has officially declared their candidacy over presidency, both with strong will and competitiveness. Without any surprise, the current Vice President Jejomar Jojo Binay of the United Nationalist Alliance (UNA), our first guy on the list, confirmed his plans of running as president during an query back in September 2011. The longest-serving Makati City Mayor, now the Vice President of the Philippines not only created a strong political dynasty but he alike realizes his colossal visions.While VP Binay effortlessly made it to the list of possible and feasible presidential candidate, our next guy, a potical rival of the former, and the current Senate Majority Leader, Sir Alan Peter Cayetano, postulate to closely monitor surveys to make sure hes still in the running and viewed by the Filipinos as a viable candidate, according to a source familiar to Cayetano. The 43-year-old Senator from the Nacionalista Party (NP) is serious about running that he has to put together a team to work on campaign preparations. In a March 2013 interview on Mornings ANC he said I want to be the president of this country. I think I can do something great for God and his people.Among other politicians who would possibly run, one is Sen. Fe rdinand Bongbong Marcos Jr. of Nacionalista Party.

Easyjet analysis, competitive advantage and plan Essay

Easyjet is one of the successful European no frills ventilate ducts. The airway was founded in 1995 by a Greek man called Stelios Haji-loannou. A concept that made him found the carryline was based on the fact that customers demand for short-haul air transport is price elastic. This advise be translated to mean that when flight costs are reduced, many people fly due to the affordability of the flight prices.Easyjet has been successful because it has been able to liberate itself from traditional air duct concepts. These concepts were based on the assumption that the basebornering of flight costs could only lead to decrease in the economy. The traditional concepts made many air ducts believe that air passage traffic grows in line with the economy. Easyjet benefited from the introduction of the no-nonsense concept and its deregulation in 1992, to the European market. (Gregory, 2000).The company has been able to woo customers from other airlines due to the diminished competiti ve prices it offers for its go. This has made the company expand and change magnitude the size of the market it can access. As of now, the airline company provides 125 routes from 39 European airports with Geneva, Amsterdam, Luton and Liverpool available as its base airports. As of November 2003, the company was operating seventy two aircrafts. The number now has tripled as the airline has continually increased in size.Easyjet has seduce goals that the company hopes pull up stakes be able to attract and maintain its customers. The companys strongest desire is to develop want lasting relationships with its customers. These goals shake up been incorporated into the come withs Mission statement. These goals include To provide customers with safe, good value, point-to-point air services. To effect, and provide a consistent and reliable product and fares, appealing to leisure and business markets on a range of Europe routes. (Collett, 1999) Porters five competitive forces pr olong been used to effectively analyze the airline sedulousness comprehensively.These competitive forces manoeuver The threat of substitutes, the threat of new entrants, the power of suppliers, the power of buyers, and finally, the rivalry among breathing firms. The airline industry experiences minimal threats from other substitute modes of transport. For example, transport modes like work and car are not speed conscious. For a journey that could take an hour when using Easyjet fancye, a train takes approximately 6 hours. It is also cheaper to propel on an Easyjet plane than it would cost when travelling via train.Thus, the time and cost advantage of travelling by the low-priced carriers far outweighs the increased flexibility and comforts of trains. Trains and cars cannot coiffe long distance international routes. Therefore the only substitute is to ravel by plane and this is where Easyjet enjoys the competitive advantage it has everywhere its substitutes. (Porter, 1985) Easyjet was founded using a oversize sum of money. It was established with a loan of 5 million dollars. This being not enough, it still required 50 million dollars for expansion to meet the inescapably and demands of customers.The airline sector demands of new entrants to have gamy capital in order to start a motionless business. Limited finance has been a hindrance for many businesses which consider entering the industry. New entrants in the airline sector are discouraged by the limited take-offs and landing slots which make it difficult for them to summon suitable airports. The low cost airline market in U. K is very mature as compared to the rest of Europe. Easyjet has been in the market for quite long till it has acquired the title of being the good-lookinggest operator in the market. This is a very comfortable position for it as it considers itself as a leader in the field.This is not all advantageous to the airlines as entering new markets in Europe whitethorn become a big problem for it. Any entrant in the affordable market has to be ready to make a few losses before establishing itself. Hence, Easyjet has not really considered the threats of new entrants as a big problem. (Gregory, 2000) Easyjet has been affected by the powers of suppliers. Easyjet has realized that depending on one supplier or manufacture for spare could pose a risk. Boeing and Airbus are the major manufactures in the industry providing majority of commercial planes.Easyjet needs to expand more in order for it to have more powers over its manufactures and suppliers. The cost of embrocate and the price of aviation oil have a direct relationship and it is not in the power of Easyjet to alter this. The power of buyers within the airline industry is very strong. Airline operators have the duty of checking on prices to avoid being exploited by the consumers. Consumers are in a position to detect price discrepancies which they exploit. Due to the low shift costs experienced withi n the airline industry, the customers need to be liege.The Civil Aviation Authority (CAA) has ensured that the airline customers are well treated and protected. Some of the ship canal in which CAA sides with the consumers is by, protecting customers against the consequences of travel organizer failure for people who buy package holidays. It also ensures that airlines are licensed and comply with the requirements of UK and European liability, financial, and resources legislation. Easyjet experiences rivalry from existing firms. In the UK, Easyjet has My TravelLite, Ryan air, Buzz, and BMIbaby, as its major competitors. Ryan air is Easy jets greatest competitor as it has shown continuous yearly profit.Future expansion plans may increase its competitors to include the Virgin Express, Hapag Lloyd Express and Air Berlin, some of which are already competing with the airline. The other competitor that Easyjet has is the British Airways but it competes at a raze scale as it targets differ ent market segments. (Porter, 1985) SWOT-Analysis of the Easyjet Company which reveals its strengths, weaknesses, opportunities and Threats has been carried out. (Anthony, 1998). Internal analysis of the Company depict the fact that there are numerous strengths that it has enabling it to have a competitive edge over Companies in the industry.Easyjet has a strong e-business. This airline has incorporated the advanced technology and this has enabled it to offer quality services to customers. The other strength that Easyjet has is its ability to reach a wide scope of customers. This is due to many branches that exist all over the world. Research shows that this airline is expanding globally and will soon be able to have branches in all parts of the world. One aspect that is important to airlines is safety. This airline is highly reputed for safety and this has enabled customers remain loyal to it. Its up dated website enables customers to go for for their flights on line.The comfort i n travelling by Easyjet planes is exceptional. The airline also has got qualified force play like the cabin crew, control assistants, flight attendants, customer care, pilots and stewards. Another strength that is found in Easyjet is its flexibility in adapting to new technology in the future. This airline is not tied to genius technology. The airline has been financially successful and is part of the consortium that has been awarded to run UKs air traffic control system (NATS). (Anthony, 1998) One of the worlds largest industries is the Air travel which in 2001 generated over $ 300 billion in revenues.In the past, business people dominated air travel but then this changed when victuals standards of people improved so that many people could afford air travel for leisure activities. The deregulation of the airline industry has served to increase the frequency of air travels. Easyjet packs everything from pilots to check-in staff. The airline avoids travel agents high commissions b y selling seats over a telephone reservation system. To ensure it grows in future, the airline invested 6. 6 million dollars for developing a safe, reliable and efficient air traffic system.This was meant to ensure that it has sufficient capacity in the air and on the ground. Easyjet acquired British Airways low-cost subsidiary GO which played a huge part in its expansion. Easyjet stands for orange culture which means being up for it, passionate and sharp. Easyjet has low operative costs because all bookings are done via phone and it has less cabin crew due to the absence of the business stratum. Easyjet has been able to recognize that Business class reduces seats from 149 to 109. (Matthias, 2005) Some of the other players in the airline industry include the Virgin Atlantic, Ryan air and British airline.These airlines pose a healthy competition to Easyjet which it has to broadside up to improve on its position in the market. These airlines have a strong brand name which makes the m to have a competitive advantage over Easyjet. The name Virgin Atlantic is quite unique and it attracts many customers to use the airline. Research shows that virgin atlantics airline provider is global in nature. It operates its services to Barbados, Lagos, Johannesburg, Hong Kong and capital of the United Kingdom Hub. This is a great strength for this airline. (Branson, 2006). One aspect that is important to airlines is safety.This airline is highly reputed for safety and this has enabled customers remain loyal to it. The airline also has got qualified personnel like the cabin crew, control assistants, flight attendants, customer care, pilots and stewards. (Branson, 2006). The British and Ryan airlines have efficient customer service and effective policies that positively affect the overall running play of the airlines. These airlines have a competitive edge over the Easyjet and Virgin Atlantic in terms of the many operation routes they have. The British airline has a high techn ological advancement which has greatly increased its customer base.The Virgin Atlantic has some weaknesses which affects its smooth operation in the airline industry. One of them is very unequivocal in its prices. Virgin Atlantic airline flight charges are slightly higher than the other airlines. This makes most people who are middle class not to afford their services. Another weakness in Virgin Atlantic airline is in its departure control systems which are not really updated to the current technology. Ryan airline which is the major Easyjet competitor in the market has continually expanded and made lots of profits over the years. Thus, the airline has enough resources to cater for its consumers.It has a stable base and enjoys the comfortable position it holds in the market. Easyjet offers affordable flight prices attracting many customers to use its services. The Ryan airline and British airlines have very high operational costs. This is because they contract the services of custo mer agents who charge them exorbitant prices. Similarly, because they have a business class, the numbers of seats are reduced and the airline is also forced to increase the number of cabin crew it has to cater for passengers in the business class. The low flight charges of Easyjet plane are what attract customers to its services.The key element of the brand is the low price. The management uses differential pricing systems. (Michael, 1985). The cost of flight is directly related to the time one wishes to travel. Off-peak travelling and advance ticket booking is less expensive. Easyjet encourages its customers to book tickets online by giving discounts to tickets booked online. The airline company has good promotion strategies that catch the attention of many potential customers. Some of the attention catching lines that the airline uses include size matters, and the webs favourite airline.Most of its advertising campaigns are humorous, attention-catching and unforgettable. (Hilltop, 1994) For Easyjet to do well in future, it has to consider how it is going to adhesive friction new entrants in the market. It should decide whether it is going to create niche segments in the market for the new entrants or if it is going to compete aggressively on price, routes and services to drive the entrants out of the market. Easyjet should make strategic decisions market research on the size of different combinations of pricing and service if it intends to increase its market share over the next three years.It has to know the amount of power the competitor has over it. (Massingham, 1988). For example, the competitors service costs, competitors capacity for the various airline routes. Easyjet should target leisure travellers this is because business travellers usually seek very high quality service, frequent flights to a wide range of destinations which could translate to high operational costs and low profits. The airlines need to develop an accurate and realistic assessmen t of the market-niche it wants to serve.The market shares of Easyjet could increase in the next three years if it adopts CRM (Cause Related Marketing) schema which involves selling shares in forest help programmes over its websites and supporting charity by collecting foreign currency on flights. The airline should also establish a growth plan that would see it expanding over the next three years. (Matthias, 2005) Experts have predicted that Easyjet airline is well positioned in the market and that it has excellent growth opportunities for the low-cost sector. Competition is likely to intensify because the UK market is really saturated.Therefore, marketing is very important if Easyjet wants to attract new customers as well as maintain those that it already has. Since the UK market provides very little growth opportunity, more airlines are likely to invade the continental market with new bases being established at Berlin as well as Eastern Europe. (Collett, 1999). Marketing should p lay a role in convincing customers that flying is the safest mode of transport. Before formulating a market plan for the airline, the political, legal, Technological, Socio-cultural, and Economic factors should be taken in to consideration. (Massingham, 1988)

Play Station 3 Essay

Play Station 3 is the best multimedia console out so far. Such multimedia contents accept a Blu- ray of light player, a HD DVD/ DVD player, a CD, and a Super Audio Cd Player. Some models of the PS3 Have something in them called the EMOTION CHIP, which is a fancy term for being able to play PS2 games, but all models have the ability to play PS1 games.As far as Graphics go the PS3 has the ability to display up to and everywhere 550 MHz. You might be wondering what the hell is MHz( MEGA cycle per second), well MEGA Hertz is Graphics card in the hardware of the PS3. MEGA Hertz or ant type of Hertz is a type of processor that gives the carcass the ability to display hundreds, thousands, or even millions or billions of pixels per second. capable of displaying over 65 HD frames per second. All of this graphics cant be displayed on even the most recent computers, this is the most MHzs out in any gaming console EVER.The Connectivity of this console is outstanding, stellar, excellent Thi s awesome console can have a blue tooth headset, Six axis controller, and a Dual Shock 3 controller connected to the system wirelessly. Up to 4 Six axis, or Dual Shock 3 controllers connected to the system simultaneously, but that is the hardware speaking more connectivity includes Cables such as the HDMI cable. Now the HDMI cable is for the best sound, picture, and quality when hooked up to an HD Tv, now if you dont have an HD Tv but you have a Tv with 480i, or 720, and or 1080p, not 1080i, you can just go to Game stop to secure a audio/video out with a high quality switch. A regular A/V cable for NSTC Tv s comes with the product.The PS3s hardware is very complex with a lot of the newest hardware used in most recent Computers, Hardware include a slot-loading 2x speed Blu- ray Disc drive for Games, DVD, BD DVD, CDs, PS2/PS1 format games and Super audio CDs. Plus a new IBM-designed CELL Microprocessor as its CPU. Graphics in hardware handled by the NVIDIA RSX Reality Synthesizer, wh ich is used to support High Definition. Build in memory 256 MB of XDR and 256 of GDDR3 video memory for the RSX. The system also has Bluetooth 2.0, Ethernet connectivity port, USB 2.0 and HDMI 1.3a. The PS3s system hardware has been used for Super computer for High-Performance Computing, and WI-FI networking. PS3 owner will be able to use other operating systems besides XMB because Linux is pre-installed.And thats why I think the PS3 is much much better than the XBOX 360

My Riding Trip in the Mountains

My Riding Trip in the Mountains One day in April I was playing games in my room and my dad asks me if I want to go to the mountains to ride four wheelers and dirt bikes, and I said yes. So me and my dad walked up to the garage and put the trailer on the truck. The next day was thorium and I had to load everything on to the trailer and into the truck. The first thing I had to load up was the clothes, sheets, blankets, tooth brushes, tooth paste, and a par eitherel towels. Then I had to load up the two four wheelers and 3 dirt bikes that we brought. The first four wheeler I had to load up, I had to put in the stake of the truck.So I went down to the first garage and got the four wheeler and brought it up to the trailer. Then I went in to the first garage and got the little yellow ramp keyst unmatchable put them in the back of the trailer. Then I got the big wooden ramps and set them up to where I could ride the four wheeler up on to the trailer. Then I rode the four wheeler up onto the trailer to the beginning of the yellow ramps. I got mop up to get the big ramps and set them up so that I could ride the four wheeler from the trailer to the truck. Then I rode the four wheeler up the ramps and into the truck. The next thing I loaded up was the other four wheeler.So I rode it up the ramps and into the trailer and twisted it gradient flairs. After that I loaded up the yz 125 and twisted it side ways and did the same for the other two dirt bikes. I put the gate on the trailer, loaded up the gas cans, two cycle oil and oil and we were ready to begin our 3 hour ride to the mountains. At ab egress 500 we began our journey to the mountains and it was a long boring ride. We arrived at the shoot around 830 because of traffic. When we got there we dot our blankets and clothes and went inside for the night. When we got in we each picked a room and put our stuff in it and went back into the living room and watched T.V. As about an hour passed we all went in our rooms and went to bed so we could go riding the next morning time. The next morning some unexpected people came to the consign. There names were brad and jess, and they had four wheelers in the back of their truck. Bra and jess unloaded their four wheelers while we unloaded ours because we went riding. We rode for hours, we went to a bunch of hill climbs, and we crossed a creek twice. We rode 20 miles away from the lodge into Orvinston where we got caught in a parade. So we started to head back towards the lodge and came to the first creek crossing.Brad went first, jess went next, and my dad went third, and I went after my dad but I laid my dirt bike over in the creek because I hit a big slippery rock. Luckily we had a tow rope in the four wheeler. I tied one en of the rope to the rack of brads four wheeler and the other end to my handle bars of my dirt bike and we tried to pop start it. The first peer of times it didnt work but the fifth time it did so I untied the rope and ran all of the water out of the air box. I noticed that the whole crew was following behind mend then I came to the second creek crossing.I was scarred to go across at first but I did any way and every one followed behind me. I ended up leading the way back to the way back to the lodge, where we ate lunch and rested for about an hour. At about 200 that day we back out for another ride. We went up a couple of hill climbs and rode a lot of roads to get to a big mud pit. I rode through it a couple of times on a little four wheeler and got cocky. Bra asked me if I wanted to try his 600 grizzly and I did I planed across it twice and then brad let out hit it with the throttle pinned, and I did just that.The next thing I knew the four wheeler flipped heals over head and landed on top of me. My helmet flew off and I instantly pushed the four wheeler of me with my feet. I was knocked out for a few seconds and I woke up under water. I managed to get my self up on to my feet and all that I saw was br ad running through the water to see if I was ok. The four wheeler was lying on its side. I helped brad push it back over and start it back up. The four wheeler started right up and brad rode it out of the mud pit. I walked out of the mud pit and got on my dirt bike.My helmet was wet so I strapped it to brads four wheeler and we rode back to the lodge. Before I knew it our time to ride was over. We stayed one more night and packed everything up the next morning. Brad had one more thing to do before we left and that was to put a tree stand up for hunting season and I went with him to help him. That took about an hour and when we got back to the lodge every one was ready to leave. Brad locked all of the doors and the gate and we got in the truck and left. That was the end of my riding trip to the mountains.

Descriptive on Crashing While Cycling

Acquainted with the night I work been acquainted with the night. I have walked out in rain-and back in rain I have out walked the furthest metropolis light I have looked down the saddest city lane I have passes by the watchman on his dither And dropped my eyes un leave behinding to explain Acquainted with the Night by Robert Frost I tardily emerge from my slumber to the escalating sound of my alarm clock. The door creaks as I turn with the flashlight around the corner. I navigate my way to the front door and slowly close it behind me. I put on my skin -tight cycling kit and start to push my bike to the gate.I look up and am acquainted with the still dark night sky sodding(a) at me The demarcation is still misty and a slight breeze hits to signal the storm ahead. I clip in and slowly start to fire wheel down the gradual hill. I meet up with the group and we greet one another. We be all advised of what the different non verbal gestures have in mind and to be vigilant on the road at all times, and then we set off in groups. As we cycle through and through the suburbs, we turn our heads from human face to side looking down the deserted roads, trying not to attract attention.Our pupils are still exposed to the pitch black of the night and are acquiring bigger and bigger trying to absorb as much light as possible to see the way forward. We stride forward two abreast. Our lungs are scorched with the ever growing cold of the air, piercing them grasping at every gasp of air. Lights are now starting to appear around us, signalling that the city is slowly waking up. The sky is still dark and we have switched on our bicycle lights to illuminate our way. Now, for miles ahead we can see the blinking of red lights in the distance speeding past us.I meet up with the main road and start to wipe the sweat from my brow and adjust my glasses. The air is chilly and I see the watchman on his beat wrapped in a blanket trying desperately to keep warm. We near our first climb o f the morn cycle. I lock my legs and a low gear for the optimum power necessary to tackle this overwhelming sight in front of me. As I descend down the ever so steep hill, I gain momentum with every rotation of my wheel and crouch down to gain much speed. I pull my legs up to lessen the drag and gain even more peed. The bike starts to become unstable and, with the slightest movement the bike starts to sway to a great degree I hold on with great force in a desperate attempt not to lose control. I am about to hit the trough of the slope and loosen my posture when I hit a pot hole. As I career through the air like a missile locked onto a target, I make contact with the smooth, yet abrasive tar. I quickly try and unclip to balance myself save it is no use I have no platform to do so and just prepare for the worst.As I hit the deck, my tyres are the first to go with a huge pop. I now have no control over what is coming next. The rims buckle and warped from the immense pressure and I a m going down. I try to put my hand in front of me to break the fall but it isnt well thought out and, with a huge thud, my arm simply folds into itself and scraps across the floor at lightening speed. My shorts are quickly getting shredded, and soon my thigh will be too. Everyone is trying to dodge me and another cyclist in his effort to avoid me came to a halt colliding into a barrier.The only thing going through my head at the time is that my bike is now no more than a mangled piece of scrap metal. My bruised and battered body lies helplessly on the asphalt caged under my bicycle. My leg is in agony which is exacerbated by the bike lying on it. I scream for help hoping that I will be heard. I hear from a distance the screeching of tyres and the unclipping of cleats. The team is soon racing towards me and I can hear them shouting in the distance. I slowly drift off looking up to the stars

Research on football Essay

Most people in Germany enjoy watching football on television or live in the stadium. Football is not altogether sport number one, but also the number one topic of conversation. Although it is so popular, many people, fans or not fans, discuss whether the football players be good value or not. So, is it fair that they earn so much more than others? Of course stars like Ronaldo, Zidane or Beckham, but also all the other professional football players have a high training intensity with a minimum of two trainings per twenty-four hours and additional duties like for example meetings with sponsors or fan clubs.Many of them are engaged in social organisations and do a lot for poor and alter people. They do a lot for the money they get. On the basis of the high number of trainings and at least one game per week during the season subject matter a high strain for the players. They get injured often seriously because of this high strain and the fact that their body is their capital. They have to give everything for the money, even their health. These are arguments why professional football players are good value.The training intensitiy, the strain, the injuries that result from the strain and of course the age lead to the realization that the players are not equal to(p) to do their sport for such a long time. They need the money because they have to built reserves for their later heart. The players deserve the money they get, for the clubs make abundant profits with the player. Real Madrid for example expands or at least wants to in the market of merchandising products in Asia because of the engagement of David Beckham.Madrid had to pay 35 one million million million, but experts say, that only the sell of the jersey with Beckhams number brings at least 50 million back to Madrid. So the club has great frugal advantages. In the case of the most famous players, who are always in the spotlight, it is fair that they earn so much. They really have no private in vigoration because of their popularity. They are accompanied by photographers and journalists all the time and do not have a single moment for themselves or their families. They have to bear a lot. In the worst case, they are even blackmailed.Nine people have been arrested in connection with an alleged conspiracy to kidnap Victoria Beckham and seek a 5m ransom. This happened to David Beckham in 2002 and is an evidence for the great pressure the players have to stand. The money compensates them for this pressure. On the other hand you could say that the work of a football player raise not be compared with the real work of a factory-worker or a manual worker. For the football player it is a hobby with a maximum of trey to four hours of training per day, which is not too elusive.For the factory-worker it is at least eight hours of hard physical work per day. You could also say that not only football players get injured. Manual workers can be seriously injured in their jobs too. The y could fall down from a scaffolding and break their bones or other fact is that professional football players get so much more than for example a professional handball player, although the handball player trains as often and as hard as the football player. He just gets more because football is the number one sport in Germany and not because he does so much more. almost people say that the stars bring a lot of money for their clubs or even a whole region. But many people criticize, that the players ( and not only the best ones)still get contracts, that guarantees them millions of euros, despite the fact that the current economic situation is not the best. The point that football players have no private life because of their renown and the permanent presence of media that is closely connected with it, could be invalidated by the fact that this happens only to the most popular players.German football captain has had to retell his pregnant wife he had a mistress wrote The Mirror. I t is only interesting when the 34 year-old and very famous goalkeeper Oliver Kahn leaves his wife and his daughter for a 13 years younger party-girl, and not when an unknown player from Energie Cottbus does the same. So most of the players can still enjoy a calm private life and nevertheless get plenty of money.In this discussion you have to take into consideration, that football players have much more free time than anybody else. The worker has about 4 weeks holiday per year, while the season of a football player lasts only for about 7 months. That means that they have about 5 months holiday. dry people would say that they need so much money because they have so much time to give it out. The majority however, thinks, that it is just unfair with go out to the rest of the working people.So for both sides you can find several arguments. Everybody should decide for himself whether it is just that they earn so much or not. In my sound judgement it is not. Beckham said he was delighte d to be moving to Spain, though most people believe hes delighted to be cashing cheques for 6 million a year in salary. That means he gets about 500,000 per month, 125,000 per week, 17,800 per day and 740 per hour. I think that is unfair with regard to the hard working people. Nobody is worth(predicate) so much.

The schematization of aesthetics was founded in Ancient times

The schematization of esthetics was founded in Ancient times, which is manifested in Plato and Aristotles philosophies. Plato stance on aesthetic is very negative because it can upset the innate nature of soul. But his pessimism on aesthetics specifically of arts in general is go around represented in his conjecture that an art is thrice removed from reality. Aristotle, on the other hand, has affirmative note on aesthetics because he construes art as representation of Forms or of truth.From these two antique philosophers, the debate and conceptualization of aesthetics has transformed greatly in different periods. Friedrich Nietzsche posits that aesthetics is a gist of preservation, meaning, bag for him is encapsulated in terms of life prolongation. Leo Tolstoy postulated that aesthetics is based on peasant nontextual matter because these workers understand the beauty of life. The complexities of aesthetics have metamorphosized throughout the progression of different civilizat ions and epochs of philosophy. In line with this, modern-day aestheticians like Junichiro Tanizaki and Susanne K.Langer joined the bandwagon to advance aesthetics epistemic views. And these contemporary philosophers agreed on cardinal point, that aesthetics or the valuation of beauty, as well as, its intricacies, nuances and elements, is greatly influenced by geographic positioning. This assertion was deduced from the fact that in every period novel idea on aesthetics sprouted wherein this period shaped upstart debates on the topic at hand. In summation, each period in philosophy supplemented novel rouge outs on the development of philosophy.In Tanizakis In Praise of Shadows, he juxtaposed Oriental aestheticism to Western aestheticism wherein he highlighted the significance of going back to the remnants of the past because it served as the defining moment of every stance on arts. He argued that integrity must embrace his experience aesthetics even if it is tarnished and sex agenarian because it is the precursor of ones culture and tradition, and therefore, any concept of beauty from foreign culture must be cut altogether since it can eradicate the innate nature of ones aesthetics. This is very prominent in the character of Tanizaki because when he was just a budding novelist he appreciated Western aestheticism, which has influenced his writing during those times, until he realized that he must represent Nipponese concept of arts and beauty through literature.Tanizaki conjectured that the mark note in Nipponese concept of beauty is founded on the ideas of shadow. The architectural blueprint of traditional Japanese highly embodies shadows manifested through the quiet and murky interiors, which emanates a nostalgic atmosphere due to the independent being and presence of shadows. Tanizaki reinforced his idea of shadow in the articulateness of beauty in the form of neat tableware, temple toilets, kimonos, and Japanese stage, which are highly affected by the intensity of its dark spectrum.In perspective to this, Tanizaki pointed out that if light was applied on Japanese aesthetics all of its essence will pick at because light is the attribute of Western aestheticism, and likewise will happen if darkness was incorporated to Western arts. His background on the above mentioned arguments is embedded on his credence on the delineation of Western culture and Japanese culture. According to Tanizaki, Western citizens in ancient times give importance to gold because it emanates unspeakable beauty when candlelight reflects it. On the other hand, Japanese people vehemently dislike light because it exposes the imperfection of their knowledge white skin. According to Thomas J. Harper (translator of In Praise of Shadows), Tanizaki distinguish Japanese aestheticism based on shadows because it shows an unfathomable yet beautiful reverence and somberness, which is lacking in the magnificently lit arts of the West. identical Tanizaki, Langer a lso believed that ones perception of aesthetics is dependent of his geographic positioning. At the first chapter of her account book entitled Philosophy in a New Key A Study in the symbolization of Reason, Rite, and Art, she defined philosophy as characterized more by the formulation of its problems than by its solutions of them1, which implies that each groups or societies see things in different perspectives and in their perception of things, they have their stimulate perceptiveness of what they see and have their own questions about it. Therefore, when it comes to beauty or aesthetics definitive schema, each society has the authority to posit their own stance about it, and mostly their stance is deeply rooted in culture and tradition.Tanizakis key of aesthetics is logically plausible in Langers philosophy since she espoused a relativistic means of understanding the nature of things and the contingency of the universe, in context with aesthetics. But Langer has her own philoso phic inclination on beauty, wherein her key is discourse and representation. For Langer, aesthetics expresses the emotive form of arts through symbols and logic. But it must be noteworthy that she saw that the main problem in expressing aesthetic is the means of expressing it. According to her, melody possesses a class of mood or emotion towards the meaning of life wherein it represents a form of epistemic valuation and truth. This music that embodies a certain feeling of purely perceptible matters can be expressed in eternal manners, but the musician has to figure out which manner because wrong choice of manner will abrogate the content of its emotion and its purity.In toto, Langer saw philosophy as perpetually progressing, as well as aesthetics, because different epochs have either discovered or created a new key to elucidate the universe. She purported that the birth rate of new keys in the philosophical realm will always exists because human understanding is innately trans formational. different most philosophers like Bertrand Russell who argued that novel ideas in philosophy is impossible because what is left to humanity is to recycle old philosophies, Langer believed that the pasts has influenced on our present cogito but it does not necessarily follow that it will shape the present landscape painting of philosophizing. The point is that mans rationality is not fixed therefore present and future genesis can discover or create a new motif of intellectual intercourse, which will ultimately define the philosophy of their period.Tanizaki and Langers philosophies on aesthetics are significant because of its willingness and openness to the possibility of new keys, in terms of new perspectives and theories. It broadens the horizon of philosophical enterprise since new schemes and conceptualizations are doomed to realization. The wholly danger on their stance on the concept of new keys is that it jeopardized the universality of things, specifically of a esthetics or beauty. Their postulate that aesthetics valuation is based on geographic positioning or dependent of ones social constructs breathes relativism, meaning, every perspective on aesthetic is sound and valid, or to put it just beauty is in the eye of the beholder. And worse, the innateness of aesthetics seems impossible to be exposed because of diverse perceptions on it.REFERENCELanger, Susanne K. Philosophy in a New Key A Study in the symbolisation of Reason, Rite, and Art 3rd edition ed Harvard University Press, 1957.Tanizaki, Junichiro. In Praise of Shadows. Trans. Charles Moore, Edward G. Seidensticker and Thomas J. Harper Leetes Island Books 1980.1 Langer, Susanne. Philosophy in a New Key A Study in the Symbolism of Reason, Rite, and Art. Harvard University Press, 1957 p.4.

Accounting Essay

Contents 1. Introduction2 2. Main Body2 2. 1 Ratio Analysis2 2. 1. 1 Profitability3 2. 1. 2 Efficiency4 2. 1. 3 Liquidity6 2. 1. 4 pose chances7 2. 2 Evaluation of mulberrys shargons as a probable enthronisation7 2. 2. 1 R raseue and Sh argon outlay8 2. 2. 2 Re modus operandi10 2. 2. 3 attempt14 2. 3 Funding and roof abridgment15 2. 3. 1 Funding compendium15 2. 3. 2 Working roof18 2. 4 Risk caution and governance20 2. 4. 1 embodied governance of mulberry20 2. 4. 1 Risk & control management22 2. 4. 3 In stressation and Communication24 2. 4. 4 Monitoring24 3. Conclusion25 Reference26 1. IntroductionThe c al sensationer-up that we chose is mulberry tree Group. PLC. This is a inflicter that produces and sells bags and purses, as well as designs them for both individuals and early(a) companies. We construct chosen the annual cut across of mulberry tree Group. PLC that gives us an in-depth view of the confederacys finance doing, dedicatement potential, capital expre ssion and manage operating during the period of judgment of conviction which from monetary year 2010 to 2011. With this annual report, we bequeath assay to analyze and critically appraise the lodges accounting information, grocery store report and management control agreement.The adjacent content will be included in this paper Ratio abbreviation, investing return, debt and capital abbreviation, governance and jeopardy management. 2. Main Body 2. 1 Ratio Analysis Ratio analysis is frequently riding habitd in evaluating a confederacys fiscal condition. The fiscal remainders ar able-bodied to provide us signifi bungholet information to psychoanalyze the associations monetary performance. Depends on these proportions, we tail end examine the condition of the comp eachs finance and have whether the results of the clubs operating couple its tar besots (Atrill and Mclaney, 2008). nomally, we will use bills flow, income statement and finance aim to calculate bala nces. In the ratio analysis parts, we will calculate and analyse the core ratios of mulberry tree plc, these ratios will also be the base of the following parts of this article. agree to mulberry trees annual report, during the financial year 2010 to 2011, the company has experienced a successful year. mulberry Groups business chiefly focused on the UK market, and the revenues of this company comprised sell and income of design, as the look at of its products increase strongly during the past financial year, the gross sales raise rapidly.In this part, we will try to analyze the core ratios of the company and simply analyze the probable reason for the metamorphoses of these ratios. 2. 1. 1 Profitability To analyse a companys profitability, in that respect be three ratios concerned gross bound, net gross profit delimitation and return on capital assiduous ( collier, 2009). Firstly, we will look into gross beach. This margin importantly shows the dealings in the mid st of the costs and the price of finished goods. Gross margin (2011 65. 35% 201058. 97%) Gross margin is (Sales cost of sales)/sales * carbon% The gross margin in 2011 79501 / 121645*100%=65. 35 % The gross margin in 201042487 /72052*100%=58. 7 % From the ratio, we notify see that the gross margin of mulberry increase to 65. 35% in 2011 from 58. 97% in 2010. The reasons that gouge cause channels in gross margin is the changes in prices and costs. In mulberrys case, the spunkyer gross margin results from the dramatic improvement in revenue as well as cost of sales. According to logical argument 5, apart from the harvest-festival in sale of goods which caused by the impressive performance in bracing oversea stores and online stores, the 900,000 income, which disclosed in other income, received on the exit of the stark naked Bond Street lease also contri preciselyes to the increase in revenue.Net margin (201118. 92% 20106. 74%) Net margin is an all important(p) ratio to exa mine a companys profitability. The formula is Net margin=Operating profit / sales * 100%, and the ratio for mulberry tree is The net margin in 2011 23010/121645*100%=18. 92 % The net margin in 2010 4856/72052*100%=6. 74% Net margin is closely connected with gross margin. From the information above, we fag end see that during the last year, the gross margin of this company has increased. But the extant of the increase of net margin is higher than it of the gross margin.The most crucial promoter result in the increase of operating profit is the operating profit before exceptional items. expound intimately those exceptional items lowlife be found in air 7 that a deferred term of ? 1,000,000 has been nonrecreational to Challice Limited in terms of the growth in the USA operations. Return on capital employed (201155. 54% 201019. 26%) Return on capital employed shows the ability of the company to get rewards which can be added into its equity through companys operating behavior s (Atrill and Mclaney, 2008)Return on capital employed Operating profit / assets- current liabilities) * 100% Return on capital employed in 2011 23010/ (76587-34555)*100%=55. 54 % Return on capital employed in 2010 4856/ (40284-13819)*100%=19. 26% From the ratio above, it is lenient to find that the return on capital has raised rapidly in last year, from 19. 26% to 55. 54%. ROCE increased not besides because the growth in operating profit and raised asset which in the first place contributed by increased inventories as a result of the rent of growing sales and mess receivables.The trade creditors as well as accruals and deferred income have been included in current liabilities since all of them could be paid within 12 months. Moreover, in that respect atomic number 18 ? 1,000,000 provision for the USA deferred take careation, ? 3,900,000 relating to payroll and bonus payments made stopover year end cut off and ? 1,537,000 accruals for fixed assets happened in 2011 trance there were all vigour in 2010. 2. 1. 2 Efficiency Based on Colliers study (2009), there are three core ratios that are usually used to analyse a companys capability, they are asset dollar volume, note swage and sales per employee.The first two ratios are used to measure the efficiency of the companys operating of turning its property to generate marketing behaviors and sales, the sales per employee is try to measure out the employees performance. Asset turnover (20115. 90x 20106. 70x) Asset turnover Sales / non-current assets, from it we can calculate Asset turnover in 2011 121645/20620=5. 90x Asset turnover in 2010 72052/10760=6. 70x The asset turnover has slightly fallen, from 6. 70 to 5. 90. The drop of asset turnover indicates a less efficiency use of divvy upholders assets in terms of sales, although the revenue has increased dramatically.However, check to Note 16, it faculty because the investment in software of ? 615,000 which cost nil in 2010. It also can be reali seed that the return of investment can be effective and long if invest on new stores or flagship, however, it could also be inefficient but profound return on investment if invest on software, such as ERP governing body, which powerfulness be expensive and need much more time to gain benefit from them. short-circuit letter turn (2011 1. 9x 20103. 3x) The main business of mulberry is design and retail, fit to Colliers work (2009), lineage turn is one of the most important ratio to evaluate the companys management of its stock.Stock turn Cost of sale / stock Stock turn in 2011 42144/22408=1. 9x Stock turn in 2010 29565/9090=3. 3x The stock turn in 2011 is lower than it in 2010. That compresseds the stock of mulberry tree turns 1. 9 times each year now. The considerably increase in inventories which related to the growing demand of sales of goods has contributed to the decline of stock turn. This ratio should be one of the most important ratios of it (Atrill and Mclaney, 2008 ). Stock turn stands for how many times the stock will turn in a year.Generally, it is important because some businesses cope too much stock as a waste of solutions and a high stock turnover rate will usually be regarded as a sign of good management. Although in 2011, there is a decrease from 3. 3 to 1. 9, it didnt necessarily mean the companys management of stock had some problems because the inventories of the company has increased rapidly as we discussed before. As a retailer, the inventories are very important to ensure its market position and the increase of inventories as a result of preparation for market exploring is level-headed. 2. . 3 Liquidity Atrill and Mclaney (2008) stated that the fluidity stands for the short-term finance ability of the company. The ratios that generally used to analyse liquidity are current ratio, and acid test. incumbent ratio (20111. 62x 20102. 14x) First of all, current ratio stands for the proportion between current assets and current liabi lities. It is used to analyse the companys ability to pay its short-term liabilities. soaring current ratio means the company has enough property to draw out its debt, if the current ratio was to a lower place 1, the company could be in danger.However, a too high current ratio might mean the company doesnt make full use of its property. Current ratio Current assets / current liabilities Current ratio in 2011 55967/34555=1. 62x Current ratio in 2010 29524/13819=2. 14x According to Note 24, the decrease of current ratio mainly because of the current liabilities has increased more than current assets because of those trade payables in current liabilities that not follow in 2010. Acid test (20110. 97x 20101. 48x) Acid test is a ratio which trying to evaluate the companys monetary asset.Different from current ratio, acid test is focusing on whether the company can repay its short-term liabilities with its monetary assets. Acid test Monetary current assets / current liabilities Acid test in 2011 33519/34555=0. 97x Acid test in 2011 20453/13819=1. 48x Because there is high level of inventory in 2011 in lay to support the adequate amount of goods to be sale, it is not unacceptable that the monetary current assets without inventory are less than current liabilities for this year. Furthermore, there are several trade payables occurred in 2011 while nil in 2010 in terms of Note 24. . 1. 4 Risk Interest cover (2011531. 57x 2010 197. 00x) The interest cover has increased as a result of much higher profit since it can be seen in Note 22 that there is no changes in borrowings these two years. Therefore, it can be a good social occasion to dowryholders that interest cover increased healthily. The confusing things we found in the annual report were that there is no debt within these two years, only borrowings can be taken into consideration the lay on the line. The details about borrowings can be found in Note 22 that seems all the borrowings are repayable on demand.S o, we cant analyze the risk of this company through these ratios. The reasons why the company didnt borrow long-term loans from argots and the advantages as well as disadvantages will be discussed in risk management analysis and living analysis part. The investor part will be analysed in next part, in the form of stealing piece of lands. 2. 2 Evaluation of Mulberrys shares as a potential investment Mulberry has experienced a significant growth in revenue from 2010 to 2011 and the basic simoleons per share increased by 473% to 29. 8p while it was 5. 2p in 2010, both of which are shareholders would like to appreciate.Moreover, it might be out of question that those figures would attract a good deal of investment. However, it is always necessary to assess whether it is an appropriate timing to invest a company in terms of several financial indicators, such as, market value of equity, the P/E ratio (price hire ratio), dividend defer as well as gearing (Fonseka and Tian, 2011). This part is going to critically interpret these indicators respectively subsequently an overview on the fundamental financial circumstances and provide a suggestion for investment in the end. . 2. 1 Revenue and Share price ? m 2011 2010 2009 2008 2007 Revenue 121,645 72,052 58,585 51,174 45,078 Share price (p) 1,333. 33 183. 33 64. 52 133. 33 187. 5 (Table 1) Before conducting a thorough analysis of return and risk, it is price reviewing Mulberrys revenue for last five years.It can be seen from Table 1 that Mulberry has kept a sustainable growth in revenue since 2007, which indicates the optimistic picture of their financial condition. Furthermore, it is precious that Mulberry group performed satisfyingly as usual even when other organisation experienced a depressing year result from the financial crisis happened in 2009. pic(Figure 1) However, comparing the FTSE All-Share, which is a market-capitalisation iron outted index of all shares traded listed on the London Stock Exc hanges main market (Ince and Porter, 2006), Mulberry groups share price has changed significantly since May 2011.As can be seen from Figure 1, the share price has increased dramatically after May in 2010 while the FTSE All-Share index has gone up slightly with fluctuation. pic (Figure 2) Furthermore, according to Figure 2, which clearly shows Mulberrys share price combined with FTSE All-Share index from 2007 to May 2010, the performance of Mulberry basically enable the share price to track market all the time. Although the price touched(p) bottom in 2009 due to the financial crisis, when there has been an uptrend in market between April in 2009 and April in 2010, Mulberry seemed to catch that opportunity and in April 2010, he price went up to the price peaked point in 2007. It is crucial to mention that the marketing corpse as well as the performance of Mulberry group has contributed most to the significant increase since the second half year of 2009. According to Mulberrys annu al report and financial statement for the year ended 31 March 2010, they have interminably invested their business both in the UK and internationalistly, using kept up(p) profit and currency flow.For example, the showrooms opened in New York and Paris could be successful attempts, both of which have played an important role in the growth of profit. In terms of the strategy has made an initial success, it can be assumed that there might be an unpredictable potential market share for Mulberry to explore. Actually, the assumption has been approved with the significant increase in revenue and share price for the next half year in 2010 and continued in 2011. pic (Figure 3) Figure 3 shows Mulberrys one-year share price associated with FTSE All-Share index comparison offset with June in 2010.As can be seen from this chart, the price of Mulberry increased too enormously to see the change of FTSE All-Share index, which means Mulberry performed outstanding when the general financial back ground was not optimistic. Although it is rare to see the share price recover and grow in such a short time after the financial crisis, the increase of Mulberrys might had already been predicted and both managers and shareholders are confident enough to take more market share. Consequently, the ambitious attempts of opening 9 new stores and on-line shop during the next half year of 2010 have been achieved successfully.Fortunately, the dramatic revenue increase harvested by those new stores and flagship indicates the significant demand of Mulberrys products and services actual in market. In addition, the remarkable performance attracts more investors. However, it is crucial for them to weigh if it is a good timing to invest even though the performance of Mulberry after the financial crisis is extraordinary brilliant. Thus a depth analysis in terms of both return and risk will be conducted in the following sections. 2. 2. 2 ReturnPrice / earnings ratio (P/E Ratio) Price earnings rati o indicates that the common stock of a company is priced in terms of the ability to generate earnings of this company. Meanwhile, it also can be used to examine whether a stock is cheap or expensive (Muresan and Wolitzer, 2001). ? m 2011 2010 2009 2008 2007 P/E Ratio (familiarised)45. 20 27. 60 14. 30 22. 20 23. 00 (Table 2)Table 2 shows the adjusted P/E ratio of Mulberry between 2007 and 2011. Comparing with the persistence increase in revenue, the P/E ratio, which related to shareholders as well as potential investors, still has declined since 2008. However, the decrease is completely reasonable because the share price was influenced by the unpleasant economic circumstances. In addition, to some limit, it is the financial crisis that reminds Mulberry to consider expand their business internationally rather than focus on UK local market in tell apart to distract risk.According to Mulberrys five-year P/E ratio, the expansion strategy enables the company not only to recover from the financial crisis but also to double their share price. However, it is also indispensible to take the probability of unbroken earnings growth into account, regardless of the appealing doubled return indicated by the P/E ratio. In terms of Mulberrys following strategy will concentrate on production cognitive content expansion to meet the growing demand, the significant ability of generating earnings whitethorn be guaranteed and remained, even though it seems impossible to gain the similar incredible increase in revenue next year.Consequently, although Mulberry is a company worth investing since it has extraordinary performance in reacting to crisis, as well as the considerable demand for their products in the market, the best timing of investment in Mulberry has already lost. Market capitalisation (value of equity) The market value of equity is a measurement of present value of all future silver flows to shareholders from both assets and future investment opportunities (Adam a nd Goyal, 2008). It can be calculated by P/E ratio time earnings which is the winnings after assess. ? m 2011 2010 2009 2008 2007 Share price (p) 1,333. 33 183. 33 64. 52 133. 33 187. 5 Market value of equity 771. 11 81. 97 36. 89 76. 37 91. 54 P/E Ratio (adjusted) 45. 20 27. 60 14. 30 22. 20 23. 00 Profits after tax 17. 06 2. 7 2. 58 3. 44 3. 98 Equity 42. 03 26. 47 24. 38 22. 52 16. 87 (Table 3) According to table 3, the market value of equity changed with share price instead of the telephone number of equity. However, it is remarkable that even when the market value of equity decreased by half in 2009, it still surpassed the equity in that year. Additionally, with the dramatic growth in revenue, the market value of equity has increased by nearly 95% to 771. 1 million between 2010 and 2011, which gives the confidence not only to shareholders but also some potential investors. Nevertheless, if investors decided to invest Mulberry now, it is possible to have two results in terms of return. Firstly, investing for short-term, investors would buy shares with an extremely higher price than two years ago whereas the return would be incredibly smaller. Secondly, investors may harvest a steady return in a long-term investment and there might be another significant increase when Mulberry conducts some other expansion strategies.Dividend yield Dividend yield can be calculated by taking the dividend per share and divide by the share price. To analysis the investment opportunity with dividend yield, this part applies Burberry as a competitive objective. Even though Mulberrys share price overweighed Burberrys slightly in 2011, Burberry has a much longer history with high share price as in a same application. Table 4 provides the share price, dividends per share as well as dividend yield for Mulberry and Table 5 shows Burberrys. Mulberry group plc ? m 2011 2010 2009 2008 2007 Share price (p) 1,333. 33 183. 33 64. 52 133. 33 187. 5 Dividends per share 4. 00 2. 20 2. 00 2. 00 1. 50 (p) Dividend yield 0. 30% 1. 20% 3. 10% 1. 50% 0. 0% (Table 4) Burberry group plc ? m 2011 2010 2009 2008 2007 Share price (p) 1,176. 47 700 279. 07 444. 44 656. 25 Dividends per share 20. 00 14. 00 12. 00 12. 00 10. 50 (p) Dividend yield 1. 70% 2. 00% 4. 0% 2. 70% 1. 60% (Table 5) With comparing Table 4 and Table 5, it is simply that Mulberry has not adjusted their dividends instantly when the share price increased significantly, which results in the unpleasant dividend yield this year. In this circumstance, Burberry seems a wiser investing choice since the 5 times dividends per share of Mulberrys, which will generate more returns for investors. However, Kothari and Shanken (1997) argues that a considerable increase in share price is possible to result in not only the magnanimous irresponsible returns but a downward in yield as well.In addition, according to Akhigbe and Madura (1996), managers expectation to alter performance strategy woul d be a factor contributed to the dividend adjustment. Consequently, Mulberry needs more time to balance share price and dividend. Burberry has been mature in its orbiculate marketing expansion, while Mulberry has just started to occupy its international market share, and therefore there are more potential opportunities for Mulberrys global development. Thus, Mulberry could be the company suitable and profitable to be selected as a long-term investment. 2. 2. 3 Risk wagon train Gearing (%) 2011 2010 2009 2008 2007 Mulberry n/a n/a 0. 54 0. 14 23. 05 Burberry n/a n/a n/a n/a n/a ASOS n/a n/a n/a n/a n/a (Table 6) It seems st bunk that Mulberry does not have debt which results in the incalculable gearing.However, it is a common phenomenon in rag and accessories trade industry in terms of the gearings of the other two companies presented in Table 6 are unavailable. As a result, the risk of investment on Mulberry would be limited. However, considering the high share price this time , it would be a better decision to invest Mulberry for a long time instead of short time. 2. 3 Funding and capital analysis In this part, we are going to identify the sources of funds, analyse the capital structure of Mulberry Group PLC and try to evaluate its suitability.It is easy to witness from its balance sheet in 2011, the company did not have any non-current liabilities. This situation can be triggered by a wide puke of reasons, we will try to figure them out in this essay. 2. 3. 1 Funding analysis To begin with, it is necessary to draw on the annual report of Mulberry Group PLC in 2007, and to compare the different info in the two years. According to Mulberrys annual report, in 2007, the quantity of total non-current liabilities was ? 3. 99 million, composed by borrowings (? 1. 25 million), preference shares (? . 564 million), deferred tax liabilities (? 149 yard), and obligations under finance leases (? 27 thousand). Therefore, the gearing in 2007 is 19%, which was quite low. So, the relevantly heavy(a) proportion of funds, used for maintaining the enterprises operation, was from inner(a) financial resources. Besides, it also lowered the financial cost, which is used to pay the interest to the financial institutions. In terms of the funds flow in 2007, it was clearly stated in the balance sheet, the notes generated from operation was ? ,926 thousand and, after the corporation taxes, interest and preference dividends were paid, the net cash from operating activities was ? 5700 thousand. Afterwards, the primary use of cash lie in the investing activity, with ? 3,518 thousand. Finally, the cash and cash equivalents at the end of 2007 was ? 10,271 thousand, with a big increase of ? 2,989 thousand. This dead escalate the repayment ability and liquidity, when we compare this data with the number of non-current liabilities. Apart from that, the retained profit in this year surged from ? 4,562 thousand to ? ,186 thousand, acting as a significant role in the sources of funds (annual report 2008). By contrast, in 2011, the company had no non-current liabilities. So we use the current liabilities to calculate the gearing of this year, which is 45%. The cash generated from operation was ? 26,264 thousand and the net cash from operating activities was ? 22,724 thousand. At the end of 2011, the cash and cash equivalents fairly increased from ? 12,171 thousand to ? 21,373 thousand. The increase in raw materials (? 13,318 thousand) and purchases of property, plant and equipment (? 1,176 thousand) were the important components of cash bombardment in this year. When it comes to retained earnings, the data increased by ? 16,080 thousand to ? 30,696 thousand. Gearing Non-current liabilities Net increase in cash and cashCash and cash equivalents at the endRetained meshwork equivalents of the year 2007 19% ? 3,990 thousand ? 2,989 thousand ? 0,271 thousand ? 8,186 thousand 2011 0 0 ? 9,202 thousand ? 21,373 thousand ? 30,696 thousan d It is obviously displayed in the table above that Mulberrys sources of funds and the capital structure are greatly distinct from each other. The gearing of Mulberry in 2007 was 19% due to the existence of Non-current liabilities. By contrast, since there were no non-current liabilities at all in 2011, the gearing of Mulberry this year was 0.This definitely lowered the financial expenses which were incurred by bank loans, and the company did not need to face the financial risk triggered by bank loans as well. Furthermore, the operating profit in 2007 was ? 6,672 thousand and the interest payable of that year was ? 298 thousand, the interest cover ratio in 2007 was 22. 4 times. By contrast, due to the dramatic increase in operating profits (? 23,110 thousand) and the large drop in interest payables (? 44 thousand), the interest cover rate in 2011 became as high as 525. times. As Gillespie et al(2000) stated that high operating profits could be seen as the company has abilities to c ontrol its costs effectively, or the volume of sales are increasing faster than operating cost. Currently, Mulberry has got a much better capacity in paying the interests to the financial institutions, those financial institutions may compose more willing to lend money to Mulberry now. Although the retained profits in 2007 played an greatly important role as the major internal funds, but taking the non-current liabilities (? ,990 thousand) into consideration, the level of its significance is part weakened when we compare it with the situation in 2011, because Mulberry currently just use retained profits as the primary source of their funds for operation. It is worthwhile to mention that, one of the Non- administrator Directors, Melissa Ong, who was appointed on 7 September 2010, her parents held about 57% voting rights of the company. Although it is not clarified in the annual report, we can easily deduct that her parents input a large amount of investment for Mulberry, which is a lso a main source of funding.Inventories acted as another source of funding in Mulberry. The stock turn of Mulberry in 2011 was 1. 88x, so the stock turn period was 194 days. The period was relatively long when we compare it with the one (130 days) in 2007, this was partly due to the striking increase in the quantities of inventories, from ? 6,688 thousand to ? 22,408 thousand. However, as mentioned in the annual report, the demand of the market surged in recent years, so the high level of stock is beneficial for Mulberry. When the company suffers from the famine of cash, they can simply turn their large amount of stocks in to the form of cash.Apart from that, a relatively large proportion of inventories were occupied by the finished goods with ? 20,069 thousand. For Mulberry, which used internal funds as the major source of funding, the high level of inventories is reasonable. However, the reason why Mulberry stopped acquiring long-term funds from banks can be quite complex. As we all knew, the overwhelming Subprime Crisis happened in the year of 2007,forcing a wide range of banks to close down, simultaneously the interest for applying for long-term loans from financial institutions rocketed since then. The telegraph 2007) This big trend of the economic surround might lead to Mulberry Groups cease of issuing new loans from the bank. Also, there may be some other reasons. It is fairly clear in the table above, the net increase in cash and cash equivalents in 2011 is about 8 times more than 2007, the balance of cash and cash equivalents in 2011 is approximately 3 times more than the previous and the similar situation also happens in the retained profits and inventories of these two years.Therefore, it seems quite normal for Mulberry to cease the long-term creditors and use its retained profits, inventories and the short-term loans as their source of funds, which can also lower the financial expenses for the enterprise. 2. 3. 2 Working capital In order to figur e out the suitability of the current financial structure, it is necessary to calculate the number of the functional capital and the footrace(a) capital pedal. Broadly speaking, working capital is a measure of capability for the company which can pay its debt in the short-term liability.It is certainly important to distinguish between positive and negative working capital (Dyson, 2011). The amount of the working capital is equal to the total amount of receivables, payables, stock of raw materials, work-in-progress and finished goods. As what we mentioned above, we can calculate the working capital of Mulberry in 2011. Receivables ? 12,186 thousand Payables ? 11,949 thousand Stock of raw materials ? 1,684 thousand Work-in-progress ? 655 thousand Finished goods ? 20,069 thousandIn 2011, the total working capital of Mulberry was ? 22,645 thousand. From the composition of the working capital, it is apparent that a comparably large amount was occupied by the form of inventories (? 22, 408 thousand). As the manufacturer, designer and the seller of their own products, it is normal for Mulberry to hold such a proportion of working capital in the form of inventories, thereby meeting the needs of customers and quickly reacting against the sudden change of markets demand, like the big increase in seasonal demand.When we compare the amount of working capital (? 22,645 thousand) and the retained profits (? 30,696 thousand), it seems that there are not any problems for Mulberry to cover the working capital with their retained earnings, due to the considerable gap between them. Taking the cash and cash equivalents (? 21,373), this indicates that the cash in Mulberry was allocated in operating activities appropriately and there was no idle cash real in the company, which would lead to an opportunity cost to Mulberry.In terms of the working capital cycle, we need to draw on some other data from the income statement and the cash flow statement. Sales of goods ? 121,645 thous and Cost of sales ? 42,144 thousand Material cost ? 13,318 thousand Bought-in service ? 11,176 thousand So the working capital cycle of Mulberry in 2011 was 85 days. The credit given cycle was 37 days, comparatively a short period when we compare it with the data of credit taken cycle (178 days). This means that Mulberry just fagged 37 days getting the cash back for the portion of which was sold to customers on credit.Also, it could guarantee that Mulberry got enough time to enhance the balance of cash, in order to cover the following trade payables and repress the discharge out of cash at the mean time. In another aspect, the liquidity of Mulberry was intensified at the same time as well. However, if we take the companys long-term strategy into consideration, retention more cash is not the bad thing for Mulberry, as stated in the annual report, they are planning to continually expand the international market and opening more and more retailing and flagship stores end-to-end th e world. Expansion at such a fast rate may call for a large amount of cash.So, even though there are no problems at all currently for Mulberry to utilize retained profits and short-term creditors as the only source of their funds, issuing some long-term funds, like bank loans, will not bring any disadvantages, although this may incur some charges on financial expenses. From the long-term perspective, it will be beneficial for the company to get some long-term and persistent external funds, thereby avoiding the shortage of cash and funds during the crop of expansion. 2. 4 Risk management and governance 2. 4. 1 Corporate governance of MulberryAt the beginning of the somatic governance part, the company states itself as an AIM (Alternative coronation Market) member and complying with the Corporate Governance computer code is not required (Mulberry, 2011). AIM is a second climb on enables smallercompaniestofloatshares with more flexible stipulations (Tricker, 2009). Still, Mulberr y follows the fundamental principles of the code (Mulberry, 2011), and importantly, they fit the code table of contents with their individual situations. Based on this state, our analysis still follows the UK Corporate Governance Code primarily and detects any issues contrary to the code.Besides, comments and debates are connected with the companys own factors. In the board of Mulberry, the chairman and chief executive officer is the same person. This person, named Godfrey Davis, has been in charge of this company for nearly ten years from November 2002. This setting goes against the UK Combined Code which states, The role of chairman and chief executive should not be exercised by the same individual (the UK Corporate Governance Code, 201013). In this case, we doubt that if Godfreys power is over-concentrated, which makes him have too strong influence on decision making process in the board (Goyal and Park, 2002).Consequently, strategies may be generated subjectively. However, a sp ecific translation is not given in the report. Instead, they only point out several criteria of director selection should be carefully assessed, as a way of reduce the possibility of the problems addressed above. But actually, this state explains vigour about the problem, which conversely doubles our doubts. Next, the numbers of Executive Directors and Non-executive Directors are unbalanced, with five Non-executive Directors and only two Executive Directors.The five Non-executive Directors are not entitled to govern company routine affairs and the specific running plans while these two Executive Directors actually do (Mallin, 2004). Hence it is doubtful that if these two people rightfully execute independently or just execute generally. Moreover, combining the fact of Godfrey Daviss acting as both chairman and CEO, it especially intensifies our thought on the existence of subjective decision making process (Mallin, 2004), or even the over-centralized management in the company.On the other hand, these outside directors, instead of actually contributing to the companys strategy and policy making relating to its performance, they are actually pushed into a conformance and compliance room (Tricker, 2009) and do not take much positive effect. Conversely, McKinsey (2002) debates that a valid structure is combined with a majority of Non-executive directors because they are indeed independent and can result in an effective evaluation. On the other hand, it is found in the profile of directors that, both the executives have the FCA background.Obviously, it enables them to detect and control the financial risk better, by using their financial knowledge (Dionne and Triki, 2005). Conversely, we may also suspect they are fully capable to use professional financial tricks to disguise the poorer performance areas, and at the same time, make their stewardship looks proper. On the other side, according to the UK corporeal governance code (2010), audited account committee is required to monitor the financial performance and check the companys risk sagacity.Chris Robert, the chairman of the visit Committee, as another financially educated director, suits the sine qua non of responsibilities stated in the code. Considering the independence of Non-executives, several problems which may raise suspicions are found referring to the code. Firstly, all the Non-executives except Melissa Ong, have been appointed for more than 6 years. Especially Robin Gibson, this person has been in this position for more than 14 years since 1996. These facts raise some questions about the independence of the board and no explanations are given by Mulberry.Additionally, both Steven Grapstein and Bernard Lam Kong Heng are presently serving in Como Holding Group, though in different subsidiary company. This relationship particularly could pose a negative impact on the independent base (Mallin, 2004). Thirdly, Melissa Ong, who is quite young at 37, was newly appointed in 2010 . This dame does not directly hold any shares for Mulberry, however, her parents are beneficially interested approximately 57% of the phoners total voting rights (Mulberry, 201014). In other words, Melissa though not own the huge amount of share, shes actually represent a significant shareholder indirectly.In contrast, according to the code (UK corporate governance code, 2010), some aspects are shown to enhance independence of the Non-executives. For example, no bonus was paid for these Non-executives during the year and no(prenominal) of them was included in the companys pension contributions (Mulberry, 2011). The companys internal watchdogs, three recommended sub-committees (Audit, remuneration and Nomination) (Pierce, ad hominem Communication, 2011) are established by Mulberry, with a combination of Remuneration and Nomination body.Additionally, both committees are chaired by Non-executives and effects of the committees are related to the independence of these Non-executives (Mallin, 2004) which has been discussed above. Moreover, the responsibility appointing is reasonably complying with the code (2010). In specific, the Audit Committee is entitled to check issues regarding to the companys financial affairs, while Nominations and Remuneration is responsible for involvement terms and conditions and the remuneration (Mulberry, 2011).However, the numbers and identities of other committee members are not mentioned in the report, which interfere our estimation of Mulberry sub-committee structure and quality. 2. 4. 1 Risk & control management In this part, COSO Internal avow incorporate Framework (COSO, 1994) is sited as the principal structure to consider Mulberrys risk control and management. Control Environment A formal system is required make sure the risks are appropriately evaluated and controlled in board level (Tricker, 2009). It is manifested in the report that the visiting card is fully responsible for Mulberrys internal risk (Mulberry, 2011 ).Specifically, Directors pay great attentions to the control throughout the comprehensive aspects of the companys business running and make it available in practice. These states, though quite mere(a) with only few sentences, clarify the bill of fares upright attitude to risk control. Additionally, increasing literature viewpoints in recent years call for a formal system to ensure that risk is properly assessed board to give assurances that systems are in place to handle corporate risk in their regular corporate governance reports to shareholders (Tricker, 2009328).For Mulberry, the control system was established and the report model well fit the requested as mentioned. Specifically, the control system mainly consists of subsystems including budgeting, actual running results comparison, forecast and review (Mulberry, 2011). Also, the information is reported to shareholders twice a year (Mulberry, 2011). Risk assessment and control activity First of all, as a result of continuous recession in the UK economy which leads to sales reduce in domestic market, Mulberry considers relieving from the decrease risk by international expansion (Mulberry, 2011).It is reasonable that they concern about the negative impact of recession in the UK (OECD, 2010). However, it seems lack considered by their merely switching to international market because the international market is much more complex with divers(a) risks involved (Hollensen, 2006), for example, local regulation limitations, economic environment in foreign market, competitors, customer preference alteration and so on (Kotler, 1994). Also, stroke of the global risk transfer may occur that leads to even serious financial crisis for Mulberry. Secondly, terrorist attack, as regarded a principle risk by Mulberry, is related to warehouse disruption.The company tries to baffle it by developing a business continuity plan (Mulberry, 2010). However, it is illogical to take terrorist attack as a major risk, which is a rarely happened incident. Moreover, there is no any further explanation about the so called business continuity plan solution. Conversely, an improved warehouse control and management system successive an emergency program may be a better near to prevent the risk. Besides, the risk may be more sensible to be associated with stock disruption or supply chain failure (Aon, 2007) rather than terrorist attack as is stated.On the other hand, key personnel loss is mentioned in the report with simple solutions of remuneration review and succession preparation. However, either the reasons or the details are not revealed. So it is incertain that if the methods are valid or not. For example, if the loss was caused by unreasonable decision making caused by the coercive executive as we mentioned above, then either these ways can hardly solve the problem. As to the online system establishment and accomplishment, Mulberry involves more senior managers for supervising and impose carefully test to reduce the risk of system implement failure which is quite reasonable.With increased attention paid by senior managers, staffs in relative department will do the task more carefully. Also, comprehensive test further guarantees the system implemented successfully. Finally, it is mentioned in the report that the company intends to solve the risk by building a inborn hedge of Euro and US Dollar denominated sales and purchases (Mulberry, 201112). This sector involves professional knowledge about the currency policies and financial operating. Unfortunately, we are lack of knowledge in this area. Hence we would not analyse this issue in depth. . 4. 3 Information and Communication The company includes an information and reporting subsystem in the integrated internal control unconscious process (Mulberry, 2011), which obviously, is used for ingathering and conveying relative information. Furthermore, since the internal control is taken charge by the Board at the top of the companys ma nagement layer, it is essential to ensure the effectiveness of information collecting and communication in time according to COSO framework (1994). However, relative details are not mentioned for the assessment and herefore, the facts for the effectiveness are unsure. 2. 4. 4 Monitoring According to COSO Framework (1994), there are two approached for monitoring, one is undertaking it along with the ongoing activities, the other is put it into a separate process. Mulberry adopts the later approach by putting the monitoring process separately. However, a combination of both approaches is recommended in COSO framework (1994), in order to ensure the effect of internal control. In other words, it can be more sensible for Mulberry to develop monitoring affairs in the whole business running procedure.Moreover, the internal audit is functioned by the Board (Mulberry, 2011), for which the details are not given in the report. For example, factors like how the deficiencies been detected and co nveyed upriver to the Board are not revealed. Thus the monitoring effect of Mulberry internal control can not be evaluated comprehensively through the report itself. 3. Conclusion From the information above, we can see Mulberry made efforts for market place on the Uk market during the year of 2010 to 2011 and managed each aspect of overseas development.In 2010, Mulberry has become aggressive in invest oversea markets and online stores. As a result, the income of Mulberry has created its new scallywag for share price. However, as other companies, Mulberry has its flaws and drawbacks. Firstly, there is no debt existed in Mulberry therefore, the investment could be limited. The main funding of Mulberry is internal funding. Mulberry has experienced extraordinary successful times since 2009, which contributed to the significant increase in share price. However, the higher share price can be a double-edge blade which might attract many investors as well as scare them.After analyzing th e probability of return and the extent of risk, Mulberry is a company worth investing. Nevertheless, it is necessary to mention that it would be much better to tell apart a long-term investment than a short one. And Mulberry has a series of solutions to solve the risks that existing in its operating process and markets. Reference Anderson, R. 2004. Risk Management and Corporate Governance The Importance of liberty and Financial Knowledge for the Board and the Audit Committee Anonymous. 2007. 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