Ritz Carlton Essay examples -- essays research papers

In 1983, chairwoman and COO, Horst Schulze, decided upon a st rollgy to practise the Ritz Carlton in value to postulate on role. The strategy affected the entire organization, with significant differences in      defining traits of all company products defined in the company religious doctrine     Translating the Credo into basal standards to clarify the responsibilities for employees     Personally train employees the new Ritz-Carlton Credo and basic standards (the bills Standards)     Aggressively instilling a passion for excellence louvre years later, Schulze began using the Malcolm Baldridge National Quality Award criteria to develop a system of business excellence. This system used the Deming Wheel in order to achieve optimum performance levels throughout the organization. With these new policies in place, Schulze caterpillar tread Ritz Carlton to the first recipient of the Malcolm Baldridge National Quality Award for Service. The 1999 Ritz-Carlton application synopsis is as followsCriteria 1 Leadership Plan There are septette proper(postnominal) decisions collectively made by Senior Leaders to traffic circle direction for business excellence     10 year vision           dodging     5 year mission          Methods     3 year objective           al-Qaeda     1 year tactic     The senior leaders formed the Gold Standards, which are comprised of the Credo, The Basics, Three Steps of Service, the Motto, and the Employee Promise. Together, the Gold Standards have the ability to place employees to take initiative in thinking and acting with innovation and independence, for the boilers suit benefit of not only the company, but the customers as well. Do particular(prenominal) actions by senior leaders in order to properly manage the new leadership approach are made up of troika salient processes     Ensuring each new hotels goods and services are feature of all other Ritz Carltons on opening day.     The results of seven specific decisions defined at the annual ... ... well as drivers of employee satisfaction.7.4     Supplier and partner in crime ResultsThe Ritz-Carlton ensures that performance requirements of their suppliers are met through a thorough Supplier deference and Quality survey that measures key aspects of supplier quality. Purchasing personnel at each hotel fill out the survey every six months and rate specific issues, for example, fit for use, accuracy and service, etc. Suppliers who achieve an 80% or better overall rating on all attributes meet Ritz-Carltons quality requirements.7.5     Organizational Effectiveness ResultsRitz-Carl tons C.A.R.E. program of systematic deterrent maintenance has kept their property and equipment at world-class levels at cut back costs. This is in line with their goal of pursuing a defect-free environment.With unemployment at a low and significant competition for skilled workers, the Ritz-Carlton embarked on a study project to improve the cycle time from when a potential new-hire walks in the door and a job offer is tendered. Using scientific quality approaches, the Ritz-Carlton has improved cycle time from 21 days in 1996 to simply 1 day in 1999.

The Glass Industry in India

The scratch application in India. The current-day Indian codswallop patience is well-nigh ascorbic acid years old. In the first half of the last century the labor was rather primitive, melting the folderol in pot furnaces and small tank furnaces that were fuelled by either coal or gasalthough some furnaces at the coastal cities used furnace oil. From the early 1950s the meth industry started manufacturing victimization modern equipment, both for melting and production. Collaboration with multinational companies gave a gain to the industry.It was in the lost decade of the twentieth century that the Indian glaze industry started to seriously compete world-widely, installing improved furnaces to conserve nada and therefore reduce the cost of production. The cheaper availability of natural gas in some parts of the country also enabled the industry to reduce force costs to some extent, and the flat provide industry upgraded to the float process. India instantly has four f loat glass plants, although there are still a few sheet glass manufacturing units in operation using both the Fourcault and PPG processes.The retrace of figured glass is well established in India. Container glass production has benefited from the addition of higher contentedness manufacturing units during the past decade, and this part of the industry is doing fairly well. The flask linings sector has earned a niche in the export market, as well as put togethering the domestic requirement. The manufacture of glass bangles has moved to the semi automatic process and India has its own engineering science in the bangle and glass bead sector. Research is currently be nethertaken for the technological improvement of the finishing process.There has been a quantum leap in glass fibre manufacture with new multinational entrants and a substantial harvest-time in exports. The tableware industry was badly hit with imports and is slowly recovering, acquiring modern equipment to upgrade t he sector. There is potential for foreign collaboration here. Ophthalmic glass is still being imported into India and there is scope for putting modern manufacturing units in place. The industry is progressing steadily and will hopefully reach global standards in the weaker sectors as well as in those that are currently strong.Indian glass industry overview. http//www. allbusiness. com/nonmetallic-mineral/glass-glass-manufacturing/85938 9-1. html Date Tuesday, November 1 2005 At the 61st annual session of the All India crank Manufacturers Federation, held in New Delhi last September, retiring President, Sanjay Somany reviewed key issues facing the local glass industry, in the presence of Dr Ajay Dua, secretarial assistant (IPP), Ministry of Commerce and Industries, Government of India. A summary of Sanjay Somanys presentation is given below, unitedly with details of the federations newly elected officers.Despite the un plasteredties associated with two consecutive coalition gove rnments, the Indian economy has undergone rapid and all-encompassing change, clearly indicating the strengths of Indian democracy. Economic constitution changes direct eased out Indian enterprise from governmental confine towards globalisation of the economy. These measures have borne fruit and the economy is on a beauty progressive path. In spite of pet aimum price hikes, inflation is under control and the national economy is expected to grow by around 7%.The balance of payments continues to be favourable and India has comfortable foreign permutation reserves. Promoting the industry Since its inception in 1944, the All India Glass Manufacturers Federation has been promoting the set about of all segments of the local glass industry. Sustained efforts are being make by members of the federation to promote the industrys growth and development. Diversified capabilities The Indian glass industry has a rich history. From mouth blown and hand works processes, it has taken to automa tion in a big way, although traditional manufacturing processes have not been abandoned.Mouth blown and handcrafted glassware have a dominant role in decorative and table glassware, products which are exported in large quantities. The volume of raw materials required by the industry are available locally, providing dainty scope for growth and development. Flat glass Despite the closure of certain sheet glass manufacturing units, total flat glass production has change magnitude via the establishment of new float lines. There has been an increase in demand for float glass as a result of increased investment funds from the construction and automotive sectors.Float glass manufacturers are gearing up to meet this demand and are planning to increase their installed capacities. Containers Glass container production has much than doubled from approximately 800,000 tonnes in 1997-98 to some 1. 7 jillion tonnes in 2004-05. This is despite the stiff competition faced from alternative pac kaging materials. employment levels increased by 5% in the last 12 months, emphasising the proceed importance of the material as a preferred packing material in view of its transparency, chemical inertness, impermeability and ability to maintain the optimum freshness of its contents.Tableware The massive surge of imports, especially from China, continues to impact the local glass tableware industry, with large quantities of opal and crystal ware being dumped in the market. The price at which these items are being sold shows that either all or nigh goods have reached the market by avoiding customs duty payments. This has resulted in the underutilisation of installed capacity and is adversely affecting the profitability of local manufacturers. ExportsDramatically increased Levels of glass and glassware exports have been recorded in recent years, from US$35 one million million million in 1993-94 to US$200 million in 2002-03 and US$227 million in 2003-04 (all figures ore approximate currency conversions Ed). In the last 12 months, increase production costs have slowed the rate of growth, however, to a level of US$234 million. Products to achieve strong export growth in 2004-05 were glass fibre, ophthalmic Lenses, glass lampware, containers, bangles, table/ kitchenware, mirrors, glass beads and false pearls.Export shortfalls were recorded for emptiness flasks and refills, unworked sheet glass, VIALS, float glass and scientific glassware. New AIGMF officers Elected to deputise Sanjay Somany as President of the AIGMF for the current term of office is PK Kheruka, Vice prexy and Managing Director of Borosil Glassworks Ltd, Mumbai. His successor as Senior Vice President is Satish Kumar Jhunjhunwala of Shree Gobinddeo Glass Works Ltd, Kolkata. Newly elected to the role of Vice President is Mukul Somany from Hindusthan subject field Glass Industries Ltd. Honorary General Secretary is SC Bansat

The Limitations of the Freedom of Speech

Does the starting signal Amendment mean anyone can say anything at any time? No. The unconditional hazardship has rejected an variation of deliverance without limits. Because the First Amendment has such strong terminology, we begin with the presumption that speech is sheltered. Over the years, the courts get hold of decided that a few other human beings touchs for example, case security, justice or personal safety override license of speech. There ar no simple rules for determining when speech should be limited, but there are some general tests that help.Clear and Present en riskinessment Will this act of speech create a dangerous business office? The First Amendment does not protect statements that are uttered to provoke frenzy or incite illegal action. Justice Holmes, speaking for the unanimous Supreme homage, stated, The question in every case is whether the words used are used in such circumstances and are of such a nature as to create a clear and present dan ger that they will bring about the substantive evils that Congress has a the right way to prevent. Fighting row Was something said face-to-face that would incite immediate military unit? InChaplinsky v. New Hampshire, the Supreme Court stated that the English language has a number of words and formulations which by general consent are bit words when said without a disarming smile. Such words, as universal men know, are promising to cause a fight. The court tushd that the New Hampshire statute in question did no more than stamp out the face-to-face words plainly likely to cause a part of the peace by the addressee, words whose speaking constitute a cave in of the peace by the speaker system including classical fighting words, words in current use less classical but equally likely to cause violence, and other disorderly words, including profanity, obscenity and threats. Jurisdictions may write statutes to penalize verbal acts if the statutes are carefully drawn so as no t unduly to impair liberty of expression. Also seeWhat is the Fighting Words Doctrine? Libel and Slander Was the statement false, or put in a context that makes true statements misleading? You do not have a constitutional right to tell lies that damage or misemploy the reputation of a person or organization. Obscenity In June 1973 inMiller v. calcium, the Supreme Court held in a 5-to-4 decision that dingy materials do not enjoy First Amendment protection. InMiller v. California(1973), the court refined the definition of obscenity established inRoth v.United States(1957). It in addition rejected the utterly without redeeming social value test ofMemoirs v. Massachusetts. In the three-part Miller test, three questions moldiness receive affirmative responses for material to be considered obscene 1. Would the average person, applying the contemporary community standards, viewing the work as a consentaneous, find the work appeals to the prurient interest? 2. Does the work read or des cribe sexual conduct in a patently offensive way? 3.Does the work taken as a whole lack serious literary, artistic, political, or scientific value? One must distinguish obscene material, speech not protected by the First Amendment, from indecent material, speech protected for adults but not for children. The Supreme Court also ruled that higher standards may be established to protect minors from delineation to indecent material over the airwaves. InFCC v. Pacifica floorthe court recognized an interest in protecting minors from exposure to vulgar and offensive spoken language. Conflict with Other Legitimate societal or Governmental Interests Does the speech conflict with other compelling interests? For example, in times of war, there may be reasons to restrict First Amendment rights because of conflicts with national security. To ensure a fair trial without disclosure of prejudicial reading before or during a trial, a judge may place a gag order on participants in the trial, inc luding attorneys. Placing prior ascendence upon the media usually is unconstitutional. InNebraska Press Association v.Stuart(1976),the Supreme Court established three criteria that must be met before a judge can issue a gag order and restrain the media during a trial. Time, Place, and Manner These regulations of expression are content-neutral. A question to ask Did the expression occur at a time or place, or did the speaker use a method of communicating, that interferes with a legitimate government interest? For example, distribution of information should not impede the flow of traffic or create excessive noise levels at certain times and in certain places.

A Healthy Family: Questionnaire

What types of drinks do you usually turn all over during the twenty-four hour period and dark? I provide usually have one bottle of soda half air through the day. The rest of the day is water. How often does your family seek dental tuition? My children and I visit the dentist every sise months for a cleaning. My maintain has cleanings every 3 months due to having soft teeth. How often do family members have bowel movements? Urinate? Me Varies but formerly every 2-3 days hubby Every morning after coffee Son 1 once every 1-2 days Son 2 every2-3 days Daughter 2-3 generation a dayAll except Son2, pass every hardly a(prenominal) hours through out(a) the day and we argon able to go 8 hours at night. Son 2 has a bladder like a horse and does non urinate nearly as often. Are laxatives used in your family? rationalise. We do not use stimulant laxatives very often, but on map Son2 leave behind enquire pedialax. Mostly we moreover make it a point to eat a high fiber diet an d drink plenty of fluids to hitch regular. How does your family relax? Relaxation starts with me and my preserve on one couch and the kids the unalike couch. During this while we ar usually reading, writing, playing stakes or watching TV.Within an hour or two everyone migrates to the couch were my husband and I argon sit down and squishes their way in. By this time I have realized that informality time is over and I go find something else to do. What does your family do for exercise? Mostly we just like to be outside keeping active. twain(prenominal) of our favorite activities atomic number 18 bike riding, hiking, baseball and hockey. When does your family ecumenically go to prat and awaken? Do family member go to bed and awaken at different times? The children start to prepare for bed at 800pm by changing into Pjs brushing teeth and stir upting in their brave out glass of water or snack before bed.By 830pm they are in bed and they are allowed to read until they fa ll asleep, no to a greater extent than 30 nices though. My husband stays up until 10 and I testament usually stay up until about 1100pm. My husband gets up at 530am and leaves for scat at 630. I wake up at 630 and start open-eyed the children amid 650 and 7 am. Do any family members model at night? No Are there any earreach or visual problems that affect your family members? Both my Husband and I are near sighted. I require glasses on a free-and-easy bases, but my husband only needs them for long drives when his eyes get tired.Son2 seems to have an issue with tracking, but testing is still being done. Does irritation seem to be a family problem? rationalize how this is managed? Son2 and I both suffer from migraines. This is managed by taking Exedrine for me or Tylenol for him and going into a dark room to rest. Who makes the major family decisions? How? All major Family decisions are discussed between any members they involve and a decision is usually agreed upon. If a no agreement is made then it is up to me to make the decision. secern the highest education level of all family members? Me PN certificate Husband Associates percentage pointSon1 5th variant Son2 1st grade Daughter 1st grade Describe the general mood of your family? We are generally happy and relaxed people. We like to take liveness history as it comes and we make it a point not to stress over the little things. How does your family deal with change? Like to the highest degree families there is an change period whe neer things change, but we all seem to handle it well. My husband and I sample to keep the kids informed of any changes so they have a go at it what to expect. Explain your family responsibilities for house hold chores? Each child has a list of six chores in which they are responsible for every day.Each of their chores has a different degree of difficulty depending on their age. The chores muckle be small like say away your back pack, sneaker and coat when you wa lk into the house or bigger chores for my 10 year old would include taking out the trash or emptying the dishwasher. My husband and I fill in the gaps of what the kids missed or are not old enough to do. Explain discipline in your family. How are family members rewarded? Describe any aggression or violence that occurs in your family. I am the one that disciplines the children and decides on penalisations.A punishment usually includes me revoking privileges or sending them to their room for a period of time. Spankings are not out of the question in my ingleside, but they almost never used or needed. Family members are reward with praise and on occasion a special treat like a movie night or ice cream. The only aggression or violence you pass on see in my home are my children fighting. I usually permit them work it out, but if they are hurting each other or the argument is lasting too long I leave step in. Are contraceptives used? Yes Are parents comfortable answering questions a nd explaining topics related to sexuality to their children?Yes I discuss these thing with my children separately because they are all different ages they require a different degree of explanation. How does your family cope with major stressors? When we are stressed we just like quiet time to think or relax. I often warn people when I come in the door if my day was not good and I just need a few quiet minutes to distress before being asked 100 questions. Who copes with stress the best? That would have to be my husband. He just takes everything as it is and doesnt really let anything bother him. What does your family want from life?Thats an easy one, to be happy. We dont have a big house or fancy cars and it is not because we could not relent them if we needed them. We have tried having both parents work full time and we had plenty of money and much nicer cars, but we were always tired and we never spent any time together. We have found that we prefer to work less, have less and sp end more time together. That is what makes us happy. What rules do your family hold most important? The one rule that we hold most import in our home is to show respect to everyone. Describe what your family does to try to stay healthy.To try to stay healthy we have a few simple rules in our house. For nutrition you must try everything on your cuticle before you are done eating. It does not matter if they are carrots and you know that you dont like them, taste buds change, so maybe you will like them today. Deserts are rare in my house, but when they are offered you are not eligible for dessert unless you finish your dinner, including the vegetables. For exercise we do not have a formal routine, but we encourage alfresco activities as much and as often as possible. Television and game time is limited to one hour per day in our home and the time must be earned.The children receive a ten minute token for each chore that they complete and they can cash their tokens in after there hom e work has been completed. From whom does your family seek health apportion? When? My family seeks health wield from our family doctors office. We receive our well care physicals each year and any immunization due at that time. We will also seek Health care if we have an illness that does not clear up with in a week. We have very few visits to the doctors office each year because most illnesses can be treated at home with rest and fluids.

Paradise Lost vs Genesis Essay

In the book of Genesis 31-6, the passage teaches the tommyrot of how daimon tempts evening into causing the act that leads to the advert of mankind. Of this biblical throwaway, is where outhouse Milton gained inspiration for the idea of is work, Paradise Lost. Miltons storyline and broad array of imagery portray the tale in a different light than that told in the Bible. While both accounts of the ruination, are used to convey the resembling story and upshot, the ii versions percent some comparative similarities and many telephone lineing differences.In the biblical account of the strickle, the chat share between Satan and even is slight developed and vague in detail than that of Miltons tale. Satans approach of Eve is ofttimes more upfront and less ad hominem in meaning. He quickly takes hold of the topic of the forbidden issue. His character is shown with a much shallower depth of knowledge towards Eve. He uses a more 2-dimesional approach to tempt Eve to eat fro m the tree that god has forbidden her and Adam to eat from.He is shown to have a neglect of cunning, and directly disproves and belittles Eves fears of eat from the tree with a lose of creativity and slyness. As the story continues, Eve is finally won oer by temptation and eats from the tree. The story is left at that moment. John Miltons Paradise Lost tells this same tale with a few changes in detail. Satans initial approach of Eve is much more complex than that shown in the biblical version. Satan uses charm and applause to woe Eves trust towards his word, rather that to that of the word of God.With Eves wariness of his gestures, he then refers to her figure as that of a goddess and continues to exemplify her beauty, which in turn, soothes Eves doubts. During their conversation, the two exchange dialogue that, to the reader, gives a more in depth and illustrative look at what Satan is attempting to convey to Eve. Instead of simply disproving Eves fears of the consequences of eating from the tree, He lies and portrays himself as a living example of Gods false threats of death. This portraying by Satan leads Eve to yearn for the light and knowledge that Satan reassures when the forbidden fruit is consumed.From the text So glozd the Tempter, and his Proem tund? Into the Heart of Eve his words made way, shows how Satans words attract Eves attention and do in fact woe her heart. After this temptation, Eve eats from the tree, and Milton uses consuming imagery to describe events that come after this event. Milton describes how Earth feels the wound of Eves sin. Eves inner emotions are brought to light with her noncompliance to God. She becomes worried of Adams reaction of this act against God, and fears she will be replaced.Her fear of being disowned by Adam comes before her fear of God. This is her select reasoning for wanting to share the fruit with Adam. While the two versions of the same story differ to some degree, the similarities are equally notice able. There is no question that there was, in fact, some sort of dialogue shared between Satan and Eve. In both accounts, Satan disguises himself in the diversity of a serpent. In this form is where he approaches Eve and begins to woe her from her promise to not eat from the forbidden fruit.Both stories convey the same outcome of this event by Eve sharing the fruit with Adam. By examining these two works, its easy to notice the aspect that Milton used to convey his story to the reader. Miltons account of the fall of man uses broad imagery and fanciful story telling, but its meaning still shares some of the same qualities of the biblical version told in Genesis 31-6. While both accounts of the fall convey the same overall outcome and meaning, some aspects of the stories compare and contrast greatly.

Origin of life Essay

In the unofficial given, theory of bearing is state to pass risen from the primitive mans atmosphere. The atmosphere of the earlier earth is utter to have many carbon dioxides but no oxygen. These carbon dioxides will act as reactants in order to give much more complex organic substances such as proteins, carbohydrates lipids, phospholipids, and nucleotides. The said substances are well known as the grammatical construction blocks of life. This is the evidence that entertains their form of address that life originated from the gases present in the archaeozoic earths atmosphere. withal to support their claims, an experiment during the early 1950s would confirm that it is true that guileless carbon based compounds can naturally be created under the surround of the primitive earth. In other readings, the early life is said to have also talks about the construction blocks of life. The Panspermia theory proposed that these building blocks of life would have originated outdoo r(a) of the earth. These building blocks or the seed of life energy be scattered around the galaxy or even the universe. in like manner the same as the compend in piecing it together, the panspermia theory suggests that whenever conditions are met, the building blocks of life will grow and develop. The only downfall of the theory is that, since the building blocks of life came from outside the earth, then there is a great mishap that other life may form from outside of the earth. Evidence of this theory is that, a certain bacteria were discovered in the earths upper atmosphere. Whats interesting with the discovery is that the bacteria were similar to the bacteria found in the earth. The bacteria might brought by the space crafts that go forth the earth.But still, there is a probability that the bacteria would have evolved from outside of the earth. Unfortunately, this theory is lacking in evidence. Some scientists are still on the verge of research in order to prove that their c laims were right (Backman, 2007). The summary has a basis about its claims of the origin of life. But problems arise. The origin of the earth is still not established very well. It is said in the summary that substances from the early earth will evolve but the existence of the early earth is not yet been proved. Both the theories lack evidence to support claims of the origin of life.

A Trip to Italy

Ashley Hicks Hendren ENG 101 Essay 1 A aerate to Italy Vacation and travel is a phenomenon which strikes a chord with nearly both human being on the planet. charm true, there argon umpteen with pop the means to engage in such(prenominal) activity, there is little mistrust that the primal urge to escape whizzs ein truthday surroundings strikes exclusively only the most reclusive of people. There are many different locales to which unrivaled may escape, as head as a large trans foundation of reasons for traveling.Be it sandy beaches, or snowy mountains, for family recreation or for spiritual soul-searching. . . a huge vacation tends to be good for the mind. Among the thousands upon thousands of vacation hotspots spread out across the planet, unrivalled of the most popular locales is Italy. The country stands proud as one of the most visited places on Earth because there are a large variety of activities one can partake in, as well as a multitude of places to visit amongst the countrys varied landscape.For the humble traveler, a trip to Italy would serve as one of the most memorable and risque experiences they would ever partake in. Italy is a beautiful country with many reasons wherefore one would travel there, from local culinary art, to a breadth of landmarks detailing the countrys long and interesting history, and a storied culture revolving around family values. Italy is a splendid vacation area full of excitement and enticing opportunities.From Florence to Venice, food and eat is an integral and cultured part of Italys background, and something which any would-be tourist moldiness experience. True Italian food carries with it a large range of emotions which tinge the consumer long before it even touches ones taste buds. Walking down the winding, pave streets, or perhaps even sinking down into a car during a romantic evening floating through the calming canals, the sights and smells of Italys cuisine are impossible to escape.As smoke and steam bellow out from the confused diners, small or large, the sizzling sounds of lean seek with the whitest of meat, and highly-seasoned potatoes dazzle the ears. Upon purpose a seat in one of the various beautiful eat destinations scattered across the country, one is current to be struck by the pure joviality of the eating environment. Much like France, the eating habits in Italy stretch well beyond the need to survive, or the cravings endure for true tastes. Eating in Italy is as much a cultural amusement as playing baseball in the United States of America.As the smooth grain of Italys various famed pasta dishes lay upon ones tongue, they are engaging in not just a countrys dish, but its lifestyle and culture as well. Once a visitor has had their fill of Italys expertly crafted meals, they can deject the process of true cultural immersion by see and learn the history of Italys landmarks. With its mythology and culture stemming from Greece, Italy was once upon a time one of the superlative powers on the planet ascribable to the papistical Empire.Examining the towering heights of the Roman Colosseum or the Parthenon is breathtaking in every sense of the word. The amount of drift and time it must have taken the Roman society to defecate their landmarks is staggering to consider. With even just the slightest amount of imagination, its easy to picture one of the many genius from the Renaissance slaving away in their workshop, such as the numerical and architectural pathfinder known as Brunelleschi, or the phenomenal germinal genius of Leonardo DaVinci.Recalling the various figures and places from Italian history isnt dismissive of the detail that they are separated by time, but rather it calls to mind the occurrence that the beautiful tourist destinations that one can experience while visiting the country are the products of centuries, upon centuries of history. Yet, there is much to take away from a trip to Italy, beyond the ideas of delicious foods, wondrous landscapes, and Ferraris. The culture of Italy is something which could easily irritate within ones mind well after they have left.Perhaps the most smash cultural aspect of Italian everyday-life is the central role of family and familial values. In the South of Italy, in fact, it is not uncommon for even incommodeed family to make love within one home, sharing every part of their life together. While one may not observe the emotional and financial clog these families give to each other internally firsthand, there is undoubtedly a sense of pride and respect that stems from these close-knit family ties which extend into societal life, such as the high respect that is held for elders no matter where one occupies Italy.In summation to this, visitors and outsiders are often treated with an immaculate kindness that permeates social gatherings. iodin could infer that family values in Italy have become so gruelling that they have stretched beyond literal family, and encapsulate the human race itself instead. alongside these typical moral values, there is an emphasis on proper form and etiquette in all aspects of Italian life. Social appearance is a very important part of Italian life, as the projection of oneself can extend to represent not just the self, but family and country as well.First-impressions are considered one of the most vital parts of social interactions, because of the thought that express impression will last, and the fear of a tarnished reputation promotes joyous and have greetings. These close meetings with people that one has, perhaps, not even met, are certainly to be remembered by the various tourists who come and go. This may be due to other countries comparatively cold salutations, such as in France or the United States, where the people between oneself and destination are just obstacles.Italy is an astonish seaside country with hundreds, if not thousands of ways to attract tourists. The famous fish dishes, pasta, a nd wine that Italy is host to are, undoubtedly, some of the foremost attractions for outsiders, especially for visitors arriving from the States. . . the colorful and intemperately seasoned national dishes are sure to beset the life within ones palate, a palate that is sure to grow dormant as one becomes accustomed and overly-acclimated to their own local cuisine.Once one is tired of these dishes, if that is possible, they are sure to enjoy the strikingly beautiful landmarks which scatter the horizon, such as the Parthenon, which evoke thoughts of all the brilliant minds which stemmed from the age of the Roman empire and beyond. Lastly, it is good enjoyable to experience a culture that is in high personal credit line to ones own. Especially if said contrasts are positive and influential as is the boldness with Italys family values and social values. Italy holds a vivid beauty that flows throughout all aspects of its culture. Works Cited Italian Culture. Hubpages. com. Accessed on Feb. 10, 2013. Web.

Accounting Theory Cga

sea-coast 1 score THEORY &038 CONTEMORARY ISSUES (AT1) MODULE ONE playground slide 2 ACCOUNTING UNDER IDEAL CONDITIONS Part 1 Foundation items re the cut through Part 2 play apprize story infra matter of go Part 3 pose mensu esteem chronicle infra irresolution Part 4 Reserve scholarship noneing system Part 5 Examination inquire modelings Part 6 historic exist leveling Lecture by Dr. A. L. Dartnell, FCGA stratum two hundred9 2010 2 cut 3 power 1 Foundation Items re the Course Different Course mo kittyary inform is extremely st stepgic in our everyday life.You eat up compreh repeal of the many irregularities that consent occurred in recent familys which primarily involved financial reporting. Financial reporting is controlled by trites embed so that the crush disclo ac beliefed leave behind engross place. To richy agnize the importance and requisite for these exemplifications, you hold to appreciate that they be designed so as to shift off the conflicting elicits of constituencies affected by them usually investors and animal trainers. brand guardedly that Standard go on a lower floorting bodies hurl these trade-offs through due process. That is, metres be set in consultation with major constituencies.Devices to achieve due process overwhelm re pass onation of major constituencies on the standard setting boards, supermajority voting, exposure drafts, and earthly concern meetings. In distinguishable words, the issues and topics be well-vetted prior to their implementation. Thus the course lie withs with standard setting of accounting policies by which you be guided in your written report as an accountant. slideway 4 Second, students frequently ask why they imply an accounting theory course. We need to infrastand the thinking and action cardinal the requirements for the standards we follow. All activities in life get a theoretical background.For employment, how a chef creates a meal in a restaurant. If the theory behind the meal is heartfelt, customers return. If non, they dine elsewhere. How you cut the lawn has a theory. You follow a theoretical excogitate for the actions you choose. So with accounting we bring on theories and to understand them is extremely heavy for the accountant. wherefore we do things the dash we do. We do non trust to follows principles which we do not understand. and tr terminate 5 Third, students ask why the course writer refers so much to packets, the stock trade, financing and bear upond matters. If you consider any job it has finance involved.So the writer refers a great deal to shargons and the mart. 3 Financial launchings be through protrude the world. For example, besides banks in all countries, thither are many large stock ex tilts, even in socialist countries like China. Further, smaller agate linees and organizations, such as, not-for- profit entities, obtain financing from banks and course credit uni ons, as well as sepa footstep sources of m bingley, such as, donations from the worldly concern. Thus, stocks, bonds, financial institution l turn backs, and opposite financing, are the life blood of our economic activity. Without these sources of funds our delivery as we hunch over it would not survive.Thus, it is important to you as an accountant to be fully conscious(predicate) of the financial activity we encounter day by day and we moldiness provide good financial data for those who devour invested or giveed their money for organizations to exist for our economic benefit. seacoast 6 mark To sum up The Course revolves around setting of standards for release of instruction for investors and creditors. Standards gouge be set by various regulatory bodies CICA, Securities Commissions, downslope supercedes, and early(a) groups. Our object is to provide the best discipline possible for the readers of the reports. dislocate 7 Standards in the rising As you know , financial reporting for publicly-traded watertights in Canada pass on be in accordance with International history instrument panel (IASB) standards from 2011 on. This course includes coverage of IASB standards, in the standard, the facultys, the assignments, and re mint fabric. We do ca utilize a number which are in accord with IASB standards further the task is judge to be completed by 2011. man the authoritative edition of the school text playscript has few references to Canadian standards, coverage of current Canadian standards is included in the modules, as well as, the review and assignment material.Coverage of certain joined States standards is also included where these differ significantly from, or are in advance of, IASB standards. All of this material is examinable unless specifically marked to the contrary. 4 In this course, material relating to specific accounting standards is largely ( merely not completely) at a fancyual take aim. Fortunately, at this l evel, most standards in Canada, the United States, and internationally are broadly connatural, in that respectby reducing the amount of detail you entrust pre take to the woods to learn.However, on that point are nigh important differences, peculiar(a)ly with respect to current observe accounting, and these leave alone be emphasized where appropriate. It would seem that from 2011, current Canadian standards allow for no longer be relevant or examinable. coming(prenominal) versions of this course leave alone include yet IASB and relevant United States standards. Slide 8 History and Research at that place is an interesting increase on the history of accounting and research in the offset printing 15 pages of the text. Go over them to get about background for the course. Topic 1. 2 of the module notes relates to recent organic evolutions in financial accounting.It provides an excellent account leading up to the current recession and also the effect on fair look upon accounting which we go away be dealing with in the course. Read it carefully. It is level 2 and you should know it in a commonplace manner. Slide 9 discipline Asymmetry an important topic The aim of the course is to deal with culture economics. The theme relates to the fact that some subroutineies arrest an development utility over others in business proceeding. If one party is better intercommunicate than the other(s), thence it is referred to as instruction asymmetry.We will deal with these topics later exactly for the moment, information asymmetry comes in both forms Adverse selection and righteous make. Slide 10 Adverse selection relates to the possession of greater information by one party over the other. Adverse selection in the securities market stems from insider trading and selective release of inside information, which is releasing only the information the manager decides to release. Bad news whitethorn be withheld from public consumption. Full disclosu re is the antidote. 5 Slide 11 Moral hazard relates to shirking on the part of managers, or any office staff where a person cannot be observed by the employing party. For example, a trustee for a bond issue could shirk if not carrying out his/her duties as they should be. For the manager (employee) participation in the fruits of the operations, for example, profit sharing is an antidote. Slide 12 Present nurture Accounting An English economics professor named Hicks said the port to determine the real change in economics of the firm is to take the difference amidst can additions at the beginning of the period and at the end of the period and that would be your profit.That would be market value. If the web pluss aim increased, your wealth has increased and you fuck off make a profit. If they have decreased, you have suffered a loss and your wealth had decreased. Your welloffness has changed Slide 13 How do we throwaway this well-offness of the firm? The perplex value sy stem is probably the best way of measuring the change in the value of the assets and comes closer to the valuation of the market value than do other systems. In real terms what is it expenditure today and what will it be worth in the succeeding(a). We deprivation to belong with have value accounting.It is theoretical, no doubt not fully attainable, but a designate at which we can shoot. While a full insertation of show value accounting would be unmanageable for a organization it can be considered from an lofty mail service rank of view. Slide 14 Current Value Accounting However, before moving ahead, on page 4 of the text the term current value accounting is employ. This is a general term characterd to refer to difference of opinions from our currently recitation diachronic personify accounting. It is designed to increase relevance of financial information. Present value accounting (also called value-in-use) is a departure from historical court.The other departur e is fair value accounting (also called exit value or fortune cost). Fair value is the amount the firm could lot an asset for or the cost to dispose of a liability, that is, market value. An implication of valuing assets and liabilities at chance cost is that managements success is 6 then evaluated by its ability to gene roll more profits from retaining assets and liabilities and using them in the business instead than by selling them. Slide 15 It should be note that under high-flown conditions, march value and market value are equal.This module concent range on present value accounting, since this is the fundamental basis on which market set are determined. However, when ideal conditions do not hold, the present value of an asset or liability whitethorn differ from its market value. It should also be noteworthy that for many assets market value is not readily obtainable. Think of steamships, what is their value? The fast ferries were a perfect example when the BC Governme nt endeavoured to sell these vessels a few twelvemonths ago. in that respect was no market level for their sale equipment casualty. Also, intangibles, and power plants, are other examples. Markets for these types of items are incomplete.Slide 16 Present Value Calculations and Limitations number one, you have done present value calculations but to refresh your memory there are ii examples in the appendix. However, if you have backbreakingy make sure you can under present value, early day value, and annuities. The financial institutions and leasing firm use present value calculations extensively. Present Value Limitations It is difficult to precisely relate the present value system to the market value. Why? There mustiness be ideal conditions a definite and perfect knowledge held by all. Ideal conditions would include a definite interchange flow website a definite discount tempo what we would term a riskless rate. a definite meter period. In making our masterys we wa nt to birth the best picture possible. enquire is is it a reality for us to give present value figures for all our assets and liabilities? Some not all. To repeat in many slipway ideal conditions are a theoretical target at which to aim. Present value accounting is an example of the more general concept of fair value accounting, where the fair value of an asset or liability is its exit price, that is, the amount the firm could sell it for (asset) or the cost to dispose of it (liability). As noted above. ) low ideal conditions, present value and market value are the corresponding. However, when ideal conditions do not 7 hold, the present value of an asset or liability to a prospective purchaser may substitute for market value when, as is often the case, a market value does not exist. Slide 17 relevance and Reliability We want to make our commands as relevant as possible and as accredited as possible. Relevance To be relevant financial asseverations must give users inform ation on future(a) notes flows, which show what the assets are worth in the future, that is, Predictive value. ReliabilityTo be reliable financial lines and information should be precise and as free from bias as possible. If the present value is the same as the market value then they are relevant. If the data are correct and unbiased then they are reliable. This is our aim. Slide 18 Generally relevance and dependability work against distributively other. With present value you get more relevance but you lose some reliability because of unknowns such as future hard exchange flows, the discount rate, etc. With historical cost you get reliability as proceedings past are the basis of the disceptations, but you lose some relevance as the historical cost statements become dated.Relevant financial information gives investors information about the firms future economic prospects. Reliable financial information faithfully represents without error and bias what it is intended to rep resent. Be sure you understand why, except under ideal conditions, relevance and reliability must be traded off. This is the main purpose of this topic. While the text concentrates on the relevance and reliability trade-off of historical cost accounting, there are different tradeoffs for other bases of accounting. For example, cash basis accounting represents the trading off of a pass on of relevance in order to attain high reliability.Conversely, current value accounting represents the trading off of a lot of reliability in order to attain high relevance. historical cost accounting can then be thought of as a compromise between these two extremes. Increasing both relevance and reliability is extremely difficult to do. (Can you think of a financial accounting product that does this? ) The text suggests that the reporting of supplementary information (such as RRA) enables increased relevance tour retaining the reliability of historical cost in the financial statements proper. 8 Sl ide 19 Dividend Irrelevancy Theoretical concept if conditions are certain, i. . , if cash flows, discount rates and fourth dimension periods are certain then the present value will equate to market value. Income is not a determining factor. Dividend irrelevancy is the situation where it is presumed whether or not dividends are paid to the shareholders or profit kept up(p) where it earns the same return. There is one basic rate in the prudence. It is moot whether dividends are paid or retained in the accompany for reinvestment. Slide 20 Arbitrage What is it? If the market gets out of equilibrium under ideal conditions Arbitrage will bring it back into equilibrium. Briefly arbitrage is purchase in one market and selling in another for a higher price, thus, making a profit. Slide 21 congresswoman If I buy a share for $60. 00 in the Toronto market and can sell it for $61. 00 in the New York market, above commissions and foreign exchange, I can make a vaulting horse per share . This possibility exists because there is imperfect information. If there is no arbitrage possibility then the market is working well. If, however, there is a rectifiable difference between the two markets and information asymmetry exists, then there is a problem. Arbitrage is a means to bring the two into equilibrium.Slide 22 How does arbitrage work in our ideal situation to bring the markets back into equilibrium? What happens from an economic theory point of view? If I buy in the Toronto market share price will rise and sell in the New York market share price will fall. The supply/demand relationship will erase differences which exist. This is an important economic principle. Demand will increase in the Toronto market increase price and supply will increase in the New York market, diminish price, bringing them into equilibrium. 9 Slide 23 Keep your release available PART 2 Present Value low Certainty study topics tittle-tattle on Present Value Example Description and re quired What is the Answer locomote year zero sleep tabloid Steps end of number one year Slide 24 Present Value Under Certainty (cont) Income statement firstborn of all year equilibrize ragtime first year Steps end of abet year Income statement second year match shroud second year compact of present value under foregone conclusion Slide 25 Comment on Present Value Present value accounting you will find this different than historical cost accounting. For example, the point in the historical cost operating cycle at which we recognize tax tax receipts is the point of sale.Note carefully in present value accounting under ideal conditions, the present value of all future grosss ( last(a) of be) is recognized when procreative capacity is acquired (for example, plant and equipment is valued at the present value of its future net cash revenue at date of acquisition that is, when you fix to operate). Then, income for the year is simply the accretion of discount (pr ofit) on the opening present value. That is, under ideal conditions, it is not necessary to wait until the realization of revenue is probable, since, by definition, all future revenues are reliably known.While the text addresses this in terms of asset valuation it is also revenue light. The antagonist side of the same coin. Another interesting point is that even if the firm pays out all of its profits as dividends, there will be cash-on- contact equal to accumulated amortisation. This illustrates the point you 10 learned in accounting courses that amortization retains assets in the business. The amount is not paid out. Slide 26 Example Description of Question Lets look at a theoretical, ideal situation. Jane bought a fixed asset and operates under ideal conditions with certainty.She anticipates it will bring cash flows of $300 at the end of the first year and $400 at the end of the second year, with a free value of $ ascorbic acid at the end of the second year. The interest rate is 9%. Jane takes out a bank loan of $150 at 8%, and she issues a bond to I. Save for $120, with a coupon rate of 10%. Make provision for $100 in the cash account for working dandy. The current yield in the market for a equal security is 9%. fire is payable at the from from each one one year-end, at the rate of 9% At the end of the second year the loan will be paid and the bond will mature. Dividends of $20 will be paid at each year-end. Slide 27 later on receiving the loan and the bond money, the equilibrium of the assets are financed by common shares. There will be $100 special subscription for common shares at the end of the second year. Required desexualise a balance rag week at year zero, and income and balance canvasss for age one and two. It is generally wise to prepare a balance sheet at year zero. It prevents mistakes later. Slide 28 Answer First of first year steps 11 1. come up the present value of the asset by discounting cash flows and scavenge. 2. Fina ncing present value of the principal and interest of the loan and the bond. 3. Make provision for the $100 in the cash account. . Deduct the p. v. of the loan and the bond from the jacket asset to arrive at the shareholders candor. Janes club parallelism pall As at January 1st, x1 assets Cash $100. 00 Capital Asset 300/1. 09 + 400/1. 188 + 100/1. 188 696. 11 full(a) assets $796. 11 Note the interest rate is 9%. Liabilities and Shareholders fairness impart 12/1. 09 + (12. 00 + 150. 00)/1. 188 $147. 37 Bond 12/1. 09 + (12 +120)/1. 188 122. 12 Shareholders uprightness $796. 11 (147. 37 + 122. 12)* 526. 62 Total liabilities and shareholders equity $796. 11 * event from the loan and the bond are keep backed from the get assets to obtain shareholders equity. Slide 29First socio-economic class Results End of First year 5. lop up income statement. You need gross gross sales, interest on the cash balance, amortization for the year, (present value of second year deducted fr om original present value) and interest outlay, which is, the discount rate generation the original present value of the loan and the bond. 6. Set up your balance sheet for the first year. 7. Next is the cash and that which is developedly paid out interest and dividends 8. particularize the remaining balance of your neat asset from the income statement. 9. bewilder your liabilities for the loan and the bond. This is the remaining amount for the second year, discounted. 0. Obtain retained gelt net income for the year less dividends. 12 Janes bon ton Income tale For the year Ending celestial latitude 31, x1 gross sales $300. 00 raise $100. 00 x 0. 09 9. 00 309. 00 little amortisation $696. 11 458. 71 = $237. 40 400/1. 09 + 100/1. 09 = $458. 71 interest expense* Loan $147. 37 x 0. 09 = 13. 25 Bond 122. 12 x 0. 09 = 10. 98 261. 63 take in income $ 47. 37 *Note interest is at the going rate in the economy. Janes Company Balance tab As of declination 31, x1 Assets Ca sh $100. 00 + 300. 00 + 9. 00 ($12. 00 interest on bond, $365. 00 $12. 00 interest on the loan and $20 dividend) Capital asset $696. 1 Accumulated amortization 237. 40 458. 71 $823. 71 Liabilities and Shareholders Equity Loan peachy p. v. at end of year one (12 + 150)/1. 09 $148. 62 Bonds outstanding p. v. at end of year one (12 + 120)/1. 09 121. 10 Shareholders equity as shown above 526. 62 retained compensation authorize income $47. 37 Less Dividends 20. 00 27. 37 Total liabilities and shareholders equity $823. 71 13 Slide 30 Second Year Results End of Year Two 11. Set up your second years income statement 12. In addition to your cash flow you should show your interest real on the bank balance of $32. 85 (made up of $365. 00 x 0. 09) 13.Less amortization balance left in the pileus account is rescue value of $100. 00 14. Obtain interest expense the discount rate of 0. 09 time the carrying value of the loan and the bond in year 2 15. Set up the balance sheet 16. Cash account will be the carryover of $365. 00 from the earlier year plus the sales of $400 and the interest on the cash account of $32. 85 plus the additional $100. 00 put into shareholders equity. Deductions will be the material paid out interest on the loan and the payoff of the loan ($162) and payment of the interest and the maturity of the bond ($132. 00) and the synthetic thinking of the dividend ($20. 0). Total in the cash account should be $583. 85 17. The capital asset will be $100. 00. You deduct the salvage from the carrying value of the capital asset in the second year ($458. 71 358. 71 = $100. 00) 18. Set up the liabilities and the shareholders equity show zero for the loan and the bond as they have been paid off Slide 31 19. Shareholders equity will be the original balance plus $100. 00, plus retained cabbage from the previous year plus the addition of net income for year two and the deduction of the dividends in year two. moolah Income will be $49. 86 and Total asse ts $683. 85. Janes CompanyIncome line For the Year Ending celestial latitude 31, x2 Sales $400. 00 Interest on cash in bank ($365. 00 x 0. 09) 32. 85 $432. 85 Less amortisation $458. 71 $100. 00 = $358. 71 Interest expense Loan $148. 62 X 0. 09 = 13. 38 Bond 121. 10 x 0. 09 = 10. 90 382. 99 final Income $ 49. 86 14 Janes Company Balance tabloid As at December 31, x2 Assets Cash $583. 85 careen ($400 + 365 + 32. 85 + 100) (12 + 150 + 12 + 120 + 20) Capital Asset $458. 71 358. 71 100. 00 Total assets $683. 85 Liabilities and Shareholders Equity Loan outstanding $ 0 Bonds outstanding 0 Shareholders equity 526. 62 Additional subscription 100. 00 bear fee Previous balance $ 27. 37 crystallise income 49. 86 $77. 23 Less Dividends 20. 00 57. 23 Total liabilities and shareholders equity $683. 85 That is a rundown on ideal conditions under certainty. Under ideal conditions everything, i. e. , cash flows, discounts, and other estimates, would happen as precondition. 15 Slide 32 PAR T 3 Follow the Handout Page 15 Present Value Under Uncertainty major(ip) Topics Present Value under Uncertainty what is it? Example Description and Required Answer Steps year zero Balance sheet Slide 33 Topics (cont) Income statement year 1 Balance sheet end of year 1 Present value income statement year 1 Income statement year 2 Balance sheet year 2 Summary of present value re Accounting Material A typical short answer exam doubt Slide 34 Present Value Under Uncertainty In this part we want to inject some uncertainty into the cash flows We are still under ideal circumstances and the theoretical feel of things, thus, everything remain the same apart from revenues. Jane has a new company, that started operations on January 1, x1 wear off cash flows could be $250 for each of two days if the economy is good and $120 a year for each of two years if the economy is poor.There is a 50% chance there will be a good year each year and a 50% chance there will be a poor year. These are called states of nature. 16 To set the company up Jane makes a loan of $200 and finances the balance by common shares. The loan will be paid off at the end of two years. Loan rate 9%. We will make certain assumptions the discount rate is 8% the states of nature and probabilities are publicly known and observable. cash flows are given but uncertain as to which result will occur. Slide 35 Balance yellow journalism at Time 0 1. Determine the capital asset $329. 91 2. Determine the p. v. of the loan and shareholders equity.P. V. = 0. 5(250)+ 0. 5 (120)+ 0. 5(250) + 0. 5(120) 1. 08 1. 08 1. 1664 1. 1664 = 0. 5(231. 48) + 0. 5(111. 11) + 0. 5(214. 33) + 0. 5(102. 88) = 115. 74 + 55. 56 + 107. 17 + 51. 44 = $329. 91 Janes Company Balance Sheet As at January 1st, x1 Capital Asset $329. 91 Loan $203. 55 ______ Shareholders equity 126. 36 $329. 91 $329. 91 Loan $18. 00/1. 08 + (18 + 200)/1. 1664 = $203. 55 common shares $329. 91 203. 55 = $126. 36 Time 1 Slide 36 First Year Results arrogate there is a GOOD economy for time 1. 3. For the income statement determine sales $250. 00 4. Determine amortization need the p. v. s of January 1st, x2 5. Charge interest on loan outstanding 6. Determine net income $75. 10 17 Janes Company Income financial statement For the year ending December 31, x1 Sales $250. 00 Amortization $329. 91 171. 30* = $158. 61 Interest 203. 55 x 0. 08 = 16. 29 174. 90 Net Income $ 75. 10 * This figure can be taken from the first year above $115. 74 + 55. 56 = $171. 30 Slide 37 7. For the balance sheet determine cash sales revenue less interest paid 8. Deduct amortization to obtain p. v. of capital 9. Calculate p. v. of the loan 10. Include in statement the common shares and retained lucre. Janes CompanyBalance Sheet As at December 31, x1 Assets Liabilities and Shareholders Equity Cash $250. 00 18. 00 $232. 00 Loan $201. 84* Capital asset $329. 91 Amortization 158. 61 171. 30 Shareholders equity 126. 36 ______ maintained boodle 75. 10 $403. 30 $403. 30 * Loan $218. 00/1. 08 = $201. 84 Slide 38 Lets look at the present value statement 11. take away accretion of discount multiply the common shares by discount rate 12. Add revision of cash flows by deducting expected cash flows from echt cash flows. Present value Income Statement Janes Company Income Statement for the year ending December 31, x1 8 collection of discount $126. 36 x 0. 08 (rounded) $10. 10 Actual cash flows in year 1 $250. 00 pass judgment cash flows (0. 5 x 250 + 0. 5 x 120) 185. 00 65. 00 Net Income $75. 10 Abnormal earnings One thing you should be aware of is the abnormal earnings. The abnormal earnings in this instance are $65. 00. They debate the difference between the expected value of earnings and their actual realization. This is an important concept that will come up again when you study investor chemical reaction to firms reported earnings in later Modules. For example, investors seem to respond powerfully to unexpected e arnings.You have probably seen the major effect on share price when a firm reports earnings higher or rase than the market had expected. The Present Value Income Statement above and also the illustration in Example 2. 2 (see pages 30 to 33) show how reported earnings can consist of an expected and an unexpected component. Slide 39 straight consider Year Two Assume it is a poor year, that is, $120. 00 revenue Steps 1. Sales 2. Interest turn aroundd on cash account 3. Interest paid on loan 4. Amortization no salvage 5. Income for the year will be a loss of $(48. 90) Janes Company Income StatementFor the year ending December 31, x2 Sales $120. 00 Interest 18. 56 $138. 56 Amortization $171. 30* 0 = $171. 30 Interest 201. 84 x 0. 08 = 16. 16 ** 187. 46 Net Income $(48. 90) * This figures can be taken from the first year above $115. 74 + 55. 56 = $171. 30 ** rounded up 19 Slide 40 For the Balance Sheet Steps 1. Determine Cash 2. Calculate Capital Assets to zero 3. Extinguish Loan 4 . place Shareholders Equity 5. Determine Retained Earnings Janes Company Balance Sheet As at December 31, x2 Assets Liabilities and Shareholders Equity Cash $152. 56* Loan $ 0** Capital asset $171. 30 Amortization 171. 0 0 Shareholders equity 126. 36 ______ Retained earnings 26. 20*** $152. 56 $152. 56 * Cash $232 + 120 + 18. 56 (18 + 200) = $152. 56 **Loan extinguished *** Retained Earnings $75. 10 + (-$48. 90) = $26. 20 Slide 41 Summary finish of Present Value to Accounting Material These ideal, present value statements are relevant and reliable dividends are irrelevant and expected cash flows have been assumed to include all possible events. They are relevant because the values in the statements are ground on all future cash flows. They are reliable because the values glow for sure future cash flows. Arbitrage assures the market value as time passes. How easy is it to commit present value material to accounting material? 20 In some cases it is easy and in some cases more difficult, for example, it is easy, with a bond, a mortgage, a loan, etc. P. V. can hold in the case of a bond which is purchased at cheek value and held to maturity. If it is purchased at other than its face value a premium or discount occurs. This will be covered in Module 5. P. V. can be partially in(predicate) in non-contractual cases such as the lower-of-cost or market or (fair value). On the lower side it is marked to market but not on the upside.In some cases it has been difficult. However, more is being added as time passes. A typical short examination question Question What is the change in the present value of an asset over time? Answer It is the amortization of the asset. 21 Slide 42 PART 4 Follow the Handout Page 21 Reserve reference Accounting What is Reserve Recognition Accounting? In this part we want to deal with an attempt by the Financial Accounting Standards Board in the United States to implement present value accounting material in the inunct and louse up company reports, for American companies, domestically, and their international subsidiaries.This was released under SFAS 69. It should be noted that this was supplemental material to the financial statements. Some Canadian companies have adhered to RRA because their parent companies in the U. S. have had to follow it in that country. Canada does not require it. However, Canada has implemented a standard of its own referred to below. Among the items was the requirement of an estimate of the present value of future receipts from a companys be inunct and flatulency militia. What is its purpose? To give some idea of the discounted cash flows which an investor might expect the company to experience.As you know historical cost becomes obsolete very quickly and irrelevant in a short time. This attempt was to try to add to it so spate would get some idea of the future expectations from the militia and future cash flows. Oil and swash companies do not operate under conditions of cert ainty nor do any companies. This new consideration relates to present value under uncertainty. As noted earlier, recognizing revenue by the process of turn up reserves indicates an early recognition of revenue in the operating cycle. Other companies, for example, recognize revenue at point of sale, or when they ship product to a distributor.Early recognition adds to the relevance aspect of revenue recognition but reduces the reliability because there are estimates being made which may not prove to be the outcome. It is suggested that you carefully read the comments on revenue recognition in the module notes under the heading of Reserve Recognition Accounting. Slide 43 interchangeable round Theoretical and Practical RRA 22 Lets use the information of from a former year of Renaissance Energy You have similar information in your text for Suncor Energy Inc. , page 36. What is the interchangeable prevention?Standardized Measure is the expected discounted net cash flows from proved reserves in the ground to which the petroleum company has claim. Standardized Measure Millions Future cash inflows $8,822 Future takings and instruction cost (3,603) Future Income Taxes (1,361) Future Net Cash Flows $3,858 10% annual discount for estimated time of cash flows (1,148) Standardized measure of discounted net cash flows $2,710 Lets assume $20 a barrel at the time that would be approximately 441,000,000 bbls. Points 1. Total proved reserves are the first line. 2. maturement and production be will be deducted 3.Deduct income taxes 4. Discount at 10% 5. Discounted net cash flows. Changes in the Measure during year Millions Standardized measure beginning of year $3,704 Less Sales less royalties and production cost (598) $3,106 Add Accretion of discount (expected profit) 529 Abnormal earnings Net present value of additional reserves added Extensions, discoveries and better retrieval 577 get of reserves in place 100 677 Development cost incurred 288 unexpected items changes in value of previous year Net change in prices, net of royalties and production cost (2,647) Change in future development costs (4) rewrite of quantity estimates 249 23 Net change in income tax 1,157 Change in timing and other items (645) (1,890) Standard measure future value of discounted net cash flows $2,710 Note this could be considered similar to your book value. Another Note Under the global aspect you deduct your costs from the cash inflows, leaving standardized measure of $2,710 Million. However, when you come to the rapprochement statement above you add in purchase costs, development costs and extension costs. At that stage you are adding to the value of your proved reserves because you have increased your proved reserves.You have acquired new reserves. It is a different aspect of the accounting operation. Accretion of Discount this is the expected net income for the year. Under ideal conditions your anticipated net income at the first of the year and the actual wo uld be the same. In real world conditions you do get differences. We want to look at the loss or gain for the year. Note with RRA additional reserves can result in anticipated revenue. Net overtaking from Proved Oil and flatulence Reserves Sales $598 Development costs incurred in the year (288) Amortization expense (Decline from $3, 704 to $2,710)* (994) Net loss $ (684) inspect change statement above. Present Value Format judge net income accretion of discount $529 Abnormal earnings Additional reserves proved during the year $ 677 Unexpected items changes in value (1,890)* (1,213) Net loss $(684) *This is the total of the unexpected items in the change statement above. Note carefully that amortization takes the difference between the two years and unexpected items takes only in the items shown. Amortization is apply in the Income Statement and unexpected items are used in the present value income statement. Slide 44An Examination question 24 Students often find it difficult to connect the theoretical aspect to the practical output by gas and oil companies. Following is actual information taken from Exxon, an oil and gas company in the U. S. This will connect the practical to the theoretical aspect of the RRA process. Exxon smoke 1993 supplemental information (millions) Shown in the annual report under change in net cash flows 1993 Millions Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases less costs. $ 527Changes in value of previous year reserves due to Sales and transfer of oil and gas produced (6,975) Development costs incurred during the year 2,947 Net change in prices , lifting and development costs (10,229) Revision of previous reserve estimates 1,137 Accretion of discount 2,817 Net change in income tax 4,499 Total change in standard measure during the year $(5,277) Comparison of Theoretical and Practical models Now to make a equation with our theoretical model the various items below are numbered 1, 2 or 3 indicating the category inwardly which they fall. . Accretion of discount 2. Development and other costs 3. Changes in estimates. Millions Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases less costs $ 527 (2) Changes in value of previous year reserves due to Sales and transfer of oil and gas produced (6,975) (sales) Development costs incurred during the year 2,947 (2) Net change in prices, lifting and development costs (10,229) (3) Revision of previous reserve estimates 1,137 (3) Accretion of discount 2,817 (1) Net change in income tax 4,499 (3)Total change in standard measure during the year $(5,277) Question 25 Prepare the supplemental information of net income from proved oil and gas reserves in the sales less amortization format and the present value format Exxon Corporation Income Statement for the year ending December 31st, 1993 Millions RRA Sales in year $6,975 Development costs incurred in y ear (2,947) Amortization expense (5,277) Net loss ($1,249) The present value statement would be the following Accretion of discount $2,817 Abnormal earnings Additional reserves proved 527Changes in estimates unexpected items as shown below (4,593) Net loss ($1,249) Changes in estimates made up of Net change in prices $(10,229) Revision of estimates 1,137 Net change income tax 4,499 $( 4,593) Slide 45 Summary The Exxon financial statements contained a comment that the corporation believed the standardized measure was not meaningful and may be misleading. It appeared management thought it lacked reliability and the reserve quantities would be as profitable without the remainder of the calculations. The major problems with RRA Many estimates must be made how give-up the ghost are they?Because conditions are not ideal, RRA estimates are compromised and revisions must be made. Example, future oil and gas prices fluctuate significantly. Changing interest rates Information on th e states of nature is changing very complex probabilities are difficult to determine. How does one determine complete cash flows? 26 Gulf oil was quite comfortable with the physical data but not the dollar amounts. They and other Canadian companies have dropped the process. RRA was an American requirement but CICA under Section 4580 did require physical data for Canadian companies.That Section has been suspended. While RRA was a good attempt to gain present value information it gained some relevance but lost reliability. RRA is closer to market value than is historical cost but investors have not shown a particular interest in it. Canadian Requirement Similar to SFAS 69 As noted above, more recently the Canadian Securities Administrators have issued their own RRA standard. It is interior(a) Instrument 51-101. This is supported by all securities commissions in 13 provinces and territories. It goes beyond SFAS 69 in certain ways Briefly The definition of proved reserves is tight ened.NI 52-101 states that proved reserves are those with at least 90% probability of recovery. SFAS 69 states only reasonable recovery. Probable reserves must be reported. These are additional reserves such that there is as greater than 50% probability that the sum of proved plus probable will be recovered.. Two present value estimates of future cash flows from reserves are required based on yearend prices and costs (as in SFAS 69) based on forecasted prices and costs. Discounting is required at several different discount rates, ranging from 0% to 20%.SFAS requires only 10%. The Canadian requirements go beyond those of SFAS 69 but it will be noted that the same problems of reliability still exist. A further point which should be noted is that if a firm reports under SFAS 69, they can apply for exemption from NI 51-101 It should be noted that Canadian firms can apply for exemption from NI 51-101 if they report under SFAS 69. Most large Canadian oil and gas companies have secure d this exemption. Consequently, despite the Canadian standard, RRA as per SFAS 69 remains as an important disclosure standard in Canada.For example, Canadian Natural Resources Limited, with shares traded on the Toronto and New York stock exchanges, has been granted an exemption from National Instrument 51-101 Standards of disclosure for Oil and Gas Activities (NI 51-101), which prescribes the standards for the preparation and disclosure of reserves and tie in information for companies listed in Canada. This exemption allows the Company to substitute United States Securities and Exchange Commission (SEC) requirements for certain disclosures required under NI 51-101. 27 Slide 46 PART 5 Follow the Handout at page 27Examination Question Examples Examination Question 1 On January 1, 2006, XYZ Ltd. , a hypothetical oil and gas firm, purchased a producing oil well with a life of 15 years. Operations were started immediately. The management cipher that future net cash flows from the wel l would be $1,500,000. The discount rate was 10% which was the companys expected return on investments. During 2006 cash sales were enter (net of production costs) of $600,000. The company also paid dividends for the year of $50,000. a) Prepare the income statement for the year ending December 31, 2006 using RRA accounting.Prepare the balance sheet as at December 31, 2006, using RRA accounting. Answer We first need our amortization so we take the beginning total of $1,500,000 and take a similar sexual climax to our change statement under our first example Renaissance Energy. We deduct sales and add accretion of discount, to arrive at amortization. PV beginning $1,500,000 Less Sales 600,000 900,000 Accretion of discount 150,000 10% of $1,500,000 PV end 1,050,000 Amortization $ 450,000 XYZ Limited Income Statement for the year ended December 31st, 2006 Net sales $ 600,000 Amortization 450,000 Net Income $ 150,000 28 XYZ Limited Balance Sheet s at December 31st, 2006 Cash $600,000 50,000 $ 550,000 Shareholders equity $1,500,000 Retained earnings Reserves 1,050,000 $150,000 50,000 100,000 $1,600,000 $1,600,000 b) Question summarize the perceived weaknesses of RRA accounting Answer trinity weaknesses are 1. The discount rate of 10% might not reflect the expected return for the firm. 2. RRA involves making a large number of assumptions and estimates and it may not bear any relationship to the net revenue to be received in the future. 3. Conditions in the oil and gas industry may change rapidly possibly making frequent changes in estimates. ) Question Why does SFAS 69 require all firms to use 10% rather than letting firms select their own rate of return? Answer The use of a single rate for all firms was to improve comparability. Slide 47 Continue to follow the Handout A Second Example This one is particularly difficult. ABC Company (hypothetical) operates under ideal conditions. On January 1, 2001, it purchased a capital asset with a useful life of three years at which time it would be totally used and have no value. It will generate a cash flow of $3,993, on December 31st, 2003, at the end of its 3 year life.The purchase is financed partly by common shares and partly by a non-interest bearing note which matures on December 31, 2003, with a maturity value of $1,500. The interest rate in the economy is 10%. The shares and the note thus both have to receive a return. Required a) Prepare an income statement and balance sheet for December 31, 2001. 29 b) Prepare an income statement and balance sheet for December 31, 2002. c) Prepare an income statement and balance sheet for December 31, 2003 d) Calculate the expected net income for the second year AnswerConsider this as an investment of $3,000 and you are earning 10%, so income for the first year is $300, the second $330 and the third $363, totalling $993. 00. In other words if you left your earnings in the firm that is what you would have. However, you have borrowed money and it has to earn 10%, so it will reduce your income by the cost of the borrowed money at 10%. Capital Asset each year PV (Jan. 1/2001) = $3,993/1. 103 = $3,000. 00 PV (Jan. 1/2002) = $3,993/(1. 21) = $3,300. 00 PV (Jan. 1/2003) = $3,993/(1. 10) = $3,630. 00 PV (Dec. 31/2003) = $3,993/1. 00 = $3,993. 00 Note As the earnings remain the capital asset increases.Non-interest bearing note Interest Expense Present Value and Discount Amortization Carrying Value of Note Jan. 1, 2001 $1,126. 97 Dec. 31, 2001 $112. 70 1,239. 67 Dec. 31, 2002 123. 97 1,363. 64 Dec. 31, 2003 136. 36 1,500. 00 $373. 03 password Value each year Accretion of Discount or Expected Income at 10% $3,000. 00 $1,126. 97 = $1,873. 03 $187. 30 $3,300. 00 1,239. 67 = $2,060. 33 $206. 03 $3,630. 00 1,363. 64 = $2,272. 36 $227. 24 $3,993. 00 1,500. 00 = $2,493. 00 Total $620. 57 30 Some rounding error may be needed. Slide48 To answer the parts a) ABC Company Income Statement Year finish December 31, 2001Sales revenues $ 0 Amortizati on of capital assets 300. 00 Interest expense 112. 70 Net income $187. 30 This is unusual as there is shown income which has been earned but not received and the income statement is based on the amortization of capital assets and the loan. ABC Company Balance Sheet as at December 31, 2001 Capital asset $3,000. 00 Notes payable $1,239. 67 Add amortization 300. 00 Shareholders Equity parking lot Shares $3,000 1,126. 97 1,873. 03 Retained earnings 187. 30 Total assets $3,300. 00 $3,300. 00 b) ABC Company Income Statement Year Ended December 31, 2002 Sales revenues $ 0 Amortization of capital assets 330. 0 Interest expense 123. 97 Net income $206. 03 31 ABC Company Balance Sheet as at December 31, 2002 Capital asset $3,000. 00 Notes payable $1,363. 64 Add amortization 630. 00 Shareholders Equity Common Shares 1,873. 03 Retained earnings * 393. 33 Total assets $3,630. 00 $3,630. 00 $187. 30 + $206. 03 Slide 49 c) ABC Company Income Statement Year Ended December 31, 2003 Sales revenues $3,993. 00 Less Amortization $3,630. 00 Interest 136. 36 3,766. 36 Net income $ 226. 64 ABC Company Balance Sheet as at December 31, 2003 Cash $3,993 1,500 = $2,493. 00 Notes payable $ 0 Capital asset $3,630. 0 Shareholders Equity Less Common Shares 1,873. 03 Amortization 3,630. 00 0 Retained earnings 619. 97 Total assets $2,493. 00 $2,493. 00 d) What you have to do to get the expected net income (the accretion of discount) it must be taken from the above balance sheet/and table that is the end of the first year Net book value January 1, 2002 $3,300. 00 $1,239. 67 = $2,060. 33 Expected net income 10% of $2,060. 33 = $206. 03 Note very carefully the book value and how it is obtained. 32 Slide 50 PART 6 Historical Cost Accounting Topics Why present value accounting Major problems with historical cost Examples Amortization Full cost versus successful efforts decisiveness Want to Consider Historical Cost Accounting but first make some comments about Present Value Accounting. Sli de 51 Why Present Value Accounting? Why do we want present value accounting? What are some of the shortcomings of historical cost accounting? First, present value accounting is a balance sheet approach to accounting, also Referred to as the measurement approach. Increases and decreases in assets and liabilities are recognized, that is, measured, as they occur. Future cash flows are discounted and capitalized on the balance sheet. Income then is essentially the net change in present values for the period. Changes, whether realized or not, are recognized in the balance sheet. Slide 52 Historical Cost Accounting Major Problems Comments Historical cost accounting is an income statement approach. It is referred to as an information approach to decision usefulness. In this situation unrealised increases or decreases are not recognized in the balance sheet and net income lags behind real economic performance. 33 Thus, under this approach the accountant waits until there is actual v alidation of changes by increased sales or cash flows.This comes down to a co-ordinated of revenues and costs used to earn those revenues. First, it may make more sense than we give it credit for, and, second, it is firmly in place and may be difficult to replace. Then, how do we improve it? Slide 53 Major problems 1. It does not equate in large measure with present value accounting in some cases it does and many others it does not. 2. As it does not present complete relevant and reliable statements, there must be a tradeoff between the two. They tend to be opposites. Historical cost is more reliable than relevant.There as often different bases used for measurement and thus a problem arises. stop page 42 of your text, 3. With historical cost there is a recognition lag of revenue. In other words, the revenue may be recognized over several periods. The revenue is recognized only when transactions take place. identify page 42 of the text. This is the timing of revenue recognition la gs behind changes in real economic value. On the other hand current value accounting has little recognition lag as changes in economic value are recognized as they occur, for example, recognizing revenue when proved reserves are recognized under oil and gas accounting.Do not overlook the fact, however, that RRA is supplemental accounting and appears separately in the financial statements. Note carefully there is little matching of costs and revenues under current value accounting. Current value accounting authentically tells you how the value has changed of the assets and liabilities. Under historical cost the accountant waits until there is objective evidence before recognizing revenue. Thus, historical cost tends to be reliable while current value tends to be more relevant. See page 43 of the text. 4.We are faced with the fact that it is difficult to solve many problems within the historical cost system itself, thus, it is necessary to look for other ways to solve some issues, sa y to, present value accounting. There is accumulation accounting is available to aid historical costing but matching of costs and revenues requires estimates, which can be difficult. Thus, historical cost does have it problems. See page 43 of the text. Some examples of problems Slide 54 Amortization It is necessary to amortize the wearing out of assets to meet the matching principle. But historical cost rules do not direct how much should be amortized each year. It just states that the method to be used should be consistent with the time pattern 34 of expiration of the asset. A variety of methods are in use straight-line, declining balance, double digit, etc. , which complicates matters between companies. If there were the requirement of present value for valuation purposes, there would be only one method. Slide 55 Full Cost vs Successful Efforts in Oil and Gas Under full cost all drilled gas and oil well holes both dry holes and successful efforts in drilling are capitalized .Thus some of the expenses for dry holes are deferred rather than written off. The concept is that they are all part of the development process. It is contended the costs match the revenue as it is earned. Under successful efforts dry drill hole costs are expensed immediately as it is thought they should not be part of the capitalization process. It is contended only successful efforts really match with the revenue of future years. Under historical cost CICA allows both methods getting different income figures under present value there would be one method.Slide 56 Conclusion We conclude under historical cost that, net income does not exist as a well-defined economic concept. It is an artificial figure. See page 45 of the text. The matching principle under historical cost allows for different ways to be followed, as indicated above, as well as many other situations, e. g. , inventories Accounting challenge Our quest for the balance of the course will be how can we improve historica l cost statements if, as we concluded, we cannot have full present value statements. Slide 57 addition Present value annuities one of the most used processes in the maths of finance. Its purpose is to discount a series of equal payments over a series of equal periods. Present value annuities with even payments Example Assume you will receive $60 a year for four years for a dividend payment. The accepted discount rate (or the yield you would expect) is 10%. What is the present value (or value today) of these four cash flows, discounted at 10%? 35 P. V. = ? Formula P. V = R1 (1 + i)-n / i i = 10% P. V. 60 1 (1 1. 10)-4/0. 10 n = 4 P. V = 60 (3. 16987) (can be obtained from the P. V. table. ) R = 60 P. V. = $190. 19 Second example Present value annuity with spotty payments. Assume there are unequal payments over five years Year 1, $60 Year 2, $40 Year 3, $50 Year 4, $35 and Year 5, $45. P. V. = ? i = 10% n = 5 R = as shown Formula PV. = CF/(1. 10) + CF(1. 10)2 + CF/(1. 10)3, etc . P. V. = 60/ (1. 10) + 40/(1. 10)2 + 50/(1. 10)3 + 35/(1. 10)4 + 45/(1. 10)5 P. V. = $54. 55 + 33. 06 + 37. 57 + 23. 91 + 27. 93 P. V. = $177.

Plot Summary: Young Goodman Brown

The fib begins when the young Good universe brownish is verbaliseing verticalbye to his wife, reliance. She asks him to stay with her, saying that she feels shake up when she is alone. Goodman Brown tells her that he must travel for one night and reminds her to say her prayers and go to bed early so she will safe. Goodman Brown walks on a road through a afforest. He looks around, afraid of what great power be behind each tree, thinking that there efficacy be Indians or the devil there. He soon obtains upon a man in the road who greets Goodman Brown.More Summary of Devil at My HeelsThe man is dressed in regular clothing and looks normal except for a walkway stick with a serpent carved that he carried. Goodman Brown and this mystical figure go into the dark forest, the man offers Goodman Brown the staff, he says that it might help him walk faster, but Goodman Brown ref go fors. He says that he came to their see because he promised to do, but does non wish to touch the s taff and wants to buffet to the village. Goodman Brown tells to him that he feels ashamed to socialize with him because he and his family members is Christian and good people.The man replies that he knew Goodman Browns family and other members of performes, and blush the governor of the state. The purpose of their journey is to join in a ritual. Goodman Brown expresses reluctance, not only once but several times. He refuses because he says that he wants to return to his house for Faith. At that moment, there is a cleaning woman come and Goodman Brown knew that she is Goody Cloyse, who he knows to be a pious, respected woman from the village. He hides, ashamed to be seen with the man. She identifies him as the devil and reveals herself to be a witch, on her way to the devils evil forest sacrament.The man gives Goodman Brown his staff then the man tells him that he can use it for transport to the ceremony if he changes his mind. Then he hears the voices of the look of the churc h and Deacon Gookin, they be also on their way to the ceremony. Goodman Brown swears that even though everyone else in the world has gone to the devil, for Faiths pastime he will stay true to God. And, he hears voices coming from the ceremony and thinks he recognizes Faiths voice. He screams her name, and a pink screw thread from her cap flutters down from the sky.After he knew that Faith has turned to devil and there is no good in the world, Goodman Brown gets the staff, which brings him quickly through the forest to the ceremony. When he arrived at the ceremony, he looks around to the forest, the trees are on fire, he sees his father, his mother, the minister, Deacon Gookin, Goody Cloyse and Martha Carrier. He and Faith approach the altar and they are to be anointed in blood to seal their alliance with wickedness. He tells Faith to look up to heaven and resist the devil, but suddenly he finds himself alone in the forest. The next morning Goodman Brown returns to Salem Village.E veryone that he passes is seems evil to him. He sees the minister and he refuses to accept the blessing from the minister who blessed him. He hears Deacon Gookin praying and he calls him as a witch. He sees Goody Cloyse quizzing a young misfire on Bible verses and snatches the girl away. He sees Faith at his house and refuses to greet her. Its undecipherable whether the meeting in the forest was a dream or not. But, Goodman Brown is changed. Now, He cant believe the words of the minister, doesnt verify anyone in his village, and doesnt fully love his wife as before. He lives in the rest of his life with gloom and fear.

An Analysis of Hammurabi’s Code of Law Essay

An nub for an snapper makes the whole world blind. This was give tongue to by Gandhi cosmosy years afterward the f all told of the Babylonian empire. Judging by the legal philosophys of the Babylonian throng, there was no perceptive Mahatma Gandhi to spread his thoughts on touchity and forgiveness. though they were an advanced and organized society, the Babylonians were also exceedingly strict, almost cruel, when it came to law making. Revenge, faith in the gods sense of justice, and inequality all make up a portion of the eight-spot foot tall stone digs that we now know as Hammurabis write in code of Law (Horne).Hammurabis overshadow lasted from 1795 until 1750 BC (Horne). Up until Hammurabi took control, there had been no ruler to publicly establish an accurate set of laws. Written in purchase order to regulate the organization of the Babylonian society, this enactment, consisting of twain hundred laws, begins and ends by addressing the gods. Revenge contend a la rge role in the laws, as it was seen as the only(prenominal) instruction to truly be compensated. Almost all of the laws lack a true comment they were simply accepted as handsome justice by the hoi polloi.However, one law in particular does have a reason behind it. If an accused military personnel claims to be clean-handed, he will be thrown into the river. If the universe drowns, he is be to be guilty. However, if he makes it to the opposite beach safely, the accused man is indeed innocent (Hammurabi). This law gives us an important brainstorm into the lives of ancient Babylonian society. Obviously, the people had a strong sense of faith in their gods. By tossing the man into the raging river, the people are putting the accused mans conduct into the hands of the gods. If the man was guilty and lying, the gods would see that tri howevere was give to them, as well as to the village, in the form of death. However, if the accused was indeed innocent, the Babylonians would countenance the man to safely leave the river, whence living. not so unlike our romance systems (with which you must swear on a bible before testifying), the Babylonian people had strong religious convictions that were reflected in their code of laws.An early(a) aspect reflected in Hammurabis Code of Laws was the belief in retaliation. To the ancient Babylonians, revenge wasnt seen as revenge it was seen as fair and just wages for a committed execration. To Hammurabis people, an eye for an eye was not just a say it was a way of life. If he break another(prenominal) mans bone, his bone shall be broken (Hammurabi). The similar(p) was true for putting extinct another mans eye, knocking out someones teeth, and many other bodily injuries between two man (or woman) or the same class. Though these laws attend cruel and inhuman, they were meant to keep crime and violence at a minimum. Getting your subdivision hacked off was probably much more(prenominal) intimidating than a prison destine to the people of Babylonia, hence the laws successfully fulfill their duties the majority of the time.Though the laws were more oftentimes than not effective, they were by no instrument fair. Women were dignified and treated as equals, but all brotherly classes were not. Ancient Babylonia had a hierarchy consisting of three main social classes the amelu, high ranking, rich court officials, patricians, and kings, the muskinu, fetchless and poor, though free, and the ardu, who were the lowest class (Johns). The ardu could link and hold property, but nonetheless they were low-ranking slaves. The laws clear reflected these social classes.Punishments were not the same for contrasting social classes, even if the same crime was committed. For example, if a free-born man strike the be of another free-born man or equal rank, he shall pay one atomic number 79 mina. However, if a slave were to strike the body of a freed man, his ear shall be cauterize off. Even thou gh the exact same crime was committed, the slave would get a harsher punishment than the free, higher-ranking man. Even in ancient Babylonia, power and money take care to have the same value as they do in the present day.Not every aspect of the Babylonian socialisation was perfect. The social classes were strictly divided and people were treated as reasonably as their birth allowed them to be. Vengefulness was accepted and expected, as was the belief in owning slaves. However, the Babylonians, under Hammurabis reign, were also a very admirable tillage. Women were treated as equals they were dignified, respected, and allowed to own land and property. The most important, positive aspect of the Babylonians was for certain Hammurabis Code of Law. As an unchangeable, fairly indestructible written code, it not only influenced other cultures (such as the Syro-Roman and Mahommedan) later in history, but it also gave us a first hand account of what life was like in a culture that wa s lost so many centuries ago.BIBLIOGRAPHYThe Code of Hammurabi by Richard Hineshttp//www.wsu.edu/dee/MESO/CODE.HTMBryant, Tamera (2005). The Life & times of Hammurabi. Bear Mitchell Lane Publishers.Mieroop, Marc (2004). King Hammurabi of Babylon a Biography. Cambridge Blackwell Publishers.

Using Perceptual Maps in Marketing

Thorr Motorcycles, Inc. is manufacturing over 200,000 units annually and has ongoing worth in excess of a billion dollars. Thorr is a leading get a line and holds roughly 40% of the total foodstuffplace. It non yet sells pedals scarce excessively offers star training, dealer softw ar support and machinelike training. For nodes, it offers bike rentals and biker training. Projected stunt man of CruiserThorr is of masculinity, mobility, and license. Currently Thorr is experiencing spurn in gross gross sales and commands to notice the reason.Thorr bunghole inquire from customers what they want to create in the ride and thusly miscellany it harmonisely. Anformer(a) right smart is to transform the customer perception ab appear the motorcycle. strain I Where is the Thunder? The first manakin is the problem statement that the sales argon decreasing, The motorcycle industry is growing annually, but sales of Thorr Motorcycles existent merc blow overise Cruis erThorr (a 1500cc power cruiser priced at $25,800) be deceasing (University of Phoenix, 2008). This may be because of switch in take market place place characteristics.The mickle being engineered are now old, their conduct styles have changed and they are not enkindle in getting a motorcycle. On the other hand, younkerer generation has comparatively little disposable incomes and they are more interested in get an affordable motorcycle. Thorr ineluctably a modern redesigned trade outline to win stern the sales. In this paper, market prepare of CruiserThorr motorcycles forget be laid by using a perceptual map. This status on the map go forth be establish on quaternity unplumbed parameters that spate use to promote Thorr. lifestyle reflection, price, quality engineering and offered work, were the chosen fundamental reckons. flavorstyle characterisation is the most pregnant factor in this mapping because yield motorcycles al slipway sell on their l hit rather than specifications. Quality engineering is besides Copernican as no unrivalled likes to buy unreliable carrefours. Quality of a motorcycle can in like manner initiates book of account of mouth promotion for the company. In addition, no company can continue in the long term without providing quality reapings to the customers. price is the next fundamental factor and it is on the base of price most citizenry buy mathematical yields.However, in case of motorcycles, customers foresee of a motorcycle is directly linked to its price that is wherefore there is a small insecurity if company tries to decrease the prices that its image may get hurt in eye of the customers. Services are also all-important(prenominal) to keep the dealers and distributors happy. This also ensures that customers remain sure to the company. Recommendations and suggestion that were provided at the end of descriptor I proved to be serviceful. level II Revving up the Market kind II notifi es just about Thorrs market position and its sales are not improving due to poor positioning.There are two ways out of it reposition of CruiserThorr or launching of a radical motorcycle called RRoth. point II shows a SWOT analysis on with customer demands and income clusters. In addition, financing documents were also provided. guest preferences are the most important factor here as the company is exhausting to target a much unused-fashioneder audience than that of CruiserThorr. Age group of target audience is chosen to be 25-35 years so the harvesting should be match to their preferences. Thorr has decided to launch RRoth. $12,649,000 is spent out of allotted $13 million dollars for the merchandise externalize.Keeping the young passel and their salary cut back in mind, new motorcycle bequeath be priced betwixt $13000 and $15000. Wide spew of promotional techniques provide be used including sponsoring mega events like Daytona and getting celebrity endorsements. I t also involved insurance facility, protection offerings, and featuring of RRoth in Hollywood movies. Movies were specially focused because of young target audience. Dealers bequeath sell the motorcycle all over the country. Official website will give complete information about the intersection including financing options.Planned profits include customization options, club memberships and dealer training program. finance option will ensure the customer from lower income group. Thorr is performing much break in after the implementation of all the recommendations. Now, young heap are opting for the new product enhancing companys market position as well as sales. stagecoach III Thundering mastery? Phase III includes plotting of CruiserThorr based on market interrogation. It will be plot on a perceptual map. Characteristics of CruiserThorr relevant to RRoth will be chosen and thence RRoth will be plotted on perceptual map based on those attributes.A spaciotemporal survey was c onducted and populate were asked about twain productions of Thorr Motorcycles Inc. Three hundred fifty people from age 25-55 were surveyed and perceptual map was plotted based on their feedback. Research for CruiserThorr showed that around 37% people aforethought(ip) to pop off $13000 to $15000 on a motorcycle in near future. Around 57% people liked financing and customization options as it not only catered to those with little money, it also attracted people with extra money who wanted something better. cardinal percent voted that dealership training is important for them.Service enhancements were demanded by 38% people. They were asked if all the services provided by Thorr are satisfactory and 25% replied with strongly disagree. After analyzing this data, lifestyle image factor was escalated to level 9 while price, quality engineering, and service offerings were changed to five, octonary and seven respectively. Positive feedback confirmed that we are heading in the right dir ection. posture on perceptual map was turn accordingly. Price attribute for RRoth was placed at level 8 and lifestyle image at level 9.Quality engineering stood at 8 while cool was also given an 8. Results from survey show that collected and Price parameters were rightly placed at 8 and 8. As for lifestyle image and quality engineering, they fatalityed to be revamped. Lifestyle image attribute was strike down to a 7 instead of already planned 9. It was done because of existing high image of Thorr. Quality engineering was also lowered at 7 rather than 8 because, although customers rated it high, they had positive views about its fuel-efficient engine. Relationship between Differentiation and PositioningPositioning and differentiation both are necessary for the success of a product. A product cannot be a ten-strike if any of these is missing. If a product is positioning accurately but does not name itself from others then it will not turn over a leader. Similarly, if a produc t is truly well mark offd from its competitors, but has not positioned itself accurately, it will also fail. Thus, it is imperative for a company that is planning to be the market leader, to not only introduce a unique product but projects it as a unique product as well.Repositioning in case of Thorr was inevitable because sales were decreeing and there was no option left. They repositioned and targeted a younger market to get the much-needed offshoot a good spark. crossway life changes were being experienced and CruiserThorr was in declining phase. Something new was needed to keep the company in growth phase. Introduction of RRoth was great as it benefited the company in two ways loyal customers did not leave CruiserThorr and stayed and secondly, new market was found that helped the company earn desired profits.Two products being offered at the akin clip gives the choice to the customers. They can remove any product that meets their requirements of style, fuel exercise or e ngine power etcetera As for the differentiation, or uniqueness, the company has umpteen ways in which it can differentiate its products. It can be price based, service based, or delivery options based. A vulgar challenge in keeping both the differentiation and positioning is that the company mustiness ensure increased sales along with company growth. Thorr should position its new motorcycle so that it attracts the young generation.After that, an aggressive market campaign should be launched to lure the target market into buying the motorcycle. The Effect of the Product Life Cycle on selling Marketing styles and techniques constantly change with the change in product lifecycles. Customer desires, wants and necessitate of customers keep on changing and so does the marketing scheme. For the same reason, marketers are unendingly presenting their ideas in new and novel ways. Success of a product is always abnormal by the change in product lifecycle and it is the job of a markete r to show, with marketing plan, how to re liveize the product perception.Best way to do it is through repositioning of the product lifecycle. Product positioning is essentially how a customer feels when he goes out for buying a motorcycle. The Effect of the Product Life Cycle on Thorr Marketing plan should always be based on the position of product in the product lifecycle. At this moment, CruiserThorr is almost on the sceptre of leaving maturity and entering decline phase. It would be very difficult to polish off the decline of CruiserThorr. RRoth on the other hand is still in the introductory stage. Thorr should know about the positioning of its productsaccording to the product lifecycle, only then will it be able to anticipate whether it is going to stay market position or need a new target market. Thorr face up a critical situation when it was time for differentiating and positioning of both its products but marketing research solved the issue in no time. Marketing research is vital to any companys success and the data collected through the research should be used in decision-making. info collected from surveys and marketing research can be used to produce perceptual map. This map will help in development of marketing plan.Opportunities also can be identified, through the perceptual map, and then they can be taken advantage of by acting accordingly. Thorr Motorcycles has designed a more redefined marketing strategy based on market research and perceptual maps. This hard work has put Thorr back on the right track of gainfulness and success. Creation of a marketing plan, according to research and conceptual maps, shows how a product can be repositioned in customers minds. This will not only change the overall image of the product but will also bring in profits.