Finance and Accounting Homework Essay Example | Topics and Well Written Essays - 1500 words

Finance and Accounting Homework - Essay Example Cost is a crucial aspect, and it facilitates realization of defined results in verifiable and objective amount. The matching of this accounting concept is usually facilitated in order to ensure that there is an accomplishment of radical goals within the depreciation expense parameters. Lump sum purchases should be treated in a way that plant’s asset useful life is well analyzed in a way that reflects all the revenues imperatively in the income statement (Tsuji & Fujibayashi, 2011). Purchases that the organization exercises should be subjected in going concern assumption. This is in order to ensure that there is attainment and realization of integral goals as per the laid down accounting and finance principles and policies in the organization. Revenue recognition principle in many scenarios usually limits an organization from reflecting on mechanisms of holding any asset from the plant. Cost principle should be differentiated in various ways in accordance to the equipments in t he organization (Tsuji & Fujibayashi, 2011). 2 Factoring is an important approach in every organization cash flow spheres. Company management can opt to sell all its accounts receivable to the third party at a discounted manner for the sake of exchanging money. The third party in this case is usually any financial institution or bank. The third party which purchases all accounts receivable has to remain significant and resourceful in order for all the transactions to be viable and beneficial. Receivable factoring has been posited as a simple commercial financing (Khazeh & Winder, 2006). When a company chooses a given option the management needs to articulate on analysis of the important factor. There are various factors that should be reviewed routinely accounts receivables. Accounts receivable needs to articulate on measures on how a company can convert cash on hand. Most business entrepreneurs have business ideas that turn accounts receivables into cash (Khazeh & Winder, 2006). Th ere are various types of reasons through which company implements receivables in its accounting books. Therefore, it is usually looked as an effective asset to investors and investors. Organizations articulate on ways through which accounts receivables can be converted into cash without causing problems to business progress. Organizations have been articulating on various types of conversion that are used for implemented balance sheet. Managers in these organizations always analyze receivables in comparison with small business owners (Khazeh & Winder, 2006). 3 A contingent liability has been a potential liability, and it wholly depends on a future event that occurs. In accounting and finance, a contingent liability and loss are usually recorded through the use of journal entry approach especially where contingency is estimated and probable. There are three examples of contingent liabilities known as the lawsuits that are filed against a company, warranty of the organization and guar antee of another party’s loan (Colquitt, McCullough & Sommer, 2011). Circumstances whereby a liability and also related contingency are possible (not probable) a journal entry for the event is usually not required. Disclosure is not required in this case scenario. In approaches whereby a contingent liability has been proved to be remote, both the disclosure and the journal are not required in the accounting activity. A

Bylli All’s Five Year Career Development Plan Essay Example for Free

Bylli All’s Five Year Career Development Plan Essay As I am currently the president and CEO of J-R Equipment, my career is where I always thought it would be. I was chosen by my mother to head this 50 year-old family business. My sole endeavor is to have it continue for another 50 years. More specifically, over the next five years my goal and base objective will be to rebuild J-R Equipment Rental into an efficient, consistently profitable organization which many families are supported with its growth. Heinz Weihrich (2007) writes, â€Å"Career plans are built on uncertainty; the future cannot be predicted with accuracy. Consequently, contingency plans based on alternative sets of assumptions should be prepared.† My personal plan will be an ongoing proactive plan with annual reassessments periodically (Wagner, 2010). My objective is to incorporate new technology and old fashioned know how to make ours the best rental company in the area. Goals and Objectives J-R Equipment will remain in our family for generations to come with proper management and development. The initial objective in any business is to be profitable. Years ago this company was run by a much larger staff, thus giving the opportunity of time to oversee things properly. This is my personal goal. When this plan is successfully put into practice, a sense of pride and accomplishment knowing that my mother made the correct choice will be satisfaction enough. I do not foresee my compensation or benefits package changing during or after this time. The following current specific goals and objectives are vital to the plan to be a success. This list cannot consider unknown or unforeseen actions. 1. Conduct a complete job analysis on each area within the company. 2. Construct a thorough job description for each job analysis. 3. Work to organize the jobs better to be done so that employees are making good use of their talents to better serve the company’s goals. 4. Review pay scales and update if warranted, this should be done annually. 5. Review benefits package, e.g. Health Insurance, IRA, Life Insurance 6. Annually update the Employee Handbook and new hire package. 7. Streamline the rental process so that customers can shorten the time they are required to spend in the office on paperwork. 8. Educate employees who will utilize the computer system’s available tools. 9. Work to make the equipment inventory more reliable in terms of contracts and status of equipment. 10. Update processes and protocols within the company. 11. Review our service call procedures and update as needed. Job Satisfaction and Attributes There is a great deal of satisfaction in a job well-done. Knowing that my efforts are useful and usable is more than adequate to me. The typical attributes of job satisfaction is motivation and productivity. When an employee is satisfied with his or her job the employee will almost naturally be excited and motivated, thus increasing productivity. I am no exception to this rule. Compensation and Benefits Currently my compensation and benefits are as high as they can be for the company. In the near future I plan to include a key individual life insurance plan to my list of benefits. This life insurance plan would pay the company as the beneficiary to offset costs pertaining to hiring and promoting individuals in the event of my death. Most organizations have at least one employee who is fundamental to the continued success of the business. It could be the owner, manager, or someone with a high level of experience, the loss or death of that person certainly would cause an upset both productively and financially to the company. This insurance benefit could be used to pay off debt, recruit new personnel, or any other useful tool needed to grow the business. Competencies For any business today and subsequently its managers to remain competitive, certain technologies must be utilized so that employees, management, and customers can communicate and conduct business in a simple yet proficient manner. Our computer system was upgraded just last year so I would believe that this system could easily carry us through this plan with regular updates. There are add-ons to the system that could be better utilized. In addition, certain competencies are required to fulfill the position of president and CEO in an effective manner. Competence defined is a gathering of functionality, involving skills, knowledge, and personal attributes, which, combined, establish successful achievement of activity (AdomaitienÄâ€", ZubrickienÄâ€", 2010). Adomaitiene and Zubrickiene also write that competencies and job experiences become a condition of personal clarity. The following competencies are required to grow as a manager/owner and thus have the company grow as well. An effective CEO must have the ability to understand, empathize, and assist in each area or department within the company to recognize its connection to other departments. I. Every employee has a role to play in the efficient function of the company, the awareness of each person and their role is a key component in success. II. A working knowledge of the company’s front office or rental software and its capabilities are vital to daily operations. III. A working knowledge of the back office systems and their functionality will prove essential for financial recommendations. Job Experiences Fortunately, my current experience level with each department is such that I feel as though I am a step ahead already in my plan. These experiences allow me the confidence to discuss any changes that may be initiated to improve the company. Continued access to the departments and their functions will help to keep my competencies up to date. Training and Education Training and education are an indispensable part of any plan’s success. The educational background I have will be sufficient to begin this process; however the complete plan will require additional education and a personal in-depth assessment of my own personal strengths, weaknesses, and a thorough knowledge of what items will need adjustment are the first necessary step. My education with University of Phoenix and continued work experience help to complete my understanding of the business process and the functionality of this knowledge. J-R Equipment’s Role J-R Equipment’s responsibility is simply to comply with the recommendations made. The department managers will prove essential in the process. Open forms of communication are crucial to the success of our plan and subsequently our company. Regular meetings will be held to mark the successful procession of the plan. Plan Timeline Year One:1.All job analyses and descriptions are complete. 2.Begin working with other managers to formulate ideas for streamlining. 3.Set schedules for employee training on the computer system. 4.Update Employee Handbook. 5.Begin inventory analysis with equipment not available for rental. Year Two:1.Reorganize employees to better suit their skills and talents. 2.Review pay scales of all employees to make certain current state legislation is upheld. 3.Begin review of benefits packages. 4.Continue gathering ideas for streamlining. 5.Revise/implement training schedules. 6.Update Employee Handbook. 7.Continue inventory analysis with spot check inventory reconciliation. Year Three:1.Complete review of benefits packages. 2.Update Employee Handbook and new hire package. 3.Continue inventory analysis. 4.Begin to put into effect ideas for streamlining the rental process. 5.Review pay scales of all employees Year Four:1.Update/review streamlining processes. 2.Update Employee Handbook and new hire package 3.Continue ongoing inventory analysis. 4.Review pay scales Year Five:1.All processes should be completed 2.Review new processes for functionality 3.Review needs for additional training. 4.Review pay scales and benefits packages 5.Update Employee handbook. 6.Formulate a Mentoring Program Mentoring A mentoring program can be formal or informal. The informal plans offer much more than the formal plans. Informal programs are more driven simply because both parties are motivated, and the relationship would be more relaxed and without boundaries (Chao, 2009). Formal programs are certainly more rigid, more structured, and more visible. Currently there is no formatted mentoring program in place even though I was mentored without even knowing it. I do however intend to formulate a program by the end of the five year period. This is largely dependent on employee and family growth within the business. There are several candidates currently that will be given the opportunity for experiential growth to a higher level of responsibility. The program itself will need to address the ever-changing working world and its part in an individual’s life (Patton, McIlveen, 2008). Conclusion A career development plan has been difficult to prepare. My career has almost always been J-R Equipment. I have been raised here and groomed for this business and am thankful for that education. I and my siblings were raised in this business, my children were raised in this business, and now my grandchildren are being raised here. I could not be more proud or motivated for our continued success. References AdomaitienÄâ€", J., ZubrickienÄâ€", I. (2010). Career Competences and Importance of Their Development in Planning of Career Perspective. Bridges / Tiltai, 53(4), 87-99. Chao, G. T. (2009). Formal mentoring: Lessons learned from past practice. Professional Psychology: Research And Practice, 40(3), 314-320. doi:10.1037/a0012658 Morgan, M. (2011). Building Personal Equity. Strategic Finance, 93(6), 16-61. Patton, W. (2009). Practice and Research in Career Counseling and Development— 2008. Career Development Quarterly, 58(2), 118. The Value of Key-Person Life Insurance. Retrieved from

The Product Life Cycle

The Product Life Cycle The  product life cycle  is an important concept in marketing.   It explains the stages a product goes through from when it was first thought of until it finally is removed from the market. All products does not reach this final stage.   Some continue to grow and others rise and fall.  So ,this is basically an idea of product life cycle. Product life-cycle management  (or  PLCM) is the succession of strategies used by business management as a product goes through its  life cycle . The situation or condition in which product is sold (advertising, saturation) keep changes over time  . Aim The aim of P.L.C. are to minimize time to market, improve product quality, minimize prototyping costs, identify potential sales opportunities and revenue contributions, and minimise worst impacts at end-of-life. To create successful new products the company must comprehend its customers, markets and competitors.so the company focus on these factors. DEFINITION All products have a particular life time, which is called the product life cycle. The life of time a product is on the market is highly dependent on its competition, technology and even the understanding of a companys marketing department. One of the best ways of extending a products life cycle is to regularly collect feedback from consumers, finding out what they need and want from a particular product. Genrally product life cycle has four stages which are as follows: Introduction Stage After a company develops a product and tests its feasible among consumers, the product is usually introduced to the market. This first part of a products existence is called the introduction stage. A company is usually trying to build both advertising and brand awareness of the product in the introduction stage. So thats why the company cost remain relatively high.. The first pricing strategy would be to enter the market with a high price in hopes of regain initial production and advertising costs.. Growth Stage The growth stage is when product sales start to grow exponentially, especially when the product is at high demand. At this stage, competition will grow as other companies create competitive products. The market leader or first company in the industry to create the product will usually maintain its starting price as the sales are incrementing obviously price is acceptable to cuctomer. Saturation Stage Competition will eventually start reaching a saturation point over time. Companies will for a position in the market to compete with the leading company. At this point, it will be difficult for new competitors to enter into the market. Some may even go out of business. Market saturation will eventually force companies to lower prices. It is during this stage that consumer research is extremely important. A company will want to determine what features, styles or flavors of the product in question consumers want so it can differentiate its product from competitors. A company may also discover that the consumers want additional products. Hence, the companys best strategy is to extend its product line to include these additional products. Declining Sales Stage Eventually, product sales will start declining unless a company finds new uses or markets for its product. The decline stage may be haste occurence by new technology that replaces the outdated product. For example, the computer eventually replaced the typewriter. The company may also cut back on advertising during the decline stage. For example, black and white televisions are still in existence but are not promoted. sld00311.jpg (749-463) BEN SHARMAN Ben Sherman is a globally recognised lifestyle brand. It has grown from its business beginnings in quality shirts in Brighton in 1963 and is now sold in 35 countries around the world. It has expanded into the USA, Europe, and Australasia. In 2004, Ben Sherman was acquired by the American-based company, Oxford Industries. This group is an international apparel design, sourcing and marketing Ben Shermans name has always been closely linked with the British music scene and with fashion. Its customers are young and at the forefront of style. Throughout the years high profile customers include musicians, models, actors and bands, such as Blur, Oasis and the Kaiser Chiefs. The growth of the brand can be traced through changes in musical taste and this is a key part of Ben Shermans marketing strategy. Ben Sherman has developed a balanced marketing mix. This is often referred to as the 4 Ps product, price, promotion and place. By getting the mix right, the company ensures that its products reach the market segments it is aiming the brand at. This approach helps the business remain competitive and extends its market share and influence. The marketing mix is like a cake recipe. Most cakes need the basic ingredients of eggs, flour, sugar and milk. However, a childs birthday cake will require a different recipe to a wedding cake. The key is to combine the ingredients to get the right cake for the right occasion. The marketing mix works in exactly the same way. The key ingredients of product, price, promotion and place are all necessary for the appropriate marketing of the product. Ben Sherman chooses the right combination of each element to satisfy different customers needs. PRODUCT Ben Sherman has to decide whether to create a product and then market it to target customers (product-orientated) or find out what the market wants and then provide it (market-orientated) To achieve both, the company produces a wide product range that appeals to all its target market segments. The range includes casual clothes, formal wear, denim, footwear and lifestyle accessories, such as underwear, watches, bags, belts and fragrances. .Product life cycle Ben Sherman uses major fashion shows to launch its collections to the press. The fashion year has two cycles the spring/summer season and the autumn/winter one. The fashion industry is highly competitive and fast-moving. Fashion products tend to have a short life cycle. This means the time between the launch of a product and the point at which that product is mature is very quick. Competition amongst fashion retailers forces businesses to refresh their ranges a number of times in a year. This topping up modifies the product as it reaches the maturity stage. The boost of a new product or style then extends the life of the range. Products need refreshing to avoid the dip in sales during the Saturation stage of the life cycle which could result in an early decline. The additions and changes help sales rise again, earning extra sales revenue and profit, as well as maintaining the Ben Sherman brand in the market. PRICE Ben Sherman has to assess which markets its products are aimed at and set a price to match.There are a number of pricing strategies that a business can use for its products including: cost based pricing where the selling price is set to cover the cost of manufacture. market orientated pricing. Market orientated pricing covers several different approaches: market penetration, where a new product is priced low to attract a high volume of sales market skimming where a new product has premium pricing to give high revenues whilst the product is unique in the market premium pricing, where there is a uniqueness and exclusiveness about the product so that it can command a high price economy pricing, which tends to be for no-frills, basic products where the cost of manufacture and marketing are kept to a minimumThe price of a product relates to its perceived value. Lower priced items will expect a higher volume of sales, whilst fewer sales of luxury products may achieve the same revenue through higher pricing. Low price brands often copy the market leaders and may be generic own brands, such as those produced by supermarket chains. The main purpose of price here is to indicate value for- money and such brands do not expect customers to show loyalty. Ben Sherman produces mostly medium-price range products. Its position in the market for clothing is shown on the product map diagram. The mix of product and price is clearly evident here. These brands are identifiable by their quality and style. PLACE This refers both to the places where Ben Sherman products may be bought and to the channels of distribution used to deliver the products to these places. Place is not always a physical building such as a retail outlet or shop, but includes any means by which the product is made available to the customer.A business has to balance getting enough of its products to its target customers against the problems or costs of distributing them. PROMOTION The purpose of promotion is to obtain and retain customers. It covers: above-the-line, which is using independent media to reach a wide audience easily, but over which the company may have limited control, for example, magazine advertising. This reaches a mass audience but can be hard to measure its impact. below-the-line, which uses media over which the business has control, for example, direct mailing. This type of promotion can be more cost-effective and give more measurable response rates. CONCLUSION Ben Sherman is a brand that appeals to the youth market. Its responsiveness to changing tastes in fashion and music throughout the last fifty years has provided it with a unique heritage of quality, personality and style. This has made Ben Sherman into a great British icon, reflecting British culture as it does business across the world. Whilst each element of the marketing mix is important in its own right, the right balance of the four elements is critical. MAGGI Different phases product life cycle of maggi Why  attanoodle  was  a  failure? Strategies taken to establish new productcategory What measures NIL should take to sustain theimage of a popular brand image. Stage at which maggiis in the product lifecycle. PRODUCT LIFE   CYCLE A concept that provides a way to trace thestages of a product ¶s acceptance, from itsintroduction (birth) to its  decline (death) INTRODUCTORY STAGE High failure rates No competition Frequent product modification Limited distribution High marketing and production costs Promotion focuses on awareness and  information Nestlà © India Ltd. (NIL), the  Indian subsidiary of the global FMCG major,Nestlà © SA, introduced the Maggibrand in India in 1982, with its launch of  Maggi2 Minute  Noodles, an instant  noodles product GROWTH STAGE Increasing rate  of sales Entrance of competitors Initial healthy profits Promotion emphasizes brand ads Prices normally fall Development costs are recovered 10 yrs back it  enjoyed around 50% market share in this  segment which was valued ataround 250 crores. . MATURITY STAGE Declining sales growth Saturated markets Extending product line Stylistic product changes Heavy promotions to dealers and consumers Prices and profits fall In  2003  Hindustan  Lever  Ltd  was all  set  to take on  Nestlesbestselling  Maggi2-minute noodles by launching a new category of liquid  snacks under it foodbrand, KnorrAnnapurna DECLINE STAGE Long-run drop in sales Large inventories of  unsold items Elimination of all non essentialmarketing expenses

Golden Rule and Environmentalism :: Environment Ecology Ecological Essays

Golden Rule and Environmentalism Intelligence, humor, simplicity, common sense, lack of philosophical jargon, perspective, wit, answer to questions. In the style of a popular scientist, not a philosopher, Stephen Jay Gould announces his view of an appropriate environmental ethic following the simple, but forever elegant, golden rule. "If we all treated others as we wish to be treated ourselves, then decency and stability would have to prevail"(216), he states. In the spirit of Karen Warren, Gould's perspective on environmentalism 'feels right' to me, as I can connect with acts of respect and benevolence towards humans and can easily extend that feeling to the rest of the earth (especially on a personal level where I see the golden rule as the basis for my religious beliefs). However, upon closer examination, I find the suggestion to 'just follow the golden rule' as an environmental ethic problematic when examined in a practical, non-idealized light. Harkening back to the problems encountered in previous discussions of biocentric and ecocentric ethics, I am troubled by the potential outcomes of an environmental ethic such as this. In searching for a practical example with which to apply the golden rule ethic, let's examine Martin Kreiger's example of what to do in the case of Niagara Falls. Kreiger discusses three options for managing the Falls which were devised by the International Joint Commission Fallscape committee: 1) converting the falls into a monument, i.e. spending money and resources to keep the falls the way they are now; 2) making the falls an event, i.e. allowing the falls to continue to evolve, monitoring for rockfalls, and 'selling' their occurrence to the public to watch; 3) treating the falls as a show, i.e. giving a director complete power and discretion over the amount of water flowing at a given time, the size of the pool, and the amount of debris, along with lights and music, of course. Where would the golden rule ethic lead us in deciding the appropriate action for Niagara Falls? The first question in trying to apply this ethic is, who determines how "we" would want to be treated so that it can be determined how Niagara Falls would want to be treated? Should 'the public', as Kreiger thinks, have the say in what happens to Niagara, and therefore, decide its fate? I don't think that the public is in an appropriate position to decide the fate of this, or many other, environmental entities.

Cost of Debt Bias

Debt is perpetual 2. probability of default is 6 in each period. The probability is the same in every period 3. If default occurs, bondholders receive p fraction of the face (principal) value f the bond plus accrued interest. 4. Bond is sold at par, i. e. , the bonds initial price equals its principal value. . If the bond does not default, the bondholders receive the promised coupon payment. 6. Discount rates are constant over time. At the start of each period in which the bond has yet to default, the bonds price must equal its initial price. Why? At the start of period 1, the bond promises to pay a perpetual series of interest payments and with a 6 probability of default and an a ecovery rate of p; at the start of period 100, if the bond never defaulted in the previous 99 periods, the bond promises to pay a perpetual series of interest payments and with a 6 probability of default and an a recovery rate of p.The same statement is true for any and all dates in the future. Thus, the pr ice will be the same at all dates in the future. Thus, if the bond does not default at the end of the period, at the end of a period, it is worth P + rYTM P; if the bond defaults at the end of a eriod, it is worth y(P + rYTM P).

Clinton vs Lazio essays

Clinton vs Lazio essays Many of the upcoming November elections this year create much friction and competition between the candidates. The New York State Senate race between Hillary Clinton and Rick Lazio has proved to very close and heated. eEach candidate has strong views on issues and puts up a good debate about each one. Hillary Clinton is the Democrat and Rick Lazio is the Republican in this election. This is a very close race and the winner will determine many of New Yorks views on future issues. Hillary Clinton, never having a legislative record, has been the First Lady to the President for 8 years. Clinton has been a resident of New York State for only a few months previous to the time she began running for office. Clinton is challenged by her opponent because radio and television ads seem to turn the public against Clinton. This is an example of Lazio criticizing her because of his negatively directed ads towards Clinton. Because Clinton has never been involved in a legislature before, she has no voting record. This could prove to be a disadvantage for Clinton because voters cannot see what she has previously supported. Hillary has an advantage in the election because the New York Times endorsed her. Being the most prominent newspaper in New York, this is a sign of success as the last two politicians endorsed by the NYT have won their elections. Another disadvantage that Clinton has is that she is not a born New York citizen. She has been carpetbagging, or buyin g property in a state just so she can run for office in the state. Hillary takes a firm stand on many of the issues facing New York State and the Congress today. Hillary Clintons views on abortion are that she supports the Roe vs. Wade ruling. This act was passed in 1973 when the US Supreme Court legalized abortion. She would vote to ban late-term abortion, unless the mother or child was threatened by the birth. Clinton would reject Supreme Court ju...