Parents Should Not Spank Children - 1657 Words

Parents should not spank children Spanking is a method that most of parents use to punish their children after they have done something bad, which can help a child not to do the same thing again or over and over. It has been the way of discipline for many years. According to Julie Crandall, â€Å"65 percent of Americans spank their children, which means 3.5 out of 5 parents spank their children†. This study clearly shows us that parents more parents spank their children. Parents have been influenced by their surroundings to do it. They spank their children because they think it really works, so their children can behave better. Also, it can shape the child into good character and parents think spank their children will teach them not to do things that are forbidden. All in all, majority of people in this world believe that spanking is an acceptable tool for disciplining their children. Some people think that spanking is a type of abuse that parents need to correct a child†™s behavior, on the other hand; others think that spanking is not a good way to correct a child’s behavior. A parent does not need to spank your kid to get an outstanding out. Rather than trying to teach a child how to behave, corporal punishment makes him or her feels afraid. With this negative outcome, no parents should spank their children. It would be better if parents stop spanking their children and parents should not be allowed to spank their children in any situations. InShow MoreRelatedShould Parents Spank Their Children?1327 Words   |  6 Pages Should parents spank their children? Miguel Tello EMT LBCC Shawn Parker Nov 24, 2015 Abstract Corporal Punishment is a controversial topic that is influence by religion, values, upbringings etc. What parents do not realize is that it can have great outcomes in whether you practice it or not. One thing is certain, physical abuse is not always the answer. People should take a second and evaluate there parenting skills. Whether they are going to give positiveRead MoreShould Parents Be Allowed to Spank Their Children1456 Words   |  6 PagesShould Parents Be Allowed To Spank Their Children? The inhuman act of corporal punishment at home that is discouraged globally by a number of pressure groups and social welfare organizations should be completely banned, and parents should be allowed to spank their children. Physical violence practiced on children also known as corporal punishment has been discouraged globally by a number of pressure groups and social organizations for a number of reasons with serious consequences for violatorsRead MoreParents Should Not Spank Their Children Essay examples1654 Words   |  7 Pagesinjury. So, are parents actually teaching their children violence? When a parent spanks a child, whether they are aware of it or not, they are teaching that child violence. They are teaching them that hitting someone else is okay. In his article The 13 Ways Spanking Harms Children, Michael J. Marshall, PhD, says that children who are spanked engage in more hitting and fighting than those who are not physically punished by their parents. Relying on spanking when parents think its neededRead MoreSpanking Young Children1366 Words   |  6 PagesAbout 60% of parents in the United States use spanking as a method to discipline their young children. In most cases parents believe that spanking is the only effective way to discipline their children. According to the â€Å"International Encyclopedia of Marriage and Family†, spanking is often referred as; â€Å"one or two flat-handed swats on a childs wrist or buttocks, but would not include a beating with a whip or a belt, for others, spanking also includes slaps and pinches to the leg, arm, back , or evenRead More Corporal Punishment in America Essays1222 Words   |  5 Pagescorporal punishment as the use of physical force aimed at causing children to experience pain but not injury, for the purposes of correction and control of youthful behavior (Day 83). Spanking is one form of physical or corporal punishment (Epoch 1). The general acceptance, and sometimes support, of corporal punishment as a method of discipline is an aspect of the American culture (Barnett, Miller-Perrin, Perrin 61). Children are abused, in part, because they are unable to defend themselvesRead MoreParenting Styles, Authoritarian, Authoritative, Permissive And Uninvolved981 Words   |  4 PagesParenting style has a big impact on how children develop into adults, and there are important implications for their future success. (Ronald Riggio, 2014) How a parent treated their child will follow the child for the rest of its life. Different parenting styles and their punishments that follow can affect the child mentally (psychological disorders) and physically (obesity). While we all know some forms of punishment is uncalled for such as persistence spanking is not typically just punishment butRead MoreCorporal Punishment Is A Discipline Method1650 Words   |  7 PagesEnglish Dictionary, states that the verb spank means to â€Å"slap with one s open hand or a flat object, especially on the buttocks as a punishment† (Spank). Either against or for spanking in both definitions one can see this i s an inhumane thing to do to a person let alone a small innocent child. I have heard stories from my father about how he used to be spanked as a child. He said that if it was a minor wrong behavior then he or his siblings would receive a spank by the hand, but if they did somethingRead More Corporal Punishment (Spanking) - A Parents Choice Essay748 Words   |  3 Pagescausing children to experience pain but not injury, for the purposes of correction and control of youthful behavior(http://www.123helpme.com/preview.asp?id=32539). Spanking is a controversial topic and should not be taken lightly. As a child I was spanked when I did something wrong. My parents never left a mark on me what so ever. Being spanked taught me respect and kept me in line. The way my parents disciplined me, I think is an accepted method of punishment. I believe what parents do to theirRead MoreThe Importance Of Parental Spanking Of Children1540 Words   |  7 PagesParents should not spank their children because the parental spanking of children can be harmful to the behavioral and social development of their children. Parental spanking of children is a violent disciplinary technique where a parent hits childrens behinds with an open hand or object in order to deter childrens behavior in a way the parents may perceive as negative. I grew up in a home where my parents spanked me and my three younger brothers. I have witnessed parental spanking of childrenRead MoreThe Effects Of Spaking And Child Abuse866 Words   |  4 Pagesspanked by a parent for misbehaving may carry on this behavior as an accept able form of punishment for their own children. Others believe spanking to be an outdated punishment that is cruel and can cross the line to physical abuse. Some also believe spanking allows a parent to immediately stop a dangerous action, and, as a traditional form a discipline, may be necessary to communicate a message about negative behavior to young children who may not understand verbal explanations. A lot of parents find their

Case Study Of The Classroom - 3005 Words

Case Study Tyler is a 10 year old boy brought by his parents for an educational assessment. An engaging little boy, his parents report that he is behind in his school work and has been in trouble for disruptive behaviour in the classroom. The school had provided school reports and he is below average on maths problems and his assignments appeared rushed and poorly put together. Socially, Tyler has friends but frequently has fights with them over trivial matters. Sometimes they tease him calling him a baby because of the way he reacts in social situations sometimes. His teacher reports that he is generally cooperative in the class room and notices that he displays lots of concrete thinking, unable to think of alternatives in problem solving. He does need support in the class room and the teacher has talked to the parents about an aid in the classroom. Tyler’s mum, Debbie reports that there weren’t any problems with his birth but she was worried as his speech was slightly delayed and when he did start talking, it appeared to take longer for him to produce words compared to other babies his age. DIAGNOSTIC FORMULATION Tyler brought by his parents for an educational assessment due to his low performance in his school work and also because he got in trouble for disruptive behaviour in the classroom. That was his first visit in the clinic. Based on the information available the symptoms reported such as disruptive behaviour in classroom, poor school performance,Show MoreRelatedClassroom Case Study1038 Words   |  5 PagesHuman Resources Frame The Organization This paper will identify one area of focus that the Cherry Creek School District will implement to assist students who have completed their high school graduation requirements, have an IEP, and may still need transition services additional experiences and opportunities to ensure they will be able to reach individual goals and acquire the knowledge and skills needed to access appropriate community resources and agencies. Currently, this program is housed inRead MoreA Case Study of Disruptive Behavior in the Classroom1728 Words   |  7 PagesA Case Study of Disruptive Behavior in The Classroom 1 A Case Study of Disruptive Behavior in The Classroom Grand Canyon University-EDU536 Peggy Mosley 05/01/13 A Case Study of DisruptiveRead MoreA Case Study of Reverse Inclusion in an Early Childhood Classroom4433 Words   |  18 PagesA CASE STUDY OF REVERSE INCLUSION IN AN EARLY CHILDHOOD CLASSROOM Michele Hanlon Texas State University CI 5390 Spring 2007 Dr. Nancy Langerock Abstract This is a case study of a preschool reverse inclusion program implemented at an elementary school in central Texas. This preschool class consists of 11 children with special needs ranging in severity. There are 4 typically developing students enrolled full-time in the class for a class total of 15 students. They areRead MoreThe Classroom Case Study : Ad / Hd Twelfth Grade : Language Arts1520 Words   |  7 PagesClassroom Case Study: AD/HD Eleventh-Grade: Language Arts 1. Characteristics For my case study, I intend to research ADD and ADHD in eleventh-grade students in English and language arts classes. Normally eleventh-graders are around 16 and 17 years old. As most cases of AD/HD are diagnosed while children are young, most students in high school would have already known how to work with their disabilities for many years. However, they might still need help from their IEP team, which includes theirRead MoreA Presentation Of The Rationale For The Qualitative Case Study Approach1659 Words   |  7 Pagesmethodology of my case study. I will begin with a presentation of the rationale for the qualitative case study approach. Next, I will present the participant selection criteria, the design of the study, and the methods of the data collection which will include the two interviews (first and follow-up), classroom observation, videotaping the participant during instruction, and document data collection. I will also discuss the strategies I will be using to enhance the trustworthiness of the study. At theRead MoreEssay on Online Learning and Traditional Classroom Instructions1022 Words   |  5 Pagesconvenient but also more effective than traditional classroom instructions. Advocates of online learning argued that it is both convenient and effective because the students can attend classes and courses whenever and wherever they want, which allows them to easily plan out a schedule that would work for them, to suit their own way of learning style. However, proponents of traditional classroom instructions think otherwise. They explain that traditional classroom settings would allow students to be more involvedRead MoreThe Teaching English Language Skills1650 Words   |  7 Pagestraditional approach of teaching in various universities, where the learner used to be dependent only on the lecture delivered by the teacher. The learners were not exposed sufficient practice on their own and the interaction among the learners in the classroom was almost absent. That time the main focus was on grammatical rules, memorization of vocabulary, translation of texts and doing writing exercises. Classes were also conducted in native language ‘Bangla’ with little or no use of English languageRead MoreClassroom Management For Early Childhood Education1000 Words   |  4 PagesThe topic explored by this study is classroom management for early childhood education. In general, the literature seems to indicate that effectiveness of c lassroom management. The information presents skills necessary for teachers to use to become successful in the classroom. Some research calls for a series of steps for one to take teachers to become successful in the classroom. Each task varies from teacher to teacher, but overall to have complete success with classroom management one must practiceRead MoreHow Responsive Teaching Is Defined As A Way Of Thinking Essay1208 Words   |  5 Pagesin this case, our students. However, is a flexible response to stimuli necessary for the success of others and yourself? Does flexibility in responsive teaching cause success and effective teaching or does flexibility in responsive teaching negatively impact success and the effectiveness of the teaching? The answer to that question varies from case to case, but in most cases flexibility in responsive teaching causes success and effective teaching. In a recent study, The Responsive Classroom EfficacyRead MoreElementary School Reflection890 Words   |  4 PagesRunning Head: JOURNAL REFLECTION 1: A CASE STUDY OF A HIGHLY EFFECTIVE, INCLUSIVE ELEMENTARY SCHOOL Journal Reflection 1 Reflection of: A case study of a highly effective, inclusive elementary school. Connell Reddick Jr. Augusta University Summary: A case study of a highly effective, inclusive elementary school The study conducted at Creekside Elementary School (CES) in Florida was aimed to investigate the contributing factors which led to the success of their highly

Taxation Rulings And Fringe Benefit Tax †Myassignmenthelp.Com

Question: Discuss About The Taxation Rulings And Fringe Benefit Tax Assessment? Answer: Introducation As determined under taxation rulings of MT 2027 under sub section 136 (1), the use of the assessable income will be considered based on the private usage. Despite of this, as per sub-section 136 (1), has stated on the various types of the operating cost as per the valuation method has been used in the business and the same has been stated with the private use made by the associate or the employees. As per the paragraph 3, the different types of the Miscellaneous Taxation Ruling is required for the business in terms of recording in the logbook and the same has been seen as an identical form of the document for the use in the private use of a car and the same has been applied as per the operating cost methodology. It has been further determined that the different types of the consideration made in the taxation has been based on the travelling distance of Charlie with more than 50,000 km relating to work. The operational cost model is applicable for the determination of the fringe benef it of the car and the same has been complied with the sub-section 136 (1) of the Miscellaneous Taxation Rulings of 2027 (Australian Trade Commission, 2015). The main question has been seen in terms of the determination of taxation arise out of the business and personal use. Henceforth, the car used by the employee was taken exclusively in course in generating the assessable income of the employee. The various considerations has been taken with various factors in assessing of the income which needs to be produced as per the assessable income and done as per sub section 136 (1). The study has further followed the course of employment that has been able to provide the various types of the business activity carried with the employment activity of the employee constituted with the use of FBT. In addition to this, the car made by the associate has been taken into consideration with the business which is carried out in a similar fashion and considered for the purpose of business use. As per the given in the case, Charlie has made use of the vehicle at the time of his employment and this has been carried out with the business activities. Charlie has been further seen to use the car in the production of the assessable income of the employee and the same has been able to attract Fringe benefit Tax. The various types of the test has been further seen to be based on the as per both private and business for FBT and the same has been seen to be applicable with assessing the deductibility rationale under section 51 of the Income Tax Assessment Act 1997. Different types of the evidences has been inferred from use of car by the use of employment and the same needs to be considered as per the deductions of income tax. The determination of the various types the difference among the business use and private use has been seen with the use of present case Charlie and the same needs to be evaluated as per the deductions allowable for the income tax (Australian Government, 2015). The various types of the consideration has been further seen to be consistent with the guidelines derived from the Miscellaneous Taxation Rulings of 2027 and the different types of the principles has been further seen to be applied based on the income tax. The various types of the rulings of the taxation has been further seen to be assessed on the different types of the rulings stated under Sub-division F of Division 3 of the income tax in terms of car expenses incurred and the aspect which needs to be considered for the income tax determination. The tax ruling has been seen to be based on the determination as per taxation rulings of IT 112 and the decision needs to be held as per the given case of Lunney and Hayley v FCT (1958). The circumstance related to the same has been considered as per the various consideration of ordinary private travel. The different types of the consideration relating to travel to work is considered as a mandatory requirement for the assessment of the income and this aspect cannot be considered in the course income and earnings. Hence, the distance travelled by Charlie needs to be considered as private and the aspect that he has made use of during his employment. It further needs to be considered that the various types of the other aspects related itinerant nature of the employment. The main reference of the case has been further seen to be taken based on the Newsom v Robertson (1952) 2 All ER 728; (1952), the cost consideration has been considered with Charlie in travelling from home to the place o f work and the cost involved in the same. It has been further discerned that the court has been able to acknowledge the travel expense which has been considered in travelling from home to the chambers or to various courts in course of the day has not amounted to the expenses (Hosking, 2016). Employment duties of an Itinerant Nature: It has been discerned that for a long time, travel of employee from home may be constituted as a business travel on such a situation where the individual is seen to be unemployed and is inherently itinerant. As per the case of Simon in Taylor v Provan (1975) AC 194, the travel of Charlie has been considered as employment travel as the travel has been considered as the fundamental part of his work. Moreover, the employment terms of Charlie is required to discharge the various types of the employment duties considered more than once based on the place of employment (Australian Taxation Office, 2015). It has been further seen that as per the FBT Act 1986, Charlie was seen to be using the car of the employer partly used for employment purpose and partly used for private usage. Charlie has been further seen to incur the costs such as cost of repairs, registration, insurance and maintenance. Henceforth, for the purpose of FBT deductions Charlie will be able to claim the various types of the work related portion of the cost as it was utilised for producing the assessable income (Taylor et al.,, 2015). Car parking fringe benefit: The car parking fringe benefit has been seen to be considered as per employers parking based on the following conditions: The car has been parked in the premise and the same was seen to be owned or leased under the control of provider The car had been seen to be parked exceeding four hours The vehicle has been leased or owned as per the control of employee The vehicle was given in respect to the employment of the employee The car has been further seen to be used as per the travel between work and home for minimum of one day The same has been further seen to be evident with the aforementioned conditions. It has been discerned that Charlie has parked his car at a secure area of parking which has been considered from the employer and for the same Shine Homes has made a payment of $ 200 every week. The main consideration has been further able to show that the car was parked in the garage of Charlie and the same was under the control of the provider. The vehicle was further provided to Charlie as per the terms of his employment. In addition to this, Charlie was able to use the car for travelling from home to work every day. Henceforth, the fringe will arise as per the deductions claimed with Charlie and Homes with parking fees paid on behalf of the employee (Devos, 2014). FBT on accommodation: As per the Fringe Benefit Tax Act 1986, the main form of the provision has been represented with the entertainment in form of accommodation, drink or recreation which is in connection to the entertainment. As evident from the case stud, Charlie has encountered with a minor accident was not able to use the vehicle for a total period of 2 weeks. This has been further seen to be taken based on the wedding of Charlie and Shine Holmes, who under took the decision for hiring of the car for that particular period and allow Charlie to attend his honeymoon (Grantley Taylor Richardson, 2013). The present circumstance has been further seen to be considered as per the fringe benefit provision for tax, which has been able to attract the tax liability for the entertainment of the employees and the non employees for a weekend, thereby offering them a holiday. As per the given situation it has been further seen that the different types of the rulings and the timing of the fringe benefit and the ins talment of fringe benefit has been taken into consideration based on subsection 51 (1). As per the rulings of taxation TR 94/25, the fringe benefit instalments is generally considered as per generating assessable income seen to take place in conducting the business activities and the amount of the same are seen to be deductible as per subsection 51 (1) of the ITAA (Meng, 2014). The liability associated to the Fringe Benefit Tax for Shine Homes have taken place with the various types of the common wealth legislations. As per section 5 of the Fringe Benefit Tax Act 1986, tax is seen to be generally imposed based on the various considerations made as per the FBT of an employer outstanding in a particular year. As per the reference Tubemakers of Australia Ltd v. FC of T93the fringe benefit sum needs to be composed with the total amount incurred with the numerous FBT provided to Charlie by Shine Homes (DAscenzo, 2015). As per the given scenario, it has been further seen to be evident that the consideration various types of the expenses such as honeymoon accommodation, parking fees, hiring cost and the expenses incurred in producing or gaining of the taxable income. The main consideration of this has been seen with the compliance with subsection 51 (1) of the ITAA 1997 and the expenses which has taken place in gaining or produced with the assessable income for carrying of a business and this needs to be considered with the deductible expenses (ATO, 2016). Conclusion The important considerations of the study have been able to highlight on the different types of the benefits based on fringe benefit and the same is seen to be taxable as per FBT Act 1986. The study has been further able to show the relevant case laws and sections which is related to the car fringe benefit. The use of the vehicle by Charlie has been constituted on accordance to the production of the assessable income from the employee and the same is seen to attract high amount of Fringe Benefit Tax. Reference List: ATO. (2016). Luxury car tax. Australian Tax Office, 5. Retrieved from https://www.ato.gov.au/Business/Luxury-car-tax/ Australian Government. (2015). Australian Taxation Office. Registerting for GST. Retrieved from https://www.ato.gov.au/Business/GST/Registering-for-GST/ Australian Taxation Office. (2015). Yearly reports and returns | Australian Taxation Office. Retrieved from https://www.ato.gov.au/Business/Yearly-reports-and-returns/ Australian Trade Commission. (2015). Australian Business Taxes. Retrieved from https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-Australian-taxes/Australian-business-taxes DAscenzo, M. (2015). Modernising the Australian Taxation Office: Vision, people, systems and values. eJournal of Tax Research, 13(1), 361377. Devos, K. (2014). Do penalties and enforcement measures make taxpayers more compliant?- The view of Australian tax evaders. Journal of Business Economics, 5(2), 265284. Retrieved from https://www.academicstar.us Hosking, A. (2016). Australian Taxation Office adds voice authentication to its app. Biometric Technology Today. https://doi.org/10.1016/S0969-4765(16)30038-8 Meng, S. (2014). How may a carbon tax transform Australian electricity industry? A CGE analysis. Applied Economics, 46(8), 796812. https://doi.org/10.1080/00036846.2013.854302 Rootes, C. (2014). A referendum on the carbon tax? The 2013 Australian election, the Greens, and the environment. Environmental Politics, 23(1), 166173. https://doi.org/10.1080/09644016.2014.878088 Taylor, G., Richardson, G. (2013). The determinants of thinly capitalized tax avoidance structures: Evidence from Australian firms. Journal of International Accounting, Auditing and Taxation, 22(1), 1225. https://doi.org/10.1016/j.intaccaudtax.2013.02.005 Taylor, G., Richardson, G., Taplin, R. (2015). Determinants of tax haven utilization: Evidence from Australian firms. Accounting and Finance, 55(2), 545574. https://doi.org/10.1111/acfi.12064

The Pianos Designs and Qualities

Most of the modern music instruments such as the guitar saxophone and the piano were invented by various individuals several years back. The piano is today one of the most widely played musical instruments (Antique Digest). This instrument is played through a key board (Good 76). It was commonly used in classical music during solo performance and generally as an accompaniment (Fischer). In addition to these, the piano is also used in composing and rehearsal.Advertising We will write a custom research paper sample on The Piano’s Designs and Qualities specifically for you for only $16.05 $11/page Learn More Even though this instrument remains expensive, it has remained a popular because of its versatility and ubiquity. The word piano originated from an Italian word pianoforte which means instrument. â€Å"The musical terms piano and forte mean quiet and loud, and in this context refers to the variations in volume of sound the instrument produces in response to a pianist‘s touch on the keys† (Lhevinne 123). Bartolomeo Cristofori is today a credited for having invented the modern piano. Before he developed the piano, he made his earlier instruments using strings and they were very quiet compared to the current piano. The manufacturing of the piano became popular towards the last phase of the eighteenth century especially in Vienesse School. Vienesse piano models were made of wooden frames and each had two strings. They also had hammers covered with leather materials. The piano instrument was later refined through a series of improvements which included the following. Felt hammer covering replaced the use of leather covering or cotton. Iron frames were also used to enhance the piano sound. Broadwood is the company a credited for the formal manufacturing of the piano instruments (American Piano Association). Vienesse Company became one of its key competitors. Today many companies have engaged in production of piano in struments. At present, there are many designs of the piano and they vary in sizes and use. For example, the modern pianos contain two important configurations. â€Å"Almost every modern piano has thirty six black keys and fifty two white keys for a total of eighty eight keys†. â€Å"Many older pianos only have eighty five keys (seven octaves from A0 to A7), while some manufacturers extend the range further in one or both directions† (Humphries 345). Just like other instruments, the piano also needs regular maintenance and proper care. For example, the piano should be tuned in order to maintain the proper pitch needed for an effective performance. Other parts of the piano should also be periodically regulated (Harris). The piano has been used by many musicians to compose music. Some of the composers include the following individuals: â€Å"York Bowen, Erick Satie, Duke Elington, Anthony Braxton, and James Douglas† (Brings). Apart from these composers, we have som e outstanding pieces which include the following. Hesitation Blues was composed by an individual known as Jelly Morton, I Got a Woman was formally composed by Charles Ray. These pieces are classified under the genre of blues. Some of the piano pieces that were composed in the genre of jazz included: â€Å" body and soul which was produced by Edward Heyman together with Johnny Green, and Maple Leaf Rag that was composed by Scott Joplin† (Piano Street). The famous Elton John has also composed a number of pieces and one of them is called Crocodile Rock.Advertising Looking for research paper on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Because of the above mentioned qualities of the piano many musicians still use it. â€Å"It has therefore remained a crucial instrument in Western classical music, jazz, film, television, and most other complex western musical genres† (Green). Works Cited American Piano Associati on. Piano and Harpsichord Makers. 3 June 2010. Web. http://www.piano-tuners.org/makers.html. Antique Digest. Development Of The Piano. 3 July 2007. Web. http://www.oldandsold.com/articles04/music8.shtml. Brings, Tony. Piano–A World of History and Class. 13 March 2010. Web. http://www.i-love-piano.com/articles.php?001. Fischer, Julia. A History of the Piano, 1157-2007. 14 April 2009. Web. http://www.piano-tuners.org/history/history_1.html. Good, Edwin. Giraffes, black dragons, and other pianos: a technological history from Cristofori. Carlifornia: Stanford University Press, 2009. Green, Aaron. Piano Classical Music – A Beginners Guide to Great Classical Music for the Piano. 2 May 2011. Web. http://classicalmusic.about.com/od/classicalmusic101/p/piano classical.htm.Advertising We will write a custom research paper sample on The Piano’s Designs and Qualities specifically for you for only $16.05 $11/page Learn More Harris, William. The Pianoforte. 3 August 2008. Web. http://community.middlebury.edu/~harris/piano.html. Humphries, Carl. The Piano Handbook . New York: Backbeat Books, 2002. Lhevinne, Joseph. Basic Principles in Pianoforte Playing. Berkley: Dover Publications , 1972. Piano Street. Classical Piano Pieces. 25 March 2011. Web. http://pianostreet.wordpress.com/category/piano-articles/. This research paper on The Piano’s Designs and Qualities was written and submitted by user Arely I. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

A Guide to the Government Link to Abortions

A Guide to the Government Link to Abortions One controversial issue surrounded by rumor and misinformation is that of government funding of abortion. In the U.S., do taxpayer dollars pay for abortions? To dispel the rumors, lets look at a  brief history of federal funding of abortion. It will help you understand why, for the past three decades, abortion has not been funded by the government. The History of Federally Funded Abortions Abortion was made legal in the United States by the Supreme Court decision Roe v. Wade in 1973. During the first three years of legalized abortion, Medicaid the government program that provides health care  to low-income pregnant women, children, the elderly, and the disabled covered the cost of terminating a pregnancy. However, in 1977 Congress passed the Hyde Amendment which put limitations on Medicaid coverage of abortion. This allowed it for Medicaid recipients only in the cases of rape, incest, or if the mothers life was physically endangered. Over the years, those two exceptions were eliminated. In 1979, abortions performed if a mothers life was endangered were no longer allowed. In 1981, abortions performed due to rape and/or incest were denied. As the Hyde Amendment must be passed by Congress annually, the pendulum of opinion over abortion coverage has swung back and forth very slightly over the years. In 1993, Congress permitted abortion coverage  for victims of rape and incest. In addition, the  current version of the Hyde Amendment also permits ​abortion for women  whose lives are endangered by their pregnancies. It Extends Beyond Medicaid The ban on federal funding for abortion affects more than low-income women. Abortion is not covered for women in the military, the  Peace Corps, federal prisons, and those who receive care from Indian Health Services. The Hyde Amendment also applies to coverage provided through the Affordable Care Act. The Future of the Hyde Amendment This issue came to life again in 2017. The House of Representatives passed a bill establishing the Hyde Amendment as a permanent fixture in federal law. A similar measure is up for consideration in the Senate. If this passes and is signed by the President, the Hyde Amendment will no longer be up for review on an annual basis, but be a perpetual law.

Materials, Tips, and Tools to Help you Learn French

Materials, Tips, and Tools to Help you Learn French Learning French is an ongoing and involved process. You cant learn how to speak French overnight, and you probably cant learn on your own, no matter how many books and CDs you buy. What you can do is use this free website to supplement your learning: to get another explanation of something you didnt understand, to get extra practice between classes, and to brush up on what you once learned but have now all but forgotten. Learn French Online Learn French at About.com offers hundreds of lessons and thousands of sound files to help you learn French. If you are just starting to learn French, begin with one of these: Learn French - hundreds of online French lessons, plus study tips and sound filesFrench e-course - Learn just the basics with this 7-day introductory email courseFrench for travelers - Learn greetings, numbers, food, and other practical vocabulary for a trip If you are looking for a particular French lesson, try my Find it! page.   Learn French Offline There are also plenty of offline tools that you can use to learn French: Beginning FrenchFrench audio tapes/CDsFrench dictionariesFrench for kidsFrench grammar booksFrench learning softwareFrench schools About Learning French Not sure yet whether you want to learn French? Keep reading: What is French? - Some facts and figuresWhy learn French - What is learning French good for?Learn French as an adult - Yes, it is possibleIs Spanish easier to learn than French? - Compare them and then decideWhat is the best way to learn French? - Figure yours out Practice your French Dont forget that you also need to practice the French you learn. Daily FrenchFrench practice ideasOvercoming speaking anxiety

Landscape Structure and Wildlife Patterns Essay

Landscape Structure and Wildlife Patterns - Essay Example Strathearn, Perthshire is a broad river flood plain under mixed agricultural land use where substantial data were collected in 1998-2000 during a biodiversity study funded by the Scottish executive. Surveys of plants and animals were carried out within fields or unenclosed semi-natural habitats across the site. Various land cover data were collected within 1km diameter circles around the sample location so that relationships between landscape and species diversity could be investigated. On the second map you will see my 1km circle situated near the river. We where provided with information on the land covers in 1km diameter circles around sites where wildlife were surveys during 1999. I used a geographic information system (GIS) to derive measures of landscapes structure that can be compared with selected wildlife data from field survey. The graph showing the comparison between area woodland and the count of wild life shows significant variation in the presence of same species in the wood land of same area at different locations. The density of these species shows similar trends to a greater extend. In an area below 60000, the availability of plant spp. ranges between 0 and 5 in some woodland while in others it ranges between 5 and 15. The trend is similar at a higher woodland area ranging between 105000 and 130000. There is an absence of woodland area ranging between 53000 and 105000 in the catchment area. The graph... -0.018597634 spring oil seed rape -0.13902295 Wheat -1.167727571 d. wildlife land cover graphs from the grouped data for the river catchment, i have choose to 3 they are attached, need a brief paragraph on each. Figure 3. Landscape structure and wildlife pattern The graph showing the comparison between area woodland and the count of wild life shows significant variation in the presence of same species in the wood land of same area at different locations. The density of these species shows similar trends to a greater extend. In an area below 60000, the availability of plant spp. ranges between 0 and 5 in some woodland while in others it ranges between 5 and 15. The trend is similar at a higher woodland area ranging between 105000 and 130000. There is an absence of woodland area ranging between 53000 and 105000 in the catchment area. Figure 4. Landscape structure and wildlife The graph shows similar pattern between the availability of birds and plant spp. in an area with diversity in landscape structure. The availability of number of individual is uniform with the diversity. Figure 5. Crop diversity compared to bird species The comparison between crop/pasture diversity and bird species shows that the number of bird species increases with increase in crop/pasture diversity. The graph shows a linear trend between the diversity in crop/pasture and the presence of bird species in the area. The availability of bird species highly varies within similar diverse crop/pasture areas. This could be assumed due to variation in type of cop/pasture available in the area. Figure 6. Diversity crops/pastures compared to plant species The graph showing the tend between crop/pasture diversity and availability of plant species shows that there is no

An analyss of The Four Seasons Hotel Guangzhou Essay

An analyss of The Four Seasons Hotel Guangzhou - Essay Example The Pearl River city is China’s economic pillar because it performs better economically in China. Ideally, this hotel’s location is a breathtaking cite as it offers a perfect view of the Pearl River Delta. The hotel also occupies the seventy-fourth to the ninety-eight floors totaling to almost thirty floors. Remarkably, the hotel boasts of having a twenty-four hour operational centre with executive club lounge facilities. With all these attributes in mind, the objective of this paper will be to analyze and evaluate the Strategic decision making for the Four Seasons Hotel. It will illustrate the design of the strategy, the implementation of the proposed strategy by factoring in the implications of the intended management change. Finally, it will evaluate the risks of the strategically choice and its performance. Various analysis models to ascertain the company’s current position 1. The PEST analysis The PEST analysis in business is the entails the Political, the E conomic, the Social, and the Technological factors that influence the external components of strategic management and market research (Griffin, 2010, p. 127). It helps a business to understand its market growth and potential in order for it to make advancements in its finances (Kayne, 2005, p. 227). Therefore, this part of the report will give explanations on the entire four components concerning Guangzhou Hotel. a) Political factor Essentially, the political factors refer to the level of government participation in its economy. These factors include taxes, labor laws, and trade regulations. In this case, China’s greatest political factor is being among the few remaining communist states in the world. China is a single party state in that property ownership is public. This is the fundamental rule in the communist form of leadership. This serves an advantage to the hotel since the chances of the hotel running bankrupt are relatively low. For instance, the government has the ri ght s to intervene in all financial aspects of the hotel enabling it to continue being the best performer in the hospitality market. Secondly, the Guangzhou Four Seasons hotel enjoys the government policy on taxation for foreign companies where they were to pay twenty-five percent income taxes (Brown, 2010, p. 16). The foreign company policy mentioned that they had to pay a twenty-five percent income. The fact that this tax implementation plan was gradual meant that Four Seasons hotel had adequate time to administer the government policy. b) Economic factors This is the second factor, which encompasses economic development, currency rates, and interest rates (Kayne, 2005, p. 231). The basic aspect of this factor is the ability to influence business functions and decision-making. As per this hotel’s setting, the economic factors crucially make them inevitable. In this regard, China’s economic growth dwindled in a scope of three years making the rates of investments bein g substantially low. This meant that the hospitality industry felt the strain, as there was little access to hotel facilities by both foreigners and locals. The business cycle dropped to a low of almost eight percent (BBC, 2012). The demands by the consumers decreased drastically as the main target for the Hotel were the foreign business guests who frequented the hotel. In addition, the exchange rate policy imposed by the government translated

Economics Book Critique Essay Example for Free

Economics Book Critique Essay Paul Rubin began his preface by stating that tabula rasa should no longer be viewed as something credible. Rubin maintained his conclusion that evolutionary biology would eventually be the foundation of all social sciences. He maintained that the fundamental taste for liberty is a genetic legacy from the hunter-gatherer bands in the history of mankind. He stated, â€Å"I reach a surprising conclusion: modern western nations, and particularly the United States, are the most effective societies for satisfying our evolved political preferences† (Paul, p. x) Rubin’s attitude’s towards liberty is the one which cost me a great deal of apprehension, in spite of the fact that it is not brought up much in the book. Although I enjoyed reading the book, the fact that so little has been said regarding freedom, I believe, ought to be a cause of serious apprehension. In regard of the contended predominance of Rubin’s concentration on the biological foundation which lies beneath the current state of human liberty, he should have considered beginning with animal freedom as articulated by, say, Pavlov on the â€Å"freedom-reflexes†. The foundation of Rubin’s opinion appears to be a firm certainty that human control and freedom are polar opposites. In fact on his Preface he claimed that when he began the research he was still a libertarian and thus he does not understand much of government’s constant rules regarding human behavior. He stated, â€Å"I have not used evolutionary analysis to prove points in which I already believed† (Paul, p. xv). I was quite bewildered upon reading this remark especially since his declarations seems to exhibit an absolute lack of understanding regarding the vital social control as well as counter-control procedures. It also showed a black void of nearly enormous quantities in awareness of the huge body of literature which could be dated back from the founders of civilization. Rubin feelingly asserted â€Å"There are substantial benefits from limiting government power and great dangers from allowing it to increase. It is, therefore, a puzzle, to explain why so many seek to increase the power of government† (Paul, p. 134). His statement seems to be a little naive. Rubin admitted that most normal individual’s desires governments to do pretty much more than defend them from dishonest dealers, banks, and the like. Most citizens knows the danger of the profound corruption from financial organizations and this is the reason why it is not really much a â€Å"puzzle† why they want to increase government power. The same could be said with the world’s third world countries with weak economies. They look for international kind of government in order for the mistreatment of other advanced countries to be limited if not stopped altogether. The book Professor Rubin wrote is interesting in spite of the fact that I do not agree much with the things he mentioned there particularly on the issue of freedom. Professor Rubin’s, Professor of Economics, attitude towards society and liberty appears to intentionally shun the standard control terminology. He talks a great deal of power, and acquiescence in separate terms of dominant, counter dominant, and the like instead of using the standard terms such as social control and counter control. There are no discussions regarding socialization, customs, introjections of values, punishments, and the like. Overall, I view Professor Rubin’s work to be stimulating particularly because he have some unique views of his own which made me think mentally and allowed me to exercise my faculty of reason. Although I do not agree much with the things he claims, I could still say that his book was an interesting read as well as thought provoking and for these reasons I recommend this book to everyone.

Shakespearean Theater :: William Shakespeare

Shakespeare was fortunate to begin his career in the late 1500s, when English theater was going through major changes. Professional actors had been performing in England for centuries. Called "Players," they traveled from town to town, setting up makeshift stages in public halls, marketplaces, and the courtyards of inns. Often they met hostility from local authorities, who believed that crowds of playgoers were a magnet for crime and also contributed to the spread of disease. Actor James Burbage built England?s first permanent playhouse in 1576. Other open-air theaters sprang up during the next few decades. These playhouses were all located in the suburbs rather than in London, which had strict laws governing entertainment. In 1599 Shakespeare's built their own playhouse, the Globe. This roughly circular building had three levels of covered galleries. A platform stage about forty feet wide projected out into the open courtyard, where people who paid the lowest admission price could stand and watch the play. Admission to the gallery benches cost about twice as much. Wealthy people paid sixpence (what a skilled laborer earned in a day) to sit in the "lords' room," the part of the gallery directly over the stage. In all, Shakespeare's Globe could accommodate about 3,000 spectators. Toward the end of his career, his company acquired a fully enclosed theater in London for the winter season. The stage at the Globe had trapdoors for the entrance and exit of actors playing ghosts or other supernatural characters. At the back of the main stage was a small, curtained inner stage used for indoor scenes. Above this stood a two tiered gallery. The first tier was used to stage balcony and bedroom scenes, the second to house musicians. Sound effects, such as the booming of thunder, were produced in a hut on top of the stage roof. All performances took place in the afternoon because there was no artificial lighting. The stage was mostly bare. There were few props and no movable scenery. Instead of relying on scenery, Shakespeare used descriptive language to help audiences visualize the settings of his plays. For example, his long descriptions of the moon are more than just beautiful writing---they reminded Elizabethan audiences that the characters were meeting at night. What the Elizabethan stage lacked in scenery, it made up for in costumes. Shakespeare?s audiences considered clothing an important indication of social rank, so they demanded extravagant?if not always historically accurate---costuming. Along with its playbooks, an elaborate wardrobe was an Elizabethan theater company? Shakespearean Theater :: William Shakespeare Shakespeare was fortunate to begin his career in the late 1500s, when English theater was going through major changes. Professional actors had been performing in England for centuries. Called "Players," they traveled from town to town, setting up makeshift stages in public halls, marketplaces, and the courtyards of inns. Often they met hostility from local authorities, who believed that crowds of playgoers were a magnet for crime and also contributed to the spread of disease. Actor James Burbage built England?s first permanent playhouse in 1576. Other open-air theaters sprang up during the next few decades. These playhouses were all located in the suburbs rather than in London, which had strict laws governing entertainment. In 1599 Shakespeare's built their own playhouse, the Globe. This roughly circular building had three levels of covered galleries. A platform stage about forty feet wide projected out into the open courtyard, where people who paid the lowest admission price could stand and watch the play. Admission to the gallery benches cost about twice as much. Wealthy people paid sixpence (what a skilled laborer earned in a day) to sit in the "lords' room," the part of the gallery directly over the stage. In all, Shakespeare's Globe could accommodate about 3,000 spectators. Toward the end of his career, his company acquired a fully enclosed theater in London for the winter season. The stage at the Globe had trapdoors for the entrance and exit of actors playing ghosts or other supernatural characters. At the back of the main stage was a small, curtained inner stage used for indoor scenes. Above this stood a two tiered gallery. The first tier was used to stage balcony and bedroom scenes, the second to house musicians. Sound effects, such as the booming of thunder, were produced in a hut on top of the stage roof. All performances took place in the afternoon because there was no artificial lighting. The stage was mostly bare. There were few props and no movable scenery. Instead of relying on scenery, Shakespeare used descriptive language to help audiences visualize the settings of his plays. For example, his long descriptions of the moon are more than just beautiful writing---they reminded Elizabethan audiences that the characters were meeting at night. What the Elizabethan stage lacked in scenery, it made up for in costumes. Shakespeare?s audiences considered clothing an important indication of social rank, so they demanded extravagant?if not always historically accurate---costuming. Along with its playbooks, an elaborate wardrobe was an Elizabethan theater company?

Financial Analysis Decision Making

FACS Page 1 If you require a receipt for the post module work please complete the form below and clip it to the outside front of your assignment, together with a stamped pre-addressed envelope. * To be completed by the student * * * * NAME: MODULE: CHUTSANA NA NAGARA FINANCIAL ANALYSIS & CONTROL SYSTEMS MODULE DATE: 3rd, 4th, 7th December 2007 DUE DATE FOR POST MODULE WORK: January 28, 2008 I confirm the post-module work relating to the above module was received on †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Signature †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Warwick Manufacturing Group N. B. Post Module Work received by WMG after 16. 0 (Monday- Friday) will be stamped as having arrived on the next working day. Chutsana Na Nagara (0654258) FACS Page 2 I declare that the work contained in this assignment is my own, unless otherwise stated. Signed: Chutsana Na Nagara (for on-line submission it is only necessary to type your name in this space) MODULE TITLE: MODULE DATE: GROUP: NAME: FINANCIAL ANALYSIS & CONTROL SYSTEMS 3rd, 4th, 7th December 2007 B CHUTSANA NA NAGARA (0654258) Chutsana Na Nagara (0654258) FACS Page 3 TABLE OF CONTENTS Page Question 1 : Analysis of the Financial Reports : Electrocomponents plc. Brief Description of Electrocomponents Plc. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 Evaluation of Company Performance †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Group Income Statement and Profitability Ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Group Balance Sheet†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9 Efficiency Ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 Liquidity Ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Investment Ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 14 Group Cash Flow Statement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦ 16 Conclusion †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 16 Corporate Governance †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 17 Ethical Concerns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Suggestions †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 18 Question 2 : Management Accounting Part A : Cash Management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 21 Part B (1) Budgeting †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23 Part B (2) Marginal Costing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 Appendix †¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 34 Chutsana Na Nagara (0654258) FACS Page 4 FINANCIAL ANALYSIS AND CONTROL SYSTEMS Question 1 : Analysis of the Financial Reports Brief description of the company Electrocomponents Public Company Limited is a high service distributor of electronic, electromechanical and wider industrial products. They supply products to worldwide engineering customers. The group operates in 27 countries, covering 82% of global GDP, and supplies to most of the remaining countries worldwide via third party distributors.Chutsana Na Naga ra (0654258) FACS Page 5 Group Strategy—a three year-plan commencing from May 2005; ? Focus separately on two distinct customer groups, Electronic and Electromechanical (EEM) and Maintenance and Repair and Operations (MRO): by extending products ranges and availability to build on the enthusiastic response and meet customer expectations. ? ? Implement the integrated system, Enterprise Business System (EBS) Create a lower cost infrastructure: moving to new head offices, tighter control of costs, supply chain management, for instances Main Products: Nearly 350,000 products around the world.The main product ranges are; ? ? ? ? Electrical, automation and cables Electronic components, power and connectors Mechanical products and tools IT, test and safety equipment Main Customer Groups Total around 1. 5 million customers from all industrial sectors are typically research and development (R&D) or maintenance engineers in business. They also sell products to end customers. Currently they are focusing on 2 main customer groups refer to product groups. 1. Electronic and Electromechanical or EEM Primary customers are electronics design and pre and low volume electronics production.This has been seen as an attractive and growing segment because of strong electronics market growth, technology proliferation and R&D investment. Chutsana Na Nagara (0654258) FACS Page 6 2. Maintenance, Repair and Operations or MRO Within MRO, their important customer is involved in factory automation that primarily uses process control and automation products (PCA). Main Markets are divided into 4 geographical areas: UK, continental Europe, North America and Asia Pacific. below. UK 40% Current market size (in sales) is shown Continental Europe 33% Asia Pacific 9% North America 18% Chutsana Na Nagara (0654258)FACS Page 7 Channels ? Catalogue: a traditional channel ? e-Commerce: total around 25% of group’s sales ? Trade counters/Sales Offices: operating globally Evaluation of Compa ny Performance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Four techniques are selected (horizontal analysis, trend analysis, vertical analysis, and ratio analysis) to interpret and illustrate business performance during year 2007 comparing to 2006 and 2005. For trend analysis, Y2005 is assumed to be a base year (=100%) as it was the last year before massive investments and reorganization projects took place as well as implementation of maintaining dividend paid/share.Ratios will be divided into four groups to evaluate company performance in separate areas. Group Income Statement and Profitability Ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (Calculations in Appendix1-2) Trend analysis shows sales have increased by 13% from Y2005 as international sales increased (Business Review) due to a combination of strong revenue growth in continental Europe, North America (joint promotions programs), and Asia Pa cific especially a successful customer acquisition program and contribution from new Thailand sales office.However, cost of sales has increased by greater amount (by 20%). Generally speaking, cost of sales should not increase much more than increase in sales because this shows that all produced goods might not be sold (stolen, defected, etc. ) or raw Chutsana Na Nagara (0654258) FACS Page 8 material cost greatly rose due to inefficient procurement. Also, normally when sales increases, business will receive discounts from big batch purchases and even reduces cost of sales. By comparing cost of sales with sales: Y2005 was accounted for 47% but Y2006-7 was the same at 49% of sales.So the problem for Electrocomponents might be, (Chief Executive’s and Business Review), that their strategy to expand product ranges, availability, and promotions to better satisfy and attracts customers in highly competitive markets. These led to increase in inventory holding and cost of sales. As a r esult, gross profit increased by only 4% from Y2006 or 8% from Y2005 (lesser amount than sales growth). directly affected. Gross profit and mark-up ratios are Gross Profit Ratio Gross Profit x 100 Sales Y2007 443. 5 x 100 = 50. 5 % 877. 5 Y2006 426. 4 x 100 = 51. 5 % 828. 5 Gross profit ratio shows every ? sales; business earned 50. 5pence and cost of sales took 49. 5p from it because of increase in cost of sales as mentioned earlier. To illustrate, sales increased by 5. 9% (877. 5 -828. 5? m) but cost of sales increased by 7. 9% (434 – 402. 1? m). Mark-up Ratio Gross Profit x 100 Cost of Sales Y2007 443. 5 x 100 = 102. 2 % 434 Y2006 426. 4 x 100 = 106% 402. 1 Mark-up ratio shows the profit business added up to cost of sales has decreased. Gross profit derived from sales deducted by cost of sales. They normally change adversely; the more cost of sales, the less gross profit.Ratio also illustrates market situation; UK is their biggest but highest competitive market (Business R eview) so increasing price to raise profit is prohibited. That is why business earned only 2. 2pence profit after deducting all cost of sales. Chutsana Na Nagara (0654258) FACS Page 9 For internal comparison, Gross profit ratio is compared with net margin ratio: Net Margin Ratio Operating Profit x 100 Sales Y2007 91. 1 x 100 = 10. 4 % 877. 5 Y2006 68. 5 x 100 = 8. 3 % 828. 5 They are measuring profitability at different levels. Although gross profit ratio decreased, net margin ratio increased.This supports that business better managed operating expenses through achieving in Enterprise Business Systems or EBS and reorganization projects. In other words, It is justified that (13%increase) distribution and marketing expenses which seems to be variable costs (especially sales commissions) for Y2007 has changed in relation to sales (14%increase)—comparing to Y2006; these expenses increased 15% while sales only increased 7%. This was because strong field sales team in North America , EBS, and Japan’s e-commerce increased to 57% of its sales, (Business Review).Moreover, administrative expenses (fixed costs) greatly decreased (78%) because reorganization project led to low infrastructure cost especially the removal of around 110 roles including the closure of the telemarketing department in the UK (Webpage1). So, total operating expenses decreased to 40% as a percentage of sales and led to increase in operating profit by 32% from Y2006. Regarding profitability, the business is doing well in terms of generating profits from worldwide sales growth which is supported by effective marketing activities, product strategies, and investment projects.Group Balance Sheet†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. (Also refer to Appendix3-4) Overall picture, Y2007 total assets were about the same as Y2005, despite a slight increase in Y2006â €™s. On the other side (assets = liabilities + equity), while fixed liabilities and equity decreased, current liabilities was the Chutsana Na Nagara (0654258) FACS Page 10 only one area that greatly increased especially loans and borrowings that increased by ? m56 and also with increases in trade and other payables by ? m9. 4. For further analysis, we shall look at detailed performance from ratios.Efficiency ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Inventory Turnover Ratio (times) Cost of Sales (Ending) Inventory Y2007 434 160. 6 Y2007 434 159. 6 = 2. 7 = 2. 7 402. 1 158. 6 Y2006 402. 1 150. 45 Y2006 = 2. 5 Cost of Sales (Average) Inventory = 2. 7 Inventory turnover ratio: If average inventory is used to calculate ratio, business remains efficiency of purchasing and selling goods at the same level of 2. 7times. A high relative volume of 2. 7times turnover means business had only 4 months of sales in stock.However, it is acceptable to use â€Å"ending† inventory as it was the most current inventory level business held and it shows that supply chain management truly helped improve stock turn from 2. 5 to 2. 7times (Business Review). Notes17 illustrates that business tended to increase raw materials while decrease finished goods. In general, when sales increase, business should stock finished goods for availability to customers—not raw materials as they are not immediately ready for sale. However, ratio can mislead if business stocks too much and cost of sales are not well-managed, the ratio still increases and problems are hidden.Debtor Collection Period (days) Receivables x 365 (Average) Trade Debtors Y2007 150. 5 x 365 = 62. 6 877. 5 Y2006 138. 2 x 365 = 60. 9 828. 5 Debtor collection period: Gross trade debtors (from Notes18) comparing to sales shows business has begun to weaken than Y2006 and industry figure because median period for UK is about only 50 days, Dyson1 Chutsana Na Nagara (0654258) FACS Page 11 (2007). Also, if comparing it with inventory turnover ratio, company sold products quicker but collected money slower. The possible reason might be current global expansions, for example, new trades in Thailand.Payment transactions are neither yet well-settled nor flowing smoothly; therefore, increase leadtime. Also, it is possible that customers buy more because attractive credits terms are offered especially high competitive and mature market like UK (Notes2 and Business review). This is meaningless because sales—not cash inflow increases. Moreover, business must ensure the collection period is shorter than credit sales otherwise business can go bankruptcy. Net Assets Turnover (times) Sales Capital Employed Y2007 877. 5 450. 4 = 1. 9 828. 5 543. 5 Y2006 = 1. 5Net asset turnover shows the improvements in efficient utilization of capital employed to genera te sales. Every ? 1invested in assets, business earned nearly ? 2sales. Sales increased (as earlier mentioned) while capital employed greatly decreased mainly because of increase in current liabilities especially unsecured bank facilities and loans, Notes20. Fixed Assets Turnover Ratio (times) Sales Fixed Assets @ NBV (NBV = Net Book Value) Y2007 877. 5 95. 3 = 9. 2 828. 5 96. 3 Y2006 = 8. 6 Fixed asset turnover ratio: Business had better utilized fixed assets to generate sales or they began to pay off.In other words, every ? 1fixed assets invested can generate sales ? 9. 2. Main effects were from decrease in net book value of intangible assets (Notes12) and slightly increase in property, plant and equipment (Notes13). However, sales increased in greater amount; hence, satisfied ratio. It is wise to compare net book value with other businesses (on like-for-like basis) or industrial ratio for comparisons of performance and position. Chutsana Na Nagara (0654258) FACS Page 12 Similarly , fixed assets can be compared with operating profit to show its ability to generate profit—not just sales.Operating Profit Fixed Assets @ NBV Y2007 91. 1 95. 3 = 1. 0 times 68. 5 96. 3 Y2006 = 0. 7 times Ability to generate profit has also improved; therefore, business well utilized fixed assets to generate both sales and profit. In similar fashion, we can see how well business utilized total assets as below. Return on Total Assets Operating Profit x 100 Total Assets Y2007 91. 1 x 100 = 13. 5 % 676. 8 Y2006 68. 5 x 100 = 9. 7 % 703. 3 Return on total asset ratio shows that company has improved on utilizing each ? 1total assets invested to generate profit.Ratio is higher due to decrease in intangible assets (Notes12), cash and cash equivalents (Notes28), while increase in operating profit. Regarding efficiency in using assets, business is also doing well in this area accept for debtor collection period that has slightly gone up two more days and is still much longer than the average UK’s, Dyson1 (2007). This suggests business closely control international sales and payments along with its expansions. Chutsana Na Nagara (0654258) FACS Page 13 Liquidity ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. (Also refer to Appendix3-4)Current Ratio Inventory + Debtors + Cash + Short term investments Creditors + Short term loans + Overdrafts Y2007 350. 7 211. 9 = 1. 7 360. 3 146. 5 Y2006 = 2. 5 This measures how well business can immediately pay debt from sufficient liquid resources when it falls due. It shows their ability to use any ? 1current assets to pay current debts was weaker because creditors and enormous current borrowings/loans increased (Notes19-20) while decreased in cash and cash equivalents especially call deposits and investments (Notes28). We further look at acid test.Acid Test Debtors + Cash + Short term investments Creditors + Short term loans + Overdrafts Y2007 190. 1 211. 9 = 0. 9 201. 7 146. 5 Y2006 = 1. 4 Normally, inventory cannot immediately turn to cash. Acid test which excludes inventory shows real business ability to meet its obligations. Acid test declines to even lower than 1 showing a worrying sign. Business invested in too much inventory such as product ranges which affected their liquidity. Although, some liabilities may not be due in some months, business cannot neglect the situation.Their liquidity seems very stretch at the moment as the two ratios shows a warning sign that business did not maintain proper level of liquidity and can expose to more severe financial risk unless they make soonest improvement. Chutsana Na Nagara (0654258) FACS Page 14 Investment ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (Also refe r to Appendix3-4) Gearing Ratio (Fixed loans and borrowings + Current loans and borrowings – Cash and cash equivalents) x 100 Equity Y2007 (76. 3 + 79 -19. 1) x 100 304. 6 = 44. 7 % Y2006 (137. 2 + 23 – 39. 4) x 100 336. 4 = 35. 9 % Interest Cover (times)Operating Profit Interest Charges Y2007 91. 1 5. 9 = 15. 4 68. 5 3. 4 Y2006 = 20. 1 Operating Profit (%Change Y2006-7) (91. 1 – 68. 5) x 100 68. 5 = 33 % Interest Charges (%Change Y2006-7) (5. 9 – 3. 4) x 100 3. 4 = 74 % Gearing ratio increased from Y2006: This illustrates business depends more on borrowed funds rather than shareholder funds. It seems that business borrowed short term loans for (main consumption) development of new warehouse and office in North America (Business Review, Notes2). At the same time, shareholder funds decreased due to decrease in other reserves, Notes26; hence higher ratio.Regarding shareholders’ view, they may be in high financial risk as borrowing interests must be p aid before distributing dividend and, in liquidation; lenders will be repaid before shareholders receive any repayments, FACS1. The gearing ratio itself does not mean very much because it depends on type of business and investment stage. We compare it with interest cover Chutsana Na Nagara (0654258) FACS Page 15 which decreased due to interest charges increased by greater amount (74%) than profit (33%). It shows that operating profit can only cover interest charges 15. times so again this is because interests paid for current borrowings/loans as mentioned earlier. Dividends = 18. 4p per share for three years Refer to Chairman Statement; the Board announced in Y2005 that business would maintain dividend paid at 18. 4p per share for the following three years. This is good for shareholders as they know exactly what they will receive, however, it is very risky for business as they must ensure to earn sufficient profit to meet what they said or, if not, business must seek new funding sou rces to finance such commitment. Return on Shareholder FundProfit after Tax & Interest x 100 Shareholders Funds Y2007 56. 2 x 100 = 18. 5 % 304. 6 Y2006 43. 6 x 100 = 13 % 336. 4 Return on shareholder funds increased because of increase in profit after tax and interest which is mainly due to no provisions for Y2007 RoHS cost (Notes3, 11), profit on sale of former head office (Notes5, 11), and decrease in other reserves in shareholder funds (Notes26). This gives confidence to shareholders that every ? 1invested can generate profit 5. 5% higher than Y2006. Chutsana Na Nagara (0654258) FACS Page 16 Group Cash Flow Statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦The statement illustrates profits earned each year is totally different from cash they hold. It serves as a tool for management control that allows business monitor their cash flows especially the cash outflows. The first major cash outflow was capital expenditure and financial investment which might be due to infrastructure projects business is implementing especially new warehouse in North America, (Notes2, Business Review). Moreover, Income Statement for year ended 2005-7 shows profits after tax and interests attributable to equity shareholders (? m67. 6, 43. , and 56. 2 for Y2005-7 respectively) are less than total dividends paid of ? m80 (18. 4p/share). This is probably the reason that business had new bank loans during these three consecutive years (Cash Flow Statement). Although loans might also be distributed to other activities, it seems that they were partially paid as dividends as announcement in Y2005. Consequently, this is why Y2007 profit (? m85. 2) which increased from Y2006 (? m65. 1), was actually left at the end of the trading year as â€Å"real† cash and cash equivalents at only ? m17. 2 decreased from ? m38.Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ In conclusion, since the business has been established in 1928, they are growing and expanding internationally rapidly (Webpage2 and Webpage3). At present, they are doing well in term of profitability, efficiency, and investment areas, or to say, they are succeeding in sustaining global sales growth across the group, grow margin stabilization and tight control of costs. ROCE ratio also illustrates overall success. Chutsana Na Nagara (0654258) FACS Page 17 Return on Capital Employed (ROCE) Operating Profit x 100 Capital Employed Y2007 91. 1 x 100 = 20. 2 % 450. Y2006 68. 5 x 100 = 12. 6 % 543. 5 ROCE is the combination of Net Margin and Net Assets Turnover. As earlier mentioned both ratios increase and led to significantly increased ROCE. It suggests that overall performance is satisfied due to effective pricing and cost management as well as asset management were im proved comparing to Y2006. This also illustrates overall success in EBS, product strategy, new technology launches, supplier relationships and low costs projects that are paying off. The number of times (1. 9) that net assets can generate sales is very important as one turn equals to 10. % that sales can generate profit. That is why ROCE = 20. 2% as it equals two turns. This suggests that it may greatly increases sales very soon because business recently plans to accelerate sales growth in China which is a big potential market and if business can manage to utilize assets well, there will be increase in profit on capital employed even more. Furthermore, it is better if the ROCE rate of 20. 2% is less than the rate of cost (interest rate) that business pays for money borrowed to invest in these assets because it means assets are used for generating profit that can cover cost of acquiring them.Regarding Corporate Governance (Webpage4), the business is subject to the provisions of the C ombined Code on Corporate Governance published in July 2003 and appended to the Listing Rules of the UK Listing Authority. There are many practices company must follow. For example, the Audit Committee shall consist of not less than three members and be independent non-executive directors. Also, it is authorized by the Board and able to investigate any activity within its Terms of Reference which allows for full access to Company information and can seek that information from any employee of the business.Employees are directed to co-operate with any request made by the Committee. If, at all time, company strictly follows the set rules, they can ensure operating properly. Chutsana Na Nagara (0654258) FACS Page 18 Moreover, regarding Ethical concerns (Business Review), they are focusing on many areas of responsibilities such as ethical trading and sets of KPI for environmental concerns. Along with their profitability, business is considered be on track of long term prosperous. However , there is one important area that needs to be immediately improved. This is liquidity. From the logic below;Total assets = Fixed Liabilities + Current Liabilities + 676. 8 100% = = 145. 8 21. 54% + + 226. 4 33. 45% + + Equity 304. 6 ? m 45. 01% or; Sources of asset investments are from three parts. Business acquires funds from borrowings/loans 54. 99% (21. 54% + 33. 45%) which exceeds equity (45. 01%). The proportion shows business is considered at high risk. This evidence is also strongly supported by earlier ratios and cash flow analysis. Suggestions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Suggestions aim to point out at major areas. Most of them involve the concern on liquidity which has been mentioned earlier. . Recently, there are many business activities going on to support their expansions that involve mostly in long term investments. However, it seems t hat business finance their activities with short term liabilities as they increased significantly, Notes20. This is not a proper means of investment because, normally, short term liabilities are at higher interest rate and the payment due is sooner (amounts falling due less than a year is as high as 79? m from 23? m, Notes20), but business uses them for long term investments which take time to generate cash back.Business may soon suffer from low liquidity and inability to pay day-to-day expenses and interests as business pays back the cost of using money even before they make profit from the money borrowed. Chutsana Na Nagara (0654258) FACS Page 19 The evidence was supported by increased in Gearing ratio; while, Current ratio, Acid test and Interest Cover ratio have significantly decreased. Although, interest expenses from borrowings reduce tax payable, business must ensure they have ability to pay interests and it is worth to do so.Unless they restructure funding sources, they can go bankruptcy very soon because many long term projects will be implement next year. By doing so, business surely improves their liquidity and reduces financial risk for business itself as well as shareholders’. 2. It was very risky that the Board has announced to maintain the same amount of dividend paid for three years while business is under investments/expansions and these two activities consume huge amount of money. Dividend amount is greater than profits after tax and interests; business seemed to borrow current liabilities for cash dividend paid.This could be a good strategic idea to retain shareholders’ confidence on the successful implementation of EBS, execution of the strategy and cost reduction initiatives will significantly improve financial performance over the next three years. However, it could turn to be the worst idea especially when liquidity is now in concern. The alternative solutions can be that business issues more shares so they use cash receive d to pay dividend or pay shareholders with stock dividends (dividend reinvestment plan) so they still retain cash in the business.These two alternatives will increase number of shares so, refer to Gearing ratio, financial risks can be reduced. Point 1&2 above suggest that business rearrange sources of funding by seeking for long term sources and bewares of â€Å"overtrading†. They are expanding, stocking more inventories, having more debtors but lack of cash to pay for creditors—not only from normal trading but also interests from borrowing/loans. Although the Board seems to be sure that after all these investments come alive under well-managed plan for implementations they will urely benefit and guarantee long term prosperous to business, business may go bankruptcy even before reaching the goal. Chutsana Na Nagara (0654258) FACS Page 20 3. Business’s strategy to satisfy customers with around 350,000 products stocked globally, this can hardly do so efficiently. Although inventory turnover seems satisfied, acid test shows inventory greatly affects business’s liquidity. Business is suggested reconsider inventory policy to rearrange classes and only stock fast moving, high volume but low value items.For slow moving, low volume but high value items, business may decide to use pooled strategy by stocking them in one warehouse in location that can easily transport products to anywhere needed, Chopra and Sodhi (2004). 4. Business is expanding very much. Their performance on receivables collection period is slightly weaker because trading worldwide interfaces with many parties and increases procedures complexity. Business must ensure activities are in control and they have sufficient cash to pay creditors. 5. Regarding risks assessment (Business Review); it is wise to include isks from suppliers into consideration as they are trading in competitive markets with enormous competitors and high penalties. Satisfying customers is vitally importa nt; therefore, this requires reliable suppliers as well as effective supply chain management for inventory management and reduce cost of sales. 6. It is suggested business focus on international markets especially North America and Asia which have higher revenue growth. Currently, North American’s e-commerce is account for only 10% of total sales. This is elatively low comparing to other regions. This may be a great opportunity to increase profits because sales can be increased through e-commerce; while, costs are reduced from, for example, reduction in sales teams. (3,824 Words) Chutsana Na Nagara (0654258) FACS Page 21 Question 2 Part A : Cash Management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. – The significance of cash management in managing a business. Cash is one of the most important resources in running a business as Pizzey (199 8) put that it is the life-blood of the business.However, cash is not profit. Highly profitable businesses cease to exist just simply because they do not maintain sufficient cash to allow proper level of liquidity; for example, paying for routine business’ expenses. While too much idle cash means inefficiency as it does not generate any added value to business. To avoid falling into either ends, business needs cash management. This can be done through preparing cash flow statement to examine past performance and include corrective actions/improvements in cash budget for future directions/guidelines.To illustrate, business can recognize transaction flows with initial factors; identify risk because it allows for regular monitoring and control; plan their money ahead such as acquiring funds from proper sources at reasonable price rather than rushing into lenders when problems surprisingly happen, etc. We can; therefore, say that ultimate significances of cash management are that business runs smoothly, stably; is safe from insolvency and increases confidences for shareholders. – Impact of Production Manager’s role on the cash position of the business game.Refer to Year2 Cash Flow Statement (Appendix5) Major decisions that affected (negative) cash position were; Machine choice & bottle neck : Machine Mark-I has longest leadtime. Work-in-process are slowly produced. Finished goods tie up waiting for workin-process before consolidating into batch delivery. The longer leadtime, the longer business gets paid from customers and it is even longer from foreign markets. So it keeps borrowing more money to run business and paying interests. Chutsana Na Nagara (0654258) FACS Page 22Routing : At fist stage, Wolfs were produced from Mark-I which had most expensive unit cost of $m(5). This increased cost of sales and while price was fixed, business received less profit. Capacity : Business has already invested in Engineering&Quality and bought new factory. However, using Mark-I led to insufficient capacity; decreased opportunity to win big contracts; and limited sales volume. Business ended up with insufficient products to generates enough sales to cover all costs especially capital expenditure. Three issues above affected cash out-flows which led to extremely high negative cash position.One possible solution is to replace Mark-I with Mark-III to efficiently increase capacity. So leadtime is decreased; stocks are reduced; business tends to decrease debtors, increase profit, reduce loans and interest paid; hence, cash position gets better. – Comment on the impact of Production Manager’s role in managing the cash in a real business. Managing real business will involve more complex issues—unlike the game. The role affects managing cash in numbers of ways: – Control on scrap/defect rates to reduce cost of sales. – Methods to manage defected products to minimise all costs related. Sequencing rule when th ousands different product groups are produced/day, good sequencing is required to avoid delay, quality problems and unnecessary costs. The more costs increase, the less profit business gains—especially in competitive markets where prices can hardly be increased, business suffer more severely. It is worth remembering some points : decisions cannot be made in isolation as one’s decisions affect others’. All functions’ commitment is vitally important. Also, final decisions must be considered regarding company’s For example, purchasing function cuts cost by enefits not a function’s. ordering low quality materials. Additional costs pass on to inspection and production functions. Also, if customers reject products, there will be claiming Chutsana Na Nagara (0654258) FACS Page 23 process, reverse logistic, and product replacement. All these increase costs for whole business no matter in which functions they occur. (541 Words) Part B (1) : Budgeting †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Budgeting Budgeting comprises of two important parts, preparation and budgetary control, which will be described referring to FACS2.Preparation: Business critically analyses internal and external environments/factors to formulate strategic plans that must be in line with business objectives. Business then sets up operational plans with properly identifying resource requirements to support strategies. This resource plans are finally translated into financial plans to complete a budget preparation. Budgetary control: Budget is compared with actual figures. If variances occur, timely corrective actions are required; involving sending feedbacks back for reviews and formulated plans and/or forecasts may be revised. These re continuous processes and required management contributions/commitments at all time so that intended benefits are surely achieve d. The technique can apply to WinningMarginTM. Our objective is to lead Wolf markets and strategy is ensuring products are adequate for sales. We prepare production and sales budgets (Appendix6-7) showing maximum productions are 14 Terriers and 8 Wolfs with total sales $116. 6. From this point, purchasing manager knows how many exactly materials to order and when to prevent material shortage. Production manager can effectively manage shift allocations.Financial manager can see how much money to borrow more as we plan to invest in engineering and quality next year. Moreover, commercial manager can evaluate market share correctly. All Chutsana Na Nagara (0654258) FACS Page 24 functions know their responsibilities and control areas which help achieve the objective. In real business, all processes are much more complex and involve enormous factors such as competitors, substitute products, technologies, government legislations, as well as funding/borrowings which are not easy or fast as in the game. Also, business is legally committed to pay tax and interests which can be very high.More importantly, suppliers and customers are not always reliable. Late payments from customers or late delivers from suppliers can severely interrupt whole business plan/process. (298 Words) Part B (2) : Marginal Costing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Marginal Costing Marginal costing is a costing technique that helps business making decisions. We must understand cost behaviors to properly classify and, more importantly, control them. Total costs roughly comprised of variable costs, which changes with activity Dyson3 (2007) and fixed or â€Å"time-based† costs, which remain unchanged within a period of time regardless of how many products produced.The difference between price and variable cost can be used to cover fixed costs and this is known as â€Å"contribution†. Business makes prof it from any contribution amount exceeds fixed costs; or loss, if insufficient contribution. Regarding WinningMarginTM, this technique would have helped our decision in choosing market. Appendix8 suggests we produce Tiger because of highest contribution in both situations. However, we actually chose Wolf. To make profit from Wolfs; we must produce 11 Wolfs (best case) or 76 Wolfs (worst case). However, our capacity is very limited due to machine constrains (Appendix6).This suggests we have adequate investments in engineering Chutsana Na Nagara (0654258) FACS Page 25 quality and market development to get best available prices as well as enough contracts so that all products will be sold. Alternatively, we may replace MarkI with Mark-III to increase capacity; hence, increase contribution and profit. In real business, marginal costing is more widely used for strategic decisions, for example; â€Å"Make or buy†: Normally making products in-house required more fixed costs. Business buy-in if increase in variable costs is less than fixed costs. â€Å"Price incentives†: Reducing price can increase sales.Business reduce price if contribution from additional sales can cover total price reduction. Or increase price if contribution covers total sales lost. Comparing to real world, a number of costs are associated. To get best from the technique, business ensures they carefully distribute all costs to the right groups otherwise results can mislead decision-making and greatly affects business. (296 Words) Chutsana Na Nagara (0654258) FACS Page 26 Appendix Appendix 1 : Trend Analysis of Group Income Statement 2007 (? m) SALES REVENUE 877. 5 877. 5 x 100 773. 9 2006 (? m) 828. 5 2005 (? m) 773. 9 113% 828. 5 x 100 773. 9 = 107% 100% (Cost of sales) 434 434 x 100 361. 8 402. 1 = 120% 402. 1 x 100 361. 8 361. 8 = 111% 100% GROSS PROFIT 443. 5 426. 4 = 103. 5% 412. 1 443. 5 x 100 412. 1 = 108% 426. 4 x 100 412. 1 100% (Distribution & marketing expenses) 346. 2 346. 2 x 100 303. 3 348. 9 = 114% 348. 9 x 100 303. 3 303. 3 = 115% 100% (Administrative expenses) 6. 2 6. 2 x 100 8 9 = 78% 9 x 100 8 8 = 113% 100% (Total operating expenses) 352. 4 357. 9 311. 3 OPERATING PROFIT 91. 1 91. 1 x 100 100. 8 68. 5 = 90% 68. 5 x 100 100. 8 100. 8 = 68% 100% Chutsana Na Nagara (0654258) FACS Page 27Appendix 2 : Vertical Analysis of Group Income Statement 2007 (? m) SALES REVENUE 877. 5 = 100% 828. 5 2006 (? m) = 100% 773. 9 2005 (? m) = 100% (Cost of sales) 434 434 x 100 877. 5 402. 1 = 49% 402. 1 x 100 828. 5 361. 8 = 49% 361. 8 x 100 773. 9 = 47% GROSS PROFIT 443. 5 426. 4 412. 1 (Distribution & marketing expenses) 346. 2 348. 9 303. 3 346. 2 x 100 877. 5 = 39% 348. 9 x 100 828. 5 = 42% 303. 3 x 100 773. 9 = 39% (Administrative expenses) 6. 2 6. 2 x 100 877. 5 9 = 0. 7% 9 x 100 828. 5 8 = 1% 8 x 100 773. 9 = 1% (Total operating expenses) 352. 4 352. 4 x 100 877. 5 357. 9 = 40% 357. x 100 828. 5 311. 3 = 43% 311. 3 x 100 773. 9 = 40% OPERATING PROFIT 91. 1 68. 5 100. 8 Chutsana Na Nagara (0654258) FACS Page 28 Appendix 3 : Trend Analysis of Group Balance Sheet 2007 (? m) FIXED ASSETS Intangible Assets 2006 (? m) 2005 (? m) 196. 7 196. 7 x 100 191. 9 208. 2 = 102. 5% 208. 2 x 100 191. 9 191. 9 = 108. 5% 100% Property, plant, and equipment 111. 1 111. 1 x 100 110. 9 112. 8 = 100% 112. 8 x 100 110. 9 110. 9 = 102% 100% Investments Other receivables Deferred tax assets Total fixed assets 0. 3 2. 7 14. 2 325 325 x 100 323. 2 0. 3 3. 2 17. 5 342 = 101% 342 x 100 323. 2 0. 2 2. 17. 4 323. 2 100% = 106% CURRENT ASSETS Inventories 160. 6 160. 6 x 100 142. 3 158. 6 = 113% 158. 6 x 100 142. 3 142. 3 = 111. 5% 100% Trade and other receivables 171 171 x 100 145. 1 162. 3 = 118% 162. 3 x 100 145. 1 145. 1 = 112% 100% Income tax receivable Cash & cash equivalents 1. 1 19. 1 19. 1 x 100 64. 8 1 39. 4 = 29. 5% 39. 4 x 100 64. 8 2. 2 64. 8 = 61% 100% Total current assets 351. 8 351. 8 x 100 354. 4 361. 3 = 99% 361. 3 x 100 354. 4 354. 4 = 102% 100% Tot al assets 676. 8 676. 8 x 100 677. 6 703. 3 = 100% 703. 3 x 100 677. 6 677. 6 = 104% 100% Chutsana Na Nagara (0654258) FACS Page 29Appendix 3 : Trend Analysis of Group Balance Sheet (Continued) 2007 (? m) CURRENT LIABILITIES Trade and other payables 2006 (? m) 2005 (? m) 132. 9 132. 9 x 100 109. 5 123. 5 = 121% 123. 5 x 100 109. 5 109. 5 = 113% 100% Loans and borrowings 79 79 x 100 27. 7 23 = 285% 23 x 100 27. 7 = 83% 27. 7 100% Tax liabilities Total current liabilities 14. 5 226. 4 226. 4 x 100 155. 9 13. 3 159. 8 = 145% 159. 8 x 100 155. 9 18. 7 155. 9 = 103% 100% Net current assets 125. 4 125. 4 x 100 198. 5 201. 5 = 63% 201. 5 x 100 198. 5 = 102% 198. 5 100% 521. 7 100% Capital employed 450. 4 450. 4 x 100 521. 7 543. 5 = 86% 43. 5 x 100 521. 7 = 104% FIXED LIABILITIES Other payables Retirement benefits obligations Loans and borrowings 7. 9 38. 7 7. 8 41. 8 7. 6 47 76. 3 76. 3 x 100 92. 5 137. 2 = 82% 137. 2 x 100 92. 5 = 148% 92. 5 100% Deferred tax liabilities Total fixed liab ilities 22. 9 145. 8 145. 8 x 100 166 20. 3 207. 1 = 88% 207. 1 x 100 166 18. 9 166 100% = 125% EQUITY Called-up share capital Share premium account Other reserves Total equity 43. 5 38. 7 222. 4 304. 6 43. 5 38. 4 254. 5 336. 4 43. 5 38. 4 273. 8 355. 7 Chutsana Na Nagara (0654258) FACS Page 30 Appendix 4 : Vertical Analysis of Group Balance Sheet 007 (? m) FIXED ASSETS Intangible Assets 2006 (? m) 2005 (? m) 196. 7 196. 7 x 100 325 208. 2 = 60. 5% 208. 2 x 100 342 191. 9 = 60. 9% Property, plant, and equipment 111. 1 111. 1 x 100 325 112. 8 = 34% 112. 8 x 100 342 110. 9 = 33% Investments Other receivables Deferred tax assets Total fixed assets 0. 3 2. 7 14. 2 325 = 100% 0. 3 3. 2 17. 5 342 = 100% 0. 2 2. 8 17. 4 323. 2 CURRENT ASSETS Inventories 160. 6 160. 6 x 100 351. 8 158. 6 = 45. 7% 158. 6 x 100 361. 3 142. 3 = 44% Trade and other receivables 171 171 x 100 351. 8 162. 3 = 48. 6% 162. 3 x 100 361. 3 145. 1 = 45%Income tax receivables Cash & cash equivalents 1. 1 1 2. 2 19. 1 1 9. 1 x 100 351. 8 39. 4 = 5. 4% 39. 4 x 100 361. 3 64. 8 = 11% Total current assets 351. 8 = 100% 361. 3 = 100% 354. 4 Total assets 676. 8 703. 3 677. 6 Chutsana Na Nagara (0654258) FACS Page 31 Appendix 4 : Vertical Analysis of Group Balance Sheet (Continued) 2007 (? m) CURRENT LIABILITIES Trade and other payables 2006 (? m) 2005 (? m) 132. 9 132. 9 x 100 226. 4 123. 5 = 59% 123. 5 x 100 159. 8 109. 5 = 77. 3% 109. 5 x 100 155. 9 = 70% Loans and borrowings 79 79 x 100 226. 4 23 = 35% 23 x 100 159. 8 27. 7 = 14. 4% 27. 7 x 100 155. 9 = 18%Tax liabilities Total current liabilities Net current assets Capital employed FIXED LIABILITIES Other payables Retirement benefits obligations Loans and borrowings 14. 5 226. 4 = 100% 13. 3 159. 8 = 100% 18. 7 155. 9 = 100% 125. 4 450. 4 201. 5 543. 5 198. 5 521. 7 7. 9 38. 7 7. 8 41. 8 7. 6 47 76. 3 76. 3 x 100 145. 8 137. 2 = 52% 137. 2 x 100 207. 1 92. 5 = 66% 92. 5 x 100 166 = 56% Deferred tax liabilities Total fixed liabilities EQUITY Called-u p share capital Share premium account Other reserves Total equity 22. 9 145. 8 = 100% 20. 3 207. 1 = 100% 18. 9 166 = 100% 43. 5 38. 7 222. 4 304. 6 43. 5 38. 4 254. 5 336. 4 43. 5 38. 273. 8 355. 7 Chutsana Na Nagara (0654258) FACS Page 32 Appendix 5 : Year 2 Cash Flow Statement of Simulation Game (Reconciling profit to cash) Year 2 Cash Flow Statement Profit before interest Add: Depreciation Movements in working capital: (Increase)/Derease in stock (Increase)/Derease in debtors Increase/(Derease) in debtors Financing costs and taxation: Interest paid Dividends paid Tax paid Investing activities: Capital expenditure Disposal of assets Cash generated/(consumed) in year Financing activities: Loans raised/(repaid) Other Increase/(Decrease) in cash in year $m (14) 6 (8) (13) (24) 0 (45) (10) 0 0 (55) (34) 0 (89) 0 0 (19) Appendix 6 : Production Budget Factory 1 Machine Mark-I Mark-I Mark-I Mark-II Mark-III Mark-III Mark-III Mark-III Q1 Te Te Te Te Wo Te Wo Te Te Te Wo Te Wo Total (22) Q2 Te Q3 Q4 Total units Terrier Wolf 1 1 2 2 4 4 4 4 14 8 Tiger 2 Te Wo Te Wo Te Wo Te Wo 3 Chutsana Na Nagara (0654258) FACS Page 33 Appendix 7 : Sales Budget Terrier Opening finished stock (Q1) Production (from Production Budget) Available for sales Forecast unsold finished stock (Q4) Sales Direct costs $s Sales value $s 0 14 14 0 14 14Ãâ€"2 = 28 14Ãâ€"4. = 63 Units Wolf 0 8 8 0 8 8Ãâ€"4 = 32 8Ãâ€"6. 7 = 53. 6 Tiger Total 60 116. 6 Appendix 8 : Optimizing Contribution Terrier Best Worst 5 3 2 2 3 1 13 38 Wolf Best Worst 7. 5 5. 5 4 5 3. 5 0. 5 11 76 Tiger Best Worst 10. 5 8. 5 6 7 4. 5 1. 5 9 26 Sales value Variable cost Unit contribution Break-even volume (Fixed cost of ? 38) Chutsana Na Nagara (0654258) FACS Page 34 References Business Review : Electrocomponents plc’s annual report and accounts 2007, p. 8-13 Chairman Statement : Electrocomponents plc’s annual report and accounts 2007, p. Chief Executive’s Review : Electrocomponents plc’s annual re port and accounts 2007, p. 7 Chopra and Sodhi (2004): Managing risk to avoid supply-chain breakdown, MIT Sloan Management Review, Fall 2004, p. 53-61 Dyson1 J R (2007) : Profitability Ratios, Accounting for Non-Accounting Students, Pearson Education Limited, England, 7th Edition, p. 230 Dyson2 J R (2007) : Profitability Ratios, Accounting for Non-Accounting Students, Pearson Education Limited, England, 7th Edition, p. 230Dyson3 (2007) : Direct costs, Accounting for Non-Accounting Students, Pearson Education Limited, England, 7th Edition, p. 293 FACS1 : Financial Analysis and control systems module pack, WMG, Winning MarginTM, p. 14 (2007) FACS2 : Financial Analysis and control systems module pack, WMG, Budget and Budgetary Control, 2007 FACS3 : Financial Analysis and control systems module pack, WMG, Marginal Costing, 2007 Group Balance Sheet : Electrocomponents plc’s annual report and accounts 2007, p. 25 Chutsana Na Nagara (0654258) FACS Page 35Group Cash Flow Statement : E lectrocomponents plc’s annual report and accounts 2007, p. 26 Group Income Statement : Electrocomponents plc’s annual report and accounts 2007, p. 24 Notes 1 – 30 : Please refer to Notes to the Group Accounts, Electrocomponents plc’s annual report and accounts 2007, p. 29-45 Pizzey A (1998) : Cash: the life-blood of the business, Finance and Accounting for Non-Specialist Students, Financial Times, Pitman Publishing, England, p. 83 Webpage1 : About Us, Low Cost Infrastructure, Electrocomponents plc webpage, [online], http://www. lectrocomponents. com/ecm/about/strategy/infrastructure/ Webpage2 : About Us, Our History, Electrocomponents plc webpage, [online], http://www. electrocomponents. com/ecm/about/history/ Webpage3 : Investor Center, Historic Trends, Electrocomponents plc webpage, [online], http://www. electrocomponents. com/ecm/ir/finperformance/trends Webpage4 : Our Responsibilities, Corporate Governance, Electrocomponents plc webpage, [online], htt p://www. electrocomponents. com/ecm/responsibilities/corpgov/ Chutsana Na Nagara (0654258)