Case Study Carmex Essay

Question #1 a) Some advantages of an online survey of a cross section of Internet households are having a larger audience with a wider variety of responses, lower cost, and instant results. Some disadvantages are people may disregard the survey, answers may be careless just get the promo or offer, surveys may be sent directly to junk mail. b) Some advantages of an online survey of Carmex Facebook likers are The people that fill out the Facebook surveys actually know the products, they aren’t just completing for the free stuff, responses will come directly from product users, surveys will not get lost in spam or junk mail. Some disadvantages would be that it does not cover a wide customer base and the survey will only increase engagement and not likes Question #2 a) On a Facebook brand page, â€Å"engagement† measures how much activity is being made by its Facebook audience with a certain brand which is measured through posting a comment, liking a status or by replying to one of the posts on brand page. On the other hand â€Å"likes† measures the number of new likers or the size of the audience on Facebook b) For Carmex engagement is more important because it means its current likers are interested in learning about the company by interacting with posts Carmex makes by replying and liking their posts. Carmex would appreciate this because it shows customer interest and brand loyalty. c) Question #3 a) Consumers having the ability to engage with a brand they like and having the chance to create their own opinion about the products they sell will create activity between the user and the brand page. Engagements on a brand page like Facebook are evoked by making sure those opinions count and are heard, as well as by posting content to attract consumers and give them a chance to engage further b) To attract like to a brand page on Facebook you could give out prizes, have a contest that requires user to like the page, and offer coupons that offer a better deal than what’s already in the market. Question #4 a) The advantages of a fixed alternative poll question on Facebook are the questions tend to be short and can be answered quickly, you can keep anonymous, more people may answer as it only takes a click. b) I think it would be best to use an open ended question when you are trying to get opinions on the company or products that could range from a variety of answers from a range of different users. This will allow the consumers to speak freely and give them the flexibility to write whatever they want Question #5 a) If I had a limited budget a time I would choose a poll only strategy because it has low cost and set-up associated with it. All you have to do is post the poll to the Facebook brand page and wait for users to respond, which will happen quickly. The last step would be to collect your data. b) On the other hand, If I had a higher budget and more time I would choose the contest only strategy because the results would be more rewarding. Promoting the contest will drive customers to participate, involving prizes will make the users take it more seriously, and they will result in more accurate and realistic answers.

Logic

Is communication e cattle without the logical connectives such as or, ND, implies, not, if and only if ? [200 words] 5. Why we treat mathematical truths as certain? Why in logic we me- aphasia on autologies† 2 rather than contradictions? [200 words] (Consistency) an attribute of a logical system that Is so constituted that none of the propositions deducible from the axioms contradict one another 4. [n] – a harmonious uniformity or agreement among things or parts Tautology: a statement that is necessarily true (like 2+2-4) 1 6. What is wrong with the following argument?The more you study, the more you learn. The more you learn, the more you know. The more you know, the more you forget. The more you forget, the less you know. The less you know, the less you learn. So, why study? 7. Analyze the following argument: God is All Powerful, omnipotent and omniscient. If God can do anything, can He create something that even He can't a etc? (e: A stone so heavy that He can't lift It) God can do anything that Is Possible. Even God can't do something that Is not possible to be done Can God create a stone so heavy that even He can not lift it? 8.In a harsh totalitarian country an innocent person is arrested on Sunday evening and Marilyn condemned to execution, which they are told will take place on one of the following eve mornings. To make matters worse, they are told that they will not know the day before which morning it will be. After several hours torment the prisoner fails into a peaceful sleep as they realize that such a threat cannot be carried out. They reasoned thus: The execution cannot take place on Friday morning; for if they are still alive on Thursday night then the execution must take place on Friday.But they were told that they would not know the day before which day it would be. So it cannot be Friday, and so Friday can be counted out as a possibility. But by the same reasoning it cannot be Thursday either. For if they are still alive on Wedn esday night then the execution must take place on Thursday. But they were told that they would not know the day before which day it would be. So it cannot be Thursday, and so Thursday can be counted out as a possibility. But by the same reasoning it cannot be Wednesday either†¦Ã¢â‚¬ ¦. The same reasoning covers Wednesday, Tuesday and Monday and so the prisoner can have a sound nights sleep.The prisoner is, however, greatly surprised to ND themselves facing the executioner on Wednesday (or indeed any other) morning. What went wrong with the prisoner's reasoning? Write down the steps clearly and show how paradox 3 arises in the above situation? Paradox: An apparently sound argument leading to a contradiction. Some famous 2 PHI 142: Introduction to Logic Mid Semester Exam Date: 19 February 2013 Department of Humanities and Social Sciences Indian Institute of Technology Kanata Answer all of the following questions. Write answers in a separate booklet.Max. Marks: 30 Time: 2 hours; 1 7. 30-19. 30 PM We may define faith as the firm belief in something for which there is no evidence. Where there is evidence, no one speaks of . We do not speak of faith that two and two are four or that the earth is round. We only speak of faith when we wish to substitute emotion for evidence. †¦Ã¢â‚¬ ¦ Bertrand Russell Answer whether the following statements are True or False. Justify it prefer- ably with a very short answer. 1. The following argument is valid: If computers can reason, they can ask questions. Computers can reason.Therefore, computers can ask questions . The following argument is an instance of Fallacy of accident fallacy . † Oh my lord, don't take any courses in the biology department not even as open elective, as they are really tough and terrible. I took EBBS:322 and it was a disaster. † 3. The categorical propositions, All who are non intelligent are non-college students and all who are college students are intelligent are contradictory to each other 4. I am sure that you will agree that we should not vote Mr.. Panky Saxons for the next presidential elections in this hostel.If he gets elected, we will all be deprived of mom of the privileges that we are enjoying at this moment. Anyone not agreeing with this will be fired immediately from this wing A-top. In the above argument, the arguer is said to be committing straw-man fallacy. 5. False Cause fallacy is committed when the conclusion rests on the presumption of a causal link between two phenomena, when in fact all that has been shown is a correlation. No concepts are expressive intuitions on aversion converts to All concepts are non- expressive intuitions 7.The categorical propositions, All logic students are bright people No logic students are non-bright people re contradictory to each other. 8. The following argument is invalid If Newton's theory is correct, then light should not be deflected by gravity. In this experiment, we can see that light is deflected by gravity . Therefore, Newton's theory is not correct PHI 142: Introduction to Logic Mid Semester Exam Date: 19 February 2013 2. Which of the following passages contains arguments and which are not I. E. , Non-arguments 1 . If there is one theme that will be the topic of digital business this year, it is mobile.Commerce, which tracks Web and mobile usage, published a report about what hap- need in 2012, and what to expect in 2013. It shows that the effects of a movement toward mobile are everywhere, from shopping to media to search. According to the report, â€Å"2013 could spell a very rocky economic transition,† and businesses will have to scramble to stay ahead of consumers changing behavior (anytime. Com). 2. Ordinary glass is soda lime glass and is a mixture of silicates of sodium, potassium, calcium and aluminum etc. It is brittle because its molecular structure is composed of tetrahedral crystals.These crystals do not have a good large area orderly resealing structure. 3. People are not free, although human freedom has been highly prized throughout our history. Its value is affirmed by religious doctrines. Civil and criminal Justice systems incorporate the idea that behavior is freely chosen into sentencing guidelines. Clearly it has been an important concept in many areas of human activity. 3. Identify the type of Fallacy of Weak Induction from the following arguments 1 . I cracked most of my crucial exams (board exams) in the past while wearing my green tea shirt and writing an exam with my parker pen.Therefore, green color tea hire with a parker pen is a lucky combination and brought lot of success. Hence I should not forget to take it when I go for an exam again for achieving success in the exam. 2. If once a man indulges himself in murder, very soon he comes to think little of robbing; and from robbing he comes next to drinking and Sabbath breaking, and from that to incivility and procrastination. Once begin upon this downward path, you never know whe re you are to stop. Many a man has dated his ruin from some murder or other that perhaps he thought little of at the time. 3.Famous theologian William Palely argument from design suggests that a watch and the universe are similar as both display order and complexity. If order and complexity constitute evidence of design in the case of a watch, though, then they must also constitute evidence of the product of intelligent design that the universe must be a product of intelligent design too. 4. In 1742, Christian Goldberg conjectured that every even number greater than 2 is the sum of two primes. Mathematicians have been trying to prove Schoolbag's conjecture ever since, but no one has succeeded in doing so.After two and a half entries, I think we can safely conclude that Goldberg was wrong. 4. Identify the type of Fallacies of Relevance 4 committed by the following arguments. Justify your answer with a brief explanation 1 . Social Security old age benefits ensure you can retire with d ignity. If you become injured or are unable to work, Social Security disability benefits will help keep you afloat. But, Mrs.. Sheila's arguments against cuts in Social Security are worthless. As a recipient of Social Security benefits, she would naturally be expected to argue exactly the way she does. Page 2 of 4

PE Ratios & Profit Performance Essay Example | Topics and Well Written Essays - 1750 words

PE Ratios & Profit Performance - Essay Example As said by Flamholtz (1986, p655), "The price-earnings (P-E) ratio measures the relationship of the market price of a firm's common stock to its earnings per share", the P/E ratio is a measure of analysing a company's market position and investors trust that is reflected in the market price of its shares. The higher the price-earnings ratio, the higher the growth potential the company has in the view of its investors. It reveals the market worth of a company's shares and explains how expensive the shares are in relation to the earnings obtained on the shares. For instance, two different companies have the same level of net profit but one company has a lower Price-earnings ratio, it would reflect that its shares are cheaper than the other company. From the above chart also, the P/E ratios of five companies can easily be spotted. All these companies are from the same industry and are among the most popular companies in the retail sector. As reflected by above price-earning ratios, these companies have a varying range of ratios as at February 8, 2006. The price-earning ratio is calculated by dividing a company's market price with the earnings per share and therefore, the price-earning ratio of a company depends upon several factors that are responsible to keep it at a lower or higher level. The determinants of a company's P/E ratio force the company's market price to fluctuate, which is followed by a fluctuation in the ratio. Some of the major determinants causing variation in different companies' price-earnings ratios are discussed below: Growth Potential Brealey and Meyers (1984) suggest that a company's high price-earning ratio reflects that the investors have more confidence in the company's future growth potential. It shows that the expectation of a company's future growth also has a great impact on its price-earning ratio. It is true that investors do have a keen eye on various companies' financial position and performance so that they can also benefit with a company who is climbing the high ladders of growth and profitability. If the company is growing, it will have more profit to be forwarded to the shareholders. Therefore when the investors believe in a company's future performance, they will be willing to invest more in the company's shares leading to a significant rise in the stock value followed by an increase in the P/E ratio. The chart displaying the price-earning ratios of the companies from same industry reveals that the company with a high P/E ratio i.e., Morrison plc with a P/E ratio of 47.2, has more future growth prospects in the eyes of its investors and shareholders than the other companies in the industry i.e., Boots, Tesco, Marks and Spencer and JB Sports plc. This is because the investors mostly look for benchmarking a company's performance and potential with the other companies in industry standing at the same level and once they find a company with better prospects, they invest more of their funds in the company's shares. Hence, it can be said that the element of growth potential is one of the major causes underlying the differences between the above companies' price-earning ratios. Net Profit Smith and Skousen (1987) suggest that an increase or decrease in a company's price-earning ratio is the resultant of its profitability. It indicates that more a company is profitable;

Internal Combustion Engine Assignment Example | Topics and Well Written Essays - 1000 words

Internal Combustion Engine - Assignment Example Hence the internal combustion engine is the core component of any aircraft or car. The two-stroke and four-stroke engine are the most popular types of the internal combustion engine. It would be more feasible to first discuss the working of a four-stroke engine and then the working of a two-stroke engine, followed by its advantages and disadvantages. The cylinder is the core of the engine. The piston is a cylindrical piece of metal that moves up and down within the cylinder. There may be more than one cylinder present in different alignments based on the nature of the vehicle. The spark plug supplies the spark at regular intervals which is required to ignite the air/fuel mixture present inside the cylinder [2]. Two valves are present. The inlet valve allows the flow of air and fuel into the cylinder. The outlet valve allows the exhaust to flow out of the cylinder. The most important point is that both the valves must be closed during the process of compression and combustion so that the cylindrical chamber remains sealed [3]. The connecting rod is a piece of metal that connects the piston and crankshaft. Both the ends of the connecting rod can rotate so that its angle can be adjusted according to the motion of the piston and crankshaft. The up and down motion of the piston is converted into circular motion with the help of the crankshaft. The crankshaft is surrounded by a sump and engine oil gets collected in the sump.The four strokes include intake stroke, compression stroke, combustion stroke, and exhaust stroke [4]. Initially, the piston is at the top of the combustion chamber. First, the intake valve opens and this allows the piston to move down the cylindrical chamber. The descending motion of the piston allows the engine to take fuel (gasoline) and air inside the cylinder and the cylinder is gets filled with air and fuel. Air serves as an oxidizer for combustion. These events constitute the intake stroke.

Reimbursement and Pay-for-performance paper Essay

Reimbursement and Pay-for-performance paper - Essay Example This information is provided by physicians, medical groups or even hospitals since they are in constant touch with the clients of these health insurance and some of them are also clients. The compensation depending on the agreed terms may be in form of elimination of payments and other non-financial incentives (Greenwald, 2010). Reimbursement works on a fee-for-service initiative where the physicians are paid according to the services they offer and not the quality of those services. Since this is not the original pay for the physician but rather a reimbursement, the number of needed services may not be provided (especially if there is no reimbursement or it is not much). This has in turn led to undersupply of the needed services by the clients when compared to the pay-for-performance approach. The pay-for-performance approach requires evidence of the services offered which should be quality services before any incentive of compensation is made (which may be financial or not). This new approach has overridden the reimbursement approach and is seen to be more client-concerned than the earlier approach. The physicians also have no alternative but to work towards providing the quality services that they were not concerned about earlier. Even though the reimbursement approach is not being faced-away by the pay-for-performance approach, those who are paying are allowed to choose between the two approaches and most are going for the latter considering its advantages over the former approach. This therefore means that the reimbursement approach is slowly but surely failing and becoming out of touch. The new pay-for-performance approach is also seen as a way to correct the distortions incentives that have and are continuing to be made by the reimbursement approach. This is because the reimbursement approach pays physicians double for the services they render which are even not of quality at times. The newer approach is

Investigate shear transfer in bolted members Essay

Investigate shear transfer in bolted members - Essay Example Similarly, â€Å"the stresses at the yield point of the thread, based on the area at bottom of thread, when nuts were screwed on without tightening down by spanner against the bolts tightened by spanner, had reduction of 20 percent†. It is important to understand that the failure of bolt is the characteristics of the minimum residual stresses of the bolt material. During an exercise, consistent stresses were derived for ordinary black, and turned and fitted bolts upon their respective failure. As per Peter (1950) experimentation, â€Å"the yield point of thread, however in the case of the black bolts was approximately 30 percent, which is lower than yield point obtained for turned and fitted bolts†. It is important to specify that in all the failures the damage initiated from the root of the thread, however there were instances when the threads stripped. It has been experimental proven by Peter (1950) that the â€Å"strength of a bolt in direct tension is greatly affected by the amount of initial tension induced when the nuts were made spanner tight; this is a factor which is uncontrollable from design perspective. The strength is dependent upon resistance of the threads against stripping†. It is practically concluded that, â€Å"most of the stress on the threads will be shear as the tendency in screwing up will be to force the threads off the bolt or nut in a direction parallel to the axis i.e. circumferential due to the friction between the adjacent threads†. Peter (1950) has noted that â€Å"when considering the allowable unit stress which may safely be adopted the probability that some of the stock bolts may be wrought iron, instead of mild steel† must not be ignored. The bolts which assist in the hanging of the runways are exposed to direct tension. It is therefore recommended that conservative approach shall be adopted, with specific reference to the determination of the safe loads for these bolts. We shall

Interpretation of Alexander Pope's Work An Essay of Man

Interpretation of Alexander Pope's Work An of Man - Essay Example He explains that man should have a sense of inner equilibrium, between how he views himself with respect to his surroundings. With this, man has to understand his purpose, as well as the universal order in which he is a part of. Only after understanding his purpose and the universal order around him can a man be truly contented. As Pope explains: The man was made perfect, based on the intended purpose that God created him for. Moreover, God gave man sufficient knowledge, based on the purpose that he was made for, and in relation to the surroundings that he will live in. The author cautions that man should not overshoot his intended purpose. The man was made to be a man and was made perfectly for his intended purpose, with respect to the universal order, of which man is a part of. Therefore, any desire to deviate from man's intended purpose consequently inverts or subverts the universal order that exists: As Pope explains, aspiring to be like the Gods or like the Angels is deemed as a rebellion against the universal order that man should respect. Implicit in this argument is the possibility that man might go astray, away from his intended purpose, should he desire to become more than what he was created for. Effects such as pride, tyranny, and corruption might signal the downfall of the man if he desires to become more than what he was created for. The stress  that the author puts on the importance of understanding man's intended purpose suggests that it is not immediately easy for a man to know his purpose and stature with respect to the universal order. Man, therefore, has to go through a journey of questioning and self-discovery, to understand his true character and purpose. He must understand each positive attribute of his character, to know why he was given such. Moreover, he must also understand each negative attribute of his character, not only to know why he was given such negative attributes, but also for him to overcome it. Pope explains his point further, through the following excerpt.  Ã‚  

Shell Oil Company Essay Example | Topics and Well Written Essays - 500 words - 1

Shell Oil Company - Essay Example l products, gas, chemicals and other selected businesses and to participate in the search for and development of other sources of energy to meet evolving customer needs and the world’s growing demand for energy. We believe that oil and gas will be integral to the global energy needs for economic development for many decades to come. Our role is to ensure that we extract and deliver them profitably and in environmentally and socially responsible ways. We seek a high standard of performance, maintaining a strong long-term and growing position in the competitive environments in which we choose to operate.† (Shell Oil Company) A company by the name Saudi Aramco based out of Saudi Arabia is an active partner of Shell and both these companies have been progressing. Both have seen tremendous development after they became partners. Recent activities of Shell have come under the scanner because it was believed that several birds were losing their life because of the activities of the company but the company has reduced the production of products that affected the living of birds and as an inevitable result of which it is much more environment friendly company. The company faced another big challenge in the during 1978 and 1995, polybutylene was used by the company to manufacture pipes and the same exploded one day and as a result of which many people were left homeless because of the flood caused by the pipelines. There was a lawsuit filed against the company by the people who got affected by this whole incident and the company had to shell out millions to settle this issue, the company has come a long way since then. The work culture is really good in Shell and all the employees work in harmony with each other. The work is making great progress and it is already one of the largest oil and gas producing companies in the world. â€Å"Shell Foundation Director Kurt Hoffman welcomed commitments made earlier today (6 May 2008) in London by multinational companies (MNCs) to

Analysis of “High Court Curbs Claim on Privacy in a Home Essay Example for Free

Analysis of â€Å"High Court Curbs Claim on Privacy in a Home Essay The article â€Å"High Court Curbs Claim on Privacy in a Home,† by Linda Greenhouse was a New York Times article about a Supreme Court case. The legal issue that the Supreme Court examined was a case where the court overturned a 1997 Minnesota Supreme Court ruling. The Minnesota ruling protected the rights of men doing business in a private home from illegal searches and seizures. The Supreme Court however overturned the Minnesota ruling, stating that people who were doing business in a home did not have the right to invoke their 4th Amendment right. The Supreme Court voted 5 to 4 in the case, which led to majority, dissenting, and concurring opinions.   Ã‚  Ã‚  Ã‚   Chief Justice William H. Rehnquist, Justices Clarence Thomas, Sandra Day O’Connor, Anthony M. Kennedy, and Antonin Scalia all formed the majority opinion, with Justice Scalia and Justice Thomas forming concurring opinions. Chief Justice Rehnquist’s majority opinion was used in the article, in which Rehnquist argued that since the men in the Minnesota case were conducting business in a private home their 4th amendment right against unreasonable searchers and privacy could not be invoked. Rehnquist’s opinion was a strict construction of the constitution because his opinion reflected the intention of the original framers. Philosophically Rehnquist stuck to the original framers’ intentions because he found no fault in the officer’s actions who witnessed the men committing a crime through venetian blinds. Rehnquist argued that the officer was within his rights to watch and subsequently arrest the men because they had no rights to privacy, which was the goal of the original framers of the constitution because they did not grant any protections to invited guests in a person’s home.   Ã‚  Ã‚  Ã‚   Disagreeing with the majority, Justice Ruth Bader Ginsburg and Justice Stephen G. Breyer both had dissenting opinions. Justice Ginsburg’s dissenting opinion was a loose construction of the constitution. Ginsburg’s philosophical view in the case was that the majority overlooked the rights of the invited guests because although they did not live in the home guests still had a right to privacy. However, the framers of the constitution gave no such protections. The 4th amendment states that it protects the right of the people to be secure in their person, houses, paper and effects, it made no mention of invited guest.   Ã‚  Ã‚  Ã‚   Justice Breyer also had a dissenting opinion, but he also agreed with part of the majority’s reasoning. Breyer’s opinion was both a loose and strict construction of the constitution because on one hand he believed that the Minnesota men were protected by the 4th amendment’s privacy right. While on the other hand he agreed with the majority and argued that the officer’s actions did not violate any 4th amendment rights.   Ã‚  Ã‚  Ã‚   Finally, Justices Scalia, Thomas, and Kennedy all had concurring opinions. Kennedy’s views differed from Scalia and Thomas’s opinions and he took a loose construction of the constitution. Philosophically Kennedy believed that social guest have a right to expect privacy while visiting a person’s home, which is a loose construction of the constitution because the constitution’s framers make no mention of a guest’s right to privacy. On the other hand Scalia and Thomas took strict constructions of the constitution. Scalia and Thomas believed that the right of the people to be secure in their person, houses, paper and effects, as stated in the 4th amendment did not include the right’s of visitors in someone’s home, thus they stuck to the literal interpretation the constitution.   Ã‚  Ã‚  Ã‚   Although the Justices came to different reasoning and judgments in this case, the court ultimately made the correct decision and the Justices all made logical arguments. Reference: Greenhouse, Linda. â€Å"High Court Curbs Claim on Privacy in a Home. New York Times Archives 2 December 1998.   http://query.nytimes.com/gst/fullpage.html?res=9A07E1DB143BF931A35751C1A96E958260

Taking the Wild Out Of the Wild Animal Essay Example for Free

Taking the Wild Out Of the Wild Animal Essay Grabbing the audiences’ attention Going to the zoo seems completely normal and extremely fascinating for most families, but what happens behind the scenes is where going to the zoo doesn’t seem all that realistic. Thesis There are many reasons why it is not right for wild animals to be caged up and taken away from their homes and put into a zoo for public display. MP1 The animals inside of zoos are not in their â€Å"natural habitat†. Detail 1 Wild animals are meant to be free and roam across their homelands. Detail 2 These animals are not catching their own food, they are being fed like pets. This interrupts their skills to hunt their meals and learn how to survive out on their own. Detail 3 Wild animals are meant to live on their own, not to be on a zookeepers schedule to be fed and played with. MP2 Wild animals should not have any human contact. Detail 1 Out in the wild, there are no humans to help catch any predator’s food, not to mention giving it to them on a dinner plate. Detail 2 Wild animals are built and raised to hunt and kill, not be served like a human being. Detail 3 Human interactions are slim to none for most animals out in the wild. Detail 4 Wild animals don’t need assistance giving birth to their young nor do they need help raising and teaching them the necessities for everyday living out in the wild. MP3 When locked up, these animals become depressed and suffer from anxiety. Detail 1 Some signs of depression and anxiety are: pacing back and forth, isolating themselves in corners, abnormal behavior, and swaying from side to side. Detail 2 â€Å"Captive animals are deprived of everything that is natural and important to them, and as a result, they become bored and lonely and many even suffer from a condition called â€Å"zoochosis.† If you’ve ever witnessed a captive animal rock and sway back and forth, you’ve seen the disease firsthand. This condition is so rampant in zoos that some zoos give animals a mood-altering drug, such as  Prozac, because the public has started to catch on.† (Carr.) Detail 3 Wild animals are not supposed to be locked up and fed medication to cure their diseases of depression or anxiety. MP4 Some people say that the zoo provides great information on wild animals and their â€Å"natural habitat† when clearly they are sending the wrong message across to people by keeping them locked up and barricaded in little prison cells. Detail 1 Showing people these animals the way they are is wrong and cruel. Detail 2 It gives people the wrong impression on how these wild animals live their life. Detail 3 There are better resources that people could use instead of going to the zoo and experience something that is not true of nature. For instance, documentaries, books, or even schooling for people that want to make it as a career, are better than taking these animals away from their homes and locking them up in small spaces. These options don’t involve taking the animal out of the wild. Detail 4 â€Å"One reason why some zoos have not done a better job in educating people is that many of them make no real effort at education. In the case of others the problem is an apathetic and unappreciative public.† (Jamieson.) MP5 Animals inside of zoos are not getting the amount of exercise, as they would out in the wild. Detail 1 â€Å"Elephants typically walk up to 30 miles in just one day.† (Carr.) Detail 2 Giving this some thought, when elephants are put into zoos, they only get so much room to roam, which doesn’t allow them to get their adequate exercise. Detail 3 In most cases, a lot of these animals are becoming under coordinated by huge percentages which makes them not fit for being released. This also shortens the lifespan of many animals. Thesis There are several explanations of why zoos are not okay for wild animals. Conclusion No true understanding is being accomplished by anyone who visits a zoo. These animals are not in their natural habitat, and if they were, they would most defiantly be considered â€Å"wild animals.† Some aren’t use to having any human interactions at all. Many animals suffer from diseases caused by being inside of a zoo. There are always other ways to learn about these immaculate creatures besides keeping them locked up with no â€Å"wild† to experience. These animals need freedom of time and space to learn how to survive adequately, or at least be able to walk as far as they would like to walk. Amber Wharton WRI 95.01 Professor Goodman March 11, 2014 Argumentative Essay Zoos: Taking The WILD Out of Animals Going to the zoo seems completely normal and extremely fascinating for most families, but what happens behind the scenes is where going to the zoo doesn’t seem all that realistic. The animals inside of zoos are not in their â€Å"natural habitat†. Wild animals usually are not use to having any human contact, at least out in the wild they don’t. When locked up, these animals become diseased and suffer from depressed and anxiety. Some people say that the zoo provides great information on wild animals and their â€Å"natural habitat† and use â€Å"going to the zoo† as a resource for learning more information on these amazing animals. Animals inside of zoos are not getting the right amount of exercise, as they would be getting out in the wild. There are many reasons why it is not right for wild animals to be caged up and taken away from their homes and put into a zoo for public display. Wild animals are meant to have their freedom and roam across their homelands without limitations or boundaries. These animals inside of zoos are not in their â€Å"natural habitat†. They have limited amount of space that they can walk around in and are most likely not anything like their natural habitat. These animals are not even catching their own food; they are being fed like pets. This interrupts their skills to hunt their meals and learn how to survive out on their own. These animals have insufficient knowledge of actually being a wild animal. They probably think it’s normal for them to be locked up because they were born inside of a zoo. Better yet, the food that they do eat is more likely not what they would eat out in the wild or it’s already dead. Wild animals are meant to live life and kill their food on their own, not to be on a zookeepers schedule to be fed and played with. Wild animals usually are not use to having any human contact. Out in the wild, there are no humans to help catch any kind of animals’ food, not to mention giving it to them on a dinner plate would be completely out of the ordinary out in the wild. Wild animals are built and raised to hunt and  kill, not to be served like a human being. Human interactions are slim to none for most animals out in the wild. Wild animals don’t even need assistance giving birth to their young nor do they need help raising and teaching them the necessities for everyday living out in the wild, not that they need that knowledge inside of a zoo. When locked up, these animals become depressed and suffer from anxiety. Some signs of depression and anxiety are: pacing back and forth, isolating themselves in corners, abnormal behavior, and swaying from side to side. â€Å"Captive animals are deprived of everything that is natural and important to them, and as a result, they become bored and lonely and many even suffer from a condition called â€Å"zoochosis.† If you’ve ever witnessed a captive animal rock and sway back and forth, you’ve seen the disease firsthand. This condition is so rampant in zoos that some zoos give animals a mood-altering drug, such as Prozac, because the public has started to catch on.† (Carr.) Wild animals are not supposed to be locked up and fed medication to cure their disease of depression or anxiety that was caused by being inside of a zoo. Some people say that zoos provide a great deal of information on wild animals and their â€Å"natural habitats† when clearly they are sending the wrong message across to people by keeping them locked up and barricaded in little prison cells. Showing people these animals the way that they are presenting them to the public is wrong and cruel, not to mention it is not at all accurate to how they would be out in the wild. It gives people the wrong impression on how these wild animals live their life. There are better resources that people could use instead of going to the zoo and experience something that is not true of nature. For instance, documentaries, books, or even schooling for people that want to make it as a career, are better than taking these animals away from their homes and locking them up in small spaces. These options don’t involve taking the animal out of the wild. â€Å"One reason why some zoos have not done a better job in educating people is that many of them make no real effort at education. In the case of others the problem is an apathetic and unappreciative public.† (Jamieson.) Animals inside of zoos are not getting the amount of exercise, as they would out in the wild. â€Å"Elephants typically walk up to 30 miles in just one day.† (Carr.) Giving this some thought, when elephants are put into zoos, they only get so much room to roam, which doesn’t allow them to get their adequate exercise. This  also shortens the lifespan of many animals. In most cases, a lot of these animals are becoming under coordinated by huge percentages that make them not fit for be ing released. â€Å"Zoos breed animals in an effort to keep drawing in paying visitors—yet often, there’s nowhere to put the offspring as they grow. Breeding programs serve no true conservation purpose because giraffes and other animals born in zoos are rarely, if ever, returned to their natural habitats.† (PETA) In my opinion, I think all zoos should be closed permanently for the sake of the animals’ freedom. Animals are not supposed to be paired up and stuck together by what a human thinks is okay for their environment. They are supposed to roam their land and eat the food that they catch. Even learning instincts are a huge factor of being a wild animal. These wild animals are not supposed to be taken care of by humans like an infant human baby would be. No true understanding is being accomplished by anyone who visits a zoo. These animals are not in their natural habitat, and if they were, they would most defiantly be considered â€Å"wild animals.† Some aren’t use to having any human interactions at all. Many animals suffer from diseases caused by being inside of a zoo. There are always other ways to learn about these immaculate creatures besides keeping them locked up with no â€Å"wild† to experience. These animals need freedom of time and space to learn how to survive adequately, or at least be able to walk as far as they would like to walk. There are several explanations of why zoos are not okay for wild animals. Works Cited Carr, Michelle. â€Å"The Reality of Zoos.† People for the Ethical Treatment of Animals.. PETA. Web. 11 March, 2014. Jamieson, Dale. Against Zoos. In Defense of Animals, New York: Basil Blackwell, 1985, (108-117) 11 March, 2014. Print. People for the Ethical Treatment of Animals. PETA. 10 Feb, 2014. Web. 11 March, 2014.

Human Resource Management And Change Management

Human Resource Management And Change Management Personnel Management, considered for much of the post Second World War period to be a necessary, albeit uninspiring and rule bound administrative activity has in recent decades evolved into Human Resource Management, (HRM), a key function of modern day business organisations. Enriched first by the work of seminal contributors like Maslow, Herzeberger, McGregor, and Kohn, and later by that of behavioural experts like Guest and Storey, the growth of HR Management has also been spurred by enormous environmental changes in areas of business ad economy. With the growth of the market economy, along with technological advances, instantaneous communication, economic liberalisation and globalisation having intensified local and global business competition manifold, there is widespread agreement on the criticality of HR in realising competitive advantage, market growth and financial success. The development of a knowledge based economy, as also the current economic crisis, is driving home the importance of HR quality in business survival and success. Modern day HRM comprises of various functions like deciding upon staffing requirements, choosing between contracted or hired workforce to fill these needs, selecting and recruiting the most suitable candidates, training and developing employees to enhance their knowledge and skills, ensuring high performance, and motivating employees through a combination of practices, remuneration and rewards. Each of these areas comprises of numerous associated functions; staffing, for example incorporates workforce planning, job and role specification, selection and recruitment, and formulation of compensation. This study attempts to investigate and analyse the need, utility and role of specific important aspects of HR, namely staffing (selection and recruitment), performance appraisal and management, and Compensation (remuneration and reward) in improving organisational performance and effectiveness; it is carried out with reference to the HR policies and practices of the Ritz-Carlton Group of Hotels, with approximately 38,000 employees, possibly the most successful and well regarded luxury hotel chain in the world. The major strategic issue to be addressed is the changes in competition, that the luxury hotel market has virtually collapsed and the lower end accommodation is outperforming the upper end of the hotel sector. Where do we go from here? Overview of Ritz Carlton The Ritz Carlton Group, now a subsidiary of Marriott International, runs nearly 73 luxury hotels across the globe, with 30 more projects under development which includes fractional ownership, private residences and serviced apartments, diversifying into a different prospective that the traditional hotel. Having started in Boston in 1927 with the first Ritz, the group currently operates in 23 countries in North and South America, Asia, Africa and Europe. Under the former leadership of one of the partners Mr. Horst Schulze who was President and Chief Operating Officer (COO) from 1983 to 2002, it was the only organisation in the service industry to win the prestigious Malcolm Baldridge National Quality Awards twice, the Ritz Carlton group is widely known for its focus on optimising its employee strengths, abilities, and skills, to increase market share, improve operational and financial results and achieve competitive advantage. A major factor in the attribution of this, was the launch of the The Ritz-Carlton Leadership Centre which has thousands of senior executives, line managers and all levels of leaders through their doors from every diverse industries (such as Finance, Food Services, Human Resources, Retail, Transportation, Automotive and Healthcare) which came to learn the Ritz-Carlton principles of service. The services of this centre are ideal if a company is looking to create a sustainable change, which is key to the future as stated by xxxxx (2008), having a major competitive advantage to outperform its competitors and to increase its customers and employee loyalty. Believing in the criticality of skilled, trained, satisfied and motivated employees in achievement of customer satisfaction, the company has thoughtfully planned and skilfully implemented HR policies and practices that are essentially dynamic in nature and respond to environmental circumstances and needs. With the luxury hotel industry being intensely competitive and every major city in the world having a number of upper end hotels providing the same sort of rooms and other physical facilities, the management of the Ritz Carlton differentiates its offering chiefly through provisioning of superior service to its customers. Known the world over as the ladies and gentlemen (who serve ladies and gentlemen) of the Ritz, the employees of the chain aim to provide customers with the ultimate Wow experience and retain 100 % of their existing clientele. The groups philosophy has a real emphasis on customer and employee satisfaction which other organisations try to aspire too. In the words of Simon Cooper, the former President and COO of the company from 2002 to 2010; It is their commitment to always exceeding the expectations of our customers which insures that no matter how large our company may grow around the world, we will never forget service is what we built our reputation on as a hotel company, and our commitment is to grow the service quality along with the portfolio of hotels which should reach 103 by 2011. The organisation has been forced to take some drastic action of late due to the revenues at the five star group been diminished over the last number of years, reflecting the changes in the luxury hotel industry and on August 12, 2010, the Ritz-Carlton announced that their new President and COO to be Mr. Herve Humler in which the leadership change was effective from September 1, 2010. Mr. Humler is one of the original founders of the Ritz-Carlton Group in 1983 and has now responsibility for leading brand operations and global growth strategy. Human Resource Policies and Practices 4.1 Staffing Selection and recruitment practices at the Ritz Continental have been formulated with thought and care and aim to further the service quality and standards of the organisation. With the organisation being a quality and market leader in its area of activity, the hotel group is always assured of good response both to local advertisements and requests for staff for its central staff pool. The group seeks people with real Intensity, Energy and Purpose for all roles within the organisation. The organisation is strict on recruiting appropriate people. Whilst candidates with the right qualifications are preferred, great emphasis is paid to selecting people who are considered capable of fitting in with the strong service culture of the group. The culture is of strategic importance and classed as special, in every location in the world, with excellent quality and service, customer and employee satisfaction is at the top of its priority. Again whilst the group selects people with diverse talents and knowledge and teaches them the technical requirements of individual jobs, it essentially looks for people who are (a) high in work ethics, (b) detail oriented, and (c) relationship driven; the successful candidates are expected to genuinely care and respect guests and each other. Candidates must look people directly in the eye, be warm, friendly and capable of showing empathy. (Living Values) You have to make sure that youre selecting for attitudes and values, not for skills and experience. You cant train for attitudes and values, you can train for skills, says Chi. If candidates have the right customer focus, values and a positive attitude, anyone can be trained to do anything in the hotel, Chi says The selection process is driven by customised and structured interviews, which have different approaches for different types of staff. A manager would be tested for focus and sense of competition, while a recruiter needs to be caring, relationship oriented, business savvy, and able to see the talents of other people. The division head and the General Manager of the individual hotels get involved in all selection processes so as to make a group decision and also to show the potential candidate the importance of the that individual is to the organisation. The company has elaborate training and retraining systems. It has 20 basic standards that are constantly reinforced through training. Whilst every employee is provided with 120 hours, i.e. three weeks of training every year, new entrants are given a 2 day introduction before they come in contact with any potential guest or existing employee to understand the culture and philosophy and also 40 days of training in their first year to enhance this. The company has prepared extensive training material on all aspects of service delivery, including a list of more than a thousand customer problems, as also guidelines for solving them. Such problem solving is an integral portion of the training programme. Apart from such systematic training many individual hotels of the group have their in-house training programmes. At the Ritz Carlton, Hong Kong, the hotel has adopted a number of forward-looking practices. For example, all of the roughly 300 staff are expected to learn one new thing per day and time is specifically scheduled at the start of each shift to allow them to do so. This might be about the work of another department, the overall tourist industry, or new properties within the group. Generally all employees are permanent staff, this is to ensure that the culture and philosophy are kept at the highest standard, in contrast to this, some very minor positions are temporary wish are not directly related to the core business. (e.g. building maintenance can be sometimes outsourced etc.) As suggested by Mello (2006, page 336) specifically in the service sectors where higher turnover costs are common with the comparison of manufacturing, the organisation implementing a strategic staffing initiatives which are the key to retaining productive employees and in turn minimizing turnover/operating costs. To this the Ritz-Carlton Hotel Group is at the forefront of its sector ensuring that employee satisfaction remains high with 90 to 95% compliance. This employees satisfaction is one of the key areas that are worked on, day in day out and involves trust, communication, involvement and engagement as stated by Mark DeCocinis, Regional Vice President, Asia-Pacific of the Ritz-Carl ton Hotel Company. At management level within the Hotel Group, many senior positions are filled internally within the organization, approximately 70 to 80 % of the leadership positions states DeCocinis. These individuals have proven skills, able to motivate and has capabilities to fit into the organisations culture. This is classed as a reward system for their previous performance and loyalty and promotes a positive promotional and development opportunities within the group, it also helps to serve international assignment roles. 4.2 Performance Management The Ritz-Carlton Hotel Group has an elaborate performance appraisal programme that aims to regularly evaluate employee performance and provide employees with feedback about their performance. Performance Feedback is used as opposed to Performance Appraisal, in which the system is kept in line with the organisations strategic objectives and culture. Below is as outlined by Mello (2006 page 428) are the key differences between performance feedback versus performance appraisal. As can be seen from the exhibit below the feedback is more a two way exchange where employer and employee communication informally their performance and discuss jointly planning future work activities. Performance Feedback Performance Appraisal Time Period Past, present and future Past Focus Link employee work activities to specific business objectives strategy Create records, document performance problems Nature of communication Two-way One sided, downward, directive, rebuttal sometimes allowed Employee role Active Participant Passive Formality Informal, Verbal High formality, written forms Timing Spontaneous, ad hoc needed As prescribed (usually annual) Basis of relationship Collegiality Power Role of Supervisor Coach, motivator, partner Authority figure Outcomes Participation, enhanced, targeted performance, improved relationship Compensation decision; task directives Mello (2006 page 428) Exhibit 10.1 Performance Feedback versus Performance Appraisal The performance management system of the company works on a few specific principles, namely informing employees about their responsibilities, enabling them to master the requirements of their job, generating ideas on improving the quality of their output, informing them on how well they are doing in many ways and forms, and training them constantly through their managers and peers on different jobs and tasks. Each employee gets a report everyday on his actions on the job. Apart from these reports, detailed personnel appraisals are carried out every six months. With managers providing employees with feedback, suggestions and corrective training on a daily basis, most employees improve so much by evaluation time that such occasions tend to become times for celebration rather than apprehension. Such assessment occasions are used to form action plans, establish future goals, and guide employees on their future responsibilities. (Lets celebrate) All of the Ritz-Carlton employee performance goals are aligned with the company goal, and from that to the hotel goal and in turn to the divisional goal, therefore involving everyone in part of the complete organisation. Each and every employee is encouraged to come up with a plan to reach their goal for the next year based on guest satisfaction, financial performance and employee satisfaction. The bonus or incentive at the end of the year is based on improvements if you increase the performance numbers you will be rewarded. Communication according to the Ritz-Carlton is the key to maintaining consistence performance management. Each employee having interaction with the General Manager every day and speaking freely about what we enjoy and how we can improve is important says DeCocinis. All general managers has a policy of having a breakfast meeting with 10 to 15 employees from different departments once a month, in that speak openly and informally at this gathering for the purpose of what each employee is working on and what can be improved is a very positive management policy and everyone learns from the meeting. Another important performance management system in place is that employees are encouraged to document either their own or another employees mistakes. It is very important when someone makes a mistake that the correct action is taken to resolve it as soon as possible, otherwise it could reoccur. The group recognises people for taking ownership of a problem and being part of the solution to resolve it Yeung (2006). 4.3 Compensation Whilst the organisation has very strict recruitment policies, (20 people are, on an average, selected from 2000 applicants), it provides good remuneration and facilities. The company believes in maximising staff retention through a combination of good working atmosphere, excellent training, good career prospects, opportunity to travel, and good remuneration. Whilst the company does benchmark and attempts to keep its remuneration competitive, it is nevertheless overtaken occasionally in this area by other hospitality organisations. Mark DeCocinis states if you expect your people to be the best, you must pay at the top of the market We do still benchmark on remuneration, says Ms Lau, but regard staff retention as something which depends more on other factors. These include training, creating long-term career opportunities, and helping employees to find the right work-life balance. Ritz-Carlton employees who can multi-task (i.e. stand in for others etc.) are recognised and rewarded accordingly. The group reward and motivate their employees who exceed their expectations through The Ritz-Carlton Incentive Awards. The organisation dispenses Gold Standard Coupons to those employees who exceed the hotel standards for quality and service, these coupons are then exchanged for weekend accommodations at the hotel group or at the hotels gift shop for merchandise. Additional to this is every quarter, a Five Star Employee Award is granted which entitles the winner to a five-night stay for two people at any Ritz-Carlton hotel in the world, and to supplement this, round trip flight tickets and US$500 spending money is given. Strategic Organisational Performance The Ritz-Carlton is considered to be one of the most successful organisations in the luxury hotel business. Globally known for the quality of its service and exceptional surroundings, the organisation has in recent years not preformed financially which diminishing revenues in the organisation. The intensifying competition in the hospitality sector notwithstanding, the organisation has grown sharply during the last decade; spurred by its entry into new markets, (especially in China), a change in orientation towards more casual elegance may be appropriate or not?. The introduction of spas that are operated by the best operators in the world, and the opening of restaurants run by celebrity chefs like Gordon Ramsay and Wolfgang Puck all strategically aligned to give the hotels unique character may be better suited in a more buoyant economic environment rather than today climate. With that in mind the real strategic issue, the change in competition within the hotel sector, i.e. the lower end accommodation outperforming the luxury end, with regards to staffing, will have an impact on a) downsizing of staff, b) other competitors depleting the staff pool of both permanent and temporary potential employees, c) potential loss of Ritz-Carlton valuable employees to competition, d) loss of Branding (culture, relationships etc.). In performance management the impact of the organisation not performing as measured on its outputs would directly affected employee performance as they are both aligned within the organisation HR strategy. With regards to compensation pay freezes, no bonuses or incentivises at the end of the year would be implemented, staff retention will be affected, less career prospects and less opportunities to travel within the organisation. The The Ritz-Carlton Incentive Awards and the Five Star Employee Award would be disbanded. All of the above would have a major impact on the current HR policies within the Ritz-Carlton organisation which the retention of th e high performers being critical to the organisation also. What is to be done about this now? Human Resource Management Analysis The first thing to be completed is an Organisation-Level Diagnostic Model which will determine are the policies aligned with the organisational goals. This is a critical input which will help present problems and symptoms. The process of Diagnostic as stated by Cumming and Worley (2008 page 87) is that Diagnosis is a collaborative process between organizational members and the consultant to collect pertinent information, analyze it, and draw conclusions for action planning and intervention. This understanding and results of how the organisation is currently functioning provide valuable information to design change. INPUTS DESIGN COMPONENTS OUTPUTS Cumming and Worley (2008) Figure 5.2 (page 93) INPUTS DESIGN COMPONENTS Dramatic changing environment Strategy keep quality and service at 5 star Late bookings discounted rooms? Competitors Power Technology-SAP payroll systems, hand scanners etc. Customers / Buyers Performance Management outsource sales for rooms? Treat of New Entries -alignment with Entertainment Company (MCD) Ease of Choice Structure Self Managing Teams, possible outsource sales Health Safety Measurement Sys.-customer satisfaction, occupancy rates, Golf Courses / Academy managing information systems, mystery customer Culture- No.1 for service quality, No.1 for employee Customer satisfaction, what do I achieve today? From the above analysis and specifically with reference to the Human Resource Systems, the details for selecting, developing, appraising and rewarding organisation members, the organisation effectiveness is sufficient as there is good alignment between both with only minor changes to be investigated. The second analysis that is to be implemented is to complete an Organisational Development and Change Plan based on the Force Field Analysis for normative planned change. Management is all about change and by using Lewins Change Model theory and using an incremental magnitude of change, the model below can be implemented. FORCE FIELD ANALYSIS Steps: Identify a specific Change Identify forces for and against change Prioritise the forces Develop strategies to overcome opposing and reinforce supporting forces Implementing Recommendations With the above information to hand and being more critical, the following recommendations can be implemented to Senior Management within the organisation. With reference to staffing a number of options are open to management for action. The selection and recruitment process is supportive of the HRM system with only a few weaknesses to be addressed. A bank of pre-approved potential employees should be developed for each and every hotel within the organisation, both permanent and temporary employees to cover sick days, holidays etc. as this would reduce the recruitment timeline. A recommendation to the HR Manager or General Manager for each hotel should be to do a backward strategy on the history of timelines of past recruitment drives as suggested by Mello (2006 page 339), work backwards from the time employees are required to start employment, which in turn will determine when recruiting begins. This bank of potential employees will eliminate any delays in time, replacing or commencing new employees with the organisation. As to keep the turnover of staff to a minimum (i.e. below 15% would be acceptable within the service industry for t urnover, xxxxx(2008), the selection of candidates at recruitment stage should focus on a long-term relationship or career with the organisation. The selection process to focus on a potential person theme, what do they really enjoy? What is their purpose in life? What motivate them? The task is to look for personnel who genuinely enjoy contact with people and respect and care about others. This will benefit the organisation and the employee in the long run. All senior management positions should be filled in-house once the relevant experience and leadership training from The Ritz-Carlton Leadership Centre is obtained. It is important to protect the culture of the organisation from the top down as well from the bottom up. An Empowerment strategy should be implemented as soon as possible. This will involve flattening the organisation and creating Self Managing Groups or Teams. Reducing middle management (layoffs) or redeploying them elsewhere where required within the organisation will reduce overall costs and give real motivation to the current employees for self management. The one important point about his recommendation is to get consensus across the complete organisation for this process. The Performance Management system is very much aligned with the organisational goals with the philosophy that employee satisfaction leads to guest satisfaction which in turn leads to good financial results. The real emphasis with is on outputs not inputs as detailed in Mello (2006 page xxxx) and needs to extremely well measured so that performance can be analysed in depth. A recommendation is for each employee to come up with a plan / set of targets to reach a goal for the next year, measured by guest satisfaction, employee satisfaction and financial performance. These goals or targets will be regularly monitored by the General Manager and HR Manager each month with informal lunch meetings with up to 10 people from different department attending. Here the employee can be openly praised in front of his colleagues based on improvements benchmarked on the individual goals. By using Victor Vrooms Expectancy Model, this will give real intrinsic motivation to the employees, in return the e mployee will feel valued, recognised and perceive be involved with important aspects of the hotel. Ritz-Carlton Group using the Expectancy Mode outlined below will have valued satisfied employees and the performance measures will be completely aligned with the organisations needs as detailed by Mello (2006 page xxxx). Assists managers to determine the outcomes that each employee values Managers should define performance levels in measurable terms Managers can determine if desired levels of performance are attainable Managers can link desired performance to outcomes desired by employees Clarifies that perceptions, not reality determine motivation Clarifies that motivation will be highest when employees perceive many benefits, but not necessarily many rewards Compensation being rewarded by respect, trust, loyalty and a greater sense of empowerment is the correct direction for the organisation. The ultimate strategy is to create an appropriate mix of financial and non-financial compensations systems. Direct compensation in salaries should be aligned with the best in class within the industry (fairness sliding scale salaries established by job classification) increase incentives such as bonuses, commissions, training and development to The Ritz-Carlton Leadership Centre to attractive and retain the best performers. With regards to indirect compensation, apart from the legally required a full review should be undertaken for the indirect options such as retirement pension plans, life insurance, flexible working schemes etc. to ensure they are relative to the market place. The recommendation for the Self Managing Teams will complement the recommendation to utilise team based versus individual pay based on performance which will encourage flex ibility and co-operation within the teams. Contribution of HR Policies to Organisational Performance The spectacular success of the hotel is attributed by many industry experts to its superior service quality and customer focus. Such a focus has helped the Ritz to constantly differentiate its products and services from the competition, enabled it to grow fast without compromising its commitment to its customers and allowed it to ride out bad years without losing business or compromising its operational and financial results. Being a member of the service industry, the organisation is people driven and significantly dependent upon the quality and effectiveness of its workforce for the realisation of its strategic and business objectives. The company has formulated its HRM policies in line with its strategic objectives and the complete HR system is geared to delivering of high quality standards. It has unilaterally adopted employee oriented and customer focussed HR policies and procedures that are essentially Best Practice in nature and designed to produce high levels of employee productivity. The Ritz treats its employees with the utmost dignity both within and outside the organisation and is publicly proud of their knowledge, skills, abilities and contribution to the organisation. The company pays great attention to training, an activity that continues throughout the working life of all employees, increases their knowledge and skills and optimises their performance. Team spirit, corporate pride and human dignity are common to all employees; a General Manager is expected to pick up a burnt cigarette from the carpet, even as the junior most employees have the powers to spend considerable sums of money without having to take permission from their superiors, if it is to further guest satisfaction. Ritz employees are known to go to great lengths to ensure guest satisfaction, leading their guests to come again and again and increasing the hotels customer retention to dizzy levels. Such motivation is proof of the role of Human Resource Management in the remarkable success achieved by the organisation. Conclusions HR management practices have clearly come a long way since the days when the duties of personnel departments were restricted to recruiting people, maintaining leave records, and preparing salary sheets. HRM is now felt to be a critical management function that is instrumental in achieving the strategic objectives of business organisations. Whilst organisations are still divided on the adoption of Best Fit or Best Practice strategies, or on switching over from Command and Control systems to ones that are most participative, there is little doubt over the importance of careful selection, good training, effective communication, performance appraisal and attractive compensation in increasing organisational performance and competitive advantage. Greater numbers of organisations, especially those in the knowledge sector are also seeing the advantages of employee involvement and empowerment in improving organisational innovation and employee commitment and motivation; which in turn results in enhancement of competitive advantage and business success. The Ritz Carlton is an important example of the brilliant operational and financial results that can be achieved by organisations in the service sector through well planned and efficiently implemented employee oriented HR practices on a consistent basis. The organisations commitment to its employees in good and bad times and its adoption of employee empowering HR policies and practices has enabled it to achieve startling levels of customer service and leadership in quality, market share, and reputation.

Why is Pilgrimage an Important aspect of the Hindu Religion ? :: essays papers

Why is Pilgrimage an Important aspect of the Hindu Religion ? The following essay addresses that of the Hindu pilgrimage as to why pilgrimage is an important aspect of Hindu religion? Firstly, the essay focusses on points which support pilgrimage as a fundamental and key aspect of the Hindu community. Secondly, a perspective denying pilgrimages have any significant role for Hindu and their religion is discussed. It does seem though, to me, that without the aspect of pilgrimage, the Hindu religion would still function quite noramally because although the pilgrimage sites give darsan, they do not seem to be able to assist people with their day to day problems, whereas holy men do. First though we need to know exactly what darsan means to Hindus. Darsan means seeing in Hindu religion and when people go to a temple, they say they do not go to worship but rather for darsan - they go to see the image of the deity. The pinacle act of Hindu worship, is to stand in the presence of the deity and to look upon the image with their eyes, so as to see and be seen by the deity. The deity is believed to actually be within the image, and beholding the deity image is a form of worship where through the eyes one gains blessings. A pilgrimage is a religious journey; people undertake pilgrimages so they can worship at special places which are connected to their religion. Journeying to holy places of pilgrimage are generally carried out as acts of faith and devotion in accummulating religious merit or to atone for sins. Pilgrimages are also regarded by Hindus as a religious duty from which darsan can be attained. There are thousands of pilgrimage sites - tirthas (sacred, fords or crossings) in India, where many places of pilgrimage are renowned for their divine images. And it is the darsan of these divine images that are sought , because the darsan is believed by Hindus to be far greater and significant than that which can be granted and given by holy men i.e. sadhus. It entails then, that holy places of pilgrimages are an extension of additional darsan, of which can be given and received by travelling on a pilgrimage. For example, pilgrims go to the sacred hill of Tirupati for the darsan of Sri Venkatesvara, an ancient icon believed to be a form of Visnu. According to legend, the Lord came to bless a particular devotee who was faithful in his duties towards his parents. The devotee took no time

The Center for Disease Control and Bioterrorism Essay example -- Disea

The Center of Disease Control and Prevention has an emergency awareness and response page based off of a zombie apocalypse to help inform people on how they should be ready if a major emergency were to occur. The CDC has a range of research and information from heart disease to the worst, infectious, disease-causing agents. The CDC also shares information about how to prepare and what to do if a bioterrorism attack or pandemic were to occur. The Center of Disease and Control is a diversified government organization that has the main purpose of protecting the public against the serious threats of bioterrorism and dangerous pandemics. The Center of Disease Control and Prevention performs studies to acquire information about the health and wellness of the general public. Some of these studies include simple censuses that ask people about preexisting conditions, height, weight, age, and their family history and health. They also look to see how certain diseases affect a person’s body and how they can be dealt with. For example, the Center of Disease Control and Prevention would conduct studies of people in different age groups and family history hat already have heart disease. They then look to see if the cause of heart disease in the different age groups is influenced by any particular factors. They have found that the risk of heart disease is increased if a person has a genetic history of heart disease caused by hypercholesterolemia and by ingesting high fat foods, low exercise, and ingesting harmful products like alcohol or tobacco. The main fields that the CDC focuses these studies upon are Disease s and Conditions, Emergency Preparedness and Response, Environmental Health, Life Stages and Populations, Healthy Living, ... ...itannica. Encyclopà ¦dia Britannica Online                School Edition.Encyclopà ¦dia Britannica, Inc., 2011. Web. 14  Nov.  2011.. "Heart Disease." Center of Disease Control and Prevention. Centers for Disease Control and Prevention, 16 Nov 2009. Web. 7 Dec 2011. . Lamb, Robert.   "10 Scariest Bioweapons"   26 August 2008.   HowStuffWorks.com.   07 December 2011. "Special Pathogen Branch." CDC. Centers for Disease Control and Prevention, 17 Jul 2009. Web. 9 Dec 2011. . "Vision, Mission, Core Values, and Pledge." CDC. Centers for Disease Control and                         Prevention , 11 Jan 2010. Web. 16 Nov 2011. . The Center for Disease Control and Bioterrorism Essay example -- Disea The Center of Disease Control and Prevention has an emergency awareness and response page based off of a zombie apocalypse to help inform people on how they should be ready if a major emergency were to occur. The CDC has a range of research and information from heart disease to the worst, infectious, disease-causing agents. The CDC also shares information about how to prepare and what to do if a bioterrorism attack or pandemic were to occur. The Center of Disease and Control is a diversified government organization that has the main purpose of protecting the public against the serious threats of bioterrorism and dangerous pandemics. The Center of Disease Control and Prevention performs studies to acquire information about the health and wellness of the general public. Some of these studies include simple censuses that ask people about preexisting conditions, height, weight, age, and their family history and health. They also look to see how certain diseases affect a person’s body and how they can be dealt with. For example, the Center of Disease Control and Prevention would conduct studies of people in different age groups and family history hat already have heart disease. They then look to see if the cause of heart disease in the different age groups is influenced by any particular factors. They have found that the risk of heart disease is increased if a person has a genetic history of heart disease caused by hypercholesterolemia and by ingesting high fat foods, low exercise, and ingesting harmful products like alcohol or tobacco. The main fields that the CDC focuses these studies upon are Disease s and Conditions, Emergency Preparedness and Response, Environmental Health, Life Stages and Populations, Healthy Living, ... ...itannica. Encyclopà ¦dia Britannica Online                School Edition.Encyclopà ¦dia Britannica, Inc., 2011. Web. 14  Nov.  2011.. "Heart Disease." Center of Disease Control and Prevention. Centers for Disease Control and Prevention, 16 Nov 2009. Web. 7 Dec 2011. . Lamb, Robert.   "10 Scariest Bioweapons"   26 August 2008.   HowStuffWorks.com.   07 December 2011. "Special Pathogen Branch." CDC. Centers for Disease Control and Prevention, 17 Jul 2009. Web. 9 Dec 2011. . "Vision, Mission, Core Values, and Pledge." CDC. Centers for Disease Control and                         Prevention , 11 Jan 2010. Web. 16 Nov 2011. .

Accouting Practice Exam

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