My parents My role model Essay

Many times in life, we come across a tough, influential person who leaves a great and powerful impact on our lives. When you hear the words â€Å"role model in your life†, who or what do you think of? When I hear it a string of actors, musicians, athletes and, celebrities Over the years, the concept of a essay on  role model has changed from fictional â€Å"heroes† seen in movies, comics, and stories to average people that make an exceptional impact on someone’s life. A role of parents in our life model need not necessarily be a celebrity. A role model in life  can be family, teacher, friend or just a stranger, social worker, a leader etc. who did something that changes your thoughts and decisions about life. And for me my role model are my parents in this essay. My father is my role model are my parents because they posses the quality of a good parent. I know, they are not perfect but they carry the virtue and quality of a parent that everyone could wish for . see more:muet speaking tips Importance of parents in our life My parents are very responsible, good provider, committed to their duties and responsibilities, loving and determined in pursuing their plans to nurture us with good values and norms so that we will became responsible,well-disciplined, God-loving and taught us to love others, as we grow old. my parents make sure that they provide us what we need and they do their best, even in the midst of hardships. They do not stop or even pause in fulfilling their duties and responsibilities as a parent. They always seek a solution or find ways to keep our life better and meaningful. My parents always show and teach us the good values so that we can past it on to the next generation. They are always there to support us in our endeavor and in pursuing our dreams. They are very supportive especially when I need to decide on my own, they are always there on my side, not to be hindered in my plans but instead to give advice and support that I needed most. My parents make sure that they are on my side in every step of the way of our life. My role model speech My parents are essay on my role model because I want to be like them, the way they nurtured us Parents are the first role models for their children. Children look up to their parents with love and trust and at least in the formative years they try to follow closely the example set by their parents. It is imperative that parents be positive, pro-social models that lead by example so that their children learn to be emotionally intelligent and deal with all kinds of people while nurturing loving relationships as they grow up. In a busy world that is becoming increasingly indifferent to the weak, the old and the vulnerable, parents should show  their children that honesty, courage, mercy, love and tolerance are as important as brilliant feats of mind and body are to retain the worlds sanity. We owe it to our children. Works Cited Ostermann, Samuel H. Role Model. Hamilton, N.Z., X Street Two, 2010. â€Å"Role Model.† Wikipedia, Wikimedia Foundation, en.wikipedia.org/wiki/Role_model.

Accounting Regulation Essay Essay

Over the years there has been a continual debate over the necessity of accounting regulations. Some people have many reasons favouring accounting regulations such as the belief that accounting conventions are needed in order to allocate and control the economic outcomes of resource allocation and information stipulation in the market. However, others have arguments against the use of accounting regulations, such as regulation leading to oversupply of information as users who don’t bare any cost tend to overstate their needs. Accounting regulation arose shortly after the 1920s, where researchers wanted to classify commonly accepted accounting regulations. Examples of these include the entity assumption and the matching principle. It was in 1946 that the institute of charted accountants in Australia released five recommendations on accounting principles. Then in 1956 following the great depression, numerous recommendations were issued by the Australian society of accountants. Ac counting regulations in financial reporting are seen as â€Å"the imposition of constraints upon the preparation, content and form of external financial reports by bodies (governments, regulatory agencies established by governments, trade and other associations in the private sector, loose industrial groups which pursue collusive activities) other than the preparers of the reports, on the organisations and individuals for which the reports are prepared† (Taylor and Turley, 1986: 1). There are many benefits associated with the implementation of regulations within the market. According to some, accounting regulation is necessary to ensure market efficiency. Market efficiency allows accounting information to be available at just costs. However, in reality markets are imperfect due to factors such as information asymmetry. Without these regulations which permit efficiency, it is believed that markets may fall into disorder. Regulation allows for comparison of reports and accounti ng information, along with a fair control on prices and appropriate resource allocation. See more: Examples of satire in adventures of huckfinn essay Regulation is also seen as an imperative device which encourages accountability and allows for the provision of a wide range and greater amount of data in corporate reports. In the presence of windfall profits, regulations are also considered highly desirable. An example of this would be when a situation occurs where there is an immediate demand and suppliers charger higher than normal and thus generate greater profit. Because of the central aim of accounting standards is to uphold comparability, consistency  and simplicity in the best interests and welfare of users of financial reports and information. Though the years it has been seen that in the absence of accounting regulation, financial statements may not convey the information that people require to make informed decisions in company actions. Because of this, the role of regulation in rasing the quality of information conveyed in financial reports is imperative. This is highlighted by Baxter (1978: 25). He stated that â€Å" standards raise the quality of accounts, make company reports more intelligible and foster comparability; they dispel doubts and – we hope – soon bring harmony of principle. In a world made safe enough by standards, accounting will be plagued by few scandals and our noisy defamers will have to hunt elsewhere for quarry†. The pro regulation perspective considers accounting information as a public good. Once it’s becomes available, there is no cost involved with it use and it can be distributed freely among people. Great emphasis is also placed upon accounting regulations when it comes to the security of information and users of financial information. Regulations allow for less accounting to be inundated with fraudulent organisations producing misleading information. This need for regulations to ensure the business world is a secure place was emphasised by the scandals of the 19th and 20th century. Some believe that regulation is not needed, as they argue th at the markets can choose which accounting principles to demand. They advocate that regulation is unproductive in achieving its main aim of accurate, consistent, reliable and comparable financial reporting, Bromwich (1985). Regulation is sometimes deemed unnecessary using the free market perspective. This perspective considers that â€Å"accounting information should be treated like other goods, and demand and supply forces being allowed to operate to generate an optimal supply of information about an entity. â€Å" Jensen and Meckling, Watts and Zimmerman, Smith and Watts are supporters of this perspective. This perspective considers the absence of regulation to create private incentives to produce accounting information and organisations which do not generate information will be penalised by a higher capital cost. The arguments main concern is that regulation will lead to oversupply of information leading to an optimal supply of information by individuals. It is apparent that there are many views when it comes to the necessity of accounting regulations. There are strong arguments both for and against and all people are entitled  to their own opinions. Although many see regulation as more of a hind rance compared to a beneficial tool, the arguments in support of regulations vastly outweigh the negative outlooks.

On Learning Theories Essay Example | Topics and Well Written Essays - 250 words

On Learning Theories - Essay Example As theories are subject to change, so is cognitivism, the theory that states that students learn through associating observations and experiences with their own way of life. Some profound truth could be seen in this theory but like other theories, it has its waterloos so dependence on it alone is not a good idea. Constructivism on the other hand says learners understand through how they interpret and understand information and experiences. Whatever learning theory there is that a teacher wants to apply, it should be emphasized that no one theory is applicable to a group of learners as all people are uniquely different. As a teacher, one should consider all the theories and understand also that combining them all is not the remedy to achieving the best from them but to observe how learners are individually coping with their education. Indeed, a teacher’s task extends far beyond just teaching. Learners are uniquely different and one observation in a group does not really mean it is applicable in another group or an individual. Therefore, it is interesting for a teacher to note this theory and be very careful with how one deals with students with respect to the theory. For instance, Thorndike’s law of effect has been proven to have different responses when it comes to reward and punishment so an educator should not insist on punishing if it does not result to the best outcome from the learner. Behaviors of learners that are measurable like the conditioning of Pavlov, Watson and skinner.

Leadership & Ethics Essay Example | Topics and Well Written Essays - 250 words

Leadership & Ethics - Essay Example Gandhi experimented by majoring on the weakest points of humanity. This problem on belief of the soul could not work. According to Gandhi, he could not explain his weaknesses to draw an answer from the likes of Lord Wavell or Hitler (Jagdeep S. et al, pp 979). Another weakness of Gandhi was evident between him and Kasturbai the wife. Gandhi forced his wife to do what opposed her internalized values. Gandhi portrayed the same coercion in relating to his children. This at times made Gandhi to oppose his notion of being non-violent. As women had been longed nurtured with role to embrace self sacrifice this element of being nonviolent proved violent. Gandhi possessed an element of repression and authoritarian. Gandhi never spoke to his son as he choose a different religion and went against his believes. Furthermore, Gandhi fell in love with her secretary and hence forcing her to fast and shave off. This was a sign of weakness. From this point of view there is no sense in being sexually attracted to one another if there exist violence and hang

The Idea of Change Essay Example | Topics and Well Written Essays - 1250 words

The Idea of Change - Essay Example This strips the students of their creative power. The educator hence strives to regulate the way that the knowledge comes to the students and thus hinders their own thinking. Freire also related this banking philosophy of education to necrophily. It is mechanical thinking wherein the necrophilous person prefers memory versus experience, and having as opposed to being. It is in this act of controlling that the actual education of a person ceases. Freire offers the solution to this problem. There is a need to â€Å"transform the structure† so that the students can become â€Å"beings for themselves† instead of just being incorporated into this system. He further argues that true liberation does not alienate people and it is â€Å"not another deposit to be made†. He termed this liberation of education as â€Å"praxis,† a problem-posing education that which aims to consider people as conscious beings. As the banking system of education strives to maintain a â€Å"submersion of consciousness†, the problem-posing method aims for the â€Å"emergence of consciousness and critical intervention in reality.† On the other hand, Richard Rodriguez wrote an essay on â€Å"The Achievement of Desrie.† In this essay, Rodriguez wrote an account of how he found himself through education, and how in doing so, his life had drastically changed. As a boy, Rodriguez recounts how he has always admired his teachers, and how he had always been passionate about books – anxious and fervent to learn. He claimed that as he was a very good student, he was also a bad one as he was a certain kind of â€Å"scholarship boy†, described by Richard Hoggart (from whom he derived the term in â€Å"The Uses of Literacy†) as a boy who shifts between environments, the home and the classroom, which are both culturally contradicting. The ideas that the classroom offers to

Research, identify and discuss the advantages and disadvantages of Essay

Research, identify and discuss the advantages and disadvantages of business regulations - Essay Example Regulations are good in the way that they provide a particular direction for businesses to follow. Rules and regulations actually help standardize the business operations as all workers and businesses will follow a particular set of instructions which are applicable to them. On the other hand regulations are also important as some businesses do not self-regulate themselves and can therefore be involved in actions which are harmful to the society. For example if restrictions are not imposed on the emission of factories then many companies might not care about the negative effect of emissions from factories ad may continue to do so in order to save costs of safe emission systems. When regulations are made and implemented, then these companies are bound to follow it otherwise they’ll have to bear the consequences in form of penalty such are monetary fines or closure of business. Therefore, regulation is one form of ensuring that the business doesn’t harm the society. (Porket, 2003) Moreover, regulations are also important in protecting the rights of the employees as without regulations, employers may exploit the employees through bad working conditions or low wages etc. Due to this government tend to make regulations regarding minimum wealth, health and safety conditions. Regulations also help in preventing exploitation of consumers. If there are no regulations, then monopolies would exploit consumers with high prices, companies won’t produce goods with quality standards and might not mention the harmful effects of using a particular product if proper regulations are not in place. Therefore regulations are beneficial as many businesses don’t tend to self-regulate them. (Porket, 2003) Along with advantages, there are also some drawbacks of regulations. These include the costs of complying with these regulations. Regulations which are

Proposal on Business Essay Example | Topics and Well Written Essays - 2750 words

Proposal on Business - Essay Example UK firms that collapsed into the administration as they distorted or deviated under immense pressure of soaring costs and declining of consumer spending. Background Information of the Organization Woolworths is the organization under research, is medium-sized organization situated in the region of UK that appears to experience problems in the current recession period. Furthermore, this online retail company believes in providing the customers with a broad range of quality products with greater choices that include children's clothing, stationery, and toys at a very economical price. Woolworths is one of the UK's oldest store groups with more than thousand employees working at different stores all throughout UK. The statistical records provide with evidence that Woolworths has had a presence on the High Street of UK for several decades (Thompson & Martin &Â  Thompson, pp. 615-618, 2010). The history of Woolworths reveals the fact that it was in the early nineteen hundreds that covere d the local newspapers with its opening in UK. It gained recognition and popularity and the company expanded rapidly within couple of decades with more than five hundred stores in UK. However, in the middle years of the twentieth century, the growth of the company stagnated because competitors invaded the market. Contenders and competitors soon began to take over its market share as they rolled out the new concept on a faster pace (Thompson & Martin &Â  Thompson, pp. 615-618, 2010). The financial performance of Woolworths has been abating and falling in the past few years. The episodes of the shutting down of several stores of this retail company harmonize with the recession and the financial crisis that took place in the recent times. However, latter in the period of recession, Woolworths... The intention of this study is Woolworths as the organization under research, is medium-sized organization situated in the region of UK that appears to experience problems in the current recession period. Furthermore, this online retail company believes in providing the customers with a broad range of quality products with greater choices that include children's clothing, stationery, and toys at a very economical price. Woolworths is one of the UK's oldest store groups with more than thousand employees working at different stores all throughout UK. The statistical records provide with evidence that Woolworths has had a presence on the High Street of UK for several decades. The history of Woolworths reveals the fact that it was in the early nineteen hundreds that covered the local newspapers with its opening in UK. It gained recognition and popularity and the company expanded rapidly within couple of decades with more than five hundred stores in UK. However, in the middle years of the twentieth century, the growth of the company stagnated because competitors invaded the market. Contenders and competitors soon began to take over its market share as they rolled out the new concept on a faster pace. The financial performance of Woolworths has been abating and falling in the past few years. The episodes of the shutting down of several stores of this retail company harmonize with the recession and the financial crisis that took place in the recent times. However, latter in the period of recession, Woolworths reopened its store with in excess of half a million products on offer for the customers.

The Capital Asset Pricing Model Essay Example | Topics and Well Written Essays - 1000 words

The Capital Asset Pricing Model - Essay Example The equation that is applied in the calculation of CAPM for the assets is as follows: E(Ri) =RF +?i [E(RM) - RF] Where, E (Ri) = expected return of the ith level. Rf = risk-free return of an asset (such as short-term government securities), ?i = beta coefficient of ith level, and (RM) = Expected return on the market. The main aim of the CAPM model underlies the identification of the market portfolio as the tangency portfolio between supply and demand in balance. However, there are several theoretical limitations that have hindered the operations of the model, in the manner that these limitations will likely cause deviations in the process of applying the model particularly between the reality and the model. These limitations can be broadly classified as: a. Being based entirely on unrealistic assumptions. b. Testing the model’s validity is quite difficult. c. Its betas will not remain stable over a long duration of time. Based on these limitations, the model is accepted to hav ing been based on several assumptions most of which are not realistic. The CAPM model supposes that the investors are always risk-averse hence, are most likely to select the investment portfolios that are efficient, and which will be based on the standard deviation or variance and expected returns of the returns from the assets (Whitman & Diz, 2013.p.85). a. Unrealistic assumptions Based on the unrealistic assumptions, it is also hard to find a security that is risk free. For example, while a highly liquid short term government security may be considered as risk free, it will be unlikely that the government will default on the security. This is because of the inflation rate which is another significant factor that will affect the portfolio’s returns. This is because; a portfolio’s variance or standard deviation is usually assumed to be an adequate measurement for a investment’s risk level, which is normally certified under the assumption of returns being normall y distributed. However, in practice, there are several other risk measures that will play an important role in the determination of an assets’ degree of risk (Pahl, 2009.p.345). The returns on assets, under the CAPM, are required to take the form of a normal distribution model. Consequently, the return on the assets in the real world may be non-normal and irregularly distributed. b. Difficulty in determining the model’s validity Additionally, it is difficult to assess the validity of the model in the testing of returns of assets. This is because most of the model’s assumptions may not be critical as a result of the practical validity of the model. Consequently, this model recognizes that different investors have different abilities for investing hence; the cost of their investments will be largely expected to have an effect on the efficiency of the portfolio. Additionally, since the portfolio markets tend to be frictionless, it is likely expected that there woul d be no transaction costs, taxes and restrictions on the nature of trade offered. However, theoretically, this act as a limitation for this model as frictionless markets may not be in existence in real practice. Consequently, while the model might assume that assets in the market are infinitely divisible to be held or traded on, the best option would be to have the market portfolio include all the opportunities of investment available in the market, and with a market value. As such, it is

Moon Palace by Paul Auster Essay Example for Free

Moon Palace by Paul Auster Essay This is the story of Marco Stanley Fogg, an orphan searching for love, his father and the key to the riddle of his origin and fate. Marcos mother was killed in a car accident when he was eleven years old, and he never knew who was his father. Since then he had lived with his Uncle Victor in a small apartment on 112th Street in N.Y. His Uncle was a part of a band who was named Wally Moon and preformed at the Moon Palace diner. When Stanley grew up he went to the University; Uncle Victor gave him for this occasion a present, one thousand books. Afterwards, his Uncle had suddenly died. Then Stanleys situation became worse; He saw his money dwindle to zero, he lost the apartment and wound up living in the streets (He slept for three weeks in Central Park without food and with little money). His friends David Zimmer and Kitty Wu had found him and took care of him til he recover from his illness. Staley lived in Zimmers house until he had moved away to another apartment, then Stanley searched for a new place to live and found a job as a live-in companion for an elderly gentleman in a wheelchair. He lived with him for about half year until the gentleman died. His name was Effing Thomas but his real name was Julian Barber. In the past he was a famous painter but he stopped painting after the death of his brother and he changed his name after being considered dead by mistake. Stanley and Effing were very bonded since Effing was like the father Stanley never had. Dear Diary June, 1967 Today I was again in Broadway Street where was Chandlers Bookstore. I had sold him another box of Uncle Victors book. Sure, I had already read them. I know that they were the only memory, which was left from my uncle, buy I need the money to pay the rent and to buy some food and eat. August, 1968 Today I woke up early in the morning and got out to the street. As I was walking I saw that the drugstore had been opened already, I entered and I dropped a penny into the drugstore Exacto scale to see what was happening to me. From 154 in June, I fell to 139 in July and then to 123 in august. For someone who measured slightly over six feet, this began to be dangerously little. August, 1969 Today Fernandez, the owner of the building, threw me out my apartment. I took my knapsack with a few odds and ends, tucked the clarinet case, that Uncle Victor had left to me, and walked out the door I dont know what Ill do, or where do Ill go October, 1970 Now I have just finished to type down the life story of Effing on the typewriter that he had gave me. I have copied it from the notes I had taken in those nights when we sat down after supper. Me on the sofa and him in his wheelchair. He had told everything; Why had he changed his name and why did he choose this name (Effing), why did he stop painting, what happened to his wife and to his son. And eventually he told me that when he will die he wants his body to be cremated.

Food and Beverage Essay Example for Free

Food and Beverage Essay Hotel Les Fontaines has a strategy that differs very largely from any of its competitors, as it is one of a kind in its region. The company will focus on delivering a service that provides a more personalized and refreshed service style. There would be more attention to detail especially in the restaurant outlet of which has been proposed as this would be a value added for Les Chalets Des Mosses. Also the operation costs would be lower in the restaurant area compared to rooms, as clients who stay at the hotel are budget guest who like to spend less and in return expect quality service and product. The hotel operates for ten months throughout the year. The restaurant opens for service during lunch and dinner. For the lunch period simple, smart, and affordable dishes catering to the customers needs will be served. As most of the consumers will be children from ages four to twelve and parents from early thirties to late forties, a menu healthy and enjoyable menu for the guests will be designed. Even though quick service would be offered for lunchtime the quality of the food and service would not be compromised. This would allow for the restaurant to make a good first impression in order to encourage the guest to return to Pomodoro On the other hand, the dinner will have a drastically different objective. The average dish will be more luxuries and elegant and will be served in an a la carte fashion. The atmosphere at dinner will promote a sensational and comfortable time for our guests. Both the hotels image and the restaurant harmonize in theme. The hotel Les Fontaines provides a great experience for the clienteles, enticing them to return to Les Chalets des Mosses. Vision: Hospitality is all about the individual and at Les Chalets des Mosses we pride ourselves on our unique service culture. We are in business to meet our customer’s needs and promises that each guest will be treated with a positive service attitude at every point of contact. From the hotel manager to the cleaner and everyone else in-between plays a vital role in delivering a memorable guest experience. Mission: The mission of the restaurant is to deliver the most comfortable and soothing experience for the clients. With exceptional service, responsible stewardship, and high quality food an excellent experience can be provided. Therefore, the Pomodoro’s main objective is to focus on the customers’ best interests. Les Chalets des Mosses provides budget travelers and tourists with a choice of excellent hospitality products that offer excellent value for money, while assuring a good return to owners and inspiration to employees. Objective: The main object of Les Chalets de Mosses is to have a return on investment within two years form Pomodoro’s. Building a loyal customer base and a long-term marketing strategy are what Hotel Les Fontaines is seeking to achieve. Pomodoro is an ambitious concept that is currently, planning on growing and expanding by the year 2020. Also the Pomodoro is trying to aim for eighty to eighty-five percent occupancy rate for the lunch, which will operate for two and a half hours daily. As for dinner Pomodoro’s is trying to attract around seventy to seventy-five percent occupancy. By having a total of hundred twenty seats prepared in the restaurant, the Pomodoro will be the main focus of the company’s FB branch. The restaurant has made a completely different transition from its original concept. Not only did the restaurant change in its size, the type of services and it dishes the market segments has also changed. The most effective sales and marketing tactics have been selected to define the restaurant’s image. The name, Pomodoro, is the first major change to help identify the new Italian restaurant that has opened in Les Chalets des Mosses. The restaurant also has a bar, which would play an important role as while guest are waiting for the table they could spend time at the bar. During the waiting time guest’s may spend money at the bar allowing the restaurant to further maximize its revenue. Also, this new concept of the bar would be perfect after a long day at the ski slopes. The Hotel Les Fontaines will also incorporate three major principles (Schultz Horvath, 2008). The first principle is the training and development process of staff members. By creating a strong and effective program for the staff members, the employees will be able to satisfy even the specific needs of the customers. The Hazard analysis and critical points (HACCP) will be incorporated in the training program to deliver a food safety and social responsibility. With this our guests would feel at ease to eat at Pomodoro’s and families would be more than happy to be with their children. The training program will have to take place before the restaurant begins to operate in 2013. The second principle is the ability to operate efficiently. The restaurant should be able to deliver highly effective operations to the clients. Lastly, the culture of customer service should be noted. Without the necessary service to deliver the satisfaction and gratification of the consumer, a loyal customer base cannot be built. Les Fontaines will incorporate the referral marketing for the market strategy. The referral marketing is no doubt the best way to maximize the revenue and raise the awareness of the company and standards to the local customers (Schmitt, Skiera Bulte, 2011). FB Strategy: Diversification is one of the strategies that best fit the new operations situation, as Les Fontaines is in search of a new product and market (Gine, Pisano, Sorell, Szigety, 2006). The restaurant has taken extreme measures to differentiate itself from the competition in the Les Mosses region. As the restaurant caters to a niche market, it will have minimum competition with the surrounding business in the region. This is due to the fact that Pomodoro’s offers various activities for children of which the surrounding hotels do not offer. The psychographic, demographic, geographic, and purchase behavior of clients were analyzed in order to help Les Chalets des Mosses strengthen it own image (Yankelovich, Meer, 2006). In order to create such strategy, the restaurants must create an engaging and rigorous loyalty program. The goal of the hotel is to have local customers who will visit the hotel on a regular bases during the various events that take place in the region of les mosses. Since, the hotel will promote its special offers via newsletter through the zip code, not only does the newsletter grab the customers attention, but also the local customers will become frequent clienteles. This marketing strategy would benefit the whole hotel, not just the restaurant. By sending out newsletters promoting events or special offers in both the hotel and restaurant it may encourage guest to not only use the food and beverage outlets but also to stay and enjoy the experience. The company will take a step forward by taking surveys of the clienteles regarding the activities and subjects that interest them. This way Les Fontaines will be able to predict what the clientele’s hobbies or taste are and provide a service that incorporates partnerships with other companies. For example Pomodoro’s can promote a snow-tubing event to the customers by providing ticket deals. According to Michael Porter, a Harvard Business School professor and the reigning guru of competitive strategy, competition within an industry is driven by five basic factors (Porter, 1979): 1. Threat of new entries. 2. Threat of substitute products or services. 3. Bargaining power of suppliers. 4. Bargaining power of buyers. 5. Rivalry among existing firms. We understand that using one strategy is impossible in todays society, as the range of customers are more diverse as globalization has a larger impact in today’s society. The Les Fontaines will be promoted in various ways. The newsletter will act as a tool to commercialize the company’s anniversaries and offers. Unlike, the other rivals the company will begin to engage the customers with a more personal touch. The snow tubing company in Les Mosses will further advertise the hotel and vice verse due to their partnership. Furthermore, the referrals will function as the company’s key promotional tool. Both Pomodoro and hotel Les Fontaines will attract customers through the various services, products, offers, and business proposals. None of the competing hotels and FB outlets substantially reshaped their business strategies and market segments like Pomodoro’s. The awareness of the hotel will most definitely rise as the customers and other partnering companies spread the word. The company will have a dominating number of advertisements in comparison to the other competing ventures due to their various partnerships. The hotel provides a pleasant and sophisticated service that was specifically designed to differ from other surrounding hotels within the region. Both the restaurant and the hotel will offer a personalized touch to the service that will be provided. This will attract new customers and build strong customer relationships, as the customers will return to the venture on a frequent basis. Despite the cluttered market, the unique products that were designed to meet the specific needs of the customers makes the Les Fontaines stand out from its competitors. List of References: Gine. F, Pisano. G, Sorell. M , Szigety. M. (2006). RD Portfolio Strategy, Diversification And Performance: An Information Perspective. (Doctoral dissertation, Harvard University) Retrieved from http://hbr.org/1979/03/how-competitive-forces-shape-strategy/ar/1 Porter, M. E. (1979). How competitive forces chape strategy. (Doctoral dissertation, Harvard University)Retrieved from http://hbr.org/1979/03/how-competitive-forces-shape-strategy/ar/1 Schmitt, P., Skiera, B., Bulte, C. V. D. (2011). Why customer referrals can drive stunning profits. (Doctoral dissertation, Harvard University)Retrieved from http://hbr.org/2011/06/why-customer-referrals-can-drive-stunning-profits/ar/1 Schultz, G. C., Horvath, A. G. (2008). Strategic plan: 2008-2013. Informally published manuscript, Finance Business, Pennsylvania State Yankelovich D, Meer D. (2006). Rediscovering Market Segmentation. Retrieved from: http://hbr.org/product/rediscovering-market-segmentation/an/R0602G-PDF-ENG

Case Study Analysis Cost Of Capital At Ameritrade Finance Essay

Case Study Analysis Cost Of Capital At Ameritrade Finance Essay Capital Asset Pricing Model is a model that describes the relationship between risk and expected return  and  that is used in the pricing of risky securities. Description: Capital Asset Pricing Model (CAPM) The general idea behind CAPM is that investors need to be compensated in two ways: time value of money  and risk. The time value of money is represented by the risk-free(rf) rate  in the formula and compensates the investors for placing money in any investment over a period of time. The other half of the formula represents risk and calculates the amount of compensation the investor needs for taking on  additional risk. This is calculated by taking a risk measure (beta)  that compares the returns of the asset to the market over a period of time and to the market premium (Rm-rf). The CAPM says that the expected return of a security or a portfolio equals the rate on a risk-free security plus a risk premium. If this expected return does not meet or beat the required return, then the investment should not be undertaken. The security market line plots the results of the CAPM for all different risks (betas). Using the CAPM model  and the following assumptions, we can compute the expected return of a stock in this CAPM example: if the risk-free rate is  3%, the beta (risk measure) of the stock is 2 and the expected market return over the period is 10%, the stock is expected to return 17% (3%+2(10%-3%)). CAPM has a lot of important consequences. For one thing it turns finding the efficient frontier into a doable task, because you only have to calculate the co-variances of every pair of classes, instead of every pair of everything. Another consequence is that CAPM implies that investing in individual stocks is pointless, because you can duplicate the reward and risk characteristics of any security just by using the right mix of cash with the appropriate asset class. This is why followers of MPT avoid stocks, and instead build portfolios out of low cost index funds. Cap-M looks at risk and rates of return and compares them to the overall stock market. If you use CAPM you have to assume that most investors want to avoid risk, (risk averse), and those who do take risks, expect to be rewarded. It also assumes that investors are price takers who cant influence the price of assets or markets. With CAPM you assume that there are no transactional costs or taxation and assets and securities are divisible into small little packets. CAPM assumes that investors are not limited in their borrowing and lending under the risk free rate of interest. How to Calculate the Cost of Equity CAPM The cost of equity is the amount of compensation an investor requires to invest in an equity investment. The cost of equity is estimable is several ways, including the capital asset pricing model (CAPM). The formula for calculating the cost of equity using CAPM is the risk-free rate plus beta times the market risk premium. Beta compares the risk of the asset to the market, so it is a risk that, even with diversification, will not go away. As an example, a company has a beta of 0.9, the risk-free rate is 1 percent and the expected return on the equity investment is 4 percent. Instructions Determine the market risk premium. The market risk premium equals the expected return minus the risk-free rate. The risk-free rate of return is usually the United States three-month Treasury bill rate. In our example, 4 percent minus 1 percent equals 3 percent. Multiply the market risk premium by beta. In our example, 3 percent times 0.9 equals 0.027. Add the risk-free rate to the number calculated in Step 2 to determine the cost of equity. In our example, 0.027 plus 0.01 equals a cost of equity of 0.037 or 3.7 percent. . Combining the risk-free asset and the market portfolio gives the portfolio frontier. The risk of an individual asset is characterized by its co-variability with the market portfolio. The part of the risk that is correlated with the market portfolio, the systematic risk, cannot be diversified away. Bearing systematic risk needs to be rewarded. The part of an assets risk that is not correlated with the market portfolio, the non-systematic risk, can be diversified away by holding a frontier portfolio. Bearing non-systematic risk need not be rewarded. For any asset i: where We thus have an asset pricing model the CAPM. Example. Suppose that CAPM holds. The expected market return is 14% and T-bill rate is 5%. What should be the expected return on a stock with ÃŽÂ ² = 0? Answer: Same as the risk-free rate, 5%. à ¢Ã¢â€š ¬Ã‚ ¢ The stock may have significant uncertainty in its return. à ¢Ã¢â€š ¬Ã‚ ¢ This uncertainty is uncorrelated with the market return. What should be the expected return on a stock with ÃŽÂ ² = 1? Answer: The same as the market return, 14%. What should be the expected return on a portfolio made up of 50% T-bills and 50% market portfolio? Answer: the expected return should be  ¯r = (0.5)(0.05)+(0.5)(0.14) = 9.5%. Multifactor CAPM In CAPM, investors care about returns on their investments over the next short horizon they follow myopic investment strategies. In practice, however: à ¢Ã¢â€š ¬Ã‚ ¢ Investors do invest over long horizons à ¢Ã¢â€š ¬Ã‚ ¢ Investment opportunities do change over time. In equilibrium, an assets premium is given by a multi-factor CAPM : Limitations of CAPM Based on highly restrictive assumptions i.e. no tax, transaction costs etc Serious doubts about its testability. Market factor is not the sole factor influencing stock returns. Summary of CAPM CAPM is attractive: 1. It is simple and sensible: is built on modern portfolio theory distinguishes systematic risk and non-systematic risk provides a simple pricing model. 2. It is relatively easy to implement. CAPM is controversial: 1. It is difficult to test: difficult to identify the market portfolio difficult to estimate returns and betas. 2. Empirical evidence is mixed. 3. Alternative pricing models might do better. Multi-factor CAPM. Consumption CAPM (C-CAPM). APT. Other Methods for calculating cost of equity There are 3 methods which are mainly used for calculating Cost of equity other than CAPM Arbitrage Pricing theory 3 factor method Dividend Growth Method Arbitrage Pricing Theory APT assumes that returns on securities are generated by number of industry-wide and market-wide factors. Correlation between a pair of securities occurs when these securities are affected by the SAME factor or factors. Return on any stock traded in a financial market consists of two parts. R = Re + U Where, R = return on any stock Re = Expected or Normal return (depends on all of information shareholders have on the stock for next month.) U = Uncertain or Risky return (this comes from information revealed in the month) U = m +  Ã‚ ¥Ã¢â€š ¬Ã‚   Where, m = Systematic risk or market risk (it influences all assets of market)  Ã‚ ¥Ã¢â€š ¬Ã‚  Ã¢â€š ¬Ã‚  Ã¢â€š ¬Ã‚ ½ Unsystematic risk (it affects single asset or small group interrelated of assets, it is specific to company) The capital asset pricing theory begins with an analysis of how investors construct efficient portfolios. But in real life scenarios, it isnt necessary that every time portfolios will be efficient. It is developed by Stephen Ross. Moreover, the return is assumed to obey the following simple relationship: Where b1, b2 and b3 are sensitivities associated with factor 1, factor 2 and factor 3 which can be interest rate or other price factors. Noise =  Ã‚ ¥ is event unique to the company. APT states that the expected risk premium on a stock should depend on the expected risk premium associated with each factor and the stocks sensitivity to each of the factors. Thus, formula modifies to: Where, rf = risk free rate is subtracted from each return to give risk premium associated from each factor. Analysis of the formula: If we put value for b = 0, the expected risk premium will be zero. It will create a diversified portfolio which has zero sensitivity to macroeconomic factor which offers risk free rate of interest. Portfolio offered a higher return, investors could make a risk-free (or arbitrage) profit by borrowing to buy the portfolio. If it offered a lower return, you could make an arbitrage profit by running the strategy in reverse; in other words, you would sell the portfolio and invest the proceeds in U.S. Treasury bills. Consider portfolio A and B are sensitive to factor 1, A is twice sensitive to factor1 as then portfolio Therefore, if you divided your money equally between U.S. Treasury bills and portfolio A, combined portfolio would have exactly the same sensitivity to factor 1 as portfolio B and would offer the same risk premium. Steps of Arbitrage Pricing Theory The various steps during Arbitrage Pricing Theory can be stated as: Identify the macroeconomic factors: APT doesnt indicate which factors are to be considered. But there are 6 principle factors which are: Yield spread interest rate, exchange rate, GNP inflation portion of the market return Estimate the risk premium of each factor Estimate the factor sensitivity Net Return = risk free interest rate + expected risk premium 3 factor model It is a special case of APT It considers 3 major factors called as market factor size factor book to market factor. There is also evidence that these factors are related to company profitability and therefore may be picking up risk factors that are left out of the simple CAPM. The practical application of this model is to estimate the betas for the three factors and then use them to predict where returns should fall, much like the CAPM. It was researched by Fama and French. Dividend Growth Method Dividend Discount Model. It is useful when the growth rate of dividend is forecasted constantly. The present value of stocks is given as Where, r = discount rate, g = rate of growth, DIV = annual cash payment, This formula can be used when growth rate g When growth rate = rate of return, the present value becomes infinite. For perpetual growth, r > g. Growing perpetuity formula, Where,P0 in terms of next years expected dividend DIV g = the projected growth trend r = expected rate of return on other securities of comparable risk. We can estimate cost of equity from this formula by re-arranging. Lets understand by an example: Suppose that your company is expected to pay a dividend of $1.50 per share next year. There has been a steady growth in dividends of 5.1% per year and the market expects that to continue. The current price is $25. Then cost of equity r is given as: When the growth rate isnt constant but varies from year to year, then average can be calculated. Growth rate for current year is calculated using the formula: For example, Year Dividend (in Rs. Million) Percent change (g) 2000 1.23 2001 1.30 (1.30 1.23) / 1.23 = 5.7% 2002 1.36 (1.36 1.30) / 1.30 = 4.6% 2003 1.43 (1.43 1.36) / 1.36 = 5.1% 2004 1.50 (1.50 1.43) / 1.43 = 4.9% Growth rate is average of all percent changes and equals This model serves the major advantage of being easy to understand and use but has a major drawback total dependence on dividend and it cannot be used where company isnt paying any dividend. Also, it doesnot consider any risk and is highly sensitive to the change in growth rate. Estimating Beta Beta is an important term in Capital Asset Pricing Method. Beta is the non-diversified risk of holding a single stock. But it turns out that companies in similar markets have similar risks. Interpretation of beta Beta = 1,it matches market portfolio Beta > 1, higher risk. Beta Methods for calculation of beta It is calculated as: beta_{i} = frac {mathrm{Cov}(R_i,R_m)}{mathrm{Var}(R_m)} Where, Ri = rate of return of asset and Rm is rate of return of market. Thus, beta is dependent on regression analysis. Beta is found by statistical analysis of individual, daily share price returns, in comparison with the markets daily returns over precisely the same period. We need to gather a lengthy time-series of observations for the market return and the individual asset return. Then required co-variances and variances can be calculated. If coefficient of correlation P is known then The alternative method of calculating beta is (by rearranging terms from CAPM equation): In practice, an additional constant alpha is also added in the above equation which tells how much better (or worse) the funds did than what the CAPM predicted. Alpha is a risk-adjusted measure of the so-called active return on an investment. Here, E(Ri) Rf is estimated return on asset portfolios and E(Rm) Rf is estimated return on market index. In order to check that there are no serious violations of the linear regression model assumptions. The slope of the fitted line from the linear least-squares calculation is the estimated Beta. The vertical intercept of this curve is called as the alpha. For a portfolio of assets, we have the relation: Given that beta is a linear risk measure, the beta of a portfolio of assets as simply the weighted average of all the individual betas that comprise the portfolio. HANU Estimate of Risk Premium We dont have reliable estimate where stock market will move in future. So we are using long term historical spreadsheets for estimate large stock than small stocks because they are more closer to proper estimate of market We are considering all values after Second World War because after that laws became stable in U.S. Risk premium = Rm Rf U.S. government securities rate = 6.69% (20 years bond, Exhibit 3) Average annual return for Large company stocks = 14 % (Exhibit 3) So Risk premium for Ameritrade = 14 % 6.69 % =7.31 %

Suspect in USS Cole bombing kills self in Yemen :: essays research papers

A suspected al Qaeda terrorist wanted in connection with the October 2000 bombing of the USS Cole blew himself up with a grenade late Wednesday as Yemeni security forces closed in on him in Yemen's capital city, security sources said. Authorities had gone to a suspected al Qaeda hideout, a house in a poor section of Sana'a's downtown, and a firefight ensued. The suspect jumped into a taxi, and as authorities tried to stop the vehicle, the man pulled out a grenade and was apparently trying to throw it when it exploded in his hand, sources said. A police statement identified the suspect as Sameer Mohammed al-Hada, a 25-year-old Yemen native. He was one of the most important people on a list of wanted al Qaeda suspects that the United States had given to Yemeni officials, sources said. Al-Hada was wanted in connection with the bombing of the Cole, which killed 17 U.S. sailors and wounded 39. Yemeni security sources said al-Hada had trained in Afghanistan. Security sources said al-Hada's family extensive ties to terrorism. One of al-Hada's sisters was married to one of the suspected September 11 hijackers who piloted an American Airlines jet into the Pentagon. His other sister, they said, is married to Mustafa Abdulkader Aabed al-Ansari, a Yemen native whose name showed up on an FBI terrorist alert late Monday. In that alert, the FBI warned law enforcement agencies and the public to be on the lookout for 18 suspected al Qaeda operatives, most from Yemen, who are planning an attack against U.S. interests. Al-Hada's name was not on the terror alert. In addition, one U.S. official said, al-Hada "was also the son of a man believed to be prominent in Al Qaeda." Yemen cracks down on al Qaeda The relationship between the United States and Yemen occasionally became strained in the months following the Cole bombing, with cultural differences hindering cooperation between the two countries. That changed following the September 11 attacks on New York and Washington. Gen. Tommy Franks, head of the U.S. Central Command, visited Yemeni President Ali Abdullah Salih this week, and President Bush called Salih on Monday, thanking him for his country's cooperation in the fight against terror. One U.S. official said Yemen had "one of the most significant" al Qaeda organizational links in the world. Thousands of veterans of the Soviet-Afghan war live in Yemen and are capable of launching "uncoordinated or coordinated attacks," diplomatic sources told CNN in October.

George Frederick Handel :: essays research papers

German-English composer, George Frederick Handel, is one of the greatest composers of the Baroque period if not of all time. His work, Messiah, is one of the most famous and beloved works of music in the world. During his career in music, Handel composed Italian cantatas, oratorios (like Messiah), Latin Church Music, and several operas. Handel moved around from country to country writing, composing, and producing music for royalty such as Queen Anne and George of Hanover. In his life, Handel mastered several instruments including the violin and the harpsichord. Georg Friederich Handel (he later anglicized his name) was born at Halle, Saxony, Germany on February 23, 1685. He was the son of a barber-surgeon that opposed a career in music for a great deal of his life. But at age 8, Handel was allowed to study music with the local organist, Zachau. In January 1702, Handel entered Halle University as a law student, but was soon appointed organist of the Domkirche at Halle. In the year following, he abandoned his native town and settled in Hamburg where he studied the violin, then the harpsichord at the only opera house in all of Germany. At Hamburg, Handel wrote his first opera, Almira in 1705. This was quickly followed by Nero Florindo and Dafne. During the winter in 1706, Handel traveled to Italy, where he stayed until spring of 1710. He spent his time in Florence, Rome, Naples, and Venice composing Latin Church Music, oratorios, Italian Cantatas, and the operas Rodrigo and Agrippina. In June of 1710, Handel replaced Agostino Steffani as the Hofkapellmeister to the Elector George of Hanover, by making a promise that he would take a leave for England. In autumn of that year, Handel made due on his promise and on arriving in London composed the opera Rinaldo in 14 days. It was produced on February 24, 1711. After 6 months Handel returned to Hanover, but in the spring of 1712, he traveled once again to England, writing more operas in celebration of Queen Anne’s birthday; Peace of Utrecht and Te Deum. But in 1714 the Queen died and the throne was taken over by George of Hanover, who was angered by Handel’s unusually long absence. In 1717 Handel entered service of the Duke of Chandos, directing the music at Duke’s palace at Cannons, near London. There he composed a set of Anglican Anthems, The Pastoral Acis and Galatea and The Masque Haman and Mordeca.

Early Autum Essay

Langston Hughes short story â€Å"Early Autumn† demonstrates how distance and time can heal a broken heart. The main character Bill illustrates his distance from Mary showing that he has moved on with his life and relationship. The symbolism in Langston Hughes short story â€Å"Early Autumn† reveals the coldness and distance Bill has towards his and Mary’s once relationship. Hughes writes, â€Å"It was late afternoon. Nearly sunset. Cold. † (Hughes, n. d. , para 4) is a perfect example of Bill’s and Mary’s lost relationship. The sunset symbolizes the darkness and coldness in Bill and Mary’s now relationship. Bill is unable to see anything other than a casual friendship with Mary. The coldness has moved in and fall has packed her bags and winter has now arrived to take up residence. The trees are bare and lifeless, it resembles how Bill feels towards the relationship him and Mary once shared, he is emotionless almost lifeless towards Mary. For Bill the darkness is so thick he is unable to see anything in front of him. This woman standing before him may have been someone he once knew a long time ago but she is now someone he no longer recognizes. It’s like the grim reaper had made his appearance taking any life and happiness that had been for Bill and Mary’s once relationship. For Bill that part of his life had been buried and laid to rest a long time ago. The handshake symbolizes the finality of the once relationship for Bill. Mary still clings to the hope that Bill has feelings for her upon seeing him again (â€Å"Unconsciously, she lifted her face as though wanting a kiss, but he held out his hand. Hughes, n. d. , para 3). Bill extends his hand to Mary almost instantly severing any idea of romanticism that Mary could have possibly had. Bill extends his hand to Mary almost instantly severing any idea of romanticism that Mary could have possibly had. Bill’s almost business like handshake shows that he doesn’t foster the same ideas or cling to the same memories that Mary does. Bill treats Mary as a colleague, not someone he one shared such an intimate part of himself with. He buried his feelings for Mary the day she gave up on him and their relationship. He now only sees Mary as an acquaintance. The unknown people walking around symbolize how Bill and Mary really no longer know each other. Standing talking to Mary in the hustle and bustle of the New York City streets, (â€Å"A great many people went past them through the park. People they didn’t know† Hughes, n. d. , para 4). Throughout the years that past and the lives they have lived people have weaved in and out. They now both lived two separate lives; Bills life was full of happiness and Mary’s life full of regret. But standing there on the street that day they were strangers themselves. Many years passing just like the people passing by on the busy city street. Even though knowing each other, sharing stories and lives with each other once upon a time, having an intimacy knowing each other in and out. Distance, time and experience have made them different people almost foreign to each other in a way. They are no longer the people they once knew now they are strangers much like the people weaving in and out on the busy streets. The use of Bill’s wife’s name symbolizes his happiness with his marriage and his wife. Bill has made a life for himself and is a very happy man. He tells Mary of this life and of his family with such enthusiasm and pride that you can tell he is right where he wants to be. When talking with Mary at one point Bill mentions his wife by name, Mary on the other hand seems to forget her that she husband. Not once during her and Bill’s conversation does she mention him by name. (â€Å"Sure,† he replied. â€Å"You and your husband must have dinner with my family some night. Any night. Lucille and I’d love to have you. † Hughes, n. d. , para 7). Bill invites Mary and her husband to his house for dinner and calls his wife by name. Saying (â€Å"Lucille and I’d love to have you†. ) Bill added a hidden intimacy for his wife by calling her by name. Letting Mary know then and there he loved his wife, by stating her name brought a reality to the fantasy for Mary. Ending and crushing any hope Mary may had clung to. Bill was happy and enjoyed his life; never once regretting his decision’s. Whereas Mary will live with regret for the rest of her life. I truly enjoyed this short story; I think a majority of people can relate. For me it was the lost love or the one who got away. I think that everyone in some way has had this happen to them I know that I have. I can relate to Bill, I can understand how he loved someone so much and they could just move on so easily without so much as a single word. Having your trust broken and it taking years before you can trust someone again is a long and painful road. I think love and relationships are something a lot of people take for granted now a days. Fighting over petty things, putting material possessions over human worth seems to be the norm for most relationships now a days. Fighting with someone and instead of talking it over or working it out; people holding grudges or moving on without so much as a single word uttered. But for Bill it worked out he found love, true love. I think for me the story showed that sometimes it takes a couple of wrong ones until your find the right one. To not let one bad experience jade you for the rest of your life because at the end of it all there is always a silver lining.

A Case Study Of Agriquip Agencies Essay

1.0 INTRODUCTION The report reviews my three months work of attachment at Agriquip Agencies (EA) Ltd which is part of compulsory course work prior to the compliment of a diploma in business management. The report is an overview of experience gained, activities carried out at Agriquip Agencies (EA) Ltd, challenges faced during my attachment period and how I overcame them. In My attachment I was rotated in all the departments of the organization. 1.1 AGRIQUIP AGENCIES (EA) LTD See more: The stages of consumer buying decision process essay Agriquip Agencies (EA) Ltd is an organization specialized in Importation, distribution, Wholesale and retailing of a wide variety of Agricultural and industrial machineries and their accessories. The company was established in 1968 and it is based in Nairobi Industrial area along Lusaka road. It has branches in major towns, in Kisumu city, Mombasa city and Eldoret town. It has a number of appointed distribution agents in other towns in order to assist in distribution of their products. The organization draws its major customers in the Sugar factories by providing them with industrial spare parts, in agricultural sector it supplies the tea firms and plantations with various machines and their accessories for ease of their farm work. In industrial sector the firm provides the manufacturing companies with spare parts for their machinery to ensure the production does not halt due to lack of spares. The firm also targets the automobile industry by ensuring that they have spares in hardy i n order to continue with their business without interruptions due to lack of spare parts. The firm obtains its products from different parts of the world and ensures they maintain good relationship with their suppliers and maintains the necessary stock levels in order to cope and satisfy the demands of their customers. 1.1.1 Vision of the Organization To be the leading firm to transform Africa into a prime trade and investment destination 1.1.2 Mission Statement To turn Africa risk into opportunity by providing high quality, cost effective Agricultural & industrial equipments. 1.1.3 Core values Strive to carry out their business with customer focus approach combined with integrity, creativity, unity of purpose and an attitude of getting it right the first time. 1.1.4 Corporate Objectives – To consistently focus on our customer needs and provide them with products of the highest quality and standards that ensure they enjoy value for their money. – To transform Africa into a prime trade and investment destination by ensuring steady supply of quality products to our business partners in other sectors To ensure safety of environment and users of our products by providing products which are environmental friendly To invest in research and development in order to design products which are cost effective and satisfy the emerging needs of our customers 1.1.5 SWOT Analysis An analysis of the strengths, weaknesses, opportunities and threats (SWOT) was carried out to identify the firm’s internal strengths and weaknesses (internal analysis) in relation to external opportunities and threats (external analysis). This was undertaken with a view to identify and take action to leverage the strengths and opportunities and transform the weaknesses into strengths and threats to be turned into opportunities. This goes a long way in enabling the organization to achieve its objectives 1.1.6 STRENGTHS The main strengths of Agriquip includes the following;- i.Committed and experienced staff. The staff members are committed and have good skills and experience in their respective units. ii.Proper communication channels: the communication channels are well defined and the management created room for creativity and innovation as well as expressing their opinions freely without fear or intimidation. 1.1.6 WEAKNESSES The firm was noted to have a number of weaknesses which includes:- Little room for growth- The firm does not have well structured policies which provides for promotion and staff growth path. Lacks clear recruitment policies Unequal distribution of work Do not have proper allocation of resources. 1.1.7 OPPORTUNITIES Technological Development – These are opportunities which the firm can exploit to reduce cost of its operations Research and development – The firm can invest in R&D in order to understand the needs of their customers in order to come up with products that are capable of satisfying their customers and remain competitive. 1.1.8 THREATS Competition – Due to the technological change the firm is faced with competition from other suppliers Counterfeit goods flocking the market – The firm should invest in campaign against use of counterfeit products. 1.2 DURATION OF ATTACHMENT I was attached at Agriquip Agencies (EA) Ltd for eight weeks from 17th December 2013 to 8th February 2014. During this period I was rotated in all the departments of the firm starting with administration, purchasing, imports, accounts, sales and stores. I was taken through the various operations of the above departments and was able to practice what I learned in class. The attachment was very interesting as I had an opportunity to practice and utilize my technical skills and equipped me with understanding of the various management functions. 1.3 DEPARTMENT ATTACHED 1.3.1 ADMINISTRATION DEPARTMENT I was attached in this department for one week from 17.12.2013 to 21.12.2013, working for 5 days from Tuesday to Saturday. This department deals with the following activities; -Receiving recording and distributing mail to the  relevant departments for action. -Maintaining staff attendance records -Assigning duties to office assistants, clerks and delivery staff -Allocating resources for use by all the units within the organizations -Issuing local purchase orders for office stationeries -Maintaining fuel consumption records for all the company vehicles -Attending to customer queries and directing them -Filing and maintaining safe custody of the company files -Recording out going mails and dispatching them -Processing leave application forms for the staff members 1.3.2 IMPORTS DEPARTMENT I worked in this department for two weeks starting from 23.12.2013 to 04.01.2014. I was working from Monday to Saturday except during the holidays i.e. 25th, 26th December 2013 and 01st January 2014. The duration that I was attached in this department I was assigned to do the following jobs -Application for import license (IDF) -Filing of all the importation documents -Opening the costing sheets files -Application of marine cover notes -Receiving the shipping documents from the overseas suppliers and coordinating clearance with the clearing agents -Processing customs bonds with KRA -Computation of import duties and customs taxes -Arranging for payments for customs taxes and other levies 1.3.3 PURCHASING DEPARTMENT I was attached in this department for duration of one week from 06.01.2014 to 11.01.2014, working for six days from Monday to Saturday. During this period my duties were:- -Receiving and recording requisition from the stores -Filing requisition and other purchasing documents -Updating order records -Preparing and sending enquiries to the overseas suppliers -Sending purchase orders to the suppliers -Recording purchase orders in the order book -Receiving quotations from the potential suppliers -Follow up with the suppliers to expedite our supplies 1.3.4 STORES – I worked in this department for duration of one week during which I was tasked with the following responsibilities. -Issuing requisition for purchase to the purchasing department. -Receiving and verification of goods to ascertain they are in conformance with our order confirmation. -Issuing goods received notes -Filing of documents -Supervising stock taking -Binning of the incoming stock in their respective bins -Retrieving stock from the bins to be sold -Updating the stock issuance forms -Raising stock adjustment slips 1.3.5 SALES – I was attached in this department for two weeks from 20.10.2014 to 01.10.2014, working for 6 days per week. During this period my duties were:- -Taking orders from customers and raising sales invoices -Recording daily sales in the sales day book -Assisting the purchasing department to raise enquiries to the suppliers -Keeping track of daily sales documents and ensuring they are properly distributed to the various department for appropriate actions -Assigning enquiries received to the counter salesmen to action -Issuing ETR receipts for the sales made -Receiving customers complaints on the company products and directing them to the responsible persons for appropriate action5 1.3.6 ACCOUNTS – I was in this department for one week from 03.02.2014 to 08.02.2014. My assignments were:- -Receiving sales documents for the previous day and checking the calculations -Entering sales in the sales day book -Entering purchases in the purchase day book -Writing receipts for the payments received from the debtors -Writing cash book and petty cash books -Preparing remittance advice notes -Preparing PAYE, VAT returns online -Preparing bank reconciliations -Preparing debtors analysis schedules SECTION TWO 2.0 ATTACHMENT EXPERIENCES 2.1 GENERAL ACTIVITIES UNDERTAKEN. The general activities undertaken on daily basis were to ensure that all the documents to be used for the day are available as required, depending on the department attached. 2.1.1 Filing of various documents – Filing was also classified as an important general activity undertaken in the Organization. I sorted and classified the various documents depending on the required classification methods adopted by the different departments within the organization and putting them in their respective files. 2.1.2 Classification and handling information in the office set up. I classified and handled office information in a confidential and secret manner as files were not to be exposed or left unattended as they contain confidential information which should not be disclosed to everyone. 2.1.3 Planning of daily activities – As a general rule and practice of the organization, every employee was expected to prepare a daily work plan for the activities that he was expected to perform in the course of the day. I had to start my days with a plan which entailed arranging my work in the order of priorities as directed by my supervisor 2.1.3 General office administration – I ensured that the duties allocated to me by my manager were promptly executed and maintained conducive environment for daily operations. 2.1.4 Customer Relationship Management – I ensured customer’s requests were promptly handled and the responsible managers were informed of the enquiries through the daily reports. I responded to the enquiries through emails, telephone calls and any other appropriate channels of communication. I also directed the enquiries to the right person for assistance. 7 2.1.5 Office tidiness – After the office had been cleaned, I ensured that my desk was neatly arranged to facilitate smooth flow of work 2.2 SPECIFIC ACTIVITIES UNDERTAKEN I undertook the following activities in the various departments attached 2.2.1 Records management – this involved receiving incoming documents, recording, classifying, arranging, opening respective files, updating of records, capturing data relevant to the various departments, storing and retrieving files , locking the documents in the cabinets and restricting unauthorized persons from accessing any records under my custody. I performed this work in all the departments attached. 2.2.2 Filing of tax returns – in the accounts department I was tasked with preparing VAT returns, PAYE returns, advance tax returns, Withholding tax returns, NSSF returns, NHIF tax returns 2.2.3 Computation of Customs taxes – In the imports department I performed the duties of preparing imports declaration forms using KRA Orbus system, lodging customs entries using TRADEX- SIMBA system and arranging payments for the taxes through the bank. 2.2.4 Processing Customs Clearance documents â₠¬â€œ I was also tasked with processing clearance documents and clearing the import consignments at JKIA. Preparing marine cover notes and ensured all our imports are duly are insured against damages, pilferage or loss in transit. Updating the imports register and ensured that all the imported is up to date 2.2.5 Customer relations – I was tasked with receiving customers’ complaints on the company products and directing them to the responsible persons for appropriate action. I took note of the issues raised and forwarded them to the relevant heads of department and made a follow up to ensure the necessary action has been taken and feedback has been communicated concerned person. I also ensured there was a working co-ordination between the various departments within the organization and the right information was communicated to right person on time. 2.2.6 Stock management – I assisted the stores department to improve on their stock management procedures. This was through improvement of their systems of stock recording, issuance and documentations. Other tasks included – Issuance of purchase for requisition forms to the purchasing department, issuing goods received notes, supervising stock taking, binning of the incoming stock in their respective bins, retrieving stock from the bins to be sold, Updating the stock issuance forms Raising stock adjustment slips among others Receiving and verification of goods to ascertain they are in conformance with our order confirmation. 2.2.7 Administrative Duties – I was assigned to perform administrative duties which includes. Maintaining staff attendance records, Assigning duties to office assistants, clerks and delivery staff, Allocating resources for use by all the units within the organizations, Issuing local purchase orders for office stationeries, Maintaining fuel consumption records for all the company vehicles Filing and maintaining safe custody of the company files, Processing leave application forms for the staff members as well as tracing of different types of files and taking them to the required departments. 2.2.8 Purchasing functions – This involves the tasks of receiving and recording requisition from the stores, Preparing and sending enquiries to the overseas supplier, Sending purchase orders to the suppliers, Recording purchase orders in the order book, Receiving quotations from the potential supplier, Follow up with the suppliers to expedite our supplies, Issuing requisition for pur chase to the purchasing department. Receiving and verification of goods to ascertain they are in conformance with our order confirmation. Assisting the purchasing department to raise enquiries to the suppliers 2.2.9 Sales of Company Products – This involves taking orders from customers and raising sales invoices, Raising cash sales in case of cash transactions, Recording daily sales in the sales day book, Keeping track of daily sales documents and ensuring they are properly distributed to the various department for appropriate actions, Assigning enquiries received to the counter salesmen to action, Issuing ETR receipts for the sales made 2.3 AN ANALYSIS OF LEARNT KNOWLEDGE AND APPLIED SKILLS 2.3.1 COMMUNICATION The communication channel in the AGRIQUIP AGENCIES (EA) LTD is vertical. Communication channeled from top management down to the middle level and subsequent to the lower level. Junior officers give feedback through the same channel until the information reaches the senior management for action. I learnt that for smooth and efficient operation in any organization there must be an effective communication system which facilitates the flow of information. 2.3.2 TO EMBRACE TEAM WORK – I learnt that it is crucial to have good co-operation between the workers which enables department  activities to be coordinated smoothly and efficiently. Any organization must encourage Team work and coordination within all its departments in order to achieve the overall objectives of the business. I learnt to build team work and to cooperate with both the internal and external customers of the organization. 2.3.3 SOCIAL RELATIONS The staff members are friendly and this in turn creates unity. The senior officers are free and social with the junior staffs thus making them feel recognized, this enable me to adapt to the environment very quickly. I learnt that through creation of social relation there is room to learn and perform work easily as this encourages breaks barriers and leads to efficient communication and accomplishment of tasks. 2.3.4 RECOGNITION/RESPECT Respect is highly observed, Staff members respect each other, their seniors and also the public in general. Staff members who perform their duties well are motivated verbally, through recommendation letters, incentives and sometimes promotion. Staffs are also encouraged to upgrade their education. I learnt that when workers feel appreciated they are able to perform their work with minimum supervision and willingly. 2.3.5 EMPLOYEE FOCUS I learnt that when organization recognizes the contribution of their employees, they see them as important assets and to be invested in and not a cost to be avoided. Employees with personal needs are to be assisted which boosts their morale and increase their out-put. The organization has set clear and explicit standards of service that clients (employees) reasonably expect. They always uphold transparency and accountability in service delivery. They always take corrective action on errors and deficiencies that occur I learned the way the organization should undertake the core mandate. This was by working closely with various departments during my attachment. And i also found out that practical part of management is very interesting. I was allowed to learn the way an organization is supposed to function and  what is expected of every employee with regard to terms and condition of service. I was trained on how to develop work/duty schedules which enhances performing tasks efficientl y; achieving results and solving problems effectively through consultation of other working mates. 10 During my attachment period I ensured that decisions which I made were in line with the organizations policy and in consultation with my superiors. I applied the knowledge learnt in class in addressing issues like complaints from employees and managed the situations effectively. Through interpersonal skills that I acquired both in training and during the attachment period I was able to interact well with the employees of the organization. I also acquired knowledge on how to communicate with senior management staff and how to address the general population with respect and decorum where one subordinate is entitled to one superior type of management. 2.4 A PROFILE OF SKILLS AND COMPETENCIES GAINED/ACQUIRED – These eight weeks of my internship at Agriquip Agencies (EA) Ltd enabled me to gain skills, competence and experience in various managerial functions. I interacted with many suppliers both local and international suppliers, Consumers of our products, Government Agencies and other clients who required to be attended to. This equipped me with communication skills, negotiation skills and more importantly managerial skills in all sections within the organization as I rotated in all the departments. 2.4.1 COMMUNICATION SKILLS ACQUIRED I acquired communication skills using various communication channels, I learnt how to write official letters, send and receive emails, communicate well with the managers, others employees and the clients who came to seek for our services. I also learned how to communicate with different kinds of people like the clients of the organizations, customers and management staff using the appropriate approaches. I learned how to communicate through memoranda and ensuring that it is addressed specifically to the right group having simple language to be easily understood generally. 2.4.2 SOCIAL SKILLS ACQUIRED.I learned how to interact well with the employees of the organization. This was beneficial because i was able to work with them well due to the social skills applied. I also worked hand in hand with the management team and was also able to interact well with the other trainees. 2.4.3 MULTI-TASKING Exposure to working in different departments and handling clients with different needs enabled me to gain experience in multi-tasking and therefore was equipped with capability of handling different tasks performed in different departments effectively 2.4.4 CONFIDENTIALITY AND BUSINESS ETHICS – I gained skills of desertion and business ethics which is vital because most of managerial functions must be kept confidential and I was trained on the need to observe ethics and never to divulge information to any unauthorized person and to keep confidential information about any function in the organization at all times. 2.4.5 ORGANIZING I also learned that managerial role requires high level of organization of the resources, functions and time. Through the attachment I was able to gain this skills as the organization has a very strong focus on how the employees organizes their daily activities and utilizes resources allocated to them. 2.4.6 CORDINATION During my internship, I gained skills on how the employees should coordinate in order to accomplish their assigned tasks. I also learnt that all the functions within the organization in order to achieve the mission and overall objective of the organization. 2.4.7 MANAGEMENT OF RECORDS I learnt the skills on how to properly manage company records during my attachment in all the departments of the organization. How to store files safely and protect them against access by unauthorized persons, arrange the properly in the cabinets Employees are handled in a professional manner embracing dignity and respect. 2.4.8 WORK SKILLS ACQUIRED I learned to prioritize work by organizing my working time table. This enabled me to apply management by objective principal. 2.5 OBSERVATIONS AND CRITIQUE For the duration that I have been attached at Agriquip Agencies (EA) Ltd I was able to make several observations for which I liked some and other I did not like 2.5.1 OBSERVATIONS Open communication The organization has adopted an open communication policy.  During my attachment, I observed that the management encouraged open communication between the managers and their juniors as well as the trainees. This created room for the trainees and junior staff members to express their ideas freely without fear hence created room for creativity and innovation. Good relationship between employer and employee – The firm maintains a good employer /employee relationship. All the employees of the organization are given fair treatment irrespective of the positions they hold. The managers were willing to interpret the policies and guide their juniors and trainees in the implementation of the strategies set to achieve the desired results. Management commitment to motivate employees – The management had a commitment for motivating their staff members. I observed that all the workers in the organization were very committed to their work and needed minimum supervision. The level of motivation was high and therefore created room for innovation, trust and cohesiveness which leads to efficiency and effectiveness of the organization. Embraced change – On the other hand I observed that both management and employees were very accommodative to change this was due to high level of trust and open communication the management was able to communicate to their employees of any planned change before implementing which translated to less resistance. Employee willingness to teach the new trainees – as a result of high commitment by the employees to their tasks and trust between the employees and the employer, the interns were not viewed as threat to the already existing employees and therefore they were willing to train and 13 guide them in their internship. The work I was assigned truly allowed creativity and innovation in that I was expected to come up with new ideas and ways of effectively managing the resources of the organization in order to meet the targets and increase the efficiency of the organization. I liked the way the organization cared for the social needs of their employees. 2.5.2 CRITIQUES/DISLIKES ABOUT THE ORGANIZATION Some departments operations are not computerized and therefore it takes long time to acquire information that is necessary for quality decision making. The organization lacks proper progression path which discourages the employees from furthering their training since there is no rewards expected  after undergoing the training. The other deficient area that I found wanting is that of recruitment and employment. The organization does not have employment policies and therefore their employees does not fully understand the criteria used. I observed that organizations do not give much emphasis on the course a student is taking, but they prefer students who have basic education and they proceed to nurture them based on their judgment on how one is performing. There is delay in replenishing some products/stocks which have high demands which causes the organization to lose their customers to their competitors. Some suppliers take too long to supply the products. Lack of co-ordination betwe en the purchasing, imports and stores departments hinders the organization from achieving their objectives. The organization has not fully embraced new technological advancement in several departments. This in itself is a setback as technology is known to improving efficiency and less paper work. As an organization that imports products from many parts of the world, I found that their ICT systems are wanting. The organization has not invested in research and development which is a powerful tool for enhancing their productivity and competitiveness. 2.6 STRATEGY FOR UTILIZING OF CONTACTS ESTABLISHED DURING ATTACHMENT During my attachment period at Agriquip Agencies (EA) Ltd I established good contacts, and still keep in touch with them and any time I require information pertaining to particular field am assured that I will have someone whom I can consult. I intend to seek employment opportunities for myself and also my fellow students. In today’s market economy job is only allocated and accessed by those who are networked well or known well. These contacts will also be of great help in securing employment opportunities in future in the field of management. I will also use the established contacts as referees to recommend me in getting employment in the future. SECTION THREE 3.1 SUMMARY The industrial attachment was conducted at Agriquip agencies (EA) LTD from 17th December, 2013 to 08th February, 2014. During the attachment I rotated  in all the departments within the organization i.e. Administration, imports, purchasing, sale and stores departments as an imports clerk/ supervisor. I learnt various functions of all the above departments and equipped me with knowledge and skills on how to effectively perform duties of these functions. The theoretical knowledge I learnt in class helped me to have a better understand on how to carry out the relevant functions. Some specific activities undertaken needs to be taken seriously by any person assigned to perform them because they can heavily impact on the performance of the organization. These functions includes, Purchasing of products, these should be done by competent personnel who have thorough knowledge of procurement procedures as well as good negotiation skills. Sales, This function should be done carefully as the p ersonnel assigned should have good marketing skills and able to do proper marketing mix in order to satisfy the needs of the Customers failure to which the organization can be affected negatively by becoming the target for competition. Imports, the personnel allocated this function must be having good analysis skill, should have capabilities to analyze the external environment in order to determine the economic situation , understand the inflation rates, rates of exchange as well as effects of the economies of scale. Accounts, The personnel allocated to this department should be able to produce reports in time and accurately to enable the management to determine the profitability position as well as decide on the course for action. 3.2 CONCLUSION I sincerely wish to appreciate the management of Agriquip Agencies(EA) LTD for the opportunity they gave to me to pursue my industrial attachment in their organization and also for assistance they accorded to me and being always ready to let me learn from them . The experience gained in the course of my attachment is very important in securing me an opportunity in the job market. I highly encourage the idea of industrial attachment and recommend that the students be supported and given maximum guidance to ensure that they are able to exercise their practical skills that are fundamental in building their career. My eight weeks in Agriquip Agencies (EA) LTD have had a great impact to my career development. I thank the management of The  Kenya Institute of Management for creating an opportunity for their students to undergo an industrial attachment that enables them to acquire practical skills in their field of training. The attachment has also enabled me as a management trainee to id entify the areas of weaknesses within the organization and recommended to the management on the best course of actions to improve on their performance. 3.3 RECOMMENDATIONS Agriquip Agencies (EA) Ltd should improve its technological infrastructure by providing more computerized systems enabled with internet to the various departments to facilitate e-commerce. Departments whose operations are not computerized to be computerized in order to improve on the service delivery and enhance their satisfaction to their customers. To find alternative suppliers for their products in order to ensure products are always available for their customers. Since some of the current suppliers take long periods to supply the ordered products they should seek alternative sources of supplies and create good relationships with suppliers to ensure steady supply of goods. Formulate employment policies. The organization to formulate employment policies that will govern their recruitment procedures, staff appraisal, reward systems, growth and development of the employees among others Investing on research and development. The organization should consider investing on research in order to be able to understand the market treads, the customer needs, the level of competition. The need to develop new products that are suitable for satisfaction of their customer desires. The management of the Kenya institute of management to explore ways of partnering with the private sector investors and the Government to ensure that their students are able to secure attachments opportunities and employment placements on completion of their training.

Latchkey Children

The effects of being a latchkey child differ with age. Loneliness, boredom and fear are most common for those younger than 10 years of age. In the early teens, there is a greater susceptibility to peer pressure, potentially resulting in such behaviors as alcohol abuse, drug abuse, sexual promiscuity and smoking. 4][5] The behaviors might stem from â€Å"unspent energy, peer pressure to misbehave, or hostility because of the lack of appropriate adult attention†. [6]However, some children can exude other positive effects. An early developement of self reliance, adaptation to difficult situations, and a desire to contribute to a visible need in the household. Socioeconomic status and length of time left alone can bring forth other negative effects.In one study, middle school students left home alone for more than three hours a day reported higher levels of behavioral problems, higher rates of depression and lower levels of self-esteem than other students. [7] Children from lower income families are associated with greater externalizing issues (such as conduct disorders and hyperactivity) andacademic problems, while children from middle class and upper class income families are no different to their supervised peers. 8] In 2000, a German PISA study found no significant differences in the scholastic performance between â€Å"latchkey kids† and kids in a â€Å"nuclear family†. [9] Positive effects of being a latchkey child include independence and self-reliance at a young age. Deborah Belle, author of The After-School Lives of Children: Alone and With Others While Parents Work suggests that being left home alone may be a better alternative to staying with baby-sitters or older siblings Latchkey Children The effects of being a latchkey child differ with age. Loneliness, boredom and fear are most common for those younger than 10 years of age. In the early teens, there is a greater susceptibility to peer pressure, potentially resulting in such behaviors as alcohol abuse, drug abuse, sexual promiscuity and smoking. 4][5] The behaviors might stem from â€Å"unspent energy, peer pressure to misbehave, or hostility because of the lack of appropriate adult attention†. [6]However, some children can exude other positive effects. An early developement of self reliance, adaptation to difficult situations, and a desire to contribute to a visible need in the household. Socioeconomic status and length of time left alone can bring forth other negative effects.In one study, middle school students left home alone for more than three hours a day reported higher levels of behavioral problems, higher rates of depression and lower levels of self-esteem than other students. [7] Children from lower income families are associated with greater externalizing issues (such as conduct disorders and hyperactivity) andacademic problems, while children from middle class and upper class income families are no different to their supervised peers. 8] In 2000, a German PISA study found no significant differences in the scholastic performance between â€Å"latchkey kids† and kids in a â€Å"nuclear family†. [9] Positive effects of being a latchkey child include independence and self-reliance at a young age. Deborah Belle, author of The After-School Lives of Children: Alone and With Others While Parents Work suggests that being left home alone may be a better alternative to staying with baby-sitters or older siblings

Mappes Article Sexual Morality Essay

In the short article â€Å"Sexual Morality and the Concept of Using Another Person† by Thomas Mappes, there are several points that he makes about what should be considered morally right or wrong. Mappes sticks to three main points when it comes to what he considers morally right or wrong. These three cases are â€Å"using another person†, â€Å"deception of one by another†, and â€Å"coercion†. All three points basically revolve around how he feels that it is wrong for one person to in any way shape or form to use another person for sexual interaction. He bases this viewpoint around the â€Å"conventional† sexual morality which outlines that sex without love is immoral. I cannot say that I completely agree or disagree with his points that are made. This is not because I cannot see what he is trying to say but rather because I feel that there are many other view points to see this topic through. Firstly he talks about â€Å"using another person† in which he describes that it is wrong for one person to use another person merely as means. This is the general basis of his entire article. Though I do agree it is wrong for one person to use another person merely as sexual means, I see many situations in which both parties are using each other for the same thing. Not to have a further interaction or relationship after the matter. Mappes declares that â€Å"A immorally uses B if and only if A intentionally acts in a way that violates the requirement that B’s involvement with A’s ends be based on B’s Voluntary informed consent.† This basically means that if someone is to have sexual intercourse with another person then both people must agree to the others conditions as well as respect the others wishes. However in the point I made before, there are times that both parties are using each other for the same thing. In which case does it really matter if either party is completely honest with the other? The reason this is important is because if both parties want to have sexual intercourse with the other and have no other intentions with the other person, do they need to have a more in-depth relationship? Secondly he talks about deception of one person by another, in this he speaks about several different ways one could deceive another. In any which case, he views it as immoral to do so. Finally he voices his opinion about â€Å"Coercion†, in this case coercion is basically a complex word for â€Å"rape†.

Accounting Theory Question

What is positive accounting theory? how does it differ from normative accounting theory? what was/were the major dissatisfaction(s) with normative accounting theory which led to the development of a positive theory accounting? 2. Explain the meaning of an efficient market. what is meant by the following terms: weak-form efficiency, semistrong-form efficiency, strong-form efficiency? which form is the most important to accounting research? why? Explain the important of examining the impact the profit on share prices for financial analysis. can this analysis be used to make abnormal returns from the share markets? 4. Does study of the information content of profits announcements explain why firms use particular accounting practice? does it help to predict which firms will use particular accounting practices? 5. Give reasons that non-linear model relating unexpected returns to share prices would provide a more precise estimate of the earnings response coefficient (ERC). . Why would share prices have a greater reaction to the profit announcement released by small firm compared with those released by large firms? do you think this research has any implications for measurement issues in accounting or for formulation of accounting standards? 7. outline the research that has been undertaken on the impact of permanent and temporary increases in profits. why is this research important? 8. how will risk and uncertainty affect the valuation of a firm and, through this valuation model, the ERC? . The impact of profits for valuation has diminished over the years. what is the impact? how was the research adjusted to reflect this fact? 10. Outline a research project which explain how share prices are determined. would this project include factors other than accounting data? Briefly explain the outline the research of mechanistic hypothesis. what are the implications of the research? 12. Why would financial analysis be fooled by accounting numbers and provide optimistic and biased estimates of profits? an you offer a positive economic reason for their actions? 13. outline the different procedures that can be used to determine whether accounts have quality accruals or whether they create more noise. 14. what are the two main explanations for the association between the choice of high-quality auditor and a lower cost of debt or equity capital? 15. why do we have to be carefull drawing conclusions about causality based on studies using archival data?