Financial Statements Essay Example | Topics and Well Written Essays - 2000 words

Financial Statements - Essay Example d of the companies are for the year 2008.The areas covered are profitability, liquidity, financial risks, investments attractions and overall growth of the companies. The ratios employed to assess the profitability of two competitive airlines are Operating profit margin, Net Profit Margin, ROCE, and earnings per share. Gross profit margin cannot be employed as the airline business is not a goods trading business. Operating Profit Margin â€Å"measures the percentage of each sales dollar remaining after all costs and expenses other than interest and taxes are deducted. It represents the pure profits earned on each sales dollar.†(Lawrence J. Gitman, page 144)i Easyjet operating profit margins are mere 3.85% as compared to massive 19.78% of Ryanair. The reason for such difference is the efficiency employed by Ryanair in operating expenses to reach a turnover of $27138222000. On the other hand the turnover of $2362.8m has been achieved by Easyjet at huge operating cost of $2271.8m. Net profit margins take into consideration all expenses including depreciation and finance expenses before taxes. It will be noted that Easyjet has shown improvement in net profits margin of 4.66% when compared to its own operating profit margins of 3.85. The reason is that Easyjet has net finance income and not the expenditure. It is because of this reason Ryanair/s net profit margin of 16.17% is lower than its operating profit margin of 19.79 as it has finance expenses are higher than finance income. But Ryanair’s net profit margin is certainly higher than Easyjet because of its efficiency shown in controlling the expenses. Return on capital employed (ROCE) is more realistic ratio of profitability â€Å"if the assets are stated at current value rather than at historical cost; that is, there is a revaluation reserve included in the capital employed.† (Philip Ramsden, page 42)ii Taking this limitation into account, Easyjet has a very poor ROCE of 3.81% as compared to 8.19% of Ryanair.

A sense of self-direction Essay Example for Free

A sense of self-direction Essay There may be personal information that you want considered as part of your admissions application. Write an essay describing that information. You might include exceptional hardships, challenges, or opportunities that have shaped or impacted your abilities.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Discipline is one of the issues being faced by most teenagers anywhere in the world. A lot of these people find it hard to inculcate in themselves the self-control and self-responsibility they ought to have. A sense of self-direction is one of the many ways that teenagers can employ to have that bite of discipline in their systems.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   I am a seventeen year old and a non-religious middle class man. Unlike many other men of my age, I am proud to say that I am well-disciplined. And I owe much of this to sports. Sports actually helped me and still continue to help me become a disciplined man, especially when I stepped into high school. A lot of my wonderful memories and lessons in life are attributable to my experiences as a person inclined in many sports. For four years now, I am part of the tennis varsity team of my school, of which I was given the honor to rank third in state in my small league. That was one of the best days I ever had in my sports life. Days of training and practice were all paid off after receiving such recognition. This award does not stop me from training and practicing more as days pass by. Instead, this achievement inspires me to do a lot better than I did so I can be the best tennis player I can be. It inspires me to do more so that I can be able to become more of a tennis player†¦more of a person. With my inclination in sports, I learn to be focused on things that really matter. I do not waste my time to non-productive activities, thus I become productive as a person. With sports, I learn how to be a team player, which would really help me a lot by the time I have my own career in whatever field I choose. I know and I believe that learning how to be in a team, may it be as a leader or just an ordinary member, will surely get things done with ease and victory. Tennis games and practices are training grounds for me not just to become the best tennis player but more to become the best person that I can be.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Aside from tennis, I also am interested to other sports like basketball and soccer. I play for these sports during my sophomore and junior years. I enjoyed every single day I spent for practices. I find a different sense of fulfillment whenever I play sports. It makes me happy to be with my teammates and play not just the games on court but also the game of life. Sports have become special parts of me because through them, I feel and believe that I became a much better person than I ever was before.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Surely sports leave a big impact to my life. I would not have learned become a disciplined, mature, responsible, and productive person if not for it. I would never have developed my interpersonal and social skills if I was not part of a team. I would never have been the person I am now if I become attached to other activities aside from sports.

A standard costing and variance analysis

A standard costing and variance analysis Study suggests that many companies use standard accounting to determine costs and for measuring performance. However, there has always been speculation on standard costing being the most effective measurement. The actual cost usually differs from the standard costs, which is based on calculations and assumptions. Standard accounting takes into account various factors like price, specifications, quantity and quality of the material. The estimations involved in analyzing and setting standard costs involve the efficiency of the management. If a difference between the actual cost and the standard cost is observed, an investigation is required since it suggests the inefficiency in the calculation of estimates. Relevance of Standard Costing and Variance Analysis The standard costs are calculated according to the following flowchart and the variance is monitored and recalculated at every interval to reduce cost variance. Definition of standard cost: a pre-determined cost calculated in relation to a prescribed set of working conditions, correlating technical specifications and scientific measurements of material and labor to the price and wage rates expected to apply during the period to which the standard cost is intended to relate, with the addition of an appropriate share of budgeted overhead (CIMA [ICMA] definition) The standard costs are to be set by the management after a set of calculations. These calculations can either be based on historical records or on engineering studies. Depending on the type of company and volatility in costs, a great deal of care is to be taken into setting standards. Standard costing is usually applied in conjunction with other costing methods (or variance analysis): Absorption and marginal costing Job and process costing Budgeting and budgetary control Advantages of Standard Costing The costing standards are helpful in establishment of prices, budgets and production schedules. The employees are motivated to maintain efficiency to reduce errors in achieving a target. Management by exception is allowed to be practiced by variances. Record keeping and stock evaluation are harmonized and simplified due to a standard set of costing used across the system. Responsibility is defined with the help of variance analysis. The technical analysis necessary to set standards will result in better methods, greater efficiency and in cutting costs. The standards provide essential control information which help in comparing the actual costs to the standards. Disadvantages of Standard Costing Firstly standard costing will not be very efficient for companies that use a lean system. In lean production, the volumes produced are lowered and the inventories re consumed only after the determining amounts of the quantity demanded. Secondly, there might be changes in the working practices, the prices and volumes of the raw materials, which reduce the standards and are misleading and inappropriate. Many costs are incurred in maintain and calculating the standard costing systems. Over assumptions of costs in an urge to make the standard costs favorable may lead to high cost variances. This may also lead to non-productive work like measuring and completing forms. Standard costing is overly focused on statistical data and thus there might be a conflicting boundary between the standard cost and estimated cost. For example the overheads may require running at full efficiency even though the excess production is not required. Standard costing maybe applicable in larger firms with high production lines and bigger resources, but for smaller firms, the basic thumb rule methods are more appropriate for use in control. Alternative methods Activity Based Costing In this method, the costs are recognized due to the cause and effect relationship between the activities and costs that drive the company costs. This method can theoretically be used in any industry due to its flexibility in determining costs at different levels. ABC, just like the other traditional costing systems, it often results in recognizing indirect costs on easily identifiable figures such as direct labor hours. It often results in inaccuracy in assigning the costs to its relevant activity. However, this method is used effectively in complex companies where certain costs are not easy to record and evaluate. It is used in companies which are not completely service based. Balanced score card The balanced score card is used as a performance measure and for strategic planning in major organizations. It was invented by Dr. Kaplan and David Norton that analyzed measurements in a combination of traditional and strategic method to give a more balanced view to the management. The balanced scored had four main perspectives: Learning and growth perspective The scorecard considers learning as one of the most important perspectives in the case of employees and at an organizational level. Funds can be adequately allotted by managers to ensure the training needs of a worker since the developing industry requires a continuous improvement in the skill level. Business process perspective In this perspective, metrics are used to allow the managers to understand the importance of their internal business and whether the products and services are capable of satisfying the customers needs. The metrics for a business process are best when designed by a highly experienced internal manager. Customer perspective The constant increase in the market trend from a customers perspective has increased companies to use metrics to define customer satisfaction levels. If the quality of the products and services reduce, the customer satisfaction would drop and thus he would switch to a more competitive company. Hence, frequent measures such as the scorecard and customer feedbacks have to be used to understand the customers requirements. Financial perspective A company needs to constantly calculate its financial data and create a capacity to fund the current projects. The accuracy involved in this data will help the managers create a planned and organized expenditure. Data such as the risk assessment and cost-benefit data has to be identified in this perspective. The standard costing requires accuracy in calculating this data since any errors could cause a large cost variance and affect direct labor and direct material cost. Target costing Target costing is a cost management tool for reducing the overall product cost in a production life cycle. This approach is most commonly used in Japanese companies along with Six Sigma, Kaizen and various other approaches. Unlike traditional methods, target costing takes a very proactive approach to pricing. It analyzes the costing information of the product and suggests the best possible price upfront. This saves the wastage in time and costs involved in re-engineering and design. In particular, target costing concentrates on phase wise reduction of costs in a product life cycle. The decisions involve a large team a multi-level team of staff from production, engineering, etc. to determine the acceptable market price. Just-in-time method The JIT method is one of the lean methods used in the new production systems. It is very efficient in supply chains and production units in determining the quantity of products to be produced depending on the customer requirements. However, JIT method also results in a few disadvantages such as purchasing inventory that is not required immediately. Due to the stock up of inventory, there are chances of the goods being damaged or lost. Also, the more assets a company is holding, the higher premium it has to pay. Thus having excessive assets is not an efficient option. Assets include both cash and inventory, but cash is more flexible and helps in precluding loans which means lesser liabilities for the organization. When the demand increases, the orders would have to be rushed and thus greater staffing working in overtime is required. This would lead to an increase in the direct labor costs and also would reduce employee satisfaction. The company would also have to manage the orders in a short period of time which create a lot of trouble for the middle level management. This change in costs further affects the standard costing of a company. Total Quality Management Total quality management involves the continuous improvement of products and services while also involving the managers and employees in a quality management approach. TQM is aimed at increasing the quality while reducing the wastage in production of goods. Some of the popular companies involved in the adaptation of TQM include Toyota motor company, Ford motor company, Phillips semiconductor and SGL carbon. TQM involves the continuous improvement of a process, and thus improving the future results of a process. It contains a combination of quality management tools which helps in increasing the quality at pace with the improving market standards. Kaizen methods Kaizen in Japanese stands for improvement in simple terms. When the word is split, kai means change and zen means good. The most important aspect of a kaizen method is to standardize your process. Most of the companies that follow the kaizen method use a PDCA life cycle. One of the leading motor companies using this method efficiently is Toyota motors. Toyota has extensively implemented the continuous improvement strategy in its lifecycle. The basic steps of the kaizen method involve the Plan-Do-Check-Act life cycle. As the title suggests, the first step of the process involves planning the costs and estimating the costs accurately. The next step involves measuring and implementing the costs and the effectiveness using various measuring techniques. The third phase involves checking whether the standards are optimal and efficient and if not act accordingly towards continuous improvement. After achieving the new results, these are set as the new standards and thus create accuracy. The cycle repeats itself continuously improving the process. Pricing decisions in service sectors Most healthcare organizations do not realize the benefits of standard costing in an organization and thus result in high cost variances. The application of standard costing systems used in such organizations can help in realizing the losses in unrecovered overhead on time and hence take corrective action. In todays world, customers in the service sector demand the prices to be lowered and a better cost information system. The most effective way to deal with this is to use standard costing and variance analysis. Full costs per unit should be measured in advance of providing a service. The variable costs can thus be easily estimated since the facilities in the service sector directly use the pricing process.

Music Appreciation :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  The musicians are divided into four main groups called sections: (1) the string section, (2) the woodwind section, (3) the brass section, (4) and the percussion section. The various instruments in the string, woodwind, and brass section are pitched in different ranges, like voices in a choir. In the following discussion, the instruments in each of these sections are listed in the order from those of the highest range to those of the lowest. Some percussion instruments are also tuned to definite pitches, but most of them have an indefinite pitch.   Ã‚  Ã‚  Ã‚  Ã‚  The string section is the heart of a symphony orchestra. It has more than half of the musicians and consists of from 20 to 32 violins, 8 to 10 violas, 8 to 10 cellos, and 6 to 10 string basses. The violinists are divided into two groups of equal size. The first violins play the highest-pitched part in the string section, and the second violin play the next highest. The leading first violinist serves as concertmaster of the orchestra. the concertmaster directs the other musicians in tuning their instruments and may also be the orchestra’s assistant conductor.   Ã‚  Ã‚  Ã‚  Ã‚  The woodwind section consists chiefly of flutes, oboes, clarinets, and bassoons. An orchestra has from 2 to 4 of each of these instruments. The musicians in this section also play various other woodwind instruments when a score requires them to do so.   Ã‚  Ã‚  Ã‚  Ã‚  The brass section consists of 2 to 5 trumpets, 2 to 8 French horns, 2 to 4 trombones, and 1 tuba.   Ã‚  Ã‚  Ã‚  Ã‚  The percussion section includes two or more timpani, or kettle drums,; bells and cymbals; wood blocks; and bass drum, gong, snare drum, triangle, tambourine and xylophone.   Ã‚  Ã‚  Ã‚  Ã‚  The conductor knows that each of these sections are crucial to the sound necessary for the score, therefore, he or she designs the seating arrangement to produce a certain blend of sounds. The basic seating arrangements are as follows: the strings form a semicircle around the conductor; the woodwind instruments are arranged in the center, with the percussion and brass sections at the rear.   Ã‚  Ã‚  Ã‚  Ã‚  The musicians have many responsibilities. Some of these responsibilities are to be prepared to work hard to achieve the perfection that the conductor needs to make the score sound right, be prepared and on time to all rehearsals, to behave appropriately at a concert and rehearsals to insure that the conductor has their total attention and the musicians are focused, and, ultimately, listen to the conductor’s instructions. They must remember that the conductor is the person in charge, and, although they may not always agree with the way that he or she feels about the music, they are to play their

literature :: essays research papers

In Alice Walker’s story â€Å"Everyday Use,† symbolism, allegory, and myth stand out when thinking about the characters, setting, and conflict in the story. The conflict is between the mother and her two daughters (Maggie and Dee). There is also the conflict between the family’s heritage (symbolized by the quilt, bench, and butter chum) and their different ways of life. Dee chose a new African name, moved to the city, and adopted a new way of life while Maggie and her mother have stay behind. The quilt (the most important symbol) represents the family’s heritage in that it is made of scraps of clothing worn by generations of family members. The quilt has been sewn by family hands and used on family beds. It has seen history and is history. Maggie and her mother see that that history is alive but Dee thinks it is as dead as her name. Dee does not see that name as part of her heritage. By analyzing these symbols, a number of possibilities for a theme can be seen. Walker could be suggesting that to understand the African-American heritage, readers have to include the present as well as the past. However, the theme could be that poverty and a lack of sophistication and education cannot be equated with ignorance. Lastly, she could be telling her readers that dignity or self-respect rise from and are virtually connected to one’s entire heritage- not just a selected part of it. Dylan Thomas wrote the poem â€Å"Do Not Go Gentle Into That Good Night.† It is about a son’s plea to his father who is approaching death. Two lines are repeated in the poem and addressed directly to the father. These lines structure the first stanza and collaborate as a couplet in the last. They are repeated a lot but each time, they have different meanings: statements, pleas, commands, or petitions. Repetition and rhyme scheme are parts of prosody in poetry. The rhyme scheme is built on two rhymes and forms of a pattern. The two rhymes are night and day and the pattern is aba, and in the last stanza, abaa. Even though the poem seems to have too much repetition, the fascinating imagery is more important and readers pay more attention to that instead.

Islam in Italy Essay -- Islam Italy History Essays

Islam in Italy Problems with format 'Like many minority communities of varying religious and ethnic backgrounds, Muslims have struggled to define their place in societies around the world.' As immigration patterns have ebbed and flowed through the centuries, Italy is one of many European countries that plays host to a growing number of Muslim immigrants.? Muslims struggle with identity, intermarriage, gender relations, worship, education, and civil rights in the context of their new country.? These issues are particularly poignant for Muslims entering and living within Italy during this religiously momentous time.? During the past twenty years, Italy has seen a resurgence of immigrants who hold to the Islamic tradition.? For the largely Catholic Italy, the impact of this is immeasurable and has catapulted society and government toward decisions that will forever alter the country (Israely). A Brief Look at an Ancient History Historically, the Italian peninsula has been exposed to Islamic influence since the beginning of the Muslim age in the seventh century A.D. (Matthews).? As Islam spread north and west, the Byzantine Empire effectively remained a blockade until the fall of Constantinople in 1453.? But another road into Europe was open for Islam by traveling across North Africa, over the sea, and up to the island of Sicily and the Italian mainland.? After years of skirmishes, Sicily was taken in 902.? The Roman Empire quelled much of the Muslim activity in mainland Italy, and there are still remnants of Saracen towers, positions to watch for Muslim invaders approaching by sea.? Though the Muslims never gained a strong foothold in mainland Italy, the island of Sicily was securely theirs for two centuries.? Du... ....fieri.it/leggi_e_provv/liberta_religiosa/statuto_giur_islam_en.htm>. Holzner, Claudio. ?Re-Birth of Islam In Italy: Between Indifference and Intolerance.? The Journal of the International Institute. Vol. 3, Issue 2, (1996): 4pp. Israely, Jeff. ?In Catholic Italy, Islam makes inroads.? The Boston Globe. 14 May. 2000. ?< http://www.boston.com/dailyglobe2/135/nation/In_Catholic_Italy_Islam_makes_?inroadsP.shtml>. Kern, Gunther. ?Italy?s Muslims in Uphill Battle for Recognition.? IslamOnline. 2003. < http://www.islam-online.net/English/News/2000-11/26/article4.shtml>. Matthews, Jeff. ?Early Islam in Italy.? 2001.< http://faculty.ed.umuc.edu/~jmatthew/naples/earlyislam.html>. Roggero, Maria Adele. ?Muslims in Italy? Muslims in the West, From Sojourners to Citizens. ed.Yvonne Y. Haddad. New York, NY: Oxford University Press, Inc., 2002. 131-143.

Interpersonal Communication Application Paper

â€Å"I have never been the same person alone that I am with people. † (Phillip Roth) I can directly relate with this quote, I’m sure quite a few people can. So often, we act differently in private than we do with others. Of course, it’s all dependent upon who the ‘others’ are. For example, we may feel more comfortable being our true selves with our friends and become more reserved with colleagues. This is not necessarily how all humans behave, some folks have no problem being exactly who they are at all times no matter whose company they are in.I admire this quality when it is not coming from someone I perceive as obnoxious. Certainly, factors such as perception, culture, and the people we are communicating with will influence how we behave in public as opposed to private. Most immediately, I think how we perceive ourselves and how we think other people perceive us will influence our behavior in given situations. We’re all so different and ou r experiences tend to shape our personalities. Some of us are naturally outgoing and social, while others are more introverted and feel best without the company of others.Both scenarios present their own challenges and behaviors will be influenced by these tendencies. It’s generally very easy and preferred for the introverted personality to go through their day without the company of another, while a more extroverted individual might feel very lonely without another’s company. How these two behave in group functions will also vary. The outgoing individual will be very much in his element, and more likely to be cheerful and positive. An introverted person will be more shy and standoffish within the group.These are merely characteristics that go together, as presented in the book under the implicit personality theory. In either case, the behavior of the individual will vary whether they are alone or with people. And this scenario is a more natural occurrence. Sometimes s ituations arise where we want others to see us as something we are not and we’ll present ourselves in a certain manner that is not true to who we are, just to fit in or gain the trust of that particular group. When alone, we may let ourselves behave more naturally and feel less obliged to pretend.Cultures also influence how we behave in public and alone. Some cultures do not allow women to be in public without a headdress, while at home they are allowed to be more relaxed. In our American culture, Christianity teaches that women should be submissive to their husbands, so behaviors will exemplify this in a church setting or when out with church friends. At home, the wife may be the one who makes the final decisions, and the family will behave as such in that particular setting. Finally, the people with which we are communicating will impact what we say and how we say it.We communicate very differently when alone with our romantic partner, as opposed to being with him or her in public. The same is true for our relationships with parents, siblings, neighbors, casual friends or close friends. The words we choose and the tone that we use with any of these communications will vary from person to person and in private or amongst others. Every situation is completely unique. As a novelist, Phillip Roth presented many fine quotes with regard to communication. It was a good exercise to apply what I’ve learned from the text and be able to expand upon this particular quotation. Interpersonal Communication Application Paper â€Å"I have never been the same person alone that I am with people. † (Phillip Roth) I can directly relate with this quote, I’m sure quite a few people can. So often, we act differently in private than we do with others. Of course, it’s all dependent upon who the ‘others’ are. For example, we may feel more comfortable being our true selves with our friends and become more reserved with colleagues. This is not necessarily how all humans behave, some folks have no problem being exactly who they are at all times no matter whose company they are in.I admire this quality when it is not coming from someone I perceive as obnoxious. Certainly, factors such as perception, culture, and the people we are communicating with will influence how we behave in public as opposed to private. Most immediately, I think how we perceive ourselves and how we think other people perceive us will influence our behavior in given situations. We’re all so different and ou r experiences tend to shape our personalities. Some of us are naturally outgoing and social, while others are more introverted and feel best without the company of others.Both scenarios present their own challenges and behaviors will be influenced by these tendencies. It’s generally very easy and preferred for the introverted personality to go through their day without the company of another, while a more extroverted individual might feel very lonely without another’s company. How these two behave in group functions will also vary. The outgoing individual will be very much in his element, and more likely to be cheerful and positive. An introverted person will be more shy and standoffish within the group.These are merely characteristics that go together, as presented in the book under the implicit personality theory. In either case, the behavior of the individual will vary whether they are alone or with people. And this scenario is a more natural occurrence. Sometimes s ituations arise where we want others to see us as something we are not and we’ll present ourselves in a certain manner that is not true to who we are, just to fit in or gain the trust of that particular group. When alone, we may let ourselves behave more naturally and feel less obliged to pretend.Cultures also influence how we behave in public and alone. Some cultures do not allow women to be in public without a headdress, while at home they are allowed to be more relaxed. In our American culture, Christianity teaches that women should be submissive to their husbands, so behaviors will exemplify this in a church setting or when out with church friends. At home, the wife may be the one who makes the final decisions, and the family will behave as such in that particular setting. Finally, the people with which we are communicating will impact what we say and how we say it.We communicate very differently when alone with our romantic partner, as opposed to being with him or her in public. The same is true for our relationships with parents, siblings, neighbors, casual friends or close friends. The words we choose and the tone that we use with any of these communications will vary from person to person and in private or amongst others. Every situation is completely unique. As a novelist, Phillip Roth presented many fine quotes with regard to communication. It was a good exercise to apply what I’ve learned from the text and be able to expand upon this particular quotation.