Monday, August 19, 2019
A separate piece :: essays research papers
A. Title and Author - A Separate Peace by John Knowles B. Story Setting - The story starts off at the Devon school, which is a prep school in New England at 1958. But the rest of the story takes place through a flashback of his days when he was a student at Devon during 1943. C. Main Characters - Gene Forrester - Gene is the narrator of the novel and appears at two different time periods: as a middle-aged man re-visiting Devon fifteen years after being a student there, and, for the majority of the novel, as a sixteen and seventeen-year-old student during World War II. The novel is written in the past tense, and we assume that Gene's narration is triggered by his re-visitation of his old school when he is thirty-two. And although the older narrator seems long past the emotional turmoil that marked his schoolboy days, the events of his years at Devon are told as if they were occurring in the present, as if our narrator were still sixteen years old. The Gene that we encounter for the bulk of the novel is, like many of his classmates, at a liminal stage in his life-the adolescence between boyhood and manhood. This transition is further emphasized by the war, Gene being in the final years of freedom before the ravages of a world war can legally claim him. Outwardly Gene is one of the top students in his class and a talented athlete. These traits earn him respect on campus and, most importantly, the friendship of Phineas, whom Gene respects more than any of his fellow classmates. But inwardly, Gene is plagued by the darker forces of human nature, forces that prey upon the turbulence of adolescence. Gene's admiration and love for Finny is balanced and marred by his fierce jealousy of him, by a deep insecurity in himself, and, because of his insecurity, a need to compete with and "defeat" his friend at all costs. Gene's internal emotional battles are the major source of conflict and tension in the novel. Phineas - Called Finny by his classmates, Phineas is Gene's closest companion at Devon and, for our narrator, the central focus of the novel. Finny is five feet eight and a half inches tall and weighs one hundred fifty pounds. Indeed, Finny is the superhuman wonder of athletics and physical harmony at Devon, far surpassing any competition from his classmates, Gene included. What is more, Finny's physical prowess matches that of his personality-he is a charismatic, good-natured, and persuasive young man.
Sunday, August 18, 2019
P:overty :: essays research papers
Mark Sandford                                        Marsh 1 English 200 Mr.Whisnant Summary February 08, 2004                Summary of the Singer Solution to World Poverty      Both stories proclaim that you should not spend your money on material or unnecessary things or wants, but to give them to children in foreign countries that we do not even know. The fact that Dora did not make enough money and that she could only make ends meet was a key factor to her agreeing to pick up a child and drop it off at a so-called wealthy foreigner’s house. In return she is given 1,000 dollars to spend at her leisure, only to be told that night that she gave the child to a children’s organ peddler.      If Dora in fact did not at least try to get the child back or locate it, then in every moral situation she would be wrong. To say that her new T.V. is more important or worth more than the child would be correct. But the fact that we are so easily interested in making more money, we seem to let our morals just slip away.      In Bob’s case he has a chance to save a kids life and chooses not to in fear of losing his classic vintage car, along with the savings which he has not been able to insure. So in reality he would lose everything he owns, in which case he does not want to lose. This seems harsh, but the fact is that children die every day because they do not have enough money to feed and clothe themselves. Is it really up to us to support these total                                                   Marsh 2 strangers that we have never, and will never meet even if we did send them money or food.      Both of these people did something morally wrong, but Bob unlike Dora had a chance to save a life that he could have easily avoided by smashing his old car. Bob is like the people who have enough money, but are not willing to send to overseas children. Dora on the other hand let greed overcome her and put the child in the situation which led to the killing of the child. A lot of people would still think that Bob is worse between the two considering he chose his car over a little child’s life. In fact you also have to agree that if you do not send some of your money to overseas organizations then you are like Bob.
Saturday, August 17, 2019
Researching And Managing A Variety Of Resources Essay
Introduction Throughout this task I will be researching and managing a variety of resources. The three main types are human, physical and financial resources. In this section of my coursework I will explain where I will find these resources and how they will be managed to create a profitable and successful business. Human resources include my staff and their needs. Physical resources include location, fixtures and fittings, raw materials and equipment. Financial resources include profit, sources of money and liquidity. Human Resources Businesses employ people, these are known as human resources. In a small business, the owner may be the only human resource. In larger businesses where many people work, everyone has a specific job relating to their qualifications such as manual workers or administration staff. If a business wants to succeed it is vital for them to have an organised human resource manager. Human resource is vital in forecasting how many employees they need and what qualifications they should have. A big business which is growing will need to find out how many new employees they need and how they will recruit them over the following year. The human resources are a part of the human resources management and is mostly the responsibility for the personnel or human resources department. Legislation has laid down laws to protect people in the workplace. These include: * Health and safety * Employment protection for example, dismissal, leave of absence and redundancy. * Training * Wage Protection * Recruitment These laws that have been put in place are to ensure that a business makes the right decisions and protects its employees correctly. If employees are happy within the workplace they are more likely to achieve goals. Health and Safety For 100 years now health and safety laws have been around which are updated every now and then as work conditions change. The Health and Safety Act 1974 is aimed to raise the standard for all the employees and to protect those whose safety could be at risk outside the business. Businesses need to make sure they have a safe and healthy environment. This can include: à ¯Ã‚ ¿Ã‚ ½ Providing and maintain safety equipment and clothing. à ¯Ã‚ ¿Ã‚ ½ Maintaining workplace temperatures. à ¯Ã‚ ¿Ã‚ ½ Ensuring adequate work space. à ¯Ã‚ ¿Ã‚ ½ Ensuring adequate washing and toilet facilities. à ¯Ã‚ ¿Ã‚ ½ Guaranteeing hygienic and safe conditions à ¯Ã‚ ¿Ã‚ ½ Providing breaks in the work time table. à ¯Ã‚ ¿Ã‚ ½ Providing protection for the use of hazardous substances. à ¯Ã‚ ¿Ã‚ ½ Providing protection from violence, threats or bullying. à ¯Ã‚ ¿Ã‚ ½ Providing a relatively stress free environment. Employers of a business are required to write a written statement of the policy on health and safety in the workplace. Management is responsible for carrying out the policy. This policy puts a duty on the employees so they take care of their safety and others whilst at work as they are legally obliged to comply with the rules drawn. If the employees of the business do not follow these rules they can be fined or even worst, taken to court. Not only do employees have to follow these rules but they are required to have training to ensure the health and safety of employees at work. At any time The Health and Safety Inspectors (HSE) have the right to carry out investigations in the workplace to make sure the health and safety is correct and up to their standard. The HSE have power to issue codes and protect people in various situations. For example: à ¯Ã‚ ¿Ã‚ ½ The control of pollution at the workplace. à ¯Ã‚ ¿Ã‚ ½ Control of substances that are hazardous to health à ¯Ã‚ ¿Ã‚ ½ The protection of individuals against radiation. à ¯Ã‚ ¿Ã‚ ½ Time off for safety representations and training. For my business I will have to make sure I follow the Health and Safety Act 1974. I will not be employing anyone so I will not have to worry about training them but I will have to make sure that my partner and I have the training required. The premises will have to be kept clean to make sure it meets the requirements also to make sure it is kept at the right temperature. UK Regulation When new work situations arose, regulations were introduced to deal with them. The most important regulation is the Working Time Directive 1998. It was introduced as there was concern with long working hours and employee rights. Such as: à ¯Ã‚ ¿Ã‚ ½ 20 minutes break after 6 hours work. à ¯Ã‚ ¿Ã‚ ½ 4 weeks annual paid leave a year. à ¯Ã‚ ¿Ã‚ ½ 11 consecutive hours rest in any 14 hour working period. à ¯Ã‚ ¿Ã‚ ½ A maximum working week 48 hours a week. à ¯Ã‚ ¿Ã‚ ½ An average 6 hours work in any 24 hours for nightshift workers. These regulations were amended in 2003 so that it could exclude people that worked in road, sea or rail transport. Also an employee is allowed to work longer than 48 hours a week if they agree with their employer. Because I will own the business with my partner I will not need to abide by these regulations as I am not employing anyone else. But in case my business expanded and I did need to recruit I would have to take these regulations into perspective to make sure I do not break the law. Training A new way to settle employees into their new job is to use induction training. They will not only be learning how to do their job but they will learn how the business works. For example: à ¯Ã‚ ¿Ã‚ ½ Personnel policies. à ¯Ã‚ ¿Ã‚ ½ Employee benefits and services. à ¯Ã‚ ¿Ã‚ ½ The organisation and management activity. à ¯Ã‚ ¿Ã‚ ½ History development. à ¯Ã‚ ¿Ã‚ ½ Terms of employment. à ¯Ã‚ ¿Ã‚ ½ General information that has to be done. à ¯Ã‚ ¿Ã‚ ½ Physical facilities. à ¯Ã‚ ¿Ã‚ ½ The role of a supervisor. à ¯Ã‚ ¿Ã‚ ½ Safety measures and department rules. à ¯Ã‚ ¿Ã‚ ½ Detailed description of the employee’s job. à ¯Ã‚ ¿Ã‚ ½ The values that a business feels are important such as good attendance. à ¯Ã‚ ¿Ã‚ ½ Follow up after several weeks. The aims of training What training tries to achieve is training employees to learn new skills or improve old ones. It has been proven that a well trained workforce has benefits for a business: à ¯Ã‚ ¿Ã‚ ½ Well trained workers are more than likely to be more protective. This helps a business fulfil its overall objectives like increasing profits. à ¯Ã‚ ¿Ã‚ ½ It will help create a more flexible workforce. à ¯Ã‚ ¿Ã‚ ½ It helps the introduction of new technology. This means that new machinery or productions processes could be introduced. à ¯Ã‚ ¿Ã‚ ½ It could lead to increased job satisfaction. If the workers are well motivated employees will be more productive. à ¯Ã‚ ¿Ã‚ ½ Accidents should be reduced if employees are trained in health and safety. à ¯Ã‚ ¿Ã‚ ½ The image of the business may be improved. Customers will trust the employees more if they are confident and have knowledge on products or processes. Good applicants will be attracted to the job if there is a training programme. à ¯Ã‚ ¿Ã‚ ½ There could be more of a chance of employees being promoted. The business should qualify people in important posts. à ¯Ã‚ ¿Ã‚ ½ Training may give the business an advantage over rivals as it is important in competitive markets. à ¯Ã‚ ¿Ã‚ ½ Training is important if a business wants to be able to operate in international markets. The need for training Many businesses say that if it was up to them then they wouldn’t pay for training as it is too expensive and it won’t give them many benefits. If this was the case then there would be a market failure. When this happens the government tries to fix the problem either by: If this is the case there is a labour market failure. When market failure happens the government usually attempts to solve the problem by either: à ¯Ã‚ ¿Ã‚ ½ Providing incentives for individuals or to encourage businesses to encourage employees to train. Or à ¯Ã‚ ¿Ã‚ ½ Providing government training courses. The government sets training, education or learning targets in the UK. There is a major problem in the UK with supply of labour skills shortages among workers. This is when there are a great number of vacancies because people do not have the skills, abilities, qualifications or experience needed to do the jobs which the employers are requiring. Methods of training There is a variety of different methods used when it comes to training an employee. Some types are on the job, others are away from the workplace. Sometimes it is a combination of both. On-the-job training is the traditional way of doing it as an experienced worker can show the new employee what to do so they do it the right way and also this way they will not need to hire a specialist from outside the business to train the new employee, this will save the business money. -Coaching: A coach will guide the trainee through a process or use of equipment in the same way a footballer is trained. -Mentoring: In this case the trainee is paired with the most experienced worker. The trainee will carry out the job but will discuss problems with tutor to help solve them. -Job rotation: This is when an employee works in different departments for short periods in order to pick up skills from each. This is so whenever the employee is promoted and reaches the top of the business they have a range of experiences. -In-house courses: A business may put on courses for their employees. Personnel departments may run courses for marketing and finance managers within the business. This could be to help them improve staff motivation. Some businesses even have their own training facility. -Self-awareness training: This is when the trainee completes self-assessment questionnaires, the questions may be about personal values and individual styles of learning, personality and how the individual interacts with others. The trainee will then receive feedback from the person who is carrying out the questionnaire. -Traditional and modern apprenticeships: Businesses in the past have took on trainee workers. They would have done an apprenticeship over a period of time. When they qualified they would have become employees of the business. Some of these schemes do not operate today. -Graduate Training: Business may run graduate training. These are for graduates with a degree and qualifications and are mostly used to train employees to become senior or management positions. -Vocational courses: There are a number of organizations that provide vocational training. This is when trainees work towards a vocational qualification. This is also known as hands on job. -E-learning: This is when trainees make use of multimedia to learn. It takes a number of forms. A business may use software to teach all its employees how to use Microsoft word for an example. Trainees can also learn by using materials. If ever my partner and I have to recruit we will use on-the-job training as it is cheap and easy. They will be provided with the knowledge to operate all the machines efficiently. I will ensure that all my employees know how to: * Operate all machines. * Take temperature readings and record on a time sheet. * Clear simple faults. * Ensure that all machines are configured appropriately. * Cash up correctly * Ensure the machine are clean and hygienic * Make the milkshakes efficiently * Monitor waste, litter and use by dates. Payment Methods All employees must be rewarded for what they do as no employee is going to work for free. There is many ways in which this can be done. -Time rates: These are used when workers are rewarded because of the amount of time they spend at work. Employees can be paid wages weekly or monthly. Employees who work longer than normal should be paid overtime or even a higher pay rate. In the UK, holidays with pay are included for most British industries. -Piece rate: This is the easiest method to use. This is when employees are paid an agreed rate for every product that they produce. This is why it is also known as Payment by Result system. This is mostly used in the textile industry. The more the workers produce the more they earn. But this system can cause problems. If machinery fails or if the quality is poor employees have no basic pay to fall back on. Because of this most organizations are made up of two elements. They have a basic pay on the amount of time worked and when a target has been reached. -Commission: This makes up the total earnings of the employees. Commission is like piece rate, it is a reward for the value of work. Employees are paid a percentage of the value of each service or good that is sold. It indicates the level of business that is won rather than just the output achieved. -Fees: These are the payments for people one-off tasks. Tasks tend to be geared towards the needs of the customer instead of the standard of service or product. The amount paid will depend on the time taken to finish the task. -Fringe benefits: These are payments instead of wages or salaries. They include things like profit related bonus schemes. Fringe benefits have become more important. Some employers think providing benefits is cheaper than pay as they do not have to pay National Insurance contributions. Ongoing Management I will undertake ongoing management so that I am sure every task is undertaken efficiently. My partner and I consist of all marketing and financial skills. These skills are vital for increasing the knowledge and are the key to opening new doors to the future of my business. I also need these skills so that I can get a good understanding of the running and expanding of our business, my skills will also help me to make better decisions for my business for instance, making better use of financing and reinvesting in my business. Although once the business has expanded the business will need a book keeper as they provide financial support to small to medium sized businesses. The book keeper will keep track of all the revenue and all the costs of the business, the book keeper will also have to keep records of the entire payroll and do the accounting for all stock. The book keeper will at least have to attain NVQ Levels 2, 3 and 4 and produce performance criteria to show previous experience as a high quality book keeper will only be employed as we do not want an inexperienced book keeper as they may not keep track efficiently of all the costs. Recruitment of Employees The four most popular ways of recruiting externally are: Job centres – These are paid for by the government and are responsible for helping the unemployed find jobs or get training. They also provide a service for businesses needing to advertise a vacancy and are generally free to use. Job advertisements – Advertisements are the most common form of external recruitment. They can be found in many places (local and national newspapers, notice boards, recruitment fairs) and should include some important information relating to the job (job title, pay package, location, job description, how to apply-either by CV or application form). Where a business chooses to advertise will depend on the cost of advertising and the coverage needed (i.e. how far away people will consider applying for the job Recruitment agency – Provides employers with details of suitable candidates for a vacancy and can sometimes be referred to as ‘head-hunters’. They work for a fee and often specialize in particular employment areas e.g. nursing, financial services, teacher recruitment Personal recommendation – Often referred to as ‘word of mouth’ and can be a recommendation from a colleague at work. A full assessment of the candidate is still needed however but potentially it saves on advertising cost. Any recruitment will be undertaken by the business owners as they will be responsible for any employees within the business. As both the owners have a professional manner and excellent communication skills with the ability to spot appropriate employees that are confident with a positive attitude. Business owners will also be responsible of all the legal aspects and will have to know all the age categories for employment and pay at least the minimum wage to any employees. Every employee will have to be issued with the terms and conditions of the business that will have to be signed and returned to the business owners, which will then confirm the employee agrees with the conditions of employment. In order for quality control and quality assurance to be maintained I will ensure to provide a good standard of equipment such as blending machines, and employees are of a high standard. If we did ever need to recruit we would use job advertisements as it is cheap and effective as many people look in the newspaper and in shop windows for jobs. Minimum wage The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. The national minimum wage has risen around two percent in each age category. The government has extended the adult minimum wage rate to 21 year olds from October 2010. Previously the qualifying age for the National minimum wage was 22. The National Minimum Wage threshold applies to the following: * à ¯Ã‚ ¿Ã‚ ½5.93 an hour for workers aged 21 and over * à ¯Ã‚ ¿Ã‚ ½4.92 an hour for workers aged 18 to 20 * à ¯Ã‚ ¿Ã‚ ½3.64 an hour for workers aged 16 to 17 Once my business has expanded and I feel that I can start employing new staff, it is vitally important that I acknowledge and apply the national minimum wage rates to all my employees so that I am not breaking the law. To ensure staff are kept happy we will always pay them an amount over the national minimum wage to each age category, this is because I want to gain respect and trust from my staff. I will make sure my staff receive a Christmas bonus and in times where my business is making a lot of profit I may offer them bonuses. National Insurance Business owners will also be responsible for ensuring that all of the employees hold a national insurance number otherwise we could be breaking the law. If I did end up employing staff they would have to pay into the National Insurance contribution to HMRC. NICs are calculated and deducted within an employer’s payroll system. Due to my business being small this would have to be paid on a regular basis. Physical Resources Physical resources are the resources that are available to a business. This could be the things that are needed to run the business each day for example machinery. Physical resources include machinery, equipment, premises and materials. If a business does not have premises they may not be able to establish and customers will not know about them, this is why it is important for a business to have premises. Premises are important as businesses need to sell products or run a service. If this isn’t the case then people may decide to run their business from home as it is cheaper and you don’t need to buy or rent new premises. There are drawbacks to this though as the customer may find it hard to find the house as it may be in an area that is not so familiar to them or it may cause problems within the family. I chose to locate my premises in Almancil. The rent per month is à ¯Ã‚ ¿Ã‚ ½600 and the premises are in good condition. There is a customer car park, a kitchen, a bar area and toilets for both customers and staff. The reason for choosing these premises was because it is relatively cheap and in the middle of the town which is very busy. Customers will not have to park their cars on the road as there is a car park and also I could advertise my business in the town. I live close to the premises so I will have easy access to it and it is nearby the motorway. I will have to abide by some rules to keep the business safe and secure: à ¯Ã‚ ¿Ã‚ ½ To be on the safe side I am going to have CCTV to do this I need to tell the information commissioner. à ¯Ã‚ ¿Ã‚ ½ As my business grows I may need to hire more people. I will have cleaning materials that are highly flammable so because of these I will need a fire certificate. à ¯Ã‚ ¿Ã‚ ½ Because my business is a milkshake bar and I am putting food into the milkshakes I will need a food premises registration. à ¯Ã‚ ¿Ã‚ ½ I will also need a performing right society. This is a license that allows me to play music in the background I can’t play music in the background because it is copy right I can’t play someone else’s music without a license. If I don’t get a license I can always just play the radio. I also have to abide by the rules of the food industry this is also required by law: à ¯Ã‚ ¿Ã‚ ½ The General Food Regulation. This is the legalisation in the UK in line of requirements of the EC regulation and to keep human health. It also helps attract customers. à ¯Ã‚ ¿Ã‚ ½ Food safety. I am required to keep certain foods at a certain temperature. à ¯Ã‚ ¿Ã‚ ½ Food colouring regulation. It helps control and limits the/use of colouring in the food I sell. à ¯Ã‚ ¿Ã‚ ½ Genetically modified novel foods. A novel food is defined as a food or food ingredient that does not have a significant history of consumption within the EU before 15 May 1997. Machinery With my loan I will purchase three blending machines at the start up of my business. The machines are a vital necessity to my business and it is my job to make sure that they are of a high quality and in full working order. My blending machines will need to be eye catching and appealing to the customers as they will be surrounded by chocolate bars, otherwise I may not make as many sales as expected and this could lead to debt because if I am not making enough money I will not be able to pay back the bank loan which will then lead to a bad credit history. I will have a fridge and freezer to keep the milk and ice cream cold. Stock It is not good to have too much stock as it can go off but in my case the chocolate bars normally last for a while so that shouldn’t be a problem but milk and ice cream can go off easily so I need to make sure it is kept in the fridge or freezer and does not go out of date. On the other hand I don’t want to have too little stock as a customer might ask for something and we may not have it and this can mean a loss in profit as the customer may go somewhere else. Throughout my research into stock I found it extremely hard to find a supplier that provides milkshake ingredients. When I found a suitable supplier I found that it was a little high in price. So I decided that I would continually research the milkshake market place to source new stock to find the most extensive range of high quality products and provide a comprehensive choice of chocolate. I am aware that a healthy balanced diet is important to help maintain a healthy body weight and reduce the risk of diseases such as heart disease, cancer and diabetes. A healthy diet should include bread, potatoes, cereals, fruits and vegetables, together with moderate amounts of milk, dairy products, meat, fish and small amounts of foods containing fat and sugar. Food from the largest groups should be eaten most often and foods from the smallest group should be eaten least often. My milkshakes will mostly contain milk which is a vital ingredient that the body needs; Vitamin A. I will visit lots of different wholesalers such as Costco, Makro, Break brothers etc., to find the highest quality ingredients and also to get the best value for money. However quality is the key. Finding the best products is as important to me as it is to the customers, which is why I will always look for food whose origin is recognized worldwide for its excellence. Financial resources A business requires finance to survive. All new businesses start up differently, some find that they need help from outside such as bank loans, others start up without borrowing a penny. If a business does decide they want to borrow money they should know how much they need, what it will be used for and how they will repay it. Cash flow forecast is what the business predicts to spend and it’s not likely that it will be an exact reflection of the way the businesses financial year works out to be. It will however serve as a plan to work for the future. Breaking down the first year into a monthly financial period will help the business work out their income and outgoings will compare in each period. This lets the business know when their borrowing requirement will be at its best. The business needs to be confident that it will generate enough money to repay the lender. The forecast will also help with this. It is a tough economic climate at the minute with the credit crunch. So lenders are more reluctant to lend new businesses money. In order to get them to give businesses money they need to be sure that they will get their money back. So if a business is not clear about how much they want to borrow, how you it’s going to be paid back and if there is no security on the offer they will not hand out any money. This is why it is vital that the business has an idea of they need. A good way to do this is to have a business plan. When we first start up our business we need to know how much start up capital is needed. Start up capital is the money that my partner and I invest into the business to start it off. A loan can be taken up to pay off the start off capital or me and my partner can pay, or if the owner can only afford a certain amount then the bank will contribute and pay the rest of the money needed. The legal form of the business will determine how much capital can be invested. A public limited company can raise capital from a stock market issue of share, when it ‘floats’ as a new company, the public can buy shares. A limited company can also raise capital through a specialist ‘Venture Company’ which can purchase shares, but conditions are attached. /limited companies can also raise capital from Business Angels. This is a picturesque term used for wealthy individual who invest in the start-up and growth of businesses in return for a share and sometimes an active part in the company. Business Angels will often have already made a fortune through other business ventures and will possible run a business of their own. A loan may also be taken out for the start up costs of the business and the bank will match whatever the sole trader has put into the business. When decided which source of finance I am going to use for my business I will need to take into consideration that there are many different things I can choose from. So to choose the right Loan for my business I need to do a lot of research into what each source does. Term loans are the most common general purpose loan. They are used for working capital, expansion, refinancing, and acquisitions. You can repay them monthly over a term based on the expected lifespan of the assets you’re purchasing. This straightforward loan is most common for larger amounts. Short term loans are almost always set up for terms of one year or less, and are repaid in a lump sum at the end of the term, instead of monthly. They’re usually for smaller amounts – less than à ¯Ã‚ ¿Ã‚ ½100,000 – and are best for seasonal inventory build up or small investments with quick returns. Equipment financing is generally easier to obtain than general lines of credit, simply because the equipment you buy serves as direct collateral for the loan. It is also less risky, in that if you are unable to make your payments, you don’t have a lien against your entire business or your personal real estate: all you lose is the equipment you bought. Depending on the size of your business, equipment financing can cover huge expenses into the millions of dollars. Bank Business Loan A Business loan is a fixed medium-term loan, typically for between 3 & 10 years, it only covers the purchase of the capital items such as machinery and initial start up stock, as well as any vehicles needed to run and provide the business. Interest is charged on any bank loan and the rate depends on UK base rate. Private Loans A member of family may provide a loan towards the capital, however this only normally occurs when a small business is owned by a sole trader, except if a sole trader has an extremely wealthy member of their family. I may need some assistance when investing my half of the capital and may borrow from a relative; this then means I will not be paying any interest and I will be able to pay back any money I can afford to when I like. Long terms of finance Share capital: This is the most important source of finance. Share sales can raise large amounts of money known as issue shared capital. The maximum amount of money stakeholders want to raise is known as authorized share capital. This is because it is not repaid by the business. When the share has been sold the buyer is entitled to dividend. Sometimes a business may need to retain profit to help with future activities. Share holders can make a capital gain by selling their share for a higher price. Shares are usually sold back to the business. Public limited shares are sold in a market called the stock exchange. Loan capital: This can come from a number of resources: à ¯Ã‚ ¿Ã‚ ½ Debentures- This is a creditor of the company meaning that holders are entitled to an agreed rate but have no rights to vote. The amount that was borrowed must be repaid on a certain date. à ¯Ã‚ ¿Ã‚ ½ Mortgage- Limited companies can raise money from share and debentures. Small enterprises need long term funding, in order to buy premises. à ¯Ã‚ ¿Ã‚ ½ Industrial loan specialist- Many organizations provide funds for business and commercial purposes. These specialists cater for businesses with difficulties in raising funds from conventional sources. Over the years there has been a growth on venture capitalists. The give funds to small and medium sized businesses that have potential but are too risky for investors. Government assistance Another form of financing for business start-ups is promoted by the UK Government, through the DTI (Department of Trade and Industry) which provides assistance to new and expanding businesses in the form of grants and loans. This assistance is known as SFI (Selective Finance for Investments in England) it is designed for business operating or planning to operate in the designated assisted areas. However there is another newer scheme called the Enterprise Capital Funds which provides share capital finance for small growth orientated businesses. Short terms of finance Bank Loan Loans require an agreement between the borrower and the bank. The borrowed amount must be repaid over a certain period of time. Usually bank loans are short or medium term. Banks aren’t keen on long term lending because of their need for security. Banks will sometimes change overdrafts into loans so that businesses are forced to repay at regular intervals. Hire Purchase This is mostly used by small businesses to purchase machinery and plants. A higher purchase agreement needs a down payment by the borrower. They agree to repay the remainder in instalment over a certain payment. If the buyer falls behind on payments the finance house can repossess the item. Finance houses are less selective than banks. Trade Credit Businesses often buy raw materials and pay for them later. They usually pay within in 30-90 days. Paying using trade credit appears to be an interest free way of raising finance. It is profitable during periods of inflation. Many companies encourage early payment by offering discounts. Leasing- This is a contract for a business that requires the use of resources such as property machinery or equipment but in return they must get regular payments. The ownership never passes to the business in this type of finance. With a finance lease the agreement is usually for three years or more and at the end the business is given the choice of buying the resource. An operating lease is a short agreement and the payments are treated as revenue expenditure. Capital is the money invested in a business made by the owners. The legal form of my business will determine how much capital can be invested. Since my business is a partnership we will have to make up our capital with a personal contribution as well as a loan from the bank. It is vital for me to show the bank that I am also making a contribution to the start up of my business otherwise the bank will not provide me with the loan that I need. I will be taking out a bank loan of à ¯Ã‚ ¿Ã‚ ½12,000 to cover some the start up costs of my business. This is due to the fact that I need machines: to make my product, initial stock: to start up with, EPOS and money to advertise. What is a Bank Business Loan? A Business loan is a fixed medium-term loan, typically for between 3 & 10 years, it only covers the purchase of the capital items such as machinery and initial start-up stock, as well as any vehicles needed to run and provide the business. Interest is charged on any bank loan and the rate depends on UK base rate. For my business I will be taking out a Bank Business Loan of à ¯Ã‚ ¿Ã‚ ½12,000. The loan has 4 year term paying à ¯Ã‚ ¿Ã‚ ½250 a month. I decided on a four year loan as I did not want my business to go into a negative cash flow. As I would then not have enough money to restock and could lead to my business failing also making a less amount of repayments each month allows me to keep on track of my finances. I believe that taking out a business bank loan is the best option for me because I can pay the money back monthly instalments and to keep track of my financial resources I have created a cash flow forecast along with a table to show the money coming in and going out each month. To ensure that I am managing my resources properly at the end of each month I would analysis the table and make a summary of the situation I am in at that time (whether or not I am ‘financially healthy’). I will also be able to determine what I can do with the business in order to improve and progress it. I can do this using my cash flow forecast which has an estimated recording of my income and expenditure and can be changed at any time for instance if I realised my stock was costing me less than I thought I am able to justify it with the correct amount. It is vital for me to monitor my finance due it enabling me to make more sensible choices when investing my money back into the business.
Friday, August 16, 2019
Competition in the Uk Ice Cream Market
Competition in the UK Ice Cream Market SYNOPSIS The UK ice cream market has undergone something of a transformation over the last fifteen years. It used to be dominated by Wall’s Ice Cream and Lyons Maid, and was perceived to be a mature and relatively dull market. Substantial changes to the market have occurred as a result of broad environmental changes, and the entry of new competition. A demographic shift (fewer children) left ice cream marketers searching for new growth segments; they responded by developing premium products targeted at adult consumers.The market grew faster in value terms than in volume terms as the unit price increased. However, aggressive new competition, from Mars in particular, has brought about the demise of Lyons Maid and caused a substantial strategic rethink at Wall’s. Wall’s has tried to maintain its position in the impulse market by preventing retailers from stocking other companies’ products in the freezer cabinets that are supplied by Wall’s. Mars has challenged this policy on legal grounds, arguing that it is anti-competitive. LEARNING OBJECTIVES Rejuvenation of an industry, and a product, which was perceived to be mature and stable – Marketers facing an environmental challenge respond by identifying and developing new market opportunities – New entry competition radically alters the rules of the competitive game – Brand extension by confectionery manufacturers, taking much-loved confectionery products and converting them into successful ice cream brands – Legal and regulatory action can form a key part of a marketing strategy designed to undermine the position of a key rival Application of simple breakeven analysis to a marketing problem. QUESTIONS FOR DISCUSSION 1. The case study contains examples of strategic marketing. List as many examples as you can find of this type of decision. 2. Imagine that you are a strategic analyst working for Nestle SA in Switzerland . You have been asked to prepare a brief summary of competitive conditions in the UK ice cream market for the next board meeting. 3. Suppose that one board director has argued that Nestle should sell its ice cream interest in the UK and withdraw from the market. That’s one strategic option.What other options does Nestle have, and how do they compare with a strategic withdrawal? SUGGESTED ANSWERS 1. A very wide range of strategic marketing decisions is mentioned in the case study. Examples include:  ¦ New product development and brand extension decisions by Mars  ¦ Product line and brand extension decisions by all major competitors  ¦ Extensive market segmentation, targeting and positioning by all competitors  ¦ Response to changing consumer tastes and changing demographic conditions (for example development of premium and super-premium products targeted at adults, with consequent repositioning required) Withdrawal of the Lyons Maid brand and replacement with the Nestl e brand  ¦ Response to changing competitive conditions, for example Bird’s Eye Walls response to new entry competition from Mars. 2. Nestle has lost market share in the UK, and is firmly in the number three position behind Bird’s Eye Walls and Mars. The overall UK market showed 5. 6 per cent volume growth from 1994 to 1998, but only 3. 3 per cent value growth. Hence the unit value of ice cream products declined during this period, indicating a high degree of competition.Both Bird’s Eye Walls and Mars have demonstrated considerable commitment to the UK market, in terms of brand building, product development, investment in distribution channels and so on. Therefore Nestle holds a minority share in a relatively slow-growing market, in which two well-entrenched competitive rivals seem determined to defend or enhance their own positions within the market. This situation is made rather worse by the fact that Nestle has done particularly badly (lost greatest market s hare) in the impulse sector, which is the sector with the highest profit margins, in which branded products are most successful.It is worth noting that the Bird’s Eye Walls parent company, Unilever, uses acquisition as a component of its corporate strategy. The freezer cabinet dispute is worthy of mention as a component of competitive conditions, since it gives Bird’s Eye Walls preferential access to a large number of outlets for impulse ice cream. 3. For this question we would recommend that students are encouraged to identify two or three alternatives to the ‘strategic withdrawal’ option, and that lists of pros and cons for each option should be drawn up before a recommendation is made for the preferred strategy.An aggressive assault on the UK market in order to win market share from the rivals is clearly an option that should be considered. This would probably involve further new product development, repositioning, supported by extensive spending on adv ertising and promotions. Broadly speaking, a full frontal assault on a well-entrenched competitor with no obvious major weaknesses is deemed unlikely to succeed – but the option should be considered. It would probably make more sense to adopt a differentiation focus strategy, that is, to identify a segment of the market in which Nestle can offer some meaningful differentiation to customers.The obvious segment in which Nestle has a potential advantage is the children’s segment, where it has a number of valuable brands with child appeal. Both of the major rivals have powerfully entrenched brands aimed at the adult market, but slightly less powerful children’s brands. However, one would have to assess the likely profitability of a strategy targeted at children, noting in passing the adverse demographics. Nevertheless, there is evidence both that children personally have growing spending power, and that they have increasing influence on parental spending patterns (s o called ‘pester power’).
Thursday, August 15, 2019
Auditing of Educational Institutions
INTRODUCTION;2 DEFINITIONS3 Auditing3 Financial statements:4 Educational institutions4 FINANCIAL AUDITING:5 Objectives of auditing:5 Primary objects6 Subsidiary objects:6 General Principles Governing an Audit of Financial Statements6 Qualities of an auditor:7 Types of audit:7 Statutory audits:7 Private audits7 Internal audits:7 Required procedures:8 Auditors report:9 AUDITING OF EDUCATIONAL INSTITUTIONS9 INTRODUCTION:9 Background of auditing educational institutions:9 Reasons and purposes of auditing school accounts:10 Expectations of the schools’ accounts auditor:12 Types of auditing13 Internal auditing14 External auditing:15 Records and books of accounts for external auditing. 17 Audit report21 CONCLUSION22 Reference23 INTRODUCTION Since schools are public agencies, their raising and spending of money must be reviewed on a yearly and needs basis. This paper reviews auditing in educational institutions and specifically Kenyan Educational institutions. The paper starts by giving detailed definitions of key words which are essential in the discussion of auditing. However, a background to financial auditing is first discussed to give an insight on the same. Areas of general auditing covered include: need of auditing, objectives and general principles of auditing, qualities of an auditor, required procedures and the auditor’s report. Having discussed auditing in general, the paper goes further to discuss auditing in educational institutions and starts by giving a background to the same, reasons and purposes of auditing school accounts, expectations of the school accounts auditor, types of school auditing, records and books of accounts used for auditing and finally the audit report. DEFINITIONS Auditing The Auditing Practices Board (APB), (2002), defines audit of financial statements as an exercise whose objective is to enable auditors to express an opinion whether the financial statements give a true and fair (or equivalent) of the entity’s affairs at the periods and of its profit or loss or income and expenditure for the period then ended and have been properly prepared in accordance with the applicable reporting framework. for example relevant legislation and applicable accounting standards ) or where statutory or other specific requirements prescribe the term present fairly. Okumbe (1998), states that auditing deals with the investigation of the financial records of an educational organization in order to ascertain the objectivity and accuracy of the financial statements. Okumbe further suggest that auditing is an activity which appraises the accuracy and completeness of the accounting system applied by the educational organization. According to Milli champ. A (2006), auditing is an activity carried on by the auditors when he verifies accounting data determines the accuracy and the reliability of accounting statements and reports and then reports upon his efforts. Millichamp asserts that, it is an activity carried out by an independent person with the aim of reporting on the truth and fairness of financial statement. Wango (2007) defines auditing as the assessment of accounting records and procedures of a business or government unit by a trained accountant for the purpose of verifying the accuracy and ompleteness of records. Wango illustrates that auditors generally want to determine whether the correct procedures are followed and whether embezzlement or other illegal activity occurred. Nyongesa (2007) defines auditing as a systematic method of determining whether or not school funds and property have been used in a proper way. According to him, audits are proposals of school finances and property practices and records. Auditing therefor e is a detailed study of the control of books and accounts such as subsidiary records. The study determines legality, accuracy, accounting and application of how school funds for example, have been utilized. This paper will however adopt a definition given in a UNESCO report of 2007, thus, auditing refers to a process whereby all accounts of the school are examined and evaluated in detail by a competent auditor in order to determine and report on the financial standing of the school for the period under review. Financial statements: According to business dictionary. om:financial management refers to the planning, directing ,monitoring organizing and controlling of monetary resources of an organization Educational institutions Thesaurus defines educational institutions as organizations dedicated to education Financial Auditing: According to Millichamp (2006), the problem which has always existed when managers’ report to owners is: can the owners believe the financial report. This is because the report may contain errors, not disclose fraud, be inadvertently misle ading, be deliberately misleading, fail to disclose relevant information or fail to conform to regulations. Millichamp suggests that the solution to this problem of credibility in reports and accounts lies in appointing an independent person called an auditor to investigate the report and report on his findings. In general, published accounts are required to confirm to the accounting standards. Part of the auditors’ duties is to assess whether or not the financial statements he is auditing do comply in general and in detail with the accounting standards. Auditing is carried out by accountants in public practice. Accountancy is a profession and professions have certain characteristics including an ethical code and rules of conduct. Objectives of auditing: The auditor should be an independent person who is appointed to investigate the organization, its records and the financial statements prepared from them and thus form an opinion on the accuracy and correctness of financial statements. The primary objective of an audit is to enable the auditor to say that these accounts show a true and fair view or of course to say that they don’t. The main objects of an audit according to Millichamp (2006) can thus be categorized as below: Primary objects To produce a report by the auditor of his opinion of the truth and fairness of financial statements, so that any person reading and using the m can have belief in them. The auditor gives his opinion on those financial statements taken as a whole and thereby to produce reasonable assurance that the financial statements give a true and fair view (where relevant) and have been prepared in accordance with the relevant accounting or other requirements. Subsidiary objects: * To detect errors and fraud. * To prevent errors and fraud by deterrent and moral effect of the audit. To provide a spin-off effects General Principles Governing an Audit of Financial Statements The financial statements audited under international standards iv are the balance sheets, income statements and cash flow statements VI and the notes thereto. The first International Standard on Auditing, ISA 1 (Subject matter Number 200) vii, discusses the principles governing an audit of financial statements: a) ISA 200 (1) st ates that an auditor could comply with the Code of Ethics for Professional Accountants issued by IFAC. ) ISA 200 further states that the auditor should conduct an audit in accordance with International Standards on Auditing. c) The term â€Å"scope of an audit†refers to the audit procedures deemed necessary in the circumstances to achieve the objective of the audit. d) An audit in accordance with ISAs is designed to provide reasonable assurance. e) There are certain inherent limitations in an audit that affect the auditor’s ability to detect material misstatements. f) The audit of the financial statements does not relieve management of its responsibilities. Qualities of an auditor: Auditors being professionals are expected to uphold certain qualities. Some of these qualities according to Millichamp (2006) include: independence, competence, and integrity. Types of audit: Statutory audits: These are audits carried out because the law requires them Private audits These are conducted by independent auditors because the owners desire it and not because the law requires it. Internal audits: These are conducted by an employee of an organization or an outside contractor into any aspects of its affairs. It is an independent appraisal function established by the management of an organization for the review of the internal control system as a service to the organization. Required procedures: Before commencing any professional work, an accountant /auditor should agree in writing the precise scope and nature of work to be undertaken. This is done through the medium of an engagement letter. The letter serves the following purposes: * Defining clearly the extent of the auditor’s responsibilities. Minimizing misunderstanding between the auditor and the client. * Confirming in writing verbal arrangement. * Confirming acceptance by the audit of his engagement. * Informing and educating the client. On agreement the auditor observes the following procedures: * Background research * Preparation of the audit plan * Accounting system review substantive testing * Analytical review techniques * Analytical review of financial statements * Preparation and signing of report. Auditors report: At the end of his report when the auditor has examined the organization, its records and its financial statements, the auditor produces a report addressed to the owners in which he expresses his opinion of the truth and fairness and sometimes other aspects of the financial statements. The auditor in his report says that in his opinion, the financial statements show a true and fair view. The reader or user will know from his knowledge of audit whether or not to rely on the auditors’ opinion. If the auditor is known to be independent, honest and competent then his opinion will be relied AUDITING OF EDUCATIONAL INSTITUTIONS INTRODUCTION: Having looked at financial auditing, this section of the paper will now focus on auditing of educational institutions. A detailed background of auditing in educational institutions will be discussed, reasons and purpose, expectations of the school accounts auditor, types of auditing which can/are practiced, records and books of accounts used for audit purposes in schools and finally the schools’ audit report. Background of auditing educational institutions: According to Rajeev (2005), education has turned into a big business now. Apart from the government controlled schools, colleges, institutes and universities , the entry of private sector into these areas have provided not only new opportunities to the chartered accountants who are in service ,but have created an altogether new challenge to the chartered accountant who are in practice. Education institutions are very much different from other business organizations and the process of audit of institutions is also very different, from that of other business enterprises. Wango(2007),suggests that financial management is the process of planning and utilization of school funds in an efficient and effective manner and in accordance with regulations and procedures. Wango says that financial management is an indispensable part of school management. Prudent financial management is usually precondition of a good school since the way schools funds are managed largely determined the overall school performance. The school management and the head teacher are responsible for planning, controlling monitoring school finances. The head teacher is the accounting officer in the school. The head teacher and the accountants (school bursar) must be very vigil on school accounts. Given that Primary and Secondary schools are receiving a lot of money from the government, there is certainly going to be greater pressure to be open and transparent. School funds will be more closely monitored and stakeholders including parents will demand even more efficient use of school finances. Reasons and purposes of auditing school accounts: Okumbe (1998), points out that the purpose of auditing is not to uncover mismanagement or embezzlement of the funds. According to him the major objectives however include: i) To determine whether the financial statement made by an educational organization are accurate in both calculations of figures and in applications of the recommended accounting guidelines. i) To determine whether educational organization uses procedures which comply with legal provisions, policies, and procedures stipulated by the ministry of education or the relevant body. i) To identify any operational problems in the accounting procedures used by the educational organization so as to provide remedial recommendations for improvement. iii) To enable the auditor to form a opinion on the accounting of the financial statement prepared by the school for a given period. Nyongesa (2007) notes that the major purpose of auditing is to protect school property and funds as well as the administrators involved in handling s chool property and funds. He further goes ahead to state that, head teachers are solely responsible for the proper use of school property and money. They therefore need to be protected against any improper use of school money and property by themselves or any other personnel in the school. Formerly, the emphasis on school auditing was placed on the discovery of fraud and detection of errors (Knezevich, 1967). Those two functions are least emphasized in modern times because any auditing is viewed as a means of knowing how property are used in schools. According to Nyongesa, the main purpose of auditing in a school is to: * Protect any school official in charge of school property and funds. Show proper and improper use of property and funds. * Verify that all financial accounts have been accurately recorded. * Provide suggestions in improving the school financial system. * Review all the school operations within a fiscal period. According to a UNESCO report (2002), auditing school accounts is the final stage in the process of managing school funds. At the end of each financial or budget period, the school head has a statutory respo nsibility to prepare and present to school financial bodies an audited financial report. This should give a true and fare view of the financial position of the school. The report states that, in many countries, financial accountability is one of the major responsibilities of the school board of governors/directors and the school head. Government statutes usually include sections outlining the financial principles and practices which boards and heads must follow to achieve accountability for the funds they collect and receive to run their schools. The Ministry of Education also issues financial regulations from time to time whereby audited accounts of a given financial period must be submitted to facilitate financial decisions, for example a case of Kenya where there are grants and donations for the running of free education. Finally, auditing helps the head teachers to improve the schools accounting systems thus enhancing their skills in financial management and evaluates his or her performance. Expectations of the schools’ accounts auditor: Qualified auditors are the only ones authorized to examine and verify the books of accounts of any formal organization. They are skilled in the techniques of auditing and they are governed by international professional ethics. Because auditing of school accounts must be done with reasonable care and skill, the auditor must be professionally trained and qualified with an independent mental attitude about the school. He/she must have reputable and known personal qualities which would support his/her opinion about the schools’ financial statement. School boards of governors are corporate bodies and by state they are responsible for engaging auditors through the terms of a formal contract which is binding to both parties. The contract with the auditor must state clearly the tasks expected, the terms of payment and the date when the report must be completed and submitted to the board. The auditor should not have any vested interest in the school and the contract should be between him and the board but not with the school head. A school head teacher has a statutory responsibility to prepare and submit financial statements which give a true and fair view of the financial standing of the school. Types of auditing There are two types of audits operational in the Kenyan school system: internal audit and external audit. Both audits are used in institutions of higher learning, mostly the universities. The external audits are the only audit used in primary, secondary schools and the teacher training colleges. However, a report by UNESCO (2002), states that every educational organization must carry out the two types of auditing for accountability and credibility of their financial statements because they are public agencies. The inspectorate is charged with the responsibility of conducting the auditing process in schools and the teacher training colleges. An approved firm of accountants is charged with that auditing responsibility especially with the university accounts. As far as the inspectorate is concerned, books of accounts should be in the Provincial Director of Education (PDEs’) office by or before 31st January of the ensuing year for auditing. After being audited, these books should be submitted to the Permanent Secretary in the Ministry of Education (Nyongesa, 2007:133). The types of auditing are thus discussed below: Internal auditing According to Okumbe (1998), there should be an officer whose duty is to perform the tasks of internal auditing. This is because internal auditing enables an organization to appraise the effectiveness of its financial management techniques and control. However, Okumbe asserts that educational managers are expected to be conversant with auditing techniques within the organization so that he/she may help in detecting financial management flaws before it is too late to alleviate them. Nevertheless, some schools are small entities where internal auditing may not be necessary, especially where the accounts staff is competent. In any case, the school head is directly involved to authorizing and approving expenses and signing cheques and the finance committee of the board may inspect and carry out internal control of the funds. UNESCO report (2008), defines internal auditing as a management activity and a service intended to ensure regular and frequent checking on a schools’ financial transactions and records. According to the report, an internal auditor is normally an employee of the school e. g. a deputy head whose main role is to supervise the accounts staff to ensure efficiency in the day to day management of the school finances. Robert (1995), points out that the requirement of multiple signatories for the approval of purchase order constitutes an internal audit of purchasing. The accounting or book keeping department may also perform an audit on the general ledger prior to closing the financial statements at the end of each month. It has been noted that internal auditing is to ensure regular and frequent checking of the financial transactions of the school. A schedule for internal auditing should include and outline the objectives, procedures to be followed the frequency and the methods of communicating or reporting the information to management. An internal audit report should point out areas of weakness and strength in the accounts records and books and draw the attention of management to any irregularities in the transactions. Information from internal auditing must be reliable complete and available on call to enable the head and the board to make quick decisions where necessary. External auditing: Robert et al (1995), defines an external audit as an objective systematic review of resources and operation followed by a written or oral report of findings. According to Robert et al, there are three basic types of external audits namely: the financial compliance audits which address the fairness of presentation of basic financial management in conformity with Generally Accepted Accounting Principles (GAAP);secondly there is the Program compliance audit which is a review of a local agency (LEA) adherence to the educational and financial requirements of specific finding source and lastly the third type is a performance audit which addresses the economy and efficiency of LEAs. This examines the LEAs internal controls for weaknesses which would expose possible mismanagement or fraud. Okumbe (1998), states that external auditing is performed by agencies from outside the educational organization. The main aim being to ascertain that the organization has complied with the stipulated financial control mechanisms. According to a UNESCO report external auditing is an independent report on the financial performance of the school, in accordance with the terms of the contract agreed with the school. The focus of external auditing is on establishing the truth and fairness of the accounts. It gives added credibility to unaudited financial statements and records of the schools financial transactions and confirms their compliance to the statutes. In most secondary schools in Kenya, an external audit is carried out by the quality and standards officers who are specialized in accounting principles. According to Nyongesa (2007), there are four other audits which the school administrator; particularly the head teacher should understand and use. These are: a)Special audits-these are carried out in case of suspicion ,error, or fraud for example; when the head teacher suspects the school bursar of committing a fraud regarding school fees ,they inform the board of governors which then hires an external auditor to carry out special audit to establish the truth. b) Pre-audits –these occur before budgetary transactions commence and are used to guard against fraudulent use of school funds by head teachers . they protect schools official from the embarrassment of unwise spending of school money and wrongful use of school property. ) Continuous audits-occur throughout the year to improve educational program. These should be carried out to ensure that the funds are spent wisely and for the purpose for which they were budgeted for. d) Post audits –carried out immediately the fiscal year to allow for enough time for the budgeting next fiscal year. They help the head teacher to know how much they spent in the previous year and how much less or more they need for each school item (activity) during the coming fiscal year. Finally, the functions of internal auditing and external auditing may seem to overlap but it should be noted that the former is a management measure to ensure the daily efficiency in managing school funds, while the latter evaluates the adherence to the accepted principles, practices and statutory provisions of management in financial transactions. However, when an internal auditing is properly done, it will cut down on the cost of the external auditing (UNESCO report, 2002) Records and books of accounts for external auditing. After signing the contract, the school head must submit to the auditor all accounts; records and books to facilitate his/her work. All the relevant evidence must also be included to enable the auditor to draw conclusions on the state of school accounts. The head teacher should be ready to give oral evidence and to allow any inspection of assets which the auditor may consider necessary because auditors are in highly privileged position and have statutory rights to demand such information and explanations as they consider necessary for the purpose of auditing. Rajeev, 2005) A UNESCO report says that the auditor’s report is reached by a process of examining and evaluating all documents or evidence pertaining to the financial transactions of the school. In a school, books of accounts are usually written and kept by the bursar. A primary record in the school s financial statements is the general ledger. This consists of figures and records from various journals which give the daily records of financial transactions in the; a school cash book where the daily cash income and expenditure is recorded. A petty cash voucher may also be used along with the cash book. Almost all assets, liabilities, income and expenses clear through the cash account and the auditors will spend time carefully examining the cash book to establish the validity and reliability of other financial statements. Rajeev (2005), states that the following areas are also crucial in conducting the audit of any educational institution: 1) The constitution:- * Study the trust deed or any other similar document to ascertain the constitution of the educational institution. Make a note of provisions contained in the regulations which may affect accounts. 2) Minute’s books:- Peruse the minutes of the meeting of the governing body making a note of the resolutions affecting accounts. Ensure that the decisions taken have been duly complied with e. g. sanctioning of expenditures, operation of bank accounts, and rejection of any financial proposal. 3) Fees from students: – * Check the names entered in the students fee register for each month on term, with the respective clas s register, showing names of students on rolls and testing amount of fees charged. * See that the system of internal check ensures that demands against the students are properly raised. Verify fees received by comparing counterfoils of receipts given with entries in the cash book. * Ascertain whether fees paid in advance have been duly considered under the sanction of appropriate authority. * Verify admission fees with admission slips signed by the principal of the institution and confirming that the amount has been credited to a capital fund or separate account if decided so by the governing body * Ascertain whether hostel dues were recovered before students’ accounts were closed and their deposit of caution money refunded. Report any old arrears on account of fees, dormitory rent, etc to the governing body or management committee. 4) Other income:- * Verify any government or local body grant with the memo of grant. * Ascertain the reasons if any expenses have been disallowe d for purpose of -grant. * Vouch the income from endowments and legacies as well as interest and dividends from investment. * Verify the securities in respect of investments held. * Verify rental income from landed property with rent receipt and agreement expenditure. ) Expenditure :- * Ascertain the operation of internal control system over various heads of expenditure * Vouch various expenditure items, noting abnormal or heavy items, if any obtain suitable explanations for significant items of expenditure. 6) Taxation:- * Verify whether the institution enjoys tax exemptions under income tax act * Examine whether the conditions subject to which exemption has been granted have been followed. 7) General:- Verify the fixed assets and ensure the adequate depreciation is provided. * Verify the capital fund and other liabilities. * Note that the investments representing endowment funds for prizes are kept separate and any income in excess of prizes has been accumulated and invested along with the corpus * Confirm that caution money and other deposits paid by the students on admission have been shown as liability in the balance sheet and not transferred to revenue, unless they are not refundable. Ensure that separate statement of accounts have been prepared as regards scholarships ,game fund ,hostel fund ,library fund and P. E,etc. * Verify whether the form and manner of presentation of financial information conforms to relevant accounting standards if any and other applicable legal requirements. * Obtain appropriate representation and certificates from the competent person appointed by governing by or management committee in respect of various aspects covered during the course of audit. Audit report According to Allan (2006), at the end of his audit when he has examined the schools records and its financial statements, the auditor produces a report addressed to the board of governors and other stake holders of the school in which he expresses his opinion of the truth and fairness and sometimes other aspects of the financial statements. An audit report should be clear, constructive and concise. The auditor will point in writing to the authorities; * Any weaknesses /strength in the accounting system of the school. Deficiencies in the financial control system * Inadequacies in the financial policies and practices * Non-compliance with accounting standards and legislation The auditors’ opinion can be unqualified, qualified or adverse depending on the state of the books of accounts and any other evidence the auditor may have examined and evaluated. An unqualified opinion is positive and satisfactory and a qualified reservation about the state of the schools accounts. Conclusi on School funds are the property of the government and citizens. They are meant to be used for the purpose of providing better education for children. There is need for public funds to be protected from any kind of misuse such as fraud embezzlement or theft. In order to ensure that school funds are secure, the head teacher should advise the school committee members or the board of governors to carry out periodic audits. It is unwise to keep postponing audits in a school. Prolonged audits are likely to be very expensive. To protect the funds and ensure effective operation of the school, the head teachers should also protect school funds by providing efficient guidelines to teachers and other school officers dealing with school funds According to Robert (2002), when auditing process determines that money was managed legally, and appropriately, then the school should have the tools to use funds effectively, efficiently and productively. In essence, it is very important for a school head to ensure that there are enough funds for running the school. An appropriate budget identifying all school activities to be prepared and approved must be adopted and properly utilized. For proper accounting and recording, all purchases must be receipted and payments mad kept. References: Barasa, J. M. Nyongesa, (2007), Educational Organization and Management. The Jomo Kenyatta Foundation Enterprise Road, Industrial Area, Nairobi- Kenya Everret, Robert E. Lows, Raymond and Johnson, Donald R; (1995) Financial Management Accounting for School Administration. Reston, VA: Association of School Business Officials International. Gupta, R (2005), How to conduct audit of educational institutions. Issue of chartered accountant Practice Journal. 1st Issue. Hayes S. Rick et al(2002),Principles of auditing . An international perspective . Millichamp A. H. (2006) Auditing . 8th Edition. Thomson Learning, Holborn House, pg 50-51 Bedford Rowi London WCIR4LR. Okumbe, J. A (1998) Educational management. Theory and Practice. Nairobi University Press. Nairobi University, Kenya. Omondi, J. (nd) Management of Finance and Property in Secondary Schools. Handbook Manual for Bursars. Public School Budgeting, Accounting and Auditing, Answers. com. Retrieved on 15/10/2011,1. 22p. m. UNESCO Report (2002), Auditing of School Account Books. Resource Materials for School Heads in Africa. Module Five Unit Six. Wango G. (2007) School Administration and Management. Quality Assurance and Standards in Schools. JKF. Nairobi, Kenya.
Time and Professionalism
What is professionalism? There are many different forms of professionalism depending on whose opinion of professionalism it is. I will go with my opinion of professionalism. For the thirty years of my life I must say, I have learned a lot about my experiences in life. I’ve learned from myself, I have learned from my friends, and I have learned from mere strangers. I have seen people succeed in their goals. I have seen people fail in their goals. Failing doesn’t mean that you can’t try again. I believe we learn from our mistakes or if you possibly can, learn from others before you commit the same mistake. Well, I have come to a great conclusion. Professionalism plays a major, a very important role in succeeding in life despite of what goal you are trying to reach. To become a doctor there comes a need for a great amount of professionalism. To become a stockbroker, there is a need for people with nothing but a great mind and professionalism. Even to become a professional football player, despite of the great skills you may have to catch a 60 yard pass for a touchdown, there is still a great amount of professionalism expected from that professional wide receiver. Professionalism comes in many different aspects. The first most important aspect of being professional is the mere first image that you present yourself with. I say professionalism starts with your dress code and hygiene. The first detail you will put out to a person meeting you the first thing is that of how you are dressed. You should be dressed up for the occasion you are presenting yourself for. In an interview for example, a man should be dressed with a dark suit with a plain matching tie and decent shoes, also with his hair groomed. The second most important aspect of being professional is how you present yourself! Yes, you may be well groomed, with a perfect elegant suit but, if you do not have the perfect elegant professional attitude, the attire well, does not mean a thing. Professionalism plays a part in every characteristic of any person. So that being said, when being professional make sure you have the proper aura present. Make sure when you meet that important person that will decide your fate that you have a welcoming smile on your face. Make sure you present enough eye contact that you seem very much interested in what that person is trying to offer you and at the same time, not too much eye contact that it may come across to the other person that you are being maybe too cocky. Greet that person with a firm but not too firm handshake. Make sure that interviewer knows that you are comfortable and also make him or her feel just as comfortable. That is a big plus. Although I emphasized that the first impression you make to anyone will determine to the other person on what level your professionalism is to them. Do not forget that consistency is key to life. Yes, your first impression is big and will have a great impact on anyone. Anyone can have a great impression for one day. Can you do it on a daily basis? Can you maintain your characteristics of professionalism? Can you leave a great impression on people every day? This leads me to my third most important aspect of professionalism. Consistency! Although I put it at third most important does not mean that it is not as important as the first two. They play a role together as one. Consistency is big on every part of your personality, characteristic, and statistically. Are you prepared to be dressed professional at all times despite of whatever affair you may have? Are you willing to dress to the occasion? Are you prepared to have a great attitude and personality at all times, despite of what personal issues you may have? Can you keep that smile on your face and a positive attitude? Are you able to keep your good grades at all times? Are you able to have a 100% attendance? Can you show me 100% effort every day? Yes you have to have a great attitude and be dressed accordingly at all times but, can you do this 99. 9 percent of the time. This is what people look for in a professional. Someone they can rely on. There is one thing people tend to forget when talking about professionalism. Everyone has free personal time to enjoy their lively hood. There is no objecting to that. But do not forget that although you are on your own free personal time that there is not anyone watching you. As a famous musician once said, â€Å"the streets is watching†. There are always eyes on you if you are in a public place. You cannot everyday go to work and display a personality of professionalism, then go out to a club and be the worst most obnoxious person ever. Well you can. But I bet you didn’t see your assistant manager on the other side of that club watching you with astonishment! That one mistake may have cost you your whole chance of becoming the next person to being promoted in that company. That is why I say consistency is key. You cannot be professional in places where you think may only matter. Once you take a career that involves you being professional, you must always display that same amount of professionalism at ll times. When you are at work, when you’re out at the park, when you’re at the movies, at a bar, anywhere you go you must be professional at all times. This does not mean you cannot have fun. You can have fun and be professional. Just as long as you present yourself in a respectable fashion. I personally will display all these aspects to my experiences in m y future for my externship. I have learned a lot about myself and my experiences. I must admit. Most times I have not lived in a professional manner. I am now seeing things in different light. I am seeking the respect of a different group of people than in my past. I know that with all being said above. Without me living up to my knowledge and words I cannot succeed in my field of study so now it comes to that point that I will have to have a great output in my personality, my dress code, and I have to be consistent at all times. I have not been perfect, and I know no one is but I can only try! So after this report I will sit back and evaluate my little theory in professionalism and understand. I can’t only talk about it. I will be about it!
Wednesday, August 14, 2019
Cesar Chavezs Use of Antithesis and Diction to Portray His Beliefs on the Argument on Why Nonviolent Resistance Trumps Violent Resistance
Cesar Chavez's Use of Antithesis and Diction to Portray His Beliefs on the Argument on Why Nonviolent Resistance Trumps Violent Resistance Ten years following the assassination of Dr. Martin Luther King Jr., people still protested and empathized on behalf of his death, but labor union organizer and civil rights leader Cesar Chavez argues as to why nonviolent resistance, trumps violent resistance. Chavez is able to portray his belief to the people through his strong use of antithesis and diction, and while even alluding to a historical leader whose views and beliefs are still extremely well known today. Through his use of strong rhetoric, and specific examples Chavez is able to solidify his argument in favor of nonviolent resistance. Throughout the article, Chavez uses antithesis to contrast the cons of violent resistance, with the pros of his argument for nonviolent resistance. Chavez first shines light to one of the pros of nonviolent resistance when he claims that, â€Å"Nonviolence provides the opportunity to stay on the offensive, and that is of crucial importance to win any contest.†Chavez is trying to get the point across that it is better to stay on good, and safe terms, rather than â€Å"fighting fire with fire,†because that can easily get violent, dangerous, and out of hand fast. Chavez juxtaposes this idea of being civil and not, â€Å"fighting fire with fire,†with cons of violent resistance when he says that, â€Å"If we resort to violence then one of two things will happen, either the violence will be escalated and there will be many injuries and perhaps death on both sides, or there will be total demoralization of the workers.†Both the outcomes that Chavez portrays as a result of violent resistance are bad, and Chavez takes advantage of this situation in order to continue advocating for nonviolent resistance by soon after stating, â€Å"Nonviolence has exactly the opposite effect.†Chavez finally puts to rest his portrayal of the negative consequences of violent resistance after he says, â€Å"Violence does not work in the long run and if it is temporarily successful, it replaces on violent form of power with another just as violent.†This statement ends his juxtaposition against violent resistance, leaving the reader with a chance to think about the truth of this statement, and as seen through history this statement proves rather accurate. Chavez uses strong diction in an effort to persuade the reader to advocate for nonviolent resistance. When Chavez first begins to argue against violent resistance, he uses powerful words such as â€Å"escalated,†and â€Å"demoralization,†to describe the negative effects of violent resistance. The words have a negative connotation in the context that they are used, which adds to the argument against violent resistance. Chavez uses this diction in this specific paragraph because this is the first time he truly introduces the idea of violent resistance, and he wants to immediately make it appear bad, and negative. Another instance in which Chavez uses strong diction is when he uses the words â€Å"frustration,†and â€Å"impatience,†in order to express how he is aware of how people feel frustrated, impatient, and angry, but he follows this up by saying that is no reason to resort to violent resistance, because eventually things will work out. It is throu gh his strong use of diction, that Chavez is further able to leave a lasting impression on the reader as to why nonviolent resistance is a far more reasonable, and effective form of resistance. Chavez continues to argue in favor of nonviolent resistance, by alluding to Mahatma Gandhi, one of the most famous men in the world, who is known for his firm stance on nonviolent resistance. Gandhi was able to lead India to its independence without any use of violence. By alluding to Gandhi, Chavez is making an effort to prove to readers that things can get done without the use of violence, and the story of Gandhi shows just that. Chavez’s use of antithesis clearly portrays his reasoning as to how the pros of nonviolent resistance, outweigh the many cons of violent resistance, and through his use of strong diction, and an allusion that shows historical proof that nonviolent resistance is an effective strategy, Chavez is able to make a strong case for nonviolent resistance.
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