Hundred Years War - Joan of Arc and Siege of Orlans

Hundred Years' War - Joan of Arc and Siege of Orlans Siege of Orlà ©ans: Dates Conflicts: The Siege of Orlà ©ans began October 12, 1428 and ended May 8, 1429, and took place during the Hundred Years War (1337-1453). Armies Commanders English Earl of ShrewsburyEarl of SalisburyDuke of SuffolkSir John Fastolfapprox. 5,000 men French Joan of ArcJean de DunoisGilles de RaisJean de Brosseapprox. 6,400-10,400 men Siege of Orlà ©ans - Background: In 1428, the English sought to assert Henry VIs claim to the French throne through the Treaty of Troyes. Already holding much of northern France with their Burgundian allies, 6,000 English soldiers landed at Calais under the leadership of the Earl of Salisbury. These were soon met by another 4,000 men drawn from Normandy by the Duke of Bedford. Advancing south, they succeeded in capturing Chartres and several other towns by late August. Occupying Janville, they next drove on the Loire Valley and took Meung on September 8. After moving downstream to take Beaugency, Salisbury dispatched troops to capture Jargeau. Siege of Orleans - the Siege Begins: Having isolated Orlà ©ans, Salisbury consolidated his forces, now numbering around 4,000 after leaving garrisons at his conquests, south of the city on October 12. While the city was located on the north side of the river, the English were initially confronted by defensive works on the south bank. These consisted of a barbican (fortified compound) and twin-towered gatehouse known as Les Tourelles. Directing their initial efforts against these two positions, they succeeded in driving out the French on October 23. Falling back across the nineteen-arch bridge, which they damaged, the French withdrew into the city. Occupying Les Tourelles and the nearby fortified convent of Les Augustins, the English began to dig in. The next day, Salisbury was mortally wounded when surveying French positions from Les Tourelles. He was replaced by the less aggressive Earl of Suffolk. With the weather changing, Suffolk pulled back from the city, leaving Sir William Glasdale and a small force to garrison Les Tourelles, and entered winter quarters. Concerned by this inactivity, Bedford dispatched the Earl of Shrewsbury and reinforcements to Orlà ©ans. Arriving in early December, Shrewsbury took command and moved troops back to the city. Siege of Orleans - the Siege Tightens: Shifting the bulk of his forces to the north bank, Shrewsbury built a large fortress around the Church of St. Laurent west of the city. Additional forts were built on the Ile de Charlemagne in the river and around the Church of St. Prive to the south. The English commander next constructed a series of three forts extending northeast and connected by a defensive ditch. Lacking sufficient men to fully surround the city, he established two forts east of Orlà ©ans, St. Loup and St. Jean le Blanc, with the goal of blocking supplies from entering the city. As the English line was porous, this was never fully achieved. Siege of Orleans - Reinforcements for Orlà ©ans the Burgundian Withdrawal: When the siege began, Orlà ©ans possessed only a small garrison, but this was augmented by militia companies that were formed to man the citys thirty-four towers. As the English lines never fully cut off the city, reinforcements began to trickle in and Jean de Dunois assumed control of the defense. Though Shrewsburys army was augmented by the arrival of 1,500 Burgundians during the winter, the English were soon outnumbered as the garrison swelled to around 7,000. In January, the French king, Charles VII assembled a relief force downstream at Blois. Led by the Count of Clermont, this army elected to attack an English supply train on February 12, 1429 and was routed at the Battle of the Herrings. Though the English siege was not tight, the situation in the city was becoming desperate as supplies were low. French fortunes began to change in February when Orlà ©ans applied to be put under the protection of the Duke of Burgundy. This caused a rift in the Anglo-Burgundian alliance, as Bedford, who was ruling as Henrys regent, refused this arrangement. Angered by Bedfords decision, the Burgundians withdrew from the siege further weakening the thin English lines. Siege of Orleans - Joan Arrives: As the intrigues with the Burgundians came to a head, Charles first met with the young Joan of Arc (Jeanne dArc) at his court in Chinon. Believing that she was following divine guidance, she asked Charles to allow her to lead relief forces to Orlà ©ans. Meeting with Joan on March 8, he sent her to Poitiers to be examined by clerics and Parliament. With their approval, she returned to Chinon in April where Charles agreed to let her lead a supply force to Orlà ©ans. Riding with the Duke of Alencon, her force moved along the south bank and crossed over at Chà ©cy where she met with Dunois. While Dunois mounted a divisionary attack, the supplies were barged into the city. After spending the night in Chà ©cy, Joan entered the city on April 29. Over the next few days, Joan assessed the situation while Dunois departed to Blois to bring up the main French army. This force arrived on May 4 and French units moved against the fort at St. Loup. Though intended as a diversion, the attack became a larger engagement and Joan rode out to join the fighting. Shrewsbury sought to relieve his beleaguered troops, but was blocked by Dunois and St. Loup was overrun. Siege of Orleans - Orlà ©ans Relieved: The next day, Shrewsbury began consolidating his position south of the Loire around the Les Tourelles complex and St. Jean le Blanc. On May 6, Jean sortied with a large force and crossed to the Ile-Aux-Toiles. Spotting this, the garrison at St. Jean le Blanc withdrew to Les Augustins. Pursuing the English, the French launched several assaults against the convent through the afternoon before finally taking it late in the day. Dunois succeeded in preventing Shrewsbury from sending aid by conducting raids against St. Laurent. His situation weakening, the English commander withdrew all of his forces from the south bank except for the garrison at Les Tourelles. On the morning of May 7, Joan and the other French commanders, such as La Hire, Alencon, Dunois, and Ponton de Xaintrailles gathered east of Les Tourelles. Moving forward, they began assaulting the barbican around 8:00 AM. Fighting raged through the day with the French unable to penetrate the English defenses. In the course of the action, Joan was wounded in the shoulder and forced to leave the battle. With casualties mounting, Dunois debated calling off the attack, but was convinced by Joan to press on. After praying privately, Joan rejoined the fighting. The appearance of her banner advancing spurred on the French troops who finally broke into the barbican. This action coincided with a fire barge burning the drawbridge between the barbican and Les Tourelles. English resistance in the barbican began to collapse and French militia from the city crossed the bridge and assaulted Les Tourelles from the north. By nightfall, the entire complex had been taken and Joan crossed the bridge to re-enter the city. Defeated on the south bank, the English formed their men for battle the next morning and emerged from their works northwest of the city. Assuming a formation similar to Crà ©cy, they invited the French to attack. Though the French marched out, Joan counseled against an attack. Aftermath: When it became apparent that the French would not attack, Shrewsbury began an orderly withdrawal toward Meung ending the siege. A key turning point in the Hundred Years War, the Siege of Orlà ©ans brought Joan of Arc to prominence. Seeking to maintain their momentum, the French embarked on the successful Loire Campaign which saw Joans forces drive the English from the region in a series of battles which culminated at Patay.

The Importance of Writer Self-Education

The Importance of Writer Self-Education You know that joke, â€Å"The actress was so dumb she slept with the writer†? Why is that funny? Because the writer is always the lowest person on the totem pole. And there are reasons for that. It would never occur to somebody to practice law without learning the law or to put out a shingle as a plumber without ever having apprenticed, but for some reason many writers think they can just have an idea, write it, and sell it, without learning anything about how publishing works. My areas are fiction, journalism, nonfiction, and playwriting. I’ve published two novels and I edit and develop nonfiction with writers and publishers. Here’s some broad-stroke advice from these areas: = A professional text matters! It matters that a book read well, have proper punctuation, spelling, and grammar. It matters that you follow the Chicago Manual of Style (for books and magazines). Or proper film or TV format. Or AP style for newspapers and journals that require it. = Learn the lingo. For instance, â€Å"a fiction novel† is redundant; a novel is always fiction. = If you are writing nonfiction and presenting yourself as an expert, you should be an expert. That means you’ve published on the topic, you work professionally in your area or you teach the topic, you have academic credentials in the topic, you have undergone training where you were evaluated = If you can’t afford a professional edit for your book, read Chicago Manual of Style, 16th edition. Actually READ it. It will not only tell you rules and lingo, but it offers a pretty good course in publishing. = Read all the articles in Writer’s Market. Learn about how to present work, rights, and contracts. = Understand that being a writer is no longer enough. For book writing, writers are expected to have a â€Å"platform† - expertise, ties to the readers of their work, the ability to present and sell. If you resent this, let that go and concentrate on creating or discovering what your platform credits are. = Read Publisher’s Weekly, or subscribe for free to Shelf Awareness-Pro (Shelf-Awareness.com), a daily newsletter about book selling. Even if you don’t plan to self-publish or start your own publishing company, you can join Independent Book Publishers Association (ibpa-online.org) which has a wonderful magazine full of education and news as well as many other benefits and marketing opportunities. = Read Peter Rubie’s book The Elements of Narrative Nonfiction: How to Write and Sell the Novel of True Events, or read the free web chapter on book proposals: http://fineprintlit.com/resources/writing-a-book-proposal/. = If it’s a time in your life when you can afford it, try to get an entry-level job at a publisher or whatever kind of company is appropriate for your interest. You’ll learn the lay of the land from the inside out and make next to no money, but, if you’re like me, it’s a lot more fun than going to school. = If you are a working writer or editor, join the Linkedin group LinkEds writers (https://www.linkedin.com/groups/LinkEds-writers-37917/about). It’s filled with smart professionals who generously share their education. = If you’ve already written your book and know nothing about the publishing industry or editing, I recommend getting help. Ask around, listen to people you trust who work in the industry. And if you need a professional edit or coaching, search ( Educate yourself about the industry you want to work in. It’s fun!

Organizational Culture in Different Countries and Regions Term Paper

Organizational Culture in Different Countries and Regions - Term Paper Example Taken negatively, this culture can be used as a shield and process that people withdraw to when they intend to sideline their common sense. It is a form of groupthink or herd mentality that could be used to shrug responsibility (Savio, 2007). But when properly understood, the barriers of cultural differences can come down and the authenticity of the people emerges transcending the old collective and herd thinking enabling one to find homogeneity and common ground to do business. But understanding the eccentricity or idiosyncrasy of a particular culture can be a challenge and may even take some time to be understood and perhaps after committing some blunders and faux pas that could cost the business itself. Seemingly innocuous behaviors, when not properly understood can be costly to the one doing the business who is unaware of the national culture that is being reflected in the bigger organization. To illustrate, a businessperson attending a dinner by a Chinese host may be aware that he has to be gracious being familiar of guanxi(Hwang, 2009). But knowing the host or Chinese counterpart is not enough (Bedford, 2011). Little things such as not following the nuances of dining protocols may even inadvertently offend the business counterpart. In the example cited, the guest, in his effort to be gracious to his host, ate every food that was served to him (there are 12 courses in a Chinese meal) even if he was full with the hope of getting the impression that he i s an appreciative guest. Only to be confounded that the host’s warmth disappeared and turned cold as the evening ended. It took some time for the guest to realize that in Chinese context, cleaning up your plate meant that the host did not feed you enough and that is quite offensive in doing business in Chinese context (Balderrama, 2010). Another example is the customary bringing of whisky to a Japanese counterpart which can be considered as a thoughtful gift but is offensive to Dubai nationals (Tulshyan, 2010). To better understand particular cultures and how they reflect and differ in the larger culture of an organization in different countries, Hoftstede formulated a cultural assessment tool whereby dimensions of one’s cultural strength can be assessed by assigning a scale ranging from 0 to 100 (Hoftstede, n.d.) . This tool of Hofstede is a popular tool among managers who would like to understand another culture apart from their own. The five cultural dimensions of P ower Distance, Individualism, Masculinity, Uncertainty Avoidance, and Long-Term Orientation; Hofstede’s five dimensions of culture in details are (MCCULLIGH, 2010); Small vs. large power distance – This refers to how a society handles inequalities and the extent to which the less powerful members of organizations and institutions (like family) accept and expect that power is distributed unequally. Individualism vs. collectivism  Ã¢â‚¬â€œ Behavior towards community. The degree to which individuals are integrated into groups or are expected to look after themselves and self-actualize. Masculinity vs. femininity)

The National Health Service and How it Provides Service to the Public Literature review

The National Health Service and How it Provides Service to the Public - Literature review Example This paper analyses the performance of the National Health Service and makes recommendations on how it can improve on service delivery. It reviews literature on the quality of service offered by the National Health Service and proposes new ways of service delivery. With regards to this, the paper will define performance management, how it is measured and then proceeds to the current health status of Britons before delving into the challenges being faced and how best to fix them. Introduction The British National Health Service before the internal market reforms of the 1990s was a snarl-up of vicious incentives which made it very inefficient. Increased efficiency was achieved through the introduction of market incentives which in turn stimulated innovation in primary practice care. The improvement in service delivery followed because the medical practitioners had devised better ways of delivering quality service to the patients (Enthoven, 2000). This paper will review literature on al l the attempts made by the government to ensure that the citizens get quality healthcare and enumerate the reasons why some of them flopped as others succeeded. The current performance level of the British National Health Service will also be carefully analysed. ... This restricted the free flow of performance of the system because the government retained most of the control powers. The other reason for the dismal performance was because the experiment itself was based on an inadequate comprehension of both professional and managerial motivations. The importance of decentralisation in large corporations in terms international development cannot be overemphasised at this level. This is not limited to the private sector as the public sector has equally benefitted from this. The self governing trusts were introduced in the British National Health Service in the 1990s to serve as a paradigm case for the decentralisation of the public sector (Arrowsmith & Sisson, 2002). The progressive introduction of activity based funding in the National Health Service has been done progressively since the year 2003 under the name payment by results. This is representative of a major shift from the previous funding arrangements that were based on annual block payme nts for large bundles of services to what is being practiced at the moment (Sussex, & Farrar, 2009). The results from an interview done by Sussex and Farra (2009) indicated that there is a high degree of solidarity among the employees of National Health Service and the competition among the NHS hospitals was greatly curtailed. The problem however is that the payment by results initiative was introduced against a background of many other efficiency incentives. The managers did not detect any further specific boost effect of the initiative which was a major cause of concern for the policy makers. The fact that no impact on care quality was reported raises concerns on the appropriateness of the initiative itself. Perverse Bureaucratic

Crucible Analyzing John Proctor Essay Example for Free

Crucible Analyzing John Proctor Essay Analyzing John Proctor as a Tragic Hero In the Crucible, a play by Arthur Miller, John Proctor is the tragic hero. A tragic hero is defined as someone who has great courage that ends up dying at the end of the story. The reason John Proctor is the tragic hero of this play is because he has so much to lose. John Proctor fulfills my requirements of a tragic hero throughout the play. He decides to go to court and expose the girls. The girls turn on him and he gets accused. He is only trying to do well, but gets falsely accused. John Proctor is also a very intelligent man who can detect others as being fraudulent, however he questions his own moral. He questions himself because of his affair with Abigail which was his only flaw throughout the play. In spite of this I still consider him an honorable man. Another thing he did was save his wife from being put to death, and also refusing to confess practicing witchcraft. He proves he is a tragic hero when he explains to the judge that since he gave his soul to leave his name. With this plea, Proctor has eliminated all hopes of living and has established himself as the tragic hero. John Proctor is a man of sufficient stature in that he is given the choice to save himself at the end of the play, but does not. He does keep his affair secretive, but that is only thing that made him seem like the villain. He did not deserve to die at the end of the play, but that is one of the requirements to make him considered a tragic hero. Proctor serves as the voice of justice in the play. He came out and told everyone about Abigail falsely accusing others of being witches. He also came out and ripped the warrant and told the men to leave. In the end, he comes close to confessing being a witch but realizes it disgraces his good name, which is all his children will know him by. The issues leading to John Proctors death are not universal. I believe that he should not have been the one getting the punishment in the end, but that is why he is the tragic hero. Throughout the play he was a man of integrity and nobleness. He confessed to practicing witchcraft, in which he really  didnt. This is why he died; saving his wife from death.

China and Japan research :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  In China and Japan, there are numerous similarities and differences in their religions. People have their choices of following a certain religion. China is a country with great diversity as well as Japan. Religion is a big deal to many Asians. Chinas religions major religions and beliefs are Taoism, Confucianism, Buddhism, Islam, Christianity, Dongba and Protestant. China has about 5.5 million Protestants and 3.5 million Catholics. Confucianism is one of the major philosophies that concerns human society, social relations, and individual conduct. It is more of a social and ethical philosophy than a religion. Confucianism was adopted as a state religion which was to reorder society. The concept of family is central to Confucianism, generating a high standard for family interaction through mutual respect, love and consideration for the needs of others. Buddhism originated in India. This is another one of the major world religions. People sit and meditate for many hours then enlightenment comes to the man and becomes the Buddha. The main concept is liberation of the soul to achieve enlightenment. Life is made of suffering because people are tortured by desire. People overcome desire and enter nirvana, a state of complete freedom. Taoism is truly a Chinese religion which is more individual and mystic and greatly influenced by nature. This is the driving force and all order behind life. It is the power of nature and way of the universe. Taoism is the way to follow to organize life in harmony with nature and the universe. It inspired a love of nature and an intense affirmation for life- physical health, vitality, longevity, and even immorality. Taoism covers a wide variety of gods, magic ceremonies, powers and sorcery. All the religions are practiced today along with Chinas communist ideology. Confucius had government aspirations. He took to streets offering solicited advice about how to structure government and administration bodies. The religion became accepted as a state ideology and orthodoxy. The emperor considered the embodiment of Confucian wisdom and virtue. A strong hierarchy became the canon of political rule. Buddhism spilt into several major schools. Many of Japans religions are the same as Chinas such as Buddhism, Confucianism, and Taoism. Many of the beliefs are the same. Religions do not play a big role in the everyday lives of most Japanese people nowadays. The average Japanese just follows the religious rituals at a few ceremonies such as births. Japan's two most important religions are. The two religions co-existed for several centuries and even complemented each other to a certain degree. The feeling of duty to belong to just a single religion as it is widespread among followers of the three large occidental

Financial statement analysis

Most notable products from Apple include the Phone, Pod, Pad, ND Imax personal computers. Apple is also involved in computer and web based application developments, which support their essential products such as Tunes, Safari, and Cloud. Through its innovative, streamlined, user-friendly designs, Apple has achieved a meteoric rise to industry domination since 2002. This growth, however, has recently come to a relative standstill following its peak in 2012 and has investors speculating if this marks the end of Apple's bullish behavior, or just a minor setback because of the company's change of management.Apple Inc. Saw a 9% total increase in revenue this sat year from SSL 56,508 million in 2012 to $170,910 million in 201 3(Apple Inc. , 2013). This growth is in part due to the release of the Phone â€Å"As† and â€Å"c† models, the introduction of the Pad â€Å"Mini† retina display as well as the company's normal day to day sales. This 9% growth may be some cause f or concern though, as prior years increase in revenue saw a 45% average growth from year to year (44% in 2012 and 65% in 2011).Apple's annual release of new products typically yields a 30% overall growth in revenue, which potentially indicates there is stagnation of growth overall in the current racket. This stagnation may be attributed either to heavy saturation of products within the current market, leaving little opportunity for expansive growth, or that consumers are unimpressed with the current product line. Apples peer firm Microsoft (MOST) has seen a modest 5% increase in total revenue from $73,723 million to $77,849 million from 2012 to 213 respectively (Microsoft Corporation, 2013).This increase is consistent with prior 3 years which have each yielded a 4-5% increase in revenue. Compared to Apple, Microsoft has a relatively stable growth and be attributed to the elatedly consistent flow of products from year to year. The â€Å"earnings per share† ratio (PEPS) reflect s the decline in overall profitability as well, with a 10% decline in Apple's PEPS from $44. 43 to $40. 29 in 2012 and 2013 respectively (Apple Inc. , 2013).This can be attributed to two factors: a decrease in net profit margin and a paralleled decrease in gross profit margin. There was an 11% decrease in net profits because of an increase in overall inventory. Increasing inventory will also increase a company s operating expenses as they accommodate new production. Companies typically raise their inventory evils as they release new products in anticipation for projected consumer demand for these products.As is the case with Apple, this will have a negative impact on a company's net profit when there is less than anticipated demand for their new product. The depreciation of older inventories can also be responsible for an overall decrease in profitability. Microsoft has conversely seen an increase in PEPS from $2. 03 per shard to $ 2. 63 per share as a result of an increasing profit margin ratio from 23% to 28% in 201 3(Microsoft Corporation, 2013). Overall this increase can be attributed to an increase in ales over the period as new technologies are release.Overall PEPS increase as a result of Microsoft's lower CEQ duty/investment into their company where as Apple has put much more equity into the release of their new releases in 2013. The increase in cost of sales is reflected in the decline of the gross profit margin ratio which is an additional indicator for a comprehensive decrease in profitability. Apple's total gross profit fell from $44. 00 to $38. 00, in 2012 to 201 3 respectively, which is below the $42. 00 industry average as their cost of sales experienced a 22% increase from 587,846 million to 1 06,606 million dollars.The decrease in gross profit is explained by a number of factors according to Apple: â€Å"introduction of new versions of existing products with higher cost structures and flat or reduced pricing; a shift in sales mix to products w ith lower margins; introduction of pad mini with a gross margin significantly below the Company's average product margins; higher expenses associated with changes to certain Of the Company's service policies and other warranty costs; price reductions on certain products, including pad 2 and phoned; and an unfavorable impact room foreign exchange fluctuations. (Apple Inc. , 2013). An intangible effect that could positively impact Apple's gross profit in the long run is an increase in the number of product consumers as well as a potential increase in consumer loyalty. When compared to Microsoft smaller 2% decrease of gross profit margin from 76% to 74% in 2013. Microsoft decision to decrease sales price of windows 8 and decrease margins for the Oxbow One is responsible for the decrease in gross profit margin much like Apple. Tooth Apple inch's and Microsoft's overall decrease of gross profit margin can be said o increase consumer satisfaction because more advanced technologies are sol d at a lower margin thus giving a customer more value to their purchase. By lowering the price on certain high value items, such as the phone 4 and the pad 2 mentioned in Apple's statement, Apple has made these products more accessible to potential customers with lower incomes or frugal spending habits.Furthermore, if there is an increase in Apple product consumers as a result of the change in price, there will likely be an increase in customer loyalty and satisfaction with these products. The PEPS decline and he increase in cost of sales can further be explored through an analysis of the company's balance sheet. There was a significant increase in Apple's inventory from $791 million to SSL . 76 billion from 2012 to 2013 respectively. This 123% increase in inventory demonstrates a wholesale investment in anticipated consumer demand and loyalty.Apple typically announces product releases long before the actual release date in order to build market â€Å"hype† and also sets rele ase dates to coincide with times of historically greater spending in the market, such as the Christmas holiday season. This â€Å"hyping† recess, however, can go both ways in terms of sales by either positively building up consumer anticipation or by allowing time for consumers to second guess the product before it is released. There is also an inherent risk in inventory expansion based on projected sales; consumers may just not be in the market for new products.An indication that this may be the case is found by looking at the inventory turnover ratio which experienced a decrease from 11 1 times per quarter to significantly lower 83 times per quarter. Microsoft, like Apple, has seen a significant decrease of inventory turnover of 14% from 15. 2 times to 13. 13 times per quarter. This decrease in overall turnover much like, Apple is due to customer anticipation of newer release. However, these changes were significantly different for Microsoft as their offerings have less vol atility, especially in sales of operating systems, and usually see less adoption by consumers in starting stages.Apple acid test ratio, involving current assets over current liabilities, stands at 1. 64 in 2013 which is an increase of approximately 8 points from 2012. This is much higher than the industrial average of 1. 0, indicating Apple is a relatively safe investment and has enough in current assets to cover its debt Obligations. This sets Apple as one of the safer blue chip stocks that can provide consistent wealth for their share holders. Microsoft has experienced a increase acid test ratio from 2012 to 201 3 from 2. 57 to 2. 66 respectively this is significantly higher than Apple Inc. ND can be said to be a safer investment. Microsoft overall keeps their balance of ratios to asset very consistent and insures that they can meet their bottom line as well as provide security for their investors, more so than Apple In the third quarter of 201 3 Apple accrued total of 1 6,960 mil lion dollars in debt. The long term debt was used to offset the repurchase of stock of $22. 9 billion as well as dividend equivalent rights of $10. 6 million dollars. This accrued debt helps Apple Inc avoid taxes of upwards of $9. 2 billion dollars (Burrows, 2013) meanwhile Apple will only incur a $308 million interest a year.Had they used their offshore cash Apple would have had to pay a 35% tax and will save another $1 00 million as these interest payments are tax deductible (Burrows, 2013). Apple's move to take on this debt to finance $55 billion dollars in stock repurchase is an effort to increase overall earnings per share as well as increase total value to the consumer meanwhile adding to overall company value. The statement of cash flows revealed that In 201 2 Apple board of directors authorized a $10 billion stock which was later raised to a total of $60 billion in 2013.Apple repurchased/retired a total of $22,860 million dollars worth of stock in 201 3 as opposed to issuanc e of 665 million in 2012. Apple stated that this repurchase was a move to increase end value to shareholders. Shareholders that are offered buy back will in turn gain profit and will decrease the overall outstanding shares. By decreasing the total shares the company's earnings per share ratio will consequently increase, and given the current plan should increase PEPS by around $4 over the following fiscal year (Hughes, 2013) and adding to the company's overall worth.The overall decrease in outstanding shares also decreases the total amount of dividends paid to investors thus cutting expense and adding to company revenues. Apple began issuing dividends toward the end of 2012 and has since seen a significant raise in dividends issued to its stockholder. Apple has since issued $10,564 million of vividness to shareholders representing a 324% increase dividends paid for 2013 from the $2,488 of dividends paid in 2012. Quarterly dividends were raised by 15% from SO. 65 per share to $3. 05 per share in 2013.The price to earnings ratio also increased from 9% to 13 % as well as the increase in payout ratio from . 29 to. 06 reflects this change value to stockholders as a consequence of stock retirement and increased dividend payout.. A very lucrative opportunity presents itself for current stockholders as the prospective raise of PEPS due to buy back will ultimately add incredible attention value due to increased dividend yield. Microsoft's plan to buy back a total $40 billion plan began in 2008, they began this buy back to increase overall PEPS and PIE as well as increase the companies payout ratio.Buyback has thus far increase PEPS however subsequent drops in PIE ratio from 12. 36 to 10. 24 and stagnant dividend yield make investment into Microsoft a riskier endeavor than Apple as the decrease in P/E does not bode well for buyer confidence. Though the higher dividend yield is still attractive to investors and is higher than that of Apple Inc. Apples market share in sma rt phones should e of particular concern to interested investors as of recent events. Market share, especially for key products, gauges the company's current position amongst its competition and overall pull within the market.It can effectively gauge if the company is meeting the needs of its consumers and prospective growth. Within the past year the Phone only gained around a 13% overall growth in sales, however this is miniscule compared to overall Smartened market growth of 44% in 2013. Apples market share shows further struggles as overall mobile market share decrease by a full 4% from 19% market share n 2012 to a 15% in 2013. (Gardner, 2013) However, other companies like Microsoft and Samsung saw significant increases in SO use and hardware use with Samsung clearing 31% total market share from its 30% in 2012.This may be worrisome as Apple may not providing what customers want and can account for a decrease in overall prospective growth. However, this may be remedied by Apples breakthrough to markets china and Japan late in 2013. The departure of Steve Jobs and the arrival of Tim cook in august of 2011 has been a cause for a weaker overall product line. The recent introduction of ewe products have spawned a lackluster response by consumers especially in the release of the Phone 5 variants (as and c) as well as the improved retina display pad mini.These products neglected to offer anything new or revolutionary to set Apple apart, they were just mere improvements to tested product. The lack of ingenuity has potential to cause a decline Apples growth in sales and may cede market share competitors who have more to offer to the consumer. Microsoft on the other hand has remained consistent in its product offerings throughout the years. This is expected of Microsoft as hey re key product involves enterprise systems that provide basic needs for businesses. Financial Statement Analysis (2004-2008) Course Title: Managing Financial Resources Course: MSc. Finance Date: 11th January 2010. TABLE OF CONTENT Executive Summary This report shows the analysis of the financial performance of Centrica Plc, one of the top energy business providers in UK. Based on my analysis from this report I can conclusively state that: Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that it made better sales than its competitor. Although Centrica’s sales turnover was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 1088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Centrica Plc’s Total shareholders return has an upper hand when compared with other 99 members of the FTSE 100 in 2008. INTRODUCTION evaluate the impact of financial accounting concepts on corporate reporting of Centrica Plc. evaluate the limitations of ratio analysis discuss the role of management accounting in the evaluation of Centrica’s business performance. I have been motivated to choose Centrica Plc because of the type of product they deal in, which is energy. It is a product that is essential for all, not just households. And it will be good to know if this company is actually doing well in terms of profitability and customer’s satisfaction. LITERATURE REVIEW *PROFITABILITY RATIO ANALYSIS *OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) FINANCIAL RATIO ANALYSIS OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) GRAHPICAL PRESENTATIONS OF RATIOS {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} ANALYSIS AND DISCUSSION FINANCIAL PERFORMANCE ANALYSIS BASED ON THE GRAHPS According to Barry Elliot and Jamie Elliot, ratios show different items in the financial statements. A ratio is not useful in isolation and its usefulness depends on what aspects of the firm’s business affairs are being investigated. Ratios, according to them are a powerful tool in interpreting and understanding a company’s account. Therefore, the graphs above show the performance of the Centrica plc and its competitor; Scottish Power over a period of 5years and will be analyzed below. DEBTORS TURNOVER: This ratio shows how long it takes debtors of a company to pay back credit purchases. In as mush as credit facilities enhances sale turnover in a competitive market, it is very important to take adequate control of it because it is an essential part of working capital management. (Buz/ed, 2009) It is calculated as: Debtors' Turnover*= Average Debtors * ? 365days Centrica Plc has been able to achieve a positive stock turnover ratio over the years with a 55% less time between 2004 and 2008 compared to its competitor that has a longer time of 18% to sell off its products. This shows that Centrica Plc has more sales turnover than Scottish Power. The trend on the graph show that Centrica Plc has been more liquid than Scottish power because the higher the ratio, the more liquid the business is said to be. It is obvious from the graph that Centrica Plc is more liquid than Scottish Power. That is Centrica Plc has a better capacity to pay it short term debt than Scottish Power, with reference to their current ratio of 1. 12 to 0. 59 respectively in 2008. DISCUSSION IMPACT OF FINANCIAL ACCOUNTING CONCEPT UPON CORPORATE REPORTING OF CENTRICA PLC Going Concern: The Board of directors of Centrica Plc continues to adopt the going concern basis in preparing the financial statement because they have a reasonable expectation that the company has adequate resources needed to continue operational existence for the foreseeable future Business Entity: Centrica Plc operates as a separate business entity from its investors. Cost: Centrica Plc reports the market value of its assets. Sincerity: The financial Statement of Centrica Plc is prepared and audited by auditors from the Pricewaterhouse coopers Monetary Unit: The financial statement of Centrica Plc shows a single monetary unit dominated in GBP (? ) because the parent company is in the UK. Dual concept: Centrica presents it total assets as liabilities (debt finance) plus equity (shares). Accrual: The revenue or income of Centrica Plc are recorded when they are actually earned. (Asmii V. 2009) ROLES OF MANAGEMENT ACCOUNTING ON THE BUSI*NESS PERFORMANCE OF CENTRICA PLC According to Institute of Management Accountants, Management accounting can be defined as â€Å"the internal business building role of accounting and finance professionals who work inside the organizations† They are concerned about the growth of the business in terms of evaluating the business prospects, budgeting and forecasting, implementing and monitoring internal controls for the purpose of achieving economic value. The Board of Directors of Centrica Plc believes that there must be high standards of corporate governance which are relevant to the overall integrity and performance of the business. The Company adopted a new set of Articles of Association which states the power of the Board of directors at the 2008 Annual General Meeting and stated below are few of the responsibilities of the Directors with respect to the managerial accounting of the company. the Group’s corporate governance and system of internal control development of strategy and major policies nterim dividend payments and recommendation of final dividends the appointment and removal of Directors and the Company Secretary the Group’s corporate responsibility arrangements including health, safety and environmental matters reviewing management performance approval of the annual operating plan, the financial statements and major acquisitions and disposals The Board gives thorough monitoring to the development of the co mpany’s strategies and also during the year 2008, the Board had a full review of the company’s overall strategy with the assistance of an independent external consultant. The Board also place value on their investors and promote communication program in order to hear their views of their shareholders as regards the key matters affecting the company. The Chief Executive and Group Finance Director held regular meetings with the Company’s major shareholders during the year and the Company’s Rights Issue which was the main topic of discussion was successfully completed during December 2008 after which an approval was given at the Company’s General Meeting held on 21 November 2008. The company’s Executive Committees also established a control infrastructure to ensure proper monitoring and management where major risks have been identified. *THE NON-FINANCIAL PERFORMANCE* OF CENTRICA PLC The fluctuation in demand and prices of oil worldwide as well as the global financial crises in 2008 made Centrica Plc face series of challenges and the Chairman of the company (Roger Carr) tagged the year â€Å"a difficult year†. But despite the difficulty, the company still performed well because it is a company that aims at delivering stability and growth for the benefit of their customers, employees and shareholders. Centrica Plc’s non-financial performance can be outlined in terms of the following: *BUSINESS PERFORMANCE OF CENTRICA* PLC LIMITATIONS OF RATIO ANALYSIS Ratios are useful methods of analyzing the performance and financial position of a business but they have their flaws which are seen as limitations and will be analyzed below. THE IMPACT OF THE CHANGE FROM UK GAAP TO IFRS ON THE CORPORATE REPORTING OF CENTRICA PLC that IFRS has improved the company’s 2004 operating profit and statutory Earnings Per Share (EPS) reduction in shareholder’s fund as a result of pensions deficit Adjustment the company’s policy to link dividend to earnings thereby increasing pay out ratios. Some assets and liabilities will be treated differently which will affect timing of profit. CONCLUSION With reference to the ratios analyzed above, Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that they made better sales than its competitor. Although Centrica’s sales turnover was high was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Finally, we can say that from the record of 2007, the financial performance in 2008 was good despite the economic instability. Centrica Plc made strong progress against the strategic priorities set out at the end of year 2006. The global financial crises which remain very challenging in the UK till date could pose as a problem for many of the company’s customers. But Centrica Plc promises to continue to place their customers’ needs at the forefront of their agenda, alongside the determination to deliver increasing long-term value for our shareholders FUTURE OF CENTRICA PLC According to the Chief Executive’s Review, some priorities have been set for the future growth of Centrica which would help measure performance in year 2009. Some of which are: To build on the company’s growth platform: Increasing the value of their customer base by expanding the overlap between the energy and services business. Also establishing a centralized service platform and the acquisition and construction of gas and power assets which will enable the company to compete efficiently in the energy market. To reduce risk through integration: There will be more focus on UK in the coming year 2009, due to the high demand. Therefore more production has to be made by integrating/building closer relationship with the National Oil Companies. To transform British Gas: In order for Centrica Plc to succeed, British Gas Residential which seems to be the core backbone of Centrica’s business has to deliver high level of profitability. Therefore, there will have to be an integration of the British Gas Residential, British Gas Business and British Gas Services into a single customer-focused organization. Amidst all these future plans briefly mentioned above, I can now conclusively say that the future performance of Centrica Plc is not 100% certain of profitability as they are not exempted in the effect of the global financial crises which is still hitting the UK economy. Although demand for product might rise causing increase turnover but consumers might not be able to meet up with financial obligations of paying cash. So, Centrica must be prepared for more credit sales which might decrease its debtor turnover. Also, prices of product must be put into consideration despite the goal of maximizing profit not forgetting its competitors. And finally, the leadership of Centrica Plc will be playing major role in delivering stability and growth for the benefit of customers, employees and shareholders. REFERENCES Asmii Vernekar, 2009. Available at: http://www. buzzle. com/articles/basic-accounting –concepts-and –principles. html. Assessed on 15th December, 2009 Buz/ed, 2009. Available at: http://www. bized. co. uk/compfact/ratios/sdc5. htm Assessed on 13th December, 2009. Centrica Plc, 2005. International Financial Reporting Standards. Available at: http://www. centrica. co. uk/files/results/2004_ifrs_transcript. pdf. Assessed on 15th December, 2009 FAME (Financial Analysis Made Easy), 2009. Available at: http://www. fame. bvdep. com/version-20091130. Assessed on 11th December, 2009 Peter Atrill, and Eddie McLaney (2008), Accounting and Finance for Non-Specialists, 6th ed. Prentice Hall, financial times. David Alexander and Christopher Nobes. (2007), Financial Accounting, An International Introduction, 3rd ed. Prentice Hall, financial times. Financial statement analysis Most notable products from Apple include the Phone, Pod, Pad, ND Imax personal computers. Apple is also involved in computer and web based application developments, which support their essential products such as Tunes, Safari, and Cloud. Through its innovative, streamlined, user-friendly designs, Apple has achieved a meteoric rise to industry domination since 2002. This growth, however, has recently come to a relative standstill following its peak in 2012 and has investors speculating if this marks the end of Apple's bullish behavior, or just a minor setback because of the company's change of management.Apple Inc. Saw a 9% total increase in revenue this sat year from SSL 56,508 million in 2012 to $170,910 million in 201 3(Apple Inc. , 2013). This growth is in part due to the release of the Phone â€Å"As† and â€Å"c† models, the introduction of the Pad â€Å"Mini† retina display as well as the company's normal day to day sales. This 9% growth may be some cause f or concern though, as prior years increase in revenue saw a 45% average growth from year to year (44% in 2012 and 65% in 2011).Apple's annual release of new products typically yields a 30% overall growth in revenue, which potentially indicates there is stagnation of growth overall in the current racket. This stagnation may be attributed either to heavy saturation of products within the current market, leaving little opportunity for expansive growth, or that consumers are unimpressed with the current product line. Apples peer firm Microsoft (MOST) has seen a modest 5% increase in total revenue from $73,723 million to $77,849 million from 2012 to 213 respectively (Microsoft Corporation, 2013).This increase is consistent with prior 3 years which have each yielded a 4-5% increase in revenue. Compared to Apple, Microsoft has a relatively stable growth and be attributed to the elatedly consistent flow of products from year to year. The â€Å"earnings per share† ratio (PEPS) reflect s the decline in overall profitability as well, with a 10% decline in Apple's PEPS from $44. 43 to $40. 29 in 2012 and 2013 respectively (Apple Inc. , 2013).This can be attributed to two factors: a decrease in net profit margin and a paralleled decrease in gross profit margin. There was an 11% decrease in net profits because of an increase in overall inventory. Increasing inventory will also increase a company s operating expenses as they accommodate new production. Companies typically raise their inventory evils as they release new products in anticipation for projected consumer demand for these products.As is the case with Apple, this will have a negative impact on a company's net profit when there is less than anticipated demand for their new product. The depreciation of older inventories can also be responsible for an overall decrease in profitability. Microsoft has conversely seen an increase in PEPS from $2. 03 per shard to $ 2. 63 per share as a result of an increasing profit margin ratio from 23% to 28% in 201 3(Microsoft Corporation, 2013). Overall this increase can be attributed to an increase in ales over the period as new technologies are release.Overall PEPS increase as a result of Microsoft's lower CEQ duty/investment into their company where as Apple has put much more equity into the release of their new releases in 2013. The increase in cost of sales is reflected in the decline of the gross profit margin ratio which is an additional indicator for a comprehensive decrease in profitability. Apple's total gross profit fell from $44. 00 to $38. 00, in 2012 to 201 3 respectively, which is below the $42. 00 industry average as their cost of sales experienced a 22% increase from 587,846 million to 1 06,606 million dollars.The decrease in gross profit is explained by a number of factors according to Apple: â€Å"introduction of new versions of existing products with higher cost structures and flat or reduced pricing; a shift in sales mix to products w ith lower margins; introduction of pad mini with a gross margin significantly below the Company's average product margins; higher expenses associated with changes to certain Of the Company's service policies and other warranty costs; price reductions on certain products, including pad 2 and phoned; and an unfavorable impact room foreign exchange fluctuations. (Apple Inc. , 2013). An intangible effect that could positively impact Apple's gross profit in the long run is an increase in the number of product consumers as well as a potential increase in consumer loyalty. When compared to Microsoft smaller 2% decrease of gross profit margin from 76% to 74% in 2013. Microsoft decision to decrease sales price of windows 8 and decrease margins for the Oxbow One is responsible for the decrease in gross profit margin much like Apple. Tooth Apple inch's and Microsoft's overall decrease of gross profit margin can be said o increase consumer satisfaction because more advanced technologies are sol d at a lower margin thus giving a customer more value to their purchase. By lowering the price on certain high value items, such as the phone 4 and the pad 2 mentioned in Apple's statement, Apple has made these products more accessible to potential customers with lower incomes or frugal spending habits.Furthermore, if there is an increase in Apple product consumers as a result of the change in price, there will likely be an increase in customer loyalty and satisfaction with these products. The PEPS decline and he increase in cost of sales can further be explored through an analysis of the company's balance sheet. There was a significant increase in Apple's inventory from $791 million to SSL . 76 billion from 2012 to 2013 respectively. This 123% increase in inventory demonstrates a wholesale investment in anticipated consumer demand and loyalty.Apple typically announces product releases long before the actual release date in order to build market â€Å"hype† and also sets rele ase dates to coincide with times of historically greater spending in the market, such as the Christmas holiday season. This â€Å"hyping† recess, however, can go both ways in terms of sales by either positively building up consumer anticipation or by allowing time for consumers to second guess the product before it is released. There is also an inherent risk in inventory expansion based on projected sales; consumers may just not be in the market for new products.An indication that this may be the case is found by looking at the inventory turnover ratio which experienced a decrease from 11 1 times per quarter to significantly lower 83 times per quarter. Microsoft, like Apple, has seen a significant decrease of inventory turnover of 14% from 15. 2 times to 13. 13 times per quarter. This decrease in overall turnover much like, Apple is due to customer anticipation of newer release. However, these changes were significantly different for Microsoft as their offerings have less vol atility, especially in sales of operating systems, and usually see less adoption by consumers in starting stages.Apple acid test ratio, involving current assets over current liabilities, stands at 1. 64 in 2013 which is an increase of approximately 8 points from 2012. This is much higher than the industrial average of 1. 0, indicating Apple is a relatively safe investment and has enough in current assets to cover its debt Obligations. This sets Apple as one of the safer blue chip stocks that can provide consistent wealth for their share holders. Microsoft has experienced a increase acid test ratio from 2012 to 201 3 from 2. 57 to 2. 66 respectively this is significantly higher than Apple Inc. ND can be said to be a safer investment. Microsoft overall keeps their balance of ratios to asset very consistent and insures that they can meet their bottom line as well as provide security for their investors, more so than Apple In the third quarter of 201 3 Apple accrued total of 1 6,960 mil lion dollars in debt. The long term debt was used to offset the repurchase of stock of $22. 9 billion as well as dividend equivalent rights of $10. 6 million dollars. This accrued debt helps Apple Inc avoid taxes of upwards of $9. 2 billion dollars (Burrows, 2013) meanwhile Apple will only incur a $308 million interest a year.Had they used their offshore cash Apple would have had to pay a 35% tax and will save another $1 00 million as these interest payments are tax deductible (Burrows, 2013). Apple's move to take on this debt to finance $55 billion dollars in stock repurchase is an effort to increase overall earnings per share as well as increase total value to the consumer meanwhile adding to overall company value. The statement of cash flows revealed that In 201 2 Apple board of directors authorized a $10 billion stock which was later raised to a total of $60 billion in 2013.Apple repurchased/retired a total of $22,860 million dollars worth of stock in 201 3 as opposed to issuanc e of 665 million in 2012. Apple stated that this repurchase was a move to increase end value to shareholders. Shareholders that are offered buy back will in turn gain profit and will decrease the overall outstanding shares. By decreasing the total shares the company's earnings per share ratio will consequently increase, and given the current plan should increase PEPS by around $4 over the following fiscal year (Hughes, 2013) and adding to the company's overall worth.The overall decrease in outstanding shares also decreases the total amount of dividends paid to investors thus cutting expense and adding to company revenues. Apple began issuing dividends toward the end of 2012 and has since seen a significant raise in dividends issued to its stockholder. Apple has since issued $10,564 million of vividness to shareholders representing a 324% increase dividends paid for 2013 from the $2,488 of dividends paid in 2012. Quarterly dividends were raised by 15% from SO. 65 per share to $3. 05 per share in 2013.The price to earnings ratio also increased from 9% to 13 % as well as the increase in payout ratio from . 29 to. 06 reflects this change value to stockholders as a consequence of stock retirement and increased dividend payout.. A very lucrative opportunity presents itself for current stockholders as the prospective raise of PEPS due to buy back will ultimately add incredible attention value due to increased dividend yield. Microsoft's plan to buy back a total $40 billion plan began in 2008, they began this buy back to increase overall PEPS and PIE as well as increase the companies payout ratio.Buyback has thus far increase PEPS however subsequent drops in PIE ratio from 12. 36 to 10. 24 and stagnant dividend yield make investment into Microsoft a riskier endeavor than Apple as the decrease in P/E does not bode well for buyer confidence. Though the higher dividend yield is still attractive to investors and is higher than that of Apple Inc. Apples market share in sma rt phones should e of particular concern to interested investors as of recent events. Market share, especially for key products, gauges the company's current position amongst its competition and overall pull within the market.It can effectively gauge if the company is meeting the needs of its consumers and prospective growth. Within the past year the Phone only gained around a 13% overall growth in sales, however this is miniscule compared to overall Smartened market growth of 44% in 2013. Apples market share shows further struggles as overall mobile market share decrease by a full 4% from 19% market share n 2012 to a 15% in 2013. (Gardner, 2013) However, other companies like Microsoft and Samsung saw significant increases in SO use and hardware use with Samsung clearing 31% total market share from its 30% in 2012.This may be worrisome as Apple may not providing what customers want and can account for a decrease in overall prospective growth. However, this may be remedied by Apples breakthrough to markets china and Japan late in 2013. The departure of Steve Jobs and the arrival of Tim cook in august of 2011 has been a cause for a weaker overall product line. The recent introduction of ewe products have spawned a lackluster response by consumers especially in the release of the Phone 5 variants (as and c) as well as the improved retina display pad mini.These products neglected to offer anything new or revolutionary to set Apple apart, they were just mere improvements to tested product. The lack of ingenuity has potential to cause a decline Apples growth in sales and may cede market share competitors who have more to offer to the consumer. Microsoft on the other hand has remained consistent in its product offerings throughout the years. This is expected of Microsoft as hey re key product involves enterprise systems that provide basic needs for businesses. Financial Statement Analysis (2004-2008) Course Title: Managing Financial Resources Course: MSc. Finance Date: 11th January 2010. TABLE OF CONTENT Executive Summary This report shows the analysis of the financial performance of Centrica Plc, one of the top energy business providers in UK. Based on my analysis from this report I can conclusively state that: Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that it made better sales than its competitor. Although Centrica’s sales turnover was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 1088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Centrica Plc’s Total shareholders return has an upper hand when compared with other 99 members of the FTSE 100 in 2008. INTRODUCTION evaluate the impact of financial accounting concepts on corporate reporting of Centrica Plc. evaluate the limitations of ratio analysis discuss the role of management accounting in the evaluation of Centrica’s business performance. I have been motivated to choose Centrica Plc because of the type of product they deal in, which is energy. It is a product that is essential for all, not just households. And it will be good to know if this company is actually doing well in terms of profitability and customer’s satisfaction. LITERATURE REVIEW *PROFITABILITY RATIO ANALYSIS *OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) FINANCIAL RATIO ANALYSIS OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) GRAHPICAL PRESENTATIONS OF RATIOS {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} ANALYSIS AND DISCUSSION FINANCIAL PERFORMANCE ANALYSIS BASED ON THE GRAHPS According to Barry Elliot and Jamie Elliot, ratios show different items in the financial statements. A ratio is not useful in isolation and its usefulness depends on what aspects of the firm’s business affairs are being investigated. Ratios, according to them are a powerful tool in interpreting and understanding a company’s account. Therefore, the graphs above show the performance of the Centrica plc and its competitor; Scottish Power over a period of 5years and will be analyzed below. DEBTORS TURNOVER: This ratio shows how long it takes debtors of a company to pay back credit purchases. In as mush as credit facilities enhances sale turnover in a competitive market, it is very important to take adequate control of it because it is an essential part of working capital management. (Buz/ed, 2009) It is calculated as: Debtors' Turnover*= Average Debtors * ? 365days Centrica Plc has been able to achieve a positive stock turnover ratio over the years with a 55% less time between 2004 and 2008 compared to its competitor that has a longer time of 18% to sell off its products. This shows that Centrica Plc has more sales turnover than Scottish Power. The trend on the graph show that Centrica Plc has been more liquid than Scottish power because the higher the ratio, the more liquid the business is said to be. It is obvious from the graph that Centrica Plc is more liquid than Scottish Power. That is Centrica Plc has a better capacity to pay it short term debt than Scottish Power, with reference to their current ratio of 1. 12 to 0. 59 respectively in 2008. DISCUSSION IMPACT OF FINANCIAL ACCOUNTING CONCEPT UPON CORPORATE REPORTING OF CENTRICA PLC Going Concern: The Board of directors of Centrica Plc continues to adopt the going concern basis in preparing the financial statement because they have a reasonable expectation that the company has adequate resources needed to continue operational existence for the foreseeable future Business Entity: Centrica Plc operates as a separate business entity from its investors. Cost: Centrica Plc reports the market value of its assets. Sincerity: The financial Statement of Centrica Plc is prepared and audited by auditors from the Pricewaterhouse coopers Monetary Unit: The financial statement of Centrica Plc shows a single monetary unit dominated in GBP (? ) because the parent company is in the UK. Dual concept: Centrica presents it total assets as liabilities (debt finance) plus equity (shares). Accrual: The revenue or income of Centrica Plc are recorded when they are actually earned. (Asmii V. 2009) ROLES OF MANAGEMENT ACCOUNTING ON THE BUSI*NESS PERFORMANCE OF CENTRICA PLC According to Institute of Management Accountants, Management accounting can be defined as â€Å"the internal business building role of accounting and finance professionals who work inside the organizations† They are concerned about the growth of the business in terms of evaluating the business prospects, budgeting and forecasting, implementing and monitoring internal controls for the purpose of achieving economic value. The Board of Directors of Centrica Plc believes that there must be high standards of corporate governance which are relevant to the overall integrity and performance of the business. The Company adopted a new set of Articles of Association which states the power of the Board of directors at the 2008 Annual General Meeting and stated below are few of the responsibilities of the Directors with respect to the managerial accounting of the company. the Group’s corporate governance and system of internal control development of strategy and major policies nterim dividend payments and recommendation of final dividends the appointment and removal of Directors and the Company Secretary the Group’s corporate responsibility arrangements including health, safety and environmental matters reviewing management performance approval of the annual operating plan, the financial statements and major acquisitions and disposals The Board gives thorough monitoring to the development of the co mpany’s strategies and also during the year 2008, the Board had a full review of the company’s overall strategy with the assistance of an independent external consultant. The Board also place value on their investors and promote communication program in order to hear their views of their shareholders as regards the key matters affecting the company. The Chief Executive and Group Finance Director held regular meetings with the Company’s major shareholders during the year and the Company’s Rights Issue which was the main topic of discussion was successfully completed during December 2008 after which an approval was given at the Company’s General Meeting held on 21 November 2008. The company’s Executive Committees also established a control infrastructure to ensure proper monitoring and management where major risks have been identified. *THE NON-FINANCIAL PERFORMANCE* OF CENTRICA PLC The fluctuation in demand and prices of oil worldwide as well as the global financial crises in 2008 made Centrica Plc face series of challenges and the Chairman of the company (Roger Carr) tagged the year â€Å"a difficult year†. But despite the difficulty, the company still performed well because it is a company that aims at delivering stability and growth for the benefit of their customers, employees and shareholders. Centrica Plc’s non-financial performance can be outlined in terms of the following: *BUSINESS PERFORMANCE OF CENTRICA* PLC LIMITATIONS OF RATIO ANALYSIS Ratios are useful methods of analyzing the performance and financial position of a business but they have their flaws which are seen as limitations and will be analyzed below. THE IMPACT OF THE CHANGE FROM UK GAAP TO IFRS ON THE CORPORATE REPORTING OF CENTRICA PLC that IFRS has improved the company’s 2004 operating profit and statutory Earnings Per Share (EPS) reduction in shareholder’s fund as a result of pensions deficit Adjustment the company’s policy to link dividend to earnings thereby increasing pay out ratios. Some assets and liabilities will be treated differently which will affect timing of profit. CONCLUSION With reference to the ratios analyzed above, Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that they made better sales than its competitor. Although Centrica’s sales turnover was high was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Finally, we can say that from the record of 2007, the financial performance in 2008 was good despite the economic instability. Centrica Plc made strong progress against the strategic priorities set out at the end of year 2006. The global financial crises which remain very challenging in the UK till date could pose as a problem for many of the company’s customers. But Centrica Plc promises to continue to place their customers’ needs at the forefront of their agenda, alongside the determination to deliver increasing long-term value for our shareholders FUTURE OF CENTRICA PLC According to the Chief Executive’s Review, some priorities have been set for the future growth of Centrica which would help measure performance in year 2009. Some of which are: To build on the company’s growth platform: Increasing the value of their customer base by expanding the overlap between the energy and services business. Also establishing a centralized service platform and the acquisition and construction of gas and power assets which will enable the company to compete efficiently in the energy market. To reduce risk through integration: There will be more focus on UK in the coming year 2009, due to the high demand. Therefore more production has to be made by integrating/building closer relationship with the National Oil Companies. To transform British Gas: In order for Centrica Plc to succeed, British Gas Residential which seems to be the core backbone of Centrica’s business has to deliver high level of profitability. Therefore, there will have to be an integration of the British Gas Residential, British Gas Business and British Gas Services into a single customer-focused organization. Amidst all these future plans briefly mentioned above, I can now conclusively say that the future performance of Centrica Plc is not 100% certain of profitability as they are not exempted in the effect of the global financial crises which is still hitting the UK economy. Although demand for product might rise causing increase turnover but consumers might not be able to meet up with financial obligations of paying cash. So, Centrica must be prepared for more credit sales which might decrease its debtor turnover. Also, prices of product must be put into consideration despite the goal of maximizing profit not forgetting its competitors. And finally, the leadership of Centrica Plc will be playing major role in delivering stability and growth for the benefit of customers, employees and shareholders. REFERENCES Asmii Vernekar, 2009. Available at: http://www. buzzle. com/articles/basic-accounting –concepts-and –principles. html. Assessed on 15th December, 2009 Buz/ed, 2009. Available at: http://www. bized. co. uk/compfact/ratios/sdc5. htm Assessed on 13th December, 2009. Centrica Plc, 2005. International Financial Reporting Standards. Available at: http://www. centrica. co. uk/files/results/2004_ifrs_transcript. pdf. Assessed on 15th December, 2009 FAME (Financial Analysis Made Easy), 2009. Available at: http://www. fame. bvdep. com/version-20091130. Assessed on 11th December, 2009 Peter Atrill, and Eddie McLaney (2008), Accounting and Finance for Non-Specialists, 6th ed. Prentice Hall, financial times. David Alexander and Christopher Nobes. (2007), Financial Accounting, An International Introduction, 3rd ed. Prentice Hall, financial times.

Pygmalion VS Pretty Woman Essay Essay

Year 11 Preliminary Extension English Assessment Task – Pygmalion (George Bernard Shaw) and Pretty Woman (Garry Marshall) To what extent have contextual attitudes and values regarding gender and class been maintained or altered in the two texts you have studied? Both Pygmalion, composed by George Bernard Shaw and Pretty Woman, directed by Garry Marshall effectively critique the gender and class disparities of their time, suggesting that these discrepancies were merely social constructs. Through obscure and indirect methods such as the use of humour, irony, character development and transformations, Shaw and Marshall address the issues of gender and class inequality in a milder way, thus skilfully avoiding conflicting opinions with the audience and the general public. Although the two texts belong to different time periods and genres, they are similar in their storyline and unprovocative methods of presenting what used to be a highly controversial idea. In the play Pygmalion, Shaw uses irony to question the society’s views on gender inequality through the characterisation of Eliza, as an independent and intelligent young woman, capable of much more than was deemed appropriate for her sex. Shaw’s philosophy of equality which ridicules the social construct of gender discrepancies is expressed through Eliza’s disgust at having to marry a prosperous man, announcing that â€Å"I sold flowers. I didn’t sell myself. Now you’ve made a lady of me I’m not fit to sell anything else.† This is an example of irony which Shaw uses to target the notion of noble girls aiming to marry a rich man, rendering them dependent upon somebody else. While Eliza was able to provide for herself as a flower girl, no matter how little her income, she was better than the rich man’s wife who is reliant on her husband’s income. In the beginning of the play, Ms and Mrs Eynsford Hill ask Freddy to find a cab for them, suggesting that the man is the one who provides for and protects the woman as befitting for the gender roles of their time, whereas Eliza is different – she finds her own cab to go to Higgins’s house and also pays for her tuition with her own income. Hence it is evident that through the use of irony, Shaw subtly critiques the gender disparities of his time, and using the abilities his female protagonist, he shows his audience that allocated gender roles are simply social constructs, created and preserved by the traditions of society. Through the use of character development, Marshall takes a similar approach in Pretty Woman to critique the issues of gender inequality in comparison to Pygmalion, and though the times during which they were produced were different, both texts alluded to the fact that gender disparities were but social constructs. Alike in Pygmalion, the female gender is expected to act within certain definitions of ‘gentle and submissive’, but both Vivian and Eliza are strong and independent, and do not meet up to society’s expectations. Unlike Pygmalion however, Vivian is a real prostitute whereas Eliza is a flower girl accused of being a prostitute. Although Vivian’s profession is degrading of her gender, her being a prostitute without a pimp gives her power in her relationships, as expressed through her saying â€Å"I say  who, I say when† and her act of negotiating the price of her time with Edward. In contrast to Pygmalion’s ending, Vivian does develop a romantic relationship with Edward whilst Eliza remains independent of Higgins. This again may be degrading of Vivian and her gender as it appears to make Vivian financially dependent upon her male partner, though this notion is disproved when Vivian tells Edward that she will â€Å"rescue him right back†, teaching him life’s morals while he provides for her. This characterisation of Vivian as the ‘damsel in distress’ displays Marshall’s philosophy of the princess who is rescued from the tower, rescuing the prince â€Å"right back†, allowing the issue of gender inequality to be questioned in the film. While Pretty Woman may be much more subtle than Pygmalion, it is shown through the characterisation of Vivian that Marshall not only frowns upon gender inequality in his time, but also identifies gender disparities as a social construct, similar to Shaw in his philosophy. George Bernard Shaw also uses humour to address the social constructs on class differences and depict through the interactions between Higgins and Eliza the futility of the class structure of his time. This is illustrated through Higgins’s confidence in being able to turn Eliza whom he calls a â€Å"squashed cabbage leaf† and an â€Å"incarnate insult to the English language† into a â€Å"duchess† or â€Å"the Queen of   Sheba†. These insults are examples of the humour that is used in the play to present the issues of class disparities to the audience. Using Higgins’s pompous bet with Pickering to portray the fact that even a flower girl can be passed off as royalty, Shaw implies that given the right education, anyone can become ‘noble’ or ‘high-class’. This notion is further supported with the use of humour when Eliza attends the ball and is thought to be a â€Å"fraud† and a â€Å"Hungarian princess† thus allowing Higgins to win his bet. Shaw also promotes his beliefs through his character, Higgins when he argues that teaching the human being another way of speech is like â€Å"filling up the deepest gulf that separates class from class and soul from soul†. Hence, George Bernard Shaw’s intention of using humour and character interaction to question society’s view on class disparities becomes clear as he successfully identifies the class st ructures of his time as nothing but social constructs. In Pygmalion as well as Pretty Woman, there are clear class distinctions in the society, and through the concept of a ‘transformation’, Director Garry Marshall encourages the idea that one does not have to be born noble to be noble. For instance, the treatment that Vivian receives during both her visits to the boutique on Rodeo Drive differs greatly from one another simply because of the change in Vivian’s attire. In response to Vivian’s transformation, her friend Kit tells her that she â€Å"cleans up real nice† while Vivian replies â€Å"it’s easy to clean up when you got money†, suggesting that perhaps one’s class is based purely on appearance and with the right education and money, anyone can be ‘high-class’. The process of Vivian’s transformation is more physical rather than intellectual in contrast to Pygmalion’s Eliza who undergoes months of speech training to make her appearance in the ball, how ever, the same notion of ‘anyone can be high-class’ is supported. Near the end of Vivian’s stay with Edward, he offers to set her up in an apartment so he can continue visiting her, however she  refuses and tells him she once â€Å"would have said yes†, but the time she has spent with him led her to step out of her mindset as a prostitute as she becomes a noble lady. Through the concept of transformation, Marshall challenges the widely accepted view on class disparities and like Shaw, expresses through their work the futility of the class structure of their time. George Bernard Shaw and Director Garry Marshall shared their viewpoint on both gender and class disparities, believing them to be mere social constructs, questioning the norms of their time in their respective texts – Pygmalion and Pretty Woman. Through the use of humour, irony, character development and the concept of ‘transformation’, both composers successfully address the issues of gender and class with their characteristic subtlety. Although Pygmalion and Pretty Woman have many differences including their genre and the time period in which they were composed, they are ultimately similar in the way they critique gender and class disparities using mild and unprovocative methods which allow their philosophies to be communicated to a wider audience.

Personal Statement for Marketing and International Business essays

Personal Statement for Marketing and International Business essays My intended major at the University of California Riverside is business, with a specialization on marketing and international business, specifically. My interest to pursue my studies and establish a future career in International Business, specifically Marketing, was influenced by my exposure to two cultures-Chinese and American cultures. Immigrating in the country 6 years ago, as a high school teenager, I was suddenly exposed to another world, completely different from the country where I came from-China. From the moment I arrived in this country, I realized two things. First, I yearned to learn more about America, and be able to be a part of this dynamic culture. And second, I suddenly realized how much I appreciate my own heritage, Chinese culture, for its equally dynamic and colorful nature. As an immigrant, I am given the opportunity to enjoy two worlds, worlds that have greatly influenced the economy, politics, and even cultures of other nations all over the world. As a business major specializing on Marketing, it would be interesting and it would be a challenge for me to apply my understanding of American culture, viewed through my Chinese value and belief systems. I know that having grown up in China, I held strongly to values and beliefs that, though they may be modified, cannot be replaced altogether by American culture. And this unique characteristic of mine will allow me to approach Marketing in an entirely unique way, and this is by fusing both American and Chinese cultures in creating and developing plans and strategies for businesses to use and apply. I have engaged in activities that will hone my skills in verbally and non-verbally communicating messages to people. I know that this is a crucial part in marketing, and I consider my learning of the English language for six years as the most challenging yet fulfilling period of my life. To make myself competent and to prepare myself for the challen ...

Supercharge your resume in 30 minutes or less

Supercharge your resume in 30 minutes or less Okay, so you already know you should spend lots of quality time honing your resume, lovingly crafting the masterpiece that will get you your next job. Resumes benefit from time and editing. But reality doesn’t always give us the time we’d like, and sometimes you need to produce a great resume on short notice. Maybe it’s been a while since you updated and an awesome new job opening has popped up, or maybe someone in your network has mentioned that hey, there’s this new job that would be perfect for you- can you submit you resume today? Whatever the time crunch is, it means you have to produce something solid without much notice. So what do you do when you want to spruce up your resume but you don’t have much time at all? Don’t panic†¦it’s doable! Let’s walk through some of the best things you can do to supercharge your resume in no time flat.Choose a format- and stick to it.If you had more time, you could play with different formats and see what works best for your skills and experience. No time for that today, so choose your path quickly.If you have a lot of work experience in your field: Go with the traditional reverse-chronological format, where you put your work experience section prominently up front and work backwards through your jobs.Here’s an example of how your resume can look if you want your experience to be the most prominent feature:Jenny Smith21 Jump StreetEvanston, IL 12121JSmith45@emaildomain.comExperienced Store ManagerQUALIFICATIONS SUMMARYStore manager with more than 10 years experience.Creative, innovative team leader with proven results.Exceeded sales goals by more than 15%, three years in a row.WORK EXPERIENCEBig Box Store ‘R Us, 2013 – presentStore ManagerManage a busy Chicago branch of a national department store chain.Lead a team of 60+ employees.Improved in-store sales by 10% in 2017, 9% in 2016, and 8.5% in 2015.In this example, Jenny goes straight for t he emphasis on her work history, and her results.If you are inexperienced, or just starting out in the field: Go with a skills-based format, where you lead right into a skills summary that relates directly to the job you’re applying for.Here’s an example of how your resume can look if you want your experience to be the most prominent feature:Kai Burns1 Main StreetLos Angeles, CA 12312KaiBurns@emaildomain.comDisciplined, enthusiastic recent grad seeking a marketing role at X Corp.SKILLS SUMMARYSocial media expertise (Instagram, Twitter, Facebook)Demonstrated leadership on team projectsStrong written and verbal communication skillsIn this example, Kai leads with her skills, because she’s a recent grad and doesn’t yet have a ton of work experience or concrete professional results she can call out.Don’t reinvent the wheel.You’ve only got 30 minutes, so unless you’re really attached to the idea of creating a resume from scratch at breaknec k speed, work with something that already exists. That may be your current resume, but if it’s really outdated or not great then there are lots of pre-existing templates where you can drop in your information and go from there. Using a resume library template can be a major time-saver, especially when you’ve only got a few minutes.Focus on the short, sweet elements.You don’t have a lot of time to pore over your experience bullets, but you can spend your time making sure that some of the shorter, punchier parts of the resume are in good shape. For example, make sure you have an effective, attention-grabbing headline. Your headline helps you set the narrative yourself. And this is where having less time can work in your favor: you want to focus on the most important, relevant parts of yourself as an applicant for this particular job, without overthinking it too much.Similarly, a good summary can help you really focus on your most important strengths as a candidate and what you want to say in your resume.Use bold action words.You want your supercharged resume to be potent, not wordy, so it’s all about the word choice. Instead of using long bullet points to develop a point, use a targeted action verb to get the point across faster. It’s not only more effective, but also cuts down on your writing and editing time. Some examples of strong action verbs that look good on your resume:ChairedCoordinatedExecutedHeadedImplementedMaximizedOperatedOrchestratedOrganizedOutperformedOverhauledOversawPlannedProducedRedesignedStreamlinedSaying more by taking up less space is something you can do pretty quickly that has a big impact on the quality of your resume. You’re using your limited time to make sure that parts of your resume pop instead of using the same old verbs that pass unnoticed as a reader skims your resume.For more on how to punch up your verbs:5 Action Verbs That Will Energize Your ResumeHow to Create a Resume Packed with A ction WordsPowerful Action Verbs That Will Make Your Resume Look Like a Million BucksDon’t skimp on editing.The final proofread can be the first thing to go when you’re in a rush. It’s done, it needs to be out the door†¦it’s probably fine, right? Not so fast. If you’re only taking half an hour with your resume, make sure you slot five minutes at the end to do a careful read of the final doc before you hit send. Ideally, you’d have someone else look at it to make sure everything reads well and there are no glaring errors, but if you truly don’t have enough time to do that, use your own critical eye. You may only have half an hour to work on your resume, but you don’t want your resume to look like it.Make it look nice.Again, since you don’t have time for the deep resume dive, focus on as many of the aesthetics as you can. Is your layout clean and easy to read? Are there blocks of uninterrupted text that could be broke n into reader-friendly chunks? Is your resume free of odd formatting that might not work on a computer or device screen? A quick pass to make sure your resume looks appealing should be one of the last things you do before you send.Whether you’ve got 30 minutes or 300, you want to put out the best resume possible. After all, it can be your first step to a new job, and you want to make sure you’re presenting yourself in the best possible way. If you’re crunched for time, it’s important to accept that you don’t have time to finesse every detail- but you do have time to pick the most important points and shine them up so the reader never knows you had such a tight timeline.

Economics Module 3 Assignment Example | Topics and Well Written Essays - 500 words

Economics Module 3 - Assignment Example (10 pts.) Watch  at least one of the following entertaining videos:   (i)  LearnLiberty.orgs The Broken Window Fallacy  (3.09); and (ii)  Stossel Macro Video 04 - Government spending, jobs, and unemployment  (2.40) Listen  to or read at least one of the following pieces: (i)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  What is Seen and What Is Not Seen  by Frederic Bastiat. Or, listen-on-the-go to the  Audio   (8.11); and (ii)Creating Jobs vs. Creating Wealth  by Dwight Lee (Audio, 8.58 minutes).    Directions:   Use your knowledge of the â€Å"Broken Window Fallacy† to evaluate each of the following claims.   These statements are used frequently by proponents to argue that government spending can help pull an economy out of a recession.  What does economic analysis indicate with regard to this argument? (Hint:   Write the â€Å"seen† and the â€Å"not seen† effect of each one of these proposals.) 2.1  Ã‚  Ã‚  Ã¢â‚¬Å"I propose that we hire all of the unemployed people as government workers and pay half of them to dig holes and the other half to fill them back up.   This way everyone who wants a job can have one!† This is a true policy that was implemented by the government to basically find a reason to spend. As of now, the focal point is in spending when the government must enact programs to stimulate growth. FDR has similar initiatives during the Great Depression as he forced the government to spend in public infrastructure even when it was necessary. This policy created jobs and reached its objectives of keeping unemployment rates low. 2.2  Ã‚  Ã‚  Ã¢â‚¬Å"The unemployment rate is high and, therefore, it is time to stimulate the economy!   I propose that we use tax dollars to pay car dealers to destroy older used cars by smashing them and sending them to the dump.   This will cause people to buy new cars which will increase economic activity and put us on the path to

Internet Essay Example | Topics and Well Written Essays - 750 words - 2

Internet - Essay Example As said by Berners-Lee, World Wide Web should be accepted widely by the world, leaving a community behind is not justified. The focus here is on the community, which face problems in accessing the web because of some form of disability. Disabilities may be many for e.g. blindness, poor sight (partial blindness), colour blindness, deaf users, epileptic users, users unfamiliar to technology, non-English users, learning disabled people, aged people (senior citizens) etc. As per U.S. Census Bureau it is estimated that around 50 million people in United States have some form of physical or mental disability. To make the Internet really universal and explore its power of universality there has been a lot development in the field of making Internet more accessible by disabled people. The paper elaborates such developments in the field. Web 2.0 has led to the development and growth of web-based communities like social networking sites. There has also been considerable amount of development for making these sites accessible and easy for disabled people. Blind users who do not have the sight may utilize the screen reader. The screen reader reads the content of the page and reads aloud the selective part of page, which is important for information and page navigation (Webcredible, 2008). For users with partial or poor sight, the facility to enlarge the text is there. The text of the web site can be varied in the size but the text embedded in the images cannot be resized and so an alternative to images is kept which can render plain text against the images. The figures show that 1 in 12 men and 1 in 200 woman have some form of colour blindness (Webcredible, 2008). As a solution to this, the sites are trying to provide more flexibility in changing the text colour, size and type. A point under consideration is majority of the sites uses CAPTCHA images to register new users. This creates an inequality for