Margery Kempe and Mental Illness - 2438 Words

Margery Kempe: mother, mystic, mentally ill? Throughout The Book of Margery Kempe, Margery is burdened with the gift of tears. To onlookers, her behaviour seems erratic and threatening; strangers and acquaintances often wonder if devils possessing her cause her passionate wailing. Margery is often questioned about her tears, and isolated from people who fail to understand that she is one of Christ’s â€Å"chosen souls† (24). Margery sees these social difficulties as trials of her faith, and says, â€Å"For ever the more slander and reproof that she suffered, the more she increased in grace and in devotion of holy meditation† (Kempe 4). Even when her community berates her, she maintains that her tears are a gift and a form of penance, that her†¦show more content†¦Margery does not believe for a moment that she is ill; she only ever considers her experiences to be the work of God or of devils. Because her post-partum depression it is such a negative experi ence, she accepts that it must be the work of devils. We know now that stressful events such as childbirth can bring on the symptoms of various mental illnesses (Gray 587), and we also know that having one mental illness can increase likelihood of having another (Mental Illness). Therefore, it is possible that Margery’s post-partum depression opened the door to symptoms of other disorders, such as hallucinations. Margery, at the end of her depression, sees a vision of Christ, after which she is â€Å"as stabled in her wits and reason as ever she was before† (Kempe 8). If Margery was indeed suffering from post-partum depression, it is unlikely that she recovered as quickly as she describes. It is more likely that she had been slowly recovering and the vision acted as a sort of catalyst, causing her to realize her improvement. She may have gained a sense of optimism from the vision; it has been proven with various diseases that those with an optimistic outlook on recover y tend to recover better and more quickly than those who have a more pessimistic view (Repper 52). If the vision is a hallucination, it is interesting that the onset of new psychotic symptoms cure her of her depression. IShow MoreRelatedPostpartum Depression : A Severe Psychotic Syndrome1284 Words   |  6 Pagesdepression is a more common and less threatening mental illness than postpartum psychosis, however, Margery Kempe displays the more fatal symptoms. Several readers believe that Margery Kempe was a woman who devoted her life to God, however, after her first child was born Margery Kempe was recognizably sick and continued these symptoms throughout the entire book. In The Book of Margery Kempe, the first autobiography in the English Language, Margery Kempe displays the symptoms of hallucinations, cryingRead MorePostpartum Depression : A Severe Psychotic Syndrome1384 Words   |  6 PagesOlfson 800). Postpartum depression is a further common mental illness than postpartum psyc hosis, however Margery Kempe displays serious symptoms. Several readers believe that Margery Kempe was a woman who devoted her life to God, however, after her first child was born Margery Kempe was recognizably sick due to the feelings that she should not live. In The Book of Margery Kempe, the first autobiography in the English Language, Margery Kempe displays the symptoms of hallucinations, crying episodesRead MoreThe Book Of Margery Kempe ( Bmk )1863 Words   |  8 PagesThe Book of Margery Kempe (BMK), records the latter portion of Margery Kempe’s life as she has visions of Christ and struggles with the inevitable backlash of the clergy. Questions of her authority are brought up within the text as Margery is repeatedly arrested on counts of heresy and lollardy. While these sentiments are expressed in the text, her authority is also questioned by many readers and scholars. It has become common for modern scholars to dismiss Margery as another mystic less noteworthyRead Mo reWomen Of The Medieval Times1865 Words   |  8 Pagesintimacy, childbirth and household responsibilities were thrust upon them by the elder family members and the men that became their husbands. How did these women survive? Did the hardships inflicted on them day after day on a continuous basis lead to mental illness or a religious awakening? Perhaps the women of the Medieval Times were more intelligent and capable than one was lead to believe. What lengths would a person go through in order to survive an unbearable situation? Did the women of the Medieval

The Return Nightfall Chapter 18 Free Essays

string(31) " while the three girls winced\." Matt woke, fuzzily, to find himself still behind the steering wheel of Elena’s car. He stumbled into his house, almost forgetting to lock the car, and then fumbling with keys to unlock the back door. The house was dark; his parents were asleep. We will write a custom essay sample on The Return: Nightfall Chapter 18 or any similar topic only for you Order Now He made it up to his bedroom and collapsed on the bed without even taking off his shoes. When he woke again, he was startled to find it was nineA.M . and his mobile phone was ringing in his jeans pocket. â€Å"Mer’dith?† â€Å"We thought you were coming over early this morning.† â€Å"I am, but I’ve got to figure outhow first,† Matt said – or rather, croaked. His head felt twice its usual size and his arm at least four times too big. Even so, something in the back of his mind was calculating how to get to the boardinghouse without taking the Old Wood Road at all. Finally a few neurons lit up and showed him. â€Å"Matt? Are you still there?† â€Å"I’m not sure. Last night†¦God, I don’t evenremember most of last night. But on the way home – look, I’ll tell you when I get there. First I have to call the police.† â€Å"Thepolice ?† â€Å"Yeah†¦look†¦just give me an hour, okay? I’ll be there in an hour.† When he finally arrived at the boardinghouse, it was closer to eleven than to ten. But a shower had cleared his head, even if it hadn’t done much for his throbbing arm. When he did appear, he was engulfed in worried femininity. â€Å"Matt,what happened ?† He told them everything he could remember. When Elena, with set lips, undid the Ace bandage he had wrapped around his arm, they all winced. The long scratches were clearly badly infected. â€Å"They’re poisonous, then, these malach.† â€Å"Yes,† Elena said tersely. â€Å"Poisonous to body and mind.† â€Å"And you think one of these can getinside people?† Meredith asked. She was doodling on a notebook page, trying to draw something that looked like what Matt had described. â€Å"Yes.† For just a moment Elena’s and Meredith’s eyes met – then both looked down. At last Meredith said, â€Å"And how do we know whether one is inside†¦someone†¦or not?† â€Å"Bonnie should be able to tell, in trance,† Elena said evenly. â€Å"Even I might be able to tell, but I’m not going to use White Power for that. We’re going down to see Mrs. Flowers.† She said it in that special way that Matt had learned to recognize long ago, and it meant that no argument would do any good. She was putting her foot down, and that was that. And the truth was that Matt didn’t feel very much like arguing. He hated to complain – he’d played through football games with a broken collarbone, a sprained knee, a turned ankle – but this was different. His arm felt in danger of exploding. Mrs. Flowers was downstairs in the kitchen, but on the family room table were four glasses of iced tea. â€Å"I’ll be right with you,† she called through the swinging half-door that divided the kitchen from where they were standing. â€Å"Drink the tea, especially the young man who’s injured. It’ll help him relax.† â€Å"Herbal tea,† Bonnie whispered to the others, as if this were some trade secret. The tea wasn’t all that bad, although Matt would’ve preferred a Coke. But when he thought of it as medicine, and with the girls all watching him like hawks, he managed to get over half of it down before the landlady came out. She was wearing her gardening hat – or at least a hat with artificial flowers on it that looked as if it had been used for gardening. But on a cookie tray, she had a number of instruments, all gleaming as if they’d just been boiled. â€Å"Yes, dear, I am,† she said to Bonnie, who had stood up in front of Matt protectively. â€Å"I used to be a nurse, just like your sister. Women weren’t encouraged to be doctors then. But all my life I’ve been a witch. Gets kind of lonely, doesn’t it?† â€Å"It wouldn’t be so lonely,† Meredith said, looking puzzled, â€Å"if you lived closer to town.† â€Å"Ah, but then I’d have people staring at my house all the time, and children daring each other to run and touch it, or to throw a stone through my window, or adults peering at me every time I went shopping. And how could I ever keep my garden in peace?† It was the longest speech any of them had ever heard her make. It took them so by surprise that it was a moment before Elena said, â€Å"I don’t see how you can keep your garden in peace outhere . What with all the deer and rabbits and other animals.† â€Å"Well, most of it isfor the animals, you see.† Mrs. Flowers smiled beatifically and her face seemed to light up from within. â€Å"They surely enjoy it. But they don’t enjoy the herbs I grow for putting on scrapes and cuts and sprains and such. And perhaps they know I’m a witch, too, since they always leave me a bit of the garden for myself and maybe a guest or two.† â€Å"Why are you telling me all of this now?† Elena demanded. â€Å"Why, there’ve been times when I was looking for you, or for Stefan, when I thought – well, never mind what I thought. But I wasn’t always sure you were our friend.† â€Å"The truth is that I’ve gotten solitary and unsociable in my old age. But now you’ve lost your young man, haven’t you? I wish I had gotten up a little earlier this morning. Then I might have been able to speak to him. He left the money for a year’s rental of the room on the kitchen table. I’ve always had a soft spot for him, and that’s the truth.† Elena’s lips were trembling. Matt hastily and heroically lifted his wounded arm. â€Å"Can you help at all with this?† he asked, peeling the Ace bandage away again. â€Å"Oh, my, my. And what sort of critter gave you these?† Mrs. Flowers said, examining the scratches while the three girls winced. You read "The Return: Nightfall Chapter 18" in category "Essay examples" â€Å"We think it was a malach,† Elena said quietly. â€Å"Do you know anything about those?† â€Å"I’ve heard the word, yes, but I don’t know anything specific. How long ago did you get them?† she asked Matt. â€Å"They look more like tooth marks than claw marks.† â€Å"They are,† Matt said grimly, and he described the malach to her as best he could. It was partly to keep himself distracted, because Mrs. Flowers had picked up one of the gleaming instruments from the cookie tray and was starting to do things to his red and swollen arm. â€Å"Hold as still as you can on this towel,† she said. â€Å"These have already scabbed over, but they need to be opened and drained and cleaned out properly. It’s going to hurt. Why don’t one of you young women hold his hand to help keep his arm steady?† Elena started to stand but Bonnie beat her to it, almost leaping over Meredith to take Matt’s hand in both of her own. The draining and cleaning were painful, but Matt managed to bear it without making a sound, even giving Bonnie a sort of sickly grin as blood and pus trickled out of his arm. The lancing hurt at first, but the release of pressure felt good, and when the wounds were drained and clean and then packed with a cold herbal compress, they felt blessedly cool and ready to heal properly. It was while he was trying to thank the old woman that he noticed Bonnie staring at him. In particular, at his neck. Suddenly she giggled. â€Å"What? What’s funny?† â€Å"The bug,† she said. â€Å"It gave you a hickey. Unless you did something else last night that you didn’t tell us about.† Matt could feel himself flush as he pulled his collar up higher. â€Å"I did tell you about it, and it was the malach. It had a sort of tentacle with suckers around my neck. It was trying to strangle me!† â€Å"I remember now,† Bonnie said meekly. â€Å"I’m sorry.† Mrs. Flowers even had an herbal ointment for the mark the sucker tentacle had left – and one for Matt’s scraped knuckles. After she’d applied them, Matt felt so good that he was able to look sheepishly at Bonnie, who was watching him with big brown eyes. â€Å"I know, it does look like a hickey,† he said. â€Å"I saw it this morning in the mirror. And I’ve got another one lower down, but at least my collar covers that one.† He snorted and reached into his shirt to apply more ointment. The girls laughed – a release of the tension that they’d all been feeling. Meredith had started back up the narrow stairway to what everyone still thought of as Stefan’s room, and Matt automatically followed her. He didn’t realize that Elena and Bonnie were hanging back until he was halfway up the stairs, and then Meredith motioned him onward. â€Å"They’re just conferring,† Meredith said, in her quiet, no-nonsense voice. â€Å"Aboutme ?† Matt swallowed. â€Å"It’s about that thing Elena saw inside Damon, right? The invisible malach. And whether or not I’ve got one – inside me – right now.† Meredith, never one to soft-pedal anything, simply nodded. But she put a hand briefly on his shoulder as they entered the dim, high-ceilinged bedroom. Shortly after, Elena and Bonnie came up, and Matt could tell at once by their faces that the worst-case scenario wasn’t true. Elena saw his expression and immediately went to him and hugged him. Bonnie followed, more shyly. â€Å"Feel okay?† Elena said, and Matt nodded. â€Å"I feel fine,† he said. Like wrestling alligators, he thought. Nothing was nicer than hugging soft, soft girls. â€Å"Well, the consensus is that you don’t have anything inside you that doesn’t belong there. Your aura seems clear and strong now that you’re not in pain.† â€Å"Thank God,† Matt said, and he meant it. It was at that moment that his mobile phone rang. He frowned, puzzled at the number displayed, but he answered it. â€Å"Matthew Honeycutt?† â€Å"Yes.† â€Å"Hold, please.† A new voice came on: â€Å"Mr. Honeycutt?† â€Å"Uh, yeah, but – â€Å" â€Å"This is Rich Mossberg of the Fell’s Church Sheriff’s Department. You called this morning to report a fallen tree midway down Old Wood Road?† â€Å"Yes, I – â€Å" â€Å"Mr. Honeycutt, we don’t like prank calls of this sort. We frown upon them, in fact. It takes up the valuable time of our officers, and besides, it happens to be a crime to make a false report to the police. If I wanted to, Mr. Honeycutt, I could charge you with this crime and make you answer to a judge. I don’t see just what you find so amusing about it.† â€Å"I wasn’t – I don’t findanything amusing about it! Look, last night – † Matt’s voice trailed off. What was he going to say?Last night I was waylaid by a tree and a monster bug? A small voice inside him added that the Fell’s Church Sheriff’s officers seemed to spend most of their valuable time hanging around the Dunkin’ Donuts in the city square, but the next words he heard shut it up. â€Å"In fact, Mr. Honeycutt, under the authority of Virginia State Code, Section 18.2-461, making a false police report is punishable as a Class 1 misdemeanor. You could be looking at a year in jail or a twenty-five-thousand-dollar fine. Do you findthat amusing, Mr. Honeycutt?† â€Å"Look, I – â€Å" â€Å"Do you, in fact,have twenty-five thousand dollars, Mr. Honeycutt?† â€Å"No, I – I – † Matt waited to be cut off and then he realized that he wasn’t going to be. He was sailing off the edge of the map into some unknown region. What to say?The malach took the tree away – or maybe it moved by itself ? Ludicrous. Finally, in a creaky voice he managed, â€Å"I’m sorry they didn’t find the tree. Maybe†¦somehow it got moved.† â€Å"Maybe somehow it got moved,† the sheriff repeated expressionlessly. â€Å"In fact maybe somehow it moved itself the way that all those stop signs and yield signs keep moving themselves away from intersections. Does that ring a bell, Mr. Honeycutt?† â€Å"No!† Matt felt himself flush deeply. â€Å"I would never move any kind of street sign.† By now the girls were clustered around him, as if they could somehow help by appearing as a group. Bonnie was gesturing vigorously, and her indignant expression made it clear that she wanted to tell the sheriff off personally. â€Å"In fact, Mr. Honeycutt,† Sheriff Mossberg cut in, â€Å"we called your home number first, since that’s the phone you used to place the report. And your mother said that she hadn’t seen you at all last night.† Matt ignored the little voice that wanted to snap,Is that a crime? â€Å"That was because I got held up – â€Å" â€Å"By a self-propelled tree, Mr. Honeycutt? In fact we had already had another call about your house last night. A member of Neighborhood Watch reported a suspicious car roughly in front of your house. According to your mother, you recently totaled your own car, isn’t that right, Mr. Honeycutt?† Matt could see where this was going and he didn’t like it. â€Å"Yes,† he heard himself say, while his mind worked desperately for a plausible explanation. â€Å"I was trying to avoid running over a fox. And – â€Å" â€Å"Yet there was a report of a brand new Jaguar lingering in front of your house, just far enough away from the streetlight to be – inconspicuous. A car so new that it had no license plates. Was that, in fact, your car, Mr. Honeycutt?† â€Å"Mr. Honeycutt’s my father!† Matt said desperately. â€Å"I’m Matt. And it was my friend’s car – â€Å" â€Å"And your friend’s name is†¦?† Matt stared at Elena. She was making wait gestures, obviously trying to think. To sayElena Gilbert would be suicidal. The police, of all people, knew that Elena Gilbert was dead. Now Elena was pointing around the room and mouthing words at him. Matt shut his eyes and said the words, â€Å"Stefan Salvatore. But he gave the car to his girlfriend?† He knew he was ending his sentence so that it sounded like a question, but he could hardly believe Elena’s coaching. Now the sheriff was beginning to sound tired and exasperated. â€Å"Areyou askingme , Matt? So you were driving the brand-new car of your friend’s girlfriend. And her name is†¦?† There was a brief moment when the girls seemed to disagree and Matt hung in limbo. But then Bonnie threw her arms up and Meredith moved forward, pointing to herself. â€Å"Meredith Sulez,† Matt said weakly. He heard the hesitation in his own voice and he repeated, huskily but with more conviction, â€Å"Meredith Sulez.† Now Elena was whispering rapidly in Meredith’s ear. â€Å"And the car was purchased where? Mr. Honeycutt?† â€Å"Yes,† Matt said. â€Å"Just a second – † He put the phone into Meredith’s outstretched hand. â€Å"This is Meredith Sulez,† Meredith said smoothly, in the polished, relaxed tones of a classical music disk jockey. â€Å"Miss Sulez, you’ve heard the conversation so far?† â€Å"Ms.Sulez, please, Sergeant. I have.† â€Å"Did you, in fact, lend your car to Mr. Honeycutt?† â€Å"I did.† â€Å"And where is Mr.† – there was a shuffling of paper – â€Å"Stefan Salvatore, the original owner of the car?† He’s not asking her where they bought it, Matt thought. He must know. â€Å"My boyfriend is away from town right now,† Meredith said, still in the same refined, unflappable voice. â€Å"I don’t know when he’ll be back. When he is, shall I have him call you?† â€Å"That might be wise,† Sheriff Mossberg said dryly. â€Å"These days very few cars are bought with cash on the line, especially brand-new Jaguars. I’d like your driver’s license number, also. And, in fact, I’d very much like to speak to Mr. Salvatore when he returns.† â€Å"That may be very soon,† Meredith said, a bit slowly, but following Elena’s coaching. Then she recited her driver’s license number from memory. â€Å"Thank you,† Sheriff Mossberg said briefly. â€Å"That will be all for – â€Å" â€Å"May I just say one thing? Matt Honeycutt would never, ever remove stop signs or yield signs. He’s a very conscientious driver and was a leader in his high school class. You can speak to any of Robert E. Lee High School’s teachers or even the principal if she’s not on vacation. Any one of them will tell you the same thing.† The sheriff didn’t seem to be impressed. â€Å"You can tell him from me that I’ll be keeping an eye on him in the future. In fact it might be a good idea if he stopped in the Sheriff’s Department today or tomorrow,† he said, and then the phone went dead. Matt burst out, â€Å"Stefan’s girlfriend? You, Meredith? What if the car dealer says the girl was a blond? How are we going to work that out?† â€Å"We aren’t,† Elena said simply from behind Meredith. â€Å"Damon is. All we have to do is to find him. I’m sure he can take care of Sheriff Mossberg with a little mind control – if the price is right. And don’t worry about me,† she added gently. â€Å"You’re frowning, but everything is going to be fine.† â€Å"You believe that?† â€Å"I’m sure of it.† Elena gave him another hug and a kiss on the cheek. â€Å"I’m supposed to stop by the Sheriff’s Department today or tomorrow, though.† â€Å"But not alone!† Bonnie said, and her eyes were sparkling with indignation. â€Å"And when Damon goes with you, Sheriff Mooseburger will end up being your best friend.† â€Å"All right,† Meredith said. â€Å"So what are we doing today?† â€Å"The problem,† Elena returned, tapping an index finger against her upper lip, â€Å"is that we’ve got too many problems at once and I don’t want anybody – and I mean anybody – going out alone. It’s clear that there are malach in the Old Wood, and that they’re trying to do unfriendly-type things to us. Kill us, for one.† Matt basked in the warm relief of being believed. The conversation with Sheriff Mossberg had shaken him more than he wanted to show. â€Å"So we make up task forces,† Meredith said, â€Å"and we split the jobs between them. What problems do we need to plan for?† Elena ticked off the problems with her fingers. â€Å"One problem is Caroline. I really think someone should try to see her, at the very least to try and find out if she has one of thosethings inside her. Another problem is Tami – and who knows who else? If Caroline is†¦contagious somehow, she might have spread it to some other girl – or guy.† â€Å"Okay,† Meredith said, â€Å"and what else?† â€Å"Someone needs to contact Damon. Try to find out from him anything he knows about Stefan leaving, and also try to get him to go in to headquarters with us to influence Sheriff Mossberg.† â€Å"Well, you’d better be on that last team, since you’re the only one Damon’s likely to talk to,† said Meredith. â€Å"And Bonnie should be on it, so she can keep – â€Å" â€Å"No. No Calling today,† Bonnie pleaded. â€Å"I’m so sorry, Elena, but I just can’t, not without a day of rest between. And besides, if Damon wants to talk to you, all you need to do is to walk – notinto the forest, butnear it – and call to him yourself. He knows everything that’s going on. He’ll know you’re there.† â€Å"Then I should go with Elena,† Matt reasoned. â€Å"Since that sheriff is my problem. I’d like to go by the place where I saw the tree – â€Å" At once there was a protest from all three girls. â€Å"I said I’dlike to,† Matt said. â€Å"Not that we should plan for it. That’s one spot we know is too dangerous.† â€Å"All right,† Elena said. â€Å"So Bonnie and Meredith will visit Caroline, and you and I will go Damon hunting, all right? I’d rather go Stefan hunting, but we just don’t have enough information yet.† â€Å"Right, but before you go, maybe stop by Jim Bryce’s house. Matt has an excuse to stop by anytime – he knows Jim. And you can check on Tami’s progress as well,† Meredith suggested. â€Å"Sounds like plans A, B, and C,† Elena said, and then, spontaneously, they all laughed. It was a clear day, with a hot sun shining overhead. In the sunlight, despite the minor annoyance of Sheriff Mossberg’s call, they all felt strong and capable. None of them had any idea that they were about to walk into the worst nightmare of their lives. Bonnie stood back as Meredith knocked at the front door of the Forbes home. After a while of no answer and silence inside, Meredith knocked again. This time Bonnie could hear whisperings and Mrs. Forbes hissing something, and Caroline’s distant laughter. Finally, just as Meredith was about to ring the bell – the height of discourtesy between neighbor and neighbor in Fell’s Church – the door opened. Bonnie neatly slipped a foot in, keeping it from being shut again. â€Å"Hi, Mrs. Forbes. We just†¦Ã¢â‚¬  Meredith faltered. â€Å"We just wanted to see if Caroline was any better,† she finished in a tinny-sounding voice. Mrs. Forbes looked as if she’d seen a ghost – and she’d spent all night running from it. â€Å"No, she’s not. Not better. She’s still – sick.† The woman’s voice was hollow and distant and her eyes scanned the ground just over Bonnie’s right shoulder. Bonnie felt fine hairs on her arms and the back of her neck stand up. â€Å"Okay, Mrs. Forbes.† Even Meredith sounded false and hollow. Then someone said suddenly, â€Å"Areyou all right?† and Bonnie realized it was her own voice. â€Å"Caroline†¦isn’t well. She’s†¦not seeing anyone,† whispered the woman. An iceberg seemed to glide down Bonnie’s spine. She wanted to turn and run from this house and its aura of malevolence. But at that moment Mrs. Forbes suddenly slumped. Meredith was barely able to break her fall. â€Å"She’s fainted,† Meredith said tersely. Bonnie wanted to say,Well, put her on the rug inside and run! But they could hardly do that. â€Å"We’ve got to take her inside,† Meredith said flatly. â€Å"Bonnie, are you okay to go?† â€Å"No,† Bonnie said just as flatly, â€Å"but what choice do we have?† Mrs. Forbes, small as she was, was heavy. Bonnie held her feet and followed Meredith, step by reluctant step, into the house. â€Å"We’ll just put her on her bed,† Meredith said. Her voice was shaky. There was something about the house that was terribly unsettling – as if waves of pressure kept bearing down on them. And then Bonnie saw it. Just a glimpse as they stepped into the living room. It was down the hallway, and it could have been the play of light and shadow there, but it looked for all the world like a person. A person scuttling like a lizard – but not on the floor. On the ceiling. How to cite The Return: Nightfall Chapter 18, Essay examples

European Business Organization Law

Question: Discuss about the European Business Organization Law. Answer: Introduction Auditing is the process of checking and verifying the accounts and books of accounts of the organisation so that the shareholders and the public get actual face and position of the organisation. The report focuses on the liability of the auditors after the global financial crisis and the collapse of Lehman Brothers. The given scenario says that while working in the Chartered counting firm, a report has to be prepared for analysing the potential liability of the auditors that they have to face because of the global financial rises. The report discussed the introduction of the global financial crisis and the actual reason behind it. It also discusses that how auditors led to the situation and their role is discussed in relation to the scenario. How the situation of Global financial crisis occurred? As per Amadeo (2016), Global financial crisis is the period in which the markets face a difficulty of shortage of money in the economy. It is the situation which initiated in the year 2007 when the investors of US created a credit crunch. The federal bank of US released a lot of finance into the markets and in the next year i.e. 2008, the situation worsened. The banks created too much of money in a small period of time which lifted up the prices of the goods and services. People began to speculate on the financial markets. Slowly and gradually the amount of debt increased in the economy. Eventually the amount of debts became unplayable for the people because the amount of debts was more than the incomes of people. The payment of debts lead to the insolvency of banks and this finally led to the financial crisis. The people who borrowed too much were asked to repay their debts so they had to sell their assets soon. The prices of property and other products dropped and the banks cut dow n the lending to the borrowers further. This was the period of recession and credit crunch. As a result, the economy shrunk (Davies, 2014). Collapse of Lehman Brothers and role of auditors As per Wiggins, et al. (2015), Lehman Brothers was a firm providing global financial services and it was the fourth largest investment bank in US before it collapsed in the year 2008. Founded in 1850, the firm operated for 158 years. Lehman Brother appointed Ernst Young as their auditor from past many years. These auditors were responsible for auditing the financial statements of the firm and present their option that the financial position of the company is presented in the rue or fair manner or not. Ernst Young was responsible to detect the fraud, if any and communicate it with the audit board of the company. In the year 2008, Lehman brothers declared itself as insolvent which was considered as the biggest insolvency in the financial sector. The firm was in debt with around $619 billion. With the bankruptcy, the 25000 employees of the bank got unemployed at once. It brought financial crisis globally. The bankruptcy led to the downfall of global equity markets and everything else was affected due to it. It was found after the insolvency that Ernst Young used questionable accounting methods. It was found that the accounting transactions were done using Repo 105 which helps in making the results better than they are in real. It also concealed the failure of the bank and the auditors concealed this fact. Ernst Young was believed to know that Lehman Brothers used their liquidity assets which were impaired. Ernst Young was questioned on this case and it didnt accept any wrong practices or knowledge about these findings. It was believed that Ernst Young did not fulfilled its responsibilities and performed against the rules and responsibilities of auditors which is to disclose true and fair view of the books of accounts in public. From the year 2001, Ernst Young was the auditor of Lehman Brothers. But in 2008, the firm filed for bankruptcy even when the books of accounts were verified by the audit firm Ernst Young. According to Ernst Young, they followed the generally accepted accounting principles (GAAP) and the collapse was not because of any accounting mistakes. This incident raised a debate on the role of independent auditors in corporate environment (Wiggins, et al., 2015). Ernst Young charged $31 million for conducting the audit of Lehman Brothers. It is found that the internal auditors of the company tried to give signs of failure and mismanagement of books of accounts but Ernst Young ignored those signs which created the blunder in the financial markets (Chatterjee, 2015). It was also found that Ernst Young was paid a very high amount for concealing these facts and numbers which is denied by the audit firm but the investors of Lehman brothers had big loss because of this incident and they filed a case against the audit firm. Later on, Ernst Young paid $99 million to these investors just to settle the case in the later years (Elliott, 2011). Auditors are responsible for checking and verifying the books of accounts of the companies to inform and present their fair and true opinion in the public. But the same did not happen in the case of Lehman brothers which led to the financial crisis at a global level. It also raised questions on the role of external auditors and their practices (Norgren, 2010). As per Flores (2011), the auditors are responsible for following the International Standards on Auditing for better and true representation of accounts of the company. The users of the financial accounts, the investors believe on them because they think of them as genuine and verified by the auditors. The auditors are liable to follow the professional standards and check each and everything genuinely so that true and fair view can be given. Once, the report is developed, it is to be signed by the auditors to showcase that it is the true opinion of auditor on the companys financial accounts. If the auditors conceal the facts and real situation of the company, it is taken as crime and the auditors are believed to be involved in the fraud which is against the roles of the auditor. The independent and external auditor is responsible for presenting his opinion on the companys financial accounts which should be guarded with the accounting frameworks, rules and guidelines. An auditor is responsible to follow the ethics and do not misrepresent any fact or incidence which can affect the true and fair representation of the books of accounts or the audit report by the auditor. Auditors are responsible to go through the internal control systems of the company and do physical verifications wherever possible. They play a key role in ensuring and protecting the interest of the shareholders as the shareholders believe in the honesty of auditors and have faith on them. The external auditors increases and enhances the value of the audited books of accounts of the firms. The auditor is responsible for assessing the risks in the firm and also responsible for having an independent opinion. They should also have a strong evidence to form their opinion. An auditor should be indep endent which means that he should not be influenced by the client or any other third party. Failing to this will degrade the credibility of the audit report. Auditors take huge amounts of fees for auditing the books of accounts which creates a responsibility to provide enough time, efforts and knowledge in presenting their fair opinion on those accounts. Potential liability that auditors face as a result of Global financial crisis Global financial crisis creates huge impact over the business as this result in impact over the performance of the business. It is the responsibility of the auditor to disclose all the aspects which it has analysed during the audit so as to present all the findings in front of the stakeholders of the business. The silence of the auditor over the financial statements of the company affects the responsibility of the auditor and various questions arise over the role played by the auditor (Amadeo, 2016). The responsibility or the duty of an auditor is to investigate the different aspects of business and present or disclose the findings in front of the stakeholders in a true and fair manner. Auditor need to identify the frauds which are perpetuated deep inside the business. An auditor has no responsibility for the decisions taken by the business and the enhancement or depletion in the performance and profitability of the business. Businesses focus over conducting audit for the purpose of checking the valuation methods selected by the business. In the case of Lehman Brothers, silence of the auditors over the financial statements of the company has disclosed the level of effectiveness of the role played by the auditors in performing their duty (Wiggins, et. al., 2015). From the case of Lehman Brothers it has been analysed that various issues have been identified on the role played by the auditor of the company. It is the duty of auditor to perform their duties or role in a fair and honest manner. The auditors of Lehman Brothers were expected to give fair and honest views over the financial statements of the company so as to display the real situation of the company. Effectiveness needs to be maintained in checking the financial statements by the auditors as the frauds or issues have been identified in the financial statements. After disclosure of the financial crisis of Lehman Brothers the auditors need to be more aware and conscious (Amadeo, 2016). It was their responsibility to apply proper and effective checking techniques for the purpose of providing or disclosing the fair and honest views over the financial statements of Lehman Brothers. Auditors were being criticised for the Lehman Brothers case as this has affected the reputation or image of the auditors. For the purpose of gaining the trust again auditors need to work in an effective manner for presenting the fair view. Different standards have been set for the purpose of guiding the auditors for performing their role in an effective manner. These audit standards have been formed for maintaining the integrity of the auditor for ensuring the fairness of the disclosure of the statements. These audit standards acts as a strategies or solutions for the issues or the problems faced by the auditors during the audit of the financial statements (Wiggins, et. al., 2015). Stakeholder trusts the auditor and assumes that auditor will act in neutral manner between the company and the stakeholder. The motive of the auditor should be to present fair views and conduct audit of the accounts or financial statements of the company. Auditors have right to reject the clients when any doubt or issue has been identified. As the frauds perpetuated in the company or in the environment of the company can affect the fair and honest representation of the financial statements of the company. The clients also need to provide proper space and freedom to auditors in checking the accounts so as to ensure that the audit is done in an effective manner. Auditor must feel free during the process of audit of the financial statements so as to maintain integrity (Norgren, 2010). Conclusion From the execution of this report it can be analysed that it is the responsibility of the auditor to provide fair and honest view of the financial statements of the company so as to analyse the financial condition in front of the stakeholders of the company. Stakeholders have substantial interest in the operation of the company and fair view need to be presented in front of them. In the case of Lehman brothers issues or suspicious activities have been identified by the auditors of the company. Different financial crisis have been analysed which have affected the financial statements of the company. From the audit of Lehman brothers auditors Ernst Young have analysed that various aspects were hidden from the stakeholders of the company. It was a case of concealment of the information from the stakeholders. It is the responsibility of the auditor to ensure that the fair and true disclosure is done of the financial statements of the company which discloses the frauds or the issues affe cting the interest of the stakeholders. After the occurrence of the case of Lehman brothers, integrity of the auditors is at risk which needs to be maintained. Different auditing standards have been prepared by the respective authorities for the purpose of providing support and help to the auditors in performing their duties well. These standards of auditing act as a solution for the issues or problems faced by the auditors during the audit of the financial statements of the company. These standards ensure that these cases are not getting repeated. Disclosure need to be done in an effective manner for providing fair presentation to the stakeholders of the company. Recommendations Recommendations need to be made for the purpose of enhancing the auditing process. These recommendations will help in the fair and honest representation of the financial statements and disclosure of the fair view. Auditors should be ensured that proper checking techniques are implemented and the standards of auditing are correctly followed. Internal audit must be conducted and the auditor needs to engage few auditors at the workplace of the company so as to keep proper and effective check. The auditors need to be set free for the purpose of selection of the client so as to ensure that no fraud is affecting the company and its performance. Proper and effective communication channel should be implemented so as to keep a proper check over the various activities of the company. References Amadeo, K., 2016, 2008 Financial Crisis: Causes, Costs and Could It Reoccur?, thebalance. Chatterjee, P., 2015, Ernst Young Pays $10 Million To Settle Lehman Brothers Audit Failure Lawsuit, CorpWatch. Davies, J., 2014, Global Financial Crisis What caused it and how the world responded, Canstar. Elliott, L., 2011, Global financial crisis: five key stages 2007-2011, the guardian. Flores, C. 2011, "New Trends in Auditor Liability",European Business Organization Law Review (EBOR),vol. 12, no. 3, pp. 415-436. Norgren, C., 2010, The Causes of the Global Financial Crisis and Their Implications for Supreme Audit Institutions, Riksrevisionen. Shah, A., 2013, Global Financial Crisis, Global Issues. Wiggins, R. Z., Bennett, R. L., Metrick, A., 2015, The Lehman Brothers Bankruptcy D: 1 The Role of Ernst Young, Yale program on financial stability case study, 3D-V1.

Launching Instant Coffee in Indian Market

Introduction Since ages Indians have been more inclined towards tea rather than coffee. As such, marketing coffee in India can be a tough job. But owing to the marketing strategies of companies like Starbucks, a trend of coffee drinking has started picking up, especially among the younger generation.Advertising We will write a custom essay sample on Launching Instant Coffee in Indian Market specifically for you for only $16.05 $11/page Learn More There are certain local companies also that manufacture coffee. But the quality of such brands is not up to the mark and moreover, the target customers of such companies are the middle class customers. Middle class people include the small business people, professionals. Even the canteens in colleges and universities serve these brands of coffee. It should be understood that the market trends differ from country to country. India is a developing country and as such, the people are not accustomed to the tradition s of the Western countries. The existing managerial literature proves that the marketing strategies available for internalization are not basically the same across cultures (Cayla Arnould, 2008). But as studies and surveys show that India is fast catching up with the Western culture, it is expected that the coffee culture will also soon be prevalent among the people. This report analyzes and justifies a marketing plan for the introduction of instant coffee into the Indian market. The paper also outlines the possible drawbacks and the means to overcome them. The following flow chart demonstrates the graphical representation of the marketing plan. Figure 1: Marketing Plan (McDonald Keegan, 2002) In this report, we shall analyse the performance of coffee in the Indian market using SWOT and PESTEL analysing methods.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Market Analysis/Audit Exter nal Audit This kind of audit is done on variables that the organization cannot control. One of the most commonly used tool for analysing the market of any product is PESTEL. It means the Political, Economical, Social, Technological, Environmental and Legal aspects that may affect any business. Figure 1: PESTEL Analysis Economic India is currently the fifth largest economy in purchasing power parity, not mentioning its growing middle class and youth with more disposable income (Johnson Tellis, 2008). Since the target customers are the youth, the probability of success of instant coffee in India is high. Political India is a huge democratic country and the government is engaged in the welfare of its citizens through various economic policies. The infrastructure system of India is becoming better day by day. These factors can be of advantage to any new company that wants to start its operations in India. Technological India is a fast developing country and as such, the modern t echnological inventions are being adopted in all spheres of life. Social-cultural The new company may experience uncertainty avoidance from local consumers due to the predominantly Indian tea-drinking culture. The company may also face a cultural distance between its own marketing strategies and those of its partners in joint ventures (Heerden Barter, 2008). The enormous diversity of India, which is typified by inconsistent policies and social-economic inequalities, may also serve as a hindrance (Johnson Tellis, 2008).Advertising We will write a custom essay sample on Launching Instant Coffee in Indian Market specifically for you for only $16.05 $11/page Learn More Legal India has stringent policies regarding foreign-owned businesses. There are certain rules to be followed and taxes are imposed on foreign products. Environmental There are many social groups in India that are engaged in the preservation of the environment against pollution. These groups stage protests against companies that are responsible for any kind of pollution. If the new company has to face such protests, it will tarnish its image. It should be the prime concern of the company to adhere to the non-pollution policy. Market trends: â€Å"†¦the market for coffee in India has been growing steadily as consumers are becoming more acceptable towards international and premium brands† (BusinessWire, 2011). Internal Audit This kind of audit is done on variables than can be controlled by the organization Current Market Position The current market position of the company will have a great impact on its venture in India. It is a human tendency or psychology to go after the renowned ones. Target Market Traditional target market for the new company includes the â€Å"affluent, well-educated, white collar customers† between the ages of 25 and 44. As the companies expand internationally, an emergent target market consists of the â€Å"younger, less well-educated customers in a lower income bracket† (Moon Quelch, 2003). SWOT Analysis Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Strengths Analysis Coffee is a habit in the Western culture. Since India is a developing country and the people are fast accepting the foreign products, the company can take advantage of the good opportunity for entering the rapidly growing instant coffee market in India. Weaknesses Analysis The company is yet to make inroads into the Indian tea-drinking culture and it is expected that it may meet challenges trying to establish itself (Johnson Tellis, 2008). The company may suffer great financial losses if the U.S. retail stores under perform because of harsh economic conditions or intense competition. Opportunities Analysis The company can enter into brand-franchising agreements with other partners in emerging markets to boost its sales, reputation and competitiveness (Johnson Tellis, 2008). Threats Analysis a) Highly competitive market The main competitors of the company in India are Cafe Coffee Day and Barista. b) Socio-political Groups There are certain social and political gr oups that are opposed to foreign products. Even though the number of such groups is limited, they can create unnecessary nuisance. Assumptions Assumptions are critical in any marketing plan as they function to standardize the planning environment (McDonald Keegan, 2002). This plan assumes that instant coffee will achieve a market segment of 10 percent before December 2012 as the company engages more partners and franchises in the Indian market. Price competition for the instant coffee market in India will force price levels down by 15% across the board. Marketing Objectives Strategies Marketing Objectives The marketing objective of the company should be to create a rare coffee experience that will make customers in India to visit established outlets for the coffee, stay for the striking environment, and return for the connection. It should be the policy of the company to build an image and reputation separate from competitors aimed at creating brand loyalty. Marketing Strategies V enkatesh notes that â€Å"†¦market segmentation is a strategy in which a large heterogeneous market is broken down into small homogenous segments and a separate marketing program is developed for each segment† (Venkatesh, 2011). The market segment selected for instant coffee is the high-end consumer segment and the strategy used will be price discrimination. Estimation of Expected Results It is expected that the introduction of instant coffee into the Indian market will assist the company to rapidly expand its retail operations and increase growth in its speciality sales and other operations. It is also expected that customers will achieve higher satisfaction levels. Identification of Alternative Plans and Mixes Alternative Plan Based on initial sales of instant coffee, the company may decide to introduce a new instant coffee product to target the middle class. Sheth observes that â€Å"the new middle class, especially in large population markets in China and India, is creating large-scale first-time buyers of everything† (Sheth, 2011). Marketing Mix for Instant Coffee a) Product The product – instant coffee – falls under the category of convenience products since it can be purchased from selected retail outlets and supermarkets. It lacks the signature bitterness and darker-roast temperament of brewed coffee, thus is seen as an excellent choice to compete in traditional tea-drinking cultures such as India (Business Pundit, n.d.). b) Price Instant coffee will be marketed to the higher-end consumer bracket, thus will be retailed at a premium price. The company wishes to use the high price tag to demonstrate the high value of the product and its commitment to adequately satisfy customer needs and demands. Chan et al are of the opinion that an effective price discrimination strategy communicates the unique value of a particular product to the customers (Chan et al, 2010). c) Place The place where a product first premiered and the d istribution networks that exist to ensure the product is adequately restocked are critical success factors for any internalization exercise (Chandrasekaran Tellis, 2008). Instant coffee is set to premier in the cities of Mumbai and New Delhi due to their affluent upper class and high population rates. Promotion Promotional activities are critical in exposing the product to the local audience and in targeting marketing communications with the view to elicit positive responses from the targeted audience (Narayan Manchanda, 2009). The company’s promotional activities will revolve around the word of mouth. Budget Marketing and other related activities are costly and, as such, organizations intending to launch new products into global markets must prepare adequately if they are to succeed in their endeavours. The company should allocate a fixed budget for the launch and promotional activities in India. First Year Implementation Programme The company will embark on partnering w ith local enterprises that share in the values and commitments of the company. The product will be initially introduced into two of such partnerships in Mumbai and New Delhi to evaluate uptake before comprehensive roll-out strategy into other major cities across India is kicked off in 2012. Although TV commercials will be aired in mainstream channels to introduce the new product, the main promotional strategy will be through word of mouth. A Market research survey will be done in September 2012 to assess customer attitudes and market share. Conclusion Studies demonstrate that most organizations target to enter international markets not only to exploit their existing competitive advantages but also to sustain and develop their strategic positioning. Other factors, such as profits and growth targets, international market opportunities, economies of scale, intense competition in traditional markets, saturated existing market and proximity to global consumers, may also account. With the introduction of instant coffee into the mainstream Indian market, the company will not only be aiming to enhance its competitiveness but also its strategic positioning. It may take some time but if the company adheres to all the parameters mentioned in this paper, success is sure to be achieved. References Cayla, J. Arnould, E.J. (2008). A Cultural Approach to Branding in the Global Marketplace. Journal of International Marketing, 16(4), 86-112. Chandrasekaran, D. Tellis, G.J. (2008). Global Takeoff of New Product: Culture, Wealth, or Vanishing Difference? Marketing Science, 27(5), 844-860. Heerden, V. Barter, C. (2008). The Role of Culture in the Determination of a Standardized or Localized Marketing Strategy. South African Journal of Business Management, 39(2), 37-44. Johnson, J. Tellis, G.J. (2008). Drivers of Success for Market Entry into China and India. Journal of Marketing, 72(3), 1-13. McDonald, M. Keegan, W.J. (2002) Marketing Plans that Work. 2nd ed. Woburn, MA: Butt erworth-Heinemann. Moon, Y. Quelch, J. (2003). Starbucks: Delivering Customer Service. Harvard Business School. Narayan, S. Manchanda, P. (2009). Heterogeneous Learning and the Targeting of Marketing Communication for New Products. Marketing Science, 28(3), 424-441. Sheth, J.N. (2011). Impact of Emerging Markets on Marketing: Rethinking Existing Perspectives and Practices. Journal of Marketing, 75(4), 166-182. This essay on Launching Instant Coffee in Indian Market was written and submitted by user Tomas Thompson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Dimmesdale as Tragic Hero essays

Dimmesdale as Tragic Hero essays One may ask how The Scarlet Letter would fit the structure of a classical tragedy. The answer to this question is quite simple if you know how to identify a tragedy. A tragedy is a story that depicts serious incidents in which protagonists undergo a change from happiness to suffering, and often involves the death of others as well as the main characters. In The Scarlet Letter, Dimmesdale follows this structure perfectly. He is happy in the beginning, and then declines into suffering and finally, death. Many people believe that despite his less than noble actions, Dimmesdale can be considered the tragic hero. In order for us to give him that identity, we must investigate how Dimmesdale fits the characteristics of a tragic hero. In my opinion, if Dimmesdale is the hero, he must be in a high social state, have a tragic flaw, and fall to his ultimate fate. Being the minister of the town qualifies Dimmesdale as a person of high social status. He is loved by many people for giving his intelligent and persuasive sermons. Almost every hero that has ever existed had this quality of high social status. If you look back into time, Beowulf, Superman, King Arthur: these heroes were all looked up to by many. In order for heroes to earn their names, they must have people that believe in them. In The Scarlet Letter, Dimmesdale had many people believing in him. His people believed in him so much that when Dimmesdale confessed to having sinned with Hester Prynne, they could not even picture him going against all that he has taught them. From committing the sin in the first place, Dimmesdale consequently became a more emotional and powerful minister, and his congregation had no idea that it was because of his shame. Dimmesdale had the townspeople on his side throughout the entire story until his confession and death. Dimmesdale had preached so str ongly about sinning that his own followers could not forgive him, and they plac ...

Using Quotes About Yourself

Using Quotes About Yourself When you sign up on a social networking or blogging site, you find a corner that is usually titled: About Me. In this space, you are expected to introduce yourself to the world: who you are and how you define yourself. While usually, you have no problem rambling on about yourself, you somehow feel disconcerted when you have to pen a few words to describe yourself. What do you write? How do you put it in eloquent words? And are you really being honest or simply spinning a yarn? When the two words – About Me – stare at your face, you get unexpectedly paralyzed. Suddenly, we face the inability to summarize a lifetime of dreams and desires in the scant space provided for the benefit of curious friends and other Internet surfers. How Do You Describe Yourself? So how should you put your best foot forward? Should you brag or be modest? Should you be witty or straight-laced? If you want to make a strong impression on your readers, start off with a smart quote about you. You will get lots of ideas from this collection of quotes about yourself. Quotes for Your Profile Each one of us gets lost in the chaos that we call life. And with adequate doses of inspiration, we manage to rediscover ourselves. Not everyone is blessed with the power of words. Hence, it is only natural to seek help. You may not have read the works of Mark Twain or Rudyard Kipling or Robert Frost, but their intelligent quotes can give your profile page a smart makeover. Choose Your Profile Statement From Witty and Wise Authors Standup comedian George Carlin said, The reason I talk to myself is that Im the only one whose answers I accept. If you like Carlins sense of humor, take a look at my collection of George Carlin quotations. However, if philosophy is your thing, consider quotes from Confucius, the famous Chinese philosopher. His words find resonance, even though it has been millennia since he walked the earth. Among the many evergreen Confucius sayings, is one that remains meaningful despite its brevity, And remember, no matter where you go, there you are. Strangely enough, it sounds a lot like something Dr. Seuss might say. Find Your Favorite Quotes Here If you are tired of rifling through page after page of quotations with the hope of finding a suitable one for your online profile page, take a look at this collection of profile quotes. You will find a diverse set of clever quotes from wisdom to humor and inspiration. There are quotes for teens and parents. For instance, if you are a parent of young kids, you might find novelist Henry Fieldings quote hilarious, When children are doing nothing, they are doing mischief. Make a Great First Impression Of course, the Internet is not the only place when you may need to talk about yourself. Go job-hunting and you will inevitably have to answer the clichà ©d question that all interviewers love to ask, Tell me about yourself. No matter how seasoned an interviewee you are, this question will take the wind off your sails. Since you have no clue what your interviewer expects to hear, you begin to mumble incoherent adjectives that may seem alien to your own ears. You are doomed if the interviewer latches on to one of those adjectives and asks you to elaborate. Take the Help of Literary Giants You must hit all the right notes in order to make a good first impression. How do you do that? I am reminded of a cheeky Oscar Wilde quote, I am the only person in the world I should like to know thoroughly. Unfortunately, using witticisms will not do you any good. To stay on safer ground, follow William Shakespeares advice, Men should be what they seem. So be original and save the wit for a rainy day. Find Your Unique Selling Proposition (USP) Reticent people often avoid social interaction as far as possible. Without adequate interpersonal skills, shy people are often confounded when asked to describe themselves. Their introversion prevents them from building new relationships. Give yourself a confidence boost by reading these uniqueness quotes. Artist Henri Matisse had his insecurities. He confessed, It has bothered me all my life that I do not paint like everybody else. Yet, Matisses individuality set him apart from his peers. You can also find your unique appeal and celebrate it. Get to Know the Real You Do you know the real you? Are you sure that the person you portray yourself as is the real you? Do you find yourself trapped in a conundrum of duty and role so much that you have forgotten who you really are? How to Rediscover Yourself You dont need to meditate under a tree to find the real you. You also dont need to go backpacking around the Arctic Circle to find the meaning of life. To discover your inherent uniqueness, all you need is a nudge in the right direction. You could get it from a scene in a movie, or a quote from a book. You could even get it while chatting with your friends. Sometimes, meaningful quotes can put you on the path of self-discovery. If you are seeking self-knowledge, quotes on reflection could help you look deep inside your soul. As ancient Chinese monk Hui-Neng rightly said, Look within! The secret is inside you.

Reflection Essay Example | Topics and Well Written Essays - 1000 words - 2

Reflection - Essay Example Over the course of this semester, I have learned several skills, habits, and gained indispensable experiences in writing. In the beginning, my perception of writing was simply putting words on paper, and you are done. I have since learned that writing is not that simple, firstly it is a process, which consists of five stages. The first stage is prewriting, which involves gathering ideas for writing. Ideas are received through, reading, teacher motivation, the audience, voice, developing word banks and many more. Secondly, the rough draft stage follows, which a writing stage where ideas are put on paper. Consequently, the revising stage involves rearranging, modifying, adding, and deleting content and thus making the content appropriate to the audience. In this stage, the rough draft is improved. After the revising stage, follows the editing stage where the writer corrects grammatical errors and improves style and clarity. The final stage is going through the work to confirm everything is good and then submitting. I have always had a passion for writing, but taking this class exposed just how weak my writing and literary skills were. Consequently, I have polished these skills through several exercises that we have handled in class. For instance, through reading and summary exercise, I have managed to develop objectivity and accuracy regarding someone else’s work. As such, I have learnt to identify and concentrate on the main points when doing a summary. The reading, â€Å"Working at McDonalds,† for example, allowed me to develop and exercise these skills effectively thereby improving my writing abilities. Moreover, this class has taught me how recognize other people’s opinions presented in the literature, and thus, create my independent opinion either supporting or opposing another author’s ideas. As such, I have learned to construct a sound and coherent argument. Constructing a

Writing MEMO Assignment Example | Topics and Well Written Essays - 250 words

Writing MEMO - Assignment Example I had also kept site and server licensing up to date, as well as firmed up user access and security. As a result of my efforts, the unit I served experienced no major system failures during the year, and minor complaints or requests for assistance had been resolved within the same working day as they had been filed. My present strengths include technical proficiency and an in-depth knowledge of IT systems, which have served to improve my unit’s response times to 97% from a previous 84%. Aside from this, I have developed an excellent working relationship with my team and co-workers because of a genuine liking for people and an ease of getting along with others even in critical situations. Furthermore, I welcome challenges at work, which provide me an opportunity to grow and improve in those areas I my find myself lacking. While my technical competence and people skills have served me well in the past, I believe that there is room for growth in areas closely associated with my systems development function, such as matters concerning business applications – that is, logistics and materials inventory, financial management and control, strategic goals setting, human resources development, and so forth. In developing a comprehensive IT system, I feel that a deeper understanding of these fields will enhance the responsiveness of the systems I could develop and network for an improved information delivery system for the company. My immediate plan is to complete the advanced technical IT course I am currently undertaking, which shall be accomplished in the next two months, and thereafter to enroll in a Masters in Business Administration program to complement my present bachelor’s degree in MIS. In the course of discharging my duties as systems analyst, I have seen the need for a multifaceted approach to IT systems

Conan Doyle creates mystery Essay Example for Free

Conan Doyle creates mystery Essay Conan Doyle creates mystery and suspense in a variety of ways. The setting and atmosphere formed in a mystery story are vital and often one of the most effective ingredients. The desired effect, which in the case of these short stories is mystery and suspense, depend largely upon the setting and atmosphere. The major events that take place in The Speckled Band occur at the home of Dr Roylott in Stoke Moran. Watson describes the two uninhabited sections as a picture of ruin. The description of the two thirds of the house that are in ruin, raises questions in the readers mind as to what is occurring in the two areas of the house which are uninhabited. When the shape of the building is compared to the claws of a crab, it creates a perturbing simile for the reader. The reader may ask the question, Are Holmes and Watson about to be trapped within the claws? The major events that occur in The Speckled Band take place during the night. This creates an overwrought atmosphere as the night is thought to heighten emotions. During the night it is harder to see, and many perceive this as potentially dangerous. The fact that Stoke Moran is in a remote and secluded location, separate from the village, also indicates that no one could hear a murder or be able to help the victim. Therefore this is a perfect setting for a murder. The setting that is created also generates many decoys that could possibly throw the reader completely off the scent. The first being the gypsies. Roylott allows them access to his fields and therefore there are nearly always some there. In Victorian times you were thought badly of if you consorted with gypsies as they were thought to be social outcasts and were often feared by people due to curses and the magic they supposedly practiced. Not only do the gypsies provide a decoy and a slight edge to the story, they also create an unusual setting. The final element that dramatically adds to the setting, and that creates suspense in the atmosphere, is the wild animals that Dr Roylott allows to roam free. He has a cheetah and a baboon, which are feared by the villagers almost as much as their master. Personally I feel that Roylotts pets almost represent his character. The atmosphere around Stoke Moran must be one of tension and fear, and this is clearly illustrated through the setting that Doyle devises. The atmosphere and setting is also greatly influenced by the weather. On the eve of Julia Stoners death,It was a wild night. The wind was howling outside, and the rain was beating and splashing against the windows. Here Conan Doyle uses the technique pathetic fallacy as the weather mirrors the terrible events that are about to occur. Suddenly, amid all the hubbub of the gale, there burst forth the wild scream of a terrified woman. The use of literary techniques such as these adds to the foundations of the story and makes it a great deal more exciting. Personally I like the way suspense is created throughout this story. I thought this example was one of the most exciting parts. Conan Doyle uses detail to build up tension when Watson and Holmes must make their second visit to Stoke Moran in the dead of night. The atmosphere, while Watson and Holmes make their secret entrance, is on edge. There is a chill wind which gives the effect that it is eerie and ghostly, the pair are almost waiting for something to happen, when they see what appears to be a hideous and distorted child. Although it is only the baboon, it creates a heightened sense of suspense. When they realises the cause of their panic they find it humorous, and tension drops slightly as the foremost event has not yet occurred. Even though they are laughing, they are both still concerned about the cheetah roaming the grounds and the fact that they have to be totally soundless.

Daniel Defoes Robinson Crusoe and the Virtues of Protestantism Essay

Robinson Crusoe and the Virtues of Protestantism Many people have pointed out that Robinson Crusoe's experiences on the island seem to be a reflection of the growth of civilization and society. Considering the prominent role that religion plays in the novel, it would be worthwhile to examine the progression of religious and political thought in Crusoe's "society." Through the experiences of one man, we can observe the progression of religion from the private realm to the public realm, the conflicts inherent in such a progression, and the resolution to these conflicts. This evolution of religious and political thought affirms two ideas: 1) in the personal realm, it affirms religious individualism--the idea that one can and should find his God independently from any human authority or intermediary (i.e. priests); and 2) in the public realm, the novel affirms that religious toleration, especially on the part of those in power, is the appropriate way to resolve those conflicts that are inherent in the transition of religion from the pr ivate to the public. Crusoe discovers (primarily through trial and error and constant introspection) both of these ideas and eventually succeeds in implementing both of them. He "finds God" without the guidance of anyone, and he ultimately becomes a tolerant ruler of the island with respect to religion. Surprisingly, Crusoe never lives up to his personal definition of a "good Christian." But perhaps this is just a touch or realism by Defoe, since Crusoe is otherwise so successful at recognizing religious individualism and instituting religious toleration on the island, both of which are very important to Defoe.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The first step in the religious progression of Crusoe is his personal di... ...bsolute morality of Christianity, primarily with regard to cannibals and others whom God had apparently chosen to be left in the dark (this question pops up multiple times--142, 151, 168). For in these "questioning" scenes, Crusoe does not exempt Protestantism from critique; he is questioning Christianity in general, and whether or not its hold on truth is real or illusory. It seems to me that Defoe was concerned with religious toleration for more than selfish reasons; he saw religious toleration as a moral responsibility of all Christians, including Catholics and Protestants, and as the only resolution to the conflict between the personal and public realms of religion. So Robinson Crusoe turns out to be just as concerned about toleration in general as it is about the virtues of Protestantism. At least in Robinson Crusoe, Defoe turned out to be fairly open-minded.

Compare the differences between a Sole Trader, a Partnership and a Limited Company Essay

Introduction In the following essay, I will compare the differences between a Sole Trader, a Partnership and a Limited Company when preparing final accounts also included in the essay will be the concepts and conventions used when preparing final accounts. I shall also outline the regulatory standards within the Accounting Profession. I shall start by giving an explanation of how the accounting system functions. How does the accounting system work? Business keep financial records for a number of practical reasons, which are: > To quantify such items as sales, expenses and profits > To present these figures in a meaningful way so the business can judge its success over the past year Below is a diagram of the Accounting System: (all things below will be explained later in the assignment) Diagram taken from Business Accounting Second Edition by David Cox. Prime Documents Business transactions generate documents, these documents go into the primary accounting records and from these records are placed throughout the accounting system. The following are prime documents: > Invoice – when a business purchases goods the company or individual the goods where purchased from sends the business an invoice which outlines the amount that is owing, when this amount is to be paid by and details of the goods or services that have been provided. This is also the same case when the business receives an order for a good or service. > Credit Note – if a buyer returns a good that has been bought on credit, a credit note will be generated and sent to the buyer, the value of the credit not will be deducted from the buyers amount owing. On the credit note it outlines the money amount and the goods or services that have been given. > Banking Transactions – businesses use their bank accounts to pay in and withdraw money at regular intervals, from these bank transactions paying-in slips, cheques and BACS are frequently used. These are then entered into the primary accounting records. Primary Accounting Records The primary accounting records are used to log the prime documents from day to day. The following are primary accounting records: > Sales day book – this is a list of sales made and is recorded from the invoices issued > Purchases day book – this is a list of purchases made and is recorded from the invoices that have been received > Sales returns day book – this is a list of the goods that have be returned and is recorded from the credit notes that have been issued > Purchases returns day book – this is a list of the goods that have been returned and is recorded from the credit notes that have been received > Cash book – this is a record of the business bank account and the amount of cash that is held, this is recorded from receipts, paying-in slips, cheques and BACS documents > Petty cash book – this is a record of the small cash purchases that have been made by the business and is completed from the petty cash voucher. Small cash purchases being ones that are made with motes and coins > Journal – this is a record of non-regular transactions, which are not recorded in any other primary accounting record Double-Entry Accounts: The Ledger The foundation of the double-entry book-keeping system is the recording of the ledgers which are broken down into separate accounts. Double-entry book-keeping The double-entry book-keeping system involves the entry of a transaction twice. If operating a manual accounting system the book-keeper will be required to input the transaction twice whereas if the book-keeper is using a computer software package the package will automatically enter the transaction twice. Accounts The sources that are entered into the ledgers are taken from the primary accounting records. Each primary accounting record will be entered into its corresponding ledger. Division of the ledger The following list shows the different types of ledgers: > Sales ledger – this is where the personal accounts of the debtors are placed > Purchases ledger – this is where the personal accounts of the creditors are placed > Cash books – the cash book is the record of the bank account and the cash account, the petty cash book is for small cash purchases. Both these books are primary accounting records. > General (nominal) ledger – this is a record of all transactions and completes the double-entry system Trial Balance The trial balance is a method used within the Double-Entry book-keeping system to check for any error that may have occurred. The trial balance takes all the final balances from the ledgers and lists them down. If the credit and debt sides don’t match at the end, there has been an error within the entering of the transactions. The trial balance is also used as a source of information when the final accounts are being prepared. Final Accounts The final accounts of a business are made up of the profit statement and the balance sheet. Profit Statement The profit statement includes the trading and profit and loss account, if the business manufacturers goods it too will be included. What this statement does is calculates the profit that was made and is now due to the owners of the business after certain deductions have been made from the income: > The manufacturing account which shows the cost of producing a quantity of a finished good > The trading and profit and loss account which shows the profit/loss after the deduction of the cost of goods this gives you the gross profit then the expenses are deducted which gives the net profit The figures that are used for these calculations are taken form the double-entry system. Balance Sheet The double-entry system also contains the figures for the following: > Assets – these are items that the business owns, they fall into two categories Fixed assets – these are items that were bought for the business use such as buildings, vehicles etc Current assets – these are items used in the everyday running of the business such as stock, debtors etc > Liabilities – these are things that the business owes and there are two types of liabilities Current liabilities – things like creditors etc Long-term liabilities – things like long-term loans > Capital – this is money or assets that have been introduced by the owner(s) of the business and is a liability to the business because it owes it to the owner Note: all examples of final accounts for each type of business are shown at the end of the essay also shown is a trial balance The Final Accounts for a Sole Trader The sole trader accounts are the basis of all accounts Legal requirements of a Sole Trader By law a sole trader is not required to keep accounts and thus is not legally required to publish their accounts for viewing by the General Public, however they must keep all VAT receipts so that the Inland Revenue can take their tax from the business and the situation regarding VAT can be sorted. Final Accounts and the Trial Balance The final accounts of a company are produced annually, but can also be produced at anytime in order to inform shareholders and stakeholders of how the business is performing. When starting to prepare any final accounts the trial balance must be prepared by the book-keeper. All the figures that have been entered onto the trial balance will be used in the final accounts. The trading, profit and loss accounts are a part of the double-entry system, meaning that the records that are within these accounts have to be recorded somewhere else for the double-entry system to work. However the balance sheet is not an account it is simply a statement, which outlines the account balances reaming after the trading, profit and loss accounts have been completed. Trading Account The purpose of a trading business is to by a good at one price and sell it on for a profit. The profit that is gained is known as the gross profit. Instead of the gross profit being calculated on each item, the sales and purchases that have been recorded in the primary accounting records will be calculated together. This also includes things like purchase returns and sales returns. When the end of the financial year comes around, the trading account is drawn up this includes: > The total sales > Minus purchases > Plus purchase returns > Minus sales returns > Also included is the opening stock and the closing stock Notes on trading account > Sales and purchases – these are only the items that the business trades > Adjustments – these are the adjustments that have happened in relation to the stock, the opening stock, which is calculated at the start of the year, this is added to the purchases because it has been sold during the year. The closing stock on the other hand will be deducted form the purchases because it has still yet to be sold. The closing stock will then become the opening stock for the next financial year > Cost of sales – this is the cost to the business of the goods that have been sold. To calculate the cost of sales you do the following: * Opening stock * + Purchases * + Carriage in * – Purchases returns * – Closing stock * = Cost of sales > Gross profit – to calculate gross profit you do as follows: * Sales * – Sales returns * = Net sales * – Cost of goods sold * = Gross profit If the cost of sales is more than the net sales then the business has made a Gross Loss > Carriage in – is the expense that the business incurs due to having the purchases delivered. The carriage in is added to the purchases > Net sales – the net sales is the turnover and is calculated by doing the following: * Sales * – Sales returns * = Net sales > Net purchases – to calculate the net purchases you do the following: * Purchases * + Carriage in * – Purchases returns * = Net purchases Profit and Loss Account In the profit and loss account the running expenses of the company are listed these are then taken away from the gross profit to give the net profit. The net profit then shows how profitable the business has been that particular year. Balance Sheet A balance sheet is used to show the financial state of the business at any one time. It lists the assets and liabilities of the business at a particular time. The balance sheet however is not a part of the double-entry system. Notes on balance sheet > Assets – an asset is an item or an amount that is owned by the business. There two types of assets fixed and current. Fixed assets are material assets such as premises or vehicles. Current assets are short-term assets, which change in value every day. > Liabilities – a liability is an item or amount owned by the business. There are tow types of liabilities current and long-term. Current liabilities are ones that are due to be repaid within 12 months or less. A long-term liability is a something like a loan that can be paid later than 12 months. > Capital and working capital – capital is money that is owed to the owner by the business. Working capital is the capital left after the current liabilities have been subtracted from the current assets. If the business does not have any working capital the business will not be able to continue to operate. Significance of the balance sheet The balance sheet shows how the business has been financed. For he sole trader the balance sheet can be shown as a formula, which is: > Fixed assets > + Working capital > – Long-term liabilities > = NET assets The final Accounts for a Partnership Accounts Definition of a Partnership The Partnership Act of 1890 defines a partnership as: The relation which subsists between persons carrying on a business in common with a view of profit Accounting requirements of a partnership The accounting requirements of a partnership are as follows: > To follow the rules that have been set out in the Partnership Act of 1890 > Or they could agree upon a partnership agreement, to follow different accounting rules. This will be explained in further detail later on in the essay If the partners cannot agree upon terms then the Partnership Act 1890 will apply it stats the following accounting rules: > Any profits or losses are to be shared between the partners equally > No partner is eligible to a salary > Partners are not entitled to receive any interest on their capital > Interest is not to be charged on drawings made by the partners > If any partner contributes more capital than has been agreed, they are entitled to receive interest at 5% per annum on the extra amount This only applies if the partners fail to agree on an agreement of their own. Year end accounts of a Partnership A partnership prepares that same end of year accounts as the sole trader, this being: > A trading and profit and loss account > And a balance sheet The difference between the end of year accounts for a sole trader and a partnership is that after the profit and loss account the partnership must prepare an appropriation account. This serves to show how the net profit that the profit and loss account shows is divided amongst the partners. Partnership Agreement A partnership agreement is drawn up by the partners and is a deviation form the accounting rules set out by the Partnership Act 1890. All partners must agree to the agreement before being allowed to go ahead. The partnership agreement will normally follow the following areas: > The division of profits and losses between the partners > Any partners salaries/commission > If interest is allowed on capital and at what rate > If interest is to be charged on partners drawings and at what rate The division of profits and losses between the partners The partnership act 1890 states that no matter how much someone has contributed to the business in the form of capital, they will only receive the same share of the profits as a person who has contributed less. This is why many partnership agreements state that if someone contributes more capital they get more of the profit. Partners salaries/commission The partnership act 1890 states that no partner is to receive a salary. This however is not normally the case within partnership agreements, many partnership agreements set out that those partners who work more within the business deserve a salary due to the time they are committing to the business. Similarly a partnership agreement may have within it a commission payment with sales that a partner may make once again this is due to the contribution this partner is making. Interest allowed on capital The partnership act 1890 states that no interest on capital is to be paid unless a partner contributes more than agreed then they are allowed 5% on the extra capital. Within many partnership agreements there is a clause that allows interest to be given on capital this is a form of compensation to the partner because they can use this interest money to invest in other things. The interest on capital may also be used as a form of compensating the differences that may appear between the capitals that are contributed. Interest charged on partners drawings In the partnership act 1890 it states that no interest is to be charged on the drawings made by a partner this leads to problems because the partner may withdraw valuable funds when they are most required, so many partnership agreements outline that a charge is to be set on the withdrawal of capital, this then deters the partner from withdrawing due to the penalty they will incur. Other points > Interest on loans – if a partner makes a loan to the partnership then as set down in the partnership act 1890 they will receive interest of 5%, this is why many partnership agreements agree on a different rate of interest > Interest on current accounts – a partnership agreement may outline the interest that is to be allowed on the balance of a partner’s current account this will be paid to the partner if they are still credited and taken away if they are debited. Capital accounts and Current accounts An important difference between the final accounts of a sole trader and that of a partnership is that each partner of a partnership has a capital account and a current account. The capital account is usually fixed and only changes if an alteration in the amount of capital is exhibited. The current account is constantly changing and is the account that the following are placed: > Share of any profit is credited > Share of any loss is debited > Salary/commissions if there are any are credited > Any interest on partners capital is credited > Any drawings are debited > Any interest on charged on partners drawings is debited The current account is treated as a working account. Appropriation of Profits The appropriation account shows how the net profit has been divided amongst the partners, before the net profit can be divided the following things must be taken or added to the net profit before the final share of profits can be disturbed: > Any interest added on partners drawings > Salaries/Commissions to be taken away > Any interest on partners capital to be subtracted After these have been taken or added the final share of profits will remain, this then can be distributed between the partners at the correct percentage for each. Balance Sheet When a partnership is completing its balance sheet at the end of the year the end balances on each partner’s capital and current accounts must be shown. It is usual that the transactions that have taken place on each account be shown in a summary form, just as in a sole traders balance sheet they will take the drawings away from the net profit for that year. The other features of a balance sheet are the same as a sole traders balance sheet. The Final Accounts for a Limited Company Accounts Advantages of forming a Limited Company A limited company is owned by the shareholders and run by the directors, it is a separate legal entity. A limited company is often chosen as the legal status of a business because of the following reasons: > Limited liability > Separate legal entity > Ability to raise finance > Membership > Any other factors Limited liability If a company where to go into solvency with limited liability the shareholders would only lose the capital they have invested. This means the shareholder is covered for any losses of the company and will not be liable to repay the creditors. Separate legal entity The company is a separate legal entity form the shareholders, if someone where to take action against the company they do so against the company and not against the individual shareholders. Ability to raise finance A limited company can raise funds from the follow outside sources: > For a PLC – this capital is generate from the general public buyer shares which are traded on the Stock Market > For a LTD – this capital is generated from Venture Capital companies and friends and family who can purchase shares Membership To be a member of a limited company you are required to own at least one share of that company, there is a minimum number of members which is two and no upper limit. If you are a member of a company you are the same as a shareholder. Other factors As a limited company is normally larger than that of a sole trader or partnership it benefits from economies of scale and makes it of sufficient size to employ such specialists as production, marketing, finance which work in their respective functions. The Companies Act The Limited Companies Act 1985, which was amended in 1989 states that there are two types of limited companies. The large Public companies or PLC’s and the smaller Private companies or LTD’s there is also another type of limited company which is called the limited by guarantee. Public limited company (PLC) A company can become a public limited company if it has the following: > The issued share capital is over à ¯Ã‚ ¿Ã‚ ½50,000 > There are at least two members and at least two directors A public company does not have to sell stocks and shares on the Stock Exchange but this is normally where most of the capital is raised. Private limited company (LTD) The most common limited company is the private limited company or LTD, the term private company was not set out in the Companies Act 1985, but is the most traditional way of describing a LTD. A private limited company has the following: > There are no minimum requirements for issued share capital > There needs to be at least two members and at least one director The shares are not traded on the stock market, but can be traded between individuals although with the shares not being traded on the stock exchange the price at which these shares will be traded may fluctuate. Company limited by guarantee The limited by guarantee company does not rely on the purchase of shares, but relies on members agreeing to pay a stated amount if the company goes bankrupt. Governing Documents of Companies When a limited company is being set up the Companies Act requires the two following documents: > Memorandum of Association > Articles of Association The Memorandum of Association is the constitution of a company, it outlines how the business is to relate to the outside world. It will contain the following five clauses: 1) The name of the company along with the public or private limited part 2) The authorised share capital 3) The objects of the company which is the activities that the company can engage in 4) The registered company of the company 5) A statement that the liability of the members is limited The Articles of Association this regulates the internal administration of the company, it also includes powers of directors and the holding of company meetings. Accounting requirements of the Companies Act The Companies Act 1985 which was amended in 1989, requires the production of accounts for a limited company it also sets out the detailed information that must be disclosed. For a large company the accounts are audited by an external auditor, this is not often the case with a small or medium sized company due to them being exempt. After the end of the financial year the accounts must be completed within nine-months and sent to the Companies House where they are available for the viewing of the public. A copy of the accounts must be available to all shareholders this is paired with a report on the companies activities during the year. Types of shares by Limited Companies In the Memorandum of Association the authorised share capital is stated. The issued shared capital may not be the same as the authorised share capital, the issued share capital under law is not allowed to exceed the authorised share capital. If a company wishes to extend the amount of share capital that it is allowed to issue it must pass an appropriate resolution at a general meeting of the shareholders. The authorised and shared issue capital is divided into different types of shares which are: > Ordinary shares > Preference shares With these shares come voting rights to the holder which can give the right to the holder to have their say at the annual general meeting. Ordinary shares An ordinary share is the most commonly issued share and carry’s with it the main ‘risks and rewards’ that come with the success of the business. If the business makes a profit the holder of the share will receive a dividend, these share are paid after preference shares dividends. Also of the company records a loss the share holders will loss part or all of their investment. Many companies when they have made a profit don’t pay out all the profit, many keep a percentage as a reserve. This reserve money can be used the next year as a dividend if the company does not make a sufficient profit, this serves to keep the investor interested and thinking they are getting a return on their shares. When a business goes into solvency the ordinary share holders receive any payments last. Preference shares A preference share normally carry’s a fixed rate of dividends. The dividends of the preference shares are paid out before the dividends of an ordinary share, although the dividends are only paid if the company makes a profit. If the company goes into solvency the preference share will receive a part of their payment before the ordinary shares. Nominal and market values of shares The nominal value of a share is the face value of the share, shares can be issued for any amount. This nominal value is not normally the same as the market value of the share due to it being traded at different prices constantly. Issue price This is the price the shares are issued to the shareholders by the company. The issue price is either at a par with the nominal value or above the nominal value. When the issue of the issue price is above the nominal value it is known as a share premium. Loans and Debentures As well as selling shares to raise capital the business may also be required to take a loan or debenture which can be obtained from the shareholders. With these two methods of raising capital usually comes a fixed rate of interest on the amount. This interest is considered a business expense so is placed in the profit and loss account with all the other expenses. If the company goes into insolvency the loan/debenture will be paid off before any shareholders are paid. Trading and Profit and Loss Account When most limited companies are creating their financial statements they are normally the same as that of a sole trader and a partnership. However there are two expenses that are found in a limited companies profit and loss account but not in any other type of business, these are: > Directors remuneration (directors salary) – this is entered because the directors are employed by the company and thus are an expense to the company > Debenture interest – this is entered into the companies profit and loss account because it is an expense to the company The limited company completes it profit and loss account and finds out the Net profit, an appropriation account is then drawn up below this. Balance Sheet The balance sheet of limited companies are for the most part the same as all other companies balance sheet apart from the odd difference in the things that go into the current assets, fixed assets and liabilities. The difference is that the capital section of the balance sheet is rather complex due to the different shares that are issued and the various reserves. Reserves A limited company will very rarely disburse all its profits between its shareholders, it will instead keep back a certain amount as a reserve. There are two types of reserve: > Capital reserves – which are created because not all the capital that has been taken was used for trading > Revenue reserves – these are the retained profits from the profit and loss account Capital reserves Examples of capital reserves which cannot be used to fund dividends payments include: > Revaluation reserve – this takes place when a fixed asset is revalued in the balance sheet, this revaluation is then placed in a revaluation reserve, it then serves to increase the shareholders investment in the company > Share premium account – a company may wish to issue extra shares to be available to the general public at a price over that of the nominal price. The nominal value of the shares is input into the share capital account and the extra money on top of the shares laced into the share premium account. Revenue reserves This is very often left as the balance of the appropriation account of the profit and loss account, it is most commonly known as the profit and loss account balance. On the other hand they may choose to put this revenue into a separate account of its own. This transfer to and from these accounts will in recorded in the appropriation account. The regulatory framework of accounting When talking about the regulatory framework of accounting you are simply talking about the rules that are to be followed when preparing final accounts. There are two forms these rules take the form of these are: > Accounting concepts > Accounting standards Accounting concepts Below are the basic accounting concepts that are to be followed when preparing final accounts: > Business entity > Money measurement > Historical cost > Duality > Materiality > Going concern > Accruals > Consistency > Prudence Business entity concept This concept outlines that the final accounts and records of a business are that of the business and that no personal assets of the owner’s are included within these records. The main links that are disclosed between the business and the owner(s) is the capital accounts and drawings. Money measurement concept This concept means that all items that are within the final accounts are expressed as money, this means all the values can be added together to come up with the net profit, gross profit and so on. The problem with this is that things that cannot be recorded as money such as good management will not be valued and all companies will be seen to be managed the same way, only in time will the good management become apparent. Historical cost concept This is an extension of the money measurement concept, it basically means that a transaction should be recorded at the value it was historically recorded or initially recorded, so if a vehicle cost à ¯Ã‚ ¿Ã‚ ½20,000 at purchase it should be entered for that amount. This concept brings with it advantages which are as follows: > Verifiable – there is a prime document that confirms that this transaction has occurred > Objective – there are no new valuations of the vehicle which will make it easier to price when it comes to sale This concept also brings with it disadvantages which are as follows: > The change of value – all items change in value over time and this wont be recorded the value may have went up or down > The effects of inflation Duality concept This concept ensures that all transactions are entered into the double-entry system twice one on the credit side and one on the debit side. Materiality concept This concept sets out that some items within accounts are so low in monetary value there would be no point in recording them separately. Some examples of these types of items are listed below: > The likes of donations to charities, the purchasing of plants for the office and other small expenses such as these are seen not to justify their own expense account, so they are grouped together in a sundry expenses account > The end of year stocks of stationary such as paper for printers, paper clips, pens etc are not seen to be material due to the fact they don’t affect the business earnings however they are placed within the profit and loss account > The low cost fixed expenses such as bins, staplers etc are not classed as capital expenditure, they are instead classified as expenses within the profit and loss account. Technically they should be placed within the fixed assets account of the balance sheet and be depreciated every year of their life span, but it would not be worth the effort due to them being immaterial in that they wouldn’t cause any real affect to final figures. What a business will consider material depends really on the size of the particular business, the likes of a large business would find anything under à ¯Ã‚ ¿Ã‚ ½1,000 immaterial and not worth putting into their own account whereas a small company would consider these items material and have them in their own account. Going concern concept This concept is presuming that the business to which the final accounts relate will continue to trade for the foreseeable future. The final accounts are prepared on the basis that the business has no intention of significantly down sizing or liquidating its assets. If the business was going to down size and where to sell a purpose built factory this factory would be a going concern to the business but would be of limited use to other industries for this reason the building would command less value. This instead of being described as a going concern would instead be described as a gone concern. In a gone concern extra depreciation would be added to the profit and loss account to account for the reduction in fixed assets. Accruals concept This concept is concerned with the expenses and revenues being matched so that they will concern the same goods/services and the same time period. In the profit and loss account expenses should always be entered whether they have been paid for or not. This is where the principle of income and expenditure accounting came from. Below are further examples of the accruals concept: > Debtors > Creditors > Depreciation > Bad debts > Provision for bad debts > Opening and closing stock adjustments in profit and loss account Consistency concept This concept is concerned that when a company adopts a particular method for accounting they should continue to use that method in a constant fashion. When a business has adopted a particular practice for accounts they may at times wish to make some changes, this is acceptable as long as there is a good reason for it, this change is to be noted on the final accounts to explain what has happened. With the consistency of the accounts the business can make comparisons between different years. Prudence concept This concept is also known as the conservatism in accounting. This concept requires where there is any doubt as to the value of an item report a conservative figure to be entered within the final accounts. Although this does not mean that profits are to be anticipated and should only be recognised if there is a distinct possibility they will be realised, as well as this all known liabilities should be provided for. A good example of this process is the provision for bad debts this is so any debt that maybe written off may be accounted for. The theory behind this concept is that it prevents the business from being to over optimistic with its presentation of final accounts. All of the above concepts apply to the final accounts of a sole trader, a partnership and a limited company. With relation to the limited companies the Companies Act 1985 gives legal force to the following concepts: > Going concern > Accruals > Consistency > Prudence If the company does not apply these concepts will receive a qualified report from its auditors. Accounting Standards The framework for accounting is represented by the Statements of Standard Accounting Practice (SSAP) and Financial Reporting Standards (FRS). The Statements of Standard Accounting Practice are no longer issued, but they still come under the control of the Accounting Standards Board. The Accounting Standards Board requires that accountants adhere to all applicable accounting standards and are able to disclose and explain deviations from the standards that may occur. To try and reduce the number of permissible accounting treatments, a number of Statements of Standard Accounting Practice have been replaced by Financial Reporting Standards. The main accounting standards are: > SSAP 5 Accounting for Value Added Tax > SSAP 9 Stocks and long-term contracts > FRS 15 Tangible fixed assets > FRS 18 Accounting policies SSAP 5 Accounting for Value Added Tax VAT is a tax on the supply of goods and services. Business with a turnover of over a certain figure will be registered for VAT. At regular intervals the business that are registered will pay VAT Authorities such as HM Customs and Excise on the following: > The amount of output tax collected on sales made > Less the amount of input tax on goods and services purchased The business can claim a refund from the HM Customs and Excise department if the input tax is greater than the output tax. This claim will be made on the difference. A business that is VAT-registered does not normally include the VAT in the income and expenditure of the business – whether for capital or revenue reasons. There are goods and services that are exempt from VAT these are things such as the loaning of money and letting of land, VAT cannot be charged by the charge so no output tax is received, they can only clam back an agreed proportion of the input tax that has been pre agreed with the VAT authorities. Irrecoverable VAT occurs when a business that has been registered cannot reclaim VAT on input tax, this means the VAT is entered into the accounts as an expense. A business that is not registered for VAT will include VAT within its input financial statements. SSAP 9 Stocks and long-term contracts This sets out the broad rule that stock should be valued at cost or, where lower, selling price. FRS 15 Tangible fixed assets This sets out that a fixed asset has a known economic life and must be depreciated, this doesn’t apply to land unless it is either a quarry or mine. As long as the depreciation method is acceptable it can be used to spread the cost of a fixed asset consistently over that fixed assets economic life. A depreciation amount is most of the time based on the cost of the fixed asset. FRS 18 Accounting policies This standard is to ensure that all material items have the following: > The particular circumstances of the business accounting policies are fit of the given purpose and give a true and fair view > The policies that have been selected by a company are regularly reviewed to ensure they are still appropriate, also when the circumstances change the policies are changed to > The information that is disclosed within the financial statements is of sufficient information to enable users to understand the accounting policies that have been adopted and how they have been implemented