Scott Electronics plcs Essay Example for Free

Scott Electronics plcs Essay To what extent do you think that Scott Electronics plc’s current human resources strategy is effective? (18) Human resource strategy is how a business sees its employees from different business point of view and they are seen as resources to complete the business objectives. Firstly the human resource strategy for Scott electronics is very effective because the firm’s labour productivity is very high with 105 compared to the industry average which is 100. This is very effective as it shows the level of recruitment and the staff the business is recruiting is doing very well which has a positive effect in the recruitment section therefore this will make the company recruit more staff which will increase the productivity of the business. Also the bonuses which is 40% and its 20% higher than the industry average, this shows that the bonuses are keeping the firms employees motivated and it drives them to work harder which mean there will be a increase in productivity and if productivity increases it will have a positive effect on the sales revenue as the company will sell more items which will increase the sales revue and profit. Also another reason why the human resource strategy for Scott electronics is very effective because it has a very unique centralised organisational structure. A centralised structure is where the entire decision making is done from the top of the hierarchy. This is an effective strategy because the entire decision making can be done from the main person who is in charge and it can be done very quickly without going through any difficulties. This is very effective because staff can work through the business objective rather than stressing on the extra responsibility they have on their shoulders which will make them stress free and become more productive. Also they can be told what to do and the managers will have control over their workforce so that employees are less likely to make mistakes or make wrong decisions which will make a negative impact the on the businesses performance. However the human resource strategy for Scott electronics is not that effective because high numbers of employees are on temporary contract which is 75% compared to the industry average which is 25%. This is bad for the business because it will make employees feel that the job security is not there and they are not guaranteed the job which the business can tell the employees that they are not in need and the employees will go away, therefore this might result in the employees not very motivated to do well and they might not think as if they are involved with the business. Also employees on temporary contract are more likely to leave the business as the labour turnover rate is at 10% which is higher than the industry average which is 6%. This is human resource strategy is ineffective because it lead to employees leaving the business every year and the business is losing experienced and valuable staff. Also another reason the human resource strategy for Scott electronics is not that effective because the training budget is below the industry average as Scott electronics training cost is ? 500 compared to the industries average which is ? 1000. This shows that the staff are not that well trained and most of the staff don’t know what they are doing sometimes or they might not know how the company operates as high level of training was not provided. This lead to the amount of defect products increased as the staffs were not well trained and they kept making mistakes therefore the numbers of defects products increased. This is one of my strongest reasons because staffs need to be well trained before they can start the job as they will know what they are doing and how they are going to carry out each task according the company structures of dealing with things. Therefore the staff need to be well trained and the business needs to increase its amount on training the staff which will allow the business to have staff that know what they are doing and make less mistakes as this will cause the staff to make less defect products. In conclusion I think that the human resources strategy is very effect to the business because average span of control for Scott’s electronic is 5 and industry average is 8. This has a greater advantage to the specific business because it will allow the business mangers to control their staff and monitor the progress which the manager can set targets and the targets can be analysed to see if they have reached the targets this will increase the productivity of the business as targets are reached and mangers have better control over their staff and the business. However I think that the current human resource strategy is not that effective to the business because the firm’s defected products are 10% and the industry average is 5% which is doubled the amount. Therefore you can tell that the strategy is not that effective as the staffs are making a lot of mistakes which will cost the business as the raw materials cost money to buy. Also this indicates that strategy is failing as staff are not well trained or may not experienced enough to work in the field which the bale goes the firms recruitment policy as the firm could have employed experienced staff which could have reduced the level of defected products.

Intelligence and Happiness in Flowers for Algernon :: Flowers for Algernon Essays

In the story "Flowers for Algernon", the main character, Charlie Gordon is a mentally retarded 37 year-old man with an IQ of sixty-eight. Although he might not have been smart, I believe that Charlie was the definition of happiness. He worked happily as a janitor, was motivated to learn, and had a great time with his so called ?friends.? After Charlie undergoes an experiment that triples his IQ, his life changes for the worse. With intelligence does not come happiness. For Charlie, Ignorance is bliss. He realizes that his so called ?friends? were just using him to entertain their perverse humor. Also, he was also fired from the job that he loved so much because his new intelligence made those around him feel inferior and scared. This sends Charlie into a short depression. His life was better before the experiment because he had a job he looked forward to and ?friends?. "Now I'm more alone than ever before," Charlie says on April 30th. He had nobody to relate to because at this point of the story, Charlie?s intelligence has already exceeded that of his teacher and the doctors. Before Charlie became smart, even the simplest things in life were good enough for him. As a genius, none of those things mattered to him. His mind was more complex, he needed more and he wanted more. As a result, he felt alone and buried himself in his work. Charlie?s experiment was temporary, and overtime his IQ regressed. Algernon, a mouse that went through the same surgery as Charlie, died. If Charlie?s hypothesis proves correct, then he will die as well. Charlie?s life was better before the experiment because he was not exposed to the risks and consequences of the surgery. Without the experiment, Charlie would still be living his ignorant but happy life. In conclusion, I believe that Charlie?s life was better before the surgery. Although ?

Business Proposal Essay

Funding Requirements14 Confidentiality Agreement The undersigned reader acknowledges that the information provided in this business plan is confidential; therefore, the reader agrees not to disclose it without the express written permission of Mr. K Seeman Durai. It is acknowledged by the reader that information to be furnished in this business plan is in all respects confidential in nature, other than information that is in the public domain through other means, and that any disclosure or use of this confidential information by the reader may cause serious harm or damage to M/s. Newsky Fireworks Limited Upon request, this document is to be immediately returned to Mr K Seeman Durai. Signature Date : 26. 05. 2013 1. Executive Summary Promoter’s Profile 1. Name:K Seeman Durai 2. Age:45 years 3. Address:No. 4859 Nethaji Road, Sivakasi 4. Educational Qualification:M. B. A. , M. I. B. 5. Years of Experience:20 years (M/s. Murugan Fireworks) Financial projections are summarised and highlighted. (Rs. In Lakhs) |Particulars |Year 1 |Year 2 |Year 3 | |Sales |50. 0 |75. 00 |90. 00 | |Exports |35. 00 |40. 00 |50. 00 | |Net Profit before Tax |15. 00 |35. 00 |50. 00 | |Investment |80. 00 |90. 00 |95. 00 | 2. Company Description Promoters and Shareholders |Name |Age |Designation |Address |No. of Shares | |K Seeman Durai |45 |Promoter |No. 859 Nethaji Road, Sivakasi |10 lakhs | | Karthik |43 |Chief Executive |No. 728, West Car Street, Trichy |1 Lakh | | | |Officer | | | | Jeya Sivasakthi |45 |Managing Director |No. 73, South Masi Road, Coimbatore. |2 lakh | |Kandan | | | | | |P. Dhanalakshmi |35 |Director |No. 83, Sarojini Road, Salem. |3 lakh | |T. Abinaya |34 |Director |No. 34, Second Street, Theni |3 lakh | |S. Aishwarya |40 |Member |No. 4859 Nethaji Road, Sivakasi |1 lakh | |S. Geetha |39 |Member |No. 73, South Masi Road, Coimbatore. |1 lakh | Advisors |Name |Educational |Role |Address |Contact No. | |Qualification | | | | |CA G Rajesh |M. Com. , F. C. A. |First Auditor |8493 Sarojini Street, Chennai|+919835748343 | |Mrs. D Sheela |M. A. ,M. L. , |Legal Advisor |857, Gandhi Road, Madurai |+919447382342 | |Mr. K Gulandaivel |B. E. , |Technical Advisror|76, Tagore Street, Vellore |+919472834234 | Products and Services †¢ Unique Selling Points : Crackers that burst with wordings regarding to the occasion. e. g. Happy Diwali, Happy New Year, Happy Married Life etc. ) Long Term Aim of the Business â€Å"To provide Eco-Friendly Crackers† Objectives |Particulars |I |II |III |IV |V | |Sales |50. 00 |75. 00 |90. 00 |95. 00 |100. 00 | |Exports |35. 00 |40. 00 |50. 00 |55. 00 |60. 00 | |Employment |2. 00 |2. 15 |2. 25 |2. 50 |2. 60 | SWOT Analysis Strengths |Weaknesses | | | | |Investments and Professionals | | |Opportunities |Threats | | | | |Everlasting Demand |Competitions | 3. Market Analysis Target Market Market Segmentation Profile of Competitors Main Competitors would be : †¢ Arasan Groups of Fireworks Industries †¢ Kaliswari Fireworks †¢ Sony Fireworks Competitive Advantage We have the following Competitive Advantages †¢ Unique features †¢ Price †¢ New technologies or systems †¢ Better value to customers in terms of efficiency †¢ Greater compatibility with existing systems †¢ Include any independent validation or case studies Benefits to Clients Our product provides to potential customers in terms of their own business goals. It enable them to: †¢ Increase sales †¢ Increase efficiencies Save money †¢ Save time †¢ Maximise resources †¢ Reduce errors †¢ Reduce downtime †¢ Improve Customer Service, reduce churn, increase loyalty 4. Marketing/Sales Strategy Marketing Strategy †¢ The Southern Tamil Nadu zone is to be concentrated first and youngsters are to be focused †¢ Followed by youngsters, children, adults are to be concentrated †¢ Youngsters are the potential customers already targeted †¢ Test site in operation are will be conducted, and feedback will be analysed properly †¢ Agents and Representatives are expected for marketing Sales Strategy The major Sales Strategy is to sell directly and by means of distributors. Particulars |Direct Sales |Through Distributors | |Composition |25% |75% | |Cost Involved |10/unit |7/unit | |Pricing |Penetration |Penetration | Pricing †¢ Competitors Price is higher than our price †¢ There is a sufficient level of competition in the market †¢ Production costs and overheads are expected to be 60% of sales †¢ The buyer can control the price to a c onsiderable level. Marketing and Communications Strategy Advertising and Publicity will be the active source of Promotion. Advertising : Through televisions and newspapers. It is targeted to audience all over the state at the initial level Publicity : Banners have been planned to be placed at various hot locations 5. Research and Development Process [pic] Research and Development It has been planned to organize a R&D Department that would be actively engaged in the research of Eco-friendly crackers and to come up with various innovative ideas. 6. Staffing and Operation Management Organisation Chart Staffing †¢ Department Managers are to be appointed by the Board of Directors. The selection criteria for the same would be Educational Qualification, Experience, Age etc. , Department Managers are given the power to recruit employees for their concerned departments for which selection criteria is to be set by the directors. †¢ Skilled, Semi-Skilled and Unskilled Workers are to be utilised for various production processes. The same would be procured from the nearest locations at a reasonable cost. Tr aining Plans Training Programmes are to be conducted at regular intervals in order to enhance the efficiency of the skill levels of the workers. 7. Financial Projections IKey Assumptions10 IIBalance Sheets11 IIICashflow12 Requirements for Preparation of Projections 6. Opening figures included based on latest Mgmt/Audited accounts 7. Shareholders Fund analysed into Share Capital, Share Premium and Retained Profits 8. Sales Assumptions provided by unit, price segment & geography and reconciled to pipeline 9. Expenditure categorised into R&D, Admin and Overheads and Promoters / key managers salaries 10. Identification of monthly and cumulative company operational deficits 11. Sensitivity analysis may be required, detailing strategies to be implemented if sales or expenditure targets are not met. 12. Projections should identify separately Operational Cash Flow and external Cash Injections IKey Assumptions |Particulars |Year 1 |Year 2 | |No. f Employees |250 |300 | |Investments in Equipment |1,50,00,000 |1,55,00,000 | |Projected R&D costs |25,00,000 |20,00,000 | |Depreciation allowed for |12,00,000 |11,50,000 | |Expected rent and rates charges |5,00,000 |5,00,000 | |Creditor days expected |45 |60 | |Debtor days allowed |60 |60 | IIIBalance Sheets IVCashflow 9. Funding Requirements |S. No. |Sources |Amount | |1. |Equity Shares of Rs. 10 each |Rs. 60 crore | |2. |10% Preference Shares of Rs. 100 each |Rs. 25 crore | |3. |8% Debenture of Rs. 100 each |Rs. 25 crore | |4. |Term Loans |Rs. 10 crore | Required for: †¢ Equipment:10 crore †¢ R&D:15 crore †¢ Marketing:2 crores †¢ Staffing:6 crores ———————– 26. 05. 2013 Newsky Firework Limited Business Proposal K Seeman Durai & Group

Writing a Personal Journal

A journal is a written record of incidents, experiences, and ideas. Also known as a  personal journal,  notebook, diary, and log. Writers often keep journals to record observations and explore ideas that may eventually be developed into more formal essays, articles, and stories. The  personal journal is  a very private document, says  Brian Alleyne, a place where the author records and reflects on lifes events. Knowledge of the self in the  personal journal is  retrospective knowledge and therefore potentially narrative self-knowledge (Narrative Networks, 2015). Observations The writers journal is a record of and workbook for your writing life. It is your repository for bits of experience, observation and thought destined for eventual use in one writing project or another. The entries in a personal journal tend to be abstract, but the entries in a writers journal should be concrete. (Alice Orr, No More Rejections. Writers Digest Books, 2004)All of us who keep journals do so for different reasons, I suppose, but we must have in common a fascination with the surprising patterns that emerge over the years—a sort of arabesque in which certain elements appear and reappear, like the designs in a well-wrought novel. (Joyce Carol Oates, interviewed by Robert Phillips. The Paris Review, Fall-Winter 1978)Think nothing too trifling to write down, so it be in the smallest degree characteristic. You will be surprised to find on reperusing your journal what an importance and graphic power these little particulars assume. (Nathaniel Hawthorne, letter to Horatio Bridge, May 3, 1843) Poet Stephen Spender: Write Anything I feel as though I could not write again. Words seem to break in my mind like sticks when I put them down on paper. . . . I must put out my hands and grasp the handfuls of facts. How extraordinary they are! The aluminum balloons seem nailed into the sky like those bolts which hold together the irradiating struts between the wings of a biplane. The streets become more and more deserted, and the West End is full of shops to let. Sandbags are laid above the glass pavements over basements along the sidewalk. . . . The best thing is to write anything, anything that comes into my mind until there is a calm and creative day. It is essential to be patient and to remember that nothing one feels is the last word. (Stephen Spender, Journal, London, September 1939) Orwells Notebook Entry Curious effect, here in the sanatorium, on Easter Sunday, when people in this (the most expensive) block of chalets mostly have visitors, of hearing large numbers of upper-class English voices. . . . And what voices! A sort of over-fedness, a fatuous self-confidence, a constant bah-bahing of laughter abt nothing, above all a sort of heaviness and richness combined with a fundamental ill will. (George Orwell, notebook entry for April 17, 1949, Collected Essays 1945-1950) Functions of a Journal Many professional writers use journals, and the habit is a good one for anybody interested in writing, even if he or she has no literary ambitions. Journals store perceptions, ideas, emotions, actions—all future material for essays or stories. The Journals of Henry Thoreau are a famous example, as are A Writers Diary by Virginia Woolf, the Notebooks of the French novelist Albert Camus, and A War-time Diary by the English writer George Orwell. If a journal is really to help you develop as a writer, youve got to do more than compose trite commonplaces or mechanically list what happens each day. You have to look honestly and freshly at the world around you and at the self within. (Thomas S. Kane, The New Oxford Guide to Writing. Oxford University Press, 1988) Thoreaus Journals As repositories of facts, Thoreaus journals act like a writers warehouse in which he indexes his stored observations. Here is a typical list: It occurs to me that these phenomena occur simultaneously, say June 12, viz:Heat about 85 at 2P.M. True summer. Hylodes cease to peep. Purring frogs ( Rana palustris) cease. Lightning bugs first seen. Bullfrogs trump generally. Mosquitoes begin to be really troublesome. Afternoon thunder-showers almost regular. Sleep with open window (10th), and wear thin coat and ribbon neck. Turtles fairly and generally begun to lay. [15 June 1860] In addition to their function as storage, the journals constitute a complex of processing plants as well, where the notations become descriptions, meditations, ruminations, judgments, and other types of studies: From all points of the compass, from the earth beneath and the heavens above, have come these inspirations and been entered duly in the order of arrival in the journal. Thereafter, when the time arrived, they were winnowed into lectures, and again, in due time, from lectures into essays (1845-1847). In short, in the journals, Thoreau negotiates the transformation of facts into forms of written expressions that have entirely different orders of resonance . . .. (Robert E. Belknap, The List: The Uses and Pleasures of Cataloguing. Yale University  Press, 2004) A Contrarians View People ask whether I use a notebook, and the answer is no. I think a writers notebook is the best way there is to immortalize really bad ideas, whereas the Darwinian process takes place if you dont write anything down. The bad ones float away, and the good ones stay. (Stephen King, quoted in Whats on Stephen Kings Dark Side? by Brian Truitt. USA Weekend, October  29-31, 2010) Are Journal-Keepers Introspective or Self-Absorbed? Some people like to keep a journal. Some people think it’s a bad idea. People who keep a journal often see it as part of the process of self-understanding and personal growth. They don’t want insights and events to slip through their minds. They think with their fingers and have to write to process experiences and become aware of their feelings. People who oppose journal-keeping fear it contributes to self-absorption and narcissism. C.S. Lewis, who kept a journal at times, feared that it just aggravated sadness and reinforced neurosis. Gen. George Marshall did not keep a diary during World War II because he thought it would lead to self-deception or hesitation in reaching decisions. The question is: How do you succeed in being introspective without being self-absorbed? (David Brooks, Introspective or Narcissistic? The New York Times, August 7, 2014)

Biography of Ruth Handler, Inventor of Barbie Dolls

Ruth Handler (November 4, 1916–April 27, 2002) was an American inventor who created the iconic Barbie doll in 1959 (the doll was named after Handlers daughter Barbara). Barbie was introduced to the world at the American Toy Fair in New York City. The Ken doll was named after Handlers son and was introduced two years after Barbie debuted. Handler was the co-founder of Mattel, a company that manufactures a variety of popular toys. Fast Facts: Ruth Handler Known For: Handler founded the toy company Mattel and invented the Barbie doll.Born: November 4, 1916 in Denver, ColoradoParents: Jacob and Ida MoskoDied: April 27, 2002 in Los Angeles, CaliforniaSpouse: Elliot Handler (m. 1938-2002)Children: 2 Early Life Handler was born Ruth Marianna Mosko on November 4, 1916, in Denver, Colorado. Her parents were Jacob and Ida Mosko. She married Elliot Handler, her high school boyfriend, in 1938. Mattel With Harold Matt Matson, Elliot created a garage workshop in 1945. Their business name Mattel was a combination of the letters of their last and first names. Matson soon sold his share of the company, so the Handlers, Ruth and Elliot, took full control. Mattels first products were picture frames. However, Elliot eventually started making dollhouse furniture from picture frame scraps. That proved to be such a success that Mattel switched to making nothing but toys. Mattels first big-seller was the Uka-a-doodle, a toy ukulele. It was the first in  the line  of musical toys. In 1948, the Mattel Corporation was formally incorporated in California. In 1955, the company changed toy marketing forever  by acquiring the rights to produce the popular Mickey Mouse Club products. The cross-marketing promotion became common  practice  for future toy companies. In 1955, Mattel released  a  successful patented toy cap gun called the burp gun. Invention of Barbie In 1959, Ruth Handler created  the Barbie doll. Handler would later refer to herself as Barbies mom. Mattell founders Ruth and Elliott Handler with a barbie doll. Courtesy of Mattel   Handler watched her daughter Barbara and friends playing with paper dolls. The children used them to play make-believe, imagining roles as college students,  cheerleaders,  and adults with careers. Handler aspired  to invent a doll that would better facilitate the way young girls were playing with their dolls. Handler and Mattel introduced Barbie, the teenage fashion model, to skeptical toy buyers at the annual Toy Fair in New York on March 9, 1959. The new doll was very unlike the baby and toddler dolls that were popular at the time. This was a doll with an adult body. What was the inspiration? During a family trip to Switzerland, Handler saw the German-made Bild Lilli doll in a Swiss shop and bought one. The Bild Lilli doll was a collectors item  and  not intended for sale to children; however, Handler used it as the basis for her design for Barbie. The Barbie doll’s first boyfriend, the Ken Doll, debuted two years after Barbie in 1961. Handler said Barbie was a symbol of freedom and possibility for young girls and women: â€Å"Barbie has always represented that a woman has choices. Even in her early years, Barbie did not have to settle for only being Ken’s girlfriend or an inveterate shopper. She had the clothes, for example, to launch a career as a nurse, a stewardess, a nightclub singer. I believe the choices Barbie represents helped the doll catch on initially, not just with daughters—who would one day make up the first major wave of women in management and professionals—but also with mothers.† The Story of Barbie Handler created a personal story for the very first Barbie doll. She was named Barbie Millicent Roberts and she was from Willows, Wisconsin. Barbie was a teenage fashion model. Now, however, the doll has been made in many versions connected to over 125 different careers, including president of the United States. Barbie came as either a brunette or blond, and in 1961, a red-headed Barbie was released. In 1980, the first African-American Barbie and Hispanic Barbie were introduced. The first Barbie was sold for $3. Additional clothing based on the latest runway trends from Paris were sold as well for between $1 and $5. In 1959, the year Barbie was released, 300,000 Barbie dolls were sold. Today, a mint condition #1 Barbie doll can fetch as much as $27,000. To date, more than 70 fashion designers have made clothes for Mattel, using in excess of 105 million yards of fabric. There has been some controversy over Barbies figure ever since it was realized that if the doll were a real person, her measurements would be an impossible 36-18-38. Barbies real measurements are 5 inches (bust), 3 1/4 inches (waist), and 5 3/16 inches (hips). Her weight is 7  ¼ ounces, and her height is 11.5 inches. In 1965, Barbie had bendable legs and eyes that opened and shut. In 1967, a Twist N Turn Barbie was released that had a movable body that twisted at the waist. The best-selling Barbie doll of all time was the Totally Hair Barbie of 1992, which had hair from the top of her head to her toes. Other Inventions After fighting breast cancer and undergoing a mastectomy in 1970, Handler surveyed the market for a suitable prosthetic breast. Disappointed by the options available, she set about designing a replacement breast that was more similar to a natural one. In 1975, Handler received a patent for Nearly Me, a prosthesis made of material close in weight and density to that of natural breasts. Death Handler developed colon cancer in her 80s. She died on April 27, 2002, at the age of 85. Handler was survived by her husband, who died on July 21, 2011. Legacy Handler created one of the worlds most successful toy companies, Mattel. Her Barbie doll is one of the most popular and iconic toys in the world. In 2016, the Museum of Decorative Arts in Paris had a Barbie show featuring hundreds of dolls alongside artworks inspired by Barbie. Sources Gerber, Robin.  Barbie and Ruth: the Story of the Worlds Most Famous Doll and the Woman Who Created Her. Harper, 2010.Stone, Tanya.  The Good, the Bad, and the Barbie: a Dolls History and Her Impact on Us. Paw Prints, 2015.

College Athletes Deserve Compensation Essay - 861 Words

Thousands of devoted fans eagerly watch their favorite sports players and teams year round. Some people watch professional sports, while others prefer college. The only difference between professional and college athletics is the lack of payment to student athletes. The National Collegiate Athletics Association (NCAA) receives millions of dollars in revenue from college mens basketball and football, and college coaches of top schools are paid the same amount as professional coaches. Fans of both college and professional athletes can proudly show their commitment by purchasing jerseys or other merchandise. College basketball and football are commonly discussed topics on television and radio. College and professional sports are†¦show more content†¦Also, athletes would not have enough time between their sports and education to hold jobs. College athletes usually dedicate about 50 hours per week to their sport (Nocera 2). Because athletes do not have enough time for jobs , 86% of college athletes that are covered by full scholarships live below the poverty line (College 1). Shabazz Napier, the star point guard of Connecticut, complained of hunger after leading his team to win the March Madness men’s basketball tournament. â€Å"I just feel like a student-athlete, and sometimes, like I said, there’s hungry nights and I’m not able to eat and I still got to play up to my capabilities. †¦ When you see your jersey getting sold — it may not have your last name on it — but when you see your jersey getting sold and things like that, you feel like you want something in return.† (Phillips 1). The NCAA and the colleges earn enough money made by college athletes, to get the athletes out of poverty. The NCAA’s greatest fear about paying student athletes is the money itself. They worry it will be spread thin between all the sports departments, but with all the money circulating around the college sports indu stry, they should not have any concerns. The two most popular college sports, football and men’s basketball, generate over $6 billion in annual revenue combined; more than the amount the NationalShow MoreRelatedwhy college athletes should be paid1388 Words   |  6 Pagesï » ¿ Why Collegiate Athletes Should be Paid In our world, people who bring in money with their talents are usually compensated for their efforts. It makes complete sense right? Well for college athletes, they bring in billions of dollars worth of revenue for their school, but do not get compensated for their talents whatsoever. Most people argue that only professional athletes should be paid because it is their profession, but people do not take in account for all the hard work and effort these studentRead MoreShould Student Athletes Be Paid?1270 Words   |  6 PagesIn the United States, college athletics are growing larger by the minute. College athletics contribute not only to the recognition of colleges and the National Collegiate Athletic Association (NCAA), it also contributes to the income of colleges and the NCAA. Without student athletes, these colleges and the NCAA would not reap the benefits of college athletics, such as: increased awareness of colleges, higher application rates, and of course the revenue brought in from game and event tickets, apparelRead MoreCollege Athletes : Patrons For The Ncaa1088 Words   |  5 Pages College Athletes: Patrons for the NCAA The NCAA is a money-generating monster that disregards college athletes’ financial well being. 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Without people questioning the NCAARead MoreThe Ethics Of Amateurism And College Athletes1645 Words   |  7 PagesSalaries, wages, and compensations have always been major and generally controversial topics in democratic America. And, with the rising popularity of college athletics, particularly football, compensation (or lack thereof) for college athletes has recently been a hot topic in American sports. While some of the debate stems from the similarity between responsibilities college athletes have to their programs and those of professionals, most of the issue involves the principles of amateurism. RecentRead MoreShould College Athletes Be Paid?986 Words   |  4 PagesPaying the College Athlete The college athlete has steadily grown in popularity in the United States over the span of the past decades. Monetarily speaking, this increased publicity has been extremely beneficial for National Athletic Association (NCAA) and all the colleges involved in athletics which has sparked the dispute of whether or not the athlete should be paid for their hard work and dedication on the field and to their school or if the athletic scholarship is more than enough. College athletesRead MoreCollege athletes sould be paid to play1364 Words   |  6 PagesBy: College athletes should be paid to play! In this essay you’re being persuaded, you are being persuaded to agree that college athletes should be played to play. Here there is some information that will help change your mind if you don’t agree with this already. This essay will talk about the athletes not being able to pay for many of the things they need, they haven’t got any time for a job, the athletes bring in money to there schools, and more. The college athletesRead MoreDo Athletes Deserve For Get Paid?1459 Words   |  6 PagesDo Athletes Deserve to Get Paid? There seems to have been a rise in scandals in collegiate athletics over the past few years. Many athletes get a notice from the NCAA that they have been suspended from their sports’ season or several games of the season. This may shock some people to know that these athletes are being suspended for getting free food, rides, money for clothing, etc. There have been several court cases involving student-athlete scandals and many are wondering how to get to the bottomRead MoreShould College Athletes Be Paid?1500 Words   |  6 Pagesteams and athletes bring forth millions of viewers to see what a sports team is made up of. College is where a student gets the opportunity to shine. If a college athlete possesses a significant amount of talent they have the potential to become a professional. At a college level, students don’t receive payment; regardless of what level an athlete is on, when an individual has a natural talent the individual should be paid for doing what he is good at. This idea of not paying student athletes needsRead MoreThe Ban On Student Athlete Compensation1426 Words   |  6 PagesRight now the ban on student-athlete compensation is insufficient and is not doing the student-athlete any good. Student-athletes should be paid for their efforts no matter what the rule has always been. These athletes hard work is being taken advantage of by the people around them. A change to a competitive labor market with less restrictions on student-athlete compensation might be a necessity (Sanderson and Siegfried). In 2013 a man by the name of Jay Bilas, an ESPN basketball analyst, logged

Accounting System - Special Journal & Subsidiary Ledger

Question: What is accounting systems? Describe about special journals subsidiary ledgers. Answer: The company under review is the JB Hi Fi and is the leading retailer of the consumer electronics. The company manufactures the video games and also the blu-rays, DVDs and the CDs. The company is the leading chain store which is headquartered in Melbourne. In the smaller accounting treatment, the book keeper may go on to record the various journal entries. In a company, the general leader accountant is duty bound to record the journal entry and ensure the control over the manner in which the journal entries have been recorded. In respect of the format of the journal entry, at a minimum, the accounting journal entry must include the following: Each account has one credit and one debit The date on which the journal entry has been passed The period of accounting during which the journal entry was prepared The name of the person which is making that entry is present The managerial authorisations are present Journal Entry Fraud: It is very much common for the accountants to commit frauds by the use of various journal entries than through the use of the common transactions that exists. This could include the supplier invoices and the creation of the customer invoices. The main reason behind the same is that there are many of the common transactions that would have the controls of the systems built around them and this is designed for many of the different reasons. There are a very lesser number of controls over the journal entries that makes the creation of the fraudulent transactions easier. These are the transactions that are very difficult for the recording of the amounts that are not material and these are not likely to spot the transgressions. The following are the accounting journals prepared by the company: Cash and bank Accounts receivables Plant and equipment Land and building Accumulated depreciation Depreciation expense Office supplies expense Expense accounts Accounts payables Loans and borrowings Short term investments Long term investments Shareholders equity Retained earnings Provisions Revenue Cost of sales Income tax expense Other assets Other liabilities The following is the statement of the cash flows provided in the annual report of the company: Particulars (Amounts in $ in thousands) Receipts from customers 40,12,130 38,32,979 Payment to suppliers and employees -37,67,211 -37,23,982 Interest and bill discounts received 552 402 Interest and other finance costs paid -5,689 -7,496 Income taxes paid -59,886 -60,577 Net cash inflow from operating activities 1,79,896 41,326 Acquisition of non-controlling interests -2,400 -3,000 Payments for plant and equipment -42,466 -35,914 Proceeds from sale of plant and equipment 496 674 Net cash (outflow) from investing activities -44,370 -38,240 Proceeds from issues of equity securities 3,125 21,523 Proceeds / (repayment) of borrowings -40,113 54,063 Payments for debt issue costs -484 -64 Payment for shares bought back -4,970 -25,830 Share issue and buy-back costs -24 -118 Dividends paid to owners of the Company -87,174 -77,183 Net cash (outflow) from financing activities -1,29,640 -27,609 Net increase / (decrease) in cash and cash equivalents 5,886 -24,523 Cash and cash equivalents at the beginning of the financial year 43,445 67,368 Effects of exchange rate changes on cash and cash equivalents -200 600 Cash and cash equivalents at end of year 49,131 43,445 1. Depreciation expense: this is found in the statement of profit or loss. 2. Amortisation expense: this is found in the statement of profit or loss. 3. Employee benefit expense: this is found in the statement of profit or loss. 4. Financial service fees revenue: this is found in the statement of profit or loss. 5. Lease and occupancy expenses: this is found in the statement of profit or loss. The following is the statement of profit or loss: (Amounts in $ in thousands) Particulars 2015 2014 Revenue 36,52,136 34,83,775 Cost of sales -28,53,883 -27,27,794 Gross profit 7,98,253 7,55,981 Other income 631 520 Sales and marketing expenses -3,74,084 -3,55,694 Occupancy expenses -1,60,216 -1,48,969 Administration expenses -27,711 -27,600 Other expenses -35,414 -32,716 Finance costs -5,927 -8,845 Profit before tax 1,95,532 1,82,677 Income tax expense -59,021 -54,230 Profit for the year 1,36,511 1,28,447 Attributable to: Owners of the Company 1,36,511 1,28,359.00 Non-controlling interests 88.00 Earnings per share Basic (cents per share) 137.91 128.39 Diluted (cents per share) 136.46 126.89 The following is the Balance sheet of the company: (Amounts in $ in thousands) Assets 2,015.00 2,014.00 Current assets: Cash and cash equivalents 49,131.00 43,445.00 Trade and other receivables 81,480.00 70,745.00 Inventories 4,78,871.00 4,58,625.00 Other current assets 7,416.00 5,332.00 Total current assets 6,16,898.00 5,78,147.00 Non-current assets: Plant and equipment 1,76,208.00 1,81,564.00 Deferred tax assets 17,363.00 14,909.00 Intangible assets 84,541.00 85,218.00 Other financial assets 3.00 3.00 Total non-current assets 2,78,115.00 2,81,694.00 Total assets 8,95,013.00 8,59,841.00 Liabilities Current liabilities: Trade and other payables 3,25,604.00 3,02,979.00 Provisions 40,585.00 36,840.00 Other current liabilities 4,566.00 4,111.00 Current tax liabilities 9,474.00 8,184.00 Other financial liabilities 107.00 79.00 Total current liabilities 3,80,336.00 3,52,193.00 Non-current liabilities: Borrowings 1,39,461.00 1,79,653.00 Provisions 6,073.00 8,699.00 Other non-current liabilities 25,664.00 24,638.00 Other financial liabilities - 25.00 Total non-current liabilities 1,71,198.00 2,13,015.00 Total liabilities 5,51,534.00 5,65,208.00 Net assets 3,43,479.00 2,94,633.00 Equity: Contributed equity 56,521.00 58,383.00 Reserves 17,636.00 16,265.00 Retained earnings 2,69,322.00 2,19,985.00 Total equity 3,43,479.00 2,94,633.00 The following are the required journal entries: Transaction Particulars Debit Credit Cash receipt from customers Cash Sales Cash paid to suppliers Accounts payable Cash Dividend paid Dividend expense Cash Payment for plant and equipment Plant and equipment Cash Depreciation expense Depreciation expense Accumulated depreciation Amortisation expense Amortisation expense Asset Employee benefit expense Employee benefit expense Profit and loss account Financial service fees revenue Cash/Accounts receivables Financial service fees revenue Lease and occupancy expenses Lease and occupancy expenses Profit and loss References: Accounting Basics for Students. (2016).Basic Accounting Journal Entries. Accountingtools.com. (2016).Accounting Journal Entries Accounting Tools.