Friday, December 13, 2019

Financial Statement Analysis Free Essays

(2004-2008) Course Title: Managing Financial Resources Course: MSc. Finance Date: 11th January 2010. TABLE OF CONTENT Executive Summary This report shows the analysis of the financial performance of Centrica Plc, one of the top energy business providers in UK. We will write a custom essay sample on Financial Statement Analysis or any similar topic only for you Order Now Based on my analysis from this report I can conclusively state that: Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that it made better sales than its competitor. Although Centrica’s sales turnover was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 1088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Centrica Plc’s Total shareholders return has an upper hand when compared with other 99 members of the FTSE 100 in 2008. INTRODUCTION evaluate the impact of financial accounting concepts on corporate reporting of Centrica Plc. evaluate the limitations of ratio analysis discuss the role of management accounting in the evaluation of Centrica’s business performance. I have been motivated to choose Centrica Plc because of the type of product they deal in, which is energy. It is a product that is essential for all, not just households. And it will be good to know if this company is actually doing well in terms of profitability and customer’s satisfaction. LITERATURE REVIEW *PROFITABILITY RATIO ANALYSIS *OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) FINANCIAL RATIO ANALYSIS OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) GRAHPICAL PRESENTATIONS OF RATIOS {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} ANALYSIS AND DISCUSSION FINANCIAL PERFORMANCE ANALYSIS BASED ON THE GRAHPS According to Barry Elliot and Jamie Elliot, ratios show different items in the financial statements. A ratio is not useful in isolation and its usefulness depends on what aspects of the firm’s business affairs are being investigated. Ratios, according to them are a powerful tool in interpreting and understanding a company’s account. Therefore, the graphs above show the performance of the Centrica plc and its competitor; Scottish Power over a period of 5years and will be analyzed below. DEBTORS TURNOVER: This ratio shows how long it takes debtors of a company to pay back credit purchases. In as mush as credit facilities enhances sale turnover in a competitive market, it is very important to take adequate control of it because it is an essential part of working capital management. (Buz/ed, 2009) It is calculated as: Debtors’ Turnover*= Average Debtors * ? 365days Centrica Plc has been able to achieve a positive stock turnover ratio over the years with a 55% less time between 2004 and 2008 compared to its competitor that has a longer time of 18% to sell off its products. This shows that Centrica Plc has more sales turnover than Scottish Power. The trend on the graph show that Centrica Plc has been more liquid than Scottish power because the higher the ratio, the more liquid the business is said to be. It is obvious from the graph that Centrica Plc is more liquid than Scottish Power. That is Centrica Plc has a better capacity to pay it short term debt than Scottish Power, with reference to their current ratio of 1. 12 to 0. 59 respectively in 2008. DISCUSSION IMPACT OF FINANCIAL ACCOUNTING CONCEPT UPON CORPORATE REPORTING OF CENTRICA PLC Going Concern: The Board of directors of Centrica Plc continues to adopt the going concern basis in preparing the financial statement because they have a reasonable expectation that the company has adequate resources needed to continue operational existence for the foreseeable future Business Entity: Centrica Plc operates as a separate business entity from its investors. Cost: Centrica Plc reports the market value of its assets. Sincerity: The financial Statement of Centrica Plc is prepared and audited by auditors from the Pricewaterhouse coopers Monetary Unit: The financial statement of Centrica Plc shows a single monetary unit dominated in GBP (? ) because the parent company is in the UK. Dual concept: Centrica presents it total assets as liabilities (debt finance) plus equity (shares). Accrual: The revenue or income of Centrica Plc are recorded when they are actually earned. (Asmii V. 2009) ROLES OF MANAGEMENT ACCOUNTING ON THE BUSI*NESS PERFORMANCE OF CENTRICA PLC According to Institute of Management Accountants, Management accounting can be defined as â€Å"the internal business building role of accounting and finance professionals who work inside the organizations† They are concerned about the growth of the business in terms of evaluating the business prospects, budgeting and forecasting, implementing and monitoring internal controls for the purpose of achieving economic value. The Board of Directors of Centrica Plc believes that there must be high standards of corporate governance which are relevant to the overall integrity and performance of the business. The Company adopted a new set of Articles of Association which states the power of the Board of directors at the 2008 Annual General Meeting and stated below are few of the responsibilities of the Directors with respect to the managerial accounting of the company. the Group’s corporate governance and system of internal control development of strategy and major policies nterim dividend payments and recommendation of final dividends the appointment and removal of Directors and the Company Secretary the Group’s corporate responsibility arrangements including health, safety and environmental matters reviewing management performance approval of the annual operating plan, the financial statements and major acquisitions and disposals The Board gives thorough monitoring to the development of the co mpany’s strategies and also during the year 2008, the Board had a full review of the company’s overall strategy with the assistance of an independent external consultant. The Board also place value on their investors and promote communication program in order to hear their views of their shareholders as regards the key matters affecting the company. The Chief Executive and Group Finance Director held regular meetings with the Company’s major shareholders during the year and the Company’s Rights Issue which was the main topic of discussion was successfully completed during December 2008 after which an approval was given at the Company’s General Meeting held on 21 November 2008. The company’s Executive Committees also established a control infrastructure to ensure proper monitoring and management where major risks have been identified. *THE NON-FINANCIAL PERFORMANCE* OF CENTRICA PLC The fluctuation in demand and prices of oil worldwide as well as the global financial crises in 2008 made Centrica Plc face series of challenges and the Chairman of the company (Roger Carr) tagged the year â€Å"a difficult year†. But despite the difficulty, the company still performed well because it is a company that aims at delivering stability and growth for the benefit of their customers, employees and shareholders. Centrica Plc’s non-financial performance can be outlined in terms of the following: *BUSINESS PERFORMANCE OF CENTRICA* PLC LIMITATIONS OF RATIO ANALYSIS Ratios are useful methods of analyzing the performance and financial position of a business but they have their flaws which are seen as limitations and will be analyzed below. THE IMPACT OF THE CHANGE FROM UK GAAP TO IFRS ON THE CORPORATE REPORTING OF CENTRICA PLC that IFRS has improved the company’s 2004 operating profit and statutory Earnings Per Share (EPS) reduction in shareholder’s fund as a result of pensions deficit Adjustment the company’s policy to link dividend to earnings thereby increasing pay out ratios. Some assets and liabilities will be treated differently which will affect timing of profit. CONCLUSION With reference to the ratios analyzed above, Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that they made better sales than its competitor. Although Centrica’s sales turnover was high was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Finally, we can say that from the record of 2007, the financial performance in 2008 was good despite the economic instability. Centrica Plc made strong progress against the strategic priorities set out at the end of year 2006. The global financial crises which remain very challenging in the UK till date could pose as a problem for many of the company’s customers. But Centrica Plc promises to continue to place their customers’ needs at the forefront of their agenda, alongside the determination to deliver increasing long-term value for our shareholders FUTURE OF CENTRICA PLC According to the Chief Executive’s Review, some priorities have been set for the future growth of Centrica which would help measure performance in year 2009. Some of which are: To build on the company’s growth platform: Increasing the value of their customer base by expanding the overlap between the energy and services business. Also establishing a centralized service platform and the acquisition and construction of gas and power assets which will enable the company to compete efficiently in the energy market. To reduce risk through integration: There will be more focus on UK in the coming year 2009, due to the high demand. Therefore more production has to be made by integrating/building closer relationship with the National Oil Companies. To transform British Gas: In order for Centrica Plc to succeed, British Gas Residential which seems to be the core backbone of Centrica’s business has to deliver high level of profitability. Therefore, there will have to be an integration of the British Gas Residential, British Gas Business and British Gas Services into a single customer-focused organization. Amidst all these future plans briefly mentioned above, I can now conclusively say that the future performance of Centrica Plc is not 100% certain of profitability as they are not exempted in the effect of the global financial crises which is still hitting the UK economy. Although demand for product might rise causing increase turnover but consumers might not be able to meet up with financial obligations of paying cash. So, Centrica must be prepared for more credit sales which might decrease its debtor turnover. Also, prices of product must be put into consideration despite the goal of maximizing profit not forgetting its competitors. And finally, the leadership of Centrica Plc will be playing major role in delivering stability and growth for the benefit of customers, employees and shareholders. REFERENCES Asmii Vernekar, 2009. Available at: http://www. buzzle. com/articles/basic-accounting –concepts-and –principles. html. Assessed on 15th December, 2009 Buz/ed, 2009. Available at: http://www. bized. co. uk/compfact/ratios/sdc5. htm Assessed on 13th December, 2009. Centrica Plc, 2005. International Financial Reporting Standards. Available at: http://www. centrica. co. uk/files/results/2004_ifrs_transcript. pdf. Assessed on 15th December, 2009 FAME (Financial Analysis Made Easy), 2009. Available at: http://www. fame. bvdep. com/version-20091130. Assessed on 11th December, 2009 Peter Atrill, and Eddie McLaney (2008), Accounting and Finance for Non-Specialists, 6th ed. Prentice Hall, financial times. David Alexander and Christopher Nobes. (2007), Financial Accounting, An International Introduction, 3rd ed. Prentice Hall, financial times. How to cite Financial Statement Analysis, Papers Financial statement analysis Free Essays string(138) " either positively building up consumer anticipation or by allowing time for consumers to second guess the product before it is released\." Most notable products from Apple include the Phone, Pod, Pad, ND Imax personal computers. Apple is also involved in computer and web based application developments, which support their essential products such as Tunes, Safari, and Cloud. Through its innovative, streamlined, user-friendly designs, Apple has achieved a meteoric rise to industry domination since 2002. We will write a custom essay sample on Financial statement analysis or any similar topic only for you Order Now This growth, however, has recently come to a relative standstill following its peak in 2012 and has investors speculating if this marks the end of Apple’s bullish behavior, or just a minor setback because of the company’s change of management. Apple Inc. Saw a 9% total increase in revenue this sat year from SSL 56,508 million in 2012 to $170,910 million in 201 3(Apple Inc. , 2013). This growth is in part due to the release of the Phone â€Å"As† and â€Å"c† models, the introduction of the Pad â€Å"Mini† retina display as well as the company’s normal day to day sales. This 9% growth may be some cause for concern though, as prior years increase in revenue saw a 45% average growth from year to year (44% in 2012 and 65% in 2011). Apple’s annual release of new products typically yields a 30% overall growth in revenue, which potentially indicates there is stagnation of growth overall in the current racket. This stagnation may be attributed either to heavy saturation of products within the current market, leaving little opportunity for expansive growth, or that consumers are unimpressed with the current product line. Apples peer firm Microsoft (MOST) has seen a modest 5% increase in total revenue from $73,723 million to $77,849 million from 2012 to 213 respectively (Microsoft Corporation, 2013). This increase is consistent with prior 3 years which have each yielded a 4-5% increase in revenue. Compared to Apple, Microsoft has a relatively stable growth and be attributed to the elatedly consistent flow of products from year to year. The â€Å"earnings per share† ratio (PEPS) reflects the decline in overall profitability as well, with a 10% decline in Apple’s PEPS from $44. 43 to $40. 29 in 2012 and 2013 respectively (Apple Inc. , 2013). This can be attributed to two factors: a decrease in net profit margin and a paralleled decrease in gross profit margin. There was an 11% decrease in net profits because of an increase in overall inventory. Increasing inventory will also increase a company s operating expenses as they accommodate new production. Companies typically raise their inventory evils as they release new products in anticipation for projected consumer demand for these products. As is the case with Apple, this will have a negative impact on a company’s net profit when there is less than anticipated demand for their new product. The depreciation of older inventories can also be responsible for an overall decrease in profitability. Microsoft has conversely seen an increase in PEPS from $2. 03 per shard to $ 2. 63 per share as a result of an increasing profit margin ratio from 23% to 28% in 201 3(Microsoft Corporation, 2013). Overall this increase can be attributed to an increase in ales over the period as new technologies are release. Overall PEPS increase as a result of Microsoft’s lower CEQ duty/investment into their company where as Apple has put much more equity into the release of their new releases in 2013. The increase in cost of sales is reflected in the decline of the gross profit margin ratio which is an additional indicator for a comprehensive decrease in profitability. Apple’s total gross profit fell from $44. 00 to $38. 00, in 2012 to 201 3 respectively, which is below the $42. 00 industry average as their cost of sales experienced a 22% increase from 587,846 million to 1 06,606 million dollars. The decrease in gross profit is explained by a number of factors according to Apple: â€Å"introduction of new versions of existing products with higher cost structures and flat or reduced pricing; a shift in sales mix to products with lower margins; introduction of pad mini with a gross margin significantly below the Company’s average product margins; higher expenses associated with changes to certain Of the Company’s service policies and other warranty costs; price reductions on certain products, including pad 2 and phoned; and an unfavorable impact room foreign exchange fluctuations. (Apple Inc. , 2013). An intangible effect that could positively impact Apple’s gross profit in the long run is an increase in the number of product consumers as well as a potential increase in consumer loyalty. When compared to Microsoft smaller 2% decrease of gross profit margin from 76% to 74% in 2013. Microsoft decision to decrease sales price of windows 8 and decrease margins for the Oxbow One is responsible for the decrease in gross profit margin much like Apple. Tooth Apple inch’s and Microsoft’s overall decrease of gross profit margin can be said o increase consumer satisfaction because more advanced technologies are sold at a lower margin thus giving a customer more value to their purchase. By lowering the price on certain high value items, such as the phone 4 and the pad 2 mentioned in Apple’s statement, Apple has made these products more accessible to potential customers with lower incomes or frugal spending habits. Furthermore, if there is an increase in Apple product consumers as a result of the change in price, there will likely be an increase in customer loyalty and satisfaction with these products. The PEPS decline and he increase in cost of sales can further be explored through an analysis of the company’s balance sheet. There was a significant increase in Apple’s inventory from $791 million to SSL . 76 billion from 2012 to 2013 respectively. This 123% increase in inventory demonstrates a wholesale investment in anticipated consumer demand and loyalty. Apple typically announces product releases long before the actual release date in order to build market â€Å"hype† and also sets release dates to coincide with times of historically greater spending in the market, such as the Christmas holiday season. This â€Å"hyping† recess, however, can go both ways in terms of sales by either positively building up consumer anticipation or by allowing time for consumers to second guess the product before it is released. You read "Financial statement analysis" in category "Papers" There is also an inherent risk in inventory expansion based on projected sales; consumers may just not be in the market for new products. An indication that this may be the case is found by looking at the inventory turnover ratio which experienced a decrease from 11 1 times per quarter to significantly lower 83 times per quarter. Microsoft, like Apple, has seen a significant decrease of inventory turnover of 14% from 15. 2 times to 13. 13 times per quarter. This decrease in overall turnover much like, Apple is due to customer anticipation of newer release. However, these changes were significantly different for Microsoft as their offerings have less volatility, especially in sales of operating systems, and usually see less adoption by consumers in starting stages. Apple acid test ratio, involving current assets over current liabilities, stands at 1. 64 in 2013 which is an increase of approximately 8 points from 2012. This is much higher than the industrial average of 1. 0, indicating Apple is a relatively safe investment and has enough in current assets to cover its debt Obligations. This sets Apple as one of the safer blue chip stocks that can provide consistent wealth for their share holders. Microsoft has experienced a increase acid test ratio from 2012 to 201 3 from 2. 57 to 2. 66 respectively this is significantly higher than Apple Inc. ND can be said to be a safer investment. Microsoft overall keeps their balance of ratios to asset very consistent and insures that they can meet their bottom line as well as provide security for their investors, more so than Apple In the third quarter of 201 3 Apple accrued total of 1 6,960 million dollars in debt. The long term debt was used to offset the repurchase of stock of $22. 9 billion as well as d ividend equivalent rights of $10. 6 million dollars. This accrued debt helps Apple Inc avoid taxes of upwards of $9. 2 billion dollars (Burrows, 2013) meanwhile Apple will only incur a $308 million interest a year. Had they used their offshore cash Apple would have had to pay a 35% tax and will save another $1 00 million as these interest payments are tax deductible (Burrows, 2013). Apple’s move to take on this debt to finance $55 billion dollars in stock repurchase is an effort to increase overall earnings per share as well as increase total value to the consumer meanwhile adding to overall company value. The statement of cash flows revealed that In 201 2 Apple board of directors authorized a $10 billion stock which was later raised to a total of $60 billion in 2013. Apple repurchased/retired a total of $22,860 million dollars worth of stock in 201 3 as opposed to issuance of 665 million in 2012. Apple stated that this repurchase was a move to increase end value to shareholders. Shareholders that are offered buy back will in turn gain profit and will decrease the overall outstanding shares. By decreasing the total shares the company’s earnings per share ratio will consequently increase, and given the current plan should increase PEPS by around $4 over the following fiscal year (Hughes, 2013) and adding to the company’s overall worth. The overall decrease in outstanding shares also decreases the total amount of dividends paid to investors thus cutting expense and adding to company revenues. Apple began issuing dividends toward the end of 2012 and has since seen a significant raise in dividends issued to its stockholder. Apple has since issued $10,564 million of vividness to shareholders representing a 324% increase dividends paid for 2013 from the $2,488 of dividends paid in 2012. Quarterly dividends were raised by 15% from SO. 65 per share to $3. 05 per share in 2013. The price to earnings ratio also increased from 9% to 13 % as well as the increase in payout ratio from . 29 to. 06 reflects this change value to stockholders as a consequence of stock retirement and increased dividend payout.. A very lucrative opportunity presents itself for current stockholders as the prospective raise of PEPS due to buy back will ultimately add incredible attention value due to increased dividend yield. Microsoft’s plan to buy back a total $40 billion plan began in 2008, they began this buy back to increase overall PEPS and PIE as well as increase the companies payout ratio. Buyback has thus far increase PEPS however subsequent drops in PIE ratio from 12. 36 to 10. 24 and stagnant dividend yield make investment into Microsoft a riskier endeavor than Apple as the decrease in P/E does not bode well for buyer confidence. Though the higher dividend yield is still attractive to investors and is higher than that of Apple Inc. Apples market share in smart phones should e of particular concern to interested investors as of recent events. Market share, especially for key products, gauges the company’s current position amongst its competition and overall pull within the market. It can effectively gauge if the company is meeting the needs of its consumers and prospective growth. Within the past year the Phone only gained around a 13% overall growth in sales, however this is miniscule compared to overall Smartened market growth of 44% in 2013. Apples market share shows further struggles as overall mobile market share decrease by a full 4% from 19% market share n 2012 to a 15% in 2013. (Gardner, 2013) However, other companies like Microsoft and Samsung saw significant increases in SO use and hardware use with Samsung clearing 31% total market share from its 30% in 2012. This may be worrisome as Apple may not providing what customers want and can account for a decrease in overall prospective growth. However, this may be remedied by Apples breakthrough to markets china and Japan late in 2013. The departure of Steve Jobs and the arrival of Tim cook in august of 2011 has been a cause for a weaker overall product line. The recent introduction of ewe products have spawned a lackluster response by consumers especially in the release of the Phone 5 variants (as and c) as well as the improved retina display pad mini. These products neglected to offer anything new or revolutionary to set Apple apart, they were just mere improvements to tested product. The lack of ingenuity has potential to cause a decline Apples growth in sales and may cede market share competitors who have more to offer to the consumer. Microsoft on the other hand has remained consistent in its product offerings throughout the years. This is expected of Microsoft as hey re key product involves enterprise systems that provide basic needs for businesses. How to cite Financial statement analysis, Papers

Thursday, December 5, 2019

Rainforests1 Essay Example For Students

Rainforests1 Essay The Civil War that lasted from 1861 to 1877 was mainly caused by the diverging society between the North and the South. The North and the South had different goals. There were many factors that led to the war and the chief ones were political and economic differences between the North and the South. The Norths aggression to control the South had led to the point where it was intolerable. The issue on slavery was one of the cause of the Civil War. Slavery and slave trades had become a big part of the Souths economy. The slaves were needed to work on plantations which helped the South prospered. During the 19th Century, the North worked hard on abolishing slavery which they thought was an disgrace to the Union. Compromises were proposed working toward an end to slavery. One of the compromises was the Missouri Compromise which made Maine, a free state, and Missouri, a slave state, excluded slavery from Louisiana Territory and everything above the 36 30 north latitude. Other compromises such as the Compromise of 1850 did please both sides. The Compromise included admitting California as a free state and interstate slave trade to be abolished which went in favor of the North. The Compromise also went with the South when it included more strict fugitive slave laws and New Mexico and Utah were created without slave restrictions. A book called, Uncle Toms Cabin was also published at this time emphasizing the evils of slavery. This added tension between the North and the South. The compromises seemed to have settled the issue of slavery but it was just putting back the problem. The North and the South were far from settling the slave issue. Another reason that caused the South to go to war was the difference in economic policies. The North was expanding more in the commercial and industrial side while the South was reliant on agriculture. Cities and factories had developed in the North and in the South; it was still staple producing and agrarian. The Norths industry was beginning to dominate its economy while the South was still mainly based on agriculture. The South only produced manufactured goods for consumption and the North were able to export manufactured goods. The taxes and tariff was unfair to the South. The Tariff Act of 1832 put high import fees on all European manufactured goods which was established to protect the Northern industries. The Souths reaction to the Act was a threat to secede from the Union. Railroads were also built to bond the northern tier of states. This made transportation easier in the Northeast than in the South. The Northeast traded with the West while the South can trade only by sea. Wantto promote the industry of the New England states, at the expense of the people of the South and their industry In politics, the North had an advantage over the South. The North was more populated than the South and the South only counted slaves, which was big part of their populations as 1/3 of a person. Since the House of Representative was based on population representation, the increasing population in the North gave them a big majority over the South. In the North, they strongly believe that majority rules and that they should make and execute the laws. This can be seen in the Lincoln-Douglas election when they were the favorites in the election. They are both from the North and the South wanted Douglas to win because he was for popular sovereignty. In the end, Lincoln won because the Democratic Party was split up and the Southerners was just outnumbered. There were good reasons that the South entered the war. The North had been going over the line, trying to take away their state rights. The South had to stand up for themselves and fight for their moral rights. .uef2656d68ad2f1386fc79ca120b849ae , .uef2656d68ad2f1386fc79ca120b849ae .postImageUrl , .uef2656d68ad2f1386fc79ca120b849ae .centered-text-area { min-height: 80px; position: relative; } .uef2656d68ad2f1386fc79ca120b849ae , .uef2656d68ad2f1386fc79ca120b849ae:hover , .uef2656d68ad2f1386fc79ca120b849ae:visited , .uef2656d68ad2f1386fc79ca120b849ae:active { border:0!important; } .uef2656d68ad2f1386fc79ca120b849ae .clearfix:after { content: ""; display: table; clear: both; } .uef2656d68ad2f1386fc79ca120b849ae { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uef2656d68ad2f1386fc79ca120b849ae:active , .uef2656d68ad2f1386fc79ca120b849ae:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uef2656d68ad2f1386fc79ca120b849ae .centered-text-area { width: 100%; position: relative ; } .uef2656d68ad2f1386fc79ca120b849ae .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uef2656d68ad2f1386fc79ca120b849ae .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uef2656d68ad2f1386fc79ca120b849ae .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uef2656d68ad2f1386fc79ca120b849ae:hover .ctaButton { background-color: #34495E!important; } .uef2656d68ad2f1386fc79ca120b849ae .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uef2656d68ad2f1386fc79ca120b849ae .uef2656d68ad2f1386fc79ca120b849ae-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uef2656d68ad2f1386fc79ca120b849ae:after { content: ""; display: block; clear: both; } READ: Swot & Pest Analysis on Hotel Industry Essay The South, which was dependent on slavery, would have been devastated if slavery was abolished. The prospering North was trying to control most of the South for their own capital benefits. This war was not fought on the institution of slavery but on maintaining the Southern civilization.Bibliography:

Thursday, November 28, 2019

An Analysis of Early Years Philosophies The WritePass Journal

An Analysis of Early Years Philosophies Introduction An Analysis of Early Years Philosophies and is the full document guiding those involved in the provision of years education is seen as merely a minimum standard that they are required to meet and any underlying aims and objectives that should be in mind when establishing their own methods and philosophies. This was given its statutory status by virtue of the Childcare Act 2006. There are underlying aims associated with the guide, including the desire to provide consistency and equality of opportunity for all young children, which will ultimately then provide a secure foundation upon which every child can develop in an appropriate manner and according to their abilities and desires and become well adjusted young adults, in the future. Basic safeguarding welfare requirements are also fundamental to this guidance and, although the focus here is on educational theories, it should be noted that early years’ education theories should, at all times, consider welfare issues and how these may interact within the educational environment (Helm, and Katz 2001). Overarching principles recognise that each child is unique and will be in a constant state of learning and development, and will therefore need to be adaptable and taking the lead from the child in question. Furthermore, the establishment of positive relationships, both with their peers and adult groups is crucial and educational environments should be enabling and positive, regardless of precisely how they are set up or managed. Depending on the nature of the early years provider there may be more specific requirements when it comes to learning and development. For example a childcare provider for wrap-round services, e.g. outside of school hours, would have a lesser requirement to support learning and development, as it would be presumed that the learning and development has been covered within the educational environment. In order to ensure sufficient flexibility, while also ensuring equality and consistency with policies produced in the area of learning and development down into three key subjects: communication and language; physical development; and personal, social, emotional development. All providers of early years’ education need to provide basic supporting literacy, mathematics, general understanding of the world and expressive arts and design. To a certain extent, the rigidity of the current requirements would prevent total freedom within the educational environment and this would disallow a pure theory, such as that of Montessori, to be used although many of the elements of this educational theory can still be present, despite the constraints of the statutory guidance. When establishing methods of learning and development the guidance requires the use of a mixture of directed   and free play within any education establishment and this prevents the approach from begun being entirely focussed one way or the other. The binding agreement to deliver the statutory framework requires that there are three characteristics which must be applied to all the activities that are undertaken by those involved in early years’ education. Firstly, there is the need to encourage playing and exploring which is supportive and congruent with the earlier theories of Steiner and Montessori and which encourage every child to explore and develop during their early years. Secondly, there is the need for active learning which encourages children to concentrate and to continue to strive to achieve the results that they are after (Anning et al 2004). Thirdly, there is the need to encourage the creativity and critical thinking of the children, in order to develop their own thoughts and ideas, as well as making links between ideas which they can then use in the future. Although the statutory guidance has a relatively large level of structure attached to it, on the whole, it follows the educational theories on early years’ education advocated by Steiner and Montessori. Certain requirements are also placed on early years’ education providers; for example, a pupil must have an allocated key person with whom they interact and who has responsibility for ensuring that they are developing and learning in an appropriate manner; this is also seen as a welfare and safeguarding issue, where this is a non- negotiable requirement. Certain standards are expected of children at any stage of early years’ education, such as the requirement that, by a specific age, sentences should be constructed and the children will be regularly reviewed and tested, in order to ascertain whether they are meeting the requirements, exceeding the requirements, or falling short. Although it is not expected that every child will develop at the same place, regular monitoring in many areas which are deemed to be weak is critical and a fundamental part of the current framework, so that the child in question can then be supported to develop in these weak areas. The main assessment is undertaken in the final term of the academic year in which the child becomes five years old is provided to the child’s carers / parent and other professional that are relevant during the early years. This assessment has several purposes other than to simply ascertain the current stage of learning for the child in question and provides information for the teacher who will be dealing with the child, as soon as they enter into compulsory education. This indicates that the early years’ agenda does in fact have the underlying aim of placing children in the best possible position to enter Year One (National Council for Curriculum and Assessment 2004). Another important aspect of the statutory guidance which is relevant to this discussion is the heavy emphasis placed on partnership arrangements, with the requirement for early years’ education providers to engage with the local authority, where appropriate, particularly for welfare and safeguarding issues. The essence of the policies here, therefore, is to fulfil certain requirements for having the statutory, basic standards in place, while also offering freedom to the early years’ educational establishment, in order to allow them to adjust, depending on the nature of their establishment and the types of facilities available to them. This would seemingly be a combination of theories, as discussed above, and goes largely along with the early focus on freedom and independence, but with slight constraints put in place. Based on this it can therefore be argued that the closest educational theories discussed above to the current situation are that of High Scope, where the adult operates as a form of scaffolding around the independent and free learning of the children. There does however need to be clarity, on a day-to-day basis, but the children themselves are given the freedom to develop at their own pace. A Personal Philosophy By looking at the educational theories explored in the first part of this report and also looking at the way in which the government has established guidelines, both compulsory and optional for educational establishments, the author here has been able to develop their own personal philosophy for early years’ education. This personal philosophy also draws, to a certain extent, on reflective learning from the author’s own experience within the early years teaching environment. As a result, and in the opinion of the author, it was found that the educational theories that support the notion of entirely free play are not as effective as the current educational agenda. However, whilst there are merits in the notion of entirely free experiences for very young children, as advocated by Montessori, it is suggested here that there needs to be a degree of structure, as this is more reflective of the educational experience which the children are likely to receive in the future. Moreover, there is an underlying aim within early years’ education to present children with the best possible foundation before branching into compulsory education and this would seem to be the main focus. The author also believes that the most appropriate philosophy is a combination of Waldorf and High Scope, stating that there needs to be at least some degree of structure and expectation, in order to ensure that there is sufficient consistency. Each child leaving early years’ education needs to be in position to undertake compulsory education; therefore, without having at least some boundaries and expectations laid out for all involved in education, this would result in some children not being able to achieve basic standards. This could ultimately impact, not only on their educational knowledge, but also on their self-esteem, if they were to enter compulsory education considerably behind others, in terms of attainment (Hohmann, 2002). Applying the statutory rules which are in place within the UK also supports this philosophy and recognises the fact that the ability of children to learn and develop will be different, particularly within the early years, and there needs to be at least some   freedom for the children to explore and make up their own minds. This does, however, need to be structured and facilitated by the educational professionals, so that any individual weaknesses can be identified and supported in such a way that would not be possible, if total freedom were given to the students. Educational theories provide a strong background to the way in which education should be delivered, both from a physical environment perspective, through to how the adults responsible for delivering education interact with the children in their care. Despite the need for structure, it is noted here that a strong emphasis should also be placed on freedom of choice for the children when building social and self-esteem factors, which are arguably going to be the foundations for future learning, far beyond technical skills such as the ability to read and write (Penn, 2005). By looking at the broader developmental issues, such as those set out in the statutory guidance, those involved in delivering educational standards can adapt to deal with any issues that arise, rather than being constrained to delivering a specific curriculum. Based on this, my own personal philosophy of education is a hybrid between High Scope and Waldorf, with a bias towards increasing structure, so that basic standards are achieved, regardless of the underlying skills and personalities of the children involved. References Anning, A., Cullen, J. and Fleer, M. (eds.) (2004). Early childhood education: society and culture. Delhi, New York and London: Sage Publications Cadwell, L. B., and C. Rinaldi. (2003) Bringing Learning to Life: A Reggio Approach to Early Childhood Education. New York: Teachers College Press. Catron, C. E., and J. Allen. (2007) Early Childhood Curriculum: A Creative Play Model, 4th ed. Upper Saddle River, NJ: Merrill/Prentice Hall. Department of Education (2012) Available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/2716/eyfs_statutory_framework_march_2012.pdf French, G. and Murphy, P. (2005). Once in a lifetime: Early childhood care and education for children from birth to three. Dublin: Barnardos. Helm, H and Katz, L (2001) Young Investigators: The Project Approach in the Early Years, New York: Teachers College Press. High/Scope Educational Research Foundation. (2001). The physical learning environment: Participants guide. Michigan: High/Scope Educational Research Foundation Hohmann, M., et al. Educating   (2002) Young Children: Active Learning Practices for Preschool and Child Care Programs. Ypsilanti, MI: High/Scope Press. Montessori, M (1994). From Childhood to Adolescence. Oxford, England: ABC-Clio. pp. 7–16 National Council for Curriculum and Assessment. (2004). Towards a Framework for Early Learning. Dublin:   National Council for Curriculum and Assessment. Penn, H. (2005). Understanding early childhood. Glasgow: Open University Press. Roopnarine, J., and J. Johnson. (2005) Approaches to Early Childhood Education, 4th ed. Upper Saddle River, NJ: Merrill/Prentice Hall.

Sunday, November 24, 2019

Anaconda Plan essays

Anaconda Plan essays Winfield Scott's original plan on how to crush the rebellion. General-in-chief Winfield Scott was a great leader of the union troops during the civil war. He fought many battles and came up with various military strategies. His most famous military strategy was the Anaconda Plan. He was the man that updated President Lincoln (personally) on the national military situation. These meetings were to help Scott work out the Union military aims. Winfield Scott was born in Petersburg, Virginia on June 13, 1786. Scott joined the army in 1808 and served with distinction as a young brigadier general in the 1812 War. Captured on the Niagara frontier he was exchanged in 1813 and fought with distinction at Chippewa (July 5, 1814) and Lundy's Lane (July 25, 1814). After the war, Scott rose to the rank of major general and went to Europe to study military tactics and in 1841 became commanding general of the United States Army. At the start of the Mexican War Scott recommended to President James Polk that General Zachary Taylor should command United States forces in the field. However, after Taylor made slow progress, Scott made a sea born invasion of Mexico that captured Vera Cruz and Mexico City, which was captured on September 14, 1846. Meanwhile General Stephen Kearney conquered New Mexico and with the support of John Fremont took control of California. A member of the Whig Party nominated Scott to be candidate in the 1852 presidential election. The party was badly divided with Southerners deeply suspicious of Scott's views on slavery. In the election Franklin Pierce won 1,601,474 votes against Scott's 1,386,578. On the outbreak of the American Civil War, President Abraham Lincoln called a special session of Congress and proclaimed a blockade of Gulf of Mexico ports. This strategy was based on the Anaconda Plan that had been developed by Scott. ...

Thursday, November 21, 2019

CRIMINAL AND CIVIL LAW IN HEALTH CARE Essay Example | Topics and Well Written Essays - 500 words - 2

CRIMINAL AND CIVIL LAW IN HEALTH CARE - Essay Example Consequently, healthcare contracts ensure that parties are informed of their rights and obligations, and provide remedies for breach by one or more parties to an agreement. It also clarifies parties’ intentions and can be used for future references to resolve misunderstandings among parties to it (Pozgar, 2012). It defines an agreement by parties to establish, and be bound by their specified terms. Express contracts can be oral or written and written contracts override oral contracts (Simmers, Nartker and Kobelak, 2008). This is a contract in which one of the parties can relinquish his or her obligations because of lack of some of the essentials of a contract. The type of contract however, remains valid until it is revoked (Pozgar, 2012). Other types of a contract are defined in terms of nature of involved subject matter such as contracts for reality defining contracts that involve â€Å"real estate and interest in real estate,† contracts for goods involving â€Å"movable objects with exception of money and securities,† and contract for services involving human efforts (Pozgar, 2012, p. 87). Essential elements of a valid a contract in healthcare are agreement, which defines offer and acceptance, and consideration. An offer refers to a promise by a party or parties to undertake acts, of commission or omission, on provision that the other party or parties will undertake specified acts of either omission or commission. An offer is only valid when the ‘offeror’ intends to be bound by the terms. Acceptance however defines a party’s consent, subject to legal provisions, to be bound by the terms of offer. It must involve â€Å"mutual consent,† be â€Å"definite and complete,† be made before the offer is revoked or within a reasonable period, and must be â€Å"complete and confirming† (Pozgar, 2012, p. 87). Another element of healthcare contract, consideration,