Breach of contract †contract law Essay

Spanish Contract Law provides a broad notion of breach of contract for any behavior that departs from the specified behavior in the contract in any way (time, quality, substance, etc.) or is not specially justified on legal grounds (actions forbidden by the government are not breaches since they are justified on a legal ground). The general benchmark to determine breach is the contract agreed by the parties themselves, and not external notions. However, external notions are used in important situation such as the consumer’s market where the consumer’s expectations are the primary benchmarks to assess quality and performance since there is not an explicit contract. External notions are also important in other market, where a third party may have some duty or responsibility over the contract, and therefore, is responsible (at least in part) for any potential breach. The reason for breach does not exclude the breach. What matters is the breach. The analysis of breach takes place in objective terms. Subjective factors generally do not exclude breach, although they may affect remedies. In certain contractual areas, breach of duty and fault are generally required (professional contracts, management contracts: breach requires violation of a duty of care or a duty of loyalty). In professional contracts, the fault may be of a professional who was in contract with the firm, and in management contracts, it may be the fault of the manager. 2) Remedies: Spanish Contract Law provides a wide range of general remedies for breach of contract: †¢ Specific performance: the court forces the breacher to act as it was established in the contract. If for example, the contract stipulated that the promiser had to give the promisee a product of quality 2 and he delivers a good of quality 1, then as remedy the court force the promiser to deliver a good of quality 2. †¢ Damages: the court force the breacher to pay a certain amount of money  (damages) to the other party as compensation. It is a monetary remedy. The court calculate the amount to be paid. †¢ Liquidated damages: these are also monetary compensation, but with the difference that they are not calculated by the court, but they are instead specified in the contract itself. One example are the soccer players’ contracts, or sale contracts that specifies the amount to be paid for each day of delay. Other general remedies that we can find are: †¢ Termination: if a party suffers a breach, it can contract with another party and abandon its contractual obligation. If the breacher does not agree with this, court is necessary. †¢ Reduction of prices: in case of breach of a party, a general remedy is to reduce the price to equilibrate the contract. Generally, it is the aggrieved party who chooses the remedy to be imposed. 3) Specific performance: Specific performance is a remedy for breach characterized by the fact that a failed performance or departure from required action by the contract will be imposed upon breaching party. It is also characterized by several material variants of the remedy such as: forced delivery, forced action, injunction not to do, repair defective performance and replace non-conforming good. In the case of the injunction not to do, the court oblige the breacher not to do something, such as obliging a CEO to work for the competition if in the contract it was stipulated that he cannot. Specific performance conceptually includes repair and replacement of consumer goods. The main issue with specific performance, when it is feasible, is the issue of the balance of benefits and costs of the remedy. Specific performance implies that the breacher perform as the contract establishes. However, sometimes, the cost of this performance may be higher than the benefit in social welfare terms. Take the example of the mining firm, which has a contract with the owner of the land to mine for 10 years and then clean the land. When the 10 year pass, the firms breaches the contract and refuse to clean. The cost of cleaning the land is 20 millions, and the benefit for the  owner is 1 million. So if the court imposes a specific performance to firm, society will loose 19 millions. A good alternative would be to impose damages to the firm, which would be preferred by the owner, since an agreement between the firm and the owner will be reached that maximize the social welfare. In these cases, performance may be more costly than its value for promisee: performance may be ex post inefficient. There are both positive and negative features of specific performance as a remedy. As positive features, we can distinguish low informational requirements to apply remedy (avoids cost of error linked to estimating damages) and the party aggrieved by breach appears to be satisfied in its promissory expectation. As negative features, we find performance may be more costly than its value for promisee (performance may be ex post inefficient), requires a court order and takes time, for complex performances requires costly and difficult supervision by court and performance by a party forced to comply with contract may be perfunctory (lowest effort) at best. 4) Damages: Damages are understood as general remedies that can be applied to all types of contracts and breaches of contracts. It is a remedy defined in very broad terms: amount of money to compensate any harm suffered by the injured party as a consequence of any breach of contract. We can differentiate between two kinds of damages: expectation and reliance damages. This is why it is a remedy with a variable extension. Expectation damages: Expectation damages is the sum of money that will give the party damaged the same amount of welfare and utility than if the contract would not have been breached and the final result would have been attained. Therefore, the breach party would have to pay the aggrieved party an amount of money that would compensate for the harm caused and in addition an amount of money equal to the value of the performance for this party. There are however some problems with expectation damages since they are difficult to compute and some instances of moral hazard may appear. Those who seek for damages have to provide evidence of both the existence and amount of damages. This requirement has some exceptions in case of harm in re ipsa: illegitimate use of a productive good, deprivation of a productive good, and few other examples. Expectation damages is the general rule in Spanish Law for breach of contract. It is the damage measure that accompanies termination for breach and the replacement measure of specific performance. It is awarded when there is a breach of representations and warranties, advertising and promotional communications and in cases of pre-contractual fraud that are equivalent to breach of contracts. How can we compute expectation damages? When goods or services admit substitutes or cover transactions to avoid the negative consequences of the other party’s breach of contract, the price of these transactions is relevant. If the seller breaches the contract and the buyer has bought a good, generally fungible, then the expectation damages will be equal to the difference between the price of the substitute and the price established in the contract: Psub-Pc. If the buyer breaches the contract and the seller celebrates a cover sale the expectation damages would be equal to the difference between the price established in the contract and the price of the new sale: Pc-Psub. Other ways of computing expectation damages are the following: Market damages: (for fungible good with market price) buyer will receive expectation damages consisting of the difference between the market price when the breach of contract took place (Pm) and the contract price (Pc). Seller will receive the opposite difference. Expectation damages present some limitations that reduce it scope and amount. One of this limitations is the foreseeability rule. This rule state that the breacher should only be liable for the things that are foreseen or could have foreseen at the time of contracting and that are necessary  consequence of his failure to perform. For instance, if the foreseeable harm of a breach is 100 and the aggrieved party end up suffering a loss of 1000, the foreseeability rule states that damages will amount only to 100. The foreseeability rule gives incentives to give information in the time of contracting. Those who suffer from harm must declare the value of the performance. In tort law, there is no foreseeability rule, you pay the actual damage. Another limitation is the duty to mitigate damages: the aggrieved party is under the duty to mitigate damages that the other contracting party has caused with her / his breach of contract. Reliance damages: Reliance damages: sum of money that will give the party damaged the same amount of welfare and utility than if the contract would not have taken place (the initial situation). This is why reliance damages are generally lower than expectation damages. Reliance damages cover expenses for the injured party derived from concluding the contract, specific investments that the injured party has made in reliance of performance of the contract by the other party and opportunity costs. Limited assets: Damages do not always work well. Sometimes, individuals can bear the payment of these damages, and therefore, they will have incentives to reduce them. However, this is not always the case. When the breacher has not enough assets to pay damages up to the point of optimal care, damages do not work well, because people will not pay for the consequences of their acts, and therefore, their level of care will be the optimal according to what they can pay, and not what they should pay. This is known as judgement proof problem. Damages for pain and suffering: The traditional position of the Spanish Supreme Court and Spanish Courts is: †¢ To accept damages for pain and suffering for breach of contract †¢ To award damages for pain and suffering with a relative amplitude and generosity. †¢ To award damages for pain and suffering with several functions: †¢ To avoid the problems of calculating and justifying the amount of the damage award †¢ To compensate harm in personality rights (right to life, liberty, honor, etc.). †¢ To compensate non-patrimonial values joined to economic goods and rights (discomfort, inconvenience, disappointment, frustration) †¢ To punish intolerable or egregious behaviors of breach of contract. When an individual suffer harm, her utility decreases (she goes form point A to point B, but her utility function for money will not change). If this harm is economic, we can compensate this harm with money, which will leave her at point A again. However, the harm that an individual can suffer may be non-economic, and for the same amount of money her utility decreases (her utility function changes). Money cannot restore the initial utility (a huge amount would be needed). This is the case of pain and suffering (accident and death of a relative, discomfort, etc). This is why it is useless to take insurance for death, since it would not compensate the harm. The hairy hand example: What is the difference between expectation and reliance damage? Let’s look at an example. An individual was injured in his hand and lost 50% of his use. He entered in a contract with a doctor who promised to reestablish the hand to a 100% of use in exchange for quantity of money. Before the contract was made, the individual was situated in an indifference curve that related all the  combination of hand use and money that let the individual indifferent. We assume that the individual is willing to give up hand use for money. After the contract and operation, the individual was worse off, with 25% of use. What should the doctor pay as damage? If expectation damages are used, the doctor should pay the individual a quantity of money that together with the 25% of hand use leave him with the same utiity as if the contract had succeded and he had 100% of use (situate him in a higher indifference curve). If reliance damages are imposed, the doctor should pay the individual a quantit y of money that, together with the 25% of hand use, leave him with the same utility as if the contract did not take place, with 50% of hand use (situate him in the initial indifference curve). 5) Liquidated damages: Liquidated damages are damages for breach that are not determined ex post breach by a Court or arbitration panel, but ex ante by the contract parties themselves into the contract. Such possibility of â€Å"privately stipulated† remedies for breach is acknowledged by most legal systems, typically in the form of payment of money, although other possibilities may exist. They typically replace Court damages and they can be agreed as added penalty for breach. The most important issue is whether Courts are forced to enforce liquidated damages, or they may disregard, or reduce, the amount of the liquidated damages award. The reasons why Courts allow liquidated damages are: †¢ Freedom of contract †¢ A large liquidated damages clause may be necessary to induce promisee to find promise credible and the contract sustainable. †¢ Parties are in a better position than Courts to assess benefits and costs of determining a given amount. †¢ Liquidated damages compensate systematic underestimation of damages by Courts. If liquidated damages are higher than the expectation damages, then the court will apply the second ones. There are however some economic arguments that may lead to reduce or at least control the level of liquidated damages clauses: †¢ â€Å"Excessive† damages clauses resulting from incorrect predictions or forecasts about future outcomes. †¢ External shocks unforeseen by parties that produce an unexpected increase in the damages payment. †¢ True â€Å"uncertainty† about future costs for one party. †¢ Behavioral biases that lead party to underestimate the true adverse impact of a damages clause (the â€Å"deferred cost problem†): †¢ Over-optimism concerning future performance and costs (the example of the gym) †¢ Hyperbolic discounting of future outcomes We can see the liquidated damages as barriers to entry. An excessive amount of LD is beneficial for the parties to the detriment of a third party who  may bid for the services of breaching party. Promisor agrees to pay an amount larger than ED, in exchange of higher price. Promisee uses high liquidated damages to extract larger payment from a third party interested in performance by promisor: larger payment from third party increases the surplus to the contract parties, that is shared between them. Also, excessive payment of third party are made possible by excessive damages clauses, which reduce efficient entry by third parties, and prevents them from successfully bidding for promisor’s performance. That is why the goal of reducing â€Å"excessive† liquidated damages is not to protect the breaching party, but third-parties. Sometimes, excessive LD for signaling are unwanted, since an unforeseeable contingency may appear that will cause a breach in the contract. A pooling equilibrium may be more desirable than a separating one when the distortion caused by the penalty on the â€Å"good type† is large enough. 6) Termination: Among the general remedies for breach, the last one is termination (or rescission, or cancellation, as it may also be called in Common Law jurisdictions). This remedy entitles the aggrieved party to cancel the contractual relationship with the breaching party, eliminating the obligations arising from the terminated contract. Once the contract is terminated the parties should give back what was received under the contract, unless the goods are now in lawful possession of a third party. In this case, the value of the goods would replace the goods themselves. The elimination of the effects of the contract is retroactive: it is considered that the contract did not exist. Spanish courts have established that termination does not require a lawsuit. However, if the other party disputes the termination or its conditions, restitution would require a lawsuit. Courts do not determine termination, but declare whether termination was or not properly effected by the party. The most contested issue about termination is when is termination available as a remedy. It is clear that not every breach or non-performance allows the  aggrieved party to terminate, but a qualified breach (material or fundamental breach) is required. We can define it as follow: †¢ Relevance: the breach must affect the central obligations or duties under the contract and not merely ancillary or incidental duties. †¢ Duration: the breach should not be merely sporadic or transitory, but likely to be repeated or continuing. †¢ Importance: the breach must substantially affect the interests of the non-defaulting party. Termination does not go alone, it does not exclude damages, and in fact it is naturally accompanied by damages payment.

Prayer of a Black Boy Essay

In the poem The prayer of a Black Boy the writer wrote the poem in the point of view of a young black boy which is the speaker of the poem. who was a slave at this time. The poet tells us that the black boy doesn’t want to go to a white people school because he they are teaching him a new culture that he doesn’t like it he finds it boring because is a new culture and they do things that he doesn’t do at home, he also says that he doesn’t want to be a gentleman of the city because they have a sad life. The poet wrote this poem like a narrative story and he makes the poem very descriptive and he also makes his point across by using alliteration which will create a specific sounds or images stand out, he also uses metaphor to make images of what the slaves went throw. The writer shows us how desperate the and humiliated and tired the black people was. The writer uses metaphors for example when he reflects in the first line of the poem the word â€Å"tired† This is a metaphor often used by elderly people when they have lived through many events. They are not physically tired but mentally exhausted. This suggests that the young boy has witnessed many atrocities and culture changes inflicted on his race by the white culture. The poet also gives us to understand that for a black person to go to school was very difficult because of the way he was seen and mistreated and humiliated because of this. he pleads to god for not going to school â€Å"Lord, I don’t want to go to their school† please help me that I need to go again† the boy says it was to difficult because † the road to school is steep† By this he means that the school isn’t actually on top of a hill, but it is a mental ascent to have the courage to accept another culture teaching him western traits, most of which aren’t relative to the life he wants to leave and that he thought that he was going to loose he culture and way of learning which was by traditional dances and by story telling under the light of the moon â€Å"who do not know how to dance by the light of the moon†. The poet gives us to understand that the boy prefers to carry on with his own tradition † I want to follow father into the cool gorges† because he finds his culture more interesting we can see this when he writes a personification â€Å"when the night is hovering over magic forest† he uses a personification in here to create an image of the night floating over the trees which is obviously not true because the night is a natural thing which is everywhere, he also shows freedom and happiness of his ants esters by writing â€Å"Where spirits play before the dawn.† He shows freedom of how the spirits play o the night. By the writer using alliterations he makes an image of a ship throwing out like animals its crew â€Å"a ship on the sugarfields, Land and spits its crew† he also gives an image of black workers useless after they have finished their shift The writer writes again â€Å"Lord, I do not want to go to their school, Please help me that I need no to go again†, the writer repeats this phrase again to show how desperate and unhappy the boy is and to show that the boy doesn’t want to be the â€Å"gentleman of the city† or as the whites â€Å"call it a real gentleman† ,in here the writer gives us to understand that the boy doesn’t want learn the by the way that the whites learn by using books of other countries and learning things that they don’t now or seen before, we see this when he say â€Å"Why should we learn again from poreing

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Applying Ethics in Investments Essay Example | Topics and Well Written Essays - 5750 words

Applying Ethics in Investments - Essay Example mmendation 26 4.1 Conclusion 26 4.1 Recommendation 27 Reference 28 Appendix 1 31 Wright Quality Ratings 31 Appendix B: Company Operations Information 32 Mayne Pharma Group Limited 32 Singapore Telecommunications (SGT) 32 Renaissance Uranium (RNU) 33 List of Tables Table 1: Environmental qualification criteria employed for screening of companies for investment 17 Table 2: Evaluation of environmental credentials 19 Table 3: Evaluation of Corporate Governance Credentials 21 Table 4: Evaluation on the basis of contextual factors 22 Table 5: Evaluation on the basis of financial performance and prospects 25 Tables of Figures Figure 1: Adapted form source: Morningstar, 2011. Equity Research Methodology. [Online] Morningstar (January 27, 2011) Available at: http://news.morningstar.com/pdfs/Equity_Research_Methodology_102308.pdf [Accessed 14 September 2011]. 12 Figure 2: Research process adopted for the study 14 Figure 3: Sub-factors considered under factor financial performance and prospects 27 Section 1: Executive Summary This study was undertaken to choose the most worthy company among three companies namely, Mayne Pharma Limited, Singapore Telecommunications, Renaissance Uranium, with the aim to invest $500,000 on a long-term basis. Four main criteria were considered to evaluate the companies’ performance. These were (1) financial performance and prospects, (2) corporate governance performance, (3) environmental protection credentials, (4) Contextual factors (e.g. legal/political issues, global or regional economic pressures, etc.). An extensive review of existing literatures on the subject was undertaken to identify suitable comparison variables on the basis of which the companies were to be evaluated. A total of 24 sub-criteria criteria were listed under the financial... Four main criteria were considered to evaluate the companies’ performance. These were (1) financial performance and prospects, (2) corporate governance performance, (3) environmental protection credentials, (4) Contextual factors (e.g. legal/political issues, global or regional economic pressures, etc.). An extensive review of existing literatures on the subject was undertaken to identify suitable comparison variables on the basis of which the companies were to be evaluated. A total of 24 sub-criteria criteria were listed under the financial performance and prospects; twelve sub-criteria were identified under corporate governance; seven sub-criteria under environmental protection; while the contextual factors consisted four sub-criteria. On the basis of the four criteria and the variables contained in the sub-criteria, a scoring method was developed and the companies’ performance was compared. The findings revealed that Singapore Telecommunications is most worthy compan y. Accordingly, the company was recommended for long-term investment. As Beal et al (2005) brought out in their paper Why do we invest ethically? Over the last two decades, one particular type of behaviour is the desire to invest ethically† (Beal et al., 2005). The authors add that â€Å"based on traditional finance theory and the ethical investment literature, there are three potential reasons why people may invest some or all of their funds ethically: (1) for superior financial returns; (2) for non-wealth returns; and (3) to contribute to social change (Beal et al., 2005). These motivations also inspired this report and prompted that investing should not only be made for shareholders’ wealth maximisation but also for sustainable development.

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What are the benefits of globalizing processes How the international Essay

What are the benefits of globalizing processes How the international relations are affected by this - Essay Example The concept is oversimplified and exaggerated (Scholte, 1). This is because the term globalization has diverse concepts of which five can be distinguished. As the first one, globalization can be defined from the internationalization perspective. It indicates economic and trade relations between different countries. It refers to flow of capital investments as well as movement of people and ideas between countries. The second concept of globalization which is liberalization refers to removal of trade and border restrictions in order to promote free trade among countries. With this concept, amalgamation of international trade relations is generated. This kind of globalization can be actually seen in reduction and in many cases abolition of trade obstructions, visas and capital controls. Then there is the third concept that relates globalization with universalization. It can be defined as spreading of ideas and cultural experiences to people in every country to promote a common perspecti ve of culture in global humanism. This concept is becoming more common with globalization of automobiles, Chinese restaurants, cattle rearing and so on. The fourth concept of globalization is modernization; it is a radical concept that spreads the notions of modernism like capitalism, industrialism, individualism all over the world. This process essentially destroys the prevalent cultures and regional concepts. This concept of globalization is evident in the imperialism of McDonalds, Hollywood and CNN. A fifth approach that has defined globalization is respatialization. It includes restructure of social borders with a growing transplanetary relation with people. Under the fifth concept, social space can no longer by defined by territorial borders and distances (Scholte, 16-17). The benefit of globalization is very often a debatable issue wherein the major concern is the conditions of the developing third world countries. With the advent of globalization, some argue

Grading Summary Essay Example for Free

Grading Summary Essay Question 1. Question : (TCO A) The Financial Accounting Standards Board employs a due process system, which: has all CPAs in the United States vote on a new statement. enables interested parties to express their views on issues under consideration. identifies the accounting issues that are the most important. requires that all accountants receive a copy of financial standards. Points Received: 5 of 5 Question 2. Question : (TCO A) The cash method of accounting  is used by most publicly traded corporations for financial statement purposes. is not in accordance with the matching principle for most publicly traded corporations. often is used on the income statement by large, publicly held companies. All of the above Question 3. Question : (TCO A) Which of the following is an ingredient of relevance? Verifiability Completeness Neutrality Predictive value Question 4. 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Question : (TCO D) The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as solvency. financial flexibility. liquidity. exchangeability. Question 10. Question : (TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is relevance. faithful representation. verifiability. neutrality. Question 1. Question : (TCO D) The basis for classifying assets as current or noncurrent is conversion to cash within the accounting cycle or one year, whichever is shorter. the operating cycle or one year, whichever is longer. the accounting cycle or one year, whichever is longer. the operating cycle or one year, whichever is shorter. Question 2. Question : (TCO A) What is FASB Codification? Explain in detail. Instructor Explanation: The codification takes the statements and other pronouncements and arranges the information by topic. Per the FASB, the new system will 1. reduce the amount of time and effort required to solve an accounting research issue; 2. mitigate the risk of noncompliance with standards through improved usability of the literature; 3. provide accurate information with real-time updates as new standards are released; and 4. assist the FASB with the research and convergence efforts required during the standard-setting process. Question 3. Question : (TCO C) At Ruth Company, events and transactions during 2010 included the following. The tax rate for all items is 30%. (1) Depreciation for 2008 was found to be understated by $30,000. (2) A strike by the employees of a supplier resulted in a loss of $25,000. (3) The inventory at December 31, 2008 was overstated by $40,000. (4) A flood destroyed a building that had a book value of $500,000. Floods are very uncommon in that area. What would the effect of these events and transactions on 2010 income from continuing operations net of tax be? Instructor Explanation: $25,000 $7,500 = $17,500 Question 4. Question : (TCO C) For the year ended December 31, 2010, Transformers Inc. reported the following. Net income $60,000 Preferred dividends declared $10,000 Common dividend declared $2,000 Unrealized holding loss, net of tax $1,000 Retained earnings, beginning balance $80,000 Common stock sold during the year Retained earnings, beginning balance $80,000 Common stock $40,000 Accumulated Other Comprehensive Income, Beginning Balance $5,000 What would Transformers report as the ending balance of retained earnings? Instructor Explanation: $80,000 + $60,000 $10,000 $2,000 = $128,000 Question 5. Question : (TCO C) Madsen Company reported the following information for 2010. Sales revenue $510,000 Cost of goods sold $350,000 Operating expenses $55,000 Unrealized holding gain on available-for-sale securities $40,000 Cash dividends received on the securities $2,000 For 2010, what would Madsen report as other comprehensive income? Instructor Explanation: Other comprehensive income = $40,000 Question 6. Question : (TCO B) Allowance for doubtful accounts on 1/1/10 was $50,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $65,000, and during 2010, bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. Instructor Explanation: DR Bad Debt Expense 55,000 CR Allowance for Doubtful Accounts 55,000 Ending balance $65,000 Beginning balance 50,000 Difference 15,000 Written off 40,000 Adjustment $55,000 Question 7. Question : (TCO B) Allowance for doubtful accounts on 1/1/10 was $75,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000, and during 2010, bad debts written off amounted to $30,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. Instructor Explanation: DR Bad Debt Expense 15,000 CR Allowance for Doubtful Accounts 15,000 Ending balance $60,000 Beginning balance 75,000 Difference -15000 Written off 30000 Adjustment $15,000 Question 8. Question : (TCO B) Allowance for doubtful accounts on 1/1/10 was $60,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $55,000, and during 2010, bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. Instructor Explanation: 12/31/10 Ending Balance 55,000 1/1/10 Beginning Balance 60,000 Adjustment -5,000 Written off 40,000 Adjusting entry 35,000 DR Bad Debts Expense, 35,000 CR Allowance for Doubtful Accounts, 35,000 Question 9. Question : (TCO B) Prepaid rent at 1/1/10 was $30,000. During 2010, rent payments of $120,000 were made and charged to rent expense. The 2010 income statement shows as a general expense the item rent expense in the amount of $125,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment Instructor Explanation: DR Rent Expense 5,000 CR Prepaid Rent 5,000 Rent expense $125,000 Less cash paid 120,000 Reduction in prepaid rent $5,000 Question 10. Question : (TCO D) Which of the following should be reported for capital stock? The shares authorized The shares issued The shares outstanding All of the above Question 11. Question : (TCO D) An example of an item that is not an element of working capital is accrued interest on notes receivable. goodwill. goods in process. temporary investments. Question 12. Question : (TCO A) Financial information exhibits the characteristic of consistency when expenses are reported as charges against revenue in the period in which they are paid. accounting entities give accountable events the same accounting  treatment from period to period. extraordinary gains and losses are not included on the income statement. accounting procedures are adopted which give a consistent rate of net income Question 13. Question : (TCO D) The current assets section of the balance sheet should include machinery. patents. goodwill. inventory. Question 14. Question : (TCO D) Houghton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000, and retained earnings, $313,000. What total amount should Houghton Company report as stockholders equity? $848,000 $948,000 $1,048,000 $1,118,000 Instructor Explanation: General Feedback: b. $720,000 $85,000 + $313,000 = $948,000.

The Alignment Of Compensation And Business Strategies Commerce Essay

The Alignment Of Compensation And Business Strategies Commerce Essay Compensation is a key element in the success of any business. Although compensation plans were not always seen as a strategic business initiative, their huge impact on a companys bottom line, recruiting, retaining and motivating people has led to compensation design being considered an important element to achieving success (OConnell, 2007). The alignment of compensation business strategies It is essential that a fair, competitive and attractive compensation plan is created in order to ensure the future success of the company. If the compensation plan is carried out properly it can improve organisational effectiveness, support human capital requirements of a business, and motivate and reward achievement of key corporate strategic and financial goals (OConnell, 2007: 20). It is thus essential that compensation plans are well thought out and effectively designed. Compensation is the answer to attracting, retaining and motivating employees who have the necessary competencies to carry out the business strategy and handle greater responsibilities (Milkovich, Newman Gerhart, 2007). Managers must take note of the rewards that motivate their employees. If this is not done, it may result in a mismatch between the strategies being used by managers to motivate their employees and the motivational rewards that the employees prefer (Arnolds Venter, 2007). This mismatch, as well as failure on the part of managers and employees to reach common ground in the pursuit of organisational objectives, can result in firms failing to successfully implement their business strategies. Employees will perform at a low level, doing only what is least expected of them when the reward systems are not aligned to their needs. They will not be motivated to put in extra effort so that the organisations goals can be achieved (Arnolds Venter, 2007). It is therefore important for all firms to regularly assess the rewards that motivate employees. Different organisations have different compensation policies in place. Matching compensation policies to business strategy leads to greater organisational performance (Montemayor, 1996). Some organisations are quick to introduce a new compensation program based on what they have heard about it. The problem is that it may not fit with their organisations strategic direction. Only programs that can move the organisation further along its strategic path should be identified and implemented (Kaplan, 2007). Ultimately, compensation strategies seek to either decrease costs or increase revenues relative to competitors (Milkovich et al, 2007). Compensation professionals play an important role in helping organisations put their business strategies into effect by introducing appropriate compensation plans. Compensation experts need to be at the focal point where strategy, organisational effectiveness and human capital management converge (OConnell, 2007: 25). It is important that they have a clear understanding of the business, the organisational issues and the direction in which the company is headed. Organisational, employee and business needs must be balanced with the financial and strategic goals of the company. Only then can the right compensation strategy be developed to motivate, reward and sustain high levels of performance. When this balance is found, a company can effectively use compensation to execute and achieve desired business results (OConnell, 2007: 25). For example, if a companys strategy is to be innovative, the strategy will focus on new products and a short response time to market trends. The compensation strategy must be tailored to align with the business strategy. A supporting compensation strategy will thus place less emphasis on evaluating skills and jobs and more emphasis will be placed on incentives designed to encourage innovations (Milkovich et al, 2007). A cost cutting business strategy will focus on efficiency and doing more with less. To support the business strategy, the compensation policy will focus on competitors labour costs, variable pay will be increased and productivity will be emphasised (Milkovich et al, 2007). A company with a customer-focused business strategy will focus on pleasing customers and employees will be paid according to how well they do this. The compensation strategy will thus include customer satisfaction incentives (Milkovich et al, 2007). In order to do better than its competitors, a firm m ust come up with ways in which it can add value by matching its business and pay strategies. When business strategies change, pay systems must also change (Milkovich et al, 2007). Organisations want to see the returns that they are getting from paying incentives, benefits and even base pay. Companies are starting to realise that by sharing in the economic gains of achieving targets, they keep employees motivated to reach increasingly difficult goals. When there is a clear line of sight between work and reward, employees will work harder to achieve the goals and receive the rewards (Ulrich, 1997). It has been suggested that performance-based pay works best when there is success to share (Milkovich et al, 2007: 54). An organisation can pay larger bonuses and stock awards when their profits or market share is on the rise. By paying bonuses fairly, employee attitudes and work behaviours improve, which in turn improves their performance (Milkovich et al, 2007). One of the major challenges in managing total compensation is to understand how the pay system can add value and create a more successful organisation. Internal alignment Internal alignment refers to comparisons among jobs or skill levels inside a single organisation. Jobs and peoples skills are compared in terms of their relative contributions to the organisations business objectives (Milkovich et al, 2007: 19). Internal alignment is not only concerned with the pay rates for employees doing equal work, but also for those employees doing different work. One challenge that managers face is how to determine differences in pay for people doing different work (Milkovich et al, 2007). An employees decision to stay with the organisation, to become more flexible by investing in additional training, or to seek greater responsibility is influenced by the pay that they receive (Milkovich et al, 2007: 19). A compensation system should not stand in the organisations way of retaining talented and productive employees. One of the main causes of employee turnover is inadequate compensation (Grobler, Warnich, Carrell, Elbert Hatfield, 2006). Tensions will result if employees feel that they are not being treated equally and this may cause employees to reduce their future efforts, change their perceptions regarding rewards for their efforts or leave the organisation (Grobler et al, 2006). Managements goal is to minimise turnover and lost production due to feelings among employees that they are not being compensated equitably. In order to ensure greater equity among jobs, a process known as job evaluation may be embarked upon, whereby a systematic relationship between the pay scales for jobs within an organisation is created. Job evaluation is the systematic determination of the relative worth of a job within the organisation that results in an organisations pay system (Grobler et al, 2006: 404). When comparing jobs, the following factors are taken into account: the skills needed to complete the job, the efforts needed to perform the job, the responsibilities of the job holder, and the working conditions of the job (Grobler et al, 2006). Job evaluation is preformed in order to develop a system of compensation that employees will consider to be fair, and in this way internal consistency among jobs is obtained. Internal consistency thus refers to the relationship between the pay structure, the design of the organisation and the work (Grobler et al, 2006). It is important to design a pay system that supports the work flow, is fair to employees and directs their behaviours toward organisation objectives (Grobler et al, 2006: 404). Many organisations are dividing their employees and creating different compensation plans for the different employee groups. For example, the executive team will be compensated one way, while a different approach will be used for the sales team, and yet another set of rules will apply to those working in the admin department. In todays business environment, a one-size-fits-all approach is no longer effectiveness (OConnell, 2007). Compensation methods have undergone a number of changes over the years such as the use of performance pay and other contingent systems of reward, the flattening of pay scales with fewer but broader pay grades and flexible cafeteria-style benefit systems (Brewster, Carey, Grobler, Holland Warnich, 2008). This new approach to compensation is known as strategic pay and is much more suitable to todays changing organisational environments and structures. Strategic pay flows from and implements an organisations business strategy. The old methods of compensation were associated with job-evaluated pay structures, time and seniority (Brewster et al, 2008: 188). These old methods were appropriate for hierarchical organisations who operated in a stable environment. Internal pay structures must be designed in such a way that employees will be motivated to achieve the organisations objectives. There must be a clear line-of-sight between each job and the objectives of the organisation. It is also essential that the structure is fair to all employees (Milkovich et al, 2007). To motivate employees, management can build the following ideas into their strategic pay structure: increase the proportion of pay contingent on performance, increase the potency of variable pay by making base salaries only moderately competitive, broaden the range of incentive schemes to include linking pay to group and organisational performance as well as individual performance, identify new performance measures of business success, and introduce flexibility into compensation plans so that rewards extend beyond monetary ones to include prizes and recognition (Brewster et al, 2008: 188). Pay structures vary among organisations depending on the number of levels within the organisation, the pay differentials between the levels, and the criteria used to determine the levels and differentials i.e. work content and its value. People are usually paid more if their job requires more knowledge or skills than another job, if their working conditions are unpleasant, or if their job adds a great deal of value. One reason for pay differentials is to motivate employees to work towards promotion and a higher-paying level (Milkovich et al, 2007). Internal structures are shaped by both external and organisation factors. External factors include: economic pressures; government policies, laws and regulations; stakeholders; and cultures and customs (Milkovich et al, 2007: 75). Organisation factors include: strategy; technology; human capital; HR policy; employee acceptance; and cost implications (Milkovich et al, 2007: 75). With regards to economic pressures, one job is paid more or less than another because of differences in relative productivity of the job and differences in how much a consumer values the output (Milkovich et al, 2007: 76). It will only be worthwhile to employ an additional worker if they can produce a value equal to the value of their wage. This is referred to as marginal productivity (Milkovich et al, 2007). The supply and demand for labour, products and services all affect internal structures. Organisations are constantly forced to redesign their work flow and employees must continuously learn new skills in order to keep up with changes in competitors products and customers tastes. Unpredictable external conditions require pay structures that support agile organisations and flexible people (Milkovich et al, 2007: 76). Government policies, laws and regulations also have an impact on the internal pay structure. Our law gives everybody the right to fair compensation. This is also known as the right to a living wage. Laws have also been put in place to govern minimum wages (Brewster et al, 2008). Pay-related legislation tries to achieve social welfare objectives by regulating economic forces (Milkovich et al, 2007). The government has influenced compensation by legislating pay levels, hours of work, pay for overtime and holidays and non-discriminatory pay practices (Grobler et al, 2006: 187). The Basic Conditions of Employment Act has a direct impact on a companys compensation strategy. Unions, stockholders and political groups also influence the internal pay structure. In order to promote solidarity among members, unions generally prefer small differences among jobs and seniority-based promotions. Stockholders compare the salaries paid to executives with the salaries paid to others in the organisation. Stockholders are interested in this difference (Milkovich et al, 2007). If the pay structure is not aligned to the organisations strategy it can become an obstacle to the achievement of the organisations goals. Another factor that has an impact on internal structures is human capital. Human capital refers to the education, experience, knowledge, abilities and skills required to perform the work (Milkovich et al, 2007: 78). The technology used will influence the organisational design, the work that needs to be performed, and the skills or knowledge that is needed to perform the work (Milkovich et al, 2007). The organisations other HR policies also have an impact on the internal pay structure. The more levels an organisation has, the more promotions it can offer, but the pay differences between the levels may be smaller. It is believed that when promotions take place often, even if they do not include pay increases, employees develop a sense of career progress (Milkovich et al, 2007). Some companies develop talent from within the organisation. This also se rves to retain top talent. These candidates are promoted when job vacancies arise. The result is that they do not have to employ expensive talent from outside the organisation. It is also easier to manage these individuals as they are already aligned with the culture and business priorities of the organisation. This leads to a greater return on the companys investment (Barnes, 2009). Another important factor influencing the internal pay structure is whether or not the employees involved accept it. In order to assess the fairness of their pay, employees compare the pay that they receive to that which others receive for doing different jobs in the same internal structure. They also look at what others are paid for doing the same job at competing employers (Milkovich et al, 2007). The procedures for determining the pay structure must be fair as well as the pay structure itself. It has been suggested that employees and managers will accept low pay if they believe that the way in which the pay was determined is fair. It is likely that the pay procedures will be considered fair if they are consistently applied to all employees, if employees participated in the process, if appeals procedures are included, and if the data used are accurate (Milkovich et al, 2007: 80). Pay structures do not stay constant. They change in response to external factors. An organisation will achieve much better results if the structure is aligned. The structure must be perceived as fair by the employees and it must motivate them to achieve the organisations goals. If there is a big pay differential between an entry level job and the highest level job in an organisation, it can encourage employees to stay with the employer and increase their training and experience. It can also result in greater co-operation with co-workers and for employees to look for more responsibility within the organisation (Milkovich et al, 2007). External competitiveness External competitiveness refers to the level of pay that an organisation offers in comparison with its competitors (Montemayor, 1996). This has a huge impact on the attraction and retention of talent as well as on labour cost objectives. With a high pay level, the organisation will be better able to acquire a competent workforce. By increasing the pay level, total labour costs will increase but it may also result in improved labour costs per unit (Montemayor, 1996). The efficiency wage theory states that paying above market levels can promote employee motivation that would offset any increment in labour costs (Montemayor, 1996: 891). The pay systems of many organisations are market-driven i.e. based on what competitors pay. In the hope of attracting the best applicants, some organisations set their pay levels above that of their competitors (Milkovich et al, 2007). In order to compete with the external market, organisations must ensure that the pay that they are offering is sufficient to attract and retain employees. Employees are likely to leave an organisation if they believe that their pay is not competitive in comparison to what other employers are offering. Organisations must also ensure that they control their labour costs so that they can supply their products and services at a good price and remain competitive in the global economy (Milkovich et al, 2007). It is essential that when companies prepare their business strategies they decide how they are going to compete in the marketplace. For example, they can choose to compete on price, or they may prefer to differentiate themselves based on products or ser vices, they could even decide to segment the market and only focus on a particular group of buyers. Understanding the competition is key (Kaplan, 2007). Employers can better differentiate themselves from their competition by introducing learning and development programs and creating a fun and flexible work environment. These are also known as relational rewards. These initiatives will enhance employee commitment to the organisation (Kaplan, 2007). Employers that are highly-rated usually receive more employment applications as people want to work for the best organisation. The high ratings also result in improved retention of staff and greater profitability as committed employees usually provide better customer service (Kaplan, 2007). Job applicants who receive more than one offer will compare the offers and the pay scales. More weight is often placed on the salary being offered rather than on the other types of compensation, like benefits and intrinsic rewards (Grobler et al, 2006). In order to remain competitive within the local labour market, employers usually offer salaries that are similar to those offered by competitors. Employers thus need to know what the going rate is for jobs within the local labour market. Wage surveys as well as published market data can be used to determine the average salaries for various positions. These methods assist the organisation in maintaining external consistency with other organisations (Grobler et al, 2006). An important strategic decision must be made as to whether the organisation should mirror what its competitors are paying, or whether it should design its own pay structure that differs from its competitors but is aligned to the business strategy. The pay level can be set above, below or equal to that of competitors. The mix of pay forms must also be determined relative to those of competitors (Milkovich et al, 2007). The following three factors shape external competitiveness: labour market factors, product market factors and organisation factors. Together these factors influence pay-level and pay-mix decisions (Milkovich et al, 2007). As mentioned above, organisations usually claim to be market-driven. Looking at the demand and supply of labour gives one a greater understanding of how the markets work. The demand side deals with the actions of the employer i.e. the number of new employees they require, and what they are willing and able to pay them. The supply side deals with the potential employees i.e. their qualifications and the pay that they are likely to accept (Milkovich et al, 2007). The market rate is found at the point where the demand for labour meets the supply of labour. In the short run, the only way that an organisation can change its level of production is by changing its level of human resources. The other factors of production, such as technology, capital and natural resources are fixed in the short run. The marginal product of labour is the additional output associated with the employment of one additional person (Milkovich et al, 2007: 207). However, each additional employee hired will produce less than the previous employee due to the fact that the factors of production are fixed. Each employee thus has fewer resources to work with. The additional amount that each new employee produces is known as the marginal product (Milkovich et al, 2007). When the marginal product is sold, the money that is generated from the sale is known as marginal revenue. Employers will hire new staff until the marginal revenue generated by the last hire is equal to the costs associated with employing that person (Milkovich et al, 2007: 208). At this point the employ er is maximising their profits. Therefore, in order to determine how many people to employ, a manager must establish two things: the pay level that is set by the market forces and the marginal revenue generated by each new employee (Milkovich et al, 2007). This, however, is not so easy to do in reality. With regards to labour supply, the model assumes that many people are seeking jobs, that they possess accurate information about all job openings and that no barriers to mobility exists (Milkovich et al, 2007: 209). It is not so simple in the real world. For example, the supply curve slopes upward and shows that as pay increases more people will want to take jobs. In the case where unemployment is very low, supply may not increase with offers of higher pay as everybody has a job (Milkovich et al, 2007). The model provides a useful analytical framework but oversimplifies reality. In certain instances employers pay more than the market-rate. For example, if there are negative elements to a job such as very expensive training, small chances of success, weak job security and unpleasant working conditions, employers may decide to pay higher wages in order to compensate for the negative characteristics. This is referred to as compensating differentials (Milkovich et al, 2007). As mentioned above, in terms of the efficiency wage theory, high wages can in fact increase efficiency and lower labour costs. This can be achieved by attracting more qualified applicants and encouraging existing employees to work harder or smarter. It is assumed that the pay level determines effort (Milkovich et al, 2007). An organisations ability to pay is also an important issue. The greater an organisations profits in comparison with its competitors the more it is able to share with its employees. These organisations will usually pay more that their competitors and may even pay bonuses in line with their profitability (Milkovich et al, 2007). Employers can design their pay levels and mix in such a way that a signal is sent to both current and future employees as to the kinds of behaviour that they require. This is known as signaling. For example, if the organisations base pay is below the market-rate but they offer good bonuses, they may be sending a signal that employees who are risk takers are required. If the organisation pays the market wage and offers no performance-based pay, a different signal is sent and different people are attracted. Signaling helps to communicate expectations (Milkovich et al, 2007). There are also two theories that help us to understand employee behaviour. A job seeker will not accept a job offer if the wage is below a certain amount irrespective of the other benefits or job attributes. This is known as the reservation wage. It may be above or below the market-rate (Milkovich et al, 2007). The second theory is the human capital theory. In terms of this theory, those who have improved their productive abilities by investing in themselves through education, training etc will earn higher wages (Milkovich et al, 2007). The next factor that shapes external competitiveness is the product market and ability to pay. To a large extent, product market conditions determine what the organisation can afford to pay its employees. The organisations ability to change what it charges for its products and services is affected by the demand for the product and the amount of competition (Milkovich et al, 2007). An employer who increases their wage level will either choose to increase its prices, thereby passing the higher labour costs on to consumers, or it can choose to keep prices fixed and pay the increased labour costs out of their revenues. If an employer is operating in a very competitive market they will not easily be able to increase prices (Milkovich et al, 2007). Lastly, organisation factors include characteristics that are unique to each organisation and their employees such as: industry and technology, employer size, peoples preferences and organisational strategy (Milkovich et al, 2007). The industry in which an organisation competes influences the technologies used (Milkovich et al, 2007: 216). Lower wages are paid in labour-intensive industries than in technology-intensive industries. When new technology is introduced within an industry, pay levels are also affected (Milkovich et al, 2007). Large organisations generally pay more than small ones. In big organisations, talented people have a greater marginal value as they are able to influence more people and decisions resulting in larger profits for the organisation (Milkovich et al, 2007). Better understanding of employee preferences is increasingly important in determining external competitiveness (Milkovich et al, 2007: 217). It is, however, difficult to measure preferences. It has been found that pay is more important to people than they are willing to admit (Milkovich et al, 2007). With regards to organisation strategy, some employers compete by adopting a low-wage, no services strategy. These organisations, such as Nike and Reebok, often rely on outsourcing to manufacture their products. Other organisations may choose a low-wage, high services strategy or even a high-wage, high services approach (Milkovich et al, 2007). Employers will pay more than their competitors if the job has a direct impact on the success of the organisation. Pay levels will equal that of competitors in jobs that have less of an impact on the success of the organisation. Evidence shows that those organisations with higher-skilled workers who make use of high-performance work practices and computer-based technology also pay higher wages (Milkovich et al, 2007). The integration of internal alignment external competitiveness In order for a compensation strategy to be successful it must blend internal consistency with market competitiveness, and must be structured to recognise the credentials, knowledge and performance of the individuals involved (Martocchio, 2001). An appropriate compensation policy is designed around the organisational structure, competitive position, leadership style and the strategic plan of the organisation (Santone, Sigler Britt, 1993: 86). A mentioned above, one of the main causes of employee turnover is inadequate compensation. The competitiveness of pay will affect the organisations ability to achieve its compensation objectives, and this in turn will affect its performance (Milkovich et al, 2007: 221). It is common for organisations to match the rates paid by their competitors. If organisations fail to do so, the existing employees will be unhappy and the organisations ability to recruit will be limited (Milkovich et al, 2007). Such a policy will result in the organisations wage costs being similar to that of its product competitors and the organisations ability to attract new employees will thus also be similar to its labour market competitors (Milkovich et al, 2007). Job evaluation, whereby the worth of a job within an organisation is determined, is performed in order to develop a system of compensation that employees will find fair. In this way, internal consistency among jobs is obtained (Grobler et al, 2006). However, if a competitor is willing to pay an employee a higher wage to do the same work, the employee will leave their current job to earn better pay elsewhere. An employer must therefore not only consider what they are willing to pay for a particular job but also what the competitors are paying for the same job. This is important if they want to attract and retain quality workers. Conclusion It is important that companies ensure that their reward systems are aligned with their organisational goals, strategy and culture. Strategic compensation allows for employees to earn incentives if they accomplish company goals. Compensation has a huge effect on recruiting, retaining and motivating people. The compensation strategy of an organisation also has a direct impact on its performance. Internal alignment and external competitiveness should be integrated when forming the pay structure. Practical Core strategy details ABSA SARS Objectives -Attract and retain high quality individuals with the optimum mix of skills, competencies and values. -Motivate and reinforce superior performance. -Encourage the development of skills and competencies required to meet current and future objectives. -Employees should share in the success of the business. -Drive productivity, service quality and cost efficiency. -Enable employees to perform at their peak. -Build a skills inflow through the graduate and youth recruitment programme. Internal alignment -Remunerate people fairly and consistently according to their contribution. -Ensure that employees of equal value are remunerated more or less equally. -Parity in the immediate environment is the most important. -Fair remuneration. -Recognition system. -Employee development. -Talent management. Externally competitive -Set cost to company (CTC) at the market median. -Reads the market regularly to strategically position itself at mid-market for fixed remuneration packages with differentiation between employees via variable reward programmes. -Differentiates aggressively between levels of performance. -Emphasis on variable pay i.e. incentive and commission schemes. -Incentive system in place. Employee contributions Direct rewards (standard): Fixed remuneration (CTC), allowances, overtime, leave encashments, variable/ performance based pay (long and short-term incentives). Direct rewards (non-standard): Commission. Indirect reward: Recognition rewards (prestige awards, service heroes, long service awards). Bursaries for employees and employee dependants. Benefits: free banking, staff interest rates, disability support fund, leave. -Fixed remuneration, allowances. -Overtime. -Government subsidies. -Incentive pay. Management -Open and transparent communication. -Objective remuneration decisions. -Show genuine care and concern. -Create an enabling environment. Rewards/ compensation strategic map LOW HIGH Objectives Attraction and retention Superior performance Quality service Please see attachment Internal al

Understanding The House Made of Dawn by Scott Momaday Essay -- House M

Understanding The House Made of Dawn by Scott Momaday      Ã‚  Ã‚  In 1969, N. Scott Momaday became the first Native American to win the Pulitzer Prize in the area of Letters, Drama, and Music for best Fiction.   As Schubnell relates in N. Scott Momaday: The Cultural and Literary Background, Momaday initially could not believe that he had won a prize for a work that began as a poem (93).   Schubnell cites one juror who explains his reasoning for selecting House Made of Dawn as being the work's 'eloquence and intensity of feeling, its freshness of vision and subject, [and] its immediacy of theme' (93).   For these reasons and many more, House Made of Dawn hailed the arrival on the American literary scene of a "matured, sophisticated literary artist from the original Americans" (Schubnell, 93).      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There are many elements influencing and incorporated into House Made of Dawn that the reader will better appreciate by gaining an understanding of their history or significance in Native tradition. Louis Owens's suggests in his work Mixedblood Messages that "before discussing any aspect of Native American literature, it is important to know what literature we are talking about" (15).   Thus, before one evaluates or analyzes House Made of Dawn any further, one should attain knowledge of the author and culture.   Also, it will be prudent for the reader to have background knowledge of such elements as stories and running.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Momaday's life greatly affects aspects of House Made of Dawn.   Navarro Scotte Mammedaty, a mixedblood of Kiowa and Cherokee descent, (as well as European ancestry on his mother's side) was born on February 27, 1934.   Numerous scholars and critics note that from the beginni... ...seems the more one knows, about Momaday, the Kiowa, the Navajo, and people of Jemez, among other things, the more one grasps the full meaning of House Made of Dawn.   It is a work full of possibility and revelations. Works Cited: Momaday, N. Scott. House Made of Dawn. Harper & Row: New York, 1968. The Man Made of Words. St. Martin's Press: New York, 1997. Nabokov, Peter. Indian Running: Native American History and Tradition.   Ancient City Press: Santa Fe, New Mexico, 1981. Owens, Louis. Mixedblood Messages: Literature, Film, Family, Place. University of Oklahoma Press: Norman, 1998 Owens, Louis.   Other Destinies: Understanding the American Indian Novel. University of Oklahoma Press: Norman, 1992,1994 Schubnell, Mattias.   N. Scott Momaday, the Cultural and Literary Background.   University of Oklahoma Press: Norman, 1985

City of Alexandria, Virginia Budget Fiscal Year 2011 Essay -- Local Go

The City of Alexandria is recognized as one of the best places to live and do business on the east coast. In 2004, the Alexandria City Council adopted a Strategic Plan for 2004 thru 2015 with the vision of maintaining the city’s vibrant, diverse, historic, and unique neighborhoods. Their mission is to maintain financial stability, provide excellent services that are valued by the customers, and engage the entire community as it plans for the future (City of Alexandria, 2010). In fiscal year 2009, the City of Alexandria received the Distinguished Budget Presentation Award for its annual budget. To receive this prestigious award, the city must meet program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device (City of Alexandria, 2010). To maintain the city’s vision, the City of Alexandria continues to conform to program requirements through the city’s Strategic Plan. This paper will discuss in detail the c ity’s long term financial sustainability, by analyzing the city’s legislative guidance, budget outline and overview, revenue fund sources, employee reductions and the Capital Improvement Program overview. The budget does a good job of outlining its overall goals and changes from the previous year. The City of Alexandria’s budget is set by the legislative guidelines (City Charter) required for the City Council to follow. The City Council provides general provisions to the City Manger to prepare and submit the annual budget to the City Council. The City Manager’s responsibility is to submit a general budget, a capital budget, and an explanatory budget message in the form and with the contents provided by the Charter, and the responsibility of the City Council is to es... ...proved%20Budget%20in%20Brief.pdf Capital improvement program overview (2010, May 3). City of Alexandria Virginia. Retrieved December 9, 2010, from http://alexandriava.gov/uploadedFiles/FY2011ApprovedBudget-CIP%20Overview.pdf FY 2011 approved budget (2010, May 3). City of Alexandria Virginia. Retrieved December 7, 2010, from http://alexandriava.gov/uploadedFiles/FY2011ApprovedBudget-TotalDocument.pdf Legislative references (2010, May 3). City of Alexandria Virginia. Retrieved December 9, 2010, from http://alexandriava.gov/uploadedFiles/FY2011ApprovedBudget-LegislativeReferences.pdf Mikesell, J. (2011). Fiscal administration: Analysis and applications for the public sector (8th ed.). Boston Revenues overview (2010, May 3). City of Alexandria Virginia. Retrieved December 9, 2010, from http://alexandriava.gov/uploadedFiles/FY2011Approved-TotalRevenuesSection.pdf

Friendly Gossip is an Oxymoron :: Friendship Essay

Friendly Gossip is an Oxymoron "Can you keep a secret?" Becky asked me in a hushed tone. We were in my living room. Last I checked, my walls don't have ears. I had no idea why she was speaking so quietly. "Why? What is it?" I was wise to this type of chit-chat. She wanted to tell me a piece of gossip that she wasn't supposed to reveal. Her betrayal was quickly becoming my problem. Before I could respond negatively, she burst out, "Jennifer is pregnant!. She just found out and told me, but asked me not to tell anyone. You won't tell, will you?" She continued, "Just act surprised when she tells you." "Okay," I managed halfheartedly. How unfair. Now I knew something I shouldn't; even worse, I had to "pretend" to be clueless. Becky hadn't even given me a chance to say, "No, I don't want to know." I honestly didn't want to know. I had been in similar situations before and gotten burned. I lost a dear friend because of revealed secrets and gossip. Curiosity doesn't even get the best of me anymore. Now the games begin, I thought. Should I betray Becky or Jennifer? History repeats itself and I knew nothing but distrust would come of this conversation. Unfortunately, there is truly no such thing as "friendly gossip." At that moment, I knew that I couldn't trust Becky. Had she been revealing all the confidences that I shared with her in the past? She had always been a close friend. She was also that friend from whom I always learned the latest scoop on everyone. I started thinking of the countless secrets that I told her over the four years we knew each other. Many of those conversations became public. I hadn't thought she was the person who told. I hadn't considered that someone who claimed to be a dear friend would divulge my feelings. I heard an abundance of gossip from her lips. Not until she sat in my living room whispering about Jennifer had I considered she was a blabbermouth. I had told Becky when I discovered I was pregnant. She was ecstatic. I hadn't told anyone else. A few days later, everyone was congratulating me. I was hurt. I wanted to impart my wonderful news. I was deprived of the experience. Despite my hurt feelings, I didn't want to confront her. I didn't tell her that I suspected that she blabbed.

History project- religious development in India Essay

With the coming of the Mughals in India and the Turkish rule, there were many developments and changes in the Indian culture and religion. The Sultans of Delhi and Mughal tolerated different religions, especially Hinduism, though they were followers of Islam. This lead to the beggining of indo-islamic culture. Since dawn of history, India has been the cradle of religious developments. In the early medival period, two parrelel movements in Hinduism and Islam representing the Bhakti and Sufi movements emerged in India. The Indo-Islamic strands have been woven into the texture of India by intertwining Bhakti and Sufi traditions. Bhakti movement The Bhakti movement is a Hindu religious movement in which the main spiritual practice is loving devotion towards Shiva or Vishnu. Bhakti movement is also closely related to Sufism of Islam which rose in the same time period and both advocated ‘love of God’ as the easiest way to attain God. The Bhakti movement originated in ancient Tamil Nadu. The Nayanmars and the Alvars played a major role in the Bhakti movement. The Bhakti movement co-existed peacefully with the other movements in Hinduism. It was initially considered unorthodox, as it rebelled against caste distinctions and disregarded Brahmanic rituals, which according to Bhakti saints were not necessary for salvation. In the course of time, however, owing to its immense popularity among the masses it became ‘orthodox’ and continues to be one of the most important modes of religious expression in modern India. The world ‘Bhakti’ means devotion to God. The Bhakti movement had its origin in the Bhagavadgita and the Upanishads. The Bhaktas of God did not believe in any sort of caste distinctions. They advocated love and devotion to God and discarded all sorts of rituals and ceremonies. They preached oneness of God and â€Å"that all religions were but roads leading to the same goal†. Chief Principles of Bhakti Movement: The chief principles of the Bhakti movement were as follows: 1. It is Bhakti or devotion to God alone that can help man attain salvation. 2. It is important to follow a true guru for realizing God. 3. All men are equal and no one is superior or inferior. 4. Caste distinctions, rituals, fasts, etc. , are useless and lead to nowhere. 5. All men should be tolerant. Effects of the Bhakti Movement: The Bhakti movement had far-reaching effects on the people. Firstly, it helped a lot in removing the existing bitterness between the Hindus and the Muslims. Both became more tolerant towards each other. Secondly, the Bhaktas exposed the hollowness of empty rituals and ceremonies and taught the people to give up evils like belief in superstitions etc. This movement delta a blow to the superiority of the Brahmins, for it propagated the equality of all men. This also helped in checking conversions. Thirdly, the Bhakti reformers preached in the common language of the people, which gave rise to the vernacular languages such as Bengali in the east, Gujarati and Marathi in the west and Punjabi in the north. Important Bhakti Reformers Ramanuja : Ramanuja was one of the earliest reformers. His teachings were based on the Upanishads and Bhagwad Gita. he had taught in the language of the common man. Soon a large number of people became his followers. Ramananda was his disciple. Ramananda : Ramananda was the first reformer to preach in Hindi, the main language spoken by the people of the North. He was educated at Benaras. He preached that there is nothing high or low. He was an ardent worshipper of Rama. He considered God as a loving father. He lived in the 14th century A. D. Kabir : Kabir was an ardent disciple of Ramananda. He wanted unity between the Hindus and the Muslims. He preached that both the Hindus and the Muslims are the children of a single God. He had no faith in idol worship, religious rituals and ceremonies. The devotees of Kabir were known as Kabir Panthis. Chaitanya : Chaitanya, a great devotee of Lord Krishna, was a saint from Bengal. From his very childhood, he had showed great interest in education and studied Sanskrit. He married the daughter of a Saintly person. Later at the age of 24, he renounced the worldly life and became a sanyasin. His followers regarded him as an incarnation of Lord Vishnu. He helped the old and the needy. He was opposed to the inequalities of the caste system. He emphasised the need for tolerance, humanity and love. He spread the message of Bhakti in Bengal. He popularised ‘Sankritan’or public singing of God’s name. He was addressed `Mahaprabhu’ by his followers. Meera Bai : Meerabai was a Rajput princess. She married the Rana of Mewar. She was a pious devotee of Lord Krishna. Her songs or hymns are even today sung all over India. Her palace was kept open to people of all castes to join her Bhajans of Lord Krishna. She had lived for the most part of her life in Mathura, the birth place of Krishna and Vrindaban. There is a temple dedicated to Meerabai in Chittor, the capital of Mewar. Sufi movement Sufism was a reform movement within Islam which applies greater stress on free thinking, liberal ideas and toleration. The Sufis believed in the equality of all human beings and brotherhood mankind. The Sufi movement started in Persia. Some of the Sufi saints also came to India. They began to preach their liberal ideas and to remove the gulf between the Hindus and the Muslims and join them together. The word Sufi has been taken from the Arabic word ‘Suf’ which means wool. The movement may have been given the name Sufism because of the course wool garments they wore as a mark of their rejection of worldly things. Sufis have traditionally taken vows of poverty and celibacy. Sufism developed religious practices focusing on strict self-control that enable both psychological and mystical insights as well as a loss of self, with the ultimate goal of mystical union with God. The Sufi movement consists of fraternal orders in which leaders train and assist disciples in the mastery of Sufism’s philosophical principles and ritual practices. Such rituals and practices include writing and reciting poetry and hymns; some of the most famous and beautiful literature of the Islamic world has been written by Sufis. Sufis engage in a variety of ritual practices intended to help them realize union with God, such as distinct forms of ritual prayer including the recitation of God’s names, as well as bodily rituals such as those practices by the so-called â€Å"Whirling Dervishes,† a Turkish Sufi order that practices meditation and contemplation of God through spinning. Teaching of Sufism: 1. There is one God, the Eternal, the Only Being; none else exists save He. 2. There is only one Master, the Guiding Spirit of all souls, who constantly leads his followers towards the light. 3. There is one Holy Book, the sacred manuscript of nature: the only scripture, which can enlighten the reader. 4. There is one Religion, the unswerving progress in the right direction towards the ideal, which fulfills the life’s purpose of every soul. 5. There is one Law, the Law of reciprocity, which can be observed by a selfless conscience together with a sense of awakened justice. 6. There is one Brotherhood, the human brotherhood, which unites the children of earth indiscriminately in the fatherhood of God. 7. There is one Moral Principle, the love which springs forth from self-denial, and blooms in deeds of beneficence. 8. There is one Object of Praise, the beauty which uplifts the heart of its worshipper through all aspects from the seen to the Unseen. 9. There is one Truth, the true knowledge of our being within and without, which is the essence of all wisdom. 10. There is one Path, the annihilation of the false ego in the real, which raises the mortal to immortality and in which resides all perfection. The Sufi Movement there is no priesthood in the ordinary sense, the priesthood is only to conduct the service and to answer the need of a priest which always exists in our everyday life. Those ordained in the Sufi Movement are called Sirajs and Cherags. There is no distinction between women and men. The worthy soul is ordained; this gives an example to the world that in all places – in the church, in the school, in parliament, in court – it is woman and man together who make evolution complete. But at the same time every Sufi is a priest, a preacher, a teacher, and a pupil of every soul that he meets in the world. The Sufi prayers such as Saum and Salat are not man-made prayers. They have descended from above, just as in every period of spiritual reconstruction prayers were given. And there is every power and blessing in them, especially for those who believe. Sikhism Guru Nanak is the founder of the religion of Sikhism and is the first of the ten Sikh Gurus. His birth is celebrated world-wide on Kartik Puranmashi, the full-moon day which falls on different dates each year in the month of Katak, October-November. Guru Nanak travelled to places far and wide teaching people the message of one God who dwells in every one of God’s creations and constitutes the eternal Truth. He setup a unique spiritual, social, and political platform based on equality, fraternity love, goodness, and virtue. Nanak was born on 15 April 1469, now celebrated as Guru Nanak Gurpurab. Today, his birthplace is marked by Gurdwara Janam Asthan. His parents were Kalyan Chand Das Bedi and Mata Tripta. His father was a patwari (accountant) for crop revenue in the village of Talwandi, employed by a Muslim landlord of that area, Rai Bular Bhatti. He had one sister, Bibi Nanaki, who was five years older than him and became a spiritual figure in her own right. Nanak also found work with Daulat Khan, when he was around 16 years old. On 24 September 1487 Nanak married Mata Sulakkhani, daughter of Mul Chand and Chando Ra? i, in the town of Batala. The couple had two sons, Sri Chand and Lakhmi Chand. Inspite of his married life, he spent most of his time in the company of holy men. At the age of 29, he left his home to spread the message of faith far and wide. Sikh teaching emphasizes the principle of equality of all humans and rejects discrimination on the basis of caste, creed, and gender. Sikh principles encourage living life as a householder Sikh Religion and Worship: 1)A Sikh believes in, and worships only one God. 2)A Sikh regards the succession of ten gurus, and the written word of the Guru Granth, a channel through which divine light manifests as salvation. 3)Sikhs worship in the gurdwara, congregating with spiritual companions, and communing with God, by singing divine hymns selected from the Guru Granth. 4)Sikhs perform ardas, a formal prayer, and read from Guru Granth before embarking on important endeavors. 5)The uniqueness of Sikhism is upheld without any derogatory attitude towards others, or belittling of others faith. . A brief of the next 9 Gurus: http://www. sarabsanjhigurbani. com/ten-guru. asp

Stability of Characters in to Build a Fire and the Tell Tale Heart

Henry James’ argues that a character is only as interesting as their responses to a particular situation, can be supported by using any written works that a student may encounter, given that the story has at least one character. I intend to prove that the instability of the main characters in each story will ultimately be their downfall. The story â€Å"To Build a Fire† by Jack London is about a man struggle with nature and his inability to trust his human instinct, and In Edgar Allen Poe’s story â€Å"The Tale-Tell Heart† is about a man who proclaims he is not crazy but plans and executes the murder of an old man. In the beginning of â€Å"To build a Fire† the man realizes how cold the weather is outside but he only sees this as a fact and not a threat to his health. Jack London writes â€Å"As he turned to go on, he spat speculatively. There was a sharp, explosive crackle that startled him. He spat again. And again, in the air, before it could fall to the snow, the spittle crackled in the air. Undoubtedly it was colder than fifty below-how much colder he did not know. But the temperature did not matter. † (120) This is one example where the main character ignores his human instinct and doesn’t bring items that would cover his face and cheekbones. Also read The Story of an Eyewitness Essay Analysis Any man with common sense knows to bring the right items for the journey if he’s going to be traveling in weather that will be colder than fifty degrees below zero. While on this trip the man is accompanied by a dog that follows the man on his unadvised journey. The dog uses its natural instinct to outlive the man on this trip. The dog is a native husky and I believe represents pure instinct in this story in which the man doesn’t use at all. The dog knows to bite the ice off of his feet so that they do not become frozen from the harsh conditions. He buries himself in the snow when the man cannot start a fire because his hands are too cold to pull his matches out of his pocket. With the dogs keen since of smell he knows when the man is dying and understands that the man wants to kill the dog so that he can insert his hands inside the dog’s carcass to warm him up. In this environment the dog is actually smarter than the man because he uses his natural instincts to stay warm and keep himself alive. In â€Å" The Tale-Tell Heart† the narrator in which is assumed to be a man takes care of n old man who I perceived to be rich. For some strange reason, the narrator was obsessed with the old man’s eye. â€Å"It was open-wide, wide open-and i grew furious as I gazed upon it. I saw it with perfect distinctness- all a dull blue with a hideous veil over it that chilled the very marrow in my bones; but I could see nothing else of the old man’s face or person: for I had directed the ray as if by instinct, preci sely upon the damned spot. †(414) The old man was going to be murder for his pale blue eye. For seven straight nights at midnight the eye was closed. It wasn’t until the eight night when the narrator accidently woke the old man up and once the narrator saw that blue eye he began to grow furious and knew that that was the night he had to kill the old man. Normal people would have a look of disgust on their face after committing a murder, but the narrator smiled and then would try and convince himself that he was not mad. After murdering the old man the narrator begins to hear voices in his head. Those voices told him the eye was evil, and that he was doing the right thing. He would also hear a groan of terror many nights at midnight. The narrator could also hear the old man’s heart, even after he had been murdered. It is impossible to hear a person’s heartbeat with the naked ear. He also thought the police officers were laughing at his horror of the heartbeat. The voices caused him to murder, and then caused him to give into the police when he easily could have gotten away with it. These two main characters both have obstacles to conquer in their own ways. In â€Å"To Build a Fire† the main character is fighting and resisting the obvious signs that tell him he should not make the trip in that inclement weather but proceeds anyway. I believe that the man is so arrogant that it makes him ignorant. It seemed to me that the man felt like he was bigger and better than anyone on this planet and not even nature could endanger him. For that very reason was why the man could not make it to his destination, but the dog in which he tried to kill not only survived but also made it to the destination. In â€Å"The Tale-Tell Heart† instead of a fight with nature the narrator is fighting with the voice inside his head or yet another personality. I believe that by day the narrator was a normal man who really cared about taking care of the old man, but by night his alter ego would kick in and basically talk control of his mind. That is why the story keeps going back and forth with trying to convince the reader of his sanity. Although both of the stories are different, the main character mind frames are both fragile and unstable. The may not be fighting the same fight but they are fighting something whether it be nature or the voices in there head. Throughout both of the stories the characters do thing that make the reader wonder. It just goes to show how unstable each character is.