My Personal Philosophy Of Life - 2218 Words

Personal philosophy is something that plays a tremendous role in the life of every individual. Everyone have a different point of view about life, we cannot expect everyone to have the same philosophy of life. Philosophy of life will be different between each person. Two people will never have the same philosophy of life. Individuals might share some similarities between their philosophy of life but two people will never have the exactly same. I have a strong belief that people develop and shape their own personal philosophy during their whole life. Sometimes we might attempt to think that we already know our philosophy of life but there are some circumstances that can totally change our view. I also believe that our age plays a tremendous role in our philosophy of life. We cannot expect a twelve-year-old to have the same view of life as a forty years old. In terms of my own philosophy I cannot truly say that I completely know my entire personal philosophy of life but I know that now at this moment I am the one in charge of my own philosophy about life. Even though I am 23 years old I still don’t have my life completely figured about. I know what I want to do and what are the goals that I would like to achieve but in terms of my own philosophy about life I believe that God is in charge; and that our story about life was already written even before we were born. I can wake up with many different types of ideas or things I would like to achieve but I know that God has theShow MoreRelatedMy Personal Philosophy On Life1780 Words   |  8 PagesMy philosophy on life is constantly changing because I am constantly growing as a young man, and it is constantly being shaped by my everyday experiences. I easily adapt and I’m eager to learn and improve. I consider it dangerous to be stubborn or stuck in one’s ways. I love being around people and fostering good, healthy relationships. Family is very important to me. I love my family with all my heart a nd would do anything for them, and I know they would do the same for me. I’m grateful for my healthRead MoreMy Personal Philosophy Of Life1813 Words   |  8 Pagesof being enrolled in the Philosophy class, I have learned about the different aspects of life, the beliefs and behaviors of individuals. In this summary paper, I’m going to be discussing topics such as, the nature of humankind, diagnosis of what is wrong with humankind, the prescription for making it right, our intellectual difficulties or remaining unresolved issues, my personal values and mission, organizational values and business ethics. My personal philosophy of life is to live in peace withRead MoreMy Personal Philosophy Of My Life2135 Words   |  9 Pagesdifferent beliefs and opinions, we all live life our own ways. Our ideas about life are based on the way we view the world. It is normal that each individual follows their own slightly modified philosophy. My life, my family, my relationships, my happiness, commitment to what I love, these are what help to shape my personal philosophy. My family is the one who raised me, teaching me right from wrong. Children are only aware of what the adults in their life teach them. Children make choices around whatRead MoreMy Reflection Of My Personal Philosophy Of Life1228 Words   |  5 PagesPhilosophy of Life In my short seventeen years, I have experienced a great multitude of feelings towards my own personal experiences. My own reactions to the external circumstances that the universe has thrown at me, and I do indeed mean thrown, have allowed me to grow as a young woman and simultaneously allow me the privilege of looking at life through the lenses I wear today. Because the way I perceive my life to date is how I have been able to assemble the three things I value most in it: stayingRead MoreMy Personal Philosophy Has Changed My Life1351 Words   |  6 Pages My personal philosophy has grown greatly since starting Palmer College of Chiropractic. Before coming to school I did not know that even a philosophy existed. I knew I wanted to join this profession because I got a glimpse of what Chiropractic care can do to people. While deciding what school I wanted to attend, I weighed heavily how many techniques were taught, how many clubs were offered, and what study abroad options were available. Palmer Davenport was last on my list. I already sent in myRead MoreEthics Philosophy : Ethics And Ethics Essay976 Words   |  4 PagesEthics Philosophy A personal ethics philosophy helps a person to maintain and employ good morals and values that are important in a one’s life. Understanding the importance of ethics is critical in order to consciously work to develop and effectively utilize ethics. Therefore, accepting the importance of one’s ethical philosophy will result in ethical decision-making, therefore developing the ability to put ethical theory into practice create ethical conditions albeit, personal and professionalRead MoreMy Personal Philosophy Of Nursing1715 Words   |  7 PagesPersonal Philosophy of Nursing Throughout all of life, there is only a finite amount of time before a living organism perishes out of this world. When regarding human beings specifically, their lifespans on earth are a blink of an eye. However, this blink of an eye has varied throughout all of recorded history. Through the practice of medicine, the human race has increased life expectancy by not only years, but decades. With the help of famous theorists such as Castillo Roy, and Imogene King, theRead MoreMy Personal Philosophy Of Nursing1454 Words   |  6 Pages Personal Philosophy of Nursing Kendra Jackson Bon Secours Memorial College of Nursing October 8, 2014â€Æ' Introduction The nursing profession cannot be summarized using one word or statement. According to the American Nursing Association, nursing is â€Å"the protection, promotion, and optimization of health and abilities, prevention of illness and injury, alleviation of suffering through the diagnosis and treatment of human response, and advocacy in the care of individuals, families, communitiesRead MoreEssay about Personal Educational Philosophy1069 Words   |  5 Pagespaper is my personal educational philosophy statement. It represents my ideas and values about teaching and learning; it reveals my personal teaching beliefs and their relation to the five major established educational philosophies; it shows my role and responsibilities in educational process. I place great significance on personal style of instruction and its influence on curriculum implementation. The paper also highlights my career aspiration and orientation. Personal EducationalRead MoreThe Philosophy : The Moral Life Essay1164 Words   |  5 Pagesmajor philosophies- Utilitarianism, Deontology, and Feminism. These three philosophies come up frequently in my life. I judge an event in which philosophy is the main focus. In addition, I like to use these three principles in my moral judgments and decisions. Reaching the end of this class and semester I can say that my knowledge of these three philosophies has expanded immensely. The critical, informational, and literary aspects (stories that provide analysis) of the book The Moral Life has helped

Cadbury an Ethical Company Struggles to Insure the...

yale case 07-039 november 27, 2007 (revised august 24, 2008) Cadburyâˆâ€" An Ethical Company Struggles to Insure the Integrity of Its Supply Chain Sumana Chatterjee1 Jaan Elias 2 Chocolate had always been considered an affordable little luxury, associated with romance and celebrations. Therefore in 2000 and 2001, revelations that the production of cocoa in the Cà ´te d’Ivoire involved child slave labor set chocolate companies, consumers, and governments reeling. In the United States, the House of Representatives passed legislation mandating that the FDA create standards to permit companies who could prove that their chocolate was produced without forced labor to label their chocolate â€Å"slave-labor free.† To forestall such labeling, the†¦show more content†¦(based in Minneapolis), and Nestle USA (in Glendale, CA, a subsidiary of the Swiss food giant). World prices for cocoa climbed during the 1970s, encouraging further plantings of cocoa trees. In addition, there was a flexible supply of migrant labor from adjacent countries and plentiful land not already under cultivation. During the 1980s, Cà ´te d’Ivoire became the larges t cocoa producer in the world; the country’s share of world production grew from 23 percent in 1980 to 40 percent by 1998. In the mid-1990s, cocoa contributed 35 to 40 percent of Cà ´te d’Ivoire’s exports, 14 percent of its GDP, and more than 20 percent of the government’s income. The increasing volume of production occurred during a declining world market for cocoa. Prices began falling in the 1980s and yet the Cà ´te d’Ivoire government continued to offer high price guarantees. Finally in 1990, the marketing board went bankrupt and appealed to international lending bodies for assistance. The government was forced to halve the producer price to better reflect world prices and help the government repay loans that it incurred while it was supporting the price of cocoa. This meant that Cà ´te d’Ivoire’s farmers received a smaller percentage of the declining world price of cocoa than farmers in any 4 other country. In the 1990s, the p olitical situation also deteriorated. Following the death of Fà ©lix Houphouà «t-Boigny, political tensionShow MoreRelatedCadbury an Ethical Company Struggles to Insure the Integrity of Its Supply Chain9806 Words   |  40 Pagesyale case 07-039 november 27, 2007 (revised august 24, 2008) Cadburyâˆâ€" An Ethical Company Struggles to Insure the Integrity of Its Supply Chain Sumana Chatterjee1 Jaan Elias 2 Chocolate had always been considered an affordable little luxury, associated with romance and celebrations. Therefore in 2000 and 2001, revelations that the production of cocoa in the Cà ´te d’Ivoire involved child slave labor set chocolate companies, consumers, and governments reeling. In the United States, the HouseRead MoreMarketing Mistakes and Successes175322 Words   |  702 PagesStarbucks, we have moved Entrepreneurial Adventures up to the front of the book. We have continued Marketing Wars, which many of you recommended, and reinstated Comebacks of firms iii iv †¢ Preface rising from adversity. I have also brought back Ethical Mistakes, because I believe that organizations more than ever need to be responsive to society’s best interests. Altogether, this 11th edition brings seven new cases to replace seven that were deleted from the previous edition. Some of the cases Cadbury an Ethical Company Struggles to Insure the... yale case 07-039 november 27, 2007 (revised august 24, 2008) Cadburyâˆâ€" An Ethical Company Struggles to Insure the Integrity of Its Supply Chain Sumana Chatterjee1 Jaan Elias 2 Chocolate had always been considered an affordable little luxury, associated with romance and celebrations. Therefore in 2000 and 2001, revelations that the production of cocoa in the Cà ´te d’Ivoire involved child slave labor set chocolate companies, consumers, and governments reeling. In the United States, the House of Representatives passed legislation mandating that the FDA create standards to permit companies who could prove that their chocolate was produced without forced labor to label their chocolate â€Å"slave-labor free.† To forestall such labeling, the†¦show more content†¦The trees need to be shaded from the direct sunlight and therefore grow best in the â€Å"understory† of the forest, shielded by taller trees from the rays of the sun. This distinctive growing arrangement meant that cocoa cannot be grown on monocrop farms that allow mechanized cultivation and harvesting. Cocoa farming required a good deal of manual labor to get the beans f rom the tree to the factory. Newly planted cocoa trees require five to seven years of growth before they produce appreciable fruit, but once they mature the trees could produce beans for more than 50 years. Cocoa beans grow inside large footballshaped pods on the branches of the cocoa trees. These pods are manually cut from the branches with long handled knives. Once on the ground, the woody pod is split by machete and then workers scoop out the beans and pulp. Piles of bean and pulp are then covered with leaves or burlap and left out to ferment. It is during the fermentation process that the cocoa beans take on their distinctive flavor. After five to six days of on-site fermentation the beans are uncovered, separated from additional material and allowed to dry in the sun. Once dry, they can be collected and shipped to processing factories. Because of the increasing popularity of chocolate in Europe, Europeans introduced cocoa trees in the various tropical colonies under their contr ol. The French introduced cocoa trees to Cà ´te d’Ivoire in the 1920s. Cà ´te d’IvoireShow MoreRelatedCadbury an Ethical Company Struggles to Insure the Integrity of Its Supply Chain9818 Words   |  40 Pagesyale case 07-039 november 27, 2007 (revised august 24, 2008) Cadburyâˆâ€" An Ethical Company Struggles to Insure the Integrity of Its Supply Chain Sumana Chatterjee1 Jaan Elias 2 Chocolate had always been considered an affordable little luxury, associated with romance and celebrations. Therefore in 2000 and 2001, revelations that the production of cocoa in the Cà ´te d’Ivoire involved child slave labor set chocolate companies, consumers, and governments reeling. In the United States, the House of RepresentativesRead MoreMarketing Mistakes and Successes175322 Words   |  702 PagesStarbucks, we have moved Entrepreneurial Adventures up to the front of the book. We have continued Marketing Wars, which many of you recommended, and reinstated Comebacks of firms iii iv †¢ Preface rising from adversity. I have also brought back Ethical Mistakes, because I believe that organizations more than ever need to be responsive to society’s best interests. Altogether, this 11th edition brings seven new cases to replace seven that were deleted from the previous edition. Some of the cases

Aids India Free Essays

string(138) " before marriage and in most cases are disowned or face harsh consequences for their actions from family members and other social groups\." Matter of Life or Death India is the seventh largest Country in the world, home to one billion people and vast ethnic diversity. It has been making great leaps with education, industrialization and technology. Literacy rates are continuously going up along with life expectancy. We will write a custom essay sample on Aids India or any similar topic only for you Order Now India has been making continuous progress in many aspects for a country that has been relatively poor and extremely poverty-stricken. India is also one of the world’s largest democracies meaning that citizens have a great deal of political freedom. The average Indian citizen lives in a rural area and consumes 30 times less resources than an American citizen consumes. Although India is making many improvements, there are certain issues that continue to creep around and into the lives of Indian people and will continue to do so for a very long time. HIV/AIDS is one of these issues, an issue that has been taking millions of lives and affecting the lifestyles of many Indian people. HIV/AIDS is one of the most concerning problems for India; it continues to manifest regardless of the many efforts made by the Indian government. HIV/AIDS is not just a problem that India must deal with; it has affected nearly every region in the world but every country and population responds to epidemics with a different approach and one must consider all the different aspects. In India, many unique factors have been linked with the growth, prevention and treatment of HIV/AIDS. The causes for the emergence of HIV/AIDS in India are still unclear however; some believe that foreign visitors that had sexual contact with the sex workers in India are to blame. Many believe this because initial cases were found in sex worker and truck drivers. HIV/AIDS emerged into India later than most other countries and the first cases were reported in Chennai, Tamil Nadu. Studies also indicate that heterosexual sex was the method in which most initial cases occurred through. It was first identified in the early 80’s in sex workers from Tamil Nadu. The infection rates of the disease peaked in the early 90’s and it had made its way into low – risk individuals across the whole country in just ten years. (Avert, 2011) The most recent estimates state that there are currently 2. million individuals living with HIV in India and of that, 39% are females and 3. 5% are children. Considering age as a factor, the highest infection rates occur in people aged 30-34 in India. HIV rates for the nation have been decreasing according to recent studies (NACO, 2007) and the area of southern India which was impacted the most by this epidemic has shown a decrease in infection rates (Kumar R. , Jha P. et al. , 2006). Seventy percent of i nfections are reported in six states: Andhra Pradesh, Tamil Nadu, Maharashtra, Manipur, Nagaland and Karnataka. Currently the state of Andhra Pradesh holds the highest prevalence rate (1%) out of the 28 states and out of the high-risk groups in this Andhra Pradesh; the highest rate is among MSM (17%) (Avert, 2011). In recent years the rate of injection drug users has been increasing in many states and has given HIV an opportunity to spread. One of these states are Punjab in the northeast of India where a third of the population is addicted to drugs and has become one of the world’s leading areas in drug trafficking and usage (Glut, 2011). In the Punjab’s capital city Amritsar, the prevalence rate among IDU’s is as high as 30%. In many states of India drug use has become another concerning phenomenon that is helping with the spread of HIV/AIDS. Although the nation’s prevalence rates of HIV have decreased, it does not mean that the situation is getting better. This disease will continue to claim millions of lives because India does not have the equipment or resources needed in most areas; along with that the taboos, and stigma in India will negatively affect the treatment and prevention of HIV/AIDS. The way that Indians think about HIV/AIDS plays a major role in treatment and prevention efforts. There are many parts of the world where one with HIV/AIDS is able to go to a doctor, friend or family member to get support. In India, this is not the case for the most part. It is a country with a strict social hierarchy and most Indian people still believe in arranged marriages. The people of India stigmatize HIV/AIDS, which often leads to discrimination, denial, humiliation and rejection from family/community and medical staff. HIV/AIDS is not just any disease in India, since it is linked to controversial behaviours HIV/AIDS comes with a lot more baggage than for instance cancer does. HIV/AIDS is extremely under reported due to the many psychological hardships one must face in order to get the help that they need. Currently 50% of people with HIV are aware of their status; people that seek treatment often face traumatizing experiences with the medical staff. The government of India supports voluntary testing however, a very high percentage of cases have been reported in which the patient had been tested against their will, which in return would dictate the quality of medical care they would receive. In many cases, individuals have been denied medical services because of their status and people that are HIV+ and belong to a high-risk group face double the discrimination and stigma because they are a part of a controversial group. There is a direct correlation with Indian culture and the identification of HIV/AIDS in India. In order to successfully educate and treat the Indian population we must take into account the very sensitive cultural values of Indian people and customize action plans accordingly. Sex in India is highly discouraged amongst non-married couples and the topic is hushed. Indians greatly value marriage and hold the lowest divorce rate in world (Divorce Mag, 2011). Woman are seen as disgraceful, worthless and disgusting if they engage in sex with a partner before marriage and in most cases are disowned or face harsh consequences for their actions from family members and other social groups. You read "Aids India" in category "Papers" For Indian people it is ideal to have and maintain one sexual partner although woman in India face double standards while men are able to participate in sexual intercourse with multiple partners there for the HIV status of women is highly dependent on the behaviour of their partner(s)/spouse. The taboo of talking about sex publically and sex in general is the main reason for the hardships faced by educators, organizations and other public figures who try to make efforts with the awareness of HIV/AIDS. India is a place where a bar can possibly be shut down if any public display of affection is shown. There can be many explanations for the way Indian people think about sex that date back to the history of the first civilizations and religious texts that may have influenced and shaped the ideology of Indian people today. This is a way of thinking that has existed in India for thousands of year and will continue to do so for a very long time. Education and communication is extremely difficult in a place where the population is not willing to listen, Indian people tend to ignore and underestimate HIV/AIDS because they are unwilling to talk about it. Most Indian people are unaware of the facts that in return cause them to link it to unacceptable behaviours creating stigma, discrimination and denial due to lack of knowledge. People are hesitant to expose their HIV status and discuss issues with people. HIV/AIDS has claimed many lives in India, more so then many other parts of the world. The world fact book estimated 170 000 deaths in the year 2009 (ranked third highest in the world). Causality rates of HIV/AIDS related deaths have been decreasing in recent years. Many efforts have been made to prevent the spread of the disease by the government and other organizations yet India ranks as one of the top countries on HIV/AIDS hit list. The people of India have a hard time explaining and discussing the impact that HIV/AIDS has left on their country. People often are surprised and thrown off when they are presented with actual statistics, they see the disease as someone else’s problem with the attitude that it is a disease that infects the â€Å"scum of society† but once they are presented with the statistics they are immediately appalled. Indian youth is continuously encouraged to ignore such topics and refrain from talking about sex by their families. Another interesting issue is the misleading statistics that the government of India presents which understates the real statistics, Indian people lose trust in the government and don’t know which statistics to believe (Drynan, 2001). Indian people that live in poor areas with very low income believe that the spread of infection is mainly because a family member has to migrate to another location for a long period of time to find work and make an income to support his/her family. Since the majority of the population in India is poor, this is the leading explanation that most families will have. Indian people that are HIV + believe that the spread of the disease is linked to the decision of keeping HIV statuses a secret. Some sex workers admit that they do not expose their status to clients in fear of losing their job. Indian people are aware that health care systems need to improve in order to stop HIV/AIDS from spreading. There also a large portion of people who believe in fate and that if someone is infected with HIV/AIDS it is in their fate to die that way. â€Å"In the past I never thought that I would contract such a big disease, or neither would my husband. I had that much faith in him because we wouldn’t do such things. Now I don’t talk to my husband, I don’t know his whereabouts. God gave me this disease, what God metes out, Only God can judge. I have a daughter who is HIV + as well. I feel bad that my child has it but what can one do. I have a lot of problems at work, my co-workers tease me and shun me. They do not come near me† Anita who is HIV+ explained her thoughts about her status (Lets Break Through, 2006). Since the creation of antiretroviral therapy (ART/ARV) many lives have been extended and maybe even saved. In India these drugs are becoming more available and the price of these drugs is declining as time goes by how ever not everyone has access to these drugs. Many areas of India where these drugs are needed are poor areas where Doctors refuse to practise due to lack of income available. Many villages do not have access to someone who can administrate these drugs. The main factor is money, these drugs are expensive and many families simply cannot afford them. Recently the government has been focusing on distributing free antiretroviral drugs but it is impossible to reach everyone in need with the available funds. India is also actively manufacturing generic low-cost ARV’s. Out of all the people that need treatment only ? are receiving it (Avert, 2011) and many are not adhering due to high costs of drugs/testing, poor counselling, inadequate understanding and intolerance to drugs. Treatment centres are located in every state where HIV/AIDS is prevalent, screening is voluntary (ideally) and counselling is provided. The types of screening available are: Western blot test, ELISA, viral load test, CD4 count and blood biochemistry. Luckily India has a strong pharmaceutical industry and is taking advantage of it by reaching out to its patients. Another issue is drug resistant people; in Mumbai 18% of newly diagnosed people were resistant to at least one drug (World Bank, 2011) so second-line therapy is required. Another concerning problem is that therapy in India is unstructured. Although these drugs are becoming more available in India, those in need are often denied access by the health care providers. The poor are ignored and usually do not have the funds or the resources to obtain the drugs. HIV/AIDS Treatment and Prevention in India, 2011) Some other popular alternative traditional therapy in India includes Chinese medicine, Homeopathy, acupuncture and siddha medicine (Life Positive, 2011). The impact that HIV/AIDS will have on India in the future may be devastating if the current trends do not change. Treatment needs to be made more available, Health care providers need to be trained adequately and the general population needs to be educated. Many organizations and government have helped with the control of this epidemic such as promoting condom use are making improvements. Condoms are now used among many sex workers who ecite the policy of â€Å"no condom, no sex† to their customers and this is important because as of today condoms are the single most convenient and effective way of preventing the transmission of sexually transmitted diseases. There is no doubt that India is putting resources towards organizations that will provide services for the Indian population but this alone is not enough, Indian people themselves will need to accept and face this issue in order to make progress. Since India has a large portion of High-risk groups, there is always going t o be danger and opportunity for HIV/AIDS to spread. The rates vary from state to state but World Banks estimates that by 2033 mortality by infectious diseases will increase and of that, AIDS will represent 22% of total deaths. India has economic, cultural and other demographic factors that hamper prevention efforts. Discrimination, denial and stigma will continue to cause damaged relationships, torn families, physical isolation, desertion, economic implications, lower quality of life and death. This disease will continue to control the lives of people that are infected. How to cite Aids India, Papers

Finance in Hospitality Industry

Question: Describe about theFinance in the Hospitality Industry?. Answer: 1. Sources of Funding for Businesses Service Industries:- The term funding can be described as offering financial support for any program, project, business or personal need. In the business sector, funding can be classified into two segments. The owners of the business can provide the required financial support from their own reserve. In case of companies, the requirement is fulfilled from the various reserves of the company. It can be referred as internal funding. On the other hand, external funding can be described as the funding provided by the outsiders, mainly banks, other financial organizations and personal investors. In most of the time, the businesses have to bear additional expenses for the external funding, such as, interest (Nyide et al. 2014). Various sources of business funding are discussed below:- Personal Funding:- As discussed above, business owners can fund the businesses from the personal resources. The owners can collect the fund from personal savings and other family members. They can also borrow the required amount from family members or friends. Most of the time, this kind of funding are used to be interest-free (Jones et al. 2012). Loan from Financial Institutions:- The funds are also collected through loans from various financial institutions, such as, banks, insurance, other financial companies etc. The owner has to convince the investors about the profitability of the venture for taking the loan. In many cases, the loans are granted by keeping any asset as mortgage to the loan givers. The owners have to repay the loan amount in terms of monthly, quarterly or annuals repayments along with the interest. Issue of Shares:- Fund generation by the issue of shares is possible only if the business is registered as a company. In that case, the entrepreneurs use to publish the prospective of the business and issue share in the open market. It must be noted that the purchaser of the equity shares are considered as owners of the company and the dividend, paid to them, is the share of profit, not any kind of interest. Income Generation Method for Businesses Service Industries:- Generally, the income of any business is used to be generated various means. For purpose of disclosure, these various methods of income generation have been classified on the nature of the financial activities. The business activities related to the generation of income, can be differentiated into two groups Operating and Non-operating activities. The Non-operating activities are further categorized into two groups Financing and Investing Activities. The methods of income generation are discussed below:- 2. Operating Activity:- According to the International Accounting Standard, the operating activities can be defined as the main income generating activities of an entity and other activities, which cannot be categorized as financing or investing activities. Incomes, generated from such activity, are described as operating income (Brtland 2012). Operating income is mainly earned from the basic or primary activities of any business. For example, for any manufacturing business, the operating income is the revenue, generated by the sale of manufactured products, whereas, for any service related business, it is earned by rendering service to the customers. The various sources of operating income are as follows:- Income from the sale of products or service, rendered Income from other activities, such as, royalties, discounts, commissions etc. These type of incomes are not the direct income but closely related with the operating activities Income from refunds, especially, taxes, if the tax was not paid for any financing or investing incomes. Financing Activities:- Financing activities are related to the capital acquiring processes. It reflects the amount of capital, collected from various sources and also the amount of expenses, incurred for acquiring and maintaining the capital. The main financing activities for income generation include two methods. The business can generate financing income by either equity financing or debt financing. Equity financing is the method to raise capital by issuing shares in exchange of the ownership of the company. The income from debt financing are generated by borrowing loans from market at certain interest rates. It should be noted that the income generated by debt financing is the liability for the business (Drury 2012). Investing Activities:- Investment activities are linked with the various investments made by the business entity in different type of assets. Incomes, generated from such activities, are called as Investment incomes. Generally, the term investment is meant to invest money in other business or deposit money in banks or same type of institutions. In business sector, investment activities not only include the normal investment but also the purchase of fixed assets or acquisition of other firm. The various sources of investment incomes are- Sale of equity or bonds of other businesses Sale of fixed assets Interest earned from loans given to other entities Dividend received for the equities of other businesses 3. Assessment of the Sources Structure of Trial Balance:- Trial Balance is the financial statement, prepared in the end of an accounting period for an accounting entity, by listing the closing balances of all the accounts in the debit and credit columns properly to check the accuracy of the accounting system of that entity. Though the purpose of Trial Balance is to verify the accurateness of the accounting system, it has been observed that there are many accounting errors, which cannot be detected from trial balance. The trial balance provides better results for ensuring the mathematical accuracy and detecting the single-sided errors (Mroczkowski and Flanders 2015). Sources of the Trial Balance:- The main sources of the Trial Balance are the various ledger accounts of the accounting entity, which have balances. The sources of the given trial balance are Credit balances of Capital A/c., Bank Loan A/c., Accumulated Depreciation on Fixture Fittings A/c. Trade Payables A/c. and, Debit balances of Bank A/c., Cash Cash Equivalent A/c., Furniture Fittings A/c. Trade Receivables A/c. Structure of the Trial Balance:- The basic structure of the trial balance is given below:- Accounts Type Allocated column in Trial Balance Assets Debit Column Liabilities Credit Column Revenue Credit Column Expenses Debit Column Profit Credit Column Loss Debit Column Capital Credit Column Reserve Credit Column In the given trial balance, all the accounts are either asset type or liability type, except the Capital A/c. Hence, the balances of the assets are allocated in the debit column and the liabilities Capital A/c. are listed in the credit column (Bragg 2013). Evaluation of Business Accounts, Adjustments and Notes:- Evaluation of Business Accounts:- From the accounting extracts of Faith Restaurant, it can be stated that:- The accounts are not differentiated into debit and credit columns The administrative and distribution expenses are marked differently, but the cost of sales, though being an expense item, not marked separately. There is no amount given for capital or any type of liabilities The profit and assets are different type of accounts, but in the extract these items are listed together The furniture fixture is shown at the cost price, but there is no accumulated depreciation account created for the asset Adjustments:- The adjustment entries for the transactions mentioned in the notes are as follows:- Capital A/c..Dr. 2250 [(25000-2500)x10%] To, Furniture Fixtures A/c. 2250 (Being the depreciation for the previous year charged on Furniture Fixture and adjusted with the Capital A/c.) Furniture Fixture A/cDr. 2500 To, Cost of Sales A/c. 2500 (Being the purchase of furniture, wrongly included in Cost of Sales, adjusted with Furniture Fixtures A/c.) Distribution Expenses A/c.Dr. 250 To, Administrative Expenses A/c. 250 (Being the diesel cost for distribution, wrongly included in the administrative expenses, adjusted with the Distribution Expenses A/c.) Note on Adjustments:- The adjustments entries, made above, is affecting the accounts of the business in the following manner:- According to the accounting standards taxation acts, depreciation should be charged on the assets from the first year of purchase. As, the depreciation was not charged on furniture in previous year, the profit of the firm had become overvalued and as the profit is used to be added with the Capital A/c., the Capital A/c. would also reflect an overvalued amount. Hence, in the current year, the Capital A/c. is debited to reduce it to the actual amount and the Furniture Fixtures A/c. is reduced also by crediting it for amount of depreciation, which should have been charges on the furniture previous year. The wrong entry made for purchase of furniture, has increased the amount of Cost of Sales, which in result has reduced the amount of Gross Profit, whereas, the total amount of assets has also become undervalued. Therefore, the necessary adjustment entry has been made to reduce to cost of sales and increase the value of furnitures. The last entry does not have any material effect on the business. But as per the accounting rules, the cost of diesel, used for distribution purpose, should be included in the distribution expenses rather than administrative expenses (Box 2013). Purpose Processes of Budgetary Control:- Budgetary control is the method, where the management uses to estimate certain budgetary goals, compare the goals with the actual performance and, if required, make necessary adjustments to maintain the budget (Jones 2012). Purpose of Budgetary Control:- The purposes for budgetary control are described below:- Better planning for future cost, performance and requirements of an enterprise Cost effective and efficient operations through several departments or cost centres Reduction of wastage and labor idle time Estimation of future capital expenses Amendments for the disparities in the budgeted and actual performances Centralization of the cost control system Increase in the total profitability by cost effective operation Proper job allocation and distribution of responsibility amongst the staffs (Marginson 2013) Processes of Budgetary Control:- The processes of any type of budgetary control include the following basic steps:- Preparation of Budget according to the requirements, policies and future planning of the enterprise, Comparison of the estimated budgetary performance with the actual performance of the project or business in a continuous and systematic manner Modification in the budget in accordance to the changes in the actual circumstances (Nunes and Machado 2014) Analysis and Suggestions for Variation in Budget:- Variation from Budgeted Performance:- The variation between the budget and actual performances are shown in table:- Budget Actual Budgeted Standard for Actual Participants Variance % of Variance Number of participants 20,000 15000 -5,000 -25.00% 000 000 000 000 Revenue 2000 1700 1500 200 13.33% Cost of sales -1500 -1390 -1125 265 23.56% Gross profit 500 310 375 -65 -17.33% Administrative expenses -200 -210 -150 60 40.00% Distribution expenses -150 -90 -112.5 -23 -20.00% Net Profit 150 10 112.5 103 -91.11% Many of the cost items use to vary according to quantity of the output. Therefore, the differences are calculated on the basis of budgeted standard for actual participants and actual amounts. The differences in the amounts are represented in the following chart:- The rates of variance for different items are also shown in the following chart:- From the above graphs, it can be stated that though the revenue earned from event was higher than the budgeted standard, the gross profit and net profit were significantly lower than the standard. It is mainly caused because of the drastic increase in the administrative expenses and the cost of sales. Suggestion for Future Management Actions:- As the business operation is related to event management services, the output should be budgeted in conservative manner. The administrative expense was not only higher than the budgeted amount for actual performance, but also from the budget made for 2000 participants. Hence, in future the administrative expenses should be estimated properly. Moreover, this expenses are more or less fixed type of costs. If, the output changes from the budget, these costs remain quite unchanged. The cost of sales uses to vary according to the output. In this case, the number of participants has reduced but the cost of sales has increased significantly. In future, the management should control the cost of sales more effectively (Whitecotton et al. 2013). 4. Calculation and Analysis of Ratios:- Calculation of Ratios:- a) Gross Profit Margin Ratio Paticulars 2015 2014 Sales revenue A 100,000 80,000 Gross Profit B 60,000 50,000 Gross Profit Margin Ratio B/A x 100 60.00% 62.50% b) Operating Profit Margin Ratio Paticulars 2015 2014 Sales revenue A 100,000 80,000 Operating profit C 10,000 4000 Operating Profit Margin Ratio C/A x 100 10.00% 5.00% c) Current Ratio:- Paticulars 2015 2014 Trade Receivables 9500 9200 Inventories 10000 8000 Current Assets D 19500 17200 Trade Payable 9000 9000 Current Liabilities E 9000 9000 Current Ratio D/E 2.17 1.91 d) Return on Capital Employed:- Paticulars Amount Capital Employed in 2014 F 35000 Capital Employed in 2015 G 60000 Average Capital Employed H = (F+G)/2 47500 Profit before Taxation I 5000 Interest on Loan J 5000 Profit before Interest Tax K= I+J 10000 Return on Capital Employed K/H x 100 21.05% e) Trade Receivables Period:- Paticulars Amount Opening Balance of Trade Receivables L 9200 Closing Balance of Trade Receivables M 9500 Average Trade Receivables N = (L+M)/2 9350 Sales Revenue O 100000 Trade Receivable Period N/(O/365) 34.13 f) Trade Payables Period:- Paticulars Amount Opening Balance of Trade Payables P 9000 Closing Balance of Trade Payables Q 9000 Average Trade Payables R = (P+Q)/2 9000 Cost of Sales S 40000 Trade Payable Period R/(S/365) 82.13 g) Gearing Ratio:- Paticulars 2015 2014 Bank Loan T 50000 30000 Closing Balance of Capital Employed G 60000 35000 Gearing Ratio T/G 0.83 0.86 Ratio Analysis:- The financial performance of the business is analyzed below on the basis of the ratios, calculated above:- The gross profit margin ratio is above 60%, which clarifies that the business is running quite well. But the ratio has declined from the previous year, which is matter of concern. The Operating profit margin ratio has increased to 10%. The ratio is quite low in comparison to the gross profit margin ratio. The current ratio is 2.17. It indicates that the current asset of the company is more than two times of current liabilities, which can be regarded as an ideal ratio. Return on Capital Employed rate is 21.05%. It explains that the owner is earning more than 20% on the invested capital. The business seems to be quite profitable for the owners (Muradolu and Sivaprasad 2014). The trade receivables period is 34.13 days, which can be regarded as normal average period for credit recovery. But for a restaurant business, the period is little higher than the average. The trade payables period is 82.13 days. The period is too longer for restaurant businesses. Though the gearing ratio in the current year has decreased to 0.83 from 0.86 of previous year, it is very high. It denotes that most of the business capital, invested is collected by debt financing. Recommendation for Future Management Strategies:- From the above ratio analysis, the following recommendations are suggested for the businesses:- The management should detect the reasons for decrease in the gross profit margin ratio. The operating profit ratio is very low in comparison to gross profit margin ratio. It indicates that the operating expenses other than cost of sales, are very high. The management should reduce the other operating expenses to increase the amount of operating profit. The trade payables period are quite longer. Though, it will not affect the profits of the business, to maintain proper business ethics, the management should repay their creditors earlier than the average period. The owners should decrease the amount of bank loans and rely more on personal funding (Healy and Palepu 2012). 5. Categorization of Costs:- The costs, provided in the information are categorized in the following table: Cost Details Type of Cost Reasoning Cost of Wages Variable Cost The total amount of these cost items are totally depended on the numbers of tickets. If the number of ticket varies, then it will also change accordingly. Cost of Printing Cost of Popcorn per Ticket Rent for the Hall Fixed Cost The rent of hall use to be paid as per agreements. The quantity of output does not create any imact on it. If the organizer cannot sell a single ticket, he still have to bear this cost. Electricity Bill Semi-Variable Cost In this cost item, there are some fixed amounts, which have to bear by the business as fixed costs and balance amount depends on the consumption of electricity and number of phone calls (Weygandt et al. 2015). Telephone Bill Calculation of Contribution and Estimated Sales:- Contribution per Ticket:- Calculation of Contribution Per Ticket:- Particulars Amount Per Unit Total Unit Total Amount (no. of Tickets) TOTAL SALES (A) 30 5000 150000 Variable Costs: Cost of Wages 10 5000 50000 Cost of Printing 1 5000 5000 Cost of Popcorn 2 5000 10000 TOTAL VARIABLE COST (B) 13 65000 CONTRIBUTION (A-B) 17 85000 As per the above calculation sheet, the contribution per ticket should be 17 per ticket. Estimation of Number of Tickets Sold:- The numbers of tickets, required to be sold, for achieving the targeted profit of 20,000, are calculated in the following table:- Calculation of the Number of Tickets:- Particulars Amount Per Unit Total Unit Total Amount (no. of Tickets) TOTAL TARGETED PROFIT (A) 20000 Fixed Cost: Rent of Hall 45,000 p.a. 45000 Semi Variable Cost:- Electricity Bill 7000 7000 Telephone Charge 1000 1000 TOTAL FIXED SEMI-VARIABLE COST (B) 53000 CONTRIBUTION [ C= (A+B)] 73000 Contribution Per Ticket (D) 17 Required Number of Tickets (C/D) 4294 Break Even Analysis:- If the selling price per ticket would cost to 14, then the Break-even Point in units will be, Calculation of Break-Even Point in Units:- Particulars Amount SELLING PRICE PER UNIT (A) 14 Variable Costs per unit: Cost of Wages 10 Cost of Printing 1 Cost of Popcorn 2 TOTAL VARIABLE COST PER UNIT(B) 13 Fixed Cost: Rent of Hall 45000 Semi Variable Cost:- Electricity Bill 7000 Telephone Charge 1000 TOTAL FIXED SEMI-VARIABLE COST ( C) 53000 BREAK-EVEN POINT in UNITS [C/(A-B)] 53000 The Break-Even Point in units for the selling price of 14 per ticket, would be 53000 tickets. 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