Globalization and its affects on the State of Maine Research Paper

Globalization and its affects on the State of Maine - Research Paper Example Put simply, globalization is the idea that with trade barriers falling down and connections between countries (such as the internet, cheap and efficient transportation etc.) the location of a product’s consumer and producer no longer need to have a connection to each other. Maine, like virtually every other part of the world, has been significantly affected by globalization. Globalization has had both positive and negative effects on the economy and lifestyles of people living in Maine. On the one hand Maine has been spared many of the out and out relocations of jobs to outside of the state due to the impracticality of relocating those industries that other places, such as Michigan, have had to deal with, while on the other a global market has still driven prices down, hurting manufacturers. These same falling prices, however, have been beneficial to the working class people who are most harmed by jobs moving away. Furthermore most economic theories state that, in the long ter m, Industry Globalization leads to the most efficient distribution of jobs and manufacturing across the planet in terms of money cost. Basically it states that if a job can be done or a product produced for less cost somewhere else than it is currently being done, the job or production moves to that new place. In the case of America, the largest consumer society ever seen in all of history, the calculation usually involves three fundamental principles: cost of labor, location of raw materials, and cost of shipping and production (Bilgin, 2004). America has relatively high labor costs, especially when compared with emerging markets such as China or India, which is what prompts many industries to move away(Bilgin, 2004). Luckily for Maine, however, many of the industries are impractical to move because high shipping and transport costs would more than offset any savings made by reducing labor costs. Maine has a small but important steel industry, for instance (Madar, 2009). This indus try is naturally protected from being moved elsewhere because it has such incredibly low labor costs per ton of steel produced, so even though Chinese steel foundries can often get labor for about ten percent of the cost of labor in Maine, the cost of shipping that steel from China to the consumer market on the east coast of the United States still ends up costing more than steel produced in Maine, with its higher labor costs (Madar, 2009). This same principle holds true for two of Maine’s oldest and most well known industries, the lumber and paper industries. Both of these industries involve moving around an processing incredibly heavy raw materials (wood in both cases) and have very high tonnage of product per unit of labor ratios. This means that they are inherently somewhat protected from the effects of globalization, because taking the raw materials (lumber) from Maine, transporting it to another country for processing then returning it to a consumer market in and around Maine would lead to such amazingly higher cost than just leaving the manufacturing jobs, even with high labor costs, in Maine. Maine’s other ancient and venerable industry, the fishing industry, is likewise protected to a certain degree from globalization by its very nature. The raw materials for Maine’s fishing industry can obviously be found nowhere except off the coast of Maine. While it is possible to by many of

Measuring The Fair Value Essay Example for Free

Measuring The Fair Value Essay Financial Accounting Standard seven (FAS 7) guides entities in determining the fair value estimates for the financial statement needs. This is a general rule that is applied worldwide so that figures appearing in statements may make sense to all stakeholders. Such unbiased figures will be of use incase local companies want to trade internationally, because uniformity in cost or value measurements are made uniform. Financial Accounting Standard one hundred and fifty seven (FAS 157), is applicable to either financial or non financial assets or liabilities being measured fairly as per authorities on accounting pronouncements. The absence of a particular consistent framework in fair value estimates for quoted prices can create inconsistencies or incomparability. The Financial accounting Standards framework does away with inconsistencies on the balance sheet figures as per historical cost and income statement figures. According to Financial Accounting Standard one hundred and fifty seven (FAS 157), fair value is the price received when selling an asset and the amount paid in transferring a liability in a transaction that is taking place on active markets. This price may also be called the exit value. Such prices are determined by both financial and economic factors and operate at free will, while holding other factors constant. It can also be determined by considering that all participating parties are acting at free will and are competing for the few available resources. Fair value in future markets is an equivalent amount in future contracts. This will be an equivalent of the spot price just after you have considered compounded interest or lost dividends due to the fact that investors own future contracts but not physical stocks for a particular time period. A liability’s fair value is the sum for incurring the liability or selling it on any current transaction. (Brian, 2007 p.35-45) FAS 157 stress using market input when making an estimation of an asset’s or liability’s fair value. Prices that are quoted, data for credits and curves for yields are instances for market inputs under FAS157. Quoted prices may measure fair value most accurately but due to the non existence of active markets other techniques may be used in estimating asset’s or liability’s fair value. Under FAS157 assumptions applied in estimating fair value may be from a non related market participant’s perspective. It will therefore be necessary to identify the market for trading an asset or liability. (Brian, 2008 p.46-52). Conclusion: Incase of the availability of more than one market, FAS 157 expects the ‘much advantageous market’ to be used. Prices and costs for transacting should be considered when estimating the much advantageous market. It can therefore be concluded that fair value accounting is the greatest relevant estimate in financial instruments. Fair value accounting should be retained in financial accounting, because it ensures a true and unbiased view of the financial statements. Financial statements will be a clean representation of an entity’s financial and economic position to all stakeholders who might be interested in the performance of any publically traded company. REFERENCES: AICPA. (2010). Fair value Accounting @http://www.aicpa.org/MediaCenter/fva_faq.htm   Retrieved On May 4 2010 Brian, N. (2007). Retaining Fair Value in Accounting. London: Oxford University Press. Brian, N. (2008). The Need for Fair Value Accounting. New York: Nerd Press. Gerald, M. (2009). Fair Value Accounting Fraud: New Global Risks and Detection Techniques. New York: Harcourt and Brace. James, W. (2009).   Market to Market and Fair Value Accounting. New York: Nerd Press. James, W. (2009). Fair Value Accounting Principles. New York: Harcourt and Brace. Mark, L. (2008). Fair Value Measurements: practical Guidance and Implementation

Understanding The Concepts Of Green Chemistry Environmental Sciences Essay

Understanding The Concepts Of Green Chemistry Environmental Sciences Essay Our environment, which is endowed by nature, needs to be protected from ever increasing chemical pollution associated with contemporary lifestyles and emerging technologies. India, 2nd largest producer of pesticides and ranked 12th in pharmaceutical production, is fast emerging as top 5 player in selected petrochemicals. The challenge for the institution and industries is to come together and pursue development in the field of greener chemistry by reducing or eliminating the use and generation of hazardous substances. We have organized a national and an international symposium for promoting Green Chemistry in India, which has provided the platform for interaction of concepts among the leading scientist. Moreover a refresher course of three weeks for college teachers on eco-friendly chemistry has also been organized earlier to promote awareness and facilitate education training and the practice of green chemistry in academic institutions. The main idea behind is to activate work towar ds green chemistry for which involvement of academic, industrial, governmental and non-governmental bodies is needed collectively which will help the designing and development of environment friendly chemistry practices in India. Contents Introduction. Principles of green chemistry. Sustainable development. Atom economy. Reactions in green chemistry. Reducing toxicity. Green analytical chemistry. What can green chemistry do? Why green chemistry? What is the role of chemist in green chemistry? Graph of published articles in journals. Examples of green chemistry. Examples of investigatory projects in green chemistry Future products. Some basic ways in which we go about green product development. Values of green chemistry in innovation, application and technology: Indian Scenario. Some recent developments and examples in green chemistry. Government initiatives. Introduction Green chemistry: Green chemistry may be defined as the invention ,design ,and application of chemical product and process to reduce the eliminate the use and generation of hazardous substances. Therefore, green chemistry is a tool not only for minimizing the negative impact of those procedures aimed at optimizing efficiency, although clearly both impact minimization and process optimization are legitimate and complementary objectives of the subject. Green chemistry, however, also recognizes that there are significant consequences to the use of hazardous substances, ranging from regulatory, handling and transport, and liability issues, to name a few. To limit the definition to deal with waste only, would be to address only part of the problem. Green chemistry is applicable to all aspects of the product life cycle as well.   Finally, the definition of green chemistry includes the term hazardous. It is important to note that green chemistry is a way of dealing with risk reduction and pollution prevention by addressing the intrinsic hazards of the substances rather than those circumstances and conditions of their use that might increase their risk. Green chemistry is not complicated although it is often elegant. Green chemistry applies to any type of chemistry such as organic chemistry, inorganic chemistry, bio chemistry, analytical chemistry and even physical chemistry. Green chemistry is mainly for industrial area. The main goal of green chemistry is to minimizing the hazard and maximizing the efficiency of any chemical choice. Green chemistry can be applies on organic chemistry, physical chemistry, inorganic chemistry, analytical chemistry and biochemistry. Mainly green chemistry focuses on industrial applications. The main goal of green chemistry is to minimizing the hazard and maximizing the efficiency of any chemical choice. Principles of green chemistry:- There are twelve principles of green chemistry. It is better to prevent waste than to treat or clean up waste after it is formed. Synthetic methods should be designed to maximize the incorporation of all materials used in the process into the final product. Wherever practicable, synthetic methodologies should be designed to use and generate substances that possess little or no toxicity to human health and the environment. Chemical products should be designed to preserve efficacy of function while reducing toxicity. The use of auxiliary substances (solvents, separation agents, etc.) should be made unnecessary whenever possible and innocuous when used. Energy requirements should be recognized for their environmental and economic impacts and should be minimized. Synthetic methods should be conducted at ambient temperature and pressure. A raw material or feedstock should be renewable rather than depleting whenever technically and economically practicable. Unnecessary privatization (blocking group, protection/ deprotection, temporary modification of physical/chemical processes) should be avoided whenever possible. Catalytic reagents (as selective as possible) are superior to stoichiometric reagents. Chemical products should be designed so that at the end of their function they do not persist in the environment and do break down into innocuous degradation products. Analytical methodologies need to be further developed to allow for real time, in-process monitoring and control before the formation of hazardous substances. Substances and the form of a substance used in a chemical process should be chosen to minimize the potential for chemical accidents, including releases, explosions, and fires. The term Green Chemistry, coined by staff at the US EPA in the 1990s, helped to bring focus to an increasing interest in developing more environmentally friendly chemical processes and products. An evaluation of how green a chemical reaction or a chemical process is seems to be best done in terms of the 12 principles that have been advocated by Anastas and Warner. These tenets deal with fundamental issues such as pollution prevention, atom economization and toxicity reduction. The essence of the 12 principles may be summarized as follows: Waste prevention instead of waste clean-up, atom economy as an important concern, design of environmentally friendly synthetic methodologies, design of safer chemicals, redundancy of auxiliary substances, conservation of energy, use of renewable feedstock, reduction of unnecessary derivatization , catalytic reactions instead of stoichiometric ones, debasement of final products after the end of their function, real-time analysis for pollution prevention and strategies for chemical accident prevention. Sustainable development- Sustainability in science and technology begins when we start thinking how to solve a problem or how to turn science into technology. Chemistry, as the science of matter and its transformation, plays a central role in this process and is the bridge between physics, material sciences and life sciences. Only chemical processes, which have reached after careful optimization a maximum in efficiency, will lead to more sustainable products and production. Scientists and engineers, who invent, develop and optimize such processes, therefore play a key role. Their awareness, creativity and looking ahead is needed to bring reactions and chemical processes to maximum efficiency. The term Green Chemistry has been coined for efforts towards this goal. Atom economy:- Atom economy means maximizing incorporation of material from the starting materials or reagents into the final products. It is essentially pollution prevention at molecular level. For example, a chemist practicing atom economy would choose to synthesis a needed product by putting together basic building blocks, rather than by breaking down a much larger starting material and discarding most of it waste. Atom economy is an important development beyond the traditionally taught concept of percent yield. Barry Trost, from Stanford University, published the concept of atom economy in science in 1991. In 1998 received the president green chemistry challenged award for his work. Atom economy answers the basic question, how much of what you put into your pot end up in your product. Calculation of Atom Economy Reactions in green chemistry- There are two types of reactions- Atom economic reactions. Atom un-economic reactions. In atom economic reactions there are another two type reactions Rearrangement reactions. Addition reactions. In atom un-economic reaction there are three type of reactions Substitution reaction. Elimination reaction. Witting reaction. Reducing toxicity- One of the underpinning principle of green chemistry is to design chemical product and process that use and produce less hazardous materials. Here hazardous cover all aspects, including toxicity, flammability, explosion potential, and environmental persistence. A hazard can be defined as situation that may lead to harm, whilst risk is the probability that harm will occur. From the point of view harm being caused by exposure to the chemical. Risk = Green analytical chemistry- The relationship between green chemistry and analytical chemistry can be treated in two ways. Analytical chemistry is a subject to control and justify green chemistry. This is where analytical chemistry is an efficient tool for confirmation of the green result of a chemical product or technology. On the other hand, chemical analysis methods need solvents, reagents, and energy, and they generate waste. The principles of green chemistry, suggested by Anastas and Warner, are directly related to analytical chemistry as well, the most important of them being prevention of waste generation; safer solvents and auxiliaries; design for energy efficiency; and Safer chemistry to minimize the potential of chemical accidents. In this way, analytical chemistry becomes an object of application of the principles of green Chemistry, and can be the target of a green chemistry approach similarly to other areas of chemistry and chemical technology. The term green analytical chemistry has been proposed by J. Namies ´nik in that several aspects of making analytical chemistry greener were discussed. The development of instrumental methods to replace wet chemistry in sample preparation and treatment is a general trend in analytical chemistry. Here, the main analytical result is related to an increase of analysis reliability, higher precision, and time saving, which very positively combines with a substantial reduction of waste. In most cases, the result of instrumental methods in analysis is a decrease in sample volume needed for analysis. Special efforts to integrate micro fluidics and processing in micro scale can substantially decrease the sample amount and accompanying generation of waste. In some cases, there is a choice of direct techniques of analysis (different laser-spectroscopic methods) or solvent less processes of analysis, which are green processes. However, in most cases, the samples under study are very complicated mixtures with interfering matrices not allowing the use of waste less method. The search for alternative solvents is an important step on the way of using greener methods. In This process, the main target should be not just the replacement, but introduction of an additional advantage from different properties of these solvents to improve the selectivity, sensitivity, and reliability of analysis, as well as reduce analysis time. The development of instrumental methods in general leads to an efficient use of energy, especially when the method is highly automated and uses a minimal amount of sample. The hyphenation of several methods for sample treatment and separation of components or integration of separation and complicated methods of detection enables an efficient use of energy. Additional energy saving is possible when a microwave treatment or even just microwave heating is incorporated into the process. An ultrasonic irradiation may also have a strong effect on several sample treatments. The development of photochemical methods is a highly green way in analytical chemistry as well. Most of the above-mentioned procedures also result in safer chemistry. In many cases of sample preparation and treatment, different chemical methods for derivatization and chemical modification of samples are still used. The search for less toxic compounds and processes with reduced waste generation should be an aim in the development of new methods. What can green chemistry do? Green chemistry is not a particular set of technologies, but rather an emphasis on the design  of chemical products and processes.   Sometimes, green chemistry takes place at the molecular level to reduce or eliminate the use and generation of hazardous substances. This approach offers environmentally beneficial alternatives to more hazardous chemicals and processes, and thus promotes pollution prevention. Green chemistry can lead to dramatic changes in how we interact with chemicals on a daily basis as in the case of the  2005 Nobel Prize in Chemistry for the development of the metathesis method in organic synthesis. The word metathesis means change-places. In metathesis reactions, double bonds are broken and made between carbon atoms in ways that cause atom groups to change places. This happens with the assistance of special catalyst molecules. Metathesis can be compared to a dance in which the couples change partners. Metathesis is used daily in the chemical industry, mainly in the development of pharmaceuticals and of advanced plastic materials. Thanks to the Laureates contributions, synthesis methods have been developed that are more efficient (fewer reaction steps, fewer resources required, less wastage), simpler to use (stable in air, at normal temperatures and pressures), and Environmentally friendlier (non-injurious solvents, less hazardous waste products). This represents a great step forward for green chemistry, reducing potentially hazardous waste through smarter production. Metathesis is an example of how important basic science has been applied for the benefit of man, society and the environment. The main question is that Why Green Chemistry? Green chemistry is effective in reducing the impact of chemicals on human health and the environment. In addition, many companies have found that it can be cheaper and even profitable to meet environmental goals. Profits derive from higher efficiency, less waste, better product quality, and reduced liability. Many environmental laws and regulations target hazardous chemicals, and following all these requirements can be complicated. But green chemistry allows companies to comply with the law in much simpler and cheaper ways. Finally, green chemistry is a fundamental science-based approach. Addressing the problem of hazard at the molecular level, it can be applied to all kinds of environmental issues. Since 1991, there have been many advances in green chemistry, in both academic research and industrial implementation. For example, Spinosad , an insecticide manufactured by fermenting a naturally occurring soil organism, was registered by the EPA as a reduced-risk insecticide in 1997. Spinosad does not leach, bioaccumulation, volatilize, or persist in the environment and in field tests left 70 to 90 percent of beneficial insects unharmed. It has a relatively low toxicity to mammals and birds and is slightly to moderately toxic to aquatic organisms, but is toxic to bees until it dries. In another advance, an industrial cleaning solvent, ethyl lactate, made from cornstarch and soybean oil was patented in 2000 and is competitively priced with petrochemical solvents. It biodegrades to carbon dioxide and water and has no known harmful effects for the environment, humans, or wildlife. These advances, however, represent an extremely small fraction of the potential applications of green che mistry. Because the products and processes that form the basis of the economy and infrastructure are based on the design and utilization of chemicals and materials, the challenges facing this field are enormous. What is the role of chemist in green chemistry? Chemist can use his knowledge of green chemistry and its benefits to justify research into cleaner and greener process. In most cases it is readily demonstrable that green chemistry approach involving reduction of waste, material and energy, will also lead to cost reductions and that this in turn will have a positive effect on profitability. In academia initiatives such as the engineering and physical sciences research council (EPSRC) Clean Technology Programme and the governments sustainable technology initiative have already encouraged professionals to enter this area. Although many of the technologies or tools required to make chemical manufacturing more sustainable are available, and indeed industry already making significant progress , much more can be achieved. In order to move forward chemist need to understand, and overcome the barrier s, both real and perceived, that exist to innovation in this area. In some cases a culture change may be required before the potential financial benefits are fully appreciated. Professional chemist also have a major role in helping to encourage all interested parties, including industry, customers, pressure groups, government, educationalist and researchers, to co-operate to ensure a cleaner and more sustainable future. Graph of published articles in journals- Examples of green chemistry- Lead-free solders and other products- Breakthroughs in the replacement of lead include use of new soldering materials, alternatives to lead additives in paint and the development of cleaner batteries. Bioplastics Plastics made from plants, including corn, potatoes or other agricultural products, even agricultural waste, are an important example of green chemistry. Products already available are forks, knives and spoons made from potato starch and biodegradable packaging made from corn. Flame resistant materials-Plastics that do not require the use of flame retardants are a solution to the problem of toxic flame retardants. A combination of polylactic acid and kenaf-two agriculturally products-has already been developed for this purpose. Halogen-free flame retardants- For products that still require the use of flame retardants, green chemistry can help identify new, less toxic alternatives. For example, silicone based materials can be used. Biopesticides also the good example of green chemistry- Biopesticides offer powerful tools to create a new generation of sustainable agriculture products. They are the most likely source for alternatives to some of the most problematic chemical pesticides currently in use. Biopesticides also offer solutions to concerns such as pest resistance to traditional chemical pesticides, public concern about side effects of pesticides on the surrounding environment and ultimately, on human health. Examples of Investigatory Projects in Green Chemistry- Effects of Detergent Phosphates on Plant Growth Because phosphates from household detergents seep into groundwater, a simulated effect can be investigated using a young pea plant and a solution of 90-percent water to 10-percent  laundry detergent  solution. Use two containers of pond water to simulate phosphates catalytic effect on algae growth by adding detergent solution to one container intermittently and using an unaltered container as a control. Record all observations qualitatively and quantitatively. Effect of Pollution on Biodiversity Use several terrariums made from local organisms, soils and water to investigate how pollution affects the amount of biodiversity in an ecosystem. Pollute terrariums by spraying diluted sulphuric acid into a terrarium to represent acid rain. Pollute another terrarium by carefully burning a birthday candle inside daily to represent smog. Leave one terrarium unpolluted to use as a control group. Record all observations qualitatively and quantitatively. Storm Water Geologically Filtered After a hard rain, water rushes into local waterways carrying many pollutants. Polluted water can be created by mixing water with small objects and dark colored dirt to represent different types of pollution. Devise a system of filtration using different sized grains of soil to create situations of altered porosities and permeability. Record all effects on pollution filtration qualitatively and quantitatively. Future products- PVC free cables  -will reduce the use of both PVC and of lead, which is used as a stabilizer in PVC cabling. The Toxic Use Reduction Institute has been working on this new solder. New lead-free solders  with lower heat requirements are being developed. Our new product development will focus on: à ¢Ã¢â€š ¬Ã‚ ¢ Polymeric solutions, big molecules à ¢Ã¢â€š ¬Ã‚ ¢ Reactive products that become bound to the final polymer à ¢Ã¢â€š ¬Ã‚ ¢ Non-toxic small molecules à ¢Ã¢â€š ¬Ã‚ ¢ Mineral products à ¢Ã¢â€š ¬Ã‚ ¢ Minimizing the life cycle of products that remain in the environment   à ¢Ã¢â€š ¬Ã‚ ¢ Improving recyclability à ¢Ã¢â€š ¬Ã‚ ¢ Implementing measures throughout the supply chain to minimize emissions of persistent compounds à ¢Ã¢â€š ¬Ã‚ ¢ Engaging distributors, customers and competitors in programs, such as VECAP, to eliminate all harmful products from the environment à ¢Ã¢â€š ¬Ã‚ ¢ Continuing to advise consumers of the important of sustainable products. Some basic ways in which we go about green product development Selection of reagents with lowest toxicity Choice of catalysts that would provide highest reaction yield, thus minimizing waste Choosing the right form of energy to maximize reaction efficiency Precise calculations to predict with just two to three experiments how the reaction can be optimized, as well as the two or three preferable solvents for that reaction Identification of potential hazards before conducting the reaction. Specific parameters such as heat of the reaction are studied. Values of Green Chemistry in Innovation, Application and Technology: Indian Scenario- Green chemistry focuses on the reduction, recycling, and/or elimination of the use of toxic and hazardous chemicals in production processes by finding creative, alternative routes for making the desired products that minimize the impact on the environment. Green chemistry is a more eco-friendly green alternative to conventional chemistry practices. The green chemistry movement is part of a larger movement ultimately leading to a green economy- namely sustainable development, sustainable business and sustainable living practices. Green chemistry can contribute to achieving sustainability in three key areas. First, renewable energy technologies will be the central pillar of a sustainable high-technology civilization. Second, the reagents used by the chemical industry. Third, polluting technologies must be replaced by benign alternatives. The aim of the article is to acquaint the academicians, researchers, scientists and engineers with values and positive impact of green Chemistry in in novation, application and Technology. The green chemistry wave has reached our country too. We need to work for its betterment by encouraging the practices of green chemistry. Collaborations between industrial and academic partners are important to expedite the transfer of significant green products to the marketplace. For such collaborations to be successful, individuals in these two differently motivated cultures need to work together to advance green science. Governments could undoubtedly facilitate formation of more effective industrial/academic partnerships. Under an agreement with the Green Chemical Institute, University of Delhi has been accepted as an international chapter. The Indian chapter will promote green chemistry through education, information collection and dissemination, research and international collaboration via conferences, workshops, meeting and symposia.   In India, although there is growing awareness about the ill effects of pollution, promotion of continual introduction of environmentally friendly products a methodologies in the chemical industry needs to be furthered. Usage of nonconventional technologies is highly popular in India. First in this list is the usage of microwaves. Further, the microwave chemists are turning their attention toward microwave-assisted dry-media reactions in order to minimize solvent usage, an added advantage to already established microwave chemistry. In addition to microwave-assisted reactions, ultrasonic and photochemical reactions are also used as nonconventional reaction technology. Analytical chemistry has been at the center of the green chemistry movement. Advances in analytical chemistry are key to environmental protection. In India, the focus for analytical chemistry is mainly on extraction technologies such as solid phase, ultrasound and microwave, supercritical fluid extraction, and automated s oxhlet extraction. Monitoring and analysis of heavy metals and pesticides is very important for an agro economy-based country like India and chief governmental institutes like the Indian Agricultural Research Institute (IARI) and the Defense Research and Development Organization (DRDO) are working extensively in this field. Further removing of these elements from industrial and agrochemical usage is of prime importance for these. Some recent developments and examples in green chemistry- Chemists from all over the world are using their creative and innovative skills to develop new processes, synthetic methods, analytical tools, reaction conditions, catalysts, etc. under the new green chemistry cover. Some of these are. A continuous process and apparatus converts waste biomass into industrial chemicals, fuels and animal feed. Another process converts waste biomass such as municipal solid waste, sewage sludge, plastic, tires and agricultural residues to useful products, including hydrogen, ethanol and acetic acid. A method for mass producing taxol by semi continuous culture of Taxus genus plant. A fermentation method for the production of carboxylic acids. A method of partially oxidizing alcohol such as methanol to ethers, aldehydes, esters or acids, by using a supercritical fluid mobile. A process for producing a fluoropolymer by using supercritical carbon dioxide. A cost-effective method of producing ethyl lactate, a non-toxic solvent derived from corn. A range of organic solvents that are worker friendly and environmentally sound. A new environmentally friendly technology in mixed metals recovery from spent acid wastes has been used to recover zinc and ferrous chloride from pickle liquor. The demand for non-ionic surfactants is growing and a new example of this is alkyl glycoside, which is made from saccharide. This product can be used as a replacement for alkyl aryl sulphonate anionic surfactants in shampoos. Sodium silicate can be used as a more environmentally benign replacement for phosphorus-containing additives in washing powder. Three coconut oil soap bases for liquid cleansing applications have been developed. One of these products has very light color and low odor, making it suitable for introducing dyes and fragrances. Feedstock recycling  of plastic wastes into valuable chemicals useful as fuels or raw materials. Developing Countries and Green Chemistry- In developing countries, the introduction of green chemistry is still in a stage of infancy, despite the significant need and the significant role green chemistry can play. Many of the practices in developing countries are still far from the concepts of safety, pollution prevention and design of energy efficiency. Environmental pollution and waste generation are some of the aching problems many developing countries are suffering from. Many of the reasons behind these problems lie in policies and strategies adopted that are based on end-of pipe treatment, rather than pollution prevention at source or implementing life cycle thinking in handling waste problems. Most frequently, income generation activities are dependent on an efficient use of energy and other resources such as water, which may pose some serious problems to future generations. The United Nations reporting on the millennium development goals at a country level indicated a high level of energy consumption and limited energy resources in most of the developing countries. The report strongly recommends the imperative need to ration the use of energy resources in these countries and to implement energy conservation policies. The same trend of difficulties developing countries face has been illustrated in the series of country reports produced by the rural development at the water and environment department of the World Bank. Sustainable chemistry could play a pivotal role in salvaging many of the ailing conditions that many of the developing countries are subjected to. The use of solar energy, introduction of sustainable farming, recycling, and the implementation of life cycle thinking and life cycle analysis as a management tool for some of the chronic issues such as municipal waste management, are some few examples of how green chemistry can benefit developing communities. Green chemistry can also have a very strong impact on water sufficiency issues in that part of the developing world where water resources is the most vital issue. It is through the implementation of cleaner production and use of safe and biodegradable chemicals that a huge volume of wastewater could be reused to quench the emerging, critical need of water in many of these countries. Government Initiatives- Government can do a lot of good for the cause of green chemistry by increasing public awareness and by bringing and enforcing strict environmental legislations. One of the recent and controversial examples of government initiative is the conversion of diesel vehicles to compressed natural gas (CNG) in order to reduce pollution. Relocation of industries into industrial areas away from residential parks is another bold step taken by the Delhi government. Further, the government is also concentrating on new projects such as fuel pellets from municipal waste, aspirated H-cylinder engines for light commercial vehicles (LCVs), meeting India 2000 emission norms, battery-powered cars for pollution-free driving, hydrogen energy and energy towers for new environment-friendly fuel, development of traditional herbal drugs as adapt gens a immunomodulators. The government should also increase funding to encourage research in green chemistry. By introducing green chemistry education at all levels, the government can build a solid foundation toward green chemistry in India.

The Scarlet Letter :: essays research papers

People judge others they encounter based upon their own values. These values are acquired through experiences in the home, school, at work, and with friends. A person is taught from their parents at a very young age what is right and wrong, but they may fail to realize that the values they are taught are filtered through the minds of those who teach. Therefore one is a product of their previous generation adding our his or her judgement to the values that we will pass on.Hawthorne judges the characters in The Scarlet Letter by using his own values. These values were drastically different from other Puritans. Instead of the stern, harsh values of the Puritans, Hawthorne sees life through the eyes of a Romantic. He judges each person accordingly, characterizing each person's sin as the pardonable sin of nature or the unpardonable sin of the human soul. One can infer, by the writing style, that Hawthorne is most forgiving to Hester. He writes about Hester with a feeling of compassion that the descriptions of the other characters lack. Hawthorne approves of Hetser's feeling, vitality, and thirst to overcome the iron shackles of binding society. He shows us that although Hester is not permitted to express her feelings verbally because of social persecution, there is no one that can restrain the thoughts of the human mind. Hawthorne, being a romantic and man of nature himself, can relate to the this. - If you were to look up the human mating characteristics in a science book you may surprise yourself. The human instinct is to have more than one partner not to stay loyal to one partner- In fact Hester is often contrasted with the Puritan laws and rules, especially when Hawthorne states: "The world's law was no law for her mind." (70) Roger Chillingworth's personality is one of intelligence and knowledge but no feeling. Hawthorne considers Roger Chilingworth's sin the worst in the book. In one of his journal entrees he labels it the "unpardonable sin." Hawthorne describes him as very cold and Puritan-like, an educated man that looked very scholarly. As stated here:There was a remarkable intelligence in his features, as a person who had so cultivated his mental part that it could not fail to mould to physical to itself, and become manifest by unmistakable tokens. (67)Hawthorne frequently refers to Chillingworth's genius and diction, but purposely fails to have Chillingworth show any slight sign of compassion.

Men’s Wearhouse: Success in a Declining Industry Essay

Diagnosis: After reading the whole case, I believe that the hiring policy was not followed was the biggest problem. The reason that was because the regional and district managers did not really follow the way it should be. Since the company expanded rapidly, the managers had the pressure to fill positions quickly in order to run the company well. At the meanwhile, managers had to check a large numbers of applications from sales people from other retailers and it was really hard for managers to recognize who were potentially consultants, not clerks. Therefore, there was tendency to hire those who had more experiences. The company spent a lot of resources on training people who grew up in retail they lack of potential to be consultants and mentally being a sort of â€Å"clerk† kind and it would be less effective. Also when they face to customers they probably lack of passion and sluggishly during work. The long-term impact of the problem would be there were not enough employees qualified as consultants and clerks would not get promoted. And customers who were treated sluggishly would not come back, eventually would affect company’s reputation and sales volume in long-term Analysis: Since employees who grew up in retail they lack of potential to be consultants and mentally being a sort of â€Å"clerk† kind, therefore it would be hard for company to change their minds. By using SWOT analysis, I found out strengths of this company was the core idea that they are not just selling cloths but also understanding people, both your teammates and your customers. The weakness was not every employee understand this idea and treat customers the company wishes. Opportunities were their minds would be change after intensive training. Threat would be company spent extra resources on training. Recommendation: My suggestion on this problem is managers should be more responsible for hiring employees, and also they can get commissions if people who get promoted as qualified consultants. In the meanwhile, their wages would reduce if potential consultants perform badly in the future. By performance appraisal and sales data, superior mangers can make decisions on whether inferior managers get commissions or not. Outcomes: I expect mangers would follow the fundamental way to hire employees and they directly take responsibilities for their performance of those they hired. Mangers would be careful when they check the applications and since the employees have more consultant potentials than being a â€Å"clerk†, the company would save a lot of resources and spend these resources on more effective uses

Acca F6

Taxation (Malaysia) Monday 1 December 2008 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates and allowances are on pages 2–3. Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants Paper F6 (MYS) Fundamentals Level – Skills Module 8D–MYSTT Paper F6MYS SUPPLEMENTARY INSTRUCTIONS . 2. 3. Calculations and workings should be made to the nearest RM. All apportionments should be made to the nearest whole month. All workings should be shown. TAX RATES AND ALLOWANCES The following tax rates, allowances and values are to be used in answering the questions. Income tax rates Resident individual Chargeable income Band Cumulati ve RM RM 2,500 2,500 2,500 5,000 15,000 20,000 15,000 35,000 15,000 50,000 20,000 70,000 30,000 100,000 150,000 250,000 Excess Tax payable Rate Cumulative % RM 10 0 11 25 13 475 17 1,525 13 3,475 19 7,275 24 14,475 27 54,975 28 Resident company Paid up ordinary share capitalFirst RM500,000 20% 26% RM2,500,000 or less More than RM2,500,000 Non-resident Company Individual Excess over RM500,000 26% 26% 26% 28% Personal deductions Self Self – additional if disabled Spouse Spouse – additional if disabled Child – basic rate Child – higher rate Disabled child Life insurance premiums and approved scheme contributions Medical expenses for parents Medical expenses for serious disease of self, spouse or child, including up to RM500 for medical examination Basic supporting equipment for self, spouse, child or parent if disabled Educational and medical insurance for self, spouse or childStudy course fees for skills or qualifications Purchase of a personal computer Pur chase of books, magazines etc for personal use Purchase of sports equipment Deposit for a child into the National Education Savings Scheme 2 maximum maximum RM 8,000 6,000 3,000 3,500 1,000 4,000 5,000 6,000 5,000 maximum maximum maximum maximum maximum maximum maximum maximum 5,000 5,000 3,000 5,000 3,000 1,000 300 3,000 8D–MYSTT Paper F6MYS Rebates Individual with chargeable income not exceeding RM35,000 Basic rate Rate for an individual entitled to a deduction for a spouse or a former wife RM 350 700Value of benefits in kind Car and fuel scale Cost of car (when new) RM Up to 50,000 50,001 to 75,000 75,001 to 100,000 100,001 to 150,000 150,001 to 200,000 200,001 to 250,000 250,001 to 350,000 350,001 to 500,000 500,001 and above Prescribed annual value of private usage of car RM 1,200 2,400 3,600 5,000 7,000 9,000 15,000 21,250 25,000 Fuel per annum RM 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000 The value of the car benefit equal to half the prescribed annual value (ab ove) is taken if the car provided is more than five (5) years old, but the value of fuel provided remains unchanged.Household furnishings, apparatus and appliances RM per month Semi-furnished with furniture in the lounge, dining room, or bedroom 70 Semi-furnished with furniture as above plus air-conditioners, and/or curtains and carpets 140 Fully furnished premises 280 Domestic help 400 Gardener 300 Driver 600 Telephone (fixed or mobile): RM per annum 300 300 Hardware Bills Capital allowances Industrial buildings Plant and machinery – general Motor vehicles, heavy machinery Computers, information technology equipment and computer software Office equipment, furniture and fittings Initial Rate % 10 20 20 20 20 Annual Rate % 14 20 40 10 Sales tax and service tax rates Rate % 10 5 Sales tax Service tax 3 [P. T. O. 8D–MYSPA Paper F6MYS 8D–MYSAA Paper F6MYS ALL FIVE questions are compulsory and MUST be attempted 1 James and Carol are husband and wife. James is disable d. The income and expenses of James and Carol for the year ended 31 December 2008 are expected to be as follows: RM James Employment – Salary 35,000 Carol Partnership business – Statutory income Employment – Salary Travelling allowance 4,350 16,600 3,000 James incurred expenses as follows: Donation to an approved institution Contributions to Employees Provident FundMedical examination for self Medical expenses for his father Fees for his part-time course in Islamic financing at a university in Kuala Lumpur, recognised by the Government Carol incurred expenses as follows: Contributions to Employees Provident Fund Medical expense on cancer treatment for herself Medical expenses for her mother Basic supporting equipment for her disabled father Travelling expenses incurred in the course of her work 2,600 3,850 400 1,300 1,100 2,156 2,700 900 3,600 4,000 Required: (a) Compute the couple’s tax payable for the year of assessment 2008 under joint assessment: (i) ssuming that James made the election; and (ii) assuming that Carol made the election. (12 marks) (12 marks) Notes: (1) You should use two columns, one each for (i) and (ii) above. (2) You should indicate, by using the word ‘nil’, any expense item that does not qualify for personal relief. (3) Marks will be awarded for the use of accurate technical terms to describe the figures comprising the stages in the computation of chargeable income. (b) (i) Based on your tax computations in part (a), state which spouse should make the election for joint assessment and why. (1 mark) ii) Analyse, quantify and summarise the tax saving resulting from making the election you have specified in (i) above over the alternative election. (5 marks) (30 marks) 4 This is a blank page Question 2 begins on page 6 5 [P. T. O. 8D–MYSAB Paper F6MYS 2 Beauty Sdn Bhd, a resident company with a paid up ordinary share capital of RM2 million, is engaged in the manufacture of cosmetic products. Th e company’s profit and loss account for the year ended 31 October 2008 is as follows: Note RM000’s 1 2 3 4 4 5 6 2,300 388 461 700 7 (2) 164 618 (177) 66 2,675 –––––– Sales Cost of sales Gross profitLess: Remuneration Contributions to approved schemes Entertainment Royalty Penalty for late payment of withholding tax on royalty Gain on disposal of a van Repairs and maintenance Depreciation Bad debt recovery Lease rentals Advertising 7 8 RM000’s 27,800 (11,200) –––––––– 16,600 (7,200) –––––––– 9,400 –––––––– Profit before taxation Notes: (1) Remuneration includes: RM 114,000 400,000 Salaries of disabled employees Entertainment allowance to senior management (2) Contributions to approved schemes comprise: RM 276,000 112,000 ––––â⠂¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œ 388,000 –––––––– Employees Provident Fund Beauty Sdn Bhd schemeThe company contributes 12% to the Employees Provident Fund for all employees and an additional 8% to the Beauty Sdn Bhd scheme in respect of the remuneration of RM1,000,000 and the entertainment allowance of RM400,000 paid to senior management executives. (3) Entertainment includes the cost of launching new products amounting to RM38,000. (4) A royalty amounting to RM630,000 net of the 10% withholding tax was paid to a non-resident on 15 September 2008, in respect of the new products. The amount of the withholding tax and the related penalty remain unpaid. (5) Gain on disposal of a vanA van was disposed of in August 2008 for RM36,000. The van had been purchased in December 2005 for RM65,000. (6) Repairs and maintenance includes costs of renovation to the company’s office building amounting to RM58,000. The reason for this expend iture was to provide a safe workplace for disabled workers. (7) The bad debt recovery is in respect of a trade debt taken over from another company carrying on the same business, three years ago. (8) Lease rentals are in respect of a motor vehicle costing in excess of RM150,000. The lease rentals commenced on 1 December 2007 at RM6,000 per month for a period of 30 months. 8D–MYSAB Paper F6MYS (9) Other information (i) A sum of RM60,000 was incurred on alterations to the company’s factory building, in order to install general machinery costing RM340,000. (ii) A sum of RM810,000 was incurred on cutting the land in order to prepare a site to install heavy machinery costing RM190,000. (iii) For the year of assessment 2008, capital allowances for plant and machinery will amount to RM849,000 and industrial building allowances to RM295,000, excluding any allowances or adjustments attributable to the capital expenditure referred to in (i) and (ii) above.Required: (a) Compute t he tax payable by Beauty Sdn Bhd for the year of assessment 2008. Note: your computation should start with the profit before taxation figure and follow the descriptions used in the notes to the profit and loss account, indicating ‘nil’ in the appropriate column for any item that does not require adjustment. (18 marks) (b) Explain your treatment of the items stated below: (i) (ii) (iii) (iv) (v) approved schemes (note 2); disposal of a van (note 5); renovations to the office building (note 6); lease rentals (note 8); and he expenditure incurred in respect of the heavy machinery and its installation (note 9 (ii)). (7 marks) (25 marks) 7 [P. T. O. 8D–MYSAC Paper F6MYS 3 Freshgreen Sdn Bhd is in the business of cultivating vegetables. The adjusted income of the company for the year ended 30 June 2008, before taking into account the following, amounted to RM563,000. The information given below relates to the business activities of the company during the financial year s 2007 and 2008: Date July 2006 July 2006 July 2006 September 2006 Expenditure Cost of land Construction of: – roads and bridges farm house for business (note 1) – living quarters for workers Cost of lorry (note 2) Cost of general machinery RM 350,000 34,000 38,000 72,000 64,000 87,000 Notes: (1) The farm is situated in a remote area, thus the buildings on the farm have no value other than for the working of the farm. (2) The lorry was bought under a hire purchase agreement. The company made an initial payment of RM18,000 in July 2006. The balance was paid over a period of 23 months at RM2,200 per month, inclusive of interest of RM200 per month. The instalment payments commenced on 1 August 2006.In July 2007 the company carried out planting of crops and incurred RM19,000 on clearing land and RM161,000 on fertiliser and seedlings. In January 2008 the company carried out replanting of crops and incurred the following expenses: RM 22,000 115,000 7,000 Clearing land Fertil iser and seedlings Labour In March 2008 Freshgreen Sdn Bhd disposed of the following assets on which agriculture allowance had been claimed in the previous years: Assets Store Living quarters for employees Date of construction 1 January 2005 6 August 2005 Cost RM 25,000 60,000The store and the living quarters were disposed of for RM10,000 and RM35,000 respectively. Required: (a) Compute the agriculture allowance and capital allowance under Schedule 3, Income Tax Act, that can be claimed by Freshgreen Sdn Bhd for the year of assessment 2008. (10 marks) (b) Compute the statutory income of Freshgreen Sdn Bhd for the year of assessment 2008. (7 marks) (c) Compute the agriculture charge on the basis that Freshgreen Sdn Bhd made an election to spread the charge, under para 27, Schedule 3, Income Tax Act, clearly indicating the years of assessment affected. 3 marks) Note: the rates of agriculture allowance are as follows: Rate 50% 50% 50% 20% 10% Clearing and preparing land Planting of cro ps Construction of roads and bridges on a farm Construction of living quarters for workers Construction of buildings (20 marks) 8 8D–MYSAD Paper F6MYS 4 (a) (i) For the year of assessment 2008 Cik Lee has income from three sources: employment, business and the rental of property. Required: State, with explanations, the provisions of the law applicable to Cik Lee in respect of the payment of tax for the year of assessment 2008. (3 marks) ii) Encik Koon is expected to have the following income for the year of assessment 2008: RM 180,000 130,000 310,000 10,000 300,000 57,500 Statutory income from employment Statutory income from a partnership business Aggregate income Approved donations Total income Tax payable For the year of assessment 2008, in addition to the tax deducted from his remuneration under the Schedular Tax Deduction (STD) system, Encik Koon paid tax instalments amounting to RM12,000, as per his application to the Director General of Inland Revenue, to vary the amou nt of his payment.Required: Compute the penalty, if any, resulting from the application by Encik Koon to vary the instalment amounts. (6 marks) (b) Encik Smith is employed as a service director of a company and his salary is RM180,000 per annum. Encik Smith is provided with unfurnished living accommodation for which the company pays rent amounting to RM60,000 per annum. Encik Smith is not provided with a company car but he has been given the option of: (i) a driver provided by the company; or (ii) the reimbursement of the driver’s salary amounting to RM15,600 per annum. Required:State, with explanations and supporting calculations, which of the above options Encik Smith should choose from a tax perspective. (6 marks) (15 marks) 9 [P. T. O. 8D–MYSAA Paper F6MYS 5 (a) Chongdart Sdn Bhd is a licensed manufacturer in the business of making computer tables. The company’s records for the period from 1 July to 31 August 2008 show the following: Sale of 1,200 tables at RM40 each excluding sales tax, of which 900 were sold to customers in Malaysia and 300 were exported to China. Purchase of the following raw materials and component parts: Castors for table legs including sales taxLocks for drawers, imported from Thailand Rollers for pull-out shelf and drawers, purchased from Heng Sdn Bhd, a licensed manufacturer Paint for painted finish undertaken by a subcontractor RM 3,000 2,300 6,400 5,100 None of the above items are exempt from sales tax. Chongdart Sdn Bhd obtained the approval of the Director General of Customs and Excise for the import of the locks from Thailand and the purchase of the rollers from Heng Sdn Bhd. The subcontractor was exempt from licensing in view of the fact that its annual sales turnover does not exceed RM20,000. The appropriate rate of refund under the credit system is 8%.Required: State the particulars which Chongdart Sdn Bhd must disclose in the sales tax return, Form CJP No. 1, for the taxable period 1 July to 31 August 2008, together with the due date of payment of the tax to the Director General of Customs and Excise. (5 marks) (b) AB Sdn Bhd, a firm of licensed surveyors, issued an invoice to Buildup Sdn Bhd, on 4 March 2007, for surveying work amounting to RM15,000, disbursements amounting to RM950 and the service tax payable. In April 2007 Buildup Sdn Bhd paid a sum of RM10,400 for the full amount of the disbursements and 60% of the fees, including the service tax thereon.The balance outstanding was written off as a bad debt by AB Sdn Bhd in November 2008, when Buildup Sdn Bhd went into compulsory liquidation. Required: (i) State the amount of the service tax payable by AB Sdn Bhd in respect of the above invoice, together with the due date(s) for payment of the tax to the Director General of Customs and Excise. (3 marks) (ii) Compute the amount of the service tax that AB Sdn Bhd can recover from the Director General of Customs and Excise in due course, in respect of the bad debt written off. ( 2 marks) (10 marks) End of Question Paper 10

Research for Shakespeare Essay Example

Research for Shakespeare Essay Example Research for Shakespeare Essay Research for Shakespeare Essay Research for Shakespeare Evans, Robert . Culture and Society in Shakespearean Day. New York, NY: Checkmate books, 2012. Print. Summed Up Research What Was The Religious Climate during the Renaissance? Roman Catholicism was the most popular and widespread religion during the renaissance, mostly in England. On the suburbs of the main citys where extents of the catholic religion. Although, many people in England were far more serious and committed Protestants. The Roman Catholic Church broke during the period due to many of reasons, including political conflict and then by doctrinal differences. Another break in the Roman Catholicism is when King Henry VIII wanted to divorce his wife, and the pope did not allow it, so King Henry VIII abolished the authority of the pope, abolished Catholic monasteries and other institutions and started his own Anglican church. In addition, the red songs are a very intriguing section of the culture down in the sanest setting of New MÂ ©OIC. How did the Religious Climate affect the way Shakespeare presented plays? Religion did affect the way Shakespeare presented plays he did mirror the huge outbreak when Henry VIII started his own hurt into his plays. PAGE 67 More details Guru, Andrew, The Theater in Shakespearean Time, in Dictionary of Literary Biography, Volume 62: Elizabethan Dramatists, Gale, 1987, up. 387-405. EXPLORING Shakespeare. Online Edition. Gale, 2003. Worded, Blair. Shakespeare and Politics. New York: Cambridge UP, 2004. 22-43. Print. How did the politically climate affect the ways Shakespeare presented his plays? During the time, the political climate was not that big of a deal, England was for the most part politically stable throughout Shakespearean life. Although when Queen

Al Capone essays

Al Capone essays In January 1899, Gabriel and Theresa Capone were awaiting the birth of their new son, unaware that he would eventually become one of the most notorious gangsters of all time. On the seventeenth of that month, their child Alphonse, later known as Al, was born. He grew up in a rough neighborhood and was a member of two "kid gangs," the Brooklyn Rippers and the Forty Thieves Juniors (www.chicagohistory.org/history/capone.html). He enlisted, as a waiter-bouncer for Frankie Yales Harvard Inn at Coney island in the summer of 1917, where his face was scarred in a knife attack by Frank Gallucia( " . Capone was later forced to move to Chicago when he became wanted by the police for attempted murder. He began working for a former acquaintance Johnny Torrio, who handled a local vice lords assets. The murder of the vice lord, rocketed Capone from his current position of a lowly bouncer all the way to a place in history as one of the Prohibition eras most prominent underworld bosses and one of the most treacherous gangsters of all time. Capone combined many different gangs, including the... gang, who introduced the Thompson submachine gun (into) gang warfare, to form the Chicago Syndicate, or Outfit( " . After Torrio was shot in the Chicago Beer Wars and he retired in New York, Capone inherited the Syndicate. The five-year war eventually erupted in a brutal massacre at 2122 North Clark Street on February 14, 1929. Capone gangsters lined up six members of a rival gang and an innocent bystander and machine-gunned them. The intended target was not even present at the time. This atrocity, cunningly named the Valentines Day Massacre, awoke a feeling of public indignation in all of America. To complicate Capones life further he was declared Public Enemy Number One by the Chicago Crime commission. They intended to turn the public even more against him. ...

Accounting for Managers

Managers frequently use CVP Analysis and Budgeting to screen business plans by evaluating a firm’s cost structure and sales volume needed to generate profit. Mountain Views Hotel is planning to open a â€Å"Boutique Hotel† accommodation in the Blue Mountains area that runs a Food and Beverage operation serving breakfast as part of the guest experience. Your team is expected to develop a successful business plan including making recommendations for improvement in future years. The Report will be written as if it were being presented to potential investors in the business. Use the Balanced Score Card approach to present key assumptions and justify them by research and analysis undertaken.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Discuss critically key results that would impact on your future decision-making including a fully supported explanation of how you could improve this business by making any changes.  Ã‚  Ã‚   Make recommendations to the proposed investors including ideas for the next steps to progress the business concept. Prepare your analysis as an authentic business report.   The Australian tourism and hotel industry have significant contribution on GDP (Gross Domestic Product) of Australian. As per Price Water cooper house Report of 2009 it is estimated there are 6807 hotels employing almost 188000 people in Australia. The market outlook indicates that the hotel industry has matured because the numbers of hotels have declined over the years and also the income growth of the industry has been minimal.   But the situations are seen improving as the 2015 data suggests that both domestic and international visitors have increased. There has been 8.2% growth in international visitors and 7% growth in domestic visitors (Hall, 1991). In this report a business plan is developed for Mountain View Hotel analyzing the business opportunity of Boutique Hotel in Blue Mountains (Hardiman & Burgin, 2011).   For this purpose the hotel industry of Australia, tourism opportunity in Blue Mountains and the projected financial data of the proposed Boutique hotel are analyzed to develop an effective business plan and also to evaluate the investment decision. The objectives of the â€Å"Mount Boutique Hotel† for first few years are: The mission of Mount Boutique Hotel is to become the preferred choice of customers in Blue Mountain area. Mountain View is a well known hotel chain that is currently running a restaurant in Blue Mountain. It is planning to open a boutique hotel in Blue Mountain. The international and domestic visitors are expected to surge giving a positive outlook for the overall hotel industry. As per the economic forecasts data it is expected that international visitors will grow by 5.3% per annum for next three years. This growth in tourism numbers will have a positive impact on the Australian Hotel Industry. The demands for hotels are expected to grow by 3% per annum in next three years. There is an increasing demand supply disparity in hotel industry as a result it is expected that room rate will grow by 2.9% by 2018 (Anderson, 2006). It can be concluded that Hotel Industry of Australia is looking good and it is the opportune moment to make investment in this sector.   The Blue Mountains is just two hours away from Sydney and it is a perfect holiday destination for anyone looking for a break from hectic life style. The blue Mountain offers spectacular scenic beauties like Three Sisters at Echo point, dinning, shopping, spa, bush walking and other natural attraction (Hudson & Lang, 2002).   It is an ever growing tourist destination with tremendous growth potential. From an hotelier point of view the current market scenario offers an excellent investment opportunity in Blue Mountain. There is a growing optimism in hotel industry because of positive macro economic developments. Being in tune with the overall market sentiment Mount View hotel has decided to start a Boutique Hotel in Blue Mountain. Boutique hotels are much smaller in size but they are stylish and unique further it tries to provide separate experience than that of corporate run hotels (Presbury et. al., 2005). The advantages of a boutique hotel are: The above analysis shows that Mount View hotels decision to open a boutique hotel in Mount View is justified. The aim is to become the best in class boutique hotel in Blue Mountains (Bruner, 1998). It is estimated to have total eighty rooms out of which 30 rooms will be high end deluxe rooms and there will be 50 standard rooms.   The deluxe rooms will include king sized bed, a desk, a mirror and a color television. Further the bathroom of the deluxe room will be of four to five meters with a sink, toilet and shower. The total estimated cost for starting the Boutique hotel is $754800.00. The details are given in the table below. To fund the project a mortgage loan of Rs. 500,000.00 is to be obtained at 8% per annum.   The remaining fund of 254,800.00 is to be provided by Mountain Views hotel. The viability of any business plan is determined by analyzing its projected financial performance.   The business plans are often screened for determining their financial viability by using cost volume profit analysis (Scapens, 1985).   The CVP (Cost Volume Profit) analysis helps in determining the effect that costs and volume has on profit. The Cost Volume Profit (CVP) analysis are often performed to determine the future activity and to provide valuable insight on: There are certain assumptions that are made while performing CVP (Cost Volume Profit) analysis (Drury, 1992), they are: The cost function is a process of dividing the total costs into fixed costs and Variable Costs (Binswanger, 1974). The total cost can only be ascertained after the estimated financial statement is prepared. The projected financial statements are prepared on the basis of certain assumptions and they are: The first step of performing the Cost Volume Profit Analysis is to estimate the cost functions. On the basis of the projected financial statement each cost is determined as either fixed or variable costs.   In the projected financial statement of Mount Boutique Hotel the estimated variable costs is $ 2234605.00 which is $96.49 per unit and the estimated fixed cost is $3153904.00.   The estimated fixed costs include Direct Labor costs of $803,040.00; overhead costs of $1696084.00; selling expenses of $259850.00 and administrative expenses of $394950.00. The estimated variable costs include direct material of $88.49 per unit and over head of $8.00 per unit.   The contribution is calculated by deducting Variable costs from sales. So the contribution margin ratio is that part of the sales that exceeds variable costs (Garrison et. al., 2003). It can be used to pay fixed costs. The contribution margin ratio measures operational efficiency, a higher ratio suggests higher efficiency. In the projected financial statement of Boutique hotel estimated sales is $6995325.00 and estimated variable costs is $2234605.00. The contribution margin comes to $4,460,720.00 that is 66.60% which is very high. It suggests that only 33.40% of total sales cover the variable costs and the remaining 66.6% is used to meet the fixed costs and earn profit. It can be reasonably concluded that any sudden increase in cost will not affect the profitability of the hotel because it has high contribution margin ratio which is a very healthy sign for any business.   The break even sale represents that level of sales where the profit is zero. At this level total sales revenue is equals to total variable costs and the contribution margin is equal to fixed costs (Blocher et. al., 2008). The break even sale is an important level because sales below this level will result in losses and sales above this level will lead to profits. In the projected financial statements of Mount Boutique hotel total fixed costs are $3153904.00 and the variable cost per unit is 192.60 so the break even sale comes to $4733857.83. The total estimated sale is $6695325.00 and the 70.70% of it is Break even sales. This means that business needs to achieve at least 70% of the estimated sales to attain no profit no loss situation otherwise it will make losses. This is a very high percentage and implies that there is a very heavy burden of fixed costs on the business.   It is suggested that business should re estimate its fixed costs structure and try to reduce the Break even sales to 50%.   The hotel should cut down fixed costs by $4399091.00 to attain the targeted break even sales.   The margin of safety is that part of the total sales that is above Breakeven Sales. It is calculated by deducting breakeven sales from total sales. The Margin of safety is a valuable indicator of profitability of an organization (Shih, 1979). It also indicates to the management how reduction of revenue will affect the break even of the organization. The higher the Margin of safety the better it is for the business. Because a low Margin of safety suggests increase in fixed costs, extra discounts or increase in prices by suppliers. So it is important to monitor margin of safety ratios. In the projected financial data of Mount Boutique hotel the total expected sales is $6695325.00 and the break even sales is $4733857.38 so the margin of safety is $1961467.62. The margin of safety ratio comes to 29.30% of total sales. It is suggested that Margin of safety ratio should be improved. It can be done by improving sales or reducing breakeven point.  Ã‚   The Operating Leverage is the analysis of relationship between fixed costs and variable costs. It is calculated by dividing contribution margin by income from operations. The operating leverages are high for companies that have large fixed costs in their total operation costs. A higher operating leverage suggests that every increase in sales will multiply profits when the breakeven point is reached (Lev, 1974). But if breakeven sales are not reached then higher operating leverage will intensify losses. So with high operating leverage a high level of risk is involved. In the estimated financial statement of Mount Boutique hotel the contribution margin is $4460720.00 and Income from operations are $1306816.00 so the operating leverage comes to 3.4 times.   This means that Contribution is 3.4 times more than income from operation so it can be derived that fixed costs are 2.4 times of income from operation which is very high. So it is suggested to take necessary measures to reduce fixe d costs.   The overall projected financial statement of Mount Boutique hotel indicates that it is a high return low risk business opportunity for any investor. The high breakeven sales and low Margin of safety is due to higher fixed costs (Alexander, 2001). The burden of higher fixed costs is due to the amortization of start up costs in initial years as it gets completely amortized then fixed costs will certainly come down thus improving the margin of safety and break even sales figure. The market analysis has shown that it is an opportune moment for any investor to enter into tourism sector. The expected growth figures are very attractive and it is also estimated there will be a shortage of supply as the increase in demand is much higher than that of supply (Jennings, 2001). If the overall macroeconomic views are considered then globally major economies are improving so it is expected that international visitors will surge in coming years. The Mount Boutique hotel will be one of its kinds in Blue Mountains. It will offer a unique experience to its visitors because of its prominent location and customized services. Further the staffs and managements are also experienced and every one of them has a valuable insight in the Hotel industry. In the light of the above analysis it can be concluded with certainty that investment in Mount Boutique will be profitable.   Alexander, C. (2001).  Market models: A guide to financial data analysis. John Wiley & Sons. Anderson, B. A. (2006). Crisis management in the Australian tourism industry: Preparedness, personnel and postscript.  Tourism Management,27(6), 1290-1297. Binswanger, H. P. (1974). A cost function approach to the measurement of elasticities of factor demand and elasticities of substitution.  American Journal of Agricultural Economics,  56(2), 377-386. Blocher, E., Chen, K. H., & Lin, T. W. (2008).  Cost management: A strategic emphasis. McGraw-Hill/Irwin. Bruner, R. F., Eades, K. M., Harris, R. S., & Higgins, R. C. (1998). Best practices in estimating the cost of capital: survey and synthesis.  Financial Practice and Education,  8, 13-28. Drury, C. (1992). Cost-volume-profit analysis. In  Management and Cost Accounting  (pp. 205-235). Springer US. Garrison, R. H., Noreen, E. W., & Brewer, P. C. (2003).  Managerial accounting. New York: McGraw-Hill/Irwin. Hall, C. M. (1991).  Introduction to tourism in Australia: impacts, planning and development. Longman Cheshire. Hardiman, N., & Burgin, S. (2011). Canyoning adventure recreation in the Blue Mountains World Heritage Area (Australia): The canyoners and canyoning trends over the last decade.  Tourism Management,  32(6), 1324-1331. Hudson, S., & Lang, N. (2002). A destination case study of marketing tourism online: Banff, Canada.  Journal of vacation Marketing,  8(2), 155-165. Jennings, G. (2001).  Tourism research. John Wiley and sons Australia, Ltd. Lev, B. (1974). On the association between operating leverage and risk.Journal of financial and quantitative analysis,  9(04), 627-641. Presbury, R., Fitzgerald, A., & Chapman, R. (2005). Impediments to improvements in service quality in luxury hotels.  Managing Service Quality: An International Journal,  15(4), 357-373. Scapens, R. W. (1985). Cost—Volume—Profit Analysis. In  Management Accounting  (pp. 59-74). Macmillan Education UK. Shih, W. (1979). A general decision model for cost-volume-profit analysis under uncertainty.  Accounting Review, 687-706. Accounting for Managers Gola and Costa set for establishing a business of selling fruit juices. The location of the shop is inside Shopping Arcade and nearby a supermarket. Their plan is to provide fresh juices to their customers, earn a significant amount of profits and sell off the same in the future course of time.   They will follow just in time for inventory management. Gola is under the impression that they will be successful in earning profits by controlling their cost as he believes that for running a successful business, only profitability is the foremost criteria. Posta believes that their business will be successful due to their choice of location and due to the eating habits of the people. Since there has been a significant shift in the eating habits, people have become more conscious for their healthy well-being and this was one of the reasons why both the entrepreneurs had propagated such kind of idea of business. As an Aspiring MBA graduate studying accounting for managers and being there friend, I can make them understand and analyse many other aspects apart from profitability and location of business. Since I am specializing in the field of Management and Finance I can help them in some statistical analysis which they are significantly missing on their part. Before setting of the business, it is very important to discuss the kind of industry in which they are supposed to enter a detailed analysis is required to be done right from the point of financial investment to related cost both fixed and fluctuating , expected return in fair terms. It is also relevant that they search for their competitors and analyse their business as for how they are creating an impact in the business environment. The location of the business, which they have decided is quite favourable. However, to achieve the same, both of them have to make a significant investment in terms of leasing. It refers to borrowing the property against paying for its value for a significant period of time. For this, they have to enter into an agreement with the lessor of Shopping Arcade. It is equally important that they understand the terms and conditions of leasing properly and should have a lease term of 5 years so that they can cover all their cost during this period of time (BusinessDictionary.com, 2016). For the purpose of investment, they need to have availability of funds. It is required that they approach a bank who can arrange for their finance. They need to convince the bank regarding their potential profitability of business. For this, they should have the significant backup plan on paper which is able to prove with reasonable estimates and assumptions that their prospective business is a successful plan for the future. It is also important that they should be aware of the cost of capital which will be required in their leasing terms. After arranging the significant amount of loan and arranging the same for the lease the next part is to analyse various types of cost associated with their business. Cost can be divided into fixed and variable component. For example, fixed cost will be the lease amount which is to be spread for the period of 5 years cost. Blending machines, refrigerators, furniture, benches washing up sinks, falls into fixed cost.   Variable cost will be the cost of raw materials like all those fruits which will be purchased on a daily basis. Fixed costs remain the same irrespective of the level of output while variable cost changes as per the level of output. Variable cost can increase or decrease as per the level of production but fixed cost remains the same throughout the level of production (Boundless, 2016).   After analysing all the significant cost, the next component is the break-even analysis. Break even analysis refers to the function where it is required to determine what is required to sell on a monthly or annual basis in order to cover the cost of doing the business. Like, if fixed cost is $2, 00,000 and expected contribution will be $4, break even will be $50,000. This means they will earn profits after covering $50,000(Cleverism, 2016). Setting up of standards and its importance: It is also required to set a standard for sales. This will act as a benchmark for their business as how much is required to earn in order to cross the level of breakeven point and earn a significant share of profit. By setting up standard it can be later compared with the actual sales figure. Like, for first quarter sales expected is $15,000 but actual sales was $18,000. Thus, it is a favourable condition for them as actual has exceeded its standards. With the actual figure and standards, variances can be computed for the future relevance (AllBusiness.com, 2016). The reason behind the setting up of a standard is equivalent to setting up of short term goal which will be quite helpful in achieving a long-term goal for the business. For cost, monthly expected expenditure is $10,000 but actual came to $12,000. Reason for extra $2,000 will be analysed and corrective action to be adopted for the same. Budgeting helps us to identify unnecessary expenditures and in making us adaptable towards the frequent changing financial position of the business. Budgeting ensures that we will have sufficient amount of money in order to meet the requirement of the business. It will be advisable to Gola and Costa that they should understand the essence of budgeting and implement the same for the success of their business. The concept of budgeting will help Gola and Costa immensely. It is an important tool which will control the flow of money in their business. It will also ensure that their business will turn out to be very effective and efficient in the long run ( Mymoneycoach.ca, 2016). One of the main reasons behind the term of the lease is to cover all kind of fixed cost during that period. Since it is the plan of Gola and Costa to sell off their business in future, it is required that their business should run in scientific and profitable manner. For this, they need to understand the relevance of documentation in terms of recording finance, lease papers terms of bank loans etc. The prospective buyer will analyse the business in his own way. Unless and until he finds it’s economically viable, he will not take over the business. Now, economic viability can be analysed by way of proper maintenance of records, lease papers, bank loan’s terms, and conditions etc. He will analyse that whether the said business was profitable or not. Whether the bank loan taken has been paid off and all other statutory dues or complied with or not. Lease papers will also be verified. This needs to be understood by Gola and Costa since the beginning of their business. It is very important that they should keep in mind since the beginning regarding selling off their business in the future course of time. This will drive them more proactively to achieve their short term plan which is in the form of standards. By achieving the short-term standard, they will be able to achieve their ultimate aim, i.e. profitability. Unless and until the business is not profitable, it won't remain attractive for the prospective buyer to take over the same in future.   It is also important that the business gains popularity amongst the consumers. This will help in creating the brand image for Gola and Costa and will it yield in terms of goodwill while selling off the business. Both the buyer and seller will be in a profitable position if a business has developed a brand image of its own in the market. The whole process is beyond the concept of capital investment decisions. It involves the role of management accounting as in terms of setting targets and achieving the same, producing raw materials i.e. inventory management, handling the customers and creating a favourable image in front of them etc. So, apart from having the knowledge of finance, it is equally important that Gola and Costa should be aware regarding management accounting and other important aspects. With the help of the above-stated concept, it will help Gola and Costa to have the efficient and effective setup of business. To conclude, it is required that Gola and Costa should not only rely on the concept of profitability or location of business. They should be quite aware regarding the concept of break-even analysis, an estimate of sales and setting up of targets, different types of cost involved and their implications, importance of budgeting in their business, arrangement of investment with the help of a loan from bank and requirements for selling off their business in future. By following these above concepts of finance and management accounting, they will surely succeed in their attempt for a successful venture (Debitoor.com, 2016). AllBusiness.com. (2016). Creating a Budget and Sales Forecast | AllBusiness.com. [online] Available at: https://www.allbusiness.com/creating-a-budget-and-sales-forecast-977-1.html [Accessed 11 Dec. 2016]. Boundless. (2016). Types of Costs. [online] Available at: https://www.boundless.com/economics/textbooks/boundless-economics-textbook/production-9/production-cost-64/types-of-costs-240-12338/ [Accessed 11 Dec. 2016]. BusinessDictionary.com. (2016). What is a lease? definition and meaning. [online] Available at: https://www.businessdictionary.com/definition/lease.html [Accessed 11 Dec. 2016]. Cleverism. (2016). Break-Even Analysis: What, Why, and How. [online] Available at: https://www.cleverism.com/break-even-analysis/ [Accessed 11 Dec. 2016]. Debitoor.com. (2016). Management accounting - What is management accounting? | Debitoor. [online] Available at: https://debitoor.com/dictionary/management-accounting [Accessed 11 Dec. 2016]. Mymoneycoach.ca. (2016). What is Budgeting and Why is it Important? | My Money Coach. [online] Available at: https://www.mymoneycoach.ca/budgeting/what-is-a-budget-planning-forecasting [Accessed 11 Dec. 2016]. End your doubt 'should I pay someone to do my dissertation by availing dissertation writing services from

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