Wednesday, October 30, 2019
Polaroid Advertising Campaign - Essay Example This market arose due to the increased demand for technology products. It is at this time of history that the world war and competition for the worldÃ¢â¬â¢s meager resources came to the peak. Technological growth also became a subject of importance an inventions became an order of the day. It is in record that at this point in history industrial revolution peaked (Qualters 2003). The company manufactures films and it is on record that the recent sales were about 50 films and over 100 types of cameras worldwide. The company is famous for instant film cameras that were replaced very recently in the year 2008 due to the onset of digital cameras because of digital technology (Porter 20005). For a start, Polaroid went through the growth phases that any newly established company could undergo. As have been noted above, the growth was propelled by apart from existence of adequate market; the competitors like Kodak Express also enabled the growth of the company. In fact, Polaroid, using it s strong strategies displaced Kodak from the market and made Kodak flee completely from the instant film technology field (Boone & Kurtz 2011). However much Polaroid posed stiff competition to its other competitors in their field of competition, there also existed other firms like the Nixon and Minolta who differentiated and specialized in pro ducts unique enough to file competition for Polaroid. This made Polaroid experience technical difficulties in their operations that resulted solely from competition from these firms. The state went as far as making Polaroid apply for bankruptcy state in the United States courts in the year 2001. The bankruptcy majorly affected their assets due to overtrading that the corporation was engaged in (Bushman 2010). Almost immediately, the firm undertook a reorganization exercise where it considered acquisition procedures, it approached several firms in a bid to strengthen its operations due to partnerships and mergers. This period could not allow Po laroid to be engaged in acquisitions. The company as a result needed to employ better strategies to increase its production of relevant products, the sales of such products to realize better revenue as well as engaging in cost reduction and minimization measures. One way that it identified could help it realize better returns was through thorough marketing campaign (Bushman 2010). Corporate/ Marketing Campaign Normally, corporate have both general and specific corporate objectives and marketing campaign strategies. The general major corporate objectives of any company are profit maximization objective for the shareholders to realize better returns in form of dividends. This is also geared towards ensuring that the investor confidence is busted and well directed (Cant, Strydom, & Jooste 2009). The other objective of establishing any corporate organization is to maximize the wealth off the shareholders. It is in the interest of any realistic shareholder to anticipate growth in form an d nature of their firm. This growth is only achievable if there is profitability and that part of the profits realized is reinvested in prospects like long-term assets that are meant to realize returns to the company. Polaroid during its formation had an objective of being the world leader in film technology. It also had the objective of diversifying its asset base by being one of the participants in
Monday, October 28, 2019
Characterising the Atmosphere of Proxima B 1.Intro As of April 2016, 582 extrasolar planets have been discovered (NASA) using Doppler spectroscopy, a method for detecting extrasolar planets by deducing their radial velocity from the Doppler shifts in the spectrum of the planets parent star. Using this method, Anglada-Escude et al (2016) recent observations have revealed a 1.3 Earth mass planet orbiting the red dwarf Proxima Centauri. Although Earth-like planets arent uncommon, the recent discovery of Proxima b is particularly exciting as at a distance of 1.3 parsecs it is our closest potentially habitable star. Where previous studies were stunted by the distance of the host star to the Earth, Proxima b may within reach of Earth and space based telescopes giving us the ability to better judge its characteristics. While Proxima b is in the goldilocks zone, meaning it has potential to have water and perhaps even life, it is subject to intense radiation and solar wind. The habitability of Proxima Centauri b and Prospects for characterising the atmosphere of Proxima Centauri b question whether Proxima has an atmosphere, with the primary focus being whether Proxima b can maintain liquid water on its surface. The former does this by estimating the current high-energy irradiance of the planet and show that the orbit is likely to be in either a synchronous or 3:2 spin-orbit resonance. The latter article considers measuring the variation in thermal emission with orbital phase as a method for characterizing Proxima bs atmosphere. 2. The habitability of Proxima Centauri b 2.1 SummaryIn this paper the authors work through a number of factors that could affect the potential habitability of Proxima b. While noting there is a surplus of Earth like planets (Kepler), the authors need question whether Proxima lies within the Habitable Zone, where a stellar flux is low enough to maintain surface water but high enough to maintain the planetary surface as defined by Kasting et al. Due to a stellar input of ~65% than of the Earth Proxima b lies within these limits. High Energy IrradiationHigh-energy emissions including X-rays through to far-UV (FUV) and particle winds are known to influence atmospheres of rocky planets. A particular issue when estimating the XUV fluxes is that Proxima is a flare star (haish et 1983) meaning its HE emissions can vary significantly. The work in the paper was built from X-ray emission observations via ROSAT and XMM that report log LX = 27:2 erg sÃ ´Ã¢â ¬Ã¢â ¬Ã¢â ¬1 g and LX = 27:4 erg sÃ ´Ã¢â ¬Ã¢â ¬Ã¢â ¬1 respectively (Haish 1999). To generalise the overall dose on the planetary atmosphere, the authors consider the average XUV luminosity over an extended timescale while accounting for flare variation. Using XMM-Newton observations, the strongest flare has an energy of about 210^31 erg. CN Leo has a similar X-Ray luminosity and thus can be used to model flare distribution for Proxima. Audard el state a power law with the form N(> E) = 3:7 _ 1037EÃ ´Ã¢â ¬Ã¢â ¬Ã¢â ¬1:2, where N is the number of flares per day, and E is the total (integrated) flare energy in erg . This shows CN Leo has flares with energies greater than about 2 _ 1031 erg over a timescale of 1 day.This is found to be in agreement with the XMM-data set, consolidating this is a reliable representative of the daily flux. Thus giving (between 0.65 and 3.8nm) a time integrated average flux of 87 ergss_1cm^-2 . To account for more energetic flares a calculated extra 22 ergs s^-1 cm^-2 is added, totalling at 109 erg s^-1cm^-2 . Flux estimates (including flare contribution) were calculated over a range of wavelengths, as listed below: ROSAT observations for the 3.8nm to 10nm range produced an X-Ray dose of 163 erg s^1 cm^2 EUVE spectrum for the extreme UV 10nm to 40nm range produced a flux value of 111 ergs^1cm2 FUSE observations for the far UV 92-118nm range produced a flux value of 20 egs HST/STIS for the 118-170nm range produced a flux value of 130 ergs Therefore between 0.6 and 118nm, the total integrated flux today that is a fair representative of HE radiation on the atmosphere of Proxima b is of 307ergs^1. For comparison purposes, the XUV flux at Earth is calculated to be 5.1 ergs, showing Proxima b to receive 60 times more XUV flux. This data is illustrated in fig. -Probability of capture: The authors remark on the poor parameterizations of previous work on tidal dissipation of rocky planets (Darwin 1880, love 1909, goldreich 1963), their primary issue being models would always predict an equilibrium rotation rate where tidal torque would vanish. The authors use the Andrade model as tailored by Efromsky 2012 and Eq 10 of Marakov 2012. The Andrade time was set to be equal to the Maxwell time of tm=500yr for simplicity. The results for 3:2 resonance capture probability are shown in fig. Curve a) indicates where tidal torque at the lower boundary of the separatrix is negative and greater than the maximum restoring torque. b) indicates tidal torque at the lower boundary of the separatrix is positive and (c) indicates where maximal tidal torque inside the resonance is greater than the maximum triaxial torque. Regions above (c) and/or (b) (white regions) leads to certain capture due to tidal torque, whereas below (c) and (a) (black region) capture is impossible as triaxial torque is too weak. The implication for climate would be that liquid water is possible depending on the rotation. If the planets orbital eccentricity is 0.06 it is likely Proxima will have a tropical belt. -water loss It is undeniable how estimates of volatile loss are poorly constrained, due to the lack of key data e.g. evolution of atmospheric composition, stellar wind properties, photochemistry of the upper atmosphere etc. The authors take a moment to discuss an alternative approach for determining Proxima bs volatile loss: Comparing Earths early development with Proxima bs. By considering how Earth built by a multitude of moon size protoplanets across 10Myr, the authors argue the XUV irradiation and stellar wind experience on proto-Earth is comparable to that of Proxima b. lamer et al modelled volatile losses of early Earth showing significant loss caused by hydrodynamic escape of hydrogen and strong stellar wind exposure. Due to the fact the runaway phase of Proxima is only longer than the Earths by a small factor 12 um. Finally, to determine how tightly the albedo and heat redistribution can be constrained, an MCMC fit was trailed on the simulated LRS spectrum from Fig 2 using the emcee package (Foreman-Mackey et al) The fit was run with redistribution, F, and albedo, A, as free parameters, from the fit one can measure F=0.07 and albedo A=0.13 to be well constrained. The authors conclude that a MIRI phase curve is sufficient means to determine the existence of an atmosphere on Proxima b. A then turn their attention to the feasibility of detecting an ozone absorption feature from Proxima b at 10um. Key motivation being this is a prominent feature of Earths IR emission spectrum and acts a potential evidence of present life. Bond albedo was set to A=0.3 to match Earths and an isothermal temperature arrangement is assumed. Using a modelling calculated by Rugheimer, that assumes an Earth-like atmospheric composition irradiated by a GJ 1214b-like star, it is noted that the ozone feature does not vary with planet orbital phase but is detectable from a very high signal-to-noise spectrum. The predicted feature amplitude was less than 1ppm. To illustrate how much observation time would be required to detect said feature, fig shows a simulated spectrum co-added from 60 days. The absorption feature at 9.8um corresponds to an ozone band and the dip at 8 is due to methane. 3.2 Implication/ImportanceA major concern would be that detecting modulations with JWST would be extremely challenging due to Proxima Centauri s stellar variability and flares. To estimate how feasible it would be to detect Proxima bs thermal emission, the JWST Exposure Time Calculator (ETC) was used to estimate signal-to-noise ratios for MIRI observations of Proxima Cen. Using a model spectrum, the ETC produced the expected count rate, which also correlated with the S/N predictions from Cowan et al. Although it feeds back good results, the paper highlights the need to test the precision of the MIRI detector. A general issue with this paper is calculations are simply based on possible observations with the James Webb Space Telescope, as opposed to actual recorded data. Realistically, conclusions drawn about phase variation for Proxima arent definitive, though the paper shows potential of the MIRI could do and show. Other recent paper including Ã ¢Ã¢â ¬Ã ¦.., have a general agreement that the JWST could be used to infer exoplanets rotation periods and dissipation rates. In theory, measurement using the MIRI (which covers the wavelength range of 5 to 28 microns) at different wavelengths could be used to find atmospheric signatures, constrain the radius, the albedo and the inclination of Proxima b, as well as its rotation. This paper consolidates this idea. 3.3 Assessment In the introduction many issues that could affect Proxima bs atmosphere are mentioned, for example Proxima bs evolutionary history, but these topics werent covered in the body of the article. The introduction also states three methods available to characterize the planets atmosphere. The last (measure variation in thermal emission with orbital phase) is the focus of this paper, however the first two (directly image the planet, measure variations in reflected starlight with orbital phase) were perhaps unreasonably undiscussed. The quality of the results is difficult to assess, on the one hand an abundance of assumptions were used, to the extent that all of Section Five of this paper lists assumptions about the planetary system used in the their analysis. In many cases decisions were poorly explained. For example an albedo of 0.1 is used in the climate model while commenting Proxima bs atmosphere would likely have a higher albedo (perhaps 0. Like Earths), however dont they elaborate on why they settled with 0.1. On the other hand many of the assumptions were heavily based on previous work by a variety of researchers. The need for atmosphere case with moderate distribution F=0.35 was driven by a plethora of research ((e.g., Joshi et al. 1997; Merlis Schneider 2010; Heng et al. 2011a, 2011b; Pierrehumbert 2011; Selsis et al. 2011; Leconte et al. 2013; Yang et al. 2013, 2014; Koll Abbot 2015, 2016; Turbet et al. 2016).) which have shown how the presence of an atmosphere can reduce the amplitude of IR phase v ariation by a factor two or more. This made decisions feel more reliable and justified. Yet, without having read referenced work, certain aspects were hard to follow. Some of their most significant work on simulated spectrum is noted to be built upon the work of selsis et al, however there is no indication of what work Sel actually conducted. The paper in general couldve done with a more substantial amount of explanation for this made for a frustrating read. 4. Comparison In terms of writing style, It is apparent anglada had done a more extensive amount of research, Work is important as it highlight the value of using a combination of space and ground telescopes and In terms of research, both papers take a focus on the effects of different eccentricities on a tidally locked planet and its atmosphere. K considered this when creating a climate model and simulated a measurement of the thermal phase variation whereas anglada deduced it is likely Proxima is in a 3:2 rotation and considered the implication of the HE radiation Proxima b would receive. Generally, the authors draw the same conclusion, that Proxima b could have an atmosphere, perhaps capable of supporting life. In the case of no heat redistribution or having synchronous rotation, Proxima b having an atmosphere is improbable. In the case or heat redistribution or asynchronous rotation, one could infer that an atmosphere or ocean is present. Theres a consensus that defining planet habitability is not straightforward, there are vast limitations on calculations that can be done and any modelling is not strongly representative of Proxima bs characteristics. Both papers also make use of modelling Earths past and current state as a forecast for Proxima bs development. Using the Earths past to give us more information to further determine Proxima bs atmosphere and potential habitability was fairly clever and intuitive concept. Future work, perhaps after the launch of the JWST, could consider this concept in more detail for a more well-rounded understanding of Proxima bs characteristics.In conclusion, both papers were particularly insightful, encourage future missions similar to Kepler, and will hopefully drive new research.
Friday, October 25, 2019
The Meaning of Life and Death The abstract idea of life cannot be explained by such simple ideas as being animated, breathing, or speaking. Ordinary machines in this century can perform all of these basic functions. The quandary with defining death is not as abstract and elusive as that of life. The problem of defining life and death has plagued philosophers and the religious bodies for thousands of years for one reason; each philosophy or religion has tried to define the meaning of life and death from only their certain perspective. The seemingly appropriate approach to this problem would be to understand the ideas presented in various philosophies and religions and through this knowledge create a new definition for each idea of life and death. The movie Blade Runner has taken this exact approach in its attempt to finally define life and death in a logical and un-spiritual manner. By taking the position that death is a concrete idea that can be explained, Blade Runner accomplishes the task of interpreting the i dea of life in terms death. Through this approach, the meaning of life is redefined to accommodate for the existence of the replicants. Also, as a result of this novel notion of life, it is apparent that humans and replicants never actually live, even though they are alive. The idea of death in Blade Runner seems to be different for humans and for replicants, but it is indeed the same. When a replicant is killed, the characters in Blade Runner refer to it as, Ã¢â¬Å"retirement,Ã¢â¬ while killing a human is called murder. These two terms are actually synonymous. The term murder, in one of its definitions, means to put to an end, destroy (AHD). The definition of retirement is to stop working (AHD). If these terms ar... ...s Cut. Dir. Ridley Scott. Perf. Harrison Ford, Rutger Hauer, and Sean Young. DVD. 1982. Carse, James. Death and Existence: A Conceptual History of Human Morality. Ed. Irving I Zaretsky. New York: John Wiley and Sons, 1980. Descartes, RenÃ ©. Discourse on Method and Meditations on First Philosophy. Trans. Donald A. Cress. Cambridge: Hacket Publishing Company, 1993. Elrod, John. Being and Existence in KierkegaardÃ¢â¬â¢s Pseudonymous Works. New Jersey: Princeton University Press, 1975. Luper, Steven. "Death." The Stanford Encyclopedia of Philosophy. Ed. Edward N. Zalta. 2002. <http://plato.stanford.edu/archives/win2002/entries/death/>. O'Keefe, Tim. Ã¢â¬Å"Epicurus.Ã¢â¬ The Internet Encyclopedia of Philosophy. 2001. <http://www.utm.edu/research/iep/e/epicur.htm>. Vincent Cook. Principle Doctrines: Epicurus. <http://www.epicurus.net/principal.html>.
Thursday, October 24, 2019
Financial Accounting Theory and Analysis 10e Chapter 1 Ã¢â¬â The Development of Accounting Theory What is Theory? Webster defines theory as Ã¢â¬Å"Systematically organized knowledge, applicable in a relatively wide variety of circumstances; a system of assumptions, accepted principles and rules of procedure to analyze, predict or otherwise explain the nature of behavior of a specified set of phenomena. Ã¢â¬ Why is the development of a general theory of accounting important?The development of a general theory of accounting is because of the role accounting plays in our economic society. We live in a capitalistic society which is characterized by a self-regulated market that operates through the forces of supply and demand. What is the relationship of accounting research to accounting theory? The goal of accounting theory is to provide a set of principles and relationships that explains observed practices and predicts unobserved practices.That is, accounting theory should be able to explain why companies elect certain accounting methods over others and should enable users to predict the attributes of firms that elect various accounting methods. And as in other disciplines, accounting theory should also be verifiable through accounting research. Accounting research is needed to attain a more general theory of accounting, and in this regard the various theories of accounting that have been posited must be subjected to verification. The Early History of AccountingZenon Papyri * Accounting records have been found to date back several thousand years in various parts of the world. Discovered in 1915, the Zenon Papyri contained information Apollonius private estate for a period of about 30 years concerning construction projects, agricultural activities, and business operations during the 3rd century B. C. According to Hain, this Ã¢â¬Å"surprisingly elaborate accounting systemÃ¢â¬ was used in Greece since the fi fth century B. C. Ã¢â¬Å"ZenonÃ¢â¬â¢s accounting system contained provisions for esponsibility accounting, a written record of all transactions, a personal account for wages paid to employees, inventory records, and a record of asset acquisitions and disposals. In addition, there is evidence that all the accounts were audited. Ã¢â¬ The Impact of the Renaissance * It wasnÃ¢â¬â¢t until approximately 1300-1500 the need arose for more accurate records due to the Italians merchants vigoursly pursing trade and commerce. Italian merchants borrowed Arabic numeral system and the basis of arithmetic and an evolving trend toward the present double entry book keeping system developed. In 1494 an Italian monk, Fra Luca Pacioli, wrote a book on arithmetic that included a description of double-entry bookkeeping. PacioliÃ¢â¬â¢s work, Summa de Arithmetica Geometria Proportioniet Proportionalita, did not fully describe double-entry bookkeeping; rather, it formalized the practices and ideas that had been evolving over the years. Double-entry bookkeeping enabled business organizations to keep complete records of transactions and ultimately resulted in the ability to prepare financial statements. The evolution of joint ventures into ongoing businessesAs ongoing business organizations replaced isolated ventures, it became necessary to develop accounting records and reports that reflected a continuing investment of capital employed in various ways and to periodically summarize the results of activities. By the nineteenth century, bookkeeping expanded into accounting, and the concept that the ownerÃ¢â¬â¢s original contribution, plus or minus profits or losses, indicated net worth emerged. However, profit was considered an increase in assets from any source, as the concepts of cost and income were yet to be developed.Another factor that influenced the development of accounting during the nineteenth century was the evolution in England of joint ventures into business corporations. Under the corporate form of business, owner s (stockholders) may not be management. Thus many individuals, external to the business itself, needed information about the corporationÃ¢â¬â¢s activities. Moreover, owners and prospective owners wanted to evaluate whether stockholder investments have yielded a return.As a consequence, the emerging existence of corporations created a need for periodic reporting as well as a need to distinguish between capital and income. The impact of the industrial revolution and the progressive movement The industrial revolution and the succession of the Companies Acts in England also increased the need for professional standards and accountants. In the later part of the nineteenth century, the industrial revolution arrived in the United States, bringing the need for more formal accounting procedures and standards. Railroads became a major economic influence.These companies created the need for supporting industries, which in turn led to increases in the market for corporate securities and an in creased need for trained accountants as the separation of the management and ownership functions became more distinct. The concept of capital maintenance The major concern of accounting during the early 1900s was the development of a theory that could cope with corporate abuses that were occurring at that time, and capital maintenance emerged as a concept. This concept evolved from maintaining invested capital intact to maintaining the physical productive capacity of the firm to maintaining real capital.In essence, this last view of capital maintenance was an extension of the economic concept of income (see Chapter 5) that there could be no increase in wealth unless the stockholder or the firm were better off at the end of the period than at the beginning. The accountant as a protector of business interests World War I changed the publicÃ¢â¬â¢s attitude toward the business sector. Many people believed that the successful completion of the war could at least partially be attributed to the ingenuity of American business. As a consequence, the public perceived that business had reformed and that external regulation was no longer necessary.The accountantÃ¢â¬â¢s role changed from protector of third parties to protector of business interests. Critics of accounting practice during the 1920s suggested that accountants abdicated the stewardship role, placed too much emphasis on the needs of management, and permitted too much flexibility in financial reporting. During this time financial statements were viewed as the representations of management, and accountants did not have the ability to require businesses to use accounting principles they did not wish to employ. The result of this attitude is well known. In 1929 the stock market crashed and the Great Depression ensued.Although accountants were not initially blamed for these events, the possibility of governmental intervention in the corporate sector loomed. Accounting in the United States since 1930 Meetings bet ween NYSE and AIA One of the first attempts to improve accounting began shortly after the inception of the Great Depression with a series of meetings between representatives of the New York Stock Exchange (NYSE) and the American Institute of Accountants. The purpose of these meetings was to discuss problems pertaining to the interests of investors, the NYSE, and accountants in the preparation of external financial statements.The cooperative efforts between the members of the NYSE and the AIA were well received. However, the post-Depression atmosphere in the United States was characterized by regulation. There was even legislation introduced that would have required auditors to be licensed by the federal government after passing a civil service examination. AAA Similarly, in 1935 the American Association of University Instructors in Accounting changed its name to the American Accounting Association (AAA) and announced its intention to expand its activities in the research and develop ment of accounting principles and standards.The first result of these expanded activities was the publication, in 1936, of a brief report cautiously titled Ã¢â¬Å"A Tentative Statement of Accounting Principles Underlying Corporate Financial Statements. Ã¢â¬ The four-and-one-half-page document summarized the significant concepts underlying financial statements at that time. SEC (Securities And Exchange Commission) Two of the most important pieces of legislation passed at this time were the Securities Act of 1933 and the Securities Exchange Act of 1934, which established the Securities and Exchange Commission (SEC).The SEC was created to administer various securities acts. Under powers provided by Congress, the SEC was given the authority to prescribe accounting principles and reporting practices. Nevertheless, because the SEC has acted as an overseer and allowed the private sector to develop accounting principles, this authority has seldom been used. However, the SEC has exerted p ressure on the accounting profession and has been especially interested in narrowing areas of difference in accounting practice. * Securities Act of 1933A federal piece of legislation enacted as a result of the market crash of 1929. The legislation had two main goals: (1) to ensure more transparency in financial statements so investors can make informed decisions about investments, and (2) to establish laws against misrepresentation and fraudulent activities in the securities markets. * Securities Exchange Act of 1934 The Securities Exchange Act of 1934 was created to provide governance of securities transactions on the secondary market (after issue) and regulate the exchanges and broker-dealers in order to protect the investing public.Committee on Accounting Procedure The AICPAÃ¢â¬â¢s Committee on Accounting Procedure (CAP) was formed in 1936. The committee had authority to issue pronouncements on matters of accounting practice and procedure in order to establish generally accept ed practices. CAP was relatively inactive during its first two years, but became more active in response to the SECÃ¢â¬â¢s release of ASR No. 4. One of the first responses was to expand CAP membership from 7 to 21. Major concerns were: * Use of the historical cost model of accounting.The then-accepted definition of assets as unamortized cost was seen by some critics as allowing management too much flexibility in deciding when to charge costs to expense. * The impact on inflation on reported profits. Lobbies were held by several companies in the 1940s for the use of replacement cost depreciation. Both CAP and the SEC rejected the efforts. This decade long debate didnÃ¢â¬â¢t until Congress passed legislation in 1954 amending the IRS Tax Code to allow accelerated depreciation. CAP works were originally published in the form of Accounting Research Bulletins (ARBs).The pronouncements did not dictate mandatory practice and received authority only from their general acceptance. The Acc ounting Research Bulletins were consolidated in 1953 into Accounting Terminology Bulletin No. 1, Ã¢â¬Å"Review and ResumeÃ¢â¬ and ARB No 43 through 51 was published from 1953 until 1959. The recommendations of these bulletins that have not been superseded are contained in the FASB Accounting Standards Codifications. Accounting Principles Board By 1959 the methods of formulating accounting principles were being questioned as not arising from research or based on theory.The CAP was also criticized for acting in a piecemeal fashion and issuing standards that, in many cases, were inconsistent. Additionally, all of its members were part-time and as a result their independence was questioned. Finally, the fact that all of the CAP members were required to be AICPA members prevented many financial executives, investors, and academics from serving on the committee. As a result, accountants and financial statement users were calling for wider representation in the development of accounting principles.The AICPA responded to the alleged shortcomings of the CAP by forming the Accounting Principles Board (APB). The objectives of this body were to advance the written expression of generally accepted accounting principles (GAAP), to narrow areas of difference in appropriate practice, and to in the method of establishing accounting principles was quickly squelched when the first APB chairman, Weldon Powell, voiced his belief that accounting research was more applied and pure and that the usefulness of the end product was a major concern.The APB was composed of from seventeen to twenty-one members, who were selected primarily from the accounting profession but also included individuals from industry, government, and academia. Initially, the pronouncements of the APB, termed Ã¢â¬Å"opinions,Ã¢â¬ were not mandatory practice; however, the issuance of APB Opinion No. 2 (see FASB ASC 740-10-25 and 45) and a subsequent partial retraction contained in APB Opinion No. 4 (see FASB ASC 740-10-50) highlighted the need for standard-setting groups to have more authority. Financial Accounting Standards BoardDue to the growing criticism of the APB, in 1971 the board of directors of the AICPA appointed two committees. The Wheat Committee, chaired by Francis Wheat, was to study how financial accounting principles should be established. The Trueblood Committee, chaired by Robert Trueblood, was asked to determine the objectives of financial statements. The Wheat Committee issued its report in 1972 recommending that the APB be abolished and the Financial Accounting Standards Board (FASB) be created. In contrast to the APB, whose members were all from the AICPA, this new board was to comprise representatives from various organizations.The members of the FASB were also to be full-time paid employees, unlike the APB members, who served part-time and were not paid. the Accounting Principles Board Formation and structure The APB was composed of from seventeen to twenty-one members, who were selected primarily from the accounting profession but also included individuals from industry, government, and academia. Types of pronouncements * APB Opinions Initially, the pronouncements of the APB, termed Ã¢â¬Å"opinions,Ã¢â¬ were not mandatory practice; however, the issuance of APB Opinion No. 2 (see FASB ASC 740-10-25 and 45) and a subsequent partial retraction contained in APB Opinion No. (see FASB ASC 740-10-50) highlighted the need for standard-setting groups to have more authority. The flap over accounting for the investment tax Credit This controversy was over the proper method to use in accounting for the investment tax credit. In the early 1960s the country was suffering from the effects of a recession. After President John F. Kennedy took office, his advisors suggested an innovative fiscal economic policy that involved a direct income tax credit (as opposed to a tax deduction) based on a percentage of the cost of a qualified investment.Congress pas sed legislation creating the investment tax credit in 1961. The APB was then faced with deciding how companies should record and report the effects of the investment tax credit. It considered two alternative approaches: 1. The flow-through method, which treated the tax credit as a decrease in income tax expense in the year it occurred. 2. The deferred method, which treated the tax credit as a reduction in the cost of the asset and therefore was reflected over the life of the asset through Rule 203The lack of support for some of the APBÃ¢â¬â¢s pronouncements and concern over the formulation and acceptance of GAAP caused the Council of the AICPA to adopt Rule 203 of the Code of Professional Ethics. 10 This rule requires departures from accounting principles published in APB Opinions or Accounting Research Bulletins (or subsequently FASB Statements and now the FASB ASC) to be disclosed in footnotes to financial statements or in independent auditorsÃ¢â¬â¢ reports when the effects of such departures are material.This action has had the effect of requiring companies and public accountants who deviate from authoritative pronouncements to justify such departures. Criticism of the APB 1. The independence of the members of the APB. The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. 2. The structure of the board. The largest eight public accounting firms (at that time) were automatically awarded one member, and there were usually five or six other public accountants on the APB. 3. Response time.The emerging accounting problems were not being investigated and solved quickly enough by the part-time members. The financial Accounting Standards Board (FASB) The Wheat Committee The Wheat Committee, chaired by Francis Wheat, was to study how financial accounting principles should be established. The AICPA quickly adopted the Wheat Committee recommendations, and the FASB became the official body c harged with issuing accounting standards. The Trueblood Committee The Trueblood Committee, chaired by Robert Trueblood, was asked to determine the objectives of fi nancial statements.The FASB was established The Wheat Committee issued its report in 1972 recommending that the APB be abolished and the Financial Accounting Standards Board (FASB) be created. The structure of the FASB The structure of the FASB is as follows. A board of trustees nominated by organizations whose members have special knowledge and interest in financial reporting is selected. The organizations originally chosen to select the trustees were the American Accounting Association; the AICPA; the Financial Executives Institute; the National Association of Accountants (The NAAÃ¢â¬â¢s ame was later changed to Institute of Management Accountants in 1991), and the Financial Analysts Federation. In 1997 the board of trustees added four members from public interest organizations. The board that governs the FASB is the Financial Accounting Foundation (FAF). The FAF appoints the Financial Accounting Standards Advisory Council (FASAC), which advises the FASB on major policy issues, the selection of task forces, and the agenda of topics. The number of members on the FASAC varies from year to year. The bylaws call for at least twenty members to be appointed.However, the actual number of members has grown to about thirty in recent years to obtain representation from a wider group of interested parties. FASB Mission The FASBÃ¢â¬â¢s mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. In attempting to accomplish this mission, the FASB seeks to: 1. Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability and on the qualities of comparability and consistency 2.Keep standards current to reflect changes in methods of doing business and changes in the economic environment 3. Consider promptly any significant areas of deficiency in financial reporting that might be improved through the standard-setting process 4. Promote the international comparability of accounting standards concurrent with improving the quality of financial reporting 5. Improve the common understanding of the nature and purposes of information contained in financial reports Type of Pronouncements * Statements of Financial Accounting Concepts Statements of Financial Accounting Standards * Interpretations * Technical Bullentins Originally, the FASB issued two types of pronouncements, Statements of Financial Accounting Standards (SFASs) and Interpretations. Subsequently, the FASB established two new series of releases: (1) Statements of Financial Accounting Concepts (SFACs) and (2) Technical Bulletins. SFASs conveyed required accounting methods and procedures for specific accounting issues and officially created GAAP. In terpretations were modifications or extensions of issues pronouncements.SFACs are intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting. To date, the FASB has issued seven SFACs, which are discussed in depth in Chapters 2, 6, and 7. SFACs differed from Statements of Financial Accounting Standards in that they did not establish GAAP. Similarly, they are not intended to invoke Rule 203 of the Rules of Conduct of the Code of Professional Ethics. It is anticipated that the major beneficiary of these SFACs will be the FASB itself.However, knowledge of the objectives and concepts the board uses should enable financial statement users to better understand the content and limitations of financial accounting information. Technical Bulletins were strictly interpretive in nature and did not establish new standards or amend existing standards. They were intended to provide guidance on financial accounting and repor ting problems on a timely basis. Emerging Issues One of the fi rst criticisms of the FASB was for failing to provide timely guidance on emerging implementation and practice problems.During 1984 the FASB responded to this criticism by (1) establishing a task force, the Emerging Issues Task Force (EITF), to assist in identifying issues and problems that might require action; and (2) expanding the scope of the FASB Technical Bulletins in an effort to offer quicker guidance on a wider variety of issues. The EITF was formed in response to two confl icting issues. On the one hand, accountants are faced with a variety of issues that are not fully addressed in accounting pronouncements, such as interest rate swaps or new fi nancial instruments. These and other new issues need immediate resolution.On the other hand, many accountants maintain that the ever-increasing body of professional pronouncements has created a standards overload problem (discussed in more detail below). The FASB establi shed the EITF in an attempt to simultaneously address both issues. The goal of the EITF is to provide timely guidance on new issues while limiting the number of issues whose resolutions require formal pronouncements by the FASB. Standards Overload One of the fi rst criticisms of the FASB was for failing to provide timely guidance on emerging implementation and practice problems.During 1984 the FASB responded to this criticism by (1) establishing a task force, the Emerging Issues Task Force (EITF), to assist in identifying issues and problems that might require action; and (2) expanding the scope of the FASB Technical Bulletins in an effort to offer quicker guidance on a wider variety of issues. The EITF was formed in response to two confl icting issues. On the one hand, accountants are faced with a variety of issues that are not fully addressed in accounting pronouncements, such as interest rate swaps or new fi nancial instruments.These and other new issues need immediate resolution . On the other hand, many accountants maintain that the ever-increasing body of professional pronouncements has created a standards overload problem (discussed in more detail below). The FASB established the EITF in an attempt to simultaneously address both issues. The goal of the EITF is to provide timely guidance on new issues while limiting the number of issues whose resolutions require formal pronouncements by the FASB. Standard setting as a political processA highly infl uential academic accountant stated that accounting standards are as much a product of political action as they are of careful logic or empirical fi ndings. 15 This phenomenon exists because a variety of parties are interested in and affected by the development of accounting standards. Various users of accounting information have found that the best way to infl uence the formulation of accounting standards is to attempt to infl uence the standard setters. The CAP, APB, and FASB have all come under a great deal o f pressure to develop or amend standards so as to benefi t a particular user group.For example, the APB had originally intended to develop a comprehensive theory of accounting before attempting to solve any current problems; however, this approach was abandoned when it was determined that such an effort might take up to fi ve years and that the SEC would not wait that long before taking action. The Business Roundtable engaged in what initially was a successful effort (later reversed) to increase the required consensus for passage of a SFAS from a simple majority to fi ve of the seven members of the FASB.Congressional action was threatened over the FASBÃ¢â¬â¢s proposed elimination of the pooling of interest method of accounting for business combinations (see Chapter 16). Two of the most notable examples of the politicizing of accounting standards involved the issues of employee stock options and fair value accounting. Economic Consequences The increased pressure on the standard-set ting process is not surprising, considering that many accounting standards have signifi cant economic consequences. Economic consequences refers to the impact of accounting reports on various segments of our economic society.This concept holds that the accounting practices a company adopts affect its security price and value. Consequently, the choice of accounting methods infl uences decision making rather than just refl ecting the results of these decisions. Consider the release of the FASBÃ¢â¬â¢s pronouncement on other postretirement benefi ts (OPRBs) FASB Statement No. 106, Ã¢â¬Å"Other Post Retirement Benefi tsÃ¢â¬ (see FASB ASC 715-10-30, 60, and 80). The accounting guidelines for OPRBs required companies to change from a pay-as-you-go basis to an accrual basis for health care and other benefi ts that companies provide to retirees and their dependents.The accrual basis requires companies to measure the obligation to provide future services and accrue these costs during the years employees provide service. This change in accounting caused a large increase in recorded expenses for many companies. Consequently, a number of companies simply ceased providing such benefi ts to their employees, at a large social cost. The impact on our economic society of accounting for OPRBs illustrates the need for the FASB to fully consider both the necessity to further develop sound reporting practices and the possible economic consequences of new codifi cation content.Accounting standard setting does not exist in a vacuum. It cannot be completely insulated from political pressures, nor can it avoid carefully evaluating the possible ramifi cations of standard setting. gaap Evolution of phrase: * Changed wording of auditorÃ¢â¬â¢s certificate brought about by meetings between NYSE and AIA One result of the meetings between the AICPA and members of the NYSE following the onset of the Great Depression was a revision in the wording of the certifi cate issued by CPAs. The o pinion paragraph formerly stated that the fi nancial statements had been examined and were accurate.The terminology was changed to say that the statements are Ã¢â¬Å"fairly presented in accordance with generally accepted accounting principles. Ã¢â¬ This expression is now interpreted as encompassing the conventions, rules, and procedures that are necessary to explain accepted accounting practice at a given time. Therefore fi nancial statements are fair only to the extent that the principles are fair and the statements comply with the principles. * The APBÃ¢â¬â¢s definition * The Auditing Standards Executive CommitteeÃ¢â¬â¢s definition The current sources of GAAP consist of four levels described as A, B, C, and D by Statement of Auditing Standards No 69 he business reporting research project Steering Committee Working Group the role of ethics in accounting Ethics are concerned with the types of behavior society considers right and wrong. Accounting ethics incorporate social sta ndards of behavior as well as behavioral standards that relate specifi cally to the profession. The environment of public accounting has become ethically complex. The accountantsÃ¢â¬â¢ Code of Professional Ethics developed by the AICPA has evolved over time, and as business transactions have become more and more complex, ethical issues have also become more complex.Accounting in Crisis Ã¢â¬â the events of the early 2000s On January 1, 2001, EnronÃ¢â¬â¢s stock was selling for over $90 per share. From that time until the early summer of 2001, nineteen investment research fi rms reviewed its performance and twelve had given it a Ã¢â¬Å"strong buyÃ¢â¬ recommendation, while fi ve others had recommended it as Ã¢â¬Å"buy. Ã¢â¬ 27 Additionally, the companyÃ¢â¬â¢s 2000 annual report indicated that its auditor had not found any signifi cant accounting problems. However, on August 14, 2001, it was announced that the companyÃ¢â¬â¢s president, Jeffery Skilling, had resigned after only six months on the job for Ã¢â¬Å"purely personal reasons. Enron used what were termed special-purpose entities (SPEs) now termed variable interest entities (VIEs) to access capital and hedge risk. 28 By using SPEs such as limited partnerships with outside parties, a company may be permitted to increase its fi nancial leverage and return on assets without reporting debt on its balance sheet. 29 The arrangement works as follows: An entity contributes fi xed assets and related debt to an SPE in exchange for an ownership interest.The SPE then borrows large sums of money from a fi nancial institution to purchase assets or conduct other business without the debt or assets showing up on the originating companyÃ¢â¬â¢s fi nancial statements. The originating company can also sell leveraged assets to the SPE and record a profi t. At the time these transactions took place, the FASB required that only 3 percent of a SPE be owned by an outside investor. If this guideline is met, the SPE d idnÃ¢â¬â¢t need to be consolidated and the SPEÃ¢â¬â¢s debt was not disclosed on the originating companyÃ¢â¬â¢s fi nancial statements.Enron used SPEs to new degrees of complexity and sophistication, capitalizing them with not only a variety of fi xed assets and liabilities but also extremely complex derivative fi nancial instruments, its own restricted stock, rights to acquire its stock, and related liabilities. Additionally, as EnronÃ¢â¬â¢s fi nancial dealings became more complicated, the company apparently also transferred troubled assets that were falling in value, such as certain overseas energy facilities, its broadband operation, or stock in companies that had been spun off to the SPEs. As a consequence, the losses on these assets were kept off EnronÃ¢â¬â¢s books.To compensate partnership investors for assuming downside risk, Enron promised to issue additional shares of its stock. As the value of the assets in these partnerships fell, Enron began to incur larger and l arger obligations to issue its own stock farther down the road. The problem was later compounded as the value of EnronÃ¢â¬â¢s stock declined. On October 16, 2001, the company reported a third-quarter loss and its stock dropped to about $33 a share. On October 28, as some of the problems with the SPEs were made public, a special committee of the board of directors of Enron was established under the chairmanship of William C.Powers, dean of the University of Texas Law School. The Powers Committee Report concluded that some Enron employees were directly involved in the SPEs and were enriched by tens of millions of dollars they never should have received. The committee also found that many of the transactions were designed to achieve favorable fi nancial statement results and were not based on legitimate economic objectives or to transfer risk. International Accounting standards A truly global economy emerged during the 1990s, as many U. S. companies generated signifi cant amounts of revenue and profi ts in foreign markets.Multinational companies are faced with decisions on the allocation of resources to their most effi cient uses. These allocations cannot be accomplished without accurate and reliable fi nancial information. Companies seeking capital or investment opportunities across national boundaries face cost and time issues. Capitalseeking fi rms must reconcile their fi nancial statements to the accounting rules of the nation in which they are seeking capital, and investors must identify foreign reporting differences. The increasingly global economy requires that this process be simplifi ed.Thus there is a push to harmonize international accounting standards. The IASB is an independent private sector body that was formed in 1973 to achieve this purpose. Its objectives are 1. To formulate and publish in the public interest accounting standards to be observed in the presentation of fi nancial statements and to promote their worldwide acceptance and observanc e 2. To work generally for the improvement and harmonization of regulations, accounting standards, and procedures relating to the presentation of fi nancial statements33These objectives have resulted in attempts to coordinate and harmonize the activities of the many countries and agencies engaged in setting accounting standards. The IASB standards also provide a useful starting point for developing countries wishing to establish accounting standards. 34 The IASB has also developed a conceptual framework titled the Framework for the Preparation and Presentation of Financial Statements. 35 The conclusions articulated in this release are similar to those contained in the FASBÃ¢â¬â¢s Conceptual Framework Project.That is, the objective of fi nancial statements is to provide useful information to a wide range of users for decision-making purposes. The information provided should contain the qualitative characteristics of relevance, reliability, comparability, and understandability. At t he time this book was published, the IASB had issued forty-one Statements of Accounting Standards (IASs) and ten Statements of Financial Reporting Standards (IFRSs). However, since it has no enforcement authority, the IASB must rely on the Ã¢â¬Å"best endeavorsÃ¢â¬ of its members.Neither the FASB nor the SEC is a member of the IASB, so its standards have no authority in the United States at the present time. However, the SEC recently ruled that foreign companies that adopt IASB standards are eligible to list their securities for sale on U. S. stock exchanges (see Chapter 3 for a further discussion of this issue). As noted in Chapters 2 and 3, there is also a movement to have IASB standards become GAAP for U. S. companies. The emergence of multinational corporations has resulted in a need for the increased harmonization of worldwide accounting standards.The role of the IASB is discussed in more detail in Chapter 3, and the IASB standards are reviewed throughout this text in chapte rs dealing with the issues addressed by each IAS or IFRS. Cases Ã¢â¬ ¢ Case 1-1 Sources of GAAP The FASB ASC is now the sole authoritative source for all U. S. GAAP. a. What are the major goals of the FASB ASC? b. How is the FASB ASC expected to improve the practice of accounting? c. What literature is now contained in the FASB ASC? d. What should an accountant do if the guidance for a particular transaction or event is not specifi ed within the FASB ASC? Ã¢â¬ ¢ Case 1-2 Accounting EthicsWhen the FASB issues new standards, the implementation date is frequently 12 months from date of issuance, and early implementation is encouraged. Becky Hoger, controller, discusses with her fi nancial vice president the need for early implementation of a standard that would result in a fairer presentation of the companyÃ¢â¬â¢s fi nancial condition and earnings. When the fi nancial vice president determines that early implementation of the standard will adversely affect the reported net income f or the year, he discourages Hoger from implementing the standard until it is required. Required: a. What, if any, ethical issue is involved in this case? . Is the fi nancial vice president acting improperly or immorally? c. What does Hoger have to gain by advocacy of early implementation? d. Who might be affected by the decision against early implementation? (CMA adapted) Ã¢â¬ ¢ Case 1-3 Politicalization of Accounting Standards Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i. e. , standard setting) is taking place. Some use the term politicalization in a narrow sense to mean the infl uence by governmental agencies, particularly the SEC, on the development of generally accepted accounting principles.Others use it more broadly to mean the compromising that takes place in bodies responsible for developing these principles because of the infl uence and pressure of interested groups (SEC, American Accounti ng Association, businesses through their various organizations, Institute of Management Accountants, fi nancial analysts, bankers, lawyers, etc. ). Required: a. The Committee on Accounting Procedure of the AICPA was established in the mid- to late 1930s and functioned until 1959, at which time the Accounting Principles Board came into existence.In 1973, the Financial Accounting Standards Board was formed, and the APB went out of existence. Do the reasons these groups were formed, their methods of operation while in existence, and the reasons for the demise of the fi rst two indicate an increasing politicalization (as the term is used in the broad sense) of accounting standard setting? Explain your answer by indicating how the CAP, APB, and FASB operated or operate. Cite specifi c developments that tend to support your answer. b. What arguments can be raised to support the politicalization of accounting standard setting? . What arguments can be raised against the politicalization of accounting standard setting? (CMA adapted) Ã¢â¬ ¢ Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase Ã¢â¬Å"in conformity with generally accepted accounting principles,Ã¢â¬ which appears in your audit report on the managementÃ¢â¬â¢s fi nancial statements. He observes that the meaning of the phrase must include more than what he thinks of as Ã¢â¬Å"principles. Ã¢â¬ Required: a.Explain the meaning of the term accounting principles as used in the audit report. (Do not in this part discuss the signifi cance of Ã¢â¬Å"generally accepted. Ã¢â¬ ) b. The president wants to know how you determine whether or not an accounting principle is generally accepted. Discuss the sources of evidence for determining whether an accounting principle has substantial authoritative support. c. The president believes that diversity in accounting practice will always exist among independent entit ies despite continual improvements in comparability.Discuss the arguments that support his belief. Ã¢â¬ ¢ Case 1-5 The Evolution of the Accounting Profession The nineteenth century witnessed the evolution of joint ventures into business corporations. Required: Discuss how the emergence and growth of the corporate form of business affected perceptions regarding the role of the accounting profession in fi nancial reporting in England and the United States. Ã¢â¬ ¢ Case 1-6 Accounting in Crisis During the early 2000s, the role of accounting and the auditing profession changed and several accounting scandals were uncovered. Required: a.What conditions caused accounting and the auditing profession role to change during this time? b. What major changes occurred as a result of the accounting scandals at that time? Ã¢â¬ ¢ Case 1-7 The FASB The FASB is the offi cial body charged with issuing accounting standards. Required: a. Discuss the structure of the FASB. b. How are the Financial Acco unting Foundation members nominated? c. SFAC No. 2 describes a number of key characteristics or qualities for accounting information. Briefl y discuss the importance of any three of these qualities for fi nancial reporting purposes. CMA adapted) FASB ASC Research For each of the following research cases, search the FASB ASC database for information to address the issues. Cut and paste the FASB ASC paragraphs that support your responses. Then summarize briefl y what your responses are, citing the paragraphs used to support your responses. Ã¢â¬ ¢ FASB ASC 1-1 Variable Interest Entities In this chapter, we discuss how Enron and other companies use Variable Interest Entities (VIEs) to keep the effects of transactions and events off corporate balance sheets. 1. How does the FASB defi ne a VIE?In other words, how does an entity qualify to be a VIE? 2. Is a company that meets the defi nition of a VIE required to consolidate the VIE? Ã¢â¬ ¢ FASB ASC 1-2 Status of Accounting Research Bulle tins Portions of ARB No. 43 are still considered GAAP. Three of the most important issues covered in ARB No. 43 are revenue recognition, treasury stock, and comparative fi nancial statements. Find the appropriate sections of the FASB ASC, originally contained in ARB No. 43, that address these issues. Cite the sources and copy the relevant information. Ã¢â¬ ¢ FASB ASC 1-3 Accounting for the Investment Tax CreditThe accounting alternative treatments for the investment tax credit originally outlined in APB Opinions 2 and 4 are still considered GAAP. Find and cite the FASB ASC paragraphs and copy the relevant information. Ã¢â¬ ¢ FASB ASC 1-4 Securities and Exchange Commission Comments SEC observers frequently provide comments at EITF meetings. Find, cite, and copy the observer comments on: 1. Revenue recognitionÃ¢â¬âcustomer payments and incentives 2. Debt with conversions and other options 3. Software cost of sales and services Ã¢â¬ ¢ FASB ASC 1-5 Generally Accepted Accounting Pr ocedure GuidelinesFind the guidelines for determining GAAP in the FASB ASC. Room for Debate Ã¢â¬ ¢ Debate 1-1 Which Body Should Set Accounting Standards in the United States? Team Debate Team 1: Argue that the SEC should set accounting standards in the United States. Team 2: Argue that the FASB should set accounting standards in the United States. Ã¢â¬ ¢ Debate 1-2 Should the Scope of Accounting Standards Be Narrowed Further? Team Debate Team 1: Pretend you are management. Argue against the narrowing of accounting choices. Team 2: Pretend you are a prospective investor. Argue for the narrowing of accounting choices.
Wednesday, October 23, 2019
I. INTRODUCTION Fairchild Water Technologies was founded in 1980 by Eugene Fairchild. The companyÃ¢â¬â¢s first product was a desalinator used by mobile home parks in Florida to remove salt from well water supplied to residents. As the desalinator became a huge success, the company expanded into the coastal regionÃ¢â¬â¢s adjacent to the companyÃ¢â¬â¢s headquarters in Tampa, Florida, and then to desert areas in the southwestern United States. By 2002, they had expanded their product lines to include desalinators, particle filters, ozonators, ion exchange resins, and purifiers. Their products were generally priced higher than their competitors, but regarded to be superior in terms of performance and quality. In the year 2000, Fairchild Water Technologies was expected to have revenues of $400 million, and an estimated profit of $50 million. For the past five years, they posted a 12 percent growth in their annual sales. In 1985, the company managed to start its exports to Mexico, Belize, and later to water bottlers in Germany. By 1990, due to the rapid growth in export sales, the company established its International Division. Sales in the International Division grew to $140 million in 2000. About 50 percent of International sales came from Latin and South America, $30 million from Europe, and $40 million from South Asia and Australia. In 1995, the companyÃ¢â¬â¢s Frankfurt, Germany office stressed the need to develop and market products that target consumer households. The first idea was to develop a home water filter. By late 1995, the company was able to develop two models that were designed in the U.S. and introduced in Germany, Poland, Hungary, Romania, the Czech Republic, and Slovakia. The products were greatly successful. But, the quality of water in developing countries required a purifier instead of filters. Thus, in late 1999, company executives initiated the development of a water purifier which was given the brand name Ã¢â¬Å"DelightÃ¢â¬ . The Delight purifier was able to remove Ã¢â¬Å"reasonable levelsÃ¢â¬ of sediments, organic and inorganic chemicals, microbials, cysts, and unpleasant tastes and odors. Reasonable levels are those described by several World Health Organization (WHO) reports as appropriate for potable waters. Also, engineers had repeatedly assured Mr. Chatterjee, the companyÃ¢â¬â¢s international liaison, that laboratory testing showed no product failure after 5,000 hours of continuous use. Chatterjee used his expertise in the Indian market to direct engineers into pursuing a Ã¢â¬Å"point of useÃ¢â¬ design instead of a Ã¢â¬Å"point of entryÃ¢â¬ design. Moreover, Chatterjee provided engineers with some recommendations such as the ability to add a small battery that will act a power source in case of power failure. Additional recommendations included the ability to add fluoride, vitamins, and flavors, flow rates, dimensions, and storage capacity. Through consumer surveys, Chatterjee was able to determine a market preference for the countertop design over the wall- mount design. II MARKETING ISSUES Fairchild Water Technologies is seeking to enter the Indian Market in the water purifier product category. They have had a successful track record in designing and marketing home purifiers in European and South American Markets. In this case, they are trying to enter the market in a developing market that is in the process Liberalization. Accordingly, they are facing multiple marketing issues that are critical for the success or failure of their product. The list of marketing issues includes the following: 1. Select to forgo any entry into the Indian market 2. Enter the market under a licensing agreement 3. Enter the market by utilizing a joint venture and a skimming pricing method 4. Enter the market by utilizing a joint venture and a penetration pricing method In addition to these primary marketing issues, Fairchild Water Technologies had to decide whether they want to target urban areas or rural areas where the quality of water is poorer and where 80% of the population lives. It wasÃ determined earlier that the company would forgo the rural opportunity for now, due to the lack of a much needed infrastructure. Also, the company established an approach to manufacture in India, where labor is much cheaper when compared to the United States. However, the company would import few components that are critical for operations. Finally, it was recommended that Fairchild should seek an Indian partner that is big enough to have a distribution and manufacturing infrastructure, but not too large where it commands the direction of the product line. III. SITUATION ANALYSIS TASKS A. Buyer Behavior Many Indians emphasize the need for and improved water quality. Newspapers, consumer advocates, government officials, and the general public are aware of the poor quality of Indian water. The majority of Indians have no choice but to consumer the water that is accessible to them. But, better educated, wealthier, and health-conscious Indians took some measures to improve the quality of water that is consumed by their families. It is estimated the number of such households is around 40 million. Health-conscious households are similar to middle- and upper-middle class households in the U.S. and Europe. They cherish convenience and product variety, and consider consumption of material goods as a means to higher quality of life. Moreover, ChatterjeeÃ¢â¬â¢s research suggests that product performance was important consumers. Some product characteristics that were cited include the ability to remove sediments, bacteria and viruses, capacity, safety, and foot print space. Purchase price was important for market segments that boiled water, boiled and filters, or only filtered their water. The third most important factor was the ease of installation and service, along with style and appearance. The least important factor was warranty and the availability of financing. Finally, there was an agreement among all segments that the purifier should have a warranty between 18 and 24 months, and to perform between 5 and 10 years without any issues. B Customer Segmentation The Indian market could be segmented by consumerÃ¢â¬â¢s ability and willingness to use a water purification device. Research shows that there are 40 million households that include middle- and upper middle class families, that value quality and a European / American lifestyle. In addition there is an untapped market segment in the rural areas that have a need for water purifiers, but are either isolated or do not have the means to buy a water purifier. C Competitive Market Mainly, Fairchild Water Technologies will be competing for market share with companies that manufacture and sell water purifiers. But, there is also a need to address competitive methods that are currently being used by health-conscious Indian consumers. For instance, fifty percent of the target market utilizes a traditional method to purify water. A maid, cook, or family member would boil two to five liters of water, allow it to cool, and transfer the bottles to a refrigerator. Boiling water is seen as inexpensive, effective against dangerous bacteria, and ingrained in peopleÃ¢â¬â¢s traditions. In fact, many consumers consider it to be more effective than any other product on the market. However, boiling affected the tastiness of water and made it Ã¢â¬Å"flatÃ¢â¬ . Also, boiling was considered to be burdensome, time-consuming, and ineffective in removing physical residues and unpleasant odors. Ten percent of this target market took an extra step and boiled water through Ã¢â¬Å"candle filtersÃ¢â¬ , despite knowing that recontamination could occur. At the same time, about 40 percent of the target market used a mechanical device to improve the quality of water. Half of this group used candle filters because of their low price and ease of use. The candle filter is made of two containers that sit on top of each other; the top container has one or more porous ceramic cylinders known as candles. Candle filters stored between 15 and 25 liters of water and cost between Rs. 350 for small plasticÃ models to Rs. 1,100 for a large stainless-steel model. However, candle filter were slow, required cleaning, and needed candle replacement at least once per year. Half of consumers that work on improving the quality of their water use Ã¢â¬Å"water purifiersÃ¢â¬ , which are considered to be more sophisticated than traditional candle filters. Water purifiers utilize three processing stages. First, sediments are removed, followed by odors and colors, and finally bacteria and viruses. While FairchildÃ¢â¬â¢s engineers were skeptical about the efficiency of these products, they agreed that they are more helpful than candle filters. In fact, candle filters were proven to be ineffective in removing bacteria and viruses. Water purifiers were made from stainless steel and sold anywhere between Rs. 2,000 and Rs. 7,000. Ten percent of the target market did not use any of these procedures and thought that their water quality was acceptable. Overall, Catterjee believed that 90 percent of the target market could be induced to change their current purification method. In addition to traditional water purification methods, it was determined that almost 100 companies competed for share in the Indian home water filters and purifiers market. The most established water purifier was Eureka Forbes, which was established in 1982 as a joint venture between a Swedish company and an Indian company. The company marketed water purifiers, vacuum cleaners, mixers, and grinders. Aquaguard, the brand name used for purifiers, was highly established and many consumers mistakenly used it to refer to the entire product category. Aquaguard was the market leader, but its manufacturing company had introduced a new product called Ã¢â¬Å"PuresipÃ¢â¬ that used polyiodide resin instead of ultraviolet rays to kill bacteria and viruses, which meant that water, could be stored for later use. Also, Ã¢â¬Å"PuresipÃ¢â¬ did not require any electricity to operate, but it was sold in small home appliance stores instead of a direct sales force. Aquaguard sold for approximately R s. 5,500, while Puresip sold for 2,000. Puresip sales were growing at a much faster rate than Aquaguard. Aquaguard was mounted on a kitchen wall, and required plumbing and a twoÃ meter long power source. The unit would stop functioning if power supply dropped to 190 volts or lower. The flow rate was considered to be slow at one liter per minute, and had enough carbon to last only for one week. Aquaguard targeted households that make more than Rs. 70,000 per year, and spent 11% of its sales revenues (Rs. 120 million) on sales activities; about Rs. 100 million were spent on sales commissions, and about Rs. 1 million was spent on advertising. Eureka Forbes was well established, had a highly motivated and well managed sales force. However, they had limited reach in rural areas that represents 80% of the countryÃ¢â¬â¢s population. Another direct competitor is Ion Exchange and its home water purifiers with the brand name ZERO-B (Zero-Bacteria). In 1985, the company became a wholly owned Indian company, and it serves customers in a diverse group of industries including thermal power stations, fertilizers, refineries, textiles, automobiles, and home water purifiers. Zero-B used a halogenated resin technology that was able to remove impurities, eliminated odors and tastes with carbon, and killed bacteria using iodine. The unit stored 20 liters of water for eight hours without the risk of recontamination, and sold for Rs. 2,000, but required a yearly replacement of halogenated resin at Rs. 200. Chatterjee estimated the Zero-B had about 7% market share, and lacked consumer awareness, had limited distribution, and limited advertising. There were rumors that Zero-B intended to implement door-to-door sales strategy with an expected marketing expenditure of Rs. 3 million. The third and most recent competitor to enter the Indian market was Singer, a subsidiary of the Singer Company located in the United States. The company provides a variety of products to the Indian market such as sewing machines, irons, mixers, toasters, and color televisions. The company had estimated sales of about Rs. 900 million. The Singer Company manufactured a home purifier called Ã¢â¬Å"AquariusÃ¢â¬ . The product sold for Rs. 4,000, required no electricity, had a single countertop model, had a flow rate of 3.8 liters per minute, and a life span of 4 to 6 years. The product looked impressive, according to Chatterjee, and wasÃ described as Ã¢â¬Å"state of the artÃ¢â¬ by a trade article. The resin used by Aquarius was developed by NASA and was proven 100 percent effective against bacteria and viruses. Aquarius had hoped to sell 40,000 units over the next two years. SingerÃ¢â¬â¢s distribution channels were superior to competitors and included 210 company owned showrooms located in major urban areas around the country. The product was also sold by 3,000 independent dealers, who were supplied by 70 distributors. Distributors earned a margin of 12 percent of the retail price, while dealers earned a margin of 5 percent. Along with many other products, Zero-B and singer accounted for 60,000 units in sales for the year 2000, while the remaining 190,000 units were sold by Aquarius and Puresip. E SWOT 1 Strengths a. Proven track record in exploring and entering new markets b. Superior product quality c. Market knowledge and ability to produce innovative products 2. Weaknesses a. Lack of knowledge about the Indian market b. Large segments in the market live in remote areas c. Variable needs in the market, depending on the city or metropolitan area d. Lack of established manufacturing and distribution capabilities 3. Opportunities a. Return on assets in India averages 18% compared to 11% in the U.S. b. Low wages, and central location to wealthier South Asian Countries c. Liberalization trends in India and market development d. There is no significant dominance by one brand 4. Threats a. Legal environment and expensive litigation b. Large number of competitors c. Some established brands with extensive knowledge about the Indian market IV. STRATEGY A. Strategy recommendation & decision a. Select to forgo any entry into the Indian market ADVANTAGES Avoid the risk of entering the market in a developing country, where there is still some uncertainty about the extent of economic liberalization. Avoid competing with over 100 products that are currently available in India. Expand market presence in countries such as Mexico, Germany, Poland, etc. DISADVANTAGES Forgo the opportunity to sell products for over 40 million households. Lose the opportunity to have large profit margins Lose the opportunity to manufacture in a country where labor is cheap Limited market presence in South Eastern Asia, where the majority of the worldÃ¢â¬â¢s population lives. Increase market presence and brand awareness. b Enter the Indian market under a licensing agreement ADVANTAGES Low capital investment is required Higher return on investment and lower amount of risk Huge market potential and opportunities to expand in rural areas DISADVANTAGES Limited control of the manufacturing and distribution process Forgo the potential of large gains in exchange of a royalty fee Limited exposure to the selling process in a developing market Limited ability to manufacture additional product lines c Enter the Indian market through a joint venture and by utilizing a skimming pricing approach ADVANTAGES Larger potential gains and a 50/50 split in profits Ability to influence manufacturing and distribution strategies Ability to expand into rural areas and increase manufacturing capacity Develop a market knowledge for growing and developing economies DISADVANTAGES Requires a large investment Higher prices than competitors Uncertainty of markets in developing countries High competition d Enter the Indian market through a joint venture and by utilizing a penetration pricing approach ADVANTAGES Profits are split between the two companies Ability to control manufacturing and distribution Developing market with large potential Higher margins and low manufacturing costs Gain market exposure and proximity to emerging economies DISADVANTAGES Requires a large capital investment Uncertainty of developing markets Lower pricing strategy and lower contribution margin per unit sold Ability to find the right company to partner with Recommended Plan of Action: Fairchild Water Technologies should pursue a licensing agreement with an Indian company. B Goals and Objectives a. Pursue a licensing agreement with a partner that is able to sell at least 75,000 per year b. Increase sales by 10 % on an annual basis C Target Market The target markets for Fairchild Water Technologies are the 40 million households in India, which cherish a comfortable, convenient, and healthy lifestyle, and are similar in many aspects to middle- and upper-middle class households in the U.S. and Europe. Also, Fairfield Water Technologies should target consumers that move from lower to middle class, as the Indian market develops and continues to grow. D Marketing Mix a. Product / Price Strategy Fairchild Water Technologies should manufacture a portable purifier that offers Indian consumers the convenience and effectiveness of a quality purifier. The purifier should have a backup battery, a selling price of Rs. 5,000, and a proven ability to kill bacteria/viruses, fast flow rate, and allow for the ability of storing water without the risk of contamination. b. Distribution and Sales By entering into a licensing agreement, Fairchild Water Technologies decreases the amount of risk, but it has less control over the distribution and sales of its product. Fairchild could seek a partner that is willing and have the capability to sell 75,000 units on an annual basis, with a 10% increase in the units sold for every year. This approach would still guarantee Fairchild Water Technologies some sizable profits. c. Advertising and Promotion By selecting a licensing strategy, Fairchild Water Technologies would not commit itself into having an advertising budget. On the other hand, the licensee would be obliged to advertise the product in order to meet the minimum quota for annual sales. This allows Fairchild to have an average profit of 300 Rs without committing any resources into salaries or advertising budget. E Control Plan The licensing agreement would adopt a language that guarantees Fairchild Water Technologies annual sales of 75,000 units, with a 10% increase in units sold thereafter. The agreement should have an opt out clause for both parties after three years, while holding the licensee to infringe on the technology and patent if they choose to opt out of the agreement. Fairchild must monitor sales on a monthly basis, and conduct meetings in order to ensure that sales in the Indian market are heading in the right direction.
Tuesday, October 22, 2019
Sexual Harassment Ã¢â¬â Legal Analysis Paper Free Online Research Papers Sexual harassment can be defined as Ã¢â¬Å"Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature constitute sexual harassment when this conduct explicitly or implicitly affects an individuals employment, unreasonably interferes with an individuals work performance, or creates an intimidating, hostile, or offensive work environment (The U.S. Equal Employment Opportunity Commission, 2009).Ã¢â¬ With the definition of sexual harassment in mind one can read an article by Mireya Navarro, titled Ã¢â¬Å"His Way Meets a Highway Called CourtÃ¢â¬ published on July 10, 2005 in The New York Times and contemplate if the events that took place constitute sexual harassment or if the events that took place reflect the chief executiveÃ¢â¬â¢s own personal influence on the organizationÃ¢â¬â¢s culture. Sexual Harassment In the article employees are claiming sexual harassment against the chief executive of American Apparel, Dov Charney. The lawsuits are being brought about by three individuals that claim to have been exposed to sexual innuendos and sexual misconduct. Charney is being accused of Ã¢â¬Å"using crude language and gestures, conducting job interviews in his underwear, ordering the hiring of women in whom he had a sexual interest and giving one of the plaintiffs a vibrator (Navarro, 2005).Ã¢â¬ The plaintiffs are not claiming that Charney wanted to have sex with them, but the plaintiffs claim they were subjected to Ã¢â¬Å" a Ã¢â¬Å"wholly intolerableÃ¢â¬ and Ã¢â¬Å"intimidatingÃ¢â¬ work atmosphereÃ¢â¬ , and exposed Ã¢â¬Å"to Ã¢â¬Å"egregiousÃ¢â¬ sexual comments and behavior (Navarro, 2005).Ã¢â¬ Recalling the definition of sexual harassment one could certainly say that the pending charges against Mr. Charney do meet the definition of sexual harassment even though he claims that his behavior is part of his persona and is acceptable in his line of work. Apparently the plaintiffs were influenced by a different culture that does not find Mr. CharneyÃ¢â¬â¢s behavior as acceptable and found his behavior offensive and invasive. Organization Culture Mr. Charney has developed an organizational culture that reflects his personal culture. The culture of the organization is not that of the American norm and has left Mr. Charney suseptible to the type of claims the plaintiffs are filing. There are other employees that seem to share the same view point as Mr. Charney and do not take offense to walking into Mr. CharneyÃ¢â¬â¢s office to find the chief executive conducting business in a pair of underwear. The reasoing of such employees is the company manufactures underwear. The crude language that the plaintiffs found offensive is embraced as part of the organizationÃ¢â¬â¢s cutural norm as, Ã¢â¬Å"Alexandra Spunt, a writer in the companys art department, said crude language comes from all quarters.We all use it, she said. Were working in a creative department in the fashion business (Navarro, 2005). According to the interpretation of some employees, the culture of Mr. CharneyÃ¢â¬â¢s organization is acceptable and perhaps the plaint iffs should reconsider the industry in which they seek employment. All organizations are made up of different organizational cultures from retail stores to strip clubs, and perhaps the organizationÃ¢â¬â¢s culture should be considered and compared to oneÃ¢â¬â¢s own cultural standards before seeking work in a questionable organization. Conclusion In conclusion, after reading this article one may find that the acceptable or unacceptable boundaries of sexual harassment may be influenced by oneÃ¢â¬â¢s own culture, but in the end the dispute will be determined by a judge who is influenced by another set of cultural norms by which the final judgment will be delivered. According to the definition of sexual harassment, Mr. Charney has in fact infringed upon the plaintiffsÃ¢â¬â¢ personal boundaries and crossed the line into sexual harassment. As an employer Mr. Charney should reconsider his organizationÃ¢â¬â¢s culture and make the needed adjustments. Mr. Charney does not have to deny his own culture, but maybe he could find a happy median to where his cultural norms are not found to be so abrasive and offensive to employees and spiteful to his own organization. In the end Mr. Charney is not allowing diversity to flourish within his organization and that fact may be more harmful to the organization than Mr. Charney suppressing his own cultural beliefs. References Navarro, M. (2005, July 10). Fashion Style. Retrieved June 28, 2009, from nytimes.com: nytimes.com/2005/07/10/fashion/sundaystyles/10HARASS.html?pagewanted=1sq=harassmentst=csescp=8 The U.S. Equal Employment Opportunity Commission. (2009, March 11). Sexual Harassment. Retrieved June 29, 2009, from eeoc.gov: eeoc.gov/types/sexual_harassment.html Research Papers on Sexual Harassment - Legal Analysis PaperInfluences of Socio-Economic Status of Married MalesResearch Process Part OneRelationship between Media Coverage and Social andPersonal Experience with Teen PregnancyAnalysis of Ebay Expanding into AsiaMarketing of Lifeboy Soap A Unilever ProductThe Relationship Between Delinquency and Drug UseComparison: Letter from Birmingham and CritoNever Been Kicked Out of a Place This NiceHip-Hop is Art
Monday, October 21, 2019
Hill Surname Meaning and Origin There are several possible origins for the common HILL surname. The most common origin of the surname Hill is as a topographic or place name for one who lives on or near a hill, derived from the Old English hyll.A corruption of the German hild, meaning battle.From the medieval given name Hill, a short form of the personal name Hilary, from the Latin hilaris, meaning cheerful or glad. Hill is the 31st most popular surname in the United States and the 19th most common surname in Scotland. Surname Origin:Ã English Alternate Surname Spellings: Hills, Hille, Hyll, Hylle, Hille Hillemann, Hillmann, Hilmann Where People With the Surname Live According to surname distribution data fromÃ Forebears, HillÃ is most prevalent in the United States, where one in 699 people bears the name (ranking it 37th most common). Hill is also a common last name in England (36th), Australia (35th), New Zealand (34th), Wales (32nd), Canada (70th) and Scotland (89th). WorldNames PublicProfilerÃ identifies the Hill surname as especially common in Nova Scotia, Canada, as well as New Zealand, and the West Midlands district of the United Kingdom. Within England, Hill is found most prevalently in Birmingham, Worchestershire, Herefordshire, Derbyshire, and Somerset. Famous People James J. HillÃ - Railroad magnate responsible for expanding railways into the U.S. Northwest during the late 19th century.Benny HillÃ - British actor and comedianSteven HillÃ - Jewish-American actor bestÃ known for his roles in Mission Impossible and on Law Order.Sir Geoffrey William Hill - British poet Genealogy Resources Contrary to what you may hear, there is no such thing as a Hill family crest or coat of arms for the Hill surname.Ã Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male line descendants of the person to whom the coat of arms was originally granted.Ã If youre looking for ancestors or interested in connecting with others who share the last name Hill, the following resources can help: HILL Family Genealogy Forum: Search this popular genealogy forum for the Hill surname to find others who might be researching your ancestors, or post your own Hill genealogy query.FamilySearch: Explore over 9Ã million historical records which mention individuals with the HillÃ surname and variants, as well as online Hill family trees.HILL Surname and Family Mailing Lists: RootsWeb hosts several free mailing lists for researchers of the Hill surname. Sources Cottle, Basil.Ã Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Dorward, David.Ã Scottish Surnames. Collins Celtic (Pocket edition), 1998.Fucilla, Joseph.Ã Our Italian Surnames. Genealogical Publishing Company, 2003.Hanks, Patrick and Flavia Hodges.Ã A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick.Ã Dictionary of American Family Names. Oxford University Press, 2003.Reaney, P.H.Ã A Dictionary of English Surnames. Oxford University Press, 1997.Smith, Elsdon C.Ã American Surnames. Genealogical Publishing Company, 1997.
Sunday, October 20, 2019
The History and Origins of Candy By definition, candy is a rich sweet confection made with sugar or other sweeteners and often flavored or combined with fruits or nuts. Dessert refers to any sweet dish, for example, candy, fruit, ice cream or pastry, served at the end of a meal. History The history of candy dates back to ancient peoples who must have snacked on sweet honey straight from beehives. The first candy confections were fruits and nuts rolled in honey.Ã Honey was used in Ancient China, Middle East, Egypt, Greece and the Roman Empire to coat fruits and flowers to preserve them or to create forms of candy.Ã The manufacturing of sugar began during the middle ages and at that time sugar was so expensive that only the rich could afford candy made from sugar. Cacao, from which chocolate is made, was re-discovered in 1519 by Spanish explorers in Mexico. Before theÃ Industrial Revolution, candy was often considered a form of medicine, either used to calm the digestive system or cool a sore throat. In the Middle Ages, candy appeared on the tables of only the most wealthy at first. At that time, it began as a combination of spices and sugar that was used as an aid to digestive problems. The price of manufacturing sugar was much lower by the 17th century when hard candy became popular. By the mid-1800s, there were more than 400 factories in the United States producing candy. The first candy came to America in the early 18th century from Britain and France. Only a few of the early colonists were proficient in sugar work and were able to provide the sugary treats for the very wealthy.Ã Rock candy, made from crystallized sugar, was the simplest form of candy, but even this basic form of sugar was considered a luxury and was only attainable by the rich. Industrial Revolution The candy business underwent major changes in the 1830s when technological advances and the availability of sugar opened up the market. The new market was not only for the enjoyment of the rich but also for the pleasure of the working class. There was also an increasing market for children. While some fine confectioners remained, theÃ candy storeÃ became a staple of the child of theÃ American working class. Penny candyÃ became the first material good that children spent their own money on.Ã In 1847, the invention of theÃ candy press allowed manufacturers to produce multiple shapes and sizes of candy at once. In 1851, confectioners began to use a revolving steam pan to assist in boiling sugar. This transformation meant that the candy maker didnt have to continuously stir the boiling sugar. The heat from the surface of the pan was also much more evenly distributed and made it less likely the sugar would burn. These innovations made it possible for only one or two people to successfully run a candy business. History of Individual Types of Candy and Desserts Cake mix (commercial) was invented in 1949.Candy CanesCaramel Apple kits were designed by Kraft Foods sales representative, Dan Walker during the 1950s. The origin of Candy Apples is unknown.CheesecakeChocolateChocolate Chip CookiesCracker JackCupcakesFig Newton CookiesFortune Cookies were invented in America in 1918, by Charles Jung.Good and Plenty - On June 12, 1928, the Good and Plenty trademark was registered. Good and Plenty are the brightly colored, candy-coated, licorice candy.Graham CrackersGranola bars were invented by Stanley Mason.Gum - Bubble Gum, Chewing GumHOT ROCKS - On October 17, 1961, HOT ROCKS Candy was trademark registered.Gummie CandyIce CreamJelloLife Savers CandyLollipopsMarshmallows Marshmallow PeepsMoonpiesMMsThe Milky Way bar was invented in 1923 by Frank C. Mars.Popsicle
Saturday, October 19, 2019
Family And Local History - Essay Example Local history surviving records, their location and uses Record of protests in the royal burgh of Perth are located in Perth and Kinross archives, these records are stored under the record number B59/11 and date from 1809 to 1849, these records can be used to the understand the issues of the people who lived in Perth and the reasons that forced them to hold the protests. A limitation in these records is that they have only been recorded for a short period of time between 1809 and 1849, which may make them not fully show the trend or the frequency of the protests in the long run. Another record that is available in the Perth and Kinross council archives is the register of acts of town council and indexes to the council minutes, which are recorded in under the identity B59/16-17. The register of acts of town council contains acts that were made between 1601 and 1752 while the indexes to the minutes of the council and the acts are recorded for the years between 1500 and 1797. These reco rd are relevant in explaining the evolution of the council acts and proceedings, in addition they also show the issues that were prioritised in that period depending on the number of acts or the depth of the act relating to that issue. Treasurer accounts of the council which are stored under the identification number B59/18 are recorded for the period between 1670 and 1765,these records shows the treasures charge and discharge with details of expenditure and income of the council including the names of burgesses entered and the names of all council employees (Dobson, 64). These records can be used to determine the trends of expenditure and sources of income for the council of Perth, this information can be used by modern day... This essay stresses that most of the records in the Perth and Kinross council archive collection include documents on how the region was governed which include the legal and administrative documents. Other documents were on how the authority carried out their financial processes and regulated business activities. However, these records contain scanty documents on family issues and the specific demographic characteristics. This paper makes a conclusion that to encourage people from, other regions of the world who may not be conversant with the ancient language used in Scotland, texts such as those that have financial and legal information should have a simpler version created which is easier to understand while still maintaining the original information. In order to increase the number of people that can access historical information on Perth and Kinross, the authorities should have copies of the documents in archives of other major cities in addition to posting them on the internet to build the desire of internet users to tour the country especially in the 2014 homecoming celebrations. Financial information contained in the collection has used the old standards of accounting principles; this makes it hard for the visitors, especially those from outside the United Kingdom to understand some of the information since they may not be conversant with the accounting procedures used.
Friday, October 18, 2019
McHam_Donatello's David & Judith_x - Assignment Example the controversial message that the familyÃ¢â¬â¢s role in Florence was the same as that of respected Old Testament autocrat slayers and saviors of the people that emblematically inverted the increasing accusations that the Medici had developed tyranny that took all the power from the republican institutions in the city (McHam 32). The sculptures were mainly used as focal points of the courtyard and the garden that were linked. David was raised on a high base at the middle of the courtyard and could be seen when the palaceÃ¢â¬â¢s main entrance was open. The exact location of the Judith and Holofernes in the plot is not known as the orchard was immediately behind the quad, it may have been noticeable from the quad if it was located on the bloc between the orchard and the quad (McHam 32). The placement of the sculptures reveals that they could easily be viewed by the desired audience since the courtyard could be accessed by palace visitors and the garden could be accessed by an invited group. 2) What evidence does McHam provide that suggests DonatelloÃ¢â¬â¢s earlier marble version of David was interpreted in political terms? How would the placement of the artistÃ¢â¬â¢s later version of David been understood? (p. 34) The inscriptions in the manuscripts which describe the Palazzo della Signoria validate the speculation that had earlier been unproven that they might have been added to the sculpture before 1416 before Danatello recut the figure to emphasize a political role for David as being the defender of Florence (McHam 34). This was done by baring his one of his legs and removing the scroll that had previously used to identify David as being a prophet. The placement of the bronze version of David in the courtyard can be understood as a self-conscious allusion to the previous marble analogue and the inscription it was associated with. It was also a sign that the Medici were closely associated to the regime and supported their principles. 3) According to the author, what was
Observational films - Corporation Documentary - Research Paper Example Furthermore, in order to assess the personality of the corporation, there is a checklist employed which uses diagnostic criteria and standard tools of psychologists. These standards are applied to ensure that the organizational principles are human. But the organizational principles that are applied are highly self-interested, amoral, deceitful, and they breach the legal and social standards just to get the profits. The organization does not even suffer with guilt. Ã¢â¬Å"The CorporationÃ¢â¬ starts with a fast juxtaposition of familiar company logos and specific images, which supports the narration. And narration is giving you facts about the content. I realized that after the first couple of sentences my focus was so much on the visuals that the second time I watched it, I noticed I had missed some key information from the narrative. I understand that the filmmakers wanted to have gripping beginning and wanted to hit you with the important, interesting facts however I rather have something (visuals) that would allow me to think about the narration more. Also I would like the narration to be a bit slower. The bad apple metaphor is a good way to begin. It is a good example and preparation of what the documentary will sum up. ItÃ¢â¬â¢s true that a big portion of the documentary is using archive footage to support the audio. Even though I found the selection of archival footage very specific and extraordinary, sometimes it gets a bit too literal. First time we see a face in the movie, it ends up with a good twist. The man (Ira Jackson) who is looking right at the camera (audience) finishes with a joke. This part gives you a brief break from all the Ã¢â¬Å"seriousÃ¢â¬ stuff and hints out that this Ã¢â¬Å"boringÃ¢â¬ documentary about corporations will not be as tedious and boring as it seems to be. Besides having the subject looking right at