Balance Sheet and Public Sector Reform Essay Example for Free

Balance Sheet and Public Sector Reform Essay Financial control 1.1 Assess the relationship(s) between a financial system or function and other systems or functions in an organisation Answer: Information and records are of critical importance to the functioning and controlling of systems in general, including organisational systems. Given the central importance of information and records to systems operation, including public sector organisations and the societies they exist to govern, we should not be surprised to learn that public sector reform efforts that overlook the information component often fail to meet their immediate objectives and the longer-term goal of establishing a framework for good governance. Efforts to improve the management of public sector records in many countries have been hampered by a gap between the National Archives and the government’s record-creating departments. The result has been that most of the records in the custody of the Archives are over forty years old, while the records in government departments remain unmanaged. Some National Archives have inspecting powers, but there are few professionals trained to manage current records. Moreover, there are rarely systems in place to ensure that semi-current and non-current records are transferred to secure accommodation or appropriately destroyed. The introduction of computerized systems, often a key part of public sector reform projects, is compounding existing record-keeping problems. These computerized systems are using information that may be seriously flawed and based on collapsed paper-based systems. It is because effective management of records is so crucial to achieving public sector reform objectives, which lead to good governance, that restructuring must encompass the management of records. Restructuring of records and archives management processes must be seen as an integral part of the restructuring of core government processes to ensure the success of public sector reform efforts. 1.2 Describe the systems of accounts and financial statements used to control a financial system Answer: Financial statements are the primary means of communicating financial information to parties outside the business organization. The four basic financial statements: Balance Sheet Income Statement Statement of Cash Flows Statement of Retained Earnings ACCOUNTING SYSTEMS In small enterprises there can be different kinds of accounting systems such as external, internal and tax accounting. Annex 3 summarises data per Member State concerning accounting system requirements for small enterprises. On the basis of this data, the following descriptions of accounting systems are given: Internal accounting Internal accounting, also called management accounting is based on the enterprise’s internal accounting procedures and recorded accounting information. Internal accounting is intended for managers within organizations, to provide them with the economic basis to make informed business decisions that would allow them to be better equipped in their management and control functions. For example, managers may want to be able to assess the contribution or the profitability of different products or services that they supply by comparing the revenues and costs that they generate. Unlike external accounting information, internal accounting is usually confidential and it is accessible only to the management. In most cases, small enterprises do not use internal accounting at all due to their size. Internal accounting is normally not governed by national legislation. However, in some Member States internal accounting is compulsory even for small enterprises. External accounting External accounting, also called financial accounting is concerned with the preparation of financial statements for decision makers, such as the owners, suppliers, banks, governments and its agencies, customers and other stakeholders outside the enterprise. External accounting makes use of the accounting information from the internal accounting system. In the preparation of the external accounting, the small enterprise may be governed by local 1.3 Analyse financial information contained in a set of accounts or financial statements Answer: The two main sources of data for financial analysis are a companys balance sheet and income statement. The balance sheet outlines the financial and physical resources that a company has available for business activities in the future. It is important to note, however, that the balance sheet only lists these resources, and makes no judgment about how well they will be used by management. For this reason, the balance sheet is more useful in analysing a companys current financial position than its expected performance. The main elements of the balance sheet are assets and liabilities. Assets generally include both current assets (cash or equivalents that will be converted to cash within one year, such as accounts receivable, inventory, and prepaid expenses) and noncurrent assets (assets that are held for more than one year and are used in running the business, including fixed assets like property, plant, and equipment; long-term investments; and intangible assets like patents, copyrights, and goodwill). Both the total amount of assets and the makeup of asset accounts are of interest to financial analysts. The balance sheet also includes two categories of liabilities, current liabilities (debts that will come due within one year, such as accounts payable, short-term loans, and taxes) and long-term debts (debts that are due more than one year from the date of the stateme nt).Liabilities are important to financial analysts because businesses have same obligation to pay their bills regularly as individuals, while business income tends to be less certain. Long-term liabilities are less important to analysts, since they lack the urgency of short-term debts, though their presence does indicate that a company is strong enough to be allowed to borrow money. The balance sheet also commonly includes stock-holders equity accounts, which detail the permanent capital of the business. The total equity usually consists of two parts: the money that has been invested by shareholders, and the money that has been retained from profits and reinvested in the business. In general the more equity that is held by a business, the better the ability of the business to borrow additional funds. In contrast to the balance sheet, the income statement provides information about a companys performance over a certain period of time. Although it does not reveal much about the companys current financial condition, it does provide indications of its future viability. The main elements of the income statement are revenues earned; expenses incurred, and net profit or loss. Revenues consist mainly of sales, though financial analysts may also note the inclusion of royalties, interest, and extraordinary items. Likewise, operating expenses usually consist primarily of the cost of goods sold, but can also include some unusual items. Net income is the bottom line of the income statement. This figure is the main indicator of a companys accomplishments over the statement period. Read more: http://www.answers.com/topic/financial-analysis#ixzz1uKymsDuW 2.1 As a manager you need to fully understand your role in the budgetary process. It is the most basic financial planning and control tool. Every manager needs to know what costs are associated with their department, and how in relation are they doing to that budget. You might achieve your departmental goals, but if you go over budget in order to achieve those goals, you create financial problems for the company and jeopardize your own job performance review. In most cases, part of your performance appraisal will be based on whether or not you were within budget for the year. Budgets need to be realistic. You can’t just say at a whim you need 20 new people, just as upper management can’t say you have only $10 for a years’ worth of training classes. Budgets are used to investigate variances, whether you went over or under budget, and address the reasons for the variances. You need to always look at ways to control those variances by controlling costs. By being on top of your budget, you might be able to make changes before it’s too late and you end up having to reduce staff or eliminate a branch of your department. There are basically two types of budgets, a capital expenditure budget and operating budget: 1. Capital expenditure (also known as â€Å"Capex†) relates to costs associated with plant and equipment. This is equipment that generally lasts for more than a year such as a copy machine. 2. Operating budget, which is related to the normal day-to-day operations and expenditures such as payroll, supplies, and miscellaneous. There are two types of budgets within an operating budget, sales budgets and expense budgets:  · Sales budget is associated with comparison and variance of the actual revenue brought with the projected revenue.  · Expense budget applies to all areas incurring operating expenses, including the sales department. This is the budget we will focus on. CASH BUDGET FOR 90 DAYS Beginning cash balance $ 320,000 Add: Estimated collections on accounts receivable750,000 Estimated cash sales 250,000 $1,320,000 Deduct: Estimated payments on accounts payable $ 800,000 Estimated cash expenses 150,000 Contractual payments on long-term debt 150,000 Quarterly dividend 50,000 $1,150,000 Estimated ending cash balance $ 170,000 2.2 Budgetary Control is defined as the establishment of budgets, relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of actual with budgeted results either to secure by individual action the objective of that policy or to provide a base for its revision. 2. Salient features: a. Objectives: Determining the objectives to be achieved, over the budget period, and the policy (ies) that might be adopted for the achievement of these ends. b. Activities: Determining the variety of activities that should be undertaken for achievement of the objectives. c. Plans: Drawing up a plan or a scheme of operation in respect of each class of activity, in physical as well as monetary terms for the full budget period and its parts. d. Performance Evaluation: Laying out a system of comparison of actual performance by each person section or department with the relevant budget and determination of causes for the discrepancies, if any. e. Control Action: Ensuring that when the plans are not achieved, corrective actions are taken; And when corrective actions are not possible, ensuring that the plans are revised and objective achieved. Budgetary Control is an integral part of management. It consists in comparisons between the results of actual performance and budgeted performance. Central to this kind of comparison is Standard Costing and Variance Analysis. The purpose of this article is to clarify simply to the leaner, reader, and others peoples who related with accounts, budgets, costing department. 01. Variance Analysis: In a well-run organization the comparison between actual and budget is used as the basis for deciding the appropriate action. This document sets out how the analysis is used to highest effect. The procedure is actually part of the normal control process. Any variation from expected performance, in terms of budgets, where income or expenditure did not occur as expected. Variance analysis is the act of determining the drivers for those variations. Variances are noted and accounted for. A decision can be made to reduce expenses or reallocate resources. This technique greatly reduces the need for comprehensive review cycles. 2.3 Budget and Budgetary control, both at management and operational level looks at the future and lays down what has to be achieved. Control verifies whether or not the plans are understood, and puts into effect corrective measures where deviation or underperformance is occurring. This article Techniques of Budgetary Control examines how budget and budgetary control can impact on the performance of the organizations Techniques: Budgetary Control is an integral part of management. It consists in comparisons between the results of actual performance and budgeted performance. Central to this kind of comparison is Standard Costing and Variance Analysis. The purpose of this article is to clarify simply to the leaner, reader, and others peoples who related with accounts, budgets, costing department. What variance analysis is all about, avoiding pure technicalities and the terminology of accountants? Notice is confined to costs and cost variances in this article. A similar dealing of revenue and revenue variances would also be compulsory to acquire a proper perspective. Following explained The Budgetary Control Techniques 01. Variance Analysis: In a well-run organization the comparison between actual and budget is used as the basis for deciding the appropriate action. This document sets out how the analysis is used to highest effect. The procedure is actually part of the normal control process. Any variation from expected performance, in terms of budgets, where income or expenditure did not occur as expected. Variance analysis is the act of determining the drivers for those variations. Variances are noted and accounted for. A decision can be made to reduce expenses or reallocate resources. This technique greatly reduces the need for comprehensive review cycles.

James Joyce Essay -- essays research papers fc

In selecting James Joyce's Ulysses as the best novel of the twentieth century, Time magazine affirmed Joyce's lasting legacy in the realm of English literature. James Joyce (1882-1941), the twentieth century Irish novelist, short story writer and poet is a major literary figure of the twentieth-century. Regarded as "the most international of writers in English ¡K[with] a global reputation (Attridge, pix), Joyce's stature in literature stems from his experimentation with English prose. Influenced by European writers and an encyclopedic knowledge of European literatures, Joyce's distinctive writing style includes epiphanies, the stream-of-consciousness technique and conciseness. Born in Rathgar, near Dubtin, in 1882, he lived his adult life in Europe and died in Zurich, Switzerland in 1941. The eldest of then children, Joyce attended a Jesuit boarding school Clongowes Wood from 18888-1891 and Belvedere College, another Jesuit school from 1893-1898. In 1902, Joyce graduated from University College and went to live in exile in Europe unable to tolerate the narrow-mindedness of his native country. Ironically, Ireland and Irish people become the subject of his short stories and novels. The two central preoccupations of his work are a sense of betrayal. Ireland, dominated both political and economically by Britain and religiously by the Catholic Church caused Joyce to regard them as "the two imperialisms" (Attridge P. 34). Roman Catholicism is an integral aspect of the novel A Portrait of the Artist as a Young Man. In 1917, the English novelist H.G. Wells in a review of the novel in the New Republic wrote, "by far the most living and convincing pic ture that exists of an Irish Catholic upbringing." Joyce's focus on betrayal was a consequence of the downfall in 1889of the Irish leader Charles Stuart Parnell when he was attacked by the Irish Catholic Church when named a correspondent in a divorce case. This treachery left an indelible mark on Joyce's mind. 	Joyce literary talent emerged at Belvedere as he began to read the work of European writers and in particular the Norwegian dramatist, Henrik Ibsen (1828-1906). At the age of eighteen, Joyce wrote an essay entitled "Ibsen's New Drama" which was published in the Fortnightly Review. When Ibsen sent him a note of thanks, "the awestruck Joyce resolved to learn Norwegion... ... days the about life span of his characters-as Joyce world do in 'The Dead' in Ulysses, and perhaps in Finnegan's Wake." (Atteridge p.65) There was an increasing concentration on form and language in Joyce's five novels. In A Portrait of the Artist as a Young Man, Joyce in a few lines, describes Stephan, Dedalues's mood and characters. Works Cited 1. Arnold, Armin. James Joyce. New York: Frederick Ungar Publishing Co., 1969. 2. Attridge, Derek. The Cambridge Companion to James Joyce. New York: Cambridge University Press, 1990. 3. Benstock, Bernard. "Joyce, James." Twentieth Century Authors. New York: HW Wilson Company, 1942. 4. Cahalan, James M. A Critical History. Boston: G. K. Hall & Co., 1988. 5. "Joyce, James Augustine Aloysins." Microsoft Corpuration. Encarta. CD-Rom. Encarta. 1993-1996. 6. Kalasky, Drew. Short Story Criticism. Detroit: Gale Research Inc., 1995. 7. Kenner, Hugh, Fritz Senn, E.L. Esptein, Robert Boyle, SJ. A Starchamber Quiry: a James Joyce Centennial Volume, 1882-1982. New York: Methuen & Co. Ltd, 1982. 8. Rice, Thomas Jackson. James Joyce: Life, Work, and Criticism. Frederiction: York Press LTD., 1985.

Oil and Non-Oil Economy of the UAE Essay

The general dichotomization of the economy of the United Arab Emirates is into the oil and non-oil sectors. While the aggregate output remains dependent on oil production, the United Arab Emirates is focusing on the development of its non-oil sector as part of its diversification plan. However, its ability to develop fully its non-oil sector depends on the performance of its oil sector. One consideration is the relative contribution of the oil and non-oil sectors to the economy. The other consideration is the ability to the oil-sector to support the diversification plan in the non-oil sector. Abed and Hellyer (2001) explained that in 1998 the production of crude oil accounted for less than a quarter or 22 percent of gross domestic product. However, even if the contribution of crude oil production to aggregate output is less than a quarter, the impact of the sector on the economy is much bigger. Oil exports contributed 37 percent of earnings in foreign exchange and 60 percent of public sector revenue. The oil sector contributes to the aggregate economy in four fronts, which are business investment, household income and consumption, public spending, and net exports. This substantiates the claim that the oil sector comprises the backbone of the UAE economy. Further growth occurred in the oil sector in 2006 with the Ministry of Information and Culture (2006) reporting that the oil and gas sector contributed 28 percent to aggregate output. Concurrently, there is also growth in the non-oil sector, particularly in manufacturing and financial sectors. The UAE Federal Government (2008) further reported that oil and gas production experienced further growth by contributing one third to gross domestic product. This is primarily due to programs intending to optimize oil and gas production in the different emirates. At the same time, there is also solid growth in the non-oil sector. In the next years, the contribution of the oil sector should stabilize at one third of the economy and the non-oil sector becoming a stronger contributor to economic growth. This would allow the UAE to maximize returns from the oil and gas sector to boost growth in the non-oil sector. UAE Economic Developments to Achieve Diversification The United Arab Emirates is already on its way towards economic diversification. Although, the oil and gas sector remains as an important sector, the UAE has achieved developments in the non-oil sector. There are areas of economic developments that the UAE has to focus on to achieve diversification. Dunning (2005) identified the optimization of resource base as a means of achieving diversification. The UAE has to hone the potential of its key resources to establish different industries. The country has already done this by continuously developing its oil and gas sector. However, it also needs to optimize the resource base for the non-oil sector such as the development of land through urban planning or the urbanization of peripheral lands to provide venues for manufacturing and services sectors or the maintenance of natural resources for tourism. Another economic development needed to support diversification encompasses structural changes. According to Shihab (2006), the economic structure needs to support the needs of the non-oil sector. One way of achieving this is influencing employment patterns to develop labor force for the non-oil sector. This means investing in human services such as education and health to ensure labor productivity. Muysken and Nour (2006) stressed on the deficiencies in the educational system and low level of skills of the labor force as areas for improvement if the UAE wants to succeed in diversifying its economy. Another way is the establishment of different industries to broaden the economic base and create employment. A third economic development is integration of infrastructure and social structures to support diversification. DeNicola (2005) explained that infrastructure developments are necessary to attract investments and create employment opportunities for non-oil industries. Shihab (2006) explained that social factors such as the development of a culture of consumerism and calm co-existence among local minorities and expatriates support growth in the non-oil sector. Justification for Diversifying the UAE Economy Imbs and Wacziarg (2003) explained that the overall justification for economic diversification is sustainable growth by spreading economic risk across different industries. Economies reliant on a single sector such as the reliance of the member countries of the Gulf Cooperating Council on the oil sector also face high risks in the long-term because oil is a non-renewable resource (Fasano & Iqbal 2003). There are also specific reasons for the goal of the UAE for diversifying its economy. One is avoidance of the effect of the oil curse theory, which explains that dependence on oil has long-term negative effects on the economy. Oil exporting countries gain revenue by relying on price fluctuations in the global market alone, which does not require investments or efficiency that in turn precludes long-term development of economic capabilities or competencies. Revenue generated from oil is sufficient to support welfare services, placing focus on allocation instead of production. (HSBC Middle East 2003; DeNicola 2005) Another justification is the maximization of revenue generation through resource development. Diversification would enable an oil dependent economy such as the UAE to gain revenue from its other resources. Sole reliance on oil limits the revenue generating potential of the economy and hampers economic efficiency by idling resources. (Shihab 2006) Another related reason is resolving revenue volatility. Dependence on oil involves the downside of volatility in the long-term because oil is non-renewable, which means oil reserves will eventually run out in the future. Oil dependent countries need to develop other sources of revenue to ensure continuity of revenue generation even after oil reserves have dwindled. (Gylfason 2004) Still another justification is human development by creating employment opportunities for the young population. The UAE has a predominantly young population, which means a pool of intellectual and skill resource able to support the development of non-oil industries. Diversification enables the economy to develop its human resources to increase quality of life and sustain productivity. (HSBC Middle East, 2003; Muysken & Nour 2006) Non-Oil Sector in Economic Diversification for Sustainable Economic Development The Ministry of Information and Culture (2006) explained that the non-oil sector contributed 72 percent of the GDP of the UAE. This reflects the potential of developing the non-oil sector to achieve economic diversification and ensure sustainable economic development. The non-oil sector comprises goods manufacturing and services, with the former contributing 57. 9 percent and the latter contributing 42. 1 percent to GDP from the non-oil sector. Industries under goods manufacturing are agriculture, livestock and fisheries, mining, manufacturing, construction, and electricity, gas and water. Industries under services include restaurants and hotels, transportation, storage and communication, real estate and business, and social and private services. Diversification is already apparent in these various industries and there is still wide room for the development of these industries and the establishment of new industries. Hejmadi (2004) explained that development of the economic free zones were crucial to the development of different industries in goods manufacturing and services. These zones provided a venue and incentives for the flow of both domestic and foreign investments into diverse industries to create employment opportunities and contribute to the growth in aggregate output. Apart from the continuous development of these industries, a potential industry for diversification in the non-oil sector is tourism. Sharpley (2002) explained that tourism is becoming a ubiquitous means of achieving economic diversification for many countries seeking to secure long-term economic growth. Tourism fits the resource approach to sustainable growth since the UAE has many tourism destinations to attract tourists and its cultural openness also comprise an impetus for foreign tourists. Blanke and Mia (2006) reported that travel and tourism already exist as an industry in the UAE and contributing 1. 1 percent to GDP. There is wide potential for development. However, there are challenges to tourism development requiring investments in destination development and promotions (Sharpley, 2002; Henderson 2006) References Abed, I. & Hellyer, P. (Eds. ), 2001. United Arab Emirates: a new perspective. London: Trident Press Ltd. Blanke, J. & Mia, I. , 2006. Chapter 22 assessing travel & tourism competitiveness in the Arab world. [Online] Available at: http://www. weforum. org/pdf/Global_Competitiveness_Reports/Reports/chapters/2_2. pdf [Accessed 25 January 2009] DeNicola, C. , 2005. Dubai’s political and economic development: an oasis in the desert?. Williamstown, MA: Williams College. Dunning, T. , 2005. Resource dependence, economic performance, and political stability. Journal of Conflict Resolution, 49(4), pp. 451-482. Fasano, U. & Iqbal, Z. , 2003. GCC countries from oil dependence to diversification. Washington, DC: International Monetary Fund.

Breast Massage For Greater Breast Health And Cancer...

Breast Massage for Greater Breast Health and Cancer Prevention by Moving the Lymph By Melissa Gallagher | Submitted On September 28, 2012 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Melissa Gallagher Gentle therapeutic breast massage and lymphatic breast care are ideal for maintaining healthy breasts, reducing pain, swelling and other breast problems. Research shows that Regular massage can help prevent and detect breast cancer. According to Susun S. Weed, author of Breast Cancer? Breast Health! The Wise Woman Way, breast massage helps to prevent breast cancer by improving the immune system and moving lymph fluids through lymph nodes under the arms. Research indicates that our lifestyle choices create and support our breast health as they do overall health and wellness. Food and supplements, exercise, eliminating exposure to toxins, eliminating smoking, wearing well fitted non-underwire bras, reducing stress and balancing hormones are a great start. What isn t discussed in prevention and general health is breast massage and maintaining healthy breast lymph. The lymphatic system is part your immune system. The lymph (blood plasma and white blood cells) circulates through