Gögn - 949 Words

Colin Drury, Management and Cost Accounting - Dumbellow Ltd Dumbellow Ltd Stan Brignall, Aston Business School The Board of Dumbellow Ltd are meeting on the 23rd January to discuss the draft budget for 2000/1, some two months before the start of that year. The company produces three industrial valves which are incorporated into equipment used in the Oil and Gas industry. The draft income statement is as follows: Product X  £k Sales 100k units at  £15 80k units at  £25 120k units at  £10 Materials Labour Overheads Profit/(Loss) 300 700 225 1225 275 400 800 360 1560 440 1500 2000 1200 480 750 330 1560 (360) 4700 1180 2250 915 4345 355 Product Y  £k Product Z  £k Total  £k The Board are unhappy with this planned outcome in two respects: they†¦show more content†¦I offered to help you look at your costs when I arrived last year, but when I proposed investigating the merits of Activity Based Costing you said you had no time to waste on such nonsense. You cant blame me for not consulting you! At this point Bob Berry, the Marketing manager, roused himself and smoothly announced, Theres no need for you two to bicker like this. I think the sales position would encourage us to lower the price of Z by  £1 per unit which I think would raise demand by 25%. If Arthur can save that  £1 per unit in variable production costs somehow, why dont we try that combination? Ben Kates, the Managing Director, now intervened. Id like to compare the effects of adopting Bobs suggestion versus Pauls. Arthur, would you also like to take a little time to think how best you might re-organise production so as to improve matters, and pass your thoughts to Paul for him to turn into financial figures. And, Paul, Id like you to try seeing what a simple 10% increase in sales and activity across the board would do, holding prices and everything else constant. After all, we have got a fair bit of spare capacity, havent we Arthur? The meeting broke-up at this point, having agreed to proceed on the lines set out by Ben Kates. Colin Drury, Management and Cost Accounting - Dumbellow Ltd à ­ là ­nu 4 à ¾Ãƒ ¡ The next day Arthur Mitchell phoned Pauls officeShow MoreRelatedNew Zealand : Indian And Pacific Plate Essay1656 Words   |  7 Pagesnatural and cultural environment. Some of the more major hazards that we could expect to see in New Zealand include ash falls, lava flows, lahars, and pyroclastic flows (others include electrical storms, volcanic gasses, tsunamis and earthquakes) ([1] gns science, 2010). The type, number, and severity of impacts of potential hazards varies between each volcano due to many factors. The likelihood of a hazard occurring may vary due to the observed behaviour of the volcano and geological readings. TheRead MoreEquity Valuation8469 Words   |  34 Pagesrate, ga is greater than gn, the normal long-run growth rate declines linearly for 2H years. = After 2H years the growth rate becomes gn = At H years the growth rate is exactly halfway between ga and gn, Growth rate ga gn H 2H Time While the derivation of the H model is rather complex, the valuation equation for the H model is quite simple: Po = Do [(1+gn) + H(ga -gn)] Read MoreGacos2418 Words   |  10 Pagesthe special areas for utilities such as electric, telephone, water, gas and sewage connections must be at least placed 2.5 meters within the GC area to enhance the service and facilitate the maintenance. 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M ¡L (1) turns 0N t0 check theRead MoreFinancial Accounting Theory11230 Words   |  45 Pagescharacteristics of a public good, reliance on market prices to motivate firms’ information production decisions does not result in the socially â€Å"best† amount of private information production. For example, if a firm enjoys a stronger share price response to the GN in net income when it use straight line amortization than when it uses declining balance, then the firm may prefer straight line amortization (use of straight line amortization is an information production decision). While this is fine from the firm’sRead MorePatients And Methods Of The Department Of Anesthesia1648 Words   |  7 Pagesmg/kg of pancuronium. 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Conditions in the oil and gas market can change rapidly, making it necessaryRead MoreDividend Discount Model4301 Words   |  18 Pagesthat the earnings growth rate starts at a high initial rate (ga) and declines linearly over the extraordinary growth period (which is assumed to last 2H periods) to a stable growth rate (gn).16 It also assumes that the dividend payout and cost of equity are constant over time and are not affected by the shifting growth rates. Figure 1 graphs the expected growth over time in the H Model. Figure 1: Expected Growth in the H Model ga gn Extraordinary growth phase: 2H years Infinite growth phase Read MoreValuation of Integrated Oil Gas Companies Msc Thesis33042 Words   |  133 PagesMSc Thesis: Valuation of Integrated Oil Gas Companies Irakli Menabde Valuation of Integrated Oil Gas Companies A comparative analysis of methodologies and empirical practices MSc Thesis MSc in International Business and Economics: Cand. 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Welfare Fraud Essay - 1638 Words

Lisa D. Green Ms. Fahle English 112 15 Jul 2013 When Help Turns to Abuse I can remember the conversation as if it was yesterday. While in a grocery store walking in the grocery aisle, I overheard a woman talking to another woman and her husband. The part that caught my attention was the young lady saying, â€Å"I can get you the cheese, milk, and eggs with my WIC, and all you have to do is give me the money when we leave the store.† I knew this wasn’t right, so I made sure I was at the check-out counter to see if what I overheard was true. To my surprise, the young woman paid for things using a check like piece of paper and waited for the couple to leave the store. In the parking lot, I witnessed the young lady giving the†¦show more content†¦Families that want to better themselves will try to get off the program. Being undereducated and entering an under skilled workforce may cause more harm than good to the family. Realizing their children will grow up poor or in poor health they have no choice but to get back on the syste m. The main issue on this is at least they tried to make a go of it before they had to come back onto the program. Offering job training may be a way to help families on the program. It would give them a sense of pride in themselves and not the feeling of relying on the system for a chance to help their family. The training will get them off the program in two years with job training and the much needed education to have a well paying job. As far as Douglas Wolf, a research scholar at the International Institute for Applied Systems Analysis states, â€Å"Underreporting or completely failing to report earnings to a welfare agency is a way of welfare fraud† (The Dynamics of Welfare Fraud) (438). For the government to realize that some participants will this, then the system should have the right to monitor them. Getting the applicants a job, the system will be able to monitor the pay for a year. This way if you continue to work plus receive assistance, the assistance can be cut if you are getting a steady paycheck. Once a steady paycheck is coming in, your assistance will be evaluated to determine if it will be terminated. If for some reason theShow MoreRelatedEssay on The Welfare Fraud Crisis1705 Words   |  7 Pages Welfare is intended for families or individuals that are in need of assistance with no or little income. For those who do not know, Welfare funds come from hard working individuals that are required to pay taxes. Now we wonder, are the tax payers’ hard earned money going to the right deserving recipients? Welfare fraud is on the rise in this country. Many are taking advantage of the system taking away the help that is meant for people that truly needed help to provide for their families orRead MoreWelfare Fraud : A Black Woman1289 Words   |  6 Pageswith the help of the media, the label of the black mother who lives on welfare, yet is able to afford a Cadillac. Her name was Linda Taylor, a Chicagoan who was infamously known to changing her name numerous times, participating in welfare fraud, and ultimately living a well-off life based on her scams. The Chicago Tribune was the first to refer to Taylor as being a â€Å"welfare queen.† Media and politics stereoty ped the â€Å"welfare queen† as a black woman who takes advantages of taxpayers and the systemRead MoreWhat Is Welfare Fraud and Who’s Paying the Price? Essay1436 Words   |  6 PagesWhat is Welfare Fraud and who’s paying the price? What is Welfare Fraud and who’s paying the price? Welfare fraud is misuse of various welfare programs; the people who suffer the most from this are the ones who should get benefits but can’t because there is no more funds available and the taxpayers who pay for it. Basically fraudsters withhold certain information or provide inaccurate or false information to receive benefits.   The three most common types of welfare fraud are purposely providingRead MoreEssay about Welfare Fraud: Betting Against the Odds851 Words   |  4 PagesTitle Welfare Fraud: Betting Against the Odds Introduction The issue that I have decided to address is welfare abuse. I propose that due to the government’s lack of foresight, welfare recipients have been cashing EBT benefits at ATM machines in California casino’s. Research question: Can something be done to ensure that welfare benefits will be used as intended by the recipients? Readers: Mainly Californian tax payers, but in a broader sense it could be anyone who is concerned aboutRead MoreEssay on Solutions to Poverty: First, End Welfare Fraud1835 Words   |  8 Pagesâ€Å"Michigan lottery winner arrested on charges of felony welfare fraud† -- Melissa Anders --   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Poverty is an issue in America that has become a growing problem. While it may not necessarily be an issue that gains a lot of attention from people in today’s society, it is still a problem that should be addressed, especially in times of economic hardship like the ones that we are currently experiencing. Money has become tight for a lot of people, but there are still those that have alwaysRead MoreWelfare Fraud And Its Different Variations Of Cases2176 Words   |  9 Pagesresearch is Welfare fraud and its different variations of cases and ways in which people are abusing the system. 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Accounting Risk & Insurance

Question: What is Risk Insurance?Explain Financial Statements on Insurers. Answer: Introduction In this assignment risk management will be analysed, the financial statements of the insurers and evaluating policies suitable for business. The course will focus upon Takaful insurance as a means of alternative to conventional insurance policy. In conventional insurance the risk is transferred to the insurance company i.e. insurer from the policy holder i.e. insured in relation to the premium paid. It has uncertainty associated i.e. gharrar as it is impressible by Islam (Yakob et al.). The loss and compensation are uncertain here as it is a form of gambling (maisir) as insurer is paying the amount i.e. premium. The funds are invested as bonds, securities etc. attracting fixed interest. It contains usury ( riba) that is prohibited in Islam. The profit generated belongs to the shareholders and the insured is not getting the payment after the policy period expires. Takaful is not sharing risk but, mutual cooperation is shared by individuals having same pool by having only takaful manager. The elements of gharrar, riba and maisir are eliminated by replacing it with conditional donations (tabarru) done for a good cause. The contribution is towards brotherhood in the spirit of purity (Neea) and investments are made into non-interest funds. At the end the surplus generated is returned proportionality as per the contribution made at the end of the accounting period (Archer, Abdel Karim and Nienhaus). 1. Evaluate Upon Risk Management on Its Importance Risk is a chosen probability action or process that leads to undesirable outcome and traditionally risk was associated with uncertainty of the events taking place in future. As stated by IFSB Chairman and Saudi Arabian Monetary Agency (SAMA) risk is not associated with religion. Risk in Islam in divided into two aspects unique and generic risk whereas, generic risk is having credit, market, oprtational and liquidity risk. Alternatively, unique risk includes shariah non risk, equity investment and commercial risk. In Islamic industry the most close to Takaful industry is unique risk. Risk management in insurance is used in terms of pure risks that may be only restricted to insured risks (Dionne 147-166). So, when an insurer speaks about risk management it deals with finding the ways of improving or reducing the potential loss of risk that is being invited or on the verge of invitation. In terms of management from Islamic perspective the life of human being is organic with no differentiation in religions, secular and matters. They are guided by the principles of shariah as men are not responsible and accountable for their actions. The areas of Takaful insurance cover investment management, human resources and compliance. In Takaful industry it helps in identifying the Takaful operator losses and using the most appropriate for treating it effectively. They are observed by imposing conditions on them regarding outsourcing of the management funds for viewing its effectiveness by managing it effectively within risk management framework (Yusof, Lau and Osman 1). This is done along with Chief Risk Officer (CRO) liable for seeing the risks like operational risk by making it in compliance with Shariah. The role played by CRO is to identify the risk by taking integrated measures for it. The risk management by Shariah is a system to control and monitor the assessment of Shariah and in order to manage the risks various objectives are guiding Takaful insurance. They are: Having a achievable rate of return on investments if it is possible The continuity should be there for their going concern The safety of Takaful fund is necessary by safeguarding it unfortunate conditions To ensure that the fund generated is able to pay as per obligations and claims The risks associated with Takaful operators are of three types- financial, operational and business (Aris and Tapsir). 2. Explain Financial Statements on Insurers A financial statement is a formal record that contains the financial activities and positions in a business, entity or person. The information is presented in a systematic manner that is easy to understand thereby discussing and analyzing it effectively. The various kinds of financial statements in respect to insurers are: Balance Sheet It is also refereed as statement of financial position that contains the information about the organization liabilities, assets and owners equity at a specific time period. It represents the financial position at the end of financial quarters (Fraser and Ormiston). The advantages are: The amount of capital can be known by ascertain it in business The financials are disclosed by showing the assets and payment paid in terms of liabilities The liabilities and assets have to be compared by generating the progress in the business It discloses the property of owner in his interest In order to manage the business effectively various ratios have to be generated that have to be effective in nature The disadvantages are: The assets are not represented in their true form in balance sheet as historical cost is attached to it. This provides inaccurate reflection of the market value (Guthmann) The non-monetary use of assets is not considered such as honesty, skill, loyalty of workers and intelligence. The current assets provided are not on their estimated value so in balance sheet it is not representing its true financial position. Income Statement This is done in respect to specific time period of business that includes income and expenses with a time span. The information is generated on ROI, operating capabilities and financial flexibility. It includes two sections- non-operating and operating whereas, in operation section it contains expenses and revenues. Similarly, non-operating section has gains and revenues for non-primary business activities that consist of interest expense, finance costs and income tax expense. (Damant 10-18) The pros being: For investors it is god as it contains detail information that accounts to operational efficiency, operational, profits etc. It represents the profitability over a period by making the principal equivalent to expenses. It provides details on revenues like COGS, taxes, employee expenses gained from non-operating aspects. It includes accrued interest from various investments that is an ideal source for generating revenue. The cons being: It is including in fraud with earnings management to report intentionally to the managers in financial reporting (Peterson Drake and Fabozzi) It includes judgements are available but are not ,measured by having a subjective component Cash flow Statement It is statement that shows the operation of the organization affecting the cash in a financial year period. It contains the funds flow statement and cash statement. The advantages are: It is working like a filter for investors and analyst by judging on the fact whether the company is making the financial statements error free. The statements turn to be incorrect if the balance sheet with cash flow statement is incorrect. The original cash position for two balance sheet with dates with profit and loss and funds flow is not able to show so it is crucial to make cash flow report by knowing the liquidity status of the organization (Fridson and Alvarez) The projections formed are accurate in nature in respect to liquidity of position by arranging the shortfalls in money in form of arrangements in advance. Any extra amount on part of the organization it helps in earning additional amount. The disadvantages are: When isolated it is of no use but requires other financial statements help like profit and loss (PL account), balance sheet etc. This presents only cash portions so it is not possible to judge by only viewing PL account 3. Critical Assessment of Policies Applicable to Business The policies of insurance have to be governed by insurance agreement that is inclusive of conditions, definitions and exclusions. It is a declaration that contains the information about the risk that insurance companies have to abide by (Rejda). The declaration contains the information risk that is limited to activity, insured property of the insured, name of policyholder etc. The insurance agreement covers the indemnity loss taking into account all risks and perils based name. In the first page of the insurance the terms and information included are: Policy limits Insurance company Premium Name insured The kind of insurance Policy period Deductibles The conditions contain the clauses that are specific to the condition as per set standard with some exclusion like narrowing of responsibility in case of loss. Any changing taking place in the document at original risk has can be changed i.e. delete or additions can be made further in the form of endorsements (Merkin and McGee). The validity of the contract is dependent on both parties that can be for long period, short period or one year. It includes payment terms of the policy, cancellation etc. In some cases deductibles are mentioned by paying the amount that is dependent on lower the premium amount bigger is the deduction. The policies that govern a business are discussed below: Indemnity This provides financial compensation to the insured to be in the same place as before the loss occurred to gain the same financial position. The value of the insurance paid should be agreed beforehand as the insured does not make any profit (Gephart). The money provided is on the basis of valuation on the basis of two aspects: Replacement value is paying for the damages without deducting the depreciation that is serving restriction by maximum dollar amount as declared on the policy form. Original cash value is paying the same value that is equivalent to replacement cost of the damaged property but, deducting the depreciation Insurable Interest In insurance term interest represents financial relationship with an individual and as per insurable interest it is forming a legal relationship. It is a matter of insurance that provides them with the right by being in the relationship legally. In this policy various terms like leased by, care, owned by, control or custody, rented by is used for the effectiveness (Mehr and Cammack). It is applicable in varied case some of them being tour operator or auto loan. This is applicable in various insurance such as: Life insurance at the time of inception but is not needed in time of claim In property does not exists in claiming nut at the time of inception it is necessary Marine insurance at the time of claim or loss but is not applicable in time of inception Subrogation In insurance two parties are involved in the process insurer and insured whereas, in this the insurer is serving the right to recover the amount paid by i.e. indemnity. It includes recovering the money from third party who is involved in the damage. The process begins even before the claim is paid that is applicable only in case of a clause in being inserted (Rejda). It is done to insure ones own benefit against the third party and action taken by the insurers subrogation should be performed in the name of insured. Proximity Cause This principle of insurance states that insurers are liable to pay the claims that is causing losses due to insured perils and not by uninsured perils or expected losses. A loss that has occurred may be due to number of causes or a combined effect taking place. In claiming the insurance one dominant cause has to reflect for paying money as all cases might not attract compensation. Utmost Goof Faith When an individual is opting for the insurance policy it is the duty of the insurer to disclose all accurate and voluntary materials associated with it. It is done before signing by keeping good faith wherever needed and in order to be efficient physical risk assessment is undertaken (Merkin and McGee). This procedure appoints assessor who judge the risk better by understanding it for example- UAE motor of data sharing. The insurance contract may be breached if any misrepresentation and any non-disclosure of information take place. It includes hiding personal details like fever from childhood, intentional motive etc. Contribution This is related to the claim that applies between the insurers of double events where two or more policies are getting affected on behalf of the insurer getting the same interest by agreeing in sums of the agreed amount that is exceeds the indemnity allowed legally. The interest of both the parties should be same having the same problem by having a loss. The policies undertaken should cover the same matter and for this as proportionate amount needs to be paid by insurer occurring at the time of loss (Gephart). Conclusion From the above discussion it can be concluded that insurance and contract is dependent on both the parties entering into contract. The risk of the insurance companies on Takaful insurance has to be insured in response to the market. The insurance companies have to analyse the risk in relation to Takaful by checking the financial statement of the insurers. The insurance contract formed has some rules and regulations upon which it is set that is profitable to business. Thus, Takaful insurance used by the people have to be within the regulatory measures. References Archer, Simon, Rifaat Ahmed Abdel Karim, and Volker Nienhaus. Takaful Islamic Insurance. Singapore: John Wiley Sons (Asia) Ltd., 2009. Print. Aris, Nooraslinda Abdul and Roszana Tapsir. "RISK AND RISK MANAGEMENT OF TAKAFUL INDUSTRY". JOURNAL OF GLOBAL BUSINESS AND ECONOMICS 4.1 (2012): n. pag. Web. 21 May 2016. Damant, David. "The Revolution Ahead In Financial Reporting: A New World What The Income Statement Means To Financial Reporting". Balance Sheet 11.4 (2003): 10-18. Web. Dionne, Georges. "Risk Management: History, Definition, And Critique". Risk Management and Insurance Review 16.2 (2013): 147-166. Web. Fraser, Lyn M and Aileen Ormiston. Understanding Financial Statements. 3rd ed. Upper Saddle River, N.J.: Prentice Hall, 2004. Print. Fridson, Martin S and Fernando Alvarez. Financial Statement Analysis. Hoboken, N.J.: Wiley, 2011. Print. Gephart, William F. Principles Of Insurance. 3rd ed. New York: Macmillan, 2005. Print. Guthmann, Harry G. Analysis Of Financial Statements. 3rd ed. New York: Prentice-Hall, 2005. Print. Mehr, Robert Irwin and Emerson Cammack. Principles Of Insurance. 3rd ed. Homewood, Ill.: R.D. Irwin, 2005. Print. Merkin, Robert M and Andrew McGee. Insurance Contract Law. 3rd ed. London: Kluwer Pub., 2005. Print. Peterson Drake, Pamela and Frank J Fabozzi. Analysis Of Financial Statements. Hoboken, N.J.: Wiley, 2006. Print. Rejda, G. (2006). Principles of Risk Management and Insurance (9th ed.). Dorling Kindersley, India. Yakob, Rubayah et al. "Solvency Determinants Of Conventional Life Insurers And Takaful Operators". Asia-Pacific Journal of Risk and Insurance 6.2 (2012): n. pag. Web. Yusof, Aida Yuzi, Wee-Yeap Lau, and Ahmad Farid Osman. "Risk-Based Capital Framework: Conventional Vs. Takaful Operators". jmr 7.2 (2015): 1. Web.