Your Guide to English Reflection Papers

Your Guide to English Reflection PapersStandard English reflection paper is an exemplary proportion of the significant level of capacity that any understudy has achieved recorded as a hard copy. It is something that each class needs and gives understudies various advantages, for example, expanding their certainty when writing in English and empowering them to have the option to compose well and effectively.In expansion, it can likewise assist with deciding if an understudy will be acknowledged into a particular course. This is likewise valid for understudies who need to have the option to improve their scholarly presentation. Accordingly, the English reflection paper has numerous incredible uses.A smart thought while setting up an English reflection paper is to be certain that you don't hurry through the procedure. First off, you need to ensure that you write in a casual way. This implies you will have the option to unwind and be progressively agreeable when you are taking a shot at your paper. This can be especially useful for the individuals who experience issues relaxing.Another thing that you have to remember is that you have to have a reasonable reason when you are dealing with your paper. While there will be a wide range of sorts of papers that you can expound on, there are just going to be a couple of various reasons why you would need to expound on this point. The explanation behind which you are composing your paper will be the explanation that it will assist with concentrating on.This will be a significant factor when you will be taking your English reflection paper. When you realize what your motivation will be, you will have the option to compose without hardly lifting a finger and certainty. Nonetheless, it will even now be significant that you can recognize precisely what your motivation is and you have the certainty that you have to compose your paper confidently.If you don't feel sure about composing a paper on a specific point, it will be best for you to consider whether you truly need to get familiar with this new ability. On the off chance that you are certain that you don't have to learn it, at that point it may be a smart thought to not learn it. For certain understudies, learning this ability can be what might be compared to learning another dialect or an unknown dialect and in the event that you feel that you don't have to do this specific expertise, at that point it won't damage to avoid it.Writing an exposition regarding a matter that you have no past information about is likewise a smart thought. You will need to consider how the subject will identify with your different abilities and on the off chance that it is something that you have an involvement in. For instance, on the off chance that you have chipped away at a games group previously, at that point you can relate it to your scholastic aptitudes and the focal point of your paper.Lastly, attempt to consider what you need to achieve with your paper and be cer tain that you truly need to compose this sort of exposition. Commonly, understudies wind up sitting around and exertion composing a paper that they essentially couldn't care less about.

What to Write on Your Narrative Essay Topics

<h1>What to Write on Your Narrative Essay Topics</h1><p>In this article I'm going to offer you some guidance on what to compose on your story exposition points. Your theme is a significant piece of your piece and you ought to consistently ensure that you have the correct substance for it. Not all individuals are the equivalent, the sort of individuals who think that its helpful will likewise think that its hard to compose on certain points. So as I would see it this article may assist you with beginning right and do it properly.</p><p></p><p>The first thing that you have to consider when you are expounding on a subject for your paper is the means by which you can cause the perusers to comprehend you better. This is a significant factor to consider. You may wonder why you're composing the paper. There's no explanation not to compose what you think. Be that as it may, in the event that you don't know about what you need to state, at that point you might be compelled to rework your entire essay.</p><p></p><p>For most understudies, exposition themes are exceptionally simple to expound on. This is on the grounds that they definitely comprehend what they need to state and what they might want the perusers to peruse. A few people have an issue with composing a more drawn out article that will cover more themes. This is the reason the main thing that you ought to do is to compose a short passage that presents the topic.</p><p></p><p>After this you ought to compose a section that discussions about the topic of the exposition. This is the fundamental thought that you should focus on while composing your piece. In an alternate section you ought to present some essential data about the point. In the following passage you ought to compose a synopsis of the exposition point and toward the end you can close with some potential issues and recommendations for improving the substance of the article.</p><p></p><p>This way you can join the general topic with some essential data to complete the article. This may sound somewhat convoluted, yet I'm sure that you'll get it. It will permit you to compose something unique and fascinating. So subsequent to doing this progression you ought to likely go to the following topic.</p><p></p><p>The next thing that you ought to consider is to settle on a general point that you will compose on your whole article. In some cases I see a few writers, understudies or educators who choose to simply expound on something they need to state in their article theme. For certain individuals this can be truly fascinating, in light of the fact that it gives them an incredible opportunity to explore different avenues regarding different purposes of view.</p><p></p><p>To close, it's extremely essential to recollect that story paper subjects ought to be special. You would prefer n ot to simply recount to the entire story of something. You need to locate your very own understanding and state it in an alternate manner. By doing this you'll build the opportunity of making a fruitful and enduring essay.</p>

Argumentative Essay Topics on Anxiety and Therapy

<h1>Argumentative Essay Topics on Anxiety and Therapy</h1><p>There are numerous contentious exposition subjects on uneasiness and treatment that will assist the peruser with learning progressively about what this nervousness can do to the victim. At the point when individuals are first determined to have this nervousness issue, there is a ton of disarray for them since they don't comprehend why they have it and how it might be restored. Along these lines, it can make the victim feel vanquished and unmotivated.</p><p></p><p>It's not that an individual with this issue can't have ordinary and satisfying connections yet rather, it's the manner by which they respond to distressing things. They don't generally have a simple time with all that they do. One of the manners in which that advisors and advocates can assist a patient with dealing with this tension is by disclosing to them the various angles that go into treating this disorder.</p>&l t;p></p><p>By understanding the nuts and bolts of the essential manifestations of this issue, patients can begin to utilize various ways to deal with manage these side effects. This will assist them with abstaining from falling into these basic mix-ups that others make. At the point when an individual starts to dissect their own responses, they will have the option to pick up understanding into their illness.</p><p></p><p>The primary reason behind this is there is a path for them to adapt to this issue. By separating this into littler pieces, they will at that point have the option to apply these strategies to how they will control and deal with the fits of anxiety that they are having. This is a lot simpler to do when they have a thought of the stuff to manage the assaults themselves.</p><p></p><p>During these assaults, they should investigate the circumstances that they are being confronted with. Obviously, they ought to likewise understand that they can't expect for the assaults to keep going forever and that they ought to be set up for any event. This is one method of adapting to the assaults and of taking care of stressors, for example, specialists and social situations.</p><p></p><p>A smart thought is to disclose to patients how this can influence others around them. These individuals probably won't have the option to manage this kind of uneasiness and may even endeavor to advise them to simply 'wake up.' By doing this, the individual will wind up feeling more regrettable on the grounds that they no longer expertise to deal with the frenzy attacks.</p><p></p><p>This is something that specialists and advisors can assist the patient with by clarifying how this functions and the impacts it has on the individuals who experience the ill effects of the fits of anxiety. By investigating this, the victim will have the option to comprehend why this ought not be dreaded. In the event that they figure they can't adapt to this, they should look for treatment for it.</p><p></p><p>Even however it may appear as though there are a great deal of things to manage when you are experiencing this issue, there are a ton of different advances that can be taken to maintain a strategic distance from basic errors. For instance, specialists can assist them with understanding the kinds of emotions that they are encountering and how they can address their feelings of trepidation. There are such a significant number of various perspectives that ought to be dealt with that it's anything but difficult to overlook what is happening and when something is occurring, it's difficult to disclose it to somebody else.</p>

Uncommon Article Gives You the Facts on Parkinsons College Essay That Only a Few People Know Exist

<h1> Uncommon Article Gives You the Facts on Parkinsons College Essay That Only a Few People Know Exist </h1> <p>A not many of these medications can be used all alone while others really require to get utilized with the Levodopa-Carbidopa mix. The markers can vary from individual to individual. In spite of the fact that everybody presents with Parkinson's in an unexpected way, there are an assortment of manifestations that are found in everybody. On the planet today, cerebrum and sensory system issues are common. </p> <p>There are a wide range of manners by which this is at times done. Schools need a sentiment of development and introspectionpinpoint the change and exhibit your private growth.</p> <h2> The Tried and True Method for Parkinsons College Essay in Step by Step Detail </h2> <p>Essays are your absolute best companion. The creator begins with a fairly far reaching story of an occasion or portrayal of an individual or spot. </p> <h2> Top Parkinsons College Essay Secrets</h2> <p>Upcoming undergrads may likewise be mentioned to create a school paper for a bit of their first necessities. Universities are progressively disposed to concede understudies who can express certain clarifications for why the school is an extraordinary fit about them past its notoriety or positioning on any rundown. Individual Achievements Colleges are scanning for understudies who have accomplished in some area of their lives. </p> <p>Colleges care about the amounts of acknowledgments profoundly, so it could assist with understanding you're a slam dunk. Understudies may take a couple of differing ways through those couple of months between both of these stations throughout everyday life. In this manner, most of the understudies will focus on verifying they have the ideal evaluations to enter a particular school. </p> <p>This exposition is an extraordinary example of the best approach to transform an apparent shortcoming into a quality. All through this paper, the definition will be depicted alongside the markers and treatment options. </p> <p>A little gap is made in the skull and through it the lead is set into the mind. There's a globus pallidus on each side of the cerebrum, yet the activity must be done on a solitary side at once. A genuine case of a Lewy body can be found in Figure 4. By method of model, circulatory strain. </p> <h2>The War Against Parkinsons College Essay </h2> <p>Due to this, most Parkinson's patients every now and again have a bowed back, by virtue of the strained solid state. Incapacity is at first connected to engine side effects. The most well known sign of Parkinson sickness is the tremor in just 1 hand. Parkinson's sickness has become the most ordinary reason for Parkinsonism. </p> <p>In expansion, there are circumstances where the pointers of the infection are prompted by the patient taking a specific kind of medications. Tobacco use may really secure against PD, or it may be the case that an obscure factor the two raises the opportunity of PD and makes a repugnance tobacco or makes it a lot simpler to quit utilizing tobacco. Other than utilizing drugs, there are a few medical procedures that might be utilized to control the effects of the malady. Anyway, what's more, there are auxiliary and non-engine manifestations that can in like manner be appeared by methods for an individual experiencing Parkinson's ailment. </p> <p>EssayEdge is the top application paper altering administration on the planet. As you as of now observe from the previously mentioned enticing article tests, these assortments of papers can be very unique. There are basics in each and every type of paper you should observe. Simply visit the hunt field, put in your theme and u nderstand the rundown of expositions gathered from our site. </p> <p>Learn progressively about the manner in which the article is scored. Bridget's article is incredibly solid, yet there keep on being a couple easily overlooked details that could be improved. Stephen's article is very compelling. In this case, endeavor to hit the insignificant words required and be certain that the exposition you will compose is pressed with applicable information and useful subtleties. </p> <p>Your school article ought to contain data that identify with the guidance offered to you. The following are a couple of the models in the kind of prompts an understudy will presumably experience in a school article demand. By doing that the understudy remains consistent with the absolute first section providing an unmistakable way all through the full article. Try not to reorder exactly the same exposition for each and every school. </p>

Understanding IQâ€Intelligence Quotient Scores

The measurement of intelligence is a contentious topic, and one that often sparks debate among educators and psychologists. Is intelligence even measurable, they ask? And if so, is its measurement important when it comes to predicting success and failure? Some who study the relevance of intelligence claim that there are many types of intelligence, and maintain that one type is not necessarily better than another. Students who have a high degree of spatial intelligence and a lower degree of verbal intelligence, for instance, can be just as successful as anybody else. The differences have more to do with determination and confidence than one single intelligence factor. But decades ago, leading educational psychologists came to accept the Intelligence Quotient (IQ) as the most acceptable single measuring stick for determining cognitive competence. So what is the IQ, anyway? The IQ is a number that ranges from 0 to 200 (plus), and it is a ratio that is derived by comparing mental age to chronological age. Actually, the intelligence quotient is defined as 100 times the Mental Age (MA) divided by the Chronological Age (CA). IQ 100 MA/CAFrom Geocities.com One of the most notable proponents of the IQ is Linda S. Gottfredson, a scientist and educator who published a highly-regarded article in Scientific American. Gottfredson asserted that Intelligence as measured by IQ tests is the single most effective predictor known of individual performance at school and on the job. Another leading figure in the study of intelligence, Dr. Arthur Jensen, Professor Emeritus of educational psychology at the University of California, Berkeley, has created a chart that spells out the practical implications of various IQ scores. For instance, Jensen stated that people with scores from: 89-100 would be employable as store clerks111-120 have the ability to become policemen and teachers121-125 should have the ability to excel as professors and managers125 and higher demonstrate skills necessary for eminent professors, executives, editors. What Is a High IQ? The average IQ is 100, so anything over 100 is higher than average. However, most models suggest that a genius IQ starts around 140. Opinions about what constitutes a high IQ actually vary from one professional to another. Where Is IQ Measured? IQ tests come in many forms and come with varied results. If you are interested in coming up with your own IQ score, you can choose from a number of free tests that are available online, or you can schedule a test with a professional educational psychologist. Sources and Suggested Reading Gottfredson, Linda S., â€Å"The General Intelligence Factor.† Scientific American November 1998. 27 June 2008.Jensen, Arthur. Straight Talk About Mental Tests. New York: The Free Press, A Division of the Macmillan Publishing Co., Inc., 1981.

Start Your Papers Online

<h1>Start Your Papers Online</h1><p>You might be figuring, for what reason would I need to compose papers on the web? In the event that you're in any way similar to me, at that point you likely don't. In any case, for the motivations behind this article, how about we accept that you do and will need to compose your papers utilizing the internet.</p><p></p><p>Paper composing isn't something that numerous individuals consider. Particularly, not on the off chance that they are simply beginning their own scholarly or research papers. For certain individuals, paper composing is something that they just never get into. On the off chance that this portrays you, at that point you should realize that there are a lot of strategies that you can use to figure out how to compose a paper with ease.</p><p></p><p>Each understudy has their own needs with regards to figuring out how to compose a paper. A few understudies like to utilize a good old pen and paper, while others like to utilize a PC. In the event that you are hoping to begin with paper composing, it is imperative to ensure that you utilize the web. There are a lot of programming programs accessible that will help you in such manner. These projects are typically allowed to download and install.</p><p></p><p>First, scan for different sites that offer these kinds of projects. When you discover a site that looks encouraging, take a gander at the audits. What you need to see is whether the site is entrenched, simple to explore, and simple to get your data from. On the off chance that you can locate a couple of negative surveys, odds are that the webpage does not merit your time.</p><p></p><p>Now that you've picked a site that offers programs that will assist you with figuring out how to compose a paper, set aside some effort to peruse through their instructional exercises. They ought to consistently incorpora te recordings just as instructional exercises. Ensure that the recordings are not very long or quick moving. It is additionally shrewd to focus on the measure of material included with each tutorial.</p><p></p><p>Every instructional exercise will concentrate on specific subjects. You should audit the instructional exercises cautiously before you start to compose your papers. Realizing what is anticipated from you just as how to effectively compose the material that you will compose will be very helpful.</p><p></p><p>If you're beginning with composing papers, it is suggested that you compose a short example paper first. Regardless of whether you don't have a lot of involvement with composing, it is ideal to at any rate begin with an example. Along these lines, you can increase some certainty and abstain from presenting a fragmented paper that will have you disappointed and want to give up.</p><p></p><p>After you have finished your paper, it is critical to invest some energy investigating it to ensure that you haven't left any slip-ups on a specific point. Keep in mind, this is the first occasion when that you are composing a paper for school. You would prefer not to make mistakes toward the start and waste everybody's time.</p>

Essay Topics For Percy Jackson

Essay Topics For Percy JacksonAs you read this Percy Jackson: Sea of Monsters review, you may be thinking, 'This sounds like a lot of topics for Percy Jackson to cover, but I don't see any familiar characters or storylines here.' This is a perfectly natural reaction, and I fully understand it. Many of you who are reading this have probably not read the books or seen the movie.One thing that I love about 'Sea of Monsters' is that it introduces us to a new side of Percy Jackson, with his compelling case for reincarnation. What's more, it makes him seem fun and lighthearted, as if he were your typical teenage boy. So, since I feel like the book is so enjoyable to read, I wanted to give you some helpful tips on writing essays on topics for Percy Jackson.Since I am not a fan of writing essays on topics for other people's works, I have been especially careful when I wrote this essay. That's because I am not familiar with the source material and have absolutely no experience with writing a biography of this caliber. But, if you do have some experience in biography or even just sports writing, this should prove quite easy for you.First of all, in order to write an essay on topics for Percy Jackson, the most important thing is to pick the right characters. Fortunately, you only need one character in the novel, because there are six of them. These characters are Sun Wukong, Hestia, Myx, Peridot, Mera, and Zenebu.In addition to this, most major plot points in 'Sea of Monsters' will be revealed after Percy Jackson and the others have grown up and left the Nevernever. This makes them easy for you to use, because you only need to introduce each character once - in this case, just by quoting their names.For those who prefer an essay on topics for Percy Jackson, the best way to start off is to mention the four elements of life, namely warmth, fire, water, and earth. This makes this essay relatively easy to write, and it also does not require much information about the book. In stead, you can simply reference each element in order to add to the plot and help explain the events within the story.If you want to learn how to write a simple essay on topics for Percy Jackson, this is a great start because you can begin by saying that the characters are warm and then mention the elements and other things you believe this theme will include. You can continue on by describing each character in detail, and while you're at it, note that people are shown in action in the story.By using these essay topics for Percy Jackson, you can easily get started on a very successful research project. You'll get to learn a lot, and you'll have fun doing it!

Financial Decision making Assessment

Questions: Assignment Tasks Ambien PLC is a manufacturing company operating in the UK. You have recently been taken on in the position of Financial Controller. You have been asked by management to produce an assessment of a number of current issues facing the company as it seeks to expand its operations. Your assessment should be in the form of a formal business report, which would be suitable for presentation to the senior managers of Ambien PLC. Issue 1 Working Capital Management and Variance Analysis The company utilizes a bank overdraft to manage its short term working capital needs. But the Managing Director has mentioned that he is fed up of being in the red and would like some information on the profitability and short term capital planning of the company. He has presented you with the last three months cash budgets (both budgeted and actual: Cash Budget for the three months ending 30th October 2014 Budgeted Actual August September October August September October ,000 ,000 ,000 ,000 ,000 ,000 Cash Receipts 210 200 125 205 200 120 Capital Received 500 500 Br Fwd. Cash on Hand/(OD) -200 -200 Total 10 700 125 5 700 120 Rental Rates 5 5 5 5 5 5 Admin Sales Expenses 3 3 3 3 4 4 Distribution Expenses 2 2 2 1 2 2 Direct Labour 25 25 25 30 30 30 Cash Purchases (Raw Materials) 50 50 50 50 55 60 Capital Investment 50 50 Taxation Paid 500 500 Managerial Wages 20 20 20 20 20 20 Total 105 605 155 109 616 171 Balance -95 95 -30 -104 84 -51 Crd. Fwd. -95 0 -30 -104 -20 -71 The following information is also relevant: A depreciation charge of 10,000 was made during the period. All raw materials are paid for at the end of the month of delivery, the company keeps one months supply based on sales projections (i.e. the stock purchased and paid for during the month is used up in the following months production). Cash receipts represent the companys credit terms of two months to its customers. The sales department have forwarded the following information to you: Actual Sales (,000) for: September October 150 200 Projected Sales (,000) for: November December January 210 150 125 Section One of your report should include the following: A numerical variance analysis of the previous financial quarter along with a detailed written commentary as to the variances discovered and what might have caused them. This should include your recommendations as to how to improve the production variances in the future. A Budgeted and Actual Profit and Loss statement for the period, as well as a Budgeted Profit and Loss Statement and Cash Budget for the current quarter. You will need to make some judgements as to the expenses likely to be incurred in the quarter based on your analysis of the variances above. Assume no further capital investment or taxation paid during the quarter. A detailed written analysis of the short term working capital requirements of the company with suggestions recommendations on how to improve the situation. Issue 2 Capital Investment Appraisal The previous Financial Controller oversaw the recent capital investment of 500,000 in new PM. Unfortunately he left his working notes in a mess and other than a brief analysis of cash in-flows and out-flows there is not much in the way of proper analysis of this expenditure. Due to your recent studies in the area of capital investment appraisal you feel that you can offer the company a far better analysis of the investment and establish more robust procedures for evaluating future capital investment. In your briefing with the Managing Director you have learned that the company to date has operated a hurdle for capital investment of 3 years to payback. You mentioned at the time that payback is an inferior system for capital investment appraisal, but the MD did not have time to listen to your ideas regarding Net Present Value and the time value of money. The analysis of cash in and out flows is presented here: Capital Investment Appraisal Year 0 1 2 3 4 5 Cash Out-Flows - Cost of Machinery -500 - Feasibility Study -20 Total -520 0 0 0 0 0 Cash In-Flows - Reduction in Direct O/H 200 150 150 100 100 - Residual Value of the Machinery 50 Total 0 200 150 150 100 150 Net Cash Flow -520 200 150 150 100 150 The following information is also relevant: The company has a cost of equity capital of 14% and a cost of debt capital of 6%. The company is geared 50:50 debt to equity. The feasibility study refers to a long term project on the viability of purchasing new PM. The previous FC has included this as a direct cost of the project Section Two of your report should include the following: A derivation and explanation of the companys weighted average cost of capital. A detailed analysis of the capital project, including payback analysis (bearing in mind the companys existing capital budgeting hurdle) and an analysis of NPV. A detailed commentary on the primacy of NPV analysis as a capital investment appraisal tool along with recommendations on the future capital budgeting processes at the company. Issue 3 Foreign Trade, Exchange and Risk Management The company is currently planning to expand its operations into new production facilities in Europe. The company has developed a new product which is to be sold in Europe. The Raw Materials for the new product are being shipped in from the United States. At the time of the order 1 = 1.385 $US. The first consignment of Raw Materials cost $500 per unit in direct materials for each unit of production, payment must be made in full on dispatch of the Raw Materials. Further; production, distribution and selling costs are estimated to be 300,000. The selling price per unit is projected to be 750. The first consignment of Raw Materials is due to be delivered from the US in three months from the date of the order. The company has predicted production demand of 1000 units of production in the first run. The company has negotiated with its bank a 3 month forward rate contract of 1 = 1.435 $US. The previous FC had taken some advice from a FOREX expert on the likely volatility of the exchange rates between Euros and Dollars. He has produced an analysis that the forward rate predicted by the bank could vary by as much as 15% either way. The new production facility has been financed by the issuing of debentures in the European debt markets. The total value of the bonds is 500,000. Section Three of your report should include the following: A numerical analysis of the total profit or loss that can be expected if the company sells all units on production. This analysis should include the current price, the forward rate and should be adjusted for the predictions that the forward rate could vary by as much as 15%. A written commentary on the nature of risk, bearing in mind that the company has taken on debentures in a foreign currency.This commentary must include recommendations for mitigating the identified risks. Answers: Issue 1: Working Capital Management and Variance Analysis Variance Analysis Variance Analysis Particulars Budgeted (,000) Actual (,000) Variance (Actual Budgeted) (,000) Aug Sep Oct Aug Sep Oct Aug Sept Oct Direct Material 50 50 50 50 55 60 0 5 10 Direct Labour 25 25 25 30 30 30 5 5 5 Overheads 30 30 30 29 31 31 -1 1 1 Material Variance It can be observed that the variances of previous quarter of material are respectively 0, 5000 and 10000. It has gradually increased from one month to another month. This is not favourable for the company. It may be the causes such as hike in market price of material, purchasing of standard materials than lower quality, strong bargaining power of vendors, inefficiency in buying by the procurement staffs, excluding of discount due to purchase of smaller sizes (Diriba, 2013). The company should implement better practices of procurement such as inviting the suppliers with price quotations. Purchase should be at larger size and Procurement staff should increase their negotiable skill. Labour Variance Labour variance of every month of the quarter is 5000 which is adverse and there is no improvement from one month to another month. Reason behind of it may be increasing of minimum wage rate, inefficiency in hiring, hiring of large number of skilled labour or existence of strong negotiation by the labour unions. To convert into favourable position, the company should do effective planning on hiring of labour and should reformulate the standard cost of labour (Bragg, 2001). Overhead Variance Here, overhead includes Rent Rates, Admin Sales Expenses, Distribution Expenses and Managerial Wages. On the above table, variance indicates that the company was favourable in the month August where the actual cost was less than the budgeted cost. But suddenly, it has increased in the month of September and it is also remain same in October. This is due to increase in Admin Sales Expenses and Distribution Expenses. Admin Sale Expenses and Distribution Expenses of the organization should be properly managed to reduce the cost. Profit Loss Statement Budgeted 000(AUG) 000(SEP) 000(OCT) PERTICULARS Cash receipts (sales) 210 200 125 less: Cash purchase ( raw materials) 50 50 50 Gross Profit 160 150 75 less: Rental Rates 5 5 5 Admin and sales expenses 3 3 3 Distribution expenses 2 2 2 Direct Labor 25 25 25 Managerial wages 20 20 20 Net profit before Tax(NPBT) 105 95 20 less: Taxation paid 500 Net profit after tax (NPAT) 105 -405 20 Budgeted profit loss account is the expected figure of income and expenses. It is made periodically to plan for the future income and expenses. Actual ACTUALPERTICULARS 000(AUG) 000(SEP) 000(OCT) Cash receipts (sales) less: 205 150 200 Cash purchase ( raw materials) Gross Profit 50 55 60 less: 155 -5 150 Rental Rates Admin and sales expenses 5 5 5 Distribution expenses 3 4 4 Direct Labor 1 2 2 Managerial wages 30 30 30 Depreciation 20 20 20 Net profit before Tax(NPBT) 96 -66 89 less: Taxation paid 500 Net profit after Tax(NPAT) 96 -566 89 Actual profit loss statement is compared to budgeted profit loss account to find out whether the company is meeting the plan. Here, the budgeted and actual profit loss account statement show that the company has earn less profit than budgeted in the month of August. In the month of September, it has more loss than the budgeted. But, it has earned more profit in month of October than the budgeted. Company is incurred loss in the second month of a quarter because the tax is paid in the second month of a quarter. 1.2.1 Assumed Current Quarter Profit Loss Statement Budgeted PERTICULARS 000(NOV) 000(DEC) 000(JAN) Cash receipts (sales) 210 150 125 less: Cash purchase ( raw materials) 55 55 55 Gross Profit 155 95 70 less: Rental Rates 5.25 5.25 5.25 Admin and sales expenses 3 3 3 Distribution expenses 2.2 2.2 2.2 Direct Labor 25 25 25 Managerial wages 20 20 20 Depreciation 10 10 10 Net profit before Tax(NPBT) 89.55 29.55 4.55 less: Taxation paid 475 Net profit after Tax(NPAT) 89.55 -445.45 4.55 Actual PERTICULARS 000(NOV) 000(DEC) 000(JAN) Cash receipts (sales) 205 150 200 less: Cash purchase ( raw materials) 55 60 66 Gross Profit 150 90 134 less: Rental Rates 5.25 5.25 5.25 Admin and sales expenses 3 4 4 Distribution expenses 1.1 2.2 2.2 Direct Labor 30 30 30 Managerial wages 20 20 20 Depreciation 10 10 10 Net profit before Tax(NPBT) 80.65 20.65 64.65 less: Taxation paid 475 Net profit after Tax(NPAT) 80.65 -454.35 64.65 Assumptions for Profit and loss statement: We are assuming that rental and rent has been increased by 5% for next quarter Cash purchase has been increased by 10% Distribution expenses has been increased by 10% Managerial wages, direct labour, Admin and Sales expenses are remain constant. Taxation rate has been decreased by 5% for next quarter. In the current financial quarter, the profit of the company has reduced in the month of August and incurred more loss in the month of more loss in the September than the budgeted. But, in the month of October, the earned amount of profit is more high than the budgeted. This is happening due to the variance of cash receipts on sales. Cash Budget PERTICULARS 000(NOV) 000(DEC) 000(JAN) RECEIPTS: Cash receipts 150 200 150 Capital receipts 200 200 Cash in hand / overdrawn -71 -30.35 263.2 TOTAL RECEIPTS 79 369.65 613.2 PAYMENTS : Rental and Rates 5.25 5.25 5.25 Admin and sales expenses 3 4 4 Distribution expenses 1.1 2.2 2.2 Direct Labor 30 30 30 Cash Purchase ( Raw Material) 60 55 60 Capital Investment Taxation Paid Managerial Wages Depreciation 10 10 10 TOTAL PAYMENTS 109.35 106.45 111.45 Balance -30.35 263.2 501.75 Crd Frd -30.35 0 0 Assumptions for Cash Budget Next quarter Capital Received for the month of December and January are 200000 Cash budget is estimated cash flows both inflows and outflows for a specific period. Analysis of Working Capital Management Working capital is the short-term capital required to invest for continuing the day-to-business. It is the outcome of time lag between expenses related to purchasing of raw materials and cash collection through selling of finished goods. There are components of working capital such as inventories, cash payables, cash receivables. Each component has contribution to working capital. Working capital is changed time to time for the proportion of the components. Liquidity and profitability can be decided by the requirement of working capital which creates effect on the decisions of investing and financing (Sagner, 2011). If working capital requirement is very less, it may require less amount of financing. As a result, more cash is available for shareholders. But at a same time less amount requirement of working capital may decrease the sales volume. So, profitability may be affected. For good financial health of an organization, it is very important to manage the proportion of components of working capital management. Operating cycle is an important tool of analyzing the components of working capital (Preve Sarria-Allende, 2010). All the components are converted in terms of days such as average days taken to collect the account receivables, average days taken to turn over the sale of a product and average number of days taken for paying the account payables to supplier. Less amount of account receivable means company follows strict collection policies and provides a less amount of credit to sell. As a result, cash inflow can be increased. Following a strict collections policies and less credit may decrease the sale and profits of the company can be reduced. Increase in accounts payables availing a longer credit period from supplier means taking of low quality materials which can reduces the profitability. Decrease in inventory, company may fall in crisis to sell. There are aspects of working capital: Current Assets and Current Liabilities. The issues can be raised from the both aspects. Current assets are short-term fund to meet the short-term liabilities. Current assets include cash, accounts receivable and inventory, etc. The issues related to current assets may be keeping too much inventory, allowing customer too much time to pay the credit amount. Current liabilities include accounts payable, short-term debt, etc. The issues related to current liabilities may be getting of short-term period to pay the suppliers and increasing of borrowing to keep running the business. The cash collection policy of the company is not favourable. The payment to suppliers is done at the end of the month of delivery where customers avail two months for payment of credit amount. So, cash collection does not efficient to meet the payment to suppliers. Issue 2: Capital Investment Appraisal Section One: Derivation of Weighted Average Cost of Capital The company financed both equity and debt capital in equal proportion. Tax rate is not included. So, the weighted average cost of capital is as follows: Particulars Value (%) Proportion Cost of equity (%) 14 0.50 Cost of debt (%) 6 0.50 WACC 10 A company has different sources of finance such as Equity, Debt, Retained earnings, Short-term and Long-term Loan. Weighted average cost of capital is the average of all the sources of capital. Here, the company has two sources of capital, Equity and Debt. WACC is calculated by using the following formula: WACC= (Proportion of Equity Cost of Equity) + (Proportion of Debt Cost of Debt) WACC is the average rate of return which is expected to compensate all the different investors of the company. Here, the WACC is 10% that means company has to pay $0.10 against $1to its investors. It is helpful to gauge the expense of funding in future projects. It is also used in discounting cash flows for appraising the capital investment. Lower WACC means the company decides to increase its use of cheaper financing sources. If the cost of debt less than the cost of equity, the companys weighted average cost of capital will decrease. In case of this company, it is observed that the proportion of equity and debt capital is equal and also the cost of debt is less than the cost of equity. That means the company would like to face less risk for its capital investment. Section Two: Payback analysis and NVP analysis 2.1. Pay Back Analysis Calculation of Pay Back Period Year Cash Out-Flows Cash In-Flows Cumulative Cash In-Flows 0 -520 1 200 200 2 150 350 3 150 500 4 100 600 5 150 750 Payback Period 3.20 Payback period is calculated to find out the length of time required to recover the cost of investment. According to that the decision is taken whether to undertake the project or not. Longer the payback period is not suitable for investment (Peterson Drake Fabozzi, 2002). It is usually expressed in years and calculated by using following formula: Payback period = Cost of Project / Annual Cash Inflows Cash Inflows are accumulated by year until the Cumulative Cash Inflow becomes positive in respect of its total investment. Here, Cumulative Cash Inflow becomes positive in the 4th year. So, Payback period is 4 years but in exact, it would be 3.20 years. The drawbacks of Payback back period are as follows: 1. Payback period method does not consider time value of money. But some companies modified this method by adjusting the time value of money to get to get the discounted Payback period. 2. According to Payback period method, the better investment is that one which has the shorter payback period. But it ignores the any benefits that occur after the payback period. So, it does not measure profitability. 2.2. NPV Analysis Year 0 1 2 3 4 5 Cash Outflow -520 Cash Inflow 200 150 150 100 150 Discount Rate 10% 0.90909091 0.826446281 0.751315 0.683013 0.620921 Present Value 181.818182 123.9669421 112.6972 68.30135 93.1382 Total Present Value 579.92 Net Present Value 59.92 A rate of return is assumed or set to discount the net cash inflows from a project. Here, rate of return is assumed 10% which is equal to Weighted Average Cost of Capital derived in previous in previous task. If, NPV is positive or zero, the project is accepted and project is rejected when it is negative. In case two or more excusive projects having positive NPVs, highest NPV project is accepted (Langdon, 2002). Here, the NPV is positive (59.92). So, the project may be accepted by the company. 2.3. Primacy of NPV Analysis Net Present Value (NPV) is the present value of net cash inflows expected from a project including residual value, if any, less the initial outlay of the project. NPV is used in Capital Budgeting to measure the profitability of an investment or a project. It is one of the most reliable methods because time value of money is adjusted by using discounted cash inflows (Pettinger, 2000). To calculate the NPV, first the present value of net cash inflows is determined from a project. The net cash flows may be equal or may different. If they are equal, present value can be calculated by using the present value of formula of annuity. However, if they are different the present value of each individual net cash inflow calculated separately (Costantini, 2006). NPV of annuity is calculated by following formula: Where, R is the net cash inflow expected to be received each period; i is the required rate of return n are the number of periods And, NPV of different cash inflows is calculated as follows: Where, i is the target rate of return; R1 is the net cash inflow during the first period; R2 is the net cash inflow during the second period; R3 is the net cash inflow during the second period, and so on. NPV having positive value or zero is accepted. In comparison of two projects, the highest NPV project is accepted (Burger Hawkesworth, 2013). The drawback of NPV is that it is based on estimated future cash flows of the project and estimates may far from actual results (Baum Crosby, 2008). This is due to the assumption of discounting rate. In order to result the particular issue, firm or organization can employ Internal Rate Return (IRR). So, in future budgetary process, organization needs use both NPV and IRR as investment appraisal process (Ballantine, Galliers Stray, 1995). Issue 3: Foreign Trade, Exchange and Risk Management 3.1 Analysis of Profit Loss At current exchange rate Current exchange rate: 1=1.385 $US Raw material cost per unit is $500. So, total material cost = $500 1000 units = $500000 Total material in Euro with current exchange rate = 361010.83 Production, distribution and selling cost = 300000 Selling price per unit = 750 Total revenue from sales = 750 1000 units = 750000 Profit = 750000 - (361010.83 + 300000) = 88989.17 At 15% increasing Exchange rate will be 1 = 1.593 $US So, total material cost in Euro = $500000 / 1.593 = 313873.19 Profit = 750000 - (313873.19 + 300000) = 136126.81 At 15% decreasing Exchange rate will be 1 = 1.177 $US So, total material cost in Euro = $500000/1.177 = 424808.84 Profit = 750000 - ( 424808.84 + 300000) = 25191.16 At 3 month forward contract rate Three month forward contract is 1 = 1.435 $US So, total material cost will be in Euro = $500000/1.435 = 348432.05 Profit = 750000 - (348432.05+ 300000) = 101567.95 The above calculation shows that if the company agrees to buy raw materials from US at spot price, the profit will be affected. The materials will be delivered from US after three months of order and the forward rate may vary as much as 15% either way according to the FOREX expert analysis report. So, at the time payment of raw materials, company has to pay more if the currency value of US dollar decreases by 15% rather than increasing. As well as, company will earn more profit if currency value of US dollar decreases by 15% than increasing. But, there is risk associated with it that it may increase or decrease. There is another option for going forward contract. So, if the company chooses to buy raw material from US at 3 three months forward contract rate, it can earn a favourable profit avoiding the risk associated with currency rate. Therefore, it will be a better option for the company to choose the 3 month forward contract rate. 3.2 Risk associated with issuing of debenture in a foreign currency Company has to bear risk to choose the debt financing instrument in a foreign currency. The important risk with foreign financing is foreign exchange risk which makes difficult to control the stable and reliable earnings (Crowley Lee, 2003). Foreign exchange risk depends on the changes of currency rate and value of investment gets affected. When profit is exchanged in domestic currency, earnings of profit from a foreign country can be decreased if domestic currency gets appreciated in respect of the foreign currency. Exchange rate is volatile in nature and it affects on sales and revenue of the company (MacDonald, Menkhoff Rebitzky, 2009). Suppose the company has decided to raise it finance of 500000 through debenture in US currency. Assume that, current exchange rate of Euro in respect of US dollar is 1=1.385 US $. If the Euro currency gets depreciated with US dollar (1=1.152), company has to pay more amounts at the time of interest payment or full payment of debenture (Kikerkova, n.d.). Mitigation of Exchange Risk The exchange risk can be mitigated through hedging the fund. Company can choose to raise the fund through future contract, forward contract and options on currency the currency market (DeRosa, 2011). Suppose the company chooses to issue debenture in foreign currency through forward contract. So, exchange risk can be avoided and company can earn more revenues. References List Books: Diriba, H. (2013).Cost Variance Analysis Under Decomposition Method. SaarbruÃÅ'ˆcken: LAP LAMBERT Academic Publishing. Sagner, J. (2011).Essentials of working capital management. Hoboken, N.J.: Wiley. Preve, L., Sarria-Allende, V. (2010).Working capital management. New York: Oxford University Press. Pettinger, R. (2000).Investment appraisal. New York, N.Y.: St. Martin's Press. Peterson Drake, P., Fabozzi, F. (2002).Capital budgeting. New York, NY: Wiley. Langdon, K. (2002).Investment appraisal. Oxford, England: Capstone Pub. Costantini, P. (2006).Cash return on capital invested. 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