Andrew Mann s Philosophy On Education - 943 Words

Horace Mann, also known as the father of American education, created eight major theories that are vital to our education system today. Mann s Value Theory contributed to society s views on education. His Value Theory explained the goals of education. Mann believed that education should be open to all people, regardless of their financial status. This concept of Value Theory is much like my educational experience. Growing up, my family was not financially well off. However public school gave me the opportunity to learn and reach a higher level of education. Now I am able to compete with people of all financial statuses, for jobs and opportunities. As part of Value Theory , Mann also believes that education could have a set of values that did not belong to a religion therefore making them applicable to all people. A major example of this theory being implemented in education today is the policy that the government cannot fund religious schools. I experienced this first hand when I gra duated middle school, and many of my friends went on to attending Catholic schools. The families of my friends invested thousands of dollars to cover their tuition. Since I attended a public school, I attended school for free because it was paid for by the government. Perhaps one of the most interesting aspects of Value Theory was Mann s emphasis on the importance of practical knowledge, which he described as reading, writing, math, and science. He believed these subjects were fundamental andShow MoreRelatedRoy Theory14019 Words   |  57 PagesFellow of the American Academy of Nursing (Roy, personal communication, March 6, 1986; Roy, 1983; 1997; Roy Andrews, 1991, 1999). According to Roy (personal communication, March 6, 1986), her major professional interest is the development of nursing as a scientific and humanistic discipline with an articulated and tested theory base that directs nursing practice and nursing education. Her clinical and research interests focus on neuroscience nursing and are aimed at understanding basic human Read MoreThe Age Of Jackson : A Period Of American History Essay1798 Words   |  8 Pages The Age of Jackson, from the 1820 s to the 1830 s, was a period of American history full of contradictions, especially in regard to democracy. The period saw an immense increase in voter participation, nominating committees replaced caucuses, and electors began to be popularly elected. Yet, all of these voting changes affected only a minority of the American people: White, Anglo-Saxon males. So, though one can easily tell that White, Anglo-Saxon males were gaining true liberty and equality,Read MoreTheories of Organizational Behavior10512 Words   |  43 Pagescharismatic leadership. Soon after, F W Taylor introduced the systematic use of goal setting and rewards to motivate employees. 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History of Civil War - 882 Words

Unfortunately, our modern society has been marred with war and strife over its eventful lifespan. A civil disagreement, when accompanied by mass offenses, often ends with deadly war. Throughout history, many nations have been unable to solve their personal grievances with one another in a diplomatic manner. In many instances are solves through protest, boycotts and other contentious means. However, in some instances, society elects the worst possible alternative, which is often war. In retrospect, wars have been fought for many worthwhile causes, even by todays standards. Wars have been fought over liberty, injustice, the potential threat to national security and more. However, no war is more damaging than those that are civil. Brother against brother, father against father, neighbor against neighbor. These are often the most bitter of wars simply because they are so personal and contentious. As is the case with the American Civil War of 1861-1865, the varying degrees of hatred and d isagreement resulting in massive deaths. Due primarily to the civil nature of the war, many lives were lost in an unnecessary and often brutal manner. To begin, the civil was occurred between the yeas 1861 and 1865. The war was fought over a noble cause, with was the abolishment of slavery. During this period, the south has seceded from the Nation as it was opposed to the abolishment of slavery. The south relied heavily on slave labor for its economic activity and prosperity. Slave labor, atShow MoreRelatedHistory Of The Civil War Essay1112 Words   |  5 PagesHistory of the Civil War, 1861–1865, by James Ford Rhodes The book I am writing my review on is ‘History of the Civil War’ by James Ford Rhodes. James was born on May 1, 1848, in Ohio City, Ohio which is now a part of Cleveland. 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After the war was over, the war left a huge impact on the modern world through theRead MoreAn Essay On The History Of The Civil War1812 Words   |  8 Pagessee everyday, whether it be in a painting, writing, or in a photo, we all have certain perspectives on different subjects and that’s one of the things that brings a divergence in the path of thoughts. All of three mentioned above are a way that our history as a nation can be preserved, unless of course there’s a fire and everything goes up in flames within seconds and just like that, everything is gone, and this is why copies are important everyone. Oh, what’s that? T he south and north are so angryRead MoreThe Civil War Is The Deadliest War Of American History Essay1853 Words   |  8 PagesThe Civil War is the deadliest war in American History. Between 1861 and 1865, over 600,000 brave souls lost their lives at nearly 10,500 battles. By the end of the war, there were nearly 200,000 African-Americans that fought on the side of the North, with 80 percent recruited from slave states (Half Slave and Half Free, 240). Wars are fought over irreconcilable differences. There may not be one specific cause. Directly or indirectly, slavery was intertwined in many of these differences and the physical

Journals of Academy of Business Education - MyAssignmenthelp.com

Question: Discuss about the Journals of Academy of Business Education. Answer: Description of company: Oz Minerals is a mining company that was formed after the merger of Zinifex and Oxiana limited in year 2008 and is based in Adelaide in Australia. It is one of the largest deposits of copper at Carrapateena. The strategy of organization is centered on value creation for a wide range of stakeholders. Core product of company is Copper containing silver and gold. Mining method used by Oz Minerals involves underground mining and open pit and employs processing method such as grinding, conventional crushing and flotation (ozminerals.com 2018).. Product produced by company is railed to port Adelaide, thereafter it is shipped to customers in Europe and Asia, and then it is transported to domestic customers. Ownership and governance structure of company: From the annual report of Oz Minerals for year 2016, it can be seen that there are top twenty investors of company. Shareholder holding more than 20% of shareholding is HSBC custody nominees (Australia) Limited. It is the only shareholder having more than 20% of shares and therefore, company will be classified as non-family company (ozminerals.com 2018). Shareholders having higher than 5% shareholdings are JP Morgan Nominees Australia limited and Citicorp Nominees Pty limited. Total numbers of shares held by these two shareholders are 47613532 and 45349773 respectively. Neil Hamilton is the Chairman and independent non-executive director of Oz minerals. Andrew Cole is the chief executive officer and managing director of company. Other members of board include Charles Lenegan, Julie Bebby, Paul Dowd, and Rebecca McGrath who is the independent non-executive director (ozminerals.com 2018). Calculation of performance ratios: Trend Particulars` 2013 2014 2015 2016 2013 2014 2015 2016 Net Profit after Tax (NPAT) A -294.4 48.5 130.2 107.8 -100.0% 16.5% 44.2% 36.6% Total Assets (TA) B 2517.1 2408.7 2566.4 2630.6 100.0% 95.7% 102.0% 104.5% Ordinary Equity (OE) C 2327.9 2249.1 2354.3 2343.9 100.0% 96.6% 101.1% 100.7% Total Liabilities D 189.2 159.6 222.5 276.3 100.0% 84.4% 117.6% 146.0% Return on Assets (ROA) E= A/B -11.70% 2.01% 5.07% 4.10% -100.0% 17.22% 43.38% 35.04% Return on Equity (ROE) F=A/C -12.65% 2.16% 5.53% 4.60% -100.0% 17.05% 43.73% 36.37% Debt Ratio G=D/B 0.075 0.066 0.087 0.105 100.0% 88.15% 115.34% 139.74% The variable TA indicates total assets and variable OE indicates ownership equity and these two variables are interrelated with ROA and ROE. An increase in total value of assets with value of net profit remaining same indicates that there will be reduction in return on assets as they are not utilized efficiently for generating profits. An increase in value of assets with profit remaining same will generate lower debt equity ratio and therefore, there will be higher return on equity. Therefore, the value of ROE and ROA is determined by the total value of assets and total value of equity. From the above table, it can be seen that return on equity (ROE) is greater than return on assets (ROA) for all the four years. Both the concepts depict the efficiency of organization in using resources for generating assets. Return on equity is less than return on assets because of lower value of total ordinary equities compared to total value of assets. A healthy organization always has total value of assets more than total equity because the values of assets are more than equity when liabilities of organization have reduced (Danes et al. 2016). Two graphs with the description of results: The above chart depicts the monthly share price movement of Oz Minerals over the past two years. Blue line indicates the movement of share price of company while orange line depicts the movement of all ordinaries index. Looking at the graph, it can be inferred that movement of share price of company is more volatile compared to that of index that are less fluctuating over the time period. Therefore, the monthly share price of Oz minerals is more volatile. In the initial year till end of first month of year 2016, share price was volatile and they were above ordinaries index price and in later year, monthly share price fluctuated but they were below the ordinaries index. Line indicating share price of company is not closely correlated with that of line of ordinaries index. However, in the last four months, share price of Oz Minerals were not much volatile and in the current time, they are trading below all ordinaries index. Significant factors influencing the share price of Oz Minerals: The share price of influenced by many internal as well as external factors of economy. Ongoing commercially sensitive negotiations and the intervention of government in supporting palatable alternatives comprising of their party investment are some of the factors that have influenced share price. Feature of investment vase of Oz minerals are due to strong operating margins and reduction of cost assumptions. Poor outlook of company is illustrated by fall in expectation of earning by company and a limited level of growth in revenue is likely to impact the expected earnings resulting in negative growth rate. The unsustainable decline in earnings is mainly attributable to the fact of exceeding of cost growth (Petty et al. 2015). Nonetheless, insiders may have the conviction to buy the shares by perception of prosperous time ahead of the period of investment. Calculation of Beta values and expected rate of returns: Particulars Amount Beta of the company A 0.65 Risk Free Rate B 4% Market Risk Premium C 6% Required Rate of Return D=B+[Ax(C-B)] 5.30% Trend Particulars` 2013 2014 2015 2016 2013 2014 2015 2016 EBIT A -434 56.3 186.8 127.2 -100.00% 12.97% 43.04% 29.31% Total Assets B 2517.1 2408.7 2566.4 2630.6 100.00% 95.69% 101.96% 104.51% Net Profit after Tax C -294.4 48.5 130.2 107.8 -100.00% 16.47% 44.23% 36.62% Owner's Equity D 2327.9 2249.1 2354.3 2343.9 100.00% 96.61% 101.13% 100.69% Return on Equity E=(A/B)x(C/A)x (B/D) -12.65% 2.16% 5.53% 4.60% -100.00% 17.05% 43.73% 36.37% Beta is the factor for measuring the rate of return of stock of company and it helps in explaining systematic risk and stock volatility. Conservative investment is a type of investment where the return is nit fluctuated and they guarantee to investors a given amount of return. When looking at beta value of Oz Minerals that stands at 0.65 is indicative of the fat that excess return of stock is expected to perform .45 worse than expected return of market that is index. Low beta value depicts that investment is conservative as the market related risk is low. Performance of company is associated with mining stocks and price of minerals compared to overall stock market (Thomas et al. 2015). Therefore the company has chosen a conservative investment strategy. Weighted average cost of capital: Particulars Amount Weight age Cost Return Rate Tax Rate WACC Total Long Term Debt 101.5 4.13% 4.8 4.73% 30.00% 0.14% Total Equity 2354.3 95.87% 5.30% 5.08% TOTAL 2455.8 100% 5.22% Weighted average cost of capital is the composite cost of capital that helps in evaluation of new projects that are undertaken by company. The estimation of expected cost by company is done by using WACC for financing sources of investment. Cost of capital is the discount rate that is used by company for the purpose of calculations of their capital budgeting. It helps in evaluating the returns generated by any project and whether they are sufficient for risks compensation. Higher WACC is indication of the fact that higher risk is associated with operation of company and hence investors seek additional return in return for undertaking additional level of risks (Peirson et al. 2014). Therefore, management of organization evaluates the higher weighted cost of capital to be associated with carrying higher level of risk and hence investors seeking higher return for compensation the additional level of risks that they are undertaking Debt ratios for the past two years: The computation if debt ratio for the past three years has been shown in the above table. It can be seen that debt ratio for 0.066 in year 2014 and .087 in year 2015 respectively. It can be seen that debt ratio has increased in year 2015. Now, looking at figure for year 2016, debt ratio stood at .105 and this is indicative of the fact that level of debt ratio has been increasing for the past three to four years as illustrated by figures. Therefore, it can be concluded that debt ratio value has not been stable. Looking at the capital structure of company, it can be seen that value of assets have been increasing throughout, however, total liabilities initially decreased and then it is increased subsequently. It appears that organization is not working on maintaining a preferred optimal capital structure. At year ending 31st December, Oz Minerals does not have any borrowings and at the end of year, consolidated entity has undrawn borrowings. On February, 2016, organization has made an announcement of program of an on market share buyback program. This was done for an amount of $ 60 million as a part of framework of updated capital management. Strategy of Oz minerals is reinforced by this updated framework for maximizing the returns of shareholders by ensuring that there is an efficient allocation of capital. Shares that have been acquired as a part of market buyback share program are presented as deduction to capital by cancelling it and there was a share buyback of $ 29.9 million. Oz minerals completed a share buyback of $ 29.9 million of a $ 60 million share through the program (ozminerals.com 2018). There was a repurchasing of shares of total amount of $ 4.8 million at an average share price of $ 6.23. Yes, the adjustments that have been made to shares by share buyback programs hav e been mentioned in the directors report as presented in the annual report of company. Dividend policy: The dividend policy that has been implemented by the management of Oz minerals is in accordance with the corporation Act and rules that are listed on Australian stock exchange. Payment of dividend is done by considering the outlined principles and ensuring the fair trading of securities of Oz minerals. There has not been any recognition of the financial impact of paying dividend in the consolidated financial statement for the year ending 31st December, 2016. For the purpose of Australian taxation, final year dividend has been fully franked. Implementing the dividend policy as prescribed by principles of Australian stock exchange and corporation act has been dine for maintaining compliance so that they are not facing compliance issues (MAcc 2017). Letter of recommendation: Dear ABC, Queensland Australia Respected Sir, After conducting detailed analysis of financial performance of Oz minerals in terms of their debt structure, leverage, share price, I would like to present my view on forming this company as a part of your investment portfolio. Looking the ratios computed, it can be seen that ROE and ROA is increasing and has been stable in these few years. Debt ratio has increased indicating increase in total liabilities, but this is not unfavorable for investors seeking investment. This is so because organization has employed conservative strategy and hence it will not be risky for investors including it in their portfolio of stocks. In recent years, price of shares have also increased 6.39 for year ending 2016 and increasing to 8.8 for year ending 2017. This increase can be regarded as significant for investors to be included in their investment portfolio. Moreover, looking at beta and weighted average cost of capital for Oz minerals, it can be seen that investing is not risky and stock would be generating reasonable return. Therefore, I would recommend Mr ABC to include Oz minerals to in his/her investment portfolio. Thanking you, ABC Investment Company References Bekaert, G. and Hodrick, R., 2017. International financial management. Cambridge University Press. Brigham, E.F. and Daves, P.R., 2014. Intermediate Financial Management. Cengage Learning. Brooke, M.Z., 2016. Handbook of international financial management. Springer. Danes, S.M., Garbow, J. and Jokela, B.H., 2016. Financial management and culture: the American Indian Case. Journal of Financial Counseling and Planning, 27(1), p.61. Dennis, V. and Walcott, J., 2014. Federal financial management shared services: The move is on. The Journal of Government Financial Management, 63(3), p.18. Editorial, R. (2018). ${Instrument_CompanyName} ${Instrument_Ric} Quote| Reuters.com. [online] U.S. Available at: https://www.reuters.com/finance/stocks/overview/OZL.AX [Accessed 13 Jan. 2018]. Finance.yahoo.com. (2018). OZL.AX : Summary for OZMINER FPO - Yahoo Finance. [online] Available at: https://finance.yahoo.com/quote/ozl.ax?ltr=1 [Accessed 13 Jan. 2018]. Irimia-Dieguez, A.I., Medina-Lopez, C. and Alfalla-Luque, R., 2015. Financial Management of large projects: A research gap. Procedia Economics and finance, 23, pp.652-657. Kov?k, M., Sarga, L. and Klmek, P., 2015. Usage of control charts for time series analysis in financial management. Journal of Business Economics and Management, 16(1), pp.138-158. MAcc, T.D.R., 2017. An Empirical Analysis of Success Factors in an Introductory Financial Management Class. Journal of the Academy of Business Education, 18, pp.231-284. Madura, J., 2014. International financial management. Nelson Education. Ozminerals.com. (2018). Annual Reports | OZ Minerals. [online] Available at: https://www.ozminerals.com/media/reports/annual/ [Accessed 13 Jan. 2018]. Peirson, G., Brown, R., Easton, S. and Howard, P., 2014. Business finance. McGraw-Hill Education Australia. Petty, J.W., Titman, S., Keown, A.J., Martin, P., Martin, J.D. and Burrow, M., 2015. Financial management: Principles and applications. Pearson Higher Education AU. Sofat, R. and Hiro, P., 2015. Strategic financial management. PHI Learning Pvt. Ltd.. Thomas, O.O., Adekunle, T.A., Olarewaju, A.A. and Folarin, E.A., 2015. FINANCIAL MANAGEMENT AS A TOOL FOR THE GROWTH OF SMALL BUSINESS ENTERPRISES IN LAGOS STATE: AN EMPIRICAL APPROACH. Indian Journal of Commerce and Management Studies, 6(1), p.17. Valencia, M. and Restrepo, J., 2016. Evaluation of financial management using latent variables in stochastic frontier analysis. DYNA, 199, pp.35-40.

Economics for Accountants

Question: Discuss about theEconomics for Accountants. Answer: Bubble in Housing Market Bubble in housing market generally referred to the hike in housing price. During past thirty years, housing prices in Australia has been rising by 7.25% per annum on average. As stated by David (2015), property bubble is a kind of economic bubble that indicates steady rise in market price of property. Housing prices increase keeping parity with increase in income of household and rent. Income raises aggregate demand for housing in domestic economy and attracts investment from international market. As supply of housing is less elastic compared to demand, housing prices increase rapidly in the economy. Among the other cities, housing prices has developed rapidly in Sydney. Low interest rate, high population growth, favourable tax system for the investors is significant attributes for rise in housing price in Australia. Figure 1: Australian Housing bubble stage (Source: australianpropertyforum.com, 2015) Ponzi Scheme As discussed by Worthington (2012), ponzi scheme is a type of fraud in investment, when the payment of the first investor is done using the money received from another investors. No real return is generated from this investment. A fraud person or agent may place an advertisement for a housing investment, which does not exist and may earn extraordinary return within a very short period. The fraudster vanishes with all the money leaving the investor with no return including the principle amount. The needless increase in demand builds up a distorted asset market with rising mortgage in Australian banks. This housing market may collapse if the growth model of housing price breaks. Figure 2: Demand and supply of housing (Source: created by author) As approval for new building is growing, the supply increases in the market of housing, keeping demand unchanged. Therefore, supply curve shifts towards right securing new equilibrium at point E2. As supply of housing has increased in the market, quantity of housing increases and price of housing property starts to fall in the market along the demand curve. New equilibrium is reached, where the new supply curve the demand curve. Market equilibrium is achieved at a lower price and a greater quantity. When financial markets are deregulated, new lending institutions tend to emerge and hence, competition increases in the market. In order to attract more customers, lenders try to lend at a lower interest. Borrowers search the lender with lowest cost of capital in both foreign and domestic financial market (Irvine, 2015). It can be stated from the viewpoint of the moneylenders that they undertake greater risk of writing loans in order to increase revenue. However, banks and other financial institutions face credit risk while lending money. Investment in real estate market such as Australia is more risky. Therefore, although borrowers are better off by increasing welfare, economic welfare are not increased through this method, as banks may face insolvency and credit risk if loans remain unpaid (Worthington, 2012). This process may result in loss as depositors will not get their payments and bank will be burdened with increasing nonperforming assets. Oligopoly is a market, where only few firms operate. Cosy oligopoly refers joint venture of different firms. Those firms may compete with each other or may form cartel to keep market power and control over price. Products in this market are differentiated. Firms often engage in price war. As stated by Eyers (2016), acquisition in the banking sector of Australia reduces the competition in the financial market. As competition decreases, number of available options to the customers also decreases. The parent bank gains the power of keeping price at high level. Major Australian banks that holds more than 85% market share over the years are National Australian bank, Commonwealth Bank, Westpac and Australia New Zealand Banking group. Concentration of market power increases the industry profits. References australianpropertyforum.com (2015). Australian property forum. Retrieved 26 January 2017, from https://australianpropertyforum.com/topic/10305033/1/ David, L. (2015) Banks have treated our housing market like a Ponzi scheme, and it's about to bust. Retrieved 26 January 2017, from https://www.theguardian.com/commentisfree/2015/aug/20/banks-have-treated-our-housing-market-like-a-ponzi-scheme-and-its-about-to-bustid Eyers, J., (2016). ACCC warns 'cosy' banks it is concerned about competition. Retrieved 26 January 2017, from https://www.smh.com.au/business/banking-and-finance/accc-warns-cosy-banks-it-is-concerned-about-competition-20160322-gnojod.html Irvine, J., (2015). Simple supply and demand will decide what happens next to Sydney house prices. Retrieved 26 January 2017, from https://www.smh.com.au/nsw/simple-supply-and-demand-will-decide-what-happens-next-to-sydney-house-prices-20151126-gl8z7o.html Worthington, A. C. (2012). The quarter century record on housing affordability, affordability drivers, and government policy responses in Australia.International Journal of Housing Markets and Analysis,5(3), 235-252. [Retrieved from https://www.researchgate.net/profile/Andrew_Worthington4/publication/254417876_The_quarter_century_record_on_housing_affordability_affordability_drivers_and_government_policy_responses_in_Australia/links/5462acee0cf2cb7e9da653b8/The-quarter-century-record-on-housing-affordability-affordability-drivers-and-government-policy-responses-in-Australia.pdf]