Two Theories of Literacy Development - 1395 Words

In this task I am going to identify 2 different theories of language development I am going to be doing, Naom Chomsky and Jean Piaget. Jean Piaget According to Piaget, language development is related to cognitive development, that is, the development of the child’s thinking determines when the child can learn to speak and what the child can say. For example, before a child can say, â€Å"This teddy is smaller than that one†, she/he must have developed the ability to judge differences in size. In Piaget’s view, children learn to talk ‘naturally’ when they are ‘ready’ without any deliberate teaching by adults he thinks children pick up language by repeated behavior. From doing his research into children’s language and how they think,†¦show more content†¦The Concrete Operations Stage, this stage was believed to have affected children aged between seven and eleven to twelve years old. During this stage, the thought process becomes more rational, mature and adult like , or more operational , although this process most often continues well into the teenage years. Piaget claims that before the beginning of this stage, children s ideas about different objects, are formed and dominated by the appearance of the object. For example, there appears to be more blocks when they are spread out, than when they are in a small pile. During the Concrete Operational Stage, children gradually develop the ability to conserve , or learn that objects are not always the way that they appear to be. This occurs when children are able to take in many different aspects of an object, simply through looking at it. Children are able to begin to imagine different scenarios, or what if something was to happen. This is because they now have more operational thought. Children are generally first able to conserve ideas about objects with which they are most comfortable. Once children have learnt to conserve, they learn about reversibility . This means that they learn that if things are changed, they will still be the same as they used to be. For example, they learn th at if they spread out the pile of blocks, there are still as many there as before, even though it looks different! Formal Operations StageShow MoreRelatedKnowledge and Understanding in the Teaching of English1080 Words   |  4 Pagesâ€Å"Social Constructivist â€Å"theory, which outlines the importance of social context for cognitive development. Vygotsky theory benefits children’s literacy learning as children develop skills through the use of encouragement from an experienced educator or from their peers. Research has shown that as a result of Vygotsky’s social constructivist theory, early years literacy learning practices and student learning has been enhanced. Not only does â€Å"Social Constructivist† theory focus on constructing knowledgeRead MoreEarly Childhood Development : The Psychoanalytic Theories And The Constructivist Theories881 Words   |  4 Pagesa child development. Play will positively affect a child physical, cognitive, emotional and social development. Children learns various skills through play that will benefit them for the rest of their life. P lay helps children develop vocabulary and literacy capability, social skills. Research shows that children benefit, both from guided and unstructured play. Specialists define guided play as play structured to teach academic skills and concepts (Roskos, Tabors, and Lenhart 2004). Two major theoriesRead MoreEarly Literacy Difficulties Among Hispanic Students With Low Social Economic Status1215 Words   |  5 Pages Early Literacy Difficulties among Hispanic Students with Low Social Economic Status Ignacio Romero Central Washington University Developmental Challenge Paper The challenge that many students face upon entering first grade in a low social-economic status area is low literacy skills. The students represented in this developmental paper come from low income families whose parents were poorly educated, many illiterate. As a result, students would rarely read to at home, eitherRead MoreThe Relationship Between Literacy Achievement And Social Communication Essay1686 Words   |  7 Pages The Relationship Between Literacy Achievement and Social Communication: A Review of the Literature Capstone Research Paper SLP 6070 Research Methods Nova Southeastern University July 24th, 2016 Priya Singh â€Æ' Abstract Schools are social environments in which students learn through collaboration with their teachers and peers (Zins, Bloodworm, Weissberg, Wallberg, 2003). From a preschool to high school, students are forced to collaborate to lead to the sharing of resources and ideasRead MoreWhen Children Are Young Their Parents Are The Number One1617 Words   |  7 Pages When children are young their parents are the number one teacher and role model in their world. They guide the development of their young children and provide a context in which they will grow from positive and negative experiences that will later shape their development. The home environment includes the impact of socioeconomic status (SES), parental beliefs of reading and support (Yeo, Ong Ng, 2014). SES plays a large part in what tools the home environment has to offer to young childrenRead Moreâ€Å"Writing to Learn† in a Math Classroom Essay889 Words   |  4 PagesTheory of â€Å"Write to Learn† Reading and writing are the basis of the original meaning of literacy. This definition, however, changed over time and culture. The term has expanded to include computer literacy, digital literacy, information literacy, health literacy, etc. (Vacca, Vacca, Mraz, 2011). Nevertheless, the most important change to the term literacy is expanding the use of reading and writing. Literacy is defined as understanding, thinking and practicing the use of language in differentRead MoreThe Role of Multicultural Literature Essay1213 Words   |  5 Pageslearning English challenging therefore affecting their literacy learning. Moreover, it becomes difficult for the ELL to do academically well in school. A study done by National Assessment of Educational Progress (NAEP) in 2011 shows there is a significant achievement gap between the reading scores of ELLs and non-ELLs, with the non-ELL’s scores being much more higher than the ELLs( NAEP 2011). There have been many ways argued to help imp rove ELL’s literacy skills in order to raise their reading scores, oneRead MorePlay Is Important For A Child s Development1747 Words   |  7 PagesBefore we explore why play is important for a child’s development, let’s take a look at what exactly â€Å"play† is. Play can be a vague term in the educational world because its definition is unclear, especially when putting it in the context of a classroom. Play can be defined as anything a child does within the social context and sometimes it is defined as just recess or free time. There are confusing and conflicting definitions but there are two sure forms of play in the context of education: freeRead MoreDesigning A Curriculum For A Preschool1605 Words   |  7 Pagestheir personal, and academic development. It is crucial to design a developmentally appropriate environment, in order to help enhance a student’s cognitive, social, and language skills. The environment should consist of: ample spaces, props for dramatic play, development of a schedule that assures a balance of activities and choices, and opportunities for teacher observation and (learning, 2015). My ideal curriculum will be a blend of different philosophies, and theories, designed in correlation toRead MoreCommunication And Environment : Language Literacy Essay1115 Words   |  5 PagesEnvironment Define Language Literacy in a Child In the bible says â€Å"Do you hear what these children are saying?† they asked him. â€Å"Yes,† replied Jesus, â€Å"have you never read, â€Å"‘From the lips of children and infants you, Lord, have called forth your praise’[a]?†. This means that He was listening and communicating with them in a culture where they were not supposed to be heard. Educators and researchers believes that oral language development is supported by literacy development in a child. Their language

The Effects Of Global Warming On The Earth s Temperature...

GLOBAL WARMING This term is used to describe the increase in the earth’s temperature. According to the Intergovermental Panel of Climate Change (IPCC) around 95% of the global warming is caused due to greenhouse gases. Greenhouse gases are very harmful for the environment as they absorb and emit infrared radiations that the sun projects on the earth. This effect of greenhouse gases trapping the ultraviolet rays is called the greenhouse effect. There exist a number of causes, the major ones being the burning of fossil fuels, deforestation, population growth and industrialization. Global warming causes various events around the world like rise in sea-level, ocean acidification, and extreme weather events like hurricanes, cyclones and tsunamis. â€Å"Food insecurity, migration, water stress and economic recession are some of the impacts associated with climate change. Termed as a â€Å"threat multiplier,† climate change is increasingly being recognized as a trigger of violent conflict a round the world.† [Khan Lone, A. (2015)] . There is an unquestionable amount of social conflict as well which arose due to global warming. DEFORESTATION The Lorax (Dr. Seuss) states its main message as â€Å"don’t cut trees†, deforestation is a major form of land degradation. Deforestation is an activity taking place in all parts of the world, especially developing countries. The requirement of land and timber for agricultural and industrial purposes has drawn many to cut down not just a few trees but vastShow MoreRelatedThe Effects Of Global Warming On The World1267 Words   |  6 Pages Over the course of the years global warming has become a threatening issue that scientists and the government have been cognizant about. Global warming is the term used to describe a gradual increase in the average temperature of the Earth s atmosphere and its oceans, a change that is believed to be permanently changing the Earth’s climate. The earth periodically warms up and cools down. The Earth is currently going through a warming trend that coincides with the industrial revolution. ThisRead MoreThe Impact Of Global Warming On The Earth900 Words   |  4 PagesImpact of Global Warming Purpose Statement: To inform my audience about how global warming is impacting the earth. Central Idea: Data shows that all throughout history, the temperature of our planet has changed over and over again for natural reasons. Holli Riebeek, education and outreach specialist at NASA, stated that these changes are due to small shifts in the Earth’s orbit and the Sun’s energy levels varying throughout time. Today, unfortunately, with the average temperature of the earth risingRead MoreThe Effects Of Global Warming On Our Planet s Ecosystem1173 Words   |  5 PagesMother Earth is burning as we speak; humanity has killed our precious Earth. Global-warming is a vicious killer that was created by the humans on this Earth, and there s no way to cure it. We, as humans, have the power to cleanse the Earth, but instead we destroy it. Heat is absorbed by carbon dioxide and greenhouse gases. A greenhouse gas absorbs thermal radiation emitted by the Earth s surface. As the sun s energy reaches the Earth’s surface, some of it is released into space, some is absor bedRead MoreGlobal Warming Is A Hoax1506 Words   |  7 PagesGlobal Warming is a Hoax Since 1975, the surface of the earth s average temperature has risen by 0.9 degrees Fahrenheit; global warming caused by greenhouse effect has become the focus topic of the world. It has long been recognized academically that due to the burning of coal, oil, natural gas and so on the carbon dioxide is the main culprit of global warming. I watched a documentary, which called â€Å"The Great Global Warming Swindle.† In the documentary, the scientists pointed out that there isRead MoreGlobal Warming And Climate Change Essay932 Words   |  4 PagesNovember, 29 2016 Global Warming/ Climate Change Global warming or also known as climate change refers to the increase heating of Earth s surface, oceans and atmosphere and its effects. It is unknown who was the first person to point out the term â€Å"Global Warming†, but since the late nineteenth century geologist started talking about that increasing carbon dioxide by combustion, which could be the cause of rising temperature. But if talk about 55 million years ago the Earth was in the Eocene (theRead MoreThe Potential Cause Of Global Warming1689 Words   |  7 PagesThe potential causes of global warming are debated about by many scientists. Many scientists believe that global warming is natural while others believe it to be caused by mostly humans. Global warming may be completely natural for many reasons. First, Earth tends to go through cycles of heating and cooling and this wouldn’t be the first time our planet has begun to heat up unexpectedly. Second, nobody can directly correlate humans with global warmin g, we may emit CO2 but that doesn’t mean we causedRead MoreClimate Change : Global Warming1194 Words   |  5 PagesDonya Curtis April 19, 2017 English 1001-rough draft Global Warming Global warming is one facet of the broader term climate change. It is the increase in the average temperature of the Earth s surface air and oceans from the mid 20th century and the projected continuation. The Global warming is primarily the consequence of building up greenhouse gasses in the atmosphere. Emission rates for most important anthropogenic greenhouse gas, CO2, have increased 120 fold in the past 140 years. WhileRead MoreAnalysis Of Earth s Blanket 1253 Words   |  6 PagesProfessor McKay GEO 1021 October 5, 2014 Earth s Blanket A great deal of chapter nine in our book, Discovering Physical Geography, discusses the various climates that exist within our world. As the chapter goes on, the book explains the past climate changes due to the numerous fluctuation in Earth s average temperature. One well known theory, the Milankovitch theory, explains that the fluctuation of Earth s temperature are due to the long-term variations in Earth s orbital eccentricity, tilt, and axialRead MoreGlobal Warming, Not Caused by Humans1343 Words   |  6 PagesGlobal Warming, Not Caused by Humans In modern America few problems prove to be as fundamentally problematic as the theory of human induced global warming. Its repeated coverage from within the media and political arena are influencing people worldwide, putting those who think differently in an outcast shadow. The truth of the matter is, to not believe in human induced global warming has become politically incorrect and unacceptable in the public eye. The theory of human induced global warming canRead MoreThe Debate Of Global Warming894 Words   |  4 PagesThe Debate of Global Warming Climate change is a hot-button topic in politics, conversation, and education. Both sides of the ongoing debate claim disastrous consequences. On one hand, the view of an economic focus could make the market worse. On the other, the end of life as we know it. This is a comparison essay between Al Gore s documentary a vocal advocate for global warming reform and a film made by deniers. In the film Unstoppable Solar Cycles: Rethinking Global warming. The creators express

Evaluation of the UK Tax System and the Proposals of the Mirrlees Review Free Essays

Abstract The first part of this paper assesses the canons of taxation, generally acknowledged as the benchmark for good tax systems, in order to determine its critical elements and to evaluate the extent to which the taxation system for small businesses in the UK conforms to its principles. According to the classical suggestion by Adam Smith, a good tax system should be judged by four broad standards: a. clarity and certainty to the tax payer; b. We will write a custom essay sample on Evaluation of the UK Tax System and the Proposals of the Mirrlees Review or any similar topic only for you Order Now Low cost relative to yield c. convenience for the tax payer; d. Equity (i.e. the levying of taxes in a fair manner and according to one’s ability to pay). The taxation system for small businesses would be compared with these standards. The second part of this paper focuses on the recommendations of the Mirrlees review with a view to analyzing and discussing its level of conformity to the elements contained in the canons of taxation. A. Canons of Taxation and the UK’s Taxation System for Small Businesses The ‘canons’ of taxation proposed by Adam Smith in the 18th century have long been adjudged to be the standards by which good tax systems should be measured. In simple terms, these canons have to do with the equality, certainty, convenience of payment, and economy of tax collection (see MacKie-Mason and Gordon, 1997; Salanie, 2003). It is therefore pertinent to evaluate the extent to which the UK’s system of taxation for small businesses is consistent with these canons. Indeed, the issue of taxation of small businesses in the UK, and the merits or demerits of the system is one that has long generated controversy (Murphy, 2007: 3). However, there is a problem of interpretation as regards what constitutes a ‘small business’ given that the term’s heterogeneity also presents opportunities for debate (see Hertz, 1982); it is therefore necessary to contextualize the term in order to avoid confusion. For the purposes of this paper, it is sufficient to adopt the qualitative definition of small business as one that â€Å"independent firms that are managed by their owners in a personalised way†, regardless of their levels of turnover or profit (Crawford and Freedman, 2008: 4). Indeed, the definition of small business may also take the number of employees into account, and in this sense Freedman (2003: 18-19) suggests that if small business is to be defined in terms of having less 50 employees, then it could be taken that almost 99% of all businesses in the UK are small businesses. Furthermore, the three most widely used legal forms for small businesses in the UK, as reported by Freedman (2003: 20), are sole proprietorship, partnership, and Limited Liability Company. Table 1: Some Differences in Tax Treatment for UK Taxpayers *Source: Crawford and Freedman (2008: 9) There are a number of problematic issues that characterize the UK system of taxation for small businesses. Indeed, one of such issues has to do with the constant changes to small business taxation by government – a factor that arguably impedes small businesses’ capacity to make plans for the future, and also creates uncertainty and a general loss of confidence for small businesses (see PCG, 2007). These frequent changes may be a consequence of the notion that small businesses have special tax needs, which warrants frequent demands made on their behalf by politicians and other pressure groups for a variety of incentives, reliefs and concessions (Freedman, 2009: 155). Furthermore, the need for simplification of taxes is another important issue as it has been argued that a simple and neutral small business taxation system is more desirable than a more complex taxation system – even when such is designed to favour some categories of small businesses (Freedman, 2009: 171). Nonetheless, one of the central issues to note about the taxation system for small businesses (particularly unincorporated business forms) in the UK is the full integration of business and personal taxation occasioned by their being subject to income tax, capital gains tax, and National Insurance contributions (Lay and King, 1998; Freedman, 2003). The imposition of two distinct taxes on earnings (i.e. income tax and National Insurance contributions) can be argued to be largely unfavourable for small businesses particularly in view of the complicated and rather unusual and complex marginal rate structure that fluctuates between 40 percent to 60 percent, and then 40 percent to 50 percent (Insley, 2010). The barriers to UK small businesses brought about by taxation systems have also been recognized by the Office of Tax Simplification (OTS) which noted that the maintenance of two separate systems lead to â€Å"anomalies† that may create distortions in behaviour – leading to decisions that do not make commercial sense because they are wholly tax driven and complex (OTS, 2011: 13). There is also the controversy and discontent pertaining to the IR35 legislation which is perceived as placing unnecessary administrative burdens and uncertainties on small businesses and also creating opportunities for tax avoidance (see for instance Tyler, 2011). As such these shortcomings and ‘anomalies’ are arguably inconsistent with the canon of taxation that makes it imperative for tax liabilities and taxation systems to be clear and certain in order to avoid confusion, and for such systems to consider convenience of payment for taxpayers (Malcolm, 2009). On another level, it has been pointed out that sole traders in the UK are not regulated by clearly spelt out legal provisions with regards to legal form, and the business lacks a separate legal personality. Accordingly, a sole trader’s personal and business assets are not differentiated and this has been identified as having serious implications for such tax rules that may necessitate comprehensive records of the business’s assets alone, discrete from personal assets. Furthermore, Crawford and Freedman (2008) point out a key structural problem in small business taxation that involves an absence of neutrality between businesses with different legal forms. Small-business taxpayers that have similar accretions in their earnings are taxed differently, which reveals a system that is fundamentally inequitable. Indeed, given that a considerable number of small businesses in the UK are sole-traders or unincorporated entities, government’s attempt to promote greater incor poration (as a strategy for improving growth) has been argued to further exacerbate the problem of inequity in the tax systems and engendered more complex problems. These observations provide a clear indication that the tax systems for small businesses lacking in equity – thus violating one of the fundamental canons of taxation that sets down equality as a major parameter of good taxation. Taken together, it would seem that the major issues with the UK’s system for taxing small businesses encompass problems such as complexity, inequity, inconvenience of payment and in some cases costliness; thus exposing the elements of the canons of taxations that the tax system fails to emulate. B. Merits of the Mirrlees Review in relation to the Canons of Taxation In response to some of the problems and controversies trailing the UK’s taxation systems, the Mirrlees review was instituted to examine the main elements and areas of concern, and draft proposals for improving the country’s tax systems. The proposals broad goals are to simplify the country’s tax systems and put structures in place to ensure coherence and equity. Some of these proposals include the merger of National Insurance contributions and Income Tax; abolition of stamp duties; allowance for corporate equity amongst others (see IFS, 2010). However in the context of this paper and the focus on small business taxation, one proposal that is particularly relevant is that which recommends a proper integration of corporation tax with personal taxes, as well as a harmonization of tax rates on company profits on the basis of the levels of profits. Also in this regard, an ancillary proposal by the Mirrlees review suggests that the tax treatment of employment, self-emp loyment and corporate-source income should be aligned, and also the equalization of the marginal tax rates on earnings and different forms of capital income. Taken together, the aforementioned recommendations by the Mirrlees review represent a significant attempt to improve the UK’s tax system’s conformity to the canons of taxation. For instance, a simpler integration of corporation tax with personal taxes would help eliminate uncertainty and inequity in the way that incorporated small businesses and their owner-managers are taxed by clearly establishing and calculating the differences between the taxes levied on the businesses’ profits and the taxes on the incomes (salaries or dividends) of their owner-managers. Also, the harmonization of tax rates on company profits according to their levels of profit may effectively resolve the problem of inequitable taxation that is said to characterize the UK’s tax system (see Insley 2010). Additionally, the problem of complexity and costliness in tax rates and tax collection may be addressed by the alignment of the tax treatment for broad categories of income sources part icularly employment, self-employment and incorporated entities. To a large extent it can be argued that some of the changes proposed by Mirrlees review can have a positive effect on the taxation of small businesses in the UK – in line with the canons of taxation – specifically in terms of ensuring equity, certainty/clarity, and convenience of payment. This is more so as the majority of small business and taxation stakeholders and scholars are in agreement that radical reforms are necessary to stimulate growth of small businesses and encourage greater incorporation. References Crawford, C. and Freedman, J. (2008) Small Business Taxation, Institute for Fiscal Studies, London: Oxford University Press Freedman, J. (2003) Small Business Taxation: Policy Issues and the UK, Sydney: Australian Tax Research Foundation. Freedman, J. (2009) Reforming the Business Tax System: Does Size MatterFundamental Issues in Small Business Taxation, New York: Thomson Reuters Hertz, R. (1982) In Search of a Small Business Definition, Washington D.C.: University Press of America. IFS (2010) â€Å"Mirrlees Review of tax system recommends radical changes, Institute for Fiscal Studies†, Available at: http://www.ifs.org.uk/pr/mirrlees_launch.pdf [retrieved 17 March 2011] Insley, J. (2010) UK tax system is costly and inequitable, says Mirrlees Review, Guardian News, Available at: http://www.guardian.co.uk/money/2010/nov/10/uk-tax-system-mirrlees-review [retrieved 18 March 2011] MacKie-Mason, J. and R. Gordon (1997), How much do taxes discourage incorporation?, Journal of Finance, 52 (2), 477-505 Malcolm, J. (2009) Taxation of Small Businesses, 2nd edition, London: Spiramus Press Murphy, R. (2007) Small Company Taxation in the UK: A review in the aftermath of the ‘Arctic Systems’ Ruling, London: Tax Research LLP OTS (2011) Small Business Tax Review, Office of Tax Simplification, London: Crown. PCG (2007) Response to the consultation on Business Tax Reform, London: Professional Contractors Group Salanie, B. (2003) The Economics of Taxation, Mass: MIT Press. Tyler, R. (2011) â€Å"Small Business Tax Review to Duck IR35†, Telegraph Media, Available at: http://www.telegraph.co.uk/finance/yourbusiness/8369259/Small-business-tax-review-to-duck-IR35.html [retrieved 18 March 2011] How to cite Evaluation of the UK Tax System and the Proposals of the Mirrlees Review, Essay examples

A Visit to the Dentist free essay sample

A Visit to the Dentist I slowly and very reluctantly push the door open. The bell tinkles, with a soft but shrill ring. The smell of the rubber gloves and disinfectant which was attempted to hide through a cheap air freshener washes over me. Chairs are cluttered in the tiny waiting room of the dentists. Piles of magazines lie all over the scratched wood of the coffee tables, shiny bright plastic screaming out different logos and slogans. A little way forward from where I stand is a desk. A smiling receptionist sits there with a palstic smile on her face. She seems to have been expecting me somehow, as she motions for me to sit down on one of the couches or chairs. A few nervous patients are already there. They try to keep their eyes turned away from the closed, threatening doors leading to the dental surgery rooms, where the scary sounding high pitched screeching sound is coming from. We will write a custom essay sample on A Visit to the Dentist or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Every once in awhile, I hear a muffled bang, or cry. One by one, the receptionist calls out the patients name; â€Å"Sarah Klein! † or, â€Å"Devora Saks! † Covering all the walls are dramatic â€Å"Before/After† photos. They show yellow teeth, set crookedly in red raw swollen gums becoming perfectly white and straight. The walls are painted a clean white. However many different pictures of people with toothy grins look down at me, from newspaper clippings from over the years. I guess Im imagining it, but I can already taste the slightly stale, bubblegum flavoured gloves, the cool hard metal of the examining probe, and the chink clink it makes when it sometimes collides with my teeth. I can feel the vinyl of the reclining chairs, which are covered in plastic, and also which clammy legs have a habit to stick to. In my mind I see the perfect teeth of my dentist, a great advertisement for his business. I watch as a little girl leaves the dentists room. In her mouth she is biting down on a big piece of white cotton, that is slowly but surely turning red. Her eyes filled with tears, she runs towards her anxious mother. A friendly nurse offers her a balloon for her good behavior. She isnt interested. All she wants is to leave the office as soon as possible. She is tugging on her mothers hand as the nurse is giving her instructions on how to take care of her mouth. She is given a long list of foods not to eat. Watching this is not helping my anxiety level A sudden tapping of high heeled shoes from the corrior awakens me from my day dreaming. I look up. My pulse quickens, and my hands sweat, and I start trembling from head to toe. I swallow the huge lump in my throat that has accumulated somehow. Blood is pounding through my head, but even that doesnt help me tune out the dreaded words that I hear next; â€Å"Bassy Stein, Doctor Gross will see you now. †

Your proudest accomplishment free essay sample

It was a cool July afternoon as I raced down the steep slope of my driveway, my bare feet collecting tiny, loose asphalt rocks. I reached tentatively into the paint-faded mailbox and grasped the manila envelope. I decided to open it like a Band-Aid, to rip it and get it over with quickly and as painlessly as possible. Relief flooded through my body as I let out a whoop of pure joy as my eyes scanned over the carefully printed scores. I sprinted to the house where I proudly shoved the results in my mother’s face. I had earned a three on my AP English test, a score I so desperately needed.You see, test-taking has always been my struggle. At a young age I have what my mother likes to call â€Å"Severe Test Anxiety.† In the middle of an exam, I second-guess most of my answers even the ones I know are correct. We will write a custom essay sample on Your proudest accomplishment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page All of my teachers tell me the statistics for leaving the first answer, but I always forget their words and bubble in a different option. The test anxiety reach a pinnacle last spring when my mom decided to give me an ultimatum: Get a three on my AP English test, or she wouldn’t pay for me to major in Communications and Journalism. In hindsight, it sounded a little overbearing, but at the time my heart nearly stopped. What I loved most was learning new styles of writing, analyzing poetry, and creating new pieces that showed off my own style. How could an English lover like me feel nervous about this test? However, one fact was still the same; I dreaded testing.When I told my AP English teacher of my dilemma she immediately started working with me and showing me how I could respond to the time constraints on test day. She’d give me practice tests and time me to see how long it would take me to complete certain sections. She would then show me where to focus my efforts. When test day came around, my teacher cheered all her students on before they closed the doors. She gave us all personal letters, my own said, â€Å"Have a blast doing what you love-writing! Let this be a celebration of your talent.†On that brisk July afternoon, I held more than just a score in my hands, I held pride and accomplishment. I had managed to work through something that had plagued me my entire life. This test challenged me to do what I feared most, prove myself. It was the most important test I had faced in my life, and if I could overcome that, I could overcome other challenges in life as well.

DIvidend Policies and Financing Essays

DIvidend Policies and Financing Essays DIvidend Policies and Financing Essay DIvidend Policies and Financing Essay Dividend policy refers to the decision made by the company whether to retain the profits within the company, or they pay out the profits to the owners of the organization in the form of dividends (Garrison 2008). Once the company decides on whether to pay dividends, they may establish a somewhat permanent dividend policy, which may in turn impact on investors and perceptions of the company in the financial markets (Garrison 2008). What they decide depends on the situation of the company now and in the future. It also depends on the preferences of investors and potential investors (Garrison 2008).When deciding on the dividend policy, several factors such as legal constraints, contractual constraints, internal constraints, growth prospect, owners considerations and market considerations have to be taken into account. Considerations taken into account can be incorporated in several dividend theories such as the residual theory of dividends, the clientele theory, the signalling dividend theory, the bird-in-the-hand theory and Modigliani and miller dividend theory.Manufacturing overseas can reduce costs due to its cheap labour costs but there are other considerations that have to be taken into account. There are pros and cons for manufacturing at overseas.Companys capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities (http://en.wikipedia.org/wiki/Capital_structure). Debt financing and equity financing has their own advantages and disadvantages but certain factors have to be considered when choosing between these two financing strategies.2.0 Factors Affecting the Dividend PolicyWhen deciding on the dividend policy, several factors need to be taken into account. The factors needed to taken into account are as follows (sources taken fromhttp://freemba.in/articlesread.php?artcode=488substcode=30stcode=10):Stability of EarningsThe nature of business has an important bea ring on the dividend policy. Industrial units having stability of earnings may formulate a more consistent dividend policy than those having an uneven flow of incomes because they can predict easily their savings and earnings. Usually, enterprises dealing in necessities suffer less from oscillating earnings than those dealing in luxuries or fancy goods.Age of CorporationAge of the corporation counts much in deciding the dividend policy. A newly established company may require much of its earnings for expansion and plant improvement and may adopt a rigid dividend policy while, on the other hand, an older company can formulate a clear cut and more consistent policy regarding dividend.Liquidity of FundsAvailability of cash and sound financial position is also an important factor in dividend decisions. A dividend represents a cash outflow, the greater the funds and the liquidity of the firm the better the ability to pay dividend. The liquidity of a firm depends very much on the investme nt and financial decisions of the firm which in turn determines the rate of expansion and the manner of financing. If cash position is weak, stock dividend will be distributed and if cash position is good, company can distribute the cash dividend.Extent of Share DistributionNature of ownership also affects the dividend decisions. A closely held company is likely to get the assent of the shareholders for the suspension of dividend or for following a conservative dividend policy. On the other hand, a company having a good number of shareholders widely distributed and forming low or medium income group would face a great difficulty in securing such assent because they will emphasize to distribute higher dividend.Needs for Additional CapitalCompanies retain a part of their profits for strengthening their financial position. The income may be conserved for meeting the increased requirements of working capital or of future expansion. Small companies usually find difficulties in raising fi nance for their needs of increased working capital for expansion programs. They having no other alternative, use their ploughed back profits. Thus, such Companies distribute dividend at low rates and retain a big part of profits.Trades CycleBusiness cycles also exercise influence upon dividend Policy. Dividend policy is adjusted according to the business oscillations. During the boom, prudent management creates food reserves for contingencies which follow the inflationary period. Higher rates of dividend can be used as a tool for marketing the securities in an otherwise depressed market. The financial solvency can be proved and maintained by the companies in dull years if the adequate reserves have been built up.Government PoliciesThe earnings capacity of the enterprise is widely affected by the change in fiscal, industrial, labor, control and other government policies. Sometimes government restricts the distribution of dividend beyond a certain percentage in a particular industry o r in all spheres of business activity as was done in emergency. The dividend policy has to be modified or formulated accordingly in those enterprises.Need for FundsDividends paid to stockholders use funds that the firm could otherwise invest. Therefore, a company running short of cash or with ample capital investment opportunities may decide to pay little of no dividends. Alternatively, there may be an abundance of cash or a dearth of good capital budgeting projects available. This could lead to very large dividend payments.Management Expectations and Dividend PolicyIf a firms managers perceive the future as relatively bright, on the one hand, they may begin paying large dividends in anticipation of being able to keep them up during the good times ahead. On the other hand, if managers believe that bad times are coming, they may decide to build up the firms reserves for safety instead of paying dividends.Stockholders PreferencesReinvesting earning internally, instead of paying divide nds, would lead to higher stock prices and a greater percentage of the total return common stockholders receive coming from capital gains. Capital gains are profits earned by an investor when the price of a capital asset, such as common stock, increases.Common stockholders may prefer to receive their return from the company in the form of capital gains and some may prefer to receive their return from the company in the form of dividends. Capital gains are not taxed at all unless they are realized. That is, unless the stock is sold. The board of directors should consider stockholder preferences when establishing the firms dividend policy.Restriction on Dividend PaymentsA firm may have dividend payment restrictions in its existing bond indentures or loan agreements. For example, a companys loan contract with a bank may specify that the companys current ratio cannot drop below 2.0 during the life of the loan. Because payment of a cash dividend draws down the companys cash account, the current ratio may fall below the minimum level required. In such a case, the size of a dividend may have to be cut or omitted. In addition, many states prohibit dividend payments if they would create negative retained earnings on the balance sheet. This restriction is a prohibition against raiding the initial capital. Figure 1 summarizes the factors that influence the dividend decision.Figure 1: This figure identifies key elements that make a dividend payment more or less likely.2.1 Leading Dividend TheoriesThe factors that affect the dividend policy can be incorporated in several dividend theories. Dividend theories can be divided into dividend relevance theory and dividend irrelevance theory. Dividend relevance theory refers to the value of a firm is affected by its dividend policy while dividend irrelevance theory refers to a firms dividend policy has no effect on either its value or its cost of capital (studyfinance.com/lessons/dividends/index.mv?page=01).2.1.1 Dividend Relevanc e TheoriesAccording to Gallagher Andrew (2007) dividend relevance theories are as follows:The Clientele Dividend TheoryThe clientele dividend theory is based on the view tat investors are attracted to a particular company in part because of its dividend policy. For example, young investors just starting out may want their portfolios to grow in value from capital gains rather than from dividends, so they seek out companies that retain earnings instead of paying dividends. Stock prices tend to increase as earnings are retained and the resulting capital gain is not taxed until the stock is sold.Older investors, in contrast, may want to live off the income their portfolios provide. They would ten to seek out companies that pay high dividends rather than reinvesting for growth. According to the clientele dividend theory, each company therefore has its own clientele of investors who hold the stock in part because of its dividend policy.If the clientele theory is valid, then it doesnt muc h matter what a companys dividend policy is as long as it has one and sticks to it. If the policy is changed, the clientele that liked the old policy will probably sell their stock. A new clientele will buy the stock based on the firms new policy. When a dividend policy change is contemplated, managers must ask whether the effect of the new clienteles buying will outweigh the effects of the old clienteles selling. The new clientele cannot be sure that the most recent dividend policy implemented will be repeated in the future.The Signaling Dividend TheoryThe signaling dividend theory is based on the premise that the management of a company knows more about the future financial prospects of the firm than do the stockholders. According to this theory, if a company declares a dividend larger than that anticipated by the market, this will be interpreted as a signal that the future financial prospects of the firm are brighter than expected. Investors presume that management would not have raised the dividend if it did not think that this higher dividend could be maintained. As a result of this inferred signal of good times ahead, investors buy more stock, causing a jump in the stock price.Conversely, if a company cuts it dividend, the market takes this as a signal that management expects poor earnings and does not believe that the current dividend can be maintained. In other words, a dividend cut signals bad times ahead for the business. The market price of the stock drops when the firm announces a lower dividend because investors sell their stock in anticipation of future financial trouble for the firm. If a firms managers believe in the signaling theory, they will always be wary of the message their dividend decision may send to investors. Even if the firm has some attractive investment opportunities that could be financed with retained earnings, management may seek alternative financing to avoid cutting the dividend that may send an unfavorable signal to the mark et.The Bird-in-the-Hand TheoryThe bird-in-the-hand theory claims that stockholders prefer to receive dividends instead of having earnings reinvested in the firm on their behalf. Although stockholders should expect to receive benefits in the form of higher future stock prices when earnings are retained and reinvested in their company, there is uncertainty about whether the benefits will actually be realized. However, if the stockholders were to receive the earnings now, in the form of dividends, they could invest them now in whatever they desired. In other words, a bird in the hand is worth two in the bush.If the bird-in-the-hand theory is correct then the stocks of companies that pay relatively high dividends will be more popular and therefore will have relatively higher stock prices than stocks of companies that reinvest their earnings.2.1.2 Dividend Irrelevance TheoriesDividend irrelevance theories are as follows (Gallagher ; Andrew 2007):The Residual Theory of DividendsThe residu al theory of dividend is widely known. The theory hypothesize the amount of dividends should not be the focus of the company. Instead, the primary issue should be to determine the amount of earning the firm should retain within the firm for investment. The amount of earnings retained, according to this view, depends on the number and size of acceptable capital budgeting projects and the amount of earnings available to finance the equity portion of the funds needed to pay for these projects. Any earnings left after these projects have been funded are paid out in dividends because dividends arise from residual or leftover earnings, the theory is called the residual theory.The residual theory focuses on the optimal use of earnings generated from the perspective of the firm itself. This may appeal to some, but ignores stockholders preferences about the regularity of and the amount of dividend payments. If a firm follows the residual theory, when earnings are large and the acceptable cap ital budgeting projects small and few, dividends will be large. Conversely, when earnings are small and many large acceptable projects are waiting to be financed, there may be no dividends if the residual theory is applied. The dividend payments will be erratic and the amounts will be unpredictable.Modigliani and Millers Dividend TheoryFranco Modigliani and Merton miller (commonly referred as M;M) theorized in 1961 that dividend policy is irrelevant. Given some simplifying assumptions, M;M showed how the value of a company is determined by the income produced from its assets, not by its dividend policy. According to the M;M dividend theory, the way a firms income is distributed (in the form of future capital gains or current dividends) doesnt affect the overall value of the firm. Stockholders are indifferent as to whether they receive their return on their investment in the firms stock from capital gains or dividends so dividends dont matter.2.2 Advantages and Disadvantages of Overs eas ManufacturingManufacturing at overseas certainly saves cost of production in some degree due to cheap labor and material cost but it has its advantages and disadvantages for overseas manufacturing.2.2.1 Advantages of Overseas ManufacturingEase and Speed of Distribution: Manufacturing in overseas shortening the distance between the original location of manufacturer and its distribution market (if the manufacturer has its markets around the region of the considered location). For example, when Nike manufacturer from United States manufactures in Malaysia, they have greater ease and speed of transportation for goods and people to other Asian markets. Besides that, transportation and shipping cost may be reduced due to a shorter distance for shipping and distribution.Cost Savings: In less-developed countries, labor cost is cheaper than developing and developed countries. It is estimated that a company that manufactures in less-developed country can cut costs by between 30% and 80% d epending on how labor intensive the product is. Besides that, material cost is also cheaper compared to developed countries too.Gain in Efficiencies and Economies of Scale: Besides that, in the long run, manufacturing overseas can gain efficiencies and economies of scale which will assist in reducing unit cost as output increases. Moreover, the initial investment of capital may be spread over an increasing number of units of output and therefore the marginal cost of producing a good or services decreases as production increases.Low Capital Costs: Low capital cost is one of the advantages that encourages manufacturing overseas. The cost of capital in developing or developed countries is higher than the cost of capital in less-developed countries.Incentives for Manufacturing: Some of the less developed countries encourage overseas manufacturers to invest or manufacture in their country. In order to attract manufacturers, these less-developed countries do offer incentives for the manuf acturers. For example, Penang has offered incentive to Motorola from USA in order to attract them to manufacture at Penang.2.2.2 Disadvantages of Overseas ManufacturingQuality of Production Suffers: Cheap labor is an advantage for cost savings. Inversely, it reduces the quality of the products as cheap labors usually produce less quality productions. Therefore, the products will suffer in quality as most of the cheap labors are unskilled or semi-skilled. Indirectly, the manufacturer may lose its customers due to the production of less quality products.Time Consuming: When an organization wants to manufacture in overseas, the organization has to analyze and comprehend the considered location and also the facilities available around the setting up area. The analysis and comprehension takes considerable time to complete in order to have a perfect set up in overseas. Therefore it spends considerable time and energy to understand the considered location (Sweeney N.D.).Complexity: To oper ate oversea is not as easy as locally. Most of the manufacturers have adapted to their own manufacturing culture and therefore adapting to another manufacturing environment would be difficult for them to familiarize with it. First of all, language may be a barrier, for example, it is difficult to communicate with the South Americans labors if we are not familiar with Latin (Sweeney N.D.). Besides that, finance, tax, and labor laws will be different and must be understood (Sweeney N.D.). Sweeney (N.D.) stated that, understanding national cultures and subcultures are important for any activity as manufacturers have to deal with government and private sector people and especially selling into the market.Brand Risks: Nowadays, consumers are perceived where the product is made from. The production location is a factor that will affect the brand image and reputation. For example, consumers would prefer a product made in USA rather than made in China. If the manufacturer produces in Bangla desh it may more or less affect their images as some of the consumers believe that products from developed countries are much better than less-developed countries and therefore the image and reputation of the brand may suffer.Availability of Expertise: The availability of expertise is one of the factors that should be considered when organization seeks to manufacture overseas. Less developed countries may not provide the expertise in the fields required.Long Start Up Time: It is not easy for manufacturer to start up their manufacturing process. To manufacture in a smooth way requires time. It usually requires a considerable of long time start up and familiarize.3.0 Debt ; Equity Financing3.1 Equity FinancingEquity financing is a method to acquire capital that involves selling a partial interest in the company to investors (Brian 1990). In return of the money paid, shareholders receive ownership interests in the corporation (Brian 1990).3.1.1 Pros and Cons of Equity Financing3.1.2 Pr os of Equity FinancingThe advantages of equity finance are:Commitment of Funds: The funding is committed to the business and intended projects. Investors only realize their investment if the business is doing well (eg. through flotation or a sale to new investors).Vested Interest: Investors have the same interest that is to keep the business going on well and generate maximum profits which leads to an increase in the value of the business.Follow-up Funding: When business grows, investors are often prepared to provide follow-up funding.(Source of reference:businesslink.gov.uk/bdotg/action/detail?type=RESOURCES;itemId=1073789573)Wider Pool of Finance: When company is listed in stock exchanged, the company has the access to wider pool of finance.Quality Products: The owners will pay proper attention for improving the quality of products. The reason is the appropriate of quality product goes to them.No Interest Cost: No payment of interest for the funds provided by the shareholders. The cost of production remains low as there is no burden of interest.Earning Remains with the Firm: When funds provided by shareholders for improvement in the business are making profits, the earnings are remained with the owners. Earnings are not shared by the creditors.To Tide over Emergencies: Firm is in a better position to tide over recession period and other emergencies due to no burden of rate of interest.Ability to borrow: Borrowing ability is improved if the equity capital is financed well.(Source of Reference: blurtit.com/q303144.html)Sources of Skills and Experiences: Good investors can bring resources for the business. They can help one to get skilled people, right contacts to build the business. They might also help out with their own experience in the formation of the strategy or with decision making.No Obligation for Repayment: No obligation for the repayment of the finances in the initial phase of the business when the cash flow is quite slow. Whereas, in bank loans the re are severe obligations and penalties in case a business fails to generate monthly interests and make the monthly payments to the bank.(Sources of Reference:freewarefiles.com/techfi/Advantages_of_Equity_Financing.html)Pledge No Assets: Corporation does not have to pledge their assets as collateral to obtain equity investments.Availability of Cash: Business will have more cash available due to no debt payments have to be made.(Source of reference:http://forums.forbes.com/forbes/board/message?board.id=entreforum;message.id=399)3.1.3 Cons of Equity FinancingThe disadvantages of equity finance are:Costly and Time Consuming: Raising equity finance is costly and time-consuming. Business may suffer as times are devoted to the deal. Potential investors will seek background information on owner and his business and they will closely scrutinize past results and forecasts and will delve the management team.Interference in Management: The equity investors can interfere in the management of th e company and in addition they also have the voting rights which could influent the making of major decisions.Extra Effort to Provide Information: Founder will have to invest management time to provide regular information for the investor to monitor the situation of the business.Share Dilution: Founders share in the business will be diluted which means lessen in strength. Besides that, businesss profits will be shared by other equity investors.Legal and Regulatory Compliance: There can be legal and regulatory issues to comply with when raising finance (eg. when promoting investments).(Source of Reference;businesslink.gov.uk/bdotg/action/detail?type=RESOURCES;itemId=1073789573)Limitation of Control: Founders must give up some control of the business. If investors have different perceptions and ideas about the companys strategic direction or day-to-day operations, they can pose problems for the entrepreneur.(Source of Reference: answers.com/equity+Financing?cat=biz-fin)No Tax Deductio n: Dividend payments are not tax deductible.(Source of Reference:http://forums.forbes.com/forbes/board/message?board.id=entreforummessage.id=399)3.2 Debt FinancingAccording to (answers.com/debt+financing?cat=biz-fin) debt financing is a strategy that involves borrowing money from a lender or investor which the full amount will be repaid in the future usually with interest within a certain period. It asserted that it does not include any provision for ownership of the company. Debt financing has a prior claim on the company irrespective of the profits earned despite the company goes into liquidation (Joseph 2008).3.2.1 Pros and Cons of Debt Financing3.2.2 Pros of Debt FinancingMaintain ownership: The debt holder cannot interfere in the management of the company and they do not have the voting rights. Therefore, business can be run without outside interferenceTax deductions: Principal and interest payments on a business loan are classified as business expenses and thus tax deductible. It also lowers the actual cost of the loan to the company.Lower interest rate: There is a lower interest rate of debt financing when interest rate is lower than tax rate (where the business can take a loan and have a deduction on tax rather than high interest rate).(Source of Reference: http://entrepreneurs.about.com/od/financing/a/debtfinancing.htm)No Complex Procedures Required: Debt financing is easier to obtain than equity financing. Raising debt capital is less complicated because the company is not required to comply with state and federal securities laws and regulations.No Profits Sharing: Profits of company are not shared with the lenders who require capital appreciation and dividends on their investments.Forecasting: Interest and principal payments are typically a know amount that can be forecast.(Source of Reference: job-employment-guide.com/business-financing.html)No Extra Rewards: Debt holders are entitled only to repayment of the agreed-upon principal of the loan plus interest and have no direct claim on future profits of the business if the company has made extra profits.Saving Management Time: Company does not have to send periodic mailings to large numbers of investors, hold periodic meetings with shareholders and seek the vote of shareholders before taking certain actions.(Source of Reference: http://smallbusiness.findlaw.com/banking_financing/be1_5debtvsequity.html) David H. Schwartz3.2.3 Cons of Debt FinancingRepayment: Sole obligation to the lender is to make payments on time. If the business fails, the company still has to make payments. If business goes into bankruptcy, lenders will have claim to repayment before any equity investors.Impacts Credit Rating: It seems to be attractive to keep bringing on debt when company needs money, a practice known as levering up, but each loan will be noted on your credit rating. The more borrowings, the higher the risk to the lender and the higher interest rate the company will have to pay.Cash and Col lateral: The company is usually required to pledge assets of the company to the lender as collateral, and owners of the company are in some cases required to personally guarantee repayment of the loan.(Source of Reference:http://entrepreneurs.about.com/od/financing/a/debtfinancing.htm)Difficulty in Business Growth: Interest is a fixed cost which raises the companys break-even point. High interest costs during difficult financial periods can increase the risk of insolvency. Companies that have large amounts of debt as compared to equity often find it difficult to grow because of the high cost of servicing the debt.Restrictions on Activities: Debt instruments often contain restrictions on the companys activities, preventing management from pursuing alternative financing options and non-core business opportunities which results in losing of other investment opportunities.(Source of Reference:http://smallbusiness.findlaw.com/banking_financing/be1_5debtvsequity.html)3.3 Consideration Fac tors for Sources of FinanceEquity financing and debt financing is the option for a company that needs financing. Each company is unique and they have their own financing requirements and therefore, it is inappropriate to determine any one of the financing methods is the best option for companies. There are certain factors that a company needs to consider before choosing the right financing method:The size of the company: Larger companies may obtain financing by equity financing due to the needs of wider pool of finance for company growth (Joseph 2008). However for smaller companies, debt financing is much easier to obtain because its not easy to reach the status of public limited company and the issuance cost of equity finance is unaffordable by smaller companies (Joseph 2008).The ability to generate cash flow: This relies upon the operations of the company (Joseph 2008). If the company is able to generate enough cash flow, the company may seek debt financing because debt financing requires cash make frequent repayment of interest and principal (Joseph 2008).Any Restrictive Covenants: If the company is restricted by the lender from subsequent borrowings, equity financing is more appropriate due to the bindings against the company.The Cost of Financing: The cost of financing for debt financing is cheaper than equity financing due to the debt financer is exposed to lesser risk and he is entitled for prior claim in the companys profits and interest payable are tax deductible (which means actual cost of debt is lesser) (Joseph 2008).The Duration of Borrowing: The longer the duration, the interest rate charged on the borrower will be higher (Joseph 2008).The Current Gearing Level: If a company has a high gearing level, it is the best to go for equity financing whilst if a company has a low gearing level, they can go for debt financing (Joseph 2008).4.0 ConclusionNot every dividend policy suits a company. When deciding on how much dividend should be distributed to t heir investors, factors such as legal constraints, contractual constraints and etcetera have to considered to obtain the most suitable and appropriate dividend policy for better financing.Factors that affect dividend policy can be incorporated in several dividend theories such as residual dividends theory, clientele theory, signalling dividend theory, bird-in-the-hand theory and Modigliani Miller dividend theory. These theories can be classified into dividend relevance theory where its dividend policy will affect on companys value and cost of capital and dividend irrelevance theory where its dividend will not affect on companys value and cost of capital.Overseas manufacturing gains advantages such as cost savings and economies of scale. Inversely, it also has other effects such as no expertise available and also time consuming for starting a new factory.Companys capital structure can be financed through debt financing and equity financing. These are the strategies that a company ca n get its fund. However, these two strategies have their own advantages and disadvantages. When implementing any of those strategies, factors such as size of the company, ability to generate cash flow, current gearing level and other factors have to be considered in order to have the most suitable strategy to finance the organization.

Legal Method - Case Summary Essay Example | Topics and Well Written Essays - 2000 words

Legal Method - Case Summary - Essay Example The Court of Appeal also found that negligence could be inferred. The defendant then appealed to the HKC. The legal issue at the heart of this case was the extent to which the doctrine of res ipsa loquitur can be successfully claimed in relation to the facts of the case and the trial judge’s ruling. Pursuant to the doctrine of res ipsa loquitur, the defendant would be liable if upon the evidence presented, it was found that the injury complained of, was such that it would not have occurred but for the defendant’s negligence and injury itself was within the parameters of the defendant’s duty of care relative to the plaintiff. The doctrine of res ipsa loquitur is especially relevant in medical cases alleging negligence where the plaintiff is not conscious and the medical professional administers care that is presumably within his/her knowledge and outside of the plaintiff’s knowledge. The res ipsa loquitur operates to establish causation and was therefore the legal issue at the center of the case. The plaintiff had surgery for prostate cancer on the lower part of his body and immediately after discovered that he had sustained a serious nerve injury to his left arm, an injury that he did not have prior to going into surgery. The injury was diagnoses as left radial nerve palsy. Since the injury was not associated with, nor in the vicinity of the surgery, the presumption was that the injury occurred during the anesthetist’s care. Moreover, the trial judge found that the injury was sustained while the plaintiff was under the effects of the anesthesia. It therefore followed that the injury occurred in circumstances where the patient/plaintiff was under the care of the anesthetist, albeit while in surgery. The factual issue in dispute was whether or not the injury occurred as a result of compression to the injury area and whether or not that

Do we need to believe in a God or does God need us to exist Essay

Do we need to believe in a God or does God need us to exist - Essay Example What is the origin of life and mankind Not only are a lot of these questions being answered by scientists, but even miracles and other such occurrences attributed to divine intervention are being explained away by physics. "From its origin with Galileo, Copernicus and Newton, through Darwin and Einstein, to the age of computers and high-technology, modern science has cast a cold and somewhat threatening light on many deep-rooted religious beliefs. () scientists have demolished a lot of cherished religious beliefs and have come to be regarded by many as faith-wreckers." (Davies, 5). And yet intelligent, articulate people the world over believe in the one true God, a super power or a cosmic force that guides our existence. So, why do people want to believe this curiously elusive and unsubstantiated God It could simply be to give some kind of meaning to, or put into some kind of order, the chaos that surrounds us. After all, the existence of a God fulfils the need to credit someone with the creation of the world around us, with its sheer inexplicability and its irrational apportioning of happiness and sorrow. Digging deeper, the yearning that overtakes a human being for an exploration of the spiritual dimension of life stems from a desire for oneness of mind and body, and ultimately, an aspiration towards perfection. "Human beings, knowing they are not perfect, desire perfection and search for a better life" says T'ai Chi Master Waysun Liao (5). He points out that in spite of the tremendous advances made by us in the fields of technology the motivation that drives a human being remains mysterious. Whizzing along as we are in the space age, yet even our theories of evolution are in doubt. We still look up at the immense sky and wonder how it all started. So, how much have we actually progressed over the centuries As far as necessities go, we still need the same basic food, shelter, clothing, and though we might be eons ahead of the caveman, how much have we actually evolved spiritually It is in pursuance of this desire to evolve spiritually that God has been invented (or perhaps, He exists!). Artistic and creative people, those who march to a different beat from the rest of us, instinctively pursue this 'ultimate' through their work, the nature of their work being such that needs no rationalization to anyone other than themselves. In the work of these outstanding painters and poets, musicians and mystics intellect takes the back seat. In their art one sees their real experiences distilled, and more, one catches a glimpse of something indefinable. Whether it is the element of wonder in Alice Walker's The Color Purple when she exclaims that it is God who is trying to please us, not us who are expected to live up to His rules, or the naked truth in Borges Afterglow, or even the fatalistic note in Yeats' poetry. Because, in spite of advances made in science and technology, we still gaze up at the Milky Way, and wonder at its magnitude and glory. We still respond to the beauty of a piece of music or a painting without rationalizing it. We even watch the flight of a jet, fascinated, forgetting that the aerodynamic principles underlying the technology are as old as the birds. Poets like Yeats, Octavio Paz, Luis Borges and Rilke move us because they bring us closer to the eternal. They are more obviously attracted to the

INTERNATIONAL BANKING - LAW AND PRACTICE Coursework

INTERNATIONAL BANKING - LAW AND PRACTICE - Coursework Example The underlying aspects of suretyship guarantees are that they are effective upon certain conditions, whereas demand guarantees are simply effective upon demand. The underlying reason as to why issuers need instruments to be suretyships is that in a deal of guarantee, the surety accepts a secondary liability to responds for the debtor, who rests primarily responsible. In a contract of indemnity the surety assumes a primary liability, either alone or jointly with the principal debtor. The cases mentioned above will be looked at as to what the courts decide in determining demand and suretyship guarantees, and all information has been extracted directly from the case reports. Demand Guarantees Demand guarantees are written agreements made by a guarantor to assure a beneficiary, subject to the conditions in the agreement. The guarantee is an agreement between the guarantor and the beneficiary. Thus, if an employer is specified a demand guarantee by a bank in respect of the responsibilitie s of a contractor, the contractor is not a party to the agreement. Therefore, the beneficiary is in a strong situation should there be a default. Demand guarantees are contracts and can be generated by either a simple contract or executed as a deed (Birchal & Ramus, 2012). Banks generally set demand guarantees. There are two basic types: on demand guarantees (often referred to as on demand bonds) and documentary demand guarantees. On demand guarantees essentially necessitate a guarantor to make payment to a beneficiary upon request to do so. In the case of documentary demand guarantees, payment will only be made on the securing, by the beneficiary, of the papers required by the terms of the guarantee. These, for example, may be documents proving a court judgment (Birchal & Ramus, 2012). Banks support demand guarantees since they do not need to get tangled in legal opinions and disputes following a default; their view is generally direct. However, their situation is not so reasonable for those necessary to provide demand guarantees. Take, for example, a contractor required to provide a 20% demand guarantee with regards of a $100,000 contract. The guarantee will be the amount of $20,000. The contractor’s bank supplying the guarantee will handle the price of the guarantee as contractors credit and will, therefore, reduce any credit amenities offered to the contractor by this amount. In addition, the bank will undoubtedly require security from the contractor to backup the credit. Both these activities will disturb a contractor’s cash flow and make it more challenging for him to execute contracts. Indeed, the functional competence of a construction firm can be decreased by the obligation to deliver demand guarantees. A contractor in this situation may also sense insecurity, especially where on demand guarantees are delivered. The contractor has insignificant entitlements to avoid a bank paying against an on demand guarantee. Banks will pay on demand a nd leave the contractor to settle any dispute directly with the beneficiary (Birchal & Ramus, 2012). Suretyship Guarantee Companies frequently require working capital to function and grow. The owners of small businesses regularly need to cater a guarantee of suretyshi

Evaluation and the use of concept mapping

Evaluation and the use of concept mapping A concept is a thought, notion, or an abstract idea developed from a situation or particular instance experienced by the learner. Concept mapping consists of diagrams that represent an organized visualization of a concept and its associations or explanations (Novak Gowin, 1984). The use of concept mapping as an educational tool is well established through many branches of learning, including nursing (Schanze Grà ¼b-Niehaus, 2008; MacNeil, 2007; Trochim, 2009). Knowledge derived from the nursing process flows remarkably well into the overall design of a concept map. Although similar to other types of knowledge mapping, concept mapping provides a unique structure to gather major concepts together with direct linkages that can be easily visualized and readily examined. Properly prepared concept mapping will allow the learner to venture into all the learning domains, including cognitive, affective, and psychomotor; as well as allow the educator to move from a teacher-centered learning environment to one that is learner-centered. Concept mapping is designed to promote meaningful learning by the student, and allow for an effective formative or summative evaluation method by the educator. As the map is designed, the learner can incorporate new knowledge and reject inaccurate concepts and ideas. The map can also refine knowledge with examples or events, and allow for learning rather than route memorization. For the educator, the concept map can demonstrate the depth of the learners knowledge, and visually depict what the educator must emphasize to complete the learning process. The educator can also rapidly develop further learning opportunities through critical thinking exercises employing proposed changes to existing concept maps. Concept Mapping Theory Concept mapping was developed in 1972 as part of an effort at Cornell University to study the ability of young children to obtain basic scientific concepts. The design was the result of research into the cognitive psychology of learning and the constructivist epistemology. Based on Ausubels theory of learning, concept mapping attempts to emphasize the difference between rote learning and meaningful learning (Novak Caà ±as, 2006). Rote learning occurs when new information is added to the learners prior knowledge framework in a random and verbatim fashion. Thus, there is little permanent structure and the new information is rapidly forgotten. In meaningful learning, the new information is linked to the learners prior knowledge framework in a conscious and purposeful manner, thus producing a stable structure and substantial change in the way the learner experiences learning, in other words a conceptual change (National Institute for Science Educations College Level One Team, Universit y of Wisconsin, n.d.). This relationship is shown in Figure 1. Further studies and collaboration on concept mapping use and design, including work at the Institute for Human and Machine Cognition (IHMC) in Florida, led to integration of concept mapping with software tools and enabled rapid application of the concept mapping framework to numerous disciplines. Concept Mapping Design In concept mapping, graphical representations are arranged in two predominant manners. First, in the hierarchical fashion, the main topic or question is displayed at the top of the diagram, with inclusive and general concepts near the top and specific, less general concepts arranged in a progressively downward pattern (see Figure 2). The other most common concept map design is in a circular fashion, known as the spider method, with the core topic or idea in the center immediately surrounded by inclusive and general concepts, becoming less specific and more general the further from the core (see Figure 3). Other less common concept mapping methods include the flow path method, where concepts are linked together in a progressively linear fashion to represent a final concept, and the systems method, where input and output concepts are related to the central concept in a production-line style of visualization. Still other methods of concept mapping may be developed to reflect the learners or the educators vision of representation. Typically, concepts are enclosed in boxes, circles, or other geometric shapes with the relationships identified by connecting lines. There are descriptors on the connecting lines that specify the nature of the relationships. Concepts may also be cross-linked to show relationships between domains of knowledge or concepts located in different areas of the map (Caà ±as, 2003). Examples, events, or possible solutions can also be included, although these may not be boxed or circled, and the connecting lines can be dashed or dotted to represent an unsubstantiated relationship. Concept Mapping Construction Many methods can be used to construct a concept map. In general, the process will begin as follows: identify a question related to a process or problem; identify the key concepts of the process or problem; rank these concepts in order by identifying the most descriptive and broadest concept then narrowing the descriptions until the most specific concept is listed last; connect the concepts by links, using notations to represent the relationship between the concepts and enable meaning to the linkage; provide examples, including social, personal, and professional examples to clarify the concept or the relationship between concepts; and then continue to link, add examples, and promote the relationships. Some constructors may find it useful to perform this design using post-it notes or index cards, and arranging their ideas on a table or white board to allow for ease of concept ranking, as well the ability to provide easy changes of relationships and rapid visualization of data. The novi ce and expert alike may also use various shapes and colors to designate concepts and subconcepts to make the map clearer. Concept Mapping Software Although concept mapping may be performed with pen, paper, and other non-electronic methods, there are a number of software programs that can be used to provide a variety of concept maps with ranges of detail. In addition to using traditional word-processing programs such as Microsoft Word, Microsoft PowerPoint, or Corel WordPerfect or Corel Draw to construct concept maps, specific concept mapping software has been developed. The IHMC, a coalition of Florida universities, has developed Cmap Tools, a robust concept map developer that is free for use (IHMC, 2009). This software also includes a search feature that allows the user to search a wide variety of public Cmap databases for sample concept maps. Other software programs that are specific to concept map construction includes Axon Idea Processor, 3D Topicscape, Inspiration, MindGenious, MindMapper, MindView, Semantica, SmartDraw, Spinscape, and Tinderbox. Several of these software packages are available in multiple programming formats, in addition to several languages, and are free for download. Concept Mapping Example As an example to demonstrate concept-mapping construction, a learner is assigned to research the disease process sepsis, and make a presentation to the class. The learner studies several peer reviewed journal articles (DellaCroce, 2009; Nelson, LeMaster, Plast, Zahner, 2009; Steen, 2009) to obtain the latest information on the disease process, and decides to develop a concept map to explain the pathophysiology, risk factors, diagnostic tests, and treatments for sepsis. The learner develops a table to highlight the ideas that will be outlined on the concept map (see Table 1). Finally, using the CmapTools Knowledge Modeling Kit, Version 5.03, the learner prepares the concept map (see Figure 4). Preparation for Developing a Concept Map Steps Responses 1. Identify a question related to a process or problem What is sepsis? How is it diagnosed? What are the signs and symptoms? How is it treated? 2. Identify the key concepts of the process or problem Invading Microorganism, Sepsis, Inflammatory Response, Organ Failure, Systemic Inflammatory Response, Septic Shock, Treatments, Risk Factors, Infection, Death 3. Rank these concepts in order by identifying the most descriptive and broadest concept, then narrowing the descriptions until the most specific concept is listed last Rank 1) Invading Microorganism 2) Infection 3) Inflammatory Response 4) Systemic Inflammatory Response 5) Sepsis 6) Septic Shock, Severe Sepsis 7) Organ Failure 8) Treatment, Risk Factors, Diagnostic Tests 9) Death 4. Connect the concepts by links, using notations to represent the relationship between the concepts and enable meaning to the linkage Links are Pathophysiology, Leads To, Plus, Can Lead To, Organ Failure 5. Provide examples, including social, personal, and professional examples to clarify the concept or the relationship between concepts Vital Signs, Signs of Organ Failure, Criteria for Determining Sepsis Table 1: Preparation for Developing a Concept Map Concept Mapping Advantages Concept maps provide several advantages over other methods of instruction and evaluation. Concept maps can provide the learners access to a â€Å"big picture† view of the topic of interest, allowing the student to advance to conceptual understanding rather than simple memorization or rote learning. This in turn can provide the student the bases for critical thinking. Concept maps are also easy to construct. Concept maps can also be used as both an instructional strategy for the educator or a learning activity for the learner. As a learning activity, the student can acquire the desired knowledge, performance, and behaviors specified by the curriculum (Caputi Blach, 2008). In situations such as developing continuing education opportunities for existing nursing staff, the use of concept mapping can aid in learning new content through visualization, as many staff prefer visual or kinesthetic learning (Nursing Times, 2009). In cases where students need a platform to reduce anxiety generated prior to testing due to a lack of surety on whether the critical aspects of a clinical lesson were studied, the use of concepts maps can help students organize data, determine complex relationships between patient data and disease processes, and provide the student with an overall picture of the care provided to their patient (Hsu, 2004). Concept Mapping Disadvantages Although concept mapping has many advantages, some disadvantages exist. The wide variety of possible concept map designs can lead to additional evaluation time by the educator as students use different construction techniques. Grading of the differing concept maps may also lead to difficulties unless the educator uses strict grading criteria, such as a detailed assignment rubric. The use of concept mapping may also require a paradigm shift by learners used to only the memorization method of learning. This can sometimes cause difficulty as the learner transitions to the new method of learning. Concept Mapping Use in Learning Domains The cognitive domain includes knowledge and skill development. As cognitive learning occurs, the learner is able to recall facts, patterns, and concepts that will result in the development of intellect. Concept mapping is primarily based on the cognitive domain, as the learner combines concepts into a framework that can develop critical conceptions and critical thinking. The affective domain includes learning that is based on our interaction with our environment through feelings, values, motivations, and attitudes. Concept mapping draws into the affective domain through the construction of the framework, and the use of the environment to provide definition to the concept, and the use of values, attitudes, and feelings to link the concepts together to promote understanding. The psychomotor domain includes learning in the physical domain, such as movement, coordination, and development of motor skills. Psychomotor learning is measured through speed, precision, and techniques in execution. Concept mapping lends well to learning in the psychomotor domain, as the learner physically constructs the concept map using a variety of tools and software. Concept Mapping in Nursing Education Concept mapping is used at several levels in nursing education. By using concept mapping as a learning process in nursing undergraduate education, the educator can develop and refine critical thinking skills in the learner through generating ideas, promoting nonlinear relationships between patient data and complex disease processes, and forcing the learner to visualize the application of nursing theory to nursing practice (Abel Freeze, 2006; Phelps, Wallen, Cusack, Castro, Muehlbauer, et al., 2009). One of the most common uses of concept mapping in nursing is the use of concept mapping to demonstrate the nursing process in care planning. Each component of the nursing process (assessment, diagnosis, planning, intervention, and evaluation) can be presented around a disease process; or patient problems can be identified and relationships established between the problems to develop a holistic perspective of patient care (Taylor Wros, 2007). See Figure 5. Concept mapping can also be used effectively in formative, as well as summative assessment. In the formative assessment, the educator can provide a baseline concept map with the major concept listed and several basic relationships identified prior to lecture. The student can use the concept map during the lecture to identify further concepts and relationships, and build upon the baseline concept map to develop their knowledge base. Once the lecture is completed, the educator can use the learners maps to evaluate the effectiveness of their lecture, as well as the effectiveness of the learners attention, by examining the completed concept maps and comparing these maps to the lectures objectives (MacNeil, 2007). The baseline concept map can also be developed by the learner prior to class, such as in a homework assignment, and then completed during lecture as well. Figure 5: Sample care plan concept map (Ackley Ladwig, 2006). In a summative assessment, the educator can require a summative concept map at the end of the course to evaluate overall course objectives, as well as provide the learner with a valuable tool for future reference. Concept Mapping Function in a Learner Centered Environment Concept mapping has been used in both undergraduate and graduate nursing as an analytical tool to organize existing knowledge, synthesize new knowledge, and prioritize information in a logical, visual sequence. Concept mapping develops nonlinear cognitive function that can promote critical thinking and clinical decision making in nurses (Wilgis McConnell, 2008). This makes concept mapping an ideal strategy to switch the classroom from a teacher-centered to a learner-centered environment the learner can develop, adapt, and draw their learning directly from the concept map. Concept maps can be used by learners individually, or in small groups, to simplify complex processes and engage students in the learning process (Harrelson, 2006). As study guides, the concept maps can replace traditional question and answer study handouts with a visual map that can promote meaningful learning opposed to rote memorization (Caputi Blach, 2008). Summary Concept maps represent a collaborative learning strategy developed to take advantage of the difference between rote learning and meaningful learning. Concept maps can be used in all aspects of both undergraduate and graduate nursing, and can be used to facilitate education in all learning domains. As learners begin to analyze clinical data, the learner can begin to develop their critical thinking skills and begin to plan comprehensive care for their patients. As learners begin to study disease processes, the learners can appreciate the effects of interventions directly on patient outcomes. Educators can use concept mapping as a teaching, as well as evaluation strategy. References Abel, W., Freeze, M. (2006, September). Evaluation of concept mapping in an associate degree nursing program. Journal of Nursing Education, 45(9), 356-364. Retrieved August 30, 2009, from CINAHL with Full Text database. Ackley, B. J. Ladwig, G.B. (2006). Nursing Diagnosis Handbook, (7th ed.). Missouri: Mosby Elsevier. All, A., Huycke, L. (2007, May). Serial concept maps: tools for concept analysis. Journal of Nursing Education, 46(5), 217-224. Retrieved August 30, 2009, from CINAHL with Full Text database. All, A., Huycke, L., Fisher, M. (2003, November). Instructional tools for nursing education: concept maps. Nursing Education Perspectives, 24(6), 311-317. Retrieved August 30, 2009, from CINAHL with Full Text database. Caà ±as, A. J. (2003). A summary of literature pertaining to the use of concept mapping techniques and technologies for education and performance support. The Institute for Human and Machine Cognition. Retrieved September 19, 2009 from www.ihmc.us. Caputi, L. Blach, D. (2008). Teaching nursing using concept maps: A how to book. Glen Ellyn, Illinois: College of DuPage Press. Chiou, C. (2008, November). The effect of concept mapping on students learning achievements and interests. Innovations in Education Teaching International, 45(4), 375-387. Retrieved September 19, 2009, doi:10.1080/14703290802377240 Clayton, L. (2006, July). An effective, active teaching-learning method. Nursing Education Perspectives, 27(4), 197-203. Retrieved August 30, 2009, from CINAHL with Full Text database. Conceià §Ãƒ £o, S., Taylor, L. (2007, September). Using a constructivist approach with online concept maps: relationship between theory and nursing education. Nursing Education Perspectives, 28(5), 268-275. Retrieved August 30, 2009, from CINAHL with Full Text database. DellaCroce, H. (2009). Surviving sepsis: the role of the nurse. RN, 72(7), 16-21. 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Code Of Professional Ethics By American Institute Of Certified Public E

Code of Professional Ethics by American Institute of Certified Public Accountants Introduction "A code of professional ethics is a voluntary assumption of self discipline above and beyond the requirements of the law. The Code of Ethical Conduct serves the highly practical purpose to notify the public that the profession will protect the public interest" (Carey, Doherty: p 3). When people need a doctor, a lawyer or a certified public accountant, they seek someone whom they can trust to do a good job, not for himself but for them. People assume that the hired professional is qualified since they cannot appraise him. They must take it on faith that he is competent. That is why professionals are distinguished from businesses and why there is a need for ethical regulations. The Code of Professional Ethics The Code of Professional Ethics for public accountants was developed by the American Institute of Public Accountant and includes four different categories. The first, Concepts of Professional Ethics, establishes major requirements for CPAs in different areas of their day-to-day professional activities. The main parts of the Code are: Independence, Integrity and Objectivity in the practice of public accounting, Competence and technical standards, Responsibilities to clients, Responsibilities to colleagues and Other responsibilities and Practices. Independence has always been the fundamental concept to the accounting profession. In fact it is the most essential to the practice of all professions. The financial reports produced by CPAs would be of little value to the public unless CPAs maintain their independence. Independence has always been associated with integrity and objectivity. Since faults on financial statements may be the result of either a honest mistake or a lack of integrity it is imperative to associate the notion of independence with the objectivity and integrity. As part of the requirements by the Code of ethics, CPA should avoid any relationships that may result in the CPA's becoming dependent on the particular client. Such relationships include financial interests and client management. It is very important that the opinion of the CPA reflects the results of operating decisions taken by the client and not any underlying ideas which may be the case if a CPA takes part in the decision making process of the company. Another important ... ... of particular cases given under Ethics Rulings. In addition to the standards described above, state CPA institutions and other government establish their own ethical standards. Conclusion Professional ethics is concerned with human behaviour and human relations. As human society becomes more complicated, so do the codes of professional conduct. The purpose of the rules is to attract and increase public confidence and discourage behaviour inconsistent with the image of profession. Public confidence may even be more important to the public accountant than to any other professional because CPAs are concerned not only about their clients but also about those who rely on their reports. The code of ethical conduct provides members of the profession with the rules that were worked out on the historical basis to attract the confidence of the public. Therefore, the rules of ethics are the foundation of public confidence. Works Cited John L. Carey and William O. Doherty. Ethical Standards of the Accounting Profession. New York: American Institute of Certified Public Accountants, 1966 American Institute of Certified Public Accountants. Code of Professional Ethics. New York: AICPA, 1977