Friday, September 6, 2019
World Religions Report Essay Example for Free
World Religions Report Essay In this paper I will be discussing what I learned about Christianity and Islamic faiths. How that even though these two religions have differences that they have core similarities and history that show that they have more in common than they do not have in common. I will discuss my interview at a Christian church and what I learned from it. Then I will discuss how much all the religions I have studied in this class have in common. Touching on their philosophies, beliefs, virtues and traditions and any areas that show areas they have in common. The Interview was held at The Rock Church in San Bernardino, California. Their church is huge more like a mini stadium in doors version. Clean well lit and very modern. They have a stage in the church where they hold their services. Where smoke and stage lights light up the stage area when music is performed with a live modern day Christian rock band. Everyone was very nice, energetic and positive. During my interview with Pastor Jim I learned that the basic beliefs are; belief in one God, the trinity which is God the Father, God the Son, and God the Holy Spirit. That Jesus Christ was born and suffered and died for our sins so we may enter into heaven. That the bible is the word of God that we are to love one another as we love God as we love ourselves, to care for one another as well. That people are born with sin so we need to be baptized to be washed of sin. That we all have a relationship with Christ every day is about honoring him. The rules are simply to obey the ten commandments, the word from the bible, to love one another, care for each other, That relationships with the same gender is a sin, You can only be married in a church once, couples to be married must be of the same faith and must take classes first, No praying to the saints, sins can be forgiven with repenting but no confessions to a human being. All sins can be forgiven except for mortal sins such as murder and not believing in the Holy Spirit. Mortal sins can be washed once you become saved or born again which means becoming a Christian. The traditions of the Christi an faith are keeping the Holidays, doing ministries locally or elsewhere. The practices are to practice their beliefs and rules, to teach and spread the message of Jesus, attending services each Sunday, love others even the sinner. Baptisms are for children and adults but infants are dedicated to God and of course keeping all traditions. They have bible teachings for all age groups and even a college. They teach about the traditions, practices, rules, history, about missionary work. As far as the afterlife they believe that if you have repented your sins prior to death, led a good life, pure in heart that you will have eternal life in heaven with God. The history that is taught is from the bible both new and old testaments. The holidays they have are: Ash Wednesday the beginning of lent, Good Friday the day Jesus died, Easter Sunday the day Jesus was resurrected, Pentecost the day the Holy spirit came to the disciple after Jesus died, The Transfiguration and Assumption the day Mary mother of Jesus was taken into heaven, Christmas the day Jesus was born and Epiphany also known as Wise Man’s day the day the three wise men brought gifts to baby Jesus. They have Pastors who give the services which can be either men or woman. When I asked what their main difference was with Catholics and Pastor Jim said the main difference is that Christians do not pray to the saints and have some different traditions such as baptism is done only when the person can consent otherwise they dedicate to God and they don’t do confessions to man. Confessions are done between the person and God through pray. Islam and Christianity from the start have many things in common even from the area of the world where they both originated from, Christianity Egypt (P. 285-287) and Islam Egypt, Arabia (P. 397) They both believe in the old testament (P.285 P 371) and the different historical figures such as Abraham and Moses. Both trace their ancestry to the patriarch Abraham and believe in Adam and eve. They both believe in Jesus however Christians believe Jesus is the son of God whereas Islam faith believes that Jesus was a very great prophet. (P373) Both r eligions believe there is only one God, who is the creator of everything. (P. 309 385) Both believe in an afterlife Islam calls paradise and Christians call Heaven. Islam believes that non-believers and evil-doers ultimately experience great misfortune in this life or the afterlife. (P. 376) Christians believe that through repenting and baptism there is an afterlife in heaven with God. (P. 321) Both believe in the message of Jesus being correct and good. (P.285 373) The Islam philosophy or ethics are that God should be remembered and brought into every aspect of daily life, injunctions against drinking intoxicating beverages, eating certain meats including pork, rodents, predatory animals, certain birds, and improperly slaughtered animals, gambling and vain sports, sexual relations outside of marriage, and sexually provocative dress, talk, or actions. Positive things such as commanding justice, kindness, and charity. They are to exercise justice and honesty in their relationships and business interactions, to manage their wealth carefully, and to avoid arrogance. (P.380) Whereas Christians believe similar things such as kindness, and charity and honesty. (P. 350) To treat others as Jesus would model oneself after Jesus. (P. 334) Islam also believes in kindness as their prophet Muhammad showed kindness and compassion to others. Islam has the five pillars which are Belief and witness which is the belief of one God and the telling others of him and his message, Daily prayers where they pray five times a day, Zakat where they give a percent of their earnings away to less fortunate people, Fasting during Ramadan, and Hajj where they make a pilgrimage to Mecca the holy land. (p. 370-382) Christians Have lent which is their season where they give up something and on Fridays they don’t eat meat except fish which is similar to the Islam fasting during Ramadan, Christians also believe in one God and the telling or spreading of the word as they call it which is the message of Christ, contemplation and prayer, giving up the pleasures of the material world for the sake of loving and serving God, and belief in Missionaries of Charity. (P. 306, 326 336) It would seem that their basic messages of love kindness are t he same. Islam believe and follow the word from their text known as the Qur’an, the believe that the Shari’ah is the sacred law of Islam. (P.371 380) whereas the Christians text is the Bible (P.285) Both of which have are written based off the important historically figures of their faiths. Muhammad’s life story is important to Muslims, for his character is considered a model of the teachings in the Qur’an and because his words are the words of God. Muhammad is the founder of Islam. (P. 366 393) Jesus was equally as important to Christians because he taught them how to treat each other as Muhammad did and also was a role model for what he preached plus Jesus is believed to have been God present in a human life, walking among them. Jesus’s words are also believed to be the word of God. He is also considered the founder of Christianity. (P. 286 303) We have discussed the five pillars of Islam which are also the practices of Islam faith. (p.382) With Christians the rituals and practices are: baptism for forgiveness of sins, worship on Sabbath in churches, the holidays which are lent, good Friday, Easter Sunday, Pentecost, the Transfiguration and Assumption, devotion to Mary and the saints, and Christmas. (P309, 335-342) other rituals are prayer, celebrations of the liturgical year, Holy Communion or Holy Eucharist, Confirmation ceremony. (P. 335-339) One of the biggest events of the Christian faith is the life and death of Jesus which was what help strengthen the Christian faith, other events are c.50–60 St. Paul organizes early Christians, 1095–1300 The Crusades, 1054 Split between Western and Eastern Orthodox Church. (P. 298-312) For Islam a big event was the life and death of Muhammad, The Ka’bah built by Abraham, Muhammad Ishmael, The first three caliphs, Abu Bakr, Umar, and Uthman, election of Abu Bakr as first caliph. (P.370) The following are; ethics, philosophies, practices, traditions or virtues from each of the religions we have studied. You can see that they have many things in common. Judaism: Love your fellow as yourself and ethical guidelines such as the Ten Commandments, laws concerning all aspects of life, such as land ownership, civil and criminal procedure, family law, sacred observances, diet, and ritual slaughter. Idolatry the worshipping of many gods or images of God, blasphemy against God, murder, theft, sexual behaviors outside of marriage, and cruelty to animals are all prohibited (P. 264) Hinduism: As we love God, God loves us. (P. 82) love and devotion, Dharma, often translated as religion, encompasses duty, natural law, social, ethics, health, and transcendental realization. Dharma is a holistic approach to social coherence and the good of all, corresponding to order in the cosmos. (P. 69) ethical principles are non-violence, not to steal, continence, and non-covetousness, plus cleanliness, contentment, self-study, and devotion to God. (P. 78) primary ethic: that the happiness of others is essential to one’s own happiness. This consideration of others before oneself is a central dharmic virtue. (P. 91) Buddhism: Logic, meditation, cosmology, psychology, and monastic life. (P.168) The use of prayer and fasting. (P. 154) The reason that desire leads us to suffering, so one should relinquish thoughts of fame or fortune, let go of vanity. (P. 135) One lives happily and fully in the present moment, free from self-centeredness and full of compassion for others. One can serve them purely, for in this state there is no thought of oneself. Not to talk in a way that shows you are vain, divisive speech, or use harsh words. Avoid destroying life, stealing, sexual misconduct, lying, gossiping, and intoxicants. Beyond these, we are to base our actions on clear understanding. (P.137) Confucianism: Honor and respect one’s parents (P. 196) ethics such as humanity, trustworthiness, sincerity, and altruism. (P.202) encourages becoming a responsible member of one’s family and of the community and having a sense of voluntary service to the community. (P.204) innate goodness, love, benevolence, perfect virtue, humaneness, and human-heartedness, unselfish public service, human kindness. (P.195) Daoism: Simple life in harmony with nature having great mental and physical discipline (P. 180- 181) the dead is paid proper respect so that ancestors will help their descendants (P. 177) respectful ceremonies for the highest heavenly beings are done. (P. 179) practical concern with improving harmony in life. (P.181) Both Daoism and Buddhism emphasize the ever-changing nature of things in the cosmos. (P. 193) Meditation is at the base of the Daoism. (P.181) Islam have injunctions against drinking intoxicating beverages, eating certain meats (including pork, rodents, predatory animals, certain birds, and improperly slaughtered animals), gambling and vain sports, sexual relations outside of marriage, and sexually provocative dress, talk, or actions. God should be remembered and brought into every aspect of daily life. Positive things such as commanding justice, kindness, and charity. They are to exercise justice and honesty in their relationships and business interactions, to manage their wealth carefully, and to avoid arrogance. (P.380) Christians believe in missionary work, treated others as they want to be treated, one God, the ten commandments which basically say not to do many of the same things the other religions are against as well such as not to lie, steal, kill, vanity, to honor your parents, (P.294) To pay more attention to the life of the spirit than to physical comfort and wealth (P. 291) each religion has ethical and moral beliefs to keep their society morally correct and on the right path. All believe in a form of prayer or meditation, basic golden rules or ten commandments or Li or however each religion likes to call them but at the core they are the same. Not hurt others, pure body, minds, and souls. Teachings of being responsible, doing public services, missionary work, and to be humble not prideful, to have compassion and humility, to not concern oneself with earthly possessions or fame to concentrate on the spiritual life. Modesty rules or beliefs they all seem to have that in common as well along with not being cruel to animals, or put toxins in the body. I have learned many things about all the different world religions and even though they may differ on whether Jesus was the son of God, or what holidays to celebrate, details about how, when or where to worship, the core of each is to try to become a better person whether that means finding enlightenment, becoming a better Christian, following the Qur’an or whatever words to describe it are used the basic message of treating others as you would yourself, being honesty, trustworthy, kind, compassionate, loving, humble, charitable, and remember what is truly important the spiritual life not possessions or anything that feeds the ego. Those are the same in any religion or faith. I have come to realize that Islam and Christians are very much alike it seems that where the split began is on whether or not Jesus is the son of God because both see him as delivering the word of God and both agree with the message he gave. Respect the differences and recognize how many similarities there are. The interview showed a very positive modern high energy side to Christianity that I did not know of before. They are very modern with their missions to help get the word out and even have live services on the web. They offer so many different kinds of missionary services and do these missionaries all over the world as well as locally. References: Fisher, M.P. (2005). Living Religions (6th Ed.). New Jersey: Prentice Hall. Lecture on Christianity; Laura Templeman Lecture on Islam; Laura Templeman Pastor Jim
Thursday, September 5, 2019
Throughput Accounting: Theory of Constraints
Throughput Accounting: Theory of Constraints Dr. Goldratt’s Throughput Accounting revolutionized the methods by which companies viewed their costs and associated them with profits. Unlike the traditional cost accounting methods, Goldratt argues that accounting should seek to maximize the movement of products through an organization to eliminate potential bottlenecks that prevents efficiency and speed. Goldratt argues that the current costing systems in use were developed almost a hundred years ago based upon the business practices and business designs of that particular era. The traditional accounting system therefore can be understood in the context of a â€Å"Cost World†. This cost world focuses all aspects of business value and decision making upon the cost of products themselves. In order to connect all of the subsequent aspects of business to costs, very elaborate allocation of expenses had to flow through to products. These â€Å"cost schemes†in effect have many different errors and assumptions that impacts the accuracy of accounts and therefore causes misjudgments within management decision making. Goldratt proposes within his book that accounting should be viewed through a â€Å"throughput†perspective. Throughput rests upon three specific elements: throughput, inventory and operating expense. Throughput can be defined as the monetary gain a business makes from selling its products. Investment is the monetary value of all fixed assets which enables throughput to occur. Finally, operating expense is all of the operational expenses spent on producing throughput. The reasoning behind Goldratt’s analysis for the need of throughput accounting is that the world is no longer based upon flat delineations of costs. Businesses today, unlike the last century, do not commit the majority of their resources on factors, plants and other vehicles of heavy capital investment. Even more important, workers were thought of as variable costs because they were mostly low-skilled and thus easily varied through workforce demand. In today’s world, these two moving forces, resources and labor are moving in opposite directions. Resources are becoming much more variable and formerly fixed costs are becoming flexible as a result of changing workflows. At the same time, skilled labor especially in key high skilled industries are becoming much more fixed and necessary than before as well. Thus, allocation of costs to labor or specific products is no longer accurate and rests on faulty assumptions. The foundational principle of Godratt’s throughput accounting is that decisions are focused upon the goals of the organization rather than on its costs. All of the decisions made by the business can be related to their ultimate goal. Under this accounting system, individuals are viewed as assets rather than expenses, and traditional mechanisms of inventory and throughput are carefully analyzed and reconfigured to align with organizational goals. Goldratt argues t hat there are three fundamental relationships established through throughput accounting mechanisms, these are described below. Throughput accounting at the core is the â€Å"summation of all the gain from sales of all the individual products†(NOTATION): T= à ¯Ã†â€™Ã‚ ¥pTp(p=individual products) This is the first principle of throughput accounting. At the same time, Operating expense is the summation of the individual subsets of operating expense. This would include all subsets of operating expense including employees and their manager resources, interest levels, energy costs, etc. OE = à ¯Ã†â€™Ã‚ ¥cOEc(c=individual categories) The role of cost accounting within financial analysis was to develop a mechanism to search for a very good estimation in understanding how production lines impact each other and thus impacts the net profitability of companies. Goldratt argues that cost accounting was intended to make â€Å"apples and oranges into apples and apples†. This would allow companies to have a true metric for cross-comparison. Throughput accounting solves the problem of allocation simply by dividing a company into product by product classes. It uses the formula: NP = à ¯Ã†â€™Ã‚ ¥p (T – OE)p The reason that Throughput accounting is necessary according to Goldratt is that cost accounting has become too ineffective in forming solutions for modern corporate problems and diversification. Concepts such as cost drivers and activity based costing are both ineffective in their methodology in truly assessing corporate profit and stakeholders. These above principles make up the foundation of Godratt’s Throughput Accounting analysis.By focusing upon the mechanisms for consistent business improvement, Throughput Accounting works to eliminate bottlenecks throughout an organization and focuses upon how to achieve sustainable development through maximizing organizational goals rather than focusing upon costs and expensing. Godratt’s overall theory is meant to provide accurate business decision data that focuses upon tailored organization needs rather than standardized costing. Despite the widespread acceptance of throughput accounting within the managerial finance community, it is not a perfect solution. Many different developments within the field have strongly impacted its sustainability and usability in the near term. One of these most fundamental changes is the concept developed by Caspari and Caspari called â€Å"Constraint Accounting†. While throughput accounting is often described as a transition from variable costing, constraint accounting also derives from the Theory of Constraints but is directed towards a systematic solution for corporate financial analysis. Throughput accounting is not perfect because it attempts to evaluate â€Å"global throughput paradigms†with the current local efficiency cost paradigm. Thus, Caspari describes throughput accounting as a â€Å"legacy system†, thus something more systematic must be used to judge global criteria. Constraints accounting can be understood as a global throughput accounting pa radigm, rather than evaluate transitive states, global throughput decisions are measured through internally consistent metrics. Its goal is to bring the effect of identifiable constraints to the concept of profit and loss statements and effectively overcome the traditional management accounting functions of the firm, moving them to the goal of on-going improvement model. Constraints accounting allows for the recovery of investment in breaking constraints down as operating expenses at the same rate as throughput. The result is that it creates a means of â€Å"global congruence†through financial incentives to â€Å"bust constraints†. Thus Constraints accounting allows for aligning business perspectives in both the short term and long term through broad principles which is similar to the developments of Kaizen and Continuous Improvement dynamics. Constraints accounting can be defined as â€Å"an accounting reporting technique, consistent with a process of ongoing improv ement and implementation of the theory of constraints, including: Explicit consideration of the role of constraints, Specification of throughput contribution effects Decoupling of throughput from operational expense Constraints accounting has dramatically impacted the dynamics of businesses through the understanding of global perspectives on constraints decision making. It impacts accountants because it changes the dynamics within business decision making by extending a systematic methodology for examining business impact and bottlenecks. Constraints accounting focuses on the explicit consideration of the role of constraints and the actual throughout contribution by understanding the separate value of throughput and operating expense. Constraints accounting is widely used as a methodology for understanding future costs and controlling future costs as an effect on constraints. Constraints accounting impacts one specific area, organization wide consulting. While traditional throughput accounting mechanisms had consultants focus their attention on the limitations of business in their bottlenecks, CA focuses instead on the development of continuous mechanisms for optimized business practice. This ha s transformed how consultants analyze business functions by decoupling throughput and operational expenses. Consultants no longer pursue a specific understanding operational expenses and thus tailor their recommendation on how to decrease OE in order to take away bottlenecking. However, CA focuses instead on the specific effects of throughput upon an organization and how to instill continuous improvement at this level. Deviating from a transitive model towards a greater understanding of the global and systematic viewpoint. New developments and expansions of throughput accounting have helped to answer of many of the criticisms that have been leveled at this TOC (Theory of constraints). There are four main criticisms that have been leveled at the concept of Throughput Accounting. The first is that throughput accounting is just another form of variable costing. Second, that throughput is only valid when there is a tangible production bottleneck. Third, that it regards all operating exp enses of a company as fixed, and finally, that it can only be used as a short term decision tool rather than a long term decision making calculus. Although there is some validity to these criticisms, the majority of them rest upon misunderstandings of how throughput accounting works and what its specific methods are. Throughput accounting is not a costing analysis in that its primary concern is with the relevant costs and revenues associated with a decision. The majority of companies in the modern world still use a form of cost accounting as their primary management accounting system. Although this system has been used widely its founding premise is that if a company can reduce the cost of a product, then it will simultaneously increase the company’s overall profitability. However, throughput accounting does not attach cost to production. Rather it attempts to answer three primary questions using throughput accounting measurements. How will decisions impact the overall amount of money the company generates? How will decisions impact the overall operating expenses of the company? How will decisions impact the overall return captured by the company? Constraints accounting answers the primary fault of throughput accounting, which is that it is a natural extension of variable costing. There is much truth to this statement because variable costing at a definitional level implies a transitive analysis of controlling costs as they are related to the throughput. The ultimate difference between variable costing and throughput accounting is that local decision making is based on the role of constraints and the contributions due to the constraints themselves. Constraints accounting eliminates the transitive view by taking on a global and systematic viewpoint. It extends the logic that costs are incurred irrespective of the different fixed components of costs and are better management decisions about product cost. Throughput accounting argues that direct labor is no longer considered variable, rather production cost is avoided by instead considering throughput analysis. Constraints accounting is the only methodology that can in reality be considered systematic and global optimum in its approach. Constraints accounting also changes the perspective of understanding bottlenecks. Bottlenecks within companies are streamlined through the existence of throughput analysis rather than focusing on cost of production. The main criticism that throughput only works when bottlenecks exists is counter-intuitive, bottlenecks will always exist purely because production can never be completely efficient. Using the constraints accounting approach, a process of re-assessing the process of production and the constraints applied to them develops a continuous model for improvement that is comparable with the Kaizen model. This means that there is a response mechanism and systematic approach to understanding constraints fast enough to develop a counteractive means to continuously develop an understanding of constraints. Thus, constraints accounting seeks to continuously improve businesses even when bottlenecks are less noticeable, whereas throughput accounting focuses at the transitive level. One o f the chief criticisms of throughput accounting is that it regards all operating expenses as fixed costs. Constraints accounting takes this into consideration by decoupling T and OE. This implies that throughput and thus, understanding of business optimal functions does not entail operating expense considerations at all. Operating expenses are for the most part a fixed cost because of the current state of world capital flow and labor demand. However, constraints accounting focuses on a systematic and global optimum viewpoint which disassociates these two concepts unlike throughput accounting. Finally, the concept that throughput accounting can only be used as a short term decision making tool is also changed through constraints accounting. While it is true that throughput accounting deals only with bottlenecks in business at the microscopic level, and it is a transitive analysis that can be closely related to variable costing, constraints accounting is very much a global and systematic understanding. Since constraints accounting specifies the role of throughput, it takes a global optimum view of constraints and their function on specific organizational components. The implication is simple, this takes away the fundamental derivative of demand at a cost level. Which means that continuous improvement is possible using constraints accounting, taking away the primary complaint of the Throughput accounting model? The development of constraint accounting goes one step further than throughput accounting. It uses an explicit consideration of the theory of constraints to understan d the role of constraints as bottlenecks on a global/systematic view rather than the transitive view. This new development within the understanding of constraints theory is a derivative of throughput accounting. It answers many of the primary concerns of throughput, and thus changes the differing leverage points of TA analysis. Goldratt’s original assumptions of throughput are very valuable in creating an optimal understanding of modern business practice and function, however it still contained many errors. From the above discussion it is evident that cost accounting is no longer the strongest and most credible method of managerial accounting. Changes must be made to this model to accommodate the growth of organizations from focusing on individual products towards integration of product lines that deviates from cost. Throughput accounting focuses on improving businesses through focusing on goals rather than on costs, this was a revolution within managerial accounting. However , many problems still existed with TA that prevented it from systematic adoption. However, the development of constraints accounting has dramatically changed the nature of the theory of constraints and its direct application. It has allowed for the use of continuous improvement models within managerial finance. An understanding of throughput and the theory of constraints have inevitably changed managerial finance and changed its direction from costing to focus on end business goals. Bibliography Goldratt, E. M., and Cox J., (1994) The goal: a process of continuous improvement, 2nd Revised Edition. The North River Press, 337pp. Caspari, J. A., and Caspari, P., (2004) Management Dynamics: merging constraints accounting to drive improvement. John Wiley Sons Inc., 327pp. Corbett, T., (1998) Throughput Accounting: TOC’s management accounting system. North River Press, 174pp. Goldratt, E. M., (1994) It’s not luck. The North River Press, 283pp. â€Å"The Haystack Syndrome, by Eli Godratt, published in 1990 by North River Press, McMullen, T. B. C., (1998) Introduction to the theory of constraints (TOC) management system. St. Lucie Press, 320pp. Noreen, E., Smith, D., and Mackey J. T., (1995) The theory of constraints and its implications for management accounting. The North River Press, 187pp. Nursing shortages: Effect of patient care Nursing shortages: Effect of patient care Do nursing shortages affect patient care within an acute setting? Abstract The nurse is one of the most important components of the health care hierarchy in that they see to the moment to moment care needs of patients after the doctor has performed his diagnosis and or services. Their responsibilities broach a wide spectrum of services with one of the most important being the administration of acute care. This type of care is one rung below critical care, however it is just as important in the recovery of a patient. The decline in nursing graduates over the past ten years coupled with the aging of populations, both in the United Kingdom as well as globally, has created a crisis in the health services industry whereby the number of patients per nurse has increased to unmanageable proportions. The United Kingdom’s National Health Service has been importing skilled ‘Registered Nurses’ for decades to fill the shortfall in developing nursing professionals and along with Ireland they are the most dependent of developed countries in filling this void through importation. This practice fails to address the problem in the United Kingdom of training and maintaining nurses to meet demands. The aging of the population, whereby the number of individuals entering the age categories require additional serious medical care has grown disproportionate to the number of nursing staff members entering the profession which further exacerbates the problem. The importance of qualified nurses in an acute care setting is a prime example of how this shortage is affecting hospitals in that many have or are scaling back in response to this problem due to the quality of care as well as legal liability issues. Chapter 1 Introduction Understanding acute care from a clinical perspective means that one is approaching the question in an objective and analytical manner. This perspective dictates that an understanding of the historical contexts leading to the present state of the nursing shortages in the acute care setting need to be examined to provide a perspective on the problem as well as potential solutions. And while the United Kingdom is the focus for the examination of the question â€Å"Do nursing shortages affect patient care within an acute setting?†with the exception of the importation of nurses as a historical solution, the foundational issues are almost identical in Canada, France, the United States and other industrialized nations. One common denominator that is at the root of the global nursing shortage is the growth in the percentage of people entering or at the age 60 years. As individuals age the onset of maladies, as well as the need for health care, increases dramatically. In 1900 the percentage of the world’s population above the age of 60 stood at 6.9%, by the year 2000 this had risen to 10% and is projected to climb to 22.1% by 2050. And while the preceding figure for the year 2000 on a global basis does not on the surface seem to be staggering, when one factors in that the number of people has increased from 2.7 billion in 1950 to 6 billon by the year 2000 and is projected to rise to 9.3 billion by 2050 this point takes on more meaning. More telling is that by 1999 37% of Europe’s population was 60 years of age or older, with this figure expected to reach 47% by 2050. The preceding increase in patients where acute care is more of a potential has put tremendous pressures on hospitals and nursing staffs as the proportion of nurse to patient ratios have increased. Medical technologies and advances have seen a number of formerly fatal illnesses curtailed by surgical techniques. These breakthroughs have meant that there has been an increase in the number of patients thus requiring acute care, as well as an increase in the technical skill and expertise required by nurses in this health care segment to see to the demands of patients who have undergone such techniques and or treatment. And while the number of nurses qualified in acute care has actually risen by 21% (35,541) during the period 1999 (165,643) to 2003 (201,184), the rate of increase has not keep pace with the acute care increase required by patients as a result of expanded acute care instances as indicated by the aforementioned improvements in technology, surgical procedures and increased sur vivability. Other factors are also acting upon the shortage of qualified nurses in acute care, aging. The specialized skills, experience and training it takes for an acute care nurse precludes this segment from receiving the immediate benefits of increased enrollments in the nursing field. The implications of the nursing shortage become clearer when the age of nurses is factored in. There are 100,000 nurses who are 55 or older as well as an additional 75,000 between the ages of 50 to 54, these nurses on average do not work full time. When these numbers are brought into perspective by the total headcount of nurses in the NHS (450,000 as of 2003) the shortages become more telling. And while acute care represents a segment of health care for which a patient receives treatment for immediate and/or severe (termed acute) episodes of illness as well as injuries or trauma such as surgery. The importance and seriousness of this care means that it is usually performed at a hospital by specialized individuals who use sophisticated as well as complex equipment and materials. The difference between acute care and chronic care is that it is (acute care) usually required for only short periods of time, however this does not belie the quality, expertise and importance of such care. Acute care patients usually come from the Intensive Care Unit (ICU) after their condition has been upgraded thus permitting the move. Patients in acute care are still subject to relapses and other reversals after leaving ICU or critical care. Acute care is usually the final phase where the hospital watches the patient prior to either home release or observation in a general ward. While the intensity of observation, in terms of the propensity for a relapse, is not as great as in ICU or critical care the likely of an occurrence and or other complications is potentially there thus the reason for the existence of this unit. Nurses as a rule usually oversee several patients at once and are distinctly familiar with their case histories as well as what conditions or symptoms to look for. There are instances where patients are admitted to acute care directly from surgery or after treatment in the emergency room. The doctor in charge of the patient entrusts the acute care nurse with the history of the patients and conditions to be mindful of in watching the patient’s progress as well as providing parameters that will determine their readiness for release. Acute care program components can consist of or include specialized diet, liquids, exercise, therapy as well as visits from the immediate family and other activities as prescribed by the physician. The exis tence of acute care helps to reduce the potential for liability on the part of the hospital whereby releasing them too soon might open them to malpractice or other forms of litigation if a reversal of the patients condition can be tied to them being released too early or without proper follow up. The monitoring of patients in the acute care setting permits nurses to record and observe their progress as well as reactions to the prescribed treatment and report these findings to the physician so that the program can either be continued or amended as required. In addition, the existing patient recovery plan for when they are released is either confirmed or amended within the hospital setting via observation and monitoring of the patient’s progress. The acute care nurse can also familiarize the patient as well as family with the prescribed routine and medication, correct dosage, exercise, diet plan(s) which the patient needs to follow after their release thereby helping to ensure a higher level of permanent recovery and lessening of potential complications. Changes in the health care industry as a result of improved treatment, surgery techniques, medication and other advances has modified the medical landscape. The shortage of acute care nurses, which is a specialized discipline, increases the potential for mistakes in observation and monitoring techniques brought about from having too many patients being assigned to the nursing staff in this department. The importance of the acute care nurse in assisting the physician in determining the extent of patient recovery as well as reaction to the prescribed after care medication, dosage, diet, exercise or other programs is extremely important in terms of the eventual patient release. Their importance as a critical component of the health care industry can not be overstated. Acute care can encompass the monitoring of cardiac surgery and telemetry, ENT, neurology, oncology, neurosurgery, orthopedics, clinical trial study observation, trauma and other areas. Chapter 2  Literature Review The contemporary nature of the question â€Å"Do nursing shortages affect patient care within an acute setting?†has resulted in a plethora of journal articles and reports that have and are examining the problem. The foundation of the shortage of acute care nurses is rooted in the their overall decline contrasted to the rise in the general population as well as the increase in the age group of individuals over the age of 60. As a result of these varied parameters direct articles and materials solely focusing upon the shortage of acute care nurses and the correlation of how this has or is affecting patient care in that setting is contained in varied literature rather than in singular sources. The reliance of the United Kingdom on the importation of nurses to resolve its problem in staffing shortages is a wide reaching problem which affects all levels of service throughout the country. As such, literature, materials and articles tend to look at and deal with the broader spectrum rather than singular concentration on one dimension, such as acute care. The following review of materials will focus upon this aspect however it shall also bring into focus other factors which impact upon this area as well. RCN 2003 Staffing Snapshot Survey This report was utilized as the starting point as it provides general as well as specific data on the state of nursing and patient levels in the United Kingdom. More importantly the survey involved questionnaires sent to stewards in 232 acute care departments throughout the United Kingdom. Data was collected from both the general medical as well as general surgical wards and the corresponding data is based upon 76 responses. The study uncovered that: 50% of the wards surveyed indicated that RN (Registered Nurse) staffing was inadequate to meet demand and that the â€Å"†¦skill mix†¦Ã¢â‚¬ composition was incorrect. Skill mix refers to the expertise background of the nurses on duty thus providing for a cross section of differing disciplines whereby the experience and training background provides for nurse expertise to meet the demands of patient needs. It also uncovered that approximately 10% of the staff consisted of bank and agency personnel covering for regular staff who were either out sick, on leave, or as a result of shortages. The survey indicated that in one third of the wards the staffing levels did not meet the scheduled personnel number as a result of the inability to obtain either bank or agency coverage. The short staffing and skill mix problems were reported as foundations that increased both stress and the workloads for the nurses on duty and that these factors compromised patient care as well as affected morale. Item 4 addresses the core of the problem by stating that compromised patient care is a problem caused by nursing shortages and skill mix. The preceding is borne out by the following survey statistics: Table 1 – Skill Mix Problem Survey Results                                                                                Frequency            % Cases  Stress                                                                         13                          36  Low MoralÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â à ‚                   10                          28  Compromised Care                                                     8                          22  Poor Management of Care                                          5                          14  Issues in Supervision                                                  5                          14  Junior Staff Work Exceeded Roles                             5                          14  Unregistered Staff Performing RN Work                   4                           11  RN Performing Too Much HCA Work                      4                           11  Staff RetentionÂ Â Â Â Â Â Â Â Â Â Â Â à ‚                                                4                           11  Limited Trained and Teaching                                    3                             8  Not Enough E Grades                                                 2                             6  More RN’s Needed for Acutely Ill Patients               2                             6  Staff Shortages Affecting Discharge Planning           1                             3 The findings point to the shortage of qualified nurses as having a detrimental effect on the quality of care rendered in the acute care unit. The following chart devolves further into the negative impact of staffing in this area. Table 2 – Effect of Insufficient Registered Nurses on Staff                                                                                Frequency            % Cases  Stress                                                                          22                          55  Not Meeting Patient Needs                                        19                          48  Lower Morale                                                             16                          40  Workload too Heavy                                                  12                          30  Staff Retention                                                             3                            8  Poor Quality of Care Management                              3                            8  Ward Manager Case Load to High                              3                            8  Supervision                                                                  2                            5  Unsafe                                                                          1                            3  Increased Incidents of Sickness                                   1                            3  Inadequate Time for Training / Teaching                    1                            3 The preceding survey responses point to staffing shortages as a serious problem. Low morale, retention, inadequate time for training and supervision as well as not enough RN’s available for duty or shift coverage and the other points clearly indicate this, and this is compounded even more in a Unit, acute care, where patient monitoring and supervision can directly affect their recovery as well as stave off additional problems or relapse. The problem of RN shortages is illustrated by the following: Table 3 – Average Number of Patients per Acute Care Staff Member on Duty                                                                                All Wards  Medical   Surgical   Early    Patients: RN’s                                              7.6            8.3            7.0                Patients: Staff                                               4.6            4.6            4.5   Late      Patients: RN’s                                            10.7           11              9.2                Patients: Staff                                               6.3             6.6           6.6 Further evidence of the problem of staffing shortage is shown by ward attendance figures. Table 4 – Reasons Why The Number of Staff on Duty is Less Than Planned                                                                                Frequency            % Cases   Sickness                                                                     25                         78  Bank and Agency Staff not available                          9                          28  Vacancies / Staff shortages                                         5                          16  Study leaveÂ Â Â à ‚                                                               3                            9  Staff on escort                                                             1                            3 All of the preceding data indicates that regardless of how creative the management of staff is conducted, shortages are consistent due to there not being enough personnel to begin with. These figures reveal that: Wards are consistently at approximately 4/5’s of the optimum for registered nurses which means that there is a serious problem concerning the accurate diagnosis of problems which can occur at any time as a result of a patient relapse or the need for a critical decision on patient care to be made. The ongoing deficit in full staff numbers creates pressures for the staff to address this problem with no relief thus adding to job stress and the corresponding propensity for potential error(s). Staffing levels have remaining basically unchanged from 1999 levels which is behind the patient curve. With an average bed occupancy rate of 98% the indicated staffing shortages are problems that need to be addressed immediately. The increased number of the population in the United Kingdom over the age of 60, coupled with the percentages of nurses nearing retirement age, means that the problem of nursing shortages is actually critical given the fact that replacements need to be trained for the retiring experienced nurses, staffing levels also need to be increased to compensate for the rise in patient incidences. NHS Statistical Studies The Department of Health maintains and conducts ongoing research and statistical studies concerning all facets of health care. Their studies provide detailed factual information on the shortages in the acute care units which support the information reported in the ‘RCN Staffing Snapshot Survey†. The following are statistics for Vacancy Rates in the Acute Care units for 1999 through 2002: Table 5 Acute Care Vacancy Rates 1999 through 2002                                             England  Trent  N. West  London  S. East  S. West  Acute, Elderly      General Care     1999                                 3.6%     1.3%    2.2%       6.3%     5.0%      1.7%     2000                                 4.6%     2.4%    2.0%       8.2%      6.1%     3.1%     2001                                 3.7%     2.2%    3.2%       5.8%      4.9%     2.4%     2002                                 3.2%     2.2%    2.6%       5.8%      4.0%     2.1%  On the surface, the vacancy rates have remained relatively steady throughout the four-year period. The figures also show that management has decreased high vacancy rate figures that occurred in 2000. The numbers also reveal that while they are holding steady at a consistent rate of vacancy, the increase in the age of the population is the variable which renders a status quo policy as unworkable. The NHS, mindful of nurse shortage problems, temporarily rectified the situation in 2001 via a large influx of foreign nurses to temporarily plug this gap. The policy resulted in a 7.1% increase over a 12 month period for a total of 29,119 nurses imported from locales such as the Philippines (13,750), India (2,459), Nigeria (2,065 and South Africa (2,056) as well as other countries. The nurses underwent courses which lasted between six to nine months to prepare them for their assignments in British hospitals. The Department of Health indicated that while the preceding measures did help to alleviate staff shortages, at the same time attempts at â€Å"†¦expanding the workforce †¦Ã¢â‚¬ through increased training was also part of the overall planning program. The NHS plan to increase nurses by 20,000 over a five-year period, as announced in March of 2001, is in response to the indicated problem as well as concerning those nurses who would be either retiring or quitting. Another area that the NHS addressed is the â€Å"†¦drop-out rates†¦Ã¢â‚¬ which registered 13% for 2001 with some courses showing rates as high as 40%. The NHS Statistical Studies provided confirmation that the shortages in all areas, as well as acute care, are critical. Conference Paper: Hospital staffing, organization, and quality of care: cross national findings This study examined acute care hospitals in the state of Pennsylvania in the United States, the provinces of Ontario and British Columbia in Canada, Scotland and the United Kingdom encompassed 10,319 nurses in 303 facilities. The ‘Paper’ provided a circumspect review and update of modern hospital and medical procedures as well as technologies stating that because of these advances less invasive procedures in surgery and inpatient care has been significantly been reduced, but the ability to service people on a faster basis has created excess inpatient capacity. The new procedures and advances in medical as well as surgery have increased the requirement for more sophisticated staffing to deal with these areas. As a result the internal structures and management methodologies in hospital administration necessarily had to change as well. It was found that a study of hospitals conducted in 1982 revealed that 41 had higher rates of retaining personnel as well as attracting qual ified staffing when compared against other institutions with higher vacancy and turnover rates. The sample hospitals all had some common similarities that were deemed as contributing to their success: a flat organizational structure, decentralized decision structure by bedside caregivers, chief nurse included in management decision process, flexible scheduling of nurses, self governance of units continued education and training of nurses in new procedures and treatments more nurse autonomy in bedside practice and better physician relationships, The preceding broader considerations with respect to hospital management also have direct implications with respect to acute care units. The study found that when the organizational structure is conductive to staffing interaction as well as prompting ease of communication and new instructions, higher care levels are attained. The study also uncovered that when the nurse to patient ratios as well as skill mix are optimum, the organization structure determines how quickly changes and other informational feedback can be implemented. The preceding is particularly critical in units such as acute care as well as ICU. A study on this point was conducted at 20 hospitals in the United States to either confirm or disprove the 1982 findings utilizing AIDS patients as the selection field. The study encompassed three differing organization formats: dedicated AIDS units, magnet institutions that did not utilize dedicated AIDS units, and non-magnet hospitals with a conventional organizational structure whereby the AIDS patients were dispersed throughout the institution. It was determined that the probability of patients dying from AIDS within a 30 day period after admission was significantly lower in magnet hospitals and institutions with dedicated AIDS units than non-magnet hospitals. The similarity between the two types included the following: nurses had more autonomy, as well as greater degrees of control and better relations with physicians, increased nurse staffing reflecting a lower nurse to patient ratio, organizational support by administrators resulted in a higher degree of patient satisfaction, nurse burnout was significantly lower. The core elements identified included staffing adequacy as well as strong management support in terms of decisions reached by nurses. The preceding clearly point to the institutions having a higher level of confidence in the abilities and decisions of their nurses as well as an environment which supported and contributed to the foregoing as evidenced by continued training and representation by a registered nurse in top management. Simply put, the nurses were held in higher regard, thus reducing their frustrations in having a contribution as well as voice within the system with a communication structure that provides feedback and a faster turnaround time concerning their recommendations. 2.4 More nurses, working differently? A review of the UK nursing labour market 2002 to 2003As shown in prior materials, the question of the number of nurses relative to the number of patients in the acute care setting has more to do than simply ratios, it includes factors such as: the organizational structure, nurse representation in top management, nurse autonomy and inclusion in decision making processes, improved nurse – physician relationships and interaction, a flat organizational structure, decentralized decision structure by bedside caregivers, flexible scheduling of nurses, self governance of units continued education and training of nurses in new procedures and treatments The national crisis created by the shortage of nurses has prompted the NHS to examine the method via which the entire health structure operates with the understanding that simply increasing the number of nurses might not necessarily result in improved services or increased competency. The NHS also wanted to determine if â€Å"working differently†, when the â€Å"†¦right number and mix of staff †¦Ã¢â‚¬ are in place might yield increased results in terms of patient recovery, satisfaction and services. The report did indicate that the United Kingdom has a lower ratio of physicians and nurses per population than a number of comparative countries and that the system might yield additional gains in service aspects through increased health care assistants (HCA’s) as well as more nurses with advanced skills. It was also identified that the relative pay structure needed exanimation to provide a clearer career and goal attainment structure for personnel as another me ans to increasing the nurse and HCA numbers. The determining factors were that resources need to be utilized more effectively in addition to just increasing staffing numbers if long term gains are to be achieved through all unit disciplines (which includes acute care). One positive factor noted in the report is that the United Kingdom is reaping higher rates of nurse staffing than either Scotland or Northern Ireland, but it also goes on to add that the shortage of staffing is still a critical problem due to the higher number of experienced nurses at or near retirement age (175,000). Table 6 – Percentage of Change in NHSNursing and Midwife Staffing Between 1999 and 2002                                                                1999           2002          % Change                                                                                                      1999 2002                  United Kingdom            250,651      279,287Â Â Â Â Â Â Â Â Â Â Â Â à ‚  11%                  Scotland                           35,494        37,216                 5%                  Wales                               17,397        18,766                 8%                  N. Ireland                        11,207        11,934                 6% During this same period, the number of qualified nurses in acute care increased by 13%, the highest overall gain in the indicated categories for active care, however, the aforementioned total of nurses nearing retirement age (175,000) belies these gains. Table 7 – Numerical Change in Qualified Nurses by Specialty 1999 and 2002                                                  1999        2002     Numerical Change     % Change                                                                                     1999    2002         1999    2002     Acute, Elderly General      165,643   187,439           +21796                     +13%Paediatric                                 16,689     18,014             +1325                       +8%Maternity                                 29,258     29,524                 266                     -0.9%Psychiatry                                38,999     42,654             +3655                       +9%Learning DisabilitiesÂ Â Â à ‚               9,923       9,550                -373                        -3%Community Services                48,972     53,814             +4842                     +10%Education Staff                              658          995               +337                     +51%TOTAL QUALIFIED          310,142   346,537           + 36395                     +12% Given the number of nurses nearing retirement age as well as increased staffing demands, the NHS has determined that the gains from improved operational efficiencies will not be significant enough to increase the nurse patient ratios in any appreciable numbers. The study concluded that the importation of nurses as a staffing methodology will have to be maintained until internal enrollments and retention rates have advanced to the point where importation numbers can be reduced. 2.5 Fragile Future? A review of the UK nursing labour market in 2003The Royal College of Nursing has undertaken a program of consistent research as well as statistical analysis of the state of the nursing workforce in the United Kingdom to evaluate how policies are affecting the known shortages as well as the delivery of services across the broad spectrum of care being provided. Government policy has been to improve staffing numbers through the expansion and improvement of NHS services utilizing increases in funding on a significant basis. The understanding of the broad implications of the long standing shortages of nurses in the United Kingdom has drawn the concern of the appropriate governmental departments and agencies resulting in efforts to define where the problems lie as well as solutions to provide immediate, intermediate and long term solutions rather than temporary patches. This report confirmed that there is significant evidence â€Å"†¦ between low staffing levels in nursing and a range of negat
Wednesday, September 4, 2019
Behavioral Economics Essay -- Neo-economists, Labor Market
Introduction Described as the economic field that deals with the analysis of the effect that the process of decision making impacts on the decisions reached, behavioral economics is a field that has elicited lots of interest from various scholars (Altman, 24). The economists consider this branch of economics as cognitive science due to the fact that it deals with analysis of the process of decision making. Eric Wanner one of the earlier founders of the discipline describes this economic field as a component of cognitive science in his attempt to explain the basis and the characteristic analysis of the discipline in terms of strengths and weaknesses. Simply put it is a field of economic that explains the decision making process of economic agents based on theories formulated in its different branches (Altman, 25-26). Behavioral economics is a diverse subject dealing with numerous topics but for purposes of this research paper, my focus will be on the labor market; fairness and reciprocity. Employ ees as well as their employers have financial interests for which they desire to achieve from their entry into the labor market or the industry for which the employers are recruiting employee (Altman, 29-30). The employee will always seem to reciprocate any extra pay from the employer with additional input whereas the employer will give incentives to encourage extra output. Literature review Neo-economists describe the labor market as one having employees who work for a wage and employers who pay wages for the work performed. Arkelof theory on fair wage stated that for an employer to pay extra money to the employee the employee always viewed the extra money as mere compensation for the above average work that they performed (Colin, 2010... ...effort in the tasks they perform. Fairness by the employer is the determinant in the level of output from an employee. The essay has also illustrated the impact that fairness and reciprocity has on the nature or mix of employment contracts that an employer decides to employ for the different tasks performed by the different employees. There are two classes of employee; some employees fall in the category of fair employees while the rest are trust employee. Most employees however are fair employees who expect fair treatment from their employers in order for them to reciprocate the generosity with increased output. The most popular kind of engagement is the bonus reward system. Further research needs to be carried out in determination of the relationship between fairness and reciprocity in the labor market and demand of goods of high quality at the product market.
Tuesday, September 3, 2019
A Great Helper in a Great Educators Educational Reforms, the Late Suza
Suzan Ari (1927 - 2002) - a woman rare among women A Great Helper in a Great Educator's Educational Reforms "...loss of Suzan Ari we are grieving" (Salih CoÅŸar - Deputy Prime Minister and Leader of the Democrat Party [Minister for Finance and Economy and formerly Minister of Education and Culture -kktc] ~HalkÄ ±n Sesi 26 November 2002) The Prime Minister of North Cyprus attended the funeral of this rare woman among women.. from Canada university teaching & education staff, and others in the USA & the UK who as 'auntie' referred to this extraordinary woman poured in messages, including from persons knighted by Britain and representing this unforgettable woman's nation in Europe, of commiseration... Suzan Ari in social educational cultural reforms and social progress of (especially Turkish speaking) Cypriots was a great helper in education efforts of her husband & educator, the late Orhan Seyfi Ari by the Minister of Education dubbed 'teacher of teachers', and "a vigorous fearless defender of liberties" in his columns -in articles on teachers, educators, and poems a thinker 'himself a school', "whose mark on the nation's history of education is not little", who a street is named after ~in the visionary teacher's, reformer's, successful educational cultural efforts this woman's help was enormous. As the Greek and Turkish Cypriot pupils of her husband's, teachers, and many people of the British Colony of Cyprus do teacher Orhan Ari's teaching and educational and cultural leadership as teacher at elementary then Cypriot and English secondary and grammar schools and head teacher at secondary schools and lecturer at institutes his efforts and also hers, so do many from the later Republic of Cyprus and the still later Nor... ...tory of education of Cyprus, in the education and cultural social progress of a Commonwealth nation now its men and women at its level of teaching, education, culture enjoying the highest percentage of university graduates in the European Union. Suzan Ari had been to prayers on Wednesday night on 20th November, 2002, met, chatted, prayed with her neighbours, friends ~the following morning this great woman contributor to educational cultural social progress was found to have peacefully passed away. These verses of the people's 'teacher of teachers -the Teacher' Orhan Ari apply to the extraordinary woman Suzan Ari -a great helper in educational, literacy, cultural social progress: The pure in heart truly die never Joyous be, in hearts they live forever Tulips representing donations in her honour to the educational trust surrounded Mrs. Ari's coffin.
Monday, September 2, 2019
Conflict between Individuality and Conformity in The Bell Jar Essays
Conflict between Individuality and Conformity in The Bell Jar  In Sylvia Plath's novel The Bell Jar, Esther Greenwood seems incapable of healthy relationships with other women. She is trapped in a patriarchal society with rigid expectations of womanhood. The cost of transgressing social norms is isolation, institutionalization and a lost identity as woman. The struggle for an individual identity under this regime is enough to drive a person to the verge of suicide. Given the oppressive system under which she must operate, Esther Greenwood's problems with women stem from her conflict between individuality and conformity.  In formulating my topic, I have relied on Adrienne Rich's book Of Woman Born, as well as Cathy Griggers' essay "Lesbian Bodies in the Age of (Post)mechanical Reproduction." Rich discusses the cultural institutionalization of motherhood, while Griggers brings a Feminist and Marxist perspective to the topic of lesbian body image in a capitalist, market-driven society. Both consider the effects of patriarchy and heterosexism in their treatment of the experience of lesbians in society. I found these texts to be very helpful in offering an explanation of Esther's harsh negative reaction to Joan, as well as in illustrating the anxieties of women in an androcentric, heterocentric, and conformist society.  Esther's fundamental problem with female relationships is best exemplified in her conflict with mothering and mentoring figures. These women defy her desire to be independent and free. Rich describes the tendency toward matrophobia, the fear of becoming one's mother. She explains that "the mother stands for the victim in ourselves, the unfree woman" (236). This fear of becoming like the mother/... ...rginia Woolf and Walter Pater. New Haven: Yale UP, 1980.  Minow-Pinkney, Makiko. Virginia Woolf & the Problem of the Subject. Sussex: Harvester P, 1987.  Moi, Toril. Sexual/Textual Politics; Feminist Literary Theory. London: Routledge, 1985.  Oberg, Arthur. "Sylvia Plath and the New Decadence." in Butscher, Edward, ed.  Phillips, Robert. "The Dark Funnel: A Reading of Sylvia Plath." in Butscher, Edward, ed.  Plath, Sylvia. The Collected Poems. Ed. Ted Hughes. New York: Harper and Row, 1981.  Rose, Jacqueline. The Haunting of Sylvia Plath. Cambridge: Harvard UP, 1992.  Rosenblatt, Jon. Sylvia Plath: The Poetry of Initiation. Chapel Hill: U of North Carolina P, 1979.  Smith, Pamela. "Architectonics: Sylvia Plath's Colossus." in Butscher, Edward, ed.  Â
Sunday, September 1, 2019
Financial Accounting 3 Summary
CHAPTER 1: FINANCIAL STATEMENTS Financial Statement – the means by which the information accumulated and processed in financial accounting is periodically communicated. General purpose financial statements -PAS1 prescribes to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. -statements intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs. Components of financial statements 1. Statement of financial position 2. Income statement 3. Statement of Comprehensive Income 4. Statement of Changes in Equity 5. Statement of Cash Flows 6. Notes comprising a summary of significant accounting policies and other explanatory information objectives of financial statements -to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. General features of financial statements Going Concern An entity preparing PFRS financial statements is presumed to be a going concern. If management has significant concerns about the entity’s ability to continue as a going concern, the uncertainties must be disclosed. If management concludes that the entity is not a going concern, the financial statements should not be prepared on a going concern basis, in which case PAS1 requires a series of disclosures. Accrual Basis of Accounting PAS1 requires that an entity prepare its financial statements, except for cash flow information, using the accrual basis of accounting. Materiality and Aggregation Each material class of similar items must be presented separately in the financial statements. Dissimilar items may be aggregated only if they are individually immaterial. Offsetting Assets and liabilities, and income and expense, may not offset unless required of permitted by a Standard or an Interpretation. Frequency of Reporting An entity shall present a complete set of financial statements at least annually. Comparative Information PAS 1 requires that comparative information shall be disclosed in respect of the previous period for all amounts reported in the financial statements, both face of financial statements and notes, unless another Standard permits or requires otherwise. Consistency of Presentation The presentation and classification of items in the financial statements shall be retained from one period to the next unless a change is justified either by a change in circumstances of requirement of a new PFRS. Measurement of elements process of determining the monetary amounts at which the elements of FS are recognized and carried in the statement of financial position and income statement. Measurement base on financial attributes 1. Historical cost- amount paid or the face value of the consideration given to acquire assets at the time of acquisition. 2. Current cost- amount that would have to be paid if the same or an equivalent asset was acquired currently. 3. Realizable value- am ount that would currently be obtained by selling the asset in an orderly disposal. 4. Present value- discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. CHAPTER 2: STATEMENT OF FINANCIAL POSITION The Statement of Financial Position Elements Asset An asset is a resource controlled by the entity as a result of the past events and from which future economic benefits are expected to flow the entity. Liability A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Equity Equity is the residual interest in the assets of the entity after deducting all its liabilities. Statement of Financial Position Presentation An entity must normally present a classified statement of financial position, separating a current and noncurrent assets and liabilities. Only if a presentation based on liquidity provides information that is reliable and more relevant may the current/noncurrent split be omitted. In either case, if an asset (liability) category commingles amounts that will be received (settled) after 12 months, note disclosure is required that eparates the longer-term amounts from the 12-month amounts. An asset shall be classified as current when it satisfies any of the following criteria: * It is expected to be realized in, or is intended for sale or consumption, in the entity’s normal operating cycle; * It is held primarily for the purpose of being traded; * It is expected to be realized within 12 months after the reporting period; or * It is ca sh or a cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets shall be classified as noncurrent. A liability shall be classified as current when it satisfies any of the following criteria: * It is expected to be settled in the entity’s normal operating cycle; * It is held primarily for the purpose of being traded; * It is expected to be settled within 12 months after the reporting period; or * The entity does not have an unconditional right to defer settlement of the liability for at least 12 months after reporting period. All other liabilities shall be classified as noncurrent. Long-term debt expected to be refinanced under an existing loan facility is noncurrent, even if due within 12 months. If a liability has become payable on demand because an entity has breached an undertaking under a long-term loan agreement on or before the balance sheet date, the liability is current, even if the lender has agreed, after the balance sheet date and before the authorization of the financial statements for issue, not to demand payment as a consequence of the breach. However, the liability is classified as non-current if the lender agreed by the balance sheet date to provide a period of grace ending at least 12 months after the balance sheet date, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment. When an entity presents current and non-current assets and liabilities as separate classifications on the face of the BS, it shall not classify deferred tax assets (liabilities) as current assets. CHAPTER 6: ACCOUNTING CHANGES Changes in accounting estimate A change in accounting estimate is a normal recurring correction or adjustment of an asset or liability which is the natural result of the use of an estimate. Examples of accounting estimate a. Bad debt b. Inventory obsolescence c. Useful life, residual value, and expected pattern of consumption of benefit of depreciable asset. d. Warranty cost e. Fair value of financial assets and financial liabilities Changes in accounting estimates are to be handled currently and prospectively, if necessary. Prospective recognition of the effect of a change in accounting estimate means that the change is applied to transactions, other events and conditions from the date of change in estimate. A change in depreciation method is accounted for as a change in accounting estimate. Accounting policies -are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. Changes in accounting policy A change in accounting policy shall be made only when: a. Required by an accounting standard or an interpretation of the standard. b. The change will result in more relevant or reliable information about the financial position, financial performance and cash flows of the entity. Examples of change in accounting policy a. Change in the method of inventory pricing from the FIFO to weighted average method b. Change in the method of accounting for long term construction contract. c. The initial adoption of policy to carry assets at revalued amount d. Change from cost model to fair value model in measuring investment property and property, plant and equipment e. Change to a new policy resulting from the requirement A change in accounting policy required by a standard or an interpretation shall be applied in accordance with the transitional provisions therein. If the standard or interpretation or transitional provisions or if an accounting policy is changed voluntarily, the change shall be applied retrospectively. Retrospective application means that any resulting adjustment from the change in accounting policy shall be reported as an adjustment to the opening balance of retained earnings. The amount of the adjustment is determined as of the beginning of the year. Prospective application means that the new accounting policy is applied to events and transactions occurring after the date of change. Change in reporting entity A change in reporting entity is a change whereby entities change their nature and report their operations in such a way that the financial statements are in effect those of a different reporting entity. CHAPTER 7: INTERIM FINANCIAL REPORTING Interim report is a financial reporting period shorter than one financial year. Components of an interim financial report a. Condensed statement of financial position . Condensed income statement c. Condensed statement of comprehensive income d. Condensed statement of cash flows e. Selected explanatory notes Under PAS 34, paragraph 28, the general rule in preparing interim financial statements is that costs and expenses that clearly benefit more than one interim period are allocated to the interim periods affected. Inventory loss from market decline is reported in the interim period in w hich the decline occurs. Recovery of such loss on the same inventory in later interim period is recognized as gain in the later interim period. However, any gain on reversal of inventory writedown is limited only to the amount of loss previously recognized. The effects of a disposal of segment of business are reported separately in the interim periods in which they occur. PAS 34, paragraph 39, provides that cost incurred unevenly during a financial year shall be anticipated or deferred for interim purposes only if it is also appropriate to anticipate or defer such cost at the end of the financial year. Gains should be recognized in the interim period in which they are realized. The cumulative effect of change in accounting policy is shown in the statement of retained earnings, not in the income statement. CHAPTER 8: OPERATING SEGMENT Under PFRS 8, an entity shall disclose information about an operating segment that meets any of the following quantitative thresholds: 1. The segment revenue, including both sales to external customers and intersegment sales or transfers, is 10% or more of the combined revenue, internal and external, of all operating segments. 2. The segment profit or loss is 10% or more of the greater of the following: a. The combined profit of all operating segments with profit b. The combined loss of all operating segments with loss 3. The assets of the segment are 10% or more of the combined assets of all operating segments. Under PFRS 8, paragraph 13, segment revenue includes sales to external customers and intersegment sales of operating segments engaged solely in manufacturing. Revenue includes both sales to unaffiliated customers and intersegment sales. Under PFRS 8, paragraph 15, the total external revenue attributable to reportable operating segments must be at least 75% of the total entity external revenue. General corporate expenses are not allocated to operating segments as a measure of profit or loss. If the total external revenue attributable to reportable segments constitutes less than 75% of the entity external revenue, additional segments shall be identified even they do not meet the 10% quantitative threshold until 75% of the entity external revenue is included in reportable segments. Moreover, reportable segments that are below the10% threshold can be aggregated as one segment if they have similar economic characteristics and share a majority of the five aggregation criteria as follows: a. Nature of product b. Nature of production process c. Class of customer d. Method of distributing product e. Regulated environment CHAPTER 9: CASH AND ACCRUAL BASIS Method of Accounting. 1. Cash Basis- Income is recognized when received regardless of when earned, and expense is recognized when paid regardless of when incurred. 2. Accrual Basis- Income is recognized when earned regardless of when received, and expenses are recognized when incurred regardless of when paid. Computation of sales under accrual basis Cash Sales XX Sales on account: Trade accounts and notes receivable XX Collection of Trade accounts and notes receivable XX Sales returns, allowances and discounts XX Accounts and notes receivable write off XX Trade notes receivable discounted XX Total XX Less: trade accounts and notes receivable,beg XX Total Sales XX Computation of Purchases under Accrual Basis Cash Purchases XX Purchases on account XX Trade accounts and notes payable,end XX Payment of Trade accts and Notes payable XX Purchases return, discounts & allowances XX Total XX Less: Trade accts and notes payable,beg XX Total purchases XX Income other than sales Income received XX Add: Deferred income- beg XX Accrued income- end XX Total XX Less: Deferred income- endXX Accrued income- begXX XX Income for the current year XX Expenses in general Expenses paid XX Add: prepaid expenses- beg XX Accrued expenses- end XX Total XX Less: Deferred income- endXX Accrued income- beg XX XX Income for the current year XX Prepaid expenses are expenses paid in advance but not yet incurred. These are assets. Accrued expenses are expenses already incurred but not yet paid. These are liabilities. CHAPTER 10: SINGLE ENTRY Single Entry System A system of record keeping in which transactions are not analyzed and recorded in the double entry framework is called a single entry system when the records are said to be incomplete. CHAPTER 11: ERROR CORRECTION Prior Period Errors Prior period errors are omissions from, and misstatements in, an entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that was available and could reasonably be expected to have been obtained and taken into account in preparing those statements. Such error result from mathematical mistakes, mistakes in applying accounting policies, oversights or misinterpretation of facts, and fraud. Prior period error shall be corrected by retrospective restatement, meaning, if comparative statements are presented, the prior year statements are restated to correct the error. Types of Errors a. Statement of financial position errors *affect the statement of financial position and real accounts only, meaning, the improper classification of an asset, liability and capital account. b. Income Statement errors * affect the income statement or nominal accounts only, meaning, the improper classification of revenue and expense account c. Combined statement of financial position and Income statement errors * affect both the statement of financial position and income statement ecause they result in a misstatement of net income If it is impracticable to determine the period specific effect of an error on comparative information for one or more prior periods presented, the entity must restate the opening balances of assets, liabilities, and equity for the earliest period for which retrospective statement is practicable (which may be the current period) Further, if it is impracticable to determine the cumulative effect, at the beginning of the current periods, the ent ity must restate the comparative information to correct the error prospectively from the earliest date practicable. CHAPTER 12: STATEMENT OF CASH FLOW Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash flows are inflows and outflows of cash and cash equivalents. Operating Activities are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalent. Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. *Interest and dividends received and paid may be classified as operating, investing, or financing cash flows, provided that they are classified consistently from period to period. Interest paid – usually operating; alternatively financing Interest received – usually operating; alternatively financing Dividends received – usually operating; alternatively financing Dividends paid – usually financing; alternatively operating FINANCIAL STATEMENT ANALYSIS THE BASIC FINANCIAL STATEMENT ANALYSIS 1. HORIZONTAL OR COMPARATIVE ANALYSIS -represents the differences in absolute amount and in percentage between two periods (i. e. years, quarters, etc. ), two companies, actual and budgeted date, and other bases analyses. Percentage of changes= Amount of change/Base 2. TREND ANALYSIS It extends beyond two years. The purpose of trend analysis is to track down what happened in the past and provide a pattern on what may happen in the coming years. It uses indexes and ratios to simplify the visible complications of numbers contained in financial reports. . THE VERTICAL ANALYSIS (OR COMMON-SIZE ANALYSIS) It gets the proportional component of each of the variables in the financial statements in relation to a chosen base 4. THE FINANCIAL MIX RATIO CLASSIFICATION OF FINANCIAL MIX RATIOS a. Profitability Ratios It measures the ability of the business to generate profit in relation to sales, investments, assets, equities, or common shares outstanding. â⠂¬ ¢RETURN ON SALE = Net Income Net sales †¢GROSS PROFIT RATE = Gross Profit Net Sales †¢RETURN ON TOTAL ASSETS = Net income + Interest expense, net of tax/ average total assets RETURN ON SHE = Net income Ave. SHE b. Growth Ratios -Are indicative of the organization’s potential and attractiveness as an investment option. EARNINGS PER SHARE = Net income – Pref. dividend Ave. common shares outstanding BOOK VALUE PER SHARE = Shareholder’s Equity Ave. shares outstanding c. Liquidity Ratios Liquidity refers to the ability of the business to pay its obligations in cash as they mature. OPERATING TURNOVER = collection period + inventory days INVENTORY TURNOVER = COGS Ave. inventory INVENTORY DAYS = 360/ inventory days RECEIVABLE TURNOVER = Net credit Sales Ave. Trade receivables COLLECTION PERIOD = 360/ ARTO PAYABLE TURNOVER = Net credit purchases Ave. Trade payables PAYABLES DAYS = 360/ payable turnover NET WORKING CAPITAL = Current Assets-Current Liabilities CURRENT RATIO = Current asset/ Current Liabilities QUICK RATIO = Quick Assets/ Current Liabilities d. Leverage Ratios Financial leverage is a measure of risk. DEBT to EQUITY RATIO = total debt Net SHE DEBT to ASSET = Total debt total assets TIME INTEREST EARNED = EBIT interest expense
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