Essay economic - 1155 Words

Consumer expenditure Mini Case John Hawksworth â€Å"Opinion: Economic Trends - Saved by the consumer?†, Accountancy, London, Mar 2002 (with minor editing) How long can the UK economy buck the global trend just because our consumers keep spending money? Have we avoided the recession that has gripped the US, Japan and Germany over the past six to 12 months or are we just postponing the day of reckoning? And are we storing up worse problems for the future as a result of rising household debt levels and a widening trade deficit? Driving force A good starting point is to consider what drives consumer spending. In the long run, economic research indicates a stable relationship between household spending, disposable income and wealth (all†¦show more content†¦They may also feel more confident about borrowing against the value of these assets to finance big-ticket purchases of cars and household goods. However, we need to distinguish between different types of assets and their implications for consumer spending. In general, changes in the value of liquid assets, such as cash in the bank, are likely to have more impact on spending than changes in the value of illiquid assets, such as pension funds, at least in the short to medium term. Direct household ownership of shares in the UK is still relatively low compared with institutional holdings through pension and insurance companies. This may have dampened the impact of share-price falls over the past year or two on UK consumer spending, at least relative to the US. But house prices are likely to be more important for UK consumer spending than the stock market. This is partly because higher house prices seem to be closely related to the feel-good factor, even if this is not entirely rational given that you can only realise these potential capital gains by trading down. On the other hand, the possibility of borrowing against housing equity through re-mortgaging means that property is not nearly as illiquid an asset as it used to be 20 or 30 years ago, creating an important direct linkage between house prices and consumer spending. As noted above, Bank of England estimates put mortgage equity withdrawal in theShow MoreRelatedEconomics And Economics On Economics Essay1142 Words   |  5 PagesWhen we talk about economics we must first defined the word. Economics is a social science that studies human behavior and how to allocate our limited (scares) resources, efficiently and effectively to meet our unlimited human wants. Now as we dive deeper in to the field of economics we realized that there are two separate categories that the study of economics breaks off into. The first is macroeconomics, macroeconomics is the study of the whole picture when it comes to economics. Macroeconomics willRead MoreEconomics : Economics And Micro Economics1238 Words   |  5 Pages Economics is the study of how our unlimited demand of certain things can be met by our limited amount of supply. For instance, if there was an unlimited amount of money for everyone, then everyone would have everything they had always wanted and would not have to work to get the money. Everyone would have billion dollar homes and the nicest cars in the world. Unfortunately, we do have a limited amount of money, so the economists find ways to get around that. There are two types of economicsRead MoreEconomics : Economics Of Business1361 Words   |  6 PagesHND Accounting Economics FINAL REPORT: The Economics of Business DUE DATE: 20 May 2015 Catherine Macintosh 11006620 For the attention of Sarah Sutherland Word count: 1,243 (Excluding Acknowledgements, Abstract/Executive Summary, Terms of Reference, References Appendices TABLE OF CONTENTS Page 1.0 Costs 3 1.1 Total costs 3 1.2 Average costs Read MoreEconomics1291 Words   |  6 Pageshis profit. Do you agree? Use a graph to illustrate your answer. The argument is incorrect. As the graph shows, a reduction in marginal cost will cause a monopolist to reduce his price. 2. Economist Harvey Leibenstein argued that the loss of economic efficiency in industries that are not perfectly competitive has been understated. He argued that when competition is weak, firms are under less pressure to adopt the best techniques or to hold down their costs. 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The basic economic problem can be define as what to produce, how much to produce and for whom to produce. Some countries are lucky to have great naturalRead MoreEconomics999 Words   |  4 PagesManagerial Economics MIDTERM Exam What changes can you envision to the real economy, should Rifkin’s vision of a zero marginal cost society, become reality? For me, Jeremy Rifkin is a great social theorist. I’m mostly agreeing with him, with his conclusions and visions of the future economy. They looks like perfect and definitely it’s a â€Å"think big† way of delivering the information. His book â€Å"The Zero Marginal Cost Society† is must read, of course. Trigger is a zero marginal cost. I’m completelyRead MoreEconomics1000 Words   |  4 Pagesconsumer change, there will be a much greater change in the production output in the capital equipment required to make those consumer goods. 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Planning Policies On Social Life - 1626 Words

Planning policies on Social Life in Cities For year’s urban policy and strategy has been dominated by thinking about the physical city: landmark architecture, transport, housing, urban development, and increasingly the technological infrastructure to create smarter, more productive, and greener cities. Clearly social issues like health, education, employment and public safety matter to city leaders but policy and public services deal with people in the abstract rather than the particular, which is why so often, plans diverge from reality in unpredictable and unintended ways. The social life of cities, in particular the ordinary, the small-scale and mundane aspects of urban life, are commonly overlooked as a source of insight and inspiration for city planners and decision-makers. Looking at the everyday life of city streets and neighborhoods provides a perspective on cities, social change and the radical variety of urban life, that is dramatically different to thinking about the city as an intelligent network or transport system with predefined ideas about how people will behave- that is more of how the social planning do. Social planning is the process by which policymakers - legislators, government agencies, planners, and, often, funders - try to solve community problems or improve conditions in the community by devising and implementing policies intended to have certain results. These policies may take the form of laws, regulations, incentives, media campaigns,Show MoreRelatedTourism Policy And Planning For Tourism899 Words   |  4 PagesPolicy and planning directly related, despite being completely different types of processes, they both confront the same issues, that being the overall future development of a destination. 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These dimensions are interrelated and dependent on each other as reflected in the ‘‘Heptagon Shape’’ Figure ‎1 3. †¢ The first dimension, generically titled Environmental Urban Quality of Life, refers to the natural aspects of

Off Balance Sheet Accounting Free Essays

Off balance sheet financing is financing from sources other than debt or equity offerings, such as joint ventures, research and development partnership and operating leases. For complex institutions such as banks, they increase their use of off shore subsidiaries and swap transactions to avoid disclosing liabilities. In other words, off balance sheet accounting is a process which a business creates what is practically a debt that it must pay off, but the debt is accounted as another type of transaction that does not count as a liability. We will write a custom essay sample on Off Balance Sheet Accounting or any similar topic only for you Order Now Similarly, this applies to asset too. Operating leasing is the most common form of off balance sheet financing. With leasing, on the one hand, an entity could acquire the right to use an asset through a rental agreement. On the other hand, the entity could purchase the same asset using external finance. While the two arrangements may result in identical net cash flows to the entity, in the case of a purchase both the asset and the associated financing obligation appear on the entity’s balance sheet whereas in the formal scenario rental payments are accounted for as a period expense, with the asset corresponding liability omitted from the entity’s balance sheet. Entities used Special Purpose Entities (SPE), are also known as Variable Interest Entities (VIE) for off balance sheet treatment of deals. SPE or VIE is a corporation or partnership formed for the purpose of borrowing money to buy financial assets. Debts are move to a newly created company (SPE OR VIE) specifically to make a company look like it has far less debt than it actually does, which was the case with Enron. For example, a company needs to finance a business venture but doesn’t want to take on the risk, or when there is too much debt to get a loan. By starting a new SPE, they can secure a loan through the new entity. There are situations where it makes sense to start a SPE. If a company wants to branch out into another area outside of its core business, a SPE will keep that risk from affecting the main balance sheet and profitability of the company. The main factor that companies are doing off balance sheet accounting is to provide a better looking balance sheet with lower reported debt to equity ratio, which usually results in driving their stock price higher. Nevertheless, omission of the asset could help to inflate return on assets. This may make the firms look more creditworthy. For instance, by having operating leases, debt does not appear; thus, reducing financial leverage with an increase in operating leverage. By having lower leverage ratio or higher operating leverage, it could attract more investments from investors; therefore, it drives up the stock prices. Next, off balance sheet accounting allows the firms to receive benefits of the interest deduction for tax purposes while avoiding the obligation and the interest expense on its financial statements. In other words, firms with off balance sheet financing are likely to have tax interest expense that exceeds financial reporting interest expense. However, off balance sheet accounting has brought some impacts toward the stakeholders. Off balance sheet accounting removes the transparency from investors, markets and regulators. Firms use financial engineering to make their balance sheet appear that they are better capitalized and less risky than they really are. Without transparency, investors and regulators can no longer accurately assess risks. This is because investors and regulators use the balance sheet as an anchor in their assessment of risk. The shareholders could only guess at the extent of the firm’s exposure risks. This affects the judgment of stakeholders; and, it could bring tremendous loss to the stakeholders when the firms collapse. The Enron accounting fraud will best illustrate this. In order to overcome this issue, regulators have established several methods through Sarbanes-Oxley Act, MDA as well as new rules on leasing. The Securities and Exchange Commission issues final rules implementing Section 401(a) of the Act relating to the disclosure of off balance sheet arrangement, contractual obligation and contingent liabilities. These rules require disclosure of off balance sheet arrangement that have, or are reasonably likely to have, a current or future effect on a company’s condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. The disclosure includes elements such as the nature and business purposes to the company of the off balance sheet arrangement and the importance to the reporting company of the liquidity, capital resources, market risk support, credit risk support or other benefits provided by the arrangement. Nonetheless, firms are to disclose the amounts of revenues, expenses and cash flows of the company arising from the arrangements as well as the nature and amounts of interest retained, securities issued and other debt incurred by the company in connection with the arrangements. The rules also require public companies to disclose in a tabular format in their MDA the amounts of payments due under specified contractual obligations, aggregated by category of contractual obligation. The five categories of contractual obligations, consisting of long term debt obligations, capital lease obligations, operating lease obligations, purchase obligations and other long term debt liabilities reflected on the company’s balance sheet. The table must disclose what portion of payments under these obligations is due within less than one year, from one to three years, from three to five years and more than five years. To encourage the disclosure on off balance sheet arrangement, the amended rules include a safe harbor that applies the existing statutory safe harbors protecting forward-looking information required by the rules. With regard to the disclosure of off balance sheet arrangements, the safe harbor provision indicates that the meaningful cautionary statements element of the statutory safe harbor will be satisfied if the company satisfies all the requirements of the amended rules relating to off balance sheet disclosures. As mentioned above, operating leases can be exploited by entities for off-balance sheet financing – using an operating lease to obtain assets, thereby not increasing leverage and not decreasing return on assets. The proposed new standard on leases by the joint project of FASB and IASB, currently under development, moves away from the current â€Å"risk and returns† basis to a â€Å"right of use basis†. The lessee and the lessor will recognize assets and liabilities individually for all rights and obligations arising from a lease contract. There will no longer be separate treatments for operating and finance leases – all leases will be accounted for on the same basis. In short, operating leasing contract is no longer available and only finance leasing will be used for accounting in the near future. In short, off balance sheet accounting could be use but only with appropriate disclosures are done. By having the disclosures, balance sheet is more transparent to the stakeholders; and, the stakeholders do not need to have a wild guess on the risk of a company. Stakeholders’ investments are said to be more secured. How to cite Off Balance Sheet Accounting, Essay examples

Red Badge Of Courage Essay About Women Example For Students

Red Badge Of Courage Essay About Women Red badge of courage By: zach stevenson E-mail: emailprotected The Red Badge of Courage The Red Badge of Courage, by Steven Crane, has been proclaimed one of the greatest war novels of all time. It is a story that realistically depicts the American Civil War through the eyes of Henry Fleming, an ordinary farm boy who decides to become a soldier. Henry, who is fighting for the Union, is very determined to become a hero, and the story depicts Henrys voyage from being a young coward, to a brave man. This voyage is the classic trip from innocence to experience. The story starts out with a heated debate between the soldiers. One boy had heard a rumor that the regiment would be moving on to fight a battle the next day. Some of the soldiers agree with this boy, while others think that their regiment will never partake in a real battle. While watching this argument, Henry, the protagonist, decides that he would rather go lay down and think rather then take part in the heated argument between the soldiers. Henry, a simple farm boy, is rather excited when he hears the rumor that they will be fighting soon. It had always been a dream of his to fight in a war, and become a hero, and now his dream was coming true. Henry begins to think about what life was like before he entered the army, and remembers the stories of war he has heard from old veterans. This flashback is very effective in showing how his previous experiences have affected his thoughts on war now. It is blatantly obvious that he is afraid that he will not be able to withstand the pressures of a battle. He keeps telling himself that if he wants to become a hero, he can not run away. He must stick out the battle with the rest of his comrades. While marching along, Henry sees the first corpse he has ever seen. He shows pity for the man, because the dead man had died in such poor conditions. The souls of his shoes were worn bare. When Henry sees the corpse, he begins to wonder if his generals actually know what th ey are doing. He thinks that the generals are leading him right into a trap, right into the middle of the rebels. Henry deals with his fear of battle by acting arrogant. He acts as if he has been in a thousand battles, and complains about the walking, even though the reader knows that he would rather be walking forever then go to battle at this point in time. It shows one of Henrys defense mechanisms, how he uses his arrogance to hide his innocence. Regiment 304 moves on to battle the next day. Henry becomes very scared, but is too proud to talk to any of the others soldiers about his fears. All the soldiers are very anxious to fight in the war, and Tom and Henry talk about how they are not going to run away from war, and how they want to become big time war heroes. This is ironic, because in the end of the book their wishes come true. When the battle starts, all the soldiers get very anxious and nervous. Tom and Henry dont turn out to be as brave as they think that they could be. W hile hiding, Tom finds Henry, and gives him a manila envelope of letters for his family. Tom believes that this will be his first and his last battle. Henry ends up fulfilling his worst nightmare. Instead of sticking out the battle with the rest of his regiment, he hides behind some brush in order to spare himself from dying. He listens in on the battle, and to much of his surprise, he hears cheering from whats left of his regiment. He then takes off into the woods in anger. While running through the woods his conscience begins to speak to him. His conscience calls him a coward, and a deserter. Out of guilt, Henry runs back to the battle site, and meets again with his regiment. These actions showed Henrys maturity, and desire to be a .u2bc595de00bcd24e399ec026552cf0d3 , .u2bc595de00bcd24e399ec026552cf0d3 .postImageUrl , .u2bc595de00bcd24e399ec026552cf0d3 .centered-text-area { min-height: 80px; position: relative; } .u2bc595de00bcd24e399ec026552cf0d3 , .u2bc595de00bcd24e399ec026552cf0d3:hover , .u2bc595de00bcd24e399ec026552cf0d3:visited , .u2bc595de00bcd24e399ec026552cf0d3:active { border:0!important; } .u2bc595de00bcd24e399ec026552cf0d3 .clearfix:after { content: ""; display: table; clear: both; } .u2bc595de00bcd24e399ec026552cf0d3 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u2bc595de00bcd24e399ec026552cf0d3:active , .u2bc595de00bcd24e399ec026552cf0d3:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u2bc595de00bcd24e399ec026552cf0d3 .centered-text-area { width: 100%; position: relative ; } .u2bc595de00bcd24e399ec026552cf0d3 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u2bc595de00bcd24e399ec026552cf0d3 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u2bc595de00bcd24e399ec026552cf0d3 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u2bc595de00bcd24e399ec026552cf0d3:hover .ctaButton { background-color: #34495E!important; } .u2bc595de00bcd24e399ec026552cf0d3 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u2bc595de00bcd24e399ec026552cf0d3 .u2bc595de00bcd24e399ec026552cf0d3-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u2bc595de00bcd24e399ec026552cf0d3:after { content: ""; display: block; clear: both; } READ: Randolph Bourne1886 - 1918 Essay