Career Plan Essay Example for Free

Career Plan Essay I have completed the career profiler. I have learned that I am conventional, enterprising, and social. I am very detail orientated. My strengths include organizing, delivering results, following instructions, coping with pressure, entrepreneurial thinking, and I am goal focused. The career profiler accurately described my strengths. My work culture results were ethical, supportive, and well resourced. I believe in fairness and respect among all people. Each person needs to be responsible for their actions and learn from them. Support is a key point to any management position. A manger needs to be able to listen to their employees and focus on their welfare. A mangers role is to make their employees successful. I believe that this course has taught me to be a charismatic leader with a democratic style of leadership. I also like a well resourced company. In order to be successful at your job the company must have the resources for you to achieve. Working for a disorganized employer is very discouraging for an employee. I have also learned my weaknesses that I need to work on to further my career. I have learned that I need to working on my leading, networking, persuading, writing, presenting, and researching. I plan to work on these areas by becoming more confident and learning new techniques to improve on these skills. During this class I have learned new techniques and leadership theories that I can build on. I plan on building on the leadership theories so that I can prepare for Management Candidate School through USAA.

Attribution Theorists And Biased Judgements

Attribution Theorists And Biased Judgements Social psychologists have studied attribution theories for several decades, and their research has produced many interesting insights. The process of assigning a cause to ones own behaviour, or that of others can be defined as attribution (Hogg, 2005). Considering that attribution is complex, many theories have been constructed to demonstrate its performance. This essay will examine the evidence that biased laypersons judgements of others are inevitable by, first of all, focusing on explaining three classic theories of attribution, then paying particular attention to biases in attribution in order to fully answer the question under investigation. Attribution theory is concerned with how individuals make sense of their environment and how this affects their cognition and behavior (x). There exist three classic views on attribution that continue to be especially influential. The first of these classic theories is Fritz Heiders (1958) theory of naive psychology where the layperson is viewed as a naive scientist who links observable behaviour to unobservable causes. Also Heider made a significant distinction between internal (dispositional) and external (situational) attributions. It was also underlined that individuals look for causes of others behaviours in order to find out their motives and give some sense of control in their lives (Hewstone, 1990). Related to Heiders theory is Jones and Davis (1965) theory of correspondent inference which is concerned with how people use information about others behaviour and its effects in order to find out their underlying dispositions and personality traits. Of particular interest is beha viour that is freely chosen, produces non-common effects (effects produced by a particular cause that could not be produced by any other apparent cause), and is low in social desirability. The last and the best known theory of attribution is Kelleys (1967) covariation model where Kelley believes that people act like scientists when they try to discover the causes of behaviour. People are interested whether others behaviour stems from internal (motives, traits) or external (social, physical world) causes, or both of them at the same time. In order to answer this question, individuals focus on three types of information that can be defined as consistence, distinctiveness and consensus (Baron, Branscombe, Byrne, 2006). Heider (1958), Davis and Jones (1965) together with Kelley (1967) have acknowledged that attribution is subject to many potential sources of bias. It has been noted that a bias occurs if the social perceiver systematically distorts (overestimates or underestimates) a procedure that is known to be correct (Fiske and Taylor, 1984). People constantly use cognitive shortcuts that are called heuristics in order to make attributions. Apart from being not always objectively correct, biases in attribution are entirely satisfactory and adaptive characteristics of everyday social perception (Ross, 1977). In terms of studying how people interpret their social worlds, social psychologists have identified 3 general biases that often affect peoples attributions and explanations. One of the most important of these biases is the fundamental attribution error, that is the tendency to explain others actions as stemming from dispositional causes even when situational causes are at present. Social psychologists have conducted numerous studies to find out the reasons that determine the occurrence of these biases (Robins et al, 1996), though the issue is still to some extent uncertain. One possibility is that when people observe another persons behaviour, they tend to focus on his or her actions and the situational behaviour tends to fade away in the background. Another explanation is that people notice such situational causes but give them insufficient weight in their attributions. An experiment conducted by Amabile, Ross and Steinmetz (2000) illustrates fundamental attribution error. In this experiment they set up a quiz show design in which they randomly assigned participants to one of two roles. First was a questioner whose task it was to prepare difficult questions for a contestant, and second was a contestant whose task it was to answer the questions prepared by the questioner. An observer watched the quiz show and then estimated the questioners and the contestants general knowledge. They found that observers thought that the questioners were far more knowledgeable than the contestants. However, everyone was assigned to conditions randomly, so it was highly unlikely that one group was more clever than the other. The most interesting thing is that observers did know that participants were randomly assigned to their roles, yet they failed to consider the impact of that knowledge in making their judgement. Fundamental attribution error is not limited only to quiz shows, its implications are far more encompassing. For example, peoples common reaction to convicted criminals are that they are terrible human beings and that is why they committed a crime. However, there can be many factors other than personal characteristics that explain why a person commits a crime. These include lack of job opportunities, the lack of positive role models in the family and neighborhood, growing up in a dysfunctional family and many others (Aronson, 2003). In addition to this, Nisbett and Ross (1980) argued that the english language allows easy description of action and actor in the same terms but it gets more complicated when using the same terms in order to describe the situation. For example, it is possible to talk about honest and generous person or honest and generous action but not a honest and generous situation. This demonstrates that linguistic factors have an important role in making attributions. People are certainly unaware of this phenomena beca use this is the way they have been taught from childhood and is something that happens without conscious thought. An equally common bias in social judgement is the actor-observer effect, in other words, the self-other effect that is really an extension of the fundamental attribution error. The actor-observer effect refers to the tendency for people to attribute others behaviour to dispositional factors and their own behaviour to situational factors (Jones Nisbett, 1972). For example, in general, students tend to explain their poor performance in exams in terms of the difficulty of the test items whereas they tend to explain others poor performance in terms of their ability and personality. There exist several explanations for actor-observer effect. Firstly, according to Jones et al (1972), the informational factors are very important as the actors have access to a much wider range of information about the factors leading to their own actions. For example, behaviour that can be expressed in a party. Secondly, actors and observers have different perspectives. The actors attention is usually focus ed on the environment. On the other hand, the observers attention is usually focused on the actor and his or her behaviour rather than the background, which is why the observer may be unaware of why the actor behaved like this. Evidence for this explanation comes from Storms (1972) experiment where he had two subjects engaged in a conversation while two observers watched it, and were instructed to monitor the behaviours of one or the other actors. Results showed that the actors were more likely to explain their behaviour in terms of the situation and the observers in terms of personality dispositions. However, this was not the only thing they found. Storm (1972) also demonstrated that when the participants were shown a video tape of their conversation from the same angle as they saw it, actor-observer bias had occurred. On the contrary, when the video tape was shown from the reverse angle, the actors saw themselves from the observers point of view and tended to attribute their behav iour in terms of dispositional factors. This is a clear example of how biases are inevitable in everyday life. In order to avoid biases, one has to see others point of view but that is not an easy task to accomplish. One more bias can be identified in relation to attributions for success and failure. The self-serving bias refers to a tendency for people to attribute internally and take credit for their successes, the self-enhancing bias, or attribute externally and deny the responsibility for their failures, the self-protecting bias. For instance, gamblers perceive their successes as based on their skill and their failures as unlucky chances (Gilovich, 1983). Kingdom (1967) provided an example of self-serving bias from the political world. He interviewed American politicians five months after the general election and asked them to describe the factors that led to their victories or defeats. Results indicated that the politicians tended to attribute successes to internal factors such as hard work, personality and reputation. On the other hand, they tended to attribute their failures to external factors, for example, lack of money, the familiar name of their opponent and state trends. It is importa nt to understand the reasons why people engage in biases. Miller and Ross (1979) suggested that the self-enhancing bias could be explained in relation to the cognition model. People in general expect to succeed rather than fail and, therefore, are more likely to make self-attributions for expected than unexpected outcomes. For example, couples estimate their contribution to housework differently. Individuals are more likely to keep track of every job they do at home such as dusting or washing the dishes but when it comes to estimating the partners contribution, not all of their work is successfully remembered. This effect could be due to differential attention and memory (Aronson, 2003). However, the cognitive perspective alone cannot explain all the examples of self-serving biases. Another explanation for self-serving biases is that people are motivated to engage themselves in attributions in order to protect their self-esteem (Greenberg, 1982). It is evident from the experiments o f Weary (1999) that self-serving bias increases when the person is highly involved in that particular behaviour and when other people are watching. Self-serving bias occurs when an individuals self is threatened or when that individual has an opportunity to achieve and maintain a positive image of the self. To conclude, people do make judgements very quickly based on minimal information. As it has been demonstrated above, the reasons humans make biases seem varied and complex and different research reflects this (Storm, 1972; Ross et al, 1979; Kingdom, 1967; Amabile et al, 2000; Jones et al, 1972). Every day people try to justify themselves and their behaviour with the help of biases such as fundamental attribution error, actor-observer effect and self-serving bias. By using heuristics, individuals interpret and distort the meaning of their actions and the world around them, and make attributions that are very adaptive but not always correct. The situations people find themselves in, the cues they face and frustrations they may experience, also all appear to have the ability to inflame an aggressive response. Attribution is an important part of human existence and, although much has been achieved to aid the understanding of this behaviour, it is for now still reasonable to conclude that attribution is indeed an inevitable and inescapable part of our lives.

strategic analysis of mcdonalds in india

strategic analysis of mcdonalds in india McDonalds vision is to be the worlds best quick service restaurant experience. Being the best means providing outstanding quality, service, cleanliness, and value, so that we make every customer in every restaurant smile. Values. Our values summarized in Q.S.C V. Provide good quality, services to customer. Have cleanliness environment when customer enjoys their meal .The value of food product makes every customer is smiling. Executive Summary. This documentation is mainly about the business strategies of McDonalds in India how it applies their strategies to interact with external environment. This discussed the following Porters models to imply the companys strategies in detail; Porters Generic Strategy analysis.(Use to identify the strategies to select) Porters Value Chain analysis. (Use to identify the value chain activities to support the strategy.) As a fast food company, the rivals that it has faced in the Indian economy during the implementation the strategies they applied, and the strategy changes according to different situations reports from this document. Porters generic strategy analysis of McDonalds is mainly on its unique characteristic applied in India, companys commitment dedication driven to reach the success in the Indian market. It shows McDonalds Business strategies that took place during the banking crisis which lead to global economy recession how it affected the Indian economy. Through Porters Value Chain Analysis this document tries to highlight McDonalds primary activities support activities of their production process, applied in India. Through this analysis, it shows the factors influencing the company performance, coordination between firms in the industry their quality support services as well. Also, report tends to discuss the situation of other competitors in the industry, their performance and position in the Indian market. Finally, this report implies that low cost focus strategy can keep a company to survive in the recession. Also, it can achieve low cost focus strategy through their logistic systems, reducing food wastes and increasing effectiveness of employees. Introduction. Mc Donalds, was originated in USA (California) in 1954, and has become one of the successful fast food chains in the world. Also one of the most recognized and established brands in the world. To such a development it helps some successful business strategies which lined to its external environment (Macro environment) and the industry environment (Micro environment). This document discussed the success of McDonalds especially in India and the strategies that they followed to reach the current position. Also, this provides a discussion of an analysis of why the company selects those strategies in response to the changing external environment to reach the goals. The company was able to establish around 30,000 franchising stores in 119 countries, targeting around 47 million people each day and it generates about $ 15 billion revenues annually. In India, McDonalds is a 50-50 joint partnership business between McDonalds corporations [USA] and two Indian businessmen. It took them six years with an investment of 4 billion to build up their supply chain properly in the Indian market. Their first restaurant in India was opened in 1996 at New Delhi. By introducing differentiated menu products according to the Indian taste, improving logistics systems with better supplier relationships it began to spread all over the country rapidly. Now the company expanded in 34 cities in India by covering 132 outlets. N. Jadhav A.Shaikh 2010, Supply chain management, Perishable products (Restaurant chain)[Presentations], viewed [ 19/12/2010], http://www.slideshare.net/sunilmbsingh/mcdonalds-final (Diagram 1) Porters Generic Strategy Analysis: Porters generic strategies framework provides a major contribution to the development of the strategic management the company can achieve to their competitive advantages by differentiating their products and services from its competitors through low costs. Mc Donalds targeted their products and services by a broad target through covering most of the market places. Also, it attains competitive advantage through market segmentation using Porters differentiation focus strategy. 8.1 Differentiation strategy of McDonalds: In differentiation strategy, fast food chains need to be more selective in which products to offer more creative in their promotion strategy. McDonalds offers specialized (Regionalized) version of its menu. This leads to differentiate the products from other competitor products as well. Mc Grilled sandwiches in US Canada. Mc Chicken Premiere Zesty chicken in UK, France, Italy Belgium. To overcome their healthy issues Mc Donalds added salads other lighter options to its menu encourage people to visit more often. Product adaptation in India- Vegetarian selections, No beef or pork items, McMasala Wide variety of menu items according to the Indian menu items; Vegetable non vegetable products. Health conscious items. Local flavors. Food preferences India B. Craig K. R. Dickson, 11th December 2007, Supply chain management, Mc India ppt[Presentations], viewed [ 19/12/2010],http://www.slideshare.net/KRDickson/McIndia-Final-ppt (Diagram 2) Mc Donalds premium line: They have introduced a group of products in early 2000s. It includes McDonalds larger chicken sandwich, salad line coffee products. Grilled chicken sandwiches are targeted different demographic markets. Mc Cafes located in Australia within the McDonalds restaurant. Types of restaurants: Counter service drive through (With indoor outdoor seating in Delhi.) McDrive locations near highways offer no counter services or seating. McCafà © restaurants within the same McDonalds restaurants. (They increased sales by 60% from this strategy.) Expansion for the following locations as well; More distribution centers within 500 km radius. Satellite cities near Mumbai Delhi. Cities with tourist appeal and eating out culture. Petrol stations, railway bus stations in around Delhi. Shopping malls and movie complexes (Delhi Mumbai) Differentiating promotion programs: McDonalds focused on superior price performance during the time of economic crisis. Point of sales (POS) promotion programs. Combo meals. (Customers get more discounts through this.) Lottery for winning its products. Sampling activities to taste their products to a discount price. Internet promotions. TV and other media promotions. To differentiate with their competitors McDonalds tried to focus on its unique campaign. Im lovin it campaign to attract family. Feature artists to attract teenagers. Introduces wireless technology platform, by allowing their customers to access internet by creating an innovative environment. 8.2 Cost leadership strategy: Under Porters competitive strategies, McDonalds uses an overall low-cost leadership strategy to reduce cost increase sales. Higher profits resulting from sales through lower prices than competitors as the unit cost is lower. Mc Donalds is having a biggest market share out of completive fast food restaurants. Therefore, they increase sales by reducing price than competitors. Food Items McDonalds Subway KFC Pizza Hut Dominos Burgers Pizzas Rs 20- Rs 70 Rs 65- Rs 135 Rs 25- Rs 175 Rs 55- Rs 175 (Regular) Rs 35-Rs 140 (Regular) Combo Meals Rs 49- Rs 119 Rs 45- Rs 175 Rs 55- Rs 150 Rs 120- Rs 250 Rs 120- Rs 230 Beverages Rs 25- Rs 50 Small- 300ml Rs 35- Rs 45 Small 300ml Rs 30- Rs 55 Small 300ml Pet beverage MRP 600ml Rs 30 600 ml Deserts Rs 12-Rs 25 Rs 20- Rs50 Rs 15- Rs 65 Rs 40- Rs 60 Rs 25 100 ml Cup of Baskin Robbins (Diagram 3) Market share (worldwide): Company Stores Countries Market share McDonalds 31108 120 33.06% Burger King 11455 58 13.68% Wendys 8811 22 11.69% Hardeess 3295 15 2.78% Jack in the Box 2000 1 3.67% (Diagram 4) McDonalds India: Network competitors Company Outlets (No.) Cities Covered McDonalds 132 34 Pizza Hut 137 34 Dominos 220 42 Subway 131 32 KFC 34 09 (Diagram 5) Bruce Craig, Keith R. Dickson, International Business Management, Network competitors [Online], available at: http://www.slideshare.net/KRDickson/McIndia-Final-ppt [20/12/2010] Through adding 700-900 restaurants annually, McDonalds enter new markets through lower prices. It shows a great barrier to entry for competitors to enter the industry. Through its strong centralized authority tight control, standardized procedures McDonalds takes most an efficiency approach. Key elements of McDonalds business strategy; Adding 700-900 restaurants annually. Giving low price products, Extra offers through new menu items. Highly selective in granting franchises. Selects most convenient places to customers. Focused on limited product lines through maintaining the quality. Extensive advertising. Proper HR management through equitable wage good training. McDonalds cost leadership strategy growth strategy is based on; Adding new restaurants. Maximizing sales sales in existing restaurants. Improving profitability (globally) Success behind their business lies in the maximum of Think global, act local. They ensure that their structure fits with the international environment, but also have internal flexibility geographically. McDonalds has twice the market share of its closest competitor, Burger King. :

Grading Scale: A Persisting Problem Among Students Essay -- Education,

Entering the classroom, sheets of white typing paper printed out sitting on the desks; starting the day off with the notification of the classroom grade can be a frightening thought. The eighteen year old, tall, and slender girl slides into her desk and prepares herself for what the paper holds for her future report card. Verbally, the teacher signals to flip over the piece of paper and look at semester grades. As the papers are being flipped, all at once negative cries shout out. This can not be right! There is something wrong! Why are there grades missing? Why is this not an A? As Aquilino states, â€Å"It’s not like they should get something they didn’t earn† (Roth 1). The teacher telling the students to settle down and sit in their seats quietly soars across the room. Worried faces, teary eyes, and trembling hands are seen in every student of the class. As the teacher thinks, who can really be blamed for a lower letter grade than wanted? There is on ly one answer, the student themselves. It is natural to slip once in a while in the classroom, but the grades permanently recorded on a grade point average never change. Since getting a bad grade can disappoint anyone, there are ways to solve this problem. As a senior these grades may have an affect on college, but in all ages the grading scale can be a problem. Whether it be the parent of a student, or the student themselves worrying about a grade in a class, there is a fix. Since more often than not, a student or parent has a problem with a student grade, however there is more than one solution for solving this grade dilemma. Nevertheless when dealing with dissatisfied grades, parents get involved. When it comes down to dealing with a final grade, the decision is betw... ... expected where students are carefree at times during school hours, but when it comes down to knowing the grading scales one must focus. There are solutions to solving problems that are sometimes fought between a teacher and a student and even between a teacher and parent. Extra credit, grading on a curve, college credits, and changing all scales to be equal are a few possible solutions to these problems. All problems in life have solutions, sometimes more than one. As shown through this paper, problems should not be stressed about, rather looked at by ways it can be improved upon. Grading scales can vary from class to class, but why worry when there are solutions to making students more educated rather than worrisome. Since more often than not a student or parent has a problem with a student grade; there is possible solutions for solving this grade dilemma.

Forensic Science Essay -- Forensics essays research papers

Forensic Science, also known as Forensics, is the application of science to law. It uses highly developed technology to uncover scientific evidence in a variety of fields. Modern forensic science has a broad range of applications. It is used in civil cases such as forgeries, fraud or negligence. The most common use of forensic science is to investigate criminal cases involving a victim, such as assault, robbery, kidnapping , rape, or murder.   Ã‚  Ã‚  Ã‚  Ã‚   Forensic science is also used in monitoring the compliance of various countries with such international agreements as the Nuclear Non-Proliferation Treaty and the Chemical Weapons Convention and to learn whether a country is developing a secret nuclear weapons program. It can help law enforcement officials determine whether any laws or regulations have been violated in the marketing of foods and drinks, the manufacture of medicines, or the use of pesticides on crops. It can also determine whether drinking water meets legal purity requirements.  Ã‚  Ã‚  Ã‚  Ã‚   The medical examiner is the most important individual in an investigation of a crime involving a victim. It is the responsibility of the medical examiner to visit the crime scene, conduct an autopsy (examination of the body) in cases of death, examine the medical evidence and lab reports, study the victims history, and put all the information together in a report to be turned in to the district attorney. Medical examiners are usually physicians specializing in forensic pathology, the study of structural and functional changes in the body as a result of injury. Their training and qualifications most often include a medical degree and an apprenticeship in a medical examiners office. In the field of forensic science, there are many subspecialties. They include odontology (the study of teeth), anthropology(the study of human beings), psychiatry, biology, chemistry, physics, toxicology (the study of poisons), and pathology (the examination of body tissues and fluids). The medical examiner may call upon forensic scientists who are specialized in these fields for help in a crime investigation. Toxicology is a branch of forensic science that deals with the adverse effects of drugs and poisonous chemicals found in the home, at work or in the environment. All drugs have toxic effect but the effect is most often minor. The toxic effect of drugs... ...d, communities began requiring that coroners have specific academic training. In 1877, Massachusetts replaced the coroners office with the Office of the Medical Examiner, which was to be headed by a physician. Soon many other states followed. In 1915 New York City established a program where the medical examiner was authorized to investigate all deaths that occurred to people who appeared to be in good health, that resulted from criminal violence, accidents, or suicides. Computer technology now allows law enforcement officers o record fingerprints digitally and to transmit and receive information for quick identification. Recent developments in technology allows scientists o examine the deoxyribonucleic acid (DNA) or genetic material of blood, hair, skin, or semen to see if they belong to the victim or the suspected criminal. Using polymerase chain reaction (PCR), a lab can clone the DNA from a very small sample of one of those substances. Forensic science as practiced today is a field of science medicine that uses electron microscopes, lasers, ultraviolet and infrared light, advanced chemical techniques and computerized databanks to analyze and research evidence.

Current & Non Current Assets

INVENTORY – PERIODIC INVENTORY SYSTEM In a Periodic Inventory System, no effort is made to keep up – to – date records of either the inventory or the cost of goods sold. Instead, these amounts are determined only periodically __ usually at the end of each year. It is used by very small businesses having manual accounting systems. Questions 1 – 3 (Meigns & Meigns), Question 4 (Fess & Warren) Question 1:- Mach IV Audio uses periodic inventory system. One of the store’s most popular products is a minidisc car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Number of units| Cost per unit| Total Cost| Inventory – Jan 01| 10| Rs. 299| Rs. 2990| Purchases – May 12| 15| 306| 4590| Purchases – July 09| 20| 308| 6160| Purchases – Oct 04| 8| 315| 2520| Purchases – Dec – 18| 19| 320| 6080| Goods available for sale| 72| | Rs. 22340| Units sold during the year| 51| | | Inventory| 21| | | Instructions: Compute the cost of December 31 inventory and the cost of goods sold for the above mentioned product under each of the following cost flow assumptions: a.First-in, first-out b. Last-in, first-out c. Average cost (round to the nearest rupee, except unit cost) Question 2: – Same three inventory valuation methods under periodic inventory system | Number of units| Cost per unit| Total Cost| Inventory – Jan 01| 9| Rs. 3. 00| Rs. 27. 00| Purchases 1| 12| 3. 50| 42. 00| Purchases 2| 30| 3. 80| 114. 00| Purchases 3| 40| 4. 00| 160. 00| Purchases 4| 19| 5. 00| 95. 00| Goods available for sale| 110| | Rs. 438. 00| Units sold during the year| | | | Inventory – Dec 31| 20| | |Question 3: – Same three inventory valuation methods under periodic inventory system | Number of units| Cost per unit| Total Cost| Beginning Inventory | 10| Rs. 80| Rs. 800| First Purchases (Mar. 1)| 5| 90| 450| Second Purchases (July 1) | 5| 10 0| 500| Third Purchases (Oct. 1) | 5| 120| 600| Fourth Purchases (Dec. 1) | 5| 130| 650| Goods available for sale| 30| | Rs. 3,000| Units in ending inventory| 12| | | Units sold| 18| | | Question 4: – Stewart Co. ’s beginning inventory and purchases during the fiscal year ended March 31, 2012, were as follows: | | Units| Unit Cost Rs. Total Cost Rs. | April 01, 2011| Inventory| 1,000| 50. 00| 50,000| April 10, 2011| Purchases| 1,200| 52. 50| 63,000| May 30, 2011| Purchases| 800| 55. 00| 44,000| Aug 26, 2011| Purchases| 2,000| 56. 00| 112,000| Oct. 15, 2011| Purchases| 1,500| 57. 00| 85,500| Dec. 31, 2011| Purchases| 700| 58. 00| 40,600| Jan. 18, 2012| Purchases| 1,350| 60. 00| 81,000| March 21, 2012| Purchases| 450| 62. 00| 27,900| Total| | 9,000| | 504,000| Stewart Co. uses the periodic inventory system, and there are 3,200 units of inventory on March 31, 2012.Determine the cost of ending inventory using the three costing methods. Practice Question (Fees & Warren) Exe r. 10-3 Page 366| Exer. 10-4 Page 366| Prob. 10-3A Pg. 369| Prob. 10-3B Pg 374| INVENTORY – PERPETUAL INVENTORY SYSTEM In a Perpetual Inventory system, merchandising transactions are recorded immediately as they occur. The system draws its name from the fact that the accounting records are kept perpetually up – to – date. This system is very easy to use. It is cost effective, & thus widely used because of the growing use of computerized accounting.Question 1: – World Class Grocery Wholesalers performed the following transactions, all on credit, and all related to a particular chocolate bar. July 01 Beginning Inventory 23 units of Rs. 4 each. July 02 Purchased 57 units of Rs. 5 each. 12 Purchased 51 units of Rs. 8 each. 13 Sold 60 units for Rs. 12 each. 18 Sold 20 units for Rs. 12 each. 22 Purchased 26 units of Rs. 9 each. 26 Sold 18 packs for Rs. 15 each. Instructions for Questions 1, 2 & 3: – a) Prepare the Inventory Subsidiary Ledger and, b) Give the journal entries to record the Purchases, the Cost Goods Sold and the Sales assuming that the wholesalers uses . First-in, First-out Method (FIFO) 2. Last-in, First-out Method (LIFO) 3. Average Cost Method Question 2: – Sohail Books deals with school books. This question is related to Credit purchases and sales of Urdu Qaida for class 1. March 04 Purchased 100 copies for Rs. 12 each. 11 Sold 35 copies for Rs. 17. 18 Purchased 80 copies for Rs. 13 each. 19 Sold 40 copies for Rs. 19 each. 27 Sold 41 copies for Rs. 20 each. Question 3: – Noman Company Inventory & Sales Data Month Ended January 31, 2010 Date| Description| Units| Unit Cost Rs. | Date| Des| Units | Unit Cost Rs. Jan 01 12 15 18 | Beg. InventoryPurchasesSalesPurchases | 50 100 50 200 | 1. 00 1. 50 2. 00 | Jan 20 22 27 30| PurchasesSalesPurchasesSales| 100150 50 80| 2. 50 4. 00| Practice Question (Fees & Warren) Exer. 10-5 Page 366| Exer. 10. 6 Page 366| Prob. 10-4A Pg. 369| Prob. 10-4B Pg 374| Practice Qu estion (Meigs & Meigs – 13th Edition) Exer. 8. 2 Page 351| Prob. 8. 1 Page 356| Prob. 8. 2 Page 356| _____________________________ Perpetual Inventory SystemInventory Subsidiary Ledger ( ) Date| Purchased| Sold| Balance| | Units| UnitCost Rs. | TotalCostRs. | Units| Unit CostRs. | TotalCostRs. | Units| UnitCostRs. | TotalCostRs. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6 (Photocopies) of this page, if you don’t want to make this format 6 times in your register SUMMARY OF THE JOURNAL ENTRIES MADE IN PERPETUAL AND PERIODIC INVENTORY SYSTEM Event| Perpetual Inv. System| Periodic Inv.System| Purchasing inventory| Inventory Accounts Payable (or Cash)To record the purchase of inventory| Purchases Accounts Payable (or Cash)To record the purchase of inventory| Sale of Inventory| Accounts Receivable (or Cash) SalesTo record the sale of inventoryCost of Goods Sold InventoryTo upd ate Cost of Goods sold and inventory accounts| Accounts Receivable (or Cash) SalesTo record the sale of inventory(In the periodic inventory system, no entry is made at the time of sales to update Cost of Goods sold and inventory accounts. | Settlement of A/Payable to suppliers| Accounts Payable CashTo record payment for inventory purchased on credit| Accounts Payable CashTo record payment for inventory purchased on credit| Collection from credit customers| Cash Accounts ReceivableTo record cash collection from credit customers. | Cash Accounts ReceivableTo record cash collection from credit customers. | Income Statement of a Service Business: – Revenue – Expenses = Net Income Income Statement of a Merchandising Business Delta TradersIncome Statement For the year ended December 31, 2011 Sales Rs. 6, 000 Less: Sales Returns 1, 000 Net Sales 5, 000 Less: Cost of Goods Sold 1, 150 Gross Profit 3, 850 Less: Operating Expenses Salaries Expense Rs. 00 Utility Expense 100 Depr eciation Expense – machine 50 650 Net Income 3, 200 HOW TO CALCULATE COST OF GOODS SOLD Inventory – Jan 01 ————————-Add: Purchases ———————— Carriage Inwards —————-Less: Purchases Returns —————- Purchases Discount —————- Net Purchases ———————Cost of goods available for sale ——–Less: Inventory – Dec 31Cost of Goods Sold| 55050| Rs. 00 (100)(50)| Rs. 10004501450(300)1150| Questions 1 & 2 The data of two questions is given below. Prepare a Trading Account for the year ended Dec 31 Sales| Rs. 10, 600| | Sales| Rs. 210, 420| Sales Returns| 1, 200| | Sales Returns| 4, 900| Inventory – Jan 01| 5, 000| | Inventory – Jan 01| 9, 410| Purchases| 3, 500| | Purchases| 108, 680| Ca rriage Inwards| 500| | Carriage Inwards| 840| Purchases Returns| 400| | Purchases Returns| 3, 020| Purchases Discount| 200| | Purchases Discount| 700|Inventory – Dec 31| 2, 500| | Inventory – Dec 31| 11, 290| FORMATS OF FINANCIAL STATEMENTS Delta Traders Income Statement For the year ended December 31, 2011 | Rs. | Rs. | Rs. | Sales | | 6, 000| | Less: Sales Returns | 700| | | Sales Discount| 300| 1, 000| | Net Sales | | | 5, 000| LESS : COST OF GOODS SOLD| | | | Inventory – Jan 01| | 1, 000| |Add: Purchases| 550| | | Carriage Inwards| 50| | | | 600| | | Less: Purchases Returns| (100)| | | Purchases Discount| (50)| | | Net Purchases| | 450| | Cost of goods available for sale| | 1, 450| | Less: Inventory – Dec 31| | (300)| 1, 150| Gross Profit| | | 3, 850| Less : Operating Expenses| | | | Salaries Expense| | 500| | Utilities Expense| | 100| | Depreciation Expense – machine| | 50| 650| Net Profit| | | 3, 200| | | | | | Delta Traders Statement of Fina ncial Position December 31, 2011AssetsCurrent Assets Cash ————————– Accounts Receivable ————- Repair Revenue Receivable ——- Inventory ————————- Supplies ————————- Prepaid Insurance —————- Total Current Assets ———–Plant Assets Land ——————————— Shop ——————————— Less: Accumulated Depreciation Machine ————————–Less: Accumulated Depreciation Total Plant Assets ————-TOTAL ASSETS ——————Liabilities & Owner’s EquityLiabilities A ccounts Payable —————- Unearned Repair Revenue ——- Total Liabilities —————Owner’s Equity Capital (Dec 31, 2011) ———— TOTAL LIABILITIES & OWNER’S EQUITY ——- | Rs. ——————————————————————————————————– ————— 5,000 2,700 3,000 1,400———————————————————————————————————| Rs. 3,700 1,000 800 300 500 1,300————- 1 0,000 2,300 1,600————————–3,2004,440 ————————————| Rs. 7, 60013,90021,500 7,640 13,860 21,500| Question 1:- The following trial balance was extracted from the books of F. Bell on December 31, 2011. Draw up his Income Statement for the year ended December 31, 2011, and a Balance Sheet as at that date Debit Rs. | Credit Rs. | Sales| | 210, 420| Purchases| 108, 680| | Inventory: Jan 1, 2011| 9, 410| | Carriage Outwards| 1, 115| | Carriage Inwards| 840| | Return Inwards| 4, 900| | Return Outwards| | 3, 720| Salaries & Wages Expense| 41, 800| | Fuel Expense| 912| | Rent Expense| 6, 800| | General Expenses| 318| | Motor Vehicle| 14, 400| | Allowance for Depreciation – motor vehicle| | 520| Fixtures & Fittings| 912| | Accounts Receivable| 23, 200| | Accounts Payable| | 13, 580| Cash| 24, 780| | Drawings| 9, 000| | Capital| | 18, 827| | 24 7, 067| 247, 067| Inventory at December 31, 2011 was Rs. 11, 290 NON – CURRENT ASSETS 1. TANGIBLE ASSETSPlant assets / Property, Plant & Equipment / Fixed Assets / Non Current Assets FIRST STAGE: – AQUISATION OF PLANT ASSETS Question 1: – Wilmet College recently purchased new computing equipment for its library. The following information refers to the purchase and installation of this equipment: 1. The list price of the equipment was $275, 000; however, Wilmet College qualified for an education discount of 25, 000. 2. Wilmet paid sales tax of $15, 000 at the date of purchase. 3. Freight charges for delivery of the equipment totaled $1, 000. 4. Installation costs related to the equipment amounted to $5, 000. 5. During installation, one of the computer terminals was accidentally damaged by a library employee. It cost the college $300 to repair this damage. 6.As soon as the computers were installed, the college paid $4, 000 to print admission brochures, featuring t he library’s new, state-of-the-art computing facilities. Instructions: – a. Compute the total cost debited to the college’s Computing Equipment account. b. Prepare a journal entry at the end of the current year to record depreciation on the computing equipment. Wilmet College will depreciate this equipment by the straight line method (half-year convention) over an estimated useful life of 5 years. Assume a zero residual value. (Meigs & Meigs – Problem 9. 1 / Page 402 For Practice: – Fees & Warren – Exercise 11-1 / Page 404 SECOND STAGE: – DEPRECIATION OF PLANT ASSETSQuestion 2: – On January 2, 2005, Jansing Corporation acquired a new machine with an estimated useful life of 5 years. The cost of the machine was $40, 000 with an estimated residual value of $5, 000. The depreciation rate per year is 40 %. a. Prepare a complete depreciation table under the two depreciation methods listed below. Assume that a full year of depreciati on was taken in 2005. 1. Straight-line 2. Declining balance method (Depreciation Rate per year is 40 %) (Meigs & Meigs – Exercise 9. 4 / Page 400) Question 3: – On August 3, 2000, Srini Construction purchased special-purpose equipment at a cost of $1, 000,000.The useful life of the equipment was estimated to be 4 years, with a residual value of $50, 000. The depreciation rate is 50 % per year & half year convention is to be used. a. Compute the depreciation expense to be recognized each calendar year for financial reporting purpose under the straight-line depreciation method. b. Compute the depreciation expense to be recognized each calendar year for financial reporting purpose under the declining balance method with the per year depreciation rate of 50 % (Meigs & Meigs – Exercise 9. 3 / Page 400) For Practice: – Fees & Warren – Exercises 11-5, 11-6 & 11-7 / Page 405 Meigs & Meigs – Problems 9. 2 & 9. 3THIRD STAGE: – DISPOSAL OF PLANT ASSETS Question 4: – During the current year, Ramirez Developers disposed of plant assets in the following transactions: Feb 10Office equipment costing Rs. 26, 000 was given to a scrap dealer at no charge. At the date of disposal, accumulated depreciation on the equipment amounted to Rs. 25, 800. Apr 01Ramirez sold land and a building to Claypool Associates for Rs. 900, 000, receiving Rs. 100, 000 cash and a five year, 9 percent note receivable for the remaining balance. Ramirez records showed the following records: Land Rs. 50, 000; Building, Rs. 550, 000; accumulated depreciation: Building (at the date of disposal), Rs. 250, 000.Aug 15 Ramirez traded-in an old truck with a new one. The old truck had costRs. 26, 000, and its accumulated depreciation amounted to Rs. 18, 000. The list price of the new truck was Rs. 39, 000, but Ramirez received a Rs. 10, 000trade-in allowance for the old truck and paid Rs. 29, 000 in cash. Ramirez includes trucks in its Vehicle account. Oct 0 1Ramirez traded in its old computer system as part of the purchase of a new system. The old system had cost Rs. 15, 000, and its accumulated depreciation amounted to Rs. 11, 000. The new computer’s list price was Rs. 8, 000. Ramirez accepted a trade-in allowance of Rs. 500 for the old computer system, paying Rs. , 500 down in cash, and issuing a 1-year, 8 percent note payable for the Rs. 6, 000 balance owed. Instructions: – Prepare journal entries to record each of the disposal transactions. (Meigs & Meigs – Problem 9. 4 / Pg 404) For Practice: – Fees & Warren – Ex. 11-12 & Ex. 11-13 Question 5: – On January 5, 2005, a machine was bought by J & P Traders at a list price of Rs. 43,000. The cost of its carriage in was Rs. 800, installation and testing charges were Rs. 4,200 Its estimated useful life is 4 years and its estimated residual value is Rs. 2, 000. Instructions: a. Calculate the cost price of the machine and give a proper journal entr y of the acquisition of the tangible asset. b.Calculate the per year depreciation expense using the straight line method. c. Prepare the depreciation schedule for all the four years. d. Give the adjusting entries to record depreciation for the last useful year. e. After its useful life, the machine was traded-in for a new machine. The new machine’s list price was Rs. 58, 000. J & P Traders accepted a trade-in allowance of Rs. 3, 000 for the old machine, paying Rs. 9, 000 down in cash, and issuing a 1-year, 8 percent note payable for the Rs. 46, 000 balance owed. 2. INTANGIBLE ASSETS Similarities between Tangible and Intangible assets 1. Plant Assets 2. Long Lived 3. Recorded at cost 4. Cost is expensed over useful life in a systematic manner.For Intangible assets, Straight line method over 40 years is followed. 5. At disposal, the book value is eliminated, gain / loss is recorded. Differences S. No| TANGIBLE ASSETS| INTANGIBLE ASSETS| 1. | Has physical existence| Has no physi cal existence| 2. | Term â€Å"Depreciation† is used. | Term â€Å"Amortization† is used. | 3. | Cost Price = list price + all other necessary expenses. | Cost Price = Purchase Price only| 4. | Depreciation period depends upon the estimated useful life. | Amortization period cannot be longer than 40 years. | 5. | Depreciation Expense-equip Accumulated Depreciation-Equip| Amortization Expense Patent|Intangible Assets are rights and privileges that result from the ownership of long lived assets that don’t possess physical substance. 1. GOODWILL * Largest Intangible asset on company’s balance sheet under the head of Intangible assets. * Recorded when transaction involves purchase of entire business. Here goodwill is the excess of cost over fair market value of net assets. (assets less liabilities) acquired. * Value of all favorable attributes that relates to a business. Includes 1. Exceptional management 2. Desirable location 3. Good customers relations 4. S killed employees 5. High quality products 6. Manufacturing efficiency 7. Weak Competition 2. PATENTS A right by the government to manufacture, use and sale of a product. * To encourage invention of a new product. * When patent is purchased from the inventor, purchase price is debited by the account title of Patents. * Are granted for 17 years (legal life). * Obsolesce may cause patent to be economically ineffective. 3. TRADE MARK / TRADE NAME * Name, symbol or distinctive design that identifies a business and a product. * Permanent exclusive right to use a trademark, brand name, commercial symbol. Is obtained by registering it with the government. * For a purchased trademark, cost is substantial and amortized over 40 years. * Is renewable. 4. FRANCHISE It is the right granted by the company to conduct a certain type of business in a specific geographical area. * Cost is quite substantial * Small cost – Amortized over a short period of 5 years. * Material cost – 40 year s. Amortization should be based on the life of the franchise. 5. COPYRIGHTS * Exclusive rights granted by the government to protect the production and sale of literary or artistic material for the life of the creator plus 50 years. NATURAL RESOURCES Examples: – Oil & Gas Reserves, gold, copper, coal mines, timber (forests), etc. As long as this asset is present in its natural environment, it is regarded as Property, Plant & Equipment.Once it is removed from its natural environment, it becomes inventory, i. e. a current asset. Question 1: – Rainbow Minerals paid Rs. 45, 000, 000 (Rs. 45 million) to acquire the Super Coal Mine, which is believed to contain 10 million tons of coal. The residual value of the mine after all of the coal is removed is estimated to be Rs. 5 million. Working: – Cost – Estimated Residual Value = Depletion Expense per ton Estimated Production In tons 45 million – 5 million = Rs. 4 Depletion Expense per ton 10 million Suppose in the first year, 2 million tons of coal was mined, the entry to record depletion would be 2010Debit (Rs) Credit (Rs) Dec 31 Inventory 8, 000, 000 Accumulated Depletion: Super Coal Mine 8, 000, 000 To record depletion of the Super Coal Mine for the year. (2, 000, 000 tons mined @ Rs. 4 per ton) Balance Sheet (extract) of Rainbow Mineral Property, Plant & Equipment Mining Properties: Super Coal Mine Rs. 45, 000, 000 Less: Accumulated Depletion 8, 000, 000 Rs. 37, 000, 000 (Meigs & Meigs, Page 389) Out of 2 million tons, 75, 000 tons of coal was sold. Record the Cost of Goods Sold.Cost of Goods Sold 300, 000 Inventory 300, 000 To record the cost of goods sold Question 2: – Salter Mining Company purchased the Northern Tier Mine for Rs. 21 million cash. The mine was estimated to contain 2. 5 million tons of copper and to have a residual value of Rs. 1 million. During the first year of mining operations at the Northern Tier Mine, 50, 000 tons of copper were mined of which 40, 00 0 tons were sold. Instructions: – a. Compute depletion expense per ton. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier Mine, and its

Dettol Marketing

Dettol Brand is strongly positioned in the market as â€Å"The best killing germs antiseptic†. It is market leader and it has strong credibility and trust, it’s a top of mind in its category and it has two value propositions: functional (protection for germs and killing wounds) and emotional (love and care from a mother taking care of her child). This emotional campaign was supported with a strong advertising campaign where a mother is shown reading a letter from her son who is in a boarding school, the mother wasn’t worried about her son because he was away from home because she felt he was safe with the protection of Dettol.The campaign helped in making emotional connection with consumers and people remembered the campaign even long after it was discontinued. Everyone knows Dettol as a brand who helps you protect your family’s hygiene and health, it was a â€Å"must-have† product for every household in United Kingdome and India. ACNielsen made a s tudy that backed this theory up stating that Dettol is in the top rank of popularity as one of the most trusted brands.But as it is strongly positioned, everyone thinks about Dettol as a synonymous of â€Å"germ killer† and â€Å"antiseptic†. When they tried to introduce several new brand extensions to the market it was very difficult to change people’s mind about seeing the brand for other purposes or uses instead of just antiseptic. Most of these brand extensions didn’t have the expected results and had very poor sales level, for example: Medicated plasters, shaving cream, talc, floor cleaner and mouthwash: they didn’t achieve the expected results in sales and market share was not significant. They found competition in those categories, brands that were already positioned in the market and Dettol couldn’t compete. The only product that was successful in sales was the soap and liquid soap, probably because these products are strongly associ ated with germ killing. It achieved 44% of value share in liquid soap.It was very difficult and maybe inappropriate to introduce all these new products extensions with the Dettol name, maybe they could have used another name because the â€Å"Dettol† brand was so associated to â€Å"antiseptic†, that it became generic among the target market. For example, it would be similar to say that â€Å"Kleenex† wants to sell shampoo. People just wouldn’t accept it and it would be very difficult to change this strong brand association to one specific concept or product.