Stop Treating Juveniles Like They Are Adults - 1935 Words

Stop Treating Juveniles Like They are Adults Introduction Treating juveniles like they are adults in any shape or form is completely wrong. Previously I stated that I believed juveniles who commit violent crimes should be tried as adults, but after careful thinking and research, I feel very differently about this matter because they are still children mentally. They do not have the mental capacity to make informed decisions like adults. According to Albow (2014), when we allow our justice system to treat children or adolescence as adults so that we can be more punishing of their acts, we show no commitment to justice. What we show is our own contempt for the truth. Most juveniles between the ages of 14-17 are sometimes incapable of†¦show more content†¦According to PBS (2014), psychologists and sociologists began to recognize the emerging notion of adolescence as a developmentally distinct period of life, reformers argued that children should be removed from adult prisons. This diagnosis brought forth reform in the ways chil dren would be tried and housed when they are sentenced. According to PBS (2014), in 1825, the Society for the Prevention of Juvenile Delinquency founded the New York House of Refuge, the first institution designed to accommodate juvenile delinquents. This House of Refuge led the way for many other refugee houses being opened across the United States. The system which was put in place was to be less punitive and more catering to the needs of the juvenile with the main goal being rehabilitation. The very first juvenile justice reformers were known as â€Å"child savers.† Because of the advocacy of the child savers, the very first juvenile court was established in Cook County, Illinois, in 1899. Problems First Problem The first problem I see that exist is rehabilitation for juveniles within the adult justice system. Children were meant to be individually situated for purpose of reforming and redemption. Juvenile detention facilities have certain programs set in place to support the process of reformation. Prisons simply do not allow juveniles to be rehabilitated. With the proper care and treatment most children who commit crimes, even some of the

Roles of a financial manager - Free Essay Example

Sample details Pages: 21 Words: 6214 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Introduction Of The History Of The Function And Qualifications Of A Financial Manager First we need to understand the term ‘financial manager, Brealey, Myers and Allen (2008, p.6) referred this term to anyone in an organization who is specialized in finance and responsible for the companys investment or financing decision, large corporation may name it as ‘controller, international conglomerates even appoint a Corporate Financial Officer [CFO] to be responsible for corporate planning. History Of The Financial Managers Function Ever since 1900s and even after the Great Depression in 1930s, the primary role of a finance people was only a descriptive discipline on bookkeeping which means accurately recording all transactions related to the payment of suppliers, billing of customers, and handling of cash passing through the accounts department and issuing periodic financial statements. Until late 1960s increased competition in industries forced financial managers to shift their focus towards evaluating investment opportunities and making decisions on the choice of assets and liabilities necessary to maximize the companys value. The 1970s and 80s was a period of increased international competition, CEOs became concerned with operational efficiency to cope with the fast growing market, this included the accounting functions which was streamlined and required to reach out to becoming a profit center for the whole organization (Besley Brigham, 2005, p.6). This transitional shift was gradual and finance managers roles are no longer stuck solely to the accounting functions, hence a new operational trend brought in a new breed of heavily educated controllers profession with MIS training and computer systems operational capabilities to bring forth efficiency and accuracy in management reports and analysis versus the old accounting systems. Olley (2006) quoted a study by the Institute of Management Accountants (IMA) [The Practice Analysis of Management Accounting (1996)] which mentioned that since the mid 1980s, management accountants have transitioned from the traditional role of being a ‘number cruncher to an internal management consultant and decision-support specialist. Over the century, finance manager has risen to a highly educated, professional and useful positions in the entire corporate structure. Don’t waste time! Our writers will create an original "Roles of a financial manager" essay for you Create order Qualification Requirements Of A Financial Manager [FM] In normal practice, a finance manager has to have ACCA/ HKICPA or degree in accountancy or financial planning academic track record or even a chartered accountant qualification, who may possess a minimum of 10 years experience in accounting and financial planning. The traditional career path towards a Financial Manager was through the accounting clerical ranks, then move onto being an assistant accountant and accountant. Other recruiters would prefer one who has been an auditor as this experience allows the individual a wide exposure to auditing and learning from different industries, knowledge of financial situations and how to avoid human or systems errors, so that the person is more affluent on how to manage a smooth transaction flow. Expectations From Corporations, Job Description And Key Attributes Of FM Expectations From Corporations The functions, levels and scopes of responsibilities of financial managers can be very different depending on the size of organizations. For large corporations, the generic role is highly focused on strategic analysis while for smaller organizations, the role could only be more concerned on the collection and preparation of accounts and ledgers. Michael Page International, one of the worlds executive recruitment agent, posted a front page headline advertisement in Classified Post of South China Morning Post on 14 November 2009 in the need of a Chief Financial Manager. The advertisement stated the incumbent will be an integral part of the senior management team, report to the Managing Director [MD] with the ultimate responsibility for the control of the global finance operation of a new venture. The person will need to manage the cash situation of each branch of the business and exercise the financial strategy across multiple locations and will need to build the necessary reporti ng, risk and control frameworks. The person also needs to prepare analysis and financial models and ensure compliance to corporate policy and national accounting practices. In addition to technical finance advice, the incumbent should possess strong commercial acumen and will work closely with the MD on strategic growth and development plans for the business, furthermore, to liaise with shareholders, key investors and build relevant banking relationships. The client expected someone with experience working within an entrepreneurial environment and display the ability to be part of a dynamic team. Allicolven, another executive search consultant, listed the criteria on its advertisement in JobsDB (13 November 2009) that the applicant has to provide value-added insight into opportunities and risks, responsible for completing the statutory consolidated financial audit for the organization, as well as ensuring the impeccable application of global accounting policy issues for the compa ny and its subsidiaries, the development and maintenance of global controls surrounding treasury and cash management. The client required from the incumbent excellent leadership, proven understanding of regulatory capital issues and align with regulators, excellent communication and command of English and Chinese. These advertisements include all the criteria this paper aims to discuss on and one can easily see the challenging roles of a finance manager nowadays which exceeds the normal accounting functions already. Job Description Of FM Typical work activities, stated in the Job Description of a Financial Manager in JobsDB (9 Nov 2009), Prospects (16 Dec 2009), and Careerplanner (16 Dec 2009) are summarized below, with each requirement stating clearly a standard that has to be met and how the results of the good work would impact the organization: Manage and oversee the daily accounting functions to ensure relevant accounting activities are handled in compliance with the regulatory requirements and group accounting policies and maintain the highest standard; Coordinate and execute all financial related activities in the groups businesses to ensure the proper financial management and minimize the financial risks; Assist the top management to formulate strategic and long-term business plans; Monitor and supervise the month-end closing to ensure all management reports are tendered on time and with accuracy; Prepare and review monthly financial charts for all offices, debrief the financial data and resu lts into business implication to relevant divisional heads; Compile various periodic analytical reports and hold discussion meetings with department heads timely to alert them of the updated business performance; Liaise with external auditors to ensure annual auditing is performed smoothly; participate in the group internal audits to ensure proper control procedures are in place; Monitor cash flows, oversee the total funding, predict future trends of cash and fund management to optimize the benefits of the companys fund usage; Establish the annual budget program and financial models to sustain a smooth and comprehensive process; Handle taxation and legal matters; Review and implement efficient and effective internal control system, make recom- mendations on existing work procedures to improve efficiency. Set up accounting software to ensure it meets the corporate accounting requirement; Supervise the accounting staff locally and ensure the accounts department is well managed, liaise with overseas accounting heads to make sure appropriate guidance and directions are given. Assist in appropriate recruitment and provide coaching and training programs to staff members and conduct performance review for them; Work independently, when applicable, take the initiative to provide input on process improvements as it relates to reconciliations; Develop network and relationships with community and external contacts, such as customers, auditors, solicitors, bankers, brokers, creditors, insurance companies and statutory organizations. Provide assistance and solutions to them whenever necessary; Analyze and keep updated of changes in legislation, financial regulations, competitors move and market trends, research and report on factors influencing the organizations business performance and advise the management accordingly. The Key Attributes And Competencies Required For FM It is almost a prerequisite for a professional finance manager to be analytical, rational, cautious and meticulous yet possessing a macro view of the whole accounting picture, ethical, risk sensitive and inquisitive to detect fraud in any areas in the organization. General personal attributes such as being hardworking, independent with initiative, responsible and accountable, well organized, efficient, timely, cost-effective, self motivating, willing to work under pressure are expected. In addition, management skills to enhance productivity of the accounting team, interpersonal skills in proactively communicating the financial facts and findings to the management, coordinating with other department personnel and decision makers, and being a team player would be most appropriate and eligible to be a finance team leader. Typical Accounting Roles Of Financial Managers And The Critical Aspects Gitman (1992, p.8) defined that financial management is in the arena of business management, dedecated to a careful selection of sources and prudent use of capital, with the aim in enabling a spending unit to move towards the direction of reaching its goals. The duties and responsibilities of financial managers vary with their specific functions and position titles in different organizations, this includes being a controller, treasurer, credit manager, cash manager, internal auditor, taxation manager, risk and insurance manager. Each of these functions has their critical aspects and prime objectives. Function As A Controller Controllers direct and compile the preparation of financial analysis reports concluding and forecasting the organizations financial status. These analyses include income statements, balance sheets, continual review of revenue and expense trends and analysis of future earnings. Controllers provide periodic compilation of business cycle forecasting statistics and periodic calculation of a standard set of ratios for corporate financial performance and regulatory authorities. Controllers make financing decisions typically including should the company raise funds by borrowing short term or long term debt or by selling stock and equity, timing to pay dividends and timing to sell the debt and equity. The long range plan should include a listing of capital investments required and calculate the economic benefits to attain the revenue and profit objectives. Brigham Ehrhardt (2002, p.502) mentioned clearly that effective capital budgeting and funding allocation including cash management, bu dgeting, sourcing and requirement can improve both the timing and quality of asset acquisitions, all of these decisions affect the investment profile of the company hence impact the shareholders value. It is common that controllers oversee the accounting, audit and budgeting, logistics departments and are responsible to communicate any financial variances and adverse trend results to management, along with recommendations for improvement. With regards to budgeting, Mason (2007, pp.121-123) briefed that a controller should determine various budgets on sales and revenue, revenue expenditure, profit and loss, capital expenditure and cash budgeting. The prime purpose of budgetary control is to maintain expenses to be spent within the limits of income. As the budget is set, a controller must control costs and management overheads and allocate the costs accordingly. Figure 1.0 illustrated basic elements of management overheads, listing clearly actual expenses versus the budget assigned . Function As A Treasurer Treasurers are responsible to oversee the organization cash, execute capital-raising strategies to support expansion of the company. Basically, as Brealey et al. (2008, p.6) mentioned, treasurers look after the investment of funds and manage associated risks, supervise cash management and deal with merging and acquisition activities. To ensure tasks to be properly processed, they need to maintain relationships with bankers, stockholder and other investors holding the companys securities. An example of Allied Air Products, given by Besley Brigham (2005, pp.690-691) which issued different classes of securities because the finance team was aware that different investors had different risk and return trade off preferences, so to appeal to the broadest possible market, Allied offered securities to attract as many different types of investors as possible. Besides, different securities are more popular at different points in time, the company can issue whatever is popular at the time the y need money. A wise strategy that takes advantage of market conditions can lower a companys overall cost of capital. Function As A Credit Manager Credit managers have to tailor make credit agreements that concerns the indebtedness limits, evaluate the credit applicants, ensure that the company maintains a fixed amount of working capital to cover the companys operating cash needs. Primarily, they monitor the companys issuance of credit, develop credit rating criteria and determine the ceilings, establish an accounting system for the sake of banking transactions (Van Horne, 2002, pp.449-459). Furthermore, they are responsible to review the collection reports, status of outstanding balances, then arrange to collect debts of past-due accounts or submit the delinquent accounts to solicitors or outsourced agencies for collection. This role ensures the company to have valid funds for the operation and arrange new sources of finance for a companys debt facilities. Function As A Cash Manager Cash managers monitor and control the flow of cash, control check stock, signature plates, separate the responsibility for the cash receipts and bank reconciliation functions, process all accounts payable and receivables, and cash application transactions in accordance with rigidly defined procedures. Petty cash authorization and usage is to be supervised, recording incoming cash payments and verify amount of cash discounts taken. All above measures have to be scrutinized to ensure proper cash in-flow record and usage to meet the business and investment needs of the company and avoiding the risk of committing fraud if the operations are not monitored well. Least to mention, cash flow projections are required so that the management needs to determine if external loans are needed to meet the cash requirements or if surplus cash can be invested in other interest-bearing instruments. Cost accounting and Inventory accounting is another major role of Cash Managers, they need to conduc t job or process costing and verify the inventory valuation, because inventories form a link between production and sale of products. Van Horne (2002, p.463-465) explained that cash managers measure the benefits of inventory versus the cost, like account receivables, inventories hedging should be increased as long as the resulting savings exceed the total cost of holding the added inventory. Other than paper work, cash managers have to coordinate periodic physical inventory counts, audits and allocation methods, and provide periodic compilation and evaluation of the inventory costs. Function As An Internal Auditor And Coordinator With External Auditors The scheduling and management of periodic audits within the company lies upon the shoulder of the Internal Auditor. The preparation of audit reports and communicating the findings and recommendations to the management and board of directors is essential. Without saying, they are responsible to assist the annual external auditing. Auditing for fraud especially for small scale transactional fraud is difficult, so by observing the environment, the managing persons accountabilities and employee lifestyles may help in detecting unnoticeable fraudulent act. American and European based corporations have their own internal auditors who perform ad hoc auditing within the corporation worldwide at least once or twice a year. Function As A Tax Manager The reporting requirements of all governmental authorities have increased significantly and become more complex, so it becomes mandatory that companies comply with the changing federal and local tax laws and regulations. Tax managers handle the tax filing and reports for the organization so they must be familiar with tax laws and report timely to the Inland Revenue and tax authorities. Profound knowledge of and experience in international business and personal tax laws will help in this role although company may hire external tax consultant or tax attorneys. Tax managers should review the annual and strategic plans to develop the tax jurisdiction and liabilities for each period, develop tax shelter policies, research the foreign tax consequences of the business plan, recommend actions concerning all tax adjustments and at times, defend the company in respect to disputed tax matters. Eun Resnick (2001, pp.475-486) recommended some measures to be taken by tax managers, such as accel erating deductions which involve depreciation, making use of local and foreign countries tax credits, avoiding non-allowable expenses, increasing tax deferrals and obtaining tax exempt income to use the excess tax savings in other forms of investment. It is critical that the application of tax laws must be considered in many day-to-day operating decisions, setting up business operations overseas, utilize tax havens, consider personal tax situation when hiring expatriates which will help to avoid paying excess taxes by the company or individuals. Function As A Risk And Insurance Manager And Liquidity Crisis Manager Risk and insurance managers oversee the operations, projects and production programs to minimize risks and losses that may arise from financial transactions and business operations. They need to manage the insurance budget, analyze and measure risks of the investments, direct operations of brokerage firm which were commissioned in buying and selling securities, insurance negotiations, and finally select the insurance brokers and carriers. Establishing procedures for custody and control of assets, records, loan collateral, and securities, review reports of securities transactions and price lists is critical to ensure safekeeping and analyzing the market conditions. Rowe et al. (1994, pp.383-386) suggested risk managers to work on the capital cost overruns, nationalization of facilities as some countries may nationalize certain industries with little or no compensation to the previous owners, ecological costs notably in the asbestos and tobacco industries, sales fluctuations, market growth rate, companys market share, investment required, cost of production, raw material scarcity, deterioration of margins for competing products, and technological advances. They would identify the key variables that have impact on the business decision, after all, a long range plan should include an in-depth assessment of the risks that may occur as a result of the business plan. If impending problems are predicted, company can avoid going into involuntary liquidation. Functions Specifically Required In Financial Institutions Financial managers who serve in financial institutions, such as commercial and investment banks, finance associations and credit unions, oversee a variety of functions, including loans, trusts, mortgages, futures, lines of credit and investments. They must be highly familiar and operate in compliance with the State laws and investment regulatory rules and always keep abreast of the fast growing array of financial services and products. Arnold (2005, p.627) suggested that managers have to evaluate and examine application, approve or reject, lines of credit and commercial, real estate and personal loans, they also need to be aware of, and assess the international risk that arises due to foreign currency exchange rates and inflation rates, economical and political situations which may impact the local and foreign countries bonds requisition. Liability Responsibility Financial manager, regardless of the functions above, should monitor the accruals, take a standard review of customer advances in the closing procedure if the company regularly deals with a large amount of customer deposits. They should plan the current and long-term liabilities, such as accrual for bonuses, commissions, property and income taxes, royalties, unpaid wages and vacation pay, warranty claims, by period, in addition, they can analyze each way to reduce the companys obligation such as using just-in-time inventory methods to reduce accounts payable and arrange for a good payment terms for product or materials purchase and update the projected debt status to the year-end closing (Spiceland et al., 2009, p.358). A cautious procedure and alertness will assist the companys growth with little draw back. Organizational And Strategic Roles Of A Financial Manager As computerized systems are unanimously used in corporations, so finance managers can utilize more time in establishing strategies and implementing the short and long term goals for their corporations. As Part Of Management With Management Skills A Financial Managers function can be very distinct and like any other department manager, a finance manager needs to have general management skills such as A) Planning on what work is to be done and the completion schedule in the accounting department, especially in the timely processing of transactions and guiding the budgeting process; B) Organizing the financial tasks, office management, and software, hardware utilization; C) Directing the department work to ensure it operates in an orderly manner; D) Measuring the performance of all key aspects of the department to ensure that performance meets or even exceeds the standards set; E) Delegating work to accounting subordinates and F) Process controlling and constant reviewing if assignments are completed with accuracy and within the time frame; F) A finance manager must have a good knowledge of both company and industry operations in order to know how they impact the operations and new strategic move of the organization. As A Strategic Business Partner Any business decision, in particular the crucial strategic move, cannot dart ahead if without assessing the financial implications. This extends the domain of a finance manager to be involved in strategic business management. To compete successfully, a company must analyze its cost position relative to that of competitors, finance manager will play a strategic role here to provide competitive-cost analysis, if all competitors costs are researched, the company can project future price levels, anticipate competitors moves, prepare countermoves, and assess the potential of its strategies for success. Van Horne (2002, p.199-200) interpreted competitive-cost analysis begins with an analysis of strategic cost-driving factors which determine a companys relative long-run position. The initial question is to determine which costs are relevant in a strategic sense, should the company ‘do the things right by cutting costs in the short run or ‘doing the right things to position the organization for long term cost advantages by exploiting opportunities for excess returns. Rowe et al. (1994) had a good insight by raising a number of questions while revealing the financial analysis, the manager should ask if the new strategy is appropriate given the companys current financial position in the industry, do we have the financial resources to initiate the strategy, are financial resources being allocated correctly in order to achieve the strategic goal, should acquisitions be considered, should outsourcing be considered. Finance manager can help in companys growth by determining a wise use of the strategic funds (which is total funds available minus the baseline funds) for purchase of new tangible assets such as facilities, equipment, and inventory, to increase working capital, and to fund direct expenses for research and development, marketing, advertising and promotions and even for mergers and acquisitions. As Corporate Policies Writer And Evaluator Being cautious and versatile in the financial principles and discipline, knowing a thoughtful planning would affect the strategies of the company, finance manager should initiate the details of all procedures, the authorization and limitations of peoples act, regardless such act is aggressive or ignorant, into written polices and procedures. Such policies can include the operation of the accounting systems and statements issuance, the inventory purchase and control, capital and asset investments, human resources compensation plans and expenses, capital evaluation and auditing control measures must be enacted into a procedural manual for all divisional managers to follow suit. Besides, authorization and procedures of credit and collection policies, dividend polices with regards to the dividend amount and payout timing must be thoroughly documented and regulated because rightful process allow less human error or falsified ethics, avoid paying excess tax which would overall influence the level of a companys accounts receivable. A good policy and practices impact the quality of the trade accounts, increase the companys branding and competitive edge in the market. Handle Mergers And Acquisitions And Consolidations Financial managers have an essential function in mergers and consolidations, in global expansion and related financing. The primary motive and purpose of merging two companies is to increase the value of the combined enterprise. Say if company A and company B merge to form a company C, and if Cs value exceeds that of A and B separately, then synergy exists and such merger should be beneficial to both As and Bs shareholders. A recent headline is Bank of Americas [BA] 2008 acquisition of Merrill Lynch which made BA the worlds largest wealth manager. Both Brealey (2008, p. 883) and Brigham Ehrhardt (2002, p.970) cited on the same record breaking example of AOL spending a significant amount of USD156 billion in acquiring Time Warner, aimed to create a company which offer consumers a comprehensive package of media and information products. Financial managers possess extensive and special knowledge in the areas of risks reduction, valuing the targeted firm, compliance of merger regulati ons, international foreign exchange, tax considerations, analysis of the companys current surplus funds, merger analysis of benefits of the complementary resources of income, and last of all provide a post-merger report. Without the merger analysis by financial managers, these merger and acquisitions and consolidation in the market would not have been active worldwide, especially in the USA. Maximize Shareholders Value A competent finance manager should act in the interests of the companys owners and shareholders, maximize current wealth and profit of the organization by increasing the companys market value. To do so, monitoring the equity of the organization in terms of debt and credit is important, because investors expect a high return on the capital invested in terms of dividends, minimized liabilities and a maximized stock price. Brealey et al. (2008, p.22) explained that the real assets of the organization need to produce sufficient cash to satisfy bankers debt, so the capital budgeting responsibility of the finance manager plays an important role to calculate how much money the company can invest and into what kind of assets that could be predicted to earn the most and fastest, and diffuse all concerned risks. This measure is to ensure enough flow of money from investors into the company is well utilized and then maximize the return back to them to satisfy the shareholders. Summary With any and all of above accounting and organizational functions that Financial Managers have to perform and fulfill, it is almost imperative that they should take the initiative to advise, make recommendations for improvement to the management on all financial related matters. Acting as a counselor and invigilator of senior management is critical and affect the survival of the company. Prince (2005, p.15) quoted an example on the CEO of Kmart who exercised extensive high spending manners, extravagances and received excessive executive compensation in the cost of the corporation finally led to the bankruptcy of the company in January 2002, now became a subsidiary of Sears Holdings Corporation. Likewise, General Motors Company [GM] which was ranked as the largest US automaker, filed for liquidation in June 2009, finally assisted by US â€Å"Governments Troubled Relief Program and commenced its reorganization since July 2009. On the other hand, the low resource utilization manner o f Murdoch (Prince 2005, p.15) was advised to use the high value assets to offset News Corporations debt, eventually, the company was spared liquidation due to the financial approach. Nowadays Financial Manager Versus Traditional Accounting Manager And The Challenges Accompanied With This Role There is a growing realization that a Financial Manager is no longer called on only to process accounting transactions and issue financial statements when these tasks require detailed technical knowledge but no considerable management or analysis skill. Instead, the modern finance manager or controller must exhibit additional mastery of a multitude of management skills, so that the accounts department runs in an efficient and effective manner, offers a detailed analysis of financial statement results, recommends improvements, and monitors the activities of other departments and perhaps even manages the computer systems in a smaller organization. They should no longer focus on the paper driven reports, so modern finance managers need to radically change the finance report styles and to be efficiently generated by the computerized systems. Financial managers need to cope with the competitive advantage, add values to the corporation, and advance into the use of electronic spreadshe ets for financial analysis, target costing, disaster recovery planning, fraud prevention plan, inventory valuation, activity-based costing and budgeting, outsourcing information systems security and software package integration. Nowadays finance managers should utilize the analyzed information to strategize plans to maximize profits and act as business advisors to top management. Global Expansion And International Financial Management Globalization is a trend where business enterprise can search for lower production and labor costs complemented with high quality merchandise and production efficiency, companies may have a need to broaden the markets, seek for raw materials and new technology. Kim Kim (2006, p.4) defined globalization means integrating the world marketplace and creating a â€Å"borderless world† for goods and services. In the era of heightened global competition, international finance managers have to be a strategic partner by starting off to consider the external environment in terms of economic situation, the current and future stage of the business cycle, entrance of the new competitors, political and social situations. To operate globally, Brigham and Ehrhardt (2002, pp. 1018-1019) further recommended the management to consider the different currency denominations and fluctuations of exchange rate, foreign governments role, political risks, the legal ramifications, and cultural and lan guage difference, and these factors complicate financial management. Therefore the strategic plan constructed by the controller has to be in the areas of comparison to the prior year plan, the growth strategy, the business goals, profit plans for the existing business, resources and funds for new business development, standardizing the operations in one or more of the corporations financial and functional areas, and last of all tender the financial summaries of major factors and return on assets. Change Management And Contingency Planning Change within the department, the organization or constant changes from external are inevitable in the business world. A positive change is to reorganize the company to sustain efficiency, better process control and cost savings. Rowe et al. (1994, pp. 627-664) and Middlebrooks (2006) both illustrated the need for internal reorganization change by referring to American Airlines [AA] in 2006 which adopted a reorganizational change in inviting all senior, middle and junior management members to form a forum group in the hope that each accepts partnership involvement, ownership and accountability in saving the company from financial bankruptcy. The financial manager, being part of the steering group had to be open to reveal the financial situation, persuade others on the emergent need, accepted change, empowered other representatives, listened to ideas and team up with all co-workers. AMR Corporation, the parent company of AA, supported with increased flexibility for financing and inv estment. Ultimately, involvement by all members unanimously assisted the company to evolve from the joint creation of new ideas, such as expanding the air-hub connection cities and routing expansion. Whereas the negative change that finance managers have to face is bankruptcy, when a business becomes insolvent, meaning the company does not have sufficient cash or asset to pay off the debts, finance managers have to declare all the current and future liabilities and dissolve the organization through liquidation. To prevent liquidation happens, a contingency interim financial planning by finance managers should be well arranged to include assessments of debt guarantees and all contingency reserves in the monthly closing procedure. Ever since the international terrorist action in 2001 in New York, multinational companies have constructed Business Contingency or Business Disastrous Plan and Procedures which became particularly useful in the Far East in the fatal SARS epidemic time in 2003. Not only does the plan aim to save peoples lives, it includes financial managers input on how to save the company by reactivating and resourcing the inventories and asset of the company, restarting the production, how the financial reserve would be activated and to what extent and timing should the company be concluded collapsed. Corporate Social Responsibility, Especially In Environmental Protection Nowadays environmental damage, union drastic actions, poor branding or publicity would eventually cast a massive negative impact onto the organizations returns of capital and shares value. In the growth of a corporation, company must not pollute the air and water during production but such social responsibility has costs. For such, a finance manager should savvy on the political, environmental and social climate in whichever and the whereabouts the corporation operates. As recent as 2002, Starbucks responded to consumer demands, guaranteed to do business only with plantations that provide a reasonable wage to the plantation coffee worker, and had benchmarked a good environmental stewardship. This act affected Starbucks bottom line but the risk was worth investing and good will was gained enormously (Besley Brigham, 2005, p.16). Fraud Prevention A financial manager should ensure companys resources are not misused or any individual committing faulty financial reports. One would not forget the â€Å"Enron Scandal† in late 2001 which was the worlds largest bankruptcy until it was surpassed by the collapse of Lehman Brothers in 2008. Enron case was due to willful corporate fraud and corruption with irregular accounting procedures, falsifying that the company looked more profitable than it was actually by hiding the losses and blindfolded the investors. The collapse of Enron even caused the dissolution of Arthur Andersen, Enrons accounting firm, thereafter, the Sarbanes-Oxley Act was formed in 2002 to defeat corporate fraud. Gyopos (2009) called for management to be cautious on increasing employees fraud in the workplace in times of economic downturn so if management and finance managers conduct more regular and ad hoc reviews in the systems, process and operation, companies can reduce more loss. Possess Soft Skills And Self Improvement Attitude In order to cope with all kinds of changes, one has to remain positive, especially financial people who need to cater with abundance of work loads and work pressure. The success of a company does not depend on the work of the finance team alone, hence finance managers need to keep abreast of and learn updated skills and knowledge to an optimum level so as to remain competitive. This includes knowledge and process of business models, such as ISO and Six Sigma for quality improvement purposes, Balance Scorecard for total operation for the sake of generating higher revenue through departmental collaboration. With regards to people management, finance managers have to learn and practice Performance Management system [PMS] for measuring peoples performance, Talent Engagement, Retention and Succession Plan for retaining competent staff. And Work-Life-Balance for employees welfare. Above all, networking, teamwork, presentation skills, interpersonal skills are relevant to communicate with and understanding of people inside and outside of the organization. If finance managers keep learning from training programs, emerge from a stand-alone knowledge worker to a team worker, they can lead and motivate oneself and build a stronger knowledgeable and cohesive work force. Even after documenting the accounts departments work flow, positioning employees in the correct jobs, and setting them up for the appropriate training programs, the controller may apply the Best Practices idea by comparing ones work to the accounting staff of many other organizations which would allow the accounting staff to generate more work with an equal or less amount of effort. When a constant stream of innovation comes out of different companies, there is no end of the number of best practices one can implement, for such, controller should keep an eye on journals and periodicals. Conclusions A new controller does not survive, he or she has to thrive for innovation in good or bad times. Applegate (2009) commented that business entrepreneurial leaders, including finance people should look for new resources relentlessly, breakthrough the innovations and pursue opportunities. The roles of financial managers have emerged and evolved from being an accountant years ago, with their wise financial wizard, they can turn around the losing phenomenon of the corporation in the sloppy economy. They have now become strategic planner and business partner, and their roles have therefore become solidly indispensable towards the growth and profitability of the corporations. This explains why corporations have not stopped hiring and are still yearning for experienced financial professionals even in the era of economic downturn. Bibliography 1. Allicolvens recruitment advertisement for Financial Controller. JobsDB, Ref. JDB226698294 (13 November 2009). Retrieved from https://www.jobsdb.com.hk/en/job..asp 2. Applegate, Lynda M. Harreld, J. Bruce (2009). Dont Just Survive Thrive: Leading Innovation in Good Times and Bad. Harvard Business School Working Knowledge, 24 June 2009. Retrieved from https://hbswk.hbs.edu/item/6186.html 3. Arnold, Glen (2005). The Handbook of Corporate Finance. London: FT Prentice Hall Financial Times. 4. Besley, Scott Brigham, Eugene F. (2005). Essentials of Managerial Finance (13th ed.). U.S.A.: Thomson South-Western. 5. Brealey, Richard A., Myers, Stewart C. Allen, Franklin (2008). Principles of Corporate Finance (9th ed.). New York: McGraw-Hill International Edition. 6. Brigham, Eugene F. Ehrhardt, Michael C. (2002). Financial Management: Theory and Practice (10th ed.). London: Thomson Learning. 7. Eun, Cheol S. Resnick, Bruce G. (2001). International Financial Managem ent (2nd ed.). New York: Irwin McGraw-Hill International Edition. 8. Financial manager: Job description and activities. Retrieved on 16 December 2009 from https://www.prospects.ac.uk/p/types_of_job/financial_manager_job_description.jsp 9. Gitman, L.J. (1992). Foundations of Managerial Finance (3rd ed.). New York: Harper Collins. 10. Gyopos, Susie. Hard times call for more Vigilance. SCMP, 30 May 09. Retrieved from https://www.classifiedpost.com.hk/jsarticleprint.html 11. Job Description for Financial Manager. Retrieved on 16 December 2009 from https://www.careerplanner.com/Job-Descriptions/Financial-Managers,-Branch-or-Department.cfm 12. JobsDB, ref. JDB226189894 (9 Nov 2009). Advertisement for Financial Controller. Retrieved from https://www.jobsdb.com.hk/en/job.asp 13. Kim, Suk H. Kim, Seung H. (2006). Global Corporate Finance (6th ed.). Oxford, U.K.: Blackwell Publishing. 14. Mason, Roger (2007). Finance for Non-Financial Managers. London: Hodder Education. 15. Michael Page Internationals recruitment advertisement for a Chief Financial Officer. Classified Post: South China Morning Post (14 November 2009). 16. Middlebrooks, J. Rica (5 Oct. 2006). How the Role of the Manager Has Evolved Over the Centuries. Retrieved from https://www.associatedcontent.com/article/67694.html 17. Olly, John (30 Nov. 2006). Role of a Financial Manager. Retrieved from https://www.associatedcontent.com/article/91400/role_of_a_financial_manager.html 18. Prince, E. Ted (2005). The Three Financial Styles of Very Successful Leaders. New York: McGraw-Hill. 19. Rowe, Alan J., Mason, Richard O., Dickel, Karl E., Mann, Richard B. Mockler, Robert J. (1994). Strategic Management: A Methodological Approach (4th ed.). New York: Addison-Wesley Publishing. 20. Spiceland, David J., Thomas, Wayne Herrmann, Don (2009). Financial Accounting. New York: McGraw-Hill International Edition. 21. Van Horne, James C. (2002). Financial Management Policy (12th ed.) . New Jersey: Prentice Hall. 22. Walsh Ciaran (2008). Key Management Ratios (4th ed.). London: FT Prentice Hall Financial Times.

Mixed Economy Free Essays

This paper is to be submitted to Mr. Booker as an assignment. It essentially focuses on two questions: a) How does the free market deal with the fundamental question of micro-economics? b) What problems are posed by merit, demerit and public goods? Fundamental question of micro-economics So, first, what is economics? According to Paul A. We will write a custom essay sample on Mixed Economy or any similar topic only for you Order Now Samuelson, economics is â€Å"the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. † Very briefly, we may summarise that economics is the study of how people choose to use resources. The economic problem is said to arise when we have scare resources to satisfy our unlimited wants. As a result of this problem, which is sometimes called the problem of scarcity, choices have to be made over the following points: 1. What to produce? A classic question here that we often heard of is â€Å"Butter or cannon? † Should an economy produce more consumer goods, e. g. TVs, which can immediately raise people’s living standards, or put more resources into produce more machinery that would enhance the economy’s production capability in the long run? How to strike a balance over the quantities of diffident goods are going to be produced is well worth considering for the decision-makers. 2. How to produce? Generally, what we expect the market going to do is to obtain maximum use out of resources available. This is obvious, but some other issues besides purely economic concerns also should be considered. For example, even though we could produce more goods by forcing labours to accept longer working-hours; this is not something we should do, since there exists moral objections. So, the decision to maximise output and satisfy more wants would need to consider the full impact on the environment and any potential long-term health risks. 3. For whom to produce Though, on the surface, almost all the countries agree that the wealth allocating system in an economy should be â€Å"fair† for both the poor and the better off; in fact, there are some attempts to create a more egalitarian society through policies that re-distribute wealth and income society from the rich to the poor in some capitalism countries, but they are merely self-deceiving, from my point of view. The reason is quite straightforward: the powerful capitalists are the very people who actually operate the political machine in capitalism countries; never would they enact laws which may deprive them of their wealth, would they? (Pardon me for holding such an â€Å"extreme† opinion, Mr. Booker, but I have to be honest! ) Factors of production Now, in the next two pages, let’s sort out four types of resources involved in a production process, known as factors of production: i) Land. In economics, land refers to all natural resources, which can either be renewable and non-renewable. Renewable resources are replaced automatically by nature and so can be used on a continual basis, e. g. rivers; non-renewable resources, in contrast, are not automatically replaced, e. g. fossil fuels. Land is probably the most occupationally mobile of economic resources. However, land is absolutely geographically mobile- we can never move land from Suzhou to Suzhou! ii) Labour Labours are th e people who actually working in a production process. Labours are often not occupationally and geographically mobile due to a series of reasons, e. g. lack of skills or reluctance to accept a higher house price in another place. iii) Enterprise or entrepreneurship An entrepreneur is someone who put the other three resources together into production. Two functions that this factor carries out: a) To organise the other economic resources. b) To take risks involved in the production. Some risks, including fire, theft and flood, can be insured against but others, like costs of production rising, tastes changing, cannot. The entrepreneur is considered as the most mobile of economic resources. They are usually versatile. For example, an entrepreneur who is organising the production of a shoes manufacturing factory is very like to have the ability to run a clothes-making firm; they are also often willing to move from one area to another, since they are always seeking the place where they can make the most profit! iv) Capital goods Capital goods which may be also called producer goods are any man-made aids to production, e. g. ffices, warehouses or a printer. Most machines, equipment and processed raw materials are geographically mobile, even there may involve extra transportation cost, but goods such as factories, offices are not. Many specialised machines e. g. sausage machines are occupationally immobile; while others which are of general use, like a printer, can be occupationally mobile. Economic systems There mainly exist three kinds of economies, the command economy, the free market economy and th e mixed economy. 1. The free market economy In a free market economy decisions on how resources are to be allocated are taken by households and firms. The key point is that they interact as buyers and sellers in the market for goods and services. Prices act to indicate the likely market value of particular resources. Figure 1: A Circular Flow Diagram of a Free Market Economy Many economists believe that in a free market economy, the price system is an â€Å"invisible hand†, which brings together private and social interests in a harmonious way and the government is of no need to intervene the conomic activities; this is the fundamental philosophy underpinning the workings of the market economy. However, in my opinion, even though the markets can play a very important role to a great extent, the government need to intervene in order to obtain a sustainable, continuous economic growth. A best example could be U. S. , which was proud of having the most characters of the free market economy, is now in a great hurry to natio nalise AIG and many other banks in the economic crisis. How to cite Mixed Economy, Papers

Catcher In The Rye Essay Hero Journey Example For Students

Catcher In The Rye Essay Hero Journey Show two ways in which the incident with Maurice and the prostitute demonstratethe theme of mans inhumanity to man (an aspect of the world of experience). One incident (which involves the prostitute) is when Holden didnt want tohave sex with her but instead wanted to chat, she responded by saying, Whatthe heck ya wanna talk about? This just shows that talking isnt what sheis used to doing, even if she is getting paid for it. She is probably used tothe lascivious male who is only looking to satisfy his needs. Another incidentis when Maurice and Sunny enter Holdens room asking for more money. You cantell that they arent used to manners and doing things in a civilized way. Shecomes in and sits on the window sill, Maurice sits down in the big chair. They acted like they owned the damn place. CHAPTER 15 1. What is thesignificance of presenting the episode of nuns at this point in the novel? Ithink the purpose was to show a more positive, religious and faithful HoldenCaulfield. The fact that he gives them money and wishes that he couldve giventhem more just shows that he is a nice person, who does have morals (even thoughhe did ask for a prostitute). Its sort of like a break of light in the novel,he still acts fake to them, but he realizes that he shouldnt have andhe ends up regretting this. CHAPTER 16 1. Why does Holden like the Museum ofNatural History? Give at least three reasons. Holden likes the Museum of NaturalHistory because: 1) It brings back memories of when Phoebe and him were in thesame school and they used to go together. He adores his sister Phoebe. 2) Alot of his childhood was spent in this museum, he loves the memories of watchingthe movie in the big auditorium and the way it used to smell, small stuff thatis real ly significant to him. 3) He also loved the fact that nothing moved andthat it always stayed the same. I think that this is important to him because hewished the same could be done for him. He wishes that he can be a kid foreverand that he could always stay the same. I dont think that he is ready to facethe world. CHAPTER 17 1. Why does Holden get angry with Sally Hayes? Holden getsangry with Sally Hayes because she does not want to go away to Massachusetts andVermont with him. She thinks that they are just children. Holden hates thatSally wont just take risks and live life on the edge. Sally is realistic andthinks about what will happen in the future and the hardships that they willhave to go through. CHAPTER 18 19 1. Luce is a typical member of thesociety failing Holden. In what ways does Luce fail Holden? Luce is focused,intelligent and sophisticated. He doesnt like joking around, he knows that hehas to grow up and he has done just that. I think that Holden hates this becausehe wants to stay a kid and to see people like Luce doing things for themselves,being serious and doing things with themselves makes him upset. Holden knowsthat he should look up to Luce and do something with his life but somehow hestill wants to be a kid inside, he is probably afraid of facing the future andwhat he knows is the real world. CHAPTER 20 1. Explain the significance ofHoldens drunken state. What does the reader learn about Holden? I think thatthe significance of Holdens drunken state is to show that he really isimmature and he really does long to remain a kid. Getting drunk is somewhat of achildish activity. Real mature people can usually handle the alcohol andthey know when to not past their limit. I think Holden enjoys this drunken statebecause it is somewhat of an excuse for him. He can act like he has a bullet inhis guts because he is drunk and when you are drunk you are sort of inanother world. The reader learns that Holden is really immature, he doesntwant to grow up and he is trying as hard as he can to stop this process. This iswhy he makes fun of people who are sophisticated and have done things withthemselves (he knows that he cant get there himself). CHAPTER 21 1. Explainthe significance of Phoebes choice of middle name- Weatherfield Thesignificance of this is that she changes just like the weather. One day shewants one thing and the next day she wants something else. Every time I seeher shes got a new middle name for herself. CHAPTER 22 1. What happened toJames Castle? How does Holden feel about this? James Castle was a boy who jumpedout of the window and killed himself at Elkton Hills. Some guys wouldnt leavehim alone because he wouldnt take back something that he said about thisreally conceited boy at the same school. I think that even though Holdendidnt know him too well he still feels for him. It probably reminds him ofhis deceased brother Allie. 2. What does Holden want to be? Holden wants to bethe catcher in the rye. Holden wants to catch all the children if they go overthe cliff. If they are running and they dont look where theyre going Ihave to come out from somewhere and catch them. CHAPTER 23 24 1. Whatadvice does Mr. Antolini give Holden? Explain in your own words. Mr. Antolinitells Holden that you have to try in order to succeed. I think what Mr. Antoliniwrote on the paper sums up the message he is trying to get across to Holden,The mark of the immature man is that he wants to die nobly for a cause, whilethe mark of the mature man is that he wants to live humbly for one. This tome basically means that if you are immature, child-like and give up oneverything you will end up dying and not end up going anywhere in life. On theother hand if you get your mind on the right track and you actually try then youwill have the power to live and seek life to its fullest. I think that becauseHolden is not there morally and spiritually he does not see the way of themature man. 2. Why does Holden leave Mr. Antolinis hou se? Did heoverreact or was he justified in his suspicions? I think that Holden wasjustified in his suspicions. I know that if I were in the same position andsomebody starting patting my head in the dark while I was trying to sleep, Iwouldnt even bother with a phony explanation. I would simply get up andleave. Its obviously unusual behaviour and it shouldnt happen. Imagine ifHolden didnt wake up and something else happened. The way I see it is, itsbetter to be safe than sorry. CHAPTERS 25 26 1. Explain the significanceof the graffiti in the museum and Holdens reaction to it. I think that themuseum signifies a place of innocence and peace for Holden. Its a child-likeplace where kids learn about and discover the world around them. I think seeingthe words *censored* you had a great impact on Holden because these wordsare a sign of corruption, in some way they make the child grow up faster thanthey have to and Holden doesnt like that. Hed rather kids stay kids for aslong as they have to . That is what Holden is trying to do but it obviouslydoesnt work that way. 2. How does Phoebe save Holden? List at least threeways she saves him. Phoebe saves Holden by: 1) I think by seeing the way thatPhoebe wanted to come with Holden, he realized that what he is doing isridiculous. If Phoebe looks ridiculous in this situation then its obviousthat Holden does too. 2) I think that by Phoebe refusing to stop crying and walkwith him made him realize that he too is being stubborn and that things cantalways work out the way people want them too. 3) I think with Phoebe goingthrough the whole process of being mad at Holden and then talking to him onceagain, made Holden realize that he might have been mad at the world, but seeingPhoebe in this state of innocence made him realize that all things come to anend and that he cant stay mad at the world forever. I think that the worldcan be seen as an innocent child. If you corrupt it then you end up living anightmare. You must live with all th e problems and consequences of thiscorruption.