ESL Holiday essay Essay Example

ESL Holiday essay Essay ESL Holiday essay BY KLtn Essay: Relationships and experiences shape an individuals sense of belonging. To what extent do the texts that you have studied support this idea? Relationship and experiences are two of the most common things in peoples life; they can shape peoples sense of belonging. A sense of belonging is the bond between people or something. Relationship like the brotherhood between brothers can form a strong sense of belonging between them. Experience such as life experience or Just a talk with someone can also shape peoples sense of belonging to something. Both of them ake place to such a great extent that happens to anyone, which can be seen from the film Billy Elliot by Stephen Daldry, the play Educating Rita by Willy Russell and the fiction Enders Game by Orson Scott Card. A sense of belonging between brothers is usually shaped by the brotherhood. In the orientation of Enders Game, Ender and his old brother Peter are playing a wrestling game where Peter obviously dominates Ender. After he beats Ender down on the floor he puts his toe against Enders groin and puts more and more weight on Ender, Ender can hardly breathe. Then Peter ays l could kill you like this. The emotive verb kill tells us that Peter tends to rule over his younger brother. Peters lack of mercy on Ender shows a bad relationship between the brothers. Similarly, in Billy Elliot, during the orientation of the story, when Tony finds out Billy has played his record, he asks aggressively: you have been playing my record? You little twat. We will write a custom essay sample on ESL Holiday essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on ESL Holiday essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on ESL Holiday essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The use of abusive language twat towards his younger brother shows their brotherhood lacking harmony. This is further emphasized as Tony takes Billys book, whacks on Billys head and calls Billy nob- ead However, as the proverb Blood is thicker than water goes, the true brotherhood love between brothers is unbreakable. It may be not that peaceful, but the sense of belonging between them shaped by their brotherhood will last forever. The night after Peter beats Ender, he sneaks to Enders bedroom and kissed him on his forehead and whispered Ender, Im sorry I love you, the comparison between the emotive words kill in the previous and the emotive word love conveys that no matter how unhappy brothers have been, the sense of belonging between them can lways call love back. The same idea is shown in the Billy Elliot when Jackie and Tony go to London to see Billys performance. Through a series of long shots showing Jackie and Tonys movement, Stephen gives us a comparison between the two characters. Jackie moves slowly, whereas Tony is in a hurry all the time. He runs in every single shot, and urges Jackie to hurry up with imperative tone, such as Dad! , Come on! and We are gonna be late. While they are on the escalator, through a high angle shot, both of them are depicted vulnerable in comparison to the big city. Jackie is fully shocked by the magnificence, as we can see he stands still and looks up at the ceiling; however, Tony is not impressed by anything. Although he also hasnt seen the great city before, his sense of belonging to Billy urges him to see Billys performance as early as possible. Relationship, the brotherhood, between the two brothers forms strong sense of belonging between them respectively. The sense of belonging to brothers shaped by their brotherhood is unbreakable as displayed in both texts. Moreover, peoples experience can also shape their sense of belonging. In er life experience. During one of the setbacks, Ms. Wilkinson and Billy are waiting on the bridge. When Ms. Wilkinson tells Billy the story Swan Lake, she is implying a metaphor for her own life. She was once a ballet dancer like the girl who was the princess; she was entrapped in the town like the princess who was turned into a swan; she used to have a strong sense of belonging to ballet but now it is dead, Just like the wrong ending she tells Billy shes dead ts Just a ghost story. Her sense of belonging is dead because of her life experience. Through a long shot at bottom ngle, the composer shows the magnificent steel bridge, which is like a huge cage exerting a massive depression to both characters. Audience can also experience the pressure, from Billys point of view. The bridge is the symbol of the town which entraps both of them. The next shot shows Billy is looking up the bridge like a bird who wants to break the cage, whereas Ms. Wilkinson Just smokes and doesnt even bother looking at anything. This indicates that Billy wants to break the cage and see the outside world, whereas Ms. Wilkinson has lost all motivation to chase her dream nd accepts what she has now. Her sense of belonging to ballet is re-shaped by her life experience in Everington where ballet dance is not valued. While in the play Educating Rita, Ritas sense of belonging to education is shaped through a talk with her mum. During the setbacks of the story in Scene7 Actl, Rita goes to pub with her mother and husband. Her mother explains why she cried: because we could sing better songs than those. The songs are metaphor for life. The use of subjunctive mood clearly shows that Ritas mother is regretting she didnt get educated when she was young. Rita also sees her mother as a mirror for her life, as she says:thats why I came back and thats way Im staying. The use of repetition further stresses that she doesnt want to be the image in the mirror of her mother. She wants to be educated; she wants to sing better songs. Her sense of belonging to education is not only shaped but also strengthened by it. Both characters sense of belonging have been shaped through their personal experience as demonstrated above In conclusion, relationship between people and their experience have such a great impact on peoples sense of belonging that they can shape peoples sense of belonging.

Mitosis Quiz on Mitotic Cell Division

Mitosis Quiz on Mitotic Cell Division Mitosis Quiz This mitosis quiz is designed to test your knowledge of mitotic cell division. Cell division is a process that enables organisms to grow and reproduce. Dividing cells go through an ordered series of events called the cell cycle. Mitosis is a phase of the cell cycle in which the genetic material from a parent cell is divided equally between two daughter cells. Before a dividing cell enters mitosis it goes through a growth period called interphase. In this phase, the cell duplicates its genetic material and increases its organelles and cytoplasm. Next, the cell enters the mitotic phase. Through a sequence of steps, chromosomes are equally distributed to two daughter cells. Mitosis Stages Mitosis consists of several stages: prophase, metaphase, anaphase, and telophase. Finally, the dividing cell goes through cytokinesis (dividing of the cytoplasm) and two daughter cells are formed. Somatic cells, cells of the body other than sex cells, are reproduced by mitosis. These cells are diploid and contain two sets of chromosomes. Sex cells reproduce by a similar process called meiosis. These cells are haploid and contain one set of chromosomes. Do you know the phase of the cell cycle in which a cell spends 90 percent of its time? Test your knowledge of mitosis. To take the Mitosis Quiz, simply click on the Start The Quiz link below and select the correct answer for each question. JavaScript must be enabled to view this quiz. START THE MITOSIS QUIZ JavaScript must be enabled to view this quiz. To learn more about mitosis before taking the quiz, visit the Mitosis page. Mitosis Study Guide OverviewStages of MitosisMitosis AnimationMitosis Image GalleryGlossary of TermsQuiz

Financial Analysis of Abiomed Incorporation Research Paper

Financial Analysis of Abiomed Incorporation - Research Paper Example The potential for growth mainly lies with such companies as once these companies start coming back to profitable tracks they provide good returns especially to those investors who put their investment at stake in the bad times of those companies. However, the risk of losing money also exists such that there are chances that these companies may perform even more sluggish operations which in turn lead them towards the way to bankruptcy. Company Overview Among those companies which are going through their struggling phase of life, Abiomed Inc. is one of those companies. The company mainly develops surgical products especially for heart failing patients and provides those equipments to hospitals. This report provides a financial analysis of Abiomed Inc. for the past three years, as well as with its industry giant Medtronic Inc. This financial analysis is conducted with the help of ratio analysis in respect four broader categories which are 1) Profitability, 2) Efficiency, 3) Liquidity, a nd 4) Solvency. Competitive Environment and Market Conditions The competitive environment for medical and surgical equipments is quite intense especially for the equipments, which facilitate heart failing patients. The financial position of Abiomed Inc. is not as stable and strong as its competitors possess. The competitors can provide better equipments as they have latest technology and better infrastructure as compared to Abiomed Inc. These competitors have a tendency to give tough time to Abiomed Inc. in such a manner that they can provide those surgical equipments either at the same or even relatively lower prices to the customers. As a result, Abiomed Inc. needs to put more focus on building their financial position stronger in order to compete on better footings. Profitability Ratios Return on Stockholder’s Equity Return on shareholder’s equity describes as how much percentage of equity is being generated as net income. Due to experiencing negative earnings i.e. losses ABMD’s return on equity remained in negative zone for all of the three years. However, the most promising sign for the company is that the company is moving in a right direction such that its percentage has been improved from -27% to around -11% which is a positive sign. By taking a look at the performance for Medtronic, its percentage has also been increased from 15% to 19% which is a better sign. Overall it can be inferred that both the companies improved their return on shareholders’ equity mainly due to increasingly improved industry conditions. This ratio is quite meaningful and important to investors especially as they are more concerned in assessing as to how much their equity has earned in the form of income for the company. Return on Shareholder's Equity Year ABMD Medtronic 2011 -11.22% 19.39% Â   Â   2010 -17.62% 21.18% Â   Â   2009 -27.24% 15.70% Return on Assets Return on assets is also a good profitability indicator such that it describes the ef ficiency of assets to generate income for the company. Companies are more interested in knowing as to whether the assets they have deployed in the operations of the business are worthy and capable of generating income or not. If the performance of the assets of ABMD is taken into

How to Cope with the Problematic Situation Essay

How to Cope with the Problematic Situation - Essay Example The common feature of any social group or any size is that its members differ in the degree of their influence, and â€Å"†¦ the person who exerts the most influence on the rest of the group thus affecting group beliefs and behavior is usually addressed as the leader† (Hollander 1985, p. 14). However, while this definition of leadership highlights the essence of leadership, it is only one of the numerous of definitions that have been proposed in the literature: the second edition of The Handbook of Leadership by Bass lists more than 130 definitions of this phenomenon and 13 major approaches (Bass, 1990, p. 12). Availability of such versatile data significantly facilitates analysis of problems related to leadership because in many cases the existing approaches and definitions are not mutually exclusive but rather complementary. The present report is an attempt to analyze a situation that provides valuable insights into the essential aspects of leadership and is directly li nked to the effectiveness of managerial work. The story of Ted Willis who has been hired as the new supervisor suggests he is likely to face the classic type of leadership problem: the new leader vs. the old leader. One should not get misled by the fact that Ted is the new supervisor and the old supervisor has been fired. The so-called ‘workers of influence’ theory of leadership is particularly important to understand the distinction between managers and leaders. The key idea of this theory is that leadership may be exhibited by anyone in the organization in any type of position (Yukl 1989). According to this theory, leaders may operate at different levels within the organization and within the same hierarchical level as their followers. Such perception of leadership conflicts the traditional theories which treat it as a set of attributes and behaviors exhibited by persons with legitimate.

Government 2301 Executive Project Essay Example | Topics and Well Written Essays - 1250 words

Government 2301 Executive Project - Essay Example This helpful act was brought into law by George W. Bush on December 3, 2004. This act has helped out and benefitted 6.8 children and youths suffering from disabilities (OELP). In order to gain a better understanding of the Office of Special Education Programs, it is important to take a closer look at the act, IDEA. IDEA has had a profound effect on individuals with disabilities. It was actually preceded by a different act, the Education for All Handicapped Children Act (Public Law 94-142) put into law on Nov. 29, 1975 (IDEA’s Impact). This law was made in order to protect the rights of the needs of individuals with disabilities, as well as assisting their families. Before IDEA, many people with disabilities were not able to obtain the types of necessary opportunities to educate themselves successfully (IDEA’s Impact). A report in 1970 showed that several United States schools would not permit certain students with disabilities to enter the school (IDEA’s Impact). This, of course, greatly harmed the education of these individuals while at the same time making education seem like something these people did not deserve. However, in a fai r country with public education, shouldn’t everybody have access to it? This is why IDEA was formed. The act initiated programs that could discover disabilities relatively early on in order to assist students. This education would then be molded to fit these individuals’ basic needs, whether they were deaf, blind, mentally retarded, or suffered from some other type of disability. This has created an opportunity for children with disabilities to take advantage of their public schools (IDEA’s Impact). Thus, the schools have responded to this with different ideas. Some students have separate classes with different teachers, while others are learning with their non-disabled

The Impact of Exports on Firms

The Impact of Exports on Firms INTRODUCTION The analysis in this report deals with the question of whether firms that start exporting become more productive, that is better of when they involve in intrenational trade or are already very productive before they embark on international trade. Firstly, and most importantly, we note the empirical findings which indicates that exporters are better of than non exporters. Some studies confirm facts from numerous countries, which imply that on average, exporting firms are more productive and more capital intensive, because they pay higher wages and have larger scale of production. There are two mechanisms which can confirm that there are positive correlation between firms productivity and its exports status. The first hypothesis is the self-selction hypothesis, which talks about firms that were previously productive before engaging in export activities to compete in international competitive markets. Then the second hypothesis, is the learning by exporting hypothesis which refers to firms that learn different things and expertise that enables them increase productivity and level of efficiency by entering into the export market. The cause for the increase in productivity in the learning by export hypothesis, is the access to new and improved and ofcourse more advance technologies, product designs , technical and amangerial expertise plus economies of scale, these all contribute to the general improvement. Recent studies by Aw Chung and Roberts(2000) for Korea and Van Biesebroeck(2006) for Cote- d’ Ivore have recorded that firms experience significant productivity rise after entering the export market. According to Melitz(2003), Benard et al(2003) and Clerides et al(1993), provid etheoritical evidence that firms have to be more productive to over sunk costs and enter international markets which supporets the self selection hypothesis rather than the learning by entry hypothesis. Also Damijan et al (2005) in his study in Slovenian firms indicates that in average higher productivity is vital for firms that start exporting to improve markets and not for firms that target developing countries. Some other studies have also found evidence in support of both self selection and learning by exporting effects. DISCUSSION AND RESULTS The data set used analyses and provides some evidence on the difference between exporting and non-exporting firms. The result of the estimation is for self-selecting and learning by export hypothesis at the firm level looking at the hotel industry. Productivity is often estimated as the deviation between observed output and the output prredicted by a Cobb-Doughlas production function estimated by an Ordinary Least squares. The regular approach used to measure TFP suggests estimating production function using an equation to obtain the elasticities of turnover with reverence to inputs such as capital, labour and intermediaries. We also Augument the production function with another variable export , and we do this because we want to consider the extent to which exports increase productivity. The production function estimation is written below as; Ln(Y)it = ÃŽ ²0 ln (C )it + ÃŽ ²1 ln (L)it + ÃŽ ²2ln(K)it + ÃŽ ²3ln(M)it + ÃŽ µit. Y represents the firms autput for example, a firm’s turnover, L is the firms input in time t, K is the capital stock, M are the materials while C is the Hicksian neutral level of efficiency, ÃŽ µit is the producer specific deviation from the mean value, ÃŽ ²0 is a mean efficiency level across firms in time t. (Van Beveren, 2000). To calculate the TFP , following the standard appraoch, two steps are used. First is to estimate the elsaticity of the output using the inputs (labour,capital and intermediates), the second step then involves obtaining TFP as a sum of the residual from the equation. The problems associated with the production functions are; endogeinity of input choices, selection bias, imperfect competition in inputs and output markets, omitted variables,estimation product level. This simultaneity is present because productivity is said to be known to the profit-maximizing firms( but not the econometrician). When they choose their input levels. (Marshak and Andrews 1994). Firms would increase the use of their imputs in relation to positive productivity shocks. The simultaneity biases can be downward on capital and upward on labour and material. When this is the case, we are faced with the empirical question of whether it is likely to vary by sector or dependent on the balanced inputs. The OLS estimation of the production function would in turn produce biased estimates due to lack of knowledge for the unobserved productivity shocks. A fixed-effects estimator would possibly solve the problem of simultaneity if we assume the unobserved, firm specific productivity i s time invariant.(Yasar,M. et al 2008). Some of the problems associated with the production function should be seen in the OLS regression table in figure 1, then we will check if theses problems were corrected or fixed by the fixed effect regression in figure2 because the fixed effects is one of the traditional means of solving the problem of simultaneity bias. When OLS estimates of production functions are biased, they lead to biased estimates of productivity and the important quantity for the estimation question. Olley and pakes also introduces a semi parametric method that comtrols for these biases seen in a Cobb-Doughlas production function, allowing us to estimate the production function parameters consistently and thus obtain dependable productivity estimates. The coefficients in figure 1 are correlated with the error term and there is heteroscadisticty in our data, but notwithstanding the robust clustering, our most important variables remain largely significant. Given that this is a cobb doughlas production function, our variables can be interpreted as elasticities. Summing up the coefficients capital, employment and intermediates will give us an indication of returns to scale (0.27+0.03+0.70 = 1) this shows virtually constant returns. After running the fixed effect regression in figure 2 we see that the problem of collinearity still persits even though the regressors are jointly significant, becausee the overall F statistic of 146.97 has a p-value of 0.000 In table 4 we compare the parameters estimated from OLS and the Fixed Effect regression. Whether the OLS coeficient on capital will be upward biased or downward biased depends on the degree of correlation among the inputs of productivity shocks. The fixed effects estimates differ quite considerably from the OLS estimates. The extent of each firms productivity shock differs over time and is not a constant fixed effect. The coefficients for each estimator, summed up to 1 as seen earlier which implies that there is increasing return for this industry. In production function estimation the key thing is the correlation between un observed productivity shocks and input levels. Profit maximizing firms react to positive productivity shocks by expanding output, which involves the use of additional outputs. Negative shocks lead firms to trim The most essential problem to be considered when a firm intends to engage in international trade is the entry mode in which the firm chooses to attend to the foreign markets(root 1987). Firms who fail to do this correctly will eventually become less efficient and depending on the market forces, on the long run could potentially be taken off the competition completely. in the case of the hotel trade, the higher the level of control on the external operation permits to alleviate the tendency towards the opportunism on the part of the hotels in two fold sense, first is property rights offer a greater potential to establish a richer rewarding system and secondly, the organisational culture shared by a chain of hotels and its hotels in property provides with a set of norms and values more alligned with the interest of the chain( Brown ,Dev 200). The variables that affect export performance in the hotel industry includes; managerial variables e.g staff, organisational variables e.g foreign activities, Environmental variables e.g market goal, Marketing mix variables e,g price, place , promotion. In common with other service organisations, hotels have traditionally had a great labour intensity, which invariably accounts for the greatest proportion of total hotel costs. Despite the pressure of productivity improvements in hotels, productivity managements has not progressed quickly. Hotels engage in alot of export activities as they have to satisfy there customers in other to improve productivity. The hotel inputs are the resources they basically need to run the hotels which are labour, capital, raw materials, energy and essentially customers. While using a single input as output production is seen as unsatisfactory, it is the continous combination of inputs factors that should be used to measure and accumulate total productivity of the industry. The variables which include managerial, organisational and environmental, indirectly influences the export performance of the hotel industry. The marketing-mix variables are directly in relation to their export performance. According to studies, it may be stated easly that the foreign market entry mode is not a determining factor of export performance. It may then be said that there is a dirct or indirect relationship between the entry mode and the export performance of a firm. The size and investment in training are said to be firm specific in detremining the advantages of export activities of the hotel industry. Some hotels lay emphasis on their advantages in marketing and concentrate on referal system and franchising, while others see themselves as providing a package of professional managerial and arganisational service which cover most stages in hotel operations (e.g Hilton international, which explicitly rejects the involvement solely through franchise agreements). For the sole reason of value of the value of a hotel to a customer which cannoit be seperated from its location, the choice of country from which the needs of hotel guests should be served, is not one which normally has to be made. As in the case of some essentialproducts, the loocationof hotels is counttry specific because they have to be situated where the tourists are positioned. There are also cases where hotels are located near the border of one country which touristd may pay day visits time to stay, or hotels sited in arears which are enroute to the final destinations of the travellers. What detremines the forem of involvement by foreign firms in the hotel industry? Such involvement ranges from 100% equity stake through to a franchising agreement with the minimum amount of influence consitent with protecting the name and reputation of the franchisor. The electic theory of international production provides a useful framework in explaining reasons for, and ways foreign involvement in international hotel industry. International hotel chain secures a standard service with certain characteristics demanded by their customers who are mostly foreign toursts, and they also operate on superior production function to hotels who only operate locally. This is because being a multinational hotel or invovlving in export activities, gives them a wider learning process gotten from dealing in different economic environments and also gives them the ground to source for more inputs to enhance both quality of services and competitiveness wit other hotels in the international market. Another reason they are better of than hotels operating llocally only is that, knowledge gotten firstly from servicing in their local market in combinatio with that of the foreign market, which is essentially done by meeting up with the needs of the foreign tourists, impr oves their overall productivity and inceases their turnover. CONCLUSION The relationship between the productivity of the hotel industry and export experience are robust or said to be very high. The average productivity is highest for the hotels that continously engage in international trade than hotels who only operate locally and those who exit the international trade. Firms that go into the export market have higher productivitybefore entry because they have enough turnover or profit to enable them engage in international trade. The self-selection hypothesis has higher productivity into the export market. There also seems to be a higher difference between exporters and non exporters as export experiences increases but this assumption is only limited to the enter and exit of the export market and not for continous exporters. (Bee Yan Aw et al, 1999) APPENDIX FIGURE 1 FIGURE 2 FIGURE 3 PARAMETER OLS FIXED EFFECT LINTER 0.6966 (0.017) 0.5321 (0.0363) LK 0.0349 (0.0057) 0.0249 (0.0085) LEMP 0.2748 (0.0163) 0.3798 (0.0367) SUM 1.006 0.9368 FIGURE 4 REFERENCE. Aw, Y.B., Chung, S., Roberts, M.J. 1999 productivity and turnover in the export market: Micro evidence from Taiwan and South Korea. P 1- 26. Berbel-Pineda, J.M.; Ramirez-Hurtado, J.M. 2011.Does the foreign market affect export performance? A case of the Spanish Hotel industry. Journal of business economics and management. P 302 312 Dunning, J.H., Mcqueen, M. 1981. The electic theory of international production: A case study of the international hotel industry. p 197-205 Levinsohn , J., Pai, B.P, Petrin, A. 2004. Production function estimation in stata using inputs to control for unobservables. P 114- 118 Poi, B., Raciborski, R., Yasar, M., 2008. Production function estimation in stata using the olley and pakes method. P 222-224

A Day In The Dark Essay -- essays research papers

This passage was written by Elizabeth Bowen and is titled ‘A Day in the Dark’. It is a story told by a girl named Barbie. She tells a tale of when she was fifteen and visited the house of Miss Branderry to return a copy of Blackwood’s and to request to borrow, for her father, a thistle cutter. She also takes some roses to apologise for glass stain and thumbmarks on the cover of the magazine. The passage mainly focuses on Barbie and her view on the events. But the passage also looks into the relationships between the Barbie and her uncle, and Miss Branderry and her niece. The first paragraph sets the scene and creates an atmospire for the story. The author immediately begins by saying ‘It was July, a sunless warm afternoon, dead still.’ She also talks of ‘idlers’ who of coarse are people who have nothing to do, because it is to hot. And also she uses words like ‘heavy’. We get this sense of oppression. Sound seems to be a predominant feature in the opening paragraph. For the writer mentions her senses and then continues with references like ‘childless silence’ and the ‘mesmeric sound of the weir.’ At the very end of the paragraph the last sentence is only two words long. ‘It opened’. ‘It’ being this red door, the entrance to Miss Branderry house. By simply using two words it has great effect, emphasising the presence of this door, it seems to be the only thing that has actually moved. Throughout the passage the Elizabeth Bowen has explored the relationships between Nan an...

Business Ethics and Corporate Governance in Lic of India

OVERVIEW INSURANCE- AN INTRODUCTION Meaning: Insurance may be described as a social device to ensure protection of economic value of life and other assets. Under the plan of insurance, a large number of people associate themselves by sharing risks attached to individuals. The risks, which can be insured against, include fire, the perils of sea, death and accidents and burglary. Any risk contingent upon these, may be insured against at a premium commensurate with the risk involved. Thus, collective bearing of risk is insurance. Insurance = Collective Bearing of Risks| Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. The term â€Å"risk† is used to describe the possibility of adverse results flowing from any occurrence or the accidental happenings, which produce a monetary loss. Insurance is a pool in which a large number of people exposed to a similar risk make contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. The sharing of risk among large groups of people is the basis of insurance. Related article: Disadvantages of Ethics in Business The losses of an individual are distributed over a group of individuals. Insurance is nothing but a system of spreading the risk of one onto the shoulders of many. While it becomes somewhat impossible for a man to bear by himself 100% loss to his own property or interest arising out of an unforeseen contingency, Insurance is a method or process which distributes the burden of the loss on a number of persons within the group formed for this particular purpose. Definitions: Fundamental Definition In the words of D. S. Hansell, â€Å"Insurance accumulates contributions of all parties participating in the scheme. Contractual Definition In the words of Justice Tindall, â€Å"Insurance is a contract in which a sum of money is paid to the assured as consideration of insurer’s incurring the risk of paying a large sum upon a given contingency†. Working of Insurance Insurance Industry in India : The origin of life insurance in India can be traced back to 1818 with the establishm ent of the Oriental Life Insurance Company in Calcutta. It was conceived as a means to provide for English Widows. In those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered riskier for coverage. The Bombay Mutual Life Insurance Society that started its business in 1870 was the first company to charge same premium for both Indian and non-Indian lives. In 1912, insurance regulation formally began with the passing of Life Insurance Companies Act and the Provident Fund Act. By 1938, there were 176 insurance companies in India. But a number of frauds during 1920s and 1930s tainted the image of insurance industry in India. In 1938, the first comprehensive legislation regarding insurance was introduced with the passing of Insurance Act of 1938 that provided strict State Control over insurance business. Insurance sector in India grew at a faster pace after independence. In 1956, Government of India brought together 245 Indian and foreign insurers and provident societies under one nationalized monopoly corporation and formed Life Insurance Corporation (LIC) by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore. Before 1956, insurance was private with minimal government intervention. In 1956, life insurance was nationalized and a monopoly was created. In 1972, general insurance was nationalized as well. But, unlike life insurance, a different structure was created for the industry. India had the nineteenth largest insurance market in the world in 2003. Strong economic growth in the last decade combined with a population of over a billion makes it one of the potentially largest markets in the future. Insurance in India has gone through two radical transformations. One holding company was formed with four subsidiaries. As a part of the general opening up of the economy after 1992, a Government appointed committee recommended that private companies should be allowed to operate. It took six years to implement the recommendation. Private sector was allowed into insurance business in 2000. However, foreign ownership was restricted. No more than 26% of any company can be foreign-owned. A totally regulation free regime ended in 1912 with the introduction of regulation of life insurance. A comprehensive regulatory scheme came into place in 1938. This was disabled through nationalization in what follows; we examine the insurance industry in India through different regulatory regimes. But, the Insurance Act of 1938 became relevant again in 2000 with deregulation. With a strong hint of sustained growth of the economy in the recent past, the Indian market is likely to grow substantially over the next few decades. The rest of the chapter is organized as follows. First, we study the evolution of insurance business before nationalization. This is important because the denationalized structure brought back to play important legal rules from 1938. Next we analyze the nationalized era separately for life and property casualty business as they were not nationalized simultaneously. Much of post-independence history of insurance in India was the history of nationalized insurance. In the following section, we examine the new legal structure introduced after the industry was denationalized in 2000. In the penultimate section, we examine the current state of play and projected future of the industry. Important Milestones in the Life insurance business in India: * 1870: Bombay Mutual life assurance society is the first Indian owned life insurer. * 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. * 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. * 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crores from the Government of India. * 1997: Insurance regulator IRDA set up. 2000: IRDA starts giving licenses to private insurers like Kotak Life Insurance, ICICI Prudential and HDFC Standard Life insurance first private insurers to sell a policy. * 2001: Royal Sundaram Alliance first non life insurer to sell a policy. * 2002: Banks were allowed to sell insurance plans. As Third Party Administrations (TPAs) enter the scene, insurers start setting non-life claims in the cashless mode. * 2004-05: The Government proposed for increasing the foreign equity stake to 49%. * 2007: First Online Insurance portal, set up by an Indian Insurance Broker, Bonsai Insurance Broking Pvt. Ltd. LIFE INSURANCE CORPORATION ACT, 1956 An act to provide for the nationalization of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto. BUSINESS ETHICS Ethics are  moral guidelines  which govern  good behavior. So behaving ethically is  doing what is morally right. Behaving ethically in business is widely regarded as good business practice. To provide you with a couple of quotes: Ethical principles and standards in business: * Define acceptable conduct in business * Should underpin how management make decisions An important distinction to remember is that behaving ethically is not quite the same thing as behaving lawfully: * Ethics  are about what is right and what is wrong * Law  is about what is lawful and what is unlawful You will probably note the link between business ethics and corporate social responsibility (CSR). The two concepts are closely linked: * A socially responsible firm should be an ethical firm * An ethical firm should be socially responsible However there is also a distinction between the two: * CSR is about responsibility to all stakeholders and not just shareholders * Ethics is about  morally correct behavior How do businesses ensure that its directors, managers and employees act ethically? A common approach is to implement a  code of practice. Ethical codes are increasingly popular – particularly with larger businesses and cover areas such as: * Corporate social responsibility * Dealings with customers and supply chain * Environmental policy & actions * Rules for personal and corporate integrity NEED OR IMPORTANCE OF BUSINESS ETHICS These 12 points below discuss the need, importance of business ethics: 1. Stop business malpractices: Some unscrupulous businessmen do business malpractices by indulging in unfair trade practices like black marketing, artificial high pricing, adulteration, cheating in weights and measures, selling of duplicate and harmful products, hoarding etc. These malpractices are harmful to the consumers. Business ethics help to stop these business malpractices. 2. Improve customers’ confidence: Business ethics are needed to improve the customers’ confidence about the quantity, quality, price, etc of the products. The customers have more trust and confidence in the businessmen who follow ethical rules. 3. Survival of business: Business ethics are mandatory for the survival of the business. The businessmen who do not follow it will have short term success, but they will fail in the long run. This is because they can cheat a consumer only once. After that, the consumer will not buy products from that businessman. He will also tell others not to buy from that businessman. So this will defame his image and provoke a negative publicity. This will result in the failure of the business. Therefore, if the businessmen do not follow ethical rules, he will fail in the market. 4. Safeguarding consumers’ rights: The consumer has many rights such as right to health and safety, right to be informed, right to choose, right to be heard, right to redress, etc. But many businessmen do not respect and protect these rights. Business ethics are must to safeguard these rights of the consumers. 5. Protecting employees and shareholders: Business ethics are required to protect the interest of employees, shareholders, competitors, dealers, suppliers, etc. It protects them from exploitation through unfair trade practices. . Develops good relations: Business ethics are important to develop good and friendly relations between business and society. This will result in a regular supply of good quality goods and services at low prices to the society. It will also result in profits for the businessmen thereby resulting in growth of economy. 7. Creates good image: Business ethics create a good image for the business and businessmen. If the businessmen follow all ethical rules, then they will be fully accepted and not criticized by the society. The society will always support those businessmen who follow this necessary code of conduct. 8. Smooth functioning: If the business follows all the business ethics, then the employees, shareholders, consumers, dealers and suppliers will all be happy. So they will give full cooperation to the business. This will result in the smooth functioning of the business. 9. Consumer movement: Business ethics are gaining importance because of the growth of the consumer movement. Today the consumers are aware of their rights. Now they are more organized and cannot be cheated easily. They take actions against those businessmen who indulge in bad business practices. They boycott poor quality, harmful, high priced and duplicate goods. Therefore, the only way to survive in business is to be honest and fair. 10. Consumer satisfaction: Today, consumer is the king of the market. Any business simply cannot survive without the consumers. Therefore, the main aim or objective is consumer satisfaction. If the consumer is not satisfied, then there will be no sales and thus no profits too. Consumer will be satisfied only if the business follows all the business ethics, and hence are highly needed. 11. Importance of labour: Labour i. e. employees or workers play a very crucial role in the success of a business. Therefore, business must use business ethics while dealing the employees. The business must give them proper wages and salaries and provide them with better working conditions. There must be good relations between employer and employees. The employees must also be given proper welfare facilities. 12. Healthy competition: The business must use business ethics while dealing with the competitors. They must have healthy competition with the competitors. They must not do cut throat competition. Similarly, they must give equal opportunities to small-scale business. They must avoid monopoly. This is because monopoly is harmful for the consumers. CORPORATE GOVERNANCE Good corporate governance contributes to a company’s competitiveness and reputation, Corporate governance  is â€Å"the system by which companies are directed and controlled†. It involves regulatory and market mechanisms, and the roles and relationships between a company’s management, its board, its shareholders  and other  stakeholders, and the goals for which the corporation is governed. In contemporary business corporations, the main external stakeholder groups are shareholders, debt holders, trade  creditors, uppliers, customers and communities affected by the corporation's activities. . Internal stakeholders are the  board of directors,  executives, and other employees. Much of the contemporary interest in corporate governance is concerned with mitigation of the conflicts of interests between stakeholders. Ways of mitigating or preventing these conflicts of interests incl ude the processes, customs, policies, laws, and institutions which have impact on the way a company is controlled. An important theme of corporate governance is the nature and extent of  accountability  of people in the  business. IMPORTANCE OF CORPORATE GOVERNANCE The need, significance or importance of corporate governance is listed below: 1. Changing Ownership Structure: In recent years, the ownership structure of companies has changed a lot. Public financial institutions, mutual funds, etc are the single largest shareholder in most of the large companies. So, they have effective control on the management of the companies. They force the companies to use corporate governance. That is, they put pressure on the management to become more efficient, transparent, accountable, etc. They also ask the management to make consumer-friendly policies, to protect all social groups and to protect the environment. So, the changing ownership structure has resulted in corporate governance. 2. Importance of Social Responsibility: Today, social responsibility is given a lot of importance. The Board of Directors has to protect the rights of the customers, employees, shareholders, suppliers, local communities, etc. This is possible only if they use corporate governance. 3. Growing Number of Scams: In recent years, many scams, frauds and corrupt practices have taken place. Misuse and misappropriation of public money are happening everyday in India and worldwide. It is happening in the stock market, banks, financial institutions, companies and government offices. In order to avoid these scams and financial irregularities, many companies have started corporate governance. 4. Indifference on the part of Shareholders: In general, shareholders are inactive in the management of their companies. They only attend the Annual general meeting. Postal ballot is still absent in India. Proxies are not allowed to speak in the meetings. Shareholders associations are not strong. Therefore, directors misuse their power for their own benefits. So, there is a need for corporate governance to protect all the stakeholders of the company. 5. Globalization: Today most big companies are selling their goods in the global market. So, they have to attract foreign investor and foreign customers. They also have to follow foreign rules and regulations. All this requires corporate governance. Without Corporate governance, it is impossible to enter, survive and succeed the global market. 6. Takeovers and Mergers: Today, there are many takeovers and mergers in the business world. Corporate governance is required to protect the interest of all the parties during takeovers and mergers. 7. SEBI: SEBI has made corporate governance compulsory for certain companies. This is done to protect the interest of the investors and other stakeholders. PROFILE OF THE ORGANISATION LIFE INSURANCE CORPORATION OF INDIA Life Insurance Corporation of India  (LIC) is the largest  insurance group  and  investment company  in India. It’s a state-owned where  Government of India has 100% stake. LIC also funds close to 24. 6% of the Indian Government's expenses. It has assets estimated of  13. 25 trillion (US$264. 4 billion). It was founded in 1956 with the merger  of 243 insurance companies and provident societies. Headquartered in  Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts  of India, around 3500 servicing offices including 204 8 branches, 54 Customer Zones, 25 Metro Area Service Hubs and a number of Satellite Offices located in different cities and towns of  India and has a network of 13,37,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers and 42 Banks (as on 31. 3. 011) for soliciting life insurance business from the public. The slogan of LIC is â€Å"Yogakshemam Vahamyaham† which translates from Sanskrit to â€Å"Your welfare is our responsibility†. The slogan is derived from the Ancient Hindu text, the  Bhagavad Gita's 9th Chapter, 22nd verse. The literal translation from Sanskrit to English is â€Å"I carry what you require†. The slogan can be seen in the logo and is written in Devanagiri script below the hands holding the lamp. | Type | State-owned| Industry| Financial services| Founded| 1 September 1956| Headquarters| Mumbai,  India| Key people| D. K. Mehrotra, (Chairman)| Products| Life  and  insurance, investment,  mutual fund| Total assets| 13. 25 trillion (US$264. 34 billion)(2010)| Owner(s)| Government of India| Employees| 115,966 (2010)| Subsidiaries| LIC Housing Finance LIC Cards Services LIC Nomura Mutual Fund| Website| www. licindia. in| OBJECTIVES OF LIC OF INDIA * Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. * Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors a s well as the community as a whole, keeping in view national priorities and obligations of attractive return. * Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. Act as trustees of the insured public in their individual and collective capacities. * Meet the various life insurance needs of the community that would arise in the changing social and economic environment. * Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy. * Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective. BOARD OF DIRECTORS Shri D. K. Mehrotra,  (CHAIRMAN, LIC ) Shri T. S. Vijayan,  (Managing Director, LIC ) Shri Thomas Mathew T. (Managing Director, LIC ) Shri Sushobhan Sarker  (Managing Director, LIC ) Shri R. Gopalan,  (Secretary, Department of Economic Affairs,   Ministry of Finance, Govt. of India. ) Shri  D. K. Mittal,  (Secretary, Department of Financial Services, Ministry of Finance, Govt. of India. ) Shri  A. K. Roy,  (Chairman cum Managing Director, GIC. ) Shri M. V. Tanksale,  (Chairman & Managing Director, Central Bank of India ) Lt. General Arvind Mahajan (Retd. ) Shri Anup Prakash Garg Shri Sanjay Jain Shri Ashok Singh Shri K. S. Sampath Shri Amardeep Singh Cheema ORGANISATION STRUCTURE OPERATIONS AWARDS WON BY LIC OF INDIA IN 2011-12 | Readers Digest â€Å"Trusted Brand† in the platinum category. | | Superbrands| | Asian Leadership Award| | LIC has been ranked :† Number One Trusted Service Brand† in the EconomicTimes Brand Equity Survey| | Rated as the â€Å"Most Preferred Life Insurance Company of the year† at the CNBC| | Dainik Bhaskar Group| | Bombay Chamber Of Commerce| | ABCI| | Star News- Customer Centric Brand Award| PROBLEMS OF LIC OF INDIA – The existing insurer, LIC and GIC, have created a large group of dissatisfied  customers due to the poor quality of service. Hence there will be shift of large number of customers from LIC and GIC to the private insurers. – LIC may face problem of surrender of a large number of policies, as new insurers will woo them by offer of innovative products at lower prices. – The corporate clients under group schemes and salary  savings schemes may shift their loyalty from LIC to the private insurers. – There is a likelihood of exit of young dynamic managers from LIC to the private insurer, as they will get higher package of remuneration. – LIC has overstaffing and with the introduction of full computerization, a large number of the employees will be surplus. However they cannot be retrenched. Hence the operating costs of LIC  will not be reduced. This will be a  disadvantage in  the competitive market, as the new insurers will operate with lean office and high technology to reduce the operating costs. – GIC and its four subsidiary companies are going to face more challenges, because their management expenses are very high due to surplus staff. They can't reduce their number due to service rules. – Management of claims will  put strain on the financial resources, GIC and its subsidiaries since it is not up the mark. LIC has more than to 60 products and GIC has more than 180 products in their kitty, which are outdated in the present context as they are not suitable to the changing needs of the customers. Not only that they are not competent enough to complete with the new products offered by foreign companies in the market. – Reaching the consumer expectations on par with foreign companies such as better yield and much  improved quality of  service particularly in the  area of settlement of  claims, issue of new  policies, transfer of the policies and revival of policies in the liberalized market is very difficult to LIC and GIC. Intense competition from new insurers in  winning the consumers by multi-distribution channels, which will  include agents, brokers, corporate intermediaries, bank branches, affinity groups and direct marketing through telesales and interest. – The market very soon will be flooded by a large number of products by fairly large number of insurers operating in the Indian market. Even with limited range of products offered by LIC and GIC, the consumers are confused in the market. Their confusion will further increase in  the face for large number of products in the  market. The  existing level of awareness of the consumers for insurance products is very low. It is so because only 62% of the Indian population is literate and less than 10% educated. Even the educated consumers are ignorant about the various products of the insurance. – The insurers will have to face  an acute problem of the redressal of the consumers, grievances for deficiency in products and services. – Increasing awareness will  bring number of legal cases filled  by the consumers against insurers is likely  to increase substantially in future. Major challenges in canalizing the growth of insurance sector are product innovation, distribution network, investment management, customer  service  and education. SWOT ANALYSIS OF LIC OF INDIA STRENGTHS: * India’s top insurance company and best among Public sector company. * Provide better infrastructure than any other Public company. * Brand Image * Govt Guarantee * Claims settlement * Pan India presence * La rge product portfolio WEAKNESSES: * Average waiting time for the customer is 15 to 20 minutes. * No separate customer care unit * Lethargic Staff * Mediocre Top Bosses Large scale Corruption in Main Office * Ultra-Slow decision making process * Internal problems between Top Management and lower cadre Employees OPPORTUNITIES: * Setup a marketing cell at the local branch. * Ensure that policies are diversified across several customer segments * Pension Market * Health Insurance * Large Real Estate portfolio THREATS: * Growth of private players has led to shifting emphasis from public sector companies. * Internal discord * New players * Red-tapism COMPETITION INFORMATION Main Competitors of LIC * SBI Life Insurance Company * ICICI Prudential Life Insurance Company Birla Sun Life Insurance Company * HDFC Standard Life Insurance Company * Reliance Life Insurance Company COMPARISON 1. Policies and Premium 2. Claims Paid 3. Profit of the year 2011-2012 4. Life Fund Policies and Premium Cla ims Paid Profit of the Year 2010-11 Research Methodology Research is the process of systematic and in depth study to search for a particular subject topic or area of investigation backed by the Collection, Compilation, Analysis or Interpretation of data. It is more systematic study or activity directed towards discovery and the development of organized body of knowledge. Success of Research depends upon the scientific methods used. There are various methods for Collecting the data. But it is not advisable and even possible to used all the methods. Every researcher must know the purpose of his study. For doing research one must set questions accordingly one has to find out and the answers through his own investigation. This Study is conducted to analyze the business ethics and corporate governance in Life Insurance Corporation of India. The data are basically segregated into two parts: a) Primary Data b) Secondary Data. a) Primary Data :- Primary Data is collected during the course of doing experiments in an experimental research. There are several methods for collecting primary data. b) Secondary Data:- Secondary  data, is data collected by someone other than the user. Secondary data are data which are collected by someone in past that includes previous year annual report, magazines, project report etc. For my project report, I  had used secondary data under which I  used annual reports which includes  balance sheets, P;L a/c, and other general information. Limitation of the Project Report Followings are the limitations of the project work taken by me: ? One of the limitations of this project study is of the time limitation. It is somehow difficult to fully know any big organization like LIC of India in this limited time  period. ? Senior managers and others officers in LIC of India are also very busy. They do not have enough time for solving our queries in details. Objective of the study The objectives have been classified by me in this project form personal to professional but here I am not disclosing my personal objectives which have been achieved by me while doing the project. Only professional objectives which are being covered by me in this project are as following- * To know about the business ethics and corporate governance of the organization. * To know the contribution of the organization to the society. * To know about the reliability of the organization. Scope of the Study So I am working on the project Business Ethics and Corporate Governance in LIC of India with the scope that I will get to know: * What ethics has the organization adopted? * What is organization doing for the welfare of the society? How reliable is the organization? Vision and Mission of LIC of India Mission â€Å"Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development. † Vision â€Å"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India. † Core Values of LIC of Ind ia * Caring and Courtesy * Initiative and Innovation * Integrity and Transparency * Quality and Returns * Participation and Relationship Trustworthiness and Reliability Ethics followed by LIC of India * Provide insurance cover and financial security to every insurable person. * Conduct all aspects of business keeping in view its interest and national priorities. * Provide them prompt, efficient and courteous service. * Act as trustees of their funds and invest the fund to their best advantage. * Conduct business with utmost economy and on sound business principles. Social advantages to LIC of India †¢ Providing organizational guidelines for business integrity in turbulent times. Helping employees deal with ethical issues they face daily on the job. †¢ Building solid company teamwork and productivity. †¢ Creating an insurance policy – to help ensure that company policies and procedures are legal. †¢ Avoiding criminal â€Å"acts of omission† which can lower potential fines. †¢ Reinforcing the values associated with quality management, strategic planning, and diversity management. †¢ Promoting a strong public image. Corporate Governance in LIC of India Adherence to good Corporate Governance is an integral part of the philosophy of LIC’s business conduct. The driving forces behind institutionalizing the practices of good Corporate Governance are various proactive measures, initiatives and guidance by the Government, LIC Board and its Sub Committees along with LIC’s Human Resources and Agents. Our practice of operational transparency, information sharing, accountability and ensuring dialogue with all the stakeholders in addition to formulation of value-based policies and practices at all levels made us to imbibe good Corporate Governance. This has enabled us to enhance our Brand Equity, strengthen stake of shareholders and maintain a healthy environment within the organization. This has led to a committed organizational focus on the customer service which in turn has contributed to a good growth in business. CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. Sponsorship of CSR by LIC of India 2009-12 I. Group Schemes and Social Security Claims under various Social Security Schemes: 1, 02,950 claims amounting to Rs. 287. 4 crore paid under Social Security Schemes. a) Scholarships of Rs. 102. 53 crore was disbursed to 13, 78,744 students as a free add on benefit to the children of the members of Janashree Bima Yojana under Shiksha Sahayog Yojana during the year 2010-11. b) Scholarship for total amount of Rs. 81. 85 crore was distributed to 8, 40,568 students as a free add on benefit to the children of members of AABY Shiks ha Sahayog Yojana during the year 2010-11. Social Security Cover: Total 2. 57 crore lives have been given insurance cover under various Social Security Scheme during 2010-11. Aam Admi Bima Yojana Aam Admi Bima Yojana was launched on 2nd Oct. 2007 and a total of 47, 01,814 lives under 17 states were insured during the year bringing the total lives covered under the scheme since inception to 1,77,47,480. II. Investment in Social Sector The total investments of the Corporation amounted to Rs. 12, 66, 539. 04 crore as at 31st March, 2011. The Corporation subscribed an amount of Rs. 65, 521. 83 crore (face value) and Rs. 40, 254. 38 crore (face value) to the Securities of the Government of India and the new loan issues of the various State Governments respectively during 2010-2011. SOCIAL RESPONSIBILITIES: It has been the constant endeavour of the Corporation to provide security to as many people as possible and to channelise the savings mobilised for the welfare of the people at large. To meet this end, the Corporation has been promoting Social Welfare through investments in Infrastructure and Social Sector which includes: * Projects/Schemes for generation and transmission of Power, * Housing Sector, * Water Supply and Sewerage Projects/Schemes, * Development of Roads, Bridges ; Road Transport. The total Investment in these sectors during 2010-11 was Rs. 5,235. 94 crore. The investments by way of Central, State and Other Government Guaranteed Marketable securities, Loans, Debentures ; Equity investments in Infrastructure and Social Sector amounts to Rs. 7,49,150 crore. III. LIC Golden Jubilee Foundation Under ‘Corporate Social Responsibility’, and to commemorate the Golden Jubilee of LIC in the year 2006, ‘LIC Golden Jubilee Foundationâ€⠄¢ Trust was formed with the objective of promoting education, health, relief of poverty or distress and advancement of other objects of general public utility. As on 31. 3. 011 LIC has provided a Corpus of Rs. 90 crore to this Foundation and the interest earned is utilized for funding various projects for charitable purposes. As on date, LIC Golden Jubilee Foundation has supported 165 projects to the extent of Rs. 15. 66 crore. Under this Trust a scholarship scheme is also formulated by name LIC Golden Jubilee Scholarship Scheme of the Trust to give scholarships at the rate of Rs. 10000/- per annum to meritorious students belonging to economically weaker sections of society to enable them to pursue higher education at graduation level. Scholarships were given to 802, 881 and 967 students during the years 2008-2009, 2009-2010 and 2010-11 respectively. ANALYSIS 1. Market Share 2. Goodwill Value Over its existence of around 50 years, Life Insurance Corporation of India, which commanded a  monopoly  of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7% of India's  GDP  in 2006. The Corporation, which started its business with around 300 offices, 5. 7 million policies and a  corpus  of INR 459 million (US$ 92 million as per the 1959 exchange rate of roughly Rs. for a US $,  has grown to 25000 servicing around 350 million policies and a  corpus  of over  8 trillion (US$145. 6 billion). The Economic Times Brand Equity Survey 2010 rated LIC as the No. 4 Service Brand of the Country [6]. Though in the year 2010 is ranked at 4, the organization is consistently among the top rated service company of the India [7]. RANK-COMPANY 1-VODAFONE, 2-airtel, 3-SBI (STAT E BANK OF INDIA), 4-LIC (LIFE INSURANCE CORPORATION). From the year 2006, LIC is continuously winning the Readers' Digest Trusted brand award [8]. According to The Brand Trust Report [9] 2011, LIC is the 8th most trusted brand of India. . Growth Visibility of LIC of India FINDINGS After doing this project I found out that- * LIC of India conduct all aspects of the business keeping in view the interests of the community and the national priorities. * Provide insurance cover and financial security to every insurable segment including the socially and economically weaker sections of the society. * LIC of India provides their customers with prompt, efficient and courteous service. * It acts as trustees to their customer’s funds and invests them to their best advantage. * It builds and maintains enduring relationship with the customers. It also keeps the customers informed about their products and services. * It also promote a sense of participation among the workforce and make th em partners in progress. * It also works towards their job satisfaction and sense of pride. * It provide and environment and opportunities for growth to enable them to realize their full potential. * It also take steps to develop professional skills of the workforce to enable them to handle their assignments more effectively. * LIC is not only the largest but the most popular life insurance company in India.   LIC has gained the consumer trust and credibility over the time that is essential to sustain in the insurance business. RECOMMENDATIONS Though, LIC of India is a very reliable and ethical company. But still there are some points which should be taken care of in future to prevent any kind of risks to the organization: * More Corporate Social Responsibility initiatives should be taken in near future in order to increase its reliability among the society. * Integrity connotes strength and stability. It means taking the high road by practicing the highest ethical standards. Demonstrating integrity shows completeness and soundness in the organization. * Blaming others, claiming victimhood, or passing the buck may solve short-term crises, but refusal to take responsibility erodes respect and cohesion in an organization. Ethical people take responsibility for their actions. * Quality should be more than making the best product, but should extend to every aspect of your work. A person who recognizes quality and strives for it daily has a profound sense of self-respect, pride in accomplishment, and attentiveness that affects everything. From organization’s memos to the presentations, everything it touch should communicate professionalism and quality. * Trust is hard to earn and even harder to get back after you've lost it. Everyone who comes in contact with the organization must have trust and confidence in how you do business. * Managers and executives should uphold the ethical standards for the entire organization. A leader is out front providing an example that others will follow. * Good ethics should be most noticeable at the top. Every employee must be accountable to the same rules. Corporate values or ethics initiative must be â€Å"sold† and â€Å"marketed† aggressively throughout the organization. Every forum and medium should be used to spread the good message. Of course, it will only be credible if the organization is practicing what it preaches. * The ethics fervor should extend to the next generation of employees. The longer it lasts, the more ingrained the principles will become. CO NCLUSION Business ethics present pertinent solutions to the concerns and dilemmas faced by global organizations. Ethical leadership is essential for the long-term survival and success of any organization. In the era of globalization, business ethics considerably influence shareholders, employees, customers, suppliers, competitors, government and civil society. Organizations should focus on the ethical issues faced by them in various functional areas like marketing, finance, human resources, production, ICT etc. The commendable work done by global corporations in inculcating and practicing business ethics underscores the importance of value based leadership in international business scenario. Corporate governance is of paramount importance to a company and is almost as important as its primary business plan. When executed effectively, it can prevent corporate scandals, fraud and the civil and criminal liability of the company. It also enhances a company’s image in the public eye as a self-policing company that is responsible and worthy of shareholder and debt holder capital. It dictates the shared philosophy, practices and culture of an organization and its employees. A corporation without a system of corporate governance is often regarded as a body without a soul or conscience. Corporate governance keeps a company honest and out of trouble. If this shared philosophy breaks down, then corners will be cut, products will be defective and management will grow complacent and corrupt. The end result is a fall that will occur when gravity – in the form of audited financial reports, criminal investigations and federal probes – finally catches up, bankrupting the company overnight. Dishonest and unethical dealings can cause shareholders to flee out of fear, distrust and disgust. BIBLIOGRAPHY * http://www. usinessdictionary. com/article/618/why-is-corporate-governance-important/ * http://www. licindia. in/ * http://www. businessreviewindia. in/top_ten/top-10-business/insurance-top-10 * http://www. licindia. in/GJF_aboutus. htm * http://www. licindia. in/Annual_Report_2011. pdf * http://www. irda. gov. in/ * https://www. google. co. in/ * http://en. wikipedia. org/wiki/Corporate_social_responsibility * http://www. mallenbaker. net/csr/definition. php * h ttp://en. wikipedia. org/wiki/Life_Insurance_Corporation_of_India

Accounting Essays

Accounting Essays Accounting Essay Accounting Essay D2ACC100 FINANCIAL ACCOUNTING MID SEMESTER EXAM REVISION COMPILATION D2 ACC 100 D2 ACC 100 ACKNOWLEDGEMENT: * Extracted from Past Year Mid Term Exam Paper: D2ACC100 – SEM 1, 2006 – SEM 3, 2007 * Original idea belongs to Mr Gooi Chee San * Some of the questions have been modified to cater the needs of current student Sem 3, 2007 Question 3 Cabao is a financial consultancy firm. It updates its accounts everyday. Indicate the immediate effect of the following errors on each of the accounting elements described in the column headings below, using the following code: O=overstated U=understated NE=no effectD2 ACC 100 D2 ACC 100 Copy the table below before answering. Error| Net Income| Total Assets| Total Liabilities| Owner’s equity| Example: Receives $200 cash for services rendered the transaction was recorded as $20. | U| U| NE| U| (a) Cabao bought an office table for $500. It was recorded as purchase. | | | | | (b) The owner withdrew $800 cash. No record was made. | | | | | (c) Cabao provided consultancy service for $2,300. It was recorded as $3,200. | | | | | (d) Recorded electricity expense payment twice. | | | | | (e) Received $6,000 for consultancy service to be provided next year. It was recorded as debit cash and credit consultancy revenue. | | | | | Sem 2, 2007 Question 3 ABC is a firm providing management consultancy services. Indicate the immediate effect of the following errors on each of the accounting elements described in the column headings below, using the following code: O=overstated U=understated NE=no effect Copy the table below before answering. ErrorD2 ACC 100 D2 ACC 100 | Net Income| Total Assets| Total Liabilities| Owner’s equity| Example: Received $200 each for services rendered to a customer, but recorded the transaction as $20. U| U| NE| U| (a) Depreciation expense was $5,000 for the period. It was wrongly charged as $3,000. | | | | | (b) Provided consultancy service to a client on credit basis. It was recorded as DR. Service Revenue CR. Accounts Receivable. | | | | | (c) Bought motor vehicle insurance policy on credit basis. It was recorded DR. Prepaid Insurance CR. Cash. | | | | | (d) Bought office equipment on credit basis. The of fice equipment was received but no payment was made yet. No entry was made at all on this purchase. | | | | | (e) The owner withdrew $2,000 for his family use. It was recorded as DR. Entertainment expense CR. Cash. | | | | | Sem 1, 2007 Question 3 Indicate the immediate effect of the following errors on each of the accounting elements described in the heading below. The business provides consultancy services to clients. Using the following code: O=overstated U=understated NE=no effect (Before answering, copy the table below) Error| NetProfit| TotalAssets| TotalLiaD2 ACC 100 D2 ACC 100 bilities| Owner’sequity| Example: Received $500 cash for consultancy services rendered to a client, but recorded the transaction as $50. U| U| NE| U| (i)Did not record the utilities used. The amount has not yet been paid. | | | | | (ii)Bought and paid $200 for office supplies. The office supplies were kept in the cupboard. No entry has been made. | | | | | (iii)Provided consultancy service to a client for $4,000 on credit basis. No entry was made. No money was received. | | | | | (iv)Depreciation expense of motor vehicle was recorded twice. | | | | | (v )Provided consultancy service to a client for $800 on account. It was correctly recorded. When the $800 was received, it was recorded as DR Cash and CR Revenue. | | | | | Sem 3, 2006 Question 2 Indicate the immediate effect of the following errors on each of the accounting elements described in the column heading below, using the following code: O = overstated U = understated NE = no effect Copy the table below before answering. Error| NetProfit| TotalAssets| TotalLiability| Owner’sequity| Example : Received $200 cash for services rendered to a customer, but recorded the transaction as $20| U| U| NE| U| (a) Billed for electricity used inD2 ACC 100 D2 ACC 100 the month. Not paid and not recorded. | | | | | (b) Bought a computer for office use, terms n/30. It was recorded debit office expense and credit cash| | | | | (c) Provided service to a client and received cash. It was recorded twice| | | | | (d) Forgot to charge the depreciation of building| | | | | (e) Paid wages expense for the month. It was recorded; debit office supplies expense and credit cash. | | | | | Sem 2, 2006 Question 3 (20 marks) Indicate the immediate effect of the following errors on each of the accounting elements described in the column heading below, using the following code: O= overstated U=understated NE=no effect Copy the table below before answering. Error| Net Profit| Total Assets| Total Liability| Owner’s Equity| Example: Received $200 cash for services rendered to a customer, but recorded the transaction as $20. | U| U| NE| U| (a) Did not record purchase of inventory on credit basis, n/60. | | | | | (b) Did not charge depreciation expenD2 ACC 100 D2 ACC 100 se of office equipment. | | | | | (c) Did not record withdrawal of $500 by owner for his family use. | | | | | (d) Paid wages expense once but recorded twice. | | | | | (e) Paid to Radio Station for advertisement to be aired next month, but the payment was not recorded. | | | | Sem 3, 2007 Question 2 Pasig is a trading business. An extract of the ledger balances as at 31 August 2007 is shown below. Pasig uses the periodic inventory system. | $| Cash at D2 ACC 100 D2 ACC 100 bank (DR)Office equipmentMotor vehicleInventoryAccounts payableAccounts receivableCapital| 55,00015,00023,00012,00090,00080,000 95,000370,000| In September 2007, the following events took place: S ept 03| Pasig issued a cheque $2,000 to its supplier for purchases made in August 2007. | Sept 05| Bought inventory for $10,000 on the following terms 10/15, n/60. Sept 10| Pasig received a cheque of $7,000 from its customer for sales made in August 2007. | Sept 14| Pasig issued a cheque to fully settle the purchase made on September 05, 2007. | Sept 17| Sold inventory for $28,000 on the term 2/10, n/45. | Sept 20| The owner of Pasig issued a business cheque of $4,000 for his son to go for a private holiday. | Sept 25| Pasig purchase a computer, $3,000 by cheque, for office use. | Sept 29| Paid $9,000 to its employees for work done in September 2007. | (Ignore Goods Services Tax) REQUIRED: a)Show ALL the ledger accounts (T-account) and post the September transactions. (NO JOURNAL ENTRY IS REQUIRED) (b)Prepare a Trial Balance as at 30 September 2007. Sem 2, 2007 Question 2 Luzon started its business operation in 1824 as a trading enterprise. An extract of its ledger balances as at 3 0 April 2007 is show below. Luzon has been using the period inventory system since inception. All payments and receipts are through its bank account. Ledger balances as at 30 April 2007 Ledger accounts| $| Cash at bank (DR)CapitalBank loanAccounts payableSalary payableOffice equipmenD2 ACC 100 D2 ACC 100 Motor vehiclesAccounts receivableInventory| 80,000149,00050,00044,0003,00018,00064,00059,000 25,000 492,000| In May 2007, the following events took place: May 2| Luzon paid $3,000 to its employee for the salary it owed in April 2007. | May 4| Luzon sold some inventory for $11,000 and received payment immediately. | May 7| It bought $40,000 inventory on the following terms 5/10, n/60. | May 10| The owner of Luzon issued a cheque of $20,000 (from Luzon’s account) for his son to buy a motor vehicle. His son is studing in a French University. | May 14| Luzon sold some inventory for $17,000 on the following terms 3/5, n/30. May 16| Luzon fully settled the amount owed for the purch ase made on May 7. | May 23| Luzon paid $16,000 to its supplier for the purchase incurred in April 2007. No discount was granted. | May 29| Luzon bought a brand new photostat machine for $4,000, it was paid by cheque. | May 31| Luzon paid $6,000 to its workers for work done in May 2007. Luzon also paid $2,000 for the utilities consumed in May 2007. | (Ignore Goods Services Tax) REQUIRED: (a)Show ALL the ledger accounts (T-account) and post the May 2007 transactions. (NO JOURNAL ENTRY IS REQUIRED) (b)Prepare a Trial Balance as at 31 May 2007. Sem 1, 2007 Question 2 SiemReap is a trading business. It buys and sells a standard-sized refrigerator. An extract of the ledger balances as at 31 January 2007 is shown below. The business uses the periodic inventory system. Cash at bank (DR)Office equipmentCapitalAccounts receivableAccounts payableMotor vehiclesTotal| $80,00030,000115,00070,00085,000 20,000 400,000| In February 2007, the following events took place:- February 02| SiemReap received a cheque of $13,000 from its customer for the sales made in January 2007. | February 05| Bought a dozen refrigerator for $50,000 on the following terms 2/10, n/60. February 07| SiemReap paid $35,0D2 ACC 100 D2 ACC 100 00 by cheque for purchases made in January 2007. | February 09| SiemReap sold a few refrigerator for $100,000 on the following terms 3/10, n/45. | February 11| The owner of SiemReap issued a cheque of $8,000 to himself for personal use. | February 14| SiemReap fully settled the purchase made on February 05, 2007| February 18| SiemReap received a cheque of $97,000 from its customer for sales made on February 09, 2007. | February 26| SiemReap paid $6,000 by cheque to a television broadcasting company for advertisement to be aired on 15 March 2007. February 28| SiemReap paid $7,000 to its employee for February 2007 salary. | (Ignore Goods Services Tax) REQUIRED: (a)Show ALL the ledger accounts (T-account) and post the February 2007 transactions. NO JOURNAL ENTRY IS REQUIRED (b)Prepare a trial balance as at 28 February 2007. Sem 3, 2006 Question 3 Karon is a trading business. It buys goods in bulk and retails them in small quantity. The following is an extract of Karon’s ledger balances as at 30 September 2006. Karon uses the periodic inventory system. Karon : Ledger balances as at 30 September 2006. | | Accounts receivables| $50 000| Accounts payables| 70 000| Motor vehicles| 60 000| Accumulated depreciation of motor vehicles| 20 000| Wages and salaries payable| 8 000| Cash at bank (DR)| 35 000| Capital| 72 000| Inventory| 25 000| | $340 000| In October 2006, the following events took place. 2006| | Oct 02| Karon issued a cD2 ACC 100 D2 ACC 100 heque $8000 to pay the salary for September 2006| | | Oct 06| Sold some inventory for $60 000 on the following terms 5/10, n/60| | | Oct 09| Karon collected a $10 000 cheque from its customer for sales made in the previous month. | | | Oct 12| Karon bought some inventory for $100 000 on the following terms 3/5, n/60| | | Oct 14| Karon issued a cheque to fully settle for the purchase made on October 12| | | Oct 15| Karon received a cheque from its customer for the sales made on October 06| | | Oct 19| Karon bought a new computer for business use. It paid by cheque $5000| | | Oct 23| The owner withdrew $6,000 for family use| | | Oct 31| Paid its workers $4,000 for the work done in October 2006| (IGNORE GOODS SERVICES TAX) REQUIRED: (a)Show ALL the ledger accounts (T-account) and post the October transactions (No journal entry is required) (b)Prepare a trial balance as at 31 October 2006. Sem 2, 2006 Question 2 (30 marks) Ubud started its business operation on 1 May 2006. It uses the periodic inventory system. An extract of its Ledger balances as at 31 May 2006 is as follows: Ubud: Ledger balances as at 31 May 2006| Cash at bank (DR)| $ 78,000| Capital| 90,000| Rental expense| 5,000| Sales| 70,000| Accounts receivable| 40,000| Accounts payable| 35,000| Purchases| 60,000| Wages and salaries expense| 2,000| Utilities expense| 3,000| Office equipment| 7,000| | 390,000| In June 2006, the following events took place. All payments and receipts were through the cash at bank account. June 2| Ubud sold some inventory for $12,000 cash. | June 5| Ubud issued a cheque of $9,000 to its supplier for purchases made in May 2006D2 ACC 100 D2 ACC 100 .| June 7| Bought some inventory for $60,000 on the following terms 5/10, n/60. | June 9| Issued a cheque of $38,000 for purchase of a motor vehicle for business use. | June 9| Paid $3,000 for the motor vehicle insurance policy, coverage from June 9, 2006 to June 9, 2007. | June 16| Ubud issued a cheque to fully settle purchase made on June 7, 2006. | June 19| Sold some inventory for $100,000 on the following terms 2/10, n/60. | June 28| Ubud received a cheque from a customer for sales made on June 19. June 30| Paid its workers $2,000 for the work done in June 2006. | REQUIRED: (a)Show all the ledger accounts (T-account) brought down from May 2006 and then post the June 2006 transactions. (No journal entry is required) (b)Prepare a trial balance of Ubud as at 30 June 2006. Sem 1, 2006 Question 2 PWC is a trading business. The merchandise business has been in operation for a numb er of months. The following balances were extracted from the Accounting Records of the business as at 31 May 2005. | $| | Cash at bank | 27,000| (DR)| Premises rent expense| 6,000| | Office equipment| 5,000| | Motor vehicles| 26,000| | Purchases| 42,000| | Accounts payable| 20,000| | Sales| 86,000| | Accounts receivable| 24,000| | Prepaid insurance| 3,000| | Salary expense| 6,000| | Telephone and electricity expense| 4,000| | Capital| 37,000| | | 286,000| | The business continued its operation in June 2005. The following events took place in June 2005. (The business has chosen to apply the Periodic Inventory System and will continue to use it in the future. ) All payments and receipts were through its bank account. June 02| PWC paid $8,000 by cheque for the purchases made in May 2005. June 03| PWC received $12,000 from its customers for sales made in May 2005. | June 08| Sold inventory, $18,000, on the following terms 5/10, n/30| June 12| Bought $1,000 worth of pencils, pens, paper etc for office use. It was paid by cheque. D2 ACC 100 D2 ACC 100 | June 16| Bought inventory, $16,000, on the following terms 3/15, n/30| June 18| PWC issued a $8,000 cheque for the purchase made in May 2005. Th e supplier gave PWC $1,000 discount for early settlement of account. | | | June 20| The owner of PWC bought a computer, $2,000, for his son’s personal use. He issued a cheque of $1,000 using PWC’s bank account. His wife paid $1,000 from her personal savings account. | | | June 29| PWC paid $2,000 for Telephone and Electricity used in June 2005. | | | June 29| PWC paid $3,000 to its workers for the work done in June 2005. | (Ignore Goods and Services Tax) REQUIRED: (a) Show all the Accounting Entries in the Ledger Accounts (T-accounts) and post the above transactions (NO JOURNAL ENTRY IS REQUIRED) (b) Extract a Trial Balance of the business as at 30 June 2005 after the posting of the above transactions in (a). Sem 3,2007 Question 1 Kaloonkan is a trading business. Its financial year end is 31 October each year. An extract of Kaloonkan’s ledger accounts is shown below. Trial balance as at 31 October 2007 | DR $’000| CR $’000| Advertising expenseMachineriesAccounts receivablesLand, at costBuilding, at costCash at bankDiscount allowedDrawingsRepair expenseDiscount receivedCapitalBank Loan, due on 1. 1. 2011Accounts payablesService RevenuePrepaid insuranceUtilities expenseOffice suppliesInteresD2 ACC 100 D2 ACC 100 t expenseBuilding maintenance expenseSundry operatng expenseSalaries and wages expensesOffice equipmentManagement consultancy expense| 271,160340226300401430132011124257515140520 10| 107444361001,800| Other data included: i) The prepaid insurance is valid for a twenty-month period, starting from 01 November 2006. (ii) Supplies worth $20,000 have been used during the year (iii) The utilities consumed in October 2007 was $11,000. No payment has been made and no entry has been made. (iv) Out of the service revnue, $100,000 is yet to be earned REQUIRED: (a)Prepare a detailed Income Statement of Kaloonkan for the year ended 31 October 2007. (b)Prepare a Statement of Owner’s equity for the year ended 31 October 2007. (c)Prepare a Balance Sheet as at 31 October 2007. Sem 2, 2007 Question 1 Clarke Angeles is a sole proprietorship business. Its financial year end is 30 June each year. Below is a trial balance of Clarke Angeles as at 30 June 2007. All in thousand. | DR $’000| CR $’000| Advertisement expenseWages and salaries expenseMotor vehicle expensePrepaid insuranceSundry operating expensesDiscount allowedDelivery chargesAccounts receivableCash at bankDrawingsMotor vehicles, at costLandBuildingInterest expenseAccomodation expenseOffice EquipmentElectricity and Telephone expensesPremises rental revenueDiscount receivedAccounts payableConsultationD2 ACC 100 D2 ACC 100 FeesCapitalCommision RevenueNotes payable, due 29 June 2007| 168018242019138018208010040062341849| 38257076840033 50| (Ignore Goods Services Tax) Other data given: (i) The owner withdrew $4,000 cash on 28 June 2007. No entry has been made. (ii) Clarke Angeles advertised its products over the local radio station on 27 June 2007. It costs the business $5,000. It has not yet paid and no entry has been made at all for this advertisement. (iii) The prepaid insurance is valid from 01 July 2006 to 30 June 2007. (iv) Rental of $4,000 is yet to be received REQUIRED: (a)Prepare a detailed Income Statement of Clarke Angeles for the year ended 30 June 2007, and (b)A statement of Owner’s Equity for the year and a detailed Balance Sheet as at 30 June 2007. Sem 1, 2007 Question 1 Angkor is a trading business. It prepares its financial statements once a year. Its financial year end is 31 January. An extract of its ledger accounts is shown below. Trial balance as at 31 January 2007| | DR $’000| CR $’000| Management fee expense| 72| | Prepaid advertisement| 20| | Wages and salaries expense| 222| | Accomodation charges| 22| | Drawings| 20| | Discount allowD2 ACC 100 D2 ACC 100 ed| 33| | Cash at bank| 40| | Land, at cost| 200| | Building, at cost| 300| | Accounts receivable| 380| | Vehicle| 1,030| | Prepaid insurance| 24| | Utilities expense| 60| | Secretarial fee expense| 50| | Interest expense| 30| | Motor vehicle, at cost| 260| | Beginning inventory, 01 February 2006| 240| | Sundry expense| 18| | Service Fee| | 1,650| Accounts payable| | 170| Loan| | 300| Capital, 1. 2. 2006| | 873| Discount received| _____| 28| Other data given: i) The prepaid insurance was valid for the period 1 February 2006 to 31 January 2007. (ii) The utilities used in January 2007 were $5,000. No entry has been made. (iii) The prepaid advertisement is for 4 days, between 30 January 2007 to 2 February 2007. It was paid for advertising its products in the local newspaper. (iv) 10% of service fee is yet to be earned REQUIRED: (a)Prepare a detailed Income Statement (Profit and Loss) for the year ended 31 Ja nuary 2007. (b)Prepare a Statement of Owner’s Equity for the year ended 31 January 2007. (c)Prepare a Balance Sheet Statement as at 31 January 2007.

Albatross and Rimm of the Ancient Mariner

Albatross and Rimm of the Ancient Mariner Free Online Research Papers One act changes a mans life forever. What is it about an albatross that is so powerful it could affect the lives of people? It’s only a bird, a large bird, an aquatic bird with coloring of white and dark brown or black. In the poem â€Å"Rimm of the Ancient Mariner†, life changes for over 200 men with the single act of a man with his bow. Only if you believe there is a link between nature and the spiritual world would you be affected. But what is it about the life of a bird, an albatross that could change lives. Sailors for centuries have considered the albatross an omen of good luck or in some cases a curse. In the poem â€Å"Rimm of the Ancient Mariner† the crew learns that life can change quickly both for the good or bad. When their ship is frozen in the ice and an albatross appears, the ship is freed and released and once again the sails are filled with the wind. The albatross has acted as a giver of life, something that goes deeper than just the flesh. This new freedom is almost like salvation, not only have they experienced the physical freedom but also their spirits have been released from certain doom. As the sailors feed and play with the bird there seems to be more than just a physical connection. A kindred spirit has formed, a trust in each other. Then for some unknown reason one of the sailors decides to kill the albatross. With this action comes retribution from an unforeseen source. With the killing of the bird the spiritual world has been awakened. Both good and bad will exert their influence upon the ship. The curse of death has been passed upon them and upon that single sailor he will suffer the worst death of all. He would live but wish that he could die. They witness death coming in the form of a skeletal ship with a crew of two, Death and Life-in-Death. The souls are required of each man that condoned the killing, except the one who did the actual act. â€Å"Life-in-death† will require that sailor’s soul to be tormented inside him until the retribution has been paid, if ever. With the price paid the heavenly spirits guide the ship back to its home port, where the tormented sailor will start his journey of life-in-death. Because we live in the natural world and cannot see the spiritual one does not mean that it does not exist. I have had feelings at one time or another that certain things were not right to do, and it was more than conscience that was talking to me. I am also sure that many have experienced or heard about someone dying and talking about the angels that they see. The sailors on this ship saw death and the price that each had to pay. All this because they refused to honor the natural world and all it had to offer. So an albatross may have more power than we think. Just as much power in death as in life. Research Papers on Albatross and Rimm of the Ancient MarinerHenderson the Rain KingDeontological Teleological TheoriesGenetic EngineeringThe Fifth HorsemanExempt vs Non-Exempt EmployeesThe Story of Beatrix PotterDistance Learning Survival GuideThe Rise and Fall of Napoleon BonaparteAmerican Central Banking and OilThe Equal Rights Amendment

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WITH REFERENCE TO TWO AREAS OF KNOWLEDGE DISCUSS THE WAY IN WHICH SHARED KNOWLEDGE CAN SHAPE PERSONAL KNOWLEDGE - Essay Example Shared knowledge is structured and systematic in its nature and it is an outcome of more than one individual. Shared knowledge is bound together in more or less distinct sections of knowledge, for instance, familiar groups of subjects studied in undergraduate program. Whereas individuals contribute to the distinct areas, shared knowledge does not depend only upon the contributions of a given individual. There are chances for other individuals to check and implement individual contributions and add to the body of knowledge that already occurs. For, instance, Chemistry is a subject with knowledge that is shared. Many individuals have access to it and can contribute proficiently to it. Teams of people, building on existing knowledge, undertake the great work. Despite the individual contribution to the body of knowledge, their work is subject to group processes such as review and replication of results of experimental results before it becomes the final paper. The building of computer al so requires shared knowledge. It is surprising to have individual who has the knowledge of constructing a compute from scratch. That is, not assembling it from pre-constructed components. Though we know how to assemble computers. The product of computer is because of a complex worldwide cooperative effort. Shared knowledge evolves over time due to the continued applications of the methods of inquiry; all processes covered by the framework of knowledge. For instance, applying the methodology that belongs to an area of knowledge changes the existing idea that we know. The changes might be slow or incremental; the areas of knowledge contain certain stability over a given duration. The changes might also be sudden or dramatic; revolutionary swing in knowledge because an area of knowledge responds to new experimental results. Therefore, shared knowledge allows

Distribution System of Sport apparel in the United Arab Emirates Research Paper

Distribution System of Sport apparel in the United Arab Emirates - Research Paper Example As the paper highlights the role of chain stores is to link to the consumers. They connect producers with consumers. Online retail stores are available to the United Arab Emirate clients. It offers the opportunity to serve a wider market that was not previously accessible. Distribution concentrations in the United Arab Emirates are intensive distribution density and selective distribution density depending on the product and target market. The target market is the market is people aged 16 – 30 years old. These are active customers of sport apparel, this segment often shop and especially in Mall areas. They are the trend setting group. The target market will debut on product lines. This study declares that   the United Arab Emirates legal system recognizes the registered and unregistered commercial/business oriented agents. In the United Arab Emirate, there is no difference between a distributor and an agent. They are all known as commercial agents. The law favors registered agent, and choice of the right agent is crucial because a contract entered into by a producer and registered agent cannot be ruminated except when determined by a government committee. The terms of contract differ. They depend on the sales volume and the agent. The responsibilities and performance measures are usually clearly defined. The commonly used way of distributing sport gears and sports apparel in the United Arab Emirates is through a commercial agent. The other methods used are direct sales to the end users, sales through informal channels, re-seller agreement, joint venture firms and through licensing agreements.