Efficient Market Essay Example for Free

Efficient Market Essay Q1. Efficient market is one in which stock prices fully reflect the information of a company, either positive or negative. If the information from a company is positive, investor will give a good response and the price of shares of this company will increase. Since the information is reflected in price at once, normal rate of return should only be obtained. Also the price that the firm received from issuing securities is the present value, and valuable financing opportunities are unavailable. There are three conditions that will cause market efficiency, which are the rationality of investors, dependent deviations from rationality and arbitrage. Three forms are divided by researcher according to the availability of information. The first one is Weak Form. The price in this form were just focused the past stock price. This is the cheapest, easiest strategy to find the pattern in stock price. But the future information is random due to random walk hypothesis therefore it is unable to generate any profit. The Semistrong Form will appear when all information is publicly available, including the historical price information. The price should rise at once when the news release and no chance for profit when the investor analysis the information. The Strong Form appears in which the price reflects all information publicly or privately on market. Secret news or insider’s news is useless for investors to earn profit in this form. Arbitrage will generates profit from the rationally purchase and sale of similar stocks in market in order to make the profit riskless. The rationally decision is included estimate the business rationally and methodically. So in Weak Form just need to obtain the historical stock information is enough for knowing the different of price. But financial statement, economic and politic situation is needed to consider in order to obtain the arbitrage in Semistrong Form. And some private information like the purchase of resources or amalgamations of firms are needed for understands in order to obtain arbitrage in Strong Form. Q2. Below are the advantage and disadvantage of different investment rules. Net Present Value is used to calculate the net change in company’s asset with respect to a project after considering the time value of money. So company can base on the result to make the decision, where positive NPV should accept the project. The advantage of NPV is accurate to obtain the best decision since it can fairly rank different projects and classify them by their size and duration. Because NPV consider and apply cash flow and discount rate, difficult to estimate and full of uncertainty of these two elements will be the disadvantage of NPV. Payback period is used to make decision by comparing break-even point that the project can payback within a predetermined cutoff. The advantage of it is simple and directly analysis. Also, it is useful for short-term project that cash management is the first priority since it payback mainly focus on liquidity of the project. The disadvantage is payback ignore time value of money and the cash flow after cutoff period, so some cost may neglected and cause an inaccurate result. Discounted Payback Period will convert the cash flow as the present value and compare the discounted break-even point that the project can discounted cash flows payback within a predetermined cutoff. Since the calculating is similar with Payback so they share their advantage and disadvantage. Since the time value of money is considered so result can be more accurate, but it also specified the discount rate so the analysis will become more complicated. Internal Rate of Return is the discount rate that NPV become zero. It will accept the project that has a greater discount rate compare to IRR. It is usually used because it is easy for manager to find out the rate of return. But it is no accurate when the project have some non-normal cash flow or when evaluating mutually exclusive projects. Finally, Profitability index is used to measure profitability among different projects. It obtains present value by discounting the cash flow. With formula: benefit/cost ratio, profit of all positive NPV project can be ranked properly. Therefore it is useful for manager to rank and select suitable projects through the list. But discount rate is difficult to calculate because it is very uncertain. And profitability index will be broken down by other resource constraints. In conclusion, there are similarities between some investment rules. NPV, IRR and PI consider the time value of money while the left rules do not. Although it is more complicated when computing with discount rate, the more accurate and detailed result can be work out so it is worth to do so, just like the rules discounted payback period and payback period. Moreover, IRR can give the accurate result to manager quickly, but it may affect by the non-normal cash flow. Therefore using NPV may be the right choice of rules to evaluating mutually exclusive projects. As a result, managers should choose different rules for particular situations.

Failed Leadership Essay -- Religion, Yahweh

Elijah is a prophet of Yahweh, Whom ministry is started with dramatic surprise to the local people and the nation. He announce drought that there will not be either rain or dew in the nation except by his word (1Kings 17:1). Elijah’s ministry again followed by another victory on mountain of Carmel in revenging the power that claims to be mighty. We see different pictures of Elijah in 1Kings 17-19. In Chapter 17 we see Elijah who is talking as powerful decision maker. In Chapter 18, we see Elijah who is victorious over his rivals, and confront with the King (1kings 18:17-19). In Chapter 19 we see a disheartened Elijah who seems forgotten his late victory over the prophets of Baal. Finally in this text (19:1-4) we see the fallen Elijah, fallen mighty saint who is begging for death and Elijah who was retiring from his long-term service as prophet of Yahweh (1kings 19:15-18). Lives of all the actors of this text may loudly speak to the Oromo people who have fled persecution o f dictatorial regime and suffered selfish character of some of their own leader who led the liberating institution. I. Application Today, when we read this text (1Kings 19:1-4 and 19:8-15) having the Elijah in the previous two chapters (17 and 18) in mind a lot of things may come to our minds, such things as confidence, mightiest , fair, and persecution. After the great events on Mount Carmel, Elijah did not get the opportunity to enjoy the victorious moments over the prophets of Baal. For those of you who had tremendous experiences in the struggle for freedom and went through persecution, it must be easier to understand what it feels to be in hopelessness, fair and disappointment. Lately friend of mine told me that he walked on his feet for nine da... ...ip and turn people face to worship the might God, however, he was filled with pride. Similarly the leaders who claim to lead the liberating force working toward the Oromo people might resemble Elijah who has big courage to work for the kingdom he is called to serve but failed in pride. Finally, the steps Elijah took in freeing people from worshiping the Idol could partly please God he was serving, to the contrary his pride displease God. Hence in order the struggles to continue the people who have been messing with the issue have to be removing. In our text God told to Elijah to go and remove the current political and religious leaders to be replaced by new leaders (1Kings 19:15-18). We are human being we will not serve forever and we will not mess up forever. God will use all possible means to call and install whom he want and remove that He wants to remove.

Tally

TALLY . ERP9 FEATURES Advantages of Tally. ERP 9: †¢ Powerful remote capabilities that boost collaboration †¢ Easy to find qualified personnel †¢ Easy to customize †¢ Low cost of ownership via quick implementation, Tally Integrator, Support Centre†¦ Functions & Features: Accounting All your accounting requirements are supported and more. Accounting, also known as bookkeeping, is the recording and classifying of financial transactions into the books of accounts and associated registers.Let us look at the some of the ‘needs' for which businesses maintain books of accounts: †¢ To fulfill legal requirements – records as per standards and practices †¢ To pay taxes to various bodies – statutory needs †¢ Keep the business running – manage receivables & payable, cash, bank†¦ †¢ Keep a watch on the pulse of the organization – key performance indicators †¢ Respond to queries – to locate the right tr ansaction immediatelyWe have been perfecting this ‘simple' recording – accounting – from over twenty years. All this to deliver better, faster and more flexible ways to fulfill your needs, not just maintain books of accounts. A few examples will illustrate: †¢ With the entry of a voucher (this is what we call all accounting transactions) all books of accounts, all reports, all totals & sub-totals are updated instantly.There is nothing more that needs to be done – whether you are inserting a forgotten entry, or correcting one †¢ Taxation requirements of all the states of India are available, in the prescribed formats †¢ Supporting tasks like reminder letters, delayed interest, ageing, bank reconciliation †¢ One single dashboard to look at all important business ratios †¢ Drill down from any report, even the Balance Sheet, right to any voucher or filter and search †¢ Data entry in the language of the users choice – and re port in any other language (from the languages supported) †¢ Mark vouchers that are draft as ‘optional' and convert these to final- with one button click Financial Management & Controls Tally. ERP 9 comes with rich features & financial reports that give you the necessary management and control of your business. A few of these are listed below: †¢ Funds Flow & Cash Flow reports – help you ocate bottlenecks †¢ Bank reconciliation – keeps your bank books in sync, and identify unclear instruments †¢ Customer Credit Limits – to limit risk of default and large losses †¢ Budgets – keep tabs on projected expenses against actuals †¢ Mark vouchers postdated – these will reflect into the books of accounts only on/after that date †¢ For needs where reports have to consider a transaction that has not happened (say salaries for this month that get paid the next month) vouchers (called ‘reversing journals') can be ma rked to ‘disappear' for reports post a specific date †¢ â€Å"Scenario† management – helps you with your business forecasting and planning. You can use optional, reversing journals and memorandum vouchers, to aid in recording provisional entries that are useful for interim reports †¢ Multiple inventory valuation. You can decide one valuation method for the business, and be able generate financial reports using any other valuation method – as the statutory method may not be appropriate for your needs, your bankers and for other decisions †¢ Cash balances can go negative – you can get warned if this is about to happen, or see reports and make the necessary corrections Several business exceptions are available (negative stocks, negative ledgers) – for you to exercise control over these activities †¢ A one-screen business ratios with drill down right up to the transactions – help you to correct course frequently †¢ Item wise & document wise profitability statements to control revenue leakage and inappropriate pricing †¢ Internal audits are supported with audit controls – authorized users can mark vouchers as ‘audited' and can get to see reports on changes made post audit, and the name of the person making the change Inventory Accounting & Management If you deal in goods, of any type, you'll appreciate the Inventory capabilities in Tally. ERP 9.You can comprehensively record all types of inventory transactions, using goods receipt notes, delivery notes, stock journals, manufacturing journals and physical stock journals. All stock movements are fully recorded and maintained in stock registers. Developed for all manufacturers, distributors, wholesalers or traders a small list of features are briefly described below: Manufacturers: †¢ Bill of materials and Manufacturing Journals, to record material conversions †¢ Compound bill of materials support, for units that conta in assemblies †¢ Multiple locations (go downs) †¢ Excise for manufacturers, including all documentation and invoice †¢ Costing for jobsDistributors ; Wholesalers: †¢ Multiple price lists, with effective dates of applicability †¢ Use multiple units of measure (say KG's & grams) †¢ Dual units of measure (say KG's and bags, to support variations as happens in commodities) Traders: †¢ High speed billing, with support for POS printers †¢ Bar code support †¢ Automatic application of taxes †¢ Service billing ; service tax †¢ Integrated sales return in bills †¢ Print bills (and any other document) in the customers language Common: †¢ You can choose to de-link the computed inventory value to automatically appear in your financial statements – and enter this figure manually. †¢ Stock ageing reports, to identify slow and non-moving stocks †¢ Invoice profitability reports to keep a pulse on sales †¢ Multi-cur rency transactions – buy and sell across the world – with integrated forex gain/loss calculations †¢ Physical stock take records to adjust physical vs. actual stocks †¢ Maintain batch ; expiry details Purchases ; Payable's: from Order to Payment Tally. Read also Recording General Fund Operating Budget and Operating TransactionsERP 9 delivers the entire purchase cycle whether the need is the complete purchase order goods receipt – rejections & returns – advances, debits & payments or a single payment entry, fulfilling all needs. To ensure that you have the right stocks and minimize carrying costs, Tally. ERP 9 delivers the following to improve purchase orders: †¢ Define Re-order levels as a definite number or based on consumption †¢ Define minimum quantity to order as a definite number or based on consumption †¢ Pull up a report that shows the stock position, including complete details of open purchase orders, sales orders that need to be fulfilled – check on past purchase history, and then place orders †¢ Optionally stagger delivery dates in the POWhen receiving goods: †¢ Make entries in accordance with supporting documentation, including errors your suppliers could have made (say of mu ltiplication & round off) †¢ Incorporate additional costs †¢ Automatically manage input taxes †¢ Flexibility allows receipt of goods, quantities and rates different from that ordered – since this is common in real life †¢ Record samples & free items (using different ‘actual' & ‘billed' quantities) †¢ Multiple receipts for one order or one receipt for multiple orders, or against verbal orders In case there is a need to add other costs (say coolie and cartage) these additional charges can be apportioned to the cost of goods purchased. Supplied goods may not match your needs and these are managed by the ‘Rejections Out' inventory voucher. Supplier dues, input taxes and inventory positions are updated.Suppliers often indicate likely profits, which may not be met. In case such assurances are made, you can look at Item profitability reports, and get the facts right. You could then negotiate a rebate and record this as a debit note. Keep ta bs of how much is due to whom, when. Manage advances, payable s & postdated checks. Ensure there are no errors in payments – print checks from Tally. ERP 9. Sales & Receivables: from Order to Receipt The lifeline of a business, efficiencies in sales operations, both of goods & services, directly impact growth and profitability. The need to optimize and keep a close watch here requires exceptional capabilities from your business IT system – and Tally.ERP 9 meets these demands. The sales process is supported with the following documents: †¢ Quotations – records of quotes †¢ Sales orders – accepted customer orders †¢ Deliver Notes – documents that accompany goods †¢ Sales Invoices/Cash Bill – to record the sale †¢ Credit Notes – for financial adjustments †¢ Rejections in – for goods returns †¢ Receipts – for advances and receipts Do you have cash sales (sales across the counter)? With supp ort for Point of Sale printers, bar codes and receipts in multiple tenders, you POS enable your business at no additional cost. Product sales may come with added services – and the integrated product & service billing will close this.Enforce credit limits, where needed. Along with the Payment Performance of Debtors report you can identify persistent problems and take necessary business decisions. Interest for delays & reminder letters aid in collection. For businesses engaged in Excisable goods, you get full support for Excise for Traders & Manufacturing Excise – matter of fact a business could be both! Make multiple deliveries from one order, or one from multiple orders – this common need is available across all documents of the sales process. Do you have multiple classes of customers? You can easily setup multiple prices (even in advance and specify the date from which they are effective).Discounts against the line, or for the document, additional charges as a percentage or lump sum, automatic round off of bill totals, automatic computation of VAT & Service tax, returns & exchanges are all available. Need to verify that you are making the desired sales margins? Item wise and bill wise profitability reports will help you keep tabs. Multi-company A set of account books represents a ‘company' in Tally. ERP 9. Therefore, if you decide to maintain your personal accounts you would create a ‘company'. Many businesses do have more than one legal entity – and so will require multi-company support. Since each company is a distinct ‘data base', building technical support for this is not difficult.However, with multiple companies, several needs often arise beyond the mere facility to record transactions that need to be addressed,. Principally, you would like to look at consolidated reports since these are often more meaningful to you than statutory reports of each company individually. You can therefore ‘group' compani es and have the reporting ability as if this were a ‘company'. You could also ‘group' these on demand or as required. So Partner A, could group companies in which he is a partner (say Companies P, Q ; R) and Partner B could have a group with Companies Q, R ; Y. With multiple companies, you would probably need to compare them to see relative figures. In Tally.ERP 9, while seeing a report for Company P, you could pull up another column alongside that shows figures from Company Q (and any more companies). You can now continue to drill down the report and continue to see these comparisons. Quiet often with multiple companies, the need arises to create the same ledgers ; post transactions to more than one company. This can be accomplished with the click of a few keys – you save immense time by not having to re-enter data and avoid data entry errors. In special circumstances, where there are needs like a Purchase Order entry becoming a Sales Order in another company, ou r Service Partners will be able to work with you, understand specific requirements and build a solution around the Data Synchronization capability.Security: With multiple companies, possibly including personal accounts, you may need to control who gets access to which companies, and to do what. You can set up users, grant or deny access and these are defined for each company. Remote Access: You choose to specify which company is accessible remotely. You choose which remote users have access; you decide what access a remote user gets. Central User Management: Users come and go. You might also have a password policy requiring users to change passwords every few weeks. You can take advantage of the ease of central user and password management that Tally. NET identities carry – and even remotely manage these while not in office. Multi-Period A ‘financial year' is truly suited to business reporting and statutory needs.In reality, business spans across financial years, so â⠂¬Ëœreal needs' get constrained by these financial periods. As an example, receivables (Sundry Debtors) is an area that is frequently plagued by ‘confusion' the need to send reminders, resend statements of accounts and persistent follow up – may require that you need to look at figures from date ‘x' to date ‘y' – and one or more financial periods can be between these two dates. With Tally. ERP 9, you can specify any date range and perform any operation that you need to. Comparison of Periods, say Q2 this year vs. Q2 last year, often required for shareholder and statutory reporting are easily accomplished. You may also need to break up periods into smaller chunks, instead of the ‘year'.While looking at the reports, you can instantly view them broken into periods of your choice (daily, monthly, quarterly etc). For studying trends, locating unusual figures, or comparing activities for different periods, this is invaluable. Take the case of budgets. Say for a five year long project – and for various ledgers you need to have a budget set up for five years, another for each year, another two that are 2 ? years†¦ you can setup such budgets, and compare budget vs. actual for any! In effect you can ‘zoom out' as well as ‘zoom in' to any period of your choice. Any changes made or a transaction inserted anytime, are instantly carried forward – no matter how far back these are made (from a security standpoint, you might need to restrict data entry or hanges to transactions prior to a specific date – this is available via the User security control features). Multi-Cost/Profit Centers As a business transacting in multiple currencies, you will appreciate the effortless usability of Tally. ERP in this area. Say, you make purchases from a supplier, and transact in a currency different (say $) from that of your base currency (say INR). You'd like to keep track of the dollars due, as well as the $ amount s due for each bill. This way you get to know your foreign currency requirements as well as cross check the accounts in $. At the same time you would want to see outstanding and other financial reports in INR.Since this figure depends on the exchange rate as on the date of the report, generating these are time consuming. With Tally. ERP 9 all reports are generated automatically – all that is needed is that the forex rates be available for reference. Foreign exchange gain & loss entries are ‘posted' automatically (as a notional entry), whenever any report is taken. The day you decide to make these entries regular (say end of the financial year) you can post the required accounting Journal (with software assistance). Importers and exporters maintain bank, customer & other accounts in foreign currencies (like the example of the supplier) – you can maintain these in any currency required.As a branch or subsidiary of a foreign entity, or for reporting, you may need to generate reports in a currency other than the base, at some exchange rate. This capability is available across all reports. You may need to compare companies having different base currencies – switch one company to use the currency of the other, or switch them both to a third! Basically, every amount field in a Tally. ERP 9 voucher is multi-currency enabled. This allows you to conduct business in ways that manual systems permit and most IT systems fail to provide. It is possible for a supplier to, say, send a quote for items in INR, some in US$ and some in â‚ ¬. Multi-units Most businesses will use several units of measure, even if the belief that just one (pieces) is used.Take purchases – you could order in the units you are comfortable with, and you receive goods in a different unit – for e. g. , order in Pcs, receive in KG's. Similarly you could record sales in the units that your customer is comfortable with. The flexibility of this ‘compound' unit of measures is to ensure that Tally. ERP 9 does not get in the way of your way of working. Like in the case of multi-currency, every quantity field is inherently multi-unit ready. Some commodities, say cotton, have ‘peculiar' problems – the unit of stock used for this commodity is ‘bales', yet trade is in Kg's. With changes in weather, cotton looses or gains weight due to changes in moisture content.If you used Kg's for your records, you would loose the ability to manage stock count and stock take of bales; if you used bales, you would have a mismatch in the actual quantity transacted. This problem is compounded in real life – since each bale carries a different weight of cotton. With Tally. ERP 9 you can manage all these, with the support for multiple units of measure. Now, you can record both units in transactions – Kg's and bales at the same time. Stock valuation will be done in Kg's; inventory count can be managed in bales! You receive some supp lies – the Invoice shows 5 Pcs. and the actual count shows 6 Pcs.! Were you to enter your receipt as 6 Pcs. there will be a mismatch with the voucher and physical document which will result in an audit objection. Entering as 5 Pcs. would mean that one piece is not recorded†¦ Tally. ERP 9 supports ‘actual' and ‘billed' quantities – thus delinking the inventory count from the financial impact of the transaction. With this you can also receive and deliver free samples and manage the many variations that occur now and then. Therefore compound units, alternate units and billed/actual quantities should deliver the capabilities needed for most, if not all, of your requirements. Multi-Location Inventory Even the simplest of organizations will have inventory in more than one physical location.As organizations get bigger, inventory will require active ‘management' with more warehouses (go downs, as we call it in India), racks ; shelves and stocks at projec t locations. Take the case of multiple sales outlets, each with one go down. Each purchases items at different prices and sells them over time. You need to take a call on the value of stocks at each of these outlets as if they were independent units – and not apply the company average. With Tally. ERP 9, each outlet will act as an independent unit from a costing perspective. Sales from each outlet will reflect the appropriate cost, and not the company average (which can skew profitability of both outlets).Seen at the company level, the cost behavior ignores these go downs – making reports and financial analysis appropriate at that level. Go downs can contain go downs – to allow management to the bin level. For various jobs (projects) and sub-jobs, the use of go downs and cost centers in Tally. ERP 9 give a high level of reporting and analysis – on inventory and financial aspects of jobs. Multi-Budgets ; Scenarios Budgets are a measure of the results expec ted for the planned activities for a company. Whether you formally plan budgets or not, you will be working against several budgets – Revenue, Production, Expense, Financial, Investment and so on. Once these budgets are recorded, you would periodically want to check up how your business measures up against this plan.And once you get a handle on the variance, you would probably take decisions on course corrections – record possible outcomes of these changes (as scenarios) and compare against the budgets once again. This is a powerful planning mechanism that provides the flexibility to work in a changing /dynamic environment. With Tally. ERP 9, you can set up any number of budgets – and to make this easy, budgets can roll up into ‘group' budgets and these can roll up again into ‘master' budgets: the people who come up with the budgets can make entries and the roll-up is automatic (and can be overridden at the rolled up level as well). While viewing any report, you can choose to pull up the budgeted figures as well, along with a variance column. You could just as easily pull up budget figures alone – and make these available to various people.A ‘scenario' is the name given to a specific combination of vouchers that will be included to deliver a report – you can include and exclude different voucher types and build as many scenarios as needed – say one where a product launch is on time and another where it is delayed by three months. You could then view actual figures against a scenario. You could also see the variance between a scenario and the budget! Budgets and Scenarios are powerful tools when used by themselves; used together they deliver unprecedented power to help plan ; monitor your business. TALLY REPORTING ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Modifying Reports (Options) Balance Sheet Profit ; Loss Account Stock Summary Trial Balance Day Book Cash Book P etty Cash Book Bank Book Journal Register Ledger Purchase Register Sales Register Ledger-wise Outstanding Reports Interest Receivable Interest Payable Cost Category Summary Statistics Stock Transfers Stock Valuation Methods BOM – Cost Estimate Daily Balance of Cash/Bank Book Stock Query Negative Stock Item Movement Analysis Stock Ageing Analysis Multi-Column Cash Book Purchase Register-Extract Sales Register-Extract Cash Flow Summary Funds Flow Summary Budgets Overdue Receivable Overdue Payable Age-wise Receivable Negative Ledger Debit Note Register Credit Note Register Reminder Letter Confirmation Letter ? Comparative Profit and Loss Account ? Vertical Balance Sheet with Working Capital ? Comparative Quarterly Balance Sheet ? Income ; Expenditure Statement

The Theory Of Capitalism And Capitalism - 843 Words

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Historical materialism is a term derived from Marxist ideals. Engels discusses regarding this topic in this paper. He discusses Feudalism in regards to capitalism as well as capitalism in regards to socialism (PROF). This includes discussing individual and social appropriation in regards to individual and social production (PROF). Historically, it was considered that the causes of changes in society were based on the changes in production and exchange. In Engels’ perspective, materialism heavily influenced social structure. He states that the basis of everyShow MoreRelatedMarxs Theory on the Fall of Capitalism1479 Words   |  6 PagesWhy did Karl Marx believe that capitalism would eventually collapse and be replaced by communism? To what extent were his predictions confirmed by the history of the twentieth century? Karl Marx is regarded by many as the first social scientist ever. 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