The Role Of Individualism During The American...

The Role of Individualism in Democracy For millennia, humans have been seeking a perfect form of government, but it remains an enigma. However, among numerous systems of government, democracy proves itself to be the most effective form government in the history. A democratic government is built and abolished by the people. Thus, the government is the voice of the people and acts accordingly to their wishes. Nevertheless, there were only a few nations employed this system, and the United States of America was one of the oldest democracy in the world. After the American Revolutionary War, a young republic was established with all characteristics of a democracy. Although many critics argue that the young republic was not a democratic government because of slavery, racism, and social class discrimination, it was the most fully developed democracy in the eighteenth century. In order to explain why the United States chose democracy, it is important to understand the American’s ideology. Frederick Jackson Turner in his e ssay, â€Å"The Significance of the Frontier in American History†, implies that the American frontier produced individualism which was the main factor that led to a democratic government in America. In his essay, he points out both advantages and disadvantages of individualism in democracy. However, by examining our democratic government and our Constitution, individualism is an essential element of our democracy, for it promotes liberty and prevents an authoritarianShow MoreRelatedThe American Dream Through Literature1496 Words   |  6 Pagesconcept of the American Dream. That is, that any person regardless of circumstances of birth can become successful through hard work and persistence, regardless of where they came from. Despite many arguments on whether that’s achievable or not, it continues to be a persistent topic in American culture. 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UPS Financial Analysis Paper - 1475 Words

The tools and strategies within UPS are thus far challenging for their business, and due to the advancements in technology, UPS will be required to use the latest technological trends to stay competitive. The impact of competition on a local, regional, national, and international basis, can play a part in environmental regulations as well. As mentioned previously, UPS competitors include the postal services of the U.S. and other nations, various motor carriers, express companies, freight forwarders, air couriers and others. Their industry is undergoing rapid consolidation, and the combining entities are competing aggressively for business. According to the UPS website, UPS conducted a warehouse distribution analysis to shape the†¦show more content†¦Their Business Practices department fosters a culture of compliance throughout the organization, and this is includes supporting management and non-management with guidance, policy, protocol and procedure development to address s ystem-wide business practices issues. Methodist also provides education and awareness on relevant compliance topics, as well as, proactively monitors and assesses potential risk factors for business practices. These strategy development processes help to drive the economic decisions for the company to maximize on patient satisfaction progress. Recommendations In order for UPS to successfully maximize on long term profits, they would need to understand what the economy needs. For example, economists assess the success of an economy’s overall performance by studying how it could achieve high rates of output and consumption growth. 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Principles of Financial Reporting Budget

Question: Discuss about thePrinciples of Financial Reporting`for Budget. Answer: Brief Overview: Budget can be termed as a tool, which assists, in accurate forecasting. To perform the forecast several elements such as unconstrained demand, stay patterns and booking pace are taken into the considerations. While preparing a budget one should be realistic in their approach along with the time to set new goals with improved target. In order to answer various elements of budgeting several aspects such line of visibility, marketing and sales resources should be developed on regular basis to meet the daily business needs. In the following report of Grand City Hotel the analysis of the financial statement along with budget can therefore be created in terms of room nights and revenue. The budget is usually forecasted through annual forecasting of its accounting items. Such analysis of the financial statement helps in understanding the business demand and leisure demand of Grand City Hotel. The analysis enables Grand City Hotel to sell the rooms for the upcoming months to maintain its cor porate accounts. Financial Analysis: The current forecasting undertaken for the Grand City Hotel will reflect the anticipated situation of the hotel in long run. Forecast will be compared to the budget along with the new rate and selling strategies which is applied depending upon the revenue maximisation. Beside the analysis of the financials statement Grand City Hotel also implements the budgetary method to determine the annual growth with projected rate and the changes being represented in the yearly revenues (Brigham and Ehrhardt 2013). The financial statement made is helpful in determining the budgetary forecast for the same in the next financial year. Grand City Hotel revenue for the financial year of 2015 amounted to $542,186 reflecting an increase of $72,795 for the degree of turnover registered during the financial year of 2014. The increase of 16% in revenue is mainly due to the higher occupancies higher amount of room rate averages achieved from the hotel premises. According to the financial statement it can b e understood that the average increase in room occupancies and average rate of room during the year 2015 in central Asia was 13.7% and 25.1% respectively reflecting an increase in the revenue generated from the available per room is 35.4%. From the financial report it can be understood that the continued positive performance of Grand City Hotel mitigated the impact of the hotel industry recession and thereby it is limiting the overall shortfalls in turnover of the hotel as a whole (Horngren et al. 2012). Commenting on the salaries and wages it reflects that number of cost saving measures were implemented during the financial year of 2014, which was aimed to reduce the operating cost and keeping other expenses in control. The valuation of Grand City Hotel rooms is mostly based on the positive results achieved during the year 2014. The ultimate effect of such adjustment was the net revaluation of the room revenues generated from its various segments such as corporate rooms, conference rooms, government rooms, leisure and walk in rooms. Thus, the final revenues generated stood $768,955 as compared to the previous year of $647,125 with an increase of 19% from the previous year. Revenue Management of Grand City Hotel: From the revenue management A demand calendar is the primary step in financial analysis and it also helps in making informed decision based on the prices of the rooms on the solid data and statistics (Chen, Lin and Zhou 2013). Therefore, such strategies is understood as the tool for building annual revenue road map for effective revenue management strategy. A budgetary statement illustrates the yearly demand pattern by matching them with the future events. Grand City Hotel from the budgetary statement helps to evaluate the revenue from the each of its facilities and amenities provided by undertaking the demand considerations and exceptions. An exception also applies concerning the behaviour of Grand City Hotel one segment, which is not normal, which is walking government bookings than on usual days or much less is the walk-in bookings than the usual leisure bookings. To further provide an in depth into such bookings is the number of rooms sold during the budgeted year from the actual number of rooms originally sold by Grand City Hotel. The budgeted walk-in bookings for the financial year of 2014 was 560 whereas, only 150 walk-in rooms were actually sold. On the other hand, the budgeted government booking for the financial year of 2014 was 300 and the actual amount of room sold was higher than the budgeted amount. In addition to this, in the following year 2015 the budgeted amount for government rooms was 760 however, the actual rooms sold were only 465. This represents a fall in demand for government rooms and such fluctuations should ideally be recorded in the demand calendar to understand the behaviour of such segments. During the financial year of 2015 Grand City Hotel reported an increase in the revenue by 19% with equivalent of $769,855. An increase in revenue is principally due to the enhanced marketing with the increase in the conference and events business leading to higher yielding of room sales through its advertisement channel (Crivelli and Staal 2013). For the second year in a row Grand City Hotel continued to implement the strategy of enhancing the low yielding of room bookings generated through walk-in and leisure rooms. Analysis of Expenditure: The other aspects of the financial statement focus on the number of rooms sold for conference purpose. From the budgeted report it is understood that the during the year 2014 the budgeted number of room bookings for conference was 295 and the total number of actual rooms sold was 295 rooms. On the other hand, in the following year 2015 the budgeted number of bookings for conference was 2777 however, 2930 number of rooms were actually sold. This represents constrained demand of rooms from the projected demand for a particular date irrespective of the hotel capacity. It is worth mentioning that Grand City Hotel should specify the unconstrained demand, which is an important part of the revenue management strategy. The unconstrained demand will assist the Grand City Hotel in evaluating the value of the last room for certain particular dates along with the possibility of length of stay of guest (Titman, Keown and Martin, 2015). Once the peak periods are identified, Grand City Hotel may st art to regret the low paying business. Financial data obtained will help in computation of potential unconstrained demand. During the financial year of 2011, expenses amounting to sum paid for wages and salaries incurred by Grand City Hotel for front office which consists of the cost for manager, Duty Managers, Receptionist, Night auditors. On the other hand, Grand City Hotel also incurs the cost for housing keeping which consists of the supervisor, room attendants and other cost occurred for super work cover. Analysis of Salaries and Wages: The total amount of wages and salaries actually incurred for the financial year 2014 stood 110,460 whereas the budgeted amount was $123,964. Results derived from the Grand City Hotel operations during the financial year of 2014 have generally been positive. On the other hand, the revenue for the financial year of 2015 also reflects increase of 72,795 from 542,186 to 469,392. The main factors which is responsible for the increase in revenue from the previous year is the significant amount of improvements made by the hotel through its hospitality services (Sato and Hirao 2013). An improvement in the economic conditions has also significantly contributed to hospitality market with an increase in the consumer spending. In the financial year of 2016 the actual amount of room revenue generated were 10,01,250 with improved gross profit of 42%. It is noteworthy to denote that the operational cost increased proportionately with more growth in revenue and the gross profit was relatively higher from the previous financial year of 2015. The overall earnings of Grand City Hotel for the financial year of 2016 increased by $2,32,295 which also benefited the hotel in the initial year. During the year 2016, the comprehensive budgeted statement amounted a positive balance of $10,01,250. The uplift was due to the offset of expenses incurred on wages and salaries in the valuation of hotel rooms mainly due to the higher demand (Brigham and Houston 2012). The increase in revenue has resulted from the oversupply of hotel rooms in the respective consumer market and the average room rate for the respective elements is associated with the economic situation and associated risks. In addition to this, there has been a positive uplift of the value of Grand City Hotel properties with the total revenue of 7,71,183 for the financial year of 2016. However, this positive performance was more than the offset of substantial charges of finance cost. The operating results has been the outcome of the financial statement as the profit residue from the investment made is the uplift in the value of hotel rooms amounting to $768,955 and $10,01,250 for financial year of 2015 and 2016 respectively. The turnover of the hotel is anticipated to grow by 10% for the financial year 2014 and 12% for the year 2015 (Weil, Schipper and Francis 2013). Although the positive forecasted amount is for the financial year of 2016 is short by 7% of the anticipated revenue achieve by the hotel. Grand City Hotel is anticipated to continue with the process of occupancy in increasing the occupancy furthermore the revenue is projected to increase to 10,860,95 to continue with the occupancy for achieving the desired operational result. As a result of revenues for the financial year of 2015 and 2016 are estimated at 657,591 and 826,239 respectively and the gross operating profit before salaries and wages amounted to $7,68,955 and $10,01,250 respectively. The projections which is presented in the budgeted statement in the current document assumes that the total room revenue will reflect an upward trend. Therefore, it is worth mentioning that no such adjustment has been made on the possible impairment or uplift of the rooms that may be sold which will materially create an impact on the consolidated income statement (Titman, Keown and Martin 2015). Beside the hotel fixed cost in the salaries and wages cost of utilities and depreciation are the major items, which have effected on the cost and low profit margin. For three consecutive years from 2014 to 2016 the hotel has made enormous growth and this is largely due to the ample of liquidity and low profit margin. From the financial statement it is highlighted that the total room revenue and the total cost expenses with the cost of salaries and wages of the financial statement of Grand City Hotel from the financial year of 2014 to 2016 recorded the total revenue of rooms includes $6,47,125 , $7,68,955 and $10,01,250 respectively. However, the salaries and wages amounted 110,460 from the budgeted amount of $123,964, which accounted 17% of the total revenue. The other expenses of the hotel for the year ended 2014 accounted for 10% of the total revenue (Fabozzi and Peterson 2013). The salaries and wages concerning the front office for the year 2015 is $135,228 where as for the following year 2016 was $1,47,042. It should be noted that the projected expenses was 1,28,596 for the year 2015 whereas 1,55,814 for 2015 however there total salaries and wages was higher than that of the budgeted amount. Conclusion: To conclude with the management of the hotel has achieved the desired level of operations to manage the efficiency of the hotel based on the above stated analysis. It is the conclusive evident that high amount of liquidity and its higher profitability margin has been the major factor for success. There are however, issues with the lower occupancies of the rooms sold for the walk-in purpose and liquidity purpose due to low turnover probable guest. The analysis also takes into the consideration the operational management cost incurred from the activities from the cleaning expenses, guest amenities, supplies for guest etc. From the analysis of the financial statement, it is evident that Grand City Hotel for the three consecutive years have managed to preserve the trend of gaining heights thorough improved performance and higher incidence of profit margin. Reference List: Arnold, G., 2014.Corporate financial management. Pearson Higher Ed. Brigham, E.F. and Ehrhardt, M.C., 2013.Financial management: Theory practice. Cengage Learning. Chen, X., Lin, Q. and Zhou, D., 2013. Optimistic Knowledge Gradient Policy for Optimal Budget Allocation in Crowdsourcing. InICML (3)(pp. 64-72). Crivelli, E. and Staal, K., 2013. Size, spillovers and soft budget constraints.International Tax and Public Finance,20(2), pp.338-356. Deegan, C., 2013.Financial accounting theory. McGraw-Hill Education Australia. Fabozzi, F.J. and Peterson, P.P., 2013.Analysis of Financial Statements. Wiley. Fernandez-Tapia, J., 2015. Rigorous budget allocation for programmatic ad-buying. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015.Issues in financial accounting. Pearson Higher Education AU. Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D. and Tan, R., 2012.Financial Accounting. Pearson Higher Education AU. Otto, A., Otto, F.E., Boucher, O., Church, J., Hegerl, G., Forster, P.M., Gillett, N.P., Gregory, J., Johnson, G.C., Knutti, R. and Lewis, N., 2013. Energy budget constraints on climate response.Nature Geoscience,6(6), pp.415-416. Pratt, J., 2013.Financial accounting in an economic context. Wiley Global Education. Royset, J.O. and Szechtman, R., 2013. Optimal budget allocation for sample average approximation.Operations Research,61(3), pp.762-776. Sato, T. and Hirao, M., 2013. Optimum budget allocation method for projects with critical risks.International Journal of project management,31(1), pp.126-135. Titman, S., Keown, A.J. and Martin, J.D., 2015.Financial management: Principles and applications. Pearson. Tran-Thanh, L., Huynh, T.D., Rosenfeld, A., Ramchurn, S.D. and Jennings, N.R., 2015. Crowdsourcing complex workflows under budget constraints. Weil, R.L., Schipper, K. and Francis, J., 2013.Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.