...An essay on Capital budgeting Man's greatest achievement? Perhaps not, but can you afford not to read on when I am about to tell you about Capital budgeting? Many an afternoon has been enjoyed by a family, bonding over the discussion of Capital budgeting. While much has been written on its influence on contemporary living, Capital budgeting is not given the credit if deserves for inspiring many of the worlds famous painters. It still has the power to shock so called 'babies', whom I can say no more about due to legal restrictions. At the heart of the subject are a number of key factors. I plan to examine each of these factors in detail and and asses their importance. Social Factors While some scholars have claimed that there is no such thing as society, this is rubbish. When blues legend 'Bare Foot D' remarked 'awooooh eeee only my dawg understands me' [1] he saw clearly into the human heart. No symbol is more potent than Capital budgeting in society today. It provides standards by which we may judge our selves. Our post-literate society, more than ever before, relies upon Capital budgeting. Just as a dog will return to its own sick, society will return to Capital budgeting, again and again. Economic Factors Economics has been defined as 'I'll scratch your back if you scratch mine.' To my learned ear that sounds like two people with itchy backs. We will primarily be focusing on the JTB-Guide-Dog model. For those of you unfamiliar with this model it is derived from...
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...Parker 1 Cynthia Parker November 11, 2015 After deciding to take a vacation, one must narrow down the possible vacation spots. Two destinations that interest me are Branson, Missouri and Cozumel, Mexico. Both destinations have a variety of activities for me to enjoy while vacationing, but the expenses are quite a bit different. Cozumel will cost more, but I believe I will enjoy the Caribbean cruise more than I will enjoy relaxing in the mountains of Branson. Choosing a vacation getaway can be stressful but exciting. Even on a budget, it is simple to plan an affordable vacation. Two places I would like to vacation at are the mountains of Branson, Missouri and a Caribbean cruise to Cozumel, Mexico. In Branson, there are almost limitless attractions to enjoy. While relaxing in a cozy cabin in the mountains, I could enjoy the peace and quiet nature with beautiful scenery, or I could visit some of the attractions around the area. There is a cabin called the, "Beary Cozy" cabin, and it has one bedroom and one and a half bath. It comes with a fully equipped kitchen and living area making it feel like a home away from home (www.traveloffice.org). The cabin has a romantic fireplace in the living area, perfect for a relaxing, romantic getaway. There are many attractions to choose from, most of which are affordable for someone vacationing on a budget. If I choose Branson as my vacation destination, I would leave on a Sunday and return the following Sunday. I would...
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...There are some teachers who are going to require you to write a 250 word essay. Actually, it is a very short essay for that matter but for some students, it may also be a burden to have a word limit in writing. Let us take a look at the scenarios that you need to understand to compose a well developed essay. For some students, it may be limiting to have a word factor quota in writing an article. There are some individuals who can tell more out of a topic and that having 250 words will not suffice to tell everything in their minds. That is why you need to have the skills in budgeting the words that you have to write without sacrificing the ideas that you have to deliver. There are different essay types that you also need to consider so having a word limit cannot simply be an easy task. Still for some students, a 250 word essay may mean too much because there are also some people who do not want to waste their time writing. No matter what the essay structure may be, these types of people are not really eager to translate their thoughts to written form so they think 250 words simply equates to too much work. Anyway, you need to understand that having this kind of limit will eventually benefit the students as they improve their discipline, being responsible and being resourceful individuals. We can offer you to buy essays from us so you do not have to worry about the number of words in writing. Let our writers make your life easier...
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...Summary of “Writing for Exams” This chapter focuses on the professional exams, including the criteria used to test candidates’ mastery of effective writing. The chapter discusses CPA and CMA exams and how we can become effective in the writing sections of these exams. This chapter also provides us tips for preparing and taking the professional exams. Writing for CPA Exam Since 2013, three tasks requiring written responses have been include in the Business Environment Concepts BEC section of the CPA exam. Each of these questions require specific format, usually that of a typical business documents such as memo or letter. The specific writing skills tested on the CPA exam include the following: * Organization * Development * Expression The AICPA has identified problem solving skills, among others, as important for success on the CPA exam. In the exam, candidates should be able to * Apply professional skepticism * Identify and solve unstructured problems * Develop reasonable hypothesis to solve a problem * Develop creative ways of thinking about situation * Develop logical conclusion through the use of inductive and deductive reasoning Writing for CMA Exam Writing skills and critical thinking skills are also essential for success on the CMA exam. CMA exam evaluate a candidate’s ability to analyze, evaluate and communicate, as well as candidate’s mastery of accounting concepts and technical skills. In addition the following writing skills are evaluated in...
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...Capital Budgeting Practices MGMT 640 Section 9040 Professor J.Jain Executive Summary This essay discusses the importance of capital budgeting and analyzes the most common techniques. The most frequently used methods are the net present value (NPV) and internal rate of return (IRR). These are both tools that analyze the present value of the cost of a project as well as the present value of that projects future cash flows. An essential part of these methods is that they both account for discounted cash flow (DCF), meaning that they both reflect the time value of money. When analyzing independent projects with conventional cash flows, both the NPV and IRR will provide projections along the same lines. However when those two conditions are not met, the IRR method will become misleading. Therefore I argue that the NPV should take precedence over the IRR when only one method can be chosen. However, financial managers should be wary when using the NPV as it does not account for certain factors such as the value of waiting and cash flows that occur on a non-yearly basis. There are direct correlations between the size of a firm and the capital budgeting method most utilized. Small businesses frequently overlook the two most popular methods and opt to analyze projects with the “payback period”, which evaluates the time it will take in order to recuperate cash flows invested in a given project. The variation of this method is known as the discounted payback period, which also accounts...
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...– Evaluating a Single Project and Sections 13.1 through 13.4 in Chapter 13 – The Capital Budgeting Process from the course textbook. Note, as mentioned in class, the error in the definition of “EBIT” on page 552 in Chapter 13 which should read “Earnings Before Interest and Taxes.” Also, in Example 13-3 at the bottom of page 556, leverage, λ, is erroneously called the “debt-equity ratio” whereas it should be called the “debt fraction” or the “debt-to-capital” ratio. 2. Answer Questions 5-12, 5-14, 5-16, 5-17, 5-46, 5-47 and 5-54 found at the end of Chapter 5. Write up your answers, showing all work, neatly and concisely on 8.5 x 11 inch paper. Be sure your name appears at the top of each page and staple multiple pages together. Submit your answers at the beginning of class. Late submittals will not be accepted. All work is to be your own, consistent with the University Honor Council’s Guide to Academic Integrity. 3. Read “Assessing a Company’s Future Financial Health” (HBS 9-911-412) handed out in class and then complete the financial analysis of SciTronics by filling in the blanks on pages 6 through 10. Then complete The Case of the Unidentified Industries on pages 10 and 11. Explain your choices in The Case of the Unidentified Industries in a one-page typed essay and submit it, with the booklet, in class. Be sure to write your name on the cover of the booklet and on the top of the essay. Be prepared to discuss your analysis in class. Everyone is expected to submit his or her...
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...MBA 570 Complete Course - Saint (Assignments- Dqs - quizzes) IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/MBA-570-Complete-Course-Saint-5555500012.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JohnMate1122@gmail.com MBA 570 assignment 1 This writing assignment should be in an essay format. It should use twoor more published news or academic articles which are less than a year old as cited references. In your essay, you should answer the following questions: • What are value stocks? • What are growth stocks? • What is the reasoning that investorsuse for purchasing valueor growth stocks? • Has valueor growthinvesting worked best over the long term? • Do you prefer one of the Find recent examples of news articles in which someone is described as a valueor growthinvestor . How successful have theybeen with this method? The essay will be in APA format and be 500-1,000 words in length . See the rubric on the next page for complete grading criteria Hint: One wayto find information for this assignment is to use the library’s database for the Wall Street Journal or Barron’s and search for a recent article with the words “value investor” or “growthinvestor” in the text of the article MBA570 assignment 2 Assume that you are a corporate manager that needs to make an important decision. Your company currently has its largest factory (700 employees) located in the Midwestern...
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...CMA Exam Support Package Examination Essay Questions For Practice © Copyright 2010 By Institute of Certified Management Accountants Introduction The Institute of Certified Management Accountants (ICMA) is publishing this book of practice questions with answers to help you prepare for the CMA examination. Each question is referenced to the Content Specification Outline (CSO) and the Learning Outcome Statements (LOS). These questions are actual “retired” questions from the CMA exams and are intended to supplement other study materials. These practice questions will help you test your understanding of the concepts and rules included in your CMA study materials by requiring you to apply those concepts and rules to unique and varying situations. You will encounter different scenarios and applications on your actual examination so it is essential that you understand the underlying concepts. In general, it will not be helpful to you to memorize particular questions. Essay questions appear in both Part 1 and Part 2 of the CMA exam and combine topics from the part in which they appear. No inference should be made from the lack of practice questions in any topic areas. All topic areas listed in the Content Specification for each exam part can be tested in the essay questions for that part at the difficulty levels shown. The CMA Program is a rigorous test of your skills and capabilities and requires dedication to be successful. We hope that these practice questions...
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...Harveya,b,* aFuqua School of Business, Duke University, Durham, NC 27708, USA bNational Bureau of Economic Research, Cambridge, MA 02912, USA (Received 2 August 1999; final version received 10 December 1999) Abstract We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. A surprising number of firms use firm risk rather than project risk in evaluating new investments. Firms are concerned about financial flexibility and credit ratings when issuing debt, and earnings per share dilution and recent stock price appreciation when issuing equity. We find some support for the pecking-order and trade-off capital structure hypotheses but little evidence that executives are concerned about asset substitution, asymmetric information, transactions costs, free cash flows, or personal taxes. JEL classification: G31, G32, G12 Key words: Capital structure; Cost of capital; Cost of equity; Capital budgeting; Discount rates; Project valuation; Survey *Corresponding author, Tel: 919 660 7768, Fax: 919 660 7971 E-mail address: cam.harvey@duke.edu We thank Franklin Allen for his detailed comments on the survey instrument and the overall project. We appreciate the input of Chris Allen, J.B. Heaton, Craig Lewis,...
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...FIN4801/101/0/2012 Advanced Financial Management FIN4801 YEAR COURSE Department of Finance, Risk Management and Banking Tutorial letter 101/0/2012 This tutorial letter contains important information about your module. Bar code CONTENTS 1 1.1 2 2.1 2.2 3 3.1 3.2 4 4.1 4.2 4.3 5 6 7 8 8.1 8.2 8.3 INTRODUCTION AND WELCOME ....................................................................................................... 3 Tutorial matter ................................................................................................................................... 3 PURPOSE OF AND OUTCOMES FOR THE MODULE ........................................................................ 4 Purpose ............................................................................................................................................. 4 Outcomes .......................................................................................................................................... 4 LECTURER AND CONTACT DETAILS ................................................................................................ 5 Lecturer ............................................................................................................................................. 5 Department ........................................................................................................................................ 5 MODULE RELATED RESOURCES ................................................
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...Journal of Financial Economics 60 (2001) 187}243 The theory and practice of corporate "nance: evidence from the "eld John R. Graham , Campbell R. Harvey * Fuqua School of Business, Duke University, Durham, NC 27708, USA National Bureau of Economic Research, Cambridge, MA 02912, USA Received 2 August 1999; received in revised form 10 December 1999 Abstract We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large "rms rely heavily on present value techniques and the capital asset pricing model, while small "rms are relatively likely to use the payback criterion. A surprising number of "rms use "rm risk rather than project risk in evaluating new investments. Firms are concerned about "nancial #exibility and credit ratings when issuing debt, and earnings We thank Franklin Allen for his detailed comments on the survey instrument and the overall project. We appreciate the input of Chris Allen, J.B. Heaton, Craig Lewis, Cli! Smith, Jeremy Stein, Robert Taggart, and Sheridan Titman on the survey questions and design. We received expert survey advice from Lisa Abendroth, John Lynch, and Greg Stewart. We thank Carol Bass, Frank Ryan, and Fuqua MBA students for help in gathering the data, and Kathy Benton, Steve Fink, Anne Higgs, Ken Rona, and Ge Zhang for computer assistance. The paper has bene"ted from comments made by an anonymous referee, the editor (Bill Schwert), as well as Michael Bradley, Alon Brav, Susan Chaplinsky, Magnus Dahlquist...
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...Journal of Financial Economics 60 (2001) 187}243 The theory and practice of corporate "nance: evidence from the "eldଝ John R. Graham , Campbell R. Harvey * Fuqua School of Business, Duke University, Durham, NC 27708, USA National Bureau of Economic Research, Cambridge, MA 02912, USA Received 2 August 1999; received in revised form 10 December 1999 Abstract We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large "rms rely heavily on present value techniques and the capital asset pricing model, while small "rms are relatively likely to use the payback criterion. A surprising number of "rms use "rm risk rather than project risk in evaluating new investments. Firms are concerned about "nancial #exibility and credit ratings when issuing debt, and earnings ଝ We thank Franklin Allen for his detailed comments on the survey instrument and the overall project. We appreciate the input of Chris Allen, J.B. Heaton, Craig Lewis, Cli! Smith, Jeremy Stein, Robert Taggart, and Sheridan Titman on the survey questions and design. We received expert survey advice from Lisa Abendroth, John Lynch, and Greg Stewart. We thank Carol Bass, Frank Ryan, and Fuqua MBA students for help in gathering the data, and Kathy Benton, Steve Fink, Anne Higgs, Ken Rona, and Ge Zhang for computer assistance. The paper has bene"ted from comments made by an anonymous referee, the editor (Bill Schwert), as well as Michael Bradley, Alon Brav, Susan Chaplinsky...
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...HOW TO WRITE GREAT ESSAYS HOW TO WRITE GREAT ESSAYS Lauren Starkey ® NEW YORK Copyright © 2004 LearningExpress All rights reserved under International and Pan-American Copyright Conventions. Published in the United States by Learning Express, LLC, New York. Library of Congress Cataloging-in-Publication Data: Starkey, Lauren B., 1962– How to write great essays / Lauren Starkey. —1st ed. p. cm. ISBN 1-57685-521-X 1. English language—Rhetoric—Problems, exercises, etc. 2. Essay—Authorship—Problems, exercises, etc. 3. Report writing—Problems, exercises, etc. I. Title. PE1471.S83 2004 808'.042—dc22 2004003384 Printed in the United States of America 9 8 7 6 5 4 3 2 1 First Edition ISBN 1-57685-521-X For more information or to place an order, contact LearningExpress at: 55 Broadway 8th Floor New York, NY 10006 Or visit us at: www.learnatest.com Contents Introduction 1 2 3 4 5 6 7 8 vii Organization 1 Clarity 11 Word Choice 21 Mechanics 39 Revising, Editing, and Proofreading 55 Untimed Essay Writing Strategies 67 Timed Essay Writing Strategies 85 Sample Essay Prompts and Essays 97 Resources 111 CONTENTS HOW TO WRITE GREAT ESSAYS v Introduction n your preparations for college, you may find yourself facing a handful of high-stakes essays. Your college application requires at least one, and the SAT requires another. Depending upon the high...
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...Phase 3 Individual Project/DB Capital Budgeting Janella Chapman ACCT-614/Applied Managerial Accounting March 15, 2013 Professor Tracie Edmond I. Overview As companies look to grow and expand operations, product lines, or locations, capital budgeting is the method used by management in evaluating if projects and long-term investments will be profitable for the company. Capital budgeting analysis evaluates projects that will have cash flows for longer than a year. Capital budgeting helps management analysis if investments will be profitable and valuable to the company compared to the initial investment needed and the risk associated with the investment. There are many capital budgeting methods management may use to ensure the project or investment is aligned with the corporate strategy of a company. In the capital budgeting process, management evaluates different capital budgeting techniques to ensure the company has the resources to invest in the project, and also helps management determine if the investment will help achieve the goals and objectives of the company. The goal of capital budgeting is to evaluate the costs of an investment to the initial capital to determine if the investment will generate more capital or cash flow for the company. The four capital budgeting techniques used by management are Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), and Payback method. SAC has developed new manufacturing techniques to offer special...
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...This memo serves to provide information concerning capital budget recommendations for Guillermo Furniture. The firm has come to a crossroads in its industry. Due to competitive forces that have recently entered the firm’s market, the firm must decide if it should make capital investments to become a high tech manufacturer, become a distributor, or due nothing and continue its traditional course of operations. Capital investments are instrumental to future successes realizable by Guillermo and “business profitability ultimately hinges, to a large extent, on the quality of a few capital investment decisions” (Edmonds, 2007). As a result, we will explore recommendations for Guillermo to vacate its current landscape of operations for a more innovative approach as a high tech manufacturer or distributor. The goal of this brief is to convey the most appropriate management of Guillermo Furniture’s capital funds and ascertain the best return on the firm’s investments. There are various techniques available for the firm to utilize. Consequently, this memo will also serve to explain the fundamental differences between the following two techniques, net present value (NPV) and internal rate of return (IRR). Differences: NPV and IRR There are many techniques available for managers to use when analyzing potential capital investments. NPV compares the present value of an investment with the costs associated with the investment. The difference between the present value and the cost...
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