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Code Title / Subject / Price
FNA0001 International Finance: What is the Role Of Finance In Globalisation. The term globalisation can take on different meanings according to the context in which it is used. From an economic perspective, globalisation can be referred to a process by which the different national economies are integrated into a wider global economy.Globalisation can also be said to be a process of increasing international integration in economic, political, social and cultural spheres, whereby actions beyond national boundaries constrain and influence national outcomes. The interaction is seen in the form of increased flow of goods and services, increased flow of capital, increased cultural and political interactions, migration of people and many others [1,800 words]
FNA0002 MBA Finance: Strategic Financial Analysis and Strategic Analysis of Financial Statements Tesco P/L. The report will analyse the performance of Tesco and compare it to J Sainsbury PLC in terms of financial performance. The report will also investigate the differences in the results of the companys activity displayed in the annual reports. This entails analysing the company by a number of parameters and ratios recommended in the literature. The report will also analyze solvency, profitability, capital structure gearing and other important indexes of the organisation and comparing with J Sainsbury Plc. I will use Annual reports of the two companies as data source as provided by FAME database which uses a unified format for Reports disclosure while the original companies Annual reports can be confusing as they may use different accounting policy to value its assets and may disclosure results of the years activity in a different form. However, I will broadly use Annual Reports as a source for comments in the analysis results and additional information. I will also use some electronic databases such as Thomson Financials, FT.com, Reuters Financials and Finance Yahoo! [5,000 words]
FNA0003 An Investigation Into Factors Affecting The Economic And Financial Position Of High Street Clothing Chains in the UK. The UK is full of stores targeting the planets most desired market; women. The products on offer need to coincide with all the latest trends and the prices need to be affordable. High street companies used to rule this market but consumers are now choosing the convenience of shopping at supermarkets  where the clothes are just as stylish yet much cheaper. In order to beat such competition, high street companies need to focus on consumer satisfaction and, by keeping consumers happy, the company will continue to produce profits. This report outlines some of the significant factors that influence the clothing industry. The aim is to examine the trends that have occurred over the last five years in the womens clothing industry, focusing specifically on the affect the improvement of supermarket clothing lines has had on traditional high street companies, if at all [6,500 words]
FNA0004 Financial and Business Report on Imperial Oil Limited. This report is an analysis and evaluation of Imperial Oil Limited. It will focus mainly on the production of the company’s petroleum products and the services it provides in the downstream portion of the energy industry. All of the information in this report has been obtained from secondary sources such as the internet, library databases, annual reports, and news articles. Using these sources, the history of the company, its relationship with government, demographical influences, products and services, social responsibility, technological development, stakeholders, and financial position will be discussed.Imperial Oil, incorporated September 8, 1880, operates in both upstream and downstream processes within the energy industry. The company has three main business focuses: petroleum products, natural resources, and chemicals; with petroleum products generating the most revenue. Imperial Oil’s services such as Esso gas stations have been well received by consumers. The Esso Extra card and Speedpass are only two of many ideas that have encouraged customers to purchase Imperial Oil’s products. These programs assist consumers in purchasing products more efficiently and with greater benefits such as discounts and rewards for the accumulation of points. [5,000 words]
FNA0005 Determinants of FDI in India. The primary purpose of the assignment is to discuss, why India is becoming one of the most promising countries for the MNCs as they mark their presence on the global economy. It’s interesting to ponder about the developments that the world’s second most populous nation has undergone since independence. Its ongoing transformation from a closed command economy towards an open one caught the world’s attention. India as a lucrative FDI destination has a lot to offer in terms of its GDP growth, favourable regulatory policies in almost all the sectors, growing clout of the middle class as the symbol for consumerism, younger population which is not only driving consumption but also is learning globally integrating skills, fast developing infrastructure facilities largely deriving inspiration and rightly so from its big brother China and inherent macroeconomic / political stability. Given the limited scope of the study only those parameters shall be considered that make India strongly attractive despite its weaknesses. The same parameters shall be compared with other countries on a random basis to strengthen the argument. [3,800 words]
FNA0006 MSc Finance and Investment: Financial Crisis in Iceland. Icelandic government control over the economy has reduced over time. The most dominant decision was when Iceland entered the European Economic Area (EEA) in 1994. When Iceland joined the EEA it got access to European markets and adopted European regulations. Joining the EEA had a positive impact on the economy, however opening an insular economy to the EEA without significant institutional reforms carried with it dangers. Neither the Icelandic authorities nor private firms were prepared to operate in such an environment. This is especially relevant in the case of banking where the aim of Icelandic government was to build up financial centre in Iceland. To be able to build up financial centre it was very important to join EES in order to have access to European markets and adopt European regulations. This was new experience for Iceland to have the access to foreign capital because for most of the 20th century the economy was heavily regulated. [5,500 words]
FNA0007 A Comparison of M&S and Tesco PLC: Financial Statements & Ratios. Marks and Spencer Group (M&S) is the premier retailer in clothing, foods and home ware within the United Kingdom.  The company’s commitment to quality, value, service, innovation and trust is a key contributor to their success as a high street retailer in the UK. Their current core UK operations centre around three divisions, food, general merchandise (including clothing and home ware), and the financial services industry. Therefore Tesco plc is the prime UK retailer to analyse and compare growth, financial performance and the financial status of M&S Plc in line with other competitors within the same industry. [3,500 words]
FNA0008 International Finance: Financing the Business Sector During the Credit Boom and the Credit Crisis (2003 – 2008). This essay will discuss the impact of financial market conditions on the business sector. Firstly, the essay is going to analyse what is the impact the expansion of financial markets and credit activities by banks had on financing the small, medium and large enterprises from the retail sector in the UK. Secondly, it is going to examine how the current crisis has influent the financial operations of these firms. Lastly, it will compare the small, medium and large companies’ participation in the use of the financial products and services made available in the entire period. [3,000 words]
FNA0009 Diversification Strategy: An Analysis of the Business Strategy of Diversification; Using Empirical Financial Data. This paper examines the business strategy of diversification.  Diversification of business lines was widely considered to be a prudent strategy throughout the 1980’s.  Diversification offered multiple revenue streams as well a degree of hedged risk management.  However, the practice of diversification largely fell out of favour beginning in the 1990’s.  Many companies began to devote full focus to their primary business line, while spinning off business lines that were considered to be unrelated to their core competency.  Focusing on the core competency products and/or services was thought to be a more efficient approach, with a higher return on the company’s resources.  The strategy of business diversification has largely been theoretical with little empirical evidence collected to measure its success or failure.. [4,500 words]
FNA0010 MSc Finance and Investment - Vodafone Group Financial Performace. The main emphases of this assessment is to make written report that comments on a specific company‘s financial performance and future prospects. The company I chose to report about is Vodafone Group Plc, which is listed on the London Stock Exchange and part of the FTSE 100 index. The reason for I chose Vodafone Group Plc is because I think the market that the company operates on is very interesting, i.e. the fact that the company relies heavily on technology and the competition on the market is enormous. In this assessment I‘m gonna try to recognise the company‘s strengths and its weaknesses by using accounting statements and ratio analysis.  Try to estimate how well the company is doing compared to its competitiors and the market as a whole.  Get to know how the company is financed long term and how its gearing is.  I‘m gonna try to estimate if the company is priced fairly, get to know the company‘s dividend policy and find out the stragedy the company follows in mergers, acquisitions and corporate restrucuturing. To cover all these things I‘m going to use theories and principal that has been taught in the course and use other sources like library and internet to find references. In the analysis I will use Reuters to support my calculation of ratios and other things. [8,000 words]
FNA0011 MBA Financial Management: Ratio Analysis – Its Usage To Predict A Downturn And Turnaround A Company’s Fortune. “It’s better to prepare and prevent than repair and repent”. This holds true in every aspect of our life and more so in the case of business life which is marked with uncertainty thanks to the myriad environmental pressures it has to face. High rates of firms are being flushed out of business before they can even say the words “Where are we going wrong”. The need of the hour is predicting business failure. Fortunately, financial ratio analysis comes to the rescue. It’s a tool which provides cues of the underlying business conditions and helps in getting behind the numbers to get the real picture of a company. [1,500 words]
FNA0012 Financial Management: Discussing the Equity Risk Premium - Deutsche Bank. Equity Risk Premium (ERP) is defined as the expected return on the stock market in excess of the return on risk-free bond. ERP guides investment managers to decide how their funds should be allocated between stocks and fixed income securities and thereafter to formulate a portfolio of expected returns. ERP can be estimated by 3 methods, namely the Historical Data approach, Gordon Growth Model Approach and the Price Earnings Ratio Approach. The Historical Data Approach utilizes differences over annual returns in stocks and bonds over a long time period to estimate forward ERPs. While the use of historical data offers an easy means of estimation, the need for long periods of historical data to minimize estimation error is a disadvantage to emerging markets. The Gordon Growth Model is forward looking in that it assumes a constant dividend growth rate in the future. This is particularly applicable to developed companies where dividend payouts and real earnings are estimated based on GDP growth. [2,500 words]
FNA0013 Financial Analysis of the Financial Performance and Position of Amazon.com, Inc. Amazon's initial business plan was unusual: the company did not expect a profit for four to five years; the strategy was effective. Amazon grew steadily in the late 1990s while other Internet companies grew blindingly fast. Amazon's "slow" growth provoked stockholder complaints: that the company was not reaching profitability fast enough. When the dot-com bubble burst and many e-companies went out of business, Amazon persevered, and, finally, turned its first profit in the fourth quarter of 2002: U.S. $5 million, just 1¢ a share, on revenues of more than U.S. $1 billion, but the profit was symbolically important. The company remains profitable: As of September 2007, the accumulated deficit stood at U.S.$1.58 billion. Revenues increased thanks to product diversification and an international presence On November 21, 2005, Amazon entered the S&P 500 index, replacing AT&T after it merged with SBC Communications. [5,000 words]
FNA0014 Global Finance: FDI Ireland. Ireland’s recent economic success was partially the result of a pursuit of an export-led industrial policy lasting four decades that relied significantly on attracting inward foreign direct investment (FDI). The initial motivation behind this FDI policy was to create employment and curtail emigration from the country. It is only since 1990 that Ireland has really reaped the benefits of this strategy, a period of dramatic transformation in the Irish economy. We have witnessed this new prosperous Ireland develop and mature economically into an open globalised economy. A simple way of fully understanding the significance of the growth in the 1990’s is by reminding ourselves of the facts: in 1990, Irish gross domestic product (GDP) was valued at $57bn, by 2006 it had grown to $276.4bn, an astonishing increase of 385% and during the period 1987-2006 Ireland maintained an annual growth rate of 6% (while most other flourishing economies (E.U. and U.S.) were experiencing a growth rate of between 1 and 2%). In this paper I will attempt to demonstrate how FDI has been the engine of this transformation and the foundation for our new prosperity. I will explain the nature of foreign investment in this country and show how it has affected and aided the economy in a relatively short timeframe. I will also pinpoint the areas that FDI has had the greatest influence on and highlight both the common dangers of FDI and the threats posed Irish influence in the sector. In 2008, Ireland maintained its position as the most FDI intensive economy in Europe. We must understand why it is these multinational companies have so commonly chosen Ireland and ask ourselves what gives us that competitive advantage, why are we different?. [3,500 words]
FNA0015 A Finance Perspective of Sainsbury’s and Tesco. This Report features up to a five-year record of Tesco plc and Sainsbury plc financial performance, position and cash flows. The information is extracted from financial statements and relevant theories are used to evaluate the two firms as investment opportunities. The report contains key statistical data and ratios which would help managers understand the current and future position of the two companies. J Sainsbury plc is a United Kingdom-based company principally engaged in grocery and related retailing, and financial services. The Company's businesses are organized into two operating divisions: Retailing (supermarkets and convenience stores) and Financial Services (Sainsbury's Bank). J Sainsbury plc consists of Sainsbury’s, a chain of 504 supermarkets and 319 convenience stores, and Sainsbury’s Bank. The UK’s leading retailer Tesco was floated on the stock exchange in 1947 and in 1995 took over rival Sainsbury’s position as the UK number one. The company launched a home shopping service in 2000, allowing customers to order their shopping online. Tesco is now expanding its convenience stores and overseas into areas such as Taiwan, Malaysia, Poland, the US and Ireland. [3,000 words]
FNA0016 Financial Reporting – Using a Company of Your Choice. According to IAS 7 net cash flow from operating activities can be calculated using either of two methods; direct method and indirect method. The direct method shows operating cash receipts and operating cash payments; including cash receipts from customers, cash payments to and on behalf of employees, cash payments to suppliers; all resulting in the ‘net cash flow from operating activities’. The indirect method begins with profit before tax and adjusts for non-cash charges and credits such as depreciation and for the movement in working capital items. In simpler terms, the direct method looks at all actual cash transactions, while with the indirect method you look at the balance sheet items in relation to the previous year to find the cash inflow and outflows from operating activities while adjusting for non-cash charges and credits such as depreciation and goodwill revaluation rather than look at specific transactions. The main advantage of the direct method is that it shows the operating cash receipts and payments, this specific knowledge of the sources of these cash receipts and for what purposes cash payments were made is especially useful when trying to forecast future cash flows. The preference of IAS 7 is that the direct method be used but does not require it. The main benefit of the indirect method is that it shows the difference between reported profits and net cash flow from operating profits. [4,000 words]
FNA0017 Discuss Why Banks Are Regulated In The UK. The purpose of this essay is to explain why banks are regulated in the UK and inadequacy of the previous regulatory framework linked with failing banks.  Three banks will be discussed: Johnson Matthey Bankers (JMB), Barings and Northern Rock. The market conditions which contributed to cause difficulties for Northern Rock will be discussed.  Why Regulate Banks?  As Benston and Kaufman state in an article in the May 1996 issue of the Economic Journal, “they don't serve food that might sicken unsuspecting customers and they don't deal in dangerous materials that might explode or cause plagues. Rather, they provide checking accounts and investment services, make loans, and facilitate financial transactions.” Why should we be concerned with banks, more than other business. [2,500 words]
FNA0018 Information for Decision Making: How can management accounting assist in manager’s decision making? When managing an organisation or business, decision making involves high levels of risk and uncertainty therefore management accounting in itself is the underpinning factor behind a business’s decision making. According to the American Accounting Association, accounting is “the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information”. In simpler terms management accounting is an essential factor within any business as it can be utilised to record and summarize an organisations overall performance levels and finances. This allows the manager to set up and implement the correct funding/ processes needed to achieve its maximum success capabilities. [3,800 words]
FNA0019 Describe the Internal Environment of Starbucks Using the COSO ERM Framework Model. Starbucks is the leading retailer and roaster of specialty coffee in the world. During its early years, Starbucks experienced rapid growth and expanded internationally as they strived to fulfill their mission: “To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time”. However, overexpansion led to dilution of its brand equity. After restructuring, Starbucks emerged stronger than ever, maintaining its international presence with more than 17,000 retail stores in over 50 countries.Using the COSO ERM Framework Model, we shall examine how Starbucks’ internal environment has contributed to its early successes, eventual shortcomings and how they have emerged stronger. [2,000 words]
FNA0020 Analyse the relevant aspects of the United Kingdom’s Corporate Taxation regime alongside other countries regimes. In this report the author will discuss this statement looking at relevant aspects of the United Kingdom’s Corporate Taxation regime alongside other countries regimes. United Kingdom’s Business tax policies such as income and profit tax (corporate tax) will be touched upon and also compared against other jurisdictions, namely Ireland, USA and Canada, using a table I constructed with relevant Tax and other valuable information. I will analyse some of the advantages and disadvantages for why global companies may or may not wish to invest their capital and their talent in the UK when they have the option of investing in other competitive countries, where corporate Taxation rates are considerably lower and other business related aspects (which will be mentioned) are taken in to account. I will do this using information from various reports, tables, charts and surveys to convey my findings. I will then summarise my findings in the conclusion(s) and suggest future recommendations for the UK’s Taxation regime. [3,000 words]
FNA0021 Analytical Review of the Financial Position and Reporting of Marks & Spencer PLC. In conjunction with the attached (and referenced) financial reports, this report will analyse the financial position and reporting of M&S PLC (M&S). This report is purely based on the interest of current and potential investors in M&S stock, and how to assess the returns on their investment relative to other investments in the retail industry. Next PLC will be used as a comparator, to analyse the current and future position of M&S Group PLC. MARKS AND SPENCER GROUP. Reports for 2008 revealed that M&S are amongst the top 50 retailers with their rank at 43rd in the list. Also a constituent of the FTSE 100, their position in these two lists itself speaks about the recognition the company has. (1) Products, Menswear, Womenswear, Kidswear, Food and Drink, and Homeware (furnishings and appliances). (2) Market ‘Your M&S’, the Marks and Spencer brand has a vast product market as it caters for every kind of shopper. [2,500 words]
FNA0022 American Airlines analysis – Focus on the increased competition with low-cost airlines. From the generation after deregulation of American airlines in 1978, countries and districts around the world gradually deregulated the aviation industry. The authorities of aviation industry permitted free entry and exit, and relaxed the restrictions on price, merging and competition (Harvard Business School, 1994). Many economists predicted that deregulation would improve the established airlines efficiency and consumers welfare through competition with newcomers of airline. Unfortunately, under the increased competition with low-cost airlines over the last two decades, established airlines are confronted with challenges that profits incurred fluctuant, especially in recession and war, they incurred massive losses, even bankruptcy (Harvard Business School, 1994). In contrast, a lot of new budget airlines are making profits steadily and attacking big established airlines that will probably go bankrupt. In this decade, many established airlines are trying to eliminate economic losses and regain the initiative by merging. [2,000 words]
FNA0023 International Accounting - Analyse the works that the IASB/IASC has undertaken to achieve its mission of harmonisation and convergence of accounting standards around the world. The purpose of this report is to critically evaluate and show how the IASB/IASC has undertaken its objective in order to achieve harmonisation and convergence of accounting standards around the world. The report will analyse the challenges, problems and also evaluate the successes and failures the IASB/IASC has faced in order to achieve its objective to harmonise and develop consistent, understandable and enforceable accounting standards globally. Moreover, attention will be paid on the works the Board has undertaken to-date and discussion of regional and international bodies and organisations recommending and supporting the use of IASB/IASC’s efforts all around the world globally. Finally, this report will include the key issues of its Comparability Project and Conceptual Framework introduced in the late 1980’s. All the research done and the finding of the report will be supported by professional and academic literature. In 1973, the IASC was set up to effectively introduce accounting standards which applied to nine countries internationally together with seven other bodies. These were Australia, Canada, France, Japan, Mexico, Netherlands, UK,Ireland, USA, and West Germany. The main fundamental objective of the IASC was to ‘formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance and observance’. The role of the seven member bodies was to ensure that correct policy and procedures were complied with and standards followed. [3,000 words]
FNA0024 Discuss the differences, advantages and disadvantages between payback, IRR, ARR, and NPV. Two particular methods of comparing the attractiveness of projects have become known as the “traditional techniques”.  These are ARR (Accounting rate of return) and payback.  I shall be discussing these first. The payback period is the length of time (in years) it takes to recover the cash invested a project. The annual cash flows of a project are used to determine the payback period. A project is worth the investment if its payback period is less than or equal to a predetermined time scale in which it is given to pay for itself.  So for example, if the three years it takes to recover the investment in the project example shown above is deemed too long, the project would not be undertaken [1,100 words]
FNA0025 How does valuation in the Ohlson or Feltham-Ohlson framework differ from valuation in more traditional accounting-based frameworks? The traditional  ccounting-based valuation methods predict the future from information in the current financial statements. These simple forecasts are based on the prediction that the current profitability and growth, as revealed in the financial statements, will continue in the future. In an SF1 forecast (where SF stands for simple forecast), earnings of the next period are forecast as the closing book value for the current period multiplied by the cost of capital. Operating income is forecast by expecting the net operating assets to earn at the required return for operations. Finally, net financial expense is forecast by expecting the net financial obligations to incur the expense at the cost of net debt [1,000 words]
FNA0026 Is there a future for one global set of generally accepted accounting principles? Now that Europe has fully established its own currency, the international competitiveness of the region is intensifying, particularly in relation to the United States. Accounting rules are in the process of converging into a single international standard. This involves two dominant forms namely the US GAAP and the International Financial Reporting Standards. In the EU all publicly traded companies must adopt them by 2005 and many other countries either have adopted them or plan to do so in the near future. This essay will discuss the opportunities and possibilities of global accounting standards, which will most likely take the form of regulations as in EU directives. Therefore we will give a basic outline why accounting regulation exists [7,000 words]
FNA0027 The achievements of the rules-based system of world trade over the past fifty years or more have been quite remarkable. Discuss. With the end of the Second World War, the United States wanted to give an early boost to trade liberalization and to begin to correct the legacy of protectionist measures, which remained in place from the early 1930s.The combined package of trade rules and tariff concessions became known as the General Agreement on Tariffs and Trade (GATT), first signed in 1947 and entered into force in January 1948. Drawn up by twenty-three countries, the agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes [2,500 words]
FNA0028 What is Factoring? Selling your export accounts receivable can enhance your global competitiveness and can help you better manage your cash flow. This can be accomplished through the use of factoring houses. When you use a factoring house (factor), you will end up with a stronger balance sheet as outstanding receivables are reduced and cash is accelerated. Factors also remove some or all of the risk associated with collection. At the same time, each enables you to offer your foreign customer terms that are longer in duration than those you could normally afford to offer. Export factoring is the discounting of your export accounts receivable that do not involve a bill of exchange (draft). Factoring allows you to ship on “open account,” by which goods are shipped without guarantee of payment (that is, a letter of credit). The factoring house assumes financial ability of the customer to pay and handles collections on the receivables. Because of this, you wouldn’t necessarily involve a factoring house until after you’ve quoted your customer a price [7,500 words]
FNA0029 Using the information in the article and any other sources, explain the difference between a fixed exchange rate mechanism and a flexible exchange rate mechanism. Would Thailand have been better off using a flexible exchange rate instead of a fixed rate? An exchange rate is the rate at which one currency can be exchanged for another. In other words, it is the value of another country's currency compared to that of your own. If you are travelling to another country, you need to "buy" the local currency and just like the price of any asset; the exchange rate is the price at which you can buy that currency.  Countries can operate either a flexible or fixed exchange rate and in more economically developed countries the exchange rate is usually flexible and it is the market that determines the rate and which is also related to how strong the economy of the country is.  However, some countries operate fixed exchange rates to create a stable atmosphere for foreign investors.  With the currency pegged investors know what the value of the investment is and don’t have to worry about daily fluctuations.  A pegged currency can also help to lower inflation rates and generate demand which results from greater confidence in the stability of the currency [1,500 words]
FNA0030 What are the advantages and disadvantages of free trade? Trade is the exchange of goods and services between countries. Domestic goods, which are sold abroad, are referred to as exports. Foreign goods, which are purchased by domestic consumers, are known as imports. Free trade refers to trade, which is allowed to flow freely between nations. The pattern of trade can be altered through the use of barriers of trade. Barriers to trade are factors that prevent imports and exports from being exchanged freely. Barriers to trade are often referred to as protectionism. This is because governments, to protect domestic firms from competition from imports, often use barriers to trade. The most common form of protectionism is a tariff, which is a tax imposed on goods which are imported into a country. Tariffs increase the price of imported goods and are designed to reduce the demand for imports. Governments can also use quotas, which place physical limits on the amount of goods that can be imported. Quotas are also designed to reduce demand for imports by increasing their price. If governments subsidise exports, this is also a form of protectionism [3,500 words]
FNA0031 Is there a global economy? Discuss policy implications. The rise of technology has led to our environment being characterized as a global one. The global economy gave business the ability to market products and services all over the globe. It has also allowed them to develop partnerships and alliances throughout the world, which has become essential for success in today’s business, Management Information Systems. Prior to globalisation, the United States dominated the global economy. In recent years, however, the U.S. share of the global economy has shrunk to approximately 25 percent and will continue that trend as the economies of many newly industrialized countries continue to pick up steam. Globalisation is an umbrella term for a complex series of economic, social, technological, cultural and political changes seen as increasing interdependence, integration and interaction between people and companies in disparate locations. As a term, ‘globalisation’ has been used as early as 1944, but economists began applying it around 1981. Theodore Levitt is usually credited with its coining through the article he wrote in 1983 for the Harvard Business Review entitled Globalisation of Markets [2,000 words]
FNA0032 How may information bearing upon performance evaluation help to explain why a firm’s market value differs from its book value? The difference between the market value and book value of a firm is an issue with very important repercussions. Ideally, what the market determines is the value of a firms equity should coincide with what accounting determines. However, the fact that this in reality is not the case raises the issue of why these disparities occur. This essay will examine why the market value of a firm can differ from the book value. To begin with, it is worth noting the definitions of the two measures of a firms value. Market value (MV) is defined as: MV = share price  X  number of shares issued Book value (BV) or Common Stockholders Equity (CSE) is the cash value of the business, which, after all debts are paid, belongs to the owners. It is calculated, from the balance sheet as: BV = (Assets  - Liabilities  + value of preferred shares) / Total number of common shares [1,000 words]
FNA0033 Is there a future for one global set of generally accepted accounting principles? Now that Europe has fully established its own currency, the international competitiveness of the region is intensifying, particularly in relation to the United States. Accounting rules are in the process of converging into a single international standard. This involves two dominant forms namely the US GAAP and the International Financial Reporting Standards. In the EU all publicly traded companies must adopt them by 2005 and many other countries either have adopted them or plan to do so in the near future. This essay aims to achieve the following objectives: (1) Providing insight into the factors influencing the adoption of IFRS (2) Providing insight into the costs and benefits of harmonization, and (3) Providing insight into the consequences of harmonization [7,300 words]
FNA0034 How does valuation in the Ohlson or Feltham-Ohlson framework differ from valuation in more traditional accounting-based frameworks? The traditional accounting-based valuation methods predict the future from information in the current financial statements. These simple forecasts are based on the prediction that the current profitability and growth, as revealed in the financial statements, will continue in the future. In an SF1 forecast (where SF stands for simple forecast), earnings of the next period are forecast as the closing book value for the current period multiplied by the cost of capital. Operating income is forecast by expecting the net operating assets to earn at the required return for operations. Finally, net financial expense is forecast by expecting the net financial obligations to incur the expense at the cost of net debt [1,000 words]
FNA0035 Explain the terms: information asymmetries, first time lending, repeat lending and moral hazard.  Secondly, discuss the following statement in the context of the two prescribed readings below: “Lenders are wary of high-technology ventures because of their higher risk. Lenders can overcome this by developing close relationships with the business.” In order to understand the concepts of asymmetric information, first-time lending, repeat lending, and moral hazard, it is important to appreciate the underpinning theoretical framework - the principal-agent relationship.  This is the examination of incentive problems among contracting parties, particularly within the business environment.  Principal-agent theory concerns the problem of separation of ownership and control, motivation, incentive alignment and agreement.  One party, the principal, engages another party, the agent, to perform some service on the principal’s behalf. However, it may be difficult and costly to ascertain whether or to what extent these obligations have been satisfied [2,500 words]
FNA0036 Explain why listed companies produce financial statements for external users and how these are regulated in the UK. - `The International Convergence Project is considered to be absolutely necessary in this age of globalisation´. Discuss. The financial statement of a particular business basically contains the accounting information prepared mainly for users external to the company. Several groups known as user groups are interested in accounting financial information relating to a business. Mainly they are outside the business, however they are likely to be stakeholders and that it is why the need the financial statements so as to make investment decisions. Owners, managers, lenders, suppliers, customers, investment analyst, competitors, employees and their representatives, government, and community representatives are the most important groups. There is a clear distinction between managers and owners. The managers´ role is to run and look after the owners´ businesses acting as stewards. Moreover, they are interested in revenues and expenses, focused on monitoring the business performance so as to plan and make decisions. Meanwhile financial information is important for owners, nevertheless they might not be aware of the business performance because they delegate that work to managers [2,500 words]
FNA0037 Has XBRL delivered to users the expected improvements in the “format, timing and content” of financial reports or simply added more problems? The technological changes occurred during the last decades and the exponential growth of the Internet have shed light on a new perspective of business reporting, based on electronic languages and enhanced in quality and versatility. XBRL (extensible business reporting language) drives the way of these changes in financial accounting. The aim of this work is to identify the main features of this technological standard and analyse the benefits that, according to the community promoting it, is taking to financial reporting. The topic will be deepened in the second part of the work, relating the technical benefits of electronic reporting to the users of accounting, defined by the “Framework for the Preparation and Presentation of Financial Statements”. The question is whether or not the users' needs are met by XBRL, not only in terms of efficiency and time saving, but also ranging underlying conceptual limitations of traditional financial accounting. In the last part of the work, limitations and issues about XBRL will be pointed out, in order to understand why the global adoption of such an improving means is not completed yet [2,500 words]
FNA0038 Financial Management in Nonprofit Organizations. This essay provides us an insight of the application of financial management techniques of a Not for profit organisation and also a comparing with For-profit organisation. Financial management plays a very significant role to make an organisation successful whether it is a non-profit organisation or a profit motive organisation. Financial management is considered as a critical path, which all organisations have to follow to attain success. This paper provides us an insight of the application of financial management techniques of a Not for profit organisation and also a comparing with For-profit organisation. Although, the strategic management process for both the organisation is very similar. However, a non profit organisation often function in a monopolistic environment which render services or produce product which offers low measurability (profit) and depends on finances from outside sources. The nonprofit sector is growing and the need to understand its efficiency, governance is very important for its stake holders, investors, donors, tax authorities and regulators [1,800 words]
FNA0039 Analytical Review of the Financial Position and Reporting of Marks & Spencer PLC - 1. M&S Share prices slumped by 49% from 2007 till 2008, and by 11% in 2009, but have steadily risen by 18% in the run up to December 2009. Basic EPS has also reduced from 2007 to 2009 by 17%. 2. Total Sales have steadily risen from 2007 to 2009 and GPM figures (albeit reduced from 2007) are much better than figures revealed by Next over the same period, indicating a preference by the public for M&S products. 3. Whilst the total value of assets of M&S increased by 35% from 2007 to £7.26bil in 2009, Next recorded an 81% increase in total assets over the same period of £1.78bil. Again, whilst this signifies better performance from Next, it also indicates the strong presence M&S has in the Retail Market, and its unrivalled asset portfolio. 4. There was a significant reduction in its ROE by 46%, similarly ROCE has reduced by 37% (due to the increase in value of fixed assets) and the GPM by 4% (all over the same period). In comparison, although M&S does not appear to be as highly geared as Next, higher ROSF figures have been recorded for Next further highlighting better returns to Investors. 5. Improvements are to be expected from the Group, however investors must approach their stock with caution as the worst doesn’t seem to be over [2,000 words]
FNA0040 Top Managers are increasingly and intensely focusing on strategic directions and trying to manage organizations to gain and sustain competitive advantage. Discuss and critically evaluate the role of management accountants in providing relevant information to managers to manage strategies effectively. Management accounting measure analyzes, and reports financial and no financial information that helps managers make decisions to fulfil the goals of an organization. Thru process of preparing management accounts, accurate and relevant information is developed to coordinate production design, as well as marketing decisions. Nevertheless, evaluate performance is reported by managers to make dad-to-day, short-term and long-term decisions. Brief understanding major differences between financial accounting VS management accounting that is financial accounting focuses on reporting to external parties such as investors, government agencies and so on. Unlike financial accounting, management accounting focuses emphasis internal measures and repots which do not have to follow GAAP yet are based on cost-benefit analysis. By doing so, organization have broad focus on how will and accurate the information help managers in different levels example sales managers, production managers, human resources managers, etc. to do a better job and determinate what substitute products to consider in decision making [3,000 words]
FNA0041 Fair Value Accounting and the Global Financial Crisis of 2008. The 2008 Financial Crisis caused a drought like condition for people all over the world and specially United States. The rates of unemployment rose high and all types of investments proved to be wrong. Trillions of dollars were lost. It all started with United States and percolated down to so many countries that it became the Global Financial Crisis. As we all know, it is the basic human behavior to blame something else for their troubles, several people have pointed their fingers at greed or credit. However, it is the belief of many bankers and economists that it was caused by unethical use of fair-value accounting, which is basically a rule for measuring companies’ liabilities and assets. Fair-value accounting has had a major effect on most of the financial troubles of almost all the nations. However, investigative evidences till date point mostly towards the overvaluation of banks’ assets. Could accounting rules have caused a world-wide financial crisis? That is what we will be discussing here. We will also discuss what happened in US as it is the epicenter of this GFC, the measures taken by Financial Accounting Standards Board (FASB) of US, the responses and actions taken by International Accounting Standards Board (IASB) and how and why Australia Accounting Standards Board (AASB) responded to GFC [1,300 words]
FNA0042 Financial Reporting & Governance - International financial reporting standards (IFRS’s) were developed by international accounting standards board (IASB) and International accounting standards (IAS’s) were adopted and republished. Main purpose of IASB is to get global recognition and appearance. Accounting policies are the rules in which way financial statements should be prepared, minimum level of disclosers and information about how numbers are calculated and treated. As it stated in international accounting standard (ISA 8), accounting policies “the specific principles, bases, conventions, rules and practices applied by entity in preparing and presenting financial statements” (Melville A. 2009 p.59). In other words it means that ISA 8 gives entity different chose of treating financial statement. Accounting policies are disclosed in the notes section. Some polices are only can be treated as it allowed by international accounting standards, some of them permit a choice of polices, others permit only one way. Therefore IAS 8 provides guidance on selection standards and interpretations. If there are no specific application of policy in international standards to specific item, entity should use its own judgment based on IASB framework and guidance. Moreover polices depend on industry and economic decisions, and sometimes management require changes in polices for more relevant information, which is allowed by IAS8. Change in accounting policies can also be required by IAS8, due to change in standards of interpretation [1,800 words]
FNA0043 Information for decision making - How can management accounting assist in manager’s decision making? When managing an organisation or business, decision making involves high levels of risk and uncertainty therefore management accounting in itself is the underpinning factor behind a business’s decision making. According to the American Accounting Association, accounting is “the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information”. In simpler terms management accounting is an essential factor within any business as it can be utilised to record and summarize an organisations overall performance levels and finances. This allows the manager to set up and implement the correct funding/ processes needed to achieve its maximum success capabilities. Management accounting identifies and measures the success levels of previous decisions made within the management system, as a result this allows the manager to ascertain and forecast what specific areas will need to be adjusted before the processes are put into practice. There are a number of key tools within management accounting that can aid managers in their decision making, these are known as budgeting and forecast reports, profit and loss sheets and cash flow forecasting [4,000 words]
FNA0044 As the management accountant of a local NHS hospital this report has been written for the senior management to help identify, explore and analyse some of the issues raised by Gordon Brown in comments surrounding ‘poor management’ within the NHS. As the management accountant of a local NHS hospital this report has been written for the senior management to help identify, explore and analyse some of the issues raised by Gordon Brown in comments surrounding ‘poor management’ within the NHS. These comments were made in response to the varying range of costs involved in various procedures within the NHS. This report will begin by analysing the costing methods employed and giving a breakdown of the method. Costing is vital to the success of any organisation and the NHS is no exception. Costing allows us to budget, compare and contrast which allow us to benchmark and measure efficiency. The report will then move on to tackle possible causes for the variation in costs and finally look to offer some possible improvements based on the report’s findings [2,000 words]
FNA0045 Importance of Communication in Accounting for decision makers. Managerial reporting can help corporation achieve its goal, objectives and mission. The information is useful in assessing both the past performance and future directions of the corporation. It provide decision-making support, and for evaluating and rewarding decision-marking performance. Financial reporting is useful in making investment and credit decisions. The information is useful in assessing amount, timing and uncertainty of future cash flows. It can affect economic resources, claims to resources, and changes in resources and claims. After steps of accounting processing, accounting information goes to decision makers in the corporation. With such useful information, they will decide a series of economic activities for current cycle or even the next cycle. With identifying different costing method, decision maker will do performance evaluation to see how the corporation is performing for the current year. Also, with accurate information, decision maker will do incremental analysis to identify the relevant revenues and costs for each economic activates and the expected impact in the future [1,400 words]
FNA0046 Investment Banking in The United States and Foreign Countries. The purpose of this report is to elaborate trends that are followed today in investment banking around the globe. This report will put light on investment banking in US and foreign countries, how they raise capital for their clients and instruments that they popularly use. We will make discussion about trends, their pros and cons etc. Investment banks are financial institutions that help individuals, corporations and governments in raising capital by underwriting or issuing securities on behalf of them. They also assist companies whom are involved in merger or acquisition with any other authority and provide them with services of market making, equity securities, foreign exchange and fixed income instruments etc.  These banks are mainly involved in two services, one is trading securities by exchanging them with cash or other securities and other is promoting securities in order to sell them to public. In this ways investment banking involves buying and selling side components, so that they can increase client’s annual turnover and make huge profits for them [5,000 words]
FNA0047 Global Financial Crisis. According to a survey conducted in the year 2013, most countries in the world continue to struggle with the impacts of the recent global economic recession. Most analysts agree that the 2007-2012 economic recessions is the worst economic downfall since the 1930 economic recession. Though the impact of the recession was not directly felt in the developing countries, all developing countries recorded a decline in the GDP. Its consequences are likely to felt for more than a decade especially in the developed countries where it was greatly felt. This essay will briefly describe the nature of the Global Financial Crisis of 2007-2012. It will also suggest policies to address the effects of GFC on trading nations [2,500 words]
FNA0048 Corporate Governance. There are few companies which are recognized by the customers on the basis of their remarkable commitment with the people, Home retail is one of these companies. Home retail is UK’s leading home and general merchandize retailer. The Home retail group has developed its branding by servicing the people since 1958. The group owned two major brands i.e. Argos & Homebase. The business of retail is directly linked with the daily life use of the people which is why the business needs a lot of things to satisfy the day to day customers. With the help of digital marketing, innovative leadership and multi channel ability, the Home Retail has made shopping very easy and convenient for UK shoppers. Current Ratio, Quick Ratio, Inventory Turnover Ratio, Return on Assets Ratio and Leverage Ratio [3,000 words]
FNA0049 Business Plan: Global Financial Services and Consultancy Business Opportunities for UK small investors in China. ABC is a global financial service provider company which will be located in Central London, UK.  From business plan services to financial solving solutions, the company will provide expert solutions on investment decision services, risk management decision services and business contact services to small business holders seeking for business opportunities in China and the UK as well. This company will be unique in the sense because it will provide strong interlinking connections between China’s business opportunities to the small business developers of the UK as well as UK’s business opportunities to small business developers in China. Hence, the company will be in the position to anchor strong relationship between the UK and China also. The legal status of ABC Company will be the Pvt. Ltd. company with the HM Revenue and Customs [2,500 words]
FNA0050 Financial Analysis River Island Clothing Limited. Profitability, Efficiency, Liquidity, Solvency, Business Analysis, Discussion And Analysis Of Forecast Of The Company’s Future Expected Economic Benefits, Rate Of Growth, Weighted Average Cost Of Capital (WACC), Forecast Of The Company’s Future Expected Economic Benefits (Using DCF Method), Relative Valuation, Appraisal & Discussion Of Key Assumptions And Evaluation Of Key Methodologies Applied, Issues That May Impact On Propriety Of Valuation, Sensitivity Analysis, Conclusion Of Value And Recommendation For Maximum Price [3,000 words]
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