Financial Statements analysis on the basis of total comprehensive i

Financial Statements analysis on the basis of total comprehensive i As the main objective of the financial statements to reflect the economic value of a company in order external users make useful economic decision, and due to the last shocking breakthroughs in the financial system, IASB recently has worked on developing high quality set of accounting standers; International financial reporting standards (IFRS). IFRS transition has break out in 90 countries, though other countries are following. Concerning the European Union, The EU has required IFRS for the groups listed on European stock market (EU Regulation 1606/2002).The new set of standers as any new standers being introduced- has some effects on the financial reporting issues. This study is a literature review of prior studies focusing on the effect of the comprehensive income introduced by IFRS on the financial analysis, specifically one financial technique; ratio analysis. This study is presenting prior studies starting with a literature review in chapter one which is an overview of the com prehensives income discussing the definition of the comprehensive income then examines the pros and cons of the comprehensive income. Chapter two is a literature review where of the financial analysis definition and financial analysis techniques, focusing on ratio analysis technique as the most common technique being used, and as it used part of this study. Chapter three is including the main hypothesis and the core issue of the research of the effect of the comprehensive income on the financial ratios. While Chapter four is a practical example examining the hypothesis mentioned in the previous chapter. Time was one of the major limitations of this study, lack of sufficient data was a second, many studies have examined the effect of IFRS adoption, but few has gone beyond and studied its effects on key financial ratios, where none has clearly stated the direct impact of the comprehensive income on the key financial ratios. This study is an attempt to study this effect. Chapter 1: comprehensive income statement overview 1.1. Definition and Presentation of comprehensive income statement Many studies has declared that Income statement thought to be the most important statements in the financial statements. For inventors; the past income is the most important base for the future predictions and expectation for the cash flows, and so for expecting the share price and dividends. While creditors view the income statement as the borrowers ability to generate future cash flows to fulfill their financial obligations. Yet the comprehensive income statement drove its importance from the income statement importance. Comprehensive income is not a new concept; it was first introduced by FASB in 1985 in its Framework as the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. Later it was introduced in the Statement of Financial Accounting Standards (SFAS) No. 130, Reporting Comprehensive Income, issued by FASB in 1997, as: the change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income statement includes the traditional net income plus all revenues, expenses, gains and losses recognized during the period, refereed as other comprehensive income, where other comprehensive income shall be classified separately into foreign currency items, minimum pension liability adjustments, and unrealized gains and losses on certain investments in debt and equity securities. Additional classifications or additional items within current classifications may result from future accounting standards. ((SFAS) No. 130,Para 17,1997). Under IFRS comprehensive income definition has not been changed, but IFRS has modified the rules of income presentation; due to the former rules regarding the classification of other comprehensive income, where these rules has been criticized as some of other comprehensive income items have been recorded in the equity section, while others in the profit and loss statement and others were not recognized at all. A second major reason was the importance recognizing the realized and unrealized gains and losses that might continue into the future as the excepted cash flows in the futures as they are the main drive for share price. IFRS approach of income presentation a mixture of previous income reporting and fair value concept and is being applied on unrealized gains and losses meeting certain criteria. Regards the presentation of the comprehensive income statement under IAS 1, profit or loss are recognized plus other comprehensive income items, where the income statement has changed from net profit and loss to profit and loss. Entities are allowed to use the most suitable name to describe the totals as long as it give the right meaning, though IAS uses different terms, like total comprehensive income, or profit or loss. Regarding the presentation of comprehensive income, entities are allowed to choose between the presentation of a single statement, or tow statements where an income statement is including all items of profit and loss, and the second statement shows other comprehensive income items (IAS 1.81). Under IAS 1, all income and expenses should be recognized in the profit and loss, unless there is an exception (AS 1.88), under (IAS 1.89) some of items need to be recognized under other comprehensive income. IAS has as well identified the items of other comprehensive income, as the following: Changes in revaluation surplus (IAS 16 property, plant and equipment and IAS 38 intangible assets ) Actuarial gains and losses on defined benefit plans recognized in accordance with (IAS 19 employees benefit ) Gains and losses arising from translating the financial statements of a foreign operation (IAS 21 The Effects of Changes in Foreign Exchange Rates) Gains and losses on re-measuring available-for-sale financial assets (IAS 39 Financial Instruments: Recognition and Measurement) The effective portion of gains and losses on hedging instruments in a cash flow hedge (IAS 39 Financial Instruments: Recognition and Measurement). Under (IAS 1.82), the minimum items should be included in the comprehensive income are: Revenues Finance costs Share of the profit or loss of associates and joint ventures accounted for using the equity method Tax expense Amounts from the discontinued operation include : the post-tax profit or loss and the post-tax gain or loss recognized on the disposal of the assets or disposal group(s) Profit or loss Each component of other comprehensive income classified by nature Share of the other comprehensive income of associates and joint ventures accounted for using the equity method Total comprehensive income Under (IAS 1.83) these items must also be disclosed in the statement of comprehensive income as allocations for the period: Profit or loss for the period attributable to non-controlling interests and owners of the parent Total comprehensive income attributable to non-controlling interests and owners of the parent Under (IAS 1.85) additional line items may be needed to fairly present the entitys results of operations. Under (IAS 1.87) No items may be presented in the statement of comprehensive income (or in the income statement, if separately presented) or in the notes as extraordinary items. Under (IAS 1.95) certain items must be disclosed separately either in the statement of comprehensive income or in the notes, if material, including: Write-downs of inventories to net realizable value or of property, plant and equipment to recoverable amount, as well as reversals of such write-downs Restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring Disposals of items of property, plant and equipment Disposals of investments Discontinuing operations Litigation settlements Other reversals of provisions Under (IAS 1.99) expenses should be recognized either by nature or by function if an entity categorizes by function, and then additional information on the nature of expenses must be disclosed (IAS 1.104). Pros and cons of Comprehensive income : According to prior studies, Investors has the ability to process financial information regardless its location, giving this, the location of the comprehensive income will not affect the quality of information interrupted by investors. On the contrary, policy makers believe it matters, as they think the performance statement presentation is more transparent presentation as comprehensive income serves as better measurement for firm performance, where it includes all changes in net assets. The immediate recognition and direct reporting of comprehensive income items would transparently present all income flows in one statement in a timely manner, though it can be costly to some companies in certain industries (e.g. insurance industry) as they might try to hide their earning management. Another argued advantage, is comprehensive income shows value creation process and forces managers to consider external factors that affect firm value, not just internal operating ones. On the other hand, as comprehensive income contains a number of passing items possible as future events, this might cause noise and uncertainty and affect decision making process because users may take significant time to sort out temporary or irrelevant components. Following this point, proposing that comprehensive income includes irrelevant components can reduce the ability to uncover long-run performance. Chapter 2: Financial analysis overview 2.1. Definition of financial analysis and methods Though IFRS was discussed to be the one is giving more comprehensive information, it dose not include all the financial information needed to reach an excellent financial analysis. Financial statements are the source of information that present the economic value of a company to the external users. Several articles and books has defined the Financial analysis as to combine financial statement, financial notes, with other information, to evaluated the past, current, and future performance and financial position of company for the purpose of making investment, credit, and other economics decision. Financial Analysis is concerned with risk factors that might affect the future performance of a certain company. Financial analysis is concerned with different aspects of the company, in general financial analysis deals with profitability (ability to generate profit from delivering good and services), cash- flow generating ability (ability to generate cash inflows exceed cash outflows), liquidity (the ability to meet short term obligation), and solvency (the ability to meet long term obligation). In order to conduct a full, comprehensive analysis, analyst must collect information concerning economy, industry, competitors, company itself. This external information can be found as economics statistics, industry reports, and trade publication. The company provides the internal part of the information which includes the financial statements, and press releases. Financial analysis is not only about financial data which is the core of the financial analysis and provided in the four major financial statements, that provide the historical and current information; is it about the non-financial data which provide the future information. Regarding the financial data, can be founded in the four major statements: income statement, balance sheet, statement of cash flow, statement of changes in owners equity. The income statement shows how much revenue the company generating during certain period and what its cost incurred. Income statement can be referred as profit and loss and its prepared on consolidated basis. Revenues, operating income, net income, and earning per share can be driven from the income statement. The balance sheet or as recently knows as the statement of financial position, shows the current financial position of the company by showing company resource (Assets), and what it owes (liability) at a specific point in time.While the (owners equity) shows the excess of assets over the liabilities, analysts could use the information stated in the statement of financial position to answer question regarding improvements concerning liquidity, and solvency, and give the statues of the company compared to its peers in the same industry. The cash flow statement classifies the cash flows into of three sections: operating activities which include items determines net income as well as day to day transactions. While investing activities includes the acquisition and disposals of long term assets. The last section is financing activities which contain activities related to obtaining or repaying capital. Cash flow statement provides information related to performance and financial position. While income statement provides the necessary information regarding the company ability to generate profit, cash flow statement provides information regarding the ability of the company to generate cash flow from running the business itself. Statement of changes in owners equity knows as statement of shareholders equity, reports the changes in the owners investments in the business, and it helps analysts in understanding the changes in the financial position. Beside the four major statements, financial notes and supplementary schedules, managements discussion and analysis, and auditors reports, provide a quite good set of extra information for further analysis. Financial analysis should be well defined as it could be preformed for different reasons and purposes. Different categories require different financial techniques, but for any purpose data must be gathered and analyzed, and all examining the company ability of generating cash and grow earnings. But as for different focuses, different techniques are used. For example, the most tow common categories are the equity analysis and the credit analysis. Equity analysis is usually preformed by the owner, and focuses on growth while the credit analysis is preformed by the creditors (banker or bond holder) and concentrates on risks associated. Defining the purpose of the financial analysis is the most important and first step in effective financial analysis as it defines the necessary financial techniques that should be used, and thus defines the type and amount of data to be collected. After defining the purpose of the financial analysis, a suitable technique should be chosen to deliver the purpose of the focus. To reach the best results, a mixture of calculations and interruptions is required. For example, it is not enough just to calculate the financial ratios, further investigation explaining the reasons behind each ratio, what each ratio means, comparing the ratios with other competitors, might give a comprehensive picture. A comparison is a must in a good evaluation, compare the company with other competitors in the industry is (common size analysis), while evaluate the company through time called (trend analysis), and (ratio analysis) is to express certain number to another in which answers some important question about the true financial position. Common size analysis is to compare a total financial statement usually income statement, balance sheet, cash flow statement in relation to base like revenues or total assets. Common size analysis for the balance sheet includes: horizontal and vertical common size analysis, where horizontal common size analysis is to compare the increase or decrease in balance sheet items to previous years. Vertical common size analysis involves dividing each item in the same period total assets to come with a percentage, in the case of analyzing the income statement, items usually are divided by revenues. Trend analysis involves comparison of the financial statement of an entity over time, trend analysis usually provide information about the historical performance and growth. Cross sectional analysis compare a specific measurement of a company with the same measurement for another company. The use of graphs and analytical tools could facilities the comparison and highlight the most important facts that the analyst wants to communicate with the management. Statistics like regression analysis are used in more complicated situation where more precise information needed. Ratio analysis is one of the most famous techniques in the financial analysis where it provides information about the relationships and expectations between the financial accounts. Certain issues should be in mind while conducting ratio analysis; as mentioned before computing the ratio itself is not enough for providing a comprehensive picture about the financial performance, it only indicating what certain issues are but not explaining why they are happening, therefore further investigation going beyond the numbers is required, in compliance with full compression overtime, competitors, and industry. Second issue would be to choose the relevant ratios as ratios used for different purpose and providing certain financial information; for example ROA is an indicator of profitability, where current ratio provides information regards liquidity. Different accounting policies can misrepresent ratios; therefore adjustments across different financial statements for different companies are req uired for a meaningful analysis. There are about five main types of financial ratios; profitability, activity, liquidity, solvency, valuation ratios. Profitability ratio is measure the companys ability to generate profit from its resources, the most famous ratios in this category are: return on assets (ROA) and return on equity (ROE). While activity ratios measure how efficient the company in managing the day to day activities, inventory turnover is one example of the ratios used under this category. Third type is liquidity ratios where it deals with the company ability in meeting short term obligations, can be expressed in current ratio, while solvency ratios deals with long term obligation, debt to asset is one example of solvency ratios. Valuations ratios are used to asses the company equity, P/E ratio is used for this purpose. Ratios could be driven from the financial statements of the company or from specialized websites as Bloomberg, as these kinds of websites provide easy access to the historical data. Ratio analysis drove its importance from the information that might provide, as it gives an insight to the historical, current and future performance of the company. Though ratio analysis has its own limitation when it deals with a company operates in different industries, as the comparison become more difficult then. Another limitation would be the use of different accounting methods as comparison would be difficult unless adjustments are made, for example one company might consider account for its inventories under the FIFO method while the other account for it under the LIFO method. Using IFRS might overcome these differences if applied. 2.2. The affect of IFRS as new accounting standard on financial Ratios Financial statements are determined by business strategy, industry, and economics and affected by those as well. The difficulty of understanding the financial statements depending in the accounting procedures and polices chosen by top management. Changes in time frames, company structure, accounting methods and estimates in the company can affect the true economic value of an entity and might affect the financial analysis and thus reflect a distorted image of the company. One of the most trends that might affect the financial analysis is changing of the accounting standers, as different accounting standers might use different methods. IFRS as a new set of international accounting standers has some effects, as the adoption process is costly, complex, Although IFRS believed to improve transparency and comparability of financial statements. Besides these effects IFRS has effect on the financial statements. To understand the effects of IFRS, one should understand the major differences between IFRS standers and local GAAP standers. Several studies will be mentioned in this section, which will clarify the effect of IFRS adoption in Europe. According to Impact of International Financial Reporting Standard Adoption on key financial ratio, which has studied the effect of IFRS adaption on Europe continent represented by Finland; major differences in IFRS and Domestic accounting standers were found in the following areas: for employee benefits obligations (IAS 19), it is required to be measure at present value, where in countries like (Belgium, Denmark, Finland) such rules are do not exist, and in countries like (e.g. Austria and Germany) calculations follow tax regulations. Concerning deferred tax (IAS 12), a deferred tax liability should be recognized for all taxable temporary differences, where in countries like (Greece, Luxembourg) rules concerning the treatment of deferred tax are missing, and in countries like (France, Germany) the deferred tax is be calculated on the basis of timing differences rather than temporary differences. In addition, deferred tax assets are not required to be recognized (Austria, Belgium) , while IAS 12 requires a deferred tax asset to be recognized for all deductible temporary differences to the extent that is probable that the deductible temporary difference can be utilized . For intangible assets (IAS 38), state that an asset can be recognized when it will probably generate future benefits and when the cost of the asset can be reliably measured. For this reason, research expenditures cannot be capitalized. However, in many countries like (Germany, Italy, and Spain) research costs are allowed to be capitalized. Moreover, countries like (Finland) emphasize capitalization of development expenditures. Construction contracts (IAS 11), requires the costs and revenues of construction contracts to be recognized on a stage of completion basis, compared to countered like (Finland, Greece), recognition by the stage of completion is optional. Inventories (IAS 2), requires inventory to be measured at the lower of cost and net realizable value, (Austria, Portugal and Spain) allows inventories to be measured at the replacement cost instead of net realizable value. Moreover, according to (Germany, Luxembourg), inventories can be valued without the production overheads, IAS 2 requires inventory to be valued at full cost. The major difference is that IFRS requires that assets impairments (IAS 36), most financial instruments (IAS 39), biological assets (IAS41), tangible and intangible fixed assets that have been acquired in a business combination (IFRS 3), pension assets (IAS 19) and share-based payment liabilities (IFRS 2) and investment property and property, plant and equipment (IAS 16) after initial recognition to be measured at fair value. On the contrary accounting practices in continental European countries have been based on historical costs but required downward valuations for permanent impairments of long-term assets. Beside fair value, depreciation of assets in accordance with continental European countries differs from that required by IFRS. As IFRS has put large weight on the presenting balance sheets at fair value, therefore it requires assets with definite useful life to be depreciated or amortized periodically and assets with indefinite useful life to be assed for impairment. However, the continental European countries also require assets with indefinite useful life to be amortized. Therefore, while IFRS requires goodwill to be assessed annually for impairment, continental European countries requires goodwill to be amortized systematically (Finland, France) or allows goodwill to be deducted immediately against equity (Germany, Greece). The study has also indicates the impact of these changes on the accounting figures. The study has indicating that the adoption of fair value accounting will probably increase the balance sheet items, and as the impairment accounting rules of continental European countries differ from those of IFRS these differences could lead to different accounting figures. As a consequence, the impact of fair value accounting adoption on accounting figures is also an empirical question since it is impossible to predict the exact impact of the adoption on accounting figures. Other studies where more specific and handled one country by itself. One of the studies titles Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting has indicated the effect of IFRS implementation on the balance sheet, as one of the study results has indicated that on the liability side, important differences were found due to the change of debt valuation rules and a new direction for consolidation. While the major difference in the equity side was due to direct adjustments and to the indirect effect of the adjustments. Fixed assets and inventories were the only items that did not change significantly as fixed assets were valued under traditional valuation method (acquisition cost). The reason behind insignificant differences in the inventory was that Spanish usually didnt apply LIFO method which is not permitted under IFRS. IFRS adoption in Europe: the case of Germany, has stated that IFRS adoption has resulted in higher retained earning in the first year of IFRS adaption because of the conservative approach of the German GAAP (HGB). The study has also indicated that IFRS effects vary with the industry:à ¢Ã¢â€š ¬Ã‚ ¦ in the chemical and pharmaceutical industry effects on non-current assets and liabilities were relatively more important, whereas in the fashion industry the effects were mostly on working capital While IFRS Adoption and Financial Statement Effects: The UK Case, has indicated that the IFRS implantation has a positive affect on the financial performance and post. IFRS implementation for the company as profitability and growth attend to be higher under IFRS. It also indicated that IFRS as high quality standers has reduced risk and improved the credibility and the borrowing bargain power of firms. It also stated that: à ¢Ã¢â€š ¬Ã‚ ¦IFRS adoption is likely to introduce volatility in income statement and balance sheet figures. Despite the higher volatility, adopters interest cover ratio has not been adversely affected, implying that IFRS adoption would not lead to debt covenant violation or financial distress à ¢Ã¢â€š ¬Ã‚ ¦ Chapter 3: The Impact of Comprehensive income on the financial ratios As mentioned earlier the impact of IFRS on accounting figures differs with the country that IFRS is applied in, as different countries have different accounting standers, different impacts resulted. In this section a comparison between US GAAP and IFRS will be mentioned as Deutsche bank (the particle example) mentioned later was using US GAAP. First differences of reporting comprehensive income under IFRS and different accounting standers will be mentioned followed by differences of reporting comprehensive income under IFRS and US GAAP. In the study titled Comprehensive income in Europe: valuation, prediction and conservative issues, has argued that the concept of comprehensive income does not recognize different income concepts in different industry or different firms. And financial analyst has taken into consideration these limitations and used total and unrealized asset valuations and foreign exchange to fill in the gabs. In the study titled analyzing brokers expertise: did analysts fully anticipate the impact of IFRS adoption on earnings? The European evidence Has reached to a conclusion that à ¢Ã¢â€š ¬Ã‚ ¦analysts were not able to correctly anticipate the effect of IFRS adoption on earnings, forecast errors being significantly associated with differences in earnings changes resulting from the compliance with the new financial reporting standardsà ¢Ã¢â€š ¬Ã‚ ¦. While in Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting the study has studied IFRS effects on the income statement. Major differences were found due to major differences between Spanish GAAP (SAS) or IFRS in classifying revenues and expenses for example the classification of RD expenses. Another difference is the treatment of extraordinary income, as certain extraordinary items under (SAS) were classified as operating income under IFRS reclassify under (SAS) as operating income under IFRS. The study has indicated those Cash, solvency and indebtedness ratios, as well as the return on assets and returns on equity, has varied significantly as a result of the changes in the balance sheet and income statement. In Effects Of Comprehensive Income On ROE In A Context Of Crisis: Empirical Evidence For IBEX-35 Listed Companies (2004-2008), when calculating ROE under comprehensive income compared to ROE calculated under net income, statistically significant differences were founded, which means that ROE calculated under comprehensive income, shows the market impact much more clearly and thus provide better information for users and particularly for investors. The study has also indicated that comprehensive income is an alternative measurements of corporate performance and is much more in tune with the market reality than the traditional net income. According to IAS plus report which was issued by Deloitte in 2004, the major differences between IFRS and US GAAP are listed here: As in IAS 1(reporting comprehensive income) IFRS requires the statement of changes in equity. The total of comprehensive income is permitted but not required. And define Comprehensive income as the net income plus gains and losses that are recognized directly in equity rather than in net income. While in the US GAAP requires the presentation of the total comprehensive income. Gains and losses can be presented in the income statement, statement of comprehensive income, or statement of changes in equity. Under IFRS Extraordinary items is prohibited while in US GAAP Extraordinary items are permitted but restricted to infrequent, unusual, and rare items that affect profit and loss. This act by IFRS increase transparency and limit manipulation. And that would lead to an increase in the reported income and therefore might have a significant effect of the financ ial ratios dealing with profitability. Dealing with inventory IAS2, LIFO method under IFRS is prohibited while under US GAAP is permitted. When using LIFO revaluation for inventory needed, this could result in major tax liabilities. For property, plant, and equipment (IAS 16), under IFRS revalued amount or historical cost might be used where revalued amount is fair value at date of revaluation less subsequent accumulated depreciation and impairment losses where under US GAAP it is generally required to use historical cost. Which lead to increase in book values under IFRS. Chapter 4: Practical example (the case of the Deutsche bank) In Deutsche bank transition report, (Transition Report,2006 IFRS Comparatives), The Deutsche bank net income under IFRS was à ¢Ã¢â‚¬Å¡Ã‚ ¬ 6,070 million for the year ended December 31, 2006, an increase of à ¢Ã¢â‚¬Å¡Ã‚ ¬ 84 million compared with à ¢Ã¢â‚¬Å¡Ã‚ ¬ 5,986 million under U.S. GAAP. While shareholders equity under IFRS was à ¢Ã¢â‚¬Å¡Ã‚ ¬ 32,666 million, a decrease of à ¢Ã¢â‚¬Å¡Ã‚ ¬ 142 million as at December 31, 2006 compared to U.S. GAAP, according to the transition report. Conducting small ratio analysis limited only to the three major profitably ratios, a res

truth about love :: essays research papers

Ang Puno't Dulo ng Pag-ibig ==================== Nakakatawa talaga ang love. Isa siyang napakalaking oxymoron. Lahat ng pwede mong masabi sa kanya, baliktarin mo man ay totoo pa rin. Ang labo diba? Pero ang linaw. Masaya magmahal. Malungkot magmahal. Di mo naiintindihan pero naiintindihan mo. Walang rason. Maraming rason. Di mo na kaya, pero kaya mo pa rin. Masakit magmahal. Pero okey lang. Leche, ano ba talaga?! May kaibigan ako, sabi niya dati "Love is only for stupid people." Nakakatawa kasi laude ang standing niya, pero dumating ang panahon, na-in-love din ang hunghang. At ayun, tanga na siya ngayon. Lahat kasi ng nahahawakan ng love nagiging oxymoron din. O kaya paminsan, nagiging moron lang. Hindi lang kasi basta baliktaran ang pa! g-ibig. Lahat ng bagay nababaligtad din niya. Lahat ng malalakas na tao, humihina. Ang mayayabang, nagpapakumbaba. Ang mga walang pakialam, nag iging Mother Teresa. Ang mga henyo, nauubusan ng sagot. Ang malulungkot, sumasaya. Ang matitigas, lumalambot. (At tumitigas din ang mga bagay na madalas nama'y malambot.) Nakakatawa talaga. Lalo na kapag dumadating siya sa mga taong ayaw na talaga magmahal. Napansin ko nga eh. Parang kung gusto mo lang ma-in-love ulit, sabihin mo lang ang magic words na "Ayoko na ma-inlove!" biglang WACHA! Ayan na siya. Nang-aasar. Magpapaasar ka naman. Di ba nakakatawa rin na pagdating sa problema ng ibang tao, ang galing galing mo? Pero pag problema mo na yung pinag-uusapan parang nawawalan ng saysay lahat ng ipinayo mo dun sa namomroblemang tao? Naiisip mong wala namang mali dun sa mga sinabi mo. Pero bakit parang wala ring tama? Bali-baliktad din ang nasasabi ng ! mga taong tinamaan ng madugong pana ng pag-ibig. "Ngayon ko lang nalaman ganito pala. Sabi ko na eh!" "Ang sarap mabuhay. Pwede na 'ko mamatay. Now na!" At hindi lang 'yon. Ang sarap din pagtawanan ng mga taong alam naman nilang masasaktan lang sila eh magpapatihulog pa rin sa bangin ng pag-ibig. Tapos pag luray-luray na yung puso nila, siyempre hindi sila yung may kasalanan. Siya! "Bakit niya 'ko sinaktan?" May kasama pang

Comparisons of Inca and Aztecs

The Aztecs had city-states and were people of a stratified society. Each of one of these city-states is ruled by a speaker that is chosen by the pipiltin(the nobility). This speaker would have to sacrifice his own blood regularly to show that he is a true king and has good intentions for his empire. The nobles grew stronger with every conquest. The Aztecs also had a governing council but they weren't all that successful because they had lacked real power. The Aztec system was very successful, because it was aimed at political dominance and not head on control of the people. The calpulli had authority over the government but during the 1st hundred years the emperor took over. The Aztecs were very smart in creating â€Å"flower wars†(to leave a few territories unconquered so that periodic wars could be staged so that both sides could obtain captives for sacrifice) ,because it ensured sacrifices. The Incas believed that their ruler was a living god there to represent the sun god on earth. Everything the Incas did ,religiously and politically, had a religious meaning in it. The Incas had a queen(senior wife of king) and she was believed to be linked to the moon. The Inca believed that integration was very important. By using their language(Quechan) they integrated by teaching it too their conquered peoples. They were smart to adopt the split inheritance from the Mayans. The Inca expansion was closely tied together by ancestor worship. They had developed a state bureaucracy of which almost all of the nobility had played a part in. The Aztecs and Incas are alike because the kings of each of the two peoples were elected by siblings of the royal family. The governing council also had a say so in. Both rulers and kings had a â€Å"right hand man† the Aztecs had a prime minister where as the Incas had a high priest. Both the prime minister and high priest(which both had tremendous power) were usually close relatives of the king. Aztecs' and Incas' highest deity was the sun god. In both empires men and women were mostly equal but since the military virtue was emphasized it gave men more power so it wasn't completely balanced. Women were mostly in the household but they still contributed to the empire. The military in both had great power because they were the backbone of the empires; they supplied the peoples with war captives for human sacrifice. Both of the empires used sacrifice as a political terror. Where the Aztecs demanded mostly tribute as well as some labor the Inca people demanded mostly labor. Both took tribute from their conquered peoples.

Strawberry Fields by Miriam Wells - 1172 Words

There has been a long standing debate between the socio-economic theories of capitalism and socialism. The current socio-economic system is capitalism but many feel it is not ideal due to the fact that it is based on making a profit. On the other hand, socialism is based on equality of all, which is enacted by paying all workers the same amount of money regardless of occupation. Miriam J. Wells is against capitalism and holds a socialist view point. According to Wells, politics shape the advantages and disadvantages that certain groups of people hold. The government plays an immense role on how things are structured in the fields in order to make a profit based on capitalism. Wells’ argument of capitalism being an unjust system due to†¦show more content†¦Wells tries to prove here that not only does the government think about profits but they also think about who has the power in the agri-business. America is usually thought of as â€Å"the land of equal opportunity for all†, but in fact the government does not provide equal economic opportunities. Instead, the government helps big business owners exploit their immigrant employees. Furthermore, Well’s argument also shows how even in a capitalist society a system such as sharecropping can exist and bring with it better class relations that benefit growers and workers. One reason for the return of sharecropping was due to labor shortages caused by the termination of the Bracero program. Growers decided to divide their farms into smaller groups which are headed by a husband and wife; they supervised a couple of workers who were family members or friends. This enhanced personal connections as personal relationships played a role in order to get a profit out of the farm allocated. By working alongside family and friends, there was a motivation to perform. Due to the personal work relations, there was no need of employers/employees. The sharecroppers did not believe they were superior to their fellow laborers. This shows that even though there is a capitalist society there was a sense of community. These people are not only thinking about individual profits bu t also the profit for their family and friends. This also leads to there being no labor resistance. WorkersShow MoreRelatedArt History Study Guide3003 Words   |  13 PagesFlight to Egypt * Campin, Robert –Merode Altarpiece * Christus, Petrus –Goldsmith in his Shop * David, Gerard –Flaying of the Corrupt Judge Sisammes * Memling, Hans –St. Ursula Reliquary * Sluter, Claus –Well of Moses * van Eyck, Jan –Ghent Altarpiece; Giovanni Arnolfini and his Bride (aka Arnolfini Wedding); Man in a Red Turban (self-portrait) * van der Goes, Hugo –Portinari Altarpiece * van der Weyden, Rogier –Deposition;Read MoreBrand and Packaging8520 Words   |  35 PagesThe Power of Packaging Alice Louw Michelle Kimber The Customer Equity Company* In recent years packaging has developed well beyond its original function as merely a means of product protection and now plays a key marketing role in developing on shelf appeal, providing product information and establishing brand image and awareness. As packaging’s role in the marketing mix gains momentum, so research into this arena becomes increasingly important. Given the potential for packaging to successfully

Just The Way It Was By Anne W. Viewpoint Of Poverty Essay

â€Å"Just the way it was†. That was Anne W. viewpoint of poverty when she was growing up and going to school. Anne and I met working for the same school district. She was born fifth of eleven children and started her schooling in the 1960s. Although Book’s writes about poverty in a more modern time a lot of what she writes was still true to Anne’s schooling. Her mother stayed at home and her father was a farm cropper, but never owned his own land. Book’s reminds us that poor people are working people. She reminds us to â€Å"Consider the role of the working poor in a market economy. Unable to support their own families, they provide a wealth of services to others.(Chamberlin 1999)† (PG. 29) The GI bill payed for her childhood home. She grew up in rural farm town of 1,600. When Book’s wrote about the demographics of poverty in chapter 5 I was surprised to learn that poverty is higher in rural areas. Growing up Anne admitted to not knowing she was â€Å"poor†. She thought her family did the things they did because that is what all the families in her town were doing. Her family had a box that the community would put their hand-me downs in for Anne and her ten siblings. They got to take a bath once and week and shared water with all of her siblings. Wearing the same socks for multiple days was common as long as they turned their socks on inside-out. Anne and her sister’s made their dresses and each had three total - two dresses for school and one dress for church. Anne’sShow MoreRelatedWelfare Reform Should Require Recipients to Work Essay1885 Words   |  8 Pagesself-reliance using more organized and functional welfare programs, from which the United States government and people would greatly benefit. The U.S. welfare system was designed with fair intentions, but has since been abused by indolent yet capable Americans. While some welfare groups existed previous to the Great Depression, this was when the major welfare programs began. According to Fred I. Greenstein of Princeton University, President Franklin D. Roosevelt established multiple government assistanceRead More Dolls House: Themes And Theatrics Essay2251 Words   |  10 Pagesthat this picture is simply mistaken: for instance, Nora, Torvalds cute quot;little squirrel,quot; disobeys Torvald by eating macaroons behind his back. It is interesting to note that to squirrel something means to hide or store something away in a way quite similar to how Nora slips her macaroon bag in her pocket; Ibsen uses the word quot;squirrelquot; to signify the Nora who is cute and childish but at the same time points out her tendency to hide things from Torvald. In moving Nora in a stealthyRead MoreShould New Zealand Genetically Modify Cro ps For Economic Purposes? Essay4171 Words   |  17 Pagesreproduced. The Environmental Risk Management Authority (ERMA) was a judicial body set up specifically for the purpose of evaluating the risk of allowing new organisms the ability to be developed, imported and tested or being released into the environment and was principally responsible for the implementation of the 1996 HSNO act. ERMA then had to decide what threat the new organism will pose bearing in mind that each organism is different and was crafted or changed for different purposes and thereforeRead MoreBric Analysis Essay11111 Words   |  45 PagesPolity . Volume 42, Number 1 . January 2010 r 2010 Northeastern Political Science Association 0032-3497/10 www.palgrave-journals.com/polity/ Brazil, the Entrepreneurial and Democratic BRIC* Leslie Elliott Armijo Portland State University Sean W. Burges University of Ottawa By most objective metrics, Brazil is the least imposing of the ‘‘BRICs countries’’— less populous than China and India, slower-growing in recent years than China, India, or Russia, and the only member of the group lackingRead MoreBusiness Opportunities14520 Words   |  59 PagesI did not write this essay: The Sources of Entrepreneurial Opportunities: Individuals the Environment Doctoral Research Paper 2 of 5 Nikolina Fuduric Doctoral Supervisor: Professor Anne Lorentzen February 2008 Department of Planning and Development Aalborg University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individualRead MoreDefination of Globalisation12291 Words   |  50 Pagesinfo@gcsp.ch Dr. Nayef R.F. Al-Rodhan Ambassador Gà ©rard Stoudmann Definitions of Globalization: A Comprehensive Overview and a Proposed Definition Abstract Many authors have attempted, with relative success, to define globalization in a variety of ways. Some claim that it cannot be done, others claim that it would constrain the meaning to do so, and still others have defied these two beliefs and have constructed a working definition. Despite differing opinions about developing a definition, all authorsRead MoreGp Essay Mainpoints24643 Words   |  99 Pagespoetry online. †¢ Anyone can masquerade a superstition for scientific truth and create a website to scare similarly weak-minded netizens Mainstream BAD: Profit motive and Government-regulated - reliability †¢ â€Å"Don’t let the facts get in the way of a good story† is an instruction often heard in the newsroom †¢ Concept of media ethics is conceived to be an oxymoron. Sadly, many aspects of the modern media are stripped of almost all ethical concerns. In a reality of competition, ratings andRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesSaddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Robbins, Stephen P. Organizational behavior / Stephen P. Robbins, Timothy A. Judge. — 15th ed. p. cm. IncludesRead MoreThe Effects of Conflict Management on Employee’s Performance10925 Words   |  44 PagesMombasa is one of Africa’s major tourists’ destinations with some of the best beaches in the world. This destination is home to many tourists attractions including such attractions like Fort Jesus, Mamba village ,Halla Park and Bombo Lulu workshop just to mention a few. People from home and abroad gather in large number during the peak season (December to March and July to September) A survey conducted in April and May 2012 in Mombasa city among a random sample of residents to different sectionsRead MoreArt as an Embodied Imagination22095 Words   |  89 Pagesaccess to Journal of Consumer Research. http://www.jstor.org Speaking of Art as Embodied Imagination: A Multisensory Approach to Understanding Aesthetic Experience ANNAMMA JOY JOHN F. SHERRY, JR.* This article focuses on somatic experience—not just the process of thinking bodily but how the body informs the logic of thinking about art. We examine the links between embodiment, movement, and multisensory experience insofar as they help to elucidate the contours of art appreciation in a museum.

Standardized Testing At Mandarin High School - 1604 Words

Students at Mandarin High School are being over tested. In our research we were evaluating how our stakeholders viewed standardized testing at Mandarin High School. We interviewed various stakeholders and their responses shaped our research. We asked our stakeholders about how they felt about the amount of standardized testing at Mandarin High. We conducted our research by interviewing reliable stakeholders at Mandarin High and recorded their responses. Our largest group of stakeholders are the students, at Mandarin High School, we interviewed three boys and three girls from each grade level. We chose this many students because we felt it will represent their views accurately and we would be able to gather and compare data from many†¦show more content†¦Our Mandarin student body has said that they get nervous when taking tests because it has such a big impact on the students future. The students said that one test should not impact them on such a high level. As we asked, man y of the students believed that the district was in charge of giving out standardized tests that Mandarin High is required to take. This information is useful to use because we have a better understanding of how the student body views the standardized tests. As we were digging deeper into our stakeholders, we realized that students who recently graduated from Mandarin High School have important insight on our topic. They have experienced through four years of high school. All now in college had a different outlook on testing. We interviewed four college students, all former Mandarin Mustangs. They all explained how testing in High School was not overwhelming compared to the testing they have in college. Though they do feel the testing is all crammed into a short amount of time. These college students however believe that one test does not accurately represent what the students learned throughout the year. Majority believed that there were too many factors such as, â€Å"a bad test taker, bad day, little sleep, etc.† can affect how well the student does on the exam. These former students explained how they felt pressured they

A Study of Jack Londons Belief in Darwinism Essay Example For Students

A Study of Jack Londons Belief in Darwinism Essay Jack London has a strong belief in Darwinism, survival of the fittest, during the late 1800s through the early 1900s, when he wrote. Throughout his writings, many characters display Londons belief in Darwinism. In the novel, The Call of the Wild, Jack Londons belief in the Darwinian Jungle is portrayed by animals interacting with humans, each other, and the environment. This can be shown through Buck, a house dog turned sled dog, interacting with his masters, other dogs, and the Yukon wilderness. As Buck travels from master to master throughout the course of the novel he learns, through trial and error, what behavior brings rewards, and that which brings punishment. had never been struck by a club in his life, and did not understand. he was aware that it was a club, but his madness knew no caution. A dozen times he charged, and as often the club broke the charge and smashed him down London 18. Buck had learned the lesson, and in all his after life he never forgot it. That club was a revelation. the lesson was driven home to Buck: a man with a club was a lawgiver, a master to be obeyed London 20. Buck learned to do as his masters say. he grew honestly to respect them. He speedily learned that Perrault and Francois were fair men London 21. Buck also learned when and how to defend himself against man. Londons depiction of Bucks struggle to learn how to survive in an unfamiliar environment has been compared to western societys struggle with encroaching communism. The study of Jack Londons work became a mirror of the turbulent McCarthy era Veggian 2. Through these struggles, Buck was able to adapt and survive in a world controlled by man. Buck also had to learn when and how to fight other dogs. Eventually Buck Fought and killed Spitz to become lead dog. Buck stood and looked on, the successful champion, the dominant primordial beast who had made his kill and found it good London 42. London often witnessed these dog fights and this influenced his writing. he found the first successful theme for his writing in a last frontier splurge Walker 12. Although Buck had troubles with his new peers, he also had a great conflict with his new home. Buck also must adapt to survive in his new home, the Yukon Wilderness: In Londons Klondike, the game of Natural Selection meant the survival of the fittest. It was a world of inhuman cold, of blinding snow, and of sudden blizzards that obscure the trail and portend a death by freezing Tuttleton 290. The first Lesson Buck learns is that he must sleep buried in the snow to stay warm overnight. Buck selected a spot and proceeded to dig a hole for himself. In a trice the heat from his body filled the confined space and he was asleep London 25. This shows how Buck quickly adapted to live in this new environment. Another method in  which Buck learned to keep warm was to stay close to the campfire. Buck soon learned of wolves in the territory, and from fighting with other dogs Buck could now defend himself. In The Call of the Wild, Buck represents the blond beast or the Nietzschean hound, the animal which struggles, and as a result survives Tuttelton 293, Kazin 88. Another critic, Maxwell Geismar, also believes that The Call of the Wild is a celebration of animal instincts 153. The critics and I both feel that London does believe in Darwinism, and he portrays this belief throughout the novel. This also shows that the novel is very true-to-life, because it employs Natural Selection, a fact of nature.