Business Law - Questions Assignment Example | Topics and Well Written Essays - 750 words - 1

Business Law - Questions - Assignment Example Mostly in the case of online business, an advertisement on a site suffices as â€Å"a formal offer to contract† and it becomes effective once a customer places â€Å"an order and the supplier accepts this† (Trading Online Understanding e-Commerce Contracts 2005). An online contract is enforceable in a court of law provided its terms can be confirmed through the documentation on the website and it explicitly defines the conditions for the sale. The terms and conditions of the contract should be clear, specific and unequivocally stating the jurisdiction. Such an agreement must state: 1. Obligations of both buyer or seller or in other words, the parties to the contract. 2. The amount of payment, the time of payment and the options for the mode of payment. 3. The exact details of the services to be rendered or the commodities to be sold and the dates and modes of delivery or approximate time. Two document used in this study are purchase order and sales order in Online selli ng are:. Standard Purchase Orders: Standard Purchase Order is also a form of contract, which is used to make requisitions for the purchase of goods. The terms and conditions of purchase, price, payment terms, quality specifications, terms of the warranty, location of delivery, delivery date or time etc are usually indicated on the same. Both the seller and buyer are bound to adhere to the conditions and specifications stated in the purchase and these are enforceable in a court of law. The following is a sample of the purchase order: (Picture Courtesy: http://www.ljmu.ac.uk/fin/fin_images/ai_app1.jpg) Element of contract in Purchase order in UK Online Selling are: 1) Acceptance: Seller's beginning of work on the services or goods subject to this purchase order or consignment of such goods, whichever takes place first, shall be deemed as a successful manner of acceptance of the purchase order. 2) Mutual Consent: In order for the contract to become valid, the parties to a particular co ntract

Relationship Essay Example | Topics and Well Written Essays - 750 words

Relationship - Essay Example It puts us in a category of our own where we see things from the same eyes, even though we are two separate individuals who have their own respective worldviews (Holt 2005). Even though Austin likes to communicate with me on a consistent level, I have always asked him to meet me more than calling me on the phone because I believe our friendship is on such a level that phone calls could just demean us in someway. Hence it is best that we enjoy each other’s company and this can only happen when we meet regularly. Some important things that govern and essentially define our relationship include the respect that we have for our elders and the love and support to our mutual friends and colleagues. Both of us like to interact with kids, which automatically make us people who like to hang around children quite a lot. Austin and I are known to be extroverts which implies for our comprehension that we like to go out more and more, and thus enjoy the festivities of eating out, partying by the beach as well as a range of other fun-filled activities (Azzarone 2003). We sincerely love the feeling of being close to one another because this is how we view life in its own meticulous way. It also makes us enjoy the world around us together. These important aspects developed with the passage of time as we started knowing each other more and thus we found out that our common traits were very uncommon amongst the people around us. The exceptional two that we were actually made us feel good about our own selves, which strengthened our friendship all the same. Our relationship is more supportive than being defensive at any point in time. This is because we understand each other quite well and it makes our lives easier in contrast to how other best friends live their lives. Our relationship has blossomed with the passage of time and I cannot recall a single instance where we ended up arguing between our selves. I believe this is because both of us respect one another and look up to our unity for the help and assistance that we so may require. Our relationship has thus become a potent force because our trust levels have been tied to who we are and how we view our friendship (White 2002). Some of the specific factors that contribute to the situations which take place on a day to day level comprise of our interaction with the people around us. We both believe in giving our best when it comes to our elders, since we respect them a lot. We always make an effort to help the underprivileged and needy around us, which is something that I and Austin gain satisfaction from. If ever there was a conflict between me and Austin, we would resolve it amicably. This is because both of us believe in keeping away from conflicts and rifts. Fortunately, we have never had a fight as yet which gives us the edge to understand each other better. This is one way to know how much respect I hold for Austin and likewise (Costley 2007). We may have difference of opinions but this has never transpired into conflicts and hence the duration is of no use as far as its mention is concerned. The strategies that we use to resolve conflict would essentially take into perspective listening to one another and giving the other individual the much needed space so that he can think through things and get back. It is an important consideration and both I and Austin are well aware of that. I believe these methods have been quite satisfactory as conflicts are something that can literally mar the basis of any

The Art Institute Essay Example for Free

The Art Institute Essay My goals in life are not hard to achieve at all. First and foremost, I realize for a goal to be achieved,it will take determination and discipline to achieve it. Walking across that stage is my number one goal. Having the ability to graduate with my friends comes from hardwork and dedication, but I know recieving that high school diploma is just the beginning of my career. Being accepted into the Art of Institute has brought me closer to achieving my goal. My number 1 goal is to own my on Bakery (Moonies Goodies). The institute would help me achieve the basic steps and take responsiblity on moving in the right direction of my career. Art Institute will help me reach my goal in becoming a Pastery chef. Attending this institiute will also give me a step closer to reaching my main goal in my life. I realize that choosing this college was the best college for me because my goal after high school was to attend a culinary college that will offer me the skills I need in business managment, which will bring me closer to owning my own bakery. After researching the Art of Institute online, I knew that the Art Institute will give me the guidance needed to set me on the right path for my goals. To be successful in the commitment to my education will require determination and taking on more responsibilitites in my life. I know that my participation is acquired and will be given. I am looking forward to meeting and making a connection with my instructors, whom will share in a vital part of my career goal achievements. Also, looking forward to working beside peers whom are excited about their goals, such as I. I will attend any event that is being offered by the institute. Goals are challenges and in order for one to be successful, one must achieve the goals that lies within you. Having the ability to train amongst peers, is a dream come true. Thankful that I was accepted into the Art of Institute.

Educational needs of immigrant and refugee students

Educational needs of immigrant and refugee students This literary review examines what educators are doing to assist the influx of foreign students, what tools they use in class, and how these students perceive treatment by other students in class. In this article, I include examinations from a series of articles that relate to the topic I chose in class, which are the educational needs of immigrants and refugee students. In order to understand what these needs are, I selected articles that address the needs of immigrant and refugee students, and focused on what teachers develop in their classroom to facilitate those needs. This literary review also addresses the effectiveness of dual language programs for immigrant/refugee students, and how educators can reach these students effectively utilizing the dual language model. Educational needs of immigrant and refugee students: Are teachers meeting the needs of these students? An immigrant leaves his homeland to find greener grass. A refugee leaves his homeland because the grass is burning under his feet- Barbara Law Teachers in classrooms today face an ever-changing, more difficult challenge than those who taught in previous generations. The culture of students in class changes every year, making it complicated for educators to reach the unfamiliar ground effectively. As an educational society, we have not seen the demographics of students change more since the influx of immigrants in the early 1900s. During the past 20 years, the amount of foreign speaking students in a typical public school has doubled, if not tripled in size (Goldenberg, 2008). According to Kugler, E. G. (2009), the population of immigrant children in the classroom stands at 10.8 million students. With that said, the question remains as to how teachers reach the new immigrant and refugee students. This literature review addresses the needs of the changing environment in which teachers and students cohabitate together on a daily basis, how teachers reach students with language barriers, and complications that both parties face daily. What is the difference between a refugee and an immigrant? In order to understand the basis for this article, one must first understand the concept of refugee and immigrant. According to Colorà ­n Colorado (2008), refugees are individuals who fled their lands in fear of persecution due to personal, religious or political beliefs, in search of a safe haven. Immigrants are people that migrant to a different country in search of a more suitable job opportunity, living situation, or a desire to move closer to extended family. The major difference in a refugee and an immigrant is that refugees leave their country in a hurry, whereas the immigrant plans the move ahead of time. According to Title III of the No Child Left Behind Act of 2001, educators define immigrant students as such, individuals who are aged 3 through 21; were not born in any state; and have not been attending one or more schools in any one or more states for more than 3 full academic years (SDCOE, 2010). What parts of the world are immigrants and refugees coming from? This question poses large relevance to the manner in which teachers address the needs of students arriving from different countries. The needs of these students vary by country and status of which they enter the U.S. During the 1980s, there were a vast number of refugees entering the United States from Latin American countries, some arrived from Asia, and a handful came from the Caribbean islands. Statistics shows that over 85% over refugees arriving from this decade were from Latin American countries (Jensen Chitose, 1994). During the 1990s, the arrival of refugees came primarily from countries involved in conflicts such as Bosnia, Afghanistan, Iraq, Somalia, and Sudan (McBrien, 2005). In 2003, the approved refugee applications came from similar countries to United states during the 1990s influx, Bosnia (3,874), Afghanistan (1,635), Sudan (1,054), while the majority of applicants received were from the country of Somalia (24,458) (McBrien, 2005). What are the needs of immigrant and refugee students? Students who arrive from other countries requesting educational services from American teachers have many educational needs. This need varies by culture, and depends upon the services each student received in his/her home country. Many students from other countries have difficulty in reading abilities. This problem worsens when trying to grasp reading concepts in the English language. In researching this, Goldenberg states that students who learn to read in his/her first language are far more effective in grasping English language reading concepts, than those who have no reading ability at all. Teachers must use sensitivity when attempting to help foreign students in their reading ability, as these students will be discouraged if they are corrected too often, or too soon when learning English. Educators must approach instruction of reading concepts to foreign students with caution, and allow for extra time when completing assignments (Goldenberg, 2008). One critical need that refugee students have when he/she arrives here in the United States is mental health care. These refugee students bring emotional baggage to the classroom, and many teachers and counselors do not have the resources available to assist these students as the language spoken creates a barrier. Post-traumatic stress disorder is a common problem found in refugee students, and affects the students performance in school (Kugler, E.G, 2009). Due to the residency status of these students, many are unable to receive treatment for this disorder, or are afraid to divulge personal information to others, as he/she fears deportation back to the home country (Kugler, E.G, 2009). Not only is there a mental health care need within refugee students, but also a need for basic resources available to each family. When arriving here in the United States, students often have difficulty finding a school close to where the family is staying. Once the student finds a school close to home, the next hurdle is the school accepting the documentation on each learner. There are no pamphlets or handouts given to families when arriving in the States, and many do not have any personal contacts each family can rely on for assistance with education placement. Immigrant students that arrive in the U.S often acquire the English language quicker than their adult parents do. This causes the student to take on the responsibility of an adult, where he/she is often in charge of helping negotiate finances, health decisions, and family affairs (Kugler Price, 2009). The needs of immigrant and refugee students are a very multifaceted situation, that teachers cannot handle simply utilizing the ELL classroom resources. These students need to build their knowledge in core content areas also. Educators and administrators must not shelter these students from mainstream classroom culture, as it will hinder their ability to acculturate into English culture. The more exposure these students receive in English on a day-to day basis, the quicker they acquire these skills (Goldenberg, 2008). There is another need that immigrant and refugee students have when arriving in the U.S. These students understand the role they possess in his/her home culture, yet when arriving in the classroom, there is much confusion as to how these students fit in our society. The parents of immigrant/refugee students may not have the adequate time to ensure that the student knows how to act in the new culture, which leads to confusion and unease for the student. The teacher plays a large role in assisting with finding resources to help familiarize each immigrant/refugee student in understanding classroom roles for students. Some immigrant/refugee students who travel to United States for various reasons have specific needs when they appear in the classroom. One such group that researchers continue to study is the Hmong-American students that intermix with the mainstream English speaking population. These students have increased in numbers at an exponential rate since 1975, when they first started arriving from their home country of Laos (Vang, 2005). California has a large number of these students in their school system, tallying about 36,000 Hmong students, with about 85% of these having limited English proficiency (Vang, 2005). In order for these students to show success in the school system, educators and administrators must first address needs for the Hmong population. The need for these students is assistance from translator or teacher that speaks the Hmong language. Hmong students initially received placement in ESL classrooms, as administrators felt teachers might effectively reach them. Administrative staff placed Hmong students in these classes under the assumption that these students do not excel, and with no desire to further their education in college (Vang, 2005). Administrators also felt that these students, although not entering college, needed skills to survive in the workplace. Hmong students received placement in classes that geared the students toward workplace success, with the goal of minimum graduation requirements fulfilled. For administrators and educators in these situations, it is vital that they refrain from grouping students in certain classes, based upon the perceived ability each student possesses. These students must receive objective placement in classes that addresses the Hmong population need. How do teachers effectively address each of these needs? In developing strategies that teachers use to help immigrant and refugee students adapt to the new classroom culture, the first thing a teacher must incorporate is effective management skills. Teachers must re-invent styles of teaching in order to reach each foreign-born student, and understand each students cultural background. It is important for teachers to develop activities that encourage students to learn not only in his/her native language, yet also build on what they already understand (Curran, Mary Elizabeth, 2003). In a research article found, analysts report that utilizing a dual-language program is helpful for immigrant and refugee students (Goldenberg, 2008). This concept involves students using their home language in the morning to learn subject material, and then in the afternoon using English while learning different content areas (Goldenberg, 2008). This teaching concept is known as a dual language program in many states. Here in Nebraska, the dual language program provides opportunities for both English and foreign language learners. Where do teachers fail in reaching the needs of immigrant and refugee students? With the vast influx of immigrant and refugee students arriving in the classroom over the past two decades, the challenge to give these students proper education has proven difficult for many teachers in any grade level. There are several problems when attempting to reach the immigrant and refugee students. The first issue is that the immigration/refugee population is not getting any smaller, and research shows that the amount of incoming immigrants to the number of native English speakers in the classroom grows at a rate of 4:1(Walker, A., Shafer, J., Liams, M. 2004). A second issue in which teachers and administrators fail to reach immigrant and refugee students is only teaching English in school, which does not allow assistance in foreign languages in these classrooms. The English only push in schools enables legislation that denies use of any other language than English within the classroom setting (Shunpiking, 1996). This limits the learning environment for those who are limited English proficient, and does nothing to promote success of these students. There are currently sixteen states that have English only laws in schools, Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, Nebraska, North Carolina, North Dakota, South Carolina, Tennessee and Virginia (Shunpiking, 1996). There is one area in which educators and administrators fail in meeting the needs of immigrant/refugee students that often many in society do not consider. In some areas of the U.S, these students do not receive enrollment in charter schools, yet these schools are often closest to where the immigrant/refugee students live. New York is one of the cities that struggles to ensure immigrant/refugee students have a place in their charter schools. A study done in January of 2010 by United Federation of Teachers found that only four percent of ELL students receive enrollment in charter schools within the neighborhood these students live in. This is in contrast to the citywide average of 14 percent that enroll in charter schools. Charter schools receive on average about 10 percent less students of free/reduced lunches than those schools on the district level. How do teachers encourage refugee and immigrant students to succeed? Helping refugee and immigrant students succeed not only takes place in the classroom setting, but can assist refugee/immigrant students and their families outside the class also. Teachers can tap into community resources available to the school that will help each immigrant/refugee family feel welcome. According to Colorà ­n Colorado (2009), there are several things teachers can pursue to help students adapt within the new environment when arriving in the classroom. Below are the methods as listed on their website. The first is the teacher must educate him/herself about the new student. It is important to learn their culture, and from what country they originate. It is helpful for new students lowering their affective filter if the teacher allows each individual to share with the class their experiences. Below is a list by Colorà ­n Colorado (2009), of things teachers should utilize to help welcome new immigrant and refugee students in class: Learn as much as you can about refugee students cultures, and invite students to share their knowledge with their classmates. Develop a list of community resources such as food and clothing shelves, health care centers, and adult ESL classes. Have the information on hand to share at conferences or other family events. Consider what works best for the families if they live in a concentrated area with a community center you may want to hold the meetings in their neighborhood. Be sure to have bilingual support, food and childcare. Federal funds can be used to provide transportation as well. For older students who need to develop initial literacy skills, work with other staff to provide age-appropriate materials that allows the students to practice their developing skills, but doesnt require them to complete activities designed for young children (Colorà ­n Colorado, 2009). Are dual language programs effective for immigrant and refugee students? The effectiveness of a dual language program in a given school system relies upon the acquired skills teachers possess in the program, and the ability to successfully reach each student. In Texas, administrators tout this program with a mark of success in their school systems.

Gibbons v Ogden Decision Fair or Unfair :: essays papers

Gibbons v Ogden Decision Fair or Unfair The decision in the Gibbons v. Ogden case is, in my opinion, a very just and fair one. Many believe it to be the first anti- trust decision in U.S. history. The economic results cannot be over-estimated, a different decision could have resulted in completely different circumstances than with which we are accustomed to today. The free flow of commerce, which we seem to almost take for granted in modern economics and business, may have never been a possibility without decisions such as this. Monopolies did not allow for equal division of business and therefore was unjust. If all men are created equal they should be given equal opportunities. The New York Livingston-Fulton monopoly clearly subjected any potential competition to harsh conditions that would make it impossible for them to keep up in their business. Travel by steamboat was much faster than any other means in the time of this case and to give complete control to only one partnership was unfair. Under the constitution Congress has the right to regulate commerce. Although the monopoly was a form of internal state trade regulation it directly impacted on inter-state trade after a number of states passed laws to come back at the New York monopoly. Therefore, Congress had the right to intervene and end the monopoly. To completely understand the impact of the Gibbons-Ogden decision it is necessary to understand the situation surrounding it. In 1798 Robert R. Livingston secured an exclusive twenty year grant from the New York legislature. By the terms of this grant he could exclusively navigate by steam the rivers and other waters of the state, provided that within two years he should build a boat which would make four miles an hour against the current of the Hudson River. The legislature had no faith whatsoever in the project but the decision was still made against the many jeers. The terms of the grant were not met and it was renewed in 1803, this time to Livingston and his new partner, Robert Fulton. It was renewed once more in 1807 and finally that August Fulton’s steamboat made its first successful trip from New York to Albany. The following year the Legislature, fully aware of the practical significance of Fulton’s achievement, passed a law stating that for each new boat navigated on New York waters by Fulton and Livingston that they should be provided with a five year extension to their monopoly, which may not exceed thirty years.

Poverty in Grapes of Wrath, by John Steinbeck :: Grapes of Wrath Essays

Throughout history, less fortunate people have been set apart or shunned from the general public. In the Grapes of Wrath, by John Steinbeck, this statement holds true. Throughout the whole book, all of the less fortunate people are treated like they aren’t even human. This is not much different than how our society is now. In the news article â€Å"Major Cities Get Tough With Homeless†, by Angie Cannon, Judy Appel said, â€Å"We are saying it is your fault that we have created a structure where there aren’t enough jobs and housing for you to lead a decent life.† (Cannon 1) Appel is saying the same thing Steinbeck was saying in his book. Many homeless people are homeless because they were forced to be that way, and the general public doesn’t realize it. In the Grapes of Wrath, and in the present time, the general public has set the less fortunate apart from themselves without even realizing it. â€Å"I’m seeing more apathy on the part of people. I think people used to feel badly. And now, I think people feel bothered. That’s a dangerous shift.† (Cannon 1) What she means is that at one point in time we used to care for the homeless. We used to try and help them out. Now we don’t care and we just want to get rid of them. This is very similar to the situation in the Grapes of Wrath. At first they wanted thousands of people to come and work, but when they actually started coming, the general public wanted to get rid of them. â€Å"And the men of the towns and of the soft suburban county gathered to defend themselves; and the reassured themselves that they were good and the invaders were bad, as a man must do before he fights. They said, these Okies are dirty and ignorant. They’re degenerate sexual man iacs. These Okies are thieves. They’ll steal anything. They’ve got no sense of property rights.† (G.O.W. 363) This was the general publics’ feeling towards the Okies, even though they asked them to come there in the first place. What the people don’t understand is that the Okies are being forced to steal and the general public is the one who is forcing them. In the Grapes of Wrath, and in the present time we, the general public have shunned the less fortunate. It isn’t that we want them to be poor, but we have a hard time fitting in with them.

Answer Key for Effective Writing 3

Answer Key Booklet 2 Contents Answer Key Unit 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Unit 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Unit 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Unit 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Unit 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Unit 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Great Clarendon Street, Oxford o x2 6dp UK The Publisher grants permission for the photocopying of those pages marked â€Å"photocopiable† according to the following conditions. Individual purchasers may make copies for their own use or for use by classes they teach.School purchasers may make copies for use by their staff and students. Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide in You must not circulate this book in any other binding or cover and you must impose this same condition on any acquirer. 1 198 Madison Avenue New York, NY 10016 USA Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices inAny websites referred to in this publication are in the public domain and their addresses are provided by Oxford University Press for information only. Oxford University Press disclaims any responsibility for the content. oxford and o xford english are registered trademarks of Oxford University Press Executive Publisher: Janet Aitchison Senior Acquisitions Editor: Pietro Alongi Associate Editor: Scott Allan Wallick Art Director: Maj-Britt Hagsted Production Manager: Shanta Persaud Production Controller: Eve Wong  © Oxford University Press 2007 isbn: 978- 0-19-430884-7 Database right Oxford University Press (maker)Printed in Hong Kong All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of Oxford University Press, with the sole exception of photocopying carried out under the conditions that follow. 10 9 8 7 6 5 4 3 Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Answer Key Unit  The Five-Paragraph Essay 4 . No, the conclusion in the five-paragraph essay is not ifferent from that of the short essay on page 3 . Part 1: Stimulating Ideas Part 2: Developing the Five-Paragraph Essay Exercise 2 (pp. 3â€⠀œ4) Exercise  (p. 9) A . 1 . a 2 . b 3 . c B . Answers will vary. 1 . To achieve this goal, I focused on three points: the content of an essay, correct grammar, and advanced level vocabulary . It is the thesis of the essay because it states what the entire essay is about . 2 . As soon as I started to write for college, I realized that college writing was different from the writing I was used to doing . It is the topic sentence because it states what the body paragraph is about . . The details in the body paragraph give explanations and examples to support the topic sentence . 4 . It sums up the ideas of the essay, and it brings it to a close . Exercise 3 (pp. 5–7) A . Answers will vary. B . 1 . Thesis statement: â€Å"To achieve this goal, I focused on three points: the content of an essay, correct grammar, and advanced level vocabulary . † No, the thesis statement is not different from the thesis statement of the short essay on page 3 . 2 . Each topic sentence suppo rts the thesis statement . First body paragraph topic sentence: â€Å"As soon as I started to write for college, I realized that college riting was different from the writing I was used to doing . † Second body paragraph topic sentence: â€Å"I realized I had to improve my understanding of grammar in order to write for college . † Third body paragraph topic sentence: â€Å"I soon realized that academic writing required a much more sophisticated vocabulary . † 3 . The body paragraphs of the five-paragraph essay expand on the information provided in the single body paragraph of the short essay by giving examples and anecdotes . The body paragraphs of the five-paragraph essay are more analytical in nature . 1 . Hook: â€Å"It was a sunny day in the summer of 1998 hen my family moved out of the city to the suburbs . † 2 . I did not like leaving because I would lose my friends and the places where I had had so much fun . It was very sad for me to see my friend s standing in front of the old house as we said our last goodbyes . 3 . Thesis statement: â€Å"Little did I know that this move would turn out to be one of the best moments of my life . † 4 . Topic: â€Å"Little did I know that this move . . . † 5 . Controlling idea: â€Å" . . . would turn out to be one of the best moments of my life . † Exercise 2 (p. 0) Body Paragraph 1 Answers will vary. 1 . As soon as I started to write for college, I realized hat college writing was different from the writing I was used to doing . 2 . The writer gives supporting details . In high school, most of the writer’s writing dealt with personal experiences with family, childhood, and friends . In contrast, college writing is focused on a variety of unfamiliar issues, such as reacting to a piece of literature or writing about the community . The most important thing for the writer was to understand the assigned topic before attempting a first draft . The writer wanted to in clude examples, statistics, and direct quotations whenever possible for support . These etails support the topic sentence because they elaborate on the topic sentence . 3 . b Body Paragraph 2 Answers will vary. 1 . I realized that I had to improve my understanding of grammar in order to write for college . 2 . The writer gives supporting details . Before the writer came to college, grammar was not Effective Academic Writing 3: Answer Key  a strong point . The writer often created run-on sentences or sentence fragments . The writer was more concerned with what to say than how it was said . The professors would not accept this kind of writing and made the writer revise many times .Consequently, the writer made grammar the second priority . The writer reviewed the basic grammatical structures such as subjects and verbs and checked all work for verb tense consistency and punctuation . As a result, the writer’s work became more complex because the writer included transitional wor ds, gerunds, and embedded clauses . These details support the topic sentence because they elaborate on the topic sentence . 3 . a Body Paragraph 3 Answers will vary. 1 . I soon realized that academic writing required a much more sophisticated vocabulary . 2 . The writer gives supporting details . The writer as accustomed to writing letters and informal essays, so the writer usually wrote the way the writer speaks with family and friends . It was common for the writer to include slang and abbreviated terms, which were appropriate in social contexts but were unacceptable in formal essays . The writer’s third goal became improving vocabulary . The writer bought a dictionary and thesaurus, became more aware of how often the same words and phrases were repeated throughout the essay, and looked for synonyms to replace words that the writer thought were too simple for a college essay . The writer also focused ore on the rules of spelling and corrected any errors . These details supp ort the topic sentence because they elaborate on the topic sentence . 3 . a Exercise 3 (p. ) 1 . 3 2 . The first sentence restates the thesis: â€Å"Academic writing requires critical thinking skills, an understanding of the topic, high level vocabulary, and correct grammar . † 3 . d Part 3: Unity and Coherence Exercise  (p. 2) Having my friends and family together at my wedding was an amazing experience . I had not seen some of my uncles, cousins, and aunts for many years . My cousin Tom lives in London, where he works as 2Effective Academic Writing 3: Answer Key an engineer . Both my mother and father were born in different countries, so my relatives are scattered all over the world . I really like traveling and have been to Europe and Asia . Although we try to get together for important occasions, this was the first time everyone could attend . Most importantly, my good friends had never met my relatives . Developing good friendships takes a lot of work . Watching them all dancing, laughing, and having a wonderful time will stay in my memory forever . The band we hired played music that the guests loved and we danced for hours .My original guest list had over 200 people, but I had to cut it down to 150 . It was difficult finding a group that could play all the diverse styles that I wanted at the wedding . Most bands specialize in one or two different kinds of music . However, these musicians really knew all types of music—from 1940s jazz and swing to salsa, merengue, and even hip-hop . My brother was once in a rock and roll band . In short, there was music to suit everyone’s tastes . I loved the singer’s dress . It was incredible . Even my grandparents danced all night . Exercise 2 (p. 4) 1 . a, c, d 2 . a, b, d, e Exercise 3 (p. 5) 2 . 3 . a Exercise 4 (p. 6) Answers will vary. 2 . Learning a foreign language takes a lot of patience and effort . Moreover, it helps to have a good ear and be able to spend some time in the h ost country . 3 . The college student was told to revise her essay a third time . Nevertheless, she has still made great progress with her writing skills . 4 . John Steinbeck, a famous American author, wrote many books concerning the human condition . For example, his novel The Grapes of Wrath dealt with the problems of the Great Depression . 5 . Academic writing requires standard grammar, sophisticated vocabulary, and proper rganization . In contrast, e-mail messages use abbreviations, symbols, and slang . 6 . Nowadays research is often done on the Internet . Previously, important information was stored on special film called microfiche. Exercise 5 (p. 7) Answers will vary. A . If you want to make rice, first boil some water . Next, add rice . Then cook for about 20 minutes . B . If you want to learn Spanish, the most important thing is to take a Spanish class . The second priority is to practice speaking Spanish with friends . Then visit a Spanish-speaking country . Exercise 6 (p . 8) 2 . 3 . 4 . 5 . 6 . 7 . 8 . She this they we s They us Exercise 7 (p. 9) 2 . As a teenager, I reported on school events, edited articles for the high school newspaper, and published some of my stories . 3 . Some of the rewards of being an author are learning about historical events, researching the lives of famous people, and discovering facts about yourself . 4 . Attending workshops on writing has taught me how to receive criticism, become a more focused writer, and take more risks . Part 4: Editing Your Writing Exercise  (p. 20) 2 . I felt very confident because I had spent a long time practicing . 3 . Since it was my graduation, I bought a beautiful ew outfit . 4 . Although the ceremony was very long, nobody was bored . 5 . We went out for a fancy meal after the ceremony ended . 6 . My family took a lot of photographs which I still enjoy looking at . Exercise 2 (p. 2) 1 . 2 . 3 . 4 . 5 . RO RO C RO C Exercise 3 (p. 22) 2 . The nineteenth-century British novelist Charlott e Bronte wrote Jane Eyre, and her younger sister Emily was the author of the classic Wuthering Heights . 3 . Upton Sinclair was concerned about social and political problems of his times, so he wrote The Jungle, exposing the unsanitary conditions of the meatpacking industry . 4 .Jane Austen’s original version of Pride and Prejudice was written when she was only twenty years old, yet it was not published for almost two decades . 5 . The anthropologist Margaret Mead went to Samoa to collect data for her book, for she was interested in researching the role of adolescent girls in a non-Western culture . 6 . Writers often use biographical information, or they adapt the background of other people for their story . Exercise 4 (p. 23) 2 . Margaret Mitchell was able to write the epic novel Gone with the Wind because she understood the decline of the southern plantation owners . 3 .Although Somerset Maugham was a doctor, he wrote many important novels, short stories, and plays . 4 . So me of the Harry Potter books have already been made into movies since they are so popular . 5 . When Wallace Stevens received the Pulitzer Prize for his collected poems, he was vice president of an insurance company . Exercise 5 (p. 24) Answers will vary. 2 . When I visited her, she showed me photos of her vacation . 3 . Because she had a demanding job, she never had time to visit with friends . 4 . Since I was her favorite, I always got a special gift . 5 . After she got married, she started working owntown . Exercise 6 (p. 25) While I was visiting China, I (1) experienced experience a special kind of warmth from the people I (2) came come in contact with . I was always aware of their special quality of friendliness . I (3) had have the unique experience of being in Beijing on the night the Chinese (4) won win their bid to host the 2008 summer Olympics . On that night, I (5) was am one of a million and a half people who poured into the streets to express their joy and gratitude . I walked with them and (6) shook shake hands with as many people as I could while I sang out the words: â€Å"gong xi ni ba†Effective Academic Writing 3: Answer Key 3 (congratulations) . My words (7) were are always met with big smiles and enthusiastic handshakes . Those parents with kids on their shoulders, teenagers, and many others (8) felt feel as if the rest of the world was welcoming them into the global community . Now I wish them the best, and I am hoping to return one day . If you take a trip to China, you will experience the same kind of hospitality . Part 5: Putting It All Together Exercise 4 (p. 28) Exercise  (p. 26) 1 . Hook: â€Å"Difficult life-changing experiences become the memories that stay forever in our minds . † 2 .We have to learn to balance the positive and negative effects that these situations have on us . The day after I finished my first year at college, I had one of these life-changing experiences . 3 . Thesis statement: â€Å"Going on a j ob interview at an international bank taught me an important lesson . † 4 . Topic: Going on a job interview at an international bank . 5 . Controlling idea: The writer learned an important lesson . Exercise 2 (p. 26) a . 4 b . 1 c . 7 d . 3 e . 5 f . 2 g . 6 Exercise 3 (p. 27) A . I was in a rush to get there, (1) so I decided to take a taxi . The traffic was so horrible that the driver was in a bad mood . 2) When he He closed the door, my new skirt got caught . I tried desperately to pull it out, but it ripped . I thought about asking the driver to stop, (3) but I was too embarrassed to say anything . Although I was very upset (4) , . I tried to be calm . The ride was much longer than I expected, (5) and the air conditioning was not working . I did not want anything negative to block my mind (6) . I was eager to have this job . I wanted to have a good interview and make a strong impression (7) , since . Since I learned in school that first impressions are the most valuable . B . Finally when I arrived at the bank, I (1) looked ook at my skirt . The torn hem was hanging and was covered with dirt . Once inside, I (2) went go into the ladies room . I tried to wash my skirt and hold it together with a safety pin . A few minutes later, I was in the waiting room when the secretary (3) called call me . I was embarrassed and afraid that I wouldn’t get the job because of my sloppy appearance . The most interesting part was that the manager asked me what (4) happened 4 happen . When I (5) told tell her the story, she started to laugh . She (6) couldn’t can’t stop . She wanted to ask me something about myself, but she (7) kept keeps on aughing . Now I was sure I would not get the job . She said, â€Å"I will never forget this . I never thought that I (8) would will have such a good time today . You know, when you have to interview a lot of people in one day, it can become very boring . † Despite this ordeal, she assured me that I had th e right qualifications, and in the end she offered me the position . Effective Academic Writing 3: Answer Key 1 . We never know when a negative experience can end up being a positive influence on our life and can stay in our minds forever . 2 . d Exercise 5 (p. 28) 1 . 2 . 3 . 4 . 5 . 6 . 7 . 8 . them it he it mine me us This Exercise 6 (p. 29) 1 . Sometimes when essays are written too quickly the sentences do not flow naturally . Therefore, you should always read your essay out loud to make sure it does . 2 . The sonnets of Shakespeare always rhyme . In contrast, modern poetry usually uses free verse that does not rhyme . 3 . Writing a good play requires a strong story line . Moreover, you need realistic dialogue and believable characters . 4 . William Shakespeare wrote comedies as well as tragedies . For example, The Taming of the Shrew and A Midsummer Night’s Dream both have happy endings . 5 .Computers have grammar and spell check . Nevertheless, a good writer should not depend on these tools . Exercise 7 (p. 30) 1 . A few years ago, I went to China to research a book, meet some old friends, and visit the famous temples . 2 . One day we toured the Ming Dynasty gardens, walked through the narrow streets, and visited the Great Wall . 3 . I ate with chopsticks, sampled spicy foods, and drank exotic teas . 4 . The Chinese are famous for creating silk screens, painting lacquer boxes, and inventing calligraphy . 5 . I enrolled in a Chinese culture class where I learned how to write a few characters, speak a ew words, and recognize the different tones of the language . Unit 2 Process Analysis Essays Part 1: Stimulating Ideas Exercise 3 (p. 34) will return home to eat and drink . The background information tells about celebration of the Day of the Dead . It tells when the celebration occurs and tells what the holiday is for . 3 . Thesis: â€Å"In my native town, Puebla, preparation begins three weeks before the holiday . † Answers will vary. 4 . Body paragraph 3 explains the process of families decorating and watching over the graves of dead relatives . 5 . a Part 3: Developing Your Ideas 5 . T Exercise  (p. 4) Answers will vary. . He had supernatural powers that helped him see the dead . 2 . Sonja’s offerings to the priests saved his mother . 3 . Families clean their homes, decorate the Buddhist altars, and light lanterns . 4 . Both children and adults participate in Bon Odori . 5 . Day of the Dead and Halloween Exercise 2 (p. 42) 1 . F 2 . T 3 . F 4 . T Exercise 4 (p. 34) Part 2: Brainstorming and Outlining Exercise 2 (p. 35) Answers will vary. 1 . Costumes: masks, makeup, traditional dress 2 . Foods: marshmallows, hamburgers, apple pie 3 . Music/Dance: national anthem, folk, circles 4 . Decorations: balloons, streamers, confettiExercise 3 (p. 36) Answers will vary. Exercise 4 (p. 38) A . 1 . The Day of the Dead is celebrated to remember the dead . 2 . People buy candles, incense, copal, fruit, flowers, and candies . 3 . The merchants build stalls to protect themselves and their products from the sunlight . 4 . Families go to the cemetery to decorate and to watch over the graves of dead relatives . 5 . Answers will vary. B . 1 . Hook: â€Å"Mexican culture is full of colorful traditions . † 2 . One of them is the celebration of the Day of the Dead . This special holiday for remembering the dead takes place on November 2 of every year . On hat day, families believe that their dead relatives The writer prepares a turkey for Thanksgiving dinner . A . 1 . The writer searched the Internet for recipes and got advice from friends . 2 . All the ingredients have to be fresh, especially the herbs . 3 . While the cornbread is baking, the other stuffing ingredients are being prepared . 4 . The size of the turkey determines the cooking time . 5 . Answers will vary . B . 1 . Hook: â€Å"The cashier gave me a free 12 pound turkey because my food receipt was over fifty dollars . † 2 . Thesis stat ement: â€Å"I did not know how to cook a turkey, but since I had gotten one, I decided it as a good opportunity to learn how . † Answers will vary. I wanted to learn how to cook a turkey, since I had gotten one at the supermarket . 3 . before, eventually, while, now, first, second, after, next, finally, then 4 . defrost, prepare, roast, take out, put in, take off, place, marinate, wash, poke, add, mix, brush, make, follow, bake, cut, saute, chop, cool off, mash up, fill, sew, cook 5 . Body paragraph 3 explains the steps in defrosting and preparing a turkey before it is roasted . 6 . The family said that the turkey was amazing and that the writer should prepare Thanksgiving dinner next year .Exercise 3 (p. 44) first, second, third, next, after this, then, finally Effective Academic Writing 3: Answer Key 5 Exercise 4 (p. 44) A . a . 6 c . 1 e . 2 b . 5 d . 3 f . 4 B . Before you begin, decide on a topic that you want to research . Second, review what has been written on the to pic . Third, organize the information in order of importance . Next, develop a term paper outline . After this, write the first draft of the paper . Finally, edit and revise your work . Exercise 5 (p. 45) 2 . Before you buy a computer disk, make sure it is compatible with your computer . Make sure the computer disk is compatible with our computer before you buy it . 3 . Before you use the new computer disk, format it . Format the new computer disk before you use it . 4 . After you save your essay on a disk, print it out . Print out your essay after you save it on a disk . 5 . As soon as you finish reading your email, log out . Log out as soon as you finish reading your email . 6 . After you close all programs, shut down the computer . Shut down the computer after you close all programs . Part 4: Editing Your Writing Exercise  (p. 49) 2 . Obon is celebrated by the Japanese in the summer . 3 . The fragrant fruit is protected from the sun by the talls . 4 . The grave must be guarded b y the relatives of the dead . 5 . The children were fascinated by the fireworks . 6 . Traditional food is sold to the families by the merchants . Exercise 2 (p. 50) 2 . Litter and trash should be picked up . 3 . Children must not be allowed to play with fireworks . 4 . Hot dogs and hamburgers must be cooked thoroughly . 5 . Music should not be played too loudly . 6 . Flags may be displayed in front of the houses . Exercise 3 (p. 50) 1 . Sushi is eaten in Japan . 2 . Many festivals are organized by the city government . 3 . Special breads and cakes are baked for the elebration . 4 . The turkey must be defrosted in the refrigerator . 6 Effective Academic Writing 3: Answer Key 5 . Green is worn by many people in the United States on Saint Patrick’s Day . 6 . A lot of flowers and chocolates are sold on Valentine’s Day . Exercise 4 (p. 5) 1 . X 2 . The gifts offered to the spirits are blessed by the families . 3 . X 4 . X 5 . The Buddhist altars are decorated by families . 6 . X Exercise 5 (p. 52) Every year, the falling autumn leaves signal the approach of Halloween . It is one of the most popular holidays in the United States, and it (1) is enjoyed by both children and adults .Many parties are held on this occasion when special costumes, masks, and wigs (2) are worn . Some of the most popular costumes that are (3) chosen chose are from children’s fairy tales as well as witches, ghosts, and famous movie stars . Prizes are often given for the most unusual and creative disguises . Faces are (4) painted paint with odd designs and colorful makeup . The fronts of many houses (5) are decorated with gravestones, monsters, and jack-o-lanterns . These lanterns are (6) made making from pumpkins, which are carved out to create scary faces . On the night of Halloween, children go trick-or-treating, which means oing from house to house to collect candy . For kids and adults alike, Halloween is great fun . But remember, young children should (7) to be acco mpanied by an adult at all times . Part 5: Putting It All Together Exercise  (p. 53) A . a . 2 c . 3 e . 1 b . 5 d . 6 f . 4 B . Answers will vary. First, check with your counselor for available scholarships . Second, select three or four scholarships that are appropriate for you . Third, go to the Internet and review the requirements . Next, request an application form . After this, complete the application . Finally, submit the application and wait for a response . Exercise 2 (p. 3) 1 . Before you enter a Japanese tea house, take off your shoes . or Take off your shoes before you enter a Japanese tea house . 2 . After you sit in the proper position, begin the ceremony . or Begin the ceremony after you sit in the proper position . 3 . As soon as you pour hot water into the tea bowl, stir the mixture . or Stir the mixture as soon as you pour hot water into the tea bowl . 4 . Before you taste the tea, admire the design of the bowl . or Admire the design of the bowl before you taste the tea . 5 . After you drink the tea, pass the bowl to the next person . or Pass the bowl to the next person after ou drink the tea . Exercise 3 (p. 54) 1 . Baseball players are idolized by the fans . 2 . Tickets can be bought on the Internet by fans . 3 . The games are often sponsored by large corporations . 4 . A special vest must be worn by the umpire . 5 . Baseball is watched by millions of viewers on TV . Exercise 4 (p. 54) 1 . Changes to the schedule must be approved by the principal . 2 . The electric drill must be plugged in . 3 . Banks and other businesses are closed on national holidays . 4 . Potatoes and other vegetables are grown in Idaho . 5 . A weekend edition is published by The New York Times . Exercise 5 (p. 55)In college, students have many responsibilities, and one of them is to understand the rules of the university . International students may be confused by some of these rules . For instance, on most American college campuses, alcohol consumption is (1) prohib ited prohibit because of the many alcohol-related deaths among young people . Educators believe that students should be (2) made make aware of the dangers of excessive drinking . Another issue is smoking in public spaces, which (3) is permitted in some countries around the world . In the majority of American schools, smoking is not (4) allowed allowing in the cafeterias, dormitories, and tudent unions . However, in most classrooms, food and drinks may (5) to be consumed . Before students enter a classroom or lecture hall, they are (6) expected expect to turn their cell phones off . Plagiarism and cheating on exams (7) is be not tolerated; serious consequences may result . Unit 3 Cause and Effect Essays Part 1: Stimulating Ideas Exercise 3 (p. 62) 1 . F 2 . F 3 . T 4 . T 5 . T Exercise 4 (p. 62) Answers will vary. 1 . While his peers spent money on fraternities and parties, Mighty invested in the stock market . He searched for answers on his own . 2 . He made a documentary while trav eling around he country asking people from many different backgrounds what they thought happiness was . 3 . You don’t need material wealth to enjoy your life; you just have to live it to the fullest . 4 . Answers will vary. 5 . Answers will vary. Part 2: Brainstorming and Outlining Exercise 2 (p. 64) Answers will vary. A . 1 . Happiness: love, friendship, success, enjoy 2 . Actions: complete, advance, finish, start 3 . Results: turn into, make possible, end result, culminate B . Answers will vary. 2 . Accomplishing your goals leads to peace of mind . 3 . Succeeding in a difficult situation brings about contentment . 4 .Completing a college degree makes it possible to enjoy a good career . 5 . Finishing what you started leads to selfsatisfaction . Exercise 3 (p. 65) A positive outlook helps you find happiness in relationships, keeps you healthy, and makes you more able to confront difficult situations . Exercise 4 (p. 66) Answers will vary. 1 . Hook: â€Å"Happiness is a stat e of being that everyone wants to achieve . † 2 . A positive outlook can help you be happy and change the outcome of your life . 3 . Thesis statement: â€Å"It can enrich your relationships, improve your health, and guide you through some of life’s greatest challenges . A positive outlook on life can make your relationships stronger, make you Effective Academic Writing 3: Answer Key 7 healthier, and give you the strength to face life’s most difficult moments . 4 . Body paragraph 1 topic: A positive outlook helps you find happiness in professional, social, and personal relationships . Body pargraph 2 topic: Having a positive outlook also makes a person healthy . Body paragraph 3 topic: Finally, people with positive outlooks are stronger and capable of confronting difficult situations . 5 . Laughter releases a chemical substance called serotonin into your blood stream; stress causes igh blood pressure, heart disease, and cancer 6 . The conclusion restates the intr oduction in different words . Part 3: Developing Your Ideas Exercise  (p. 69) According to the writer, family support, motivation, and the ability to focus lead to success in college . Exercise 2 (p. 70) Answers will vary. 1 . Students may experience self-doubt, face financial hardships, and be overwhelmed by the work load . 2 . They might be too tired to study after returning home late from their jobs, or they might decide to go to a party instead of studying . 3 . Students have many obligations to fill and may rrive home late at night, so they may find it difficult to finish their homework and make their studies a priority . 4 . You could waste valuable time and money if you aren’t focused . 5 . Answers will vary. Exercise 3 (p. 7) 2 . c 3 . a 4 . c 5 . a Exercise 4 (p. 73) 2 . Since people are receiving better medical treatment, they are living longer . or People are living longer since they are receiving better medical treatment . 3 . Because orchestras are trying to at tract a younger audience, reduced rates at concert halls are available for many high school students . or Reduced rates at concert halls are available for any high school students because orchestras are trying to attract a younger audience . 4 . Since research has shown that yoga reduces stress, more and more individuals are practicing it . or More and more individuals are practicing yoga since research has shown that it reduces stress . 8 Effective Academic Writing 3: Answer Key Exercise 5 (p. 73) 2 . As a result of the high pollen count, my allergies are very bad this season . 3 . Because of my excellent work, I received the highest grade in the class . 4 . Due to the destructive fire, the building had to be demolished . Exercise 6 (p. 74) 2 .The fire caused major damage to the school auditorium; consequently, we will have the performance in the town hall . or The fire caused major damage to the school auditorium . Consequently, we will have the performance in the town hall . 3. T he Great Depression was devastating; as a result, many farmers moved to California . or The Great Depression was devastating . As a result, many farmers moved to California . 4 . Airlines have cut back services; as a result, flights no longer provide meals . or Airlines have cut back services . As a result, flights no longer provide meals . 5 . The reviews were great; therefore, the theater dded more performances . or The reviews were great . Therefore, the theater added more performances . Part 4: Editing Your Writing Exercise  (p. 77) 2 . 3 . 4 . 5 . If you study hard, you will pass the test . If you get a roommate, you will share the rent . If you go to bed early, you will wake up refreshed . If you read more, you will increase your vocabulary . Exercise 2 (p. 78) 2 . If I owned a car, I wouldn’t travel by bus . 3 . If people didn’t watch a lot of TV, they would read books . 4 . If I knew how to cook, I could make dinner for the whole family . 5 . If we have a lot of rain in the spring, I won’t go amping . Exercise 3 (p. 78) Answers will vary. 2 . I would buy a beach house if I had more money . 3 . If people receive better health care, they will live longer . 4 . I would learn a foreign language if I could go back to school . 5 . If home owners used solar energy, they would save money on their heating bills . Exercise 4 (p. 79) If you (1) like liked music, think about taking a music appreciation course . If you (2) would have any talent in that direction, you may want to join a choir . I joined a choir two years ago and I enjoy it very much . I know that if I didn’t have my rehearsals, I (3) would ill be very unhappy . I look forward to working with a conductor, learning challenging pieces, and singing with a group . If I (4) miss missed a rehearsal, I feel a little depressed . Even if we work on a difficult piece, I (5) would find the challenge exhilarating . If music is not the hobby for you, you should (6) find found one that can bring you happiness . If you do, you (7) will would not be sorry . Part 5: Putting It All Together Exercise  (p. 80) 1 . b 2 . a 3 . b 4 . c 5 . a 6 . c Exercise 2 (p. 8) 1 . The construction industry is thriving since there is a high demand for new housing . or Since there is high demand for new housing, the construction industry is thriving . 2 . Because of fierce competition for jobs, many young adults want to go to college . or Many young adults want to go to college because of fierce competition for jobs . 3 . Because people are living longer, second careers are more common . or Second careers are more common because people are living longer . 4 . Newspapers and magazines are losing subscribers since readers obtain more up-to-date information from the Internet . or Since readers obtain more up-to-date information from the Internet, newspapers and magazines are losing subscribers . 5 .Due to a great need for nurses, many students are entering the profession . or Many stud ents are entering the profession due to a great need for nurses . 6 . As a result of the building of the Suez Canal, ships are able to travel faster from the west to the east . or Ships are able to travel faster from the west to the east as a result of the building of the Suez Canal . Exercise 3 (p. 8) 1 . Microwaves are time-saving; therefore, people are cooking less . or Microwaves are time-saving . Therefore, people are cooking less . 2 . Crime rates are high; consequently, more police patrol the streets . or Crime rates are high .Consequently, more police patrol the streets . 3 . Globalization is increasing; as a result, English has become a more popular language . or Globalization is increasing . As a result, English has become a more popular language . 4 . Shopping malls are huge; consequently, consumers have more choices . or Shopping malls are huge . Consequently, consumers have more choices . 5 . Cell phones are convenient and economical; as a result, many people have canc elled their home service . or Cell phones are convenient and economical . As a result, many people have cancelled their home service . 6 . The exam was challenging; therefore, many tudents failed . or The exam was challenging . Therefore, many students failed . Exercise 4 (p. 82) 1 . If you work hard, you will succeed in your career . 2 . If you work at a job you like, you will accomplish more in less time . 3 . If you travel around the world, you will learn about new cultures . 4 . If you have a DVD drive, you will be able to watch movies on your computer . 5 . If you plant perennials, you will have flowers again next year . 6 . If you purchase tickets online, you will save money . Exercise 5 (p. 83) Answers will vary. 1 . If you did not play an instrument, you could not join an orchestra . 2 .If you had a long semester, you would have less vacation time . 3 . If we had a microwave, we wouldn’t cook everything on the stove . 4 . If I owned a laptop, I could work efficiently . 5 . If I had any credit cards, I would not pay with cash . Exercise 6 (p. 83) Today, people work long hours and have too many responsiblities; as a result, they have very little leisure time . If people spent more time with family and friends, they (1) would will be happier . Often parents do not have enough time to spend with their children . Therefore, young children do not receive the parental attention they need . If parents (2) had have more home ime, they could play games with their children, and participate in more school activities . If parents (3) spent Effective Academic Writing 3: Answer Key 9 spend more time with their children, children would do better in school . Furthermore, if workers had more leisure time, they (4) could can go on more family vacations . Teenagers (5) would have had more time to communicate with their parents if they did not have so many responsibilities . If leisure time (6) increased increase, the family unit would be stronger and society as a w hole would benefit . Unit 4 Argumentative Essays Part 1: Stimulating IdeasExercise 3 (p. 90) 1 . F 2 . T 3 . F 4 . T 5 . F 6 . F Part 3: Developing Your Ideas Exercise 4 (p. 90) Answers will vary. 1 . He is the first person to be charged with the crime of piracy, and other arrests may follow . 2 . Its function is to protect intellectual property between nations . 3 . They are losing large profits and are afraid they won’t survive . 4 . Answers will vary. 5 . Answers will vary. Part 2: Brainstorming and Outlining Exercise 2 (p. 92) A . law property legal break the rules commit a crime computers own a copyright download possession share files program B . Answers will vary. Exercise 3 (p. 93)Academic policy rules are broken by cheating and plagiarism . Exercise 4 (p. 95) Answers will vary. A . 1 . Some students plagiarize because it saves time . 2 . The writer feels that copying someone else’s work and submitting it as your own is not only immoral but also academically un acceptable . We know this because the writer says, â€Å"However, plagiarism is wrong because it is irresponsible as well as against academic policy . † 3 . They don’t develop their critical thinking and writing skills and they might fail their final exams . 0 4 . Answers will vary. 5 . Answers will vary. B . 1 . Hook: â€Å"College and high school students often ook for shortcuts to make their work easier . † 2 . Thesis statement: â€Å"However, plagiarism is irresponsible from a social and academic standpoint . † Answers will vary. Example: Plagiarism affects your relationships with your classmates and teachers, and it hinders your academic progress . 3 . d 4 . There are some students who feel that because they are so busy, they have no choice but to plagiarize . 5 . Three: Plagiarism damages classroom relationships, it also violates school policies, and it prevents students from realizing their own potential . Effective Academic Writing 3: Answer Key Exercise 2 (p. 99) Answers will vary. . The first reason the writer gives is that cable companies charge too much money for the service . 2 . The writer gives detailed price information for the various packages the cable company offers . These facts strengthen the writer’s argument, because they are specific examples of how the cable company’s prices can be very expensive . 3 . The quality of satellite service is inferior, and many buildings do not allow tenants to use satellite dishes . 4 . Cable companies say they are losing money and that getting free cable is against the law . 5 . Answers will vary. Exercise 3 (p. 00) 1 . R 2 . C 3 . C 4 . R 5 . C 6 . RExercise 4 (p. 02) 2 . Once an invention is patented, only the owner can make, sell or distribute the product . Therefore, anyone else who wants to profit from this item must get permission from the owner . or Once an invention is patented, only the owner can make, sell or distribute the product; therefore, anyone else who wants to profit from this item must get permission from the owner . 3 . Novels, plays, newspapers, and other original printed materials are protected by copyright law . However, visual images such as drawings, photographs, and cartoons are still illegally copied off the Internet . or . Novels, plays, ewspapers, and other original printed materials are protected by copyright law; however, visual images such as drawings, photographs, and cartoons are still illegally copied off the Internet . 4 . There continues to be illegal videotaping of movies in public movie theaters . Consequently, the U . S . Congress found it necessary to pass the Family Copyright Act of 2005 . or There continues to be illegal videotaping of movies in public movie theaters; consequently, the U . S . Congress found it necessary to pass the Family Copyright Act of 2005 . Part 4: Editing Your Writing Exercise  (p. 05) Answers will vary. 2 .Whereas some people like to go to a movie theater, others prefer to watch movies at home . 3 . Even though baseball is the most popular sport in America, soccer is the leading sport in Europe . 4 . While shopping online is very convenient, many people prefer to see the merchandise before they buy it . 5 . Although air travel is expensive, the time saved makes it worthwhile . Exercise 2 (p. 06) A . 2 . What they decided to do 3 . It is essential authenticity . is ridiculous . that you check the painting’s 4 . We advise that you buy jewelry only from a reputable dealer . 5 . The board demands teachers . 6 . I don’t agree hat the school hire master with what he said . B . 1 . I believe that viewers have a right to use free unauthorized cable service . 2 . Cable companies complain that they are losing money and that obtaining free cable is unlawful . 3 . We feel that these companies have a monopoly . 4 . In conclusion, I think that people should be allowed to use unauthorized cable service unless we have reasonable options . Exercise 3 (p. 07) 2 . The city residents recommend that the mayor lower the fare for public transportation . 3 . Parents believe that the community should provide after-school programs for teenagers . 4 .It is crucial that the government offer free health care for all citizens . 5 . Most employers insist that their workers arrive on time . Exercise 4 (p. 07) Identity theft occurs when someone steals your name, social security, or credit card number and uses it for his/her own purposes . Although most people feel safe from identity theft (1) , thousands of people each year fall victim to this new form of crime . We recommend that you (2) to protect yourself from this hideous crime . Do not disclose personal information (like your social security number) to strangers . Destroy all unused bank and credit card statements .Keep an eye on your credit cards . Although credit cards make life easier (3) , you need to be cautious when using them . In case you become a victim of identity crime, foll ow these steps . We advise that you (4) should file a police report as soon as you realize that something is wrong . It is crucial that you (5) to notify your credit card companies and bank immediately . We also suggest that you (6) could keep records of all your documents in a safe place . Therefore, if you become a victim, you will have all the necessary information to facilitate the filing process . Part 5: Putting It All Together Exercise  (p. 09) . R 2 . C 3 . R 4 . R 5 . C 6 . R Exercise 2 (p. 09) 1 . A lot of companies copy the ingredients found in famous perfumes . Furthermore/in addition/ moreover, other companies steal patterns for dishware, sheets, and towels . or A lot of companies copy the ingredients found in famous perfumes; furthermore/in addition/moreover, other companies steal patterns for dishware, sheets, and towels . 2 . Many college students know that plagiarism is illegal . However/nevertheless, websites that sell essays continue to grow . or Many college s tudents know that plagiarism is illegal; however/nevertheless, websites that sell essays ontinue to grow . 3 . Writing a research paper takes time and patience . Furthermore/in addition/moreover, it takes determination . or Writing a research paper takes time and patience; furthermore/in addition/ moreover, it takes determination . 4 . Media-related property theft has resulted in legal retaliation . However/nevertheless, the number of individuals illegally obtaining media online has increased . or Media-related property theft has resulted in legal retaliation; however/ Effective Academic Writing 3: Answer Key  nevertheless, the number of individuals illegally obtaining media online has increased . . Many consumers try to keep up with modern technology . However/ nevertheless, this is almost impossible because what is popular today becomes obsolete tomorrow . or Many consumers try to keep up with modern technology; however/ nevertheless, this is almost impossible because what is po pular today becomes obsolete tomorrow . Exercise 3 (p. 0) Answers will vary. 1 . Although people in the United States greet each other buy shaking hands, people in other countries greet each other by bowing . 2 . While opponents say that television has a lot of violence, many people believe it can be an educational tool . 3 .Whereas many people go on vacation in the summer, I prefer to vacation in the winter when it’s less crowded . 4 . Although smoking has proven to be a dangerous habit, I still see many people smoking . 5 . Even though cell phone users believe they have the right to talk whenever they want, many people believe that cell phones should be banned from restaurants . Exercise 4 (p. ) 1 . It is mandatory that cyclists in the United States wear helmets . 2 . The government believes that people should be punished for stealing intellectual property . 3 . It is essential that a driver check the car’s oil and tires before taking a long trip . 4 .The taxpay ers propose that the mayor build a new highway . 5 . Colleges recommend that students have their own computers . Exercise 5 (p. ) To complete a research project on the Internet, it is important that you (1) must find a good search engine . (2) Although there There are many available (3) , some are better than others . Once you have chosen your search engine, it is essential that you (4) should narrow your search to a specific topic . Type in the keywords for your search . We recommend that you (5) will check your spelling carefully . If you misspell too many words, you will not get the right results . As soon as you have our list of websites, we suggest that you quickly (6) to scan the list . (7) While/whereas some Some people choose websites randomly, others find that the first five 2 Effective Academic Writing 3: Answer Key to ten are usually the best . Be prepared to look at a lot of websites before you find what you need . Open the sites and skim them to find out if the info rmation will work for your project . (8) Even though/although it It is tempting to copy the material that you have found, it is mandatory that you (9) to use your own words when you write your paper . You should include the website address in your final report . Unit 5Classification Essays Part 1: Stimulating Ideas Exercise 3 (p. 8) 1 . T 2 . T 3 . F 4 . T 5 . F Exercise (p. 8) Answers will vary. 1 . College students looking for a job and people who want to advance in their professions need to learn new skills . 2 . Some computer skills needed are Microsoft Word, Excel, Access, and e-mail systems . 3 . Skills 2006 was a study based on a survey conducted to find out whether new job applicants had the necessary skills . 4 . Companies now want employees to be technically trained for the jobs . 5 . There will not be enough graduates to fill these positions . Part 2: Brainstorming and OutliningExercise 3 (p. 2) Graphic design programs for web pages and animation are discussed . Exe rcise 4 (p. 23) Answers will vary. A . 1 . Flash MX has transitional pages, which are links that guide you from one slide (or portion of the slide) to another . You can also have animated introductions and create diverse effects with the buttons at the bottom of the pages . 2 . Photoshop allows you to repair old photos by adjusting the light and shadow . 3 . Swish provides a greater variety of font designs . 4 . Two-dimensional animations are flat while 3-dimentional animations have depth . 5 . Answers will vary. B . 1 .Hook: â€Å"Graphic design has become an essential tool in desktop publishing . † 2 . Thesis statement: â€Å"Graphic design programs are classified according to their function . † Graphic design programs are categorized according to the functions they perform . 3 . They are being grouped according to function . 4 . The category for body paragraph 1 is programs used to develop a web page . 5 . The category for body paragraph 2 is programs used to desig n flyers, posters, and cards . 6 . The category for body paragraph 3 is animation programs used to produce a 2- or 3-dimensional style . 7 . b 5 . The writer uses statistics . Exercise 3 (p. 29) Answers will vary. 1 . Group 1: landscaper, farmer, park ranger Principle of classification: people who work in nature 2 . Group 2: linguist, interpreter, speech therapist Principle of classification: people who work with language 3 . Group 3: civil engineer, architect, surveyor Principle of classification: people involved in building and construction Exercise 4 (p. 3) Part 3: Developing Your Ideas Exercise  (p. 26) Computer scientists, computer engineers, computer support specialists, and system analysts 1 . 2 . 3 . 4 . 5 . the greatest the same the fewest almost the same the smallest Exercise 2 (p. 27) Answers will vary.A . 1 . They have to be able to do research and be problem solvers . 2 . They rank the second highest . 3 . The highest paid people with associate degrees will be resp iratory therapists, cardiovascular technologists, and nuclear medicine technologists . 4 . These professionals should be able to communicate written information and medical instructions to their clients . 5 . Computer science and health and human services as well as their related skills are the forces that will drive the economy . 6 . Answers will vary. B . 1 . Answers will vary. Example: Many young people are wondering where the jobs of the future may e . 2 . Thesis statement: â€Å"However, if you are one of the many students who are still confused about which career to pursue, here are the jobs that will have the most growth in the number of people employed over the next decade . † Answers will vary. If you are not sure about your career path, you may want to consider one of these jobs that will be employing the most people within the next ten years . 3 . The information is presented in order of the highest, the second highest, the third highest percentage of growth . 4 . Body paragraph 1: The highest percentage of growth; body paragraph 2: The second-highest ercentage of growth; body paragraph 3: The third-highest growth rate . Part 4: Revising Your Writing Exercise  (p. 34) 2 . 3 . 4 . 5 . 6 . V, eating S, being V, taking S, learning S, studying Exercise 2 (p. 34) Answers will vary. 2 . I always enjoy swimming in the ocean . 3 . Volunteering in the community can be a wonderful experience . 4 . Many people dislike watching scary movies . 5 . Repairing computers is a useful skill to learn . 6 . If you want to feel better, you should avoid eating fatty foods . Exercise 3 (p. 34) 2 . 3 . 4 . 5 . 6 . improving memorizing researching discovering taking Exercise 4 (p. 34) Answers will vary. . I am interested in taking a computer graphics course this semester . 3 . I am nervous about speaking in front of a large audience . 4 . I am responsible for taking care of my sister . 5 . I am concerned about passing my driver’s test . Effective Academic Writing 3: Answer Key 3 6 . I am involved in planting new trees in my community . Exercise 5 (p. 36) 1 . The principal expected the teachers to arrive on time . 2 . The company is planning to hire new employees . 3 . Barbara expects to graduate next year . 4 . All hospitals require doctors to pass their medical exams . 5 . We decided to learn a foreign language . 6 .Employment agencies advise job applicants to dress appropriately for their job interviews . Exercise 6 (p. 36) Answers will vary. 1 . The professor agreed to give the final exam early . 2 . The policeman asked us to park on the other side of the street . 3 . My doctor advised me to eat more fruit and vegetables . 4 . The mayor needs to give a speech next week . 5 . My best friend wants to travel the world before she’s 40 . 6 . Many children learn to write at a very early age . Exercise 7 (p. 37) Answers will vary. 2 . My parents let me go to Europe last summer to study . 3 . The lifeguard had all the swimmers leave the pool . . The judge made the jury stay for the weekend . 5 . The bus driver let all the passengers ride for free . 6 . The airlines made all the travelers turn off their electronic devices . Exercise 8 (p. 37) (1) Finding Find the right career may seem like an overwhelming task for many . If you are looking for job opportunities, you need (2) to take enough time to explore all the options . Begin by (3) assessing assess your skills . Decide what you are good at doing and what you enjoy . Are you interested in designing or creating things with your hands? Perhaps you are more accustomed to (4) sitting sit at a computer . Do you like orking indoors or do you enjoy (5) being be outside in nature? Some people prefer (6) to work on a team, while others dislike working with others . This may be the most important decisions you will ever make, so explore your talents and abilities carefully, and do not let anyone (7) to influence you . 4 Effective Academic Writing 3: Answer Key Part 5: Putting It All Together Exercise  (p. 39) 1 . 2 . 3 . 4 . 5 . 6 . preparing forming receiving Arriving writing Practicing Exercise 2 (p. 39) 1 . 2 . 3 . 4 . 5 . 6 . to at in for with about Exercise 3 (p. 40) 1 . b 2 . a 3 . c 4 . a 5 . c 6 . c Exercise 4 (p. 40)

Kellie Castle

KELLIE’S CASTLE Malaysia is multi-ethnic country which has passed through a long history of colonisation by Europeans. Apart from its majestic beauty seen in the sprawling landscape, historical sightseeing also forms a main part of Malaysian tourism. One of the important historical sites in Malaysia was Kellie’s Castle. (Fairul Halim) Kellie’s Castle is the most important attraction in Batu Gajah, Perak. Located approximately 30 kilometers from Ipoh is the historical legacy of a great story behind its construction. The landlord, William Kellie Smith was born on 1 Mac 1870 at the Moray Firth, Dallas, Scotland.In the first Mac 1890 at the age 20, he arrived to Tanah Melayu . (Fazlina & Khatijah) Late William Kellie Smith ( 1870 – 1926) – Photo courtesy of Lamography. com He bounced around several business opportunities finding some success but it wasn't until he meets Alma Baker that he struck gold. Baker obtained several government projects to build roads in South Perak. Their partnership in these projects led to quite a bit of profits. Enough to purchase a 900 acre piece of land for his rubber tree plantation and homely estate named Kinta Kellas. (Fazlina)Kellie’s Castle is a symbol of love like the Taj Mahal in Agra, India. In 1903, he returned to Scotland to marry his sweetheart Agnes. He brought her back to his home in Tanah Melayu and later that year the couple was blessed with a daughter named Helen. William Smith desperately wanted a son and heir to take over his empire. In 1915 their second child, a boy named Anthony, was born and this may have been the impetus to start construction of a major extension to their stately home. (Hafizuddin & Khairi) Plans were drawn up and craftsmen imported from India to begin construction.Built with materials such as stone marble was imported from India, while ceramic tile imported from Italy. Bricks were used kind of apricot made in Tanah Melayu itself. The wall of the castle wa s built with a very unique method, using a mixture of white duck egg, sand, brown sugar and honey. It was to take 10 years to build Kellie's Castle. (Fairul Halim) However, it ran in to one major set back. Many of the workers contracted the Spanish Flu and died in the early 1920s. Killing many of the workers in the Kellas Estate . Another workers constructing Smith’s dream castle also became victims of the flu.World War I slowed the process even more. He had already spent a fortune on his house, lost a lot of money because of this. (Khairi) In 1926 William Kellie Smith and his daughter, visited Britain to see his wife and son and then proceeded to Lisbon, Portugal from where he was ordering a lift to install in the Castle, which would have been the first elevator in Tanah Melayu. Unfortunately while in Portugal, William was attacked pneumococcal disease are chronic, he eventually died in Lisbon on 11 December 1926 at the age of 56 years.He was buried there. (Khadijah) After t he death of her husband, Agnes later packed up and left Tanah Melayu with her children back to Scotland. She sold the castle to a British company called Harrisons and Crossfield. In the end, Kellie’s Castle was never completed. Fortunately the Malaysian Government, realising its tourism potential and heritage value, have since cleared the creepers and trees growing on the site and have opened it as a tourist attraction. (Hafizuddin) -548 words-

BILABONG Australia †financial statement analysis assignment Essay

BILABONG Australia – financial statement analysis assignment ACCT 5910-Business Analysis and Valuation Contents Executive summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 Executive summary The purpose of report is to provide a comprehensive analysis of Billabong International Limited. This report is primarily based on a trend analysis of Billabong’s financial performance ratios from 2009 to 2011, common size table of the balance sheet and income statement and analysis of Billabong’s cash flows. Expect to provide a basis understanding of the company’s recent situation and future valuation. The company we compared, as a part of the surfwear industry is Quiksilver. Billabong is a multi-brand Australian company that was established by Gordon and Rena in 1973 in Gold Coast. After decades of expansion and restructuration of capitalization, Billabong’s shares have publicly listed on the ASX. Using four-step to analysis Billabong which including business strategy analysis, accounting analysis, financial ratio analysis and prospective analysis that would help a great deal in valuation of Billabong based on its current market situation. Business strategy includes continuous acquisitions and emerges like taking over strong brand and the products in the same sales area and expansion internationally by reaching more than 100 countries around the world. Billabong’s multicultural design of products featured new and fashion captures customer loyalty among targeted youth group. In order to ensure the company’s accounting information reflects its business reality. Three steps of accounting adjustments are taken in preparation for financial analysis, forecasts and valuation. First is to recast financial statements. This contains re-classifying accounts and preparing standardized balance sheet and income statement, using both reported statements and information from footnotes. After that is to identify accounts that should be adjusted. By analyzing notes and reports, three accounts are likely to contain  distortion information: provision for doubtful debts, leased assets and liabilities and goodwill. Last step is to make adjustments with accounting equation using more appropriate estimations and assumptions for the fiscal year from 2009 to 2011. The profitability of Billabong is unstable from financial analysis. However, compare with the other competing company, Billabong has higher ROE and ROA. The ability of Billabong sale its inventories decreased as its inventory turnover ratio decreased. It had a good control in liquidity with relative constant current ratio and quick ratio. However, it had decreased ability on unitize long-term asset and control its debt structure. Lacking of good control on debts structure and may face burden on debt expense, which may result a high financial risk and weak solvency. From prospective analysis, Billabong may be more profitable in the future after the reorganization, the decreasing sales growth may be appeared at first few year and then increase again. The ROE of the company will be higher than last year; the company may have better performance in the future. And the company may borrow or finance the equity for the operation or paying the dividend. 1. Introduction 1.1 Background Billabong is a famous Australian company with many brands, such as Element, Kustom and Xcel. Their main products are including clothing, watches and boardsports hardware. As surfing became more popular, the company constantly expanded its scale and exported its goods to Japan, USA and Europe during the 1980s, after that Billabong achieve leader in surfing area. In the recent ten years, Billabong had restructured its capitalization with growing global opportunities in the boardsports sector. 1.2 Business Strategy Analysis The business analysis through three aspects: industry analysis, competitive analysis and corporate strategy analysis. a. Industry Analysis With the expansion of world economy, surfing is not only a sport but also a life style and that leads to high demand of surfing products. The number of  firms enters that industry keep increasing as its attractive potential profits and less barrier to enter into that industry. Both companies have more bargaining power compared with their supplier and customer as their famous brand and diversified products could encourage suppliers to have long term business relationship with the company and satisfy the unique needs of customers. Overall, the prospects of this industry are optimistic; it did not shock too much under the downturn of economy. Surfing is an increasingly popular and well-known culture; companies need to continuing innovation in order to satisfy customer’s needs. b. Competitive Analysis As number of firms in the industry keeps increasing, greater competition force firms to earn more market share, innovate substitutes, produce differentiate products and be cost leadership to keep or improve their position in the industry. For example, some of the products of Billabong and Quiksilver are similar, consumer will choose to buy the one with lower price if they have similar function, or buy the one with higher price if the product is different from others. Thus, a firm could run well if it has different products and lower cost compared with rivals. c. Corporate Strategy Analysis Billabong hires different design teams for each different region to satisfy with customers from different cultural with different traditions and tastes. Billabong is expansion through strategic takeovers during last 10 years looking increase profitability through business synergies. Currently the group has direct company on operations and more than 50 countries. Sales are more than 100 countries under 13 different brands. The strategies expansion has been changing along with company’s growth. Billabong started with exportation of products to the USA and also licensed follow by relocated production off shore; FDI is the current global expansion strategy. Billabong buys bank licenses to take control of global operations and requires the existing business. 2. Accounting analysis Billabong’s performance from 2009 to 2011 shown downward trends in  profitability and market performance, therefore, it is possible that manipulation exists. In order to compare Billabong with other companies, standardized format and accounting equation-based adjustments are required. 2.1. Recast financial statements Because of the differences in the format of Billabong’s financial statements over years and that with other organizations, standardized financial statements should be made in preparation for accounting analysis, financial analysis and prospective analysis. 2.2 Accounting adjustments 2.2.1 Adjustments of revenues and provision for doubtful debts As can be seen in appendix, PDD (6.4%) has declined since 2007. Therefore PDD should be adjusted to 6.4% for the years 2008-2011. At the end of the fiscal year, the adjustments should be made to recognize PDD according to the adjustment calculation (Appendix A table (1)). 2.2.2 Adjustments of leased assets and liabilities As disclosed in Billabong’s financial report, it leases plant, machinery and warehouses of large dollar amount in order to maintain normal operation. Most of the leases are classified as operating lease. Thus, we need to record leases as assets and liabilities on balance sheet to make comparison with other companies (Appendix A table (2, 3, and 4)). 2.2.3 Adjustments of goodwill By calculating the proportion of goodwill in total non-current asset from 2007 to 2011, it can be seen that instead of being impaired, goodwill increased substantially from 12.94% to 42.13%. Set 12.94% as the standard level and overvalued goodwill could be recognized (Appendix A table (5)). 3. Financial Analysis Ratio analysis include time series and cross sectional analysis has been performed in this case to give investor’s direct understanding of the company’s historical and recent performance. 3.1 Dupont Analysis Exhibits 1: Dupont (Billabong) 2009 2010 2011 NOPAT/Sales 0.1141 0.1211 0.0989 Ãâ€" AT 1.4837 1.2428 1.4528 = ROA 0.1692 0.1504 0.1437 Spread 0.0597 0.0936 0.0945 Ãâ€" NFL 0.1993 0.1811 0.4031 = Financial Leverage Gain 0.0119 0.0169 0.0381 NI Margin 0.0994 0.1128 0.0853 ROE ( ROA + Spread * NFL) 0.1811 0.1674 0.1818 The Dupont approach can be decomposed into items as ROA, AT and net profit marginï ¼Å'which exists downward in 2011 compared with 2009. However, Billabong makes the new borrowings in its balance sheet and increases its financial leverage in 2011. Moreover, ROE is affected by ROA and financial leverage gain. As financial leverage increases and financial leverage gain increase, then ROE is back up to 0.1818 (almost similar to 2009) in 2011. Moreover, the enhancement in AT and leverage ratio also strengthened the ROE. The greater AT can increase company’s revenue. The higher leverage ratio reflected the lower capital cost. Consequently, high ROE of the company is represented the strong profitability in the same industry comparison, and company can increase ROE through changing the leverage by borrowing. 3.2 Operating Management Analysis Exhibits 2 Profitability (Billabong) 2009 2010 2011 Pre-Tax Income Margin 13.25% 15.23% 9.11% NI Margin 9.94% 11.28% 8.53% EBIT Margin 15.23% 16.39% 10.58% EBITDA Margin 17.51% 18.78% 13.06% NOPAT Margin 11.41% 12.11% 9.89% From exhibit 2, these margin ratios has increased from 2009 to 2010, and declined between 2010 and 2011. Pre-tax income margin is unstable; especially dramatically decrease from 15.23% to 9.11% in 2010 and 2011 due to revenue decreasing and expenses increasing. NI margin has been low, it had been increase from 9.94% to 11.28% between 2009 and 2010, but it again fell to 8.53% in 2011. Billabong should reduce its operating and interest expenses to increase the margin of net income, EBIT and EBITDA. NOPAT margin clearly shows the operating performance of Billabong is unstable. Therefore, Billabong should reduce expenses to increase revenue. Exhibits 3 Profitability (Quiksilver) 2009 2010 2011 Pre-Tax Income Margin -0.33% 0.65% -1.82% NI Margin -3.70% -0.44% -0.91% EBIT Margin -0.33% 7.03% 2.13% EBITDA Margin 2.45% 9.78% 4.79% NOPAT Margin -9.70% -0.34% -0.92% From comparison, Quiksilver has lower performance than Billabong just simply from profitability analysis. Because pre-tax income margin, NI margin and NOPAT margin have shown negative value from 2009 to 2011, only EBIT margin and EBITD margin are displayed positive value for these three periods. That indicates Quiksilver has higher expenses on interest, tax, depreciation and amortization than revenues. Exhibits 4 From exhibits 4, Billabong has higher ROA and ROE than Quiksilver for the last three years. It must be pointed out that ROA of Quiksilver has decreased to -65.33% in 2009. Higher sales and expenses of the company can lead to lower ROE and ROA. In terms of ROA and ROE which might attributed to  lower net profit margin. Moreover, compared to Quiksilver, Billabong has a relatively stable ROE and ROA from 2009 to 2011. Overall, Billabong has better performance than Quiksilver from probability ratio analysis. 3.3 Investment Management Analysis 3.3.1 Working Capital Management a. Inventory Turnover Exhibits 5 Billabong’s inventory ratio decreased from 3.08 in 2009 to 2.23 in 2011, it’s indicates that the ability of Billabong sale its inventories are decreasing. In contrast, Quicksilver also has decreased ratio but with higher overall level than Billabong. It implies that Quiksilver may face a problem of getting sufficient inventory to meet sales demand. Exhibits 6 b. Receivable Turnover Ratio Exhibits 6 indicates that Billabong operate on a credit basis. As Billabong increase receivables with store benefit card, with low account receivable turnover ratio. This low ratio implies that Billabong might need to re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the firm. c. Payable turnover ratio Payable ratio decreased from 2.32 in 2009 to 1.77 in 2011. It’s indicates that Billabong is taking longer time to pay its suppliers than before. d. Operating Working capital turnover ratio Exhibits 7 The working capital ratio of Billabong keeps increase from 5.17 in 2009 to 6.00 in 2011 (5.59 on average). It’s indicates that the effectiveness of Billabong using working capital to obtain revenue increase. However, the average ratio of Quiksilver (3.84) is quite lower. 3.3.2 Long-Term Asset Management Exhibits 8 The net long-term AT ratio of Billabong decreased from 1.63 in 2009 to 1.25 in 2011. It implies that there is a decline trend of Billabong’s long-term asset utilization. Compared with Billabong, Quiksilver have quite stable net long-term asset turnover (2.30,2.21,2.37 respectively), which indicate that Quiksilver could utilizing its resources to increase its production more efficiently. b. PP&E Turnover Exhibits 9 From exhibits 9, there is a significant increase of Billabong’s PP&E turnover ratio from 4.60 in 2009 to 6.41 in 2010. It implies that BBG use its PP&E efficiently during that period, however it following a critical decrease from 6.41 to 4.34 in 2011. As the sales increased by $13299 from 2009 to 2011, too much investment in plant and equipment may be the reason of decreased PP&E turnover ratio. We can conclude that Billabong has been utilizing its fixed asset from 2009 to 2010 better than from 2010 to 2011. 3.4Financial Management Analysis 3.4.1Short-Term Liquidity Exhibits 10 Billabong 2009 2010 2011 Average Quiksilver Current Ratio 2.76 2.10 1.85 2.24 2.06 Quick Ratio 1.99 1.44 1.04 1.49 1.33 Cash Ratio 0.91 0.51 0.30 0.57 0.46 Overall, exhibits 10 illustrate the liquidity ratios of Billabong did not change much from 2009 to 2011 and Billabong had a good control in liquidity. From the analysis of the past three years, it’s indicated that the consistently falling of Billabong’s current ratio is due to a higher level of liabilities relative to assets. Current ratio produces a value that’s large than one means the current assets are greater than the current liabilities. Quick ratio also produces a value that’s large than one implies that Billabong has very less â€Å"dependency† on inventory or other â€Å"less† current assets to liquidate short-term debt. 3.4.2Debt and Long-Term Solvency a. Debt Ratios Exhibits 11 The value of Billabong’s D/E decreased from 0.49 in 2009 to 0.36 in 2010 and  then increase to 0.53 in 2011. The reason for this change is that debt structure and policies of Billabong was changed during the three years. Similarly, as total debts change from 2009 to 2011, L/E and Net debt to equity had the same trend to D/E. a. Coverage Ratios Billabong 2009 2010 2011 Average Quiksilver Financial leverage ratio 0.49 0.36 0.53 0.46 0.45 Interest Coverage ratio -2.34 -5.33 -4.41 -4.03 -4.59 Exhibits 12 Both firm have similar financial leverage ratio which means that each $1 of equity supports for $0.45 or $0.46 of total assets. The interest expense of the firm ($50840, $38367 and $50072 respectively) shows that Billabong had no good control on debts structure. Both firm’s interest coverage ratio is negative indicates that they may face huge stress on debt expense which may result a high financial risk and weak solvency. Exhibits 13 Billabong 2009 2010 2011 Average D/E 0.49 0.36 0.53 0.46 Retention Rate (b=1-D/E) 0.51 0.64 0.47 0.54 ROE 0.18 0.17 0.18 0.18 Sustainable Growth Rate (g=bxROE) 0.09 0.11 0.09 0.10 Exhibit 13 shows the changes in dividend payout ratio, retention rate and ROE from 2009 to 2011, which are used to generate the sustainable growth rate. On average, dividend payout ratio is 46%, retention rate is 54% and ROE is 18%. Thus, the growth rate is 8%. 3.5 Cash Flow Analysis Exhibits 14 $’000 2009 2010 2011 Net cash (outflow)/inflow from operating activities 175,685 187,247 24,336 Net cash (outflow)/inflow from investing actives -215,243 -105,764 -266,935 Net cash (outflow)/inflow from financing activities 249,873 -192,102 200,951 Net (decrease)/increase in cash and cash equivalents 210,315 -110,619 -41,648 The CF from operating activities has increased from $175.685m to $187.247m, and then followed a rapidly decrease to $24.336m in 2011. Large payments to suppliers and employees are the main reason drive CF from operating activities down and further decrease net cash (outflow)/inflow from operating activities. The CF from investing activity had outflows from 2009 to 2011. As the Company has largely used its cash for purchase new subsidiary and this led to a net cash outflow in 2011. 4. Forecasts and valuation 4.1 Assumptions and forecast Billabong may be more profitable in the future after the reorganization as it will close underperforming stores based on the recent announcement. This would decrease expenses and increase EBITDA and may further lead to a higher profit in next decade. Therefore, sales growth may appear downward sloping at first few years and then increase again. However, stable turnover ratio with approved new strategies may enhance the development of the company although the sales growth changes more than AT during the last few years. In addition, from the financial analysis, there will be a downward trend in ROA  but a rise in the financial leverage. As the result, it can be forecasted that the company’s ROE may not vary obviously during next few years, which offset by the sum of ROA and financial leverage gain/loss. Therefore, some assumptions may be undertaken to forecast the performance of the company in the next decade and to estimate the PV of the company by using the abnormal earning valuation model. As the sales growth has a downward trend, the assumption for growth rate is 8.64% (average of last three years) in 2012 and it will keep constant in the future. It is forecasted to be 9% during next 10 years as possible potential profit growth may appear after downward sales. For the NOPAT to sales ratio, it is assumed to 7.89% in 2012 due to an evident declined historical pattern. Moreover beginning net operating working capital to sales ratio might have a decreasing trend in the future based on the historical data. Thus, it is assumed to be 13.69% on average with puny decline than last year and it is believe that the change of working capital of the company is slight. As we use average method in this assumption, the beginning net operating long-term asset to sales ratio was 6.92% that also be considered as long-term rate as the change of the rate was insignificant. Ratios that we assumed based on historical (Appendix B table (1)). Overall, as the forecast under the assumptions, Billabong will have higher ROE and better performance than previous. The company may have insufficient operating assets to generate operating profit with relatively lower ROA. From this, the company may borrow funds or finance equity to keep operating and pay dividends. 4.2 Cost of capital Cost of capital is a critical method of evaluating company’s asset, and it is using equation WACC=Vd/(Vd+Ve)*rd (1-T)+Ve/(Vd+Ve)*re, the cost of equity (re) is estimated by CAPM with a constant capital structure. Thus, it is assumed that the company has not change the capital structure. re is estimated to 16.13% in terms of the equity beta (1.49), market premium (7%) and risk-free rate (5.7%) from market. The cost of debt is 6% according to  historical YTM for the publicly traded bond. Therefore, WACC is calculated by: Exhibit 15 Debt 448,422 ($000) Equity 1,109,155 ($000) Value of firm 1,557,557 ($000) Cost of debt 6% Cost of equity 16.13% Tax rate 28% WACC 12.73% 4.3 Valuation The Discount Abnormal Earnings Valuation Model is a measure of determining the value of the company by abnormal earnings and discount rate. The abnormal earning is the difference between net income and change in equity. Through forecasting the sales growth and NOPAT/sales ratio to forecast net income; and working capital to sale ratio and long-term asset to sales ratio to calculate the change in equity. PV of equity is $436,567,619, which is discount by the abnormal earning each year and the number of share outstanding is 253,321,020. For that reason, the share price is estimated to be $1.72. A reduction in the abnormal earning during the assumption periods may result in lower share value compared with currently. (Appendix B table (2)). 4.4 Sensitivity analysis The sensitivity of the share price to changes was calculated in multi-factors, such as growth rate and beta. This analysis is performed to check how susceptible the company is to the changes in key factors in the future. Firstly, the share price shows a negative relationship with the growth rate when the growth rate changes to 10%. There will be 13% dropped on the share price if the growth rate increases by 11%. Secondly, the share price is increasing if there is a decrease on the beta of the company. If the beta changes from 1.49 to 1.2, the share price will increase to $2.34, which closes to the company’s current share price. Therefore, the share price is inversely affected by the change of beta. 5. Conclusion Above analysis would help a great deal in valuation of Billabong based on its current market situation. From time series analysis, Billabong had a good control in liquidity but it need to re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for themselves, increase account payable turnover as it take longer time to pay its suppliers than before and increase interest coverage ratio to lower their financial risk and strong their solvency. Even though, the working capital ratio increase from 2009 to 2011, but very high working capital turnover ratio does not show good position of company because its shows company is operating with high short-term debt obligations. From cross sectional analysis, compared with Quiksilver, Billabong needs to improve ability of inventory management, asset utilization and debt control. From prospective analysis, revenue of Billabong increased, but expenses also increases at the same trend, the performance of Billabong is still unsatisfied. From valuation, Billabong’s share value still decreases with sales decrease. Therefore, we highly recommend that investors should hold their shares or do not buy it if Billabong continuously running business as its historical model. Reference: 1. Billabong Investors Home. http://www.billabongbiz.com (Accessed 5 April 2012) 2. Hoover’s company profiles: Billabong International Limited http://www.answers.com/topic/billabong-international-ltd (Accessed 3 May 2012) 3. Hoover’s company profiles: Quiksilver, Inc. http://www.answers.com/topic/quiksilver-inc (Accessed 3 May 2012) 4. Palepu, K. G., P. M. Healy, V. Bernard, S. Wright, M. Bradbury, P. Lee. (2010) Business Analysis and Valuation Using Financial Statements: Text and Cases. Asia Pacific Edition, Cengage Learning. 5. Quiksilver Investors Home. http://www.quiksilverinc.com (Accessed 13 April 2012) 6. Calif, A.V. (2011), ‘SIMA Retail Study Confirms Significant Changes-Surf Industry’s Footwear, Westuits and Board Categories Lead Growth in 2010.’ http://www.sima.com/news-information/news-detail/id/108.aspx (7 August 2011, accessed 8 May 2012) 7. Calif, A.V. (2009), ‘Surf Industry Riding Out the Economic Storm – Findings of SIMA’s Retail Research Show Resiliency of the Surf/Skate Industry.’ http://www.sima.com/news-information/news-detail/id/68.aspx (7 Sep 2009, accessed 8 May 2012) 8. Wikinvest. http://www.wikinvest.com (Accessed 13 April 2012) Appendix: Appendix A —Accounting Analysis Table 1 Worksheet: adjustments to BBG balance sheet and income statement ($’000) Asset = Liability + ShareCap’ + RetEarning + Rev + Exp +Div 2009 Provision1 -6,964 -6,964 Deferred tax2 1,797 1,797 2010 Provision -12,306 -12,306 Deferred tax 3,507 3,507 2011 Provision -14,169 -14,169 Deferred tax 989 989 Table 2 Worksheet: adjustments to BBG balance sheet and income statement for year 2009 ($’000) Current Assets Non- Current Tangible Assets Deferred Tax Assets = Current Debt Non- Current Liabilities Income Equity Retained Earnings 13 153,484 153,484 24 -29,162 -29,162 2 -8224 -8,224 35 45,276 46 -32,997 -12,279 4 102,373 102,373 57 -24,159 -24,159 68 -2,280 -2,280 79 57,824 -57,824 Total – 202,536 -10,504 = 57,824 165,036 6,558 -37,386 Table 3: adjustments to BBG balance sheet and income statement for year 2010 ($’000) Current Assets Non-Current Tangible Assets Deferred Tax Assets = Current Debt Non-Current Liabilities Income Equity Retained Earnings 1 62,450 1 -49,247 -13,203 2 99,709 99,709 3 -38,069 -38,069 4 -894 -894 5 58,201 -58,201 Total 61,640 -894 58,201 -7,739 10,284 Table 4: adjustments to BBG balance sheet and income statement for year 2011 ($’000) Current Assets Non-Current Tangible Assets Deferred Tax Assets = Current Debt Non-Current Liabilities Income Equity Retained Earnings 1 62,857 1 -50,273 -12,584 2 241,476 241,476 3 -37,563 -37,563 4 -1,017 -1,017 5 94,662 -94,662 Total 203,913 -1,017 94,662 96,541 11,693 Table 5: adjustments to BBG balance sheet and income statement ($’000) Asset = Liability + ShareCap’ + RetEarning + Rev + Exp +Div 2009 Goodwill10 -16,652 -16,652 Deferred tax11 4,296 4,296 2010 Goodwill -30,967 -30,967 Deferred tax 8,826 8,826 2011 Goodwill -36,161 -36,161 Deferred tax 2,524 2,524 Appendix B Table (1) assumption of the ratio