Pwcs 32

Principles of personal development in adult settings 32 1. 1 Explain what reflective practice is? To create space to focus on my day to day movement, task i. e. whether I’ve done tasks correctly; if I need to work on things; if I need supervision; what do I need to do next. 1. 2 Explain the importance of reflective practice in continuously improving the quality of service provided? It is important because it identifies weakness’s that then can be developed to provide positive outcome, thus continuously providing quality service. . 3 Explain how standards inform reflective practice in adult social care? Standards inform reflective practice because they impact on how I work in a day today setting. I have to be fully aware of them and understand the impactions of not working towards them. Reflecting on standards also gives me the opportunity to update myself on any new standards. 1. 4 Describe how own values, beliefs systems and experiences may affect working practice?My v alues, beliefs system and experiences could impact on the work I am doing with residents if I do not have an awareness of my own values etc. This is because I could find it difficult to accept other people values and beliefs, I might feel mine are the right ones and paths I have chosen are the ways to successful rehabilitation. 2. 1 Explain how people will react and respond to constructive feedback? Constructive feedback gives people the opportunity to develop; if areas for improvement have been identified then this could cause the person to become upset.If this feedback is given in a positive manner then the person is more than likely to accept it and work on improving. 2. 3 Explain the importance of using feedback in improving own practice? It is important that i obtain feedback; this feedback allows me to continuingly improve my working practices; it also identifies any areas of development that I may have, I can then work on these areas and I will continuingly progress in my pra ctices. 3. 1 Explain the importance of using feedback in improving own practice?To have a personal development plan you will have: regular meetings with supervisor specifically for PDP; during these meetings targets will be indentified for example attending training courses; follow up meetings will review what targets have been met and those that are ongoing. 3. 2 Identify sources of support for planning and reviewing own development? To support me whilst doing my PDP I can speak to colleges, my line manager, and tutor if on any courses. Reference books and internet could be ways to help. 3. 3 Explain the role of others in the personal development plan in identifying: Strengths; areas for development?My line manager, colleagues and residents are all able to help me identify the strengths that I have and areas of development this is done in one to one settings, staff meetings and from feedback from residents through peer process. 3. 4 Explain the benefits of using a personal developm ent plan to identify ongoing improvements I knowledge and understanding? As a plan is not set in stone it allows new targets to be added throughout the year. Old targets can also be modified or deleted if necessary. This allows for the ongoing improvement in knowledge and understanding and also meets business needs.

Globalization Position Paper Essay

Globalization is the process making the worlds citizens increasingly interdependent economically, politically, and socially, as well as environmentally and technologically. Although, to what extent should we embrace it? By the given definition, you would expect globalization to allow cultures, ideas, and beliefs to spread across the globe, which would lead to the development of our countries. However, this is not the case as said here by William K. Tabb, Economist: â€Å"Globalization refers to the process of reducing barriers between countries and encouraging closer economic, political, and social interaction. Globalization could vastly increase the ability of people everywhere to improve their living standards by sharing knowledge and the fruits of human labor across those barriers. This, of course, does not happen.† Tabb is trying to tell us that while Globalization could be doing us of world of good, it has failed to do so in recent years. In fact, a process that is supposed to allow us all to grow, is transforming us into somewhat of a monoculture due to acculturation. Tabb believes that there is vast potential for our world to become closer through political, social, and economic interaction if we allow it to do so. Sometimes we just don’t know exactly how to go about it. The aspect of globalization that has been occurring lately is more like assimilation than accommodation. Some have said that what is happening to the world is â€Å"Americanization†, which means that the world is becoming less of a mix of numerous different countries and cultures and more like one giant America. The beliefs, values, views, history and language of a people should all be evident within their culture, and while we can allow globalization to help counties grow, it should not be in a way that takes away or lessens their culture and it’s importance. Under the best conditions, globalization reduces barriers allowing the worlds countries to interact closer with one another. Though it should not become an unreciprocated act where only one country is receiving positive ideas and technology without the other. It seems that the world’s more powerful countries easily share their culture but have no interest in receiving anything from the less powerful countries, or when they do,  receive much less. This is not due to the less dominant country but rather to the more powerful one being somewhat uninterested. â€Å" Globalization could vastly increase the ability of people everywhere to improve their living standards by sharing knowledge and the fruits of human labor across those barriers. This, of course, does not happen.† Despite what William K. Tabb said here, these very things have happened, just not as often as one would perhaps wish them to. Take Taiwan for example. Thirty years ago the country had widespread poverty and was extremely poor. Nowadays they are as rich as the Spanish, with poverty rates cut by more than 50% and real wages that are now 10 times higher. How did they manage to accomplish this? This vast amount of economic progress was achieved through land reform, a government push for industrialization (such as the emersion of sweatshops), innovative ideas (more people owning their own business), cultural changes, and democracy rather than dictatorship. As long as foreign countries around the world are able to improve their living standards through globalization, and can do so without becoming too westernized, we can still see globalization as a positive occurrence. Globalization can do us of world of good. In some ways it has accomplished this and in others it has failed. It has been proven that it has the capability to change the lives of many through an improvement in their living standards. Not to mention that it reduces barriers and allows more interaction between people from different corners of the globe. But while it has managed to do this, a process that is supposed to allow us all to grow, is transforming us into a monoculture at the same time. William K. Tabb’s perspective is not the only one, but should only be embraced to some extent. Globalization should reduce barriers preventing closer relations with other nations and improve living standards. However, it should do so without causing too much westernization in eastern countries, and without assimilating the less dominate nations.

Historical Writing Essay Example | Topics and Well Written Essays - 1000 words

Historical Writing - Essay Example Yet not all interpretations of the past are deemed valid as some are simply beyond the burden of evidence and fair interpretation of the historical record is neglected. To communicate a sound interpretation of a historical phenomenon, "an eye witness account" should come within the period. Ash's extremely readable book is a detailed recount in essay form of the political transformation and revolution of Eastern Europe. He wrote about the events that politically transformed Poland, Hungary, Eastern Germany and Czechoslovakia which teaches us lessons against communism and glorifies the struggle for freedom. With his account of the revolt in Budapest and Hungary, the events that exactly took place with the fall of the Berlin wall continue to captivate and inform readers. The happenings in Prague were given out in vivid detail with personal accounts of the leading anti-communists figures. The long and elaborate observations however failed to explain the failures of the earlier movement to destabilize communism which could have completed the fifth part which summarizes his observations and a few drawn out conclusions of the first four chapters. The second section of the book traces the changes in Eastern Europe, however failing to discuss how the revolution became logical in an era that defies prediction. His theories drew out the summary in three words-"Gorbachev, Helsinki and Toqueville", who all set the stage for a revolution. His unique work, managed to create a storytelling atmosphere that combined facts and analysis into a highly readable and enjoyable piece of work that critically dubbed the Magic lantern as "sensational, scholarly and literary. Reviews have treated his work as a "history of the present" that invites dissenting opinion on the issues concerning a certain time frame that allows history to complete its course. Eventually issues would sooner or later add up to form part of the whole saga that critics were quick to point as Ash's error in writing a somewhat historical piece just after several months of the actual event. We begin to agree with the critics on the sound idea that to recount past history of a certain period, a particular time frame is designated to create a full picture of the results after the tangible and unforgotten era. However, we may be led to believe that Ash was never aiming for the perfect account of the unpredictable. History and journalism has never set a standard within which to form as a guide in the chronology and conclusion in writing historical events and. Ash's writing was more of an art akin to creative journalistic writing and may not be taught to follow the elements of a structure d history. His exact account leaves us facts and interesting fragments of his travels along the chronology of an important chapter of recent events. We are not approaching the modern age with our first few steps--we are in a journey towards scientific advancement and treating literary and journalistic pieces with a degree of control would relegate the writer's efforts into nothing but a sham. Ash was merely raising his ideas and account of the

Developing Americas Second Language Essay Example | Topics and Well Written Essays - 750 words

Developing Americas Second Language - Essay Example This language is also easy for most American citizens because it entails values that are enforced by societal myths, which are constantly repeated in the popular culture (Wallack & Lawrence 567). Wallack and Lawrence assert that, although this language may be popular among Americans, it is not sufficient enough for advancing public health. Therefore, a second language that properly addresses the unique public health approach needs to be developed. Lack of a well-developed language, for addressing public health concerns, has an adverse effect on the health sector more than the issues of how the doctors spend their working hours. In the United States, the formulation of public policies, which reflect the disciplinary theory of public health to adopt, has been a considerable challenge to the legislatures (Wallack & Lawrence 567). Wallack and Lawrence, in their article "Talking About Public Health: Developing America’s â€Å"Second Language† present a second language, in the U.S. culture, which can significantly help in addressing public health concerns. This is the language of interconnectedness (Wallack & Lawrence 567). The language of interconnectedness is a language of humanitarian and egalitarian values of community and interdependence. Public health, in this context, is defined on the basis of how the society balances considerations of social accountability and personal responsibility, in public policies, whic h affect health. Social responsibility, humanitarianism, and egalitarianism, which are the values that dictate a social justice orientation to public health (Wallack & Lawrence 567), usually seem inadequate in addressing the moral resonance of individualism effectively. The content and ideas presented, in this article, are of significant benefits to the public health sector. The article suggests that, in a culture dominated with suspicious of government power and personal responsibility, it is difficult for public health professionals to adopt

Car Accidents in Saudi Arabia Assignment Example | Topics and Well Written Essays - 1000 words

Car Accidents in Saudi Arabia - Assignment Example All of these factors directly or indirectly affect the behavior of human beings. If the behavior of a person is not effective or positive, his mental capacity is tormented. One such aspect of behavioral imbalance is the increasing rate of car accidents and how this disproportion can be managed through health promotion will be discussed in this paper. A traffic accident is defined as unacceptable and untenable damage done to life, money and the vehicle of a victim. It is also termed as car accident, car crash or Road Traffic Collision (RTC). It happens when two or more vehicles come in contact with one another or pedestrians. The rate of traffic accidents in the passing year has been recorded by the World Health Organization to be 1,322,905. Nowadays, the rate of car accidents is seen predominantly in young drivers. Older drivers are mature and careful. This difference can be due to a number of factors. For young drivers, car is not only the source of transportation. It is a means of reflecting his or her individual and socials aspects of life. For youth, over speeding and practicing dangerous stunts is self-expression. Also, they strive to stand out among their friends and seek to have an edge over others socially. As far as car accidents by adults are concerned, it is due to peer pressure of responsibilities. For instance, parents take the responsibility of driving their children to schools in the morning. All over the world, the mornings are saturated with office and school timings. This poses a risk to many lives. According to a research by the National Highway Traffic Safety Administration, children are eight times more vulnerable to dying in a car rather on a bus. In fact, bus is considered safer to travel on. Saudi Arabia is considered to have the highest toll of road accidents in the world. In the era from 1971 to 1994, the amount of car accidents and associated injuries and fatalities have escalated by 30, 6 and 7 times. There could be a number of reaso ns for this notorious and unpopular ranking. Research has shown that according to the Kingdom’s General Directorate of Traffic around 17 citizens in Saudi Arabia die every day on the roads. According to the report of WHO, the victims are adult males in between the age of 16 to 36. Furthermore, a news report by the Saudi daily Arab News the statistics reveal that 6,485 people had died while more than 36,000 were injured in 485,000 car accidents alone in 2008 and 2009. The cause of the tragedies varies accordingly. Some point out that it is because there are no other attractive spots for youth in the Kingdom so youth on a large scale especially teenager boys tend to take driving as their extra-curricular activity. (Walt 2010; WHO; Global Perspectives in Workplace Health Promotion 2010; Bener 2005) Yet another reason is that, there is a lack of situation awareness. The educational institutes don’t have any mechanism for imparting road safety rules. The young drivers out o f extreme behavior like over speeding and drifting on congested routes either run into a pedestrian, cross red lights or take unusual U-turns. There is no strict law and order and that is why the drivers feel free to breach the law. The local traffic police are even unable to control the situation because youth drivers are on a large scale. These

Film Analysis Essay Example | Topics and Well Written Essays - 750 words - 5

Film Analysis - Essay Example that men have dominated in the society, thus leaving women to struggle on their own poverty.Multiracial aspect is also evident and this brings the problem of dominance of men who are in power. Cultural analytical frameworks employed really undervalue womanspreference such that inequality practices are facilitated. In this film, the aspect of hustling backwards is evident from the manner in which the characters concerned are struggling to make ends meet. This is as a result of the low wages that they earn as they try to uplift their families from poverty. In some instances, single mothershad found it hard to raise their children alone after an experience of a painful divorce, example, Mary Venittelli who was divorced by her husband.Women have limited access to government benefits such as the medical benefits and reliable salaries from their jobs. The women in the film experience hardships on matters related with medication as they struggle to pay for such services. These women have proven tobe very hardworking,to extend their work for more than one job and yet they cannot earn a wage that can be sufficient to uplift their families from poverty level. Barbara Brooks is featured in the film as a presentation of women who are facing a force of income inequality asit escalates to the social fabric of the country.The film highlights how the rich people continue to be richer and the poor becomes poorer as days go by (Weisberg, 2006). The women have found housing cost to be very high such that they cannot pay it comfortably. For instance, one of the women works as a maid with a house cleaning service,a waitress, a hotel housekeeper, a nursing home maid, and as a Wal-Mart associate, yet she cannot make enough money to cater to her needs. The film talks of the issue of rent that has become a challenge for many women evident through Jean Reynolds a 55year old who paid hospital bills but lacked finances to pay for rent only to be evicted from the house.The force of income

Exercise assignments Coursework Example | Topics and Well Written Essays - 500 words - 2

Exercise assignments - Coursework Example This is the view that whatever is going to happen, is going to happen, regardless of what we do. At the end of the day, the perspectives of believers in the doctrine shows that everything is controlled by the way of presence and past human impact. This is about God being in control of all that happens through history, including his decision of sparing some individuals for himself, while permitting others to go their own specific route along the way of sin. It is an idea hard joined to Gods sway, which is a statement used to portray the complete and private control God has over his creation. This is the idea that each occasion is required by forerunner occasions and conditions together with the laws of nature. The thought is aged, yet first got subject to illumination and numerical examination in the eighteenth century. Freedom is the right and limit of individuals to focus their own particular movements, in a group which can accommodate the full improvement of human possibility. Flexibility may be delighted in by people yet just in and through the group. Fatalism is the belief that all events are irrevocably fixed and predetermined so that human beings cannot alter them in any way. Hard determinism is the theory that if all events are caused, then freedom is incompatible with Determinism while Soft determinism is the theory that all events are caused but that some events and causes originate with human beings. The hard determinist criticizes the soft determinist by questioning how human beings can be said to originate any events when, if one traces causes back far enough, they end up being outside of the control of human beings (Thiroux & Krasemann, 2006). Some of the problems associated with these theories is that hard determinists push language out of context. Their arguments do not account for the complexity of the nature of human beings. Like the psychological egoist, they try to reduce

A Rose for Emily, William Faulkner Essay Example | Topics and Well Written Essays - 1000 words

A Rose for Emily, William Faulkner - Essay Example The story, like most of the author’s other works, is noted for its complicated plot and elements of horror. It is the delicate portrayal of a person, denied of love, isolated by the family and society. This story employs the literary devices of mystery throughout to keep the audience hooked to the narration. The way in which the servant behaves and the instance of Miss Emily buying â€Å"arsenic from the druggist† are examples of clever deployment of mystery (Patrick 7). The story’s most unique and striking aspect is the murder of her lover by Emily Grierson but its impact comes to a full circle with the revelation that she keeps his body because she yearns so deeply for his companionship. Through this work Faulkner memorializes Emily, a character that reflects several traits of the Old South, as seen through the townsfolk’s perspective. The story begins with Emily’s death and a description of the house, the insides of which the townsfolk seldom see. The author then gives out the information about the character in bits and pieces, in a jumbled chronological order, immortalizing Emily and her eccentricities. This technique works very well in hiding the vital clues and thus eliminates the chances of compromising the story’s twist in the end. The narrative style helps the audience to understand the faults in Emily’s character. ... The narrative style helps the audience to understand the faults in Emily’s character. The settings of the house, described in the beginning, indirectly refer to the protagonist’s state of existence, as can be evidenced from descriptions like a â€Å"fallen monument† which connotes to the present state of Miss Emily (Faulkner 1). Similarly, the present state of the house, described so clearly as â€Å"stubborn and coquettish decay† and â€Å"eyesore among eyesores† hint both at Emily’s deranged mind as well as the rotten truths that lay buried within her home. (Faulkner 1). The images of the rose colored curtains and the shade lights are the description of a feminine dwelling space and the author illustrates how she remains trapped in a haunted house, without receiving love either from her father or from her lover. The diligent way in which the author portrays her tragedy renders her as a memorable character in the readers’ mind, and th us Faulkner effectively memorializes Emily. The events from Emily Grierson’s childhood, when she lives with her father, also helps in memorializing the character. The author’s style of writing emphasizes such traits that will make the readers remember Emily. The choice of words he uses in the story focuses immediately on the unity of the community knowing about the secrets of Emily since she is dead, and this makes the reader curious to know more about the character. As the readers go on with the story, they find many instances that immortalize Emily in their minds. The gothic horror presented in the story is also one of the aspects that capture the readers’ attention. The decaying mansion that no outsider has entered before Emily’s death and the Negro servant also leave

Remedial Reading Essay Example for Free

Remedial Reading Essay Proficient reading is an essential tool for learning a large part of the subject matter taught at school. Reading is the gateway to learning: without it, children cannot access a broad and balanced curriculum. Reading difficulties are associated with negative educational, employment and economic outcomes, making reading- related issues relevant to various policy domains. The negative effects of reading problems are well documented. There is evidence that reading disability is associated with social, economic and psychological problems. Traditional approaches to dealing with reading problems, such as tracing and grade retention, do not help ( especially if it going about dyslexic children. Remedial reading is an extremely important class for children who are struggling with reading. Because these children have difficulties reading, they generally do not like it. It is crucial for remedial reading teachers to make reading fun at the students level. This involved me to find interesting and lively reading materials. play games, use art and creativity during the lessons. First of all I determined the goals of remedial reading : Comprehension- understanding the meaning of words and sentences, integrating this meaning across texts and making inferences beyond the printed words. Decoding- converting printed words to spoken words. Phonics –linking sounds with letters and using these correspondences to read words. Teaching phonics takes account of the fact that there is not always a one-to-one correspondence between letters and sounds: ship has 4 letters, but only 3 sounds. Phonological awareness-awareness and manipulation of the sound structure of speech. This has different levels: syllables( foot-ball), onset-rime( f-oot-b-all), phonemes(f-oo-t-b-a-ll). Spelling and writing- mapping sounds to print, moving from individual letters, to groups of letters ( such as oa and sh), to word, to sentences . This support phonic knowledge for reading. Vocabulary- knowing the meaning of words. Fluency ( one of the major goals)- reading accurately and with sufficient speed. There is clear evidence that unless students become fluent in there ability to identify words, they will have difficulty concentrating their attention on comprehending and responding to the texts the read. I believe reading is an active, meaningful, constructive process. Students are taught to monitor their reading to ensure that what they are reading makes sense. This â€Å" mini remedial reading course† consists of 14 lessons. The duration of the lesson is 45 minutes. The type of the lessons is pupil-to teacher ratio. There is no question that one-to-one tutoring is the most powerful form of teaching invention. It seems highly likely that at least some children who are encountering very serious problems in learning to read need the intense support of one-to-one tutoring. For my lessons I was going to use the book â€Å" You Can Do It ! † by Dr Sharon Azaria. I chose it because the units in it are well- organized . Each unit consists of several reading rules, a text based on them reading comprehension and writing activities. New vocabulary is given as well. The types of texts are very predictable which is excellent in early intervention programs. They have recurring language patterns, and include repetition of language elements, which makes them easy for students to read. I think even children with very restricted word recognition capabilities can quickly begin to think of themselves as readers because they are successful with these predictable texts. It is great that the degree of predictability decreases from unit to unit to ensure that students attend to the printed texts in order to build a multifaceted word recognition strategy that will make them increasingly independent readers. I like the fact that texts and exercises become longer and more challenged as the reading capabilities of students grow. So there are many reasons to choose this book: length of texts, challenge of vocabulary, complexity of language, sophistication of concepts, etc. , so that students are challenged to apply the strategies and skills they are learning. MEANS OF TEACHING THE CHILD Texts are carefully selected and sequenced to ensure student success. The stories of the book â€Å" You Can Do It â€Å" contain a great amount of words with a letter or a letter combination on the topic of the lesson. It’s good they are followed by pictures. Reading for meaning . The book â€Å"You Can Do It† will provide me with a series of lessons which can be used as a very effective program for remedial reading. It reflects a model of reading as an active, meaningful, constructive process. Before-reading activities are used to build relevant background knowledge, concepts and vocabulary. With the help of this book the pupil will be taught to monitor his reading to ensure that what he is reading makes sense. The texts he’ll be asked to read are for enjoyment and for the information. Other activities are developed within the framework of reading for meaning. Reading for meaning is the constant point of reference. Intervention instruction is frequent, regular and of sufficient duration to make a difference. Weekly contact with a student ensures that progress is steady and allows me to become very familiar with the pupil and his strengths and needs. It also allows the teacher to reinforce and extend strategic behaviors that the student is acquiring. An instructional period of at least 15-20 minutes allows time for instruction and practice along a number of demonstrations that provide the pupil with the strategies he needs to become an effective reader. Pupil-to-teacher ratio. It seems reasonable to begin with group instruction for most students and to switch to individual instruction for those ones who have difficulty making progress. Word learning activities are used to help children become very familiar with print. Reading new texts and rereading familiar ones ensure that the pupil engages in meaningful, connected reading. This reading course (â€Å" I Can Do It†) includes activities that help students focus on and become familiar with printed words. The student is presented with the letters that form a word from a selection he read. Words are selected because they contain word identification elements that will be useful to the student. Progressively longer words are built from the letters. I can begin by asking the pupil to make take two letters and form the word ( for example the word â€Å"at† ). Next, he can be asked to add a letter to form rat, to change a letter to form cat, to rearrange the letters to form act. Using similar directions he can move through eat, ate, tea. Writing is used to teach and extend word identification skills. It has been recognized that asking students to write words ( not to copy them) is a very effective approach to developing word recognition and reading. For example, my pupil has difficulty with phonemic  awareness ( according to the test analysis) I can draw a box for each of the sounds in the word. The pupil is guided to think about the number of sounds in a word and the letters that represent those sounds. Activities completed at home extend student opportunities for reading. I always mention the importance of cooperation between home and school ( or individual lessons like in our case). Parents will be informed about the nature of our course and regularly updated on their child’s progress, and told about ways in which they can support the child and contribute to his progress. They can reread familiar texts for building fluency. I will care to send home only materials that the pupil can successfully respond to at home without teacher support. Again, the emphasis is on consistent success and the avoidance of failure. Conclusion: Every child has the right to develop into a thoughtful, competent reader. The remedial reading course ( the book â€Å" I Can Do It†) like many other programs calls for considerable teacher decision making, but within a well- defined sequence of instructional activities. When the pupil is reading aloud, I must decide when to coach a child in the use of strategic behavior and which strategies and skills to teach the child to use. When the pupil is writing, decisions must be about how and which forms of support should be given. Through the use of a regular sequence of activities, the pupil quickly come to know what will be happening in each instructional session and the order in which it will happen. Time is not lost in transition or deciding on activities.

The study of proxemics Essay Example for Free

The study of proxemics Essay The study of proxemics was introduced by Edward T. Hall in 1966 to describe the interactions between different people and the way that they act (Hall 1966). As Hall explained, the dynamics of proxemics is similar to that of gravity in that there are inverse influences that two bodies exert upon each other (Hall 1966). This concept is not some imaginary spatial boundary but is in fact a certain zone that is quantifiable and measurable. According to certain studies, the body spacing and posture that is essential in this understanding can vary and affect the proxemics between individuals (Hall 1966). The reason for this is that there are unintentional human behavioral reactions to any shifts or changes, such as changes in a person’s voice. There are different spheres for proxemics and different standards for such. The first sphere is the Intimate distance sphere which is around 1-18 inches in radius. This sphere is, as the name suggests, quite intimate and is accessible only to a select few. On a personal level, it can be said that this distance is used for physical intimacy such as touching or even whispering. The second sphere is the personal distance sphere which is used for interpersonal relations between friends (Hall 1966). Ranging from 1. 5-4 feet, this is associated with group dynamics or games that people usually play with each other. The next sphere is the social distance sphere which is utilized for interactions with unfamiliar people or acquaintances (Hall 1966). The sphere is considerably larger at this point, beginning from 4 feet and extending to as much as 12 feet. The final sphere is the public distance sphere which is from 12 feet to 25 feet. This is usually the distance that is used for public speaking (Hall 1966). At this level, there is no discernment on who can access. The relevance of all of this lies in understanding the nature of certain cultures or races. As the world continues to expand and races interact, there is a growing need to understand certain character differences and also to respect the personal space of people. Every person has a right to privacy but this is also correlated to the right to exist in a community. As such, studies such as personal space and proxemics aid in this understanding.

Using Microorganisms To Produce Commercial Substances Young People Essay

Using Microorganisms To Produce Commercial Substances Young People Essay Bacteria are a large group of single-celled microscopic prokaryote organisms that inhabit virtually all environments including the air, soil, water, organic matter, radioactive waste, the earthà ¢Ã¢â€š ¬Ã¢â€ž ¢s crust, and the bodies of multicellular organisms. Bacteria vary in their cell structure and mode of metabolism. They are categorized as autotrophs, heterotrophs, lithotrophs, organotrophs, chemotrophs or phototrophs, and exist in various cell shapes such as coccus, bacillus, spirochete, and vibrio forms. They can be divided into two main groups, gram-positive or gram-negative, based on the structure of their cell wall and their reaction to the gram stain. Ecologically, these microorganisms are capable of free-living, mutualistic, parasitic or pathogenic existence. Bacteria are so numerous and diverse, that new species of bacteria are continually being discovered in the environment, and within the human body, as well as that of other organisms. All the species of bacteria known represent only a tiny fraction of the diverse bacterial species present in nature. Although some bacteria cause food poisoning and infectious diseases in multicellular plants and animals, the vast majority is harmless and many are beneficial to natural processes and also to the proper functioning of higher organisms. Bacteria are used in various industrial processes, especially the food industry. Numerous manufactured food products are modified biochemically by bacterial growth in the process of fermentation. Fermented foods produced commercially by bacteria include dairy products such as cheese and yoghurt, vegetable products such as sauerkraut and pickles, various forms of cured meats and sausages, vinegar and soy products. Bacteria are also used in the manufacturing of alcoholic beverages like wine made from grapes and other fruits, beer and liquor made from grains, and tequila made from cacti. The benefits of bacterial fermentation of food products include enhanced preservation, increased digestibility, higher nutrient content and improved flavor. The ability of bacteria to degrade a variety of organic compounds is remarkable and has been used in waste processing and bioremediation. Bacteria are capable of digesting the hydrocarbons present in petroleum and are thus used in cleaning up oil spills. They can also be altered to produce certain enzymes that metabolize industrial waste components that are toxic to other life forms. Bacteria can also be used in the place of pesticides in specific biological pest control. As a result of this specificity, bacterial pesticides are regarded as environmentally friendly, since they have little or no effect on humans, wildlife, pollinators, and most other beneficial insects. The ability of bacteria to breakdown organic compounds to methane gas is widely employed in treatment of sewage. In the chemical industry, the manufacture of ethanol, acetone, organic acid, enzymes, and perfumes rely on the use of bacteria. More importantly, bacteria are used in the production of pure chemicals for use as pharmaceuticals or agrochemicals. The discovery of antibiotic drugs made from bacteria, such as cephalosporin, streptomyces, erythromycin and bacitracin have greatly improved the quality of human life in the twentieth century. Steroids and vaccines used in disease prevention are also produced with the use of bacteria. Because of their ability to grow rapidly and the relative ease with which they can be manipulated, bacteria are the pillars for the fields of molecular biology, genetics and biochemistry. Creating mutations in bacterial DNA and examining the resulting phenotypes, can enable scientists to determine the function of genes, enzymes and metabolic pathways in bacteria, and then apply this knowledge to more complex organisms. This understanding of bacterial metabolism and genetics allows for the use of biotechnology to genetically engineer bacteria for the production of therapeutic proteins such as insulin, interferons, growth factors, or antibodies useful to humans. Another main role of bacteria is the recycling of nutrients in the environment such as carbon, nitrogen, sulfur and other chemical elements used by living things. Saprophytic species cause decay and decomposition of the nitrogenous remains of dead bodies of plants and animals, converting it to ammonia, while chemosynthetic autotrophs like nitrosomonas and nitrobacter, covert the ammonium compounds in the soil into nitrate salts which can be taken up and used by plants. Bacterial populations especially that of genus Clostridium can be used to separate fibers of jute, hemp, and flax, in a process known as fiber retting. These separated fibers are used to make ropes and sacks. Leather, a widely used product is manufactured by the decomposing action of bacteria on the fats present on the skin of animals. The human body is home to a wide range of bacterial species, where they constitute normal flora. The beneficial effects of these bacteria which colonize humans are abundant and include: out-competition of harmful microorganisms, synthesis of vitamin B12, B complex and K, immune system enhancement, regulation of digestive health, absorption of minerals like magnesium, formation of new calls and the regeneration of the gastrointestinal tract. Bacteria that reside in the gut of herbivores secrete cellulase, which is useful in the digestion of the cellulose contents of plant cell walls, the main source of nutrients for these animals. Aquatic organisms also benefit from bacteria that cut down growth of algae and reduce noxious odors, making aquatic environments more conducive to living. It is an undisputed fact that bacteria can and will survive and thrive in the absence of multicellular organisms. Conversely, without the presence of beneficial bacteria, multicellular organisms will be unable to function properly, numerous industrial processes necessary for survival will shut down, and even natural processes like nutrient recycling will cease to occur. The importance of bacteria cannot be over emphasized, and the earth as we know it will definitely take a downward route to degeneration, if bacteria were to cease to exist.

A Moment of Innocence :: essays papers

A Moment of Innocence When I walked into class that day I was indifferent to the movie that we would be watching that evening. Five minutes into A Moment of Innocence (1995) by Mohsan Makhmalbaf, I was hooked. By taking a pseudo-documentary style Makhmalbaf lets us see the people as they are transformed into the characters from the director’s past. This style allows us to â€Å"grow up† with them and to relate to both sides of the story. By taking a true event and fictionalizing, at least part of it, Makhmalbaf has us trying to figure out what parts have been added to the narrative and which parts truly speak to history. A documentary does not strive to tell a story, it looks upon events unemotionally and tries not to colour our ideas about the event. A Moment of Innocence is not a documentary but uses the truth function common to that genre to give us an understanding of the events from both sides and makes us think about how our actions effect others every day. If A Moment of Innoce nce had been a wholly fictional film I do not believe that it would have carried the same emotional impact. Different scenes in the film show us how Makhmalbaf is trying to reconcile his past actions with his feeling today. They also show how he is, while not in any way apologizing for his actions, trying to amend some of the damage he may have caused. There are several scenes in the film that stand out to me as important. The scene that caught me the most off-guard occurred when Makhmalbaf and young Makhmalbaf went to the director’s cousin’s home to try to enlist her daughter to play the roll her mother had played in real life. For just a moment the daughter and young Makhmalbaf step out of themselves and become the characters that they are playing. They make plans to meet the next day for the incident with the policeman, both look nervous, Makhmalbaf returns and they resume their roles as if the exchange had never occurred. This glimpse into what and how the incident was planned gives the audience a look into the type of people that Makhmalbaf and his cousin were as young adults, scared but sure in their purpose. The scene also allows us to step out of the knowledge that this is staged and shows us the characters as people, not actors.

Tempest Essay -- essays research papers

The Tempest According to Elizabethan beliefs an individual's social position was more or less fixed. The King was King as he had been given a mandate by God, and all positions below this were based on a rigid social hierarchy, which were also dictated by birth. This ideology was decidedly conservative and used politically as a means of social control: forcing people with less status to internalise their inferiority and subservience, assuming it part of the natural order of the universe. Any rebellion, personal or collective, was therefore seen as an act of defiance not only against the State but God. This can be seen as a highly effective means of keeping order and perpetuating the power structures already existing in society. We can read literature as expressions of universal themes and investigations into human nature and the human conditions, but we can also give alternative readings that question natural assumptions and investigate the 'silences' in a text. In essence, reading the 'politics' of the play. A traditional reading of The Tempest would position Prospero as the victim of unjust betrayal, who stranded on an island with his beautiful, virtuous daughter, uses his magical powers to right the wrong done to him. It is the old story of the 'rightful' ruler who is disposed by the bad guys, but manages to get back his power and live happily ever after. A post-colonial reading, which foregrounds issues of race and power inequalities, would give quite a different interpretation. The play contains rebellions, political treachery, mutinies and conspiracies. There are many challenges to authority, however, the text resolves these problems in the end by having peace, harmony and order restored, with the rightful ruler placed back in his position of power. In this way any disruption to order is seen as evil and those who dare question it need to be punished, thus perpetuating the social values of the time. It is true that Antonio seized power from his older brother, Prospero, and that this usurpation is viewed as wrong by the dominant values of the time and by the text. This viewpoint is constructed by presenting Antonio as a treacherous, evil character who is willing to murder Alonso and Gonzalo. This is the view foregrounded by the play, but little is mentioned about why this state of affairs arose. The silences of the story, involving Antonio being ... ... values demand restraint, controland self-discipline (as seen later in Prospero's warnings to Ferdinand and Miranda) and the text equates indigenous values as barbaric and violent. In essence the European colonialist has invaded a new country, taken possession and set up their systems of values as the only legitimate code of behaviour. Through this Caliban has been dispossessed and forced to give up his ways of living and language. Caliban is constructed as innately inferior and savage because of his race. This is articulated by the supposedly sweet and tender Miranda: 'But thy vile race -/Though thou didst learn - had that in't which good natures/Could not abide to be with ..'(31) In these lines Caliban's race is seen as the reason for his barbaric behaviour - it is his very nature that makes him savage and dangerous. In this the text constructs other non-European races as savage, less human, incapable of so-called 'civilisation' all because of their race: this is a damning indictment of non-Europeans as it positions them as naturally inferior and unable to change their ways so that they will never be able to develop the fine sensitivity and refinement of Western civilisation.

Exports and Revival of Chickankari

Exports Generally considered a cottage industry, Indian Chikankari Industry has outgrown its image to evolve into a rapid growing industry with a turnover from US $ 1. 2 million to US$ 1. 9 billion in the last decade. There has been a consistent annual growth rate of more than 15 per cent over a 10-year period, from 3. 6% to a respectable 10% share in global embroidery exports. In 2008-2009, the exports of Indian handicrafts has shown an increase of US$ 298. 87 million, i. e. the exports increases by 10. 02% over the similar period during 2008-2009.The industry is expected to triple its export turnover to Rs. 39,000 crore by 2009-10 that in turn will also create around 2 lakh new job opportunities. Revival The industrial revolution and the increasing productivity had slowed down the growth and the quality of arts and crafts, but for some decades now, the scenario has changed and machine-made products no longer attract the people. Presently handicrafts are being considered as vocation al media and it is also opted for style statement and the leisure pursuit.Today, the crafts and craftspeople have a vital role to play in modern India – not just as part of its cultural and tradition, but as part of its economic future. The children in front of their small dingy houses play in the dust, and fight and cry through the day. But their noise hardly deters the women from stitching delicate designs on sarees, kurta pyjama, salwar kameez, shirts, bed-sheets, pillow covers, cushion covers, etc. Love for stitching It is their love for stitching which keeps the rich chikankari tradition alive in the culturally vibrant city of Lucknow. Around 2. lakh chikankari artisans in Lucknow and nearby Malihabad, Kakori, Unao, Bilagram, Alam Nagar, Bijnaur and Bilaspura villages earn Rs 15 to Rs 50 a day from chikankari work. Chikankari exports fetch more than $12. 5 million a year for the State and supports a million people in the entire supply chain.Though there is huge demand fo r chikankari work in the domestic and international markets, maintaining the craft's popularity is becoming a big problem. Large-scale mechanisation, entry of similar embroidery works from neighbouring countries, influence of middlemen and the disinterestedness of enior artisans caste a gloom on the craft's future. Senior artisans do not get the price they deserve. The growing societal indifference to aesthetic craft, aggressive consumerism and increasing influence of middlemen in the trade have eroded much of the skill and artistry — many fine chikankari stitching techniques such as kaudi, jodapati, dhumkipati, khjur ki pati, double bakhia, rahejka jakha and gol murri have almost disappeared. Gone are the days when senior chikankari artisans won accolades in the courts of kings and nawabs.It is believed the Moghul queen Noor Jahan was the creator of chikankari work. In fact, the origin of chikankari work goes beyond the medieval period. Greek traveller Megasthenes mentions a bout Indians making fine embroidery work on muslin cloth in 3 BC. In three phases The exotic chikankari work is made in three phases. The artisan first imagines the motifs of different flowers, creepers, birds, animals, geometric shapes, etc. Then the wooden blocks of the motifs are prepared to make an imprint on the cloth base.The artisans then blend different stitching techniques to instil life into those motifs which are then stitched on cotton, silk, georgette, chiffon and other fabrics. Images of Taj Mahal, temples, mosques, and so on, are woven on clothes with amazing dexterity. The State's handicraft department also provides computer-generated designs to artisans. Though there is no dearth of designs and innovation there is a shortage of skilled workers. Today, there are more daily wagers than real artists in Lucknow.Naseem Bano, the national award winner from Lucknow, still preserves the skill of making anokhi chikan which is known only to a few artisans in Lucknow. The arti san combines morie, kali and keherki stitching to make the subject look as if it is painted with a fine brush. It is believed the famous chikankari artisan Hasan Mirza had created anokhi chikan in the 1960s. Anokhi and other fine chikan work were as costly as gold in the western and European market. The skill and artistry of the chikankari craft must be preserved, as it has the potential to generate revenue and employment on a sustainable basis.

Response Paper : Purposes Of Schooling

In reading the articles that we have covered in category, there is one inquiry that comes to mind. Why? What is the intent of schooling and why do we analyze it? The reply to this is non really simple and it requires a organic structure of work from many different writers to seek to reply to the full. But unfortunately, this is what I seek to make with my essay in which I will compare and contrast several articles written by outstanding experts on Education such as Alfred Kohn, Philip Jackson, Patricia Carini, Barbara Rogoff, and John Dewey. There are many people who frequently assume that Education is an unreal thing created for grounds that are out of our control. But through the usage of these articles and my ain pertinent experience, I seek to show that acquisition, and schooling by extension, are non at all unreal and organize a important portion of our development as worlds ; the intent of schooling is hence to assistance in our already natural procedure of acquisition and cont ribute to it meaningfully. Let us therefore get down by analysing each writer ‘s chief points. Carini argues that through observation we can come to see the function that instruction dramas in the lives of kids. She therefore says that kids should be, â€Å" Understood as active and open-ended, [ like ] us at any minute in our lives, and in all taken together, a complex [ image ] of weaknesss and virtuousnesss, of strengths and exposures. It seems to me that this is what makes us interesting and what makes instruction ( and non developing ) a possibility † ( Carini, 64 ) . It is of import to observe that she highlights the difference between instruction and preparation, something that most people frequently equate school to. The following writer, Rogoff, attempts to demo us how school is a natural continuance of larning that begins from birth by giving us assorted illustrations from assorted civilizations to drive the point place. She says that, â€Å" The leaning to seek propinquity to and engag ement with their seniors aids immature kids everyplace in larning about the activities of the individual who is followed † ( Rogoff, 289 ) . This quotation mark shows us how some kids learn, through engagement and engagement with other members of their household. These first two writers focus the bulk of their several articles on analysing why schools exist and how this affects the kids in it. They ponder largely upon the intents of school in general. Herein we will discourse what this means. These two writers are in kernel doing the same point while reasoning from two different points of position. Rogoff argues that schooling is the right and natural continuance of larning and although schools must accommodate to each kid ‘s method of acquisition, it however emphasizes rational development in a faster and more structured manner, as opposed to the cultural methods she references. Her chief point is besides borne out of her position that merely as kids learn through guided engagement in cultural enterprises, so excessively must this method be used when it comes to structured school acquisition. It is the most natural method of larning and creates schools that merely mimic natural procedures of larning. Therefore, schooling in her head is merely a more structured manner of traveling through the procedure of larning which already occurs of course. The statement made by Carini is that of detecting kids and seeing how they act both in and out of school, to accurately see a image of them as persons and more significantly, bookmans. Schools are hence merely a normal continuation of society for Carini, a topographic point in which kids should be watched and dealt with in a specific mode harmonizing to how they learn and develop. Consequently, it becomes clear that the point that she tries to do is that of analysing kids decently in order to see their accomplishments and aptitudes highlighted in footings of acquisition, so that they may go better persons. This so leads us to our following three writers whose articles attempt to non merely analyze the relationship that childs have with school and why schools exist, but besides the specific methods of instruction. One of the first writers who begins to analyse the function of schooling is society is Jackson who in his article efforts to analyse the schoolroom, seeing how such a great portion of our twenty-four hours as kids is spent at that place. He summarizes the chief focal point of his essay like so: â€Å" In three major ways them – as members of crowds, as possible receivers of congratulations or rebuke, and as pawns of institutional governments – pupils are confronted with facets of world that at least during their childhood are comparatively confined to the hours spent in schoolrooms. True, similar conditions are encountered in other environments † ( Jackson, 10-11 ) . The of import portion of this quotation mark is the fact that the three facets mentioned by the writer are as he said, â€Å" facets of world † . As a consequence, we can get down to see his chief point that classrooms fix the young person of our state for the existent universe. But doubtless as instruction continues, the procedure becomes more complex and thereby leads us to the following writer, Dewey. This educational expert argues that schools degenerate in a sense from topographic points where acquisition is the exclusive end to topographic points of competition and criterions. This he explains by stating that, â€Å" This mental wont which reflects the societal scene subsidiaries instruction and societal agreements to stratifications based on mean gross lower statuss and high qualities † ( Dewey, 20 ) . He shows us by extension that this is the world of school as it stands but it is non, by any stretch of the imaginativeness, the existent intent of it. This so leads us to the 3rd writer that grapples with this issue, Kohn, who besides highlights a lack in the school system which undermines the whole intent of its being. He says: â€Å" The truth is that the job is non merely penalties but besides wagess, non bad classs but the accent on rating per Se. Anyth ing that gets kids to believe chiefly about their public presentation will sabotage their involvement in larning, their desire to be challenged, and finally the extent of their accomplishment † ( Kohn, 159 ) . All these points form a basic statement clear uping what the intent of instruction is, an statement that we will further analyse in the following subdivision. What do these writer ‘s theses have in common? In Jackson ‘s except we see what the writer sees as the intent of schooling but the other two writers address the subject otherwise by stressing the mistakes with the current system and how this is incongruous with what the end of instruction should be. Jackson toys with the thought that schoolrooms are a simulacrum of existent life that easy diffuses this fact to the kids through the old ages and hence helps to fix them for life. This is an idealised position of instruction because as Dewey and Kohn point out, the system has gone amiss. They point out the defects in the system and how this has changed the current educational ends and affected us negatively through the usage of extended scaling, inordinate testing, extrinsic motives, and ranking systems. What so do all these writer ‘s statements connote? The first two writers focused more on the ground why schools exists and should, while the last three writers we covered tended to concentrate more on how the educational system tallies and should be running and how this affects the pupils. For that ground, the deductions of their statements are important. They show us how school should ideally be and so portray the actuality of it and what that inspires in me, and hopefully all the readers, is disgust. We should be perfectly huffy and aghast with the current province of our educational system which has become increasing politicized and has lost its planetary border. I can talk to this as a merchandise of this really same system, which got progressively more oppress0ve and head numbing as the old ages went on. But that should non be the manner it is, because instruction is our hereafter and by altering the system into this more regulated and standardized from of its old ego, we are making more injury than good. This essay and these ar ticles should be seen as a call to action in order to change by reversal this perfectly exasperating procedure and to reform the current intent of schooling which is now an unreal creative activity. The chief statements made by these writers can sum up the intent of schooling as a natural attack to larning in a structured environment that Fosters larning, creativeness, imaginativeness, and find and does non concentrate on methods which emphasize nil but conformance to averageness. To better understand how influential this new intent of schooling would be, I must uncover a spot about myself. The fact of the affair is that I did pre-K to 1st class in Colombia and when I came to the United States, things were radically different. For starting motors, things in Colombia were every bit usual, structured for basic nucleus categories such as Writing and Math but in every other category we had a really broad scope of freedom that I could merely compare to my recent visit to Far Hills Country Day School. This private school sets itself apart from most public schools by offering a different method of larning for the pupils which includes giving them greater freedom to travel approximately and speak and interact with things in the schoolroom while still keeping subject. To be honest, I truly enjoyed watching those childs because it reminded me greatly of my schooling in Colombia which was set up in a really similar manner with a batch of cultural enrichment plans. But as a point of comparing, I can merely raise up memories from my first two old ages of schooling in the United States. Thingss were really different for me as I had grown up in a theoretical account that allowed me greater freedoms. I now had to hold a hall base on balls, and a bathroom base on balls and mark in and out of the schoolroom in my typically big 2nd class script and had assigned seats fro the whole twelvemonth and to be in categories with a really stiff construction that made me suffering for the first few months. Although it did non smother my English linguistic communication acquisition as that was indispensable for societal interaction, it did hold a negative impact on my mathematical accomplishments seeing how I was non used to this stiff system. That summer I had to even travel to summer school. Furthermore, I can state that 2nd class in the U.S was the first clip I was introduced to a system of standardised classs for the lower classs and even a system of honor axial rotation ; I was wholly alienated. Therefore, I must state that I extremely agree with the writers here who suggest that acquisition and school should be founded upon more natural and unconditioned methods of larning which allows for greater freedom and therefore a better scholastic public presentation for childs. In decision, what we have seen is how several different writers analyze what the intent and importance of school is in our modern society. And it is through the lens of their articles that I have analyzed my ain school experience and have come to hold with them in what the intent of school should be. I agree that school should non be so stiffly structured and that the intent of schooling is to mime the natural procedure in which a kid learns because this will mind better consequences. What does this imply? To take action! Our current educational system is rapidly being eroded and replaced by something that some old ages ago, writers such as George Orwell or Aldous Huxley would hold called oppressive. We must take action and battle against the current system that seeks to do school more structured, more strict, and overall, more unreal. An antithesis to what a existent instruction should be. The intent of schooling is to inform and to animate and through this essay I hope I have done nil less but to fuel your choler against the current system of incompetency and bureaucratic averageness and to do you recognize that larning and instruction is non a job ; its intent is to do you a better person. Beginnings: Carini, P. ( 2000 ) . A missive to parents and instructors on some ways of looking at and reflecting kids. In M. Himley & A ; P.F. Carini ( Eds. ) , From another angle: Children ‘s strengths and school criterions, pp. 56-64. New York: Teachers College Press. Rogoff, B. ( 2003 ) The cultural nature of human development. Chapter 8 â€Å" Learning through guided engagement in human enterprises. Oxford University Press. Kohn, A. ( 1999 ) . Punished by wagess. Boston: Houghton Mifflin. Pp. 142-159. Dewey, J. ( 1922/1966 ) . Individuality, equality and high quality. In J. Ratner ( Ed. ) , Education today. ( pp. 171-177 ) . New York: Macmillan. Jackson, P. W. ( 1968/1990 ) . Life in Classrooms. New York: Teachers College Press. Chapter 1 ( 3-37 ) . My ain experience.

Learning Check

Chapter 14 Auditing the Revenue Cycle |Learning Check | The revenue cycle includes the activities involved in the exchange of goods and services with customers and the realization of the revenue in cash. The classes of transactions in this cycle for a merchandising company are sales, sales adjustments, and cash receipts. The primary accounts affected by these transactions are sales, accounts receivable, cost of sales, inventory, cash, sales discounts, sales returns and allowances, bad debts expense, and allowance for uncollectable accountsSpecific audit objectives for the revenue cycle are derived from the five categories of management's financial statement assertions. b. Specific audit objectives for credit sales transactions include the following: |Specific Audit Objectives | |Transaction Objectives | |Occurrence. Recorded sales transactions represent goods shipped or services provided during the period. |Recorded cash receipt transactions represent cash received during the period. | |Recorded sales adjustment transactions during the period represent authorized discounts, returns and allowances, and | |uncollectable accounts. | |Completeness. All sales cash receipts and sales adjustments made during the period were recorded. | |Accuracy. All sales and cash receipts and sales adjustments are accurately valued using GAAP and correctly | |journalized, summarized and posted. | |Cutoff.All sales, cash receipts and sales adjustments have been recorded in the correct accounting period. | |Classification. All sales, cash receipts, and sales adjustments have been recorded in the proper accounts. | |Balance Objectives | |Existence. Accounts receivable representing amounts owed by customers exists at the balance sheet date. | |Completeness. Accounts receivable include all claims on customers at the balance sheet date. |Rights and Obligations. Accounts receivable at the balance sheet date represent legal claims of the entity on | |customers for payment. | |Valuation and Allocation. Accounts receivable represents gross claims on customers at the balance sheet date and | |agrees with the sum of the accounts receivable subsidiary ledger. The allowance for uncollectable accounts | |represents a reasonable estimate of the difference between gross receivables and their net realizable value. |Disclosure Objectives | |Occurrence and Rights and Obligations. Disclosed revenue cycle events and transactions have occurred and pertain to | |the entity. | |Completeness. All revenue cycle disclosures that should have been included in the financial statements have been | |included. | |Understandability. Revenue cycle information is appropriately presented and information in disclosures is | |understandable to users. |b | 14-3. Following are a few examples of differences between how the auditor might use the knowledge of the entity and its environment for a computer company v. a hotel. a. Certain balance sheet accounts like accounts receivable and inventories are go ing to be very significant for the computer manufacturer, but relatively immaterial for the hotel. The computer company is also likely to have a higher ratio of sales to fixed assets, or sale to total assets, than the hotel. b.The computer company auditor will have significant issues associated with the risk of misstatement with respect to the existence of receivables and inventories that are not present for the hotel. The computer company auditor will also have to address valuation and allocation issues associated with the collectability of receivables and lower of cost or market of inventories that are insignificant for the hotel. The hotel will have a potential risk of material misstatement in terms of how it accounts for revenues from properties that it manages for others, as opposed to properties that it owns. 14-4.Factors that might motivate management to deliberately misstate revenue cycle assertions include: †¢ Pressures to overstate revenues in order to report achievin g announced revenue or profitability targets or industry norms that were not achieved in reality owing to such factors as global, national, or regional economic conditions, the impact of technological developments on the entity's competitiveness, or poor management. †¢ Pressures to overstate cash and gross receivables or understate the allowance for doubtful accounts in order to report a higher level of working capital in the face of liquidity problems or going concern doubts.Factors that might contribute to unintentional misstatements in revenue cycle assertions include: †¢ The volume of sales, cash receipts, and sales adjustments transactions is often high, resulting in numerous opportunities for errors to occur. †¢ The timing and amount of revenue to be recognized may be contentious owing to factors such as ambiguous accounting standards, the need to make estimates, the complexity of the calculations involved, and purchasers' rights of return. 14-5. a. Following ar e example analytical procedures that the auditor might use to estimate total revenue for a household appliance manufacturer and for an airline. Industry |Possible Analytical Procedures | |Household Appliance Mfg. |Use past ratio of net sales to capacity with adjustments for capacity | | |changes. | | |Use a combination of past ratios of market share with adjustments of | | |current changes in market share. Requires knowledge of the total market | | |size in the industry. |Airline |Estimate net revenues using information on utilization of capacity | | |(airline seat miles) and average revenue per seat. | b. Two analytical procedures that the auditor might use to estimate gross margin for company might include. |Analytic Procedure |Audit Significance | |Compare historical trends in market share and |Companies with commanding market shares often are able to obtain larger | |gross margin with current unaudited data. gross margins. | |Evaluate the percentage of revenues coming from |Comp anies with a high proportion of revenues from new products may earn | |new products. |premium gross margins due to the ability to innovate. | c. Two analytical procedures that the auditor might use to estimate net receivables and the allowance for doubtful accounts for company might include. |Analytic Procedure |Audit Significance | |Accounts receivable turn days |Understanding a company’s history of accounts and sales volume can assist| | the auditor in evaluating net receivables and the adequacy of the | | |allowance for doubtful accounts. | |Evaluate the entities history of uncollectable |This procedure is primarily related to the adequacy of the allowance for | |accounts expense to net credit sales, with |uncollectable accounts. The above history of accounts receivable turn | |adjustment for economic conditions |days would be most useful for evaluating estimating gross receivables | | |given sales. 14-6. Several control environment factors and their applicability to reven ue cycle assertions are: †¢ Integrity and ethical values – reduction of risk of overstatement of revenues and receivables by eliminating incentives to dishonest reporting. †¢ Commitment to competence – by chief financial officers and accounting personnel. †¢ Management's philosophy and operating style – conservatism in developing such accounting estimates as the allowance for uncollectable accounts and allowance for sales returns. Human resource policies and practices – bonding of employees who handle cash 7. The following table summarizes the functions that apply to credit sales transactions, the department that performs the functions, and the principal documents or records produced in performing the function. | |Department that performs function |Principal documents and records produced in performing the | |Function | |function. |Initiating credit sales |Sales department |Documents | | | |Customer Order | | |Credit department |Sales Order | | | | | | | Computer Files and Records | | | |Customer Master File (with credit information) and Accounts | | | |Receivable Master File. | | |Perpetual Inventory | | | |Authorized Price List | | | |Open Order File | |Delivering good and |Warehousing and shipping department for |Documents | |services |goods. Shipping documents | | | |Reports of unfilled orders and back orders | | |Line operating departments for services. | | | |Computer Files and Records | | | |Open Order File | | | |Perpetual Inventory | | | |Shipping File | |Recording sales |Accounting (Billing) |Documents | | | |Sales Invoice | | | |Sales Reports and Sales Journal | | | |Various Exception Reports | | | |Monthly Customer Statements | | | | | | |Computer Files and Records | | | |Sales Transaction File | | | |Accounts Receivable Master File | 14-8. In order to assess control risk as low based on programmed control procedures the auditor should test the following. |Control |Importance to Control Risk Assessment | | Programmed control procedures |If a programmed control procedure in critical to a low control risk assessment then| | |the auditor should directly test the control procedure. |Computer general control procedures |In order to obtain assurance that the programmed control procedure functions | | |effectively throughout the period the auditor also needs to these the effectiveness| | |of computer general control procedures. | |Manual follow-up procedures. |Programmed controls usually report exceptions noted when performing the control. | | |As a result auditors also need to test the effectiveness of manual controls that | | |follow-up on reported exceptions. | 14-9. The following tables describes programmed controls for a typical manufacturing company. |Potential Misstatement |Programmed Control |CAATs (Assuming Test Data) | |a. |Sales invoices may not be |The computer compares entries in the sales |Submit test data for a transaction that has | | |recorded. |journal with underlying shipp ing information. |shipping information, both with and without a | | | |All shipping documents must be matched with a|supporting sales invoice. | | | |sales invoice. | | |b. |Sales invoice may be recorded |The computer compares dates on the sales |Submit test data with dates on sales invoices | | |in the wrong accounting period. invoice with dates on shipping documents. |that both do and do not match with dates on | | | | |related shipping files. | |c. |A fictitious sales invoice, or |The computer will not prepare a sale invoice |Submit test data with sales invoice information | | |a sales transaction for which |without underlying information on shipping |that both is and is not supported by underlying | | |revenue should not be |files. |shipping information. | | |recognized, is recorded. | | | |d. Sales are made without credit |The computer searches a field for appropriate|Submit test data for sales orders that both are | | |approval. |credit authorization before an order is |and ar e not supported by appropriate credit | | | |placed on an open order file. |authorization. | |e. |A sales invoice has incorrect |The computer matches quantities on a sales |Submit test data for sales invoices that both do | | |quantities or prices. |invoices with underlying shipping information|and do not match underlying shipping information | | | |and matches prices with an authorized price |and authorized price lists. | | | |list. | |f. |Sales invoices may not be |The computer checks run-to-run totals of |Submit test data for batches that with complete | | |posted or may not be |beginning accounts receivable balances, plus |and incomplete data sets in terms of completed | | |journalized |sales transactions, with the ending |transactions. | | | |receivable balances. | | |g. |Sales invoices may be posted to|The computer matches customer information on |Submit test data with underlying information that| | |the wrong customer’s accounts. the sales invoice with the master custo mer |both does and does not match with information on | | | |file, the sales order, and the shipping |previously created sales order and shipping | | | |documents. |files. | 14-10. A common management control involves having managers with responsibility for sales to review daily or weekly sales reports to assess the reasonableness of recorded sales. Further management responsible for warehousing and shipping should review daily or weekly sales and inventory movement reports to assess the reasonableness of recorded sales and inventory removed from the perpetual inventory. 14-11. The sub-functions involved in cash receipts include (1) receiving cash receipts, (2) depositing cash in bank, and (3) recording the cash receipts. 14-12. a.Two important controls pertaining to cash sales and the transaction class audit objectives to which they relate are: †¢ The customer's expectation of a printed receipt and supervisory surveillance of over the counter sales transactions helps to ensure that all cash sales are processed through the cash registers or terminals – completeness. †¢ Independent check by supervisor on the accuracy of cash count sheets, and verification of agreement of cash on hand with totals printed by a cash register or terminal – existence or occurrence and valuation or allocation. b. Two important controls pertaining to the initial handling of mail receipts are (1) immediate restrictive endorsement of checks received and (2) preparation of a multi-copy listing (prelist) of mail receipts. 14-13. a.A lockbox is a post office box that is controlled by the company's bank. The bank picks up the mail daily, credits the company for the cash, and sends the remittance advices to the company for use in updating accounts receivable. This system eliminates the risk of diversion of the receipts by company employees and failure to record the receipts. b. Depositing receipts intact daily means that all receipts are deposited; that is, cash disbu rsements should not be made out of undeposited receipts. This control reduces the risk that receipts will not be recorded (completeness), and the resulting bank deposit record establishes the existence or occurrence of the transactions. 14-14.Four controls that can aid in preventing or detecting errors or irregularities in recording cash receipts are summarized below along with potential tests of controls: |Control |Test of Control | |Independent check of agreement of validated deposit slip |Inspect a sample of daily cash summaries and examine evidence of | |with daily cash summary. |agreement with validated deposit slip by responsible employee. | |Computer check of information included in the cash receipts |Use CAATs to test computer matching of information from cash receipts | |journal with information from prelist. journal with electronic prelist. Also follow-up on how exceptions are | | |reported and examine evidence or correction of errors reported on | | |exception reports. | |Preparation of periodic independent bank reconciliations. |Examine a sample of periodic bank reconciliations. Make inquiries about | | |bank reconciliation procedures and test accuracy on a sample basis. | |Mailing of monthly statements to customers. |Observe the mailing of monthly statements to customers.Make inquiries | | |about procedures to follow-up on issues raised by customers, and examine | | |reports or other evidence of follow-up. | 14-15. a. The functions pertaining to sales adjustments transactions are: granting cash discounts; granting sales returns and allowances; and determining uncollectable accounts. b. The following three types of controls pertaining to sales adjustments transactions have as their common focus establishing the validity, or existence of occurrence, of such transactions: †¢ Proper authorization of all sales adjustments transactions. The use of appropriate documents and records, particularly the use of an approved credit memo for granting credit for returned or damaged goods, and an approved write-off authorization memo for writing off uncollectable customer accounts. †¢ Segregation of duties for authorizing sales adjustment transactions and handling and recording cash receipts. 14-16. a. The accounts receivable balance is a function of the transactions that are posted to the account, namely credit sales, cash receipts, and sales adjustments. A sound system of internal controls over these three transaction cycles that ensure the completeness and accuracy of these transactions, should also ensure the completeness and accuracy of account receivable. b.The primary control over the balance involves sending monthly statements to customers and having an independent function to receive and follow-up on any issues raised by customers. c. The rights and obligations assertion for accounts receivable involves selling, or factoring, cash receipts. If an entity sells its receivables, it should keep a documentary record of the rece ivables that have been sold or pledged, and have a process for following up on collection of those receivables and the reduction of the related liability to the factoring agent. These records should be compared with monthly statements received from a bank or factoring agent. d.Public companies normally control establish controls over the presentation and disclosure assertion and related audit objectives through an effective and independent disclosure committee. The disclosure committee should have individuals who are knowledgeable about GAAP and the transactions being processed. 14-17. The following table provides example controls and tests of controls for each assertion (and transaction level audit objective) related to credit sales and cash receipts. Examples emphasize programmed control procedures where appropriate. Student should note that tests of controls should also emphasize testing computer general controls, observing exception reports, and testing manual follow-up of items that appear on exception reports. Credit Sales Assertion (Audit Objective) |Control |Test of Controls | |Existence and Occurrence (Occurrence) |Computer matches sales invoice information |Submit test data where invoice data does not match | | |with underlying shipping information. |with underlying shipping information. | |Completeness (Completeness) |Computer prints a report of all goods |Submit test data with shipments that have not been | | |shipped but not billed. |billed to test accuracy of report of all good shipped | | | |but not billed. |Existence and Occurrence / Completeness |Comparison of invoice date with the |Submit test data with shipments in one period and | |(Cutoff) |accounting period when goods were shipped. |billing in the subsequent period. | |Valuation and Allocation (Accuracy) |Computer matches sales prices with |Submit test data with invoice prices that do not match| | |authorized price list and sales order. |the authorized price list or sales order. | |Presen tation and Disclosure |Computer matches customer number on sales |Submit test data the customer information on the sales| |(Classification) |invoice with customer number on sales |invoice does not match the underlying sales order. | | |order. | |Rights and Obligations |If an entity sells its receivables, it |Observe and reperform procedures for documenting | | |should keep a documentary record of the |receivables that have been factored or sold. | | |receivables that have been sold and it | | | |should compare that record with monthly | | | |statements received from a factoring | | | |company. | | Cash Receipts Assertion (Audit Objective) |Control |Test of Controls | |Existence and Occurrence (Occurrence) |Independent check of agreement of cash and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. |independent check of the prelist with the cash | | | |receipts journal. | |Completeness (Completeness) |Independent check of agreement of cas h and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. independent check of the prelist with the cash | | | |receipts journal. | |Existence and Occurrence / Completeness |Preparation of periodic independent bank |Observe and test the accuracy of independent bank | |(Cutoff) |reconciliations. |reconciliations. | |Valuation and Allocation (Accuracy) |Independent check of agreement of cash and |Observe and reperform manual controls to check | | |checks with cash count sheets and prelist. |independent check of the prelist with the cash | | | |receipts journal. |Presentation and Disclosure |Mailing of statements to customers. |Make inquiries about mailing of monthly statements to | |(Classification) | |customers. Observe notes and procedures used to | | | |follow-up upon questions raised by customers. | |Rights and Obligations |If an entity sells its receivables, it |Observe and reperform procedures for documenting | | |should keep a documen tary record of the |receivables that have been factored or sold. | |receivables that have been sold and it | | | |should compare that record with monthly | | | |statements received from a factoring | | | |company. | | 14-18. a. The transaction classes that should be considered in assessing control risk for accounts receivable assertions are: credit sales, cash receipts, and sales adjustments. b.In assessing control risk for the existence or occurrence account balance assertion for accounts receivable, the following transaction class control risk assessments should be considered: †¢ Existence or occurrence for sales transactions that increase accounts receivable. †¢ Completeness for cash receipts and sales adjustments transactions that decrease accounts receivable. c. A revised acceptable level of detection risk for tests of details and a revised level of substantive tests must be determined for an assertion when the relevant final or actual inherent risk assessments, contr ol risk assessments, and analytical procedure risk assessments, differ from the planned assessed levels. 14-19. The following table explains some example preliminary audit strategies for each financial statement assertion in the context of the audit risk model. Assertion |Inherent Risk |Control Risk |Analytic Procedures Risk |Test of Details Risk | |Existence and |Maximum due to revenue|Low if internal |Moderate to high depending on|Moderate which will allow for smaller sample sizes| |Occurrence |recognition problems. |controls over the |reliability of expectation |and changing the timing of confirmations of | | | |occurrence of sales are|model. |receivables. It will also reduce the extent of | | | |strong. | |cutoff tests. | |Completeness |Moderate.Not a |Low if internal |Moderate to high depending on|Moderate to high which will allow for smaller | | |significant inherent |controls over the |reliability of expectation |sample sizes and changing the timing of | | |risk. |occurrence of sales are|model. |confirmations of receivables. It will also reduce| | | |strong. | |the extent of cutoff tests. | |Rights and Obligations|Moderate to high |Moderate to high |Moderate to high depending on|Low: Consider confirming with factoring agent and| | |depending on the |depending on internal |reliability of expectation |search for large unusual cash receipts. | | |entity’s ability to |controls. However, |model. | | |generate operating |control are more | | | | |cash flow. |nonroutine than | | | | | |routine. | | | |Valuation and |High or maximum due to|Moderate to high |Moderate to high depending on|The auditor can test the accuracy of receivables | |Allocation |subjective nature of |depending on internal |reliability of expectation |at gross value with confirmation. The auditor | | |allowance. |controls over |model. should consider extensive tests of the allowance | | | |collection of | |after year-end. | | | |receivables. | | | |Presentation and |Inherent risk is | Moderate to high |Maximum: Analytical |Maximum to High. It is often cost effective to | |Disclosure |usually high or |depending on internal |procedures are not directed |substantively test disclosures which are not | | |maximum. controls over |at testing disclosures. |complex for receivables. | | | |disclosures. | | | 14-20. In vouching recorded accounts receivable transactions to supporting documentation, a sample of debits to customers' accounts is compared to data on supporting sales invoices and matching shipping documents, sales orders, and customer orders. The evidence obtained pertains primarily to specific audit objectives derived from the existence or occurrence, rights and obligations, and valuation or allocation assertions for accounts receivable. 14-21.Both the sales cutoff test and the cash receipts cutoff test pertain to accounts receivable. The sales cutoff test involves: †¢ Examining shipping documents for several days before and after the cutoff date to determi ne the date and terms of shipment. †¢ Tracing shipping documents to sales and inventory records to establish that the entries were made in the correct accounting period. †¢ Inspecting invoices for a period of time before and after the cutoff date to ascertain the validity and propriety of the shipments and corresponding entries. †¢ Inquiring of management about any direct shipments by outside suppliers to customers and determining the appropriateness of related entries.In performing a cash receipts cutoff test, the auditor may be present at the balance sheet date to personally observe the promptness of the cutoff. In particular, the auditor determines that all collections received prior to the close of business are included in cash on hand or in deposits in transit and are credited to accounts receivable. Alternatively, the auditor may review the daily cash summary and validated deposit slip for the last day of the year. Both cutoff tests relate to the occurrence and completeness audit objectives for accounts receivable. 14-22. a. It may not be necessary to confirm accounts receivable when: †¢ The balance is immaterial to the financial statements. †¢ The use of confirmations would be ineffective as an audit procedure. The auditor's combined assessment of inherent risk and control risk is low, and that assessment, made in conjunction with the evidence expected to be provided by analytical procedures or other substantive tests of details, is sufficient to reduce audit risk to an acceptably low level for the applicable financial statement assertions. b. Factors to be considered in choosing the form of confirmation request are (1) the acceptable level of detection risk and (2) the composition of the customer balances. The positive form is used when detection risk is low or individual customer balances are relatively large. The negative form should be used only when all three of the following conditions apply: †¢ The acceptable level o f detection risk for the related assertions is moderate or high. A large number of small balances is involved. †¢ The auditor has no reason to believe that the recipients of the requests are unlikely to give them consideration. c. When no response is received after the second or third positive confirmation request to a customer, the auditor should apply such alternative procedures as (1) examining subsequent collections and (2) vouching open invoices comprising the customer's balance. Alternate procedures may be omitted when both of the following conditions apply: †¢ There are no unusual qualitative factors or systematic characteristics related to the nonresponses, such as that all nonresponses pertain to year-end transactions. The nonresponses, projected as 100% misstatements to the population and added to the sum of all other unadjusted differences, would not affect the auditor's decision about whether the financial statements are materially misstated 14-23. a. The aged trial balance is used primarily in assessing the adequacy of the allowance for uncollectable accounts. b. Procedures applied to the aged trial balance include (1) footing and crossfooting the aged trial balance and comparing the total to the general ledger balance for accounts receivable and (2) testing the aging of the amounts shown in the aging categories by examining supporting documentation such as dated sales invoices. c.After testing the accuracy of the aged trial balance the auditor should perform the following procedures to draw a conclusion about the fair presentation of the allowance for doubtful accounts. †¢ Examine past due accounts for evidence of collectability such as correspondence with customers and outside collection agencies, credit reports, and customers’ financial statements. †¢ Discuss collectability of accounts with appropriate management personnel. †¢ Evaluated management’s process for estimated the allowance for doubtful accounts using hindsight. †¢ Evaluate the adequacy of the allowance given information about industry trends, aging trends, and collection history for specific customers. d.Hindsight allows auditors to evaluate the reasonableness of management’s process for estimating the allowance for doubtful accounts. The reliability of management’s process for developing this accounting estimate can be gauged by evaluating estimates in prior periods and the degree to which those estimates accurately estimated subsequent uncollectable accounts. 14-24. GAAP disclosure for accounts receivable include: †¢ Disclosure of receivables from employees, officers, affiliated companies and other related parties. †¢ Appropriate classification of material credit balances. †¢ Appropriate classification of current and noncurrent receivables. †¢ Disclosure of pledging, assigning, or factoring receivables.

Economics Exchange Rates Commentary Essay

NEW YORK (Dow Jones)–The dollar continued its slide Wednesday, touching its lowest level in 12 months against the euro and flagging against the yen as rising equities battered the greenback yet again. The dollar has lost key legs of support over the past two weeks as encouraging global economic data has led investors to assume more risk and buy higher-yielding assets. With the recession receding and financial markets in recovery, investors have become more confident there’s no longer a need to hold their money in a safe-harbor currency like the dollar. Because of the Federal Reserve’s need to stimulate the economy, the dollar’s ultra-low interest rates have made it the lowest-yielding major currency. The cost of borrowing U.S. dollars in the London interbank market continued its slide Wednesday. The key three-month London interbank offered rate marked its lowest level since the British Bankers’ Association first introduced its Libor fixings in 1986. The dollar hit its lowest level against the common currency since September 2008 in New York afternoon trading, with the euro touching a 12-month high at $1.4738. If the euro is able to sustain levels above $1.4720, a key technical level, it could be on a march to $1.50, said Carl Forcheski, vice president for foreign exchange at Societe Generale in New York. The dollar’s losses were broad, sinking to new 13-month lows against the Australian and New Zealand dollars as well as lows for 2009 versus other widely traded counterparts. The U.K. pound also piggy-backed off the euro’s gains to advance on the dollar. The yen had been the so-called â€Å"carry trade† currency of choice, but with U.S. interest rates expected to remain feeble until 2010, analysts anticipate the dollar to continue funding riskier bets. A carry trade involves buying a lower-yielding currency to fund purchases of higher-yielding assets. The dollar was also burdened Wednesday by comments from Japan’s incoming finance minister, Hirohisa Fujii, who said he saw no need to intervene in currency markets to weaken the yen. In the past, the dollar had received support from the belief that Japan would intervene to prevent unwanted appreciation of its currency. â€Å"There’s no change in my thinking† that it’s not the time to consider foreign-exchange intervention, Fujii said at a news conference. Though he wouldn’t rule out intervention in what he termed â€Å"really abnormal situations,† Fujii said â€Å"the idea that the yen should be cheaper for the sake of [Japan’s] exporters is wrong.† Wednesday afternoon in New York, the euro was at $1.4729 from $1.4667 late Tuesday, according to EBS via CQG. The dollar was at Y90.78 from Y91.06. The euro was at Y133.72 from Y133.60. The U.K. pound was at $1.6506 from $1.6495, while the dollar was at CHF1.0306 from CHF1.0340. U.S. economic data released Wednesday, including as-expected August consumer price index and better-than-expected industrial production numbers, pointed to a continuing recovery, leading stocks to rally. The Dow Jones Industrial Average rose 108 points, lending support to the euro and other high-yielders. The dollar looks likely to continue its broad-based slide through the rest of the year, analysts said. As long as the buck doesn’t fall too far too fast, dollar weakness is expected in a time of loose monetary policy, said Adnan Akant, a currency specialist at money manager Fischer Francis Trees & Watts, a New York unit of BNP Paribas. Right now, the euro and other higher-yielding currencies are reaping the benefits of a global economic turnaround and stock market rallies, but within the next 12 months, the dollar should start benefitting from a recovering U.S. economy, said Wells Fargo analysts. The Canadian dollar ended higher near its strongest levels of the day Wednesday, reflecting another sustained flight into riskier assets like stocks and commodities at the expense of the slumping U.S. dollar. The U.S. dollar was trading at C$1.0666 late afternoon, from C$1.0721 late Tuesday. Strong gains for oil, gold and other commodities as well as rising North American equity markets underpinned the Canadian dollar’s gains, although the currency again failed to mount a serious challenge of its year-to-date high at C$1.0639, achieved in early August. Commentary The article refers to a depreciation of the dollar against major currencies due to â€Å"ultra-low interest rates† and increased risk by investors. The Federal Reserve has been cutting interest rates in an attempt to boost aggregate demand and stimulate the economy. High interest rates in an economy generally encourage investment in that currency as the value of the investment will increase over time. Currently US interest rates set by the Federal Reserve are around 0.25% compared to the European Central Bank’s 1%. Because of this, investors have switched to higher yielding currencies, such as the Euro, and to a lesser extent the Pound, causing a fall in the Dollar’s exchange rate. This is shown in Diagram 1. As the diagram shows, a right shift in the supply of the Dollar leads to a fall in its price relative to the Euro. In addition, the aforementioned cutting of interest rates is an expansionary monetary policy used to manipulate aggregate demand. The trade off of this policy is increased inflation. A high rate of inflation might further decrease investment in Dollar assets as the real value of the investment would decrease over time. During times of economic crisis, investors tend to invest in low risk assets such as generally strong currencies like the dollar. However with signs that the global economy is exiting the recession and in recovery, not only does the demand for safe-harbor currencies like the dollar decrease, but there is an increased demand for high risk investment due to bullish speculation. In addition, some consumers, firms, or foreign central banks might believe that despite the improving economic situation, the Dollar will continue to fall as the article mentions and sell dollar assets. This bearish speculation would further increase the supply of the dollar and perhaps lead to self-fulfilling prophecy. As shown above, the combination of the three factors leads to a sharp fall in the exchange rate. As previously mentioned, this depreciation could cause a self-fulfilling prophecy in which the initial bearish speculation leads to depreciation, which in turn causes more bearish speculation causing the exchange rate to enter a downward spiral. Initially, the Federal Reserve might not intervene but if the depreciation continued, it would be forced to buy back Dollars to counteract the increases in supply. This would slow the depreciation, discouraging people from selling dollars. It might even create bearish speculation as some might assume the dollar market will bottom out and start to appreciate. The depreciation of the Dollar should benefit the US economy by means of an improved current account deficit. Initially, the deficit will worsen as the demand for imports and exports is inelastic in the short run, but eventually the current account balance will improve as US exports become more competitive. US export revenue will increase while expenditure will fall. This improved current account situation will boost AD leading to economic growth. This is shown below in Diagram 3. Diagram 3 However, as the diagram shows, in the long run, there will be the trade off of inflation as AD rises. This might encourage Federal Reserve to strengthen the Dollar to reduce imported cost-push inflation. In addition, the increased demand for US exports will increase the demand for the Dollar causing appreciation. Foreign nations might eventually implement import controls such as tariffs on US goods in order to preserve their own current account balances. Eventually, the Dollar should regain its status as a high-yielding currency ——————————————– [ 1 ]. The value of one currency expressed in term of another [ 2 ]. A period in a business cycle following a recession, during which the GDP rises. [ 3]. Believing that a particular security, a sector, or the overall market is about to rise [ 4 ]. Revenue from the exports of goods and services and income flows is less than the expenditure on the import of goods and services and income flows in a given year