Public Argument Free Essay Example, 1000 words

When travelling, an individual can carry a library of books in a single electronic gadget. An individual may be in need to travel while reading and read many books over the journey. Carrying many printed books is tiresome. In the case of eBooks, an individual does not have to carry bag to put the books but can access them over the IPad, Laptop of iPhone while travelling. Point Two - Price: The eBooks are sold at lower price than the printed books because there is no printing fees and transportation cost incurred. In fact, there are some books that are available for free online but there is no book sold for free in a bookshop. What needed to access eBooks is an eBook reader, so an individual is only required to buy a reader and enjoy free books online (Tapscott 23). Point Three- Storage: Storage of many printed books needs a lot of space while storage of eBooks is done in a handheld reader like a computer or a phone. It is more convenient to store the eBooks than the printed books because the printed books can be damaged by water, sun rays while the eBooks can not be damaged (Gomez 89). We will write a custom essay sample on Public Argument or any topic specifically for you Only $17.96 $11.86/pageorder now Argument 2: Many publishers consider eBooks than Printed Books Point One –Technology: Currently, the books sellers are changing their mode of business. Technology has made many of the books publishers to prefer electronic services rather than physical printing. Marketing through social media has made many publishers to market books that can be viewed by the customers instantly over the internet (Bonk 68). Point Two- Increased eBook readers and eBook providers: Currently, the number of eBook providers has increased. There are many competitors who provide the eBooks than the printed books. Increased competition has led to a reduction of prices and also allocation of discount for purchased eBooks. The number of eBook readers is also increasing with many electronic devices manufacturers providing readers at a favourable price. Point Three-Availability of eBook reader devices: People can access the eBooks in phones, laptops and desktops which are available worldwide. The availability of publishers, technology favouring eBooks and readers shows that the world is changing and is in favour of eBooks rather than printed books (Bonk 18). To be Sure Despite the benefits enjoyed by eBook users, some people still think that printed books are more advantageous to use than the eBooks. Some people claim that the use of eBook is more complicated than the printed books. The eBooks needs a reader device which uses the power and some time subscription fee in order to access the eBooks platforms.

Social Responsibility And Its Impact On The Business

there were internal failures, more could have been done to ensure that the directors who were not acting ‘illegally’ acted with more consideration for their non-shareholders. Also, Freidman believed that the only reason why a company should act with social interests in mind is when it will further the profit making objective. This is also known as enlightened self-interest. This is part of the instrumental theories and is popular amongst corporations. A study found that this was the case in Australia. Three quarters of the businesses studied were accepting the importance of community involvement but only because it contributed to the ‘continuing health and growth of the business.’ Only 10% of which did so as a means of ‘giving back’ to the community without receiving returns. It must be questioned whether if corporations depart from the altruistic angle of social responsibility and into one that furthers self-interest it will still be regarded as ‘serving the public and society.’ If the answer is no, it can be said that it is unreasonable to want a corporation to act as though it has a conscience. Keith Davis negat es this view in his 1975 article, ‘Five propositions for Social Responsibility’ where he states that: Business is a major social institution so should bear the same kind of citizenship costs for society that an individual citizen bears. In addition, Freidman’s controversial views cannot be justified because evidence shows that ‘profit maximisation’ can still beShow MoreRelatedThe Impact Of Corporate Social Responsibility On Business1626 Words   |  7 Pages In contrast, this research shows that the impact of corporate social responsibility can extend beyond public relations and customer goodwill to influence the way consumers evaluate a company s products. Specifically, this research documents that acts of social goodwill--even when they are unrelated to the company s core business, as in the case of charitable giving--can alter product perceptions, such that products of companies engaged in prosocial activities are perceived as performing betterRead MoreThe Impact Of Social Responsibility On Business Organizations Essay1954 Words   |  8 PagesThroughout many years, numerous business organizations around the globe have not only determined Social Responsibility to be the key concept in leadin g an organization to success, but also many of these companies have recognized that this is now a significant ethical practice to incorporate into their business model. Although various firms are becoming increasingly involved in Social Responsibility, the question has been raised to determine the significance of implementing this concept within contemporaryRead MoreThe Social Performance Of Apple Incorporation And The Impact Of Corporate Social Responsibility On The Multinational Business Organization987 Words   |  4 Pagesyears, most business organizations have adopted various strategies that have enhanced the social performance in the society. Corporate social responsibility plays a fundamental role in improving the relationship between a business and the local community (Taylor, 2010). Social performance of a business can ensure that it builds the good reputation among the customers thus improving the sales of the firm. This paper examines the social performance of Apple inco rporation and the impact of corporateRead MoreThe Impact of Corporate Social Responsibility on Business Performance - Malte Kaufmann.Pdf Uploaded Successfully5307 Words   |  22 PagesTHE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON BUSINESS PERFORMANCE – CAN IT BE MEASURED, AND IF SO, HOW? The Berlin International Economics Congress 2012, March 7th-10th, 2012 Presented by Dd. Dipl.-Vw. Malte Kaufmann, The Bucharest Academy of Economic Studies malte.kaufmann@immo-kaufmann.de and Prof. Marieta Olaru, Ph. D., The Bucharest Academy of Economic Studies olaru.marieta@gmail.com Abstract This paper examines the question of measurability of the impact of Corporate Social ResponsibilityRead MoreSocial Responsibility Of A Business1444 Words   |  6 Pagesareas of business and nonprofit management. However, Cohen’s article on social responsibility drew a lot attention from other scholars like Friedman. In view of this, this paper will discuss and define the concept of social responsibility of a business to its workers, stakeholders, and society; how the perspectives align with that of Drucker; comparing Cohen’s opinion with that of Friedman and finally determines which of the two individual’s opinion best aligns with the current business climate promotingRead MoreCorporate Social Responsibility Definition1011 Words   |  5 PagesThis research study is about what the Corporate Social Responsibility (CSR) is, how people define and how I understand this term? According to my research and observations, CSR does not have only one and constant definition. I have read a lot of definitions of CSR and in fact, they are similar but not the same. Briefly, definition and understanding of CSR depends on person to person. Thus, I am going to talk about definitions of the CSR and I will define my own perspective about the CSR. Read MoreCorporate Social Responsibility ( Csr )1167 Words   |  5 PagesCorporate Social Responsibility Introduction Corporate social responsibility (CSR) is a concept which is also known as corporate citizenship, corporate conscience or in a simple way a responsible business. It is an integrated concept of self-regulatory business model for any organisation. Corporate Social Responsibility has been in practice for more than fifty years now, which has been adopted not only by domestic companies but also by transnational company with voluntary CSR initiativesRead MoreCorporate Social Responsibility ( Csr ) Encompasses Business Practices Involving Actions988 Words   |  4 PagesCorporate Social Responsibility Corporate social responsibility (CSR) encompasses business practices involving actions that benefit the organization and the stakeholders, which comprises of the society (Schermerhorn, 2012). â€Å"CSR is becoming more mainstream because pioneer companies are embedding sustainability into the core of their business operations to create shared values collectively for business and society.† - Liz Maw Understanding Microsoft’s Corporate Social Responsibilities MicrosoftRead MoreCorporate Social Responsibility On A Social Level1086 Words   |  5 Pageslarge progressive company operates in the corporate world as well as fulfills their corporate responsibility on a social level. While corporate responsibility is important, it is always viewed through the fiscal viability dimension of the maelstrom. The business case dominates the representation and operationalization of corporate responsibility. Due to the increased public sensitivity to corporate responsibility, the attitude has evolved from the unnecessary intrusion, through proactive operation focusRead MoreCorporate Social Responsibility ( Csr )1167 Words   |  5 PagesCorporate Social Responsibility Introduction Corporate social responsibility (CSR) is a concept which is also known as corporate citizenship, corporate conscience or in a simple way a responsible business. It is an integrated concept of self-regulatory business model for any organisation. Corporate Social Responsibility has been in practice for more than fifty years now, which has been adopted not only by domestic companies but also by transnational company with voluntary CSR initiatives

Morality of Homosexuality According to Rachels Free Essays

The ethics and morality of homosexuality and homosexual acts have been debated and questioned by many groups of people using several moral approaches to argue their point. It seems that the group of people who are most against homosexuality are religious groups, specifically Christians. Homosexuality however is not morally wrong and many arguments will be presented to refute the claims by those who do believe that homosexuality is unethical and morally wrong. We will write a custom essay sample on Morality of Homosexuality According to Rachels or any similar topic only for you Order Now The approaches that is used the most to argue that homosexuality and the acts that are involved are morally wrong which is used most by Christians is the Theory of Natural Law. Now there are three main points to this theory and the first point is that it is believed that â€Å"everything in nature has a purpose† (Rachels Rachels, 2012). Aristotle, who is very well known and respected stated that if everyone believes that nature makes objects for a specific purpose, and that this believe is correct, then, nature makes things for the sake of man. Christians believe that God created things in nature for a specific plan and so if that specific plan can not be carried out, then it should not be done and therefore is morally wrong. To connect this part of the Theory of Natural Law to thoughts about homosexuality, one of the main arguments against homosexual acts is that it is â€Å"unnatural. † Christians believe the act of homosexual sex is immoral because it does not end in the production of life, which according to them are the main purposes of sex, to create life. This argument is easily refuted however. When using the evolutionary sense of the term â€Å"unnatural,† which is how most Christians use it in their arguments, they mean that homosexuality is morally wrong because it involves the unnatural use of body parts. It is believed by some, that because God had created genitals and the act of sex for procreation, and homosexual sex can not end in procreation, that those individuals engaging in those acts are using their body parts for something it they were not intended for. Therefore, what they are doing is wrong. However, there are many couples that are sterile, who will never have the opportunity to procreate, and yet as long as the sex is heterosexual, Christians do not condemn them. The Roman Catholic church who does not agree with the use of birth control, still allows couples to have sex if they are infertile or during pregnancy (Mappes, Zembaty DeGrazia, 2012). Therefore the Catholic church can claim that if the body parts are not being used for the purpose of procreation then it is unnatural and immoral otherwise they would be contradicting their own practices. Besides, as pointed out in the book by Mappes, Zembaty DeGrazia (2012), we have multiple purposes for our organs and body parts. Just because we use our mouths to not only breath, consume nutrients and communicate, but also to chew gum and lick stamps, does not mean that those acts are immoral. Even though our moths were not originally intended to chew gum or lick stamps, does not mean that those acts are unethical. Besides, it is also recognized by Christians that a second purpose of heterosexual sex is to bond and connect with your partner and to express love. Homosexuals use their genitals during sexual acts for those same reasons as well. So, it stands to show that Homosexuality and Homosexual sex are not immoral and unethical due to the â€Å"unnatural† use of their sex organs. A second part to the Theory of Natural Law is the belief that all things unnatural are bad and that what is and what ought to be should be the same or else it is morally wrong. The example that Rachels Rachels (2012) gives is that Beneficence is morally right. That we should always act in the best interest of others because we care. If we do not care and therefore are not working in the best interest of others, then were are not being beneficent and that is morally wrong. Those who do not care and do not practice beneficence are often regarded as wrong. For example, these such individuals may be diagnoses with a mental illness called antisocial personality disorder because those who do not care, couldn’t possibly be well. It is believed that these individuals ways of thinking are wrong and therefore should be fixed. So, because society believes that people ought to be beneficent and therefore if they are not, then their actions are morally wrong. Rachels Rachels (2012) then points out that sex produces babies, that is fact. But does it then follow that sex ought to produces babies? Not necessarily. Those who have genetic mutations that could produce offspring with those same genetic mutations or diseases could be said ought not to have babies because it would perpetuate pain and suffering. Should it follow then those individuals ought not to have sex at all? It is not considered morally wrong for those with genetic illness to have sex, but it maybe thought to be morally wrong for them to produce a child. So, what is and what ought to be are different. In regards to Homosexuality, some believe that those individuals ought not to have sex because it is not an innate desire and therefore is unnatural. And as stated before that in which is unnatural ought not to occur according to the Theory of Natural Law. It is argued that References Rachels, J. , Rachels, S. (2012). The elements of moral philosophy. New York, NY: McGraw-Hill. Mappes, T. A. , Zembaty, J. S. , DeGrazia, D. (2012). Social Ethics: Morality and Social Policy. New York, NY: McGraw-Hill. How to cite Morality of Homosexuality According to Rachels, Papers

Factors Affect Personal Financial Management -Myassignmenthelp.Com

Question: Discuss About The Factors Affect Personal Financial Management? Answer: Introduction: The report is prepared to demonstrate the understanding of the macro economic factors affecting the operations of company and industry as a whole using PEST analysis. Company that has been selected for the explanation is Michael Hills and Lovisa Holdings limited that operates in fashion retail sectors. Michael Hills is a retail jeweler chain operating in many countries such as Australia, New Zealand, United States and Canada (Michaelhill.com.au 2018). It provides its customers with exquisite range of diamond jewellery, diamond engagement rings, bracelets, earrings, watches and charms. Lovisa was established in year 2010 and exploded in fashion accessories, operates through 300 stores worldwide and have established themselves in fourteen countries (Lovisa.com 2018). Analysis of industry to which these two companies belongs is done by using Porters five forces. Moreover, later part of report explains competitive strategy of company, its growth potential and key success factors. In this section, analysis of fashion industry of Australia is done by explaining several macro-economic factors using PEST analysis. Analysis of economy: Political factors- Legal issues of any particular country have considerable impacts on fashion industry and such issues involve permission grants and rewards available to new fashion designer. Fashion retailers in Australia such as Michael Hills and Lovisa Holdings are currently facing with issues pertaining to no protection for unregistered designs. However, the reciprocal rights governing copyrights in fashion industry will enable retailers to enjoy same level of copyright protection. Changes in copyright will assist the mass produced artistic works will enable them to enjoy considerable longer period of protection for their copyright (Fenna 2015). Economic factors- Companies operating in fashion industry is influenced by wide range of economic factors. Strategy of retailers is impacted to considerable extent by the amount of disposable income of consumers. Product quality of fashion retailers might be enhanced since price factor simply scoops in higher profits. The development of fashion clusters across major cities has resulted due to shift in manufacturing practices and geographical displacement of fashion industry. Development of fashion industry in Australia has been supported by lower interest rate and lower inflation rate of country. Domestic economic of country is driven by slump in oil price and trend of cutting interest rates (Gardetti and Torres, 2017). Therefore, the stable position of Australian economy will help in supporting the growth of fashion industry and thereby affecting the performance of both the companies. One of the ongoing real estate trends for retail floor space for fashion retailers is influencing f ashion industry. This has resulted in increasing number of retailers for selecting nontraditional locations for their premises. Social factors- Social factors driving change in fashion industry in Australia involves lifestyle trends, consumer trends, media options, branding, demographics, ethical issues and advertising image. The attitude of people towards fashion in Australia is changing and people are becoming more fashion conscious and this has a direct impact of fashion retailers corporate strategy. People are brainwashed by the advertising campaign of companies and they inclination of embracing fast fashion has considerable influence on retail fashion business (Hatfield et al. 2015). Technological factors- The shopping experience of customers and the corporate strategy of fashion retailers are shaped by the advancement in technology such as video content, high-resolution imagery, reviews and recommendations of products along with detailed descriptions. Many fashion retailers in Australia have commenced their online journey by formulating new strategies. Evolvement of technology is witnesses at rapid rate both from perspective of retailer and consumers (Chan et al. 2017). It is required by Australian fashion retailers to make investment and embrace online shopping by making planning and proper investment in development of new operating model. Such model will help in accommodating rapid technological development and meeting the increasing needs of sophisticated consumers. Industry analysis: Fashion and jewellery industry is one of the rising industries, which is posed with the glittering future and sustainable growth owing to their magnitude of service. Since decades, heritage luxury jewellery brands are the market leaders in their respective organisations. With global sales figure of 148 billion euro, fashion and jewellery industry is growing at 5% to 6% annual growth rate (Soni and Gulati 2016). According to the Panayiotou and Katimertzoglou (2015) there has been certain lag in the jewellery industry to cope up with the present market demand, however, depending upon the brand like Michael Hills, fashion industry is gaining momentum. Among many players in the jewellery and fashion industry, Michael hills, is one of the best organisations, which is popular for production of appealing and distinct jewelleries since 1979 (Michaelhill.com 2018). With their in-house master of craftsmanship and dedicate team of designers, the brand has gained much amount of popularity. For t his report Michael hills, is the selected organisation, which is known for their explicit craftsmanship, wide range of jewelleries and global vision. Owing to their outstanding features, the brand has topped the Australian market and presently it serves countries like New Zealand, Canada, United States and other with their 296 retail chain around the world (Parsons and Wilkinson 2015). Thus, it can be considered as the top performer in the middle range firms in the case of jewellery and fashion industry that enjoys market share of 6.6% with market capitalisation of 492.05 million USD (Kennedy 2015). Competitor of the selected company: Michael Hills is one of the market leaders, when it comes to the explicit jewelleries along with exclusive diamond collection that adds a lot to the fashion sense of the wearer. Being one of the market leaders, Michael fashion has many competitors, however, among them; Lovisa Holding Limited can be acknowledged as the main competitor of the selected organisation. Lovisa was introduced back in 2010 and since then it has transformed itself to become where it is now. For instance, it has 300 retail stores around countries like Australia, Singapore, South Africa, Australia and other countries (Kieser 2018). With its wide range of products, and exclusive services, Lovisa has become a market leader in the Australia and other countries that possess great potential to prosper in future. According to the Live Stock Exchange Rate, price of the products from this brand is rising, which showcase demand of Lovisa is rising at a steady rate (Perez 2015). Porters Five Forces analysis of the industry: Porters Five Forces analysis is an approach to find out the competitiveness of a given industry (Anton 2015). In this report fashion and jewellery industry has been considered for discussion and the Porters Five Forces analysis for the given industry is as follows: Buyer power Fashion and jewellery industry has little amount of bargaining power due to the fact that there is large amount of players in the market. Price is determined depending upon the supply and demand equilibrium and scope of direct bargaining power is low. However, there is little incentive to keep attached with a particular brand that provides some amount of bargaining power, which is indirect in nature (Rothaermel 2016). Supplier power Fashion industry provides little amount of supplier power to the producer owing to the fact that they do not have control over the market. Price is decided depending upon the demand and supply situation that reduce the supplier power. Competitive rivalry fashion and jewellery industry has large amount of supplier that makes it an oligopolistic market. However, there is certain amount of brand preference that makes the market an interesting one. With close substitute products, most of the brand provides similar kind of goods and services that makes the market saturated and hard one to penetrate by the new entrants (Anton 2015). However, with the help of new designs and ideas, brands can have competitive edge compared to its rivals. Threats from new entrants There is high risk in the case of the fashion and jewellery industry, however, there is great scope of high return too. With ever increasing demand of new design and ideas, threats from new entrants is comparatively high (Rothaermel 2016). Threat of substitution threat from substitution is negligible in the case of fashion and jewellery industry. With saturated market condition, firms are now producing similar products that reduce the threat of substitution. Growth potential of the industry: Jewelleries and fashion industry is one of the rising sector that has been growing with an annual growth rate of 5% to 6%. With huge amount of annual turnover, fashion and jewellery industry is expected to have higher growth potential by the 2020 (Dauriz, Remy and Tochtermann 2014). According to the statistics, the industry will have 10% annual growth rate within next three years. Moreover, Dauriz and Tochtermann (2017) also highlights that if the industry can successfully capture the attention of people who are older than 18 to 34 years, fashion and jewellery industry will face much higher growth rate compared to present forecast. Brands like Michael Hills possess great amount of importance in this regards because with the help of their exclusive services and wide array of product varieties, fashion and jewellery industry can be highly benefited. According to the study of Esty, Gross and Pickle (2017), among many verities of fashion and jewellery industry, firms that produce exclusi ve diamond jewelleries are expected to have higher demand and they possess highest amount of earning potential. Michael Hills and Lovisa Holding Limited, both is the exclusive diamond jewellery producer, thus they too have high potential to grow in future, however, which firm tops the market, will dependable upon the strategic decision of the firms. Competitive and corporate strategy of selected organisation: Strategic planning is one of the crucial factors that aid the firm to reduce its financial problem and shift the focus of the managers from profitability of the firm to the sustainability of the firm. With the help of competitive and corporate strategy organisations can not only avail the organisational goal (Rugman and Verbeke 2017). Moreover, it will help the firm to avail sustainability in long run. Competitive and corporate strategy of the Michael Hills, which is one of the most famous brands in fashion and jewellery industry, is as follows: Competitive strategy of the selected company: Among many organisations, Michael Hills is one of the famous multi-speciality fashion and jewellery brands that have been operating in various countries since 1979. By the end of 1987, the brand opened more than 10 stores in various countries around the world (Longley 2017). The brand has been producing differentiated services and products, thus creating value for the brand since decades. The brand is aimed to align itself with the latest trend of the market. This will provide the firm a scope to enhance its market base compared to its rival firms. The firm is aimed to provide best shopping facility to their customers, using which the firm devote it to achieve exclusiveness that is beneficial for the growth of the firm (Wesener 2016). Besides this, as the core competencies strategy, Michael Hills offers best price in the market, which provides competitive advantage to the firm. All the branches located near the city centre, helps the Michael Hills to become one of the best firm in th e fashion and jewellery industry. Raw materials that the firm chooses for their goods and services are sourced by the certified suppliers that provide better longevity and durability of the products. In addition the firm employees only the educated and experienced employees that help the firm to provide best in class service compared to its rival companies. Online customer service and online retail stores help the firm to gain great amount customer base. Corporate strategy of the selected company: Michael Hills is one of the top level fashion and jewellery firm that lies in the middle range and the firm always aims to maintain god corporate governance, which not only help it to have a strong market holding, moreover provide it ability to stand out from the crowd. As their corporate strategy the firm uses low level of capital expenditure roll out policy, where cost is minimised using the small store layout (Parsons and Wilkinson 2015). Moreover, depending upon the political, social and environmental condition of the place of operation, the firm alters their mode of operation that gives them competitive advantage and let it align with the local policies. In addition international store roll out policy of the firm always helped it to hold its stand in the market. Culture of continuous development and well versed management team with high international retail exposure Michael Hills always try to keep track record of profitable and rapid growth (Coolier, Probert and Jeffries 2016). Customer base marketing strategy of Michael Hills helped the firm to become one of the renowned firms in various countries. Accounting Analysis Michael Hill Inherent Risk Accounts Impacted Control Measures Market Risk- Foreign Exchange Foreign Exchange risk is considered to be arising from the future commercial transactions and the recognition of the assets and liabilities which are denominated in the currency which is not the functional currency. The group is designed to be having significant risk in buying foreign exchange contracts of different foreign currencies in the future at the pre-determined exchange rate (Terlizzi, Meirelles and de Moraes 2016). -Cash and cash equivalents -Trade receivables -Forward exchange contracts The company is designed to use cash flow forecasting sensitivity analysis to tackle this problem. Liquidity risk- The significant exposures pertaining to liquidity risk is considered with borrowings and other liabilities. There is a sufficient problem associated to the risks with the availability of cash and marketable securities. In addition to this, there is significant scope of uncertainty pertaining to adequate amount of credit facilities (Talonpoika et al. 2016). -Current Liabilities -Borrowings The management has ensured that there is sufficient availability for borrowing facilities and committed credit lines. Credit risk- This particular risk is seen to be based on availability of cash and cash equivalents along with trade receivables. There may be significant problem with the credibility of the company is associated to increased debt which may not allow the company to borrow finance from banks or other financial institutions. The group incurs the credit risk from trade receivables (Hayes 2014). -Impaired Trade Receivables -Short-term deposits The management of credit risk is followed by settling the sales to retail customers via cash or major credit cards. Lovisa Holdings Inherent Risk Accounts Impacted Control Measures Credit Risk- The credit risk of the company is associated to financial loss to the group in case a counterparty fails to meet its contractual obligations. This particular risk factor is seen to be recorded with the consolidated statement of financial position which has the carrying amounts of receivables assets. This particular risk is also recognized with cash and cash equivalents along with the derivatives with banks and other financial institutions (Dowdell, Herda and Notbohm 2014). -Short-term deposits The company recognizes the credit risk in terms of considering the carrying amount of the receivable assets along with net provision for doubtful debts. Currency risk- The currency risk of the company is considered with mismatch of currencies forwarded to the borrowings, sales and purchases are denominated in terms of respective functional currencies of the group. The presentation of the currency is primarily denominated in Australian dollar, Singapore dollar, US dollar, British pound and South African Rand. It needs to be discerned that there is a significant scope of mismatch in the currency during exposure to purchases (Feng et al. 2015). -Cash and cash equivalents -Trade Receivables -Trade Payables The company takes significant measures for foreign exchange policies exposure to protect profit margins. This is done by entering into forward exchange contracts along with currency options specifically with the changes related to USD against AUD. Liquidity risk- This risk factor of the company is taken into account with the difficulties in meeting the obligations related to the financial liabilities which are settled by delivering cash or other financial assets (Thi, Mien and Thao 2015). -Trade Payables -Bank Overdrafts -Secured Bank Loans This particular risk is managed by the company by ensuring there is sufficient liquidity to meet the liabilities which are due under stressed and normal situations. Cross-Sectional analysis The depiction of the cross-sectional analysis is included with the ratios such as calculation of operating margin analysis, investment management analysis and assessment of financial leverage. The inclusion of the operating margin analysis is discerned with the ratio calculation such as days sales outstanding, days payable outstanding, days sales in inventory and asset turnover ratio. The investment management consideration is evaluated with the factors such as earnings per share, price earnings ratio, earning yield ratio and dividend yield ratio. The cross-sectional study associated to financial leverage is taken into account with debt to capital ratio, debt to asset ratio, debt to equity ratio and equity ratio (Bonaim, Hankins and Harford 2014). Operating Management Analysis The depictions made as per day sales outstanding clearly shows that over the time Michael Hills has been able to reduce the number of days on an average which a customer takes to pay the invoices. On the other hand, Lovisa is discerned with the fluctuating trend of day sales outstanding which is evident with increasing credit problems in the recent times. As part of the depictions of days payable outstanding for Michael Hills, the company is able to manage its cash flows efficiently to reduce the time taken to pay its bills to the vendors, creditors and suppliers. On the other hand, Lovisa is unable to maintain a short time span for DSP which is mainly due to increasing liabilities with the third-party and suppliers (Fernandes, Lynch and Netemeyer 2014). Michael Hills days sales and inventory demonstrates that the company has taken a considerable amount of time to sell its average inventory and hold the items for a longer period of time during the specified year. On the contrary, Lovisa is depicted with the fluctuating trend of time taken to sell the inventory, however it is clearly in a better position in compared to the former company. The main inference of asset turnover ratio for Michael Hills suggests that the company is in an average position to generate sales by using its assets. Despite of significant improvements over the years in terms of generating higher sales with the assets, Lovisa is clearly in a better position (Karadag 2015). Investment management analysis The earning per share interpretation of Michael Hills clearly suggests that over the year the companys profit allocated to the outstanding share of common stock has reduced and this indicates that it is in her lower profitability situation. Lovisa on the other hand is able to allocate more profit to each outstanding share of common stock. As for the evaluation of price-earnings ratio Michael Hills has depicted fluctuating trend for measure of current share price in relative to earnings per share. However, Lovisa has indicated a linear growth for increasing its current share price against share of earnings. The evaluation of earnings yield has suggested that Michael Hills percentage of each dollar invested in the stock is reducing in terms of stock earned by the company. Lovisa has indicated a constant growth for each dollar invested in the stock earned by the company. Michael Hills dividend ratio has shown considerable amount of returns against the dividends declared by the company d oing the year. Lovisa on the other hand, is depicted with the reducing return for the dividends (De Jong et al. 2014). Financial Leverage Analysis As per the information available for Canadian public debt, the countrys overall debt to GDP stands at 66%. This shows that Michael Hills is able to maintain low debt to capital ratio in compared to general industry average for all the four years. The Austrian government debt clearly suggests that the percentage of government debt to GDP in 2016-2017 was estimated at 18.9%. Lovisa has not been able to demonstrate a strong financial position as the companys debt to capital ratio is significantly high in compared to the industry average (Illmeyer et al. 2017). The interpretations for the debt to asset ratio suggest that both Michael Hills and Lovisa is financed with same percentage of assets in terms of debt. The assessment of debt to equity ratio for Lovisa has suggested that the company uses relatively less shareholders equity and debt to finance the available assets. Michael Hills on the other hand, has a greater leverage for financing the borrowings with the assets however, this is at the cost of a greater financial risk for the company. The interpretations of the equity ratio clearly suggest that both the companies are at the same platform when they are compared in terms of total availability of equity and common shareholders equity (Fazli Sabri and Tze Juen 2014). Times Series Analysis for operating management This data clearly shows that over the time Lovisa is able to increase all the parameters of days sales outstanding, days payable outstanding, days sales in inventory and asset turnover ratio. The significant increase for Lovisa as per the operating management elements are seen to increase in the time period of 2015 and 2016. The recent performance interpretations of Michael Hills have considered significant improvements in the financial aspects. This is clearly depicted with the available results of 2017. Times Series Analysis for operating management This section of the study is able to suggest that Michael Hills is able to demonstrate a significant increase in financial leverage which taken into account with debt to capital ratio, debt to asset ratio, debt to equity ratio and equity ratio. The significant increase of year for Michael Hills is considered with 2015, however Lovisa has shown tremendous growth potential in 2017. Prospective Analysis The interpretations of prospective analysis are based on forecasting of sales growth rate, NOPAT margin, WC to sales, LT assets to sales, Debt ratio, after-tax cost of debt, dividend rate. As per the prospective analysis of the company the beginning book value is significantly lesser than the value beyond forecast period. However, it needs to be noted that the companies value beyond the forecast horizon is significantly high which also highlights the risk factor is related to the project. In addition to this, there is a significant scope of improvement for value per share (Castrogiovanni et al. 2016). The prospective analysis of the study is a to depict on alternative approaches to avoid the inclusion of nontraded funds. The valuation summary is able to suggest on models which might be used by nontraded firms for the purpose of assessment of overall value creation. Based on the interpretations of valuation summary the overall performance of the company is considered to be average in nature. As for the depiction of financial report there has been no instance of abnormal loss faced by Michael Hills. In addition to this, the different aspects of prospective analysis in terms of assessing net profit after tax it is clearly discerned that the overall NPAT of the company has shown considerable amount of improvement over four years. Despite of the increasing net profit after tax, the groups working capital ratio of 3:1 is able to demonstrate an average financial position of the company (Baos-Caballero, Garca-Teruel and Martnez-Solano 2014). Recommendation The accounting analysis of Michael Hills identification of 3 potential red flags of the company and identify 3 key accounts in their balance sheet/income statement has shown the inherent risks of the company in terms of Market Risk as per Foreign Exchange risk are considered with Market Risk related to Foreign Exchange risk which depicts that the Foreign Exchange risk is considered to be arising from the future commercial transactions and the recognition of the assets and liabilities which are denominated in the currency which is not the functional currency. The impact on the respective accounts are considered with Cash and cash equivalents, Trade receivables and Forward exchange contracts. The company is designed to use cash flow forecasting sensitivity analysis to tackle this problem. The significant exposures pertaining to liquidity risk is considered with borrowings and other liabilities. There is a sufficient problem associated to the risks with the availability of cash and mark etable securities. In addition to this, there is significant scope of uncertainty pertaining to adequate amount of credit facilities. That accounts impacted includes Cash and cash equivalents, Trade receivables and Forward exchange contracts. Michael Hill is designed to use cash flow forecasting sensitivity analysis to tackle this problem. The credit risk is considered with problem with the credibility of the company is associated to increased debt which may not allow the company to borrow finance from banks or other financial institutions. The group incurs the credit risk from trade receivables. Investment management analysis clearly depicts that over of years profit allocated to the outstanding share of common stock has reduced and this indicates that it is in her lower profitability situation. The interpretations for the debt to asset ratio suggest that both Michael Hills and Lovisa is financed with same percentage of assets in terms of debt. The assessment of debt to equity rati o for Lovisa has suggested that the company uses relatively less shareholders equity and debt to finance the available assets. Conclusion The discourse of teh study has shown Michael Hills is one of the market leaders, when it comes to the explicit jewelleries along with exclusive diamond collection that adds a lot to the fashion sense of the wearer. Being one of the market leaders, Michael fashion has many competitors, however, among them; Lovisa Holding Limited can be acknowledged as the main competitor of the selected organisation. 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