Study On Quantitative Easing And Krishnamurthy Finance Essay - Free Essay Example

Quantitative easing, also known as large scale asset purchases (LSAP), is a specific monetary policy used by central banks to add to the supply of money by increasing reserves of the banking system. In certain economic situations, such as a low inflationary environment like the one we are experiencing today, targeting a low interest rate is not sufficient to maintain the level of money supply desired by the Federal Reserve, and so quantitative easing is employed. Through the quantitative easing process, the central bank purchases securities-most likely longer-dated Treasury Bonds and mortgage backed securities-in an effort to push longer-term interest rates lower and expand the money supply by making it cheaper for individuals to borrow and for businesses to raise capital. This works because the borrower receives about 93 percent more money than the bank holds in reserves (money creation). Krishnamurthy We build on the regression analysis from KVJ to estimate the effect of a purchase of long-term securities via the safety channel. We focus on the safety channel because it appears to be a dominant effect from the event studies. In KVJ, we mainly focus on the effect of changes in the total supply of Treasuries, irrespective of maturity, on bond yields. For evaluating QE, we are interested more in asking how a change in the supply of long-term Treasuries will affect yields. The larger effects obtained from the QE1 event study than the regression approach suggest that changes in Treasury supply have much larger impact on the safety premium in times of unusually high safety demand than they do in average times. Gagnon, et. al, (2010) report that in 10-year equivalents the Fed had purchased $169bn of Treasuries, $59bn of Agency debt, and $573bn of Agency MBS by Feb 1, 2010. The total purchase up to this date was $1.625tn and the anticipated total was $1.725tn. We scale up the n umbers up to Feb 1, 2010 by 1.725/1.625 to evaluate the effect of the total purchase. Important (Theoretical) Takeshi Kimura and David Small (2004) (Finance and Economics Discussion Series Divisions of Research Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Quantitative easing was expected to have three effects on financial markets. First, it would lower longer-term interest rates because the Banks announcement that the new policy regime would be maintained until CPI inflation became zero or more would lower expected short-term rates. If this so-called commitment effect also contributed to diminishing uncertainty over future short-term interest rates, term premiums also would be reduced and hence longer term rates would be lowered further. 8 Such announcement effects would tend to be reinforced by the observed increase in current account balances. Second, the abundant provision of liquidity would make money market participants feel more secure about the ongoing availability of funds, thereby preserving financial market stability. Uncertainties about conditions in money markets might, at times, lead to elevated demands for liquidity, boosting the rates of illiquid assets relative to those of liquid assets. In such circumstances, the elevated levels of current account balances would reduce the probability of a liquidity shortage, and consequently would reduce liquidity premiums. Third, an open market operation by a central bank would change the relative supplies of assets held by the public and, thereby, may lead to changes in the relative prices of assets. This so-called portfolio-rebalancing effect has been described as follows: Suppose that a representative bank holds multiple assets and rebalances its portfolio so as to maximize its objective function under the constraint of containing overall risk amount below a certain limit. For example, if we assume that a utility function with given absolute risk aversion, the expected return and its variance from the portfolio become explanatory variables of utility. Risk constraint crucially depends on the capital position of the bank. Then, let us think of a case where, as a result of the outright purchase of long-term JGB by the BOJ, a portion of the long-term government holdings of the representative bank is converted to monetary base. The reduction on portfolio risk, that is, interest rate volatility risk of government bonds, generates room for new risk taking, and thus part of monetary base should be converted to some type of risk assets. At equilibrium, utility is kept constant by marginally increasing the amount of holding risk assets, and the marginal increa se in the expected profits offsets increased risk. In this rebalancing process, the risk premium of risk asset prices will be decreased. Although quantitative easing supported that improvement of Japans economy, the Banks drastic quantitative easing has not been quite strong enough by itself to boost the economy and prices, as stated by Governor Fukui (2003). In particular, it did not seem to have a strong beneficial effect on the corporate financing environment, such as on corporate bond rates. (See Figure 3 (panel 1).) The weakening role of banks as financial intermediaries made it especially important for easier monetary policy to benefit capital markets. However, the spread between interest rates on corporate bonds and risk-free government bonds declined only marginally after March 2001. And those firms that did feel the benefits of monetary easing were limited to those with high credit ratings. Credit spreads on low-grade corporate bonds rose after October 2001. The prices of other financial assets also did not seem to benefit from quantitative easing. Even after the introduction of quantitative easing, stoc k prices continued to decline until the summer 2003. (See Figure 3 (panel 2).) As for foreign exchange rates, the yen rate against the dollar depreciated rapidly from November 2001 until February 2002. (See Figure 3 (panel 3).) However, this depreciation seems to be attributable not only to monetary easing but also to a change in the economic outlook; while expectations for recovery of the US economy strengthened, uncertainty over prospects for Japans economy intensified, including financial system stability. Thereafter, on net, the yen appreciated. In the context of the Bank of Japans policy of quantitative easing, we have explicitly considered portfolio-rebalancing effects and how they may be affected by the attempts of portfolio holders to diversify business-cycle risk. In this framework, an outright purchase of long-term government bonds does not necessarily reduce the portfolio risk of financial institutions and other private-sector investors and thereby generate room for ne w risk taking as has been suggested. Indeed, the portfolio risk associated with the business cycle may have increased as the BOJs purchases of long-term government debt reduced the private-sectors holding of this asset whose returns are counter-cyclical, If we focus only on the portfolio-rebalancing effects, and neglect the other effects such as the BOJ using quantitative easing to demonstrate resolve to keep short-term rates low, the BOJs quantitative easing may have increased the demand for those JGB substitutes whose returns also are counter-cyclical. But these policy actions may have decreased the demand for assets whose returns are pro-cyclical and thus may have increased the risk premium for pro-cyclical assets. The following chart summarizes these estimation results. Doh (2010) See the paper conclusion Oda, N., and Ueda, K. (2007). The effects of the bank of Japans zero interest rate commitment and quantitative monetary easing on the yield curve: A macro-finance approach. The Japanese Economic Review. We have examined empirically the effects of the ZIRP and QMEP in Japan on mediumto long-term interest rates using a macro-finance model. We tentatively conclude that the BOJs monetary policy under the zero interest rate environment since 1999 has functioned mainly through the zero rate commitment, which has led to reduced medium- to long-term interest rates. More specifically, the commitment has been effective in lowering the expectations component of interest rates, especially with short- to medium-term maturities, while it has been less effective in lowering the risk premium component. In contrast, the portfolio rebalancing effect either by the BOJs supplying liquidity beyond the required level to keep the short-term policy rate at virtually zero (i.e. the expansion of the CAB at the BOJ) or by the BOJs purchases of JGBs on the risk premium component of the interest rates has not been found significant. There is some evidence that raising the target for the CABs has been percei ved by the market as a signal indicating the BOJs greater willingness to carry on RZIRP and has thus enhanced the effects of the zero rate commitment, although this interpretation is subject to further examination. Stroebel, J. C., and Taylor, J. B. (2009). Estimated impact of the feds mortgage-backed securities purchase program. National Bureau of Economic Research. We examine the quantitative impact of the Federal Reserves mortgage-backed securities (MBS) purchase program. We focus on how much of the recent decline in mortgage interest rate spreads can be attributed to these purchases. The question is more difficult than frequently perceived because of simultaneous changes in prepayment and default risks. When we control for these risks, we find evidence of statistically insignificant or small effects of the program. For specifications where the existence or announcement of the program appears to have lowered spreads, we find no separate effect of the size of the stock of MBS purchased by the Fed.

Case Study Mason Surgical Masks - 1465 Words

Module 6 Case1 Chapter 14 Mason Surgical Masks The unique selling proposition of Mason Surgical Masks is that it offers protection from both particulate and gaseous hazardous materials. The unique selling proposition (USP) or unique selling point is an advertising notion first projected as a philosophy to clarify an arrangement in positive marketing movements of the premature 1940s. The USP states that such movements made exclusive proposals to clienteles that persuaded them to change products. Locating one’s USP necessitates some tough work and originality. One way to begin is to examine how other businesses use their USPs to their benefit. This involves cautious investigation of other businesses advertisements and advertising communications. If one examines what they say they retail, not just their merchandise or amenity individualities, one can absorb an inordinate amount about how businesses differentiate themselves from opponents. Occasionally a business concentrates on one specific thing, which also determines the scheme in other areas. That assignment scheme then determined the business s choice of merchandise wrapping so the merchandise did not seem contrasting in the market in which it is sold. Yes I do believe that a Mason Surgical mask is a good name because it states their product in the name. The first stage is to cultivate one’s plan and messaging. The goal, verbiage, and placing will assist guiding one’s identification. If the tag doesShow MoreRelatedMental Illness Refers To A Wide Range Of Mental Health1742 Words   |  7 PagesUnfortunately, even those who believe that mental illness is real, can still view symptoms of psychopathology as threatening and uncomfortable. Such attitudes frequently foster stigma and discrimination towards people with mental health problems. Studies have suggested that stigmatizing attitudes towards people with mental health problems are still commonly held. 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Ocean Pollution Essay - 1181 Words

Everything in this world we use comes from the ocean in some way. The air we breathe, the water we drink, even the products we use day to day, would not be possible without the ocean. Thats why the issue of ocean pollution is so important and needs to be addressed as soon as possible. We depend on the ocean for so much in our life, without it we would surely become extinct. People seem to think that since the ocean is so large and vast, we can dump as much waste as wed like into it and it will never have an effect on us. However, since weve been polluting the ocean as far back as Roman times, the evidence of ocean pollution becoming a major problem is all too clear. There are many different ways the ocean can become polluted.†¦show more content†¦Fishnets improperly discarded into the ocean can also cause major issues, tangling into unsuspecting mammals and fish. According to the Marin Academys Oceanography website, there are over 46,000 pieces of plastic floating in each square mile of ocean off the Northeast coast of the United States, which contributes to the death of 100,000 marine mammals and two millions sea birds yearly. A way you wouldnt expect pollution to be caused is by noise. The pressure from the sounds omitted by ships, sonar devices, oil rigs, and earthquakes can disrupt communication, hunting, migration, and reproduction patterns from many marine animals like whales and dolphins. This can throw the whole system off balance. Air pollution can also cause ocean pollution by being absorbed into the water and contaminating it, and vice versa. Ocean pollution can eventually cause air pollution. Dirt can also spill into waterways from top soil or silt from fields or construction sites, causing endangerment to fish and wildlife habitats. 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The Review of the Study of Philosophy - 1437 Words

The review of The Study of Philosophy 1. Introduction â€Å"All men are ‘philosophers’, by defining the limits and characteristics of the ‘spontaneous philosophy’ which is proper to everyone.† Gramsci said. This kind of philosophy consists of language itself, common sense, and last one is popular religion. (A.Gramsci, 1929-1935 the study of philosophy) It means everyone could be a philosopher in some aspect of our life. For example, people could think about an issue in different ways because of the differences of origin of language, habit, and social environment they are living. It’s no longer possible to define a philosopher as an intelligent or professional person who is working at some particular categories of subjects nowadays. People†¦show more content†¦The obedience is not the only option that you have. You have to figure out what you really need and want, and not just follow the way people have already done before. Therefore, the ability of analysis and criticism is an important factor of building one’s conception of the world. In addition, if people receive all information without considering whether the information is useful or not, you might get a wrong data. For example, Joseph Reagle claims that the information in Wikipedia is lack of the accuracy for readers. (Joseph Reagle, a wikipesia reader) Wikipedia is a platform which is opened free for people to put information on. People are free to edit any data in the wikipedia. There is no clear sign in the webside for you to recognize which information is true, and which one is not. Therefore, the ability of analysis and criticism is very important to pick up information which you look for. Secondly, people cannot understand the philosophy without seeing history and culture of philosophy. Gramsci claimed that if one cannot criticize and make a coherent of an issue from a historical perspective, then the person is failed to be a philosopher. 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Fracking An Unconventional Technique For Harvesting...

Fractually Inaccurate Hydraulic fracturing, commonly known and hereby referred to as fracking, has been around for decades- but it seems that it has only recently become a prominent point of contention in our society. Fracking is considered an unconventional technique for harvesting natural gas and oil. Where conventional wells drill straight down and can only collect from more free-flowing deposits, fracking allows for horizontal drilling into shale deposits and uses water pressure to enlarge pre-existing fractures- freeing up otherwise unobtainable fuel. First used by Halliburton in 1949 (Beaver 179), fracking has been credited as having wide variety of economic and environmental benefits. Recently however, it has come under fire as being a dangerous and dirty source of energy. Using the articles â€Å"Should We Frack?† by Bruce Beaver, and Cornucopia or Curse? Reviewing the Costs and Benefits of Shale Gas Hydraulic Fracturing (Fracking),† by B.K. Sovacool, I will eval uate the merits and detriments of the fracking process. By examining its environmental, public health and safety, and economic effects- I will show that fracking is not stable, safe, or clean enough to be considered an effective, long-term source of energy. The most obvious obstacle to fracking becoming a sustainable source of energy is the way in which it contributes to climate change. In his article, B.K. Sovacool cites a study which states that 50 percent of natural gas wells that were inspected in QuebecShow MoreRelatedFracking : The Economic And Environmental Effect Of Hydraulic Fracking1165 Words   |  5 PagesFracking Fracking, a technique used to extract natural gas and oil from the earth s subterranean rocks, is by no means a new thing. As the United States strives for energy independence, the number of wells produced by hydraulic fracturing has increased substantially. This method of harvesting natural gas and oil may contribute to pollution and has become a controversial topic. It is important to understand the pros and cons of fracking before drawing conclusions. Analyzing the economic and environmental

Computerized Payroll free essay sample

Nowadays all the establishment are becoming modernized, they use modern technologies to make their transaction fast, easy, and accurate in order to avoid waste of time and for the sake of safety and security. It also helps human to solve and understand complex problem and analysis such us the computational needs of human. Especially to business establishment or corporation processing enormous data and complex transaction. Payroll is an example of a complex transaction because it is a critical business operation dealing with numerous accounts and produce plenty and confidential files. Payroll is encompasses every employee of a company receives a regular wages or other compensation due to each. Applying manual procedure on a payroll transaction involving the vast beat answer in that problem would be computer because computers can simulate enormous data and can process complex transaction in a fast and efficient way. It can generate numerous accounts and data accurately. A computerized Payroll System will not only provide accurate calculations and fast process of Payroll transaction but it will secure data through security implementations and accordingly arrange files provided by a well-designed database that will produce a paperless environment. Conceptual Framework Every employee needs to be paid for the services he provides. For this to happen, the employer must have a payroll system in place. Without it, chaos occurs, as employees will become upset if their checks are inaccurate (or worse, if they dont get paid) due to a haphazard payroll structure. So obviously, there are benefits to be derived from using a payroll system. A payroll system is the method used by payroll professionals to pay employees for their services. Regardless of the type of system used, there are basic INPUT PROCESS OUTPUT Feedback Figure1. Computerized Payroll System Conceptual Paradigm As shown in the Figure 1. In the previous page the manual payroll operation of A ‘Venture Marketing Corporation encounters problems and inconvenience. In order to solve these, the researchers analyzed the problems, conducted informal interview and survey from the employees and talents gathered information. The output of the study and investigation conducted by the researchers is the Proposed Computerized Payroll System. This covers the regular employees. Statement of the Problem This study aimed to find out the features considered in developing a Computerized Payroll System of A ‘Venture Marketing Corporation. Specially, it sought answers to the following questions: 1. What are the advantages of the proposed system? 2. What are the conribution of the Proposed Computerized Payroll System to company? 3. How is the user acces to program in the terms of the folowing: a. Reliability b. User-Friendliness c. Accuracy d. Speed e. Security Scope and Limitations The study covered the designing of the system that would improve the quality of service rendered by the A ‘Venture Marketing Corporation. This study included the making of more efficient system in the sense of handling their data and modernization of employee list. The study was limited to the selected Employee List. The selected employees are fifth teen (15). Significance of the Study Accounting Department – Since the accounting department who compute and record the salary of the employee, using the system will enable them to do their task faster and more accurate. Employee – This study will accurately compute the salary of their regular employees. This includes the deductions, gross pay and net pay. This will provide an excellent service due to faster and more accurate transactions. To the Company – This study will make the company to become more competitive. It can give them confidence because the use of a modern tool such as computerization will help them in running their business more efficiently. Definition of terms Reliability – it is likelihood of a computer system for device-continuing of function over a given period of time and under specified conditions. User-friendliness – it is the attribute of the system, which allows easy interaction between the user and the software. Accuracy – the condition or quality of being true. Speed – it is the capacity of handli9ng and processing data in easier time. Security – securing the data of the researchers. CHAPTER 2 Review of the Literature LOCAL LITERATURE The success of any business, large or small, chiefly depends on the ability and efficiency of the person in its role. People are hired to do the jobs to attain the objectives of the business. People make use of many, materials, and machines to produce goods and render services. Jobs differ and require a wide variety of skills, knowledge and ability. (Ong. 2004) According to Esquinda (2004), the system should be capable of producing reports even at short notice. The time spent for data gathering and record producing reports even at short notice. The time spent for data gathering and record counting will be much reduced by computerization to report generation should at most take three minutes per reports. All data into the system should be accurate to ensure that all information being produced are reliable and can be use will be manifested in the accuracy of the output of the system generates. Hence, the reports produced by the system; especially the statistical produced per year. For example, there should be no instance of error. Jollibee Foods Corporations was cited as â€Å"Asia’s† Most Admired Companies by Asian Business Magazine. Top Company’s since it is regarded as in the Philippines and one of the number one retail and Customers Companies in Asia; therefore it is operates the largest fast food chain in the Philippines, which is Jollibee. It is reported to have annual revenue of P198 billion on December 31, 2000; it now owns and franchises approximately 150 restaurants under the Jollibee, Greenwich, Chowking and Delifrance brands. According to Mr. Ernesto Tanmationg, Executive Vice President of Jollibee, â€Å"The computer software has the functionality and features that will help Jollibee achieve its goal to improve customers service, increase sales and reduce coasts†. Also, Mr. Norman Tsui a Sweda’s Chairman and Executive stated â€Å"We are extremely pleased that Jollibee has selected Companies for its restaurants. A number of restaurants operations, both multinational and regional, have incorporated Companies as integral parts of its successful system strategies. Mr. Ricardo M. Harina, stated that database is an organized collection of information, such as the list of names, addresses and sales transactions. The present study in like manner process data in terms of sales and stock inventory. Alcuaz (1988) said that the use of computer could increase efficiency, enhance productivity, create competitive advantage, and improved profitability. Computer helps increase the productivity of people. This is true whether they are working alone or working with other within a formal organization such as business cooperative. The state of the computer industry in government is described by William Torres in the following statement. â€Å"We anticipate that as a result of the government initiative, computerization in government will move into high gear†. (Manila 1984) FOREIGN LITERATURE The global business economy operates tear-round, without regard to time, location, geographic, boundaries, language, or culture. For any business to succeed, it must create a technology platform and infrastructure that operate on the same way. This has given rise to the notion of ubiquitous computing- computing and technology support anytime, anywhere, with access to all needed information and all business partners always, both internal and external to the organization. Ubiquitous computing is not so much the technology; it is a concept about the technology, stressing that technology should enable you work anywhere and anytime. To support the trend toward ubiquitous computing the concepts of decentralized computing and shared information are very important. According to James O’ Brien. â€Å" In the developed countries, the computer is being utilized at its maximum capacity. They are getting the fields. Names of data fields and the type to be stored in each field are identified in the structured of the database. (Database III plus Handbook, p. 9). Laudon (1998) stated in their book, â€Å"Powerful computers software and networks have helped organizations become more flexible, eliminate layers of management, separate works from location, and structure work flows, giving new powers both to line workers and management. An effective information system is provides users with timely; accurate and relevant information is stored in computer files. When the files are properly arranged and maintained, users can easily access and retrieved the information they used†. Neil Graham stated that today, computers are almost everywhere. Small businesses have their own computers. Many professionals like doctors, lawyers, and engineers use computers in their field of works. Access to computers is not only relevant issue in the proposed system. The design of the user interface will be widely accepted by prospective users. Edward Yourdon, in the books â€Å"Modern Structured Analysis â€Å"said, â€Å"Your system should request inputs and produced outputs in consistent fashion. This is particularly true for system where the users can enter several transaction several displays†. (p. 393) Likewise, Sheridan C. Briggs Jr. also stated that â€Å"Computer-based† records are faster and much more accurate than manually based records. When a computer records is supposed to be added accurately and the computer has been correctly programmed, the record is added correctly†. (Biggs, The Changing Economics of Public Accounting Profession†1987) LOCAL STUDIES Cagayan De Oro City Hall Computerize Payroll System The City Accounting Department has introduced an upgraded computerized payroll system for permanent employees in a bid to improve its services and maximize resources. â€Å"This project, which was conceived two years ago, basically aims to improve our services particularly in the processing of payrolls for permanent employees,† City Accountant Wilma Polley-Rugay told payroll in-charge of the different departments and offices at City Hall during a briefing and orientation on the concept of the one-month payroll system held Friday last week at the City Council session hall in Cagayan de Oro City. With the added features of the new computerized payroll system, Rugay hoped that the preparation, processing and payment of payroll system to permanent employees would be hastened and fast-tracked. Rugay stressed that the adoption of the one-month payroll system is also beneficial, not only to the City Accounting Department, but also to the payroll-in-charge as it would save time, energy and resources. â€Å"Employees who handle payroll preparation and processing can now attend to other office needs and concerns as the new payroll system will lessen their workload,† she added. Under the new payroll system, preparation and processing of payroll, which reflects the accrued amount payable every 15th and 30th day of the month, is done only once. Unlike the time-consuming old payroll system, preparation and processing of payroll is done twice a month covering the first half and second half of the month. It may be recalled that Mayor Constantino Jaraula ordered last week the adoption of the new computerized payroll system which is expected to take effect starting the month of October (www. misamisprobe. wordpress. com, 2007). Computerized Payroll System of Department of Health (DOH) The Computerized Payroll System is a window based program especially designed to facilitate and simplify the monthly preparation of general payroll and related reports such as Standard computerized payroll system for use in all DOH offices. It allows faster and more accurate computation of monthly gross income, deductions and net salary, less-resource-consuming generation of General Payroll and other payroll related reports and security and integrity of payroll data and information. The features of computerized payroll system of DOH are graphical user interface interactive and menu-driven program, systematic maintenance and retrieval of employee records. It is flexible as it provides options to include additional fields for other compensation and deductions unique to an office or unit and could do automatic computation of monthly net income, GSIS, PAG-IBIG, Withholding Tax and other deductions, Y2K compliant, Fast and easy generation of the General Payroll and all other payroll related reports which include Monthly reports like GSIS and PAG-IBIG remittances, Denominations Report and Leave Credits Report and annual Year-end Tax Reports. It has password security to ensure the integrity of data. General payroll reports such as Payroll Summary sheet, Pay slip, Leave Credits Report, Withholding Tax Statement (W-2), BIR Remittance Reports, GSIS Remittance Reports, PAG-IBIG Remittance Reports, Other User-defined Reports (PERA, ACA, PNB, etc.. ) could be generated by this system. (www2. doh. gov. ph). Infinitech PAYROLL Philippines is a powerful client-server based Payroll system basically designed to fit any type of business in the Philippines, complete with the government features deduction such as SSS, Pag-ibig, PhilHealth and tax tables. It helps the business process and maintains all payroll related reports. Now with Infinitech Payroll System, submission of monthly, quarterly and year-end government mandated contribution is just a matter of mouse click and the product will definitely give infinite and flexible features that will fit any operation. Antonio Ballesteros Jr. in this study of System Analysis Design, â€Å"There are more companies that rely on manual system because the software they’ve been using is not actually suited in the services they deliver or it does not support the needs of their company†. (Ballesteros,2001 pp1-2). Balleza et. al. (2002) stated in their study that the advent of computer changed the way other people. Generally, computers made man’s execution of his job easier with just a push button, complicated task are accomplished with ease and within a very short time. Use of computers also increased productivity by maximizing accuracy and efficiency. Balleza idea was relevant to the present study because it emphasize that the computerization make processing of data easier and the same idea that this study wants to pursue that the proposed Computer Based Marketing System of Unlimited Drinks Inc. , Chowking, Sta. Ana make its processing of data easier and faster. On the present study, users were encouraged to rely on the proposed computerized system for it suited their needs promoted good services with more advantages in proposed system. A study done by Mustafa (1990) dealt with the computer marketing management of the selected customer goods manufacturing companies. (Unpublished Master’s Thesis Adamson University, 1990). Foreign Studies Titus Information Payroll System Payroll System designed to produce payroll checks with appropriate withholdings, benefits, allowances, and deductions for employees in multiple companies, departments, and/or sub-departments. It has been designed to handle up to 1,000,000 employees in 100 companies, 1,000 departments in each company, and 36 sub-departments in each department. Some of the features and benefits of the Payroll System are multiple cost centers for payroll reporting, will handle special non-taxable benefits for ministers, flexible withholding capability, ability to split payroll expense between different cost centers, complete governmental reporting; FICA, FUTA, SUTA, Workmans Compensation, W-2s, and 1099s, Payroll check reversal, One check capability, Salaried, hourly, and contract employees in the same payroll run, Combined processing for weekly, bi-weekly, semi-monthly, or monthly, Taxable and non-taxable benefits and deductions, Multiple hourly rates for each employee, General ledger interface, Check list UFD file for check reconciliation, Extensive personnel information for each employee, Accrual of sick, vacation, and holiday hours, Flexible federal, state, and local taxation, Multiple company, department, and sub-department capability, Flexible benefit and deduction capability, Easy federal, state, and local tax table maintenance, Split income over multiple companies, departments, sub-departments, Payroll accrual/reversal capabilities, Time card data entry function, Special message function for printing on check stubs. (Www. titusinformationsystems. com) Canadian Payroll System Sage Accpac Canadian Payroll is a flexible module that gives you complete control over employee earnings and benefits, special payroll situations and government reporting, ensuring that your companys payroll requirements and personnel policies are accurate to the penny. You can enter or import timecards, enter after-the-fact paycheques, run automatic calculations or even combine all three methods to get your pay data into the system and your paycheques deployed on time. Payroll handles all pay frequencies; multiple work states; unlimited earnings, deductions, benefits and taxes; and other pay factors such as expense reimbursements, accruals and advances. (www. 2020software. com) Zenith Bank Plc. Automated Payroll System Services Payroll is an electronic salary solution designed by Zenith bank to effect fast and timely salary payment to staff of all our corporate clients/customers. Some Features are Client should have a corporate account with Zenith Bank. Client should send the payment schedule electronically in the specified format to the designated Zenith Bank e-mail address. The payment schedule could include payment to Zenith and non-Zenith customers. Where the bank has approved a credit facility in favour of a participating distributor, the distributor would have access to more funding for its business. The account number to be debited and the effective date of the payment must be clearly stated. This must be a letter headed paper from the corporate (www. zenithbank. com). INFONETICS Payroll System The PAYROLL SYSTEM is used to maintain a list of employees’ names, addresses and employment information and is used to interactively calculate and print payroll checks. Employees’ hours are entered and distributed to appropriate Department/cost centers. Annualized tax tables are then used to automatically compute deductions before the check is printed on bank stock. Monthly and quarterly reports are used to prepare tax filings, and provide analytical information. W-2’s can be generated automatically at year-en (www. infonetx. com, 2009). Technology is constantly changing and it is important to make sure the software package is capable of handling the current and future demands of the company. One of the greatest challenges companies face is purchasing software best suited for their business and replacing payroll software can be one of the most challenging. The responsibility for selecting and evaluating new payroll software packages software often time falls on the Payroll or Human Resources Department. Due to improper planning and time constrains, many companies find themselves scrambling to find a payroll software package at the last time minute to satisfy the needs of the company without involving a tremendous learning curve. Professor Osterheld invented the accounting information system which is the system of records a business keeps to maintain its accounting system. This includes the purchase, sales, and other financial processes of the business. The purpose of AIS is to accumulate data and provide decision makers(investors, creditors, and managers) with information to make decision while this was previously a paper-based process; most modern businesses now use accounting software such as UBS,MYOB etc. Information System personnel need knowledge of database management and programming language such as C,C++,JAVA and SQL as all software is basically built from platform or database. (McGraw-Hill,2007). Chapter 3 Research Methodology Study is â€Å"a process of scientific thinking that leads to the discovery or establishment of new knowledge or truth. It is not subjective expression if ideas or opinion. † It has several methodologies to be followed to a conduct a research. Research Design This study use for the probability type of sampling as the researcher have determine specific numbers of respondents who will be included in the sample. The respondent of the study will be the employees (15), employees of the A ‘Venture Marketing Corporation. Respondent of the Study The survey questionnaire and interview will be answer by the: Employee They are the future beneficiary of the study. The researcher did this because the researchers want to help the accounting department of the company to lessen their work in doing the payroll process. Data Gathering Procedures Scientific Method: 1. Precise statement of the problem. 2. Careful attention to detail. 3. Objectively on making observation. 4. Precision in analyzing data and reporting results. 5. Use of mathematical and statistical techniques. 6. Systematic, logical plan for solving problems. 7. Evaluation of result. 8. Readjustment of system to bring it more in lines of objectives. Data Gathering and Instrument In gathering date we use some instrument to accumulate and manipulate data such as much as possible. The instruments we use are questionnaire, observation and interview method. 1. Questionnaire Method Weuse this instrument to gather data by formulating several questions related to inventory system with the space provided for indicating the response to each question, intended for submission to a number of people for reply. 2. Observation Method We based our observation on our experience; usually researcher’s does not rely merely on opinion but also in this case. We can ensure that it can never be opinionated in the part of the result of the research. The pertinent event we experience though there is no objective observation guide use we assume being the researcher does not give only our opinion but also we presumed to be a first-hand information source. 3. Interview Method Another method we use is the interview method where we conduct verbal interaction betweenthe interview or respondents,specifically the unstructred or unstandardized interview in the researcher can modify,repeat,Elicidate the questions asked may follow up the responses of the interviewee without of course deviating from the purposes of the interview. In selecting sample size of population to be asked with our prepared questionaire we uses a sample technique to be our guidline, known as the random sampling. Random sampling is a method of selecting a sample size from universe such that each member of the population has an equal chance of included in the sample and all possible combinations of the size has an equal chance of selected as sample (Weirsma , 1975). Because through this, it can gives every members of the population to be a sample. Abiding also with theire principles, which are equi-probability and independence. Equi-probability means that every member of the population has an equal chance of being include in sample. Independence means that when one member selected for the sampling this should not affect the chances for the other members getting chosen. Statistical Treatment of Data The following statistical tools are to be used in the Treatment and analysis of data. 1. Percentage – This is use to establish the profile of the Respondents of the study and answer sub problem. Its formlula is as follows: F P = x 100 N Where P = Percentage (%) F = Frequency N = Total number of Respondents 2. Weighted Mean – The process of finding, which is reffered to as the central tendency was used. The formula is given below: (wx) X = ? N Where x= weighted mean w= weighted factor ?= sum of N = total number of respondents X= score The Researchers will use the â€Å"Likert Scale† to determine the level of the security and safety procedure with regards to the customer’s safety. A criterion that serves as the basis of interpretation of the results of the study was employed for the concept of rounding numeral. RateVerbal InterpretationRange 5Highly Implemented4. 51-5. 00 4Implemented3. 51-4. 50 3Moderately Implemented2. 51-3. 50 2Fairly Implemented1. 51-2. 50 1Not Implemented1. 00-1. 50 System Flow Chart

Meditation free essay sample

Meditation Sit as you wish on a chair or on the floor with your back straight. Turn the palms of your hands up Close your eyes. Take a deep breath, inhaling through your nose and exhaling from your mouth. With each breath, in and out, release the tension in your body more and more. Smile, and imagine each organ in your body, in turn, smiling back at you. Think of what you have to be grateful for in your life. Now start visualizing a fluid white light entering your body through your feet and moving slowly pward, toes to feet to ankles, legs to thighs and hips saying to yourself I open myself to the light, to the teacher within and without or I honor the divinity that resides within me. Continue to visualize the light rising, filling every inch, every muscle- hips to waist, belly, back, shoulders lingering everywhere you feel tension or pain -your arms, elbows, hands and fingers. We will write a custom essay sample on Meditation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Feel the light move up, neck to chin, to lips, eyes, forehead and hair. Now see how your entire body glows with white light. See a spark of that light leave your body through the top of your head. You are that spark of light. See that spark of light you flying high to the sky, to the clouds. Repeat I open myself to the light, to the teacher within and without or I honor the divinity that resides within me. Continue to fly, higher and higher, until you are in a magical place, unseen before, a place of beauty almost beyond imagining. Colors so vibrant they seem unreal, lakes, mountains, waterfalls, flowers, birds and butterflies and unicorns, fanciful creatures of all kinds. Create your imaginary garden, your magical place you will always go to. Here everything is peaceful, and everything possible. When a thought comes to mind Just focus on your breath or repeat and let the thought go like clouds in the sky. Be gentle with yourself. Imagine now a bright white light shining down upon you, reflecting and intensifying your own light giving you unconditional love. Love as you have never known it before. Rest in this place. Rest here, and magic will happen. When it feels right, begin the return to your body n the same way you left it slowly, until you are ready to end your meditation. But before you end it, visualize your body filled with light, enter it and stay with for a few minutes. Then, with your hands in prayer position, lift them to your forehead to remind yourself to be aware of your thoughts. Drop them to your lips to remind yourself to be conscious of your words. Drop them to your heart to remind yourself to be conscious of your actions. And last, bow to yourself to honor the master within you You are saluting the God By satharmk