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Horse StablesHorse Stables are homes for horses. Horse Stables can be comprised of just a few stalls, while other larger arena stables have several stalls. Stable facilities provide boarding for horses, and can usually be found at an equestrian farm or barn. Historically, horses were used for assistance in farming. Now, they provide great companionship and are ridden for competitive or recreational purposes. Horse trainers can also be found at many horse stables. Horse training instructors can assist you in learning about proper care of stables, stable keeping and stalls; give you tips on riding your horse; breaking a wild horse or stallion; shoeing a horse; boarding and riding; buying a horse that matches your personality; providing equine care and stable management; upkeep of barns; working with horses in arenas; learning about horse   About
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45TH ANNIVERSARY MUSTANG : The Mustang is an automobile manufactured by the Ford Motor Company. It was introduced to the public in 1964. In its first eighteen months, more than one million Mustangs were built. The Mustang created the "pony car" class of American automobile - sports car-like coupes with long hoods and short rear boot and gave rise to competitors such as American Chevrolet Camaro, German Audi TT and Japanese Nissan 370Z. This fifth generation "retro-futurism" Mustang draws inspiration from first generation Mustangs of the 1960s. It is a unique retro coupe styling complements its muscle car status. Ford Mustang : Specs - 4,000 cc SOHC (Single OverHead Camshaft) 12 Valves V6 (cylinders) Engine that can deliver 210 Horsepower @ 5300 rpm. Rear Wheel Drive with 5-Speed Transmission. Constant-Rate Coil Springs Rear Suspension. About
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AmortizationAmortization is the distribution of a single lump-sum cash flow into many smaller cash flow installments, as determined by an amortization schedule. Unlike other repayment models, each repayment installment consists of both principal and interest. Amortization is chiefly used in loan repayments (a common example being a mortgage loan) and in sinking funds. Payments are divided into equal amounts for the duration of the loan, making it the simplest repayment model.Amortization is often used to "expense-out" the acquisition cost minus the residual value of intangible assets (often intellectual property such as patents and trademarks or copyrights) in a systematic manner over their estimated useful economic lives so as to reflect their consumption, expiration, obsolescence or other decline in value as a result of use or the Financial
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Annual General Meeting (AGM) is held only by limited company (not in sole proprietorship, partnership, LLP and LP). (AGM) is a yearly meeting to which all shareholders are invited, the directors present the financial statements for the financial year which has just ended. During the AGM, The financial statements are approved at this meeting. Also some of the agenda specified in an AGM are: Approval of director fees, Appointment of auditors, and any vacancies on the board of directors are filled and others.
Financial
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Book ValueThe Book Value, also known as the carrying value, is the value of an asset according to its balance sheet account balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or impairment costs made against the asset. Traditionally, a company´s book value is its total assets minus intangible assets and liabilities. However, in practice, depending on the source of the calculation, book value may variably include goodwill, intangible assets, or both.When intangible assets and goodwill are explicitly excluded, the metric is often specified to be "tangible book value". Financial
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Net Tangible AssetsNet Tangible Assets are Assets less external liabilities less any intangible assets like recorded goodwill, patents, or trademark value. Assets
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The goodwill impairment charge is a non-cash adjustment which has no affect on cash flows, liquidity or tangible capital. Additionally, since goodwill is excluded from regulatory capital, the impairment charge has no impact on regulatory capital ratios. There will be no tax benefit associated with this charge. The determination of the impairment charge followed the Company´s annual review of its goodwill which was performed by a third party, in accordance with Statement of Financial Accounting Standards No. 142. The Company may continues to exceed requirements to be considered "well capitalized" in accordance with regulatory standards.
For example, recently Baltimore County Savings Bank, announced that, during the three months ending September 30, 2009, it will record a $2.3 million impairment charge to write off all goodwill Goodwill
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A goodwill loss occurs when purchase price is higher than net asset value of the acquired entity. This could either be reflected in the profit & loss statement or the balance sheet. In the balance sheet, it could be settled to the share premium account or the general reserve account. To write off the loss against share premium account requires regulatory approval. Accounting standards mandates that companies must conduct the goodwill impairment test once every fiscal. Goodwill
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Goodwill ValuationGoodwill Valuation can be based on the average annual net profit x (multiply) an agreed figure.Here is an example of a goodwill valuation: The profits for an agreed number of years preceding the valuation are averaged to arrive at an average annual profit earned and then goodwill is estimated to be worth so many years purchase of such average profit.Say Limited Liability Partnership registered the following annual profits: Year 1 : Profits $100,000 Year 2: Profits $200,000 Year 3: Profits $150,000. If goodwill is agreed to be valued as a two years’ purchase of average profit for the last three years. The Goodwill computation for average profit is $100,000 + $200,000 + $150,000 3 = $150,000. Goodwill will be calculated as $150,000 x 2 agreed years = $300,000. Goodwill
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In Arbitrary Assessment Method either the purchaser or seller or both parties may estimate the value to be placed on the goodwill. Arbitrary Assessment Method normally applies in situations where the profits cannot be used as a guide to future profit like in cases where no profits may have been earned in the years immediately prior to the sale so that goodwill is unable be based on the profit earning capacity. Or the proposed acquire business may be acquired and converted into one of a different nature of business from that existing prior to the date of purchase.
Valuation of goodwill can be higher if there are explicit benefits/gains by acquiring the business like: Trading advantages ( e.g. quotas, more sales territories), Certain important licenses (like Gambling License) or a Shop located in extremely good location where the Goodwill
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Interest RatesInterest rates charged for lending are a function of a number of factors, of those, transaction costs and risk figure prominently into the derivation of lending interest rates. Smalll Lenders (Microfinancier) are subject to significantly higher transaction costs than banks.There are three types of costs that is associated with the lending process: the cost of funds for on-lending; the cost of risk (loan loss); and administrative costs (identifying and screening clients, processing loan applications, disbursing payments, collecting repayments, and following up on non-repayment). The costs of capital and loan loss risk vary proportionally with loan size. Both Big and Small Lenders need to raise US $1,000,000 to fund their loans and will have to pay the same market rate - say, 10 percent - for the money. If both lenders Financial
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MicrofinanceMicrofinance is the provision of financial services to low-income clients with can include consumers and the self-employed.Microfinance is generally refers to a movement that "a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services, including not just credit but also savings, insurance, and fund transfers." Those who promote microfinance generally believe that such access will help poor people to get out of poverty. As traditionally, banks have not provided financial services to clients with little or no cash income.Microfinance may encompass any efforts to increase access to, or improve the quality of, financial services poor people currently use or could benefit from using. For example, poor people borrow from informal moneylenders Financial
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Software as a service (SaaS) is a software application delivery model where a software vendor develops a web-native software application and hosts and operates (either independently or through a third-party) the application for use by its customers over the Internet. Customers do not pay for owning the software itself but rather for using it. The term SaaS has become the industry preferred term, generally replacing the earlier terms Application Service Provider (ASP) and On-Demand.
The key business benefits of SaaS include:
Better Cost management : No need to invest in up front investments. SaaS offers a consistent monthly/annual) fee structure that helps make it easier to budget and match expense to revenue streams.
Corporate flexibility and agility: If an organization needs to make any change, such as a merger, acquisition or Financial
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Trust Receipt (TR)TR is a deferred payment facility from the Bank under your LC obligation by submitting TR Letter. This facility enables you to defer payment to the Supplier without reducing your credibility. With this facility, you can defer payment of your obligation to the Bank, but can still be able to get the goods that you already ordered with the LC. You simply have to submit the TR Letter which basically contains a statement of receiving the goods on Bank´s behalf and promising to pay the Bank.This is a credit facility granted to the customer to enable him to takedelivery of the goods prior to payment. As security, the goods title iswith the Bank, and the customer will undertake to hold the documents,the goods and the sale proceeds in trust for the bank.Notice of the release merchandise to a buyer from a bank, with the Financial
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Corporate SecretaryA key responsibility for the Corporate Secretary is to ensure that the Company´s Management Board has the proper advice and resources for discharging its fiduciary duty under state law, and to ensure that the records of the Board´s actions reflect that the Board has done so. The Corporate Secretary function ranges from making sure new directors have training in the applicable state law duties, to advising the board when there are amendments to the state law or developments in case law, to partnering with business presenters to ensure the proper steps are followed for major matters (such as having the investment bankers in the meeting to review the diligence, and the fairness opinion, before a major acquisition or disposition).Providing advice on corporate governance issues is an increasingly important Financial
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AssetsAnything owned by the company with a monetary value; For example, Fixed Assets like Buildings, Plant and Machinery, Vehicles (these are not assets if rented and not owned) and potentially including intangibles like trade marks and brand names, and Current Assets, such as stock, debtors and cash. An important distinction is made in accounting between "current assets" and "fixed assets". Current assets are those that form part of the circulating capital of a business. They are replaced frequently or converted into cash during the course of trading. The most common current assets are stocks, trade debtors, and cash. Compare current assets with fixed assets. A fixed asset is an asset of a business intended for continuing use, rather than a short-term, temporary asset such as stocks. Fixed assets must be Financial
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Balance SheetThe Balance Sheet is one of the three essential measurement reports for the performance and health of a company. The other is the Profit and Loss Account and the Cashflow Statement. The Balance Sheet is a snapshot in time of who owns what in the company, and what assets and debts represent the value of the company. It can only be a snapshot because as the value is always changing. The Balance Sheet is where to look for information about short-term and long-term debts, the ratio of debt to equity, reserves, stock values, capital assets, cash on hand, along with the value of shareholders´ funds. The term balance sheet is derived from the simple purpose of detailing where the money came from, and where it is now.The balance sheet equation is: Capital + Liabilities (where the money came from) = Assets (where the money is Financial
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Capital Employed is the value of all resources available to the company, typically comprising Share Capital, Retained Profits and Reserves, Long-Term Loans and Deferred Taxation. Viewed from the Balance Sheet, Capital Employed comprises Fixed Assets, Investments and the net investment in Working Capital (Current Assets less Current Liabilities). In other words: the total long-term funds invested in or lent to the business and used by it in carrying out its operations. Financial
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CashflowThe movement of cash in and out of a business from day-to-day direct trading and other non-trading or indirect effects, such as capital expenditure, tax and dividend payments.One of the three essential reporting and measurement systems for any company. The Cashflow Statement provides a third perspective alongside the Profit and Loss account and Balance Sheet. The Cashflow Statement shows the movement and availability of cash through and to the business over a given period, certainly for a trading year, and often also monthly and cumulatively. The availability of cash in a company that is necessary to meet payments to suppliers, staff and other creditors is essential for any business to survive, and so the reliable forecasting and reporting of cash movement and availability is crucial. Financial
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Cost of Debt RatioCost of Debt, Cost of Debt Ratio, or Average Cost of Debt Ratio is the term normally and simply refers to the interest expense over a given period as a percentage of the average outstanding debt over the same period. For example: cost of interest divided by average outstanding debt.The cost of debt is computed by taking the rate on a risk free bond whose duration matches the term structure of the corporate debt, then adding a default premium. This default premium will rise as the amount of debt increases (since the risk rises as the amount of debt rises). Since in most cases debt expense is a deductible expense, the cost of debt is computed as an after tax cost to make it comparable with the cost of equity (earnings are after-tax as well). Thus, for profitable firms, debt is discounted by the tax rate. Basically this Financial
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Cost of Goods SoldThe Cost of Goods Sold (COGS) is directly attributable costs of products or services sold, (usually materials, labour, and direct production costs). Sales less COGS = gross profit. Effectively the same as cost of sales (COS) which is commonly arrived at via the formula: opening stock + stock purchased - closing stock.Cost of sales is the value, at cost, of the goods or services sold during the period in question, usually the financial year, as shown in a Profit and Loss Account (P&L). In all accounts, particularly the P&L (trading account) it´s important that costs are attributed reliably to the relevant revenues, or the report is distorted and potentially meaningless. To use simply the total value of stock purchases during the period in question would not produce the correct and relevant figure, as some Financial
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Current Liabilities is the money owed by the business that is generally due for payment within 12 months of balance sheet date. For examples, creditors, bank overdraft, taxation. Financial
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Current Ratio is the relationship between current assets and current liabilities, indicating the liquidity of a business. For example, its ability to meet its short-term obligations. Current Ratio is also referred to as the Liquidity Ratio. Financial
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Depreciation is the apportionment of cost of a capital item over an agreed period, (based on life expectancy or obsolescence). For example, a piece of equipment costing $100,000 having a life of five years might be depreciated over five years at a cost of $20,000 per year. In which case the P&L would show a depreciation cost of $20,000 per year; the balance sheet would show an asset value of $8,000 at the end of year one, reducing by $20,000 per year; and the cashflow statement would show all $100,000 being used to pay for it in year one. Financial
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A dividend is a payment made per share, to a company´s shareholders by a company, based on the profits of the year, but not necessarily all of the profits, arrived at by the directors and voted at the company´s annual general meeting. A company can choose to pay a dividend from reserves following a loss-making year, and conversely a company can choose to pay no dividend after a profit-making year, depending on what is believed to be in the best interests of the company. Keeping shareholders happy and committed to their investment is always an issue in deciding dividend payments. Along with the increase in value of a stock or share, the annual dividend provides the shareholder with a return on the shareholding investment. Financial
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There are several ´Earnings Before..´ ratios and acronyms:
EBT = Earnings Before Taxes;
EBIT = Earnings Before Interest and Taxes;
EBIAT = Earnings Before Interest after Taxes; Financial
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Free On BoardFree On Board or FOB abbreviation is an import export term relating to the point at which responsibility for goods passes from seller (exporter) to buyer (importer). It´s in this listing because it´s commonly misunderstood and also has potentially significant financial implications. FOB meant originally (and depending on the context stills generally means) that the seller is liable for the goods and is responsible for all costs of transport, insurance, etc., until and including the goods being loaded at the nominated port. Logically FOB also meant and still means that the seller is liable for any loss or damage up to the point that the goods are loaded onto the vessel at the FOB port. Financial
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GoodwillGoodwill is any surplus money paid to acquire a company that exceeds its net tangible assets value.Goodwill is used to reflect the portion of the book value of a business entity not directly attributable to its assets and liabilities. It normally arises only in case of an acquisition. It reflects the ability of the entity to make a higher profit than would be derived from selling the tangible assets. Goodwill is considered an intangible asset.Goodwill in financial statements arises when a company is purchased for more than the fair value of the identifiable assets of the company. The difference between the purchase price and the sum of the fair value of the net assets is by definition the value of the "goodwill" of the purchased company. The acquiring company must recognise goodwill as an asset in its financial statements and Financial
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