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The Secret of Success - 1246 Words

THE SECRET OF SUCCESS -Khupkhogin Khongsai INTRODUCTION Everyone wants to learn the secrets of being successful in life. There are many people who have achieved success in this world. Success doesn’t come to those who wait†¦.. And it doesn’t wait for anyone to come to it. Most successful men have not achieved their destination by having some new talent or opportunity presented to them. They have developed the opportunity that was at hand. The difference between failure and success is dong things nearly right and doing a thing exactly right. Nobody is born a success, they create it. Knowing the secrets of success and correctly implementing them will certainly help one to achieve success in life. WHAT IS†¦show more content†¦In the maintenance phase, you have to learn how to transform your desires and dreams into realities. Your have to find our what motivates you and this will be helpful to your to recover from the temporary lapses. PRINCIPLES OF SUCCESS There are distinctively principles of success that must be followed in order to achieve success. 1. Single mindedness: Single mindedness is all powerful. By setting priorities and concentrating single mindedly, you can accomplish anything in life. 2. Will-power: If you want to create anything it is not enough to imagine. You must use your will power. Using the will is simply a matter of focusing your intent. The more intent you are the more you will succeed. 3. Purpose: doing things on purpose. When you allow yourself to act accordingly to your intentions and do things on purpose, you will find yourself getting more and more of what exactly it is you want. Keep your primary focus in mind and not lose track o what you want. 4. Focus: The secret of success is focus. What you focus is what you get. The success of anything you do begins with focus. When you focus on the work at hand, you will start to thoughts about it that you can work on. If you want to achieve m aximum and fastest results, keep on focusing your goal. 5. Goal setting: Cleary determine what the goal is. Be specific. Once you have defined what it meant to achieve success for yourself, your nest step is to set goals that will leadShow MoreRelatedSecrets to Success741 Words   |  3 PagesSecrets to success It has been argued in different avenues that the meaning of success is relative. To some it means being rich, having a happy family, having a well paying job, owning a blue-chip company (The list is endless). The best meaning of Success that I have come across is that Success is the completion of anything intended. In other words success is finishing what you planned to do. From this, success doesn’t necessarily mean being number one; it means achieving your target within theRead MoreThe Secret Of A Success992 Words   |  4 PagesThe Secret to a Success The Zappos organization, in my book, is considered scarce in the aspect of customer service. There are little to no company that can even compare to its outstanding and distinguish customer service that they provide. I will be discussing several aspects of the Zappos organization in this paper. Initially, I have dealt with numerous online organizations including small and well established ones, but their customer service paled in comparison to Zappos. For instance, the wayRead MoreSecrets of Success629 Words   |  2 PagesAs Richard St. John (2005) points out, the secrets of success are remarkably simple. Common sense and old-fashioned wisdom embedded in concepts such as hard work and perseverance are better than any number of complex motivation seminars or expensive programs of self-improvement. This is as true for organizational culture as it is for individual motivation. 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The three sections in this paper will help the ChristianRead MoreThe Secret to the Success of Amazon1488 Words   |  6 PagesThe secret to success of Amazon is they don’t think like a brick and mortar retail store. For example, placing low cost items near a checkout is proven increase sales. Yet distracting online customers during the checkout process increases process increase cart abandonment and decreases conversion (Severt, 2). It is also important not to have other distractions during the online checkout. At the normal store customers need something to keep them waiting in line. Online however, and r ecommendationsRead MoreThe Secrets Of Success Topic1173 Words   |  5 PagesSecrets of Success Topic: How to Make More Money By Bobby Wan | Submitted On January 09, 2008 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Bobby Wan In order to make more money, we need to first understandRead MoreThe Secret of Wal-Marts Success1044 Words   |  5 PagesThe world s largest retailer, Wal-Mart, is moving into Europe, and the UK is its second target after Germany. BBC News Online s Tim Weber looks at the secrets behind the company s success. The figures make the owners of corner shops and small retail chains shudder: Wal-Mart operates 3,601 stores, employs more than 910,000 people world-wide, sales amounted last year to $137.6bn ( £85.7bn) - equivalent to a tenth of Britain s total economic output. Patrick O Connell: The largest retailerRead MoreThe Secret of Starbucks’ Success in China1180 Words   |  5 PagesArticle Review and Analysis ----The Secret of Starbucks’ Success in China The current event article I found tells about the successful marketing strategies that the Starbucks Corporation takes to enter into the market of China, and simultaneously the problems and difficulties it has in the process of market expanding. The Starbucks Corporation is the global leader in specialty coffee consumption. Arising almost overnight from a market in Seattle, Washington, the company today provides quality premium

Ijarah Definition of Financial Times Lexicon Sample

Question: The Ijarah contract is said to be similar to conventional leasing. Explain the range of Ijarah-based contracts used by Islamic Financial Institutions. With reference to operating and financial leases discuss the similarities and differences between Ijarah and leasing. Outline how any differences in contract lead to differing accounting treatment of these contracts. Discuss the AAOIFI standards and IFRS recommended accounting treatment of the Ijarah/leasing contracts. Suggest ways of reconciling any variations in interpretation. Answer: Introuction This research paper would explain the concepts, roles and importance of the Ijarah contract in the form of conventional leasing. In adition to this, it should also be noted down that, this research paper would also explain the range of Ijarah-based contracts used by Islamic Financial Institutions. On the other hand, with reference to operating and financial leases, this research paper would discuss the similarities and differences between Ijarah and leasing. At the same time, this rserach paper would also help the readers in understanding that how any differences in contract lead to differing accounting treatment of these contracts. Apart from this, this paper would also discuss the AAOIFI standards and IFRS recommended accounting treatment of the Ijarah/leasing contracts. Finally, this paper would also suggest different ways of reconciling any variations in interpretation. Moreover, it should also be noted down that, this research paper would also be more beneficial, helpful and effective for the readers, researchers and students in understanding a wide range of topics in the area of Islamic finance. At the same time, this paper would also be more effective and appropriate in using concepts of Ijarah contract in the form of conventional leasing. So, this this paper would be more beneficial and effective. Reserach Methods In order to fulfil the research objectives and aims in the context of this paper, secondary source of information are used so that associated outcomes can be achieved in an effective and proper manner. For case, for this research paper, books, research articles, published material, current news etc are used as means of secondary source of information in order to collect the information asocisted with the topics. Ijarah Contract Ijarah contract is the maid of the arabic word ijara that means the providing services and goods temporarily for a wage. It indicates the ijarah contract means providing products and services on a lease or rental term. In the Islamic banking, the ijara contract is given the right to use the object of a person or party for a period of time but the owner retains the ownership of the assets. The ijara contract is similar to a lease in thier the owner rents or leases his property or goods to a lessee for a fee or rent for a specified number of periods (Saleem, 2012). The ijara contract in the Islamic banking is necessary of the same design as an instalment leasing agreement. For example, in ijara contract, th lessor is responsible for najor maintenance in the conventional lease contracts. The Islamic Finance Accounting Standard (IFAS) Ijarah was issued by the Insititute of Chartered Accounts of Pakistan and its notification SRO 431 (i)/2007. IFAS becomes operative for financial ststements covring periods after July 01, 2007. The following features of ijara based lease contract is differentiate from a conventional lease: The lessor must own the assets for the full lease period If the lessee fails to payments or delays payments then the lessor can not have right to charge compound interest (Ahmad, 2009) The leased assets is used by lesser for special perspose that is mentioned in the contract. Ijara is an exchange transaction in which a known advantage emerging from a predetermined resource is made accessible consequently for an installment, however where responsibility for resource itself is not exchanged. The ijara contract is basically of the same outline as a portion renting assention. Where altered resources are the subject of the lease, such can come back to the lessor toward the end of the lease period, in which case the lease tackles the highlights of a working rent and hence just a part amortization of the rented resource's quality results. In an option approach, the renter can concur at the start to purchase the benefit toward the end of the lease period in which case the lease tackles the way of a contract buy known as ijara wa iqtina (actually, rent and possession). A few legal scholars don't allow this last plan on the premise that it speaks to pretty much an ensured monetary return at the beginning to the lessor, similarly as a present day interest-based mone y lease. The terms of ijara are sufficiently adaptable to be connected to the contracting of a worker by a head honcho consequently for a lease that is really an altered compensation (Iqbal Mirakhor, 2011). Some for the most part concurred conditions for ijara are as per the following: The leased item should be exchanged to the resident on consummation of the lease understanding and ought to be of a condition that is fit for execution of the obliged undertakings. The lessor ought to exchange the rented things to the renter in their finished structure. The lessor should transfer the leased items to the lessee in their completed form. The usufruct of the leased item should have value (Ahmad, 2009) The sum and timing of the lease installments ought to be concurred ahead of time, however the concurred timetable and measure of those installments require not be uniform. The lease installment timetable gets to be dynamic upon complete securing of the usufruct of the rented products, whether such usufruct is indeed delighted in by the lessor or not. The time of the lease must be determined. The states of utilization of the rented things must be expressed. The lessor must have full ownership and legitimate responsibility for resource preceding renting it (Eisenberg, 2012). The leased asset must keep on existing all through the term of the lease. Things which are devoured during the time spent utilization, ammo for case, can't be rented. In contrast with most traditional fund rents, the obligation regarding support and protection of the rented thing under ijara remains that of the lessor all through. A cost can't be foreordained for the offer of the benefit at the expiry of the lease. Notwithstanding, lessor and resident may concur the continuation of the lease or the offer of the rented advantage for the renter under another understanding toward the end of the starting lease period (Ayub, 2009). In the occasion generally installment of rental, the ijara may be ended quickly. The lessor may guarantee pay for any harm brought on to the rented resources as an aftereffect of care. In recent times, many Ijarah-based contracts or products used by Islamic Financial Institutions with different combinations of contracts such as ADCB (Abu Dhabi Commercial Bank) offers ijara home financing, as does SABB (Saudi British Bank) Amanah. Moreover, Maybank Malaysian-based institute offers car financing with a combination of an ijara contract and a bai (purchase) contract (Iqbal Mirakhor, 2011). According to the sharia principles, the mainly three types of Ijarah-based contracts or ijara arrangements exist in the Islamic Financial Institutions these are: Lease-ending ownership/lease with ownership (ijara muntahia bitamleek/ijara wa iqtina): In this ihara contact, the leaseholder (lessee) the leased asset at the end of lease period. This contract does not contain any promise to buy and sell the assets at the end of lease period but the bank may offer a verbal promise of transfer of ownership or purchase schedule for the asset (Ayub, 2009). It means in this contract, the leaseholder is also allowed to mke a verbal promis to purchase the asset. In this situation, the purchase price is decided on the basis of market value of the asset or a negotiatible price. Operating lease (operating ijara): Operating lease ijara-based contract does not included any promise related to purchase the asset at the end of the lease contract. Moreover, this ijara contract is the hire arrangement or contract with the lessor only (Mourik Walton, 2013). Forward lease (ijara mawsoofa bil thimma): Forward lease ijara-based contract is a combination of redeemable leasing and construction finance (istisna) agreement. This lease is accomplished for a future date, so it is called forword leasing. Forward lease ijara-based contract purchase the project (generally a construction project) as a whole at its closing or completion (Eisenberg, 2012). Major Differences Between Acciounting of Ijarah and Finance Leasing The below table indicates the major differences in the finance leasing and ijarah leasing: Finance leasing Ijarah Based Leasing Leases are recorded ad financing in the book of lessor (the bank) Ijarah assets are recorded at cost less accumulated depreciation and impairment. Un-earned income such as exceess of the agreegate rentals over cost of the asset are recorded at the inception of lease and amortized over the lease tearm Rentaal from ijarah is only recognized as income on accrual basis. Profision against doughtful debts is calculated on the basis of creterial given in prudential regulations for banks Costs included depreciation is charged to income statement Leases are disclosed net of provision, income suspense and unearned income. Assets leased out should be classified according to its nature and distinguished from the assets in own use such as plant, machinerary, vehicle, etc. Revenue is recorded to the extent of income portion of the rentals based on the manner that produce a constant rate of return. Lessor should make an imparment testing for the asset on a regular basis according to the requirements of IAS 36 (Impairment of assets). (Source: Iqbal Mirakhor, 2011) Differing Accounting Treatment of These Contracts Ijarah accounting policy is the different with the lease accounting that are described in the below: Ijarah Asset Recognistion: All ijarah transactions are to be recorded as Asset Acquired dor Ijarah at sum of all cost incurred through the bank in acquiring the asset. The other terms are: Assets are to be expressed at their cost less accumuled depreciation and impairment if any. Depreciation on asset is to be charged to income applying the method that reflects the pattern in that the asset future economic benefits are expected to be consumed by the bank. In consider of addition and disposal of assets, depreciation of asset will be charged from the month of acquisition till the month of disposal (Ayub, 2009). Revenue recognition: In Ijarah lease contract, rentals are to be recognized as income on accrual basis over the lease period in a systematic manner. Expenses recognise: In Ijarah lease contract, carring costs including depreciation and incurred in earning the Ijarah income are recognized as an income in the owner or bank income statement (Eisenberg, 2012). AAOIFI standards and IFRS Accounting Treatment of the Ijarah The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards and International Financial Reporting Standards (IFRS) recommended of nthe banks, financial institutes and owners regarding the accounting treatment of the Ijarah/leasing contracts. The below table described the key differences of accounting treatment between IFRS and AAOIFI: Item IFRS (IAS 17) AAOIFI (FAS 8) Classification of leases Lease is named a money lease on the off chance that it exchanges generously all the dangers and prizes accidental to possession. A lease is named a working lease in the event that it doesn't exchange generously all the dangers and rewards accidental to proprietorship All leases should be classified as an operating lease. Ijarah ending with an exchange of possession ought to be dealt with as two different exchanges of working lease and deal, and not as a money lease. Leases in the financial statements of lessees At the beginning of the lease term, residents should perceive money rents as resources and liabilities in their announcements of budgetary position at sums equivalent to the reasonable estimation of the rented property or, if bring down, the present estimation of the base lease installments, every decided at the commencement of the lease. The markdown rate to be utilized as a part of computing the present estimation of the base lease installments is the interest rate understood in the lease, if this is practicable to focus; if not, the renter's incremental obtaining rate might be utilized. Any starting direct expenses of the tenant are added to the sum perceived as a benefit (Ayub, 2009). In the event of Ijarah consummation with an exchange of possession, the tenant would perceive lease installments as costs all through the lease term. At the point when the benefit is exchanged to the tenant, the resident would perceive the advantage obtained (Eisenberg, 2012). Leases in the financial statements of lessors Lessors might perceive resources held under a fund rent in their announcements of monetary position and present them as a receivable at a sum equivalent to the net interest in the lease In the event of Ijarah consummation with an exchange of possession, the lessor would show a benefit in its announcement of budgetary position, and perceive lease portions as income all through the lease term. At the point when the advantage is exchanged to the tenant, the lessor may perceive an increase or misfortune on transfer. (Source: Atmeh Abu-Serdaneh, 2012) Recommendations and Conclusion On the bsis of above disucsion, it can be recommended that, there are different ways, strategies, approaches and methods can be used in order to reconciling any variations in interpretation. For example, the analysis about the financial statements or records is one of the most significant methods that can be used in an effective and more significant manner. Along with this, it can also be concluded that, Ijarah Contracts are playing a major role in the development of the Islamic fincial systems (Godfrey Chalmers, 2007). In addition to this, all these are the financial instruments that are also playing a more significant role in the improving the overall growth of Islamic economy in an effecvitve and porper manner. At the same time, it can also be suggested that, the government organizations in the Islamic economic should conduct and provide specific guidleines, rules and regulations so that innovativenes and reliability of such financial instrument can be improved in and effective a nd more significant manner (Ayub, 2009). References Ahmad, A.U.F. (2009) Theory and Practice of Modern Islamic Finance: The Case Analysis from Australia. USA: Universal-Publishers. Atmeh, M. A., Abu-Serdaneh, J. A. R. (2012). A Proposed Model for Accounting Treatment of Ijarah. International Journal of Business and Management, 7(18), p. 49-56. Ayub, M. (2009) Understanding Islamic Finance. USA: John Wiley Sons. Eisenberg, D. (2012). Islamic Finance: Law and Practice. USA: Oxford University Press. Iqbal, Z. Mirakhor, A. (2011) An Introduction to Islamic Finance: Theory and Practice (2nd ed.). USA: John Wiley Sons. Saleem, M.Y. (2012). Islamic Commercial Law. USA: John Wiley Sons. Mourik, C. Walton, P. (2013). The Routledge Companion to Accounting, Reporting and Regulation. UK: Routledge. Monash studies in global movements series Godfrey, J.M. Chalmers, K. (2007). Globalisation of Accounting Standards. UK: Edward Elgar Publishing.

Reflective Essay Essays (1119 words) - Contemporary Christian Music

Reflective Essay My beeper goes off and I'm called to the school office. I'm told that I'm supposed to be taken to St. Louis in a helicopter as fast as humanly possible. This was the day that would change my life forever.... and I didn't even know it. I was the only child in the Jr. high that wore a beeper, some kids thought it was weird and some thought I was I lucky that I even got to wear a one. I didn't think I was so lucky, the reason I had happened to be wearing this pager was because my mother was dying. My mom had a rare disease that attacked her lungs, much like cigarettes deteriorate your lungs, but a hundred times worse. This disease was called Alpha-1 Antitripsin Diffisionsy. I had never known my mother to not be so sick. Ever since then we have to stop every few feet in the mall so my mom can even catch her breath. This pager going off meant that my mother could have a chance to live long enough to see me grow up a little. For the next three years my family went through hell and back aga in, and I'm about to tell you how that huge part of my life has made me who I am today. We arrived at St. louis Barnes Hospital early that afternoon. When we go there they rushed my mom in for prepping, we got to say a short goodbye not knowing if we would see her again. The surgery lasted eight hours, eight hours that we knew basically nothing. That whole eight hours lasted forever, and sleeping on waiting room couches didn't help much. After the long awaited eight hours, we heard that she was in Intensive care and that we could relax a little now. Knowing that we got a Morgan 2 hotel room and stayed the night. Life after that night went so fast from then on. In one single day I went form going to school with my friends to a helpless mom in a town I had never seen before, feeling all alone. The next day we got an apartment set up and school lined up so my sister and I wouldn't fall behind. My parents were all about keeping us in check with our education so we could grow up and make something of ourselves. Through out the next three years many great and horrible things happened. My mom came out of the surgery in good pretty good shape, for the next three months, the only way I could see my mom was if I scrubbed up and put on rubber gloves so as not to infect my mom in any way. During those three years I didn't get to see much of my parents, they were always gone. They were either at the hospital or either at the hospital. It went from drastic change of being momma's boy to raising yourself in the slums of St. louis by yourself in seventh grade. If you could think it, it went wrong in St. Louis. Some of the things you wouldn't even think off, for instance, There was a man shot in the head while driving his car just down the street from me. The sad thing is that his family was watching on , and I will never get that picture out of my mind no matter how long I live. Death seemed to surround us down there. Only being around transplant patients didn't help much either. I met a boy a little younger than me at the time whom was waiting for a heart and lung transplant. His name was Dave, one of the quietest most nice guys you could ever meet. He would give everything up just to make someone else happy. Well I knew dave for about a year and then he started to go down hill, slowly I noticed it was harder for him to go anywhere, he couldn't even stay past nine anymore. I woke up one day and went to school as normal, I knew dave was going in for check ups that day, but when I got home I found out that dave had passed away