The ( ) method will be called if a method is called from within a subclass that overrides a super class method.

In Java the (          ) keyword is used to prevent changes being made to a variable.

The property of ( ) refers to the ability of an object to take on many forms.

In Java, a character constant’s value is its integer value in the ( ) character set.

An interface requires each of the interface’s methods to be ( ) or declared abstract.

The (    ) statement forces an exception object to be generated.

Through the process of (    ) , a programmer hides all but the relevant data about an object in order to reduce complexity and increase efficiency.

Re-implementing an inherited method in a subclass to perform a different task from the parent class is called (    ) .

In a class definition, the special method that is called to create an instance of that class is known as a/an ( ) .

In Java, objects are passed as ( ) addresses.

List of words to choose from

Double, literal, overriding, bytecode, implemented, polymorphism, subclass, catch, protected, throws, constructor, interface, unicode, inheritance, int, overloading, memory, class, string, private, throw, main, extends, final, string literal, runtime, abstraction, prublic, jvm

A computer operator at the local data processing center decides to visit work on a Monday evening. She has a key to the outside door, and since there is no key required for the computer room, she simply walks into the computer room. The operator, who is really one of the nation’s most notorious computer programmer/hackers (having been convicted five time for manipulating various firms’ data files), opens the documentation bookcase, located in the corner of the computer room. In the bookcase she finds the procedural documentation, the systems documentation, user manuals, application documentation, and operator manuals. She examines the documentation to understand the payroll program and to find the location of the payroll files. She accesses the information systems library, which is available to all computer operators at all times, accesses the payroll program, reprograms it, and runs a payroll job that creates one electronic funds transfer (to a new account opened by the operator under an assumed name). On Tuesday, the operator transfers the funds to a Swiss bank account and does not show up for work.

        Required

Prepare a summary that details any internal controls violated in this situation.

Problem 21-43 (LO. 7, 8, 11)

Phoebe and Parker are equal members in Phoenix Investors, LLC. They are real estate investors who formed the LLC several years ago with equal cash contributions. Phoenix then purchased a parcel of land. Phoenix holds all land for investment.

On January 1 of the current year, to acquire a one-third interest in the entity, Reece contributed to the LLC some land she had held for investment. Reece purchased the land five years ago for $120,000; its fair market value at the contribution date was $90,000. No special allocation agreements were in effect before or after Reece was admitted to the LLC. A few years later, Phoenix sold the land contributed by Reece for $84,000.

Immediately before Reece's property contribution, the balance sheet of Phoenix Investors, LLC, was as follows:

a. Regarding the land sale, how much is recognized and how is it allocated?

On the land sale, under § 704(c), $ of unrealized gain or loss at the contribution date on property contributed for an LLC interest is allocated to  .

b. Complete the balance sheet reflecting basis and fair market value for the LLC immediately after the land sale.

c. Prepare schedules that roll the partners' capital accounts forward from before to immediately after the sale. Prepare two schedules: tax basis and fair market value.

If an amount is none, enter "0".

Prepare the schedule that shows the computation of the fair market value of each LLC member's capital account.

Condensed balance sheet and income statement data for Swifty Corporation appear below:

Additional information:

1) Compute the following ratios for 2020 and 2021. (Round asset turnover, earnings per share and price earning ratio answers to 2 decimal places, e.g. 1.83 or 1.83% and all other answers to 1 decimal place e.g. 1.5%.)

2)

Based on the ratios calculated, indicate the improvement or lack thereof in Swifty Corporation’s financial position and operating results from 2020 to 2021.

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Current Attempt in Progress

Condensed balance sheet and income statement data for Swifty Corporation appear below:

Additional information:

Compute the following ratios for 2020 and 2021. (Round asset turnover, earnings per share and price earning ratio answers to 2 decimal places, e.g. 1.83 or 1.83% and all other answers to 1 decimal place e.g. 1.5%.)

Saudi Arabia steps up oil price war with big production increase
Saudi Arabia has intensified the oil price war by ordering its state-owned producer, Saudi Aramco, to raise the maximum production rate to record highs of 13m barrels a day.
The world’s most profitable company told the Saudi stock exchange on Wednesday that it would increase how much oil it can comfortably pump per day by 1m barrels to its highest rate ever.
The state order to raise Aramco’s “maximum sustainable capacity” comes after the kingdom launched a price war on rival petro-nations by vowing to raise its production by a quarter from last month despite an oil demand slowdown because of the coronavirus outbreak.
The Saudi government plans to raise its national oil production to an average of 12.3m barrels a day from next month, up sharply from less than 10m barrels in recent months, in an attempt to corner the global market.

(source:oilprice.com)
Saudi Arabia, the world’s biggest oil exporter, is understood to be anxious to defend its market dominance against a rising tide of oil production in the US and Russia after talks to agree new limits on global production fell apart over the weekend.
Moscow refused to cooperate with an OPEC plan to curtail oil production in line with a global demand slowdown, which is expected to wipe out forecasts for demand growth in 2020.
In response, the Saudis have offered discount rates to key buyers, in direct competition with Russia, which plans to raise its own production by 300,000 barrels a day.
The collapse of Opec’s talks with major producers outside the cartel, known as Opec+, marks an end to an almost four-year alliance established in the wake of the 2016 oil price crash to shore up market prices by limiting new supply into the market.
Russia’s energy minister, Alexander Novak, has not ruled out further talks with Opec to help stabilise the oil market. But both sides of the price standoff are adamant that they are prepared to weather a prolonged price rout.
Saudi Arabia has some of the lowest production costs in the world, meaning Aramco could withstand low prices far better than other big oil companies. However, the Saudi economy relies more heavily on oil revenues than most countries and reportedly requires prices of about $50-$60 (£38-£46) a barrel to support its state coffers.
In Russia, production costs are higher but its economy is more diverse and arguably more resilient to another oil market downturn.
The oil price war was ignited this week by the steepest price crash since 1991, which drove prices down to four-year lows of about $35 a barrel on Monday and sparked fears of an extended oil market downturn in 2020.
The price shock has wiped billions from the market value of oil companies this week, forcing down the share price of big firms including Shell and BP by about 20%, and raising concern over their dividends.
Analysts at Rystad Energy have warned that oil prices in the $30 territory could spell trouble for oilfield service companies too as big producers cut their spending on new projects. This spending could fall by $100bn in 2020 and a further $150bn next year, Rystad said.
The geopolitical spat has also compounded fears of a global economic slowdown, which accelerated this year after the outbreak of the Covid-19 virus
(Adapted from the Guardian Wed 11 Mar 2020)

Questions
.
1) What has happened to the price of oil since the beginning of January 2020? According to the article which country, Russia or Saudi Arabia, is in a better position to sustain prices at this low level for the longest period of time? Justify your answer.


2) According to the article why has Saudi Arabia decided to increase oil production to record levels at this time?

3) Using demand and supply diagrams examine the most likely causes for the fall in the price of oil since the beginning of January 2020.   
4) What is a cartel and how does it influence the price and output of oil. In your answer you should refer to the type of market structure normally associated with a cartel and the features which help or hinder collusion.

5) Why are some of the members of OPEC and other oil producers increasing production even though the price elasticity of oil is relatively inelastic?

Typifying Tanzania’s Upward Trajectory

A company that incites financial innovation and socioeconomic development, Barclays Bank Tanzania is gearing up for a new, exciting chapter in its already illustrious history.

The 1990s will go down as a crucial decade in Tanzania history.

A 10-year period characterized by political, social and economic transformation, it witnessed the country’s first successful multi-party election in 1995 and the signing of the progressive East African Community Treaty in 1999 – a cooperative commercial and political agreement between Tanzania, Kenya, and Uganda. The Tanzanian banking sector also embarked on a plan for financial liberalization at this time, part of a country-wide effort to sustain positive economic growth. Through the mobilization of financial resources and bolstered competition this was achieved facilitating greater freedoms amongst domestic banks and welcoming international players that helped to improve the availability of financial services and the quality of existing services. One such enterprise that has risen to the fore as a result is Barclays Bank Tanzania – a firm that has thrived since establishing a national footprint at the turn of the millennium. “The banking industry continues to undergo significant transformation in Tanzania and across the region, driven to a large extent by changing customer demographics, technological advancements and innovation,” explains Abdi Mohamed, the organisation’s Chief Executive Officer. “It’s critical to the growth of the economy, playing a pivotal role in supporting the government’s growth agenda.” A fully-fledged commercial bank serving the retail, business and corporate segments, Barclays has become a spearhead of the progressions that Mohamed refers to. Offering a full suite of deposit and lending products targeted to all key sectors of the economy, the business is well represented across the country with a network of 15 branches and an ATM network of 62. “We’re proud of our relentless focus on customers, competitive products, digital channels and our talented and diverse workforce,” Mohamed adds.

Employee power

The latter of these core focus areas has proven to be crucial to the success of Barclays Tanzania. The company pays particular attention to its employment, training and talent retention strategies, evidenced by its emphasis on providing young people with opportunities. “Young people bring special qualities that enhance diversity in the workplace,” explains Mohamed. They’re often brave, passionate and ready to take on new challenges and inject new ideas – qualities which are critical in finding solutions to today’s problems. “They tend to learn more quickly and have the ability to adapt to change. It is this knack for self-learning and adaptability that we look to explore with the vision of developing great leaders of tomorrow.” These attitudes bode well with its citizenship agenda that again seeks to develop local talent. The company ensures it provides an abundance of opportunities to its workforce, recognising the importance of keeping its skilled staff energised and happy. To this end, the firm has developed a three-stage strategy of hiring, developing and holding onto its best workers. “This people-centric plan includes a multitude of elements,” Mohamed explains. “We pay for performance and provide long term incentives for select organisational leaders over a three-year period, owed to the belief that exceptional staff contribute significantly to our business outcomes. We also consistently benchmark our offerings against the rest of the market, uphold employee engagement to the highest of standards and promote diversity wherever possible.”

Admirable social commitments

The mention of diversity leads the CEO to highlight the firm’s empowerment ethos, the company having developed tailored programmes that support up and coming female leaders and running training partnerships with external entities such as Duke University and the International Institute for Management Development. This responsible, progressive, conscious approach to development does not only apply internally, however. Equally, Barclays Tanzania is positioned as an active force for good, viewing citizenship as a fundamental part of its overall strategy. “We’re all about bringing possibilities to life as we support initiatives that help upskill, empower people and play a part in changing, developing and solving communities’ challenges,” Mohamed explains. These efforts fall under a series of distinct citizenship pillars, the first being enterprise development. The CEO reveals: “We have empowered 810 youth living with and affected by HIV/AIDS by upskilling and training them on entrepreneurship skills. Further, more than 600 young people have benefitted from entrepreneurial skills projects via our incubation and acceleration initiatives.” The company’s education efforts are similarly extensive, having sponsored 25 students for their undergraduate studies at the University of Dar es Salaam and Tanzania Institute of Accountancy. “400 graduates have also been trained on work skills under our placement programmes, and we’ve helped to empower more than 5,000 young people through our ReadytoWork programme,” Mohamed adds. In total, Barclays Tanzania has invested more than a billion Tanzanian shillings ($440,000) in social upliftment efforts over the past four years, be it on donations, education skills, natural disasters, enterprise development and/or financial skills. Additionally, 95 percent of its staff have taken time to share their skills and support communities, particularly hospitals, orphans and other disadvantage children. “We take these commitments very seriously, ensuring that we make a difference in people’s lives,” the Chief Executive reiterates.

A brighter future

Corporate social responsibility aside, the company’s investments extend into a variety of other areas as it seeks to bolster not only surrounding communities but equally its own offerings. Digitisation, for example, is a core part of the firm’s agenda across all business segments right now. “With the future of banks being digital, we have to give our customers products and services that speak to that,” Mohamed reveals. “Within the next six months, you can expect to see a lot of exciting innovations become part of our portfolio.” A major rebrand is also underway for Barclays Tanzania as it gears up to incorporate the name of its parent company, Absa Group Limited. “This is very high on our list of priorities,” Mohamed affirms, stating that Absa’s warm, vibrant red colour palette will soon be appearing across its branches and ATMs during the remainder of 2019 and beyond. “The process is subject to regulatory approvals and we thank our regulators for the ongoing support. “It’s a deliberate move from Absa Group to rebrand all its operations to Absa, as was announced in July 2018. Our legacy will serve us well for the future, and as we enter a new era, you can expect to see the energy and the vibrancy of the Absa brand taking us to new levels.” This rebrand and digital drive combined, the CEO and Barclays Tanzania have every right to be optimistic for the future as the bank becomes ever-more focused on driving value for an ever-widening customer base. Mohamed concludes, once again highlighting the positive climate that is facilitating the firm’s continual transformation: “We’ve seen an increase in industry profitability over the last couple of years, and the overall outlook remains positive. “GDP growth rates, inflation and foreign exchange rates all remain within the target range, and the economy is well diversified with a debt to GDP ratio that is within expectations. “We’re certainly excited about the direction of both country and company as we prepare for an incredible journey of brand transformation.” Source: https://www.africaoutlookmag.com/outlook-features/barclays-bank-tanzania

BASED ON THE ARTICAL ABOVE, DISCUSS HOW BARCLAYS BANK TANZANIA CAN USE ANSOFF'S MATRIX AS A BASIS FOR GROWING THE BRAND IN THE FUTURE.

YOUR ANSWER SHOULD INCLUDE THE FOLLOWING:

A) EXISTING MARKET PENETRATION STRATEGY

B) NEW PRODUCT DEVELOPMENT STRATEGY

C) NEW MARKET DEVELOPMENT STRATEGY

D) DIVERSIFICATION STRATEGY

20 MARKS

Innovation Inc.'s production budget for January is 35,000 units and includes the following component unit costs: direct materials, $16; direct labor, $20; variable overhead, $12. Budgeted fixed overhead is $70,000 (35,000 units × 1/2hour × $4unit). Actual production in January was 36,000 units. Actual unit component costs incurred during January include direct materials, $16.50; direct labor, $18.90; variable overhead, $13.64. Actual fixed overhead was $67,000. The standard fixed overhead application rate per unit consists of $4 per machine hour and each unit is allowed a standard of 1/2 hour of machine time.

Calculate the fixed overhead budget variance and the fixed overhead volume variance.

Innovation Co.is thinking about marketing a new software product. The initial set-up cost is$5M (and is paid at t=0).At the end of every year for the next 10 years (i.e., at t=1,2,...,10), the productwill generate revenueof$1M.Afterthat,the product will be outdated and will not be offered in the market anymore.However,the company will have to provide customer supportin perpetuity, which will cost $0.1M at the end of everyyear (i.e., at t=1,2,...,∞).The cost of capital is10%and there is annual compounding frequency.

What is the present value of the project’s totalcost? (3 points)

What is the future value of the project’s total revenuewhen it ends (at t=10)? (3 points)W

hat is theModified IRRfor this project?Based on that rule, will you take the project? (4 points)

ch 7

Innovation Company is thinking about marketing a new software product. Upfront costs to market and develop the product are $ 4,900,000. The product is expected to generate profits of $ 1,300,000 per year for ten years. The company will have to provide product support expected to cost $ 100,000 per year in perpetuity. Assume all income and expenses occur at the end of each year.

a. What is the NPV of this investment if the cost of capital is 5.77 %​? Should the firm undertake the​ project? Repeat the analysis for discount rates of 1.39 % and 20.33 %​, respectively.

b. How many IRRs does this investment opportunity​ have? ​(Hint​: Consider the two alternative discount rates we used in our analysis in part​ a.)  

c. Can the IRR rule be used to evaluate this​ investment? Explain.

What is the NPV of this investment if the cost of capital is 5.77 %​?

If the cost of capital is 5.77 % the NPV is ​ _________

Subject: Innovation and technology management

Case 1: Use of Technology

Federal Express (FedEx) was founded about 50 years ago. It handles on an average of 3 million package-tracking requests on a daily basis. To remain ahead of its competitors, FedEx strives on customer service by keeping a comprehensive website, FedEx.com. It increases customer service and reduces costs. For example, each request for information which can be retrieved from the website rather than by the call centre help FedEx to save an estimated $1.87. The costs for FedEx have been reduced from more than $1.36 billion per year to $21.6 million per year by customers using the website instead of the call centre calculating each package-tracking request costs Federal Express 3 cents.

Another know-how that improved its customer service is Ship Manager, an application installed on customers’ sites so users can determine shipping charges, weigh packages, and print shipping labels. Customers can also tie their invoices, billing, accounting and inventory systems to the application, Ship Manager.

Nevertheless, Federal Express still spend almost $326 million annually on its call centre to reduce customers’ annoyance when the website is down or when customers have difficulty using it. It uses CRM software called Clarify in its call centres to ensure customer service representatives’ job easier and to speed up response time.

Answer the following questions:

a)     What is the importance of technology to ensure high-quality customer service?

b)    Can you estimate Federal Express’ annual savings from using information technology?

c)     Can you give a few examples of information technologies used by Federal Express?

d)    What is the role of the application ‘Ship Manager’?

e)    Your overall observations and learning from the above case study.