Mission of the IMF Essay Example for Free

Mission of the IMF Essay The primary and most important mission of the IMF is declared to be provision of monetary assistance to countries facing serious economic and financial troubles from the accumulated funds of the IMF from the deposits of the organizations 185 member nations. Although the stated goal of the provided aid is therefore to help the distressed nation sail through their difficulties, simply the fact that these aids are associated with certain conditionalities which essentially make them tied aids, do make the veracity of such an assumption dubious. Although the conditions that are attached with the provided aids are justified as being necessary amendments that the receiving nation has to make to ensure that such distress does not revisit the nation, often the structural adjustments that are suggested and actually imposed seem to have more potential benefits for nations other than the recipient. The fact that the IMF’s judgements and decisions are made through voting in which the members with higher shares of subscription receive higher weightage casts further shadows of doubt on the proper motivations for the Fund’s actions. Therefore, there is reason to believe that the IMF’s true goals are actually masked with justificatory reasoning which attempt to establish it in glorious roles but are actually in line with those of certain economic powers that dominate the IMF’s decision making and reap the benefits of enforcing changes upon nations weakened enough to have no other choice but to accept the conditions and thereby actually cause greater benefit to those economies rather than themselves. When one sees these aids in light of such motives, in spite of the stated motives, the term aid certainly becomes a misnomer. The so called Austerity programs of the IMF which by definition seek to restore a distressed nation to a state so that it is able to repay its debts by advocating reduced government spending and increased taxes have been subject to a lot of controversy. Currency devaluation is often a recommendation of the IMF to distressed countries in these programmes. But, neo-classical supply-side economists claim, to the governments of poor nations with struggling economies which are force to seek foreign aid, such pro-Keynesian policies which are actually tailor made for advanced capitalist economies undergoing depression are destructive to economic prosperity. The IMF also advocates increased taxes as part of these programmes to ensure increased government revenue. But critics point out that such increased taxation implicitly implies recessionary pressure on the economy, some thing it is certainly not in a state to handle being in a distressed enough state to seek foreign aid. The potential economic contraction that is likely to follow has more chances of damaging the economy rather than working in its advantage. In fact Stiglitz (2002) argues that in converting to a rather Monetarist approach, the IMF had lost all valid purpose, of its existence as provision of funds for nations to enable them to carry out Keynesian reflations was what it was designed for. The IMF’s success has been considerably limited in light of the very significant number of failures it has faced. The fact that it has been able to increase overall international cooperation and promote trade openness is a largely highlighted success of the institution. It is also posited that since its inception and more since the Second World War, the IMF’s active intervention has led to enhanced global macroeconomic stability and growth. However, since the 1980s critics claim that more than 100 of the member countries have faced banking collapses which have led to reductions in GDP by four percent or more, a precedent by far since post depression history (Stiglitz, 2002). It is often pointed out that the IMF actually responds to or often causes crises rather than prevent them. The long lag in the response time to any crisis is also noted to be one of the very significant failures of the institution. As direct examples of the IMF’s intervention worsening the situation of a nation we can cite the instance of Argentina, which had been previously considered as a model country by the IMF for its compliance to the Fund’s policy proposals. This nation experienced a severe crisis in 2001, an event mostly attributed to budget restrictions induced by the IMF which significantly reduced the governments ability to maintain infrastructural expenses and it failed to provide even in very crucial and basic areas like health, education, and security. Another example of IMF Structural Adjustment Programmes actually aggravating a problem was the Goldenberg scandal in Kenya. The IMF imposed mandatory regulations on the Kenyan central bank which till then oversaw all currency in and out flows, which required it to permit easier currency movements through reduced regulations in the market for foreign exchange and the capital market. Although this adjustment failed to deliver miserably on its promise of increased foreign investment it allowed, it certainly allowed billions of Kenyan shillings to be siphoned off thereby actually leaving the country far worse off than before the implementation of the IMF reforms (Axel, 2003). References: Dreher, Axel (2003). The Influence of Elections on IMF Programme Interruptions. The Journal of Development Studies 39 (6): 101–120 Stiglitz, J. , (2002) Globalization and its Discontents, New York: WW Norton Company

William Faulkners A Rose for Emily Essay -- A Rose for Emily, William

William Faulkner's "A Rose for Emily"   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"A Rose for Emily,† is the remarkable story of Emily Grierson, whose death and funeral drew the attention of the town. The bizarre outcome is further emphasized throughout by the symbolism of the decaying house, which parallels Miss Emily’s physical deterioration and demonstrates her ultimate mental disintegration. Emily’s life, like the house which decays around her, suffers from lack of genuine love and care.   Ã‚  Ã‚  Ã‚  Ã‚  The characteristics of Miss Emily’s house, like her physical appearance, are brought about by years of neglect. For example, the house is located in what was once a prominent neighborhood that has deteriorated. Originally white and decorated in â€Å"the heavily lightsome style† of an earlier time, the house has become â€Å"an eyesore among eyesores†(177). The description of her house represents a place side by side of the past and present and was an emblematic presentation of Emily herself. Through lack of attention the house has evolved from a beautiful representative of quality to an ugly holdover from another era. Similarly, Miss Emily became an eyesore; for example, she was first described as a â€Å"fallen monument†(177) to suggest her former grandeur and her later ugliness. She was a â€Å"monument,† an ideal of past values but fallen because she had shown herself susceptible to death and decay. According Fetterley, †Å"the violence implicit in the desire to see the monument fall†(194). Like the house, she has lost her beauty....

The Papaer Java Test Questions and Answers

Gaddis – Starting Out With Java 5 – From Control Structures to Objects Chapter 06 – A First Look At Classes Multiple Choice 1. One or more objects may be created from a(n)_____. a. field b. class c. method d. instance ANS: B 2. Class objects normally have _____ that perform useful operations on their data, but primitive variables do not. a. fields b. instances c. methods d. relationships ANS: C 3. In the cookie cutter method: Think of the _____ as a cookie cutter and _____ as the cookies. a. object; classes b. class; objects c. class; fields d. field; methods ANS: B 4. A UML diagram does not contain _____. . class name b. methods c. fields d. object names ANS: D 5. An access specifier indicates how the class may be accessed. a. True b. False ANS: A 6. Data hiding, which means that critical data stored inside the object is protected from code outside the object is accomplished in Java by _____. a. using the public access specifier on the class methods b. using the private access specifier on the class methods c. using the private access specifier on the class definition d. using the private access specifier on the class fields ANS: D 7. For the following code, which statement is not true? ublic class Sphere { private double radius; public double x; private double y; private double z; } a. x is available to code that is written outside the Sphere class. b. radius is not available to code written outside the Sphere class. c. radius, x, y, and z are called members of the Sphere class. d. z is available to code that is written outside the Sphere class. ANS: D 8. Which of the following is not part of the method header? a. Method name b. Return type c. Access specifier d. Parameter variable declaration e. All of the above are parts of the method header ANS: E 9.A method that stores a value in a class’s field or in some other way changes the value of a field is known as a mutator method. a. True b. False ANS: A 10. You should not define a cl ass field that is dependent upon the values of other class fields _____. a. in order to avoid having stale data b. because it is redundant c. because it should be defined in another class d. in order to keep it current ANS: A 11. The following UML diagram entry means _____ + setHeight(h : double) : void a. this is a public field called Height and is a double data type b. this is a private method with no parameters and returns a double data type c. his is a private field called Height and is a double data type d. this is a public method with a parameter of data type double and does not return a value ANS: D 12. Instance methods should be declared static. a. True b. False ANS: B 13. Methods that operate on an object’s fields are called a. instance variables b. instance methods c. public methods d. private methods ANS: B 14. The scope of a private instance field is a. the instance methods of the same class b. inside the class, but not inside any method c. inside the parentheses of a method header d. the method in which they are defined ANS: A 15.A constructor is a method that is automatically called when an object is created. a. True b. False ANS: A 16. A constructor a. always accepts two arguments b. has return type of void c. has the same name as the class d. always has an access specifier of private ANS: C 17. Shadowing is the term used to describe where the field name is hidden by the name of a local or parameter variable. a. True b. False ANS: A 18. Which of the following statements will create a reference, str, to the String, â€Å"Hello, World†? a. String str = â€Å"Hello, World†; b. string str = â€Å"Hello, World†; c. String str = new â€Å"Hello, World†; . str = â€Å"Hello, World†; ANS: A 19. Two or more methods in a class may have the same name as long as a. they have different return types b. they have different parameter lists c. they have different return types, but the same parameter list d. you cannot ha ve two methods with the same name ANS: B 20. Given the following code, what will be the value of finalAmount when it is displayed? public class Order { private int orderNum; private double orderAmount; private double orderDiscount; public Order(int orderNumber, double orderAmt, double orderDisc) { orderNum = orderNumber; orderAmount = orderAmt; rderDiscount = orderDisc; } } public class CustomerOrder { public static void main(String[] args) { int ordNum = 1234; double ordAmount = 580. 00; double discountPer = 0. 1; Order order; double finalAmount = order. orderAmount – order. orderAmount * order. orderDiscount; System. out. println(â€Å"Final order amount = $† + finalAmount); } } a. 528. 00 b. 580. 00 c. There is no value because the constructor has an error. d. There is no value because the object order has not been created. ANS: D 21. A class specifies the _____ and _____ that a particular type of object has. a. relationships; methods b. ields; object names c. field s; methods d. relationships; object names ANS: C 22. ____ refers to the combining of data and code into a single object. a. Data hiding b. Abstraction c. Object d. Encapsulation ANS: D 23. Another term for an object of a class is ____. a. access specifier b. instance c. member d. method ANS: B 24. In this book the general layout of a UML diagram is a box that is divided into three sections. The top section has the ____; the middle section holds ____; the bottom section holds ____. a. class name; fields; methods b. class name; object name; methods c. object name; fields; methods . object name; methods; fields ANS: A 25. The public access specifier for an field indicates that the field may not be accessed by statements outside the class. a. True b. False ANS: B 26. For the following code, which statement is not true? public class Circle { private double radius; public double x; private double y; } a. x is available to code that is written outside the Circle class. b. radius is not ava ilable to code written outside the Circle class. c. radius, x, and y are called members of the Circle class. d. y is available to code that is written outside the Circle class.ANS: D 27. It is common practice in object-oriented programming to make all of a class’s _____. a. methods private b. fields private c. fields public d. fields and methods public ANS: B 28. After the header, the body of the method appears inside a set of a. brackets, [] b. paretheses, () c. braces, {} d. double quotes, â€Å"† ANS: C 29. A method that gets a value from a class’s field but does not change it is known as a mutator method. a. True b. False ANS: B 30. In UML diagrams, a ____ indicates the member is private and a _____ indicates the member is public. a. *; / b. ; @ c. –; + d. (); : ANS: C 31. In a UML diagram to indicate the data type of a variable enter a. the variable name followed by the data type b. the variable name followed by a colon and the data type c. the class name followed by the variable name followed by the data type d. the data type followed by the variable name ANS: B 32. Instance methods do not have the key word static in their headers. a. True b. False ANS: A 33. When an object is created, the fields associated with the object are called a. instance fields b. instance methods c. fixed fields d. class instancesANS: A 34. A constructor is a method that a. returns an object of the class. b. never receives any arguments. c. with the name (class name). constructor. d. performs initialization or setup operations. ANS: D 35. The term â€Å"default constructor† is applied to any constructor that does not accept arguments. a. True b. False ANS: B 36. The scope of a public instance field is a. only the class in which it is defined b. inside the class, but not inside any method c. inside the parentheses of a method header d. the instance methods and methods outside the class ANS: D 37.When a local variable in an instance method has th e same name as an instance field, the instance field hides the local variable. a. True b. False ANS: B 38. Which of the following statements will create a reference, str, to the string, â€Å"Hello, world†? A. String str = new String(â€Å"Hello, World†); B. String str = â€Å"Hello, world†; a. A b. B c. A and B d. Neither A or B ANS: C 39. Overloading means multiple methods in the same class a. have the same name, but different return types b. have different names, but the same parameter list c. have the same name, but different parameter lists d. perform the same function ANS: C

Phar Mor Case - 8496 Words

~ Case 6 Phar-Mor, Inc.: Accounting Fraud, Litigation, and Auditor Liability Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt LEARNING OBJECTIVES After completing and discussing this case, you should be able to . . Identify factors contributing to an environment conducive to accounting fraud . Understand what factors may inappropriately influence the client-auditor relationship and auditor independence Understand auditor legal liability issues related to suits brought by plaintiffs under both statutory and COmmonlaw INTRODUCTION In December 1995, the flamboyant entrepreneur Michael Mickey Monus, formerly president and chief operating officer (COO) of the deep-discount retail chain PharMor, Inc., was†¦show more content†¦Phar-Mors prices were so low that competitors wondered how Phar-Mor could do it. Monus strategy was to underse11Wal-Mart in each market where the two retailers directly competed. Unfortunately, Phar-Mors prices were so low that Phar-Mor began losing money. Unwi11ingto a11owthese shortfa11sto damage Phar-Mors appearance of success, Monus and his team began to engage in creative accounting so that PharMor never reported these losses in its financial statements. Federal fraud examiners discerned later that 1987 was the last year Phar-Mor actua11ymade a profit. Investors, relying upon these erroneous financial statements, saw Phar-Mor as an opportunity to cash in on the retailing craze. Among the big investors were Westinghouse Credit Corp., Sears Roebuck Co., ma11developer Edward J. de Bartolo, and the prestigious Lazard Freres Co. Corporate Partners Investment Fund. Prosecutors say banks and investors put $1.14 biUion into Phar-Mor based on the phony records. The fraud was ultimately uncovered when a travel agent received a Phar-Mor check signed by Monus paying for expenses that were unrelated to Phar-Mor. The agent showed the check to her landlord, who happened to be a Phar-Mor investor, IUnless otherwise noted, the facts and statements included in this case are based on actual trial transcripts. Case 6 - Phar-Mor, Inc.: Accounting Fraud, Litigation, and Auditor Liability and he contacted Phar-Mors chiefShow MoreRelatedPhar-Mor Case1536 Words   |  7 PagesAssignment Week 1 The Case of Phar-Mor Inc Devry University ACCT 525-15768 January 12, 2014 Abstract The Sarbanes-Oxley Act of 2002 was implemented with the sole purpose of assuring the investors in the financial reporting system. One example is a case such as Phar-Mor which fabricated their inventory in most of their retail stores in order to conceal a massive fraud by the leading executives. Or the Waste Management scandal which did things such as capitalizing items which should haveRead MoreThe Case Of Phar Mor Inc.1433 Words   |  6 PagesThe Case of Phar-Mor Inc. Fraud will always be an issue but it has been more prevalence in the past before there were any specific guidelines for business entities and accountants to adhere and conform to. It is observed that those with higher positions in a company could let the power get to them at times and can use that power for their personal benefits. The Sarbanes-Oxley Act set standards to try to prevent future scandals like in the case of Phar Mor Inc., the Waste Management scandal and EnronRead MorePhar-Mor: Case Study1439 Words   |  6 PagesPhar-Mor was known as one of the major discount chain retailers in the late 1980’s - early 1990’s. It was founded by Mickey Monus, a gambler in nature, who with the help of senior management was â€Å"cooking the books† for years to cover up his loses. The reason why senior management agreed to do this fraud is the belief in unique ability of their leader to fix everything later on. This case is known as one of the biggest accounting frauds in the corporate history of the U.S. This paper will analyzeRead MoreCase 4.6. Phar-Mor Inc.8093 Words   |  33 Pages|Case 4.6 | |Instructional Notes | | | |Phar-Mor, Inc.: Read MoreCase Study : Phar Mor s Assets787 Words   |  4 PagesExecutives misappropriated Phar-Mor’s assets, directing over $10 million to Monus’s now defunct World Basketball League (WBL). With the league failing and fan attendance dwindling, Monus was forced to use Phar-Mor funds to cover numerous WBL expenses. When a Phar-Mor check was sent directly to a WBL vendor, the fraud began to unravel. CEO David Shapira announced the fraud in August 1992. Phar-Mor maintained 91 related parties, as identified after the fraud. These related parties; many setRead MoreEssay about Case 4.6 Phar-Mor, Inc.618 Words   |  3 PagesIf there was a reckless misrepresentation and lack of due diligence in verifying accuracy of financial information that is free of material misstatements, that alone would give me a reason to sue the auditors. B) Negligence as it is used in legal cases involving independence auditor is defined as â€Å"failure to conduct an audit with due professional care in the performance of work† C) The primary difference between negligence and fraud is fraud is the intentional concealment or misstatement of informationRead MoreThe Case Summaries For Phar Mor Inc. Fraud Essay1302 Words   |  6 PagesThe Case Summaries for Phar-Mor Inc. Fraud, Waste Management Scandal, Enron Scandal and Answers Phar-Mor Inc. Fraud Summary Phar-Mor Inc. fell prey to greed from the top. Unfortunately, the auditing firm assisted the organization with the conspiracy to defraud the users of financial reporting, the government, and the stakeholders. The chief officers used the funds for personal usage and appropriated funds to functions that were not related to the organization business. The financial statementsRead MoreEssay about Phar Mor Inc Case Study1184 Words   |  5 PagesSean Russi The Case of Phar-Mor Inc ACCT-525 October 31, 2012 Case Summary The case of Phar-Mor Inc was one of the biggest pre-Enron frauds that have been uncovered. Phar-Mor Inc established in 1982 Phar-Mor was a small little known discount drugstore. Phar-Mor became well known for offering medications at a 25-40% discount rate compared to your normal pharmacy store prices. Phar-Mor’s first six years of existence seemingly wereRead MorePhar Mor813 Words   |  4 PagesACCT 4304, Fall 2015 Audit case Read the attached audit case and answer all the questions that follow. A total of 90 points are available for the actual responses to the questions and 10 points are available for presentation, clarity and grammar. Total points for the assignment are 100. Note: Answer the questions as comprehensively as possible. Reference to Auditing Standards, your textbook, and other relevant authoritative sources is expected where appropriate. Even where some of the questionsRead MoreCase Analysis : The Fraud1004 Words   |  5 PagesFinn eliminated the internal audit function to hide the payroll irregularities. †¢ Collusion among upper management and employees to commit fraud †¢ The Phar Mor had the knowledge of the audit procedures and objectives, as one of the auditors has worked for Coopers as well as the Phar Mor. †¢ The complex web of related parties involved with the Phar Mor made it difficult to detect the improprieties and fraudulent activities. AICPA’s the most decisive step to combat fraud and puts greater emphasis on professional