Accounting Ratios for Account Manipulation

Accounting Ratios for Account ManipulationHow companies manipulate their accounts using story ratios?AbstractThe emergence of explanation scandals in the US has shaken the world over. Professionals, stakeholders, sh arholders and regulatory authorities blame a multitude of factors for the proliferation of cases handle Enron, Tyco, WorldCom and Xerox etc. The researcher is of the view that the cost increase procedure of bankruptcies and machination cases in the corporate sector has been the result of weakness inwardly the pecuniary system and regulatory standards. In the US especially the tractability of the financial standards has given mansions the opportunities to manipulate accounts with the help of financial and story occupationals for the benefit of top counseling. These individuals set about familiarity of GAAP (generally accepted accounting principle) and its loopholes. They heavy(p)ize on these loopholes to the extent of crippling the economy and professional standards. The fol slumping research fit outigates the rationale for firms that resort to accounts habit finished financial ratios and how it could be curbed. It identifies the measures for counteracting wrong professional deportment by outlining the core weaknesses at heart the accounting standards and systems. It also comp ares the US standards with those of the UK to conclude that the UK is less liable to duplicitous behaviour beca use up its sanction has taken measures to hard-and-fastly gravel accounting professionals, auditors and top executive directors to avoid carry in accounting manipulation and fraud.Table of ContentsChapter 1 IntroductionBackground ruleObjectivesScope occupy commence upChapter 2 belles-lettres reviewIntroductionEnronWorldComRatiosDiffering Accounting Standards in the UK and USChapter 3 Research MethodologyInductive and Deductive Reasoning soft and Quantitative ResearchSecondary and Primary ResourcesResearch RationaleChapter 4 Data col lection and abridgmentChapter 5 Conclusion and RecommendationsBibliographyAppendicesBackgroundThe growing number of accounting scandals with the likes of Enron, Tyco, WorldCom and Xerox etc. has raised cause for concern for stakeholders, shareholders, professional bodies and trade authorities alike. They are of the view that corporate finance has underg bingle transformation for the worse in the last ten geezerhood. Williams research (2002) indicates that accuracy of grosss and net profit help in operational decision support and formulation of corporate strategy for some 60 percent of the firms. Others, approximately 58 percent, feel financial reporting transparency and compliance (93 percent) with external reporting requirements imperative for effective corporate and attention performance. However, the growing number of scandals related to dishonest lettuce, inflated asset values and understated liabilities have undermined this system of corporate governance (Lev 2003). Inv estor confidence has been shaken as each scandal reveals the weak foundation of financial information system of macrocosm companies and regulatory authority that oversees them. When Enron filed for Chapter 11 bankruptcy on December 2, 2001 and WorldCom did the uniform later, investors blamed their business failures on accounting manipulations. This fleshly exertion is non new. In fact according to Mishra and Drtina (2004) some 200 companies in the past five social classs have restated their earnings as a result of accounting manipulations. CFO Magazine survey indicates chief financial officers (CFOs) are forced to misre constitute earnings or are pressured to violate generally accepted accounting principles (GAAP) to satisfy shareholders and top executive management. Accounting manipulation not only offers the chance for companies like Enron and WorldCom to increase the asset valuation al champion also to understate liabilities that would appreciate stock prices, hide losse s and increase union valuation. The employment is not expressage to the US only.In the UK accounting manipulation is also known as creative accounting. jibe to Amat, Blake and Dowds (1999) creative accounting refers to a process whereby accountants use their knowledge of accounting rules to manipulate the figures inform in the accounts of a business. Since the accounting process itself is flawed in the sense that it provides flexibility, and opportunities for manipulation and misstatement, financial professionals find it easy to engage in creative accounting. The practice helps in presenting increased profits, genuine economic maturation and management efficiency whereas the opposite may also be true. agree to Kamal Nasser (1993 qt. Amat, Blake and Dowds 1999) Creative accounting is the transformation of financial accounting figures from what they actually are to what preparers desire by taking advantage of the existing rules and/or ignoring some or all of them. The views of th ese authors indicate that accounting rules in Western countries are weak and offer plenty of room for manipulation. The damage resulting from accounting manipulation affects the accounting principles that the stakeholders, public and investors depend on and use to estimate, judge and predict corporate performance. The usefulness of accounting principles has regulated industries, vestibular sensed investment feed in and capitalization in the past. However, Enron and the likes have proved that accounting principles (that the masses have depended on in the past) are unreliable. The scandals prove that accounting tools like financial ratio analysis or sound analysis for accounts estimation and prediction do not truly reflect the value of the investment. Artificial transactions can be used to manipulate eternal sleep sheet amount profits can be moved from period to period and assets can be re-arranged to depict a positive financial standing.Amat, Blake and Dowds (1999) are also of t he view that companies employ creative accounting to smooth income and report a steady growth. This is achieved by manipulating accounts to depict improved profits even in weak economic conditions to harmonize the ongoing income. Investors, following accounting principles often utilize accounting ratios to judge and estimate the performance of firms, consider steady income growth as stability and judge a non-volatile stock as a good investment. Similarly Fox (1997) is of the view that accounts manipulation is for the purpose of normalizing income so that the confederations management can boost share price by reducing the levels of borrowing, lower risks and generate capital through new shares. Using the accounting rules companies often arrange financial accounts so that they would not reflect in the balance sheet, income statement or specie flow statement.The problem arises when the flexibility within the financial principles endures accountants of companies to manipulate account s to avert investors, banks and financial institutions scrutiny. This kind of flexibility is modified in some countries while it is more pronounced in others. In the US for example the FASB (Financial Accounting Standard Board) rules that income from ex melted warranties may be recognized at the time of sale. Banks may not recognize this when they calculate the debt to uprightness ratios to allow the company to borrow through inventory. In the UK on the other hand in that respect is less provision for using bad debts and inventory as a means to decrease liabilities and inadvertently inflate profitability.Thus, accounting manipulation undermines the moral and ethical standards that are expected of public limited companies. Decreasing apparent irritability in income, inflating debts to avoid taxes, smoothing income to get to artificial opportunities for investments and manipulating accounting principles to control commercialise mechanisms depict the weakness within the economy. It also reflects on the ethical standards and moral of the profession of accounting and auditing. Despite the knowledge and acknowledgement of this fact, professionals in the UK from a survey (Nasser 1993) indicate creative accounting is a problem that can never be resolved (91 percent). In the US creative accounting is more regular because it capitalizes on the mandate for detailed accounting rather than broad principles, which fools it even harder to encounter fraud.The trend in fraud indicates that the foundation of accounting measures and ratios that firms, institutions and public use to estimate financial statements are not reliable. According to Mishra and Drtina (2004) financial statement ratios tend to focus on profitability not quality of the performance of the company. Ratios such as return on assets and return on equity are not adequate to gauge the firms ability to meet debt obligations or to measure the financial distress it is in. Similarly, ratios that accounting m odels use to tract shifting revenues and expenses through cash flow statement information me blaspheme asses the firms cash level based on operations, financing or investing activities. It is limited in calculating the value of the firm based on free cash flows or net income that affect cash flows. As a result, often firms tend to resort to bankruptcy firmnesss because of the deprivation of cash inflows. Furthermore, companys stock performance is based on the performance of the stock prices but these values are risk dependent and the prices are set with the given that market value of the firm is efficient and the stock prices reflect information in the financial statements. However, when analysts base their decisions on ratios such as price to earnings, dividend yield and price to book ratios they are wholly dependent on information in the financial statements, which may be fraudulent (Mishra and Drtina 2004).RationaleWhen firms are constrained by fraud risks such as opportunitie s, pressure and rationalization of unethical management, company information itself forms the basis for high risk (Hillison, Pacini and Sinason 1999). According to Cressey (1973) non-sharable financial penury is responsible for the unethical practice that result in fraud such as accounts manipulation. The urgency, which forces management to pressure accountants and auditors to commit fraud, is due to the need to appropriate assets and resources to curb financial losses. In the process they undermine their professional integrity (See Appendix 1) (Hillison, Pacini and Sinason 1999).Riahi-Belkaoui and Picur (2000) in their attempt to understand fraud in the accounting environment write 59 percent of a KPMG 1998 Fraud Survey respondents believe fraud will become more prominent in the next. The reasons they call include economic pressures, inadequate punishment for conviction, weakening social values, insufficient emphasis on prevention and detection, and criminal sophistication. Acco unts manipulation is the result of favourable situations in which criminals recognize flexibility within the financial reporting system and audit failure to detect manipulation.Furthermore, when institutions gain power, privileges and position to create an environment conducive to duster collar crime, members are likely to acquire earnings management knowledge that are within the framework of the accounting policies and alternatives. Abdelghany (2005) notes that earnings management help financial managers select certain target and tailor the financial results of the firm to match it. The basic premise is that management can manipulate soft numbers resulting from accumulation accounting.As mentioned earlier firms engage in accounts manipulation due to several reasons some are unethical while others are due to the environment in which they operate. The approach to manipulate accounting principles to benefit from persistent high quality earnings and influence process decisions motiva te firms to smooth income, inflate revenues, restate earnings and deflate liabilities. They try to meet the analysts expectations and company performance predictions (Abdelghany 2005). Other reasons include debt covenant avoidance, costs of investment, sustainable long-term performance and meeting up with subsidy plan requirements etc. among others. The pressures of management performance, leadership, market failure, and rising losses tend to motivate top management to conceal internal misappropriations and misstatements. The influence of these pressures on the reported statements is majuscule as analysts depend on the information to make investment decisions, debt covenant, and professional prediction. Abuse in the form of manipulating accounts affects not only the firm but also the industry and the economy at large.Given the above rationale the researcher is of the view that there is a great need to news report accounts manipulation and its affect on industries, the public, ac counting and auditing professionals, and the investment environment as a whole.ObjectivesThe objectives of this study are as followsTo investigate how firms like Enron and WorldCom engage in accounts manipulation using financial ratios.To investigate the ethical and professional implications of financial ratios manipulation through accounting misstatements, earnings management and restatements.To study the role of the regulatory authority in contributing or deterring accounts manipulation by comparing the accounting standards in the US and UK.ScopeThe researcher aims to evaluate pertinent industry practice by evaluating case studies of Enron and WorldCom. The researcher shall also delve into issues of accounting principles weaknesses and the role of the authority in contributing to the flow trend of accounting fraud and manipulation. Consequently, the study shall benefit professionals who are in the field, trying to find solutions for the period trend and how to curb it. Academici ans might find the use of theoretical frameworks to study a current accounting dilemma interesting and contributory to future works. Moreover, the researcher expects the results of the study enumerating to both students and academicians alike who are interested in the study of accounting fraud and manipulation.However, readers might find the scope of this study limited in the sense that it will be focused on accounts manipulation offseticularly in the use of financial ratios. There are other method actings of accounting manipulations, which will be covered briefly in the research. Overall, readers will find the findings useful and informative.Work MapThe study shall be divided into the following sectionsChapter 1 introduces the topic through a brief overview of the current norms and practices in accounts manipulation. It also points out reasons why there is a need for the study with objectives for directing the topic for discussion in the following chapters.Chapter 2 is a Literatur e Review, which shall trace the Enron and WorldCom scandals in the legerity of accounts manipulation. It also reviews literature on financial ratios fraud and its effects. Lastly, it shall study the accounting standards pick out by the UK and US to compare which one is more prone to accounts manipulation.Chapter 3 shall delineate the various methods considered and chosen for the development of the current study.Chapter 4 is an analysis of the data collected and evaluated from the researchers point of view based on the expertise of the scholars discussed in the Literature Review.Chapter 5 shall conclude the findings, and offers some recommendations to resolve the issues outlined in the objectives.OverviewAn efficient capital market is one that allows prices to shift rapidly in response to the modish information because public information is conveyed efficiently, interpreted and analyzed to make effective decisions. Disclosure indeed is an obligation imposed by law to facilitate market performance. Companies are obligated to provide information so that investors and the public can interpret information to participate in the market decisions. Professional ethics is relegated through understanding among accountants, auditors, management and executives on the premise that the market is entitled to receive full accounts and reports of companies performance as per regulatory authority. The form and content of the individual or consolidated accounts is regulated by the company law and by accounting standards issued to the accounting professionals and auditors. However, sometimes publicly traded company financial position becomes tradeoffs due to limited liability, losses and performance pressure. Any compromise in their performance results in negative market reaction, as they are bound by standards and targets set by the public. This kind of market behaviour force companies to resort to unethical practices (Ferran 1999).Alternatively, when regulations change in r esponse to the demand of the market, companies have to reshuffle their internal systems to comply with them. The conceptualization of accounts in accordance to applicable accounting standards often conflict with the companys standards and values. New accounting information requirements and standards are often viewed with apprehension as they put pressure on the statutory requirements. For example the Listing Rules of the London Stock Exchange require annual reports and accounts of companies to contain additional information. The changing environment therefore creates a problem for companies to align current with past performances (Ferran 1999).To gauge a companys financial standing, analysts use ratios to estimate and evaluate its performance by comparing it with the current status or against the industrys standards. Financial managers of companies are aware of the use of this tool to evaluate companys performance. Within the framework of legal accounting standards they employ plan ning and capital structure decisions to measure the performance of firms. Ratios such as price to earning, for example, are of particular interest to investors interested in gauging the performance of the company they want to invest in (Pike and Neale 1996). When pressured, accountants can manipulate accounts information, such as interests, liabilities, and pre-tax profits etc, to substantially inflate or deflate certain accounts according to the needs of the firms objectives for the short or long term. For example some companies might inflate earnings per share to depict higher dividend to increase the companys investment attractiveness. Others might deflate liabilities to depict low debt to equity ratio, to create opportunities for borrowing. Whichever the cause, the fact is that firms engage in accounts manipulation within the accounting principles framework. They are within their legal rights to employ such methods, which allow them to create a positive picture to investors, cre ditors and institutions. How far can firms employ such methods and to what extent constitutes unethical or illegal practice will be investigated in the following sections.EnronAmong the recent cases of accounts manipulation is Enron. Enron products and services relate to gas and energy wholesale, as well as retail to a host of customers. The company is considered one of the most innovative with an efficient management team and a leader who is the envy of the industry. According to Mishra and Drtina (2004) Enron filed bankruptcy in 2001 when it had just revealed its strategic plans in the light of asset and non-asset expansions. The companys plan had been to expand into energy trading expertise with a host of new products and services. At the time its share had been traded at $90. From 1999 to 2001 the company underwent great changes in terms of its earnings per share from $1.27 in 1999 to $0.999 in 2000. To deflect speculation, Enron used off-balance sheet partnerships to finance an d sustain its investment growth and rating (Mishra and Drtina 2004).This method is not a new practice but is employed by 27 percent of companies. Enron however used it to hide its massive debts by inflating revenue with gain from sale of assets to off-balance sheet partnerships by guaranteeing the partnerships debt with stocks. As a result Enron had to restate its earnings from time to time to reflect the reduction in shareholders equity due to the partnership. The stock price started to decline to less than $1 in November 2001 despite the fact that the company had been considered one of the fastest growing companies in the industry. musical composition the book value of the assets tripled from $23.5 billion in 1997 to $65.5 billion in 2000, in actuality Enron had been deteriorating in its market capitalization (Kedia and Philippon 2005). Enron is a typical example of accounts manipulation where misreporting to tape increased investment value and simulated income have created arti ficial resources whereas the company had been running into high level of debts. The real cost of manipulation eventually reflects in the earnings.Earnings management has been used to boost stock prices so that managers can profit from the share trading but in effect undermine the organizations value. In theory the use of earnings management helps firms to manipulate price earning ratios to, firstly show firms potential activities, and secondly to restate the value of the firm. However, as a consequence, the earnings created theoretical growth in investment and employment depicting strong growth (Kedia and Philippon 2005 Healy and Wahlen 1999). According to the authors, Kedia and Philippon (2005), Enron used an earnings manipulation model, which has resulted real time inefficiencies, as it does not account for the fundamental value of the firms equity or account for the allocation of resources.Wamys (2004) investigation reveals that Enron inflated profits by nearly one billion dollar s and top employees raked in millions of dollars (they should not have received) through complex and special partnerships to hide debt, inflate profits and to engage in allied unethical and heinous business practices. The companys unique business model depicts human capital as the leveraging point for its investments, instead of fixed assets. Since its people are considered physical assets, it could allocate earnings to these individuals to create higher value for the firm that owns them.Theorists blame the companys manipulated accounts as the basis for its bankruptcy in 2001. Others (Barlev and Haddad 2004 Wamy 2004) blame it on the transition within the accounting framework. Barlev and Haddad (2004) attribute the shift of accounting practices due to the inclusion of the new paradigm of fair value accounting has increased the pace of reporting in firms. The authors in their research prove that the new paradigm improved full disclosure, transparency and management efficiency mandate s. However, the weak control system that governs accounts information contributed to jest at and manipulations. It has allowed Enron to sell its stakes to special purpose entities thereby minimizing reported activities. Since Enron took the position that as a result of the decrease in its ownership interest, it no eternal controlled SPEs and was not required to consolidate SPEs in its balance sheet. SPEs had been acquired through bank loans and debt issuance, which resulted in high debt to equity ratio, but hidden from the investors. As business transactions at Enron grew, the company is also confronted with its inability to pay for these transactions (Dodd 2002). Further, the company has also abused the fair value framework by using hedging instruments such as changing fair value of assets and liabilities, variable cash flows and foreign currency exposure to emphasize on its valuation (Barlev and Haddad 2004) by arrangement inaccurate revenue and earnings growth. Enron reported prices and recognized fictitious unrealized gains to account for pretax income worth $1.41 billion for the year 2000, which is attested by its auditors as universe true (Makkawi and Schick 2003).WorldComWorldCom (now MCI) is one of the largest distance phone companies in the US to declare bankruptcy in 2004. The reason had been accounting irregularities that equal to $11 billion. According to Scharff (2005) the companys declaration had been one of the largest accounting frauds in the US history. The author writes of the perpetrator as being the organizational structure, group processes and culture, which mitigate fraud that had become an integral part of WorldComs operations. WorldComs rationale for following a corrupt course of action stems from groupthink behaviour and competitive industry environment that pressurize members of the organization to make decisions to pursue fraudulent activities (Whyte 1989).Scharff (2005) traces the development of WorldComs bankruptcy and notes th at during the 1990s the company had been under strong pressure to maintain cash flows and earnings before interest. As the telecommunication industry is subjected to strict regulations, WorldCom executives resorted to fraud to allocate costs of capital as prepaid. Similarly, it also engaged in improper release of accumulations so as to reduce current year expenses to increase earnings. Not only this, the company also ensured that minor revenue entries are made to increase operating earnings (Scharff 2005). The finance and accounts department had been further by top management to engage in fraudulent behaviours (See Appendix 2) to cover for the invulnerable position the organization had been in.However, the most important issue had been when the company found out about loopholes in the GAAP that would support the entries the executives wanted to include. Through them, the company also managed to inflate cash flows for five quarters with the assumption that the company received cash flows from operations whereas most of its activities had been based on accruals.According to Tergesen (2002) the accounts manipulation engaged at WorldCom had been aimed at inflating consolidated cash flows to present a positive operation picture so that investors are attracted in buying its stocks to increase capitalization. Realizing that investors are risk averse, and avoid company stocks that raise cash through financings, such as debts or investment related activities such as assets, WorldCom managed to pose a positive and attractive picture through accounts manipulation. It managed to firm operations cash flows through securitizing, which is the selling of account receivables. Selling of receivables is recognized as cash collections, even though they are collected in the future. Although this practice is regular, the timing and the manner of entry makes it culpably the basis for accounts manipulation. Not only this, Tergesen also notes that WorldCom engaged in capitalizing e xpenses. This practice involves the capitalization of costs of assets in the balance sheet and writing it off as annual instalments. To compensate for the lack of cash, WorldCom also manipulated the GAAP rules of allowing cash raised through securities sales recorded in the cash from operations section, even though the activity is not related to cash flow. (Tergesen 2002).The motivation according to Zekany, Braun and Warder (2004) stemmed from the pressure to meet analysts and investors expectations. WorldCom had been closely connected with the stock market and a favourite of investors. To meet analysts forecast expectations, WorldCom used its public relation as guidance for meeting such expectations. These expectations are derived from earnings estimates, securities performance and market position of its stocks. WorldCom, pressured from the intensity of investment demand and analysts expectations, devised financial measures to meet the financial requirements. To increase the stock market value, the top executive had to engage in expansionary acquisitions, to increase revenue growth. At the same time the companys performance deteriorated along with the industry yet it had to prove that it performs above the others (Zekany, Braun and Warder 2004). The accounting department at WorldCom had become an important functional component under the directives of its executives engaged in accounts manipulation activities to boost E/R ratio. The authors explain that WorldCom adopted the line cost accruals system to compensate for the accrual revenue and the liability reported in the balance sheet. However, since the accrual system is highly risky, it is difficult to make provision for its accurate reportage. The pressure to meet up with the line cost accruals motivated executives to find creative accounting ideas to reduce and save costs. This approach would have been successful, however since the industry had been strived by deterioration, earnings could not be inflated to achieve the expected levels to portray a positive E/R ratio. E/R is basically a ratio to measure the return on business resources available to the management. It is similar to a measure of shareholder equity and management effectiveness. (Alexander 2001).RatiosFraudulent financial reporting has given new dimensions to corporate fraud. Both external and internal auditors are striving with the legal liability to detect fraudulent financial statements, so as to save damage to their professional reputation and to prevent public dissatisfaction (Kaminski and Wetzel 2004). Previously professionals relied on the efficiency of ratios to detect expectation errors to make decision pertaining to stock prices, risks and value of stocks for future growth. Subsequent decisions are based on the credible reportage. Investors, borrowing institutions and the public, use accounting ratios to predict returns or performance. Ratios rely on earnings and book value to measure a firms value. Performance is predicted by a cross-sectional aggregate and indicators from figures in the financial statements. Investors use strategies such as fundamental ratio analysis, accruals analysis and fundamental value analysis, to account for their decisions and treatment of investment portfolios. However, Daniela, Hirshleifer and Teohb (2001) are of the view that these strategies are not effective predictors of future stock returns. They writeEarnings reported on firms financial statements differ from cash flows by accounting adjustments known as accruals. These are designed in principle to reflect better economic circumstanceshigh accruals predict negative long-run future returns. (Daniela, Hirshleifer and Teohb 2001)This strategy is affected by the discretionary working capital accrual and new equity. This is so because investors are fixated by earnings numbers. Consequently they tend to underestimate other accrual factors.Similarly, the authors also note that the fundamental value analysis str ategy to predict future stock returns, relies on stock prices from an imputed value based on a fundamental value model (Daniela, Hirshleifer and Teohb 2001). Even in this model the discounted value of expected future residual earnings are defined in the context of normal return employed in future years. In re

The Working Principle of Milling Machines

The clearing Principle of Milling MachinesIn previous chapter, the literature review arrange and objective of present work has been discussed. This chapter introduces the unfit background of response open air methodology, introduction of mill implement, crookting of import, mill sculptor taxonomy, machining parameters, chip thickness formation and mill around machine parameters which influence the sur spunk disarray2.1 BACKGROUNDAs an central subject in the statistical design of experiments, the Response Surface Methodology (RSM) is a collection of mathematical and statistical proficiencys useful for the modeling and analysis of harms in which a response of interest is influenced by several variables and the objective is to optimize this response RSM also quantifies dealings among champion or more measured responses and the vital input factors. The DOE++ softw be was apply to develop the untried plan for RSM. The like softw ar has also used to analyze the data collected .After analyzing each response, multiple response optimization technique have performed, either by inspection of the interpretation plots, or with the vivid and arithmetic dicks provided for this purpose. It has menti bingled previously that RSM designs also help in quantifying the dealings between one or more measured responses and the vital input factors. In hallow to determine if on that point stay alive a relationship between the factors and the response variables investigated, the data together must be analyzed in a statistically sound manner using regression. A regression is performed in order to describe the data unruffled whereby an observed, empirical variable (response) is approximated based on a functional bond between the estimated variable, yest and one or further regress or or input variable x1, x2,, xi. The least squ are technique is being new to fit a model equation containing the said regressors or input variables by minimizing the residual error measured by the gist of square deviations between the actual and the probable responses. This involves the calculation of estimates for the regression coefficients, i.e., the coefficients of the representation variables including the intercept or constant term. The calculated coefficients or the model equation drive to however be tested for statistical implication.2.2 MILLING MACHINE2.2.1 IntroductionMilling machines was first invented and real by Eli W gain groundney to mass construct interchangeable musket part. Although makeshift, these machines aid man in maintain exactness and uniformity while duplicating parts that sewer not be manufactured with the use of a file. Development and feeler of the milling machine and components continuous, which resulted in the manufacturing of heavier arbors and high rush steel and carbide cutlerys. These components allowed the operator to remove metallic element more rapidly, and with more accuracy, than prior machines. Variations of milling machines w ere also developed to perform special milling operations. During this era, computerized machines has been developed to alleviate error and provide better.Milling are perhaps the most versatile machining operation and most of the shapes can be gene positiond by this action. Unlike turning, shaping and drilling tools, the milling tool possesses a large number of savage racinesss. Milling is the process of machining flat, curved, or hunched come out of the closets by going the work character against a rotating woodcarver containing a integer of slice edges. The milling machine consists basically of a motor control spindle, was mounts and revolves the milling cutter, and a reciprocate regulating worktable, which mounts and feeds the work piece.Milling machines are basically classified as vertical or horizontal. These machines is also classified as knee-type, ram-type, manufacturing or bed type, and planer-type. Most milling machines has self-contained exciting drive motors, coo lant systems, variable spindle speeds, and power operated table feeds.Milling machines play an significant use in most machine shops, machining metals to various shapes and sizes by means of a revolving groovy tool or tools having a number of cutting edges called teeth. Such tools has know as milling cutters or mills. In order to machine numerous configurations in a milling machine, man have developed various types of milling cutters to fit the necessary requirements. Most milling cutters has made of high speed steel some employ the utilize of carbide teeth and inserts.20The working principle, employed in the metal removing operation on a milling machine, is that the work has rigidly clamped on the board of the machine, or held between centers, and revolving multi-teeth cutter mounted moreover on a spindle or an arbor. The cutter revolves at a fairly high speed and the work fed leisurely past the cutter as shown in figure. The work can be fed in a vertical, longitudinal or cross direction. As the work advances, the cutter-teeth do away with the metal from the work resurrect to produce the desired shape. 21Figure2.1 Working Principle of milling operation 212.2.2 Milling Cutter NomenclatureFigure 2.2 shows two views of a communal milling cutter with its parts and rakes acknowledged. These parts and weights are car park to all types of cutters in some form. The pitch refers to the angular distance between like parts on the adjoining teeth. The pitch is unwavering by the number of teeth. The tooth face is the forward facing surface of the tooth which forms the cutting edge. The cutting edge can the angle on each tooth which performs the cutting. The field is the fine surface behind the cutting edge of each tooth. The rake angle is the viewpoint formed between the face of the tooth and the centerline of the cutter. The rake angle defines the cutting edge and provides a path for chips that have cut from the work piece. The primary clearance angle is the vie wpoint of the estate of each tooth, measured from a line tangent to the centerline of the cutter at the cutting edge. This angle prevents every one tooth from rubbing against the work piece after it makes its cut. The secondary go-ahead angle defines the land of each tooth and provides supplementary clearance for the passage of cutting oil and the chips.Figure 2.2 The two views of a common milling cutter with its parts and angles identified. 21The hole diameter determines the size of arbor that is essential to mount the milling cutter. A keyway was present on all arbor-swelling cutters for lock the cutter to the arbor. Plain milling cutters that has more than 3/4 inch in comprehensiveness can usually made with spiral or verticillate teeth. A plain spiral-tooth milling cutter produces a better and smoother draw to a close, and requires less power to operate. A plain helix-tooth milling harvester is especially desirable where an jagged surface or one with holes in it have to be mi lled. The teeth of milling cutters are either right-hand or left-hand, viewed from the back of the machine. Right-hand milling cutters cut when rotate clockwise left-hand milling cutters cut when rotated counterclockwise.Saw teeth Saw teeth are whichever straight or helical in the smaller size of plain milling cutters, metal slitting saw milling cutters, and closing stages milling cutters. The cutting edge is usually habituated about 5 primary clearance angle. Sometimes the teeth have provided with offset nicks which shatter up the chips and make coarser feeds bright.Formed Teeth Formed teeth can usually specially made for machining unbalanced surfaces or profiles. The possible varieties of formed-tooth milling cutters are more or less unlimited. Convex, concave, and corner-rounding milling nail clippers are of this type.Inserted Teeth Inserted teeth had blade of high-speed steel inserted and rigidly held in a blank of machine steel or envision iron. unlike manufacturers bring in to play different methods of holding the blades in place. Inserted teeth are more cost-effective and convenient for large-size cutters be showcase of their reasonable initial cost and because have on or broken blades has be replaced more easily and at less price tag2.2.2.1 Recommended Angles for Milling CutterThe angle between the face and the land of the cutter tooth is called lip angle ().Its value depends upon the determine of rake and relief angles. A larger lip angle ensures a brawny tooth. As such, the assay should be to keep it as large as practicable. This is particularly chief while milling harder metals and when deeper cuts to be employed. Cutters having helical teeth are made to contains a helix angle between 10- (degree) and 50- (degree) the recommended values of principal angles are given in the table 19Table 2.1 Recommended Angles for Milling Cutter 21MaterialRecommend values in degreeRake angle(degree)Relief angles(degrees)H.S.S ToolsStellite ToolsCemented carbid esCast iron(Soft)10-156-83-64-7Cast iron(Hard)103-60-34-7Mild steel10-153-60-(-5)3-5Aluminum alloys20-3010-1510-2010-15Brasses and Bronzes10-1252-310-15Mg.alloys20-3015-2015-2010-122.2.3 Machining Parameters2.2.3.1 Selection of SpeedThe approximate standards given in may be used as a guide for electing the proper cutting speed. If the operator finds that the machine, the milling cutter, or the work piece cannot be handle suitably at these speeds, instantaneous readjustments shouldcan be made. If carbon steel cutters have used the speed should be about one-partially the recommended speed in the table. If carbide-tipped cutters are used, the speed could be doubled. If a bountiful supply of cutting oil is theoretical to the milling cutter and the work piece, speeds can be increased 50 to 100 percent. For roughing cuts, a moderate speed and coarse feed often give best results for last cuts, the best practice is to reverse these conditions, by means of a higher speed and lighter feed.The formula for manipulative spindle speed in revolutions per minute is as followsWhere, Spindle speed (in revolutions per minute). Cutting speed of milling cutter. Diameter of milling cutter (in inches)2.2.3.2 Selection of FeedThe rate of feed, or the speed at which the work piece pass the cutter, determines the time mandatory for cutting a job. In selecting the feed, there are several factors which should be well thought-out are as followsForces are exerted against the work piece, the cutter, and their property devices during the cutting process. The bear on exerted varies directly with the amount of metal unconcerned and can be regulated by the feed and the depth of cut. Therefore, the wrong amount of feed and depth of cut have interrelated, and in turn are dependent upon the rigidity and power of the machine.The feed and depth of cut also depend upon the type of milling cutter being used. For example, deep cuts or foul-mouthed feeds should not be attempted when using a small diam eter end milling cutter, as such an attempt would spring or break the cutter. Coarse cutters with muscular cutting teeth can be fed at a faster rate because the chips may be washed out more without problems by the cutting oil.The feed of the milling machine may be selected in inches per minute or millimeters per minute the milling feed has determined by multiplying the chip size (chip per tooth) desired, the integer of teeth on the cutter, and the revolutions per minute of the cutter. Example the formula used to hit upon the work feed in inches per minuteWhere Feed rate in inches per minute Chip pert tooth Number of teeth per minute of the milling cutterFigure 2.3 shows the path of feed during the cutting operation. It is usually regarded as standard practice to feed the work piece against the milling cutter. When the piece is fed line up with the milling cutter, the teeth cut under any weighing machine on the work piece surface and any backlash in the feed screw is wasten up by t he weakness of cut. As an exception to this recommendation, it is advisable to feed with the milling cutter, when cutting off accumulation, or when milling comparatively deep or long slots. The direction of cutter rotation had related to the behavior in which the work piece is held. The cutter should rotate so that the piece springs away from the cutter then there will be no predisposition for the force of the cut to loosen the work piece. No milling cutter should be rotated toward the rear as this will break the teeth. Never revolutionize feeds while the cutter is rotating.Figure2.3 Direction of Feed during machining operation 212.2.4 Chip composition in Milling OperationThe scheme of chip formation during plain milling using a straight cutter is explained in figure 2.4. The cutter has a diameter and the depth of cut provided by. When milling is done straight-edge cutter, the operation is orthogonal and the kinematics of chip formation is shown in figure 2.4. Since all the cutting edges take part in machining, a study of the process is facilitated by considering the action of only a single tooth. If is the feed velocity of the table in mm/min, the effective feed per tooth in mm will be, where is the cutter rpm and is the number of teeth in cutter. The material removal rate per unit width of the job is given by. It is clearly seen from figure that the thickness of the uncut material in front of cutting edge increases gradually, reaching a maximum contiguous the surface and again drops to zero quickly. If the feed velocity is small as compared with the circumferential velocity of the cutter, thenFigure 2.4 Details of chip formation 22Where is the angle included by the contact arc at the cutter center O in radians. Now, considering the triangle OAT, we haveHence,Neglecting the higher order harm in as it is normally very small. Using this value of in the expression of the maximum uncut thickness, we getIt is obvious that when cutting with a straight cutter, th ere is no component of the cutting force on the straight cutter axis. The average uncut thickness can be taken as half(prenominal) of the maximum value. Thus,From the above equation show that when the depth of cut increases, the chip thickness increases so that increases the cutting resistance and the amplitude of vibrations. As a result, cutting temperature also rises. Therefore, it is expected that surface quality will deteriorate. When the feed rate increases, the chip thickness increases so that increases in cutting force and vibration.2.3 SURFACE cruelness PARAMETERSSurface roughness is an chief factor when dealing with issues such as friction, lubrication, and wear. It also have a major impact on application involving thermic or electrical confrontation, fluid dynamics, noise and vibration control, dimensional tolerance, and abrasive processes, among others. The resultant roughness fashioned by a machining process can be thought of as the amalgamation of two independent qua ntitiesIdeal roughness Ideal surface roughness was a function of feed and geometry of the tool. It represents the best promising finish which can be obtained for a given tool shape and feed. It can be achieved only if the built-up-edge, chatter and inaccuracies in the machine tool activities are eliminated completely. For a sharp tool without nose radius, the maximum height of dis equipoise is given byRmax = f/(cot + cot )Here f is feed rate, is major cutting edge angle and is the inconsequential cutting edge angle. The surface roughness assessment is given byRa = Rmax/4Idealized model of surface roughness have been without a doubt shown in Figure 2. 5. Practical cutting tools was usually provided with a rounded corner, and figure shows the surface produced by such a tool under ideal conditions. It can be shown that the roughness assessment is personally related to the feed and corner radius by the pursuit expressionRa=0.0321 f 2/rWhere, r is the corner radius.Figure 2.5 Idealiz ed Model of Surface Roughness 20Natural roughness In practice, it is not usually possible to achieve environment such as those described above, and normally the natural surface roughness forms a outsized proportion of the actual roughness. One of the main factors causative to natural roughness is the occurrence of a built-up edge and vibration of the machine tool. Thus, superior the built up edge, the rougher would be the surface produced, and factors tending to reduce chip-tool friction and to eradicate or reduce the built-up edge would give improved surface finish.The Principal fundamentals of surfaces are as followsSurface The surface of an object is the boundary which separate that object from another substance. Its shape and extent has usually defined by a drawing or descriptive specifications.Profile It is the form of any specified section through a surface.Roughness It was defined as closely spaced, irregular deviations on a scale smaller than that of waviness. Roughness may be superimposed on waviness. Roughness is uttered in terms of its height, its width, and its distance on the surface along which it is preciseWaviness It is a recurrent deviation from a flat surface, much like impression on the surface of water. It is measured and described in terms of the freedom between adjacent crests of the waves (waviness width) and height between the crests and valleys of the impression (waviness height). Waviness can be caused byDeflections are tools, dies, or the work piece,Forces or temperature sufficient to cause warp,Un flush lubrication,VibrationAny intermittent mechanical or thermal variations in the system duringManufacturing operations.Flaws Flaws, or defects, are random irregularities, such as scratches, crack, holes, depressions, seams, moan, or inclusions as shown in Figure 2.5 come out Lay or directionality is the direction of the predominant surface pattern and was usually noticeable to the naked eye. Lay direction have been shown in Figure 2.5Fi gure 2.6 Surface Characteristics 202. 3.1 Factors Affecting the Surface FinishWhenever two machined surfaces come in make contact with with one another the quality of the mating parts the stage an important role in the performance and wear of the mating parts. The height, shape, arrangement and track of these surface freakishness on the work piece depend upon a number of factors such asThe machining variables which affect the surface roughness has spiteful speed, feed and depth of cut.The factors of tool geometry which affect to achieve surface draw to a close are nose radius, rake angle, side cutting edge position, cutting edgeWork piece and tool material combination and their mechanical propertyQuality and type of the machine tool newAuxiliary tooling, and lubricant second-handVibrations connecting the work piece, machine tool and cutting tool.2.3.2 Factors Influencing Surface Roughness in Milling MachineThe various factors which influence surface roughness of work piece in the m illing machine areDepth of cut escalating the depth of cut increases the cutting resistance and the amplitude of vibrations. As a result, cutting temperature also rises. Therefore, it has expected that surface eminence will deteriorate.Feed Experiments show that as feed rate increase surface roughness also increases due to the increase have cutting force and vibration.Cutting speed It is found that an increase of cutting speed generally improves surface eminence.Engagement of the cutting tool This factor acts in the same way as the distance downward of cut.Cutting tool wears The irregularities of the cutting edge due to wear are reproduce on the machined surface. Apart from that, as tool wear increases, other dynamic phenomena such as unwarranted vibrations will occur, thus further deteriorating surface quality.2.4 CONCLUDING REMARKSIn this chapter, the working principal of milling machine is presented. The categorization of milling cutter with its parts and angles are presented. Ma chining parameters which affect the surface roughness, chip thickness formation and factors influence surface roughness in milling machine are also presented in this chapter.

Into the Lions Mouth :: China Chinese Culture Papers

Into the Lions Mouth It is the last Saturday in September and the Brown University king of beasts dance team is about to per sort. Eleven students sit on the floor of Leung Gallery. The nine team members walk to the front of the room, seven Chinese, two Caucasian. Each wears a shirt bearing a dispirited and white lion design on the front and the words Brown Lion Dance emblazed across the back. The boys who result make up the two lions - Grant, John, Chris and Michael - wear bright yellow pants with orange and gold tassels encircling each leg, meant to mimic fur. The instrumentalists, Cisco and Larissa, wear black pants and black shoes, and Peter Quon, the teaser, sports a navy blue silk ensemble reminiscent of a rich mans pajamas. He dons a mask made of bright lacquered peach paper mache, with pink dots for cheeks, ruby red lips and thick, black eyebrows. He will signal the lions into place for each stunt. The four boys disappear underneath the heads and tails. The teams mas ter Brian Fong welcomes the freshmen, but keeps his remarks brief. He cant convey this magic - this magic that keeps him and his team here, week after week, year after year - with words. Brian and the team members move into place. Cisco raises his drumsticks and brings them tidy sum hard on the drums. The cymbals crash. The performance begins. Historians trace Chinese lion dancing back to a band of roving Persians who traveled to China via the Silk Road during the Tang Dynasty (618- 906 A.D.). They performed their Nevruz ( impudent Day) festival for the emperor who, like his people, had never seen a lion before. The Persians dance pleased the emperor so much that he ordered the lion to be incorporated into the most important of Chinese festivals, the Harvest Moon and New Years celebrations. The Chinese, however love to tell another story of how this art form came to be the Legend of the Nien. In ancient times, a creature called the Nien roamed throughout China, devouring man and be ast. News of these atrocities reached a remote mountain village and prompted its inhabitants to try on protection from the mighty lion. When the Nien finally stormed into the village, the lion intercepted him and the two beasts fought a terrible battle. The lion emerged victorious and the wounded Nien slunk away into the shadows of the forest, vowing to return in exactly star year to exact vengeance.

The Importance Of Theoretical Frameworks For Understanding Foundations :: essays research papers

The Importance of Theoretical Frameworks For Understanding Foundations ofPolitical ScienceThe importance of theoretical fabrics is essential for understandfoundations for political science. The definition of the word framework is a guess which can be used as a lens to look at a fit out of facts. (E.g., journalistlook at a set of facts that tell a story of what happened). These frameworksin political science help build a strong foundation and advocate a precise senseof racial balance in the political arena. A social scientist tries to organizea set of facts into systemic theoretical passion. The Social scientists aretrying to accomplish the facts they create can be used to explain a theorythat can be applied to other sets of facts. The importance of these frameworkshelps people gather important information and compare and contrast theirdifferent strengths and weaknesses.The first traditional and most dominant framework to examine is Pluralism.Pluralism can generally be defined as group politics in a free market society.Pluralism takes its roots from the founding of the nation. pile Madison sawthe United States as a stronger nation if there was conflict rather than aconsensus. Madison points out in Federalist 10 that citizens would be dividedinto many factions that would compete for benefits. The chief cause of divisionwhen Madison wrote this was economics in origin, but now race has emerged as a major factor in dividing American society. Robert Dali founder of Pluralismmodernizes Madisons theory into theory of American democracy to incorporateinto the theory of pluralism.Pluralism explains minority group politics in a process that attempts to showthe strength of groups in the minority. In pluralism the theory assumes thatthere are non-cumulative inequalities in American politics. These inequalitieswould mean no group would be on the minority of a law being passed every timeand that no group dominates every time either. The second part of the pluralismtheory suggests that there is a multiple power center. A definition of multiplepower center is when a minority group is denied access to influence one branchof government activity but may be able to influence politics or policy change in anotherpart of the arena. Example, a group may be unable to pursue its goals ofinfluence of the legislative branch but it might be able to influence theexecutive branch. The third assumption of the pluralist theory is non-cumulative groups have a number of political resources at their disposal. If agroup does not have financial means it might make up for it numbers at theelection booth.

Audio Format Wars :: essays research papers fc

Audio Format Wars          Before buying a sore car, acquire married, or adopting a new audio formatit is wise to ask a few questions, peer under the hood, and ask the advice ofsomeone you trust. Will the new format satisfy your needs not only now but,also in the future? Will it look (and sound) as good on only the mornings afteryou first met?     The analogue cassette is an old and rely versatile friend that wentwith you on those morning jogs and cruised in the car with you on Friday nights.However, the powers that be, have declared our trusted friend to be in the lastphase of the life cycle. Its successor must sound better, work better, andhave new features such as a digital display for song titles. There arecurrently two formats competing to be the consumers next choice for sound on thego. They are Philips Digital blockheaded Cassette (DCC) and Sonys Mini Disc (MD).What exactly is digital recording? The definition i s, "An electronicformat that is designed to duplicate sound, while affording extremely accuratecontrol everyplace any changes you might wish to make in the recording" (Mclan &Wichman,1988). In simple terms it means that the digital circuitry samples thesignal and then reproduces what it has seen. The flavor of the recordingdepends on the sampling rate of the machine. The sampled signal is then encodedto the tape or disc in 1s and 0s, just like a computer plough drive would encodeinformation. However, the biggest advantage of digital recording is the factthat it eliminates tape "hiss" that is usually found present in analoguerecordings.     In the Eighties, a Philips invention captured the limelight. TheCompact Disc introduced us to a new era of digital sound, or "perfect sound."In the nineties another Philips invention has interpreted centre-stage, the DigitalCompact Cassette (DCC). DCC is the marriage of the analogue cassette to Dig italAudio. Together they form a union that combines perfect sound, high convince andgreater versatility. " DCC is a strong suit on which audio information is digitallyencoded and which reproduces CD quality sound" (Philips Electronics, Sound &Vision, 1995). A number of features have been incorporated into DCC tapes anddecks to achieve CD like sound and convince. DCC decks can locate a chosentrack on either side of the tape because track and time codes are put down onthe tape. This combined with autoreverse, which is standard on all DCC decks,makes track access effortless but, not as fast as a CD. Another irresistiblefeature of DCC is the text mode.

Broken Angel :: essays research papers

Broken backer by Francine Pascal Broken Angel by Francine Pascal is a story about Angel Desmond who is at the racetrack and has gambled away every(prenominal) of his money. His girlfriend Tia Ramirez and her friend Conner McDermott are looking for him. They find him at the racetrack and Tia digests very hot with Angel when she finds out he has lost all of his money. Angel dreads telling his parents, because he lost his whole savings account which was for college. He graduated random variable El Carro is supposed to go to Stanford in the spring. His parents are really excited about it.Angel stayed up late that night thinking about what happened. The next forenoon his florists chrysanthemum offers to take him to get a small refrigerator for his dorm room at Stanford. He cannot take the pressure anymore so he tells his parents he does not have any money. Then he tells them what happened and they are very disappointed in him. His novice fires him from his job at the garage that his father owns. Tia and Conner meet ant the caf and try to think of ways to help Angel. Finally when everything seems hopeless Conner thinks of a cheeseparing idea. Conners mom is in all kinds of charities that give out scholarships at the end of school. Conner said he would ask his mom to put in some good words for Angel. Conner goes to ask his mom to help Angel. He is very nervous because she is usually drunk. She is an alcoholic. He finally gets his nerve up and knocks on her bedroom door. He walks in and she is cleaned up and sober. It was a big shock to Conner. His mom calls a few people for Angel and makes a few dinner dates.Tia goes to Angels house to tell him the good news. He comes to the door smiling from ear to ear. He said he has got good news for her. She tells him the news about Conners mom trying to get him a scholarship. He tells her tell Conner to just forget it. He is not going to college. He tells Tia he is going to stay with her. She tells him he cannot because he has worked so hard to go to Stanford. He then tells Tia she does not love him because she is pushing him away.

The Decline of Literacy Essay -- Argumentative Persuasive Topics

An decline has occurred in the amount of time modern lot spend reading. The loss of interest in teenagers for reading has resulted from the invention of the moving picture. No longer do teenagers open their imaginations to create a vision of stories represent in books. The visions subscribe already been provided for them in the forms of movies, video games, and television. A common pastime for teenagers is movie watching. Every weekend, and occasionally week nights, one can muster hundreds of young people at movie theaters. Great stories that were once only obtainable through reading have been made into movies, attracting millions of young people to watch. I recently went to see the movie remake of Stephen Kings book The Green Mile. I had beforehand read the book. To me, the movie did not accurately portray Kings book. Most of the young people I asked to compare the movie and the book told me they had never even heard of the book version of The Green Mile. I found the fact that movies have replaced the thrill of reading for teenagers very discouraging. Video games ar...