The Trouble with Accounting Terminology 2019

When I was eight years old, my father, who never completed college, decided to better himself by taking an accounting course at the local community college. He got so frustrated with it, and struggled with it so much that one day he was in his study and he just let out this holler and threw the accounting textbook across the room. Then again, maybe it was Calculus he was taking, not accounting. Whatever. Either way they are both awful and often necessary evils for the college student. I inherited my fathers artistic flair and numerical impairments, and so I too have trouble understanding the world of accounting. Especially their terms. It is, however, ironic how these terms can cross over to us creative folks who cannot crunch numbers or financially map out a corporation to save our lives. Some examples of this are listed below*, sure to get a cringe or a chuckle out of any accounting student. A Misstatement is Inconsequential If a reasonable person would conclude after considering the possibility of further undetected misstatements that the misstatement either individually or when aggregated with other misstatements would clearly be immaterial to the financial statements. If a reasonable person could not reach such a conclusion regarding a particular misstatement, that misstatement is more than inconsequential. .ubbe00b7ca5dcbda041ab565871915ca8 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#eaeaea; border:0!important; border-left:4px solid #34495E!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .ubbe00b7ca5dcbda041ab565871915ca8:active, .ubbe00b7ca5dcbda041ab565871915ca8:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .ubbe00b7ca5dcbda041ab565871915ca8 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .ubbe00b7ca5dcbda041ab565871915ca8 .ctaText { font-weight:bold; color:inherit; text-decoration:none; font-size: 16px; } .ubbe00b7ca5dcbda041ab565871915ca8 .post Title { color:#000000; text-decoration: underline!important; font-size: 16px; } .ubbe00b7ca5dcbda041ab565871915ca8:hover .postTitle { text-decoration: underline!important; } READ A Master's Degree in Criminal Justice ManagementThis is easy to understand. Basically all it is saying is that if a person lies to you once, chancesare they will lie again. I have had friends and lovers that I can say are representatives of a misstatement that is inconsequential. What does this have to do with accounting? This is everyday social reality, baby. Adjusting Journal Entry An accounting entry made into a subsidiary ledger called the General journal to account for a periods changes, omissions or other financial data required to be reported in the books. While I am not quite sure what this means in accounting, I can tell you that there are a lot of adjusted journal entries in my life. There is plenty of financial data that has been required to be reported into our checkbook balancer and through receipts that I should have, but when it comes right down to it, I dont want my husband to know where I spend some of our money. He would go through the roof and never let me go to Macys again. Marriage has a general journal. There is nowhere that states that we have to actually use it all of the time. .u659790265e377cba1fb706da409e56d7 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#eaeaea; border:0!important; border-left:4px solid #34495E!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .u659790265e377cba1fb706da409e56d7:active, .u659790265e377cba1fb706da409e56d7:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u659790265e377cba1fb706da409e56d7 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u659790265e377cba1fb706da409e56d7 .ctaText { font-weight:bold; color:inherit; text-decoration:none; font-size: 16px; } .u659790265e377cba1fb706da409e56d7 .post Title { color:#000000; text-decoration: underline!important; font-size: 16px; } .u659790265e377cba1fb706da409e56d7:hover .postTitle { text-decoration: underline!important; } READ Bachelor of Science in Criminal Justice Working Professionals in Iowa Find Convenience at Kaplan UniversityAssertion Explicit or implicit representations by an entitys management that are embodied in financial statement components and for which the auditor obtains and evaluates evidential matter when forming his or her opinion on the entitys financial statements. Again, my husband may form an opinion on our financial statement, but that wont stop me from shopping. He can be as assertive as he wants, that doesnt stop the end of summer sales. Balance Sum of DEBIT entries minus the SUM of CREDIT entries in an ACCOUNT. If positive, the difference is called a DEBIT BALANCE; if negative, a CREDIT BALANCE. In laymans terms, we all have to find our balance in life. Some people owe us big time, and others we are eternally indebted to. You win some, you lose some, and we all just need to be okay with who we are in the end. .u0508b6d6e5cc71c202ba720fd1ed83cf { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#eaeaea; border:0!important; border-left:4px solid #34495E!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .u0508b6d6e5cc71c202ba720fd1ed83cf:active, .u0508b6d6e5cc71c202ba720fd1ed83cf:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u0508b6d6e5cc71c202ba720fd1ed83cf { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u0508b6d6e5cc71c202ba720fd1ed83cf .ctaText { font-weight:bold; color:inherit; text-decoration:none; font-size: 16px; } .u0508b6d6e5cc71c202ba720fd1ed83cf .post Title { color:#000000; text-decoration: underline!important; font-size: 16px; } .u0508b6d6e5cc71c202ba720fd1ed83cf:hover .postTitle { text-decoration: underline!important; } READ 10 Job Tips for New GradsI dont need to be an accountant to see how these terms still apply to me in my every day life. They cross over just fine. And who says I needed to be a business major to comprehend the terms to todays business professionals? * All accounting definitions come from New York State Society of CPAs. www.nysscpa.org Related ArticlesYou and a Career in AdvertisingPersonal Financial Planning CoursesAccounting Training Can Add Up to a Brighter Future for YouA Career in Accounting Can Really Add UpAfter the Management MBAWhy College Students Fail

Treatment Of Metastatic Squamous Non Small Cell Lung Cancer

Opdivo (nivolumab) Opdivo (nivolumab); Bristol-Myers Squibb; For the treatment of metastatic squamous non-small cell lung cancer, Approved March 2015 WEDNESDAY, March 4, 2015 (HealthDay News) -- U.S. Food and Drug Administration approval of Opdivo (nivolumab) has been expanded to include advanced non-small cell lung cancer (NSCLC), the agency said Wednesday in a news release. Lung cancer is the leading cause of cancer death in the United States, having been diagnosed more than 224,000 times and causing more than 159,000 deaths in 2014, the FDA said. NSCLC is the most common type, affecting seven of eight people with lung cancer. Opdivo inhibits a protein that prevents the immune system from attacking cancer cells, the agency said. The drug is sanctioned for people who have been treated with platinum-based chemotherapy. Opdivo was clinically compared to another anti-cancer drug, docetaxel, in a study involving more than 270 people with NSCLC. People who received Opdivo lived an average of 3.2 months longer than people given docetaxel, the FDA said. The most common side effects of Opdivo are fatigue, shortness of breath, muscle and bone pain, loss of appetite, cough, nausea and constipation. More severe adverse effects included immune reactions involving healthy organs, including the lungs, colon, liver, kidneys and hormone-producing glands. Opdivo was approved previously to treat advanced melanoma among people who don t respond to other medicines. ( FDA Expands ApprovedShow MoreRelatedAnatomy Carcinoma Of Lung / Skull Metastasis1226 Words   |  5 PagesStudy-Anatomy-Carcinoma of lung w/ skull metastasis Abstract Squamous cell carcinoma represents 30% of all lung carcinomas. A carcinomas is cancer that appears in the epithelial tissue. Epithelial tissue is mostly found in the lining of your organs, like the esophagus. Squamous cell carcinoma, or SqCc for short, is known to produce malignant tumours in the brain parenchyma. There has been a case of SqCc that has impacted the parietal bone. An 80 year old Australian man was admitted with a rare form of metastatic carcinomaRead MoreMonoclonal Antibodies Are An Essential Tool For Medicine1787 Words   |  8 Pagesantibody which is created from identical immune cells that happen to be clones from a unique parent cell. Typically, monoclonal antibodies are the product of the fusion between a mouse’s spleen cells injected with desired antigens and myeloma cells. These fused hybrid cells are able to work together due to the spleen cell providing hypoxanthine-guanine-phosphoribosyl transferase (HGPRT), while the myeloma cell has traits that are similar to a cancer cell that makes it immortal. This mixture createsRead MoreHow Metastasis Is An Complex Process1570 Words   |  7 Pagesprocess. A sequence of steps is executed by a cancer cell to successfully form distant colonies at a secondary site. Typically, cancer cells escape from the primary tumour, b reak through basement membrane and invade surrounding tissues, encounter the circulatory system and/or lymphatics and travel to distant sites. Finally, they are arrested in small capillaries while being able to grow and form new tumours.[1] Tumour cells acting through this multistep metastatic cascade need to acquire some communicationalRead MoreEssay about Lung Cancer1455 Words   |  6 PagesCancer of the lung was nearly nonexistent in the early 1900’s. By the middle of the 20th century an epidemic became apparent throughout the United States and the rest of the world. It is primarily correlated with the widespread abundance of cigarette smoking in the world. The tobacco industry has multiplied its production immediately prior to World War I. There was a typical 20 to 30 year lagging period between the initiation of cigarette smoking and the actual tumor formation in the lungs. LungRead MoreFda s Recent Approvals Of Pd 1 Pathway Drug Treatments1010 Words   |  5 Pagesdr ug treatments The mechanisms observed from various preliminary studies have led researchers to determine that antibody mediated blockade of the PD-1/PD-L1 pathway should have positive effects on tumor regression. This has led to the development of various drugs to target the PD-1/PD-L1 pathway. In the last decade, checkpoint inhibitory drugs have been utilized to increase cancer survival rates by blocking the PD-1--PD-L1 pathway interactions . By blocking this pathway, various immune cells suchRead MoreCase Study : Lung Cancer2501 Words   |  11 PagesPatho Case Study #1 Chapter 16 – Lung Cancer Follow rubric and provide the information Answer questions 1,4,5,6,10,11,12,14 Utilize your resources such as your text and the Welch library online for UpToDate. Look at the example case for format Case Study Evaluation Criteria I. Overview of Case and Pathophysiology (45 points) Pathogenesis: The case study identifies a given disease. How does this disease process evolve? Describe the sequence of cellular and tissue events that takeRead MoreA Study On Lung Cancer1329 Words   |  6 Pagesman which recently has been diagnosed with Metastatic Lung Cancer. Lung cancer itself accounts for killing an estimated 1.5 million people annually worldwide (Keshamouni, et.al, 2009). Lung cancer is divided into two major types: Non-small-cell cancer which includes these types of cancers; adenocarcinoma, squamous cell and large-cell, these all account to 80% of cases. The second major type is the Small-cell lung cancer which includes these cancers; oat cell, intermediate and combined, all of whichRead MoreUnusual Presentation Of Metastatic Sebaceous Carcinoma2680 Words   |  11 PagesCASE REPORT Unusual presentation of metastatic sebaceous carcinoma and its response to chemotherapy: is genotyping a right answer for guiding chemotherapy in rare tumours? V. Kumar MD* and Y. Xu MD PhD†  METASTATIC SEBACEOUS CARCINOMA: PRESENTATION AND CHEMOTHERAPY, Kumar and Xu Correspondence to: Vivek Kumar, Department of Medicine, 4802 10th Avenue, Floor 3, Maimonides Medical Center, Brooklyn, New York 11219 U.S.A. E-mail: vivkumar@maimonidesmed.org :: DOI: http://dx.doi.org/10.3747/co.22.2467Read MoreThe Expression Of Empiric Classic Emt Structural And Mesenchymal Biomarkers1466 Words   |  6 Pagesactivation, and also vascular changes, in matching large and small airways from smoking (current or recently quit) patients with airflow obstruction (CAL). We have previously demonstrated that in large airway biopsies from smokers compared to normal control tissue, epithelial activation, EMT biomarkers and related classic structural changes are highly expressed, and that these changes are greatest in those with COPD [12]. Here we show that small airways from this group of CAL patients also demonstratedRead MoreLung Cancer1571 Words   |  7 PagesLung cancer is the most commonly diagnosed cancer in the world, according to the World Health Organisation. In the UK, it s the second most-frequently occurring cancer among men (after prostate cancer), accounting for 1 in 7 new cases, and the third most -frequently diagnosed cancer in women (after breast and bowel cancer) accounting for about 1 in 9 new cases. However, numbers have dropped considerably in recent times, by about 16% in the last decade alone. Dr Patrisha Macnair last medically reviewed

Ancient Lineage, The Yamato Dynasty Essay Example For Students

Ancient Lineage, The Yamato Dynasty Essay The ancient lineage of Japanese Yamato Emperors have ruled with diverse layers of power for centuries. Cultural and social changes affected the political influence and power of the Sun Line dynasty. But, because of the religious aspects of the divine authority of the emperor, the dynasty was manipulated for political legitimacy instead of being totally annihilated. Thus, the dynasty has survived from the legendary Jimmu in 660 to the present day 125th Emperor Akihito. Shinto, the native religion of Japan, defines the emperors authority in Japan. The fundamental document of Shinto is the Kojiki, (Record of Ancient Matters). The Kojiki consists of an account of Japan from its creation to approximately the year A.D. 500, plus additional genealogical data about the imperial family for the next century.# Written in 712 and considered one of Japans earliest remaining works, the Kojiki establishes the Yamato imperial kami as the dominant kami of Japan, which, correspondingly substantiates the royal authority. The kami is a polytheistic host that, on the one hand animistically inhabits nature and, on the other hand, is intimately associated with people and their most basic units of social organization. Amaterasu-Opo-Mi-Kami is the Sun Goddess, the dominant kami of the Yamato royal clan, or uji. Amaterasu founded the imperial line when she sent her grandson down from the heaven to rule the à land of luxuriant rice fields.# An earlier tale in Kojiki tells how Amaterasu was so frightened by the behaviour of her brother Susano-o that she hid in a cave. The world was therefore plunged into darkness and her fellow kami tried desperately to entice her out. As a trick, Amaterasu was told that a rival kami even more powerful than she had arrived. Then a female kami danced a ribald dance outside the cave, and so loud was the merriment that Amaterasus curiosity got the better of her. She peeped cautiously out of the cave. The first things she saw were a precious jewel hanging from a tree, and next to it the face of her new rival. This made her start, and she was grabbed before she had time to realize that what she was actually looking at was her own reflection in a bronze mirror. The mirror and the jewel that had restored light to the world became the first two items in the imperial regalia. The three items in the imperial regalia are objects that were, and still are, the legitimates of kingship: the symbol and guarantee of the eternity of the imperial throne. The third item in the imperial regalia, the sword, is named Kusa-nagi, à grass-mower or à grass-pacifier in the Kojiki. # In the province of Izumo lived a fierce serpent with eight heads and tails. The kami Susano-o resolved to destroy the serpent. He began by getting it drunk on sake and then hewed of its heads and tails. But as he reached the tail portion his blade was turned, and Susano-o discovered a sword hidden there. As it was a very fine sword, he presented it to his sister Amaterasu, and she handed the sacred sword, the mirror and the jewel to her grandson Ninigi when he took possession of the earth. He eventually passed the throne items on to his grandson Jimmu, identified as the first emperor of Japan, to whom traditionally are given the dates of 660 585 BC. The three items were handed down as the symbols of sovereignty from one emperor to the next. The imperial regalia was repeatedly taken into battle to establish royal legitimacy. During the Gempei war (1180-85), the sacred link between the emperor and the crown jewels was of vital importance in determining the righteousness of the causes and interests espoused by the rival sides. A decisive battle between the Taira and Minamoto rival clans took place in the narrow straits of Shimonoseki that divide Honshu from Kyushu at a place called Dan no Ura. The Taira clan took with them the sacred person of the Emperor Antoku, now eight years old. He had with him three items of imperial regalia that proved he was genuine. When it became apparent that the sea battle at Dan no Ura in 1185 was lost, the imperial grandmother took the child emperor in her arms and with the words, This country is a place of sorrow; Ià m taking you to a happy realm called paradise, sank with him beneath the waves.# Little more than a century was to pass before the imperial regalia had a crucial role to play again in determining the legitimacy of the claimants to the throne and swaying the allegiance of their supporters. When his mission to overthrow the shogunate become know in 1331, Emperor Godaigo fled Kyoto with the imperial regalia to Mount Kasagi. Godaigo fled to the mountains again in 1336. As before he took the imperial regalia with him, but this time he had apparently left behind a set of copies of the replicas which were used in the enthronement ceremony arranged for the nominee of the Northern Court, Emperor Komyo. From that time on the Southern Court argued for their legitimacy on the grounds that they had the genuine replicas while the Northern Court had only fake replicas! In 1392, under the good offices of Shogun Ashikaga Yoshimitsu, the two imperial lines were reunited. The last Southern emperor, Go Kameyama (1338-92) returned the regalia to Kyoto at the time of reunification.# T he imperial succession remained with the Northern emperor until the present day. The imperial regalia exemplifies the religious authority and dominance that prevailed with the Yamato line. But, this authority and power were manipulated by outside influence. This outside influence can first be clearly defined with the dominance of Buddhism during the end of the Nara period. The Emperor Shomu abdicated the throne in 749 in favor of his daughter and appeared before the daibatsu and humbly declared himself a servant to the three Buddhist treasures ( the Buddha, the law, and the priesthood). Shomu also founded a national Buddhist center at the Todaiji Temple in Nara and caused branch temples and nunneries to be constructed in the provinces. Shomus great undertaking so taxed the public resources of the Nara court that it was probably the single most important factor in stimulating a decline in national administration over the next century and a half.# HATE CRIME IN AMERICA EssayThe decline of the Kamakura shogunate in the late thirteenth and early fourteenth centuries was caused by many factors. The first factor was two failed attempts by the Mongols to invade Japan in 1274 and 1281. Both invasions took place in northern Kyushu and failed due to typhoons that forced the Mongols back onto their ships, out to open water, and subsequently, after severe losses, back to the continent. Another factor was the emergence in various regions of new warrior bands, organized originally as a military hegemony over the eastern provinces, that were difficult for the shogunate to control. Still another factor was a succession dispute in 1318, when Godaigo (1288-1339), a forceful and headstrong member of the junior Brach, ascended the throne and determined not only to transmit the line of succession exclusively to his own descendants but also to restore the throne to real power.# Godaigos restoration or loyalist movement was successful in 1333 when the forces of both courtiers and samurai overthrew the Kamakura shogunate and gave the emperor the opportunity to rule and reign. But, the Restoration was totally unable to meet the real governing needs of the medieval age and barely lasted three years. The Restoration Regime was overthrown in 1336 by Ashikaga Takauji. After driving Godaigo and his supporters to the mountains of Yoshino in the south, Takauji placed a member of the senior branch of the imperial family on the throne and established a new military administration in Kyoto, known as the Ashikaga, or Muromachi shogunate (1336-1573). The fist half-century is known as the epoch of the Northern and Southern Courts because Godaigo and his successors maintained an opposition Southern Court at Yoshino that challenged the legitimacy of the puppet Northern Court of the Ashikaga in Kyoto. In 1392 the Ashikaga, promising a return of alternate succession, persuaded the Southern emperor (Godaigos grandson) to return to Kyoto and thus brought to an end the great dynastic schism. The Ashikaga never kept their promise of returning to alternate succession and the southern branch of the imperial family slipped into oblivion. Even the northern branch although left in possession of the throne, retained no governing authority whatever, and from this time on the emperorship was little more than a legitimating talisman for the rule of successive military houses. The Muromachi period was the most tumultuous age in Japanese history. During its two and a half centuries, there was almost continuous warfare in one part of the country or another. The third Ashikaga shogun, Yoshimitsu (1358-1408), brought to order much of Japan in the late fourteenth and early fifteenth centuries by skillfully imposing his control over barons and daimyos. But after Yoshimitsus death, the shogun- gate steadily declined: and for its last hundred years or so it was almost completely powerless as a central government. The Onin War (1467-77) was a shogunal succession dispute between the shogun Yoshimasas brother and son.# The country slipped into a century of conflict and disunion known as the age of provincial wars. The Ashikaga shoguns became totally powerless, and the domains of many daimyos were torn sunder either by the internecine warfare or by great peasant uprisings. The imperial family gradually withdrew from participation in all but the most essential courtly functions, and often they found themselves embarrassingly unable even to defray the costs. The coronation of an emperor of the early sixteenth century was postponed for more than twenty years for lack of funds. By mid-sixteenth century, much of Japan had been brought under the control of a new class of sturdy and progressive daimyos. Unification and the establishment of a lasting military hegemony were ultimately carried out by three great chieftains-Oda Nobunaga (1534-82), Toyotomi Hideyoshi (1536-98), and Tokugawa Ieyasu (1542-1616)-all of whom came from the region between the central provinces and the Kanto# Nobunaga led his armies into Kyoto in 1568 and five year later dissolved the Muromachi shogunate. Upon his assassination in 1582 by one of his generals, another general Hideyoshi assumed control and brought the remainder of Japan under his control. Upon Hideyoshis death in 1598, he left an infant son to succeed him, and a power struggle between two great daimyos ensued. With the victory of Tokugawa Ieyasu, the daimyo at Edo, the Tokugawa shogunate was established and endured until the late nineteenth century. The Meiji Restoration, named after the Emperor Meji (1852-1912) who ascended the throne in 1867 at the age of fifteen, was a political revolution from above carried out by younger enlightened members of Japans ruling samurai class. The shogun capitulated and the restoration was completed by early 1867 with very little loss of blood. The Meji restoration brought modernization and industrialization to Japan. The imperial line of Japan survived due to their religious and political importance. The Yamato dynasty was used to legitimate shoguns political power and controlled by intermarriage, but was never destroyed. Emperor Akihito is a testimony of the imperial lines resiliency.

What Factors Influence Consumer Selection of Wine in Chinese Restaurants Essay Example

What Factors Influence Consumer Selection of Wine in Chinese Restaurants? Essay Confucius once said regarding Chinese Hospitality, â€Å"How happy to have friends from far away. Indeed, based on this remark, one can see that friendship is regarded as a major ingredient of Chinese hospitality. And on the issue of making friends, Zhang Qian (2001) of the Shanghai Star, explained that there are four ways by which Chinese people make friends: giving a rich banquet, writing poems, undergoing suffering together and drinking wine. Now, if drinking one is placed in parallel with banquet, poems, and suffering, this must mean it carries a great value in terms of friendship and hence, on the area of hospitality. Wine consumption, hence, carries with it hedonistic values and social significance. This has been fueled by greater zeal in improving the quality of live of the individual, causing wine consumption to rise in a number of countries. (Dewald 2003) Today, China is the sixth largest wine-producing nation and its influence has reached the United Kingdom as well (Ray 2008). For instance, one of the major wine-making companies in China which is also the largest and longest–established, the Changyu Company, has been exporting its wine to the UK. According to the famous Australian wine-makerLenz Moser and his partner in London, Iain Muggoch of Bibendum, these wines from China blended in the UK market very well. Now, according to the Department for Environment, Food and Rural Affairs (2007), UK is among the smallest wine producers in the whole of Europe. Despite this, UK is the largest in the world in terms of wine import. As a matter of fact, UK is considered the international trading center in wine. Because of this, the industry form the importers to the bottlers just continue to thrive. There are other great developments in the region. For instance, the Wine Industry Report published that Rioja was able to harness research of Wine Intelligence Vinitrac and translated it to sales. (Wine Industry Report 2007.) Its neighbor, Germany, was also reported to have reached its highest wine consumption thus far. (Wine Industry Report 2008) Researchers have been to make market efforts more effective such as that of Drummond and Rule (2005). Even winemaking waste are studied as potential substance to prevent tooth decay. (Harpers 2008) We will write a custom essay sample on What Factors Influence Consumer Selection of Wine in Chinese Restaurants? specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on What Factors Influence Consumer Selection of Wine in Chinese Restaurants? specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on What Factors Influence Consumer Selection of Wine in Chinese Restaurants? specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Because of these healthy signs, as far as market is concerned, it would just be wise to look at how, in concrete terms, does this affect UK and what better place to start than the Chinese restaurants in its capital city, London. This paper, therefore, aims to determine the factors affecting the consumer selection of wines in Chinese restaurants in London. By determining this, it is hoped that significant insights may be derived from this research which could help further the booming wine economy. nbsp; 1.2 Scope and Limitations nbsp; The study give emphasis on leisure management as it determines the factors that influence consumer selection in Chinese restaurants. The study would be confined to London and only in particular, only to the ten restaurants which would be chosen by random sampling. Therefore, neighboring restaurants outside of London will not be considered in this research. The website London-eating provides a list of all candidate restaurants. The Royal China Club in Belgravia, Kam Fung in Bloomsbury, Yi-Ban in Chilsea, the Amoy New China Diner in Covenant Garden, and Shanghai in Docklands are examples of candidate restaurants which had been considered in the random sampling. Other restaurants, such as the Lotus Room, Mandarin, Tai Pan, An Nam Restaurant, ChiKaYan, Eden, Raw Lasan and Wing Yip, although Chinese were not considered because they were outside London. Furthermore, the results of the survey is limited to lunch and dinner only as no survey was done during breakfast time and snack time. For the purpose of this research, lunch is defined as food and drinks served between 10 AM to 2 PM and dinner is defined as the food and drinks served between 6 PM to 10 PM. nbsp; This study is done by qualitatively examining the existing literature available regarding the wine economy in the United Kingdom, in general. The literature review will proceed by first examining general perspectives on wine selection then examining it from the English and Chinese lenses. The former is important because this is the recipient culture of the study while the latter is significant because it is the original culture. Both these perspectives are important to provide a strong basis of the study. Later on, the survey would be presented to validate and contextualize the study, as well as define its parameters. Analysis of the data derived from the survey in the light of the literature review would provide a holistic study of the topic. From then, suitable recommendations can be made regarding wine industry with emphasis on leisure management in Chinese restaurants. nbsp; Currently there are existing literature that one can find in the Internet which can guide an individual in choosing wine and a number of them have been compiled by Sharon Kapnick (2007) of Time. Examples are those given by the experts such as Robert Parker through the Wine Advocate (2008) and Jancis Robinson (2008) but they are on the expert level. Essentially, there are already given factors in choosing wine as those elaborated by the Consumer Union of US (2008) in their Consumer Report. In a nutshell, it involved consideration of the tastes favored, careful consideration of brand, the time when the wine will be drank, and the pairing of wine with the food. These, however are mere technical considerations and are usually the concern of just the connoisseurs. The interest on this research, however, is only on the general level as not all consumer of wines are as sharp as those who would, out of leisure, read the Parker and Robinson. nbsp; Chapter 2 Review of Related Literature nbsp; 2.1 General Perspective on Choosing Drinks nbsp; There are many interrelating factors affecting the way beverages are chosen. That is why food choice models are an effective way of representing the relationships among these factors. According to Shepherd and Sparks (1994), these factors include physical, social and physiological. The physical factor is determined by geography, technology, economics, and season. The social factor involves religion, social customs, advertising, education and social class. Finally, the physiological factor is determined by heredity, allergy, acceptability and nutritional need. Though there are a number of models like this, they all have common features – identification of cultural and socio-economic factors, individual traits and data such as demography, knowledge, attitude and both extrinsic and intrinsic factors to the product. One such model is that which Khan (1981) developed. nbsp; In Khans model, these three factors are expanded into seven categories. First, familiarity, influence of others and emotional meaning associated with the beverage are classified under personal factors. Second, age, gender and similar physical and psychological factors are classified under biological factor. Third, advertising and variations in seasons are classified under extrinsic factor. Fourth, odor, appearance, texture and flavor are classified under intrinsic factor. Fifth, religious, cultural and regional factors are lumped together. Sixth, educational factors such as education regarding nutrition are treated as another category. Finally, income and the cost of beverage are classified under the socio-economic factor which is the last category. nbsp; For the purpose of this research, however, these models can be simplified into just two factors – extrinsic and intrinsic. However, since we are dealing with not just ordinary wine but with a particular type of wine – the Chinese wine – origin also play and important role, making it the third factor. According to Jacoby et. al.(1977), information regarding a product is conducted by the consumer prior to purchase. Both the intrinsic (e.g., specifications, design, and taste) and extrinsic (e.g., guarantees, price, and brand name) all come into play. In particular, Gabbott asserts that this is practiced by wine consumers. For instance, quality judgment is based on wine style, grape variety, processing method, and alcohol content (which makes up the intrinsic factor) and also price, packaging, brand name and labellings (which makes up the extrinsic factor.) (Lockshin and Rhodus, 1993) nbsp; Like the first two factors discussed, the country of origin has significant influence on the evaluation of consumers when they dont know much about the true quality of the product of country in question. (Elliot Cameron, 1994 ; Huber McCann, 1982). Wall et. al. (1991) went even further to say that more that price and brand, the country of origin is a major consideration in assessing product quality. nbsp; 2.2 Chinese Perspectives on Wine Drinking nbsp; No study on Chinese wine would be complete without an examination of its original context. According to Hrayr Berberoglu (2008), a Professor Emeritus of Hospitality and Tourism Management specializing in Food and Beverage, he would say that most people may be familiar with the indigenous vine species of Vitis amurensis and Vitis thunbergii and yet would have very low capacity on the enjoyment of western-style wine as up to this time, it is poorly, if not at all, understood. In contrast, the young people who live in key cities in China such as Beijing, Shanghai, Canton, and Xian, would really spend money on wine just to be able to experience and experiment different tastes. While a westerner may found the combination of merlot with coke, a Chinese would not. In fact, they may even add a few ice cubes to cool it as they consider wine a novelty and an â€Å"in† alcoholic beverage. nbsp; For about 1000 years now, Chinese have been enjoying alcohol. Yet until now, wine is not regarded as an alcoholic beverage. In fact, they dont have a word for wine. The closes equivalent is â€Å"Chiew† which is actually some distilled or fermented drink that that is harsh, burning, and stinging as opposed to the refined, smooth, fruity, and refreshing liquid people regards as wine. An example of this is   a liquor called â€Å"baijiu† which was derived from grapes but is composed of almost pure alcohol. (Reiss 2007) nbsp; According to historical records, grape seeds from Uzbekistan was brought by Gen. Chang Chien in China during the Han Dynasty around 121-136 BC. These seeds were planted in the Xingjian and Xian which was called Shaanxi then. There was also unclear reference in the 7th century AD to wine materials as being imported from the West – Tashkent, in particular. nbsp; Traditionally, the ingredients for Chiew are millet, sorghum and rice. Chiew is served before and after meals in small cups (as opposed to the Western concept of wine glasses) while listening to music. Moreover, it is never consumed alone – it has to be served with food. nbsp; Towards the dawn of the 19th century, the Chang Yu Winery in Yantai was established by Zhang Bi Shi after returning from abroad. Using Welschriesling from Austria, he planted vineyards in China. He even employed the Austrian consul as the winemaker. There was, however, no records on the taste of his wine. nbsp; In an interest to cater to foreigners and the diplomatic community, the French founded the Shang Yi Winery in Beijing. By 1949, however, they closed down all wineries except those which were government operated to increase production at the expense of quality. Fermented cereals, colouring solution, sugar, and water were added to   a wine-resembling mixture which was not affordable for those who didnt know anything about wine. Those who did, on the other hand, outrightly rejected it. nbsp; Since the 80s, the Chinese government have encouraged investment in the alcoholic beverage industry. Remy Martin of Cognac fames partnership with the Tianjin Fram Bureau was the first response to this. Later on, the Huadong winery was also established by Hong Kong businessmen in Quingdao (i.e. Tsingtao) and is now managed by a multinational distiller. Other wine companies which sprouted were The Penod-Richard in Beijing which was established in 1987 and the Marco Polo winery in Yantai built in 1990. Aside from these, there was also a winery project called Summer Palace which involved the former Canadian liquor multinational, Seagram. All these used Vitis vinifera. In addition, there were some old vineyards planted by scientists from Russia. They used their own grape varieties – Rkatsiteli, Severnyi and others – and mixed it with Black Hamburg which is famous for its sweet fruit and wines. nbsp; Due to the increasing demand from tourist and the young, as well as the night clubs and Chinese markets, Huadong Winery embarked on the planting of 50 hectares of chardonnay in Shandong. Due to the age of the vines and overproduction, the wines produced were excessively acid, light and needs more body and extract. In addition to this problem, the humidity in China also causes mildew, white rot and oidium diseases, just to name a few. nbsp; Aside from these problems, there was also a marketing problem as average Chinese consumers do not really like grape wines. That is why merlot was being mixed with coke and chardonnay was being mixed with clear soft drinks. Sometimes, even red and white wines are mixed in addition to ice to cool it and soft drinks to produce a sweet taste. What they do like, however, are oxidized alcohol which is the residue of rice win or dry sherry which is a substitute for rice wine in numerous Chinese food recipes. nbsp; nbsp; Presently, China owns approximately 65,000 hectares of vineyards as assessed by Chinas statisticians although most of the fruits harvested was meant to be dried or eaten rather than be used for the purpose of making wine. In fact, only 20% of the grapes harvested was used for this purpose. The 200 wineries in existence in China now try competing with the imported wines from US, Canada, France, Germany and Italy. Right now, Canada seemed to take an advantage as Chinese consumer like their sweet wines and cherish it all the more as its price increases. nbsp; In general, though, the population appears to prefer liquor since it gets them inebriated more quickly despite consumption of small quantities. They consume this usually on social occasions and never as thirst-quenchers like the Europeans. (Balestrini Gamble 2006). Wines from Chardonnay,   rkatsiteli, riesling,   carbanet suvignon, sauvignon blac, and merlot grapes, however, yield only low to medium alcohol contents. Despite this, manufacturers can deliberately raise alcohol levels to 49% as there is now law regulating this. It is for this reason that some Chinese wines are undrinkable if not almost unacceptable. nbsp; 2.3 UK Perspectives on Wine Drinking nbsp; Historically, UK’s wine connection dates all the way back to the time of the Romans. So far, UK is home to 362 registered vineyards which occupy 923 hectares of land. In 2006 alone, it has produced about 3.3 million bottles or an equivalent of 25,000 hectoliters of wine. During the times of the monasteries (by the time of the Conquest of the Normans), vineyards were already maintained in a number of places of 42 of them are recorded in the Doomsday Book (1085-1086). Wine production at this time was focused along the coastal areas. Due to different causes such as the Black Death, depletion of labor, breaking up of monasteries, climate changes and increase imports of wine from France, the Middle Ages up to the 20th century witness a decline in vineyards. After World War II, however, wine was established once more by post war pioneers. Hambledon vineyard in Hampshire was the first one to be established in 1951. (Department for Environment, Food and Rural Affairs 2007) The next 30 years witnessed significant developments in the industry up to the point that researches were even undertaken today for the purpose of furthering the wine industry. Even the hot weather in UK helped further its wine industry in recent years. (Madslien 2003). Among the recent findings in the wine industry are as follows: nbsp; The presentation of study made by Lulie Halstead at LIWSF 2007 which was published by Wine Intelligence (2007), she showed emperically if UK consumers place a bearing on organic, Fairtrade, sustainability and environmental issues when it comes to buying wine. The study showed that when it comes to organic and fair trade, there is a high awareness but doesnt directly result to sales. Her results showed that 64% of her respondents are aware of Organic wines and fair trade wines as opposed to 3% biodynamic wine which, according to one respondent, is not even in his vocabulary. Despite this, only 11% and 9% buy organic and fair trade wines respectively. When asked about the reason for buying organic wine, a majority of the respondents (55%) say that its because pf the ill effects of pesticides and fertilizers for the environment. Forty-four percent (44%) say organic wines support smaller producers while 38% say buying and eating natural products makes them feel good. Only 18% of the resp ondents say that organic wine taste better than other type. nbsp; In a parallel study made by Howard Brian (2007), the UK On-trade presents a great opportunities for the wine market in the eary of investment and distribution. Indeed, visibility plays a vital role in the realization of this opportunity. Yet, according to the study, only 25% of the hotels and resturants sampled have wine lists outside while only half have display bottles. Of all the samples, only two have a feature wine racks in the dining area. Usually, the practice of 70% of the respondents serving in white table cloth dining is to present the wine list together with the food menu. There were even three cases in the white table cloth type of dinning that the visitors would have to request the wine list. nbsp; For casual dinning, the situation is no better. In all the restaurants surveyed, only one has a wine list visible outside. Just like in white table cloth restaurants, only 25% of casual dining restaurants have bottles on display while just half would have wine lists at the table or bar. As practiced in the white table cloth restaurants, wine list are also made a part of standard food menu and this holds true for 45% of the respondents. There was also one case of diners having to request for the wine list. nbsp; In Brian’s assessment of the scenario, he expounded of the value of the wine lists as it deals with both the aspect of range and of value. Unfortunately, he discovered that branded wines have very low visibility as only 50% of the top-20 brands can be seen featured on casual dining lists. Further more, there was a lack of customer-facing marketing strategy such as promotions and positioning of branded wines as benchmark. In fact, of the top twenty brands, only the following brands occurred: Hardy’s – once, Gallo – once, Blossom Hill – once, Wolf Blass – twice, Lindermans – once, Montana – twice, Concha y Toro / Casillero del Diablo – thrice, and Rosemount – once. nbsp; In as much as wine list is important, having it is not enough. Help must also be provided in choosing and exploring wine. In the pitiful number of resturants employing wine lists, less than 25% in white table cloth. Sometimes, wine lists are exaggerated in the sense that over 80 wines are listed while some even go over 200, making it overwhelming and unnecessary support for most guests, especially those whose priority is socializing with guests. The scenario is indeed a lot better in casual dining as 80% of those with wine lists include tasting notes and/or recommendations for food pairing. nbsp; Another important consideration is service which Brian defines as the sum of attention and involvement. He observed, based on his study, that on 23% of the sample brought bottle already opened while 50% of the cases involving casual dinning presented bottle not label first. There was also a good number (i.e. 15%) of cases where the bottles was not presented at all to the person who ordered. Even the satisfaction of customers of the wine was hardly checked (15%) in white table cloth restaurants and not at all in casual restaurants. The same is true regarding the inquiring if a second bottle is required – i.e., only 25% in white table cloth restaurants and not at all in casual restaurants, as well as if giving suggestions for dessert after drink – 15% in white table cloth restaurants and not at all in casual restaurants. nbsp; Overall wine experience what not all that bad, though. Strong points include having good selection of wines at most price points with only low-end as the exception, good selections of wine by glass in most locations which compensates of the long (and often overwhelming lists offered in white table cloth restaurants). A small minority in both sectors also encourage consumers to try new wines. The white table cloth sector was particularly commended in having enthusiastic staff who are committed to the wine offer and know how to match the food with the wine. They were also said to be discrete yet attentive – something that causes dinners to be at ease. Lastly, brands in the casual dining sector also have some visibility. nbsp; There were a number of areas, however, that need to be improved. This include having staff with little or no interest in wine at all. Thus, their training was put to good use in selling food but not in wine offers, wasting opportunity. Either for lack of attention or lack of confident, knowledgeable guidance, help and reassurance was not properly extended. Familiar brands were underutilized as they could have been used chiefly as self-choosing tool. nbsp; Brian also found out that there were numerous examples of serving staff having little or no interest in wine. They also suggest uncertain customers just to have house wines as default, if not decline wine altogether. Only the casual dinning sector made use of familiar brands as a tool for self-choosing. Dinners were also not encouraged nor supported to trade or try new wines in both sectors. Furthermore, wines are very rarely viewed to be as important as food for offer. Majority of the sample also fail to give attention to marketing and promotion of wine. nbsp; Consequently, consumers fall back on self-selection because wine names may be unfamiliar, there is pressure to choose hurriedly to give way to socializing or business, there’s a long or not understandable list of wines in the white table cloth sector and there is a lack of skills and enthusiastic staff to mitigate risk in the case of casual dining. They also perceive an unbalanced high-end pricing with respect to the price of key main dish in the case of the white tablecloth sector. nbsp; 2.4 Market Opportunities nbsp; According to Lulie Halstead (2005), the UK wine market is the largest and most dynamic market for imported wine in the world. It’s worth is estimated to range from 7 to 9 billion pounds. Of all alcoholic drinks consumed, wine share about 30% by value. Furthermore, just the 30% of wine consumers account for three-fourths of the consumption. nbsp; There are about 45 million adults in the United Kingdom and only 14 of them are non-wine drinkers. Of the remaining 31 million, eight million drink wine less than once monthly, 11 million drink wine once to thrice monthly and 12 million drink wine at least weekly accounting for 6%, 19% and 75% of off-trade respectively. nbsp; The growth of the wine industry since the year 1995 is remarkable. For instance, market by volume and value is reported to have roughly doubled from that time. Penetration has increased from mere 60% to 68% while the weight of purchase has increased from 15.3 L/ head to 24 L / head in a span of just eight years since 1995. Despite this, the average cost of a 750 mL bottle is growing only at 2% yearly, failing to respond to inflation in the UK. nbsp; Contrary to popular belief that the young (those who are less than 35 years of age) consume much of the wine today, the Lulie’s study show that they only account for 17% of all the wine consumed. Those in age range 35-65 years old all exceed this value. In fact, survey showed that those who are 35-44 years old account for about 21%, 45-54 years old account for about 22%, 55-64 years old account for about 18% and those who are above 65 years old account for about 23% of wine consumption. nbsp; Richard Halstead (2006) identified the different people groups as far as wine consumption is concerned. The first group is called the adventurous connoisseurs. They are broadsheet readers who have a high income. They have a high frequency of consuming wire which may turn on and off and they have high spending and high involvement with wines. The second group of people is called the mainstream at-homers who are the middle-income professionals living in suburban areas. They also have high involvement and have high frequency of wine intake with average spending. They usually drink their wine at home. The third group of people are called the weekly treaters which is composed mainly of young singletons. They have a moderate wine involvement and have a low frequency of – albeit above average spending on – wine consumption. The fourth type of people is called the sociable bargain-hunters who are described as prosperous empty nesters. They also have high frequency of wine intak e (especially on-trade) but low spending on wines. Their involvement with wines ranges from low to moderate. Finally, we have the frugal conservatives who are the low income TV watchers. They have low frequency wine consumption, low spending on wines, and low wine involvement. nbsp; Richard also highlighted the behavior of regular wine drinkers when it comes to buying of wine. Results indicate that wines are bought in specific types of outlets. According to the survey, most regular wine consumers get their goods from either formal restaurant or casual restaurant (i.e. about 80%). Local pubs (about 75%), wine bars (about 65%) and gastro-pub (about 60%) have the lowest ratings. Moreover, gastro-pubs and local pubs are perceive to sell wines which have poor money value. Incidentally, the price of wine on offer is the leading reason why consumers do not buy wine more often (i.e. according to 44% of the respondents). The other reasons involve the quality of the wine (16%), the range of wine (13%) and the lack of retail (by glass) availability (9%) are the next three reasons. nbsp; In an online survey conducted last April 2006 to over 1,330 individuals who are residents of the UK, over 18 years of age, and who drink wine at least once a month, 72%   reported that they drink wine in pubs and bars – a fall from the 76% figure the year before that. If ever they drink wines from these two places, it was only for socializing and done without food. Nineteen percent (19%) of the respondents reported that it was through a birthday, a wedding, or another social celebration. Out of the 34% who drank without a meal, 45% of them drink with friends on a major night out, 21% take wine while they are in a pub or night club, 18% drink with colleagues for business purpose and 6% drink as a form of relaxation. Of the 32% who drink with a meal, 47% drink with a general meal, 35% have a meal with friends and 18% eat with a family or partner. nbsp; The number one reason why people don’t drink in pubs is that they prefer other drinks such as beer and spirits. This has been attested by 40% of the responses. Far second is that they do not go in pubs (19%), they perceive wines in pubs to be too expensive or of poor value (18%), they only drink wine with food (9%), the wines are not properly kept and are of poor quality (5%) and the available selection is poor (3%). nbsp; It was also shown in this study that the propensity to drink wine in pubs and bars decreases with age. Based on the survey, ages 18-24 has 82%; ages 24-34 has 78%; ages 25-54 has 71% and ages 55 and beyond has 67% penetration. Now, regarding the penetration by Wine Intelligence figures, the sociable bargain hunters top the list with 99% followed by the adventurous connoisseurs, weekly treaters, mainstream at-homers and frugal conservatives with 97%, 88%, 87% and 31% respectively. nbsp; It is reported that the most dissatisfied at pubhouses are the higher value consumers who drink wine heavily (i.e., more than twice weekly). They are more involved wine drinkers who are 35-54 years old and either mainstream at-homers and adventutous connoisseurs. In order to have them more often in this places, it is suggested that wines be looked after properly, prices be clearly displayed, price of the wine be reasonable, the brand must be reconizable and the description must be acceptable. Putting all these findings together, the need of consumers must be met by reassuring them in terms of value and quality. nbsp; In conclusion, the survey shows the top ten ways by which consumer would be encouraged to buy more wine: (1) More promotions/special pricing/discounts – 72%; (2) More tasting opportunities for wines which are not familiar – 70%; (3) Wide range of choices for wines that are less than 10 pounds a bottle – 68%; (4) Providing more selections of the type of wines consumers usually drink in their homes – 66%; (5) Bar staff has to have more knowledge about wine – 65%; (6) Better presentation of wine on or behind the bar – 62%; (7) Bar staff having greater zeal in helping customers choose wine – 61%; (8) Providing more famous brands as choices – 55%; (9) Having more wines available by glass – 54% and (10) Having more selection of wines in the 10-15 pounds per bottle price range. nbsp; 2.5 Future Opportunities nbsp; Lulie Halstead (2005) predicted the future trends of wine consumption based on political, economic, social and technological factors. In particular, the consumer model was based on how the 2015 UK government would most likely treat wine, what are the predictable economic influences, what would be the consumer relationship with wine and how would new technology impact the way wine products are both in and out of the country. nbsp; Based on her research, the wine penetration would continue to increase, albeit slightly, to 71% compared to 68% in 2004. This is also predicted to be the highest natural attainable value as 20% of the population claim not to drink alcohol. In terms of consumption, it is predicted that 35 liter per head for those who are above 15 years old would be reached at this time. Again, this is the natural ceiling which is noted to be way less than the 50 liters per heat consumed in southern countries of Europe. nbsp; In terms of population, it is likely that those who are 45 years old or older will consume more than 67% of all wines in the UK while those who are below this age will consume the rest. Purchase behavior will take less precedence to consumption occasion as a driving force in choosing wine. As it is today, price and country of origin would be of greates value in terms of serving as key product choice criteria. In effect, word of mouth, recommendations from third party, as well as label information in the front and the back of the product would also be of significant interest to people. nbsp; Branding is another factor that is important in choosing wine while sales promotion may take on a less important role. It is expected that consumer scepticism of the real value of the offer would increase with the supplier scepticism. In addition, there would also be more occasions to drink wine so there would be growth in the sale of casual wine drinking at home weekly and on-trade drinking occasions as there would be an increase in the selection and trust level of consumers. An increase in health consciousness would also be a factor, causing people to prefer wine over beer and spirits. Diversity and experimentation is also likely to prevail but value will continue to be considered at all price points. As there would be continued disloyalty any particular brand, there would be more producer brands and their increase in market share would increase as well. As there would be a general increase in the supply of quality wine on a global scale, prices are expected to low