The Bluest Eye By Toni Morrison Essay - 1456 Words

When one thinks of the word house, a place of comfort, love, and support comes to mind. Meanwhile, society tends to forget that initially home is a house: a constructed place of living that has all the materialistic essentials to survive in it; but is not a home because it has no feeling of love, safety or serenity within it. These two words, â€Å"home† and â€Å"house† seem so similar, but are very different in their meanings. In The Bluest Eye by Toni Morrison, houses and homes are depicted very neatly and compared with one another, as the residents of those. Even though everything origins around Breedloves’ family and shown through their lives, almost all of the characters are preoccupied with defining their social class status in Midwestern society during the Great Depression. There is an evident desire to escape poverty and the limiting circumstances of the time and their social classes; represented through houses and physical space characters in. In additi on to the social and economical influences, houses in the novel also symbolize the emotional situations and values of the characters who inhabit them. At the time, owning a house says something about one s income and social class status, especially for African Americans, which are coming out of the age of slavery. However, the pressure from the environment creates emotional situations that hard to overcome and cuts all accomplished efforts to none. Followed by the mental state characters’ values change and are projected ontoShow MoreRelatedThe Bluest Eye By Toni Morrison1720 Words   |  7 Pagesof The Bluest Eye, Toni Morrison, criticizes the danger of race discrimination for any kinds of situations with no exception. The purpose of the paper is explain how pervasive and destructive social racism was bound to happen in American society. The intended audiences are not only black people, but also other races had suffered racism until now. I could find out and concentrate on the most notable symbols which are whiteness, blue eyes and the characterization while reading the novel. Toni MorrisonRead MoreThe Bluest Eye By Toni Morrison1587 Words   |  7 Pagessaid, â€Å"We were born to die and we die to live.† Toni Morrison correlates to Nelson’s quote in her Nobel Lecture of 1993, â€Å"We die. That may be the meaning of life. But we do language. That may be the measure of our lives.† In Toni Morrison’s novel, The Bluest Eye, she uses language to examine the concepts of racism, lack of self-identity, gender roles, and socioeconomic hardships as they factor into a misinterpretation of the American Dream. Morrison illustrates problems that these issues provoke throughRead MoreThe Bluest Eye By Toni Morrison956 Words   |  4 PagesHistory of Slavery Influenced the Characters of The Bluest Eye Unlike so many pieces of American literature that involve and examine the history of slavery and the years of intensely-entrenched racism that ensued, the overall plot of the novel, The Bluest Eye by Toni Morrison, does not necessarily involve slavery directly, but rather examines the aftermath by delving into African-American self-hatred. Nearly all of the main characters in The Bluest Eye who are African American are dominated by the endlessRead MoreThe Bluest Eye By Toni Morrison1189 Words   |  5 PagesA standard of beauty is established by the society in which a person lives and then supported by its members in the community. 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Toni Morrison was also stating that people also use social class to separate themselves from others and apart from race; social class is one thing Pauline and Geraldine admire.Claudia, Pecola, and Frieda are affected by not only their own social status, but others social status too - for exampleRead MoreThe Bluest Eye By Toni Morrison2069 Words   |  9 Pagesblack/whiteness. Specifically, white people were positioned at the upper part of the hierarchy, whereas, African Americans were inferior. Consequently, white people were able to control and dictate to the standards of beauty. In her novel, ‘The Bluest Eye’, Toni Morrison draws upon symbolism, narrative voice, setting and id eals of the time to expose the effects these standards had on the different characters. With the juxtaposition of Claudia MacTeer and Pecola Breedlove, who naively conforms to the barrierRead MoreThe Bluest Eye By Toni Morrison1103 Words   |  5 Pages Toni Morrison is known for her prized works exploring themes and issues that are rampant in African American communities. Viewing Toni Morrison’s novel The Bluest Eye from a psychoanalytical lens sheds light onto how, as members of a marginalized group, character’s low self-esteem reflect into their actions, desires, and defense mechanisms. In her analysis of psychoanalytical criticism, Lois Tyson focuses on psychological defense mechanisms such as selective perception, selective memory, denialRead MoreThe Bluest Eye By Toni Morrison Essay1314 Words   |  6 PagesThe Bluest Eye, by Toni Morrison, encompasses the themes of youth, gender, and race. The African American Civil Rights Movement had recently ended at the time the novel was written. In the book, Morrison utilizes a first-person story to convey her views on racial inequality. The protagonist and her friends find themselves in moments where they are filled with embarrassment and have a wish to flee such events. Since they are female African Americans, they are humiliated in society. One of Morrison’sRead MoreThe Bluest Eye By Toni Morrison1462 Words   |  6 PagesBildungsroman literature in the 20th century embodies the virtues of different authors’ contexts and cultures, influencing the fictional stories of children’s lives around the wo rld.. The Bluest Eye is a 1970 publication by Toni Morrison set in 1940s Ohio in America, focal around the consequence of racism in an American community on the growth of a child, distinct in its use of a range of narrative perspectives. Annie John by Jamaica Kincaid is a novel set in post colonial Antigua, published in 1985Read MoreThe Bluest Eye By Toni Morrison992 Words   |  4 PagesSet in the 1940s, during the Great Depression, the novel The Bluest Eye, by Toni Morrison, illustrates in the inner struggles of African-American criticism. The Breedloves, the family the story revolves around a poor, black and ugly family. They live in a two-room store front, which is open, showing that they have nothing. In the family there is a girl named Pecola Breedlove, she is a black and thinks that she is ugly because she is not white. Pecola’s father, Cholly Breedlove, goes through humiliated

The Is A Christian Believer - 1991 Words

Arianne is a Christian believer who is going through her rebellious teenage years. She believes her parents do not understand her. One night, after having an intense argument with her mother about an unwise decision she was about to make, Arianne went to bed. While sleeping, she dreamed about her taking the wrong path, which at the end led to her own death. Arianne woke up scared, agitated, and confused. She wondered if her dream had a meaning. Was God trying to tell her something, or it was just because she went to bed upset? In the past, there were natural dreams, which occurred only because of physiological needs or emotional states, and there were God-influenced dreams, which involved getting a message directly from God through dreams,†¦show more content†¦One example he provided was when the dreamer experienced a traumatic event – such as a rape, an attack, or an escape – it is probable that person will dream with something that will picture the emotion fe lt in that moment. Overall, the main idea of Hartmann ´s theory states that dreams occur through a series of connections that are contextualized by emotion, and thus the dream’s imagery depends on what the person’s emotions were that day before going to sleep. On the other hand, there is not an exact or one percent proved explanation in scientific terms on why or how dreams occur; however, many erudite have developed theories on why they might happen. Many of them include an area of our brain that activates the dream imagery while sleeping. Allan Hobson, Harvard Medical School professor, stated in his activation-synthesis model that as soon as the dreamer enters REM sleep, which is the state where dreams are said to occur the most, a signal of electrochemical pulse changes is sent out from the brainstem and activates the dreamer’s visual perception. After this signal is sent out, the forebrain responds by putting significant effort in creating a gibberish story in the dreamer’s mind. Next, the limbic system, which is located in the forebrain and is the one in charge of a person’s emotional life, gets highly activated as well. This is probably why dreams are said to be guided by emotions – just as Hartmann beli eved. In addition to that, when the dreamer goes to bed,

Furniture Manufacturing and Retailing Company-Financial Accounting

Question: Discuss about the case study Financial Accounting for Furniture Manufacturing and Retailing Company. Answer: Introduction In this given assignment, the analysis of the financial standings of a company listed in Australian Stock exchange will be made on the basis of profitability and liquidity analysis. In this process various ratios, which reflect the profitability and liquidity aspects of a company, will be calculated and analyzed (Collier 2016). Based on which future prospects of the company will be determined and recommendation will be given whether to purchase shares of the company or not. Company Background Company that has been selected for the purpose of analysis in this assignment is Fantastic Holdings Ltd. It is an Australian based company whose share is listed on Australian Stock Exchange (ASE) (Fantasticholdings.com.au 2016). It is engaged in manufacturing, retail and household furniture. It commenced its operation in the year 1989 and had shown a good growth rate since then and presently it is the third largest retailer of furniture in terms of revenue. Discussion Overview of the recent stock price movements for the company In order to overview and analyze the recent stock price movements for the firm Fantastic Holdings Ltd, the close value of the stocks of the particular firm for the period 1st January 2016 to 1st July 2016 has been considered. According to the chart of historical stock prices, it can be said that the stock price was AUD 1.94 in January 2016 that increased to AUD 2.14 in February 2016. However, it decreased to AUD 1.90 in May 2016 but ultimately it has increased to AUD 2.32 in July 2016. This indicates that the stock price movement of the firm Fantastic Holdings Ltd is volatile due to major shareholder selling, research notes, faulty numbers and future guidance. Financial Analysis In this section, the financial position of the company will be analysed based on the data and information available from the income statement and balance sheet of the company available from the various websites and annual report of the company (Connolly, Hyndman and McConville 2013). Fantastic Holding Limited AUD million INCOME STATEMENT 2011 2012 2013 2014 2015 Revenue 438 446 445 448 497 Less: Cost of goods sold 213 214 236 224 275 Gross profit 225 232 209 224 222 Less: operating Expenses 199 204 194 223 206 Operating Profit 26 28 15 1 16 Add: Other Income 3 4 3 8 4 Less: Other Expenses 0 0 0 0 0 Earnings before interest and taxes 29 32 18 9 20 Less: Interest 1 1 1 0 0 Earnings before taxes 28 31 17 9 20 Less: Provision for tax 8 9 4 3 6 Earnings after tax / Net profit 20 22 13 6 14 weighted average number of shares 103 103 103 103 103 BALANCE SHEET 2011 2012 2013 2014 2015 Asset Current asset 98 101 100 112 134 Receivable 9 10 7 9 5 Other Current Asset 89 91 93 103 129 Non Current Asset 70 78 84 70 53 Total Asset (a) 168 179 184 182 187 Liability and shareholders fund Current liability 50 58 50 51 69 Non Current Liability 17 12 27 24 8 Long term Debt 11 6 22 15 0 Other Non Current Liability 6 6 5 9 8 Total liability (b) 67 70 77 75 77 Equity / Net worth (a-b) 101 109 107 107 110 RATIO ANALYSIS 2011 2012 2013 2014 2015 Profitability Ratio Net margin (Net profit/Turnover*100) 4.57% 4.93% 2.92% 1.34% 2.82% Return on asset (Net profit/Total asset*100) 11.90% 12.29% 7.07% 3.30% 7.49% Return on Equity (Net profit/Equity*100) 19.80% 20.18% 12.15% 5.61% 12.73% Earnings per share (EPS) (Net profit/Number of shares) 0.19 0.21 0.13 0.06 0.14 Liquidity Ratio Current Ratio (Current Asset/Current Liability) 1.96 1.74 2.00 2.20 1.94 Capital Structure Debt Equity ratio (Long term debt/Equity) 0.11 0.06 0.21 0.14 0.00 Activity Ratio Receivable turnover (Turnover/Account Receivable) 48.67 44.60 63.57 49.78 99.40 Asset Turnover (Turnover/Total Asset) 2.61 2.49 2.42 2.46 2.66 (Source: Fantasticholdings.com.au 2016) Variance Analysis of Ratios 2012 2013 2014 2015 Profitability Ratio Net margin 0.37% 2.01% 1.58% 1.48% Return on asset (ROA) 0.39% 5.23% 3.77% 4.19% Return on Equity (ROE) 0.38% 8.03% 6.54% 7.12% Earnings per share (EPS) 0.02 -0.09 -0.07 0.08 Liquidity Ratio Current Ratio -0.22 0.26 0.20 -0.25 Debt Equity ratio -0.05 0.15 -0.07 -0.14 Activity Ratio Receivable turnover -4.07 18.97 -13.79 49.62 Asset Turnover -0.12 -0.07 0.04 0.20 (Source: Created by author) The above table of variance analysis of ratios indicates that the net margin of the organization Fantastic Holdings Ltd increases in the year 2013 by 2.01 % than 0.37 % in the year 2012. However, it has been found that it has constantly decreased for two consecutive years 2014 and 2015 to 1.58 % and 1.48 % respectively (Fantasticholdings.com.au 2016). The values of the return on assets of the particular organization indicate that the variance is volatile as it increased from 0.39 % in 2012 to 5.23 % in the year 2013 and it has been found that it has again reduced to 3.77 %. But finally it increases to 4.19 % in the year 2015. This implies the volatility of the return on assets ratio. Similarly, it has been found that the return on equity ratio is also highly volatile as it increased to 8.03 % in the year 2013 from 0.38 % in the year 2012 and then it reduced to 6.54 % in 2014 (Fantasticholdings.com.au 2016). Finally, it has been found that the variance of the particular ratio has incr eased to 7.12 % in the year 2015. In addition to this, the earnings per share has also been found to be much volatile as it was 0.02 in the year 2012, then it decreased to a larger extent that resulted into negative values like -0.09 in the year 2013 and -0.07 in the year 2014. However, ultimately, the variance of the earnings per share has increased to 0.08. The variance of the current ratio of the organization Fantastic Holdings Ltd is also much volatile. Thus, it increased from -0.22 in the year 2012 to 0.26 in 2013 and then it decreased consecutively for two years 2014 and 2015 to 0.20 and -0.25 respectively (Elshahat, Freedman and Elshahat 2015). Similarly, from the above calculated table, it can be said that the variable of other ratios like receivable turnover ratio also has high volatility. Though close analysis indicates that debt equity ratio increased to 0.15 in 2013 from -0.05 in 2012 and finally it decreased constantly for two consecutive years 2014 and 2015 to -0.07 an d -0.14 respectively. Finally, it can be said that variance of the asset turnover ratio constantly increased for all the years 2012, 2013, 2014 and 2015 from -0.12 to -0.07 to 0.04 and ultimately to 0.20 respectively (Elshahat, Freedman and Elshahat 2015). All these indicate that the variances of most of the ratios of the organization Fantastic Holdings Ltd are highly volatile. Narrative interpretation In this section, analysis and evaluation of the of income statement, balance sheet and ratios will be done. Income Statement From the above five years, income statement it can be said that revenue of Fantastic Holdings Ltd. has shown a steady growth in the last five years. Thus, it has been able to capture a good market share (Elshahat, Freedman and Elshahat 2015). However, it has drastically increased by AUD 49 m in the year 2015 which is a very good sign from the view point of Fantastic Holdings Ltd. COGS has also increased drastically which has resulted in lowering the gross profit from AUD 225 m in the year 2011 to AUD 222 m in the year 2015 (Feng et al. 2014). Operating expenses of Fantastic Holdings Ltd. has been stable within the range of AUD 199 m to AUD 206 m during the year 2011 to 2015. However, it has shown an increasing trend as Earning after tax (EAT) and Earning before tax (EBT) have decreased during the five years span i.e. definitely a worrying factor for the management of Fantastic Holdings Ltd (Harper 2016). Balance Sheet From the analysis of five years Balance Sheet of Fantastic Holdings Ltd., it can be said that its current asset has increased from AUD 98 m in the year 2011 to AUD 134 in the year 2015 (fantasticholdings.com.au 2016). This is due to other current asset as its receivable has decreased from AUD 9 m in the year 2011 to AUD 5 m in the year 2015. Its non current asset has also decreased during the this five year from AUD 70 m to AUD 53 m, which indicates that it has not purchased much fixed asset during past five years. Its current liability has also shown an increasing trend in the past five years from AUD 50 m to AUD 69 m, which needs to control as its current asset has decreased during this five years otherwise liquidity may become a big issue for the management of Fantastic Holdings Ltd (Hoskin, Fizzell and Cherry 2014). Ratio Analysis In order to analyze the profitability aspects of Fantastic Holdings Ltd. net profit margin, ROA, ROE and EPS has been used. Net margin has fluctuated during the past five years. However, it has decreased from 4.57 % to 2.82 %, which must be a worrying factor the management of Fantastic Holdings Ltd. and they should try to improve it in near future otherwise it will be difficult for them to carry on business (Jawadi, Jawadi and Louhichi 2014). It can be seen that profit has decreased in 2014 then it has increased in the year 2015, which is a positive factor. ROI implies that whether a company is effectively using its shareholders fund in generating profit or not. It has also followed the same trend as net margin i.e. it had decreased 19.80 % in the year 2011 to 5.61 % in the year 2014, again it has increased during the year 2015 to 12.73 % which implies that it might be due to some economic down turn of the whole industry during that period (Jawadi, Jawadi and Louhichi 2014). ROA has also followed the same trend as ROI, which has decreased from 11.90 % in the year 2011 to 3.30 % in the year 2014. Then it has again increased to 7.49 % in the year 2015, which indicates that Fantastic Holdings Ltd. has been able to turn around from the economic down turn (fantasticholdings.com.au 2016). EPS has decreased during from 0.19 in the year 2011 to 0.06 in the year 2012, and then it had again increased to 0.14 in the year 2015 which is very good sign for Fantastic Holdings Ltd. since EPS indicates the profit earning capacity of each year (Jawadi, Jawadi and Louhichi 2014). In order to analyze the liquidity position of the company current ratio has been taken into account. Current ratio of the company is currently 1.94 for the year 2015 and has been within the range of 1.94 to 1.96 in the past five years, which indicates that as regards to solvency it is in a better position since it is greater than one (fantasticholdings.com.au 2016). The capital structure of Fantastic Holdings Ltd is analyzed with the help of debt equity ratio, which has increased in the year 2013 due to some major debt infusion (fantasticholdings.com.au 2016). However, it has been repaid in the year 2014 and 2015 so it has came down to 0 in the year 2015 which means that currently Fantastic Holdings Ltd have no debt funding. Its only source of finance is equity. The market value of Fantastic Holdings Ltd has been analyzed with the help of Price-earnings ratio (P/E ratio) that indicates the market value of the particular firm has decreased from 0.007 in the year 2011 to 0.006 in the year 2012 (fantasticholdings.com.au 2016). However, it has increased to 0.007 in the year 2013 and it has further increased to 0.01 in the year 2014. Nevertheless, it has again decreased to 0.007 in the year 2015. This indicates that the market value of the firm Fantastic Holdings Ltd is highly volatile as the earnings before interest and taxes of the firm is also volatile (fantasticholdings.com.au 2016). Efficiency of the company is measured through the help of Receivable turnover and Asset turnover. Receivable turnover implies the efficiency of the company in collecting its dues from the creditors. It has increased from 48.67 in the year 2011 to 99.40 in the year 2015, which means that Fantastic Holdings Ltd has a good customer base that can pay their due in very short time (Fantasticholdings.com.au 2016). Whereas asset turnover ratio of the company has been within the range of 2.61 to 2.66 during the past five years, which implies that Fantastic Holdings Ltd have been able to effectively used its asset to generate profit at a constant rate. The debt ratio of the firm Fantastic Holdings Ltd has been calculated, which indicates that the debt ratio of the particular firm was 0.399 in the year 2011 but it increased constantly to 0.412 in the year 2015 (Fantasticholdings.com.au 2016). This implies that the total liabilities of the firm Fantastic Holdings Ltd has increased with the passage of time and the total assets of the firm have decreased. Therefore, it can be said from the above analysis that the financial condition of the particular firm is weak. The interest coverage ratio of the firm Fantastic Holdings Ltd has been calculated for five years. This indicates that the EBIT of the firm has decreased with the passage of time and the interest expenses of the firm have also been decreased with time. It has been found that the interest expense of Fantastic Holdings Ltd has been reduced to zero in the years 2014 and 2015 (Fantasticholdings.com.au 2016). Thus, the interest coverage ratio has become zero in both the years 2014 and 2015. As the financial ratios are limited to the organization Fantastic Holdings Ltd, it can be used further in order to compare the values of these ratios to any other businesses in the same industry (Fantasticholdings.com.au 2016). In addition to this, for comparing the financial ratios, the value of the ratios of a firm can be compared with the industry standards. This helps to understand the position of a company in the overall industry. On the contrary, by comparing the ratio values of one firm with another helps an individual to understand the financial condition of the particular firm (Biz.yahoo.com 2016). It also helps to understand the competitive advantage that can be earned by the specified firm. The financial position of the firm can also be detected by comparing the ratio values of a particular organization with other organizations of similar industry and also by comparing the calculated values with the industrial standard. It has been found that the industry standard of the current ratio is 1.5 (Biz.yahoo.com 2016). The current ratios of the firm Fantastic Holdings Ltd for all the 5 years are more than the industrial standard. This indicates that the particular company is running well and it has a better financial position in the market. On the other hand, it has been found that the value of the debt equity ratio of the firm Fantastic Holdings Ltd for the years 2011, 2012, 2013, 2014 and 2015 are lesser than the industrial standard average value i.e. 1.5 (Biz.yahoo.com 2016). This indicates that the financial position of the firm is relatively stronger as the debt to equity ratio decreased with time. This also implies that the liabilities or debt of the firm have been reduced with the passage of time indicating a positive aspect for the organization Fantastic Holdings Ltd. It has been noted that the industrial standard average of the receivable turnover is 31.04 days (Biz.yahoo.com 2016). However, it h as been found that the receivable turnover ratio for the organization Fantastic Holdings Ltd for all the five years i.e. 2011, 2012, 2013, 2014 and 2015 are more than the industrial standard average. This indicates the inefficiency of the firm Fantastic Holdings Ltd as with the increase in the duration of time or numbers of days, the particular ratio implies that the firm takes more time to turnover its receivables. This can be improved by decreasing the turnover and by increasing the account receivables. On the other hand, the industrial standard average of asset turnover ratio is 2.00 (Biz.yahoo.com 2016). It has been found that the values of asset turnover ratio of the organization Fantastic Holdings Ltd for all the five years are in line with the standard average value or it can be said that it is slightly higher than the standard average. The price earnings ratio has an industrial standard average of 12 15 % i.e. 0.12 0.15 (Biz.yahoo.com 2016). For the organization Fantastic Holdings Ltd it has been found that the values of price earnings ratios for all the five years are around 0.007 0.006. This implies that the firm has a healthy financial position in the present competitive market. It has been found that the industrial standard average of the debt ratio is 0.47 (Biz.yahoo.com, 2016). It has been found that all the ratio values of the organization Fantastic Holdings Ltd for 5 years i.e. 2011, 2012, 2013, 2014 and 2015 are in line with the industrial standard. Thus, it can be said that the particular organization has a strong financial condition. Limitation of ratio analysis Data available for the income statement does not always reflect the clear position of the company (Biz.yahoo.com 2016). Value of asset and liabilities in the balance sheet is at either book value or carrying amount whereas market value of the asset may be different which tends to give misleading results. The ratios are based on the past data available from balance sheet and income statement so they are unable to show the future prospect of the company. Ratio analysis is based on various assumptions, which may vary from company to company (Jawadi, Jawadi and Louhichi 2014). Dividend Growth rate Model In this section, the intrinsic value of shares is calculated assuming a standard dividend growth rate of 4 % and required rate of return of 9 %. Based on which is will be decided whether the shares are trading rich or cheap (Biz.yahoo.com 2016). P0 = D1 / (Re-g) Where, P0 = Current market price or intrinsic value D1 = D0 + g Re = Required rate of return or cost of capital g = Growth rate of dividend Dividend per share (DPS) for the year 2015 is AUD 0.13. Therefore, D0 0.13 D1 0.1352 (Source: Fantasticholdings.com.au 2016) Intrinsic Value 2.704 (Source: Created by author) However, the current market price of the share is 2.27, which implies that the share of Fantastic Holdings Ltd is trading cheap and investor should purchase it (Lazzati and Menichini 2015). Conclusion and Recommendation From the above analysis, it can be said that the Fantastic Holdings Ltd has shown adown turn during the period 2011 to 2014 but it has been able to turn around in the year 2015, which is a very good sign for the management as well as the shareholders of the company. It has been found that from the analysis of the of dividend discount model that the market price of the share is lower than its intrinsic value that means it is currently trading cheap. Therefore, it is advised that investors should purchase the shares of Fantastic Holdings Ltd. References Biz.yahoo.com. 2016.Industry Index By Sector: Industry Center - Yahoo Finance. [online] Available at: https://biz.yahoo.com/ic/ind_index.html [Accessed 15 Jul. 2016]. Collier, P., 2016. Accounting For Managers Interpreting Accounting Information For Decision Making 0470845023. Connolly, C., Hyndman, N. and McConville, D., 2013. 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[online] Available at: https://www.fantasticholdings.com.au/media/122561/annual%20report_fy2014_lr.pdf [Accessed 14 Jul. 2016]. Fantasticholdings.com.au. 2016.fantasticholdings.com.au. [online] Available at: https://www.fantasticholdings.com.au/media/118003/annual%20report%20fy13%20final_lr.pdf [Accessed 14 Jul. 2016]. Fantasticholdings.com.au. 2016.fantasticholdings.com.au. [online] Available at: https://www.fantasticholdings.com.au/media/88718/updated%20annual%20report.pdf [Accessed 14 Jul. 2016]. Feng, M., Li, C., McVay, S.E. and Skaife, H., 2014. Does ineffective internal control over financial reporting affect a firm's operations? Evidence from firms' inventory management.The Accounting Review,90(2), pp.529-557. Harper, D., 2016. Accounting Financial Statements Analysis. Healy, P.M. and Palepu, K.G., 2012.Business Analysis Valuation: Using Financial Statements. Cengage Learning. Hoskin, R.E., Fizzell, M.R. and Cherry, D.C., 2014.Financial accounting: a user perspective. Wiley Global Education. Jawadi, F., Jawadi, N. and Louhichi, W., 2014. Conventional and Islamic stock price performance: An empirical investigation.International Economics,137, pp.73-87. Lazzati, N. and Menichini, A.A., 2015. A dynamic approach to the dividend discount model.Review of Pacific Basin Financial Markets and Policies,18(03), p.1550018.