The Ferranti Effect

The Ferranti Effect As the length of the line increases specially in extra high voltage (EHV) lines, beyond 200km, we observe a phenomenon called Ferranti Effect in no load or low load conditions. This is due to the fact that as the line length increases the capacitance of the line increases, and the shunt capacitance generates the reactive power in the line. Since there is no load or low load to consume that excessive power, this results in excessive reactive power in the line and hence the receiving end voltage gets higher than the sending end voltage. This rise in voltage may well go beyond the operative ratings of the terminal and hence might give rise to many cascading events damaging the equipments. The continuous increase of the voltage of transmission, line length and number of sub-conductors per bundle has emphasized the importance of the excessive line MVAR in EHV systems as well as associated voltage and reactive controls. During the line charging volt-amperes of the line which have exceeded the inductive VARs consumed and operation at light loads, there is an undesirable voltage rises along the line. This voltage rise in turn demands a much higher insulation level, which poses a great problem. Moreover, if the insulation against these over-voltages were to be provided in the system, then the cost of the line becomes enormous. To overcome this phenomenon, shunt reactors are required to be installed at optimized location to absorb the excessive reactive power. Though this solution has a financial cost, but this is inevitable, since the load is a random variable and the generation of the power cannot be exactly planned for sudden tripping off of the loads. Aims and objectives: The aim of this thesis project is to investigate the Ferranti effect for long length transmission lines using PowerWorld simulations on a radial system. The following are the key objectives covered in this project. Impact by varying Line lengths: Investigate the system behavior regarding Ferranti effect with different transmission line lengths. This was done by investigating the profile of the effect for long length lines and hence distributed models were considered for this analysis. 2-Impact by varying loading levels: Since Ferranti effect is the phenomenon where receiving end voltage (Loads) is lower than sending end, it was important to look into the loading factor by varying the loading levels for different line lengths. 3- Investigation for optimum load levels to avoid effect: A series of experiments were done to find the minimum values of load required for varied line lengths in order to avoid Ferranti Effect and to contain the terminal voltage near 1p.u. 4- Minimum ratings for reactors for compensation: With a varied number of simulations and experiments, the minimum ratings of required reactors have been realized in order to maintain optimized terminal ratings at receiving end. Scope of thesis: This thesis will commence with an overview of the problems encountered with EHV long transmission line. This would be followed up by a literature review that covers the research of useful background theories. The result from the performed simulations will be discussed in detail. Finally, some recommendation for future works in this area of research. Chapter 2. INTRODUCTION TO TXN LINES: The electric lines which are used to carry electric waves are called transmission lines. The transmission line parameters like inductance and capacitance are not separable unlike the lumped circuits. The transmission parameters are distributed all along the length of the transmission line. Hence the method of analyzing the transmission lines is different from analyzing the lumped circuits. In the analysis of the transmission line, only steady state currents and voltages are concerned. The analysis includes the measurement of current and voltages at any length of the line, when a known voltage is applied at one end of the transmission line. The end at which the voltages are applied is called sending end and the end at which the signals are received is called receiving end of the transmission line. 2.1-transmission line parameters: For the analysis and design of transmission lines, it is important to have knowledge of electric circuit parameters, associated with the transmission lines. Various electric parameters associated with the transmission lines are as below, 1-Resistance: Depending upon the cross sectional area of the conductors, the transmission lines has resistance associated with them. The resistance is uniformly distributed all along the transmission line. Its total value depends upon the total length of the transmission line. Hence its value is given per unit length of the transmission line. It is denoted as R and is given in ohms per unit length. 2- Inductance: When the conductors carry the current, the magnetic flux is produced around the conductors. It depends upon the magnitude of the current flowing throw the conductors. The flux linkages per ampere of the current, gives rise to the effect called inductance of the transmission line. It is also distributed all along the length of the transmission line. It is denoted as L and measured in Henry per unit length of the transmission line. 3- Capacitance: The transmission lines consist of two parallel conductors or single line w.r.t earth separated by dielectric like air. Such conductors separated by an insulating dielectric produce a capacitive effect. Due to this, there exists a capacitance associated with the transmission line which is also distributed all along the length of the conductor. It is denoted as C and measured in Farads per unit length of the transmission line. 4- Conductance: The dielectric between the conductors is not perfect. Hence a very small amount of current flows through the dielectric called displacement current. This is nothing but leakage current and this gives rise to the leakage conductance associated with the transmission line. It exists between the conductors and is distributed all along the transmission line. It is denoted as G and measured as mho per unit length of the line. Thus the four important parameters of the transmission line are R, L, C and G. as the current flows from one conductor and complete the path through other conductor, the resistance of both the wires is included when specifying the resistance per unit length of the line. These line parameters are constant and are called the primary constants of the transmission line. Revisit snaps(4-16(1)) 2.2-performance equation of long transmission line: kundar book We can analyze the performance of the line on per phase basis. The relationship between current and voltage along the one phase of the line in terms of distributed parameters can be seen in the FIG below = series impedance per unit length/phase. = shunt admittance per unit length/phase. = length of the line. The voltages and current in the figure are the phasors representing sinusoidal time varying quantities. For a differential section of the line of length at a distance from receiving end, the differential voltage can be given as . hence (2.1) The differential current flowing through shunt admittance can be given as Similarly (2.2) Differentiating eq 1 and 2 yeilds (2.3) and (2.4) Now for the general equation for voltage and current at distance x from receiving end, if the receiving end voltage and current are known, can be given as (2.5) (2.6) Whereas this is called characteristic impedance. and = = this is called propagation constant. The constant and are complex quantities. The real part of propagation constant () is called the attenuation constant , while the imaginary part is called the phase constant . Now the first term in eq.5 increase in magnitude and advances in phase as the distance increases. This term is called incident voltage. While the second term in eq.5 decreases in magnitude and distorts in phase from receiving end towards sending end, this term is called reflected voltage. At any point along the line the voltage is the sum of incident and reflected voltage. The same is true for eq.6 . If a line is terminated at its characteristic impedance , then there is no reflected voltage and the line is called a flat line or infinite line. For a typical power line, G is practically zero and R Zc = = (2.7) = = (2.8) If losses are completely neglected the is a real number and is an imaginary number. Similarly for a lossless line eq.5 and 6 can be simplified as (2.9) (2.10) The voltage and current vary harmonically along the line length. A full cycle of voltage and current along the line length corresponds to 2 radians. If is the phase shift in radians per meter, the wavelength in meters is (2.11) 2.3-Equivalent circuit representation of long transmission line: A line with length more than 160km is considered a long transmission line and the parameters are assumed to be distributed uniformly along the line as a result of which the currents and voltages would vary from point to point. Let us consider the figure below series impedance per unit length shunt admittance per unit length length of the line total series impedance total shunt admittance The elemental equivalent of the above figure can be redrawn as follows. For analysis purpose we take receiving end as reference for measuring the distance. Assume we have an elemental length at the distance of x from the receiving end. If the voltage and current at distance x are and, so at the distance of so the voltage and current becomes + and + respectively. 2.12 By manipulating above equations Similarly 2.13 With above can be written as 2.14 And 2.15 By differentiating eq 2.14 2.16 The solution of eq 2.16 is 2.17 From eq 2.14 and 2.16 2.18 Where is the characteristic impedance and is the propagation constant. Eq 2.17 and 2.18 can be written as 2.19 2.20 If receiving end voltage and current are known then Substituting above values in eq 8 and 9 Again substituting values of A and B in eq 2.19 and 2.20 2.21 2.22 Since and are the voltage and current at any point distance x from receiving end as evident from expression and (magnitude and phase) are functions of distance , receiving end voltage and receiving end current , which means that they vary as we move from receiving end towards sending end. Now the quantities and are complex For a lossless line; When dealing with high frequencies or surges normally the losses are neglected and the characteristic impedance becomes surge impedance. Due to large capacitance and lower inductance in the cables the surge impedance values can be very low. For = = the real part of propagation constant () is called the attenuation constant , while the imaginary part is called the phase constant . Eq 2.11 can be written as 2.23 The first term in the above expression is called incident voltage wave and its value increases as x is increased. Since receiving end is our reference end and as x increases the value of voltage increases meaning the magnitude of voltage decreases as it travel towards the receiving end. Thats why the first part of expression is called incident voltage and the second is called reflected voltage for the similar reason. Same can be said about the current expression as well. Voltage and current expressions can be rearranged as below 2.24 And for current 2.25 For , and 2.26 2.27 The above derived quantities are related by the general equations 2.28 2.29 Where are such that Compairing the coefficients of above expression with eq 2.28 and 2.29 From this it is clear that 2.3.1-Equivalent representation: Considering the same two terminal condition with sending and receiving end voltage and current, the network can be represented as figure below. From the above network we can derive the following expressions 2.30 2.31 By comparing eq 2.30 and 2.31 with eq 2.26 and 2.27 2.32 2.33 2.34 2.35 From eq 2.33 we can derive We can conclude from this that to get the series impedance should be multiplied with . Now to get the shunt arm of equivalent circuit we substitute in eq 2.32 Here is the total shunt admittance. So to get the total shunt arm of the equivalent th eshunt arm of the nominal should be multiplied with , so the equivalent circuit can be drawn as below. 2.3.2 Equivalent representation of long line: A similar derivation of equivalent circuit can be, the equivalent circuit can be represented as Figure below. By analyzing the circuit following expression can be extracted 2.36 2.37 Comparing eq 2.36, 2.37 with 2.26, 2.27. 2.38 2.39 2.40 2.41 Now using eq 2.40 for shunt branch of equivalent circuit we get, Therefore its evident that to get the shunt branch of equivalent circuit, we have to multiply with the shunt branch of nominal circuit. For series impedance eq 2.40 is substituted in eq 2.38, which gives So here we get the factor for multiplication with nominal circuit to get equivalent circuit impedance. And the resultant circuit can be drawn as figure below. 2.4-Fundamental requirements in ac power transmission: Bulk transmission of electrical power by ac in possible only if the following two fundamental requirements are satisfied. Major synchronous machines must remain stable in synchronism: The major synchronous machines in a transmission system are the generators which are incapable of operating usefully other than in synchronism with all the others. And this also is the fundamental of stability. Voltages must be kept near to their rated values: The second main requirement in ac transmission is the maintenance of correct voltage levels. Power systems are not inherently tolerant of abnormal voltages even for short periods. Undervoltage: this is generally associated with heavy loading and/or shortage of generation, causes degradation in the performance of loads. In heavy loaded systems, undervoltage may be an indication that the load is approaching the steady state stability limit. Sudden undervoltages can result from the connection of very large loads. Over voltages: this is a dangerous condition because of the risk of flashover or the breakdown of insulation. Over voltages arise from several causes. The reduction of load during certain parts of the daily load cycle causes a gradual voltage rise. Uncontrolled, this overvoltage would shorten the useful life of insulation even if the breakdown level were not reached. Sudden overvoltage can result from the disconnection of loads or other equipment, while overvoltages of extreme rapidly and severity can be caused by the line switching operation, faults and lightning. In the long transmission line this would limit the power transfer and the transmission distance if no compensating measures were taken. Chapter 3 compensated/uncompensated lines 3.1-Charging current in lines: Despite being able to avoid wire resistance through the use of superconductors in this thought experiment, we cannot eliminate capacitance along the wires lengths. Any pair of conductors separated by an insulating medium creates capacitance between those conductors: (Figure ) Voltage applied between two conductors creates an electric field between those conductors. Energy is stored in this electric field, and this storage of energy results in an opposition to change in voltage. The reaction of a capacitance against changes in voltage is described by the equation i = C(de/dt), which tells us that current will be drawn proportional to the voltages rate of change over time. Thus, when the switch is closed, the capacitance between conductors will react against the sudden voltage increase by charging up and drawing current from the source. According to the equation, an instant rise in applied voltage (as produced by perfect switch closure) gives rise to an infinite charging current. However, the current drawn by a pair of parallel wires will not be infinite, because there exists series impedance along the wires due to inductance. (Figure below) Remember that current through any conductor develops a magnetic field of proportional magnitude. Energy is stored in this magnetic field, (Figure below) and this storage of energy results in an opposition to change in current. Each wire develops a magnetic field as it carries charging current for the capacitance between the wires, and in so doing drops voltage according to the inductance equation e = L(di/dt). This voltage drop limits the voltage rate-of-change across the distributed capacitance, preventing the current from ever reaching an infinite magnitude: Equivalent circuit showing stray capacitance and inductance. The effect of capacitance of an overhead transmission line above 160km long is taken into consideration for all calculations. The effect of the line capacitance is to produce a current called charging current. This current will be in quadrate of the applied voltage. It flows through the line even if the receiving end is open-circuited. The charging current of the open circuit line is referred to as the amount of current flowing into the line from sending end to receiving end where there is no load. In many cases, the total charging current of the line is determined by multiplying the total admittance of the line by the receiving end of the voltage. This would be correct if the entire length of line has the same voltage as that of receiving end voltage. However this method of finding the charging current is sufficiently accurate for most lines. The actual value of the charging current will decrease uniformly from its maximum value at sending end to the minimum value at receiving end. Due to the charging current, there will be power loss in the line even the line is open circuited. 3.2-Surge Impedance Loading (sil pdf) As power flows along a transmission line, there is an electrical phase shift, which increases with distance and with power flow. As this phase shift increases, the system in which the line is embedded can become increasingly unstable during electrical disturbances. Typically, for very long lines, the power flow must be limited to what is commonly called the Surge Impedance Loading (SIL) of the line. (dr) or SIL is defined as the amount of power delivered by a lossless transmission line when terminated by a load resistance equal to surge or characteristics impedance. Surge Impedance Loading is equal to the product of the end bus voltages divided by the characteristic impedance of the line. Since the characteristic impedance of various HV and EHV lines is not dissimilar, the SIL depends approximately on the square of system voltage. A transmission line loaded to its surge impedance loading: (i) Has no net reactive power flow into or out of the line, and (ii) Will have approximately a flat voltage profile along its length. (dr) with load at the receiving end equal to SIL. Volts (3.1) It is clear from the equation that voltage magnitude at any point along the transmission line is constant with the magnitude equal to the receiving end voltage. Also, at SIL the general expression for current can be rewritten as . Amperes (3.2) Using (3.1) and (3.2), the complex power flowing at any point along the transmission line can be calculated as. (3.3) Hence, the amount of real power flowing along a lossless transmission line loaded at SIL is constant as expected. Also, noticed that the reactive power flowing in the line is zero. This point is crucial in understanding the phenomenon called Ferranti effect. When the line is terminated at SIL the net reactive power needed to deliver the real power by keeping the voltage constant is zero. In other words, the reactive power internally produced by shunt capacitance is just sufficient to fulfill reactive power required. However, when the loading conditions change from SIL or moderate loading to light load to heavy load, there will be imbalance in reactive power required to transmit the real power. In the absence of devices to control and compensate for reactive power, situation could result in lack or surplus of reactive power. Hence, create a low or high voltage profile, respectively in the receiving end of the transmission line. Typically, stability limits may determine the maximum allowable power flow on lines that are more than 160 km in length. For very long lines, the power flow limitation may be less than the SIL as shown in Table 0-1. Stability limits on power flow can be as low as 20% of the line thermal limit. Typical stability limits as a function of system voltage are given in table below: 3.3-The uncompensated line on open circuit: tjmiller The lossless line that is energized by the generators at the sending end and is open circuited at the receiving end is described by following equation with . 3.4 And 3.5 Voltage and current at the sending end can be given as 3.6 3.7 and are in phase, which is in consistent , with the fact that there is no power transfer. The phasor diagram shown in the figure. The voltage and current profiles in equation 1 and 2 are more conveniently expressed in terms of . 3.8 Phasor diagram of uncompensated line on open-circuit Voltage and current profile at no load condition. The general form of these profiles shown in fig 3.5 above. For a line 300km in the length at 50Hz, 3600 60 per 100km, so à °Ã‚ Ã…“ ½=6*3=180. Then and based on the SIL. The voltage rise on open circuit is called Ferranti Effect. Although the voltage rise of 5% seems small, the charging current is appreciable and in such a line it must all be supplied by the generator, which is forced to run at leading power factor, for which it must be underexcited. The reactive power absorption capability of a synchronous machine is limited for two main reasons The heating of the ends of the stator core increases during the under excited operation. The reduced field currents results in reduced internal emf of the machine and this weakens the stability. Note that a line for which à °Ã‚ Ã…“ ½=à °Ã‚ Ã¢â‚¬ ºÃ‚ ½Ãƒ °Ã‚ Ã¢â‚¬ ºÃ‚ ¼=à °Ã‚ Ã…“†¹/2 has a length of ÃŽÂ »/4 (one quarter length wavelength, i.e, 1500km at 50Hz) producing an infinite voltage rise. Operation of any line approaching this length is completely impractical without some means of compensation. In case of the sudden open-circuit of the line at the receiving end, the sending end voltage tends to rise immediately to open-circuit voltage of the sending end generators, which exceeds the terminal voltage by approximately the voltage drop due to the prior current flowing in their short circuit reactances. 3.4-Compensated transmission lines: Reactive power compensation means the application of reactive devices To produce a substantially flat voltage profile at all levels of power transmission. To improve stability by increasing the maximum transmissible power, and/or To supply the reactive power requirements in the most economical way. Ideally the compensation would modify the surge impedance by modifying the capacitive and/or inductive reactances of the line, so as to produce a virtual surge impedance loading that was always equal to the actual power being transmitted. Yet this is not sufficient to ensure the stability of the transmission, which depends also on the electrical line length. The electrical length can itself be modified by the compensation to have a virtual à °Ã‚ Ã…“ ½shorter than the uncompensated value, resulting in an increase in the steady state stability limit This consideration suggests two broad classification scheme, Surge impedance compensation and line length compensation. Line length compensation in particular is associated with series capacitors used in long distance transmission. Another compensation is called compensation by sectioning, which is achieved by connecting constant voltage compensators at intervals along the line. The maximum transmissible power is that of the weakest section but since this is necessarily shorter than the whole line, an increase in maximum power and , therefore , in stability can expected. 3.4.1-Passive and active compensators: Passive compensators include shunt reactors and capacitors and series capacitors. They modify the inductance and capacitance of the line. Apart from the switching, they are uncontrolled and incapable of continuous variation. For example, shunt reactors are used to compensate the line capacitance to limit voltage rise at the light load or no load condition. They increase the virtual surge impedance and reduce the virtual natural load Shunt capacitor may be used to augment the capacitance of the line under heavy loading. They generate reactive power which tend to boost the voltage. They reduce the virtual surge impedance and increase . Series capacitors are used for line length compensation. A measure of surge impedance compensation may be necessary in conjunction with series capacitors, and this may be provided by shunt reactors or by a dynamic compensator. Active compensators are usually shunt connected devices which have the property of tending to maintain a substantially constant voltage at their terminals. They do this by generating or absorbing precisely the required amount of corrective reactive power in response to any small variation of voltage at their point of connection. They are usually capable of continuous variation and rapid response. Active compensators may be applied either for surge impedance compensation or for compensation by sectioning. In compensation they are capable of all the functions performed by fixed shunt reactors and capacitors and have additional advantages of continuous variability with rapid response. Compensation by sectioning is fundamentally different in that it is possible only with active compensators, which must be capable of virtually immediate response to the smallest variation in power transmission or voltage. The table below summarizes the classification of the main type of compensators according to their usual functions. 3.4.2-Shunt compensation: Shunt reactors are used to limit the voltage rise at the light load or no load conditions. On long transmission they may be distributed at intermediate substations in shown in figure below voltage and current profile of shunt compensated system at no load. Consider the simple circuit above in figure, it has a single shunt reactor of reactance at the receiving end and a pure voltage source at the sending end. The receiving end voltage can be given as 3.9 3.10 Equation 7 shows that and are in phase, in keeping with the fact that the real power is zero. For receiving end voltage to be equal to sending end voltage , must be given by 3.11 The sending end current can be given as 3.12 using equation 3.9 and 3.11 3.13 Since , this means that the generator at the sending end behaves exactly like the shunt reactor at the receiving end in that both absorb the same amount of reactive which is evident from equation below. 3.14 Chapter 4 Ferrenti effect 4.1 Ferranti effect: A long transmission line draws a substantial quantity of charging current. If such a line is open circuited or very lightly loaded at the receiving end, the voltage at receiving end may become greater than voltage at sending end. This is known as Ferranti Effect and is due to the voltage drop across the line inductance (due to charging current) being in phase with the sending end voltages. Therefore both capacitance and inductance is responsible to produce this phenomenon. Another way of explaining Ferranti effect is based on net reactive power flow in the line. It is known that if the net reactive power generated in lie is more than the reactive power absorbed, the voltage at that point in the line becomes higher than the normal value and vice versa. The inductive reactance behaves like a sink in the line whereas the shunt capacitance generates the reactive power. If the line loading corresponds to the surge impedance loading, the voltage is same everywhere as reactive power absorbed in the line is equal to the reactive power generated. If the loading is less than SIL, generated power is more than generated power absorbed, therefore, the receiving end voltage is higher than sending end voltage. The capacitance (and charging current) is negligible in short line but significant in medium line and appreciable in long line. Therefore this phenomenon occurs in medium and long lines. Represent line by equivalent model. And the vector diagram can be given as OM = receiving end voltage Vr OC = Current drawn by capacitance = Ic MN = Resistance drop NP = Inductive reactance drop Therefore; OP = Sending end voltage at no load and is less than receiving end voltage (Vr) Since, resistance is small compared to reactance; resistance can be neglected in calculating Ferranti effect. From model, For open circuit, no load, There fore Or Or By neglecting resistance The quantity is constant in all line and is equal to velocity of propagation of electromagnetic waves (= 3 ÃÆ'- 102 km/sec) By substituting the values in the above derived equation And And finally From the above equation So or Receiving end voltage is greater than sending end voltage and this effect is called Ferranti Effect . 5.1, fig 4.10,4.6,4.4,4.2,4.1,3.5,3.4,2.1 Chapter 5 results and discussion Results and discussions: To simulate for my analysis, a radial system in the following figure was modeled as test system. Practical industrial data was acquired from Queensland Electric Commission which follows the Australian standard for conductors and enforces the transmission and distribution company to follow the standards. This acquisition was important to incorporate for more realistic analysis and observe the phenomenon as it is appeared in the real life transmission systems. Conductor types for the simulation were chosen from the provided list

History Of Rap :: essays research papers

History of Rap Rap Music, a genre of R&B that includes rhythmic poetry put over a musical background. The background consists of beats combined with digitally isolated sound bites from other recordings. The first recording of rap was made in 1979 and the genre began to take notice in the U.S. in the mid-1980s. Though the name rap is often used back and forth with hip hop. The name hip-hop comes from one of the earliest phrases used in rap on the song â€Å"Rapper’s Delight† by Sugarhill Gang. â€Å"I said a hip hop, hippie to the hippie, the hip, hip a hop, and you don't stop, a rock it to the bang bang boogie, say, up jump the boogie, to the rhythm of the boogie, the beat.†. In addition to rap music, the hip-hop subculture also formed other methods of expression like break dancing, graffiti art, a unique slang vocabulary, and fashion sense. Rap started in the mid-1970s in the South Bronx area of New York City. The birth of rap is, in many ways, like the birth of rock and roll. Both originated in the African American community and both were first recorded by small, independent record labels and marketed towards, mostly to a black audience. And in both cases, the new style soon attracted white musicians that began performing it. For rock and roll it was a white American from Mississippi, Elvis Presley. For rap it was a young white group from New York, the Beastie Boys. Their release â€Å"(You Gotta) Fight for Your Right (To Party!)† (1986) was one of the first two rap records to reach the Billboard top-ten. Another early rap song to reach the top ten, â€Å"Walk This Way† (1986), was a collaboration of Run-DMC and Aerosmith. Soon after 1986, the use of samples was influenced in the music of both black and white performers, changing past thoughts of what make up a â€Å"valid† song. Rap music was first a cross-cultural product. Most of its important early practitioners, Kool Herc, DJ Hollywood, and Afrika Bambaataa, were either first- or second-generation Americans of Caribbean background. Kool Herc and DJ Hollywood are given credit for introducing the Jamaican style of cutting and mixing into the musical culture of the South Bronx. Herc was the first DJ to buy two copies of the same record for just a 15-second break (instrumental segment) in the middle. By mixing back and forth between the two copies he was able to double, triple, or endlessly extend the break.

General motors, accounting theory and receivership Essay

Accounting theory is a wide ranging and comprehensive analysis and practice of management accounting and modern financial accounting. This function is accomplished through provision of a theoretical framework that assists in appreciating and understanding the purpose of various accounting practices. Business wise, the theory provides its linkage with modern accounting processes and the impacts of the procedures on business performance or operations. The theory is preferred because it goes beyond the theory, idea and thought analysis to incorporate holistic views of the influence of cultural and historical regulations and impacts on real world business environment (Madsen, 1999, p. 12). Receivership is a scenario under which gives an order to place a property under receivers control so that preservations for affected fellows can be done through it. In a case where a company is failing, actions brought forth by its creditors can place the business under receivership. The business does not cease to operate but is subjected to receiver’s management. In several cases, the court appoints a person to liquidate, rehabilitate, conserve or administer assets belonging to the insolvent corporation, in efforts made ultimately to relief or protect creditors. It therefore doesn’t lead to termination of corporate charter, but serves as a solution to financial difficulty. The dominion controller of the property subject to legal action is known as the receiver. In most cases, receivership is valued as an extraordinary remedy (Dubin, 1947, p. 10). This is because it is us4d to take care of a property when it is required for prosecution of lawsuit. This is especially when a danger is perceived that the property may be removed or dissipated form the courts jurisdiction in a failure to appoint a receiver. It is a process that only takes place through a court order, utilization only in exceptional circumstances. It may involve of not the consent of the owner of the property. General Motors is a company in the United States of America, dealing with motor based accessories, facilities and equipments. It is a company that is recognized as an economy mover not only in US but also in the global economy. However of late, the future of the company is hard to tell because it is subjected to several challenges of receivership, a process that is not only affecting its financial stability but also shaking its social fabric. United States uses a basic form of financial information in assessing the viability of corporations (Gordon, 2005, p. 17). In its capital markets, the general purpose financial statements used include profit and loss statements, balance sheets, statements of cash flows and statements of changes in equity. The nation also obtains extra information from footnotes. The extra information may include accounting procedures and policies utilized in preparing the financial statements, composition and the nature of balances reflected in the financial documents and other disclosure and matters that may be considered relevant for fairness to be upheld in the financial documentation process. US securities registrants also make periodic, quarterly and annual fillings (Belkaoui, 1991, p. 34). These fillings provide supplemental and additional information concerning statistical analysis, descriptions of significant risk factors, major operation locations and units, properties and plants, services and products and company’s business. The legal framework also requires operations to do with management’s discussion and analysis, assessment of liquidity risks and liquidities and certain supplementary schedules. Critical consideration and analysis of the above information gives a corporations financial status and its ability to serve the creditors and satisfy the requirements by the law (Cheffins, 1997, p. 15). The question on whether General Motors is in full consideration of ethical aspects in the process of receivership is subject to various influences. To some point, it may be ethical and fail at some points. This is because the receivership process has got some benefits to both the company itself and the shareholders, meaning that the process may lead to ethical grounds of treatment. On the other hand, the process has its own disadvantages to itself and stakeholders, this representing the degree of ethical deviation. For the time being, the company has received a mounting pressure to convince Washington that the bankruptcy of the company does not turn out catastrophically to the national economy. It is anticipated that if this happens, millions of job opportunities will be lost, tax payers will have to pay more than $100 billion and therefore lead the economy into a severe depression. Because of this threat, Barrack Obama, Harry Reed and Nancy Pelosi have called for an auto bailout of the company (Rae, 1959, p. 16). The decision to get into a receivership supports the argument that the company is ethical to some extend. This is because receivership is the alternative of bankruptcy which is worse. Bankruptcy paralyses every thing in a company and soils the continuity of the company, stakeholders and the national economy as a whole. Surrendering to receivership deal is showing the concern of the company towards their stakeholders, national economy and the global economy. In one special consideration, if the company failed to engage in a receivership deal, all dealers and suppliers from all over the globe would be jobless (Bonbright, 1982, p. 19). To escape from employee assaults, receivership make sure all employees are not pay off and the operations of the company continue running though under courts monitory. The control by court gives hope and protects the rights of the stakeholders. Reflecting unemployment as a worldwide challenge, it cloud be bad for companies to advocate and engage in business strategies that increase unemployment. Again, the business ethics are tied to respect and compensation of employees as a major priority, because it is believed they form the production propellers. Without employees, an organization can hardly run and this is the reason as to why General Motors has been regarded as ethical for giving employees the best treat the company could afford during this financial challenge (Gordon, 2005, p. 17). If General Motors could not strike this deal, it is a possibility that it would have broken up and sold to other companies that may be foreign or domestic. In this case, stakeholders would have lost everything, workers would have lost and management fired. This is a clear indication that receivership is attributed to less stigma. The decision of rushing to this line of management has been seen to release the stigma of the management, country and the clients in question. This is because the operations are still on and under strict surveillance by court administration (Gordon, 2005, p. 16). Therefore, America as a nation, its citizens and stakeholders still have hopes that the company will reinstall its functioning. According to the accounting theory, it is always advisable to be a risk taker but to certain limits. Once the balancing of the accounting section fails, it is also provided that accountants or administration should surrender and allow advanced cross data analysis. This is a measure made to minimize the exposure to risks that may render an organization non functional. Business receivership increases chances of a troubled business survival. To revive the proceedings of the business almost to normalcy level, it is essential to put in place new management to help discover the errors of the old management. This increases the probability of the business survival (Bonbright, 1982, p. 19). The reason as to why many people may believe that GM is not serving its function and failing is because the American economy itself is under its steepest drop in 20 years time, recording foreclosures at highest levels, stock market performing the poorest for five years and a decaying consumer confidence. It should be understood that the cause of the GMs challenge is also contributed to by the economic environment of the country and also the global economy, which is in a recession. It is said that General Motors is in the verge of bankruptcy. In December 2008, the consumer confidence in the company has dropped to its lowest levels possible. Because of these difficulties, the federal government announced that the economy has been in a recession as from December 2007. This company applied for this protection from creditors because according to how the situation was, a red ink had mounted an issue which was realized through a cash flow collapse and amid falling sales. The company made the unavoidable choice in efforts of filing court intervention in dealing with urgent liquidity crisis and therefore seeks for transformation towards sustainability. According to the stock market, the company’s shares had dropped with nearly 85 percent and were in turn suspended. The company was unable to meet its payroll in December 2008. GM is observed to have small domestic rivals but its state is closely being watched to face amid turmoil in auto industry. The failure of this company has also been ignited by the global financial crisis that has plunged the demand for vehicles (Rae, 1959, p. 17). According to the nature of accounting, it is described as a process of communicating, measuring and identifying economic information to facilitate decisions by the information users and permit informed judgments to take place. This has been taken as a statement of basic accounting theory, supporting the ideology that economy or entrepreneurial progress is a concern of stakeholders, and information should be exposed with a lot of freedom and accuracy. In regards to the General Motors, the move to receivership is a strategy to allow access to documents and pave way for new judgments to be made but separate entities. This is highly appreciated in the theory of accounting because it improves the creativity of the company in management activities and help reconstruction of the company. Failure to communicate information is not ethical. This is because if GM was not ethical it could only give up at times of complete insolvency or bankruptcy. Under the accounting theory, measuring and communicating information involves observation of events and transactions of the firm and measuring the transactions as well. Financial report is then released, which serves as a message to help the healing process. After the interpretation of the message, an image of the firm is obtained and then used as a basis of decision making. The adjustments that are possible in case of the above company will be based on accounting discoveries and recommendations. The allowance of experts into the scrutiny process is a show of responsiveness to the reform process and the willingness to be corrected (Rae, 1959, p. 17). As the above takes place, the receiver has acted as the referee of the proceedings, playing a trustee duty to the court. This receiver has maximized the value of General Motors Company and its assets. The receiver is also taking the best ways possible to protect shareholders and creditors involved in the saga of this company. With time, the receiver may often liquidate the assets and shut it down but this is not the case in the united stases of America. The fate of the company therefore rests on the possibility of the company coming back operation, the amount of remaining money and the causes of the business problems. If events prove that there is no hope for the company in the long run, the acting receiver would make sure that every partner involved benefits from the scrape value of the venture. If it is finally ruled the company should be sold as a going concern, the price tag can improved because for the value added by the receiver. This description makes receivership of its concern more sensitive to its creditors, clients and creditors (Bonbright, 1982, p. 18). With all the above arguments describing General Motors as ethical, the path that the company followed to this far is on the other hand questionable both in human resource management and financial accounting. If the company was so ethical, such difficulties could be detected earlier and protected. It will be then very accurate that the company should have participated in financial fraud. Fraudulence and material misstatement is believed to have led the company to this saga, completely going against accounting ethics of transparency, accuracy and accountability. At international levels, the company is said to have defied from accounting theory by either overstating revenues, understating expenses, omitting some liabilities, overstating assets, failure in transactions, disclosure and accounting events, mischaracterization, disclosures that may be misleading in concerns of MD&A, products and services, liquidity and liquidity risks or in supplemental information. Inclusively, the country may also have created fictitious assets, omitted actual liabilities or improper reflect of transactional timing. The above frauds are all outlawed in the financial accounting theory, which the above company may not have adhered to, leading to the present massacre (Rae, 1959, p. 16). Still to show discontentment of the company as far as accounting theory is concerned, receivables and revenues recognized prematurely should be given a special treatment in the accounting process, an error that General Motor sis believed to have committed and thus failed to meet its payroll in December 2008. The cost of production of the company has been observed to increase before the fall magnified and collapsed the functioning of the company. Through accounting theory, this may have been caused by deferring the reconnection of costs or purchases, improperly overstating the value of inventories or improper treatment of overhead or indirect expenses. According to the outcry of the General Motor employees, there must have been a delayed recognition of associated provision expenses before this downfall. Contingencies have been detected in form of litigation reserves, product and warranty liability reserves sales return allowances and doubtful accounts allowances. According to the nature of the controversy in the company’s financial statements, creation of fictitious probably took place. It involved recording of associated fictitious receivables, fictitious revenues, fictitious inventory and therefore underestimation of cost of goods sold (Madsen, 1999, p. 13). Accounting theory and practice of accountants firmly argue against exclusive frauds, which definitely drive corporations and businesses to the situations comparable to the ones of General Motors. The exclusion concerns liabilities and other obligations such as contingencies, guarantees and commitments, all of which affect the balance sheet status. The effect of such exclusions is understatement of expenses such as environment cleanup expenses, litigation expense provisions, judgment liabilities, litigation reserves debt losses such as undisclosed commitments, guarantees and debt related contingencies. This category also incorporates direct charge off reserves and impairment of unconsolidated assets like partnerships, joint ventures and equity investments. All the above exclusive frauds lead to overstatement of liquidity measures and understatement of company’s total liabilities and interest expense (Dubin, 1947, p. 11). As far as accounting theory is concerned, the company is believed to have defied the provisions of the theory with big margins. This is because if the company had carefully taken into concern the above errors, the turmoil could not have resulted. Again, even if it could occur, the margin could not be alarming. The accounting discrepancies that many leaders in America have felt brought the company down are pushing them to propose a complete turmoil of the company. The above fraud description illustrates that receivership of the company was not the best precautionary measure to take, but instead accounting theory prescriptions should consistently have been upheld by the company and thus prevent this fall. This means that the company is not as ethical as people may be thinking. Ethics are attributes in which every member of a certain setting performs or delivers his or her responsibility with all affordable sincerity and fairness. This involves consideration of the cultural expectations when in such environment, social aspects and the particular work ethics. If frauds comparable to the ones above take place, this means that a section of the staff is not sincere and so non ethical. Therefore it may also make sense to say the company is not so ethical (Belkaoui, 1991, p. 35). To add on this, an ethical institution is always the interest of the public because of the confidence they attach to them. The subsequent and rapid drop in the confidence of this company is an indication that it wasn’t an ethical organization which citizens could understand the scenario as a normal challenge and therefore continue supporting it. Because receivership is a lame way of solving the problem, the structural framework has to be strengthened if the company happens to revive as a going concern. If efforts to revive the company fail, it would also be wise to go for the bankruptcy option. Together with the disadvantages of this option, it may ultimately emerge as stronger form with lower cost structure. To supplement this, the government can undertake a bailout to add new capital, replace management, write down the debt and preserve most of the jobs. To conclude, receivership of General Motors can not be seen as a solution as per now but it is time to tell, especially according the economic trends. Still, it is hard to tell whether the company is ethical, since it posses both weak and strong elements of ethical practices (Cheffins, 1997, p. 15). Bibliography Belkaoui Ahmed (1991). Accounting in the dual economy. Westport, CT: Quorum Books; pp. 34,35. Bonbright James (1982). The holding company: Its public significance and its regulation. New York: McGraw Hill Books; pp. 18,19. Cheffins Brian (1997). Company law: Theory, structure and operation. New York: Clarendon Press, Clarendon; pp. 15. Dubin Robert (1947). United automobile (CIO), general motors and Studebaker. Science Research Associates; United States, pp. 10, 11. Gordon Robert (2005). Business leadership in the large corporation. New York: Brookings Institution; pp. 16,17. Madsen Axel (1999). The deal maker: How William C. Durant made general motors. New York: John Wiley & sons; pp. 12, 13. Rae John (1959). American automobile manufacturers: The first forty years. Chilton, Washington; pp. 16, 17.

Maslow s Theory Of Human Motivation Essay - 1350 Words

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