Unit 2 MFRD Assignment Hardwood Ltd

Unit 2 MFRD Assignment Hardwood Ltd

Unit 2 MFRD Assignment Hardwood Ltd


Finance is the essential requirement of the business organisation and without they are not able to perform single activity. Hardwood ltd. is facing requirement of huge finance. Various sources of finance will get discussed along with their implications. There are various techniques also get discussed to manage them in effective manner. In Unit 2 MFRD Assignment Hardwood Ltd investment appraisal techniques also get discussed as it helps in selecting favourable and profitable investment option.

Unit 2 MFRD Assignment - Hardwood Ltd - Uk Assignment Writing Service 

Task 1

Task 1.1: Identify the sources of finance available to Hardwood Ltd (AC1.1)

Financial resources are money available to a business for spend in a form of cash or credit. Before starting a business, entrepreneur needs financial resources to succeed.

The sources of finance available to Hardwood Ltd are:

Internal sources

  • Owner Investment: is money from your pocket from your personal savings. It is the fresh investment made by the owner and it doesn’t create any liability over business.
  • Retained Profit:means you are already in business and you can use your profit by investing or reinvesting. Adequate amount get saved by them out of their earned profits to utilise them during the emergency situation.
  • Sale of Fixed: Assetsis an unwanted asset (e.g. machine, vehicle, office building) that you can sale to have your capital and to start up a business. It helps in releasing the blocked money as well as space to make better utilisation of it (Nishizawa, 2011).

External sources

  • Bank Loan: is an amount of money that is borrowed at an agreed rate of interest for a period of time. Bank renders money against the handsome amount of securities. They took securities to safeguard their money and in case of failure they sold out these securities and recover their money.
  • Bank Overdraft is a facility to take more money: There is a prior agreement with the account holder. This source get utilised in the emergency situation to meet out their routinely expenditure (Nishizawa, 2011).Additional Partners is a partnership or a sole trader who will come with money to invest. The  financial management  or profits associated with this source attract the number of investors and suitable investor can be approached to get investment.
  • Share Issue: is a company that makes new sharers. Huge finance gets arranged by selling the organisational ownership to the public. Interested individuals purchase the shares and make effective investment in the ownership of the business organisation.
  • Venture Capital: is when someone is willing to invest in your company by becoming shareholder and get a percent. They are the huge financers that attain huge capital with them and by getting investment from these provide strong base of finance (Nishizawa, 2011). is like renting a vehicle or property (assets). This asset will never be yours. For a certain time period required equipment or asset took on lease and pay small rentals against it. After the set time period lease get over and equipment or assets get returned to the owner.
  • Hire Purchase: is when you hire an asset for a period of time and pay regular payments. After the completion of set time period they become owner of the asset. is a long term loan usually for a period of 25 to 30 years. Once all repayments are made the property will become yours (Nishizawa, 2011).
  • Trade Credit: is assets that will be paid later. It is the short term of finance where they get time period of few months to make payments of credit amount.
  • Government Grants: is to support people and small business. Government render adequate amount to them in order to promote them so that they run their business activities and perform effectively. is when you sale your product to a client and the Invoice is send to the factoring company and you receive cash in advanced. The factoring company collects full payment from your customer. Factoring is when you sale your products on credits.
  • Franchising: is when the owners sell the rights to their business logo, name and corporate identity to the third party operators. Example of franchise business: McDonalds, Subway (Nishizawa, 2011).

Task 1.2: Assess the implications of difference sources of finance on a business (AC1.2)

Implications of different sources like Bank Loan and Overdraft (External sources) or Own Investment (Internal source) any of this financial sources it will affect a business in four ways:

  • Financial implications: you have to pay an interest which it will affect your business.
  • Legal implication: is when you borrow money from the Bank and sign a loan agreement, you will be responsible for the repayment. You are legally bound and the Bank can sale your assets to recover the loan (Willem van Gelder, et. al., 2012).

Control implications: source of finances:

  • Shareholders in your company, because you need money.
  • If you reduce the ownership, you lose control.

Risk implications are when you put your business at danger, risk. For example:

  • Bankrupt – if you cannot pay your bills, loan your business will be sold out.
  • Liquidation – sold out, the Bank will advertise to sale your business.

Sources of Finance

Financial implication

Legal implication

Control implication

Risk implication

Bank loan

Huge amount get raised with the help of it.

High legal implications are made.

Control remain with the organisation

Risk factor is high.

Bank overdraft

Small amount get arranged at the time of emergency.

Lots of legal implications are implied.

Organisation is having control with them.

High level of risk is associated with it.

Sale of assets

Adequate amount get arranged with it for once a while.

There is no legal implication are made.

Ownership remains with the organisation as asset get sold.

There is no risk.

Issue of shares

It provide huge and strong financial base.

Legal implications are high.

Ownership gets shared with the shareholders.

No risk is associated with it.

Retained profits

Adequate amount get arranged with the help of it.

There are no implications are there as money is saved by the organisation only.

Control remain with the organisation

Level of risk is equal to zero.

Trade credits

Moderate amount get share with the help of it.

Legal contract is associated with it.

Credit doesn’t dissolve the ownership.

Level of risk is moderate.

Hire purchase

Required equipment or asset gets arranged with the help of it on instalment basis.

Legal agreement is made among buyer and seller.

Control remain with the organisation

Risk level is average.


Required equipment or asset gets arranged on rentals.

Legal contract is formed between lessor and lessee.

Equipment took on rentals and there is no issue of sharing ownership.

There is low level of risk as owner took the equipment back if rentals are not paid.


It provide adequate amount of finance.

Few legal formalities are followed that are implied by the financial institutions.

Control remain with the organisation

There is no risk.

Venture capital

Huge finance gets invested.

Legal agreement is made between investor and organisation.

Venture capitalist may share the ownership.

No risk is associated with it.

Task 1.3: Evaluate appropriate sources of finance for a business project (AC1.3)

Briefly explain the factors which a company may wish to consider when selecting appropriate sources of finance.

  • The amount of money needed: For a large amounts of funds needed, can be used Debentures source. Debenture holders is a form of a medium to long term loan,at a fixed rate of interest.
  • The urgency of funds: The urgency of the funds is based on how quickly the money is required for the business. Some finance resources are quicker and others like issuance of sharers it takes time (Peters, et. al., 2011).
  • The cost of the source of finance: For any source of finance, Internal or External source - it is a cost. Internal sources of finance like Owner investment or Retained profit are cheaper than external sources.
  • The risk involved: Risk is danger, for example if you don’t pay your bills or Bank Loan you are at risk of Bankrupt and the business will be sold out.
  • The duration of finance: The duration of finance can be for short-term, medium-term or long-term.If you want to buy a house, you can go for a long-term finance by applying for a mortgage.
  • The gearing ratio of the business: The gearing ratio describes a financial ratio that calculates debt capital to the capital of a business. If the geared is high, then firms are reluctant to provide loans (Peters, et. al., 2011).
  • The control of the business: For example, don’t go for venture capital or Issue sharers because it will affect the control of the business. The venture capitals will have control over your business and management responsibilities (Peters, et. al., 2011).

The below sources of finance that I will consider being appropriate for Hardwood Ltd would be:

  • Share issue: is a long term source of finance and involves more sharers. The advantages for the company are that doesn’t need to be repaid and there is no interest. But along with this the major disadvantage is that their ownership gets dissolved with shareholders and decision making power transferred in the hand of board of directors.
  • Bank loan: is a source that the bank will borrow an amount of money at an agreed rate set for a period of time. The advantage of taking loan is that it doesn’t dissolve the ownership and paid interest amount provide relaxation in tax amount. On the other hand the major disadvantage is loan amount must repaid after a set period of time (Dusuki & Bouheraoua, 2011).
  • Leasing: is an option for Hardwood Ltd to obtain assets. For this external source will be involved payments spread over for a period of time. The main advantage of this source is it provides required equipment on small rentals. But the major disadvantage is it must get paid on regular basis.
  • Retained profit: is when you are already in business and use your profit by investing or reinvesting. It doesn’t create any liability over the business organisation but it reduces the balance of the emergency funds (Dusuki & Bouheraoua, 2011).

Contact us

Get assignment help from full time dedicated experts of Locus assignments.

Call us: +44 – 7497 786 317
Email: support@locusassignments.com
Order Now!!
BTEC HND Assignment Experts

Task 2

Task 2.1: Analyse the costs of the different sources of finance identified in task 1.1 above (AC2.1)

There are few cost of different sources of finance are available such as:

  • Cost of debt: - When the amount is paid in the form of interest over the bank loan or issues debentures then it is termed as cost of debt. Bank loan and debentures is considered as debt because they get repaid after a set period of time.
  • Cost of equity capital: - When the amount is paid in the form of dividend over the equity capital is termed as cost of equity capital. Dividend is taken out of profit and gets paid to shareholders as they are owners of business organisation.
  • Cost of preference share: - When the amount is paid in the form of dividend over the preference share capital is termed as cost of preference share. Dividend is taken out of profit and gets paid to shareholders (Amir, et. al., 2012).

Sources of finance

Costs of different sources of finance

Retained profits

For this internal source of finance, the business doesn’t have to pay interest. This is when you use your profit to reinvest in the business. There is no cost is associated.

Sale of assets

For this internal source the costs will come in from selling off unused furniture or machinery to raise finance. There is no such cost is associated with it.

Bank loan


The cost of using a Bank loan is interest. The business will have to pay fixed interest for short or a long term. If the organisation doesn’t earn enough income, this could lead to bankruptcy and liquidation. Cost of debt in the form of interest is associated with it.


Bank overdraft


For this external source of finance, the cost will be higher interest than a bank loan. Cost of debt in the form of interest is associated with it.


(Additional partners)


For this external source of finance, no interest is payable. Profits will be paid out as dividends to more shareholders. Cost of debt in the form of interest is associated with it.

Venture capital


The cost of using venture capital is the profit. The business will have to share profit with the investors. Profit get share with them and it can be termed as cost of debt.



The cost of using leasing as a source of finance will be the interest added in the instalment repayments. Cost of debt in the form of rentals is associated with it.

Share issues

Over the equity share capital they pay dividend and the amount of dividend get termed as cost of equity capital.

Task 2.2: Explain the importance of financial planning to a business (AC2.2)

What is financial planning?

Financial planning is a process of putting in place your objectives, policies, procedures, programmes, budget. It will involve identifying goals and objectives. Financial planning is when you set your priorities right.

  • Budgeting is a part of a plan and you need to set how you spend your money.
  • Monitor and review your plan at least yearly and make adjustments when needed.
  • Review/Revise, you have to look at your plan again and again and do something to getsomething.
  • Assess current market situation
  • A financial plan will ensure wide and efficient use of resources
  • By planning your finances to meet your goals and objectives you will gain control and have much greater confidence.

Unit 2 MFRD Assignment Hardwood Ltd 1

Importance of financial to Hardwood Ltd:

  • Financial planning it will help Hardwood Ltd with every day management cost. A good financial planning will help to allocate funding to business and to integrate  human resources . The business is more likely to fail without a financial planning and it can quickly identify a financial downturn. It helps prioritize spending, it helps to plan and manage profit and it helps with in marketing decisions (Amir, et. al., 2012).
  • The business needs to assess current market situation.
  • Financial planning will help Hardwood company to ensure stability and profitability by predicting and assessing risk in advance.
  • It helps in estimating the requirement of the capital required in the near future.
  • It provides the adequate balance between the cash flows (inflow and outflow).
  • It helps in making effective utilisation of their available financial resources.
  • It makes proper and adequate allocation of their available financial resources.
  • Financial planning helps in making effective investments.
  • It helps in reducing the lack of available finance.
  • It provides effective and adequate capital structure.
  • It enhances the operational activities in effective manner.
  • Financial planning builds effective communication and coordination within the Hardwood ltd. (Amir, et. al., 2012)

Task 2.3: Assess the information needs of different decisions makers. (AC2.3)

Stakeholders of a business organisation

Information needs of different decision makers



The providers of capital are concerned about the risk and return provided by the business. Owners need more information to help them to assess the ability of the enterprise to pay dividends. They are interested in the profitability and liquidity information related to the business organisation.


To facilitate relevant information use, suppliers need to determine whether amounts owing to them will be paid when due. They access the liquidity and profitability information as they evaluate that whether they get their debt or not.


Government is interested in the allocation of resources and activities of enterprises. By better identification Government and its agencies will control taxation policies and national income. They access their information related to profitability, liquidity and financial position as they evaluate their overall performance and tax implications.


Employees needs information about the stability and profitability. They also need to know about remuneration, retirement benefits and about employment opportunities. They access the information related to the liquidity and profitability in order to make estimations related to the bonus, increase in salaries and others.

Banks (financial institutions)

Lenders/Banks before lending money to a company they look for followinginformation: Gearing ratio of the company, cash flow to see the profitability, Interest cover (Ability to pay interest if the loans are taken), company assets to be considered as collateral. They access the information related to the financial position, liquidity and profitability as they evaluate efficiency of Hardwood ltd. to repay their loan amount.


They access the information related to their liquidity, financial position and profitability in order to hold their position within the company.


They are interested in the number of people employed and their patronage of local suppliers and to the continuity of the business. They access all available information for the purpose of setting goals and objectives and prepare different strategies to attain them in effective manner.

Task 2.4: Explain the impacts of finance on the financial statements of a business (AC2.4)

Balance sheet is a snap shot picture that shows the financial position of a business and shows the followings:

  • Assets – the things that you have for example machines, buildings
  • Liabilities – is what you owe to others: creditors, bank
  • Capital are the money invested in the business

The profit and loss account:

  • Profit & Loss is used as a statement for internal and external reporting
  • In this statement a company's income, expenditures, and profits over a period of time are reported.
  • The sale and different costs incurred during the processing state are included in these.
  • The cash flow statement

Cash flow is a financial statement of two things:

  • Incomings cash/earnings
  • Outgoings of cash

Sources of Finance

The balance sheet

The profit and loss account

The cash flow statement

Bank loan

Under assets cash account gets increased and under liabilities loan account gets included.

Interest payment increases the overall expenditure.

Decrease in cash flow from operating activities.

Bank overdraft

Under assets cash account gets increased and under liabilities loan account gets included.

Interest payment increases the overall expenditure.

Decrease in cash flow from operating activities.

Sale of assets

With the sale of assets cash get increased and decrease in fixed assets balance.

Loss or profit on sales increase the overall profit or loss earned.

Increase in cash flow from investing activities

Issue of shares

Under assets cash account gets increased and under liabilities loan account gets included.

Paid dividend increases the expenditure ratio.

Decrease in cash flow from financing activities.

Retained profits

Reserve funds get decreased.

It doesn’t impact the account as there is no such cost is associated with it.

It doesn’t impact the financial statement directly.

Trade credits

Increase in assets as well as liabilities side.

The payment of instalment increases the share of expenditure.

It decreases the cash flow from operating activities.

Hire purchase

Both side get increased

The payment of instalment increases the share of expenditure.

It decreases the cash flow from financing activities.


Both side of balance sheet get increased.

The payment of rentals increases the share of expenditure.

It decreases the cash flow from financing activities.


It put impact over assets side only as it increases the debtors account and decreases their inventory account.

The loss of amount decreases the share of revenues.

Operating cash flow get decreased.

Venture capital

It increases both sides of the balance sheet.

Share of profit amount or payment of interest decreases the overall profit ratio.

Operating cash flow get impacted with it.

Task 3

Task 3.1 Using the information in Section A prepare and analyze the cash budget for Hardwood for the 6 months April – Sep 2015. (AC3.1)

  • Budget: The report that management prepare in order to allocate the available resources in adequate manner so that it get utilised in effective manner. With the help of it available resources get utilised maximum and helps in getting desired outcome.

Objectives of budget are as follows: -




Management make use of it in order to make effective plans to meet out their desired requirements. With the use of it they perform in systematic manner and attain set objectives.


It helps in building effective level of coordination among the management and avoids the unnecessary expenditure.


The available resources get allocated accordingly as per the requirement and helps in making adequate and optimum utilisation of it.


In the end it get utilised for the performance review as the budgeted results get compared with the actual results.

Below is the prepared cash budget: -

Unit 2 MFRD Assignment Hardwood Ltd 2

  • Analysis of above budget: The above prepared budget shows the flow of cash (inflow and outflow). In the first three months they are performing extremely good as their revenues shows increasing trend and balance shows surplus amount. With the effect of this in the month of July they made capital expenditure which results in overall deficit amount. The cash payment of capital expenditure impact their cash balance and they get deficit balance. Except this capital expenditure they are performing effectively as they attain increasing trend in their revenue earned (Hsu & Ziedonis, 2013).
  • Suggestions: - Hardwood Ltd. need to purchase the new machinery with the other available options such as leasing, hire purchase or bank loan instead of purchasing in cash. The capital cash payment affects them badly as they attain negative cash balance and they are paying out of their earning revenues. By taking it with the help of other debt sources they easily attain the machinery as well as pay the amount in small rentals or instalments (Hsu & Ziedonis, 2013).

Task 3.2 Explain the calculation of unit cost and make pricing decisions using the information in Section A.(AC3.2)

  • Unit cost: The cost which get incurred for the purpose of manufacturing the product.
  • Profit margin: It is adequate margin or revenue for which product is produced. It helps in attaining growth in the market.
  • Price per unit: It is the amount that gets paid by the customer for the purchase of the product. (Olawale, et. al., 2010)

Provided data:































Other variable expense




















Unit cost, profit margin and price per unit is calculated in the below table:

Unit 2 MFRD Assignment Hardwood Ltd 3

  • Decision: Management use the cost plus price method to set the price of the product. To set the prices of product all available costs (variable and fixed costs) get add up simultaneously along with the adequate amount of profit in it. This helps in earning adequate share of profit which helps in attaining growth in market (Olawale, et. al., 2010).

Task 3.3 Assess the viability of the project identified in Section B using the Investment Appraisal techniques of Payback [P/B], Net Present Value [NPV], Internal Rate of Return [IRR] and Accounting Rate of Return [ARR]. To do this you should perform the relevant calculations and explain the results. (AC3.3)

  • NPV: - This technique of investment appraisal techniques helps in evaluating the overall profitability rendered by the project or investment after the end of the project period.
  • ARR: - This technique helps in evaluating the rate at which they return or earned revenues get measured.
  • IRR: - This technique helps in evaluating the rate at which the net present value become equal to zero.
  • PBP: - This technique emphasises over the period in which invested amount get recovered effectively. Its show the risk factor associated with the investment or  research project  (Saxena, 2015).

Calculation of NPV for Both machines is as follows: -

Unit 2 MFRD Assignment Hardwood Ltd 4

Initial investment is 2000

NPV = = Discounted cash inflow – Initial investment

NPV for machine A

= 2028.85 – 2000

NPV = 28.85

NPV for machine B

= 2125.80 – 2000

NPV = 125.80 (Saxena, 2015)

Calculation of Payback period for both machines is as follows:

Unit 2 MFRD Assignment Hardwood Ltd 5

Calculation of ARR for both the machines is as follows:

Unit 2 MFRD Assignment Hardwood Ltd 6

Calculation of IRR for both the machines is as follows: -

Machine A

Unit 2 MFRD Assignment Hardwood Ltd 7

Unit 2 MFRD Assignment Hardwood Ltd 8

Machine B

Unit 2 MFRD Assignment Hardwood Ltd 9

Unit 2 MFRD Assignment Hardwood Ltd 10

Results and preference:

Unit 2 MFRD Assignment Hardwood Ltd 11

Analysis: As per the above results Machine B is looking more profitable. Machine B is selected over machine A because machine B renders high rate of return and high profits as compare to the Machine A. (Champathed & Chansa-ngavej, 2015)

Task 4

Task 4.1 Discuss the main financial statements of a company by outlining the purpose, structure and main sections of the Income statement, Balance Sheet and cash flow statement (AC4.1)

These statements get discussed below such as: -

  • Income statement: - Most of companies also denoted it as profit and loss account as this is utilise by the management for the purpose of recording the activities related to the income and expenditure made by them for a specific period of time. Management further utilise it for the purpose of evaluating the overall profitability and helps in evaluating their efficiency in attaining revenues from their activities (Archer, et. al., 2010).
  • Balance sheet: - As per the guidelines of the IFRS it is denoted as the statement of financial position as it provides the summarised information related to their position of finance. Management record their attained assets and liabilities below this statement and utilise it for evaluating their overall position. The balance of their assets and liabilities get recorded under it and make effective presentation in the summarised format (Archer, et. al., 2010).
  • Cash flow statement: - This statement is prepared as per the guidelines rendered by the IFRS. This statement is specially prepared for the purpose of recording the activities related to the flow of cash whether it is outflow or inflow. This statement is segregated into three parts such as operating, investing and financing activities. The logic behind segregating into three parts is to provide detailed information related to the cash flows. This statement utilised by the management to put adequate level of control over the use of the available cash funds and also utilise in evaluating their liquidity (Archer, et. al., 2010).

Task 4.2 Compare appropriate formats of financial statements for different types of business (AC4.2)

There are lots of business organisation are performing in the market and all are based on different formats. With the effect of their base they prepare their financial statements in different formats. In the below table different organisation get differentiated along with their different format of financial statements such as: -




There is only one owner of the business.

There are numbers of owners but not more than 20 as per their agreement.

There is huge number of owners of the business organisation and they get denoted as shareholders.

The business decision making power remain with the owner only.

Partners having decision making authority as per their agreement.

Board of directors having authority to make decisions related to business.

They follow the general format of preparing their financial statements. They prepare balance sheet and income statement by following the horizontal format.

They follow the horizontal format while preparing their financial statement. In financial statement they prepare profit and loss appropriation account, partner’s capital account and balance sheet.

They follow the guidelines rendered by the IFRS and as per the guidelines it include the vertical format of preparing financial statement. In their financial statement they prepare balance sheet, income statement, notes and cash flow statement.

They make use of their financial statement to maintain a simple record of their transactions.

They make use of their financial statements to record the transactions and distribute the earn profit or loss in their capital account.

They prepare their financial statement to extract the information related to their liquidity, profitability, financial position.

Owner and creditors having interest in their financial statements

Partners having interest in their financial statements.

There are lots many stakeholders such as employees, management, shareholders, government and many more and all require different information to make their decisions.

Task 4.3 Interpret the Financial Statements of Hardwood Ltd [presented in Section C] by calculating and commenting on the nine ratios listed below for 2014 and 2013 and compares these with Industry averages shown in the table below:

Ratio calculation is as follows such as: -

Unit 2 MFRD Assignment Hardwood Ltd 12

Interpretation of ratios is as follows: -




Industry Ratio






They attain efficiency in getting returns as become well than their industry ratio as compare to last year.

Operating profit




They show improvement in getting the operating profit but then also they are not able to reach out the industry ratio.

Gross profit




They improve their revenue earning efficiency as compare to last year and maintain adequate difference in comparison to their industry ratio.

Operating asset




There is improvement noted down in their efficiency to utilise their assets but then also they are not able to attain adequate ratio to meet industry ratio.

Current ratio




In the year 2013 they maintain the ratio almost equal to their industry ratio but then there is subsequent fall is noted down in their ratio.

Quick ratio




In 2013 they are not able to attain the industry ratio but in 2014 their ratio shows drastic fall in it and become just half to their industry ratio. They need to maintain adequate level of liquid funds with them.

Stock days

62 days

54 days

75 days

They improve their sales activities as they sold out their inventory in 54 days in 2014 and much far better than their industry ratio.

Debtors days

31 days

29 days

30 days

They improve the capability of collecting their debts from the market as they attain better position as compare to their industry ratio.

Capital gearing




In 2014 they improve the combination of utilising their debt funds as compare to equity funds and attain the industry ratio equally.

Need help?

Get Complete Solution From Best Locus Assignment Experts.

Place an order


In the end it is conclude that Hardwood ltd. raises the finance from the different sources and to manage these funds they make use of financial planning. They prepare cash budget to allocate the funds and provide systematic process of processing the things. They utilise the investment appraisal techniques such as NPV, ARR, IRR and PBP to evaluate the effectiveness of the available machines. In the end to evaluate the performance of Hardwood ltd. ratio analysis is performed and as per this it is evaluated that they need to make effective improvement in their operational activities to attain profits and liquid funds.

This solution is indirectly related to this assignment. The solution prepared for the previous assignment. If you wanna take assignment help for latest assignment, Order us now Assignemnt Help


Ahrendsen, B.L. & Katchova, A.L. 2012, "Financial ratio analysis using ARMS data", Agricultural Finance Review,vol. 72, no. 2, pp. 262-272.
Amir, Z., Wilson, K., Hennings, J. & Young, A. 2012, "The meaning of cancer: implications for family finances and consequent impact on lifestyle, activities, roles and relationships", Psycho?Oncology, vol. 21, no. 11, pp. 1167-1174.
Archer, S., Ahmed Abdel Karim, R. & Sundararajan, V. 2010, "Supervisory, regulatory, and capital adequacy implications of profit-sharing investment accounts in Islamic finance", Journal of Islamic Accounting and  Business Research , vol. 1, no. 1, pp. 10-31.
BenDavid-Hadar, I. 2014, "Education, cognitive development, and poverty: implications for school finance policy", Journal of Education Finance, vol. 40, no. 2, pp. 131.
Champathed, K. & Chansa-ngavej, C. 2015, "Capital Budgeting Practice of Thai Firms", Information Management and Business Review, vol. 7, no. 1, pp. 59.
Choplin, J.M. & Stark, D.P. 2013, "Doomed to fail: a psychological analysis of mortgage disclosures and policy implications", Banking & Financial Services Policy Report,vol. 32, no. 10, pp. 11.
Dincer, N.N. & Eichengreen, B. 2012, "The Architecture and Governance of Financial Supervision: Sources and Implications", International Finance, vol. 15, no. 3, pp. 309-325.
Dusuki, A.W. & Bouheraoua, S. 2011, "The framework of maqasid al-shari'ah and its implication for Islamic finance",Islam and Civilisational Renewal, vol. 2, no. 2, pp. 316.