Practice Determinants and Outcomes of Multiple Performance Measures Essay

Practice Determinants and Outcomes of Multiple Performance Measures - Essay Example Business performance measurement systems play an important role in developing strategic plans, monitoring and evaluating the achievement of organizational strategic goals and compensating managers. In today’s dynamic business environment with extreme competition, there has been considerable discussion on the importance of performance measurement innovations (Kaplan & Norton, 1996, Atkinson et al., 1997, Ittner & Larcker, 1998a). New financial metrics such as Economic Value Added (EVAÂ ®) and Shareholder Value Approach (SVA) have been introduced and used by some organizations. Non-financial measures have been recommended to complement the financial measures and organizations are being advised to erect multi-dimensional measurement systems. Multiple performance measurements and integration of financial and non-financial measures are some of the key innovations in management control systems that will provide managers critical information on monitoring key business activities and organizational goals. As no comprehensive corporate performance measurement study has been conducted in Hong Kong and Shanghai, the first objective of this study is to explore the current practices of multiple performance measures by both Hong Kong and Shanghai organizations and compare any differences between them. As Hong Kong is one of the international cities long influenced by modern western managerial practices, it is preferable to study the performance measurement practices in Hong Kong.

Advocacy in In Contempry America Essay Example | Topics and Well Written Essays - 750 words

Advocacy in In Contempry America - Essay Example On July 27, 2007, Donald Rumsfeld is alleged to have written a memo to Condoleezza Rice concerning the situation in Iraq. The memo reveals that Condoleezza and Rumsfeld had discussed Iraq on numerous occasions (Doc4utv, 2014). The memo in ‘The Unknown Known’ also reveals that the initial goal of Rumsfeld was to weaken Saddam Hussein. The allegation, according to ‘The Unknown Known,’ is that Saddam was in possession of nuclear weapons that threatened global security. Back to ‘The Standard Operating Procedure,’ Morris seems to bring a connection between the two films by connecting Rumsfeld with the planning and execution of the Iraqi war. The visit of Rumsfeld to the prison in Iraq, where US soldiers resided, shows that Rumsfeld was trying to collect intelligence about the state of Iraq and how to weaken the influence of Saddam Hussein (Solplatform.org, 2014). This further indicates the relationship between Rumsfeld’s snowflakes and the photographs from Abu Ghraib. The prison visited by Rumsfeld in Iraq, as is indicated in ‘The Standard Operating Procedure,’ was to be used for the detention of suspected terrorists and any other parties that seemed to threaten the strategy of the US forces. Morris demonstrates a list of hundreds of memos written by Rumsfeld about Iraq. This is a  depiction of the interest that the secretary of defense had for Iraq and his revulsion for Saddam Hussein. In ‘the Standard Operating Procedure,’ Morris demonstrates that the invasion of Iraq by the US and the torture of the suspected Iraqi terrorists started immediately after the departure of Rumsfeld from the country. This demonstrates the connection that the secretary of defense had with the Iraqi war. It also confirms the subject of his memos in ‘The Unknown Known,’ where his main intention was to attack Iraq and bring down the authority of Saddam Hussein. This also emphasizes

Computerised Accounting Information System Analysis

Computerised Accounting Information System Analysis The purpose of this report is to discuss how effective the computerized accounting information system will benefit a business that is expanding in expenditure, revenue and other key areas of business. Introduction to Accounting Information System AIS is a system that collects and stores accounting data, after that process the data into useful information used by the decision makers (internal and external users). The information produced by AIS can help decision maker to manage their business more efficiently strategically. However, accounting information system can be manual using the traditional way of recording business transactions manually using paper-and-pen. Today the term AIS referred to as compound computer base system that merges the ability of information technology together with traditional accounting principles and practices. A big benefit from computerize accounting information system is that they automate and make financial reporting more efficient. Accurate and summarized, timely information is a major tool for organizations decision making and financial reporting. The accounting information system pull imports data from the system database, process and transform it and eventually produces information and reports which can be easily consumed and analyzed by the users, managers and decision makers. These systems are required to ensure that the reports are timely and relevant so that decision makers are able to quickly and efficiently base on the information provided in the reports. Consolidation is one of the greatest characteristic of reporting as user does not have to go through a massive number of transactions. For example, at the end of the accounting period an accountant consolidates all payments by running a report on the system. The system application layer reclaims the data stored in the system database and produces a report with the total payments made to the vendors for that particular period. With large corporations which have huge volume of transactional data, generating a report without AIS can take day or even weeks. Case study background River Adventures is a fifteen years old company located in Cheddar, Somerset, owned and managed by Robin Forsythe. Until recently river adventures business has been highly seasonal offering two different kayaking instructions for beginners and Intermediate level as well as kayak and rafting trips down the river Axe in Somerset. They also usually rent equipment to participant if they required. However, the company is facing an exciting challenge which will alter the size, the type of service offered and the seasonality of the business. Robin has lately obtained two new sites and he is planning to launch a new team blinding course (corporate activity) and he is expecting a large number of new participants to this specific course. Financial management and business processes field Robin operating his business very informally using manual procedures in all areas. He always predicts the expenses for each course based on his working experience. He also manages the purchasing activities of the company and issue invoices for participants on the course. At the end of the year he determines his profit by his total revenue minus the total expenses during the year. Robin set the prices by consider his profit from the previous year, assess his competitors price and make adjustment for inflation. Robin employs an office administrator along with a number of kayak instructors and raft guides. The administrator manages Account Payable and Cash Receipts and records them in the Income Journal. He also maintains simple general ledger and payroll register for tax purposes only, and no use of this accounting data is made for financial planning or for operations control. River adventures advertise through leading outdoor magazine, he also advertises about the coming seasons program on popular kayak retail notice board. Problems Robin is not pleased with the arrangement of his business and he concern about how he will keep track on expenditure and revenues as the business get bigger. Robin feels that there is unnecessary wastage of the company resources as there is not real control over the cost of meals provided to the beginners course. In addition he notice that recently there is diminishing in the stock of camping as well as small items is also being lost. Robin has suspicion about the operation of marginally attended classes, but no analysis has been done to confirm his suspicion. Robin believes there is lack in his marketing activities and he can easily attract more customers by improving his marking activities. Business opportunity Robin know about 40% of kayaking course participants continue kayaking. As such his customer base reflects a target market for direct sales of kayaking and other equipment. He would like to expand his sales into a full scale direct mail/internet business. Doing so would enable him to provide year-round work for some kayaking personnel. Users of Financial Information Accounting information system objective is to identify record and communicate the economic events of an organization to the intended users. The type of information the user requires is dictated by the type of decisions they make. The information provided by the financial statements includes an organization resources and claims against those resources, as well as shareholders equity and changes in assets and liabilities. Financial information differs between the internal and external users. Accountants must understand the characteristics of information required by the different users of financial statements. In developing financial reporting standards, standard setters presume that those who use the resulting information will have a reasonable knowledge of business and economic activities and be able to read a financial report (Financial Accounting Standards Board, 2006, p. 2). The aim of communicating financial information to user is to let accountants to address the needs and interest of users. There are many different users of financial information and these include: equity investors, suppliers, creditors, customers, employees, governments and their agencies and members of the public. Those users are identified as internal and external users of financial information. Internal Users Robin and his management use financial information to plan, organize and operate the business. And this includes the office administrator, the cook, maintenance person and the kayak instructors. External Users There are quite a few types of external users of financial information and this includes lenders investors, tax authorities, general mass and media. Invertors use financial information to determine whether to buy, hold or sell their shares. Whilst suppliers and lenders view financial statement to assess the health of an organization and to ensure timely repayment of credit. Other external users include equity investors, customers, creditors, general public and governments and their agencies and regulatory bodies. The Functions, Features and Reports of UBS Accounting Information System UBS Accounting Software Since Robin is willing to expand his business activities, UBS Accounting software will enable him to handle and speed up all accounting functions in his business. UBS has the function to handle multiple company transactions. By implementing UBS Robin will be able to assess the performance of the three sites that he owns efficiently and effectively. UBS has the function to view all accounts and reports of each site separately. The software will also provide him with a consolidated account where he can assess the performance of the entire business. In addition UBS accounting has the function to compute good and service required by government agencies, so the office administrator is no longer required to spend time with the general ledger computing tax liabilities and he can focus on other aspect of business instead. UBS accounting software is very flexible; it is capable to handle up to 18 months transactions therefore, the company will not have any difficulties to implement the softwa re at any time they want to. UBS Accounting produces pre define reports. However most of the reports can be modified to suit any business requirement. The Software standard reports are: General ledger Listing Trial balance Trading, Profit Loss Account Balance Sheet   Fixed Assets Depreciation Report   Manufacturing Account    Trading, Profit Loss Account for individual project   Cash Flow Budget Variance Reports Gain/Loss on disposal of Fixed Assets Bank Reconciliation Debtors Creditors Statements Debtors Creditors Listing and Labels Debtors Creditors Aging Report Receipts printing Payment Vouchers printing and management reports UBS Stock Control Software UBS Stock Control is a real time system that updates the stock immediately after entries. It also performs as an invoicing system whereby Robin will be able to print invoices and delivery orders. A simple yet powerful Bill of Material module has been included to enhance the system. Four method of stock valuation are provided in the system, namely Fixed Cost, First in First out (FIFO), Monthly Moving Average and Moving Average. If required, a picture of stock item can also be inserted. By implementing UBS Stock Control, Robin will have superior control over his stock since the software can control and track all the movement of inventory in the company Besides the software has ability to handle multiple company transactions therefore he can control the inventory of each arm of business separately. UBS Stock Control produces the following reports: Print Delivery Order / Invoice / Cash Sale Print Sales Order / Purchase Order / Debit Note / Credit Note Re-order / Stock replenishment recommendation Stock Cards Month to Date stock status reports Stock aging reports   Multi-sorted sales analysis report by :- Customer/Salesman/area/product/invoice Gross profit analysis reports by :- Customer/product/bill/agent/area Yearly sales purchase report Top 25 product sales by quantity and sales value Item graded reports Serial number reports UBS Payroll Software UBS Payroll for Windows fulfills all government requirements such as KWSP Borang A, SOCSO Borang 8A / 2 / 3 and Income Tax EA Form, CP8D, CP22, CP22A, CP39 and CP159. It has become an effective payroll system for all type of businesses and industries due to its capability of  computing monthly,weekly, daily, hourly piece rating. It has 3 mode of payment- monthly, daily and hourly. In addition it compute allowances table, user defined overtime as well as tip point and piece rate computation. Reports generated by UBS Payroll: A.   Statutory Reports: CPF   IR8A / IR8S SDL / FWL B.   Management and operational reports: Payslip Payroll Summary Basic Pay / Allowances / Deduction / Overtime / CPF / SDL / FWL Personal and Payroll reports Leave taken / given reports Work force / Turn over analysis Cash denomination Net pay by cash / bank Yearly employee pay summary   C.   Reports to be submitted via computer diskettes: Employees contributions / net pay can be output to diskette and sent to bank, EPF, Socso and IRD for accounts to be updated. The System Requirement Pentium II 266 MHz or higher 128 MB memory or more   800 MB or more disk space 1 floppy disk drive   1 CD Rom Drive Windows 98, Win2000, WinXP and above   Mouse   Printer Users and Stakeholders Requirements AIS aim to provide information for both internal and external users-primarily for external information users. Given that external users have a range of information needs, financial accounts need to conform to certain standards in order to satisfy them. To that end, the identified users of financial accounting information should have their information needs addressed. In that way, one can determine the context in which accountants produce financial reports. Investors In the case of River Adventure, Robin is the only shareholder of the company. Robin will be able to base his investment decision on the financial position and profitability of the business which is provided by the new accounting system. The information provided by the AIS may also be useful for potential investors in the case if Robin want to expand his business in the future and sale shares of the company to other investors. Robin would be concern about the viability of the company or his return on investment, while potential investors want to know that they are investing in a strong company. Management The highly summarized nature of financial accounts provided by the new system, allows Robin and his management to assess whether the companys strategic and tactical objectives are being met. Knowing the position of the company allows them to fine-tune the day-to-day running of the company with knowledge of the impact of their decisions on the companys strength and viability. Lenders Creditors like banks and financial institutions have a preference to deal with a financially well company with a strong cash flow because they are worried with debt repayment and recovery. Employees Employees such as the raft guides, camp cook, instructors and the office administrator are concerned with whether the company will continue a going concern and if they might face and whether can ask for wage increases. Trade unions usually observe the financial position of an organizations to make wage increase demands as well. Suppliers Suppliers such as Rustic Retreats, local butcher, grocers and camping and sport equipment suppliers are concerned with whether they supply the company on credit terms and may desire to contract with the company as a going concern. Customers/Clients (and financial advisers/analysts) Customers like corporation wishing to send their employees on team building course and individual students, would also be concerned with the business being a going concern. Tax authorities Tax authorities like Inland Revenue, Yearend returns and Tax liabilities need to assess chargeable income of an entity to determine whether the right amount of tax is being levied in a particular year. Government Government includes all government or state agencies like the Central Bank. These agencies would use financial statements to ensure compliance, especially with the representation of the financial position of the business and accounting standards. The government also uses information from financial accounts for national statistics such as Gross Domestic Product. Public public simply refers to the rest of society. Business actions have an effect on society and the environment where River Adventure operates its business, so the public, which includes lobby group, would assess the entity as a corporate citizen. Business process models The revenue cycle Sales The sales segment of the revenue cycle begins when a consumer places an order. When the purchase order is received, an employee of the company enters the required data into the accounting system keying the order into an input screen.With the available online data files, the input data can be revised, the customers credit statues can be studied, and inventory level can be checked. Also a customers credit limits will be reviewed so that it does not exceed and keep tab of the available inventory items. The customers accounts records and sales records can be updated using the order processing. Relevant documents needed to fill and ship the order are printed. These documents include a pick list, a packing slip, an invoice, and bill of lading. The pick list serves as a list for warehouse employees to select items from the warehouse shelves. The packing slip is utilized by the shipping personnel to ensure correct items are packed. An agreement between the common carrier and the company comes in the form of the bill of lading. The invoice is then sent to the customer. Towards the end of the month, customers are given the bill according to the statement. Regular monthly reports would include sales reports, inventory status reports, and account receivable reports. The expenditure cycle Payroll To keep the payroll in check, an electronic time clock collects time and attendance when employees insert their time sheet into the clock. The time clock then reads the bar codes on the employees time sheet. The system thencollects data through-out the period and automatically calculates batch totals. The data batches are then used to prepare paychecks and the payroll register. Purchases The purchasing department order items from a vendor and an employee must enter a purchase order into the accounting software by keying data into the fields of a purchase order form on the screen. The receiving department receives the goods and compares the packing slip with the purchase order to confirm part numbers and quantities. A receiving report is prepared by an employee filling in the appropriate fields in a receiving screen in the software and inventory records are updated, the person completing this screen must choose the purchase order that matches this receiving report. When the vendor name or ID number is entered, the system will list open purchase order with that vendor. After the vendor has provided an invoice, the invoice must also be entered into an entry screen in the accounting software. Again the proper purchase order must be chosen from a list to open purchase orders. If the purchase order, receiving report and invoice match as to part numbers, quantities and pric es, the liability is approved for payment. At the due date of the invoice, a designated person must select certain invoices to pay and have the system generate a batch of checks. How the outputs of the new accounting information system will help River Adventure to solve their problems. The new accounting software has the ability to generate profit/loss and balance sheet at any time required thus Robin can keep track on his business expenditure and revenues as the business expand. The new accounting software also has the ability to produce break-even point reports so Robin and his management can confirm their suspicious about the operational marginality of each course. The sales reports, and account receivable reports produced by the new accounting system will solve the problem of cash sales being disappeared from the company accounts. After implementing UBS the company will have a proper control over the cost of meals provider to the beginners course as the software have the facilities of budgeting process in an organization as well as management controls of business activity. Unnecessary wastage of food material will not be occurred as the unused bulks of food will recorded as Work In Progress Inventories by the new software. UBS Stock Control real-time update of stock with each receipt and issue of items, the company will not have the problem of inventory item being lost as the software can track the stock via unique serial code. The company can make a better control over the stock whereby the software will provide comprehensive inventory report at any time required. After implementing UBS payroll the office administrator will not have the difficulties of computing the salaries and bonuses to be paid for his instructors since UBS Payroll ease the task of stuff payroll calculation and payments. Since the new accounting software will save a lot of time and effort to the employees of River Adventure, the management will have more time to focus on other aspect of business and to improve their marketing activities.

An Analysis of Brooks First Fight.Then Fiddle Essay -- First Fight.Th

An Analysis of Brooks' First Fight.Then Fiddle  Ã‚   Gwendolyn Brooks' "First fight. Then Fiddle." initially seems to argue for the necessity of brutal war in order to create a space for the pursuit of beautiful art. The poem is more complex, however, because it also implies both that war cannot protect art and that art should not justify war. Yet if Brooks seems, paradoxically, to argue against art within a work of art, she does so in order create an artwork that by its very recognition of art's costs would justify itself. Brooks initially seems to argue for the necessity of war in order to create a safe space for artistic creation. She suggests this idea quite forcefully in the paired short sentences that open the poem: "First fight. Then fiddle." One must fight before fiddling for two reasons. First, playing the violin would be a foolish distraction if an enemy were threatening one's safety; it would be, as the phrase goes, "fiddling while Rome burns." Second, fighting the war first would prepare a safe and prosperous place where one could reasonably pursue the pleasures of music. One has to "civilize a space / Wherein to play your violin with grace." It should be noted further that while Brooks writes about securing a "civilized" place to play the violin, she seems clearly to be using this playing as an image for art in general, as her more expansive references to "beauty" or "harmony" suggest. Nonetheless, much that Brooks writes about the necessity to fight before fiddling indicates the she does not support this idea, at least not fully. For example, Brooks describes making beautiful music as being "remote / A while" from "malice and murdering." In addition to the negative way Brooks describes war in this line, ... ...ultural prestige of violin playing. Indeed, as an emblem of Western civility (one thinks of Renaissance sonnets), the sonnet might be involved in the very justification of the destruction of other less "civilized" peoples that the poem condemns. One might wonder why Brooks produces poetry, especially the sonnet, if she also condemns it. I would suggest that by critically reckoning the costs of sonnet-making Brooks brings to her poetry a self-awareness that might justify it after all. She creates a poetry that, like the violin playing she invokes, sounds with "hurting love." This "hurting love" reminds us of those who may have been hurt in the name of the love for poetry. But in giving recognition to that hurt, it also fulfills a promise of poetry: to be more than a superficial social "grace," to teach us something we first did not, or did not wish to, see.   

Management planning of Arthur Andersen

Introduction The Arthur Andersen Company is an accounting firm that was founded in the year 1913 by Clarence Delaney and Arthur Andersen. It is an accountancy firm that deals in auditing, consulting and tax evaluation services. It is based in Illinois. About five years ago, the company was one of the most successful accounting firms with an employee base of about eighty five thousand. Presently, the firm has only two hundred employees under its name. Similarly, its revenue has fallen from 9.3 billion dollars in the year 2002 to very low amounts in 2007. In that fateful year 2002, the firm lost its accounting license as a result of fraudulent dealings. Consequently, the firm has lost its business, and is no longer in serious operation. It is a good example of a company that did not apply management skills in its operations. (Harold, 2003) Planning function of management in The Arthur Andersen Company Management within any organization is normally assigned four main roles, these include; leading, controlling, organization and planning. The planning function of management involves developing an organization’s mission and defining specific methods of accomplishing it. This encompasses a variety of ideas. Planning may be applied when starting a project or organization or it may be applied in the day to day running of the organization. The organization under review was already in existence so we shall examine its day to day planning functions. (Norbert, 1967) The first management planning issue that the company under review failed to analyze was financial planning. The company did not allocate its budget to projects that would generate long term income. It focused on short term gains like the WorldCom audit that preceded its bankruptcy. Financial planning involves monitoring the amount of money coming in and out of the organization and noting any fund misappropriation. This was clearly a duty that the Arthur Andersen Company failed since it lost a lot of finances. This aspect also involves planning salary packages, employee benefits, insurance and retirement packages. Before the great fall of the Andersen Company, this aspect was looked into. The employee base was quite large and complaints were quite rare. Another aspect of planning is policy formulation. This entails coming up with strategies that counter the effect of competitors. The Andersen Company played its part in good policy formulation during the 80’s and 90’s. It knew that IT consultancy was receiving a lot of attention; it therefore decided to focus on this sector and tripled its revenue. But in the years following 2000, the organization did not plan its policies well. It decided to focus on client’s wishes instead of establishing a reputation for being a straight forward firm. This policy planning should be put together with policy development and policy implementation. (Norbert, 1967) Thirdly, management involves human resource planning. This begins from recruitment of new employees when beginning the organization to hiring of new employees. This was well done by the Arthur Andersen Company at its inception because most of its employees were in line with the companies’ mission. In the mid twentieth century, the company founder frequently took his employees for training and ensured that they were in top notch condition. But this was later forgotten because the firm hired employees that were dishonest and untrustworthy. The company did not evaluate its employees to ensure that they were inline with its founding principles. It should be noted that the employees considered during planning encompass all the departments in an organization including managerial posts. The Andersen Company failed in this area because one of its senior representatives in the Legal Department Madam Nancy Temple clearly did not follow due procedures. She failed to withhold company principles. This could have been prevented if employee evaluation was done. Impact of legal issues, ethics and corporate responsibility on management planning. A code of ethics within an organization is a sure recipe to bring about returns on one’s investment. Contrary to what people believe; that ethics are quite theoretical, a recent research by the Ethics Resource Centre in Washington has shown that employees who feel that their management adheres to strict moral standards and codes of ethics, feel valued by their organization. Consequently, productivity will be increased by these employees and company profits will be improved. It was quite clear that the Arthur Andersen Company did not realize this hidden truth before the great Enron scandal that led to its downfall. The Company did not adhere to accounting code of ethics as it allowed numerous irregularities to continue within the Enron Company which it was auditing at that time. All the auditors were focusing on was whether their client’s share prices were increasing. They didn’t pay attention to how the income was being generated. Legalities are a key aspect to be considered during a company’s operations. Companies ought to strike deals that are acceptable within the law of the land. The repercussions from lawsuits are quite severe because they can cause irreparable damage to the company name thus preventing any further business. A case in point is when the Arthur Andersen Company audited the Enron Company is engaged in a deal which it knew was unethical but claimed not to know that it was unlawful. These legalities should have been considered before the firm proceeded with its activities. The consequence of these illegalities was loss of its license authorized by the Securities and Exchange Commission. Even though the decision of the commission was reversed in the year 2005, the company had an ill reputation and no company worth its salt would allow them to audit their firm. (Harold, 2003) Corporate social responsibility encompasses giving back to the community. It is a way of saying thank you to the people who have contributed to company growth. The Arthur Andersen Company did not involve this aspect in its management plans. In the late 90’s and twenty first century, the company began focusing on expanding its client’s base and maximizing profits. It did not realize that giving back to the community would increase its authenticity. This is because, the community would feel like they were partnering or cost sharing when investing in the Company’s stocks or doing business with it. Factors that influenced the company’s strategic, tactical, operational and contingency planning. Strategy can be defined as an action that facilitates realization of long term goals while planning is the coordination of resources within an organization. Therefore strategic planning is analysis of all the information available to come up with the best goals for an organization. One factor that influenced the Arthur Andersen Strategic planning was establishing a reputation in the accounting field. It wanted to be identified with good intentions and strong principles. This was viable during its inception by the founding member. Tactical planning involves putting the strategical plan into action. It usually involves the budgeting process, considering alternatives, studying the market and its competitors. In addition, reviews must be made and reports be made. One factor that influenced this aspect of the company was its revenue. The company wanted to make as much as it could. This meant that it could overlook ethical issues as long as a return on investment was plausible thus causing the company’s downfall. (Erica, 2006) Lastly, operational planning involves the day to day running of the company. This normally involves proper communication between management and its employees. One factor that influenced this aspect was output generated. The company did not adhere to good communication practices within its structure and instead focused on input. Poor communication led to the company’s fall. Conclusion Good management practices are backbone of success within any organization. The Arthur Andersen Company had started out with these practices but was swayed away from them in latter years. If it had stuck to its founding principles, it would still be in operation today. Reference Harold, K. (2003): Project Management: A systems approach to planning, scheduling and Controlling; Blackwell publishing Erica, W. (2006): Strategic public relations management planning; University of York Publishers. Norbert, E. (1967): Management planning: a systems approach; Melbourne publishers                           

Numismatics – Gupta Coins

Introduction The story of coins is interwoven with the history of mankind. To trace its story, one has to look back to the remote past. When people settled in localities and the communities grew in size, the exchange of products became a necessity; then the mutual exchange of things took the shape of trade and the system of barter was evolved. In course of time, certain commodities got preference over others and a higher value was attached to them. They assumed the character of a medium of exchange and got a standard by which the value of other things was estimated. Thus emerged the notion of the unit of value. This was the first step towards the evolution of coinage. The reconstruction of ancient Indian history necessitates the importance of archaeological evidences of a particular period. Amongst the various archaeological sources the numismatical evidences are of prime importance. ‘Numismatics’ is generally known as ‘the study of old coins’ which are used for the reconstruction of ancient Indian history. The reign of the Guptas in Indian history is a fascinating one. As a matter of fact, it saw a prosperous and plentiful life. Towards the beginning of the 4th century A. D. , the dynasty of the Gupta emperors rose out of a small principality, situated somewhere in Eastern Uttar Pradesh or Bihar; and it lasted for more than two centuries. The founder of the dynasty was Sri Gupta. It was the most renowned, prosperous, ever progressing and self sufficient dynasty in ancient Indian history. This dynasty produced emperors of class who not only expanded and consolidated the political power of India but also administered excellent economic and administrative techniques which led to happy social living during their reign. As compared to the empire of the Mauryas, the Gupta empire was less extensive, but more enduring than that of the Mauryas. This period of the Guptas is known as ‘the classical age of Indian history’ because this period witnessed the growth of arts and sciences in all the conceivable branches of learning. Almost all Gupta rulers issued their own coins. The coins of the Gupta rulers are very useful for the reconstruction of their history. Features of the Gupta Coins The Gupta coins had certain remarkable features; which were originally an idea of the Guptas themselves. These features were more or less similar throughout the rule of different Gupta emperors. The coins are classified into 4 groups:- Gupta gold coins Gupta silver coins Gupta copper coins Gupta lead coins The Gupta emperor chiefly issued gold coins. They issued them in such a large number that a contemporary poet has rightly termed the phenomenon as â€Å"_a reign of gold_†. The earlier gold coins of the Guptas were deeply influenced by the coinage of the later Kushanas. But the later Gupta coinage show more superiority in their execution, and they are considerably original in their style. The influence of the Kushana coins on the early coins of the Guptas is seen especially in their dress and posture as depicted on their coins. For e. g. the early coins of the Guptas show the standing king at the altar. This is very much similar in pose and posture of the kings as shown of the Kushana coins. The king on these coins is seen wearing the Kushana long coat and trouser of the Kushana pattern or replace by Indian dhoti and form was changed as the king is shown bare- bodied. The Guptas retained the method of placing the name of the king perpendicularly in Chinese fashion on the left hand. They placed the circular Brahmi inscription around the king. On the reverse side of the early coins of the Gupta rulers, Greek goddess Ardokshowas retained. Gradually, this pattern was changed, and Lakshmi, an Indian goddess with a lotus in her hand is depicted on the coin. On some coins she is shown seated on a throne and on some others seated on a lotus. The archer type coins of the Guptas are the most commonly issued coins by all the rulers of the Gupta dynasty. These coins generally show the king holding a bow in his left hand. Sometimes the king also holds an arrow in his right hand. Another remarkable feature of these coins was the use of significant symbols and accompaniments like trees, alters, tulsi plant, dwarf, garuda, bows and arrows, animals like tiger, lion, horse, elephant, peacock, etc. These elements added more meaning to the coins and also reflected the artistic approach of the Guptas. Another interesting feature was the variety and sub- variety found in each type of coin issued by the different emperors. Also the debasement of the silver metal was an interesting and innovative feature which reflected the development of science in this age. Also, the art of writing which is depicted by the legends inscribed on these coins show that the literature of that period was at its peak and Sanskrit was a well researched language. Thus, the use of Sanskrit and the art of calligraphy marked an important feature of the Gupta coins. Coins of Samudragupta Samudragupta ruled from 335 A. D to 380 A. D. The title ‘Samudragupta’ meant that he was protected by the sea up to which his dominion extended. He was famous for his campaigns and conquests which earned him the title of ‘_Indian Napoleon_’. He expanded the Gupta Empire in all spheres from political, economical to cultural aspects. Samudragupta inaugurated a new idea in the history of Indian numismatics. He issued as many as 8 different types of coins in pure gold. He learnt the technique of minting coins from the foreign rulers who brought the techniques with them and then he added his own creative sensibilities and thereby evolved an indigenous pattern of coins which was acclaimed to be the best coins. Standard Type It is the earliest and the most common type of the Gupta coins. On the obverse the king is shown standing. A halo can be seen around his head. The dress like coat and trousers recall the Kushana influence. He is also seen wearing a long, rope necklace and earrings. He holds a standard in his left hand and sprinkles incense on the altar with his right hand. Besides the altar there is a garuda. The word Samudragupta is engraved on it along with a legend in the honour of the king. On the reverse, goddess Lakshmi is shown. She is seated on a throne, has ornaments and is seen holding a cornucopia- a symbol of fertility and prosperity. Her feet rest on a lotus. The legend of Parakrama is inscribed on the reverse side of these coins. Chandragupta Type The name of these coins is Chandragupta type because on the observe we see Chandragupta I and his queen Kumaradevi. This type is also called as Dynastic King and Queen Type. A halo is seen around the king’s head. He is holding a staff. On the left is the legend, Kumaradevi or Shrikumaradevi. On the reverse, goddess Durga is seated on a lion holding a cornucopia in her left hand and a lotus in the right hand. The legend is ‘_licchavi_’, it suggest of a special honour in which licchavi was placed by Samudragupta. He takes pride in his inscription to proclaim Licchavi Dauhitra. Archer Type Coins of the Archer Type of Samudragupta are very rare. They are frequently mistaken for the common Archer Type coins of Chandragupta II. From a study of their design, style, and fabric – it's apparent that these coins were struck during the early stages of Gupta Empire while the mint masters were still trying to refine the styling and design. King Samudragupta is shown as a young man on all of the coins of this type (as compared to coins of the Lyrist type where he is shown as an older person). These coins were most definitely struck during the early stage of his campaign to conquer majority of the neighbouring Kingdoms to unite them under a new unified Empire – the start of what was to finally become the magnificent Gupta Empire. On the observe, the king is shown standing. He holds a bow in his left hand and an arrow in his right hand. A garuda standard is on his left. The reverse shows a seated Lakshmi. Battle Axe Type Usually, these coins are found in much worn condition. During Samudragupta’s early reign, while he was conquering all of the kingdoms from the North to the South, East and West, this type of coin must have been a very popular form of advertising the King's prowess and an excellent way to send a message to the unconquered regions of the upcoming siege. The Allahabad Pillar Inscription does not contain the description of Samudragupta as Kritantaparasuh, Battle-axe of the God of Death, although the epithet is invariably applied to him in later official documents. This type obviously celebrates Samudragupta’s many successful battles and showcases his military might. In this coin type, he holds a battle axe in place of a standard with one hand and his other hand is usually on his waist. In place of an altar (as shown on the Standard Type), there is a dwarf holding a crescent-topped banner. The circular legend on the obverse is Kritanataparasur-jayatya jita rajajetajitah; it describes the irresistible prowess of the emporer and states that ‘Victorious is the conquerer of unconquered kings, himself invincible as a veritable battle-axe of the God of Death' Tiger Slayer Type At the height of his power, Samudragupta now starts living the Royal life and his coins depict his Royal Stature for the populace. This coin is very unique in its style – for the first time in Indian history a coin shows a king as a brave and powerful king, killing the powerful Tiger. On the observe the King is standing on the left, wearing ceremonial turban and dhoti, drawing his bow and aiming at an open mouthed tiger which rears up in front of him as he tramples on it, legend Vyaghraparakramah at right, crescent above lion's head. On the reverse Raja Samudraguptah, in field right, the goddess Ganga standing on the left, on an elephant-headed fish (makara), she holds a long-stemmed lotus in left hand, her empty right hand is outstretched and a crescent topped standard decked with ribbons is in field. The progressive change is seen on these coins with regard to the design, execution and content. There is no trace of foreign influence. Asvamedha Type The Asvamedha coins of Samudragupta are probably one of most beautifully executed coin designs in all of Indian numismatics. The Asvamedha ceremony or horse sacrifice was a way for Samudragupta to celebrate the victories of his conquests of Northern, Western and Southern India. These coins were probably handed out as commemorative tokens during this hold ceremony and were probably not used as part of commerce. This may be the reason that Asvamedha coins discovered 2000 years later are still in good condition. This particular coin is a very rare variety of the Asvamedha type. The Queen is shown in the reverse as a Pregnant Queen. On the observe, A beautiful rendition of the horse, tied to a yupa, the letter si (short for siddham). Horse standing on the platform vedi. Penons of cloth flying from the top of _the yupa over the horse. Circular Legend: Rajadirajah pritvimavitva divam _jayatayahritavajimedhah (The King of Kings, who had performed the Vajimedha (Asvamedha) sacrifice, wins heaven after protecting (or conquering) the earth). On the reverse, Pregnant Queen (Queen Dattadevi) shown standing next to Yupa, holding a Chauri in hand and standing on a Lotus. Asvamedhaparakramah (One powerful enough to perform the Asvamedha Sacrifice). Lyrist Type On the observe, the king is shown sitting over a couch keeping a veena on his lap. He has only a waist cloth with big earrings and a necklace. The legend Mahadhiraja Sri Samudragupta is seen. The reverse of the coin depicts a goddess standing. Samudragupta’s personal accpomplishments as a musician is fully confirmed in this coin. The goddess, therefore, must be Saraswati as she is the muse for music in Indian Mythology. The Tiger Slayer and Lyrist type are the best specimens of Samudragupta’s coins with regard to his non- regal activities. With these coins, we can say that India had set her standard in the science of Art and Minting. Kacha Type On the observe, the king is shown standing, holding a standard which has a chakra on the top of it. He sprinkles incense on the altar. The legend reads, kacha after conquering the earth, conquers heaven by means of good deeds. On the reverse, goddess Lakshmi is shown standing. She holds both a lotus and a cornucopia. The legend reads, the exterminator of all kings. Coins of Chandragupta II Archer type This is the most common type coin. The observe shows the king holding a bow and arrow, while he is offering incenses to the altar. Besides him there is a standard with a garuda on the top. The legend shows Chandra. The reverse side shows Lakshmi holding a lotus and a cornucopia. The legend reads Srivikramah. The archer type has 2 varieties, the throne reverse and the lotus reverse. Couch Type These types of coins are rarely found and issued in the early king’s reign. On the observe, the king is seen seated on a couch, holding a lotus in one hand and resting the other on the couch. The king is wearing a waist cloth and jewellery and is completely Indianised. The legend reads Rupakriti and Vikramadityasya. The reverse side shows goddess Lakshmi seated on the couch with a lotus and a cornucopia in her hands with her feet on the footstool. The legend reads Srivikramah. These coins depict the king’s success and prosperity and are an expression of his physical and cultural qualifications. Chhatra Type Lion Slayer Type These coins represent a large variety of specimens. On the observe side of these coins, the king is dressed as a hunter, killing a lion. The legend reads, Narendrachandra Sinha Vikrmamah. On the reverse, goddess Durga is seated on a lion. It may be noted that Samudragupta’s Tiger slayer type signified his conquest of Bengal whereas Chandragupta’s Lion slayer type signify his conquest of the Gujarat region. Silver Coins Chandragupta II was the first Gupta ruler to issue silver coins. After conquering the Ksatrapa kingdoms in western India, Chandragupta started issuing silver coins which were very similar to the local currency in the region – the silver Ksatrapa coinage. The observe of these coins show the king’s bust with the date of the Gupta era. On the reverse, the symbol of the Saka coins is replaced by the figure of the garuda. These silver coins are very rare and few in number. They are mostly found in the western region of his empire. Copper Coins Chandragupta II Vikramaditya was again the first to issue copper coins. Generally on these coins, the king is seen on the observe and the garuda on the reverse with variations in their figures. Evidence shows that there was also a Chhatra type of copper coin. There were in all 9 types of copper coins. Copper coinage had not evolved to its maximum and they were also very rare and hard to find. Thus, the innovations in the coinage of Chandragupta II Vikramaditya comprise of gold, silver as well as copper coins. This was a remarkable progress in the art of coinage. Coins of Kumaragupta I Kumaragupta I reined from 414 A. D to 455 A. D. Historical evidence shows that he was also called Sakraditya and Mahendraditya. The power and the glory of the Guptas were at its peak and attained great heights under Kumaragupta. Besides other political, economical, social and administrative works, he is noted for the large number of coins he issued. The types and varieties of coins that he issued reflect the extent of the territory in which the coins were in circulation. He mainly issued gold, silver and copper coins. A few types of coins issued by Kumaragupta I are as follows : Archer type They were of different variety and types. The legends which appear on the observe are Kumara, Maharajadhiraja Sri Kumaraguptah, etc. While the reverse side bears a single legend, Sri Mahendrah. Swordsman type This was a type of innovation carried out by Kumaragupta I. The observe side of this new coin shows the king wearing a waist cloth and jewellery. He is seen casting incense on the altar with one hand and the other hand is on the sword that is tied at his waist. A garuda is seen on the left side and a legend is inscribed on it. The reverse side of this new type of coin shows goddess Lakshmi seated on a lotus. She is seen with a lotus in her hand and a garuda is shown along with a legend which is similar to the one on the observe. Horseman Type The observe shows the king riding a horse and it has a variety of legends. The reverse side shows the goddess Lakshmi seated on a wicker stool with a lotus with a long stalk in her hand and there is a uniform legend, Agitamahendrah. This is consistent on all the varieties of this type. Lion Slayer Type The observe side shows the king wearing a waist cloth with a sash. He is also wearing jewellery. He is shooting a lion with a bow in one hand. The reverse side shows goddess Durga seated on a lion, holding a cornucopia and a lotus in her hands. The legend on the reverse is _Sri Mahendrasinhah or Sinha Mahendrah. _Varieties in this type are seen mainly in terms of legends which are differently attributed in excellent, flowery language. Tiger Slayer Type Like Samudragupta and Chandragupta II, Kumaragupta also issued both the tiger slayer and the lion slayer coins. They were similar to his predecessors but due to evolution of new techniques, skills and styles, these coins were more skilfully and meaningfully carved. On the observe we see the king wearing a head dress, waist cloth and jewellery and is shown in action of shooting a tiger. The bow is held in the right hand and the left hand is shown drawing the string of the bow. His right foot is shown trampling the tiger. The legend shown is Srimam Vyaghraybala parakramah – ‘the glorious king, whose strength and valour is like that of a tiger’. The reverse shows goddess Durga in a standing position. She is holding a long stalked lotus in her left hand and is feeding a peacock some fruit with her right hand. The legend reads as Kumaraguptadhiraja. The most outstanding feature of this coin is that for the first time a peacock is has been used in a Gupta coin. This was a new trend started by Kumaragupta. Peacock / Kartikeya Type Elephant Rider Type The king is shown on the observe holding a goad in his right hand and is seen seated on an elephant. Behind him is an attendant holding an umbrella over him. The reverse shows goddess Lakshmi standing on a lotus flower and also holding a lotus in her left hand. Kumaragupta’s gold coins were more skilful and refined. Though gold was the chief metal used, he even issued silver coins. Silver Coins Kumaragupta I issued silver coins in abundance. His silver coins are classified in 4 categories or classes with some varieties in each. The coins in the class I category was similar to Chandragupta II. The obverse had traces of corrupt Greek letters and a well executed garuda was shown on the reverse. In class II, one can see that the features of the Ksatrapas are done away with. Also the Greek letters from the obverse and the garuda from the reverse are omitted. Class III marked the return of Kushana features. The Greek letters are reframed and well executed and the garuda is seen with all body, no neck and prominent wings on the obverse. On the reverse a legend is inscribed. In the class IV coins all Ksatrapa features were omitted. The obverse was changed by eliminating Greek letters and replacing them with a Brahmi date. A peacock that is the vehicle of the god Kartikeya of whom Kumaragupta was a devotee was shown. Later on class V of coins was introduced. They were silver plated and had a copper core. This lead to the debasement of silver. Copper Coins Coins of Skandagupta Skandagupta, the son of Kumaragupta reigned from 455 A. D to 467 A. D. He was considered the sole hero of this dynasty. The Junagadh pillar inscription and the Bhitari pillar inscription gives us a detailed account about the life, succession, history and achievements of Skandagupta. Although the standard of coins decreased, the issuing of new coins did not. He issued different types of coins both in gold and silver. Archer Type On the observe, the king is seen holding a bow and arrow with a garuda to his right. The reverse shows goddess Lakshmi with a lotus with the legend Sri Skandagupta. This is the most common type of gold coin. King and Lakshmi Type On the observe he king is shown with a bow, arrow and a lady who is not the queen, but is goddess Lakshmi, with a garuda between them. On the reverse, again we can see goddess Lakshmi with a lotus in one hand. This type of coin is also called the King and Queen Type. Some historians say that they are somewhat similar to the Chandragupta type coins of Samudragupta, but this is not entirely true. Silver Coins Mainly 3 types; Garuda, Bull and Archer type. Coins of other Gupta Emperors Coinage of the Guptas was at its peak during the reign of Samudragupta, Chandragupta II Vikramaditya, Kumaragupta I and Skandagupta. After these rulers, the Gupta coinage saw a downward graph. After Skandagupta, Purugupta also issued gold coins of the Archer type. He also issued the Horseman type of coins. Kumaragupta II succeeded Purugupta. He took an active interest in issuing coins. He promoted minting of coins even during the lean days of the empire. Once again we see that his most commonly issued coins were of the Archer type. The reign of Buddhagupta is very important in the history of Gupta coinage because it is the rediscovery of the pride and prestige of the Gupta coinage after the dark ages it went through. He issued rare silver coins. Though the coins of the later Guptas reflect the decline of the dynasty and the art of coinage, one can see evidently that each ruler tried his best to continue the tradition of issuing coins of various types and forms. Conclusion A detailed study of the Gupta coinage reveals the outstanding features of the Gupta dynasty. The contribution of the Guptas to the field of coinage was remarkable and greatly appreciated. Though the art of coinage started very early, it reached its zenith in the classical age of the Guptas. The contribution of the gupta coins is of great help in the reconstruction of the history of ancient India. It not only serves as the numismatical evidence but also gives us an insight into the political, social, economic, cultural and religious life of that age. These coins give us knowledge about the various titles which were given to the various Gupta rulers, like, Vikramaditya, Maharajadhiraja, etc. Coins also reveal names of some unknown rulers. They also reveal the names of their queens, their sons and other family members. The coins also help us to fix the chronology and they give us dates and periods and other details. For example, Coins of Samudragupta give us exact dates of the various events that took place during his rule. The coins tell us about the territorial expansion of the empire. The economic advancement can also be gauged as per the number of gold coins found. These coins also throw some light on the dress, ornaments, furniture, weapons and general lifestyle of that time. The tiger slayer and lion slayer type of coins tells us about the passion of hunting of the rulers. The horseman and elephant type of coins reveal the love for riding and the lyrist type shows us the musical side of Samudragupta. Gupta coins are finally studied as pieces of art as they are the finest examples of Numismatic Art in India. Even though other dynasties issued coins they lacked the style and technique, skill and quality of the Guptas that are considered, so far, as the best Indian works in the field of coinage in Indian history. Hence, they are rightly quoted as the landmark in the field of ancient Indian coinage. Bibliography ?Samel, Elements of Archaeology, Museology & Library Sciences, Manan Prakashan, Mumbai, 2007 ? Parmeshwari Lal Gupta, Coins, National Book trust, India, 1969 ? A. S. Altekar, Coinage of the Gupta Empire, Numismatics Society of India, India.