This is not only about management, but more sort of a way to eliminate costs, that are not essential for production process. Most businesses that manufacture their product spend most time on inspecting quality and repairing faulty products, which aims to eliminate errors from manufacturing process, in this simple method. Greatest benefit of JIT is that business reduces operating cost, and therefore has advantage over its competitors. There is also a benefit of reducing manufacturing times and shortening delivery
Armstrong is obligated to transfer and deliver conforming goods to GCI. Conforming goods requires that the goods must conform exactly to the agreed upon description provided by the buyer to the seller. This action is referred to as tender of delivery and the UCC obligates the seller to have or tender the specific goods requested. By substituting the third part of the press Armstrong has not yet breached the contract but has not provided perfect tender. Armstrong’s failures to meet their obligation gives GCI three options: they may reject the entire shipment of goods, accept the shipment of goods as is, or accept any number of commercial units and reject the rest of the goods, (Melvin 2011, pg.
Possible Legal, Ethical, and Information Security Concerns Related to Developing Kudler’s Frequent Shopper Program Legal Concerns It is a company’s legal responsibility to take steps to correctly secure or dispose of consumer and employee data. Financial, children’s personal data, and credit report derived data may raise additional concerns with compliance. If any of Kudler’s customers and or employees become victims of identity theft, Kudler may have legal responsibilities to them. The FTC (Federal Trade Commission) does regulate and oversee business privacy laws and policies that have an impact on customers. While it is not required by law, a company’s online and offline privacy policies are pledges to their customers about how data will be collected, used, shared, and protected and the FTC prohibits deceptive practices.
If they operate under a factious business name or sell goods or services requiring a license then the business files for licensing according to the nature of the business. This can be a sellers permit or a professional license. Advantages: Sole Proprietorships essentially have no formalities. Taxation is fairly simple, meaning that many of these businesses do not file separate business tax returns because they are not required to. The sole proprietor has the advantage of maintaining complete control over his or her business.
This would be important for accounts receivable - money that is owed by a customer for products/services. Representing a company in small claims court requires one to be familiar with the law and how it relates to accounting practices. In the Mack v. Edenwold Fertilizer Services Ltd. case, if Mack had a knowledgeable accountant that was familiar with the law, he may have been advised not to sue as the illegality of the situation would have resulted in a loss. In turn, this advise would have saved Mack both time and
The accounting procedures are the same and the criteria that must be met is the same the only difference is the profit or loss of the dealer or manufacturer. Operating Leases Operating leases are those that do not fall into any of the other lease categories and mainly are leases that usually pertain to rental of property or equipment that the lessee does not intend to own at the end of the lease term. The operating leases are accounted for by the lessor in the following: The initial direct costs will be deferred and allocated over the course of the lease term in proportion of the rental income recognition. Summary Leases can be a beneficial tool for companies to get property or equipment that they might not otherwise be able to afford at this point; however, much goes into the classification and reporting of leases. For 35 years the accounting standards relating to leases has been the same, but the FASB is now looking into the issues with lease and are set to issue a new ruling on certain parts of the lease reporting.
The Export Administration Regulations (EAR) regulates the exporting of items that must be documented as specified by the EAR and must be cleared through the U.S. Customs. Some exports may also require licensing (Export.gov). If these laws are violated, Riordan could face fines. It is the responsibility of managers to educate their associates and provide training on these laws so no violations will occur. This will also aid in preventing violation of any
You decide week 6 The stock should not be purchase by Mr. Jones. Mr. Jones acquiring the assets, liabilities and also would inherit the contractual obligations of the selling corporation, would, be the results of the purchase. In lay terms, he has bought the existing Smithon Corporation and he is responsible of ensuring daily operations run efficiently but the tax aspect of acquisition he is responsible for existing and any future tax liabilities that the selling corporation had. It would be my advice for Mr. Jones to not buy the stock because of the liability of current and future tax obligations which Mr. Jones would incur from the purchase of the stock. Since the tax identity of Smithon corporation would have not ceased, it is not
Why hose local laws, when there are well accepted international laws for such transactions”. (Jack Brandt; Chief Executive Officer, Cadmex Pharma) When the local customs and laws conflict with the customs and laws of an organization operating abroad, which should prevail? The customs and laws of the jurisdiction that the business has chosen to operate in will commonly prevail. If the company has multiple locations in other countries, the same will apply for each operating location. Compliance with the law of the nation is an initial understanding going into the contract from the
Identifying Limiting Resources In order for Huffman Trucking to identify its limiting resources, one must first understand the nature of the business itself. In a nutshell; Huffman provides ground transportation services primarily to the US government. With that being said, is now easy to identify those resources that Huffman must have in order to operate. At a glance, we have identified the following; Human Capital, Oil, and Truck Parts. While Human Capital and Oil might seem more important than replacement parts; should Huffman’s access to such parts be limited or eliminated, the wear and tear of their assets will eventually catch up to them and keep them from operating.