Thursday, December 26, 2019
Managing People in British Petroleum and Overview of Disaster Free Essay Example, 2750 words
Analysis of BPStrengths: BP is one of the largest oil and Petroleum Company in the world The company has used a wide range of strategies pertaining the marketing of their refined products, trading gas, and also the liquefied natural gas and British Petroleum has grown to become a common household name. Widespread operations and increasingly unified brands like Amoco and ARCO and Castrol Focuses on green living and has made a number of new steps and approaches towards the climate change and has also included a number of products that help the company take larger steps towards addressing the issue of climate change (Longhurst, 1959). Also, BP has under its new banner taken up a number of huge steps towards the issue of climate change. British Petroleum is spread over almost six continents and the company has spread to over 100 countries. The main headquarters of the company, however, is based out of London United Kingdom. The company is also very mindful of the current economic co ndition and the company has also been extremely careful with their operations. The company s main secret to success has clearly been the strategies adopted for marketing, advertising, and public relations. The company has shown immense motivation and focus on the customers. We will write a custom essay sample on Managing People in British Petroleum and Overview of Disaster or any topic specifically for you Only $17.96 $11.86/page
Wednesday, December 18, 2019
The Common Disease Of Addison s Disease - 1625 Words
Abstract Addison’s Disease goes unnoticed in a lot of people. Addison’s is sometimes called the uncommon common disease because people are walking around with it but the symptoms are so closely associated with other illnesses, go undetected. Knowledgeable professionals are even hard to find. People knowing living with Addison’s Disease are constantly in fear not knowing if they were to go in a crisis, who would have enough knowledge about the disease to assist. Yes, most first responders, ER staff, physicians’ offices, are clueless. There just isn’t enough information to about this disease to help people with it which is why I chose to be an advocate. My wife has the uncommon common disease and immediately our lives would change. I won’t say it was for worse nor will I say for good, it’s just changed. There are all kind of foundations out there trying to raise awareness of this disease but they are mainly in the larger areas and major hospitals . I want as many people as possible to know about this disease that really does makes it â€Å"impossible†to get out of bed, to know about this disease that makes you feel â€Å"sick as a dog†. I hope to help at least one person know more about this disease each day. Let’s raise awareness. Understanding Addison’s Disease and its impact Of all the things too hear the doctor say, why Addison’s Disease. I felt numb. I didn’t know if I should cry or run. I was confused, again I asked why then I asked how. I was angry for a moment but it laterShow MoreRelatedAddisons Disease - Adrenocortical Hypofunction1402 Words  | 6 PagesRunning head: ADDISON S DISEASE 1 Addison s Disease ADDISON S DISEASE 2 Abstract Addison s disease is a disorder that occurs when a person s adrenal glands produce insufficient amounts of certain hormones. When Addison s diseased was first discovered the endocrine system was not yet completelyRead MoreSymptoms And Treatment Of Autoimmune Diseases834 Words  | 4 Pagesautoimmune diseases Autoimmune diseases are caused by auto-antibodies, according to auto-antibodies can be divided into: organ-specific, which affects one organ; non-organ specific, which are a multisystem disease. 2.1. Organ-specific 2.1.1. Autoimmune thyroid diseases They are a common cause of thyroid disorders and it is caused by auto-antibodies against the thyroid stimulating hormone receptor (TSH), intracytoplasmic antigen or thyroglobulin. 2.1.1.1.Grave s disease Grave s disease is the mostRead MoreAddison s Disease : Lauren E. Brown1641 Words  | 7 PagesAddison’s Disease Lauren E. Brown Central Carolina Community College Alongside with organs, bones, and tissues, the human body also functions through hormones. Some of these hormones are produced by the adrenal glands which are located right above the kidneys. Adrenal glands produce hormones that give vital instructions to almost every organ and every tissue in your body. When someone’s adrenal glands do not produce enough amounts of certain hormones such as cortisol and aldosterone, thisRead MoreCoexistence of Autoimmune Disease with Type I Diabetes Mellitus in Libyan Patients2041 Words  | 8 PagesMATERIAL AND METHODS The prospective clinical study was undertaken on 849 patients admitted in endocrine department of Tripoli Medical Center from December 2007 to July 2008. From the patients files, the concomitant disease presence or absence was also recorded; especially with reference thyroid function. The important investigations as prescribed by the physician were also recorded. patient’s serum level of T4, T3, FT4, FT3 and TSH were measured for 748 patients. The venous blood samples wereRead MoreAddison s Disease : An Autoimmune Disorder Of The Endocrine System Essay938 Words  | 4 PagesAddison’s disease is an autoimmune disorder of the endocrine system. It is a hormonal insufficiency of adrenocortical due to the dysfunction of the adrenal glands. It effects men and women of all ages and races. Delay in diagnosis or treatment can be life-threatening. Treatment requires life-long hormone replacement therapy. Addison’s is predominantly found in Western countries then develo ping ones though it is unknown if individuals are more resilient or are dying undiagnosed. Higher educationRead MoreDescription Of Pseudoseizures Versus True Seizures3543 Words  | 15 PagesMedlinePlus Medical Encyclopedia). Seizures also have many underlying etiology such as abnormal sodium or glucose levels in the blood, brain infections, brain injuries, brain tumor, drug abuse, electric shock, epilepsy, fever, head injury, heart disease, heat intolerance, high fever, phenylketonuria, poisoning, PCP, stroke, toxemia of pregnancy, kidney failure, malignant hypertension, snake bite, and alcohol withdrawal (Seizures: MedlinePlus Medical Encyclopedia). Because of the many underlying symptomsRead MoreHow Cancer Affects The Body, And Their Offspring1218 Words  | 5 PagesRebekah Addison Mrs. Roberts English - 1 9 May 2014 How Cancer Affects the Cells, the Body, and their Offspring Have you ever wondered how cancer forms? Well, cancer starts when a cell s DNA becomes altered. When the DNA is altered, the cells reproduce without restriction and do not die like a normal cell. These extra cells form a mass of tissue that is a tumor. Cancer forms in the genes of our cells, and is able to be carried in the offspring of the person with cancer. The cells are theRead MoreTypes, Diagnosis, And Treatment1427 Words  | 6 Pages Candidiasis Introduction Candidiasis refers to the fungal infection caused by any Candida which is a form of yeast. There are more than 20 species of candida yeast that might cause illnesses in people, but the common Candida species is the Candida albicans (Hospenthal Rinaldi, 2015). However, the yeasts are found in small amounts in the mucous membrane and skin, and they do not cause infection, but the overgrowth would lead to infection. Specific drugs and health issues may cause the yeast toRead MoreDiabetes Mellitus : Long Term Damage1144 Words  | 5 Pagesusually develops in childhood and adolescence and patients require lifelong insulin injections for survival. Type 2 diabetes (T2B) usually develops in adulthood and is related to obesity, lack of physical activity, and unhealthy diets. This is the more common type of diabetes (representing 90% of diabetic cases worldwide) and treatment may involve lifestyle changes and weight loss alone, or oral medications or even insulin injections. Both main typ es of Diabetes are caused by a combination of genetic andRead MoreThe Impact Of Technology On Human Health1479 Words  | 6 Pages INFLUENCE OF TECHNOLOGY IN HUMAN HEALTH Riddhi S. Patel California Baptist University Influence of Technology on Human Health Modern Technology The aspire to make life less demanding is all because of technology advancements. Because of Modern technology individuals way of life is ameliorating, helps incrementing relaxation time, help getting rid of neediness, and prompt a more prominent assortment of item. Assumption of enormous opportunities, a basic need of human life are given by
Tuesday, December 10, 2019
Financial Audit and Laramie Wire Manufacturing Essay Example For Students
Financial Audit and Laramie Wire Manufacturing Essay Case Study Assignment Prepare written answers to the following case from Auditing Cases: An Interactive Learning Approach, (3rd edition), by Beasley, Buckless, Glover, and Prawitt: Case 8. 1: Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning Requirements 1. 1. Perform analytical procedures to help you identify relatively risky areas 2. indicate the need for further attention during the audit, if any. 2. Focus specifically on each of the five management assertions (existence or occurrence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure) for the inventory account. Focus specifically on each of the five management assertions (existence or occurrence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure) for the inventory account. 1. Perform analytical procedures to help you identify relatively risky areas that indicate the need for further attention during the audit, if any. 2. Focus specifically on each of the five management assertions (existence or occurrence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure) for the inventory account. Link any risks you identified for this account in question 1 to the related management assertion. Briefly explain identified risks or issues for the inventory account that require further attention, if any. Background About Laramie Wire MFG. You are a senior auditor assigned to the Laramie Wire Manufacturing audit. This is the first year your firm has conducted the audit for this particular client. In fact, although Laramie has previously engaged accountants to perform limited review services for the purpose of obtaining bank loans, this is the first year Laramie has contracted for a full-scale audit of its financial statements. The company is planning an initial public offering (IPO) of its stock in the next two or three years and has hired your firm to conduct its first financial statement audit in preparation for the upcoming IPO. Laramie is a medium-sized company that buys copper rod and plastic materials used to make insulated copper wiring. Laramie operates out of a single building complex totaling 500,000 square feet, which includes office space (3%), production area (57%), shipping and receiving (15%), and finished goods and raw materials inventory warehousing (25%). Laramie supplies insulated copper wiring in the northeastern part of the United States. The company has a good reputation for quality products and has had a good working relationship with its outside accountants over the past 10 years. You have been assigned responsibility for auditing Laramie’s inventories. You are in the planning stages of the audit, and you are preparing to conduct some analytical procedures to help you identify risk areas that may require further attention. Your staff assistant assembled information relating to inventories and other items, including a brief description of Laramie’s production and inventory areas. Because your assistant is new, he is usually not very good about weeding out irrelevant information, so you may not need to use every piece of information he has provided. The information is listed below. 2005     2004 Sales     $8,450,000     $8,150,000 Cost of Sales     $6,242,500     $6,080,000 Finished Goods Inventory     $1,654,500     $1,175,500      (Approx. 300 million ft. 2002)          Copper Rod Inventory     $2,625,000     $1,650,000      (Approx. 5. 9 million lbs. 2002)          Plastics Inventory     $ 224,500     $ 182,000 (Approx. 1. 1 million lbs. 2002)          Accounts Payable (for Inv. purchases)     $ 450,000     $ 425,000 Days Purchases in A/P     43. 6 days     44. 2 days Days Sales in Receivables     56. 3 days     48. 4 days Market Price of Insulated Wire (per foot)     $ 0. 008     $ 0. 09 Market Price of Copper Rod (per lb. )     $ 0 . 480     $ 0. 480 Market Price of Plastics (per lb. )     $ 0. 120     $ 0. 190 Laramie makes several different gauges and types of insulated copper wire for use in applications ranging from residential telephone and electrical wiring to industrial-grade, high-voltage power cables. The production area is divided into three areas, with each area specializing in a particular product group, including residential products, industrial products, and special-order products. Production is done in batches according to orders placed with the firm. .ucd409cc1debb0062bc0ed9267b5bd357 , .ucd409cc1debb0062bc0ed9267b5bd357 .postImageUrl , .ucd409cc1debb0062bc0ed9267b5bd357 .centered-text-area { min-height: 80px; position: relative; } .ucd409cc1debb0062bc0ed9267b5bd357 , .ucd409cc1debb0062bc0ed9267b5bd357:hover , .ucd409cc1debb0062bc0ed9267b5bd357:visited , .ucd409cc1debb0062bc0ed9267b5bd357:active { border:0!important; } .ucd409cc1debb0062bc0ed9267b5bd357 .clearfix:after { content: ""; display: table; clear: both; } .ucd409cc1debb0062bc0ed9267b5bd357 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ucd409cc1debb0062bc0ed9267b5bd357:active , .ucd409cc1debb0062bc0ed9267b5bd357:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ucd409cc1debb0062bc0ed9267b5bd357 .centered-text-area { width: 100%; position: relative ; } .ucd409cc1debb0062bc0ed9267b5bd357 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ucd409cc1debb0062bc0ed9267b5bd357 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ucd409cc1debb0062bc0ed9267b5bd357 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ucd409cc1debb0062bc0ed9267b5bd357:hover .ctaButton { background-color: #34495E!important; } .ucd409cc1debb0062bc0ed9267b5bd357 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ucd409cc1debb0062bc0ed9267b5bd357 .ucd409cc1debb0062bc0ed9267b5bd357-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ucd409cc1debb0062bc0ed9267b5bd357:after { content: ""; display: block; clear: both; } READ: Liberal Arts and the Advantages of Being Useless EssayFor each batch, machinery is adjusted and calibrated according to the type and size of product to be manufactured, and the size of the batch depends on the amount of product needed. Average machine setup time from start to finish is approximately six hours, which is slightly below the industry average. The different types of products Laramie manufactures all use similar raw materials, so raw materials inventory is stored in a single location, divided only into copper and plastics. Finished goods (i. e. , insulated copper wire) are stored on large stackable spools of various sizes, with approximately 500,000 feet of wire per spool. Copper rod inventory is stored on pallets, which are not stackable. Each pallet measures 6 feet by 6 feet, stands 5 feet tall, and holds 1,500 pounds of copper rod. Plastics inventory is stored in 4-feet-tall stackable barrels, with approximately 350 lbs. of plastic per barrel. The raw materials inventory storage area is located near the shipping and receiving area for convenience. Inbound and outbound shipments of inventory are trucked to the nearest rail yard, from which they are distributed around the northeastern region of the U. S. A single 18-wheeler can carry up to 15 pallets of copper rod, 40 barrels of plastics, or 24 spools of finished insulated copper wire. Laramie’s production process is semi-automated, but it still requires a relatively large amount of labor. Thus, Laramie’s conversion costs are fairly evenly divided between direct labor and factory overhead. Overhead consists primarily of the costs of the production facilities and depreciation and maintenance on the machinery. Laramie uses a hybrid product costing system (i. e. a system that combines characteristics of both job-order and process costing systems) to accommodate both the continuous and homogeneous nature of the manufacturing process and the fact that production runs are performed in separately identifiable batches. In accordance with the relatively homogenous nature of Laramie’s products, overhead is allocated from a single cost pool based on a combination of machine and direct labor hours. As the insulated copper wire product is completed, it is rolled onto large spools of various sizes, usually in lengths of about 500,000 linear feet. These spools of finished goods inventory are stored next to the raw materials inventory near the facility’s eight loading and unloading docks. In many cases the inventory is produced in response to specific customer orders received, in which case the spools are tagged for shipment to customers according to date requested. Inventory that has been produced without a customer order to provide a â€Å"cushion†for rush orders is stored toward the far end of the finished goods storage area, away from the shipping area. The inventory and production areas are well organized and seem to flow smoothly. Machines appear to be well maintained. A cursory visual examination of inventories reveals no problems. Two spools in the finished goods area were tagged as being of the type of residential wiring recently banned by federal safety guidelines. These spools are clearly marked, and the inventories supervisor indicated they are to be destroyed within the next week. Procedures and records for tracking materials upon arrival, through the production process, and into finished goods and shipping, appear to be well designed.
Monday, December 2, 2019
Russell Henderson, 21, A High School Dropout And Roofer, Pleaded Guilt
. Russell Henderson, 21, a high school dropout and roofer, pleaded guilty to felony murder and kidnapping, avoiding a trial and the possibility of the death penalty. Authorities said Henderson and Aaron McKinney, 21, posed as homosexuals and lured the 5-foot-2, 105-pound Shepard out of a bar last October, kidnapped and pistol-whipped him and left him tied to a fence in the cold. The 21-year-old University of Wyoming student died five days later at a hospital. Henderson said he drove the truck and helped tie Shepard to the fence, but blamed McKinney for the beating. He said he tried to stop the beating, but McKinney struck him when he spoke up. ?Matthew looked really bad, so I told [McKinney] to stop, he's had enough,? Henderson said. Henderson then apologized to Shepard's parents, Judy and Dennis: ?I'm very sorry for what I did and I'm ready to pay my debt for what I did.? Judge Jeffrey A. Donnell dismissed his apology. ?This court does not believe you feel any remorse,? Donnell said when he sentenced him. ?The pain you have caused here, Mr. Henderson, will never go away. Never.?
Wednesday, November 27, 2019
Watergate after 30 years essays
Watergate after 30 years essays The term 'Watergate', labeled by Congress in 1974, stands for not only the burglary, but also for the numerous instances of officially sanctioned criminal activity and abuses of power as well as the obstruction of justice that preceded the actual break-in. Watergate involved the political behavior of the President and his men, beginning during Nixon's first term and extending to his resignation. Some of the criminal behavior was a result of the disastrous events of the 1960's. The day it all began was a Sunday, May 28, 1972. The first of several illegal break-ins into the Democratic National Committee (DNC) headquarters in the Watergate Complex was in effect. Despite Nixon's high standing position for being reelected, his CREEP staff (Committee to Reelect the President) was afraid that they might not have as much 'dirt' on Nixon's opponents as they had on Nixon. The President laid upon his staff the determination to do whatever possible to win the election! With this approval, Nixon's staff, headed by G. Gordon Liddy, began planning more ways of attaining information from the DNC. What they named the 'Plumbers unit' was established as a special task force for the President. The Plumbers' purpose was to keep any secret information from being discovered by reporters. In one situation, wearing CIA provided disguises, they illegally broke into Dr. Field's office, a psychiatrist, for information on a patient, Daniel Ellsberg, who had given private Pentagon papers to the New York Times 25). It turned out that the doctor had already been visited by the FBI and, taking precaution, removed the files. On June 17th, after several break-ins, police arrested five burglars found in the offices of Larry O'Brien, the Democratic National Chairman, at the Watergate complex. President Nixon, immediately after hearing of the break-in, appointed a top aide, John Ehrlichman, to uncover everything he could about the break-in and denied any invol...
Saturday, November 23, 2019
Termpaper on Joint product costing Essays
Termpaper on Joint product costing Essays Termpaper on Joint product costing Essay Termpaper on Joint product costing Essay A new paradigm has been emerged in the present industrial sector where a manufacturing organization uses a single process to produce more than one product. This paradigm adds complexity in the simultaneous production of more than one product from a Joint process. Their determination at the cost of such products, individually, hence posses a difficult task to the cost accountant especially because they are of such varied nature characterized by many varieties. Despite difficulty it is possibly essential to make a fair and equitable allocation of cost to each product nice this is critically important not only for stock valuation and income determination but also increasingly for assessment of excise duty, transfer pricing etc, and also for divisional profitability etc. This study concentrates to explore the area not so much conceptually, but more as a practical guide to illustrate some of the methods adopted in practice by the manufactures. The methods fall under two broad categories a) Market value basis and b) Physical measurement basis. The market value basis adopts the accepted cost concept of what the product can bear while the physical measurement basis is based on physical measures as weight, illume etc. Literature survey has highlighted certain other methods as techno commercial factor evaluation basis and input based cost driver basis. Robert Kaplan and Antonym Atkinson have given an illustration as how the Joint and by-products costing method can be used as a tool in the resource allocation process. The paper aims to generate further discussion, with illustration from more industries to help formulate proper guidelines on this complex issue of Joint and by-product costing. 2. 0: Acknowledgement Going through various sources of information we arrived at the generally accepted cost accounting practices where the vital inputs on concepts along with practical examples were compiled from the articles and textbooks of reputed authors as stated in the references. We are grateful to Tanzania Hues, Assistant Professor, department of Accounting Information Systems, who germinated the idea of bringing out such a special paper on Joint Product and By-product Costing. We would like to convey our heartiest gratitude to the entire information provider for their valuable suggestions, information and contributions that have helped us much in preparing this report. 3. : Origin of the report In case of identifying, allocating and apportioning common costs to several products or output services the multi-product or multi-process and multi service industries always face an uncertainty. The final product or service cost will reflect the full cost only if these common costs are allocated or apportioned in some way to the individual final product. In the case of process industries, where the process flow is common up to a stage and then segregates into two or more process lines to produce more than one product then the problem of allocation or apportionment of common r Joint cost becomes significant. The essence of Joint product or by-product costing lays in the allocation or apportionment of Joint processing cost to the individual products in as equitable a manner as possible. Although the allocation or apportionment of Joint costs to determine the full cost of individual products may not be of much help from the point of view of management decision-making, it is very much essential for external financial reporting, reporting under various statutory requirements, valuation for tax legislation and also for valuation of inventories for horn period profit determination. The phenomenon of a production process, producing simultaneously, more than one product could be observed in a wide variety of industries, For example: Coal mining washing and Coke production resulting in the production of Coal, Coke, Gas, Tar and Ammonia. Petroleum refining resulting in the production of Petrol, Kerosene, Diesel, Furnace oil etc. In this industry a very large number of Joint and byproducts occur in cracking or refining crude oil. Agricultural Product industries such as vegetable oil crushing of oil seeds resulting in production of oil and cake. From the process of refining oil, soap stock arises which could be further processed into soap and allied products. In Milk industry, the three joint products are Cream, Liquid Milk and Skim. The cream is again processed into Butter and ghee. The liquid milk and skim is processed to produce whole milk, full cream milk and standard milk. 3. : Purpose of the report The objectives of this term paper is to identify the principles to be followed in the recognition of products as Joint product or by-products and to prescribe some generally accepted methods to determine more accurate and reliable cost of ND uniform basis to provide better transparency in the ascertaining the cost of Joint and by-products. The ascertainment of the cost of Joint products and by-product can be used for the following purposes: (I) Uniform basis of Valuation of manufactured products, Work -in-pro cess and intermediate products. For assessment of excise duty and other value based taxes relating to Joint products and by-products. (iii) Assessment of value of specific products under various measures such as anti- dumping, transfer pricing etc. , (v) Determining the value and responding to regulatory authorities for Joint products or services. V) Measuring product performance and internal reporting for segment profitability. 3. 3: Methodology: In order to prepare this term paper we have applied our classroom knowledge as well as taken help from different writers books preferably from the book of Cost Accounting by Charles T. Horned et al. This term paper also comprises the combined effort of all group members. We have tried to present the concept of Joint production cost in variety of organizational situation and how this cost can be allocated to different products from the Joint production process. Along with Joint cost ND its allocation we have also tried to present how the by product from a production process can be recognized and presented in the financial statements specially in the income statement of the company. 3. 4: Limitation of the Paper The report may encounter the shortcomings due to the following reasons: Lack of practical knowledge to link up with theories. Probability of skipping any material items. Dependency on the secondary information. Time constraints 3. 5: Terminology used in the term paper Joint: Ethylene and Propylene arising from the cracking of Naphtha. By-product: A product, which is secondary to the main product and obtained during the course of manufacture of recognized main product. It is called a by-product because of the relatively lower importance it has as compared with the main product or products. By-product cost is commonly regarded as difficult to determine. By-product is usually subjected to further processing after separation from the main product, if such processing will increase the value added or promote the sale of the main product. For example, in a Petroleum Refinery, gas was earlier considered as a by-product. Now, it has assumed importance like petrol, diesel, etc. And it is being treated as a Joint product. Scrap: Residual material left over when making a product. Waste: Discarded substances having no significant value (as distinct from scrap)- ECMA. Joint Cost: Joint cost are defined as common cost of facilities or services employed in the output of two or more simultaneously produced or otherwise closely related operations, commodities or service. Split off point: The point in the common production process at which the separate products are identifiable. There may be process and the total numbers of products that emerge from the process. 4. 0: Body of the report 4. 1: The nature of Joint Product 4. 1. 1 . Fixed and variable proportions Although Joint products have a definite quantitative relationship to each other, this relationship may take different forms. The nature of the Joint products output can either be in fixed or variable proportions. The relationship between the products is fixed if an increase in the output of one product of a group results in a proportionate increase in the output of the other products. In contrast, if the increase in output of one product results in either a decrease or has no effect on the output of one or more of the remaining products then the relationship between the outputs is one of variable proportions. This variation in output proportions may only be controlled within certain limits and only arises in certain processes. 4. 1. 2. Intermediate and final products: Joint products arise from a common process or series of processes, the latter giving rise to intermediate products. Intermediate products can be defined as those products to be further treated and processed to produce main product, where the main products in a multi-purpose operation may take the form of intermediate products at a certain stages of production and finished products at the final stage of production. 4. 1. 3. Joint and Separation costs: The fundamental feature of Joint product is that they incur Joint cost up to a certain stage of production, known as the split off point, where they become recognizable as operate products. The costs incurred in the Joint process cannot be separately traced to the individual product output Subsequent to the split-off point any cost incurred e. G. The additional processing costs, can be identified with specific products and may be termed separable or attributable cost. For a cost to be separable, it must be possible to trace it with reasonable certainty to a single product. 4. 2. Joint Product By-product costing principles 4. 2. 1 . There are two basic approaches to costing of Joint product and by-products, which are given below: Joint Product Approach: Under this approach, more than one reduce is treated as Joint product and the Joint processing costs are allocated between the products on an appropriate basis. Main Product / By-product Approach: Under this approach, only one product will be given the status of a main product and all other products arising from the process will be treated as by-products. In this method, the Joint costs are not allocated between the products instead; the net revenue (sales value less further processing expenses, selling expenses, etc. F any) generated from the products is credited to the Joint costs and the remaining Joint cost is totally absorbed by the main product. . 2. 2. Recognition off product as Joint product or by-product: There are no hard and fast rules to determine whether a product is a Joint product or by-product. Normally, products which are incidental to the produc tion of main products and products which are insignificant in value product changes from by-product to main product or vice versa due to a number of factors like changes in market price, competition, demand or technology may suggest a re-classification. Therefore, the classification between the main product and by- product has to be reviewed continuously. 4. 2. 3. Identification of Joint and By- Products: Recognition of Joint products and by-products is purely by relative commercial values. Further, such relative values are not permanent as their relative importance of Joint and by-products is evanescent in nature, as can be seen by the following two examples. In the sugar industry, till about four decades back, press mud was Just a waste product of nuisance value, that needed continuous disposal at additional costs or else it will create contamination. Subsequently, through research, it was found that the press mud contained rich nutrients which stimulate plant growth, as a result f which it became a commercially valuable product. 4. 3. Methods of Apportionment of Joint Costs: The generally accepted cost apportionment methods are of two principal types. They are broadly, Market Value Bases: Bases assumed to measure the ability to absorb joint costs, where the resulting product costs are related to some market value of the products. Under this method, Joint cost allocations are made based on the individual products ability to absorb, as indicated by the sales prices. While choosing a selling price, it is important to choose a representative period considering the normal cycle f fluctuations. Such a representative figure may be the daily average of the past month or quarterly average as may be appropriate. In case the products are sold to different markets, the adjusted market value, eliminating freight and brokerage or commission elements or any other cost is to be taken. Horned rightly points out that market based measure are difficult to use in the context of rate regulation. It is circular reasoning to use selling process as a basis for selling prices (rates) and at the same time use selling prices to allocate the cost on which prices (rates) are based. To void this circular reasoning the physical measures method may be used in rate regulation environment. Physical Unit Bases: Where individual products are from a common input, and none of the products, can be categorized as a by-product, this method is followed. Under this method, the Joint costs are allocated to individual products on some physical measurement basis, biz. Weight, volume, or some other common unit used to measure output. (Egg: calorific content. ) This method is suitable under circumstances where the units of measurement of the final products are the same or capable of being measured in similar units. In industries where Joint products emerge in different physical state and are therefore measured in differing physical units, a problem arise in establishing a common denominator. However, even in case where the outputs emerges as solids, liquids and gases, a common unit or physical co-efficient such as weight, can normally be found as a conversion factor (the weight of a gas is calculated given the volume, temperature and pressure). Another form of physical unit basis is the weighted average method based on pre- determined standards. Some technical estimation is used to reduce all output to a moon denominator. The weights may possibly be based on size of units, time consumed in making them, material consumption etc. The actual numbers of output the Joint cost apportionment is based. Cost drivers as a base: The development and implementation of Activity Based Costing in many enterprises have made available cost drivers, as an integral part of the Cost Management System. Therefore, the cost drivers can be used as a logical basis for cost allocation. 4. 4. Market value basis 4. 4. 1 . Apportionment of Joint cost on the basis of sales value: The apportionment of mint costs on the basis sales value of the products will be followed when no other rational basis for apportionment of Joint cost is available and the Joint products are sold without any further processing at split off point.
Thursday, November 21, 2019
Company Law Case Study Example | Topics and Well Written Essays - 1500 words
Company Law - Case Study Example These people are called "owners", composed of the incorporators, directors, and the stockholders. Another point to consider is that a corporation, once approved, has a legal personality separate and distinct from its owners. Having a legal personality separate and distinct from its owners gives the corporation a limited liability to shareholders. Limited liability is a legal doctrine which means that if a "plaintiff wins a court judgment against the corporation, he (the plaintiff) cannot satisfy the judgment out of the personal assets of the owners, rather, the plaintiff must collect from the assets of the corporation".2 Limited liability is likened to a "veil" that offers the owners of the business protection for their personal assets, like for instance, if one of the co-owners or employees commits an unlawful action that injures someone, or if someone sues the corporation for non-payment of debt.3 But is the limited liability doctrine absolute The answer is it is not.4 The corporate law protection of limited liability can be lost through 1) piercing of the corporate veil, 2) defective incorporation, 3) improper signing of documents.5 This essay aims to discuss piercing the corporate veil by first explaining the limited liability rule followed by ... This doctrine is used when the property or assets of the corporation is not enough to support its liabilities.6 "The phrase relies on the metaphor of the 'veil' that represents the veneer of formalities and dignities that protect a corporation, which can be disregarded at will when the situation warrants looking beyond the 'legal fiction' of a corporate person to the reality of other persons or entities who would otherwise be protected by he corporate fiction."7 The formation of this doctrine can be traced beginning from a number of cases formulating the law formulating the law principle of separate and distinct legal personality of corporations. This principle of English law company was firs laid down in the case of Salomon v. Salomon.8 Mr. Salomon formed a company by apportioning one share for each of his family members to comply with the statute at that time which required at least seven members to form a company. Mr. Salomon later became a secured creditor of the company. When the company fell on hard times, it paid Mr. Salomon's debenture. The unsecured creditors claimed all the remaining assets of the company arguing that it worked as an agent for Mr. Solomon. The Court held otherwise. The effect of this rule is that the individual subsidiaries with in a conglomerate will be treated as separate entities and the parent cannot be made liable for the subsidiaries' debts or insolvency.9 Attempts to lift the principle of separate and distinct legal personality of corporations were unsuccessful in a number of cases that followed after the establishment of the said principle. For instance, in Adams v. Cape10 , it was held that the corporate veil cannot be lifted
Subscribe to:
Posts (Atom)