The factory produces machined assemblies furnished to other plants in the UniWare division as components of end-items, and also sold directly as spare parts assemblies to larger end-user customers. The company has a competent and well-trained staff, each of whom is a subject matter expert in their respective functions. UniCo is led by highly experienced managers, each of whom has been exposed to increasingly broadened responsibilities for different UniCo functions. UniCo's customers want qual...
CORPORATE GOVERNANCE Corporate Governance is typically perceived as dealing with problems that result from the separation of leadership & control. Management Employees Board Shareholder DEFINITION:- Corporate Governance may be defined as holding a balance between economic & social goals & between individual & commercial goals. A good corporate governance is one where a firm commits & adopts ethical practices across its entire value chain & in all of its dealing with a wide group of stakeholde...
This study is an examination of the different perceptions of users of general purpose financial statements and external auditors with regards to the primary objective of the external audit function. The expectations of users of general purpose financial statements and the function of external auditors may not always be in unison. This chapter discusses the background to the study and the statement of the problem. It also highlights the aim of the study, objectives and research questions. The ...
Destin Brass Products Company manufactures valves, pumps and flow controllers, all three of which are used in water purification systems. Every month, it becomes clearer through their profit reports that there are strategies that other companies are using because despite the fact that these other companies sell pumps at low prices, they are still able to make profits. In a meeting that was held to come up with possible suggestions to work around the problem, they realized that competitors had...
The process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions. Unlike financial accounting, which produces annual reports mainly for external stakeholders, management accounting generates monthly or weekly reports for an organization's internal audiences such as department managers and the chief executive officer. These reports typically show the amount of availab...
Quality and its related cost are a challenge for many major companies operating in manufacturing or in service sector. Many models have used the parameter of quality cost in different terms. It could also be linked to the activity based cost (ABC). When we talk of quality management, it could vary from a casual inspection' to Total Quality Management (TQM) which is a complicated process .Also a new dimension in quality is the 'Six Sigma', each adhere to the best possible practises as pertaini...
The significant growth of global trade in recent years has led to higher demand for transportation of products and material which results in higher demand for protective heavy duty shipping sacks (HDSS). With the high demand for HDSS in the petrochemical industry, the Middle East has turned into a lucrative market place. Comprehensive assessments for the viability of manufacturing HDSS in the UAE, Process, Raw Material, Human Resources, Machinery & Equipment, Construction, Required Capital fo...
Ronald Guidry, Steve Abbott and John Scott established the Destin Brass Products Co. in 1984 at Destin in Florida. Later, Peggy Alford joins the team as an accountant. The company manufacturing three water purification equipments such as valves, pumps and flow controllers*. Out of three Destin's products, pumps profit margin is decreasing with time because of competitive market and tedious design. The company's 55% revenue comes from sales of pumps. The company's profit slipped again lower th...
Destin Brass Products Co. has been established and grown to produce valves (24% of the company revenue), pumps (55% of the company revenue), and flow controllers (21% of the company revenue). This paper will illustrate the recommended solutions for the management of the company that are trying to evaluate the competitive trends of the market for the mentioned products, and trying to start new strategies to deal with these trends. Finance and accounting, as mentioned by Ambler (2008) are the e...
Destin Brass Products has a predicament in that it currently is being forced to sell its pumps at a lower profit margin in order to stay competitive in the pump sales market. Pump sales are important to the company's success because they sell more pumps (12,500) than their two other products, and consequently pump sales are the primary driver for Destin's revenues. We suggest Destin Brass Products implement two recommendations to solve its current predicament. First, Destin should implement a...
