What is meant by the term "best practices"? Why does it matter whether a company utilizes best practices in performing the activities comprising its value chain?
What will be an ideal response?
A best practice is a method of performing an activity that consistently delivers superior results compared to other approaches. Benchmarking is a potent tool for improving a company's own internal activities that is based on learning how other companies perform them and borrowing their best practices. Best practices thus lead the path to operating excellence with respect to value chain activities.
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Selected data from the accounting records of Webb Company are listed below: General & administrative expenses $2,200 Operating revenues $6,000 Selling expenses 1,800 Income taxes 600 Other revenues (expenses) 800 Dividends paid 1,200 Read the information about Webb Company. What is Webb's income from operations?
a. $ 1,600 b. $ 2,000 c. $ 2,200 d. $ 2,800
Answer the following statements true (T) or false (F)
1. A criterion for selecting suppliers is their employee head count. 2. In online reverse auctions, the buyers allow suppliers to submit online bids for products/services as specified by the buyer. 3. For the fixed-price contracts, the administrative burden of signing the contract is very high. 4. Planned purchase orders are used for purchases made on approximate dates and in specified quantities when inventories run low. 5. Money spent on indirect materials is not as high as money spent on direct materials, but it can still be significant.
Explain how a company can control small cash payments that are made in cash rather than by check
An intentional tort involves conduct in which
a. the defendant intended to harm the plaintiff. b. the defendant intended a certain physical act which ends up injuring someone. c. injuries are caused to someone because of the defendant's neglect or oversight. d. there is resulting punishment, including prison, for the defendant.