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Busineess Law and the Legal Environment Essay
Indeed, the law upholds for the accountability among the accountants for their own action through the assessment of the accountants’ liability to third parties. As a result, both the two rules the Restatement rule and the Ultramares doctrine seek to determine the levels of accountant’s liability however, their benefits differ thus, making one appropriate over the other. Restatement rule is better as compared to Ultramares doctrine as it allows for more accountability to the third party.
Online MBA Ultramares rule advocates accountants to owe a duty of care only to those persons who primarily benefit from the accountants statement such as persons who are in privity or are so close to approach the privity with the accountants. However, restatement rule makes additional amendments to the ultramares rule as it also endorses accountants to be responsible to third parties whom they intend to supply the information to and also whether its use will influences their decision making through the use of information.
The deontological ethical perspective upholds for the accountabiliyty of accountants as they carry out their duties in such a manner as to avoid misleading the users of the information (Beatty & Samuelson, 2006). Online MBA Through this ethical principle there is no doubt that accountants should be held responsible for their actions that would affect even the remote user of the information they give through the publication of the financial statement.
Without doubt, under the contemporary business running the accountants are often sued as “deep pockets” because they have to be responsible through their duty of care as their negligence might lead them to be liable for their own actions. According to the laws they cannot avoid facing the lawsuits filed against them by the affected third parties and general users of information contained in the act (Beatty & Samuelson, 2006). This is because there unethical actions that lead to fraud would not be inevitable among other accountants if action is not undertaken on those who breach their duty of care.
Business Aircraft Essay 2
An aircraft is a controllable machine that is manmade and can fly in the air (Dos, 2012). The aircraft can carry a large number of people. On the other hand, a business aircraft is smaller, and its exploitation is private – for business only. There are different types of aircrafts, which have different capacity and speed.
Helicopters can go to a remote area where other plane cannot. The aircraft does not need large landing area; just a small space is enough (Tucker, 2011), and it is efficient for soldiers. Its cost ranges between $5- 50 million. Twin piston is also economical in that it does not consume a lot, it carries 3 – 8 people. This aircraft is useful for the businesspersons who have several businesses that need there supervision. This aircraft is not too expensive, it ranges from $2- 6 million. Online MBA Turboprops are just like twin piston only larger and can carry more cargo, the cost ranges from $5- 15 million. For musicians and politicians, Executive jets are more efficient (Street 2010).
Boeing Company was founded in 1916, from then till now the company has improved its aircraft creation significantly. The plane was used a lot during the World War II, when aircraft invention was young. The planes that were made during this era were mainly used in the war. After the war, the company lost its purpose, since the demand of planes was low. With the purpose of making the plane sufficient, Boeing Company started making four engine jets. This was an enormous upgrade from three-engine jets and twin-engine jets.
There exist different brands of Boeing Company; one of the company’s latest creations is a four-engine jet, Boeing 747 . This jet can accommodate from 50 passengers to 1000 at the most. Online MBA The jet is among the largest jets in the world. Boeing 747 has a strong body and structure; this is evident with the capacity it can handle. With twelve washrooms, six galleys and more than 178,000 liters of fuel, the aircraft can accommodate enough to travel over 10,475 kilometers. What makes the plane more efficient and preferable is the speed it flies since it has for engines. The plane due to the pressure it handles can need a large runway to land.
British Petroleum Strategic Plan Essay 3
The history of British Petroleum extends to the year 1901 when William D’Arcy’s Anglo-Persian Company made the first oil drills in Persia. The company’s first retail gas stations opened in Britain in 1921. In 1998 BP merged with a U.S.-based company, Online MBA Amoco Oil Company and consequently had to rebrand most of its retail gas stations and all convenience stores throughout the United States of America. British Petroleum is the largest foreign firm to be traded in the US stock market and it has the second largest retail gas locations in the United States.
British Petroleum is a multi-national company with active operations in over one hundred countries. The company’s main activities revolve around exploration, refining, manufacturing, supply and marketing of natural gas and oil. Online MBA The company was conceived thanks to the efforts of one William Knox D’Arcy who invested much of his efforts, money and time in the belief that he could find new oil deposits in the Middle East. British Petroleum is now a major player in the energy industry and runs its business with a high degree of quality research and technology. The Company’s corporate headquarters are based in London, England but it has company has offices across several US cities.
British Petroleum defines its mission as being “responsible, progressive, innovative, and performance driven”.
“Progressive – the company believes in the principle of mutual advantage and works towards building productive relationships with other players in the oil industry as well as its customers.
“Responsible – British petroleum is deeply committed to the safety and development of the communities and societies in which it operates. The company envisions creating no harm or damage to the people and environment.
“Innovative – the company is well focused on making breakthrough advances in its operations by employing a well experienced workforce and also through use of the state of the art technology.
“Performance Driven – the company delivers its promises through continuous improvement on safety and reliability of its operations. Online MBA
To achieve its business objectives, the company has put in place some strategic plans which it hopes will work towards the realizations of these objectives. Strategic planning entails identifying where an organization wants to be in the future and what mechanisms should be put in place so as to achieve this objective. Strategic planning is essential to the long term survival of any business enterprise and it includes:
International marketing is the application of marketing doctrines to more than one country. Firms need to understand the environment they are operating in to develop their competences and enhance their competitive advantage and also to understand their strategic options.
Online MBA BP Oil Company is the leading supplier and trader of energy on an international context. The company contributes to a critical role in making sure that the complex supply chain of energy operates in a manner that is efficient as well as effective over the whole world (Pompeo, 2002) In the recent past, the company has strived to bring together the supply, optimization of the products that flow in and also out of the assets of the company, and the activities associated with risk management in to one single function.
Online MBA This entails the supply as well as the trading activities that encompass the crude oil together with the oil products, the natural gas, chemicals, power, finance as well as shipping thus creating a clear distinction between the company and its competitors in consideration of the structure as well as the scale of the organization (Baig, 2007).
BP Mission, vision and value
Online MBA In its statement of mission, British Petroleum Company wants to be recognized as a giant company and has a fundamental belief that it can make a difference in the world. The company aspires to help the whole world meet the acute need for light, heat and mobility capabilities. This, the company hopes to achieve by developing affordable, secure and environmental friendly energy.
SWOT analysis of British Petroleum
SWOT analysis involves identifying strengths, weaknesses, opportunities and threats to which a company is exposed. The SWOT analysis of British petroleum reveals quite a lot valuable information about the company’s potential to achieve its strategic plans.
v Strengths
British Petroleum has been ranked the third largest energy company in the world. Though its headquarters are in the UK, the company has subsidiaries spread all over the world. The company trades in the London Stock exchange, the New York Stock exchange market has been listed in the FTSE 100 Index. The company has a strong brand management driven by its slogan and in 2008, its profits rose by eighty per cent due to record gas and oil prices.
v Weaknesses
Online MBA In spite of its huge potential to be a leading player in the oil and gas industry, British Petroleum has had some challenges which have adversely affected its operations. Most notable of these challenges are;
v Opportunities
British petroleum has invested over $8 billion in the research and development of alternative fuel methods such as hydrogen, natural gas, wind and solar energy and this is anticipated to bear viable fruits in the forthcoming decade. The company has further identified suitable frontiers for expansion of its operations in the post-Soviet territories. Further, British Petroleum has launched a more flexible price policy to better compete with its rivals in the energy industry.
The company looks to growing profitability while increasing its operational efficiency and at the same time reducing costs.
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