Category: Business

Legal provisions regarding Punishment for wrongful confinement under section 342 of Indian Penal Code, 1860.Punishment for wrongful confinement: As per Section 342 of the Indian Penal Code, “Whoever wrongfully confines any person, shall be punished with imprisonment of either description for a term which may extend to one year, or with fine which may extend to one thousand rupees, or with both.” Image Source: videos.revision3.com ADVERTISEMENTS: Earlier, ‘wrongful confinement’ was called ‘false imprisonment’. According to Winfield, it means ‘the infliction of bodily restraint which is not expressly or impliedly authorised by law. However in IPC, ‘false imprisonment, was substituted by ‘wrongful confinement’-Ingredients of Wrongful Confinement The essential elements of Wrongful Confinement are: ADVERTISEMENTS: 1) Wrongful restraint of a person or total restraint or complete deprivation of liberty without lawful justification.2)…

Budgeting has the following limitations which require careful consideration:1. The success and utility of budgeting depends on the cooperation and participation of all members of management. All persons should direct their efforts according to the plan. The top management also should adhere to the budget and provide cooperation. Many a time budgeting has failed because executive management has paid only lip service to its execution. image source: pd.mia.org.my ADVERTISEMENTS: 2. Planning, budgeting or forecasting is not an exact science. It uses approximations and judgement which may not be cent per cent accurate. At best, a budget is an estimate; no one knows precisely what will happen in the future. Budgets need to be revised from time to time for any change in plans, operating conditions, technology, etc.3. A budget is…

The term quality as applied to manufactured products may be defined as that characteristics or combination of characteristics which distinguishes one article from another, or the goods of one manufacturer from those of their competitors, or one grade of product from another when both are turned out by the same factory. image source: verotechsolutions.netQuality is dual: on the one hand it serves to identify the article and on the other, it is equivalent to the degree of perfection. It is not absolute and can only be judged or realized by comparison with some pre-determined standard(s). ADVERTISEMENTS: When such a standard(s) has (have) been specified, then the quality of the product can be described as “better or worse” or “higher or lower” than the established quality specification(s). In other words, quality…

Benefits and advantages of value analysis are as follows:1. It helps to keep management abreast of the latest technology and other developments because value analysis aims at examining new methods and techniques of doing things with a view to reducing the cost and increasing the value of the item.2. It ensures the fullest possible use of resources because it aims at eliminating all unnecessary costs. images source: i.ytimg.com ADVERTISEMENTS: 3. It creates proper atmosphere for increased efficiency because it aims at a continuing search for improvement in efficiency.4. It is a powerful tool for cost reduction because its basic objective is the identification of unnecessary costs in a product or service and efficiently eliminating them without impairing its quality and efficiency.5. It induces the creative ability of the staff because…