Executive Summary for Accounting - 622 Words

The purpose of this article is to describe the implementation of value stream management and lean accounting at Watlow Electric Manufacturing Company. Value stream management and lean accounting are designed to support lean manufacturing where value is defined from the customers perspective, work is organized by value stream, supply flow is defined in terms of demand pull, and employees are empowered and focused on quality and continuous improvement. Rather than organizing by functional departments (i.e., the traditional approach associated with responsibility accounting), a company using value stream management develops an organization structure based on value streams, where a value stream includes everything involved in creating value†¦show more content†¦Another step would be developing value stream financial statements focused on a one-page summary called a box score. Next would be changing the chart of accounts structure to focus on a few value stream groups, rather tha n functional departments. Next would be to stop collecting standard cost labor and overhead variance information and replaced it with visual live hourly and daily operator-generated reports acted on daily by the value stream teams. Last, would be separating collecting standard cost labor and overhead variance information and replaced it with visual live hourly and daily operator-generated reports acted on daily by the value stream teams. Some results of these implementations have led to the functional departments that remain to combine into a general support group in the general ledger. This has been resisted by some, but has greatly reduced the number of ledger accounts. Although fully burdened standard costs are no longer used, standard materials costs are based on a detailed bill of materials, and inventory is valued at the end of the month at average conversion cost per day multiplied by the number of days of inventory on hand. Many employees displayed some apprehension at first when responsibility shifted from department managers to value stream members, but they rapidly took ownership of their value stream measurements. The changes in inventory costing were a concern toShow MoreRelatedThe Mission Of The Accounting And Financial Functional Area1266 Words   |  6 PagesThe mission of the Accounting and Financial Functional Area is to effectively and ethically fund the operations of our company. To facilitate our growth and to provide the necessary control of costs that will allow our business to flourish domestically and in new foreign markets. In order to achieve the five year goal of a 100% increase in the production of our coffee cup, as well as to expand the distribution of the product both to new domestic markets and foreign markets, the A F group willRead MoreSec and Waste Management1133 Words   |  5 PagesCASE STUDIES Case Study 1 (13.1) Issues 1. The SEC is often called the â€Å"watchdog† of corporate America. How does it assist in preventing fraud? 2. According to the summary, why did the Waste Management executives commit the fraud? 3. You are an ambitious manager in the sales department of a company and have just received the upcoming year’s targeted earnings report. You are concerned that top management has set revenue targets for your division that are practically unreachable.Read MoreInternal Auditing : Corporate Fraud, Greed For Power, Money, And Influence1165 Words   |  5 PagesThe purpose of this research is to provide a summary outline on internal auditing by uncovering motives behind corporate fraud, executives greed for power, money and influence. These issues will include a transitory story of the Archer Daniels Midland Company (ADM) scandal which results in fraudulent corporate practices using the fixed pricing scheme. If internal auditing practices were implemented at ADM may have saved investors and customers millions of dollars. This topic shifts to company responsibilitiesRead MoreWorldCom Notes Essay1015 Words   |  5 Pagesinternal audit staff who worked with Cynthia on their se cret investigation? Gene Morse and Glyn Smith What made the internal auditors think that possibly there was a need to investigate WorldCom’s accounting? The internal auditors thought that there may be a need to investigate with WorldCom’s accounting stemmed from an unjustified $400M reserve reversal which bumped revenue. When the inquiry was made as to the justification for this reversal, Anderson provided no explanation except that it was â€Å"fine†Read MoreCost Accounting and Decision Making Essay822 Words   |  4 PagesACC2CAD COST ACCOUNTING AND DECISION MAKING SEMESTER 1, 2011 MINI CASE STUDY 1 DISCLOSURE OF CONFIDENTIAL INFORMATION; ETHICS Page 1 Recommendation Page.3 Executive summary Page.4 Introduction Page.5 Analysis Page.6 Recommendations and conclusion Page.7 Appendix 1 – Code of Ethics for Professional Accountants Page.8 References Page.9 Page 2 Recommendation Erin should notify Smart Worx of the postponementRead MoreInternational Financial Reporting Standards And The International Accounting Standards Board1236 Words   |  5 PagesREVENUE ACCOUNTING ASSIGNMENT 2 – BUSINESS REPORT Name : Jea Sun Lee Student Number : N9558195 Word Count : 1000 words  Table of Contents EXECUTIVE SUMMARY 5 1.0 Introduction 6 2.0. Research and Evaluation 7-8 3.0 Future Implications of adopting AASB 15 for Australian companies 9 4.0 Conclusion 10 Reference List 11-12  EXECUTIVE SUMMARY The International Financial Reporting Standards (IFRS) Foundation and the International Accounting Standards Board (IASB) are a global languageRead MoreImportance of Ethics in Accounting1065 Words   |  5 PagesRunning head: IMPORTANCE OF ETHICS IN ACCOUNTING Importance of Ethics in Accounting Everest University Importance of Ethics in Accounting Accounting fraud is common but is not as trivial as the common cold; a typical organization loses annual revenues of nearly 5 percent to fraud. In addition, almost one-quarter of reported fraud is exceeding $1 million dollars. The accounting industry is constantly growing and changing. Consequently, difficult decisions have to be made every day. Read MoreWireless World960 Words   |  4 PagesCompany Name Budget Proposal For [Enter Years Here] BUSN-278 [Term] Professor[name] DeVry University ------------------------------------------------- Table of Contents Section | Title | Subsection | Title | Page Number | 1.0 | Executive summary | | | | 2.0 | Sales Forecast | | | | | | 2.1 | Sales Forecast | | | | 2.2 | Methods and Assumptions | | 3.0 | Capital Expenditure Budget | | | | 4.0 | Investment Analysis | | | | | | 4.1 | Cash flows | | |Read MoreExecutive Summary Example836 Words   |  4 Pages| | | | | | | | |    | Good and poor examples of executive summariesThis is a GOOD example from an Accounting Finance assignment. Footnote Executive Summary This report provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Outdoor Equipment Ltd.  Methods of analysis include trend, horizontal and vertical analyses as well as ratios such as Debt, Current and Quick ratios. Other calculations include rates of returnRead MoreEthics in Accounting1196 Words   |  5 PagesEthics in Accounting By Pace University – New York Accounting for Decision Making, MBA 640 Fall 2011 Required Research Paper Page 1 of 11 Table of Contents Number Content Page Number 1 Introduction 3 2 Ethics in Accounting 4 3 Enron Scandal 6 4 Satyam Scandal 8 5 Conclusion 10 6 References 11 Page 2 of 11 Introduction †¢ What is â€Å"Ethics†? Ethics, also known as moral philosophy, is a branch of philosophy that addresses questions