... TOPIC: LEAN ACCOUNTING- An Emerging Concept SUB CODE: 10MBA32 NAME: SPOORTHI.K USN: 1PB11MBA33 CONTENTS 1. ABSTRACT WITH KEY WORDS 2. INTRODUCTION 3. THERORATICAL BACKGROUND 4. DISCUSSION 5. CONCLUSION 6. REFERENCE ABSTRACT WITH KEYWORDS From the last two decades of the 20th Century on, many companies have adopted production strategies that could be termed “lean manufacturing”. Lean team leaders state that traditional costing systems fail to properly assess their operational improvements and therefore ask for new cost accounting methods. The search for a new accounting paradigm has led to important applied research and several accounting methods. With the diversification of customer demand and competition of globalization, mass production is being replaced by lean production. In this background, the traditional accounting system is no longer applicable to lean production, and lean accounting supporting lean production comes into being. This paper introduces the background of lean accounting and the content of lean accounting, gives the measures of implementing lean accounting, finally compares lean accounting with traditional accounting and summarizes obstacles in the process of implementing lean accounting. The research and application of lean accounting will greatly enhance...
Words: 4166 - Pages: 17
...organization. For this assignment I interviewed Alyssa May, an Accounting Analyst at Assa Abloy, a lock manufacturing company in Phoenix, Arizona. As an Accounting Analyst Ms. May was in charge of a large inventory reduction effort within her organization. Through hard work and practices such as those presented in The Leadership Challenge, Ms. May successfully achieved her goal of leading a change initiative in her organization. I first asked Ms. May a little about her company and what exactly her leadership role was. She explained to me that her company manufactures heavy-duty commercial locks and security systems. Her role specifically is in the Accounting and Finance department because of her background education in Finance. She is in charge of daily accounting transactions, evaluating the performance of the company based on numerous performance metrics, and constantly cutting costs for the organization. She was tasked with the role of leading a small group of individuals throughout her organization to reduce inventory by $125,000 dollars in a time span of about 2 weeks. This group was comprised of individuals from numerous departments throughout her organization, including Purchasing, Product Management, Warehouse Control, Engineering, and others within her own Accounting department. When I asked Ms. May why she was chosen to lead this group she explained to me that she had the background knowledge of the costs of the inventory, the necessary skills to generate reports off of the...
Words: 1388 - Pages: 6
...Financial statements are the basic statements that summarize the financial activities of a business and are prepared by businesses to indicate the financial steadiness of the business to investors, creditors, and other external entities (McGraw-Hill Higher Education, 2009). The income statement is a representation of the revenues and expenses for a specific period of time in a business. Its purpose is to detail the revenues, expenses, and net income or loss. A net income is the result of revenues exceeding expenses and a net loss is the result of expenses exceeding revenues. The income statement does not include investment and withdrawal transactions between the owner and the business in measuring net income. The investment and withdrawal transactions of the owner are not included on the income statement when measuring net income (Weygandt, Kieso, and Kimmel, p. 23). The owner's equity statement summarizes the changes in owner's equity for the same time period that the income statement covers and indicates why the owner’s equity has increased or decreased during that time period. The data included in the owner’s equity statement is derived from the income statement. It shows the owner’s beginning equity, investments, net income or loss, and the drawings of the owner (Weygandt, Kieso, and Kimmel, p. 23). The purpose of the statement of cash flows is to provide information on the cash receipts and payments for a specific period of time. It reports the effects of a company’s operations...
Words: 1346 - Pages: 6
...Department of Accounting A Graduation Research Proposal Presented to the Faculty of Commerce The Islamic University of Gaza Prepared By Mosa zuhair al-nassan Mosbah al-shaghnobi Mohammed Nabaheen 120091941 120092552 120102597 Supervisor's name Mr. Salah Shubir 3102 I I A Holy Qur'an Verse A Holy Qur'an Verse } وَقُل اعْمَلُوا فَسَيَرَى اللَّهُ عَمَلَكُمْ وَرَسُولهُ وَالْمُؤْمِنُونَ{ سورة التوبة– اآلية 105 صدق اهلل العظيم I Dedication Dedication We dedicate this work to our lovely Palestine, to second home of Islamic university, and to our parents, who sacrificed everything in their life for us, and also we thank them for pushing us to success. For all of Those, Who are inspiring us and see us on our way. II II Acknowledgement Acknowledgement In the beginning, we thank Allah for giving us the strength and health to let this work see the light and our parents for their help and support. Our Prophet Mohammed said: “Who doesn’t thank people he doesn’t thank Allah”. We want to thank everyone help and participated in making this study starting from our honorable: Mr. Salah Shubair. Who put a lot of faith in our capabilities and encouraged us to complete this study. We thank all of our teachers in the faculty of commerce and our colleagues and friends for their support . III Abstract Abstract The study aims to discuss and evaluate one of the accounting problems, which...
Words: 11924 - Pages: 48
...profit records each successive year during this period. In fact, in both 1980 and 1981 the company’s actual net income eclipsed the figure reported by the company. In 1980, Oaks top executives became concerned that the company could not indefinitely sustain its impressive growth rate in annual profits. To help the company maintain this trend, the executives began creating reserves that could be used to boost reported profits in later years. To report a smooth upward earnings trend and to provide a "cushion" of profits to be used in periods of lower actual earnings, Oak implemented a policy during 1980 and 1981 of establishing unneeded reserves to be released (reversed) in later periods, if needed.1 1. Securities and Exchange Commission, Accounting and Auditing Enforcement Release No. 63, 25 June 1985. 80 EXHIBIT 1 Oak Industries, Inc., Selected Financial Data, 1978-1981 Oak Industries, Inc. These “rainy day reserves” included overstatements of the company’s...
Words: 1830 - Pages: 8
...Is the supply function organized properly? Is it strategic or tactical in nature? No it is not. It is tactical in nature when expeditor was picking up parts with no confirmed orders or supply department receiving invoices for items that could not be matched to corresponding purchase order. 2. Purchasing procedures at Blozis are related to specifications, the use of requisitions, purchase orders, and receipt and delivery. Should these be changed? Why or why not? If they should be changed, how? Problems: Yes they should be changed because the current processes will only generate a lot of inaccuracies in the inventory and documentations. Current inventory and purchasing process allows for inventory to go missing, late payments to suppliers as well as mismatched receiving of invoices with purchase orders. No proper tracking and accounting of inventory is possible. Early payment discounts are also missed. The lack of documentation for the items picked up is not helping the departments to stay within budget. Corners are being cut with the way the system works. Two micrometers are lost because the expeditor most likely has picked up them up at the receiving dock and has taken them directly to the engineers. Since no documentation was in place to illustrate what has happened, it has become a financial and time loss to the company. Supply department also has to face with invoice for which they have no confirming documentation to support the payment for. There are...
Words: 664 - Pages: 3
...interest in the position stated above. My academic background of CPA and an ongoing degree (4th year) in Economics and mathematics at the University of Nairobi have equipped me with requisite skills in :supplier reconciliation, preparing and resolving bank reconciliations, billing, general ledger ,preparation of financial statements, handling the three primary data entry books, invoicing, revenue and also inventory management roles. Not only have I learned to conduct these activities and roles but also know how to coordinate and correlate each activities with the Company`s objectives, in order to improve efficiency and effectiveness of processes by minimizing input of resources and maximizing output. Recently undertaking a course in Statistical packages for social scientists, I have gained knowledge and skills relating to data entry, manipulation and analysis .I have been on attachment at the Kenyatta National Hospital from September 2014 to January 2015, where I have acquired skills necessary for the accounting profession and have also acquired experience in the use of accounting software and proficiency in Microsoft office. Additionally, I possess strong communication skills and a good working knowledge of administrative procedures, applications of QuickBooks and sage systems as well as various computer applications and programs. I strongly believe I am the suitable candidate for this position in view of my background, professional and education experience hence positive...
Words: 280 - Pages: 2
...Introduction In this assignment, we will be dealing with Ratio analysis which has a very big hand in letting one know the quantitative analysis of information in a company’s financial statements. Ratios are calculated from current year numbers and are then compared to previous years, other companies in the industry, or even the economy to judge the performance of the company. For this very assignment I will be doing the ratio analysis of K-Star Sports Limited. Table of contents 1. Background, development and future prospective 2. Roles of Board of Directors and Auditors 3. Liquidity 4. Assets Management 5. Financial leverage 6. Profitability 7. 4 Measurements & Recommendation 8. Main statements of Financial Statement. 9. Conclusion 10. References Background, development and future prospective K-Star Sports Limited was incorporated in Singapore on 3 November 2008 as a private limited company under the name of K-Star Sports Pte. Ltd. On 14 September 2009, they were converted into a public company and assumed the present name on the same day. They were registered in Malaysia as a foreign company in 16 September 2009 as K-Star Sports Pte. Ltd. and subsequently changed their name to K-Star Sports Limited on 17 September 2009. The group successfully listed on the main market of Bursa Malaysia Securities Berhad on 4 June 2010. Their shares has also been classifies as Shariah-compliant by the Shariah Advisory Council of the Securities...
Words: 2420 - Pages: 10
...person assigned within the accounting, finance, or controllers department to keep track of property, plant, and equipment. This person may be called a fixed asset accountant, property accountant, or may have some other similar title. This accountant's primary responsibility is to maintain the official fixed assets records for the business or organisation. This may be a full-time position in a company that has a large investment in fixed assets and that has either a high volume of activity in fixed assets, or has major capital expenditure projects in process. In operations where keeping track of fixed assets does not involve sufficient work to occupy an accountant full-time, this responsibility may be combined with other accounting duties. The level of responsibility of the person in charge of fixed assets, and the functions performed will also depend on the size and nature of the operation, and the way in which the organisation is set up to handle accounting and reporting for property, plant, and equipment. Accounting for fixed assets may be more of a clerical function, involving entering data and maintaining records. Or the position could involve more of a financial analyst role, where the person would participate in economic evaluations of proposed projects. An audit role may also form part of the overall planning, controlling and reporting function for capital expenditures. What Does A Fixed Asset or Property Accountant Do? In an accounting and administrative capacity...
Words: 1361 - Pages: 6
...COMPUTERIZED INVENTORY AND BARCODING SYSTEM(CIBS) A Thesis Presented to the Faculty of College of Computer Science Palawan Polytechnic College In Partial Fulfilment Of The Requirements for the Degree Bachelor of Science in Computer Science By: Gregorio, Diana Rose L. Pulido, Ava Krisha L. March, 2015 Chapter 1 Introduction Now a day we are living in a modern world in which technology affects in the lives of people. As a proof of modernization, computers had been developed. It greatly affects our lifestyles, our health, communication, and information activities. And it is also a guide in dealing business. A business is typically formed to earn a profit that will increase the wealth of its owners and grow the business itself. The operators and owners of a business have as one of their main objectives, the receipt or generation of financials return in exchange for work and acceptance of risk. Computerized Inventory and Barcoding systems often face customer demands for many different products. The demand characteristics may vary from product to product and therefore an inventory manager will generally apply a customized policy for every product. However, in most cases, all customer demand for a single product is handled in a uniform way. Although the order sizes may vary greatly and some orders can be handled in a different way than others, each unit demanded is considered equally important. The system also allows the inventory to be well in-checked without much labor. Just...
Words: 1136 - Pages: 5
...dedication. I want to be the one responsible for making all the decisions for the business and if anything needs to be changed then I need to be the one responsible for making adjustments. As the business takes off, in addition to handbags, jewelry, shoes and clothing, I will expand and add a children’s line of clothing and shoes. Accounting will play an important role as the business starts up. I plan on using a balance sheet in order to group similar assets and liabilities together. The balance sheet will inform me whether I have enough assets to pay the company’s debts as they come due. I will also plan on using an income statement for the business. The income statement will inform me of my revenue and expenses and will inform me of how the company is doing. In order to make sure that all of the data on the Accounting reports are correct, I will hire an Accountant to tend to all financial aspects of the company and I will personally review all financial statements on a weekly and monthly basis. The characteristics that I look for when I hire an employee for any job I look for a strong work history, their educational background; I will run a background check (to make sure they have...
Words: 813 - Pages: 4
...A Controller’s Challenge Background “Would you come over to Mr. Patterson’s office right away?” Jim Woodruff was a bit puzzled about the summons from the president’s office; no meeting was scheduled and Bill Patterson’s style was not an impromptu one. Organizer and calculator in hand, Jim left for the meeting wondering what the subject might be and how he might mentally prepare for whatever discussion was about to take place. Jim was the recently appointed as the controller of Advanced Parts Manufacturing Company, a division of a Fortune 500 company. He had started his career as an auditor in public accounting before joining the parent company’s corporate headquarters accounting staff. After a few years in headquarters, he was promoted to Advanced Manufacturing management team to replace its retiring controller. He came with a strong technical background gained through his experience in auditing and accounting. After about a year, he had become a valued member of the Advanced Manufacturing management team. He had played an important role in the financial decisions associated with a recent capacity expansion and had made major improvements to the management reporting and planning systems. He was working on reducing the division’s investment in inventory through consignment arrangements with suppliers. The Problem Bill Patterson greeted Jim as he entered his office. “Jim, we have a challenge that I hope you can help us with. We need another million in profit this year...
Words: 1982 - Pages: 8
...competitive advantages. The major objective of the report is to explore some accounting information systems related issues, in order to provide a clear and logic overview of accounting information system. To be more specific, first of all, the report will attempt to discuss four questions about SOX, sequential, non accounting services and physical control. After that, the report will analyze two case studies, and then discuss the relevant topics related to accounting information systems in detailed. Content Introduction 1 The influences of SOX on provision of attest and advisory services 1 Background Information on SOX 2 Description of attest and advisory services 2 Influences of SOX on attest and advisory services 3 Comparison among sequential, block, group alphabetic and mnemonic codes 3 The rationality of non accounting services for external auditors 4 Prohibited non-audit services 4 Argument on prohibition 5 Six Classes of Physical Controls 5 Case of Bern Fly Rod Company 7 The previous situation 7 Potential internal control issues and exposures 7 Preventive measures for Bern Fly Rod Company 8 Case of Stand-Alone PC-Based Accounting System 9 Physical internal control weaknesses 9 IT Controls in PC-Based Accounting System 9 Conclusion 10 Reference 11 Introduction It is necessary and essential for the firms to regard information system as one tool of conduct accounting, because the high efficiencies and conveniences can both be regarded as...
Words: 3055 - Pages: 13
...THE EFFECTS OF COMPUTER ON THE ACCOUNTING PROFESSION NAMES MAT NO: OTOMEWO DANIEL WILLIAMS 6050 EKHATOR OSAYUWAMEN PRECIOUS 6951 ONI JOY ADELEMON 7029 EGBE PRINCE ISAIAH 7114 ODIASE PRECIOUS IYOBOSA 7033 EKUASE AUSTINE OSAMUDIAMEN 7031 ABSTRACT The aim of this study is the effect technology on accounting profession. The results of this study shows that technology causes decrease in book keeping. Also, it causes increase accuracy in accounting process, to shorten the time of providing reports, to decrease cost of gathering information, to improve reports in management accounting and to provide a background for executing techniques of costing. Technology has affected accounting profession in a great extent, in the sense that they need to acquire new skills like as applied software’s of accounting, excel and access. Also as it reduces book keeping and saving time, an accountants participation need to increase in the processes, planning, analyzing management. Therefore, it can stated that if the use of technology applied effective, it will be provide a better background for improving accounting profession and role-creating more suitable accountants in organizations. TABLE OF CONTENT INTRODUCTION BACKGROUND OF THE STUDY Technology over the last few decades has drastically changed the face of the accounting profession. For accountants, new technology is always trying...
Words: 2428 - Pages: 10
...The System Design Project ACG3401 – Spring 2013 You have been assigned to a team that is responsible for the complete design of an accounting information subsystem to support the business cycle (e.g. revenue, expenditure, production, human resource management and payroll, or financial reporting system) assigned to your team by the professor for a hypothetical company of your choice. Points will be awarded for a presentation to the class as well as a final report that will include a business process narrative, document flowchart that coincides with document narrative, and a risk and controls matrix. PowerPoint presentation files must be emailed to the instructor 24 hours in advance of the scheduled presentation date. Attire for the presentation is business casual. If you are unsure what is appropriate business casual attire, please refer to the following website for tips: http://www.career.vt.edu/jobsearc/buscasual.htm. All team members will receive the SAME grade for these project requirements. However, students absent from any of the presentations will automatically receive zero credit unless pre-approved by the instructor. In addition to the presentation and final report, each team member will submit peer evaluations for the other members and average score will be calculated. Each individual will rate the helpfulness of all of the other members of their team at the end of the term and submit the peer evaluation form to the instructor on the assigned date...
Words: 2793 - Pages: 12
