...CHANGE MANAGEMENT IN ACTION Transforming the corporate culture at Heinz Australia The Heinz Company's association with Australia began back in the 1880s when Heinz products were first imported from the USA to feed the American miners who came to work in the goldfields. Production first began in Australia in 1935 when Heinz (US) leased a factory in Richmond, Melbourne. During World War II Heinz began operating a factory in Devonport, and, from 1943 to 1946, the company sold 86 per cent of its production to the Commonwealth Government for supply to all the armed services. Postwar, Heinz Australia continued to expand, establishing new factories and acquiring numerous companies from the 1970s through to the 1990s. In 1998 Heinz Australia merged with Heinz–Watties, New Zealand. In 2003 the Heinz Watties Australasian business was restructured into three separate business units: HJ Heinz Australia, Tegal Foods New Zealand, and Heinz Watties New Zealand. It currently employs around 800 people in Australia and 1200 in New Zealand. With the restructure in 2003, Peter Widdows was appointed Managing Director of Heinz Australia and the company moved into its new head office at Southbank, Melbourne. In February 2009 Widdows was appointed Chief Executive Officer of Heinz Australasia (Japan, Australia, New Zealand and Korea). The phenomenal success of Heinz in Australia and its influence on Heinz businesses in the Pacific region over the last six years are largely credited to the transformational...
Words: 1146 - Pages: 5
...Introduction The H.J. Heinz Company, headquartered in Pittsburgh, Pennsylvania, is the most global of all U.S.-based food companies. Famous for our iconic brands on five continents, Heinz provides delicious, nutritious and convenient foods for families in 200 countries around the world. In more than 50 of those countries, we enjoy the number-one or number-two market position. The H. J. Heinz Company, commonly known as Heinz and famous for its "57 Varieties" slogan and its ketchup, is a U.S. food company founded on 1869 Perhaps best known for its ketchup, the H.J. Heinz Company manufactures thousands of food products in plants on six continents, and markets these products in more than 200 countries and territories. The company claims to have 150 number one or number two brands worldwide. Key Heinz markets are segmented as North American Consumer Products, U.S. Foodservice, Europe, Asia Pacific and Rest of World. The commitment to providing a variety of wholesome foods, with an unwavering emphasis on health and wellness, makes Heinz like no other company on earth. Throughout the world, Heinz is synonymous with ketchup. They sell 650 million bottles of Heinz ketchup every year and approximately two single-serve packets of ketchup for every man, woman and child on the planet. For millions of families the world over, “if it isn’t Heinz, it isn’t ketchup.” Beyond ketchup, Heinz also markets an ever-expanding selection of other great tasting foods. The core products include...
Words: 570 - Pages: 3
...Planning a Start-up Business Introduction Starting a business can be scary; especially if you do not know what you are doing, or if you are doing it by yourself. It can also be an exciting experience if you have done the research, established a business plan, and stay committed. There are facilities where start-up business can go for help, advice, and services to help them in getting started. These are called business incubators. Business incubators can be located in a rural or urban location, and provide skilled services, technology such as internet, or phone lines, and minor assembly of products (Schermerhorn, 2013). Discussion Content The importance of a feasibility study and a business plan. When thinking about a feasibility study and a business plan, one may think that they are the same thing. They are not. A feasibility study is a study that determines whether a potential business will be able to operate successfully. A business plan formulates how and where the business will go and how it will be financed. Usually, one would execute a feasibility study, and then prepare a business plan. A feasibility study can be very helpful initially. It assists the entrepreneur in addressing an important question, “should we proceed with the proposed project idea?” (Hofstrand & Holz-Clause, 2009). By researching and contemplating different ideas in the study, a person can determine which course of action will be the best to adapt. A feasibility study develops into the foundation...
Words: 1065 - Pages: 5
...Management Accounting-- Wilkerson Company Case - Essays - Rain820420 RESEARCH PAPERS AND ESSAYS FOR ALL Search 350,000 Essays Question? 888-442-7499 SEARCH Join Login Writing Service Help Contact Us Saved Papers Get Better Grades Today By Joining OPPapers.com and Accessing Over 350,000 Articles and Essays! GET BETTER GRADES Save papers so you can find them more easily! Join Now Get instant access to over 350,000 papers. JOIN NOW Management Accounting-- Wilkerson Company Case Home Page » Science » Engineering Management Accounting-- Wilkerson Company Case The purpose of this report is discussing the case of Wilkerson Company that confronting tough competition in price cutting in pumps which caused to a big drop of pre-tax operating income from 10% to 3%. After observing the existing costing allocation, we found out there is an issue on the existing costing report that the manager could not be able to see the real situation. In light of this, there will be brought to the discussion on the feasibility of using an alternative costing method – Activity based costing (ABC) in the latter paragraphs. The issue of misallocation cost With the use of Traditional Absorption Costing (TAC) which means Wilkerson Company is now only put the costing of direct labor and material in place. As we can see the table 1 below, the percentage of total direct cost allocation in Valves, Pumps and Flow Controllers are 46%, 46% and 52% respectively, and so for...
Words: 635 - Pages: 3
...Managerial Accounting Group B – Section 1 QUESTION 1 1. Pre and Post PROKASTA Costing UNDER OLD SYSTEM Old Costing Sub Total Base A SubTotal Special 32.2 Order SubTotal Support Costs TOTAL COSTS 35% D E 247 247 247 247 247 2 3 5 10 32.2 64.4 96.6 161 322 279.2 Number Spec C 1 247 B 311.4 343.6 408 569 97.72 108.99 120.26 142.8 199.15 376.92 420.39 463.86 550.80 768.15 In the old system, Siemens based Support costs on the subtotal of the total direct materials and labor costs. Afterwards they added a 35% support cost to this subtotal to arrive at total cost. DIRECT COSTS + OVERHEAD + 35% = TOTAL COSTS 1. Pre and Post PROKASTA Costing Under New PROKASTA System COST POOL A: Order Processing Cost Order Processing Cost/Number Orders Accepted = 13,800,000/65,65,625 = 210.29 Cost Per unit COST POOL B: Requisition Cost Special Components Cost/ # of times processed =19500,000/325,000 =60 Cost per unit 1. Pre and Post PROKASTA Costing Under New PROKASTA System New Costing A B C D E Base Motor Special Components Total Manufacturing Cost Support - Base Motor Support - Special Components Support Related Cost Order Processing Cost1 Special Components Cost2 TOTAL COSTS 247 32.2 279.2 57 247 64.4 311.4 57 247 96.6 343.6 57 247 161 408 57 247 322 569 57 7.4 64.4 210.29 ...
Words: 1363 - Pages: 6
...RJET TASK 4 A1. COSTING METHOD Activity based costing or ABC accounting as it is called distributes manufacturing overhead costs to products in a smarter way than in the traditional way. This way of simply assigning costs on the basis of machine hours. Activity based costing assigns costs first to the activities that make up the real overhead. Then it assigns a cost to the activities that affect only the products produce. ABC vs Traditional Costing This is one main difference between ABC (Activity Based Costing) and TCA (Traditional Cost Accounting) it is Activity Based Costing is complex and takes more time and effort to figure out and Traditional Cost Accounting is simple and to the point. Activity Based Costing began some time in 1981 so it is still a relatively new costing bases. But Traditional Cost Accounting has been around since the late 1800’s. In TCA you figure the cost of the items used to produce the product and the resources that were alos used. But in the ABC method you only figure the cost for the actual materials that were used to finish the product. Activity Based Costing is a more accurate way of costing produts and is preferred over the Traditional Cost Accounting method. The ABC method is normally implemented when overheads are high and there is a large amount of misc. products. If the product costing method in incorrect then you may be under cutting your competitors, but you might also be losing your profits at the same time. So it is better for the...
Words: 1246 - Pages: 5
...differences from Traditional Cost accounting will help the company be more accurate and efficient which will in turn make the company more viable in their current market. This section will review what activity-based costing is and the benefits which it can have for Competition Bikes. Activity-based costing is when manufacturing overhead costs are assigned to products in a more logical manner compared to more traditional costing methods. The process is broken down by assigning costs to activities which cause real overhead and then allocates the costs of said activities to those products which are demanding of those activities (Accounting Coach, 2015). The primary difference between activity-based costing and traditional cost accounting is that the former assigns specific activities based on need whereas the latter is simply calculating machine hours and can generate potential waste to the company. Activity-based costing is more effective to companies which experience excessive overhead or an abundance of remaining parts after assembly. As provided by Competition Bikes Inc. business reports, under traditional cost accounting, they spend $6,680 more on their Titanium units whereas they could save as much by utilizing activity-based costing. Analysis of the traditional cost accounting reveals that Competition Bikes Inc. is spending $713 per unit of the Titanium frames. Assigning specific activities during production reduces the cost of each frame by $57. Activity-based costing provides...
Words: 1074 - Pages: 5
...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
Words: 1281 - Pages: 6
...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
Words: 1281 - Pages: 6
...ACC 560 WK 3 Quiz 2 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-2-All-Possible-Questions-18.htm ACC 560 WK 3 Quiz 2 - All Possible Questions TRUE-FALSE STATEMENTS 1. Cost accounting is primarily concerned with accumulating information about product costs. 2. A job order cost system is most appropriate when a large volume of uniform products are produced. 3. A process cost accounting system is appropriate for similar products that are continuously mass produced. 4. The perpetual inventory method cannot be used in a job order cost system. 5. A job order cost system and a process cost system are two alternative methods for valuing inventories. 6. A job order cost system identifies costs with a particular job rather than with a set time period. 7. A company may use either a job order cost system or a process cost system, but not both. 8. Raw Materials Inventory, Factory Labor, and Manufacturing Overhead are all control accounts in the general ledger when a job order cost accounting system is used. 9. Accumulating and assigning manufacturing costs are two important activities in a job order cost system. 10. Recording the acquisition of raw materials is a part of accumulating manufacturing costs. 11. Manufacturing costs are generally incurred in one period and recorded in a subsequent period. 12. The...
Words: 1632 - Pages: 7
...University of Wollongong Research Online Faculty of Commerce - Papers Faculty of Commerce 2006 Corporate Social and Environmental Disclosure in Developing Countries: Evidence from Bangladesh M. Hossain Hail Community College, Saudi Arabia, monirulhossain@yahoo.com K. Islam University of Wollongong, mksi747@uow.edu.au J. Andrew University of Wollongong, jandrew@uow.edu.au Publication Details This conference paper was originally published as Hossain, MA, Islam, KS and Andrew, J, Corporate social and environmental disclosure in developing coutries: evidence from Bangladesh, in Proceedings of the Asian Pacific Conference on International Accounting Issues, Hawaii, October 2006. Research Online is the open access institutional repository for the University of Wollongong. For further information contact Manager Repository Services: morgan@uow.edu.au. Corporate Social and Environmental Disclosure in Developing Countries: Evidence from Bangladesh Abstract This is an exploratory study designed to investigate the extent and nature of social and environmental reporting in corporate annual reports. Specifically, we examine the relationship between social and environmental disclosure and several corporate attributes in a developing country, Bangladesh. In order to do this, we have developed and utilized a disclosure index to measure the extent of disclosure made by companies in corporate annual reports. This study reports significant differences in levels...
Words: 10122 - Pages: 41
...CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: True/False 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: True/False 3. Modern cost accounting plays a significant role in management decision making. Answer: True/False 4. Financial accounting is broader in scope than management accounting. Answer: True/False 5. Cost accounting measures and reports short-term, long-term, financial, and nonfinancial information. Answer: True/False 6. Cost accounting provides information only for management accounting purposes. Answer: True/False 7. The key to a company’s success is always to be the low cost producer in a particular industry. Answer: True/False 8. Companies generally follow one of two basic strategies: 1) providing a quality product or service at low prices, or 2) offering a unique product or service often priced higher than competing products. Answer: True/False 9. The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services. Answer: True/False 10. An effective way to cut costs...
Words: 2083 - Pages: 9
...INTERMEDIATE ACCOUNTING I (ACC 221) 21 Aug 2013 - 15 Oct 2013 TEACHER: Dr. Joseph L. Ilk, CPA, CMA, CVA, CPCM TELEPHONE: Office: (703) 805-4473 Home: (540) 582-6008 E-mail: jilk@nvcc.edu If you e-mail me, please put “ACC 221" and either "E40W" or "E80W" ” in the subject line. If you do not I will not recognize the e-mail and will delete the file. The student needs to put their First and Last Name in the e-mail so I know who it came from. OFFICE HOURS: Mon-Fri 8:00 p.m. - 9:00 p.m.I check my e-mail (jilk@nvcc.edu) every day. NOVA IT Helpdesk: (703) 426-4141 CONNECT HELPDESK: (800) 331-5094 PRE-REQUISITES: ACC 212 - Principles of Accounting II I. THE COURSE: ACC 221, intermediate accounting covers accounting principles and theory, including a review of the accounting cycle and accounting for current assets, current liabilities, and investments. Introduces various accounting approaches and demonstrates the effect of these approaches on the financial statement users II. SCOPE: The study will cover but not be limited to the following areas: Theoretical structure of financial accounting Time value of money Review of the accounting process Cash and receivables Balance sheet Inventories Income statement Plant, property, and equipment Cash flow statement Investments Income measurement and profitability analysis III. Course Learning Objectives: * Comprehend the environment and theoretical...
Words: 2091 - Pages: 9
...COMPLETE QUIZZES, ALL Week Quizes A++ …. CHAPTER 1 MANAGERIAL ACCOUNTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT TRUE-FALSE STATEMENTS 1. 1 C 9. 2 K 17. 4 C 25. 6 C sg 33. 3 C 2. 1 K 10. 3 K 18. 4 K 26. 7 C sg 34. 4 K 3. 1 K 11. 3 K 19. 4 K 27. 7 K sg 35. 5 K 4. 1 K 12. 3 K 20. 4 K 28. 8 K sg 36. 6 K 5. 1 K 13. 3 K 21. 5 K 29. 8 K sg 37. 7 K 6. 2 K 14. 3 C 22. 5 K 30. 8 K 7. 2 C 15. 4 C 23. 5 K sg 31. 1 K 8. 2 K 16. 4 K 24. 6 K sg 32. 2 K MULTIPLE CHOICE QUESTIONS 38. 1 K 61. 2 C 84. 4 AP 107. 6 AP 130. 6 AP 39. 1 C 62. 2 K 85. 4 C 108. 6 AP 131. 6 AP 40. 1 K 63. 2 C 86. 4 C 109. 6 AP 132. 6 AP 41. 1 C 64. 3 C 87. 4 C 110. 5 AP 133. 6 AP 42. 1 K 65. 3 K 88. 4 C 111. 6 AP 134. 7 C 43. 1 C 66. 3 C 89. 4 K 112. 6 AP 135. 7 C 44. 1 K 67. 3 K 90. 4 C 113. 6 AP 136. 8 C 45. 1 C 68. 3 K 91. 4 K 114. 6 AP 137. 8 K 46. 1 C 69. 3 K 92. 5 K 115. 5 AP 138. 8 K 47. 1 K 70. 3 C 93. 5 C 116. 6 AP 139. 8 C 48. 1 K 71. 3 C 94. 5 C 117. 6 AP 140. 8 K 49. 1 K 72. 3 K 95. 5 C 118. 6 AP 141. 8 K 50. 1 K 73. 3 K 96. 5 C 119. 5 AP sg 142. 1 C 51. 1 C 74. 3 C 97. 6 AP 120. 6 AP sg 143. 2 K 52. 1 C 75. 3 K 98. 6 K 121. 6 AP sg 144. 4 K 53. 1 K 76. 3 C 99. 6 C 122. 6 AP sg 145. 4 K 54. 1 K 77. 3 K 100. 6 C 123. 5 AP st 146. 6 K 55. 2 K 78. 3 K 101. 6 K 124. 6 AP sg 147. 6 C 56. 2 K 79. 3 C 102. 6 AP 125. 6 AP st 148. 5 K 57. 2 C 80. 3 K 103. 6 AP 126. 6 AP sg 149. 6 K 58. 2 K 81. 3 K 104...
Words: 2686 - Pages: 11
...Individual Case Study Siemens Electric Motor Works A 1. Briefly describe the competitive environment in which Siemens operates, and how its products, processes and strategy have changed. Siemens was one of the largest companies in the world. However, there was only one factory, Electric Motor Works (EMW) which was part of manufacturing industries division and primary manufactured refrigerator motors, was survived after the World WarⅡ. After rebuilding the factory, EWM started to produce electric motors such as standard motor and customized motor. At first, standard motors accounted for large proportion of annual volume, and it was extremely competitive in the relevant market. Its production process was manufacturing a single type of motor in a long run. The problem for Siemens to operate during the initial period was high costs of their products against lower labour rates of its competitors, but the firm still made profit under pressure of reduce costs. After expanding its program, EMW found that it could be more profitable if it produced low volume customized alternating current motors in small production runs. Thus, the firm changed its strategy to mainly manufacture A/C motors and created a relative good production environment to support its new strategy. The new production process for the manufacture of A/C motors was costly and automated by dedicated automated machines. According to the new strategy, the cost allocation system was changed as well. In addition, the new cost...
Words: 1682 - Pages: 7
