...Automated Process of Accounting Information Systems Submitted on behalf of Team C ACC/542 March 17, 2015 Professor Tomas Hernandez The acquisition of accounting information systems is by far one of the most significant choices that a business must consider. Before a company chooses to purchase industry-specific software or develop custom software it must first evaluate the rationale, needs of the system, and the value that the software will add to the accounting operations. After careful consideration, our firm concluded that the best course of action is for Kudler Fine Foods to purchase industry-specific software. The core focus of the company is not software development nor should it be, management needs to use resources for growing the company. As a food company, management will lack knowledge to hire the correct type of development resources. The company will need contract developers as well as some hours of an architect to design the system; this can become costly. Developing cost is expensive and if the company is halfway through development of the software and the funds run out, the company will have to put resources in to finish the program since half a program is useless, development cost typically run three times more than planned. Technical recourses have a hard time understanding business requirements outside their domain, so it can be hard for developers to understand exactly what accounting wants and needs since they are more technical and does not understand...
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...Use of Managerial Accounting Tools in Toyota Motor Corporation ------------------------------------------------- ACCT 804 The Use of Managerial Accounting Tools in Toyota Motor Corporation ------------------------------------------------- ACCT 804 Managerial Accounting in Toyota Introduction Modern business environment involves high complexity and growing threat of new entrants, which together make potential challenges to business firms today regardless of the industry they involve. A company cannot survive the current market competition unless the management gets adequate information constantly. The concept of management accounting or managerial accounting is of great importance in this context because it can assist the top management to make sound decisions on various matters. This accounting branch embraces accounting systems, methods, and techniques that can help the organization maximize its profits or minimize losses. Scholars opine that management accounting is the presentation of accounting information in a way that would assist the top management to create potential policies for managing its daily operations. Management accounting is not confined to financial management information, but it is about comprehensive information about overall organizational activities. It is evident that financial management alone is not capable of providing necessary information for performing managerial functions effectively. In contrast, management accounting is able to provide...
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...as the most globally integrated firm, with one methodology, across all our geographical areas. It's a structure that enables us to mobilize our people quickly, and allocate them to projects in the right place, at the right time. Through our industry-focused approach and worldwide reach, we help clients like you manage risk, improve performance and sustain the results. How we work We help drive your business performance Some consulting firms think only about business strategy; some physically deploy technology; but our Advisory services help execute enterprise-wide performance transformation initiatives. We help turn strategy into reality. KPMG in Kenya provides Audit, Tax, and consulting delivering a globally consistent set of multidisciplinary financial and accounting capabilities based on deep industry knowledge. KPMG professionals in Kenya work for a wide range of clients, from global organizations to entrepreneurial start-ups., Audit We provide clients with professional advice and assurance on their controls and accounting systems all year round. We understand our clients' operations, their industry and the issues they face, and this enables us to provide them with relevant advice. The combination of our specialist skills, industry expertise and ongoing investment allows us to anticipate complex business problems for our clients and recommend...
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... Organizational Behavior: A study on “Analyzing Motivation Strategies, Techniques And Performance of Dhaka Bank Ltd.” Principles of Accounting: Term paper on “Accounting Practices in Square Pharmaceuticals Limited”. Human Resources Management: Research on “Occupational Safety and Health: Status in the Tannery Industry” Microeconomics: Term paper on “Structure of rice market in Bangladesh”. Principles of Management: Term paper on ‘The Management of Beximco Pharmaceuticals limited”. Managerial Accounting: Term paper on “Analyzing how to Managerial Accounting Practice of Square Pharmaceuticals limited”. Financial Management:- Term paper on “Working Capital Management of Textile Industries in Bangladesh” Production & Operation Management: Term paper on “Production & Operation Management of Shinepukur Ceramics Ltd.” Strategic Management: Case study on Sun Microsystems and General Dynamics: Compensation and Strategy (A) and also develop a case BCG Matrix. Marketing Research: A research on “The Effect of Corporate image in Formation of Customer Loyalty of the Mobile Phone industry in Bangladesh”. Corporate Finance: A research on “The Effect of Dividend Policy in Pharmaceuticals industries in Bangladesh” Financial Markets & Institutions: A report on “Investment Banking Operations of ICB Capital Management Limited”. PARTICIPANT OF THE WORKSHOP Workshop on “Research Methodology” organized by BUP, Recourse person: Dr. Muhammad Z Mamun, Professor,...
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...Professional Accounting Associations Professional accounting organizations offer accountants a wide variety of resources relating to the accounting industry. Several professional organizations exist in the business environment. Many of these organizations offer professional certification to individuals who meet certain requirements and pass exams. Individuals can be members in as many organizations as they desire. Accounting organizations can be domestic or international. Individuals often select accounting organization memberships based on the certification that will help advance their career. American Institute of Certified Public Accountants The American Institute of Certified Public Accountants is the primary accounting organization in the United States. According to the AICPA website, this professional accounting organization has more than 360,000 members with individuals in business, public practice, government, education and sued and affiliates. International accountants also make up a portion of this organization membership. The AICPA works in conjunction with state accountancy boards to offer individuals the certified public accountant certification. The CPA certificate is often seen as the gold standard in public and private accounting. Institute of Management Accountants The Institute of Management Accountants is the leading U.S. organization for managerial accounting. According to the IMA website, this organization has a network of about 60,000 professionals...
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...Management Accounting as tools of daily job routine The hospitality industry consists of broad category of fields within the service industry that includes lodging, restaurants, event planning, theme parks, transportation, cruise line and additional fields within the tourism industry. The hospitality industry is a several billion dollar industry that mostly depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or even an amusement park consists of multiple groups such as facility maintenance, direct operations (servers, housekeepers, porters, kitchen workers, bartenders, etc.), management, marketing, human resources, property maintenance and finance. The hospitality industry covers a wide range of organizations offering food service and accommodation. The hospitality industry is divided into sectors according to the skill-sets required for the work involved. Sectors include accommodation, food and beverage, meeting and events, gaming, entertainment and recreation, tourism services, and visitor information. Usage rate is an important variable for the hospitality industry. Just as a factory owner would wish to have his or her productive asset in use as much as possible (as opposed to having to pay fixed costs while the factory isn't producing), so do restaurants, hotels, and theme parks seek to maximize the number of customers they "process". Very important is also the characteristics of the personnel working in...
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...their equivalent) where the risks can be assessed. This form does not include risks that relate to a particular industry or to a particular engagement. Note: Many business risks also create opportunity for fraud to occur (such as a new accounting system). Record such risks on both Form 520 and Form 522. 1. Corporate governance structure Consider corporate values, direction, major decisions, spending and internal control systems. Business risk factors Poorly skilled or inexperienced directors No audit committee Lack of board members who are independent of management No strategic business plan No code of conduct Infrequent board meetings Poorly skilled or inexperienced audit committee Limited or no internal audit function Management dominated by a single person or a small group Inadequate policies and internal controls over major decisions and expenditures Management roles and responsibilities not clear (no senior management job descriptions) High turnover in board, management or accounting personnel Fraud risk factors No process exists to establish and monitor ethical conduct Ineffective/inappropriate communication by management to support the entity’s values or ethics Little attention paid by board (or audit committee) to financial reporting and internal control Poor control of tangible assets Allegations of fraud or non-compliance against the entity or management are not properly...
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...In today's society, the retail industry is one of the fastest growing industries. It is considered as a vital part of our economy. The purpose of this industry is to provide goods and merchandise to the consumers. Retail industries receive their products directly from the manufacturer or a wholesaler. Grocery stores are considered as a part of the retail industry. They sell a variety of food and non-food products, such as meat, produce, cereal, dairy products, health and beauty aids and cleaning products. Regardless if the store is a major supply chain or a small business; their ultimate goal is provide products for customer’s consumption. Gary's Market is a small sized, family owned grocery store that has been in the business since 1979. Gary's Market is one of Memphis best kept secrets for breakfast, lunch, dinner and selling merchandise by the bulk for low prices. The owner, Mr. Gary has been in the retail business for 40 years. He has proven that hard work and support can provide great results. He states, "I wanted to work for myself and have a legacy to leave for my children." His wife, two daughters and three sons work at the grocery store. Gary has two sons working as the managers, his oldest son is the treasurer, his wife is the manager of the kitchen, his oldest daughter is a secretary, his youngest daughter is financial advisor and Gary is the accountant/CEO. They all have an important part in the business. Starting a small grocery business pose as a challenge...
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...globally integrated company focuses its business on the exploration, production, transportation, refining, and marketing of petroleum-based products. As the largest supplier of natural gas from the Norwegian Continental Shelf and across Western Europe, boasting a prominent position in the retail gasoline business and strong crude oil sales, Statoil has already captured a 23% market share in Europe, and is poised for further growth. Statoil has shown consistent growth over the past few years through its expanded operations and cost efficiency strategies, as is evident in their performance and activity ratios. Statoil has maintained a strong financial position and continue to generate solid cash flow. Management has demonstrating their ability to achieve strategic initiatives and have outlined plans to enhance profitability and capture a larger international market share in order to increase operating efficiencies. Statoil’s competitive position in the oil and gas industry will allow them to achieve strong growth moving forward, as they continue to build upon their recent successes. Their well-defined business model, growth initiatives, and efficient production processes indicate that they will continue to generate value. We suggest their stock for consideration in the Energy Fund Company Analysis Strategy and Growth The development of Statoil’s Technology and Projects unit in 2004 is indicative of the company’s commitment to increasing operating efficiencies through effective...
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...Implementation from Situational and Industry Analysis: A Discussion on a Specific Case Moha Asri Abdullah A business strategy is the focal point of the business practices and competitive strategies in the operational management. It is used to strike out a market position, conduct operations, attract customers, compete and achieve organizational objective. Thus, whether a company wins or loses in the marketplace, it is directly attributable to the calibers of a company’s strategy and the proficiency with which the strategy is implemented and executed. This paper attempts to analyse the overall situation of an accountant company in the wine industry known as Moss Adams whose company is facing the problems with strategy and execution in the specific market place of the northern California. To critically analyse this, a number of process involve; First, the use of the situational analysis and SWOT. Then, the Porter’s Five Forces model is also used to illustrate the nature of accounting industry of wineries businesses before strategic issues for Moss Adams’s company will be discussed in relation to the crafting alternative business solutions and predicting the outcomes of the plan. Filed of Research: Business strategy, situational analysis, Porter Five Forces 1. Introduction Strategic business plan and its implementation are the ‘heart and soul’ of any business organization and operation. A business’s strategy is the game plan management that is used to stake out a market position...
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...Chapter 01 The Changing Role of Managerial Accounting in a Dynamic Business Environment True / False Questions 1. Controlling involves the coordination of daily business functions within an organization. True False 2. Measuring the performance of managers and subunits is not an objective of managerial accounting. True False 3. Middle-level managers would likely be considered internal users of accounting information rather than external users. True False 4. A controller is normally involved with preparing financial statements. True False 5. The upper limit on the production of goods and services if everything works perfectly is known as practical capacity. True False Multiple Choice Questions 6. Which of the following statements about managerial accountants is false? A. Managerial accountants more and more are considered "business partners." B. Managerial accountants often are part of cross-functional teams. C. An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. D. In a number of companies, managerial accountants make significant business decisions and resolve operating problems. E. The role of managerial accountants has changed considerably over the past decade. 7. The day-to-day work of management teams will typically comprise all of the following activities except: A. decision making. B. planning...
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...Chapter 01 The Changing Role of Managerial Accounting in a Dynamic Business Environment Chapter 01 The Changing Role of Managerial Accounting in a Dynamic Business Environment Answer Key True / False Questions 1. Controlling involves the coordination of daily business functions within an organization. FALSE AACSB: Reflective Thinking AICPA BB: Industry AICPA FN: Decision Making Bloom's: RC Difficulty: Easy Learning Objective: 01-02 Explain four fundamental management processes that help organizations attain their goals. 2. Measuring the performance of managers and subunits is not an objective of managerial accounting. FALSE AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Research Bloom's: RC Difficulty: Easy Learning Objective: 01-03 List and describe five objectives of managerial accounting activity. 3. Middle-level managers would likely be considered internal users of accounting information rather than external users. TRUE AACSB: Reflective Thinking AICPA BB: Resource Management AICPA FN: Reporting Bloom's: RC Difficulty: Easy Learning Objective: 01-04 Explain the major differences between managerial and financial accounting. 4. A controller is normally involved with preparing financial statements. TRUE AACSB: Analytic AICPA BB: Resource Management AICPA FN: Reporting Bloom's: RC Difficulty: Medium Learning Objective: 01-06 Describe the roles of an organization's chief financial...
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...Process Costing Managerial accounting is made up of different forms of accounting. This week was focused on cost accounting and the two different forms of cost accounting, job and process costing. According to Albert Galway, cost accounting, in general, involves determining the costs for different areas of a firm (1991). Depending on the firm, one may find a job costing system more important as where another firm may be able to utilize a process costing system to allocated costs. Stephen did a very good job of describing both job costing and process costing. Using the textbook by Blocher, Stout & Cokins, a definition was given for each costing system. The examples given provide insight on when and how job costing and process costing is used within different industries. There are also instances when both job costing and process costing can be used. This hybrid system is called operations costing according to Blocher, Stout & Cokins (2010). Some different industries that utilize the operations costing system are clothing, shoes, or even the furniture industry. These examples are all a type of manufacturing. According to Avi Rushinek, many manufacturing companies utilize operations costing because they ignore work-in-progress. Could operations costing be the better method of allocating cost in the manufacturing industry as opposed to job costing or process costing alone? References Blocher, E., Stout, D., & Cokins, G. (2010). Cost Management: A Strategic Emphasis. New York...
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...Fascinated by the simple cost-effective business models he observed at small burrito shops in San Francisco, Steve Ells founded the first Chipotle Mexican Grill in 1993 near the University of Denver. By putting his own spin on the traditional casual dinning approach, Chipotle is now an enormously successful publicly traded company with over 1,000 locations in 38 states. Although Steve was first drawn to the business model by its limited cost structure, he aspired to run his business in a sustainable manner. The company uses management accounting to ensure their high standard operating decisions will also provide the company with enough profit to remain competitive and continue to grow. Customer Value Proposition Differentiating themselves from the completion, Chipotle primarily focuses its branding and marketing campaigns around two value concepts, “Food with Integrity” and “Fast-Casual Dining”. These propositions are predominantly geared toward winning over its major customer segment, millennials. Chipotle’s core value proposition marketed by the slogan, “Food with Integrity” is intended to evoke the emotions of its customers with high standards of sustainability. The millennial generation is commonly referred to as the “connected generation”. This generation tends to be affluent, educated, and conscious of their surroundings. Chipotle’s strategy is to solidify its reputation with this generation by promoting humane food sourcing and organic farming. Chipotle’s...
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...1. | Controlling involves the coordination of daily business functions within an organization. True False | 2. | Measuring the performance of managers and subunits is not an objective of managerial accounting. True False | 3. | Middle-level managers would likely be considered internal users of accounting information rather than external users. True False | 4. | A controller is normally involved with preparing financial statements. True False | 5. | The upper limit on the production of goods and services if everything works perfectly is known as practical capacity. True False | 6. | Which of the following statements about managerial accountants is false? A. | Managerial accountants more and more are considered "business partners." | B. | Managerial accountants often are part of cross-functional teams. | C. | An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. | D. | In a number of companies, managerial accountants make significant business decisions and resolve operating problems. | E. | The role of managerial accountants has changed considerably over the past decade. | | 7. | The day-to-day work of management teams will typically comprise all of the following activities except: A. | decision making. | B. | planning. | C. | cost minimizing. | D. | directing operational activities. | E. | controlling...
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