...Deliveries in full on time Sales Forecasting. Macro process, players and final goal Forecast Budget Forecast Budget Sales Planning Vendors Deliveries in full on time Sales Forecasting. Macro process, players and final goal Forecast Budget Forecast Budget Markets Sales Planning Vendors Deliveries in full on time Sales Forecasting. Process in details Fall Winter 2012 & Spring Summer 2013 Line Plan, CADs, Proto Samples 1 3 Steps Sales Forecast Process 1st Sales Forecast SMS Order Capacity Plan Pre Costing Final Allocation Final Costing Minimum Check Drop 2 3 Photo Samples Arrival 2nd Sales Forecast Sales Meeting & SMS Arrival 3rd Sales Forecast Raw materials Purchasing Plan & Cut Off Schedule Sales Forecasting. Process in details – Fall Winter 2012 1st & 2nd Forecast results Line Plan, CADs, Proto Samples 1 3 Phases Sales Forecast Process 1st Sales Forecast SMS Order Capacity Plan Pre Costing Final Allocation Final Costing Minimum Check Drop 2 3 Photo Samples Arrival 2nd Sales Forecast Sales Meeting & SMS Arrival 3rd Sales Forecast Raw materials Purchasing Plan & Cut Off Schedule...
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...research conducted by Simon Cadez from Department of Accounting and Auditing, Faculty of Economics, University of Ljubljana, Slovenia and Chris Guilding from Service Industry Research Centre, Griffith university, Queensland, Australia. This research is on 2007 at Slovenia. Before this research Guilding have done his research on United Kingdom, New Zealand and United States America. His study represented the first to provide an international comparison, which large companies are applying Strategic Management Accounting practices. This study extends Guilding work by benchmarking the degree of strategic management accounting adoption in Slovenia relative to Australia. Benchmarking is a measurement of the quality of an organizations policies, products, programs, strategies and their comparison with standard measurement, or similar measurements of it peers. The objectives of benchmarking are to determine what and where improvements are called for, to analyze how other organizations achieve their high performance levels, and to use this information to improve performance. Slovenia is a former socialist country that began the process of transition to a market economy in the early 1990’s after gaining independent from Yugoslavia. Slovenia is widely noted as a role model of a successful transition from a socialist to a market economy. In 2004, it became a full member of European Union and NATO. In 2007, it was the first of the new countries to adopt the Euro currency. Slovenia is also the...
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...Internship Report On Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ by Syeda Afrina Sarwar ID: 07304063 BRAC Business School BRAC University, Bangladesh August 2011 ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ Submitted By: Syeda Afrina Sarwar ID: 07304063 BRAC Business School Submitted To: ------------------------------------------------Ms. Rahnuma Ahmed Lecturer BRAC Business School BRAC University, Bangladesh August 2011 Letter of Transmittal August 10, 2011 Ms. Rahnuma Ahmed Lecturer BRAC BUSINESS SCHOOL BRAC University 66, Mohakhali Dhaka-1212 Subject: Submission of Internship Report Dear Madam, I am submitting an internship report titled for ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review of Costing Function’ as a part of the requirement of the course. Your guideline has been followed in every aspect of preparing this report. I have really enjoyed working on this project and I hope that my work would meet the level of your expectation. Any query on this report is appreciated. Thank You. Sincerely, Syeda Afrina Sarwar ID:07304063 Acknowledgement It’s difficult for me to thank all of those marvelous people who have contributed something of them to this report. There are of course some very special people who cannot go...
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...Management Accounting Research, 2002, 13, 1–39 doi: 10.1006/mare.2001.0175 Available online at http://www.idealibrary.com on The association between activity-based costing and improvement in financial performance Douglass Cagwin* and Marinus J. Bouwman† This study investigates the improvement in financial performance that is associated with the use of activity-based costing (ABC), and the conditions under which such improvement is achieved. Internal auditors furnish information regarding company financial performance, extent of ABC usage, and enabling conditions that have been identified in the literature as affecting ABC efficacy. Confirmatory factor analysis and structural equation modelling are used to investigate the relationship between ABC and financial performance. Results show that there indeed is a positive association between ABC and improvement in ROI when ABC is used concurrently with other strategic initiatives, when implemented in complex and diverse firms, when used in environments where costs are relatively important, and when there are limited numbers of intra-company transactions. In addition, measures of success of ABC used in prior research appear to be predictors of improvement in financial performance. c 2002 Elsevier Science Ltd. All rights reserved. Key words: activity-based costing; new business initiatives; ABC success; structural equation models. 1. Introduction Activity-based costing1 (ABC) has been promoted and adopted as a basis for making strategic...
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...Internship Report On Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ by Syeda Afrina Sarwar ID: 07304063 BRAC Business School BRAC University, Bangladesh August 2011 ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ Submitted By: Syeda Afrina Sarwar ID: 07304063 BRAC Business School Submitted To: ------------------------------------------------Ms. Rahnuma Ahmed Lecturer BRAC Business School BRAC University, Bangladesh August 2011 Letter of Transmittal August 10, 2011 Ms. Rahnuma Ahmed Lecturer BRAC BUSINESS SCHOOL BRAC University 66, Mohakhali Dhaka-1212 Subject: Submission of Internship Report Dear Madam, I am submitting an internship report titled for ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review of Costing Function’ as a part of the requirement of the course. Your guideline has been followed in every aspect of preparing this report. I have really enjoyed working on this project and I hope that my work would meet the level of your expectation. Any query on this report is appreciated. Thank You. Sincerely, Syeda Afrina Sarwar ID:07304063 Acknowledgement It’s difficult for me to thank all of those marvelous people who have contributed something of them to this report. There are of course some very special people who cannot go...
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...| | | Planning | 1) Responsible for monitoring the workforce to achieve the on time Delivery of sample. 2) Analyze the workload.3) Make a daily plan also focus with planning department 4) Communicate with the workforce and explain to them the situation of Sampling Stage up to the Production start date. 5) plan and follow up the sample room work force trainingTarget: Sample on time delivery with good quality. | | Control the working Time | 1) Monitor the work force to achieve the target within the workingHours.2) Negotiate to the workforce the extra working time in case of urgency situation.Target : Controlling attendance daily bases to avoid any exceed work hour (Less than 60 hours/week) | | Measure the operator performance | 1) Measure the operator performance according to records2) finalize the sewing grading person in productivity best sample operator Target; work force motivation. | | Disciplinary | 1) Build up and maintain, “a well-disciplined” but harmonious working environment in the sample room.2) Build up the teamwork in work force and relationship in between staff and work force.Target: Respect and Follow the company rules and regulation. | | Costing and ordering YYMarker marking | 1) Take cuttable width and ratio filled consumption details sheet 2) Identify the way of the fabric (1gmnt/1way) or (all grmnt 1way/a). any garment any way, 3) And the fabric behavior also(knit fabric or woven)4) If there is a big alteration on the pattern (in sampling /...
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...fishing tackles, sporting goods and refreshments. Apart from boat storage which will only operates during winter and boat construction which will not operates in the winter, other profit centres that she has will continually run for all over the season. Hence, this is a good opportunity for Sarah to make a profit. Marine world is not something new for Sarah. Her vast experience while servicing in the Navy could help her steer the business to a good shape. However, lack of knowledge in managing the business entity will limit her capability in producing the good result as desired. Thus, she has to consider and being advised to apply a simple accounting technique in determining the costing and pricing mechanism of her new acquired company. As a newcomer, it is important to know how to set a costing structure to make sure that the business will produce a good return to her. We would...
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...PROJECT REPORT ON THE INFORMATION TECHNOLOGY SECTOR Index |Topic |Page | | |Number | |Information Technology |3 | |Industry Analysis |3 | |Key Players In The IT Sector |3 | |Employment Trends |4 | |India-based Service Provider Landscape |4 | |Key Highlights Of The IT-ITES Sector Performance | | | IT Industry’s Sector Wise Break-Up |5 | | Growth in Revenues |5 | | Increasing Exports |6 | |Indian IT Industry-Top View ...
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...World Journal of Social Sciences Vol. 1. No. 1. March 2011. Pp. 148 - 164 Significance of Management Accounting Techniques in Decision-making: An Empirical Study on Manufacturing Organizations in Bangladesh Farjana Yeshmin* and Md. Amran Hossan** Management accounting is concerned with gathering and reporting internal financial information to facilitate decision-making process. As management accounting is not required to conform to national accounting standards, it allows business to customize the management accounting techniques as per demand of company. As a process of this customization, some advanced quantitative as well as number of qualitative techniques accompany with the traditional techniques, have been emerged to cater the information need in decision making. This study attempts to measure the significance of management accounting techniques in decision making of the selected manufacturing organizations in Bangladesh. In doing so, a total of 74 manufacturing organizations have been surveyed with a structured questionnaire by using 5 point Likert Scale measurement from different categories of manufacturing organizations. Findings reveal that cash flow statement analysis, ratio analysis, budgetary control, CVP analysis, variance analysis and fund flow analysis have been frequently high-ranking techniques. Secondly, the authors have recognized five factors to calculate the variability in decision-making with the help of rotated component matrix which shows that 75.125...
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...The Societies of Management Accountants of Alberta, Manitoba, New Brunswick, Newfoundland, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Saskatchewan, and the Yukon, Certified Management Accountants Society of British Columbia, Ordre des comptables en management accrédités du Québec Sample 2007 Entrance Examination (Time Allowed: 4 hours) Notes: i) ii) All answers must be indicated on the scannable multiple-choice answer sheet. Work done on the question paper and examination foolscap will NOT be marked. Included in the examination envelope is a supplement consisting of formulae and tables. It is a standard supplement that may be useful for answering questions on this paper. Examination materials must NOT BE REMOVED from the examination writing centre. All examination materials (i.e. answer sheet, used and unused foolscap sheets, envelope, supplement and question paper) must be submitted to the presiding officer before you leave the examination room. iii) Copyright © 2007 by The Society of Management Accountants of Canada. All rights reserved. This material, in whole or in part, may not be reproduced or transmitted without authorization. Sample 2007 Entrance Examination TABLE OF CONTENTS Examinaton: Instructions ........................................................................................ 1 Management Accounting ................................................................... 2 Corporate Finance ................................
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...Article summary for Tom Kennedy and John Affleck-Graves on The Impact of Activity-Based Costing Techniques on Firms Performance Janetha Brown This article discusses how a management accounting system like activity-based costing (ABC) may or may not have a significant impact on a firm’s value. With the samples that are shown, it is proven that the companies that use an ABC technique outperform other companies that don’t use an ABC technique by 27% over a three year period. It also shows that using an ABC technique will add value to the firm through better cost control and asset utilization. Because it had never really been proven that an ABC process really does bring an increase in shareholder value through increased profits, it is being reviewed here. The primary purpose of this article is to see if the many documented successful case study implementations of ABC are, on average, translated into superior stuck performance. (Kennedy and Affleck-Graves, 2001, p. 20) A sample of firms that do adopt ABC and some that don’t is gathered to do a comparison of the two. Comparing the ABC adopted firms to its counterparts for three years, it is revealed they have a 61% return for the ABC adopting firms compared to 34% return for the non-adopting firms which is a 5% difference. Other factors could play a role in the superior performance but when comparing other factors between the companies, nothing significant is found to stand out. The next section discusses several difference cases...
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...Activity Based Costing (ABC) Techniques in Selected Firms in the Philippines Ms. Marivic Manalo De La Salle University Abstract Activity-Based Costing (ABC) is a management accounting tool used to guide in the strategy formulations of a company. In the Philippines, only a handful of companies have adopted ABC as a tool in their strategy formulations. Most of the companies employ ABC in their pilot implementation. Relative to other advanced countries like the United States, little is known about the implementation of activity-based costing in the Philippines. This research focuses on the implementation of ABC in various companies in the Philippines. The study is limited only on how ABC was implemented, the benefits derived and the problems encountered in using the system. The results of the interview conducted revealed that 59% of the companies included in the sample use ABC as a parallel system with another costing system while the remaining 41% use ABC as the main costing system. Most of the companies included in the study implemented ABC in a gradual basis, i.e., piloting it first with a department e.g., production, then weighing first the benefits that may be derived from the adoption of the new system versus the cost incurred in the implementation of such changes in the costing technique. ABC techniques helped companies in determining accurate product or service cost. ABC provided information regarding processes that should be improved and the products or services...
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...etc. Severe industry wise price cuts in the pumps business, which is Wilkerson s major product line, has badly affected the company s margins (Gross Margin of 19.5% as against a planned gross margin of 35%). On the other hand the flow controllers division was performing above the expected profits (yielding a Gross Margin of 41%, a value higher than 35% estimated). Wilkerson needs to identify the proper mix of its product line to regain its profitability. This is to be done based on information provided in the case, regarding pricing decisions, decision to discontinue or continue a product and product design. A detailed analysis of the problems faced by Wilkerson Company is as follows. Analysis Based on the operating results of March 2000, we see that the company has grouped its overheads into 5 cost items, as below: Machine-related expenses Setup labor cost Receiving and production control Engineering Packaging and shipment Current Method - Volume Based Costing As per the given information, Wilkerson uses volume based costing system. Direct material and labor costs are based standard prices. Overheads are charged as 300% of the direct labor cost. This implies overheads are applied directly in relation to labor costs irrespective of relevance. Table 1 - Margin Calculation for Volume Based Costing Margin Calculation Planned Selling Price Actual Selling Price Per unit Volume Based Costing (Exhibit 2) Margin (based on Planned SP) Margin (based on Actual SP) Valves 86.15 86...
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...sufficient next year. A crucial role of managerial accounting is to continually assess how an organization stacks up against the competition. I do agree with the notion of value costing for the 21st Century organizations. Traditional accounting systems distribute indirect costs on the basis of direct labor hours, machine hours, or material costs. This leads to a distorted picture. The costs of products and services must be accurate, or management can be misled. In the last 15 years value costing has been at the forefront for businesses in the 21st century. New cost concepts allocates costs to the things people are doing in companies and assures that these costs are paid by the products that generated them. Virtual enterprise and efficient supply chain management systems will shape the future of these enterprises. Organizations are trying to become agile enterprises with the help of strategic alliances of firms and integration using information technologies. Traditional performance and cost measures are no longer suitable for developing and managing enterprises in the new environment. In order to remain relevant and to add value, cost and performance measures must be designed and systematically evaluated to reduce the often-unnoticed mismatch between strategic goals and operational tactics. Traditional costing systems provide precise, objective, verifiable and good information for external reporting purposes...
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...The task is to evaluate the best costing alternative for Lehigh steel. For this, an improvised costing system is developed which overcomes the assumptions of ABC and TOC costing and the optimum product mix for Lehigh Steel is calculated using the same Executive Summary Lehigh Steel is a manufacturer of speciality steels for high strength, high use applications. Its financial performance has generally trended wit but outperformed the industry as a whole. Following the general recessionary trend of the market, Lehigh Steel reported record losses in 1991 after posting record profits in 1988. This had led to an increasing need to rationalizing Lehigh Steel‟s product mix. Traditionally, Lehigh Steel has followed Standard Cost Method for cost accounting. Jack Clark, CFO of Lehigh Steel has given Bob Hall the task of implementing Activity Based Costing at Lehigh Steel. Mark Edwards, Director of Operations and MIS explored the implementation of Theory of Constrains (TOC) accounting for Lehigh Steel. The task is to evaluate the best costing alternative for Lehigh steel. For this, an improvised costing system is developed which overcomes the assumptions of ABC and TOC costing and the optimum product mix for Lehigh Steel is calculated using the same. Situation Analysis Company Analysis Founded in 1913, Lehigh Steel enjoyed a niche position as a manufacturer of speciality steels for high strength, high use applications. Products included high-speed, tool and...
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