Value Stream Mapping 1 Value Stream Mapping Definition • Value Stream Mapping (VSM): – Special type of flow chart that uses symbols known as "the language of Lean" to depict and improve the flow of inventory and information. 2 Value Stream Mapping Purpose • Provide optimum value to the customer through a complete value creation process with minimum waste in: – Design (concept to customer) – Build (order to delivery) – Sustain (in-use through life cycle to service) 3 Why
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Four basic financial statements: * Balance Sheet * Income Statement * Statement of Retained Earnings * Statement of Cash Flows Players: * Investors – trading shares – get dividends * Creditors – trading bonds – get interest rate; risk is less than if you´re an investor * Managers Financial accounting – provides info for managers and people outside the firm. Managerial accounting – provides confidential info for internal decision-makers (“private” or internal accounting)
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1 Comprehensive Problem: Part 2 chapters 5–10 1. a. Physical units method of allocation: Grades Board Feet Percent of Units Allocation* Firsts and seconds 1,500,000 .20 180,000. No. 1 common 3,000,000 .40 360,000 No. 2 common 1,875,000 .25 225,000 No. 3 common 1,125,000 .15 135,000 Totals 7,500,000 1.0 900,000 Unit cost: Firsts and seconds .12 (180,000/1,500,000) No. 1 common .12 (360,000/3,000,000)
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ACC 321 Reflection Essay After I take ACC 221 and ACC 222, this semester I decide to take ACC 321. The name of the class is intermediate financial accounting. Before I took the class, I heard the class is the most difficult class among accounting class because of there is a lot of materials to cover in very short time. There are around 15 chapters to cover in a semester so that we have to learn a chapter in a week because we have to use some classes to take the exams and quizzes. And if I want to
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Cost Accounting Instructions: * Each section is divided into 10 groups. Groups are formed on the basis of roll nos. like, 1-6, 7-12, 13-18 and so on till 55-60. The submissions are to be done as a group. * All students in each section are required to participate and solve the questions asked. One or two students in each group will be asked to come up and solve the problem on the board and he/she has to clarify doubts in class. Marks are assigned accordingly. * Answer all the questions
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completed units x Percentage completion Equiv. Units of Production= Units transferred to the next dept or FG + Equiv.units in Ending WIP Cost per equiv. unit = Cost of Beg. WIP + Cost added during the period Equiv. units of production B. FIFO Method Equiv. Units = Equiv. units to complete BWIP + Units started and completed during the period + Equiv. units in EWIP OR Equiv. Units = Units transferred-out + Equiv. units in EWIP – Equiv. units in BWIP Equiv. units to complete BWIP = Units
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Unit 2 | | 1. | Question : | RK, Inc. had the following activity for an inventory item during June: Assuming RK uses a perpetual moving average cost flow assumption, ending inventory for June would be | | | Student Answer: | | $512 | | | | $560 | | | | $768 | | | | $720 | | | | | 2. | Question : | Phillips Corp. purchased raw materials with a catalog price of $60,000. Credit terms of 3/15, n/60 apply. If Phillips uses the net price method, the
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in detail sending information to the general ledger, electronic payment clearing house, and purchasing function. Each sale is transmitted into the general ledger automatically recording debits and credits, calculating cost of goods sold, calculating FIFO inventory levels, and net profit. The POS system sends automatic transmission for credit sales to the financial institution. With each sale the POS system also adjusts inventory on hand, records discounted purchases, and tracks ordering. Having these
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• Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles,” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do not
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Chapter 3 Comparative International Accounting Systems and Practices * United States and United Kingdom as major countries in the context of the Anglo-Saxon culture area; * The Netherlands and Sweden as representatives of the Nordic countries; * Germany and Switzerland as representatives of the Germanic countries; * France and Italy as representatives of the developed Latin countries and; * Japan as a representative of the developed Asian countries. | ANGLO-SAXON ACCOUNTING * There
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