Download or read book Updating Standard Cost Systems written by Carole B. Cheatham and published by Praeger. This book was released on 1993-03-24 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new manufacturing environment requires new cost-accounting systems as well as new technology. While some authorities have advocated installing new and untried systems, the authors of this book recommend updating the standard cost system which 85 percent of manufacturing firms have in place. Updating the present system can achieve greater benefits in terms of providing information to managers for decision making. It also allows the organization to avoid disruption to the corporate culture and the cost associated with a new system. The authors show how standard cost systems can be redesigned to measure factors recognized to be important in today's manufacturing environment such as quality, production levels, and throughput. They demonstrate how standard cost systems can foster continuous improvement through dynamic rather than static standards. After examining characteristics of the new manufacturing environment and benefits of upgrading the cost system, ways to update the traditional standard cost system are discussed. Revisions include a unique input-output method of variance analysis, specific metrics related to manufacturing performance, ways to identify cost drivers, and use of dynamic standards. The authors demonstrate how to redesign the information-gathering and reporting system as new manufacturing procedures are put in place. They discuss ways that marketing activities are affected and how to plan plant and equipment expenditures in an automated environment. This book is directed primarily towards accountants and managers needing to improve informational content of accounting data for decision-making purposes. It should also be beneficial to any person within the business firm who either supplies data of this type or uses it, such as project analysts, controllers, managers, and even management trainees. Academicians teaching cost and managerial accounting as well as those teaching production management and financial decision-making courses should find it beneficial as a text supplement or as a primary text in courses dealing with current problems in today's changing manufacturing environment.

Download or read book Standard Costing Variance Analysis and Decision Making written by Alexander Berger and published by GRIN Verlag. This book was released on 2011-07-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 63%, University of Sunderland, course: Management Accounting and Control, language: English, abstract: This report is divided into two parts. The first part will explain how a standard costing system works and how a variance analysis is used properly. Furthermore, the statement “Standard Costing and Variance Analysis are appropriate to any type and size of organisation” will be critically evaluated. The second part determines factors, which must be considered in the decision-making process. In addition, four scenarios of decisions will be provided and analysed. One of the main objectives of an organisation is to minimise the cost of production and to control the costs as they are limited resources within a business (Gupta, 2010). Management accounting literature provides several tools in order to achieve these objectives. In this context, the system for collecting and reporting revenue and cost information by areas of responsibility is called responsibility accounting (Siegel & Shim, 2006). It is based on the assumption that managers should be held responsible for their performance. A well-designed responsibility accounting system integrates responsibility centers within the organisation. In addition, responsibility centers are units within the organization, which have control over costs and revenues (Siegel & Shim, 2006). There are different types of responsibility centers such as profit centers, investment centers, revenue centers and cost centers. In the following report, the focus is on cost centers. Here, a variance analysis based on standard costing is a performance measure of a cost center (Siegel & Shim, 2006). In addition, a standard costing system is a useful tool facilitating decision-making.

Download or read book Cost Accounting Fundamentals written by Steven M Bragg and published by Accountingtools, Incorporated. This book was released on 2022-02-23 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cost accounting is an essential management tool that can uncover profitability improvements and provide support for key business decisions. Cost Accounting Fundamentals shows how to improve a business with constraint analysis, target costing, capital budgeting, price setting, and cost of quality analysis. The book also addresses the essential tasks of inventory valuation and job costing, and shows how to create a cost collection system for these activities. In short, this book contains the essential tools needed to foster more profitable decision-making by management.

Download or read book Standard Cost Accounting A Complete Guide 2020 Edition written by Gerardus Blokdyk and published by 5starcooks. This book was released on 2020-05-15 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do you monitor the effectiveness of your Standard cost accounting activities? What are your operating costs? Who defines the rules in relation to any given issue? Why will customers want to buy your organizations products/services? How will you measure success? Defining, designing, creating, and implementing a process to solve a challenge or meet an objective is the most valuable role... In EVERY group, company, organization and department. Unless you are talking a one-time, single-use project, there should be a process. Whether that process is managed and implemented by humans, AI, or a combination of the two, it needs to be designed by someone with a complex enough perspective to ask the right questions. Someone capable of asking the right questions and step back and say, 'What are we really trying to accomplish here? And is there a different way to look at it?' This Self-Assessment empowers people to do just that - whether their title is entrepreneur, manager, consultant, (Vice-)President, CxO etc... - they are the people who rule the future. They are the person who asks the right questions to make Standard Cost Accounting investments work better. This Standard Cost Accounting All-Inclusive Self-Assessment enables You to be that person. All the tools you need to an in-depth Standard Cost Accounting Self-Assessment. Featuring 947 new and updated case-based questions, organized into seven core areas of process design, this Self-Assessment will help you identify areas in which Standard Cost Accounting improvements can be made. In using the questions you will be better able to: - diagnose Standard Cost Accounting projects, initiatives, organizations, businesses and processes using accepted diagnostic standards and practices - implement evidence-based best practice strategies aligned with overall goals - integrate recent advances in Standard Cost Accounting and process design strategies into practice according to best practice guidelines Using a Self-Assessment tool known as the Standard Cost Accounting Scorecard, you will develop a clear picture of which Standard Cost Accounting areas need attention. Your purchase includes access details to the Standard Cost Accounting self-assessment dashboard download which gives you your dynamically prioritized projects-ready tool and shows your organization exactly what to do next. You will receive the following contents with New and Updated specific criteria: - The latest quick edition of the book in PDF - The latest complete edition of the book in PDF, which criteria correspond to the criteria in... - The Self-Assessment Excel Dashboard - Example pre-filled Self-Assessment Excel Dashboard to get familiar with results generation - In-depth and specific Standard Cost Accounting Checklists - Project management checklists and templates to assist with implementation INCLUDES LIFETIME SELF ASSESSMENT UPDATES Every self assessment comes with Lifetime Updates and Lifetime Free Updated Books. Lifetime Updates is an industry-first feature which allows you to receive verified self assessment updates, ensuring you always have the most accurate information at your fingertips.

Download or read book Lies Damned Lies and Cost Accounting written by Reginald Tomas Lee and published by Business Expert Press. This book was released on 2016-02-18 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces capacity management, describes cash flow dynamics, and offers ideas about how to manage both Business leaders rely on accounting data such as profit and calculated costs as a guide to whether they are making money. Should they? Accounting was designed to report financial performance not model cash flow. Accruals can disconnect cash flow from the timing and extent to which it occurs. Statements of cash flow do not provide insight into what was bought and how efficiently it was used. Costs and profits are not absolute, they change based on the model you use to calculate them. To manage cash, you must manage what you buy and how effectively you use it. The largest expenditure for most companies is capacity; space, labor, materials, equipment, and technology. Unless you model and manage capacity effectively, you will not achieve the cash flow results you seek. This book introduces capacity management, describes cash flow dynamics, and offers ideas about how to manage both. After reading it, you be able to see, understand, and manage cash flow as never before.

Download or read book CIMA P1 written by BPP Learning Media and published by BPP Learning Media. This book was released on 2012-08-01 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: CIMA offers a business qualification with a finance focus, aiming to produce members with accounting prowess who are skilled in strategic decision-making. 98% of its members work in business, the highest proportion of any worldwide accountancy body. Paper P1 looks at how information is obtained, evaluated and used to control and predict business performance.The syllabus is split into the following five areas: * Cost accounting systems * Forecasting and budgeting techniques * Project appraisal * Dealing with uncertainty in analysis * Managing short-term financeP1 requires a good understanding of the underlying concepts and techniques in all five areas.P1 also needs you to be able to apply these concepts to practical situations, evaluate them critically and interpret the results. The P1 Study Text contains all you need to know for P1, featuring step-by-step guides to techniques such as investment decision making and budget preparation. There are also reminder sections of knowledge brought forward from earlier studies such as costing terminology. Key terms are identified throughout the Text to help you to get to grips with the new material.

Download or read book Standard Costing written by Colin Drury and published by . This book was released on 1998-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard costing is the foundation upon which much management accounting and budgetary practice rests, yet it is often misunderstood. In this book Colin Drury sets out the nature and scope of standard costing whilst clearly identifying its limitations. The calculation and interpretation of the full range of cost accounting variances is covered, together with the formal analysis of the decision to investigate variances. The way in which standard costing information is recorded in the accounts is also dealt with in depth, as this step is essential to a full appreciation of the role of standard costing. Finally, the usefulness of traditional standard costing techniques in a modern production environment is assessed.

Download or read book The Cost Management Toolbox written by Lianabel Oliver and published by Amacom Books. This book was released on 2000 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text provides a presentation of how to use financial information to manage costs. It explains how the financial processes of an organization are interrelated, and interprets these processes in the context of the firm's strategic objectives and long-term goals.

Download or read book Advanced Cost Accounting Cost System Costing Techniques and Responsibility Accounting written by Dr. M. G. Mulla and published by Success Publication . This book was released on 2023-08-01 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Costing Techniques and Responsibility Accounting in business employ methods to allocate and control costs, evaluating performance based on responsibilities, promoting accountability, and informed decision-making.

Download or read book Decisions and Reports written by United States. Securities and Exchange Commission and published by . This book was released on 2007 with total page 1144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Wiley CIA Exam Review 2013 Internal Audit Practice written by S. Rao Vallabhaneni and published by John Wiley & Sons. This book was released on 2013-02-19 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most comprehensive Certified Internal Auditor Exam preparation guide available One exam, three volumes of preparation. Here is the best source to help you prepare for the Certified Internal Auditor (CIA) exam covering the new syllabus, effective 2013. Wiley CIA Exam Review, Volume 2: Conducting the Internal Audit Engagement addresses topics such as internal audit function, individual audit engagements, and fraud risks and controls. Includes fully developed theories and concepts, as opposed to superficial outlines found in other study guides Offers indicators that help candidates allot study time based on the weight given to each topic on the exam Indicates the level of difficulty expected for each topic on the exam as either "Awareness" or "Proficiency" so more time and effort can be assigned for the proficiency topics than for the awareness topics Presents highly comprehensive coverage of theory with glossary of technical terms Every volume in the Wiley CIA Exam Review series offers a successful learning system of visual aids and memorization techniques that enable certification candidates to form long-lasting impressions of covered material.

Download or read book The Design of a Modified Standard Cost System for Universal Instruments written by William Ahearn and published by . This book was released on 1969 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book CIMA P1 Management Accounting written by BPP Learning Media and published by BPP Learning Media. This book was released on 2016-11-15 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: BPP Learning Media provides comprehensive materials that highlight the areas to focus on for your exams and complement the syllabus to increase your understanding.

Download or read book Managerial Accounting Asia Pacific Edition written by John Sands and published by Cengage AU. This book was released on 2018-10-01 with total page 918 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managerial Accounting is characterised by a strong pedagogical framework and a dynamic and practical approach that directly demonstrates how students can develop their careers in real life. The text introduces students to the underlying concepts and applications of management accounting tools based on the traditional allocation approach and absorption costing method, and uses ‘Staircase’ exercises in each chapter to build knowledge and help learners to link the content between chapters as they progress through the book. This title uses easy-to-understand, student-friendly language, uncomplicated examples, a logical discussion of concepts that matches student learning processes, and clear visual explanations that support student understanding.

Download or read book CIMA Study Systems 2006 Management Accounting Fundamentals written by Janet Walker and published by Elsevier. This book was released on 2005-07-07 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated to incorporated legislative and syllabus changes, the 2006 CIMA Study Systems provide complete study material for the May and November 2006 exams. Each title contains practice questions throughout, a complete revision section, topic summaries, and a recommended reading list.

Download or read book The Monetary Value of Time written by Joyce I. Warnacut and published by CRC Press. This book was released on 2017-11-22 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although there are numerous books on alternative accounting methods, such as Lean accounting, none focus on the impact of time and how accounting practices can be modified to acknowledge the power of time. This book addresses this need. The Monetary Value of Time: Why Traditional Accounting Systems Make Customers Wait presents a framework for assessing the value of time in terms of organizational strategy and competitive advantage. The framework presented will enable organizations to develop consistent measures and ensure that their cost accounting system isn’t motivating behaviors that add to lead time and make customers wait. The framework outlined in this book is relevant to the managerial and cost accounting practices in today’s manufacturing environment, which is increasingly moving away from mass production to custom manufacturing. The framework is supported by high-level metrics, which are reinforced by operational metrics. This is supported by accounting data that recognize the value of time. Pricing models that incorporate the concept of time are presented. The book provides many examples of how the use of standard costing and traditional accounting practices in a high-mix/low-volume production environment can produce contradictory or even inaccurate results that form the basis for poor decisions that may actually move your organization farther from its objectives. The book arms readers with options for overcoming traditional barriers by applying direct costs at an item level, while applying overheads at a macro or value stream level. For example, while GAAP requires overhead application for inventory valuation, a common misconception is that overhead must be applied at an item level. In fact, overhead can be absorbed by one journal entry. Demonstrating the linkages between time-based accounting data and meaningful business metrics that drive bottom line results, the book presents methods and metrics that have been successfully applied by the author in manufacturing environments.

Download or read book The Great Game of Business Expanded and Updated written by Jack Stack and published by Currency. This book was released on 2013-07-16 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Game of Business started a business revolution by introducing the world to open-book management, a new way of running a business that created unprecedented profit and employee engagement. The revised and updated edition of The Great Game of Business lays out an entirely different way of running a company. It wasn’t dreamed up in an executive think tank or an Ivy League business school or around the conference table by big-time consultants. It was forged on the factory floors of the heartland by ordinary folks hoping to figure out how to save their jobs when their parent company, International Harvester, went down the tubes. What these workers created was a revolutionary approach to management that has proven itself in every industry around the world for the past thirty years—an approach that is perhaps the last, best hope for reviving the American Dream.