Lean Accounting Essay - 1508 Words

Essay Question 1 What are the main benefits and challenges of implementing a lean accounting system in a lean manufacturing environment? Do you anticipate interest in lean accounting will grow, the methods will change, or the concepts will fade out and be replaced with another ‘flavor of the month’? How do you perceive lean principles affecting your career? Justify your answers. I. Lean Accounting Lean accounting often refers to more simplified accounting practices that focuses on eliminating waste, reducing production lead time, and producing products on customer demand. But Lean accounting does not stand alone. It is enabled by lean thinking and lean production methods. And lean accounting not only needs lean†¦show more content†¦In addition, companies can use the available time to cross-train employees and create them more skilled. 3. Chapter 7, â€Å"Managing by Value Stream†, Practical Lean Accounting. 4. SMA (2) _Lean Accounting, Decision Making, P23. III. Challenges of Implementing a Lean Accounting System in a Lean Manufacturing Environment Although there are more benefits from the implementation of lean accounting, the challenges do exist. There are always two sides to a thing. And we can’t avoid some challenges during the implementation process. 1. Senior Management Initiative This is the most critical part when implementing lean accounting in a lean manufacturing environment. Lean implementation across the company will not be successful if senior management is not fully committed. The same situation in Who’s Counting?, the company won’t achieve anything if the executives are not fully supportive. And there will be conflicts between different departments, because they are not on the same boat. 2. Short-term Profitability Companies may find out that there is no short-term financial improvement after implementing lean. And this causes comments such as: â€Å"We see wonderful results in operations, but they don’t show up in the financial statements. If lean is so great, why doesn’t it hit the bottom line?†5 So lean accounting faces with theShow MoreRelatedLean Accounting1428 Words   |  6 Pagestraditional accounting practices that the Topeka plant adopted in 1979 to support its mass production process have value in a lean environment? Explain the specific reasons that support your answer. In general, we do not think that traditional accounting practices that Topeka plant adopted in 1979 to support its mass production would fit into the lean accounting environment. The differences between the two accounting methods make the traditional accounting hard to work for the lean environment.Read MoreThe Objects of Lean Accounting1753 Words   |  7 PagesIntroduction Lean accounting was originally developed by Henry Ford in the early 1900’s. The main reason behind its development was to simplify the accounting process and remove excess waste that was involved. Henry Ford realized that lean thinking was needed not only for manufacturing goods but was also necessary in the financial and accounting departments of the company. There are two main objectives that lean accounting has: 1) To eliminate waste in manufacturing and accounting while freeingRead MoreIntroduction:. According To Brian Maskell, ‘Lean Accounting1243 Words   |  5 PagesIntroduction: According to Brian Maskell, ‘Lean Accounting is general term used for the changes required to company’s accounting, control measurement, and management processes to support lean manufacturing and lean thinking.’ Lean accounting is used as business strategy for Lean Enterprise. In future, the traditional accounting methods used by most of the companies will not be compatible with the Lean changes that companies making today. Lean Manufacturing focuses on eliminating non-value addedRead MoreCost Accounting and the Lean Production Philosophy1221 Words   |  5 PagesCost accounting and the lean production philosophy By Tyrone Williams AIU Online September1, 2012 Abstract As Dr. Stephanie White prepares to cope with the a steep reduction in the budgetary allocation to the Uptown Clinic she must carefully determine which areas to cut while striving to maintain current levels of service. This essay will offer advice Dr. White on preparing for budget cuts. It will also discuss the lean production philosophy and how this compares with typical productionRead MoreWausau Equipment Company Case Study Essay925 Words   |  4 Pageslot by introducing lean strategy. The management’s next step should be in making further Lean improvements. As we know, â€Å"SIMPA† is widely used in Lean process. â€Å"SIMPA† stands for Specify Value, Identify Value Stream, Make it Flow, Pull and Always Improving. These phases draw a big and long-term picture to lead a team logically from detecting the problems to solving the problems and make sure that the team can sustain the achievement and keep improving. In this case, the lean project was plannedRead MoreEssay on Lebanon Gasket1761 Words   |  8 PagesLebanon Gasket Company | October 24 2012 | | Creating a Lean Enterprise | CREATING A LEAN ENTERPRISE: THE CASE OF THE LEBANON GASKET COMPANY I. Summary of facts * Lebanon Gasket Company’s Topeka, Kansas Facility began operation in 1979. * The company had operated in using mass production. * In January of 2004 LGC had about 109 employees. * The LGC Topeka plant relies on two main manufacturing processes – injection molding and extrusionRead MoreSwot Analysis : Lean Manufacturing1892 Words   |  8 Pagescorrectly, lean manufacturing also known as lean thinking creates an atmosphere where competitive advantages and success is attainable. Due to the successful nature of this strategy, organizations other than manufacturing, have implemented lean thinking with a favorable outcome. Discussed below is the establishment of lean thinking, the steps of 5S, which is the tool utilized to lay the groundwork of lean thinking, and distinct differences between traditional cost accounting practices and lean accountingRead MoreExecutive Summary for Accounting622 Words   |  3 Pagesmanagement and lean accounting at Watlow Electric Manufacturing Company. Value stream management and lean accounting are designed to support lean manufacturing where value is defined from the customers perspective, work is organized by value s tream, supply flow is defined in terms of demand pull, and employees are empowered and focused on quality and continuous improvement. Rather than organizing by functional departments (i.e., the traditional approach associated with responsibility accounting), a companyRead MoreDescribe the Difference in Managerial Accounting vs. Cost Accounting1479 Words   |  6 PagesDescribe how managerial accounting is different from cost accounting. Cost accounting is the process of tracking, recording and analyzing costs associated with a company’s product or project. Internal managers are the ones who normally use cost accounting information. Direct Costs, Indirect Costs and Overhead/Absorbed Costs are usually what are measured in Cost Accounting. This information is then used by managers when decisions are made dealing with company costs and how to improve the profitRead MoreLean Vs. Lean Manufacturing Industry1049 Words   |  5 Pages Lean accountings primary use is in the manufacturing industry. A lean manufacturing company in which lean accounting is used looks to attack wastes in all forms. This in turn reduces the cost of goods sold. Lean accounting instead uses value stream costing. â€Å"Lean accounting experts believe that accounting itself can be lean, which can contribute to profit rather than just calculating it. Cost do not exist to be calculated. Costs exist to be reduced† (Taiichi Ohno). Lean accounting accentuates

My Business Quality Management Degree Program - 1433 Words

My Business Quality Management degree program has prepared me for the business world and enabled me to not just understand business processes from quality perspectives but also improve those for driving organizational change through quality improvement. The Southwestern core curriculum has prepared me to advance in my career options. My degree has helped me develop business management skills as well as improved my ability to offer ideas and insight into best practices. With my degree, I have the skills to utilize information to improve the quality of products and services and evaluate customer satisfaction based on the consistent delivery of top quality products and services that are completed on time, and meet specific customer defined levels of quality. Utilizing my education experience combined with my personal experience, I am able to use appropriate business concepts and generally accepted quality management theories and practices like Lean, Six Sigma, Total Quality Management, Baldrige and Benchmarking techniques to aid business decision making. Research Most careers associated with the Business Quality Management degree require critical thinking, communication, and ethical reasoning as a basic skill set. My degree program has deepened my understanding of business principles and applying critical thinking to decision-making. During the first few months of joining a company, my focus would be on analyzing reasoning in everyday work situations to gain anShow MoreRelatedThe Experience Of Frequent Relocations And Life Changes During My Formative Years965 Words   |  4 Pageslife changes during my formative years have molded me into a highly determined individual who sees the world from various perspectives and thinks out of the box. Throughout my childhood, there was always a quiet sense of not only excitement about restarting somewhere new, but also anticipation of how things would be different. Which side is the â€Å"right† side of the road? Metric system or British system? 110 Volt plug or 220 Volt plug? These thoughts that seem to be miniscule opened my young mind in acceptingRead MoreSuccess of a company mainly depends on how effectively a manager can integrate the overall business700 Words   |  3 Pagesintegrate the overall business function, where integrative management, responsiveness, globalization and financial sophistication acting as driving forces for the emergency of supply chain logic. As a Business graduate, I always look forward to studying such program which can purify my Knowledge and skills in my areas of interest. I would like to express my interest in applying for the Masters in Supply Management program at LUT. My bachelor’s degree is directly related to this program and this providesRead MoreSample Resume : Business Administration1067 Words   |  5 Pagesobtaining a bachelor degree in business administration. This project is focus in helping accounting students to recognize what is best if pursue a master’s degree in business administration immediately after the undergraduate degree or after gaining some years of jobs experience. It is going to compare the different graduate programs related with the accounting field, specially the master in business administration with focus in accounting and the master in accountancy degree. This project shouldRead More Choosing a Career Path1086 Words   |  5 Pagesa doubt in my mind that I wasn’t going to college. But the question as to what career path do I want to pursue was always the hard part. When declaring my major, I had no idea that Michigan State had so many different options. My original major was pre-law, and then it was general management, now I’m leaning towards construction management. I watched â€Å"A Family That Preys† by Tyler Perry, and one of the characters was a construction manager. Like a child, watching this movie persuaded my decision toRead MoreApplication Letter For Mba Degree Program1243 Words   |  5 Pages My purpose of writing this letter is to request you to grant me a study permit to purs ue my further studies in MBA degree program with three months MBA foundation course in University Canada West, Vancouver, British Columbia. As far as my profile is concerned, I accomplished my first milestone of school (school leaving certificate) from New Horizon Higher Secondary School achieving 75.75% and joined Science stream in New Horizon College Butwal, Nepal and secured 52% aggregateRead Moreâ€Å"One-Degree-More† At 99 °C, water is hot, very hot! At 100 °C water initiates to boil and changes to900 Words   |  4 Pagesâ€Å"One-Degree-More† At 99 °C, water is hot, very hot! At 100 °C water initiates to boil and changes to steam. Steam is potent enough to transport a trainload of folks. Think about it, just one degree more and hot water becomes powerful enough to move a locomotive. Whenever I have felt I`ve done my bit or felt like giving up, I have pushed myself for just one more degree and the difference is magical. This, I believe is one of the greatest reasons for my success till date. I am Vikas V Patil, Co-FounderRead MoreI Am a Perfect Candidate for the MBA Program at MSU749 Words à ‚  |  3 PagesOne of the proudest accomplishments of my life was earning my Master’s degree in International Business from India. As soon as I completed my Master’s I got the golden opportunity to work in one of India’s largest asset management company, Reliance Capital Asset Management Pvt. Ltd. in the year of 2010. I joined Reliance as a management trainee and was really excited for my new job. It was a perfect opportunity for me to prove myself and make my parents proud. That proud moment arrived really soonRead MoreCareer Pl Procurement And Supply Chain Management1450 Words   |  6 PagesCareer Plan: Procurement and Supply Chain management My major in the course is chain supply management. I plan to use the education gained in supply chain management to build my career in procurement to develop my skills and improve the procurement process. In my post bachelorette degree, I intend to take professional trainings in procurement, gain more experience and build more expertise in procurement. This is aimed at helping organizations simplify the procurement function and make it effectiveRead MoreStatement of Purpose1293 Words   |  6 Pagesone of my most distinguishing characteristics is the diversity of experiences I possess. I am an engineering graduate with a flair for management. I also have a passion for traveling and exploring different cultures of the world. All these elements have helped me develop a very broad outlook, with varying degrees of knowledge in a range of topics. As a freshman at the undergraduate level, I chose my major in Electrical Electronics Engineering to ensure a sound technological base. It was in my thirdRead MoreWhy I Am An Engineer926 Words   |  4 Pagesincreasing need for professionals with data management knowledge, analytical capability and problem-solving skills. I, Bhaskar Nayak am an Engineer in Information Science from Sapthagiri College of Engineering, a reputed institution under Visvesvaraya Technological University. I am applying for the admission to Master’s program in Business Intelligence and Analytics. The goal to pursue a career in the field of business has always been part of my plans since my early teen years. I believe that the interest

When a Crime is Committed Free Essays

My priorities for this investigation are to determine if a crime has been committed, and what crime has been committed, how many perpetrators there are, who are the next possible victims and where to locate them so they can receive police protection, who is or are responsible for the attacks, find evidence to prove the perpetrators guilty, and to present the proof to the prosecutor in the best manner to make sure that the perpetrator or perpetrators gets jail time. The most time will be spent on who are the perpetrators are, but a considerable amount of time will be spent on what crimes the perpetrator or perpetrators committed due to the severity of the situation; for example, burglary is larceny if a car is involved in some places. Finding out who could be the next victims could be is the second most important thing in the investigation because I will need to manage the resources so that possible victims are safe but the investigation is not undermined due to being understaffed. We will write a custom essay sample on When a Crime is Committed or any similar topic only for you Order Now After possible suspects have been arrested and are being brought to trial presenting the information in a way that the prosecutor will vote guilty is the second most vital task except for pressing charges on them that apply to their crimes. A medical examiner will be needed to perform an autopsy on the victim that passed. I would make the perimeter around the crime scenes large so that evidence would likely be in the circle. I would also make sure that anything found at the crime scene would be covered due to the snowstorm possibly ruining evidence. I would check each crime scene for bullets to take to forensics so they can learn whether the bullets were fired from the same gun. I would check the scene for a jacket that one of the witnesses mentioned in case the perpetrator left it there while running away. Some officers would be interviewing the witnesses and victims to find the link between them and recording their statements for later use, some would be interviewing suspects, some officers would be searching for evidence and sketching the crime scene, and the other officers would be finding out what the evidence is and what information it gives. For example, certain guns use certain bullets and it can narrow down the list of the guns used in the attack. I would also get field tests so that the items can be tested before they go to the lab and waste time and resources. I would establish a command center to make sure that all the information gathered will be disseminated to the officers searching for the suspect and so they can keep track of all the evidence. I would organize it by laboratory reports, autopsy results, interviews of the victims and witnesses, updates on evidence, and news articles. Everything will be kept in a chronological order and it will be filed away for later since most cases do not go to trial immediately after a person has been charged with a crime. The first lead that I would investigate is the man claiming his roommate went out with a gun that was very angry about something because that could lead to the police identifying the perpetrator. The second lead that I would pay attention to the people mentioning the pickup truck because it was mentioned several times by the witnesses of the shootings, and it is high up on the list because it’s the only description that seems consistent amongst all of the eyewitnesses. My third lead is the John Ramsey’s description of the perpetrator because he saw the perpetrator clearly, unlike the witness that says that they did not get a clear look at the perpetrator, but eyewitness testimony is known to be incredibly unreliable. The information about the truck that’s darker in color and has a license plate that begins with M is not as high up because it is likely to be unrelated to the current case, but it is still pertinent because the perpetrator could be the same person. I would pay the second to last amount of attention to the person that called saying â€Å"I know who did it.† before hanging up; since the person’s number is a mystery and the police are having a hard time learning the number through the tools at their disposal, the call is likely to be a prank pulled by someone deliberately hiding the number through a spoofing tool. I would pay the least amount of attention to the description of the blue car because it does not seem pertinent to the current case, but the lead would still be investigated because shots were fired from that car and that person could be working with the perpetrator of the latest shootings. I would make sure to keep the victims up to date about the investigation unless it could affect the investigation. I would also try to find a link between the victims through people they know, such as drug dealers, friends, and colleagues. Once a link has been established I would inform the possible victims that there is a chance that they are in danger. The first statement would be a simple statement that acknowledges the situation, that the police are working to confirm the facts before we go public, and that I would set a time to have a press release. After we confirmed the information to be accurate, I would start off the debriefing with the facts about the situation; I would state that there are three known victims of the attacks, and that one victim has passed. I would not tell them the name of the victim because the family has not been notified yet. I would give them a description of the suspect; he is a white male in his twenties or thirties that is wearing jeans and a tee shirt and possibly a jacket. I would make sure to tell people that there are several police stations working together to make sure that the perpetrators are caught. I would make sure that there are police patrolling the area in the background and state that the police are patrolling the area I would make sure that no opinions reach the press because it can negatively affect the investigation by disseminating false information. I would see link the description of the cars together for the first three attacks and I would also check the bullets on the gun scenes to see if they were fired from the same gun. I will connect the next two scenes trucks together as well to see if any truck matches that description. I believe that there is more than one person involved with this case based off the evidence and that the two later cases are unrelated to the first three. I also believe that the roommate that went out with a gun is a suspect and I would get information about any vehicles he may own that may be linked to the crime. How to cite When a Crime is Committed, Papers

Tax or No Tax Essay Example For Students

Tax or No Tax? Essay There are many distinguishing differences among credit unions and banks. The most controversial and prominent is the differences in taxation of the two institutions. While banks are required to pay all taxes of any corporation, credit unions are except from having to pay federal and state income taxes. Most banks and associations that govern them are pushing for the federal government to require credit unions to pay full income taxes. The most common arguments in favor of credit union taxation are the unfair market that credit unions create because of tax exemption, the federal government is loosing valuable income from the tax-exempt status, and if saving and loan cooperatives should have to pay taxes then so should credit unions. The first reason banks want credit unions to be forced to pay income taxes is to create a fair market of competition between the two institutions. Keith Leggett, a senior economist with the American Bankers Association, argues that community credit unions have a competitive advantage over community banks due to their exempt status. He supports this claim by giving several examples, showing that over the last 21 years, the market share of household assets controlled by banks and savings institutions fell by more than half, from 27 percent to 12.7 percent, while credit unions actually grew in assets. He goes on to show that in some communities, credit unions are actually larger than banks and control more of the market. Leggett claims that this control and their success while banks have failed can be attributed to their exempt status. Opposing this argument, credit unions claim that they are completely different institutions than banks and should not be governed and taxed in the same manner. Credit unions claim that it is not an equal comparison when claiming that tax exemption is unfair for credit unions and not banks. Credit union are member owned cooperatives, with a volunteer board of directors, unlike banks who have their shareholders and board members interests in mind before those of their customers. Credit unions are considered not-for-profit because all profit at the end of each period are paid to the members (depositors), rather than shareholders. They also claim that they do not pose any threat to banks, considering credit unions account for less than 5% of financial assets, and the largest bank alone has assets greater than those of all 9,400 credit unions combined. These differences put credit unions in a completely different category than banks and the two cannot be compared. I agree with the credit unions view on this issue, considering their major differences between the institutions causing difficulty in judging the fairness of the rules governing them. The second major reason that the banking community believes that credit unions should be taxed is the creation a higher income for the federal and state governments. Bankers believe that the extra revenue generated by the government would benefit all citizens and would be a positive move for everyone. Leggett again argues for taxation claiming that the revenue from the income taxes Californias credit unions could exceed $10 million annually, and even more in states such as New York. While he does not give exact figures, he also points out that the federal government would also greatly benefit from income tax revenue of credit unions. While credit unions agree that taxation would give extra revenue for public works, they argue that they are already providing a public good by offering lower loan interests rates and high dividend rates on deposits, specifically assisting lower-income citizens. The Credit Union National Association (CUNA) claims that, if credit unions were subject to income taxes, customers would be required to pay higher feesand the victims of such pressures would be small loans, financial counseling, and small share draft accounts and loan rebates. They claim that credit unions would be forced to raise their fees and cause several small credit unions to close their doors to the local communities. Credit unions were chartered, and originally given this tax exempt status because of their services to society, especially to the low-income sectors. .ucfefe8364fec749ec653afa84bd7ca0c , .ucfefe8364fec749ec653afa84bd7ca0c .postImageUrl , .ucfefe8364fec749ec653afa84bd7ca0c .centered-text-area { min-height: 80px; position: relative; } .ucfefe8364fec749ec653afa84bd7ca0c , .ucfefe8364fec749ec653afa84bd7ca0c:hover , .ucfefe8364fec749ec653afa84bd7ca0c:visited , .ucfefe8364fec749ec653afa84bd7ca0c:active { border:0!important; } .ucfefe8364fec749ec653afa84bd7ca0c .clearfix:after { content: ""; display: table; clear: both; } .ucfefe8364fec749ec653afa84bd7ca0c { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ucfefe8364fec749ec653afa84bd7ca0c:active , .ucfefe8364fec749ec653afa84bd7ca0c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ucfefe8364fec749ec653afa84bd7ca0c .centered-text-area { width: 100%; position: relative ; } .ucfefe8364fec749ec653afa84bd7ca0c .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ucfefe8364fec749ec653afa84bd7ca0c .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ucfefe8364fec749ec653afa84bd7ca0c .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ucfefe8364fec749ec653afa84bd7ca0c:hover .ctaButton { background-color: #34495E!important; } .ucfefe8364fec749ec653afa84bd7ca0c .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ucfefe8364fec749ec653afa84bd7ca0c .ucfefe8364fec749ec653afa84bd7ca0c-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ucfefe8364fec749ec653afa84bd7ca0c:after { content: ""; display: block; clear: both; } READ: Presidential Powers (1707 words) Essay While society would profit from credit unions taxation, it would cause less competition and a loss of valuable services to local and poor communities. Therefore, based on the fact that taxation would do more harm than good to a society, I must agree with the credit unions on this issue. Finally, banks argue that savings and loans, which are mutual cooperatives in the banking industry, are forced to pay income taxes, and credit unions should be forced to do the same. In a letter to the editor of the Business Review, the CEO of a former saving and loan cooperative, John Scarchilli writes In 1952, federal legislation was passed that requ ired mutual institutions savings and loans, to start paying federal income taxes. He also agrees that the industry was concerned with the legislation, but knew that it was needed, and that savings and loans still survive even though this legislation has passed. The credit union community argues this claim by pointing out that while they do not contribute income taxes to the federal and state governments, they also do not ask for any assistance from them, as savings and loans did. The Utah League of Credit Unions explains that in credit unions 100-year history, not a single taxpayer dollar has been used to bail out credit unions in financial trouble, as compared to savings and loans. Credit unions fund their own insurance fund through the National Credit Union Administration (NCUA). Credit unions justify savings and loans paying taxes because they use federal tax dollars to insure themselves, while credit unions do not. For this reason, I must agree with the credit union community on this issue of concerning credit unions tax-exempt status. The banking industry is fighting for credit unions to be required to pay income taxes based on the arguments that their tax-exempt status creates and unfair market for competition, governments are loosing valuable financial income due to the exemption, and since savings and loans have to pay taxes, so should credit unions. Credit unions argue that because they are completely different, not-for profit institutions, give special services that banks cant offer, and are not subsidized by the government, they should be exempt from these taxes. After reviewing the facts and the arguments from both sides, I agree with the credit unions. A tax on them would be a tax on credit union members and a blow to communities supported by them.