clarify current financial management capabilities and gaps as well as identify and analyze options for improving or replacing the enterprise CFS architecture. More specifically‚ the objective is to determine the recommended course of action that will most effectively improve the performance‚ reporting‚ and compliance of the CFS environment to promote financial stewardship and more fully support the ICE mission. Background: ICE relies on the Core Financial System to provide the accounting of financial
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From traditional budget planning to zero-based budgeting (Relevant to PBE Paper II: Management Accounting and Finance) Dr Fong Chun Cheong‚ Steve‚ School of Business‚ Macao Polytechnic Institute Introduction A budget is an important financial plan that incorporates a systematic analysis and interpretation of financial forecasts in terms of products‚ markets and the application of resources. It requires managers to plan. It needs operational and financial resources information for decision making
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Introduction In recent years‚ as the current business environment has become more competitive‚ its tend to be much more important for managers to develop internally‚ externally and logically business strategies and use tools‚ theories to support their decision-making‚ planning and control. Therefore‚ in order to response these needs‚ Strategic Management Accounting (SMA) has drew attention from academic accountants. As mentioned in the ’Management Accounting Research ’ (Margaret‚ Lynda‚ Gloria‚
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countries. Current the company is using the standard costing and absorption costing as part of its approach to strategic management accounting. But now it is worried about that the company is not meeting its budgeted target profits. The reason for the lower than expected profits may be very complex and the report is produced to explain the flowing: i. The models and concepts affecting the pricing decision and their usefulness ii. The role of variance analysis in management accounting and its
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Although sales have been steadily increasing since inception‚ it has not been successfully translated to profits. Signs of operational inefficiencies‚ lack of financing and limited expandability limits its growth. This report analyzes Kootenay’s current strategic alternatives‚ with a diagnosis of the company at all levels to formulate the best strategic direction the company should undertake. As a result‚ the following strategic options were considered and Kootenay is recommended to: • Accept
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case of the Lebanon Gasket Company Question: How can the accounting function better serve our senior management team’s strategic planning‚ control‚ and decision-making efforts within its current lean environment? Specifically‚ address issues related to capacity planning‚ aligning employee incentives with lean goals‚ and product mix decision making. In contrast with standing costing system‚ lean accounting proposes the value stream as a single cost collector. A value stream is defined as “all the activities
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The Emerald Research Register for this journal is available at www.emeraldinsight.com/researchregister The current issue and full text archive of this journal is available at www.emeraldinsight.com/0268-6902.htm Costing in new enterprise environment A challenge for managerial accounting researchers and practitioners Krishan M. Gupta and A. Gunasekaran Costing in new enterprise environment 337 Revised April 2004 University of Massachusetts-Dartmouth‚ North Dartmouth‚ Massachusetts
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explanation in relation to‚ types and classification of costs‚ allocation and apportionment and to identify its place within management accounting. In Management accounting‚ the process of measuring and recording all costs within a business is needed in order for there to be an effective accounting system‚ this process is known as Cost accounting. There are many advantages to managers which cost accounting techniques provide‚ being in cost information‚ where by mangers are more able to make sensible
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Destin Brass Products Co. June 26‚ 2010 CASE ANALYSIS OBJECTIVES The Destin Brass Products Company case analysis focuses on the current accounting practices utilized by the company and its effects on product pricing. Destin’s president‚ Roland Guidry‚ is concerned about the pump market competition dropping prices and his company’s ability to remain competitive‚ yet profitable; since‚ pumps are 55% of Destin’s revenues. At the same time‚ the flow controller market remains seemingly untouched
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follows. Cost Items and Account Balances $ Administrative salaries 15‚500 Advertising for helmets 11‚000 Cash ‚ December 1 0 Depreciation – Factory Building 1‚500 Depreciation – Office Equipment 800 Insurance – Factory Building 1‚500 Miscellaneous expenses - Factory 1‚000 Office supplies expense 300 Professional Fees 500 Property Taxes - Factory Building 400 Raw material used 70‚000 Rent on production equipment 6‚000 Research & development 10‚000 Sales commission 40‚000 Utility Costs - Factory
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