Case Study Summary The Siemens Kalwa factory in Mumbai‚ also referred to as Kalwa Works (KW)‚ started in 1973 with the production of motors and later diversified to produce switchgears and switchboards. By 2009‚ 40 per cent of all Siemens India employees were working in Kalwa and contributing 45 per cent of the total Siemens India production. Kalwa had become the most important business centre for Siemens India. In October 2006‚ Siemens AG decided to implement lean manufacturing in the
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[pic] Learning Objectives: ← To understand the meaning of standard costing‚ its meaning and definition ← To learn its advantages and limitations ← To learn how to set of standards and determinations ← To learn how to revise standards Introduction: Standard costing is a very practical and therefore widely used costing system‚ in businesses that make a range of products which‚ although different‚ pass through standard and repetitive processes and machinery. Standard cost is the
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Chapter 7 Notes Page 1 Variable Costing Absorption As we have seen in previous chapters‚ when you manufacture your own inventory‚ the cost of that inventory includes all of the costs associated with running the factory that produces the inventory. Generally‚ no part of the factory cost is expensed. Instead‚ it is capitalized as the cost of the inventory produced. It is only expensed when the inventory is sold. At that point the cost of the inventory becomes Cost of Goods Sold. This system is
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SIEMENS: Training and development as a strategy for growth 1. How does workforce planning enable Siemens to identify its training needs? Answer: Siemens is a one of the largest electrical and electronics engineering companies in the world. Every year it employs 20000 people in UK. In addition‚ Siemens UK invested a huge amount of money only on research and development‚ because their business focused on ‘innovation’. Therefore‚ for growth of their business‚ Siemens needs people with first class
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METHODS OF COST ACCOUNTING INTRODUCTION The Meaning of Cost Cost is a measure of the sacrifice or forgoing of a scarce resource to achieve a specific objective. An organization sacrifices scarce resources‚ i.e. the purchase cost‚ in order to obtain other resources. A cost is usually measured in terms of money paid to acquire goods or services. One can observe that the term cost is rarely used without an adjective in front of it. The term ‘Cost’ has multiple meanings and different types of costs
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BACKFLUSH COSTING Definition of Backflush Costing : A streamlined cost accounting method that speeds up‚ simplifies‚ and reduces accounting effort in an environment that minimizes inventory balances‚ requires few allocations‚ uses standard costs‚ and has minimal variances from standard Product costing approach‚ used in a just - intime (jit) operating environment‚ in which costing is delayed until goods are finished. Standard costs are then flushed backward through the system to assign
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Product costing assignment 1. (a) Split into fixed costs and variable costs‚ which are both allocated based on machine hours‚ but using separate rates. Also‚ make a distinction between the costs that are more directly related to the machines (e.g.‚ depreciation‚ electricity) and those that have been allocated to the machines from other cost centers. (b) Split total machine-related costs into three types: costs related to setup‚ production‚ and maintenance of the machines. For each type of
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they do not make a difference between those costs that are fixed‚ and those that are variable. As a result‚ management became obligated to rely on the alternative variable costing method which provides better information for managerial accounting purposes. Although it is not allowed for external reporting‚ the variable costing method is preferred by managers because it generates great tools for internal decision making purposes CITATION Nat76 \l 1033 (Accountants‚ 1976). Introduction Accounting
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Andy Chew at Siemens Nixdorf By Group 4 (LM Consulting – Aldo‚ Fanny‚ Jan and Jaya) Siemens Nixdorf Informationsysteme AG * Formed in 1990 by the merger of: Nixdorf Computer AG and Siemens Data Information Services (DIS) division * Business of SNI: Service‚ Solutions (SAP/R3)‚ Product * Products from SNI: PC‚ Mainframes‚ Support services * Largest IT company in Europe once Siemens Nixdorf Informationsysteme AG facing crisis – Losses continue * Losses ever since merger
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Kashima Edwards Mar1011 Question Your company president has decided to restructure the firm and become more market-oriented. She is going to announce the changes at an upcoming meeting. She has asked you to prepare a short speech outlining the general reasons for the new company orientation. What key topics should you be sure to include in the speech? Marketing orientation is a business model that focuses on delivering products designed according to customer desires‚ needs‚ and requirements‚ in addition
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