In many popular publications, the terms lean accounting and lean manufacturing are used periodically. a. Research lean
Question:
In many popular publications, the terms “lean accounting” and “lean manufacturing” are used periodically.
a. Research “lean manufacturing” and find out what concepts are conveyed by the term. How does lean manufacturing overlap with, and how is it different from, IPP?
b. Research “lean accounting” and find out what concepts are conveyed by the term. Compare and contrast what you find in Table.
Transcribed Image Text:
Development in the Production Process Environment Related Trend in Cost Management/Accounting Shorter product life cycles thatEmphasis on product life-cycle costing require cost recovery over a shorter period Shift from after-the-fact cost control reporting to reporting designed to assist strategic planning and decision making Increased emphasis on managing costs versus merely accounting for costs Attack waste as opposed to merely reporting variances Flexible manufacturing systems Flexible cost systems that are also responsive to change Factory automation Shift in cost structure from variable to fixed costs Reduction in the direct labor cost component and the use of direct labor for applying overheadb Increase in the overhead component of total cost Use of a fourth cost category, direct technology, in addition to the traditional direct materials, direct labor, and overhead categories Use of activity-based costing (ABC) systems Automating the information system Real-time data capture on the factory floor hift away from standard cost systems back to actual cost systems Reduction in the administrative costs of gathering data Automated inventory orders via EDI without humarn interaction Collecting statistical data in addition to financial data Elimination of detail reporting by shop order and by operation; instead, use of accounting for cell throughput time Cellular organization of the factory Use of cell throughput time instead of direct labor to apply overhead Trend toward process cost systems and away from job order cost systems For internal purposes at least, abandonment of full absorption costing, which loses its significance in the absence of inventories Reduced work-in-process and finished goods inventories Accumulation of costs for decision making instead of for valuing inventories
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
a The main concepts conveyed by lean manufacturing include the following Perfect firsttime quality W...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Information Systems
ISBN: 978-1133935940
10th edition
Authors: Ulric J. Gelinas, Richard B. Dull
Question Posted:
Students also viewed these Accounting questions
-
What is meant by design? How is it different from continuous design?
-
What is social class? Is it different from income and if so how?
-
Compare and contrast operations analysis with the lean manufacturing approach.
-
SAE 10 oil at 20C flows in a vertical pipe of diameter 2.5 cm. It is found that the pressure is constant throughout the fluid. What is the oil flow rate in m3/h? Is the flow up or down?
-
Show that, if X1,..., Xn are independent random variables, and a1,..., an are constants, then Var(a X1 + + an Xn) = af Var(X1) ++a, Var(Xn).
-
Indicate whether each of the following is (a) A definitely determinable liability, (b) An estimated liability, (c) A commitment, or (d) A contingent liability: 1. Dividends payable 2. Pending...
-
Discuss what AIDS is and how it is contracted.
-
On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.
-
Marigold Limited reports the following information: sales ( $ 1 , 1 1 5 , 0 0 0 ) ; sales returns and allowances ( $ 2 1 , 1 0 0 ) ; sales discounts ( $ 1 8 , 2 0 0 ) ; cost of goods sold ( $ 6 6 2 ,...
-
Spartan Corporation manufactures quidgets at its plant in Sparta, Michigan. Spartan sells its quidgets to customers in the United States, Canada, England, and Australia. Spartan markets its products...
-
Based on the inventory process control goals discussed in this chapter, explain the impact of using a periodic inventory process instead of a perpetual process. Be sure to also discuss how you would...
-
This chapter begins by discussing the global competition faced by manufacturing firms. Identify two companies in your local areaone that has thrived in a global market and one that has failed....
-
What is the key analytical issue in deciding this bailment case?
-
David, Inc. used the equity method of accounting for its investment in Russell Company. At December 31, 2020, the investment account balance was $4,500 after all adjustments were recorded. The...
-
The total domestic sales of local bank is P1,000,000, consisting of 20% from dividend, 30% from rent, 40% from 3 year maturity interest and 10% from royalty. How much is liable to Philippine business...
-
X Corporation received $525000 in dividends from its investment in Y corporation, a US domestic manufacturer. For the past three years, X coproration has owned 18200 shares of Y's 96000 total...
-
Harbor Realty had the following account balances taken from their adjusted trial balance for year ending Dec. 31, 20Y1: Depreciation Expense: $14,361 Fees Earned: $613,357 Rent Revenue: $78,577...
-
In the philippines, The total domestic sales of local bank is P1,000,000, consisting of 20% from dividend, 30% from rent, 40% from 3 year maturity interest and 10% from royalty. The total Philippine...
-
Carbon dioxide gas, CO 2 (g), produced in the combustion of a sample of ethane is absorbed in Ba(OH) 2 (aq), producing 0.506 g BaCO 3 (s). How many grams of ethane (C 2 H 6 ) must have been burned? C...
-
On average there are four traffic accidents in a city during one hour of rush-hour traffic. Use the Poisson distribution to calculate the probability that in one such hour there arc (a) No accidents...
-
Based on Ohalins estimates, the amount of the joint ventures December 31, 2018 total assets (in $ millions) that will be included on Supreme Healthcares consolidated fi nancial statements will be...
-
Table 4.3 depicts a different logical grouping of activities than does Table 4.2 (pg. 122). Use Microsoft Visio or other diagraming software, and construct a logical DFD (level 0) based on Table 4.3.
-
What are the basic components of a database management system (DBMS)? Discuss the relationship between the above components of DBMS and the functional model of information systems discussed in...
-
What are the basic components of a database management system (DBMS)? Discuss the relationship between the above components of DBMS and the functional model of information systems discussed in...
-
exploration of the history of street art and its controversies of ppt/quicktime video.
-
Solve the following problems. Reduce answers to their lowest terms. Box your answers. 1 5 1.+ -= 4 12 2 2.- + 3 9 = 11 Convert improper fractions to mixed numbers. 2 11 3. + == 5 12 4 4 4. 12 7 5.35...
-
When average consumer income increased by 6%, BakeCo oven cleaner sales increased from 21,000 units to 22,500 units. Given this information,what is income elasticity for BakeCo oven cleaner ?
Study smarter with the SolutionInn App