Standard costing versus Kaizen costing Many companies are interested in adopting a Kaizen costing approach to reducing
Question:
Standard costing versus Kaizen costing Many companies are interested in adopting a Kaizen costing approach to reducing costs. However, they are not sure how their current standard costing system will fit with the Kaizen costing approach.
REQUIRED How do the standard costing system and the Kaizen costing system differ? Can the two systems coexist? Explain.
LO 3
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Management Accounting
ISBN: 9780130101952
3rd Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, S. Mark Young, Rajiv D. Banker, Pajiv D. Banker
Question Posted:
Students also viewed these Business questions
-
Consider just four of the energy levels in a certain atom, as shown in the diagram. How many spectral lines will result from all possible transitions among these levels? Which transition corresponds...
-
A 20 year Treasury bond with a par value of $1000 was issued 3 years ago with a 5% APR coupon paid semiannually. If the yield on similar bonds increases from 8% to 9%, what is the change in the value...
-
What role do transparency and public communication play in fostering a climate of accountability within large organizations, and how can leaders effectively balance the need for openness with the...
-
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for...
-
The California State Highway Patrol recently conducted a study on a stretch of interstate highway south of San Francisco to determine whether the mean speed for California vehicles exceeded the mean...
-
Alphonse sells stock with a basis of $5,500 to his brother, Conner, for $4,000. His brother sells it later in the year for $5,100.
-
What do you want to know? The previous two exercises illustrate the use of statistically designed experiments to answer questions that arise in everyday life. Select a question of interest to you...
-
Gary Stewart and his wife Debbie, both age 32, have been married for twelve years and have a 2- year old son, Grant. Gary is a mid-level manager at a Fortune 500 company and currently earns $85,000...
-
Question 3. Compare and contrast Ijarah financing with other Islamic financing instruments like Murabaha and Musharaka
-
Kaizen costing versus standard costing Your organization, located in Worthing ton, Ohio, is contemplating introducing Kaizen costing to help with cost reduc tion. As someone who has an understanding...
-
Target costing and service organization Imagine that you are the manager of a large bank. Having heard about a management accounting method called target costing, you are wondering whether it can be...
-
Halleck Company had 300 units of product in work in process inventory at the beginning of the period. It started 1,500 units during the period and transferred 1,200 units to finished goods inventory....
-
The ratio of CEO pay to that of an average employee increased over a period of 50 years from 24:1 to 275:1. Is this increasing gap ethically sound, in your opinion? Should CEO pay be limited in any...
-
Suppose you are considering buying a machine that costs $7,000. It will generate revenues of $1,500 for the next 3 years, and then $1,000 for the following 5 years. What is the payback period of this...
-
National Bakery Limited is the main supplier of a variety of baked products to customers in Kingston. The company currently makes 25,000,000 a variety of baked products annually which uses baking...
-
Q1. Discuss the financial goal of a business. Ensure to provide an example of the inherent ethical challenges associated with the financial goal and or the financial management process. Using the...
-
Q1. How can companies use social media to do sentiment analysis? Describe the process. Give an example of a company that uses sentiment analysis to enhance relationships with customers. Q2. Describe...
-
Use the data from BE8-7, but assume that the Heating Division has sufficient excess capacity to provide the 15,000 heating units to the other division. What is the minimum transfer price that the...
-
As indicated by mutual fund flows, investors tend to beat the market seek safety invest in last year's winner invest in last years loser
-
Saly paid $52,000 a year paid on a weekly basis. last pay she had $250 withheld in Income Tax, $48.97 for CPP and $15.80 for EI. an additional $and 25.00 in tax are deducted each pay. She allowed to...
-
Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits...
-
Which of the following partnership items are not included in the self-employment income calculation? Ordinary income. Section 179 expense. Guaranteed payments. Gain on the sale of partnership...
Study smarter with the SolutionInn App