Low inventory with materials sent directly to work stations C. Long term, collaborative contracts with suppliers D. The ability to “pull” production rather than “push” it from the front end E. All of the above Answer Key: E Question 3 of 8 12.5 Points Which of the following is not a definition of SCM? A. SCM is an integrating philosophy to manage the total flow of a distribution channel from supplier to the ultimate customer. B. SCM encompasses integrative management of the sequential flow of logistical, conversion and service activities from vendors to ultimate consumers necessary to produce a product of service efficiently and effectively. C. SCM is a strategic concept that involves the understanding and managing of the sequence of activities - from supplier to customer - that add value to the product supply chain. D. Supply chain management is the mathematical optimization of the supply chain system using formulas derived from operations research theory.
It would need to be reviewed and signed off on by all responsible officers. A step that should be included is periodic internal audits of the financial data. An audit of that nature would review the accounting records and supporting documentation to verify accuracy of the financial records. You could do this by employing an Internal Auditor or my having McGladrey, LLC. complete an audit of all the financial data on a yearly basis.
True/False Questions 1. The usual starting point in budgeting is to make a forecast of net income. Ans: False AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1,9 Level: Easy 2. A budget committee helps provide consistency in the budgeting process because it prepares all of the budgets for the various segments of the organization. Ans: False AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting LO: 1 Level: Easy 3.
• Quality management • Time management • Continuous improvement management • Environmental management 4. Which is the one correct value stream principle? • Look for efficiencies in the factory, office, physical, procedural, and technical operations. • Eliminate waste that stops, slows down, or diverts the value stream. • Concentrate on speeding up value-adding operations rather than removing waste.
• Quality management • Time management • Continuous improvement management • Environmental management Complete Answers here OPS 571 Complete Course 4. Which is the one correct value stream principle? • Look for efficiencies in the factory, office, physical, procedural, and technical operations. • Eliminate waste that stops, slows down, or diverts the value stream. • Concentrate on speeding up value-adding operations rather than removing waste.
Companies and their independent accountants or auditors should report the effectiveness of the companies internal controls based on these six principles. Publicly traded companies or those planning to go public are required to maintain internal controls and ensure compliance of government regulations. Company Evaluation As it relates to internal controls, the LJB Company is meeting and or adhering to some of the regulation requirements of the Sarbanes-Oxley Act within the daily operations of the business. I have provided a list below of the current processes being used within LJB Company that are being done exceptionally well. Establishing Responsibility: It is important to designate only one individual to handle specific tasks.
The existence assertion is to make sure that the client and accounts exist, the completeness is to make sure that all of the balances are recorded, and the valuation is to make sure that the balances are recorded at the correct amount. It is important that the auditor obtains a confirmation from a third party for the information in accounts receivables. After communicating and obtaining the information, the auditor is to evaluate the information (SAS No. 67, AU Section 330.11). The audit objectives auditors use to perform year-end sales cutoff tests are to determine if the information they obtained by the confirmation reduces the audit risk level.
Landau Case Analysis In this case we need to assess the type of cost accounting is the most effective for the Landau Company’s Income Statement. The company currently uses absorption costing, called full costing in the case write-up, and Terry Silver, the new Vice President of Marketing asks why the company is not using variable cost accounting. First, we need to assess why there is a $29,287 difference between the two accounting systems. Under absorption costing all fixed overhead costs are included in the inventoriable products as a cost per unit produced. This means that the fixed overhead costs are dependent upon the number of products produced each month.
AICPA Code of Professional Conduct Michelle Boucher ETH/376 May 13, 2013 Juanita Davis AICPA Code of Professional Conduct The AICPA is the foundation of ethical reasoning in accounting with its values and standards of behavior, a voluntary association of CPAs, with memberships totaling more than 350,000 professionals throughout the world and with the majority of CPAs belonging to it; they discuss the ethical obligations of CPAs. The purpose of the Principles is to guide members in performance of their professional responsibilities and commitment to honor public trust, and even sacrifice any personal benefits. Even though CPAs cannot be held legally to the Principles, they represent the expectations on the part of public performance of professional services. The Principles are values based on the profession and character traits that enable CPAs meet their obligations to the public and the Principles include responsibilities, public interests, integrity, but also to include objectivity and independence, due care, along with the scope and nature of services. (Steven M. Mintz DBA, 2011) All of the Principles of the AICPA Code are important to me, but choosing three that I think are important to me are responsibilities, the public interests, and integrity.
In order to evaluate the success of those decisions, managers must be able to analyze their decisions and fully understand the impact past decisions will have on the past, present, and future health of the company. The tools to analyze the business in such a manner are found in corporate finance. Thus corporate finance is important to all managers because it provides the necessary tools to evaluate decisions that satisfy every company’s two main goals. Brigham, Ehrhardt. Financial Management: Theory & Practice, 13th Edition.