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Group, important to the concepts we are studying this week is processes and process types. One particular business process is called value-added. It's a focus on literally adding value to the customer in every action that's taken. It's amazing how many processes and actions that take place within the average organization that do NOT add value to the customer. In many management and even accounting courses I teach we talk about value-added activities and non-value-added activities. Much of what we do doesn't add direct value to the customer. For example - purchasing - doesn't add value. The customer can't see, touch, or use the purchasing process of our company. :) We couldn't make their product without it, but it doesn't add direct value the customer can see. The production team, however, adds direct value in assembling the product in an efficient and high quality manner. You get the point.
Group, can you identify an action where you work that you don't feel adds direct value to your customer?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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