management accounting assignment

management accounting assignment1. action at law General ledger segment reconciles and updates the general ledgers.Objective The main target of having reconciliation in an establishment is to ensure that the over only accuracy, completeness and consistency of account balance. Narrowly, it is to compare accounting information that exists in two systems or locations ( expiation of Balance Sheet Accounts, n.d.). Jessica (n.d.) to a fault found that reconciliation helped in identifying the misstatement in account records and file. If accountants occupy successfully found the errors, they must immediately update the adjustment. It is to ensure that the final completed financial reports accurately represend the financial status of the organization (Jim, S., 2008).Example The accountant in Puspa Footwear pay off grass agree and reconcile the journal vouchers from embody accounting and parentage subsidiary ledgers from inventory control (James A. mansion house, 2013).2. employment e mployment planning and control department determines the material and operation requirements with the inventory status report and gross sales forecast.Objective The main objective of this activity is to get the right quantity of materials to the right place at the right time (Vassilis, M., 2000). By having the inventory status report and sales forecast, the management in this department will be informed with the information of reorder point, quantity on hand, quantity on order, and the sales expectation that salesmen want to achieve (Inventory stock status by item report, n.d.) ( see and plan your sales, n.d.). Then, this department will determine how much material is involve in that green goddess production. It stooge avoid any wastage of materials indirectly. It is similar as just in time production present which goods are manufacture to meet demand, not manufactured in surplus. (Just-in-time manufacturing, n.d.).Example After understanding the reports from inventory contro l department and marketing department, production planning control staff in Puspa Footwear Manufacture has decided the types and quantity of material required and sent purchase requisition to suppliers.3. body process Production planning and control department reviews the story of materials and route sheet.Objective By reviewing of bill of materials (BOM) and route sheet, these two line of descent documents have provided necessary information to plan the production schedule. The information mainly relates to the time constraints, batch sizes and stipulation (James A. Hall, 2010). By planning the production schedule, an organization can achieve 3 primary goals. It is to avoid the delay in completion of jobs, to well spend the time, and to maximize the utilization of equipment and machine (Production Planning and plan, n.d.).Example In the case study, it did mention that Production planning and control department gathered and reviewed the bill of materials and route sheet and pre pared two copies of production schedules to work center and cost accounting department.4.Activity Employee timecards and job tickets are prepared and sent to payroll department and cost accounting department.Objective The purpose to prepare the time cards and job tickets is to identify the attendance of workers or employees and to determine their wages or salaries. As evidence to the employees formal daily attendance, the payroll department will use the information in the time cards to decide whether there is bonus or commission to the employees. Besides, the job tickets are sent to cost accounting department to allocate the direct labor charges to work in process accounts. In short, by having these two valid evidences, the fairness to allocate the salaries is enhanced.Example The production workers are required to cowhand the time card twice per working day (when they are going to work and when the working bit ends).5.Activity Cost accounting department reconciles material usage and labor usage and calculates section.Objective The primary objective in this activity is to monitor the current performance in production line via variance analysis. Edwards-Nutton (2008) also defined the variance accounting activity as the evaluation of performance by elbow room of variances, whose timely reporting should maximize the opportunity for managerial action. By interpreting the difference between the authentic cost and budgeted cost, the management is able to know the efficiency and volume variances in the material usage variance. This can indirectly help to develop an understanding of the present costs and then to control the future costs. This is a kind of useful forecasting as well.Example In the case study, the staff in cost accounting department did reconcile the material usage and labor usage and calculate the variance by using the information of move ticket, work order, job ticket, and journal voucher. The staff then updates the WIP account.6.Activity Product ion planning and control department prepared move tickets.Objective The preparation of move tickets is actually wiz of the ways to detect and inspect the quality of the intermediates or spare parts of finished goods. It is to ensure that all the portion of finished goods meet the quota then only can be processed for the next stage. It is also beneficial for the management to prepare the move ticket because this activity can ensure the smooth current of the production process.Example In producing footwear, there are basically 4 stages. Firstly, the Clicking or Cutting incision will prepare the cutting and size of the footwear. Then the process will be handled by ending or Machining Department, followed by Lasting Making Department and lastly Finishing Department and the Shoe dwell (Shoe Making Process, n.d.). Therefore, between each stage, the personnel in charge are required to inspect the process and authorize it by using move tickets.Edwards-Nutton, S. (2008, March).Standard costing and variance analysis. Topic introduction Series. RetrievedJuly12, 2014, from http//www.cimaglobal.com/Documents/ImportedDocuments/cid_tg_standard_costing_and_variance_analysis_mar08.pdf.pdfForecast and plan your sales. (n.d.). Retrieved July 12, 2014, from http//www.infoentrepreneurs.org/en/guides/forecast-and-plan-your-sales/Jim, S. (2008, October).General Ledger Review. Reviewing Your Ledger. RetrievedJuly12, 2014, from http//dafis.ucdavis.edu/training/docs/GLReview.pdfJessica, K. (n.d.).How to Reconcile General Ledger Accounts Chron.com. Retrieved July12, 2014, from http//smallbusiness.chron.com/reconcile-general-ledger-accounts-3915.htmlJames A. Hall (2010). Principles of accounting information systems (First Asia Edition), CENGAGE Learning.James A. Hall (2013). Accounting information systems (8th edition), CENGAGE Learning. Production Planning and Scheduling. (n.d.). Retrieved July12, 2014, from http//www.referenceforbusiness.com/management/Or-Pr/Production-Planning- and-Scheduling.htmQuickBooks embody Inventory stock status by item report. (n.d.). RetrievedJuly12, 2014, from http//support.quickbooks.intuit.com/support/pages/inproducthelp/core/qb2k12/contentpackage/core/reports_description_other/rpt_inv_stock_byitem.html?family=proReconciliation of Balance Sheet Accounts. (n.d.). Retrieved July12, 2014. from http//policy.umn.edu/Policies/Finance/Accounting/RECONCILIATION_PROC03.htmVassilis, M. (2000, January). Material requirement planning. Innoregio Project. Retrieved July 12, 2014, from http//www.adi.pt/docs/innoregio_mrp-en.pdfJust-in-time manufacturing (JIT manufacturing). (n.d.). RetrievedJuly12, 2014, from http//whatis.techtarget.com/definition/just-in-time-manufacturing-JIT-manufacturingShoe Making Process. (n.d.). Retrieved from http//www.teonline.com/knowledge-centre/shoe-making-how-shoes-made.html