Manufacturing Accounting Essay

1479 words - 6 pages

Riordian Manufacturing Accounting

Riordan Manufacturing, Inc., the global leader in the field of plastic injection molding. The company produces plastic bottles, fans of all sizes, heart valves, medical stents and custom plastic parts. Riordan Manufacturing is fully owned by Riordan Industries and has 550 employees and generates an excess of $1 billion in revenue with a projected $46 million of annual earnings. Riordan has facilities in San Jose, California, Albany, Georgia, Pontiac, Michigan, and Hangzhou, China. Riordan has demonstrated they can be very successful and contend with their competitors as a Fortune 1000 company.
There are a few major economic influences affecting Riordan’s ...view middle of the document...

Solutions
The accounting system consists of the following modules: payroll, orders, inventory, cost and fixed assets accounting, accounts payable and accounts receivable as well. These are the main modules used to evaluate and determine a recommended solution for modifying the accounting system. The main focus of Riordan should be to ensure the process goes as smooth as possible with little interruption of internal operations and affect on customers. The company should also have an overall goal of building a standardized accounting system to generate data that is properly formatted and produced in a timely manner.
There are a lot of software solutions available that will provide support to Riordan’s accounting system. These software packages are: SAP Business One, Epicore Enterprise Financials, Syspro, Microsoft Dynamics SL, Exact Software, Microsoft Dynamics GP, Net Suite, Everest Advanced Edition and Quickbooks Enterprise Solutions. The key factors for Riordan to consider when choosing a software are cost, ease of implementation and standardization. The solution must also be within the operational budget, while sustaining a little additional cost while it is implemented. Lastly not only should the solution package be able to standardize the accounting system it should also provide options for future expansion as Riordan expands globally.

Section Three
Insert text here.  This is a level one header, and this paragraph is a summary of the following level two headings.
Heading One
Insert text here.  This is a subtopic of the above section heading.
Insert text here.  This is a subtopic of the above section heading.
Heading Two
Insert text here.  This is a subtopic of the above section heading.
Insert text here.  This is a subtopic of the above section heading.
Heading Three
Insert text here.  This is a subtopic of the above section heading.
Insert text here.  This is a subtopic of the above section heading.

Accounting systems are responsible for keeping tabs on everything in a business.  Because of the far-reaching scope of accounting, and because of e-discovery requirements, accounting must be connected in some fashion with all other parts of a company and its systems.  The following sections will describe various points to consider and then describe what systems need to connect with accounting for Riordian Manufacturing.
The Roles of Accounting
Accounting is responsible for accounting for all cash and assets in a company.  Some of the items accounting must track are expenses in office supplies, payroll, research and development, inventory, government fees and taxes, and much more.  Accounting is responsible for “billings, payments, payroll, maintenance of the general ledger, tracking assets, and issuing financial statements” (Bragg, 2002, p. 18).  Because of the broad reach of accounting, a company’s responsibility to its investors, and government e-discovery regulations such as the Sorbanes-Oxley Act (SOX) (Securities...

Other assignments on Manufacturing Accounting

German Costing Essay

995 words - 4 pages . References Horngren, Charles T. Cost Accounting: A Managerial Emphasis. 12th ed. Englewood Cliffs, NJ: Prentice-Hall, 1982. 419-37. Print Jinkens, Robert. "Cost Accounting In Auto Manufacturing Companies In Germany And the United States." International Business & Research Journal 9.3 (2010): 1-6. Print Kellermanns, Franz Willi, Islam, Majidul, “US and German Activity-Based Costing: A

Business Communication - Schoolanduniversity.Com Essay

308 words - 2 pages Riordan Manufacturing. Other forms of communication may not have been better, but attaching JJJ’s financial reports to the memos may have benefitted the managers. The managers may not understand the financial reports, but the accounting team could have highlighted the information used to determine if JJJ was financially stable or not. Attaching these reports may have allowed for a better understanding of how the accounting team made the

Mine

580 words - 3 pages Managerial Perspective: 17-2 Philip O’Kane ACC/561 May 1, 2014 University of Phoenix Paula White Summary Case study 17-2 in Accounting: Tools for Business Decision Making asks the reader to analyze the Ideal Manufacturing Company as it decides to expand their services to outside agencies that want to use their tool in evaluating its costs using activity based costing, which is a two-step process to calculate overhead costs. The

Bkas

926 words - 4 pages second section discusses in depth the common features of transaction processing systems such as revenue and accounts receivable, purchase and accounts payable, manufacturing and inventory, human resource as well as general ledger and reporting system. Integration of selected accounting software will also take place at this stage to enable students apply the AIS concepts into practice. This section also introduces students to the techniques of

Accounting Perspectives

5799 words - 24 pages ., Neimark, M. & Lehman, C.(1991). Falling down the hole in the middle of the road: Political Quietism in Corporate Social Reporting. Accounting, Audibility & Accountability Journal 4(2), 28-54. 5. Bryer, R. (2006). Accounting and control of the labour process. Critical Perspectives on Accounting, 17(5), 551-598. 6. Arnold, P.J. (1999). From the union hall: A labor critique of the new manufacturing and accounting regimes. Critical

Usefulness Of Cost Volume Profit Analyisi As Amangerial Concept

2473 words - 10 pages "USEFULNESS OF COST VOLUME PROFIT ANALYISI AS AMANGERIAL Concept" By samya Alakhdar , Dr . Moade Shubita , NYIT –AMMAN –JORDAN FALL-2011. Key words :managerial accounting , cost accounting , CVP. o "USEFULNESS OF COST VOLUME PROFIT ANALYISI AS AMANGERIAL CONCEPT" 1  DR.MOADE SHUBITA "USEFULNESS OF COST VOLUME PROFIT ANALYISI AS AMANGERIAL Concept" By samya Alakhdar , Dr . Moade Shubita , NYIT –AMMAN –JORDAN FALL-2011. Key words

Riordan Manufacturing Final Paper Bsa 310

1270 words - 6 pages Riordan Manufacturing SR-rm-012 Final Project BSA/310 – Business Systems   Company Background Information Owned by a Fortune 1000 enterprise Riordan Manufacturing is one of the leading global plastics manufacturer with a projected annual earnings of $46 million. Since the company’s inception in 1991, Riordan Manufacturing expanded and acquired a manufacturing plant in Pontiac, MI and another manufacturing plant in Albany, GA, its

The Price Of Social Responsibility

1423 words - 6 pages environmental performance into revenue as it attempts to account for the entire life of a product’ featuring not only the raw materials and manufacturing, but also the waste products and disposal. When life cycle costing is translated into currency, the Full Control Accounting system works the data into the framework of accounting. The information is thus generated in the life cycle costing system, therefore is put into the full control accounting

Criteria

3285 words - 14 pages Chapter 2 Worldwide accounting diversity Chapter Outline I. Considerable differences exist across countries in the accounting treatment of many items. These differences can result in significantly different amounts being reported in the financial statements prepared by companies using different GAAP. II. A variety of factors influence a country’s accounting system. A. Legal system – in code law countries, accounting rules

Paper

4606 words - 19 pages overhead account  Underapplied Cost of goods sold Manufacturing overhead  Overapplied Manufacturing overhead Cost of goods sold xxx Xxx xxx xxx xxx xxx xxx xxx Summary of Manufacturing Overhead Accounting  At the beginning of the period Estimated amount of MOH / Estimated amount of allocation base = Predetermined overhead rate  During the period Predetermined overhead rate x Actual amount of allocation base incurred

Xyz123

9289 words - 38 pages  costing  s.  Job costing  t.  Process costing  u.  Job costing  4­17  (20 min.)  Actual costing, normal costing, accounting for manufacturing overhead.  Budgeted manufactur  ing  overhead costs  Budgeted manufacturing  =  overhead rate  Budgeted direct manufactur  ing  labor costs  =  $2, 700, 000  = 1.80 or 185%  $1,500, 000  1.  A  ctual manufactur  ing  overhead rate  Actual manufactur  ing  overhead costs  =  Actual direct manufactur

Similar Documents

Costing Methods Essay

377 words - 2 pages Costing Methods Heidi Loebig Costing Methods Absorption and variable are two costing methods used in accounting; both costing methods have advantages and disadvantages. In absorption costing manufacturing costs being absorbed by the product. Product costs under variable accounting include direct labor, material costs, and variable manufacturing overhead. The Polk Company used variable and absorption costing to generate income

Managerial Accounting Essay

374 words - 2 pages and innovative management accounting practices can be illustrated by reference to cost control techniques. Traditionally, management accountants’ principal cost control technique was variance analysis, which is a systematic approach to the comparison of the actual and budgeted costs of the raw materials and labor used during a production period. While some form of variance analysis is still used by most manufacturing firms, it nowadays tends to be

Mangement Accounting Essay

1595 words - 7 pages Introduction Managerial accounting is concerned with providing information to managers- that is, to those who are inside an organization and who direct and control its operations. Managerial accounting can be contrasted with financial accounting, which is concerned with providing information to stockholders, creditors and others who are outside an organization (Garrison and Noreen, 1999). Managerial accounting information includes

Acct 2102 Review

263 words - 2 pages distinguishing features of managerial accounting? Explain the management functions. Know how to calculate Cost of Good Sold and Cost of Goods Manufactured. What is product cost, manufacturing costs and period costs? What are the three inventory accounts and how are they presented on the balance sheet? What is gross profit? What is the value chain? What is ERP? What is just-in-time inventory? What is TQM?
What is the balanced scorecard