Unit 2 Case Study Access the FASB Codification and prepare responses to the following questions‚ providing Codification references as support for your answers. 1. Access the glossary and give the definition for: a. Firm Fixed-Price Contract This is a contract of the price which allows it not be subject to adjustment as a result of the performance provided as outlined in the contract. What was outlined in the contract is what will be the cost. There cannot be any hidden fees added once the
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MATERIAL HANDLING EQUIPMENT INTRODUCTION • • • Material handling refers to efficient short-distance movement of goods that usually takes place within the confines of a building such as a plant or a warehouse or between a building and a transportation agency. Material handling equipment is equipment that relate to the movement‚ storage‚ control and protection of materials‚ goods and products throughout the process of manufacturing‚ distribution‚ consumption and disposal. Material handling equipment
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MATERIAL REQUIREMENTS PLANNING (MRP) The material requirements planning (MRP) system provides the user with information about timing (when to order) and quantity (how much to order)‚ generates new orders‚ and reschedules existing orders as necessary to meet the changing requirements of customers and manufacturing. The system is driven by change and constantly recalculates material requirements based on actual or forecasted orders. It makes adjustments to deal with possible problems prior to their
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Material Requirements Planning (MRP) An overview of MRP Material Requirements Planning (MRP) is a software based production planning and inventory control system used to manage manufacturing processes. Although it is not common nowadays‚ it is possible to conduct MRP by hand as well. Is a computer based information system that translates the finished product requirements of the master schedule into time- phased requirements for subassemblies‚ component parts and raw materials‚ working backward
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Material Requirement Planning (MRP) 1 Material Requirements Planning (MRP) 2 Material Requirements Planning • Materials requirements planning (MRP) is a means for determining the number of parts‚ components‚ and materials needed to produce a product • MRP provides time scheduling information specifying when each of the materials‚ parts‚ and components should be ordered or produced • Dependent demand drives MRP • MRP is a software system Materials Requirements Planning (MRP) •
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Expansions of Material Requirements Planning Material Requirement Planning (MRP) is a materials planning method developed in the 1970’s making use of computer technology. The main features of MRP are the creation of material requirements through the use of bills of material‚ inventory expected receipts‚ and a master production schedule. Due to the overwhelming success of Materials Resource Planning (MRP)‚ its breakthrough ideas have over time evolved this concept into similar other planning programs
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INVOLVED IN STANDARD-SETTING * Securities and Exchange * Commission * American Institute of CPAs * Financial Accounting * Standards Board * Changing role of the AICPA GENERALLY ACCEPTED ACCOUNTING PRINCIPLES * FASB Codification ISSUES IN FINANCIAL REPORTING * Political environment * Expectations gap * Financial reporting * challenges * International accounting * standards * Ethics The essential characteristics of accounting are (1) The
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Materials Management INTRODUCTION Putting in the simplest terms materials management is about moving the materials within an organization. What do “materials” mean? Materials can basically be defined as those objects or things that are to be moved in order to produce goods. Material is one of the 5M’s that a manager has at his command‚ the other being Men‚ Machine‚ Methods and Money. Materials could be in the form of raw materials‚ paperwork‚ messages or information etc. So materials can be both
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Material Safety Data Sheet COUWELD® EXOTHERMIC WELDING POWDER (MAIN) 1. Description of Substance / Preparation and Company Trade Name: Supplier: COUWELD® EXOTHERMIC WELDING POWDER (MAIN) COUGAR No. 345 of 4 Jinyuan Road Shanghai 201812 China Contact: th Tel: Fax: E-mail: +86-21-59139731 +86-21-59139732 info@cougar-asia.com info@cougarele.com.cn Mr. Anthony Woo 2. Composition / Specification of Components Chemical Name Thermit Welding Powder. CAS No. 7429-90-5 (Aluminium) 7440-50-8 (Copper)
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Choose a topic and write an essay of 3-4 pages: 1 Don’t tell people how to do things‚ tell them what to do and let them surprise you with their results.” (US Gl. George S. Patton) 2 Management is working in the system; leadership is working on the system. 3 Managers gain authority by position‚ leaders gain it by influence and character. 4 Every manager should be a leader‚ while every leader must know management. 5 Leadership and management must go hand in hand. 6 People hate each
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