Hearty welcome
Growing Your Wealth Exponentially
BY JAMES OH
LETTING GO AND MOVING ON BY JAMES OH
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MINDSET SHIFT: EMPLOYEE TO ENTREPRENEUR
BY JAMES OH
Thursday, December 29, 2016
Monday, December 26, 2016
Saturday, December 24, 2016
Monday, December 5, 2016
Saturday, November 5, 2016
SMALL REUNION WITH MY PRIMARY SCHOOL MATES AT PUSAT BANDAR PUCHONG
Small reunion with my primary school mates, not long after, our main reunion in Penang.
Thursday, November 3, 2016
REUNION WITH MY PRIMARY SCHOOLMATES IN PENANG, OCT 29, 2016
Monday, October 31, 2016
Program Title : Standard Costing & Variance Analysis
Program Title : Standard Costing & Variance Analysis
No of days : 2 days
Introduction
Cost
control is one of the major business strategy for survival and thrive when
competing with other competitors in today globalization world. It is imperative for cost accountants,
production, supply chain, human resource and business planning executives to
learn the effective cost accounting system for achieving cost efficient
operation.
The
design of this training program is to equip the participants to understand the
various types of variance analysis based on standard costing methodology. It includes the practice of the actual
calculation through exercise session during the workshop. This workshop also encourage participants to
relates the standard costing with their current working environment in order to
maximize the benefits of learning through experience sharing approach.
Objectives
·
Understanding what is
Standard Costing and the purposes
· The setting of standard
costing and the challenges of standard revision
· Variance analysis for
material, labour and overhead cost
· Root causes
identification and variances improvement action
· Understand the Full
absorption and Marginal Costing system
· Understand the
break-even analysis
· The standard costing
accounting treatment
Target participants
· Accountant,
Finance/Costing Executives, Marketing Executives, Business Planners, Budget
Analyst, Cost Analyst, Operational Managers, Non-Financial Managers and
Executives.
Workshop Outline
Day 1
· Module 1: Introduction to Cost or Managerial Accounting
o
Understand
the place of cost or managerial accounting in relationship to financial
accounting
o
The
meaning of “Standard” and “Standard Costing”
o
The
standing costing process and cycle\
· Module 2: Standard Costing and Variance Analysis
o
Understand
the objectives of standard costing
o
Understand
the procedures and functions of standard costing
o
Different
types of standard
o
Standard
setting using historical data and task analysis
o
Problems
or challenges in setting the standard
o
The
reasons and problem of revising the standard
o
The
types of variances
· Module 3: Material Variance Analysis
o
Understand
and compute the material price variance and how to compute
o
Understand
and compute the material usage variance
o
Analyzing
Materials Variances and make improvement
o
Exercise
· Module 4: Labour Variance Analysis
o
Understand
and compute the labour rate variance
o
Understand
and compute the labour efficiency variance
o
Analyzing
the labour Variances and make improvement
o
Exercise
Day 2
· Module 5: Overhead Variance Analysis
o
Understand
the cost elements of fixed and variable overhead
o
Understand
and compute the fixed overhead variance
o
Understand
and compute the variable overhead variance
o
Analyzing
the overhead Variances and make improvement
o
Exercise
· Module 6: Full Absorption versus Marginal Costing
o
Understand
the difference between absorption and marginal costing methods
o
Implication
of unit product or service costs of fixed and variable cost behaviours
o
The
impact of absorption and marginal costing on income statement
o
The
main difference and argument between absorption and marginal costing
o
Exercise
· Module 7 : Break-even Analysis
o
Understand
the definition and application of beak-even point
o
The
assumption of beak-even analysis
o
The
calculation of break-even point
o
The
calculation of target profit
o
The
calculation of margin of safety
o
The
calculation of changes of component of break-even analysis
· Module 8: Standard Cost Financial Statement and Cost
Control
o
Understand
how standard costing income statement differs from actual cost income statement
o
The
inventory valuation of standard costing
o
The
variances accounting treatment
o
The
principle guideline for variance accounting
o
Incorporate
Standard Cost into budgets
o
The
advantages and disadvantages of standard costing
o
Factors
to be considered for implementing standard costing
Workshop Schedule
8:30am Registration and breadfast
9:00am Workshop begin
10:30am Coffee Break and networking
10:45am Workshop resumes
12:30pm Lucheon and networking
1:30pm Workshop resumes
3:15pm Coffee Break and networking
3:30pm Workshop resumes
5:00pm End
Trainer profile
Lai Su Yin
ACCA – Association of Chartered Certified Accountants
Degree in Accountancy BA (Hons) – Bolton Institute, UK
Mr Lai is a Finance and
Account professional trainer with deep experience in finance and accounts job
functions in various fields such as income and financial statement preparation,
project economic evaluation, annual budget preparation, financial performance
analyst, account payable and receivable management, cost allocation and cash
flow management. In addition, having 5
years’ experience in organizational performance improvement focusing on
performance situational assessment, identify root causes and developed action
plans to achieve desired targets on business performance. Positive attitude, results driven and strong
work ethic with key skills in the following:
· Financial reporting and
analysis
· Economic Evaluation
(NPV, IRR, Payback)
· Financial terms on
commercial negotiations
· Develop Financial
training for non-finance
· Business performance
assessment and improvement plan
· SAP ECC6 Financial
System – WBS, cost allocation, BW report design
· Word, Powerpoint, Excel
(Pivot, V-look up) application software
· PMSB Certified Trainer
Friday, October 28, 2016
NEVER TOO OLD TO HAVE A DREAM
John Pemberton invented Coca-Cola when he was 55 years old.
Ray Kroc bought McDonald’s when he was 59 years old.
Colonel Sanders began franchising KFC at 62 years old.
Tim & Nina Zagat were 51 yr old lawyers when they wrote the 1st Zagat guide.
Charles Darwin was 50 years old before he wrote “On the Origin of Species”.
Julia Child was also 50 years olf when she wrote her first cookbook.
Henry Ford was 45 years old when he created the Model T car.
Ray Kroc bought McDonald’s when he was 59 years old.
Colonel Sanders began franchising KFC at 62 years old.
Tim & Nina Zagat were 51 yr old lawyers when they wrote the 1st Zagat guide.
Charles Darwin was 50 years old before he wrote “On the Origin of Species”.
Julia Child was also 50 years olf when she wrote her first cookbook.
Henry Ford was 45 years old when he created the Model T car.
Tuesday, October 25, 2016
MASTER THE FORM AND FLOW WITH THE FORMLESS
Happy day to everyone,
PURPOSE DISCOVER
For those who know me long enough, have seen me demonstrate how I took my blog to publish EBooks before I turn them into my business by regularly conducting book reviews, self-developed training programs and articles publication both online and offline.
At the point of writing this post, I have self-written and published 8 books specialized on value creation. Of which four out of eight are in second edition and beyond.
PHYSICALLY WEAK
You can see how far I progressed. I was born underweight in the early sixties and many of my relatives taught that I couldn't survive long. Since then, everyday to me is the bonus.
MENTAL STRENGTH
Having said so, I have started schooling while working part-time since young to self-finance my study to pull me out from poverty trap. I have a breakthrough when I achieved a grade one in my M.C.E. Exam (last batch) in 1979.
However, my achievement was short live. This is because I was not even able to obtain a place in my sixth form. Consequently, I began working with the late Professor as his Research Assistant with W.H.O and Sumitomo projects.
I accidentally discovered my talent by passing my L.C.C.I intermediate book keeping during my short-term job there. I then committed to expand my uncomfortable zones by pursuing my form six in private school with self- financing by giving private tuition 6 days a week as I went against my parent’s objection.
For those who know me long enough, have seen me demonstrate how I took my blog to publish EBooks before I turn them into my business by regularly conducting book reviews, self-developed training programs and articles publication both online and offline.
At the point of writing this post, I have self-written and published 8 books specialized on value creation. Of which four out of eight are in second edition and beyond.
PHYSICALLY WEAK
You can see how far I progressed. I was born underweight in the early sixties and many of my relatives taught that I couldn't survive long. Since then, everyday to me is the bonus.
MENTAL STRENGTH
Having said so, I have started schooling while working part-time since young to self-finance my study to pull me out from poverty trap. I have a breakthrough when I achieved a grade one in my M.C.E. Exam (last batch) in 1979.
However, my achievement was short live. This is because I was not even able to obtain a place in my sixth form. Consequently, I began working with the late Professor as his Research Assistant with W.H.O and Sumitomo projects.
I accidentally discovered my talent by passing my L.C.C.I intermediate book keeping during my short-term job there. I then committed to expand my uncomfortable zones by pursuing my form six in private school with self- financing by giving private tuition 6 days a week as I went against my parent’s objection.
With God’s blessing and hard work, I managed to obtain good results in my S.T.P.M (first batch) despite all the odds. Again, Lord is strengthening me to be stronger and wiser.
Similar event happened at my mid thirties which enable me to help the founder of a Company to overcome all the odds and get the private company, with a million plus as paid up capital to be listed on the K.L.S.E far beyond lots of people’s expectations.
The good story does not end there. I also managed to turn around the company which was hit by the Asian Financial crisis in 1997-8. That made me accomplished everything I dreamed of before I hit my forties.
SPIRITUAL STRENGTH
At this point, I am gradually lost my mental power which was working so well for me in the past. I have no other choice but to tap into new source of power to bounce back from the bottom less pitch. With the help from the above, I therefore, was able to master the form and flow with the formless. Everything turns out to be so fruitful yet effortless. I must say that it is not my effort but rather I took the ride on the third forces to have several breakthroughs till today. Blessings breed blessings.
Now you can see that I have climbed many mountains and walk through many valleys in my fifty-year journey. My wealthy experience make my life more colorful, complete and meaningful.
In short, I have built a rock foundation for something much bigger than myself and the beauty is that I am not doing alone, I must say.
Monday, October 24, 2016
HARMONY BUT NOT UNIFROMITY
Dear all,
Recently I have discussion
on whatapps regarding the term “Simplicity.” The word in fact is very
subjective in nature.
To have a much deeper understanding, let us take chicken and eagle for further illustration. For an eagle to fly 10,000 to 15,000 feet high above ground is simple, but not for a chicken. The former can see how many vehicles on the road but not the latter.
As such, for chicken to believe that staying on ground is much
safer than flying high is equally true as their feet in touching the ground. However,
the statement is not true for Eagle which has experienced much lesser crowd and
no traffic jams in the sky.
To keep telling the world that flying high is dangerous; is of course not easy and simple for eagle. This is because it is also against their nature and they can see from their own eyes. They will not blindly train their generations not to fly high even if instructed to do so.
Whereas Chicken will be busy
conditioning its generation not to fly high. They will seek shelter like other
birds, busy looking for shelter when storm arises. Hence, they have no time to
think during unstable and stormy situations. They will never have time to learn
to fly high and find out the truth and simply come to conclusion that flying high
is dangerous and may be hit by flying planes.
Similarly, some smart leaders instead of encouraging the followers to embrace unlimited mindset, they set rules imposing flying limit and pretend to protect the masses.
In short, the moral of
the story is a gentleman may hold different views but he does not blindly
follow others. Instead he seeks to coexist harmoniously with them.
Therefore, both birds have different views - one flew with formless obstacles and the other follow their own prescribed limited rules. Harmony is not to have uniformity, but diversity for both birds to live their own lifestyle. Mutual respect is the way to have harmony among birds.
Sunday, October 23, 2016
GREAT SUCCESS
Hi! Everyone,
Trust my life is an inspiration to some of you. This is not because I have everything but because I make the utmost best out of everything!
Great success is about having the abilities that are in demand at the moment became my life motto. These words always stick with me and they are the reason for my optimism and my good deeds, which I need to pay back to this planet which I have benefited from.
Enthusiasm, Boldness and Happiness are some of the traits to describe the way I live my life. Thank you for connecting and working with me with intention to turn this world into a better place.
You awesome people make me happy with everyone and everything. On this note, I must let you know what happiness means to me! Love it, Live it and Laugh it.
Enthusiasm, Boldness and Happiness are some of the traits to describe the way I live my life. Thank you for connecting and working with me with intention to turn this world into a better place.
You awesome people make me happy with everyone and everything. On this note, I must let you know what happiness means to me! Love it, Live it and Laugh it.
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