Differentiate with suitable examples the traditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example.

/in /by

Accounting question

Q1 Differentiate with suitable examples the traditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example.

Note: Your answer must include suitable numerical examples. You are required to assume values of your own and they should not be copied from any sources

 Q2 Provide a numerical example of special-order decisions and make or buy decisions and explain how these decisions are backed by quantitative and qualitative considerations.

 

Why do we have accounting rules? What is your opinion? Use your research skills, google, and chapter 3 of your online textbook to answer the following question. What do the terms debit and credit mean in accounting? What is your opinion?

/in /by

Analyzing and Recording Transactions

  1. Why do we have accounting rules? What is your opinion?
  2. Use your research skills, google, and chapter 3 of your online textbook to answer the following question. What do the terms debit and credit mean in accounting? What is your opinion?
  3. What is a journal in accounting? What is your opinion?
  4. What is a Ledger in accounting? What is your opinion?

 

How is overhead allocated to individual jobs? How does job costing information affect managers’ incentives and decisions?

/in /by

Job Costing

How are costs assigned to customized goods and services?

  • Q2: How is overhead allocated to individual jobs?
  • Q3: How does job costing information affect managers’ incentives and decisions?
  • Q4: How are spoilage, rework, and scrap handled in job costing?
  • Q5: What are the quality and behavioral implications of spoilage?

 

What will be the effect on the regular customer(s) that do not receive their order(s) of 2,000 units? What is the effect on the company’s reputation of leaving orders from regular customers of 2,000 units unfilled?

/in /by

Special Order Decisions and Capacity Issues

Suppose instead that the capacity of Robot Bits is 100,000 units and projected sales to regular customers this year total 94,000 units. Does the quantitative analysis suggest that the company should accept the special order?

What additional qualitative issues, in this case of a capacity constraint, might RobotBits consider before finalizing its decision?

  • What will be the effect on the regular customer(s) that do not receive their order(s) of 2,000 units?
  • What is the effect on the company’s reputation of leaving orders from regular customers of 2,000 units unfilled?
  • Will any of the projected costs change if the company operates at 100% capacity?
  • Are there any methods to increase capacity? What effects do these methods have on employees and on the community?
  • Notice that the small incremental profit of $1,000 will probably be outweighed by the qualitative considerations

 

What are some of the most critical health concerns we face in the 21st century, and why?

/in /by

DISCUSSION ESSAY

What are some of the most critical health concerns we face in the 21st century, and why? Must be typed out (handwritten answers will be rejected and result in an immediate decline of your application)

Between 200 and 500 words

 

Differentiate with suitable examples the traditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example.

/in /by

ASSIGNMENT

Assignment Question(s): (Marks 15)

Q1. Differentiate with suitable examples the traditional costing systems and activity-based costing. Explain how ABC is used in manufacturing by providing a numerical example. (3 Marks)

Note: Your answer must include suitable numerical examples. You are required to assume values of your own and they should not be copied from any sources.  (Week 7, Chapter 7)                                                                                                                       

Q2. RCR has two support departments, X1 and X2, and two operating departments, Z1 and Z2. RCR has decided to use the direct method and allocate variable X1 dept. costs based on the number of transactions and fixed X1 dept. costs based on the number of employees. X2 dept. variable costs will be allocated based on the number of service requests and fixed costs will be allocated based on the number of computers.  The following information is provided:       (Week 9, Chapter 8)     (4 Marks)

 

Support Departments Operating Departments
X1 X2 Z1 Z2
Total Department variable costs 12,500 15,000 95,000 52,500
Total department fixed costs 14,500 27,500 105,000 45,000
Number of transactions 38 45 175 112
Number of employees 14 18 38 30
Number of service requests 30 18 38 25
Number of computers 15 20 25 30

 

You are required to allocate the variable and fixed costs.

Q3. Provide a numerical example of special order decisions and make or buy decisions and explain how these decisions are backed by quantitative and qualitative considerations.  (4 Marks)

Note: Your answer must include suitable numerical examples. You are required to assume values of your own and they should not be copied from any sources.   (Week 8, Chapter 4)

 

Q4. K&C Ltd. is working on a budget for the current year. The following information is linked to budget preparation:  (4 Marks)

(Week 10, Chapter 10)

Budgeted selling price per unit       =      SAR 450 per unit

Total fixed costs                             =      SAR 275,000

Variable costs                                 =      SAR 150 per unit

Required:

You are required to prepare a flexible budget for 1,000, 1,500, 2,000, and 2,500 units.

 

Do you think the same concepts, such as variable costs, fixed costs, mixed costs, and job order costing, can also be applied to the service industry? Why or why not?

/in /by

 Managerial accounting

Many of the concepts in managerial accounting were first developed for the manufacturing environment.  Do you think the same concepts, such as variable costs, fixed costs, mixed costs, and job order costing, can also be applied to the service industry?  Why or why not?  Focus on a particular service or service industry and illustrate your position with specific examples.

Your well-written paper should meet the following requirements:

  • Be 2-3 pages in length, not including the cover or reference pages.
  • APA Format (APA format – Your paper should be submitted in APA format (Title and reference page, Times Roman 12-point font, double space, etc.….).
  • Turn it in (Plagiarism score) – Your overall similarity score/percentage should range between 10 to 12 %. Anything over that is considered plagiarism for this course and is regarded as a severe academic infraction.
  • Support your interpretation with evidence from the textbook and at least two scholarly, peer-reviewed journal articles other than the required article in the module readings.
  • Utilize the following headings to organize the content in your work.

 

How would a Christian worldview impact you if you chose a career as an auditor? In light of a Christian worldview, how would you approach a client found to be moving expenses to another period to potentially inflate income?

/in /by

Faith and ethics

Assessment Description
After reading the “Statement on the Integration of Faith and Work” in the Topic 2 Resources, in a 750-1,000 word paper, address the following questions:

Adhering to ethical standards is necessary in the field of auditing. How would a Christian worldview impact you if you chose a career as an auditor?
In light of a Christian worldview, how would you approach a client found to be moving expenses to another period to potentially inflate income?

This assignment requires a minimum of two scholarly resources.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.

Find the forms for your company on the IRS website (either personal tax return for proprietorship/partnership or corporate tax return for a corporation) and use the information from the income statement to complete the tax return.

/in /by

Digital Revolution

Your accounting analysis project contains 6 parts. The project must be completed in excel with separate excel sheets for each part.

1st – The first part is the most time consuming and includes journal entries and the general ledger. Please begin with the beginning trial balance (which will be provided to you in the email I will send) to make sure that the numbers are accurate. Don’t forget to add the beginning balance numbers to your general ledger accounts. Then, you should have an excel sheet for the General Journal and another excel sheet for the General Ledger (you can set this part up as T accounts) (this part of the project should include the adjusting entries and a separate excel sheet for the adjusted trial balance). All excel sheets should have formulas to populate the cells.
***Include all journal entries (general journal) for the month, the general ledger, a trial balance, adjusting entries and an adjusted trial balance. (Must be in excel, must have a separate sheet for each and have formulas to populate the sheets).***

2nd – The second part of the project will include the financial reports (populated from the adjusted trial balance).
***Financial reports should include Income Statement, Statement of Owner’s Equity (or Statement of Retained Earnings), and Balance Sheet.***

3rd – The third part of the project is the tax return. Please read the directions carefully.
***Find the forms for your company on the IRS website (either personal tax return for proprietorship/partnership or corporate tax return for a corporation) and use the information from the income statement to complete the tax return.***

4th – The fourth part of the project is the closing process. Be sure to include the post-closing trial balance.
***Closing Process should include journal entries, general ledger and a post-closing trial balance.***

5th – The fifth part of the project is the budget. Again, read the directions carefully.
**Use the General Ledger information to project a budget for the next year for your company. (Assume growth of revenue of 10% and growth of expenses of 13%) Be sure to cut any expense that will not be needed in the next budget year and include purchase of new equipment, if needed. (you should all need at least new computers or software for your company)**

6th – The last part of the project is the ratios for your particular company.

In 100-200 words explain how the forecasters might have utilized the historical data for the stock price to forecast future stock prices and the methodology for forecasting that the forecaster might have used.

/in /by

Assignment 3: Forecasting Problem Set

About this Assignment
The purpose of financial forecasts is to assess current and future fiscal conditions to inform policy and other important decisions. Financial forecasts are fiscal management tools that presents estimated information based on past, current, and projected financial conditions. This assignment will measure your understanding of the purpose for, and importance of financial forecasts and how they contribute to decision making. Before beginning the assignment, please read the rubrics carefully to understand the expectations and how your work will be graded. Please write your answers succinctly and remain on topic, answering only to what is asked.
Problem Set
Stock Price Forecast

Problem # 1: Refer to the stock price forecast table provided and any other resource material you deem necessary to address the following:
• Summarize the forecast using 6-10 brief bullet points
• In 100-200 words explain how the forecasters might have utilized the historical data for the stock price to forecast future stock prices and the methodology for forecasting that the forecaster might have used.
• What assumptions did the forecaster use? What might be some of the rational for making the assumptions? How would different assumptions affect the forecast? (100-200 words)
• If you were advising investors regarding the organization’s stocks, what would you tell them? Comment on when, and how much (if any) investment should be done, the return they can expect, time frames, and possible risks. (100-200 words)

Problem # 2: For this question, please refer to the Dino’s After School Trial Balance with ending totals for December 31, 2014, in the table below:
Account Balance ($)
Checking 15,220
Savings 58,500
Money Market 41,650
Pre-Paid Rent 5,400
Accounts Receivable 81,000
Accounts Receivable Allowances -6,500
Machinery 122,600
Equipment 80,300
Automobiles 67,500
Accounts Payable 60,000
Loans Payable 21,300
Equity 384,370
1. Using an Excel Spreadsheet, create the Balance Sheet for Dino’s After School.
2. Using the information obtained from your Balance Sheet, calculate anyone (1) liquidity and anyone (1) leverage ratio.
3. Comment on the financial position of the organization, specific to the two ratios you calculated. What is the main reason that Dino’s (and other organizations) need a Balance Sheet? (100-200 words)

Problem # 3: Please refer to the corporate tax rates table and the Gross Profit Chart below:
Account Balance ($)
0 to 50,000 15%
50,000 to 75,000 $7,500 + 25% of the amount over 50,000
75,000 to 100,000 $13,750 + 34% of the amount over 75,000
100,000 to 335,000 $22,250 + 39% of the amount over 100,000
335,000 to 10,000,000 $113,900 + 34% of the amount over 335,000
10,000,000 to 15,000,000 $3,400,000 + 35% of the amount over 10,000,000
15,000,000 to 18,333,333 $5,150,000 + 38% of the amount over 15,000,000
18,333,333 and up 35%

Fiscal Year Gross Profit ($)
June 2009 – May, 2010 261,100
June 2011 – May, 2012 277,500
June 2012 – May, 2013 292,000
June 2013 – May, 2014 300,900
1. Given the information provided here perform your own calculations to show the amount of corporate tax paid for each of the four (4) fiscal years covered in the table above.
2. Is there a pattern? Explain the pattern and what it may suggest about the future performance of the organization. How can this conclusion advise investors and organizational decision makers?
3. If there was a 20% reduction in the Gross Profit for fiscal year 6/12 – 5/13, how might this have changed the gross profit expectations for the 6/13 – 5/14 fiscal year? Provide rationale.
4. Calculate the total expected taxes that would have been paid for these two fiscal years, with the 20% reduction in 6/12 – 5/13 and the resultant expected change in the 6/13 – 5/14 gross profit.

Problem # 4: Explain the concept of departmentalized accounting and the importance of collaboration between departments within an organization, to its success. You may use organizational examples. (200-350 words)