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Business owners often use management accounting to track, record and report financial information for managerial review. Management accounting does not usually follow any national accounting standards. Business owners can design management accounting systems according to their company’s business operations or management’s need for business information. Management accounting has several advantages. These advantages usually coincide with the ability for companies to improve operations and overall profitability. Business owners can also create a competitive advantage by developing cost allocation processes in their management accounting function.
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1. a) FV= 7000(1+.12)^2=$8,780.8
2. a) FV= 3000(1+.08)^10=$6,476.77
b) FV= 3000(1+.08)^20=$13,982.90
3. a) FVA= (1+.06)^5 – 1 x 1000 = $5,637.09
4. a) FVA= (1+.12)^30 – 1 x 4000 = $965,331
5. a) PV= 1______ x 20,000 =$16,792.40
b) PV= 1______ x 20,000 =$14,099.20
6. a) PVA= Payment * (1- [1/(1+r)^n])/r
PVA= $8,000 * (1- [1/(1+.09)^5])/.09= $31,117.21
7. Option 1 is to receive one off payment of $15,000
Option 2 is to receive...
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VMWM Research Department, March 31, 2014
WEEKLY STOCK PICKS
Disclaimer: The following stock picks are for information purposes only. The information stated herein may reflect the opinion and views of VM Wealth Management in relation to market conditions and does not constitute any representation or warranties in relation to investment returns and the credibility of the sources of information relied upon in the preparation of this report, without further research and verification. Before making any investment decision, please consult a VM Wealth Management Advisor.
LAST TRADED PRICE: $18.05
4 WEEK PRICE MOVEMENT
RECOMMENDATION & RATIONALE
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* Existing liability
* Uncertain timing or amount on future expenditure. (ito ang nagdidistuinguish)
* Liability still exist but the date due and amount is indefinite
* May equal to estimated liability or loss contingency (accrued because it is both probable and measurable)
Provision and other liabilities
* P; uncertain OL; certainty of timing and amount
Recognition of provision
* P shall be recognized in the FS under the ff. conditions
A. Present Obligation (legal or construtive) from past event
LO: arise from contract, legislation or other operation of law
CO: dervide from an entity’s action. When entity from established...
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Case Study 4: Why do public-sector projects fail?
The public-sector is the portion of society controlled by national, state or provincial, and local governments. The composition of public-sector varies by country, but in most countries it encompasses universal, critical services such as national defense, homeland security, police protection, firefighting, urban planning, corrections, taxation, and various social programs. It is no surprise for government to budget a large expense in any related project due to its important. However, history prove that public-sector project often go wrong and fail.
Under this situation, this essay is going to analyses the key problems which...
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Solutions to Questions
10-1 In a decentralized organization, decision-making isn’t confined to a few top executives, but rather is spread throughout the organization with managers at various levels making key decisions relating to their own spheres of responsibilities.
10-2 The benefits of decentralization include: (1) relieving top management from day-to-day problem solving and allowing them to focus their time on broader issues; (2) training lower-level managers in decision making, thereby preparing them to assume greater responsibility; (3) greater job satisfaction and greater incentive for lower-level managers; (4) better decisions, since...
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Media Summary Paper
ACC/300- Principles of Accounting
January 26, 2015
Media Summary Paper
The media that i used was the video on financial statements, “financial statements are records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for businesses usually include: income statements, balance sheet, statements of retained earnings and cash flows, as well as other possible statements (Vestopedia, 2015).
From the video we learnt in...
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Accounting Horizons Vol. 26, No. 1 2012 pp. 125–133
American Accounting Association DOI: 10.2308/acch-50087
Some Conceptual Tensions in Financial Reporting
American Accounting Association’s Financial Accounting Standards Committee (FASC) Yuri Biondi, Jonathan Glover, Karim Jamal (Chair and principal co-author), James A. Ohlson, Stephen H. Penman, Shyam Sunder (invited principal co-author), and Eiko Tsujiyama
SYNOPSIS: We examine four key conceptual tensions that are at the heart of many financial reporting dilemmas: stocks versus flows, ex ante versus ex post, conventions versus economic substance, and top-down design versus bottom-up evolution as sources of accounting...
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The Accounting Information of System
The Personnel, procedures, devices, and records used by an organization to develop accounting information and communicate that information to decision makers
The accounting process
Accounting “links” decision makers with economic activities and with the results of their decisions.
Types of Accounting Information
Providing information about the financial resources, obligations, and activities of an economic entity that is intended for use primarily by external decision makers –...
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Firstly, the locations of the two segments identified by General Mills are different. Impulse locations mainly located in cafeterias on college campuses and military bases. Another segment is focusing on the yogurt shops and restaurants.
The sales of both segments are different due to the locations. Sales revenue of impulse locations is much more than yogurt shops. Thus, General Mills sent more Colombo frozen yogurts to the impulse locations. Although the expenses of impulse locations are high, General Mills still can make more profit from this segment as the sales revenue is higher.
According to General Mill’s logic, yogurt shops and restaurants...
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accounting information systems: An overview
Suggested Answers to Discussion Questions
1.1 The value of information is the difference between the benefits realized from using that information and the costs of producing it. Would you, or any organization, ever produce information if its expected costs exceeded its benefits? If so, provide some examples. If not, why not?
Most organizations produce information only if its value exceeds its cost. However, there are two situations where information may be produced even if its cost exceeds its value.
a. It is often difficult to estimate accurately the value of information and the cost of producing it. Therefore,...
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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:
* Information on the costs of an organization’s products and services.
For Example, managers can use product costs to guide the setting of selling prices. In addition, these product costs are used for inventory valuation and income determination (Horngren...
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Management accounting is concerned with the provision and use of accounting information to managers within organizations, to facilitate the managers in their decision making and management control functions. Unlike financial accounting information (which, for the most part, is made publicly available), management accounting information is used within an organization and is usually confidential. (Jiambalvo)
The distinction between traditional 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...
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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...
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Explain the nature, purpose and scope of responsibility accounting
According to the text book Managerial Accounting a responsibility accounting system is set up to help control costs assigned to specific units. The website accounting tools.com, goes further to describe it as a system that compiles revenue, cost and profit information at the level of those individual managers most directly responsible for them. The responsibility accounting system involves a performance report. This performance report accumulates and reports costs and expenses that a manager is responsible for and their budgeted amounts.
Differentiate between various costing systems and various forms of responsibility...
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Critical Perspectives on Accounting- MMPA 516
This Journal provided me an opportunity to express my views and critically analyze the different aspects to which accounting relates. It had been a great experience and a great approach to express ones opinion.
Harleen Kaur Juneja
Critical Perspectives on Accounting- MMPA 516
This Journal provided me an opportunity to express my views and critically analyze the different aspects to which accounting relates. It had been a great experience and a great approach to express ones opinion.
Harleen Kaur Juneja
TABLE OF CONTENTS
1. INTRODUCTION Page 2
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Question: What is callable preferred stock?
Answer: A type of preferred stock that gives a corporation the right to call in the stock at a certain price and to retire the stock. Callable preferred stock is one of many types of preferred stock. Instead of having a maturity date, it can be bought back by the issuing company for a certain price on a certain date.
Question: Why do corporations issue such stock?
Answer: Issuing callable stock offers the company protection against future interest rate fluctuation. Just like a homeowner wants the ability to refinance should rates drop in the future, a company wants the right to call back stock that pays a higher rate when rates go down.
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Fraud committed on behalf of an organization vs. fraud committed against an organization
Fraud commuted on behalf of the organization entails a section of the organization’s employees especially the senior management engaging in activities that are meant to benefit the company but in reality cause serious issue to the larger society the group is supposed to serve. An example of these types of frauds is false bidding scheme that refers to situations that a firm pretends to have followed the bidding system although practically the bidding did not take place. One party is allocated the bid before they are received for evaluation although...
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ACCOUNTING FOR AIRLINE FREQUENT FLYER PROGRAMS:
MANAGEMENT INCENTIVES AND FINANCIAL REPORTING IMPACTS
Brian J. Franklin, BBA Accounting ‘12, College of Business and Public Policy, University of Alaska Anchorage,
3211 Providence Drive, Anchorage, AK 99508, 907-268-4233 Ext. 401, email@example.com
The obligation to provide free or reduced-fare travel to passengers who redeem their accrued frequent
flyer program (FFP) benefits represents a significant liability on every major U.S. airline’s balance
sheet. Major U.S. airlines employ one of two methods to account for the liabilities they incur when
issuing mileage credits to traveling passengers. The...
1366 words - 6 pages
Understanding Different Types of Compensation and the Benefits
September 19, 2012
There is a wide range of different types of compensation and other benefits. This paper will focus on three of many, Share based compensation to include stock options and restricted stock, Base Compensation and Pension Plans. Throughout this research project; there will be observance of the accounting treatments and disclosures along with the benefits, advantages and disadvantages to employees, share holders and investors. This will allow and develop a better understanding as to why compensation and other benefits are so important to employers, employees and...
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1.0 Executive summary
The main aim of this report is a proposal to implement managerial decisions that could enable Triton Corporation to cut costs and improve on its returns. Initially Triton Corporation went into a recession but has recently emerged as a well performing company to realize the recent $15.2 million in 2014. Having a six operating divisions, Triton Corporation management have to craft decisions that will in the future ensure better performance.
Organizations in the contemporary business environment have been faced with challenges pertaining to allocation of resources that are inevitably scarce. As a rationale, any business is in place to create value for the shareholders and...
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ACCT 1201 Lecture Notes – Hurley
* Chapter 1 Learning Objectives:
* Recognize the information conveyed in each of the four basic financial statements and the way that it is used by different decision makers (investors, creditors, and managers)
* Identify the role of generally accepted accounting principles (GAAP) in determining financial statement content and how companies ensure the accuracy of their financial statements.
* Why do we need financial accounting and reporting?
* Companies want to raise capital to fund their business
* Debt from Creditors/Banks
* Investments from Investors (in the form of stock)
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Company was incorporated under the provisions of Companies Act, 1956 as a limited Company.
1. Significant accounting policies
a) Basis of preparation of financial statements
The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting in accordance with the Generally Accepted Accounting Principles in India and comply with the Accounting Standards (AS) notified by the Central Government of India under Section 211 (3C) of the Companies Act, 1956, other pronouncements of Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956, to the extent applicable. The...
1285 words - 6 pages
ACC 556 Week 5 Assignment 1:
08 February 2015
This assignment will investigate the unethical and unlawful activities perpetrated by three members of DHB Industries leadership team. David Brooks was convicted of insider trading, fraud, and obstruction of justice on September 14, 2010. This paper will describe the company and the fraud that was involved, outline an audit plan that could have prevented the fraud from occurring, determine and evaluate key types of audit evidence, and speculate two areas that would require more sampling and two areas that require less sampling in the audit process.
Description of Company,...
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COST CLASSIFICATION AND BEHAVIOUR.
Cost: Reflects a monetary measure of the resources sacrificed or forgone to achieve a benefit such as acquiring a good or service. The term has multiple meanings: Different types of costs are used in different situations. Costs are developed and used for some specific purposes. The way a cost is used is to be used will define the way it should be computed. Cost Object: Any activity for which a separate measurement of cost is required. Something for which we want to compute a cost e.g. Product Product Line Department Division Geographical Area Cost unit: Unit of Production / service in relation to which cost are ascertained the unit is what is most relevant...
1464 words - 6 pages
Case 2: Wilkerson Co.
October 16, 2013
1. What is the competitive situation faced by Wilkerson?
Wilkerson has three products and they each faces different competitive situations.
a. The pump market is highly competitive and Wilkerson has to match current market prices to keep its current market share.
b. Wilkerson is a market leader in the valve industry and the market is mature and has only a few players.
c. Flow controller market is an emerging market and is in the growth stage with unsatisfied demand and price sensitivity seems low in this market.
d. The design for...
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SUGGESTED ANSWERS TO DISCUSSION QUESTIONS
4.1 Contrast the logical and the physical view of data and discuss why separate views are necessary in database applications. Describe which perspective is most useful for each of the following employees: a programmer, a manager, and an internal auditor. How will understanding logical data structures assist you when designing and using database systems?</para></question><question id="ch04ques02" label="4.2">
Databases are possible because of their database management system (DBMS). As shown in Figure 4.2, the DBMS is a software...
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Accounting in H&T
Continuous Assessment 3
Vu Que Linh (1206009805)
Andrian Hendro (1207009990)
Giovanni Budianto (1110009123)
Pham Thuy Van (1204009616)
Pham Thi Hoan Hao (1207009935)
Maria Astrid K (1206009804)
Huynh Ngoc Thanh Truc
Table of Contents
Presentation of financial statement of the past three years……........1
Identification of major ratios……………………………………..…..2
Sales trend justification……………………….………………………4
Buying or leasing………………………………………………………5
Accepting a special order……………………………………………..9
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Chapter 3: Islamic Accounting
Question: Do you think the Islamic accounting (process, transactions, development and etc.) will be increased or decreased? Why?
The world accounting in Islam has many meanings according to the situation where it is mentioned and used. In Arabic dictionaries it refers to count and record the financial actions and transactions. Also, it refers to accountability and responsibility by the man self or by others.
In the Holy Quran, there are have a several meaning of accounting such as accountability. In Surah Attalaq-8, Allah says that “people who opposed the command of their God and hid apostles. Did we call to account, to severe account”. In other verse,...
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How did it cook the books?
Nguyen Bao Khanh
Student ID: FB60162 Class: FB0662
May 19th, 2012
1. WorldCom’s accounting scandal 2. How did WORLDCOM cook its books? 3. Conclusion
WORLDCOM headquarter in Virginia, USA.
WORLDCOM’S ACCOUNTING SCANDAL
WorldCom, established in 1983, whose CEO was Bernard Ebbers, was the second largest long distance phone company in the US after AT&T. It could be seen as a pride of America until it got into one of the biggest accounting scandals in the American history which finally led to its bankruptcy in 2002. On July 21st, 2012, WorldCom filed for bankruptcy, which was worth 103.9 billion USD and became...
4688 words - 19 pages
Greenlight Accounting, LLC
Thorough documentation for individual and small firms is an essential element in financial record keeping and tax filing. Personal income from investments, land, compensations, employment, dividends, and interest can sometimes be an over burdensome task for an individual or family to manage and keep track with throughout the year. For businesses, it’s imperative all transactions be logged with accurate bookkeeping and that taxes stay filed in a timely manner to ensure the efficiency of the organization remains intact. Greenlight Accounting is that...
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1. (Points: 0.5) |
| According to The Sarbanes-Oxley Act of 2002, the audit committee of the board of directors is directly responsible fora. hiring and firing the external auditors.b. performing tests of the company's internal control structure.c. certifying the accuracy of the company's financial reporting process.d. overseeing day-to-day operations of the internal audit department. |
| Save Answer |
2. (Points: 0.5) |
| Which of the following duties could be performed by the same individual without violating segregation of duties controls?a. Programming new code for accounting software and testing accounting software upgradesb. Approving accounting software change...
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Accounting conservatism is traditionally defined by the adage “anticipate no
profit, but anticipate all losses” (e.g., Bliss, 1924). Anticipating profits means
recognizing profits before there is a verifiable legal claim to the revenues generating
those profits. Conservatism does not imply that all revenue cash flows should be
received before profits are recognized. Thus the issue is one of verifiability. In the
empirical literature the adage is interpreted as representing “the accountant’s tendency to
require a higher degree of verification to recognize good news as gains than to recognize
bad news as losses” (Basu, 1997, p. 7). Conservatism is the asymmetry in the...
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What can an AIS do?
* Companies are able to track a variety of things.
* The number of hours worked by employees all over the world.
* The amount of sales taxes to be paid by one store.
Types of AIS:
Three categories of AIS: know the difference
* Generally used by small organizations. Entirely manual system would require:
* Source document
* Turnaround document- Company output sent to an external party, who often adds data to the document and then are returned to the company as an input document. Machine readable format. Improves accuracy by eliminating the potential for input errors when entering data. Paper based, sent from...
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UKAF 1073 BUSINESS ACCOUNTING 2 – LECTURE 8 Page 1 of 2
DEFINITION OF RATIOS (TO BE USED FOR GROUP ASSIGNMENT AND FINAL EXAMINATION)
|CATEGORY |TYPES |DEFINITION |
|PROFITABILITY |Gross profit margin |Gross profit x 100% |
|(expressed in %) | |Sales |
| | | ...
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On Going Accounting Engagement
This Agreement for Professional Bookkeeping/Accounting Services (the “Agreement”), dated ___________ is by and between _____________________, with its principal office at ______________________________ (Hereinafter “Client”), and Schwind Accounting Services Inc. with its principal office 8404 83rd Ave SW Suite K Lakewood, WA 98498 (Here in after the “Consultant”).
WHEREAS, Client finds that the Consultant is willing to perform certain work hereinafter described in accordance with the provisions of this Agreement; and
WHEREAS, The Client is of the opinion that the Consultant has the necessary qualifications, experience and abilities to provide services...
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1. Functional-based and activity-based costing assigns costs to cost objects such as products and customers. Once costs are assigned to the cost object, the unit cost is calculated by dividing the total cost assigned to the units produced by the number of units produced.
2. Unit cost information is used to:
■ value inventory
■ determine cost of goods sold, which affects income
■ determine bids to give to potential customers
■ decide whether to make or buy a product
■ decide whether to accept or reject a special order
■ decide whether to keep or drop a product line
■ decide whether to...
267 words - 2 pages
Mr. Cazalno opened a laundry and dry cleaning services. Transactions for the first month of operations are the following for the month of June 2013.
June 1- Mr. Cazalno invested Cash P50,000.; Equipment P35,000.
2- He bought furnitures worth P10,000.
4- He received P5,000 worth of Cash on 2 year notes, interest to be paid and recognized upon maturity (Inquire if you want to have an interest to be post).
5- He paid utilities worth P2,000.
6- Bought supplies having a down payment of P3,000 and P5,000 on account.
9- Withdrew P15,000 cash for personal use.
10- Paid advertisement for P2,000.
11- Paid the salary of his employee worth P1,000.
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Contingency Plans and Exit Strategies
We try to carefully plan our operations and order product when we think our sales will be the
highest. Because we deal quite a bit in perishable goods, we need to be aware of our buying
patterns. Although we are in the process of automating the inventory and ordering process, we
have been manually controlling and monitoring product as we go along.
When our sales volume fluctuates more than 10% in either direction, that is a red flag, and we
evaluate and try to determine why we missed our expectations. Sometimes we fail to recognize
local community events that bring people into the community who then stop by the store. We
conduct a “lessons...
703 words - 3 pages
With sophisticated accounting software and inexpensive computers, it is no longer practical for most businesses to manually enter transactions into journals and then to post to the general ledger accounts and subsidiary ledger accounts. Today, software such as QuickBooks* will update the relevant accounts and provide more information with a minimum of data entry.
*QuickBooks is a registered trademark of Intuit Inc. AccountingCoach LLC is not affiliated with Intuit Inc. and does not receive any affiliate marketing commissions from Intuit.
In this section we will highlight how the accounting software will capture financial transactions and then automatically update...
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a) Phil N. Tropic should recognize this as the asset. In the Conceptual Framework (CF) of IASB, it states that an item can be recognized as the asset if it meets the definition of the asset and meets the recognition criteria at the same time (IASB, 2014). And the definition of the asset in CF is “a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity” (IASB, 2014). In other words, if the item is an asset, it must have three characteristics: it can generate inflows of future economic benefits; it is controlled by the entity as a resource; and the transaction or event giving rise to the control must...
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University of Phoenix Material
Critical Analysis Worksheet
Read “Common Core” and “The Battle Against Common Core Standards.”
Perform a critical analysis of each reading using critical thinking techniques from this week’s readings.
Respond to the following based on your critical thinking analysis of the “Common Core” and “The Battle Against Common Core Standards” readings.
1) Define the term conclusion.
To arrive at a decision
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Pasadena City College
Syllabus - MANAGERIAL ACCOUNTING - ACCT 001B
Fall 2015 – 70008 (Revised)
September 1 – December 15, 2015
Tuesdays/Thursdays; 7:00am – 9:30am
R 307, Building R
Chee-Sum Tan, MBA, CPA, CFA, ABV, CGMA
Textbook: Accounting: Tools for Business Decision Making (5th Edition); Kimmel, Weygandt, Kieso, Wiley
Publishing (WITH “WILEYPLUS”). WILEYPLUS IS REQUIRED
Calculator: Basic calculator
Supplies: Pen, pencil, 3 scantrons
This course is designed to provide an understanding of managerial accounting information useful to managers
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10 February 2011
If you were to search the dictionary for the definition of the term, transgender, this is the answer that you would receive: (Noun) A person appearing or attempting to be a member of the opposite sex, as a transsexual or a habitual cross-dresser. As many of us already know someone who is considered transgendered is a person who is often called a gay or a homosexual. In the American culture the transgendered are usually looked down upon. They are often mistreated and disliked just for the way they act and look.
Many people in the American culture see being transgendered as an abomination. Those...
1547 words - 7 pages
MIG RTA State events
Agent Phone States for Totalview WFM
The following MIG Agent States will be monitored and reported into the TotalView system:
The following agent states are fixed:
For Logout, ACW and AUX, reason codes can also be appended to the event to show the ACD reason if available eg:
Each individual event must be mapped with Totalview
The general events dynamic and depend on what the agent does on the phone, they are in the format as follows:
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Profitability analysis framework
Volume Revenues Price Profitability Fixed Costs Variable
Terminology Revenue driver – any factor that causes a change in the total revenue of a product or service e.g. – volume of units sold, change in selling price how to measure volume? Differs by type of business – patient days for hospitals, “load” factor for airlines, sales per square feet for retailers Cost driver – any factor that causes a change in the total cost of a product or service e.g. - quality of materials, number of parts, skill of production workers, patients treated
More Terminology Variable cost – cost that changes in total in direct proportion to changes of a cost driver (e.g.,...
712 words - 3 pages
AMERICAN INTERCONTINENTAL UNIVERSITY
ACTIVITY-BASED COSTING & PROCESS COSTING
The Ski Pro Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify in an effort to stabilize sales throughout the year. The company is considering the production of cross-country skis. This assignment requires that a determination be made with regard to how Ski Pro should proceed in their business endeavors. Included in this assignment is an Excel spreadsheet depicting this scenario
Ski Pro must first decide whether or not to make or buy the bindings. Ski pro must look at the avoidable costs and compare...
1605 words - 7 pages
Good accounting gone bad
Principal of Accounting 1
1. Anatomy of a financial sheet
2. Financial statement errors
c. North Babylon Union Free School District
3. Sarbanes Oxley Act
4. Corporate Accountability
Accounting has been defined as "the language of business" because it is the basic tool for recording, reporting, and evaluating economic events and transactions that affect organizations. For the financial statements to be of value, it is imperative they are accurate and presented in conformity with accounting standards. As a result, it is eminent that the financial statements are accurate,...
510 words - 3 pages
One who wins must tell the story. Everyone who has won wars, or accomplishes mission, etc. always seems to tell the story. In a way where the teller most likely did not finish telling the truth about the story and or lied about their way on the journey. This is where the quote by Anatole France helps you understand the quote.” We have never heard of the devil’s side of the story. God wrote the entire book”.
First of all, after looking at the quotation you can clearly say the meaning of the quote is winner’s get to tell the story and losers get to hear the winner’s side of the story. The first example is Iraq going head to head with the...