...Setting direct materials stds: price stds- final, delivered cost of materials, net of discounts; qty. stds- summarized in a bill of materials Setting direct labor stds: rate stds- often a since rate is used that reflects the mix of wages earned; time stds: use time and motion studies for each labor operation Standard cost card: std. qty/hrs x std. price/rate=std. cost per unit Mgt by exception- deviations from stds. deemed significant are brought to the attn. of mgt. Variance investigation should seek to determine if the circumstances causing the variance were controllable or uncontrollable and isolated or systemic Variance analysis cycle: prepare perform. Report -> analyze variances -> identify ?’s -> receive explanations -> take corrective actions -> conduct next periods ops. Price variance: diff. btw actual price & std. price – ex. Materials price variance, labor rate variance Quantity variance: diff. btw actual qty & std. qty – ex. Materials qty variance, labor efficiency, (usage) variance General model: Actual qty. Actual qty. Std. qty. x x X Actual price std. price std. price Price variance Quantity variance Factored equations: (AQ x AP) – (AQ x SP) (AQ x SP) – (SQ-SP) Price variances should be calculated when material is purchased not when it is used. ...
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...Chapter 1 THE PROBLEM AND ITS BACKGROUND The terms less-than-lethal, less lethal, and non-lethal are frequently and inappropriately used interchangeably. Almost anything can become lethal if used improperly or if circumstances are extremely unlucky; weapons that are considered to be of Non-Lethal force only decrease the odds of deadly injury. The court addresses the use of less lethal force in the “objective reasonableness standard,” where questions regarding excessive use of force are to be judged from the perspective of a reasonable officer coping with a tense, fast-evolving situation. (Graham, Conner, 2009) This revised standard alleviates some of the “Monday morning quarterbacking” that would otherwise result and respects that officers possess sound judgment skills. (Graham, Conner, 2009) In some arrest situations and other law enforcement activities, the use of force may be required to protect the safety of the officer or the public. Occasionally, the threat to an officer or the public justifies the use of deadly force an amount of force that is likely to cause either serious bodily injury or death to another person. (Graham, Conner, 2009) When use of force is required, but deadly force may not be appropriate, law enforcement officers may employ less-lethal weapons to gain control of a subject. Less-lethal weapons are designed to induce a subject to submit or to comply with directions. These weapons give law enforcement officers the ability to protect the safety of...
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...Contingency theory is perceived by some scholars as a fragmentation of various ideals patched together into a theory of management accounting, nevertheless, it should be recognised that it provides a wealth of knowledge into contemporary management accounting practices. Contingency theory provides enhanced information to the individual which ultimately improves decision making and assists in achieving organisational objectives (Hamas and Lääts, 2002, p. 379). This theory has invaluably provided research evidence that are attributable to contemporary management accounting knowledge and designs. It has provided a profound method to adjust to ever changing external environments and the need for changes in internal factors (Otley, 1980, p. 413). Strengths of contingency theory style research Challenging the criticisms of contingency theory for being fragmentary and contradictory due to its methodological limitations, it is the failure of critiques in realising the many different forms of management accounting designs under the contingency approach and the relationships between those design which have perpetuated this idea (Gerdin and Greves, 2004, p.303). Attention should be shifted to the concepts under which contingency theory has been applied. Contingency theory in its simplest form highlights that an organisation’s structure is conditional upon contextual factors such as environment, strategy and size. One of its key strengths is a congruence approach that it represents...
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...Accounting, Auditing & Accountability Journal Financial Accounting Knowledge, Conceptual Framework Projects and the Social Construction of the Accounting Profession Ruth D. Hines Article information: To cite this document: Ruth D. Hines, (1989),"Financial Accounting Knowledge, Conceptual Framework Projects and the Social Construction of the Accounting Profession", Accounting, Auditing & Accountability Journal, Vol. 2 Iss 2 pp. Permanent link to this document: http://dx.doi.org/10.1108/09513578910132268 Downloaded on: 22 September 2014, At: 01:18 (PT) References: this document contains references to 0 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 14644 times since 2006* Downloaded by UNIVERSITI UTARA MALAYSIA At 01:18 22 September 2014 (PT) Users who downloaded this article also downloaded: William E. Shafer, Yves Gendron, (2005),"Analysis of a failed jurisdictional claim: The rhetoric and politics surrounding the AICPA global credential project", Accounting, Auditing & Accountability Journal, Vol. 18 Iss 4 pp. 453-491 Stephen P. Walker, Ken Shackleton, (1998),"A ring fence for the profession: advancing the closure of British accountancy 1957#1970", Accounting, Auditing & Accountability Journal, Vol. 11 Iss 1 pp. 34-71 Sue Sheldon, (1999),"Responding to the Challenges of Change", Pacific Accounting Review, Vol. 11 Iss 1/2 pp. 161-162 Access to this document was granted through an Emerald...
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...| Carmelia Bell | Portfolio | | Bachelors of Science in AccountingDeVry UniversityJune 2013 | | | | | Table of Contents * Personal Mission Statement * Elevator Speech * Education * DeVry Plan of Study * DeVry Course Description and Academic History * Resume * Reference List * Career Path Section Mission Statement My mission is to continue to drive for excellence throughout my life. I will ensure that I graduate from school with my Bachelors of Science in Accounting degree from DeVry University. My mission is to also enroll in Keller’s Graduate school to get my master in Business and Management. My goal is to work for a successful company in a management position to demonstrate my skills and help the company to drive for outstanding results. I am committed to becoming a successful manager in a retail store or corporate level. I am willing to go above and beyond to reach that goal. I am a driven, compassionate, and hardworking individual. My goal is to one day get marry and have a family. I will be loving and proactive in building and maintaining my relationships with my employees, family and friends, so that I may be considered a successful wife, mother, daughter, sister, aunt, friend, co-worker, and manager. Elevated Speech Hi my name is Carmelia Bell. I am a senior at DeVry. I’m graduating June 30 of this year. I have 4 years of an assistant manager experience. I’m currently working as a team lead at...
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...Advanced Management Accounting UMAC3J-20-3 Assignment 2012/2013 Monday 10th December 2012 09016707 The Development of the Techniques of Activity Based Costing, Budgeting and Management from the 1990s to the Present Day. Executive Summary: This report aims to explore the developments of activity based costing, budgeting and management from the 1990’s to the present day. This report aims to evaluate the criticisms made during this period by Kaplan and Cooper, and to use a range of theories and developments to assess whether these criticisms have been overcome. The use of case studies to evaluate these changes in practice will give supporting evidence to the changes that have been made. Introduction to Kaplan and Cooper’s Criticisms: Since 1987 when H. Thomas Johnson and Robert S. Kaplan wrote ‘Relevance Lost: the rise and fall of Management Accounting’, there have been significant developments in the traditional cost accounting methods used at the time; these mainly being absorption and marginal costing. Although these methods are “geared toward compliance with financial reporting requirements”1, they often resulted in misleading and inaccurate cost information used by managers. Traditional costing methods use a ‘blanket’ overhead recovery rate which meant when the number of overhead costs increased with more complex production schemes, cost allocations were inaccurate. This method was now “invalid relative to how the products and services consumed costs”2. With...
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...ACTIVITY –BASED COSTING (ABC) IN SERVICE INDUSTRIES Name: Ira Suri Date: April 23, 2016 Class Name: ACC 560: Managerial Accounting Professor Name: Professor Jones Olajide Abstract This paper explores Activity- based costing in Amazon Company, which is predominantly considered to be a forerunner in online retailing. It offers comprehensive range of products like books, CDs, videos, DVDs, electronics, toys, tools, home furnishings and housewares, apparel, and kitchen gadgets. It has evolved over the years and through this paper we shall evaluate how a time driven ABC cost system can be implemented in Amazon and how will it provide a competitive edge to the company in the market space it maneuvers in and subsequent impact of the business performance. Also, the paper will assess the latent impact of time- driven ABC costing on services provided online with those delivered through traditional channels. Amazon.com Amazon is one of the biggest online retailing companies, which deals in an innumerable collection of products like books, Cd.s, Dvd’s, shoes, clothing, home furnishings, hardware, music and what not. Amazon’s vision is to be globe's supreme consumer centric business; to construct an abode where individuals can uncover and discern everything they might desire to acquire online.” Amazon.com also retails goods from renowned dealers involving Virgin Wines, Hotwire, Toysrus.com Inc., Target, The Borders group, Circuit City Stores Inc., Waterstones, Expedia...
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...Assignment Questions for Harvard Cases 3. Hilton Manufacturing Company In Exhibit 3 of the case, change the description for estimating variable portion of "Compensation" and use 5% of direct labor cost rather than 5% of direct labor and indirect labor cost as indicated in that Exhibit 3. Again, DO NOT USE 5% of DL and IDL costs. A product cost is itself a product of a cost accounting system. To use product cost information in decision making, a manager must understand the nature of the cost measurement system that has been used to estimate a product cost and be able to evaluate whether or not the product cost at hand is appropriate for the decision which is about to be made. A second objective is to provide practice in considering whether or not assumptions about cost behavior are critical to decisions and to expand the notion of contribution beyond the simple idea of price minus variable cost per unit. A third objective introduces the concept of breakeven analysis, not by focusing on the point where no profit is earned but rather as a tool to consider whether or not one of two price points might be preferred. Finally, the last assignment question invites you to consider factors that lead to profitability. You begin your analysis by focusing on two issues raised in the assigned questions. The first is whether the decision not to drop Product 103 as of January 1, 2004 was wise. In addition, you are asked to analyze what would have been the impact on profit...
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...UNDERGRADUATE CURRICULA AND FACULTY 2007 – 2011 Proposed 2009 – 2013 2 Requirements for the BBA degree: Foundation Courses 40-41 Credits Core Courses 45 Credits Departmental Requirement 24 Credits Minor 15 Credits Total variable requirement for Graduation 124-125 Credits Foundation Courses Communication Skills ENG 101 ENG 102 ENG 105* ENG 106 ENG 202 Listening and Speaking Skills English Reading Skills Business English Advanced English Skills Introduction to English Literature 40-41 Credits 9 3 3 3 3 3 * Prerequisite ENG 101 & 102 Note: students not exempted from ENG 101 and ENG 102 will have to take ENG 101, ENG 102 and ENG 105. Note: students exempted from ENG 101 and ENG 102 will have to take ENG 105, ENG 106, ENG 202 Computer Skills CIS 101* CSC 101** Fundamentals of Computer System Introduction to Computer Science 3 3 3 * For students without basic knowledge of computer **For students with basic knowledge of computer & mandatory for students with Major in subjects offered from the SECS Numeracy MAT 100* MAT 210* Basic University Mathematics 1 Basic University Mathematics 2 6 3 3 3 *MAT 100 and MAT 210 mandatory for SLAS majors(English, Media & Communication, Anthropology) other than Sociology MAT 101* MAT 211* MAT 102* MAT 212* Intermediate University Mathematics II Probability and Statistics Introduction to Linear Algebra & Calculus Probability & Statistics for Sc. & Engr. 3 3 3 3 **MAT 101and MAT 211 mandatory for...
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...Journal of Forensic & Investigative Accounting Vol. 4, Issue 2, 2012 The Obvious Fraud: A Short, Problem-Based Case Study to Highlight Inappropriate Fraud Examination Techniques David O’Bryan Jeffrey J. Quirin* INTRODUCTION Assume you are an internal auditor for a large, multinational, manufacturing organization with a division in Mexico. One of your responsibilities is to investigate allegations made on the company’s fraud hotline. When you arrive at work one morning you learn an anonymous tip was left on the hotline that alleges fraud involving the division manager. “Pat’s significant other is a fraudulent vendor,” was the anonymous tip left on your company’s fraud hotline. Pat is a division manager at your company. “Wow. I can’t believe this guy is so blatant,” you’re thinking as you review some accounts payable invoices while following up on this anonymous tip. The invoice that caught your attention is shown in Table 1. A quick search of the AP file reveals a total of three invoices like the one in Table 1, all for identical amounts but on different dates. The division manager, Pat, has the authority to approve payment of invoices for less than $10,000. It is obvious to you that the manager has a created a shell company. You happen to know that Pat’s significant other is named Kim, hence the name Kimco Marketing. There is no documentation to support these transactions other than the invoices, all of which are purportedly for marketing services. * The authors are, respectively...
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...Leventhal School of Accounting BUAD 305: ABRIDGED CORE CONCEPTS OF ACCOUNTING INFORMATION Course Syllabus for Fall Semester 2011 |Sec. |Time |Location | |14766R |8:00-9:50 AM TTH |HOH 303 | |14772R |12:00-1:50 PM TTH |HOH 421 | |14774R |2:00-3:50 PM TTH |HOH 421 | Professor: Chrislynn Freed, CPA* Course website: http://blackboard.usc.edu/ Office: School of Accounting Building, Room 115 Office Phone: 213-740-4867 (also voicemail number) Email Address: cfreed@marshall.usc.edu My Office Hours: Tuesday & Thursday: 7:15-7:45AM; 10:00-11:00 AM; and 4:00-5:00 PM; or by appointment (also please feel free to send me an email at any time. I will respond as quickly as I can.) IA Office Hours: Mondays: 1:00-3:00PM; Wednesdays: 4:15-6:15PM Emergencies: Call (213) 740-4321 (for personal emergency) or (213) 740-9233 or tune to KUSC Radio at 91.5 on your FM dial USC Information: (213) 740-2311 Emergency Info: Call (213) 740-9233 or listen to KUSC Radio at 91.5 on your FM dial * regulated by the state of Florida I. COURSE DESCRIPTION, GOAL AND LEARNING OBJECTIVES; COURSE FORMAT This course is not a traditional financial-managerial accounting course. Instead, this course will take a new approach to accounting education. The emphasis...
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...Business Operations Case Analysis: Blanchard Importing and Distributing Co. Inc. (HBS Case 9 - 673 - 033) Submitted by: Tushar Kothavale (130) NMIMS, FT MBA 2009-2011 1) Correct the Economic Order Quantity (EOQ) and Reorder point (ROP) quantities for each of the five items mentioned in the case. We first predict the annual demand for the year 1972 based on trend for 4 months of 1972 based on corresponding months of 1971. Calculations for Annual demand (R): The assumption made here is that the same trend for sales as that for the four months of 1972 would be followed for the rest of the months of the 1972. Sales prediction for annual demand for year 1972 Total Sales Feb Mar Apr May 1971 1972 128 210 136 303 233 275 219 463 1971 1972 51 166 52 142 74 133 157 213 334 1971 1972 79 82 82 68 151 66 66 38 163 177 180 163 198 162 183 256 724 1971 1972 10 11 34 28 44 61 26 55 Annual Demand 378 1971 1972 Percentage Change over 1971 114 Vodka 716 1251 2455 74.72 4289 Gin 654 1421 95.81 2782 Scotch 254 800 -32.80 538 Whiskey 758 3096 4.70 3241 Rum 155 449 35.96 610 Calculations for Setup cost (S): 1 Size changeover cost = (cost of resetting all machinery for change in bottle size/ avg. no. of different items of given size processed between size changeover) = 23000 / (52X7X10) =...
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...Services: A Management Accounting Approach Jordi Carenys Professor at the Management Control Department. EADA Business School EADA, c/o Aragó 204, 08011 Barcelona, Spain E-mail: jcarenys@eada.edu Tel: 934 520 844; Fax: 933 237 317 Web: www.eada.edu Xavier Sales Professor at the Management Control Department. EADA Business School E-mail: xsales@eada.edu Abstract The present study aims to outline the characteristics of the cost systems used in banking institutions. It does so by describing the partial costs and full cost systems in banking institutions. It then looks at the limitations of these approaches to the current competitive conditions and goes on to consider the applicability of the activity based costing system in the allocation of indirect transformation costs to branches, products and customers. Finally, we will look at the findings of a questionnaire to Spanish savings banks in order to evaluate how widespread these systems are and how they are used in savings banks. We found that direct costs systems predominate in customer and products entries whereas full costs systems are much more widespread in the case of branches. Furthermore, we also found that the use of activity based costs systems is very limited. Keywords: Saving banks Cost structure Management accounting Cost systems Activity based costing. JEL Classification Codes: M41 – Accounting G21 - Banks; Other Depository Institutions. 1. Introduction Historically, management accounting in banking institutions...
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...that direct costs systems predominate in customer and products entries whereas full costs systems are much more widespread in the case of branches. Furthermore, we also found that the use of activity based costs systems is very limited. 1. Introduction Historically, management accounting in banking institutions was introduced considerably later in comparison with companies in other sectors. There are a number of reasons for this limited development. This was due, on the one hand, to external causes. For example, it was not until the 80's that competitive conditions in the banking sector fostered the development of accounting management planning and control systems. On the other hand, there were also internal conditions that had to do with the nature of the banking business and the operations that these companies carry out, which differ significantly to those of other sectors. This hindered the transfer of models that had basically been developed for industrial companies to the financial sector. As regards internal factors, the accounting regulations set down by regulating bodies of the banking system have traditionally been the starting point from which banking institutions have drawn up their accounting information. The purpose of...
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...CHAPTER ONE INTRODUCTION 1.1 Background to the Study The need for Environmental Accounting has become the concern and focus of nations and responsible corporate managements. It became one of the foremost issues on the agenda of nations and businesses earlier in the 1990s and the reasons for this were varied emanating from both within and outside of the firm and particularly at the global level (Okoye and Ngwakwe:2004:220-235). A lot of government enactments, laws and regulations on environmental protection have been made in several nations of the world. In the light of the awakening to environment protection, various laws and regulations such as the Environmental Impact Assessment Act, 1992 have been enacted. These require corporate managements to consider the environmental implications of all internal decisions of their managements. Also, all organizations monitored by environmental policy agencies in Kenya are expected to demonstrate much consideration in decision making. Environmentalists agree that it could be more cost effective and beneficial for companies to acquire pollution prevention or clean technology than those of pollution clean-up. It is also observed that in environmental regulations, there is a shift from the ‘command and control’ approach to market-driven forms in which pollution prevention alternatives are replacing pollution cleaning approach. It follows therefore, that determining the appropriate pollution prevention approach may lead to additional decisions...
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