...Accounting for Decision Making BAAM5013 (2014/1) INDIVIDUAL ASSIGNMENT GROUP MEMBERS THURGA CHANARAN MC1309MC0003 MOGANALETCHUMY CHELLIAH MC1401MC0003 MOHAMED FATHI A ABOULHOUL MC1401MC0013 Assigned By: Prof. Mohd Khir Ashari QUESTION 1 (a) Accounting Theory is variously described as setting out ‘postulates’, “principles” and concepts’. Is there difference between these terms, or is this just a matter of semantics? Accounting is generally termed as the language of business throughout the world. The language is the means of communication of ideas or feelings by the use of conventionalised signs, gestures, marks and articulated vocal sound. In the same way, the accounting language saves as a means to communicate matters relating to various aspects of business operations. As the individual business enterprises keep their accounting records separately, the offer to communicate is essentially from a business enterprise to various individuals, groups and institutions that are having interest in the operations and results of that enterprise. Now, although accounting is generally recognised with the business, trade and profession, the business enterprise is not the only kind of organisation that makes use of accounting. Legal entities ranging from individual to governments use and prepare accounting to obtain information on the financial condition and performance of the entity in question. Just as the business enterprises (like firms, companies, societies and institutions...
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...The Elijah Heart Center needs to make changes on cost-cutting, funding options for equipment, and funding options for capital expansion. Doing this simulation review it will show just how to go about making these changes to save money. I will explain as to why I choose what I did in this paper. The cost-cutting options I choose were changing the skill max and reducing agency staff. The reason as to why I choose changing the skill max is to allow the nurses to focus upon their more important tasks. Nurses do not need to be doing what another individual is capable of doing those people that do not have skills. Such as answering phones, faxing documents, scheduling appointments, and so on. Receptionists are mostly unskilled and do not require a lot of training, except hands on through the office training. The nurses and other skilled professionals need to focus more on the importance of their jobs by taking care of patients. Those who are unskilled do not expect to be paid like a skilled person; with this option it is saving money for the hospital. The second option I choose was to reduce agency staff that is contracted. It is stated in the cost cutting options menu that the agency staff salaries are double of what other staff in the hospital are getting paid. There is only a need for a few agency staff in the hospital. It would allow other people to have hospital jobs which are cheaper since they are not getting the doubled salary. Whenever a contracted worker is hired for any...
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...Non – Parental Child Care Rhonda Swazer SOC 312 Instructor Rebekah Clark May 31, 2012 Non Parental Child Care Non-Parental child care is very important for many different reasons. It helps working parents attend their child’s needs when they themselves can’t do so. Non-parental childcare helps teach and mold children from an early age. It also helps children learn how to become self reliant earlier than latter on down the road. There are 3 different types of non-parental child care facilities which are childcare small childcare facility with 12 kids or less, childcare in a center with 30 or more kids, unrelated childcare in the kid’s homes. There are many ways that parents provide for the care of their children during work-times. The setting for childcare is a home center. The home may be the child owns home, a relative (grandmother, aunt, etc) home, or the home of an unrelated person. The individual caring for the child in the child’s own home may be the parent, a relative or an unrelated person such as a babysitter. Home care can included the simultaneous care of many children from other families. Home care is sometimes referred to as family day care even though the family may not be the child’s own family. Sometime going to a head start can make a child feel like a big boy or girl. For some children head start can be very reliant and the child can be very excited about learning. In home day care is very popular today a small day care facility...
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...to deal with the risk (IT & physical controls) 3. [Work an EOQ problem.] EOG= economic order quantity: goal= is to minimize total cost of inventory (by minimizing order costs + carrying costs) • order costs: # of times to place an order • carrying costs: how much does it cost to hold inventory for one year? Q =((2DS/H) D: annual demand (units) S: “fixed” cost to place order (per-unit order cost) H: carry cost per unit per year 4. [Work a reorder point problem.] ROP= reorder point = when to order (when we get down to x units left in inventory, reorder) ROP= I x d I = lead time in days (the time between placing an order for inventory and its arrival) d = daily demand (total demand/number of working days) 5. Draw, name, and describe the purpose/use of five different symbols (shapes) often used in the system flowchart. 6. What is a _____ ? Who creates it? What specific purpose(s) does it serve? How is it used in transaction processing? a. Stock release/Picking ticket : document that identifies which items of inventory must be located & picked from the warehouse shelves. Could be raw material or FG (Production/Factory/Warehouse department) b. Move ticket: records work done in each work center and authorizes the movement of the job or batch from one work center to the next (supervisor or authorized person) c. Bill of...
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...The main costs associated with the production of VectorCal’s drone navigation system are the labor cost and material cost. VectorCal’s drone navigation system has two types of labor cost, direct labor and indirect labor. Direct labor cost is wages that are incurred in order to produce specific goods or provide specific services to customers. It also includes the payroll taxes associated with those wages, plus the cost of company paid medical insurance, life insurance, workers' compensation insurance, any company matched pension contributions, and other company benefits (Adams, 2014). Indirect labor is the cost of any labor that supports the production process, but which is not directly involved in the active conversion of materials into finished products. Indirect labor cost would include production supervisor, purchasing staff, materials handling staff and materials management staff. The cost of both types of indirect labor can be fully loaded with the costs of benefits and payroll taxes for financial analysis or cost accounting purposes, since these additional costs are closely associated with the indirect labor positions (Adams, 2014). Direct material cost is the cost of important materials that are used in the manufacture of a product or used in providing a service. Direct material costs are definitely identifiable to the contract. The concept of estimating direct materials costs is very straightforward. It consists of determining what is needed, how much is needed, and...
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...Health care cost in the United States is expensive, and it has increased each year without fail until recently. There are a few contributing factors to the health care spending growth; one is the number of individuals who are in need of health insurance and medical care, and the other is the technology changes. Technology is a continuous change, and this will always be a factor in health care spending. For the individuals who were uninsured and could not obtain insurance, they have now been given the opportunity because of the health care reform; those individuals can now enroll in affordable coverage through the health insurance exchange. By providing more individuals with access to health care coverage and reducing the cost of preventative care, the spending value should start to decline. The objective of the Affordable Care Act is to bring out the health care system inadequacies while decreasing the overall health care spending, the other was to increase the effectiveness and quality of patient care (the White House, 2013). Health Care Expenditures In 2013 statistics show that there was one more year of reducing growth in health care spending, the other years that were evident of a slow growth were 2011 and 2012. These years according to Furman & Fiedler (2014), "saw the slowest growth in real per capita health care spending on record” (Historically Slow Growth in Health Spending Continued in 2013, and Data Show Underlying Slow Cost Growth Is Continuing, para 1)...
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...Non-Parental childcare is very important for many different reasons. It helps working parents attend to their child’s needs when they themselves can’t do so. Non-Parental childcare helps teach and mold children from an early age. It also helps children learn how to become self reliant earlier rather than latter on down the road. I went to a type of non-parental daycare facility it was fun and I was excited to go. I will talk about 3 different types of non-parental child care facilities which are childcare small childcare facility with 12 kids or less, childcare in a center with 30 or more kids, unrelated childcare in the kid’s home. I will then analyze the influences that non-parental childcare has on psychological, social and cognitive development on the children. There are many ways that parents provide for the care of their children during work-times. The setting for child care is a home or a center. The home may be the child’s own home, a relative’s (grandparent, aunt, etc.) home, or the home of an unrelated person. The individual caring for the child in the child’s own home may be the parent, a relative, or an unrelated person such as a babysitter. Home care can include the simultaneous care of many children from many families. Home care is sometimes referred to as family day care, even though the family may not be the child’s own family. I went to Head Start and I loved every minute of it because I felt like I was a big girl and I was going to big kid school just...
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...conditions. 2. Outline the advantages and disadvantages of work benefit programs. 3. Conduct an analysis on Coy Manufacturing’s work benefits to provide recommendations that will benefit Coy Manufacturing’s employee retention rate and growth of the organization. 4. Any other changes that will improve the work outcomes that management at Coy Manufacturing are concerned about. 2.0 Overview of current labor market conditions The Bureau of Labor Statistics (July 2013) outlined in a recent study that employer-provider medical care was available to 85% of full time industry workers in the United States in March 2013. The following statistics were also found: 1) 64 percent of private industry employees had access to retirement benefits, 2) paid holidays were available to 97 percent of management, business, and financial employees and 3) 72 percent of private employees that worked full time had access to life insurance benefits (BLS website, 2013). Chart 1. Full and part-time workers: Access to selected benefits, private industry, March 2013 Chart 2. Establishments by employment size: Access to selected benefits, private industry, March 2013 3.0 The advantages associated with organizations...
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...something that affects everyone, young or old, rich or poor, and it’s a law with several goals, such as helping people afford healthcare, lower the cost of medical care, reduce the increase of healthcare spending, and many more. It’s an important law that has helped millions pay for healthcare, and has more benefits than disadvantages. Controversially, it requires everyone in the country to have a health insurance plan, or pay a fine. Many argue that this is unfair. Health insurance can be extremely expensive, and not everyone wants it. According to the eHealthInsurance Resource Center [1],...
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...Ikea. Of course the headquarters (IOS) pick the cheapest combination of producing and delivering (logistics). That is the way the headquarters of Ikea find the cheapest manufacture for their products, including transport and all the other logistic costs. This fits into Ikeas cost leadership strategy. As a second result the Trading Areas plus the suppliers are in a competition, which makes them very efficient. b. Long term orientation Ikea tries to have long contracts with their suppliers. They grant their suppliers a lot of advantages. Ikea shares their knowledge and experience in logistics with them. If a supplier could not deliver a product as cheap as Ikea wants, Ikea helps the supplier to reduce costs. They prefer doing that instead of changing the supplier, it shows the long term orientation of Ikeas supply chain. Ikea is very connected to their suppliers. From the prospective of the suppliers it is a good thing because they can also make long term plans or investments. Ikea helps their suppliers with Investments as well, if they could not make the investment. Ikea gives them financial security for the future. This leads the suppliers to accept a lower price for the products paid by Ikea, than they could get from another customer. So Ikea is again able to lower the cost, which matches again Ikeas cost leadership strategy. c. Bypassing distribution Centers The...
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...commercial property type that become occupied during a specified time period (usually a year) in a given market, typically reported as the absorption rate. Accumulated cost recovery Total cost recovery deductions taken throughout the holding period of a property. Active income Income from salary, wages, tips, commissions, and activities in which the taxpayer materially participates. Also see passive income. Add-on factor The ratio of rentable to useable square feet. Also known as the load factor and the rentable-to-useable ratio. Also see efficiency percentage. Formula: Add-on factor =Rentable square feet Useable square feet Add value Fourth stage of four-stage transaction management process pertaining to a transaction manager’s planning, effort, and continual contact with key decision-makers, investors, and users, as well as contact with ancillary professionals. This ongoing process allows for feedback, establishes a network for problem solving, provides a means to offer additional services to the client, and enhances the transaction manager’s preparedness for the next assignment. Adjusted basis The original cost basis of a property plus capital improvements, less total accumulated cost recovery deductions, and partial sales taken during the holding period. ADS See annual debt service. Agglomeration economies Cost reductions or savings that come about from efficiency gains associated with the concentration or clustering of firms/producers or economic activities and the formation...
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...Benefits A good employee benefits package can be just as important, if not more important than the actual compensation paid by an employer. American Express understands that in a competitive world were all of their competitors are vying for the same employees, there has to be a way to stand out from the rest and they have accomplished that by offering a stellar benefits package. American Express benefits are eligible to all new full time employees from their first day of work. Many employers put new hires through a probationary period before being eligible benefits which can leave an employee responsible for potentially large medical bills if they were to get ill while under the probationary period. On site fitness center American Express offers a fee free onsite fitness center where they hire a personal instructors to come in and lead classes in yoga, zumba, palates, and cycling, just to name a few. I have found these classes are a great way to relieve the stress of work so you can go home with a clear mind and focus more on family life. As an alternative American Express has worked out deals with local fitness clubs so that can receive a discount for joining due to the high demand and limited space in the onsite fitness center. These fitness classes are also great for networking and making contacts throughout the organization. Back up child care American Express offers an emergency backup child care program to all full time employees, this program is extremely beneficial...
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...A03-04-0011 Delta Air Lines: The Latin America Contact Center Decision PY In early September 2000, Mary Smith, Delta Air Lines’ Regional Director of Reservations for Latin America and the Caribbean, glanced over her notes one more time. Delta had decided to consolidate all of its reservations offices in Latin America into a single Latin America Contact Center. Now it was up to her to recommend a country location for this $3–4 million investment. Gail Childs, her immediate supervisor and General Manager for International Reservations, would want her report soon in order to get the final go-ahead from Delta’s CEO. Although a number of countries were possible options, Mary reviewed again the pros and cons for Mexico, Chile, and Argentina. CO The Internationalization of Customer Service NO T By 2000, telephone customer service was growing rapidly throughout the world. Many companies chose to outsource their telephone customer service operations to outside call centers; others kept such operations in-house. Other than locating call centers, also known as contact centers, within a region to be closer to customers, the principal reason for U.S. companies to move telephone customer service outside of the United States was to reduce costs. Because labor costs constituted between 60–80% of a call center’s operating expenses,1 airlines, computer firms, credit card companies, and others that used telephone customer service extensively were moving these...
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...there is not much hope for the future of health care, and funds that will be or should be available. Health care spending is to continue to rise over the next few years which will make it harder for Americans to get the proper health care they need. Nationally in 2012 the United States spent an estimated $2.8 trillion; however, the health care industries growth has stayed low. Federal actuary analysis has shown that in 2011 there was $2.7 trillion spent nationally; the averages per person consisted of $8,680 spent on health care. These figures show a 3.9% of growth rates in both 2010 and 2011. Not exactly what individuals want to see concerning their health and getting the proper medical care they need (NCSL. 2013). Expenses are paid out to multiple different areas, the major areas consisting of physician and clinical services, Medicare spending, private health insurance, retail prescription drugs, and out-of-pocket spending; it was these areas that percentages rose. Major areas that slowed down in the spending rate were Medicaid and Hospital spending (NCSL. 2013). The graphs below show the area percentages in which accelerated and what slowed. Health care spending has recently proven to be too much, thinking about that $2.7 trillion spent nationally in 2011, is a big part of why the United States is in debt, and cannot pull itself out. With 2014 quickly upon Americans, the United States needs to be careful with its expenses; health care spending is to rise by 7.4%...
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...product that could be made by the paying company. Business jobs that are typically outsourced include information technology, human resources, facilities and real estate management, accounting, Customer support and call center functions, like telemarketing, customer services, market research, manufacturing and engineering. Outsourcing has become one of the fastest growing trends in the business world. There are many reasons that a company would elect to use outsourcing. Among them is the fact that it provides an almost immediate opportunity for savings as well as a noted improvement in quality. The main reason why American companies are doing this is to save money. It’s cheaper to have someone form a developing country do the job because a dollar goes a lot further than in the states. One management problem that is causing outsourcing is that companies are looking for ways to cut cost tremendously in labor and manufacturing. Developing countries such as India are now taking a lot of American jobs. American companies are under pressure to reduce costs, and foreigners can do a lot of high-tech jobs more cheaply than they can be done here." That's why a lot of Americans are losing their jobs to the foreigners like the people of India and China. People in India are paid...
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