... COURSE CODE : BKAF3083 COURSE : ACCOUNTING THEORY AND PRACTICE PRE-REQUISITE : BKAF3073 FINANCIAL ACCOUNTING AND REPORTING IV |Lecturer |Group |Room |Ext. |e-mail | |DR. DHIAA SHAMKI |C & F |3.07 |3740 |dhiaashamki@uum.edu.my | 1.0 SYNOPSIS This course is an advanced level course focusing on financial accounting theory; and as such, it differs from other accounting courses learnt previously. It is designed to further enhance students’ understanding of the concepts and issues in accounting theory and practices. This course involves the study of the practical and theoretical issues involved in the development, implementation and changes in accounting theories and regulatory framework. As this course will be seminal-like, this course will provide students with some generic skills required in the accounting profession such as team working, interaction, leadership, follower-ship, critical and creative thinking skills, decision making skills, analytical skills, communication skills as well as professional demeanor. 2.0 OBJECTIVES Upon completion of this course, students are expected: 2.1 to understand the principles, concepts and issues in accounting theory, financial accounting theory and reporting practices, ...
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...important organization factors to achieve in any business; and Wal-Mart does a terrific job. Having a company well organize will ensure that the company runs into little or no problems. When a complication does arise, the company will be well organized to handle the situation properly. Wal-Mart achieves utilizing these factors by separating the company into departments such as Human Resource department (HR) and accounting. The Human Resource department is responsible for ensuring the employees are properly trained, creating incentives to attract new employees and to keep the current employees. HR must ensure that all employees understand that a training course must be taken before the official hiring process can begin. HR creates creative ways to attract new employees to the store. The HR department at Wal-Mart offers bonus after so many consecutive days of working, paid holidays, paid vacations, etc. HR is hoping that these offers will entice new employees to want to work at Wal-Mart, and for current employees to want to stay at Wal-Mart (Anonymous, 2009). The HR department is also responsible for any problems that may occur within the company. For example, if two employees are having a disagreement, it is up to management to intervene and speak with both employees about their behavior. Hopefully the employees will realize that their behavior is affecting others and is not appropriate at work. If not, corrective action could be taken. Another factor Human Resource...
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...that easy for me. I have always been in the healthcare and accounting field since I have graduated from high school. I have completed my CNA course and I am licensed. I have being in the accounting and business field since 1984 too. I have always worked two or more jobs and go to school part time. I have 2 Associates degrees in accounting & business, 1 Bachelors’ degree in Occupational Training Specialist, 1 Master’s degree in Accounting, and now working on my Master’s in Business and majoring in Accounting. The Company that I am currently working with is expanding and restructuring the human resource and accounting departments. I have been ask to determine my own position that best suits me. I have structure my new position as the Human Resource Manager/ Accountant Specialist. James Son Trade is a growing ecommerce company; selling university supplies to universities all over the United States directly from a website and through major retailers. The company has the greatest customer service rating for the past 7 years. The benefits that the company offers is a competitive salary, bonus opportunities, stock options, generous paid time off and respect for my work-life balance. The Human Resource part of the position will consist of the following. I will partner with HR Director to design and implement HR/People programs that maximize employee performance, build employee engagement and retention, and drive business and HR results. I will help develop fun projects which may include...
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...------------------------------------------------- CURRICULUM VITAE 1. Family name : Balawnah 2. First names : Mohamad 3. Nationality : Jordanian 4. Civil status : Married ------------------------------------------------- 5. Contact Information Email: moh2sd@gmail.com Mobile: +962 79 5092171 Amman – Jordan 6. Education: Institution | Degree(s) or Diploma(s) obtained | 1) Alzaem Alazhari University | PHD in Accounting (Pending) | 2) AABFS | Master of Financial Management | 3) IMA | CMA (Certified Management Accountant) | 4) IHRAM | CHRE (Certified Human Resources Expert) | 5) American Society for Training of Trainers | CPT (Certified Professional Trainer) | 7. Language skills Language | Reading | Speaking | Writing | English | Fluent | Fluent | Fluent | Arabic | Native | Native | Native | 5. Other skills Computer Skills , Perfect Analytical Skill & Presentation Skills 6. Present position : Independent free lancer 7. Specific experience in the region: Country | Date from - Date to | Jordan | 2006 - 2014 | Qatar | 2014 | Oman | 2014 | Bahrain | 2011 - 2013 | Iraq | 2013 | KSA | 2013 | Turkey | 2012 | Egypt | 2010 | Morocco | 2011 | 8. . Professional experience record: Date fromDate to | Location | Corporate | Position | Description | 2013 | Iraq | University Of Jordan | Training Assessment | * recruit, interview and complete an initial assessment...
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...| | | Material Cost/Unit | | $16 | $20 | $22 | Units/Month | | 7,500 | 12,500 | 4,000 | Material Cost/Month | | $120,000 | $250,000 | $88,000 | Labor Costs: | | | | | Production Runs/Month | | 1 run | 5 runs | 10 runs | Set-up Labor Hours/Prod. Run | | 8 hrs | 8 hrs | 12 hrs | Run Labor Hours/Unit | | .25 hrs | .50 hrs | .40 hrs | | | | | | Set-up Labor Hours/Month | | 8 hrs(1 run*8 hrs) | 40 hrs(5 runs*8 hrs) | 120 hrs(10 runs*12 hrs) | Run Labor Hours/Month | | 1,875 hrs(7,500 units*.25 hrs) | 6,250 hrs(12,500 units*.5 hrs) | 1,600 hrs(4,000 units*.4 hrs) | Labor Cost/Hour | $16 | | | | Set-up Cost/Month | | $128($16*8 hrs) | $640($16*40 hrs) | $1,920($16*120 hrs) | Run Labor Cost/Month | | $30,000($16*1,875 hrs) | $100,000($16*6,250 hrs) | $25,600($16*1,600 hrs) | Machine Usage Costs: | | | | | Machine Usage Hours/Unit | | .5 hrs | .5 hrs | .2 hrs | Machine Usage Hours/Month | 10,800 hrs | 3,750 hrs | 6250 hrs | 800 hrs | Machining Usage Cost/Month | $25 (machine depreciation/hr) | $93,750(3750 hrs*$25) | $156,250(6,250 hrs*$25) | $20,000(800 hrs*$25) | Overhead Costs: | | | | | Receiving Costs | $20,000 | $600($20,000*3%) | $3,800($20,000*19%) | $15,600($20,000*78% | Handling Costs | $200,000 | $6,000($200,000*3%) | $38,000($200,000*19%) | $156,000($200,000*78%) | Engineering Costs | $100,000 | $20,000($100,000*20%)...
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...and the associated software to perform their assigned jobs. Human resources (HR) has become more efficient and effective supporting the human interaction within the workforce. The ability to utilize company specific software to manage benefit packages; e.g., medical, dental, 401k, while simultaneously allowing the employee to tailor their benefits would have taken extensive man-hours just a few years ago. Payroll, daily timecards, sick, and vacation time documentation are now computerized, allowing managers the ability to focus more attention on employee interaction. The ability to communicate effectively and make the inner action between upper-management and the staff members seamless are the goals of the HR department. The success of this determines the overall strength of the company (Dawaine Cassidy, 2010). Effective Accounting can have a significant effect on reducing operational cost and increasing company profit margins. Accounting software enables companies to manage financial accounts, payrolls, inventory and more. Accounting software also allows “up to the minute” research of companies' financial statistics, tracking of transactions, recording account payable, account receivable, and various other valued company statistics. The ability to extract this information at the “push of a button” will significantly enhance the decision making process of a company. Moreover, accounting system also provides a proper way...
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...10 Conclusion ……………………………………………………………………………………….11 3.0 Advantages and Disadvantages of Introducing ABC System ………………………………11 Conclusion ………………………………………………………………………………………15 Recommendations ………………………………………………………………………………15 Appendix A - Elastic and Inelastic Demand ……………………………………………...........16 Appendix B - Summary of Variance Formulae …………………………………………...........17 Bibliography …………………………………………………………………………………….20 EXECUTIVE SUMMARY This report discusses the different models and concepts which could affect Manac’s pricing decisions and what we should consider when pricing. It also pays attention to the current standard costing approach adopted by the company together with Variance Analysis and the roles it plays in management accounting and how variance analysis contribute to overall profit. In efforts to improve profit levels it was decided to switch to ABC System and special attention is paid to the advantages and disadvantages. 1.0 Introduction Manac plc, is a large company which manufactures and sells a range of standard electrical goods. It is a multinational company which has production and sales taking place across...
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...O’Neal May 3, 2011 Information Systems and Software Applications With the breakthrough of information system and technology the entire world has altered the way it does business. Software, hardware and the computer has now replaced the work of an individual in a more organize and hasty environment in the global economy. Large and small firms now use the technology to gather, analyze, and report vital information to make them more efficient, competitive and profitable. Applying and running these applications in accounting, Human Resource, and marketing will allow these organizational departments to grow and run more effective and professional. A Human Resource (HR) application that is popular to use is called PeopleSoft. It enables companies to manage employees globally, from one system, while still complying with all laws and regulations (2009). This is especially useful to global companies with thousands of employees because their HR departments are located around the world, and this will reduce the time it may take to search for the information they are looking for. PeopleSoft records employee's benefits, pension, payroll, and stock allowances. Other enterprise applications also have the ability to access this information and link itself to PeopleSoft, such as Microsoft's Active Directory. This makes revising an employee's contact information easier and quicker. Marketing is the department that should be involved in hiring, advertising, and...
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...of technological progressions. Invasive software applications and fully structured information systems support businesses to administer every area of their business relationships. The accounting, human resources (HR) and marketing departments use various software applications and information systems to achieve the goals of a business in order for them to become successful and remain competitive. This paper will focus on these departments and provide an overview of software applications and information systems. The website for Sage North America (2011) states Sage provides organizations with a wide range of business management applications and services to over 3.2 million customers in the United States and Canada. Many nonprofit organizations use Sage Fund Accounting financial management software within their accounting department. The accounting department is essential because it deals with the procurement and spending of funds within any organization. “Accounting Information Systems (AIS) are a tool which, when incorporated into the field of Information and Technology systems (IT), were designed to help in the management and control of topics related to firms’ economic-financial area” (Grande, Estébanez, & Colomina, 2011, p. 26). Sage Fund Accounting software program assists the accounting department with budgeting, asset management, purchasing, general ledger, cash management, grants management, contracts administration, payroll processing, benefits processing, accounts...
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...and maintain a successful business, you must integrate and use the various forms of technological advancements. Software applications and information systems facilitate businesses in managing all aspects of their business dealings/associations. Accounting, Human Resources (HR) and Marketing are a few of the many different applications that are used in assisting companies in becoming successful. Software and applications for every department are specialized to help the department benefit the organization as much as possible. Accounting The accounting department maintains a record of the funds the organization receives, expends, and has in different accounts, such as banks and stocks. Accounting software has functions for accounts receivable, accounts payable, ledger, inventory, billing, purchasing, and sales. Six different components make up Accounting Information Systems. People, Procedures and instructions, Data, Software, Information technology infrastructure and Internal controls and security measures. Human Resources The human resources department’s main function is to recruit, train, and retain the workforce. Human resources software helps keep track of hours worked and payroll, benefits administration, recruiting, training, HR management information system, performance record and employee self-service. The goal of HRIS is to merge the different parts of human resources, including payroll, labor productivity, and benefit management into a less capital-intensive system...
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...Industry or Business Type System Name Brief Description Target Departments Purpose Would Connect With Huffman Trucking Fleet Maintenance System This system is integrated to capture the Finance and Accounting data/information • Finance • Accounting Systems • Maintenance costing • Warranty Management • Materials inventory management • Fixed assets • Finance • Accounting Systems Huffman Trucking Enterprise Transportation This system is integrated to capture financial and accounting data/information • Finance • Accounting Systems • Fuel Tax reporting • Revenue analysis • Driver management (cost & settlements) • Claims • Collections • Licensing costs • Payroll (driver only) • Freight Billing (LTL & Truckload) • Imagining • Interline Payables • Insurance • Finance • Accounting Systems Huffman Trucking Finance and Accounting Application systems software This application is licensed on an annual per user basis from a vendor specializing in F&A systems for the transportation industry. It is tailored to the needs of the transportation industry. • Finance • Accounting • General ledger • Accounts payable • Accounts receivable • Cash management • Billing/invoicing • Credits/collections • Costing • Property management • Assets • Taxes • Accounting • Finance Huffman Trucking Historical Sales Since some of the customers have been with the company for more than a decade, historical sales will manage customer information electronically. • Sales • Marketing • Dates...
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...BUS5431 - Managerial Accounting Individual Case Study 7-2 FIVE STAR TOOLS James Jiambalvo – Chapter 7 Case 2 Submitted by: K Greene Executive Summary: Five Star Tools is a small family-owned business that manufactures diamond-coated cutting tools (chisels and saws) used by jewelers. The production of these tools involves three major processes. The first of these processes involves steel “blanks” (tools without the diamond coating) that are cut to size. The second process involves the blanks being sent to a chemical bath that prepares the tools for the coating process. The final process is the major process in the line. The blanks are coated with diamond chips in a proprietary process that simultaneously coats and sharpens the blade of each tool. Following the coating process, each tool is inspected and defects are repaired or scrapped. In the past two years, the company has experienced significant growth and with that growth has come some growing pains. The company finds itself at capacity in the coating and sharpening process. This process requires highly skilled workers and expensive equipment. Because of growth a bottleneck has been created by this operational process and this in turn has cause the company to miss delivery deadlines on orders from several important customers. Maxfield Turner, the son of Frederick Turner, founder of Five Star Tools, president of the company is having a discussion over lunch with Betty Spence, vice president of marketing...
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...new plant in China in 2000. As the industry leader in the use of polymer materials, Riordan’s diverse customer base includes automotive parts manufacturers, appliance manufacturers, aircraft manufactures, the Department of Defense, and beverage makers and bottlers. Executive Summary Riordan has three plants based in Albany, Georgia, Pontiac, Michigan, a joint venture in Hangzhou, China, and a corporate headquarters in San Jose, California. Because each location has its own separate finance and accounting system, Team C finds that it will be feasible and cost-effective to find ways to combine the systems with a seamless compatibility by addressing the accounting department first. The other three areas of Riordan that are integral in sustainability and growth of the company are in need of attention as well. The departments that Team C proposes to improve with the implementation of sufficient systems or subsystems are Human Resources, Legal, and Sales and Marketing. The HR department has information that is either not being stored properly, stored in unknown databases, housed in file cabinets or cannot be located. A newly proposed system will tie all information together in all locations and provide a secure central repository. The legal department is governed by...
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...variances to show: Direct Labour Variances: Rate Efficiency Direct Material Variances: Price Usage Variable Overhead Variances: Expenditure Efficiency FINANCIAL MANAGEMENT CASE STUDIES Fixed Overhead Variances: Expenditure Volume: Capacity Efficiency Sales Variances: Sales Price Variance Sales Margin Quantity Variance Reconciliation budget to actual profit Break-Even Point: Budget Actual Standard Costing – a definition “A control technique which compares standard costs and revenues with actual results to obtain variances which are used to stimulate improve performance.” (CIMA) The Objectives of Standard Costing and Variance Accounting Terry Lucy in his excellent text “Management Accounting” outlined...
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...summary of the business systems needed for effective management. Technical Team Bravo will begin with an overview of the current systems that exist in the areas of Finance and Accounting, Payroll and Human Resources, Information Technology, and Sales and Marketing. For each area covered, Technical Team Bravo will describe the business systems and subsystems used, identify who uses them, identify interrelations between business systems and subsystems, and include any noted disparities. Technical Team Bravo will conclude with a summary of suggestions for a systems plan to improve management (Smith Services Consulting Inc., 2011). Accounting Systems Riordan Manufacturing currently has six Enterprise Resource Planning (ERP) and Manufacturing Resource Planning (MRP) systems throughout four locations. These servers are accessed at the local level by 16 clients (PC’s.) The current challenge to management is the disparate systems and inconsistencies with respect to reporting capabilities and collaboration. Management needs to consolidate these systems into one Cloud-Based ERP/MRP solution that can handle real-time inventory management controls, and comprehensive, robust reporting tools. The San Jose office has an ERP and MRP system that handles inventory and supply chain management adequately as well as accounting, general ledger transactions, financial statement, payroll accounts payable and receivables, and reporting tools. This application’s license does not include source code that...
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