...VARK and Multiple Intelligences Inventory assessments and answers to the questions on the syllabus: 1. Based on the descriptions in the text, where do you see yourself on the Kolb Inventory of Learning Styles? Based on the descriptions in the text of the Kolb Inventory of Learning Styles I see myself as an active experimenter. I make decisions easily and enjoy solving problems. I enjoy applying what I have learned to see if I understood the material correctly and feel that I learn quickly. I am always ready to move quickly from thinking to action and get frustrated by those who take too much time acting on what they have been taught. This coincides with the realistic category I fall into with the Holland Personality and Career types as I see myself as a concrete and practical doer. I prefer situations that involve action rather than verbal or interpersonal tasks and take a concrete approach to problem solving rather than relying on abstract theory. 2. After reading about the Myers-Briggs Type Indicator, determine which personality is most like you. On the Myers-Briggs Type Indicator I am an ESTJ: Extravert –I am outgoing, gregarious, and talkative and find myself too talkative at times or intimidating to those who are shy or introverted. Sensing- I am interested in the facts and see myself as practical, factual, realistic and down-to-earth. Thinking- I see myself as a logical, rational, and analytical person. I tend to decide things relatively impersonally...
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...1. On the Kolb Inventory learning style I see myself to mostly be an accommodator. I very much so rely on my intuition and I tend to not read instructions unless I absolutely have to. Trial and error fits me to a T. I also think I am a diverger in my job because I supervise many people, and have learned how to think creatively with my emotions in order to relate to everyone. 2. Introversion, Sensing, Feeling, Judging (ISFJ). Some of the descriptions were right on, however the one I struggles with was Thinking versus Feeling. I feel that in my job, I am a thinker and a feeler. I generally don’t have a problem saying what I’m thinking to anyone; however I am very sympathetic when it’s called for. 3. In the VARK learning assessment, my highest score was in A (Aural). However, I ended up being multimodal. My stepping distance was 4, and the differences were only 2. In the Multiple Intelligences Inventory assessment, my highest score was in intrapersonal intelligence. In my workplace, I definitely am not a follower, I am much more of a leader. 4. The similarities between the surveys are that I am strong minded and focused. I like to figure things out on my own and get the job done. The differences are that though I do avoid crowds and loud places, I still appreciate other people’s opinions and feelings. 5. Of the 4 models, I liked the Kolb inventory the best. I feel that this knowledge will make me a stronger student because it told me that its ok to rely on my own...
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...Describe the cash conversion cycle, its funding requirements, and the key strategies for managing it. Discuss inventory management: differing views, common techniques, and international concerns. Explain the credit selection process and the quantitative procedure for evaluating changes in credit standards. Review the procedures for quantitatively considering cash discount changes, other aspects of credit terms, and credit monitoring. Understand the management of receipts and disbursements, including floats, speeding collections, slowing payments, cash concentration, zero-balance accounts, and investing in marketable securities. True/False 1. A firm that is unable to pay its bills as they come due is technically insolvent. Answer: TRUE Level of Difficulty: 1 Learning Goal: 1 Topic: Basics of Short-Term Financial Management 2. The short-term financial management is concerned with management of the firm’s current assets and current liabilities. Answer: TRUE Level of Difficulty: 1 Learning Goal: 1 Topic: Basics of Short-Term Financial Management 45 Gitman • Principles of Finance, Eleventh Edition 3. In the short-term financial management, the goal is to manage each of the firm’s current assets and current liabilities in order to achieve a balance between profitability and risk that contributes to the firm’s value. Answer: TRUE Level of Difficulty: 1 Learning Goal: 1 Topic: Basics of Short-Term Financial Management 4. Working capital represents the portion of the...
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...|[pic] |Class Syllabus | | |School of Business | | |ACC/290 Version 3 | | |Principles of Accounting I | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision making, planning, and controlling from the perspective of a practicing manager. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning...
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...Bank Reconciliation.............................................49 Module IX- Analysis of Interbank Transfers....................................................52 Module X - Analysis of Marketable Securities..................................................54 Module XI - Plant Asset Additions and Disposals.............................................57 Module XII - Estimated Liability for Product Warranty.................................61 Module XIII - Mortgage Note Payable and Note Payable to Bank Two.........63 Module XIV - Working Trial Balance................................................................66 Module XV - Audit Report..................................................................................80 © 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. BR-2 SOLUTIONS FOR THE BILTRITE CASES The following pages in this manual contain the solutions to the Biltrite Bicycles, Inc. audit practice case. The solutions are presented by module number. Answers to the narrative questions are...
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...companies must carry a large amount of inventory to meet consumer demand. Answer: FALSE Diff: 1 LO: 2-1 EOC: E2-1 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company's profits 2) Manufacturing companies usually have three types of inventory. Answer: TRUE Diff: 1 LO: 2-1 EOC: E2-1 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company's profits 3) Retailers sell their products to consumers. Answer: TRUE Diff: 1 LO: 2-1 EOC: E2-1 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company's profits 4) Merchandising companies include both wholesalers and retailers. Answer: TRUE Diff: 1 LO: 2-1 EOC: S2-1 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company's profits 5) All companies have the same types of inventories. Answer: FALSE Diff: 1 LO: 2-1 EOC: S2-2 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company's profits 6) Only manufacturing companies have finished goods inventory. Answer: TRUE Diff: 2 LO: 2-1 EOC:...
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...of merchandise indicates the amount for which the buyer’s account is to be credited (credit to Accounts Receivable) and the reason for the sales return or allowance. A debit memo issued by the buyer of merchandise indicates the amount for which the seller’s account is to be debited (debit to Accounts Payable) and the reason for the purchases return or allowance. The buyer The seller 2. 3. 4. Sales to customers who use MasterCard or VISA cards are recorded as cash sales. b. 7. 8. 9. 10. a. b. Examples of such accounts include the following: Sales, Sales Discounts, Sales Returns and Allowances, Cost of Merchandise Sold, Merchandise Inventory. Cost of Merchandise Sold would be debited; Merchandise Inventory would be credited. Loss from Merchandise Inventory Shrinkage would be debited. 5-1 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole...
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...registration statement to the SEC for approval. The Securities Exchange Act of 1934 requires public companies and others to file detailed annual reports with the commission. SEC examines these statements for completeness and adequacy before permitting the company to sell its securities through the securities exchanges. SEC requires that financial statements be accompanied by the opinion of an independent public accountant, which is a part of a registration statement and subsequent reports. Since Smackey Dog Foods, Inc. is not a public company, there is no direct influence of SEC. However, SEC’s rules establish the guidelines of GAAP and personal conduct for Smackey Dog Foods, Inc. (Auditing and Assurances Services, 13th Edition. Pearson Learning Solutions p. 30). <vbk:9781256083337#outline(6.7)> Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client? Solution: 1. The auditor decides whether to accept a new client or continue serving an existing one. This determination is typically made by an experienced auditor who is in a position to make important decisions. The auditor wants to make this decision early, before incurring any significant costs that cannot be recovered. 2. The auditor identifies why the client wants or needs an audit. This information...
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...PA: 1 compulsory PB: 3/5 (each A&B) Chp1: Three Issues at the Core of Operations Management * Efficiency * Cost * Quality OM involves managing transformations Key activities that operation (purchasing, resource) Support and general management process Chp3, 5, 7, 11&12, 13, (15&16), 17 Chp3 Page 4 Types of Performance Measure Important categories of organizational performance measures: 1. Financial 2. Customer and Market 3. Quality 4. Time 5. Flexibility 6. Innovation and Learning 7. Productivity and Operational Efficiency 8. Sustainability Exhibit 3.1 The Scope of Business and Operations Performance Measurement Measurement is the act of quantifying the performance criteria (metrics) of organizational units, goods and services, processes, people, and other business activities. Good measures provide a “scorecard” of performance, help identify performance gaps, and make accomplishments visible to the workforce, the stock market, and other stakeholders. Financial Measures • Often take top priority in for-profit organizations. • Traditional financial measures include revenue, return on investment, operating profit, pretax profit margin, asset utilization, growth, revenue from new goods and services, earnings per share, and other liquidity measures. Customer and Market Measures • Customer measures: Customer satisfaction, customer retention, gains and losses of customers and customer accounts, customer complaints...
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...to start, to prepare a strategy based on the learning that we had while playing the demo version of the game. We had realized that the machines in Station 1 and Station 3 were operating at full capacity (i.e.100% utilization) when the demand was high. As a result, inventories were queuing up right before these two stations. We thought of buying both the machines but due to cash constraints we could afford to buy only one. We decided that our first move would be to buy a Station 1 machine. We decided that we would look at the lead time and then decide which one of the three contracts we should opt for. We also discussed the safety stock level that should be kept and the amount of quantity to be ordered (i.e. reorder quantity). Since the lead time of supplier was 4 days we decided that based on the average number of jobs we would keep the safety stock value. The Strategy and the Steps Carried out: Step 1: On Day 61 we bought the machine of Station 1 with $90,000. We saw that we were getting a lead time of about 2.3 days hence we chose Contract 1, in which we would receive $750 for completing the orders in minimum 7 days and maximum 14 days. We also saw that we were getting an average of 15 jobs per day i.e. we had to supply (15 X 60 =) 900 quantities per days. Hence team came to a conclusion that the re-order point be kept (900X4=) 3600. We had 7620 amount of inventory so we kept the re-order quantity at 3000 so that the inventory level comes down. After taking this step,...
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...million and around 550 employees (University of Phoenix, 2013). Riordan Manufacturing is a global manufacturer in the plastics industry, including fans, medical devices, and bottles. Riordan Manufacturing strives to meet the increasing customer demands for plastics. The company recently identified some issues with its current production plan, such as the need for technology and the need of timely and shared information among departments, plants, and customers. Riordan Manufacturing has plans to achieve higher capacity ratio, cost-effective transportation, reduced levels of inventory, decreased wastage, and the implementation of an Enterprise Resource Planning. In this study, there will be a review of Riordan Manufacturing’s operational strategy and an addition of the topic of process design to it. “The process design includes the selection of appropriate technology, sizing the process over time, the role of inventory in the process, and locating the process” with quality management as its main focus (Chase, Jacobs, & Aquilano 2006, p. 24). A proposal for a Process Design for Riordan Manufacturing in regard to the electric fans system will be given. It will include Material Requirements Planning for the manufacturing of the electric fans, process design for production, and new supply chain taking advantage of global opportunities available. The study will cover the production forecast for the electric fans, the implementation plan as well as a Gantt chart of the design process,...
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...copyrights = $630,000; accounts payable = $220,500; accounts receivable = $115,000; tangible net fixed assets = $1,660,000; inventory = $301,000; notes payable = $120,000; accumulated retained earnings = $1,246,000; long-term debt = $861,000. (Be sure to list the accounts in order of their liquidity.) CORNELL COP. Balance Sheet Assets Cash Accounts receivable Inventory Current assets Tangible net fixed assets Intangible net fixed assets Total assets Liabilities Accounts payable Notes payable Current liabilities Long-term debt Total liabilities Common stock Accumulated retained earnings Total liabilities & owners' equity $ 220,500 120,000 $ 340,500 861,000 $ 1,201,500 401,500 1,246,000 $ 2,849,000 $ 143,000 115,000 301,000 $ 559,000 1,660,000 630,000 $ 2,849,000 Worksheet Learning Objective: 02-01 The difference between accounting value (or “book” value) and market value. Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $143,000; patents and copyrights = $630,000; accounts payable = $220,500; accounts receivable = $115,000; tangible net fixed assets = $1,660,000; inventory = $301,000; notes payable = $120,000; accumulated retained earnings = $1,246,000; long-term debt = $861,000. (Be sure to list the accounts in order of their liquidity.) CORNELL COP. Balance Sheet Assets Cash Accounts receivable Inventory Current assets Tangible net fixed assets Intangible net fixed assets $ 143,000 ± 2% 115,000 ± 2% 301,000 ± 2% 559,000 ± 2% 1...
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...The response addresses the queries posted in 1725 words with references. //As per the directions, the section explains about the operational approaches that can be used for service and manufacturing organizations. It discusses the important operational approaches like Customer Relationship Management (CRM), Enterprise Service Management (ESM), Supply chain Management (SCM) and Decision Making Framework (DMF).\ To serve the different needs and expectation of various customers effectively, it is necessary to implement effective operational approaches, which enable the organization to meet the standards of particular industry. There are various operational approaches for a service and manufacturing organization, which are necessary for increasing the productivity and efficiency of the organization. I have chosen consumer relationship management as an operational approach for service organization and supply chain management for manufacturing organization. Operational Consumer relationship management: It is used to handle relationship with customers and assists the front office business processes such as marketing, sales and service. Each contact with the customer is added to the contact history of the customer, which can be used later by the employees to analyze information from the customer's database. This CRM practices the data of customer for a number of purposes such as to manage different campaigns, sales force automation and marketing automation. Enterprise service...
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...operation and merchandise inventory Businesses Inventory that sell a product to customers Merchandise held for sale Asset account 3 Describe and illustrate merchandising operations and the two types of inventory systems 4 Balance Sheet Income Statement Sales Inventory Asset revenue Cost of goods sold Expense 5 Cash Purchase inventory Collect cash from customers Accounts receivable Sell inventory Inventory 6 PERIODIC Goods PERPETUAL Record counted periodically to determine quantity Used by small businesses Less popular now because of computerized inventory systems of quantity of goods is constantly updated Better control of inventory Popular now due to bar codes and computer scanning 7 Learning Objective 2 Distinguish between merchandising and manufacturing Difference between Merchandising and Manufacturing Manufacturing converts raw materials to finished goods for sale Merchandising merchandising companies purchases finished goods for sale. In the Income Statement, Cost of goods sold = Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory In the Balance Sheet, three inventory accounts : finished goods, work in process, and raw materials. In the Income Statement, Cost of goods sold = Beginning merchandise inventory plus cost of goods purchased minus ending merchandise inventory. In the Balance Sheet...
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...Chapter 2--Cost Terminology and Cost Behaviors LEARNING OBJECTIVES |LO 1 |What assumptions do accountants make about cost behavior, and why are these | | |assumptions necessary | |LO 2 |How are costs classified, and why are such classifications useful? | |LO 3 |How does the conversion process occur in manufacturing and service companies? | |LO 4 |What product cost categories exist, and what items compose those categories? | |LO 5 |How is the cost of goods manufactured calculated and used in preparing an income statement? | QUESTION GRID |True/False | | | | | | | | | |Difficulty Level | |Learning Objectives | | | |Easy |Moderate |Difficult |LO 1 |LO 2 |LO 3 |LO 4 |LO 5 | |1 |x | | |x | | | | | |2 |x | | |x | | ...
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