Abstract The objective is to explain the difference of managerial accounting and cost accounting. Also, to give details and find the purpose of the lean and typical production process and how they both vary differently. Lastly, give Dr. White some information and a proposal on how to prepare for a decreased budget. MANAGING COST Introduction In our ever changing business world, each organization must find ways to make tight budgets work. Management are always facing ways to increase the
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Accounting Rusty Stevenson Acc. 290 Andy Knowlton University of Phoenix March 28, 2013 Accounting Commercial accounting and generally accepted accounting principles, generally describe the accrual basis of accounting over the cash basis. The differences in accrual and cash accounting can become confusing. The ability to differentiate between the two is important in the accounting world. Accrual accounting is defined as an accounting method which, measures the performance
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1103AFE Accounting Information Systems Introduction to Accounting Information Systems Unless otherwise indicated, this work by Dr Tyge Kummer is © Griffith University and is All Rights Reserved. Distribution of this work beyond the course without permission of the Course Convenor is forbidden. The textbook used is Dull, R B, Gelinas, U J Jr, & Wheeler, P R (2012) Accounting Information Systems: Foundations in Enterprise Risk Management, Ninth Edition, Cengage Griffith Business School What is
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Chapter 2 acct. terms Accruals- are the accounting recognition of assets and liabilities that have not yet been realized as a cash flow. Capital maintenance- any enterprise has to preserve its capital investments, annual profit can be measured only after keeping the same level of net assets from the beginning to the end of the year. (excluding transactions with shareholders) Commitment- the element definition is not met for a contract that is a commitment. Comparability- a factor
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Reporting Standard: 1. The International Accounting Standards Committee (IASC) was established in 1973, however replaces by IASB (International Accounting Standards Board)in 2001. The IASB is now responsible for producing or releasing international accounting standards, as we all know, international financial reporting standards. As we all know, some countries have their own accounting standards-setting process, because of the globalization, the accounting standards need to be developed in these
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Managerial Accounting Basics 1. (S.O. 1) Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. Managerial accounting applies to all types of businesses—service, merchandising, and manufacturing—and to all forms of business organizations—proprietorships, partnerships and corporations. Managerial accounting is needed in not-for-profit entities as well as in profit-oriented enterprises. Comparing Managerial
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INCIPLES OF ACCOUNTING REVISION QUESTIONS 1 The annual accounting period of Hexton Ltd ends on 30th April. As at 30th April 2013 Hexton Ltd’s trial balance is as follows: £ £ Capital (200,000 50p Ordinary shares) 100,000 Profit & Loss Account 83,500 Fixed Assets (at cost) Land & Buildings 250,000 Plant & Machinery 50,000 Furniture 5,000 Motor Vehicles 28,000 Accumulated Depreciation Provision Plant & Machinery 19,200 Furniture 1
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Annual Report Project on Northrop Grumman Corporation (NOC) Fiscal year 2012 Accounting 100 Abstract An annual report which is also called a 10k report contains many useful informational items for its investors and stakeholders. It provides a synopsis of what the business is about, the risk factors, financial statements, auditor reports, summary of financial data, and other corporate information. This information can help investors determine if it’s worth investing in the company. For
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Accounting Responsibilities Part 1 Accounts receivable and Daily Bookkeeping Accounts Receivable- money owed to the practice Bookkeeping- Organized and accurate record-keeping system of financial transactions for a business The accounts receivable total changes every time a charge, payment or adjustment is made to an account Manual Accounting Called the pegboard system or “one write” system Day sheet tracks daily transactions, payment, charges for service and adjustments to pts accts (legal Doc)
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Accounting Notes: Chapter 2 Balance Sheet and the Flow of Costs: * When costs create an immediate benefit, company records it to be an expense on the income statement. * Example: Gasoline for delivery vehicles * When cost creates future economic benefit, the company records the cost on the balance sheet as an asset * Ex: Inventory to be resold * Ex: Equipment to be later used for manufacturing * Asset = future economic benefit * Remains on balance sheet
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Accounting Assignment Ticker Symbol 1. Mark Cap ( bill) 2. Rev Grow (%) 3. Ret on Equity (%) 4. Oper Marg (%) 5. Curr Rat 6. Work Cap ( bill) 7. Oper Cash Flow (bill) 8. Net Incom ( bill) 9. PE ratio 10. Divd Yield (%) IBM 198.06 (5.5) 78.65 20.39 1.28 11.16 17.48 16.48 12.75 2.00 MSFT 334.52 14.32 28.95 33.55 3.17 64.04 28.19 22.82 14.93 2.60 GOOG 376.43 16.90 15.36 23.55 4.58 56.97 18.66 12.21 29.46 NA AAPL 478.87 5.70 22.82
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Linh D. Phan Exercise 1-5: 1 + E : Specific accounting principle - Usually created by a pronouncement an authoritative body. 2 + G: Going-concern assumption - Financial statements reflect the assumption that the business continues operating. 3 + A: General accounting principle - Derived from long-used and generally accepted accounting practices. 4 + C: Business entity assumption - Every business is accounted for separately from its owner or owners. 5 + D: Revenue recognition principle - Revenue
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Accounting is an information and measurement system that identifies, records, and communicates information that is relevant, reliable, and comparable GAAP- Financial accounting practice is governed by concepts and rules by:Luca Pacioli (Italian monk double entry bookeeping) Securities and Exchange Commission- government agency establish reporting requirements and set GAAP for companies that issue stock to the public. The Financial Accounting Standards Board- the private group that sets both broad
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Financial Portfolio for Bosch A Project in Partial Fulfillment Of the Requirements for ECBA: Business Finance for Managers Instructor – Dianne Dinkel May 11, 2014 This paper will provide a general company description and summarize a financial analysis of The Bosch Group. This paper will specifically analyze three years of financial statements, and discuss compound interest, Bonds and rate of return, Capital budgeting and dividend policies
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Easier to raise funds No personal liability Accounting The information system that identifies, records, and communicates the economic events of an organization to interested users Internal users Finance Management Human resources Marketing External users Taxing authorities Customers Regulatory agencies Labor unions Creditors Investors All businesses are involved in three types of activity: Financing Investing Operating The accounting information system keeps track of the results
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Internal controls are methods used in businesses to monitor many things within the business such as ; assets, prevent fraud, ensure management policies are used and minimize errors. Accounting controls provide safeguards for assets within the company to keep records protected. Internal controls are designed to authorized transactions that is recorded in the financial statement preparations. A independent internal verification is provided
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ethically by bringing his objections to other members of senior management. However, his final decision to comply with the president’s instructions and record the invoices in the next fiscal year was definitely unethical. He did not follow the proper accounting procedures either because he was supposed to record the invoices as accounts payable before year-end but he did what the president asked and recorded them after year-end. If the product fails to yield profits, Jim Green’s actions are still not
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Agree — The periodicity assumption 3. Disagree — The matching principle 4. Agree — The realization (revenue recognition) principle 1. Obtains funding for the IFRS standard setting process: International Accounting Standards Committee Foundation (IASCF) 2. Determines IFRS: International Accounting Standards Board (IASB) 3. Encourages cooperation among securities regulators to promote effective and efficient capital markets: International Organization of Securities Commissions (IOSCO) 4. Provides input
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Basic Accounting Concepts Desiree Corbin ACC/537 April 17, 2014 Instructor Name Accounting Principles It is safe to say that the first known record of general accounting concepts begin in the early 1900’s, following the stock market crash, resulting in the Great Depression. The need for more productive accounting measures was evident and the government realized the need to improve the regulations of financial institutions and the stock market. The government later developed the Securities
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The Purpose Of Accounting Recording of all financial data All the financial transactions that take place within a business MUST be recorded due to the fact that if a transaction isn’t recorded, the company could be fined and lose a lot profit. The business will record all finance made within the company that comes in and goes out, doing so will make sure they keep intact with the company’s profit and losses. Part of the job is to record all the companies income, this will make sure that the
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CHAPTER 4 – ACCRUAL ACCOUNTING, ADJUSTING ENTRIES, AND ACCOUNTING CYCLE TRUDY NGUYEN I. Recognition & Measurement in Financial Statements 1) Recognition • The process of including an item in the financial statements. • Recognized with Words (Cash, Land), and Numbers (amount) 2) Measurement a. The Attribute to be Measured – recording the cost of the assets • Historical cost (verifiable) – the amount paid for an assets and used as a basis for recognizing
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newly issued specific accounting standards as well as full-set accounting standards. Subsequently, the advantages and drawbacks with respect to the adopting IFRS would be extensively discussed. Last but not least, this paper would introduce previous research regarding the relationship between IFRS adoption and market reaction as the premise of following tests. Previous Research regarding Adopting Specific Accounting Standards Applying event study in the adoption of accounting standards has been
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FASB Codification System Sarah Petrone ACC/497 March 3, 2014 Carolyn Lundy In accounting professionals need to know and enforce the rules and regulations set forth in the GAAP. Schooling helps to teach about this, but having a resource to reference when working in the field is a great advantage. The FASB Codification System is just what accounting professionals and students use to get the most update information about the GAAP. FASB Codification System The FASB Codification
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1. | Question : | (TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. | | | Student Answer: | | : Historical cost principle | | 1 : Earnings process completed and realized or realizable | | | | : Going concern principle | | 2 : Cost of providing financial information versus the benefits derived from its use | | | | : Matching principle | | 3
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ANSWERS TO QUESTIONS 29. The post-closing trial balance contains only balance sheet accounts. Its purpose is to prove the equality of the permanent account balances that are carried forward into the next accounting period. SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 4-12 | | Account | | | | | | | | (a)(b)(c)(d)(e)(f)(g) | | Accumulated DepreciationDepreciation ExpenseRetained EarningsDividendsService RevenueSuppliesAccounts Payable | | Balance SheetIncome StatementRetained
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EXERCISE 2-28 (20 MINUTES) 1. Tire costs: Product cost, variable, direct material 2. Sales commissions: Period cost, variable 3. Wood glue: Product cost, variable, either direct material or manufacturing overhead (i.e., indirect material) depending on how significant the cost is 4. Wages of security guards: Product cost, variable, manufacturing overhead 5. Salary of financial vice-president: Period cost, fixed 6. Advertising costs: Period cost, fixed 7. Straight-line depreciation: Product cost,
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Q2-1, Q2-3, Q2-7, Q2-8, E2-3, E2-4, E2-7, E2-11 Q2-1 - Direct materials, direct labor, and manufacturing overhead Q2-3 - Product costs are what cost to acquire or make the product while period costs are basically non-product costs. All selling and administrative expenses are period costs. - Product costs are recorded as expenses as they get released from inventory and matched with sales revenue Q2-7 - Variable costs are variable with respect to an ‘activity base’, which is a measure of whatever
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6-3 What is the future value of $7,540 at the end of 7 periods at 8% compounded interest? What is the present value of $7,540 due 9 periods hence, discounted at 11%? What is the future value of 15 periodic payments of $7,540 each made at the end of each period and compounded at 10%? What is the present value of $7,540 to be received at the end of each of 18 periods, discounted at 5% compound interest? 6-6 Dwayne Wade Company recently signed a lease for a new office building, for a lease period
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Accounting Cycle Kelly Arevalo ACC/421 February 9, 2015 Samuel Hinton Accounting Cycle Introduction As a large company or any organization it is required that the work be completed by tasks of what is called the accounting cycle. The name came from the idea that the workflow of the accountant is a circle aspect of events done during a month ("The Eight Steps Of The Accounting Cycle", n.d.). This essay is going to explain the accounting cycle and the purpose of each step. It will also go into some
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Amanda Burgart Chapters 3 & 4 Homework 2/20/12 E3.6. | | a. | ROI = ($83,700 Net income / $2,790,000 Sales) x (2,790,000 Sales / 1,395,000 Average total assests) = 6.0% Turnover = (2,790,000 Sales / $1,395,000 Average total assets) Turnover = 2 Margin = ($83,700 Net income / $2,790,000 Sales) = 3.0%
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