...ch05.qxd 9/27/04 4:19 PM Page 174 CHAPTER Q1 Q2 Q3 Q4 Q5 Q6 Job Costing In Brief Custom products and services, which are produced singly or in small batches, need to be valued for financial statements, tax reporting, and management monitoring. Job costing is an accounting method used to assign product costs to custom products or services. In job costing, direct costs are traced and overhead costs are allocated to individual jobs. Sometimes defects occur in custom products. Defective units can sometimes be reworked. The costs for both spoilage and rework need to be accounted for, as does the cost of scrap that arises from production. This Chapter Addresses the Following Questions: How are costs assigned to customized goods and services? How is overhead allocated to individual jobs? What is the difference between actual costing and normal costing? What are the uses and limitations of job cost information? How are spoilage, rework, and scrap handled in job costing? What are the quality and behavioral implications of spoilage? ch05.qxd 9/27/04 4:19 PM Page 175 BOMBARDIER: CUSTOM MANUFACTURING n 1942, the Canadian company L’AutoNeige Bombardier Limitée began manufacturing tracked vehicles for snow-covered terrain. These vehicles were early models of what later became snowmobiles. In English, L’Auto-Neige means snow car. Over time, the company developed expertise in building engines and expanded into other markets such as personal watercraft, aircraft, subway cars, buses...
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...Accounting jobs are available in literally every possible organization one can think of. An accountant’s main task includes the preparation and examination of financial records and every business needs their finances to be managed and monitored. Also, depending on their specific role to the company, they may also provide financial advice, auditing services, and develop, maintain and analyze budgets. They ensure that the overall financial health of the organization, the company or the individual they are regulating is intact. Therefore, it is evident that accountants have an understanding of all aspects of the business and they are able to identify any possible act of fraud or misrepresentation of figures in a business financial balance. Accountants...
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...CHAPTER 2: MANAGERIAL ACCOUNTING CONCEPTS/JOB COSTING ANSWERS TO QUESTIONS 1. The major differences between managerial and financial accounting are: |Financial Accounting |Managerial Accounting | |External users of information—usually stockholders, financial|Internal users of information—usually managers. | |analysts, and creditors. | | |Must comply with generally accepted accounting principals. |Need not comply with generally accepted accounting principles| | |Internal cost-benefit evaluation deter-mines how much | | |information is enough. | |Uses historical data. |May use estimates of the future for budgeting and decision | | |making. | |Summary data are presented. |More detailed data are provided about product costs, | | |revenues, and profits. | 2. The three elements of costs incurred in manufacturing a product...
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...Accounting is the process or work of keeping financial accounts. Logic and attention to detail are involved in accounting. This profession mostly uses left-brain thinking which is about numbers and the practical application of numbers. If you want to be an accountant, it is no big surprise that you should have a knack for numbers. According to Taylor (2010), as a certified public accountant, or CPA, you will be in charged of reviewing and analyzing the financial information of clients’ companies for auditing, taxpaying, or advisory purposes. The diversity of the accounting profession makes it easier for accounting graduates to find and fill a job. Accounting graduates will not run out of job opportunity. In fact, accounting graduates have many opportunities in the job market such as as accountants, budget analysts, forensic accountants and auditors. First, the most popular job opportunity for accounting graduates is as accountants. Accountants check financial accounts. They can work in the private or government sector. Their scope of work includes working in accounts payable, receivable or general ledger. They also perform reconciliations and analysis. This profession can be divided into three major fields. The first field is public accountants who focus on auditing and tax functions. The second field is management accountants. They work in companies and contribute to decisions making on capital budgeting and business analysis. The last field is financial accountants. The...
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...attribute.” Therefore, this section introduces with examples of social behavioral problems in the work place. Everyone is shaped by his or her experiences because of company culture, unique situations, personal history, and other individuals they work with. We all learn and grow as we learn through these experiences…… Story 1 – But Some Animals Are More Equal Than Others Summary of Material Our first story talks about the fact that there is a hierarchy of executives, managers, and workers within an organization. If we are well socialized in an organizational culture, we can see why certain people hold the jobs they have within that company. Usually, it is because they have certain special attributes which make them a good “fit” for that job. Therefore, we can attribute the abilities and motives of managers as the reason they have been given (earned?) the jobs which they now have. This perception can be self-fulfilling. That is to say, “the company must know what they’re doing or that person wouldn’t be doing it.” There are also symbols, rituals, and myths which help to explain attributions of...
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...DIFFICULTIES ENCOUNTERED BY ACCOUNTING STUDENTS IN THEIR ON-THE JOB TRAINING Chapter 1 THE PROBLEM AND ITS SETTINGS Introduction of the Study A student apprenticeship program is an organized course training plan carefully intended to transfer relevant knowledge, skills, and outlooks within a designated period of time from a proficient practitioner in a precise field of study or profession to a novice student who preferably has completed a speculative program study. In some cases, schools call this an apprenticeship program, practicum program, or on the-job training program. They all mean the similar thing and the general purpose is to keep an eye on a common thread. Apprenticeship is similarly a professional relationship between a student (the apprentice) and a skillful professional (the trainer or mentor), in which the student is obliged to diligently conform and learn from the expert professional. On the other hand, the expert professional is pleased to facilitate the learning procedure by exposing the apprentice to a carefully planned program of casual instruction, diverse set of meaningful work experiences, and a fair valuation of learning outcomes through applied tests. They also say that for a comprehensive and effective program of a study, a sound student apprenticeship program is necessary to be able to develop a well-rounded and competent graduate ready to embark on a professional career. The components of a sound student apprenticeship program are preparatory...
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...Case 1: Heart Attack Managing People and Ethics 3/25/2011 Management 301- Business Organization and Management Eboni Thrower, Jennifer Jackson, Gerald Grant III, Taneisha Pryor Dr. Makamson 1.___________________________ 2.___________________________ 3.____________________________ 4.____________________________ I. Problem Statement Was Mr. Hamid wrong for firing Shauna? Mr. Hamid placed an ad for a part-time bookkeeper at a local college and Shauna came across it. The work Mr. Hamid needed finished for his company would only require the bookkeeper to stay in work with him for about two months. She applied for the job and received the job the same day. During the interview Mr. Hamid stated that he would pay her $150 per week. Realizing that if she accepted $150 per week she would not be making as much money as she would if she worked on an hourly rate; she had to come up with a plan. Shauna negotiated with Mr. Hamid and agreed to work Monday, Wednesday and Friday for seven hours a day for 21 hours a week at $10 per hour. In this agreement Shauna would be put on a three month probationary period, which consisted of no time off, vacation, sick days or holidays off. Shauna was a hard worker and an excellent bookkeeper for Mr. Hamid. She always completed every project and obligation that was ever asked of her beforehand. Shauna constantly asked Mr. Hamid for extra work to do in the office to keep her busy. She never took any time off from work, nor did she ever...
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...occurred? | My co-worker thought that I was trying to take over as the representative of his student. | How could the misunderstanding have been avoided? | The misunderstanding could have been avoided if the co-worker would have called me back before going to his supervisor. | In this situation, I was the one who made the first mistake; that being that I didn’t put my notes into our database when my student referred her husband as a possible student. My student’s husband then called the next day and spoke with my co-worker, Michael, who took all of his information and enrolled him. I received a phone call from my student the next asking why I had told her one thing and Michael had told her husband another. With Michael being new to the job, I thought he made a simple mistake, so I called and left him a voicemail suggesting that we talk about the students to make sure that we were on the same page in what we were telling our students. I then wrote my supervisor an email telling him what I did and said. Michael, upon hearing the message, went to his supervisor because he had the impression that I was trying to take his student from him. His supervisor went to mine asking what was going on. My supervisor explained everything and the matter was resolved. As a result, both the students did not complete the enrollment process or start school. The main thing I learned from this whole ordeal was to make sure that all of my notes are complete and to make sure...
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...benefits of tuition reimbursement to student-employees. She states that these companies help a student with their school costs as well as money in pocket. As well as filling your pockets the author explains how building a solid resume while in college is also important. Ramachandran sums up her article with explaining how important your schoolwork can be. She states some helpful tips; do not expect to pay off college while still in college. The author brings everything into perspective by explaining that students that work 10 hours a week on average have a much better GPA than those students that work 25 or more hours. With dealing with the financial stress of college jobs are not always the answer. Financial aid advisors can help you get money that you won’t have to pay off until later. “After all, the primary job for those in college is to be a...
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...director. The participant group was asked to self-report on perceptions of role ambiguity, experienced levels of anger, anxiety and workplace threat appraisal. In this study, participants were asked questions as to whether they fully understood what was expected of them at work on a day-to-day basis regarding particular tasks, or a range of tasks. This data was then compared with responses to questions which probed whether they had felt anxious or angry at work. Threat appraisal was determined by whether the respondent felt it was more or less likely that their work day was going to be a negative experience for them. Dr Searle’s study found statistically significant correlations between a lack of clarity an individual has regarding their job requirements and reported feelings of anger, anxiety and their threat appraisal. These findings reinforce earlier research conducted by Robert Pearsall from the University of Maryland which demonstrated that these increases in anxiety, anger and threat appraisal can...
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...many organizations implementing the same. It provides flexibility to work part-time and work from home, which is a critical issue for many working females particularly and also among the male members where they can manage their family and work life very well. It provides a heightened sense of loyalty to the employees because they know that their boss trusts them to do their job sincerely, which in turn increases their pride and responsibility towards their work. It has been witnessed that productivity improves when the focus on work improves. It allows people to develop a better understanding of their job and eliminate office space time-wasters like "fake meetings" etc. ROWE also eliminates the illusion of productivity created by the "come early, leave late" mentality many firms require for promotion. Thus the focus is primarily towards results instead of punching the time clock or logging desk time. 2. Identify factors in the ROWE program that might make using it for retail employees more difficult than using it for managers and employees in corporate offices, technical centers, and nonretail jobs and locations. The ROWE-type program has been implemented by various organizations across a broad spectrum in different departments such as IT, back office, etc. But at places like retail stores or bank branches, where one to one customer interaction and service...
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...environment may cause can be detrimental to a person’s health. When anyone| | |is stressed, it can create a number of problems with their health. | |Identify a situation in which you experienced stress in the workplace or provide a |Fictional example: I had been scheduled to work 4 late shifts, out of 5 working days. Every other | |fictional example. |employee only had to work 1 late shift. I brought it to her attention and explained that it was not part| | |of the job requirements when I was hired on. She was visibly upset that I had brought it up and did not | | |want to discuss it at all. Instead, she changed the schedule and made it unbearably tense for the | |...
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...website. The matter of stress is serious and is an ongoing concern. As indicated by both articles that the tough economic times that lead to significant changes within the workplace, has contributed to the increased in stress factors among workers and greatly affect businesses. One major stress factor stemmed from the economic crisis is uncertainty or the fear for the lost of job. The American Psychological Association explains that bankruptcies are among the list of things that caused hundreds of thousands of workers their jobs. Additionally, while millions more have been shifted to unfamiliar tasks within their companies, this dramatic shifting has caused many to wonder how much longer they will be employed. Holmes-Rahe Life Events Scale, in the PDU Magazine Article, also pointed out that many of the most stressful events are related to the workplace and in addition to the lost of job, “firings” on the list mentioned, is the changes in financial status. Undoubtedly, being put out of a job has alarming effects on the individual. According to the American Psychological Association, “the loss of a job can be devastating, putting unemployed workers at risk for physical illness, marital strain, anxiety, depression and even suicide”. In the same light, the PDU Magazine Article has listed the same effects and more, but looked at these effects as a “heavy price” since they take a toll on the individual not only physically but psychologically. Employers and employees within various...
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...Effective Communication will help with better understanding of each other, and have a broader perspective. With effective communication bring more confidence, admiration, and a better work environment where we as people would be able to excel within the work place, having more creative thoughts, being able to problem solve more complex situations. Effective communication is good to have so that both parties will be able to convey the message in which each will understand. It will also help with everyday life setting whether it be dealing with work related relationships , or personal life. I have a experience a few times where I was to use effective communication in the workplace. One time I can recall, were there had been a discrepancy between a co-worker and I that was work related . I work for a Bank, within their retail card service department, lending for private label credit cards where I have to make decisions for financing based on a clients credit ratings, and my co-worker and I had a issue pertaining to lending of credit to the client. A few weeks had went pass where my co-worker and I had not spoken to each; although we were both on the same team, we had no form of communication towards each other, we were both stubborn when it came to issue at hand and wasn't backing down to each other opinions. It soon became a problem where it was becoming noticeable in the work place, and affecting my quality of work. Not only was the discrepancy affecting me and work-related...
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...limitations in the workplace, but older employees have more limitations than the younger workers. Many studies have been conducted on age and work performance, and there were no difference in older workers and younger workers performance. They both have positive and negative effects in the workplace, but there no research that will make the claim that one age group performance is better than the other (Warr, 1993). However, most people think that older workers are more stability, experience, productivity, and this is commonly not originate in younger workers. They believe with all the good work ethic that older employees have they should do well in the workplace. There has been a study that shows that older workers are more faithful to their job, more realistic and more responsible about their standing in a business, as contrasted to younger employees. Both younger and older employees have their advantages and disadvantages in the workforce. Both groups have some decline in the workplace, and it will be difficult to say which...
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