...Identify the choice that best completes the statement or answers the question. ____ 1. Which of the following is NOT a process associated with an accounting information system? |a. |auditing existing data | |b. |collecting and recording data | |c. |providing information to users | |d. |analyzing and managing data | ____ 2. Which of the following is NOT part of the financial accounting information system? |a. |filing reports with the SEC | |b. |reporting a large contingent liability to current and potential shareholders | |c. |determining the future cashflows of a proposed flexible manufacturing system | |d. |preparing GAAP financial statements | ____ 3. Which of the following does NOT describe cost management system? |a. |evaluation of segments or products within the firm ...
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...Gardenia | Sourcing | QAF Limited being the manufacturer and distributor of Gardenia Bread.(http://www.qaf.com.sg/ourbiz/bakery.asp)The ingredients used in our bread are sourced only from certified suppliers with high standards of food safety assurance programmes, and these are subject to incoming quality inspections and tests to ensure that they conform to Gardenia‟s quality and safety specifications. | Inventory Management | Gardenia Bread are baked fresh daily so that consumers get the finest quality and freshest bread daily.Usually bread are sold till the inventory is empty, however for unsold bread, they would be sold to commercial fishponds and factory workers. Gardenia need to do so in order to maintain its reputation of ensuring its bread is fresh etc. (include citation)Research on whether Gardenia uses Inventory Management Software | Distribution | An efficient and effective distribution system is very important especially for companies dealing with food products like Gardenia.Therefore, Gardenia has to ensure that it is able to deliver the freshly baked bread quickly and efficiently every morning to some 3000 retail outlets in Singapore come rain or shine so that the bread remains fresh when it reaches the stores. Gardenia is able to do so with its efficient sales and delivery teams. (Research more on how gardenia manages its distribution network (e.g. vans))Since Gardenia bread are available in many different places and thus it is easily accessible, by increasing...
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...Financial and Managerial Accounting Prof. dr. Véronique Weets Assistant Filip Sans Master of Management Your name: Your marks:/20 Written Exam /300 Part 1: Theory & Understanding /150 Open Questions /50 Solve the following questions. Do not use more than the allowed space. Write legibly. Note that marks will be subtracted for irrelevant information and incorrect information. Major mistakes can lead to zero points on the question even if there is also correct information included in the answer. Correct answer 10 points Total questions 5 questions Total maximum 50 points Give the sequence that correctly summarizes the accounting process. Explain how the value of the account “inventory” is determined? What accounting principle leads to the technique of depreciating property, plant and equipment? What are equivalent units and when/why do we use equivalent units ? What is a CVP graph ? Draw one and indicate the most important points. True/False /50 Indicate whether the following statements are True (T) or False (F). Correct answer 5 points Incorrect answer -5 points No answer ...
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...Aussie pies Anna Amphlett and Andrew Ferris has decided to startup a new business in Seattle, U.S.A under the name of Aussie Pies Inc. after their visit to Australia; where they discovered the meat pies, the national snack food of Australia and interested in starting up a business in U.S to produce and sell similar meat pies, The couple has decided to apply for a loan through a contact to establish a new business. Even though bank has tentatively agreed to provide the loan up to one million with 6% interest per year, still loan committee of the bank require business plan including complete set of projected financial statements for the first year of operations, including income statement, statement of cash flow and balance sheet. Please see the detail of the company from below report, The company Anna Amphlett and Andrew Ferris have discovered the meat pies, the national snack food of Australia, during their visit to Sydney. They found Australian consumed vas number of meat pies during sporting events and other occasions and pies are served with ice-cold beer. They decided to explore the possibility of establishing a business in USA. They have decided to locate the first outlet in Pike Place Market, a popular destination for tourist to Seattle in USA, particularly International travelers who curious about other cuisines and willing to try new foods. They have decided to make the pies with high-quality, low fat due to most international travelers belong to...
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...M2 discussion managerial accounting Unit 2: Module 2 - M2 Assignment 1 Discussion Discussion Assignment Assignment 1: Discussion—Activity-Based Costing System Activity-based costing is one of the most accurate methods that can be used to allocate overhead. However, it is not often used in many smaller organizations due to the substantial cost involved with its implementation. Using the module readings and the Argosy University online library resources, research the activity-based costing method. Use your research and/or your experiences as a working professional to complete this assignment. Respond to the following: If you have utilized an activity-based costing system in your former or current employment, describe how this system had been used. In your response, be sure to include your experience and position on the effectiveness of the activity-based costing system. Support your ideas by drawing on your readings and scholarly articles. If you have not encountered this type of system in your work experience, assume a company needs to switch to an ABC system. Describe the common cost drivers that could be used. How would the organization identify the cost drivers? How would the organization use them in the implementation of this system? You may use your former or current company for the analysis. Write your initial response in 3–4 paragraphs. Apply APA standards to citation of sources. By Saturday, June 21, 2014, post your response...
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...STRATEGIC MANAGEMENT ACCOUNTING UNIT – I MANAGEMENT ACCOUNTING – SCOPE- STRATEGIC IMPORTANCE – NATURE AND CHARACTERISTICS OF MANAGEMENT CONTROL SYSTEM “The accounting people are expected to do things that are much more strategic and much more forward looking than they have been expected to do in the past”. INTRODUCTION1 Mission of Disney – “To offer quality entertainment that people seek out”. The Walt Disney Company has long been widely admired as visionary and well-managed company. But how does Disney continually make the right calls in terms of investment capital, providing new attractions that appeal to its audience while earning a superior return for its shareholders? The company evaluated its existing business and new initiatives based on their ability to contribute to Disney’s long term cash flow and earnings growth, and to provide returns that exceed Disney’s cost of capital. Through strategic planning, sound decision making, and creative and disciplined management, the Walt Disney Company promises to continue providing quality entertainment to its customers and attractive financial returns to its investors for decades to come. Many different kinds of organisations affect our daily lives. Manufacturers, retailers, service industry firms, agribusiness companies, non-profit organisations and government agencies provide us with a vast array (range/collection) of goods and services. All these organisations have two things in common. First...
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...Find more on www.studymaterial.ca Student name: ................................................................................................................. Student number: .............................................................................................................. YORK UNIVERSITY Faculty of Liberal Arts & Professional Studies School of Administrative Studies ADMS 2510 3.0 Fall 2013 Common Mid-Term Examination Sunday, November 10th, 2013 2 hours Section Day Time Section Director Location A Tuesday 4 – 7 pm John Parkinson Vari D B Thursday 4 – 7 pm Alison Beavis Ross S 137 C Monday 7 – 10 pm John Parkinson ACW 004 D Wednesday 11:30 – 2:30 pm Lawrence Shum ACW 006 E Internet Gary Spraakman Internet F Thursday 11:30 – 2:30 pm Alison Beavis ACW 006 G Monday 4 – 7 pm John Parkinson Curtis H Instructions: This is a closed-book examination and no collaboration is allowed. There are 4 equally-weighted questions. Answer the questions in the examination paper. Use the back of a page of the examination paper for rough workings. Place your photo-identification on your desk during the examination to facilitate verification. You have 2 hours to complete the examination. Question 1 2 3 4 Marks Total Marks /25 /25 /25 /25 /100 Find more on www.studymaterial.ca Question 1: There are five parts. [5 marks for each...
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...CHAPTER 17 PROCESS COSTING 17-1 Industries using process costing in their manufacturing area include chemical processing, oil refining, pharmaceuticals, plastics, brick and tile manufacturing, semiconductor chips, beverages, and breakfast cereals. 17-2 Process costing systems separate costs into cost categories according to the timing of when costs are introduced into the process. Often, only two cost classifications, direct materials and conversion costs, are necessary. Direct materials are frequently added at one point in time, often the start or the end of the process. All conversion costs are added at about the same time, but in a pattern different from direct materials costs. Conversion costs are often added throughout the process, which can of any length of time, lasting from seconds to several months. 17-3 Equivalent units is a derived amount of output units that takes the quantity of each input (factor of production) in units completed or in incomplete units in work in process, and converts the quantity of input into the amount of completed output units that could be made with that quantity of input. Each equivalent unit is comprised of the physical quantities of direct materials or conversion costs inputs necessary to produce output of one fully completed unit. Equivalent unit measures are necessary since all physical units are not completed to the same extent at the same time. 17-4 The accuracy of the estimates of completion depends on the care and skill of the estimator...
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...Course Name: HND in Hospitality Management Food and Beverage Operations Management (Unit5 Student Name: Emilia Panzo Submitted to: Margaret Amankwah Nelson College London Wembley Campus, London Task1 1.1characteristics of food production and beverage service systems Food Production Methods Food production methods in the catering industry evolved over a period of time when there was an great quantity of labour. The design of the established kitchen, first introduced into the UK in the latter half of the nineteenth century, grew up around the division of tasks into parties (comparable tasks with numerous foods were carried out by a particular group of people). This was the progress of the parties system. The rigid demarcation between the sections meant that the staffing ratio was high in comparison with the number of meals served. During the first half of the twentieth century there was little or no technical change in the kitchens of hotels and restaurants. Most managers and chefs had been trained in the old traditional methods which gave reasonably satisfactory results, and to them there seemed little reason to change. It is only during the last forty years that changes in the old traditional methods have evolved. These changes were slow to appear and started in the manufacturing industry rather than in the kitchens of hotels and restaurants. Technical research was done...
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...Operational case study exam – February 2016 Pre-seen materials – Students’ copy February 2016 Operational case study examination Pre-seen materials First Class Bakery Contents 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Introduction Products Production Customers Distribution/suppliers/recycling Employees Financial statements Information and costing systems The industry News articles ©CIMA 2015. No reproduction without prior consent Page 2 3 7 10 12 13 15 19 20 21 Page 1 Operational case study exam – February 2016 Pre-seen materials – Students’ copy Introduction First Class Bakery manufactures cakes and desserts which are packaged and sold directly to food retailers. All production is carried out on a single site in the west of Beeland, a country that has B$ as its currency. Most of the cakes manufactured are for large food retailers who sell the cakes as their own brand. First Class Bakery packages the cakes using the brand required by each retailer. Some cakes and desserts are sold to small independent food retailers under First Class Bakery’s own brand. All sales are made in Beeland, in B$. First Class Bakery was established over 30 years ago by three brothers: John, James, and Frank Mitchell. The three brothers owned and ran the business until recently when 80% of its equity shares were sold to Universal Foods, a large group quoted on Beeland’s stock market. The two older brothers John and James retired from the business...
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...Wilkerson Co. Case Group 6 #1) Wilkerson is dealing with many different factors when it comes to the competition in their industry. First, the main issue in regards to competition is the fact that all the competitors are cutting the price on their pumps in order to gain market share and creating a price war within the industry. This is something that happens often in very competitive industries and usually the largest companies survive such tactics. This tactic is good for the consumers in the short term because they are able to obtain commodity products at reduced prices. Dominant firms with large assets usually survive a price war pushing smaller companies out of the industry and gobbling up the market share that was left because of the companies that we forced to close. This can also be bad for the consumer in the long-term because it reduces the competition in the market which is what controls the prices, if there isn’t much competition, one firm could have a monopoly and charge increase prices since there isn’t competition to keep their prices fair creating price gouging. Another situation happening in the industry is the fact that Wilkerson’s competition has not realized that there are opportunities for profit in the flow controllers, which are more labor intensive but seem to withstand increased prices. Wilkerson was able to maintain demand with a 10% price increase on their flow controllers. There are many different varieties of flow controllers in the industry...
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...BUS/475 Sample Final Exam |Accounting | |Financial accounting | | |Conceptual foundations | | |Income statement and statement of retained | | |earnings | | |Balance sheet | | |Statement of cash flows | |Managerial accounting | | |Cost concepts | | |Product costing systems | | |Activities-based costing | | |Cost, volume, and profit analysis | | |Budgeting (except capital budgeting covered | | |under finance) | | |Standard costing | | |Nonroutine decision making | |International accounting* | 1. Which of the following is NOT an element of manufacturing overhead? a. Factory employee’s salary b. Depreciation on the factory c. Plant manager’s salary d. Factory repairperson’s wages 2. What accounts are NOT classified in the current assets section of the balance sheet? a. Cash b. Accounts payable c. Security deposits d. Inventory 3. The starting point of a master budget is the preparation of the a. cash budget...
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... prison had become an acceptable punishment for serious offenders and it was also seen as a means to prevent crime. It had become the primary form of punishment for a wide range of offences from stealing bread to adultery. As towns grew to cities and villages grew to towns the crime level increased dramatically in England, citizens became more and more worried about how criminals could be kept under control. There was also public unease at the number of people being hung. By the 1830’s, many areas in Australia were refusing to be the dumping-ground’ for Britain’s criminals. There were more criminals than could be transported. The answer to this problem was to reform the police and to build more prisons: 90 prisons were built or added all across Britain between 1842 and 1877. This was a massive building program, costing the crown millions of pounds. By the mid Victorian period, there were two distinct prison systems in England. There were the county and shires gaols, administered by the Justices of the Peace. These ranged from small lock ups to large ‘County Gaols’ or ‘Houses of Correction’. The second system was the ‘ Convict Gaols’ run by the central government in London. Gradually, the utilization of convict gaols came to include holding prisoners as part of the process of transportation to other countries. Newgate was...
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...great number of exam standard questions (and answers) to practice on. You should also use the free “Online Multiple Choice Tests” and the “Flashcards” which you can find on on the OpenTuition website. http://opentuition.com/acca/ December 2015 Examinations Paper F2 ACCA F2 / FIA FMA Free lectures are available on opentuition.com CONTENTS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Accounting for Management Sources of Data Presenting Information Cost Classification Inventory Control Accounting for labour Accounting for Overheads The Management Accountant’s Profit Statement – Absorption Costing The Management Accountant’s Profit Statement – Marginal Costing Process Costing – Introduction Process Costing – Losses Process Costing – Work-in-Progress Process Costing – Joint Products...
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