...Bargaining Simulation HRMT 2349: October 29, 2015 Raelene Dersch, Travis Jensen, Sahar Ghanem, Diana Machado Rules We, as a management team, agree to bargain in good faith. We understand that this does not mean that we have to compromise and shift our position to the point where your vital interests are seriously jeopardized. It does mean that we accept the opposing side as bargaining agents with the authority both to make and live up than an agreement. We understand that once an item is agreed upon, we can’t later on change our mind and revert to a less generous position than what you agreed to before. Marvo Metal Products Limited is a medium sized company in Edmonton Alberta that is primarily engaged in the manufacture of metal office furniture. We also produce a line of office components, including wall cabinets and drawers, work surfaces, office-machine surfaces, and wall panels, which used together in various combinations provide the modules for “office landscaping” systems. Marvo also manufactures a number of other stamped metal products, such as steel shelving, garage doors, and locks. The company owns approximately eight acres of property in the older industrial section of the city. On this property are located the plant and offices- which are housed in a fifty-year old, two-story building- warehouse facilities, employee parking, and spur line providing railway services. Employees at Marvo were unionized when the Fabricators applied to the Labour Relations board...
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...Accounting Demystified This page intentionally left blank Accounting Demystified Jeffry R. Haber, Ph.D., CPA American Management Association New York • Atlanta • Brussels • Chicago • Mexico City • San Francisco Shanghai • Tokyo • Toronto • Washington, D.C. Special discounts on bulk quantities of AMACOM books are available to corporations, professional associations, and other organizations. For details, contact Special Sales Department, AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019. Tel.: 212-903-8316. Fax: 212-903-8083. Web site: www.amacombooks.org This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Library of Congress Cataloging-in-Publication Data Haber, Jeffry R., 1960– Accounting demystified / Jeffry R. Haber. p. cm. ISBN 0-8144-0790-0 1. Accounting. I. Title. HF5635.H112 2004 657—dc22 2003017265 2004 Jeffry R. Haber All rights reserved. Printed in the United States of America. This publication may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written...
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... to Work in Process (Factory Overhead) $76,900 1-6. 1. Cost of goods manufactured $348,000 2. Prime cost $264,000 3. Conversion cost $240,000 1-7. Cost of goods manufactured…………………………………………. $970,000 1-8. 1. Cost of Job 101 $6,100 1-9. 2. (a) Gross profit on sales $40,250 (b) Gross profit per Job 230 $7,000 (c) Gross profit per unit, Job 230 $.70 1-10. 4. Cost of goods manufactured $343,000 CHAPTER 2 Problem 2-1. 3. 3,000 average units in inventory. 2-2. 1. (b) LIFO costing, ending inventory balance $112,500 2-3. 2. Carrying Costs $3,500 2-4. 2. FIFO cost of ending inventory……………………………. $120,500 2-5. 3. Moving average, ending inventory balance $4,508.72 2-6. 3. (b) Materials on hand $34,100 2-7. 3. Inventory of materials $10,000 2-8. 2. (a) Material inventory balance $9,950 2-9. 3. 2 days 2-10. (a) Raw and in-process inventory $150,000 2-11 (a) Adjustment of materials account $546 2-12. 1. (b) Inventory value of spoiled goods $300 2-13. 1. Spoiled goods inventory $1,350 RP. 4. Cost of goods manufactured $98,290 6. Total assets $282,895 Mini-Case 1 Net advantage of JIT…………………………………………………………..$80,000 CHAPTER 3 Problem 3-1. 1. Hourly bonus rate $.55...
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...QuickBooks. 6. After collecting Time create invoices for projects Unisys & Lockheed Martin (Cloc, I2SSC). These are the only weekly billed Projects. Biweekly Tasks 1. Transmit payroll by 5pm on the Tuesday that is payroll week. 2. Enter Time bank taken into Time bank spreadsheet after payroll is done. 3. Transmit 401k through CMC Interactive website on the Friday of the payroll. 4. Transmit 401K Through Charles Schwab (after transmitting through CMC interactive). 5. Update 401k spreadsheets for FY Financials. 6. Enter payroll journal entries into QuickBooks – Payroll J/E Vacation J/E Class Allocation 401k 7. Enter Invoices into Burn Rates spreadsheets. 8. Check Burn Rate spreadsheets to make sure there is enough funding 9. Update FY Time bank spreadsheet for FY Financial Reports. Accounting Principles Indirect Cost – Any cost that cannot be directly identified with a single final cost objective but can be identified with two or more final cost objectives or an intermediate cost objective. (Cost Accounting Standard – CAS) EXAMPLE of Indirect Costs: Paid time off, holiday pay, Fica, Medicare, Futa, Suta, payroll expenses, 401k matching expense, 401k administration fee, Group health, Life Insurance, Disability,...
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...II The purpose of this part of the audit process for Apollo Shoes is to design tests of controls, substantive tests of transactions, and analytical procedures for the sales, collection, payroll, personnel, acquisition, and payment cycles. These test and procedures are with intent to attest operating effectiveness of internal controls of Apollo Shoes on the basis of documentation provided. It is with the understanding that with the performing of test and procedures an opinion can be formed but management of Apollo shoes is responsible for the maintenance and assessment internal controls of over financial reporting. The design of test of controls of the sales and collection cycle follows. Sales and Collection Cycle Tests of Controls Sales Cycle: The review of the revenue and collection cycle manual of Apollo Shoes provides the improper record keeping of sales orders and that sales orders are not numbered which may affect the accuracy of pricing on invoices so steps. The test of controls for sale cycle to determine accuracy will be: 1. Examine sample 1004345 for Anglonesia Rehabilitation and Reprogramming Institute invoice to review unit prices of merchandise listed. 2. Compare unit prices on invoice for merchandise to these shoe types from inventory status report of 2007. 3. Verify unit prices on invoices are correct. Collection Cycle: A review of balance confirmation from customers provides a customer of Apollo Shoes Neutralizer’s account balance was understated by $...
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...PRINCIPLES OF COST ACCOUNTING This page intentionally left blank PRINCIPLES OF COST ACCOUNTING 15E E D W A R D J. V A N D E R B E C K Professor Emeritus Department of Accountancy Xavier University Principles of Cost Accounting, 15th Edition Edward J. VanDerbeck ª 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. Vice President of Editorial, Business: Jack W. Calhoun Acquisitions Editor: Matt Filimonov Developmental Editor: Lauren Athmer Marketing Manager: Kristen Hurd Marketing Coordinator: Heather McAuliffe Content Project Manager: Corey Geissler Production Technology Analyst: Starratt Alexander Media Editor: Scott Fidler Sr. Manufacturing Coordinator: Doug Wilke Production Service: Cadmus Sr. Art Director: Stacy Shirley Internal Designer: Jennifer Lambert, Jen2Design, LLC Cover Designer: cmiller design Cover Image: ªGetty Images For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission...
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...PRINCIPLES OF COST ACCOUNTING This page intentionally left blank PRINCIPLES OF COST ACCOUNTING 15E E D W A R D J. V A N D E R B E C K Professor Emeritus Department of Accountancy Xavier University Principles of Cost Accounting, 15th Edition Edward J. VanDerbeck ª 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. Vice President of Editorial, Business: Jack W. Calhoun Acquisitions Editor: Matt Filimonov Developmental Editor: Lauren Athmer Marketing Manager: Kristen Hurd Marketing Coordinator: Heather McAuliffe Content Project Manager: Corey Geissler Production Technology Analyst: Starratt Alexander Media Editor: Scott Fidler Sr. Manufacturing Coordinator: Doug Wilke Production Service: Cadmus Sr. Art Director: Stacy Shirley Internal Designer: Jennifer Lambert, Jen2Design, LLC Cover Designer: cmiller design Cover Image: ªGetty Images For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission...
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...CHAPTER 2 Overview of Business Processes SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 1. Three different types of information exist in Table 2.1: 1. Internally-generated financial data 2. Internally-generated operating data 3. Externally-generated data. Internally generated financial data would be captured directly on source documents that are processed by the AIS and would be reported in traditional financial statements. Internally generated operating data can be captured in two ways. Some of this data (e.g., time worked) would be captured on source documents. Other data (e.g., employee skills) would traditionally be captured and stored by an information system that is not part of the AIS itself. The AIS, however, should be redesigned so as to integrate this data with the other transaction-oriented data. Some of the data (e.g., information on market share and customer satisfaction) must come from external sources. The AIS should be designed to store this data in an integrated manner with internally generated data. 2.2 The fact that all documents are prenumbered provides a means for accounting for their use and for detecting unrecorded transactions. Thus, a missing check indicates a meal for which a customer did not pay. Since each server has his or her own set of checks, it is also easy to identify which server was responsible for that customer. This policy may help to deter theft (e.g., serving friends and not requiring...
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... |ACACIA LEARNING | | |Candidate name: |Suzanne Averis | | |CIPD Qualification undertaken: | |CIPD Membership No: |44402910 |Unit code(s): |3HRC (HR) | |Unit title(s): |Understanding Organisations and the Role of Human Resources | |Unit tutor: |Janine Waldman | |Date due for assessment: |2/9/15 |Date submitted: |11/8/15 | |Word Count: | | |State number of word used |2194 | |Candidate declaration: | | ...
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...PRODUCTION AND OPERATIONS MANAGEMENT BUS3020 COURSE CONTENT WEEK THREE TOPIC: FORECASTING • Different Methods of Forecasting – Formal and Informal, • Qualitative and Quantitative Methods • Causal methods auto projection methods of forecasting. What is forecasting? Forecasting is the art and science of predicting future events. As a science it uses historical data and projects them into the future using mathematical models. As an art it uses intuition or judgment to predict the future. Why forecast? Done to minimize uncertainty and evaluate risk relating to future events caused by dynamism of the environment within which organizations operate. Such dynamisms includes: a) Changes in legislation b) Stiff competition c) Demographic changes. Forecasting is important for planning and control of functional areas such as; marketing, finance, operations e.t.c.In the public sector, forecasts are used to plan on: Health, Education, Social services e.t.c. Types of forecasts • Demand forecasts – projections of demand for a company’s products or services. • Economic forecasts – predicts inflation rates, money supplies e.t.c • Technological forecasts.- concerned with the rate of technological progress. Forecasting Horizons a) Short – range forecasts: Covers from a few days to 6 months. It concerns issues like purchase forecasts, job scheduling, workforce levels, job assignments, production levels e.t.c. b) Medium range forecasts: Covers usually from 3 months...
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...* Slide 3 | | HRM and Payroll Cycle Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 15-3 | * Slide 4 | | HRM and Payroll Cycle Managing Employees: Recruiting and hiring new employees Training Job assignment Compensation Performance evaluation Discharge of employees due to voluntary or involuntary termination Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 15-4 | * Slide 5 | | HRM and Payroll Cycle Activities 1.Update master data 2.Validate time and attendance 3.Prepare payroll 4.Distribute payroll 5.Disburse taxes and miscellaneous deductions Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 15-5 | * Slide 6 | | HRM and Payroll General Threats Inaccurate or invalid master data Unauthorized disclosure of sensitive information Loss or destruction of data Hiring unqualified or larcenous employees Violations of employment laws Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 15-6 | * Slide 7 | | HRM and Payroll General Controls Data processing integrity controls Restriction of access to master data Review of all changes to master data Access controls Encryption Backup and disaster recovery procedures Sound hiring procedures, including verification of job applicants’ credentials, skills, references, and employment history Criminal background investigation checks of all applicants for finance-related positions Thorough documentation...
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...California and SAP Public Services who failed to implement a major IT payroll project that would modernize their current legacy system of 295,000 employees. As early as 1999, the State Controller’s Office (SCO) had been planning a project that would replace the current computer system. This system had been around since the early 1970’s with an outdated computer language that only a few dwindling computer technicians could understand. Through the services of SAP, “a global leader in providing payroll and human resources software” (Sweeney & Korber, 2013, p. 7), an off-the-self software would be customized to meet and maintain California’s complicated payroll for “roughly 300,000 employees in 160 departments with 21 different labor or bargaining units” (Sweeney & Korber, 2013, p. 7). On Oct. 4, 2005, Los Angeles Unified School District signed a whopping $95 million contract with SAP to use its software for payroll, financial management and procurement. This software would be modified and integrated into state departments and school. This daunting task would require its fair share of risked that even the none computer savvy could see coming. Just two days after the state bought its own SAP license, the SCO saw its first red flag. A private health provider, the Irish Health Service, turned in the towel on two SAP payroll system for 120,000 workers, just half the size of the state’s workforce payroll. This system was expected to take three years with only $10.7 million...
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...Chapter 6 – Payroll Schemes 1. A _______________ is an individual on the payroll who does not actually work for the organization. a. Falsified employee b. Phantom employee c. Ghost employee d. Shell employee 2. Which of the following is not a type of payroll scheme? a. Ghost employee scheme b. False deduction scheme c. Falsified hours and salary scheme d. Commission scheme 3. Marsha Wood added her one-year-old niece, Jackie, to the payroll at JNC Company and began issuing paychecks in Jackie’s name, even though Jackie did not work for the organization. Marsha’s niece is not considered a ghost employee because she is a real individual rather than a fictitious person. a. True b. False 4. Which of the following is not necessary for a ghost employee scheme to succeed? a. Timekeeping and wage rate information must be collected. b. The ghost must be added to the payroll. c. The perpetrator must have access to a bank account in the ghost employee’s name. d. A paycheck must be issued to the ghost. 5. To safeguard against ghost employee schemes, the person in charge of entering new employees in the payroll system should also distribute the paychecks so that he or she can look for payments to unauthorized employees. a. True b. False 6. If a fraudster fails to remove a terminated employee from the payroll and collects the former employee’s fraudulent paychecks, he or she is committing a: a. Payroll larceny scheme b. Falsified hours and salary scheme c. Forged endorsement scheme d. Ghost...
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...Engstrom Auto Mirror Plant Case Motivating in Good Times and Bad Prepared by: Lily Yuan, Vicky Pan, James Xu, Kate Li, Issakson Wang, Ariel Cao, Vivian Fu 9 November 2013 Contents Introduction to Engstrom Scanlon Plan Scanlon Adoption Plan at Engstrom Problems and Solutions? 2 Introduction to Engstrom (I) A privately owned business manufacturing mirrors for trucks and automobiles Located in Richmond, Indiana 209 employees Use Scanlon Plan as an incentive for staff 3 Introduction to Engstrom (II) Creation 1948 late 1990s Troubles:unprofitability,production delays Ron Bent hired 1998 Dec.1999 Scanlon plan is voted by 81% workers Downturn in industry 2005 46 employees lay off June 2006 Need a new solution! May 2007 Economical Context 1948 1990s 1999 2005 2007 Contents Introduction to Engstrom Scanlon Plan Scanlon Adoption Plan at Engstrom Problems and Solutions? 5 Scanlon Plan Developed in 1930s by Joseph Scanlon, a cost accountant by training and a steelworkers’ union official at a steel mill facing bankruptcy. The heart of the plan is the concept of participative management. The three plan components: • the submission of suggestions for improvement by employees at all levels • the structure of the company committees that evaluate the suggestions • then the sharing of the fruits of increased productivity through monthly bonuses Ideally work together to drive big changes in behavior and attitudes! 6 Contents...
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...15 Mod 3. Demonstrate an understanding of how changes in current liabilities 9 5 Easy affect the statement of cash flows. 10 5 Mod 11 5 Mod 4. Determine when contingent liabilities should be presented on the 12 15 Mod balance sheet or disclosed in notes and how to calculate their amounts. 5. Explain the difference between simple and compound interest. 13 20 Mod 6. Calculate amounts using the future value and present value concepts. 14 5 Easy 15 5 Mod 16 10 Mod 17 10 Mod 24* 10 Diff 25* 10 Diff 7. Apply the compound interest concepts to some common 18 5 Mod accounting situations. 19 10 Mod 20 10 Diff 24* 10 Diff 25* 10 Diff 8. Demonstrate an understanding of the deductions 21 15 Mod and expenses for payroll accounting. (Appendix 9A) 22 20 Mod 9. Determine when compensated absences must be 23 10 Diff accrued as a liability. (Appendix 9A) *Exercise, problem, or case covers two or more learning objectives Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff) Problems Estimated and Time in Learning Objective Alternates Minutes Level 1. Identify the components of the current liability category of 12* 10 Mod the balance sheet. 2. Examine how accruals affect the current liability category. 1 40 Mod 11* 30 Mod 3. Demonstrate an understanding of how changes in current liabilities 2...
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