ACCT 606 Managerial accounting Professor: Dr. John Jin Student Lu-Yi Lin ID #:003253080 Definition of start-up costs and organizational costs: Start-up costs are costs for setting up or investigating the creation or acquisition of a business. Start-up costs include any amounts paid or incurred in connection with an activity engaged in for profit or for the production of income in anticipation of the activity becoming a business. Organizational costs include the costs of creating a corporation
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business, businesses must incorporate and use the various resources of technological progressions. Invasive software applications and fully structured information systems support businesses to administer every area of their business relationships. The accounting, human resources (HR) and marketing departments use various software applications and information systems to achieve the goals of a business in order for them to become successful and remain competitive. This paper will focus on these departments
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OF DUTIES 15 B) PROCEDURAL CONTROLS 15 X. FINANCIAL REPORTING 16 A) SEGREGATION OF DUTIES 16 B) PROCEDURAL CONTROLS 17 INTERNAL CONTROL CHECKLIST Inventory of Specific Areas for study and evaluation of financial accounting internal controls I. BUDGETS AND PLANNING A) SEGREGATION OF DUTIES 1) Are responsibilities for budget preparation, adoption, execution, and reporting each assigned to different staff members?B) PROCEDURAL CONTROLS 1) Do personnel responsible
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Securities and Exchange Commission (SEC). His or her job was to streamline accounting practices and create rules to assist organizations in the proper preparation on financial statements. The SEC’s chairman created a nine-point action plan to assist in the detection of fraud. This action plan is outlined as follows: 1. Improved disclosure regarding the impact of changes in accounting assumptions. 2. Clarified accounting rules regarding purchased in-process restructuring charges, large acquisition
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CVP Analysis Introduction According to “Snap Fitness,” (2011), “economically, the health club industry has proven to be recession-proof, averaging an 8% annual growth rate since the early 1990’s across all health clubs and gyms,” (Fitness Franchise Opportunities). Snap Fitness franchising offers opportunities for entrepreneurs to open a successful business that has already allocated the following benefits and services for consumers and for the franchisee: Location of fitness needs is open 24/7
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CLASSIFICATION OF ACCOUNTING INFORMATION/ ACCOUNTING DISCIPLINES 1. The Accounting Profession The accounting profession may be divided into two disciplines, namely private accounting and public accounting. a) Private accounting These are accountants employed by a business firm or a NGO- frequently called management accountants. b) Public accounting This provides services on a fee basis. An accountant may practice as an individual or as a member of a public accounting firm. Public
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Introduction VBF Tubing is the largest steel producer in the Netherlands. VBF produces welded steel tubing plants in three of its plants. These tubes find application in various fields ranging from structural components to gas, steam & liquid transmission. The major concern for VBF is their low inventory ($ 4.5 million) turning rate. Process i. Raw material preparation: Flat rolled steel is used as raw material, which is wound into rolls, unwounded, and then the start of one coil is welded against
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optimum method of cost accounting is vital to a company’s success and sustainability. Two types of costing methods are available: the traditional cost accounting method or the activity based cost system. Each delivers pros and cons; therefore each company may choose one or the other. The traditional method matches the indirect costs to the volume based products, the hours of direct labor, or the hours of machine production hours (Accounting Coach, 2012). Activity based accounting products eat up
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Harvard Business School Publishing Case Map for Horngren, Foster & Datar: Cost Accounting: A Managerial Emphasis, 10th Edition (Prentice Hall) This map was prepared by an experienced editor at HBS Publishing, not by a teaching professor. Faculty at Harvard Business School were not involved in analyzing the textbook or selecting the cases and articles. Every case map provides only a partial list of relevant items from HBS Publishing. To explore alternatives, or for more information on the cases
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Cost-Volume-Profit (CVP) Analysis considers the impact that changes in output have on revenue, costs, and net income. In applying CVP Analysis, costs are separated into variable and fixed costs. This distinction is important because, as mentioned previously, variable costs change with changes in output, whereas fixed costs remain constant throughout what is referred to as a relevant range. CVP analysis is based on the following equation: Profit = Total Revenues - Total variable costs - Total fixed
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