DSS Assignment (Assignment 1) GROUP DUE DATE: March 13, 2015 Peer Evaluation: Each group member will be grading other team members. A student’s score will be an average of the group member’s rating times the overall assignment score. For example if you get an average of 80/100 in peer evaluation from your group and 90 in the assignment, your INDIVIDUAL score would be 90*.8 = 72/100. If there is a problem with your group members, please e-mail me right away!!! PEER Evaluations are
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Contrary to some belief, accounting is not a “walk-in-the-park” career. Accountants do not sit at a desk one-hundred percent of the time crunching numbers that always add up perfectly. In fact, accounting fraud is one of the largest scandals found today. When an accountant enters an engagement with a client, who are they liable to? Certainly not just to the client, but also anyone who could negatively be affected by a material misstatement, as well as the government. These responsibilities are
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inventory module will streamline purchasing and reduce spoilage. Through enhanced accounts payable and accounts receivable systems, inventory updates will be more timely and accurate. The addition of the software will improve the quality of Kudler’s accounting system, reduce cost of products with less spoilage, improve decision-making capabilities, and increases the ease of sharing knowledge about products and other services. The software will help accelerate the process of filling customer orders more
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| Readings 5-1: “Activity-Based Costing and Predatory Pricing: The Case of the Petroleum Retail Industry” by Thomas L Burton and John B MacArthur, Management Accounting Quarterly, (Spring 2003). The assignment of indirect costs in a volume-based costing system can lead to product-cost subsidization—overcost high-volume products and undercost low-volume products. Undercosted products can lead to the appearance
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CHAPTER 1 The Accounting Environment: What Is Accounting and Why Is It Done? QUESTIONS Q1-1. A variety of answers are possible but the essential elements are the production and communication of information so that stakeholders can make decisions. Q1-2. Financial accounting is concerned with providing information to those outside an entity such as investors, lenders, and CRA. Managerial accounting provides information to those inside the entity such as managers and other decision makers
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Marvelous Metals Co. ACTIVITY-BASED COSTING and CORPORATE STRATEGY Marvelous Metals Co. specializes in the production and sale of two machine parts: Part 245A and Part 666B. Historically, the profitability of the company has been tied to Part 245A. In the last two years, however, the firm has been facing intense competition, and its sales of this part have dropped. Much of the competition was from foreign sources, and the general manager was convinced that the foreign producers were
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Financial Reporting and Disclosure Corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership, and governance of the company Importance of Corporate Governance Disclosures * Stakeholders are paying more attention to what is reported * The global financial crisis has sharpened the lens through which corporate governance structures are held to account
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| Wooden Pallet | Cutting/Chopping | Wooden Box | Lamination Board | Selling Price | 840 | 890 | 520 | 680 | Product per unit | 575.58 | 654.96 | 342.24 | 308.6 | Profit/(Loss) per unit | 264.15 | 235.04 | 177.76 | 321.4 | Unit Produced | 940 | 3230 | 6400 | 4200 | Total Profit/Loss | 248301 | 759179.2 | 1137664 | 1349880 | Profit/Loss % | 7.1 | 21.7 | 32.6 | 38.6 | Traditional Cost Method Working Note 1: Product | Unit of output | Machine unit/hour | Total Machine Hour | Wooden
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EIP Project S2-1: Multiple Allocation Bases and Ethical Dilemmas The profitability of the two types of products can be impacted by changing the allocation base in the way that the text implies. As stated in the case study, the controller’s reasoning is he wants the highest percentage of overhead cost assigned to the military contracts (Whitecotton, 2011). This impacts the profitibility of both product lines by (a.) increasing the apparent “cost” of each unit so as to increase the sale price
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different proportions of overhead rates. A more careful allocation should then lead to better business decisions. However, it is possible that some activity-based costs are irrelevant for decision-making scenarios, since this system does not conform to accounting standards and may therefore not be used for decisions regarding this area. This means that interpreting ABC information along with account data will require some expertise or else it
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