Management Accounting Costing and Budgeting - 5004 Words

I. Identify and classify different types of cost incurred in Foxwood Company with an appropriate cost classification There are many concepts of cost in an organization. Costs also are used in different business applications, such as financial accounting, cost accounting, budgeting, capital budgeting, and valuation. Consequently, there are different ways of categorizing costs according to their relationship to output as well as according to the context in which they are used. Following this summary of the different types of costs are some examples of how costs are used in different business applications. The two basic types of costs incurred by businesses are fixed and variable costs. Variable costs and fixed costs represent the total†¦show more content†¦* Indirect costs, in contrast, are similar to fixed costs. They are not directly related to the volume of output. Indirect costs in a manufacturing plant may include supervisors salaries, indirect labor, factory supplies used, taxes, utilities, depreciation on building and equipment, factory rent, tools expense. These indirect costs are sometimes referred to as manufacturing overhead. Direct costs | Indirect costs | SandpaperMaterials-handling costsLubricants and coolantsMiscellaneous indirect manufacturing laborDirect manufacturing laborDirect materials inventoryWork-in-process inventoryDirect materials purchased | Plant-leasing costsDepreciation-plant equipmentProperty taxes on plant equipmentFire insurance on plant equipmentMarketing promotionMarketing salariesDistribution costsCustomer-service costs | II. Explain the need for, and operation of, different costing methods on the information given the above scenario. Different industries follow different methods of costing because of the differences in the nature of their work. The various methods of costing are as follows: 1. Job costing: is concerned with the finding of the cost of each job or work order. This method is applied where work is undertaken on receiving customers’ special requirements and each order is of comparatively short duration. 2. Contract costing is applied for contract work like construction of dam building civil engineering contract etc. each contract orShow MoreRelatedEthical Issues Of Financial Accounting984 Words   |  4 Pagesthe reporting to whom. Financial accounting is meant for external reporting to all who are interested in the company’s activities. But in management accounting it is altogether an internal reporting aimed at helping managers in discharging their responsibilities. Financial accounting basically contains monetary information. But managerial accounting will contain both monetary and non-monetary issues that are helpful to the management. For example financial accounting will show only finance relatedRead MoreRyanair Plc : A British Airline And Will Provide A Brief Summary About The Company1636 Words   |  7 PagesIntroduction: This essay is about Easyjet Plc which is a British airline and will provide a brief summary about the company. It will make arguments on how Management Accounting information could aid the managers of the business, evaluating how Budgeting, Variance Analysis and Activity Based could be utilized within the company and will provide ways in which the managers could keep in mind to make recommendations and decisions. EasyJet Plc: EasyJet Plc founded in 1995 by a Greek Cypriot businessmanRead MoreAccounting (Managerial) 530 Portfolio Case Study978 Words   |  4 PagesAccounting (Managerial) 530 Portfolio Case Study Imagine you are applying to become a trainee in a management consulting company, Solutions Inc., which claims to deliver innovative solutions. They are looking for innovative employees who engage with their work. The selection process will be rigorous. You know you will be asked to submit reports based on questions regarding your knowledge of management accounting practice and strategic management accounting. To provide a context for the reportsRead MoreA Perspective Of Traditional Budgetary System1577 Words   |  7 Pagesthe traditional budgeting system has been found in both private and public sector organisation, it may be seen that it is crucial component of business since it may be more relevant to the current business environment. In addition, primary budgetary system already has overcome current business challenges and been facing an increase of competitive in business context. However, there are still some exist potential risks to cover current business challenges to set as a business accounting model to increaseRead MoreToyota s Performance Using Evaluation And Control Techniques1309 Words   |  6 Pages Toyota, one of the biggest car makers in the world, is famous for its effective manufacturing and costing systems which have served as role models for many companies on an international scale. One of its most popular manufacturing and costing systems is the Toyota Production System (TPS), launched in the 1980s. Toyota Production System (TPS) is based on a form of lean manufacturing and accounting, first developed and used by Ford Motor Company in the 1920s (Iuga and Kifor, 2013). In this assignmentRead MoreBUS 630 Final Paper1617 Words   |  7 PagesDecision Making with Managerial Accounting Managerial accounting is essential for decision making. Making the best choice depends on the managers goals, the anticipated results from each alternative, and the information available when the decision is made (Schneider, 2012). The different techniques associated with managerial accounting are very helpful in the decisions that need to be made. In order to truly understand decision making with managerial accounting one must first discern exactly whatRead MoreEssay on Truth and Consquence1335 Words   |  6 PagesCorporation Strategy-Driven Costing amp; Lean Management Kenco Engineering Corporation Strategy-Driven Costing amp; Lean Management Question 1) Generally Accepted Accounting Principles require that product costs include all manufacturing costs and only manufacturing costs. Activity-based costing usually does not include all manufacturing costs and will often include nonmanufacturing costs. Therefore, ABC is not currently acceptable under GAAP. Kenco’s costing system is preferable under GAAPRead MoreBenefits of Activity-Based Budgeting1467 Words   |  6 Pagesbasis to the advent of ABB. Nowadays, more and more companies start to use ABB in the budgeting process. Referring to ABB, companies do well in their budgeting period. This shows that ABB itself has many outstanding characters. In this article we will compare it with traditional budget method, so that it could give us a general survey about the characters and benefits ABB has. What is Activity-Based Budgeting (ABB) Definition of ABB Brimson says ABB is a managing process that based on the activityRead MoreEasyjet Is A British Airline Based At London Luton Airport1564 Words   |  7 Pages251) (1,182) Profit before tax 581 478 Tax charge (131) (80) Profit after tax 450 398 MANAGEMENT ACCOUNTING IN EASYJET PLC Both financial and management accounting are important tools in a business but both have different purposes. Financial accounting is used to present the financial health of an organization to its external stakeholder. However, management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical informationRead MoreCost Management Strategies For An Organization1590 Words   |  7 Pagesavailable, helps to sell other services for an organization. Budgeting tools: Managerial accounting people use budgeting tool and technique to manage money related information that assure us that a task is supported sufficiently and can be finished inside of the assigned budget. Utilizing models, formats and number crunchers, a budgeting tool gauges precisely, overview carefully and oversees risk properly. These tools assist with management convey the undertaking spending plan status with whom ordinarily

The Controversy Over the Medicinal Use of Marijuana...

The debate about marijuana in the United States is ever changing and not lacking in attention by any means. Just the topic of marijuana legalization brings about varying opinions on many different levels and which has the potential to divide a country, a state, a county, a city and in some instances, maybe a household. The topic of marijuana and its legalization for whatever reasons contains within it, many topics which the debate currently revolves around. However, the debate to decriminalize marijuana for medicinal purposes is the most profound. But, many who do not know may ask the questions. Who is involved in the debate and for what reasons? How has it affected our society or nation as a whole? Or, what is the past and what may†¦show more content†¦Advocates for medicinal marijuana argue that clinical tests have established that marijuana has definite and valid therapeutic values. It is the Tetrahydrocannabinol (THC) in marijuana that is the active chemical comp onent for the relief o pain and symptoms. Marijuana suppresses AIDS-related nausea and nausea in patients undergoing cancer chemotherapy, along with appetite loss and abnormal pressure in the eye which leads to glaucoma, the #1 cause of blindness. Marijuana is also believed to be a safe and inexpensive alternative in treating muscle spasms, epilepsy, anorexia, asthma, insomnia, depression and other disorders. Marijuana is not only believed to help with physical ailments, but psychological ones as well. A former chairman of the 1991 established Office of Alternative Medicine’s (OAM) Program Advisory Council said, â€Å"When used appropriately, marijuana could be extremely helpful to people undergoing certain kinds of emotional crises.† Then there is the opposition who says that there is still no consensus that confirms marijuana as a legitimate medicinal agent. The opponents believe the THC damages the brain, the heart, the lungs, the reproductive and immune systems, and that marijuana use is linked to increased aggressiveness and violent behavior. It is also reported to reduce memory, inhibit driving ability, limit attention span, increase the risk of schizophrenia,

Weapons and Personal Protective Equipment Free Essays

When protecting individuals from others that may wish to do them harm, kidnap them, or just be near them because they think that the person he or she is stalking is theirs in some way it is important to protect oneself first. In today’s world of popularity of movie stars and political figures it has become more increasingly important for those individuals to hire personal protective agents. For an agent to do the best job that they can they must first protect him or herself or he or she will not be able to protect his or her client. We will write a custom essay sample on Weapons and Personal Protective Equipment or any similar topic only for you Order Now The use of personal protective equipment and weapons has become more popular then it was in the past. Personal protection agents must worry about the use of weapons, personal protection equipment, and the use of force so they can protect themselves and their client to the fullest. Weapons When protecting someone from would be attackers or those that wish to harm the client the use of weapons may be necessary. Many different types of weapons are available for agents to use. Non-lethal weapons like tasers, stun guns, pepper spray, bean bag guns, and rubber bullets. These weapons are all designed to slow down the individual and allow the agent to take control of the situation by restraining the attacker. Non-lethal weapons are designed to allow the agent to resolve a dangerous situation. The use of non-lethal weapons by personal protection agents can de-escalate a situation in which, greater force may have been used. Not all situations can be resolved by the use of non-lethal weapons. In the situations that require an agent to carry a gun or a lethal weapon the agent must first receive the proper training on the use of the weapon. Each state has different guidelines on the use of firearms and restrictions of who can possess a firearm. When the agent becomes fully trained in the use of a firearm and obtains the proper permits and licensing the agent protects his or her self from many civil liabilities. When an agent has been properly trained this will help to eliminate any unnecessary accidents. Proper training will allow the agent to assess the situation entirely before he or she discharges a weapon and injures an innocent by-stander. Weapons will allow the agent to fully protect him or herself, and give him or her capability to protect his or her principal to the fullest. When a dangerous situation arises a protection agent must be ready to do whatever it takes to keep his or her principal safe. By arming themselves with either non-lethal or lethal weapons they can ensure that the principal is well protected. Personal Protection Equipment According to a 1997 Bureau of Justice Statistics survey of 700 state and local law enforcement agencies with 100 or more officers, approximately 40% of sheriff’s and municipal police departments, and 25% of state and country police departments require all field officers to wear body armor, compared to slightly less than 30% in the same survey conducted in 1993 (Body Armor, 2009). The top five threats that face police officers and protection agents are blunt trauma, hypodermic needles, knives, bullets, and homemade and pointed weapons. Along with weapons agents must also protect themselves with life-saving equipment. The use of bullet-proof vests and body armor will help the agent to prevent him or herself from being fatally shot while on duty. By requiring the principal wear a vest also this will increase the survival of the principal. The use of body armor will help to defuse a potentially fatal situation. It is important for agents to remember that the decision to choose a protective equipment item should not be because it is comfortable or it looks good on him or her. The choice of protective gear should be based on the level of threats that may be present. The higher the threat level the stronger the protective gear. If it may be a fatal situation, then the agent should choose full body armor. This decision should also apply to the person who is under protection. Not all people that are being protected will require the use of such drastic equipment but by using other equipment can decrease their vulnerability. Use of Force The use of force has always been a questionable tactic in law enforcement and security fields. Everyone always questions how much force is needed, was the force justifiable and could the officer have done something differently to deter the use of force. By teaching officers and protection agents what is the appropriate level of force and in what situations force can be stronger will help to prevent unnecessary questioning by the public and the media. Most agencies have guidelines and policies that outline the use of force. These guidelines describe the escalating continuum that is appropriate for officers and agents to use. The use of force continuum is designed into five separate levels. Level one is the simple presence of an officer or agent. The agent is non-threatening and professional, and the mere presence of the agent is to act as deterrence for an attacker. Level two is the verbalization level. This is when an agent uses verbal commands such as please step back, stop, or do not move to make the individual to stop his or her approach. This is a non-physical stage and is used to let the attacker know that there is someone present to stop him or her if he or she continues. Level three is the empty hand technique. Officers or agents use two types of empty hand techniques. The first is a soft empty hand technique and is the use of grabs, holds, and joint locks to restrain the individual. The second is hard empty hand techniques and the agent uses punches or kicks to subdue the attacker. This step is used when the attacker is noncompliant to the first two levels of the continuum. This level is also used in conjunction with level two, the use of verbal commands such as stop or I will have to restrain you. Level four is the use of less than lethal methods. This level is broke down into three sections. The first is blunt impact, the use of a baton or a projectile to immobilize the individual. The second is the use of chemicals. These can include pepper spray, mace, tear gas, or other chemical sprays that are used to immobilize the attacker. The third type of less than lethal force is the use of conducted energy devices. Officers or agents may use CEDs to immobilize an individual. CEDs discharge a high-voltage, low-amperage jolt of electricity at a distance (U. S. Department of Justice Office of Justice Programs, 2009). The final level of the use of force continuum is lethal force. This is the final choice among agents and officers. Lethal force is only used when all the other levels have been exhausted and the agent or officer is left with no other choice then to use lethal force. It should only be used if the suspect poses a serious threat to the agent or the principal. The use of force must be justified in any case and the agent must be able to clearly state why he or she believed the level of force that was used was needed. In no circumstances should an agent use force if there is no reason for its use. When confronted by a situation, it is not uncommon for an agent of officer to move from one level to the next of the continuum within a matter of seconds. Situations can escalate from non-threatening and not serious to lethal within seconds. It is all on how the situation is dealt with and how determined the individual who is posing the threat is to escalate the situation. Summary Whenever an agent is assigned to a protective detail, it is important for them to make sure that they assess the situation for every aspect that is needed to determine the level of protection for his or her principal. When protecting individuals, it is important to remember that every aspect of the detail is assessed and that the agent communicates fully with his or her team. This will allow the agent and others involved to make sure that there will be no surprises and that he or she are ready for anything that may happen. Agents can never underestimate their potential adversaries. If they do they may not be fully prepared for what is about to happen. They must also protect themselves with weapons and personal protection equipment so that they are not harmed. This will help to increase the success of the assignment and will ensure that the principal is well guarded. Agents must also be trained and knowledgeable in the use of force continuum. This will keep them from committing a needless mistake while protecting their principal. By being fully trained and completely prepared for assignments personal protection agents can do their job better and give their principal the opportunity to relax with the knowledge that they are fully protected no matter what may arise. How to cite Weapons and Personal Protective Equipment, Papers

Project Communication Human Resource Champions

Question: Discuss about the Project Communication for Human Resource Champions. Answer: Introduction: There is a valuable need to have an agenda in every project meeting. Meetings which are done without any proper agenda often lead to chaos and disheveled feathers. An agenda is the best way to communicate to attendees through which the orderly processes involved in the meeting are being conveyed (ACTION, (2013). An agenda is something that makes sure that the meeting does not go out of track and that the customary operations along with special projects are being preceded as per the objective. An agenda helps in preparing for the meeting and scheduling the issues that needs to be discussed. It is sent out in advance in order to give attendees enough time to make available any required updates or suggest any specific issue that needs to be included. Reviewing of the agenda prior to a meeting offers sufficient length of time to attendees to put together documents and relevant reports in accordance to the meetings requirement (Ulrich, 2013). The sole purpose of having an agenda and sending it out in advance is to give attendees the required time to prepare themselves for the meeting (Srikanth et al., 2012). The person in charge of such a meeting can exercise his power and control over the discussion flow and the issues covered. Productivity of the meetings gets enhanced through agendas. It is for the better understanding of the attendees that agendas are prepared through which they know that all the areas listed on the agenda are likely to be discussed and would move at a pace that makes certain all the specified areas are enclosed (Haug, 2013). Agendas clearly state the action items and the responsible people for the same. Agendas play a vital role in zeroing in on areas that requires a decision to be made along with clearing the way for progress. Other components apart from the agenda that is necessary for successful project meetings: Agenda is important, but there are certain other things that need to be considered for successful project meetings. Notice: When a meeting is to be arranged, a notice is send to all the members who are required to attend it. A notice should be circularized under proper authority and it should consist of date, time and place (Hotel, 2013). The purpose of such a meeting should also be included in the notice. Minutes of Meeting: The minutes of the meeting are the recorded discussions which are taken into consideration. It works as an important and useful document to refer back to focus on what actions was taken and when it took place (Morris et al., 2013). The document states the people who were present in the meeting and the actions taken on certain matters and the people responsible for the same. Quorum of Meeting: A quorum can be defined as the minimum number of voting members who needs to be present in a meeting for conducting business in the groups name. A meeting cannot start until and unless there is least number of voting members. Chairperson of meeting: The chairperson for a meeting is a person who is being appointed to look over the proceedings of a meeting, ensuring the attendees are in line with the principle of the meeting. People responsible for creating, maintaining and updating the documentation around project meetings: Business Analyst is the one responsible for developing, maintaining and updating the required documentation around the project meetings. They are the people who are responsible for preparing reports and presenting the higher management with exact analysis. An administrative professional is often being presented with the job of taking the minutes at meetings. His role is to keep details of all the discussions and an action plan of what is to be done and by whom and how it is to be measured. In meetings when a group produces a list of ideas, it is his job to record the same for future reference. Reference: Action, A. I. (2013). Meeting Agenda.circulation,12, 19. Haug, C. (2013). Organizing spaces: Meeting arenas as a social movement infrastructure between organization, network, and institution.Organization Studies,34(5-6), 705-732. Hotel, D. (2013). notice of meeting. Morris, F., Gilliland, S., Townsend, C., Navamar, R., Present, G., Millikin, M. (2013). minutes of meeting. Srikanth, H., Denner, G., Hammer, M. F. M., Murray, S. R. (2012).U.S. Patent No. 8,214,748. Washington, DC: U.S. Patent and Trademark Office. Ulrich, D. (2013).Human resource champions: The next agenda for adding value and delivering results. Harvard Business Press.