Sample Management Accounting Report - 1346 Words

TABLE OF CONTENTS CONTENTS PAGE Abstract 2 1.0 Introduction 3 2.0 Analysis of the results 4 2.1 Allocation and Apportionment 2.2 Overhead Absorption Rates 2.3 Cost Determination 2.4 Pricing for Potential Orders 2.5 Profit Analysis 2.6 Sensitivity Analysis 2.6.1 Scenario 1: Increase/Decrease in†¦show more content†¦Therefore, the total profits forecasted would be RM 7 217.01. Surgical Gloves is stated to have made the most profit which is 40% of the total compared to Industrial/Household Gloves which stated to make the lowest of the total profits which is 26%. 2.6 Sensitivity Analysis The sensitivity analysis shows how the changes in Direct Materials, Direct Labour and Profits would affect the overall price computation and the total profits. The changes are derived and shown in Appendix 3. 2.6.1 Scenario 1: Increase/Decrease of Direct Materials A revised quotation produced by adding an extra 10% to the cost of direct materials. This resulted in a slight change of an average 3.5% in prices and an average of 3% increase in profits. On the other hand, a decrease of 10% of the total direct materials would result in an average decrease of 3.5% in price and an average 3.8% in profits. Therefore, the cost of direct materials should be reduced. 2.6.2 Scenario 2: Increase/Decrease in Direct Labour A second revised quotation where Direct Labour costs is added an extra 10% is produced. This has little effect on the price with only an average of 2.98% increase and an average of 2.73% increase in profits. Vice-versa, a 10% decrease in Direct Labour costs results in a small fall in price withShow MoreRelatedEffects Of Cash Management1482 Words   |  6 PagesHe utilized hypothesis with Working Capital Management, Investment decisions and financing decisions as independent variables were used to measure financial performance in place of the dependent variable. The researchers were used self-administered questionnaire with quantities, and sample size of 100. The study presented that measured individually; there is a positive relationship between working capital management; investment decisions; financial decisions and financial performance. Also, the studyRead MorePopulation Analysis843 Words   |  4 Pagesthe number of populations of the study. According to the central limit formula, any random sample size greater than thirty is nearly normally distributed irrespective of the population size and can be an accurate representation of the population. The theorem, therefore, allows a researcher to select any sample greater than thirty. The study used to simple random sampling technique in coming up with the sample of the study. Simple random sampling technique is using as it minimizes sampling error asRead MoreSegment Reporting And Information Disclosure1380 Words   |  6 PagesIntroduction Segment reporting is the disaggregation of a reporting entity’s financial reports into segments. This paper investigates whether segment reporting is worthwhile and whether the requirements of the new segment-reporting standard (IFRS 8) have had an impact on the way companies disclose segment information. Significance of Segment Reporting Segment reporting is integral to the process of investment analysis and there is a common agreement among financial analysts that such informationRead MoreAudit Analysis : Audit And Audit1188 Words   |  5 Pagesis using the accounting books of the audited entity to verify case by case basis, and for the purpose of exposing the wrong check fraud; With the expansion of enterprise scale and complex business activities, audit sampling appears that, according to accounting statements balance and accounting data sample extraction section, and then inferring the overall result of the review. This approach will be inevitably sweeping; recently, there was not only reveals the compliance of accounting standards andRead MoreAudit Report And Internal Control Evaluation943 Words   |  4 Pages Audit Report and Internal Control Evaluation Audit Report and Internal Control Evaluation Nathalie Salib University of Phoenix ACC546/PR April 9, 2015 Prof. Rafael Marrero - Diaz ANDERSON, OLDS WATERSHED Certified Public Accountants Independent Auditor’s Report To the Board of Directors of Apollo Shoes, Inc. We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2007 and 2006 and the related statements of income, shareholder’s equity and cash flow forRead MoreEssay A General Overview of Peachtree Complete Accounting730 Words   |  3 PagesOverview (minimum 2 pages) Provide a general overview of Peachtree Complete Accounting. Make sure the overview provides the reader with a general understanding of the application, including the projected purchase price and any special hardware and/or software requirements. Section II: Transactional Processing and Data Management (minimum 6 pages) Describe how Peachtree Complete Accounting handles processing the accounting transactions and recording business activities for the revenue, expenditureRead MoreThe Impact Of Ifrs Adoption On Accounting Quality And Its Implication Essay1105 Words   |  5 PagesReporting Standard (IFRS), there has been a heated debate over the effect of IFRS adoption on accounting quality and its implication. Understanding the role IFRS plays in enhancing the quality of accounting information, not only policy-makers and securities regulators can appropriately decide on which accounting standard to be implemented but the investors can also re-examine the reliability of accounting information provided by firms applying IFRS. Having said that, numerous studies have been workingRead MoreAcc/561 Sample Final Examination 21376 Words   |  6 PagesACC/561 Sample Final Examination This Sample Examination represents the Final Examination that students complete in Week Six. As in the following Sample Examination, the Final Examination includes questions that assess the course objectives. Although the Sample Examination includes one question per objective, the Final Examination includes three questions per course objective. Refer to the questions in the following Sample Examination to represent the type of questions that students will beRead MoreSample of Engagement Letter1528 Words   |  7 Pages[This sample letter is for REFERENCE ONLY. IMC schools should also refer to EDBC No. 17/2008 on â€Å"Appointment of Auditors and Audit Engagement Letter† or its update.] Sample Audit Engagement Letter (for REFERENCE ONLY) Our Ref. : Date : The Incorporated Management Committee of (name of IMC School) (â€Å"School†) Dear Sirs, |AUDIT ENGAGEMENT LETTER | The purpose of this letter is to set out the basis on which we are to act asRead MorePlan Accounting : Defined Benefit Pension Plan, Health And Welfare Benefit Plans1596 Words   |  7 Pages2015-12 Plan Accounting: Defined Benefit Pension Plan, Defined Contribution Pension Plan, Health and Welfare Benefit Plans Table of Contents 1. Introduction 3 2. Background 3 3. Changes to the Standard 3 4. Other Consideration in the Audit Process 5 5. BeachFleischman Planned Implementation 5 6. Sample Documentation 5 1. Introduction The document communicates the major provisions and changes in this release of the Plan Accounting: Defined Benefit

Landers Corp Free Essays

The message was seemingly received with mixed feelings because while Terry understood the need to keep his customer happy/satisfied, the customer’s conduct does not live up to Terry’s beliefs and values (family) and that is not being taken into consideration considered. Harry is seemingly putting his customer’s needs ahead Of his employee’s. 2. We will write a custom essay sample on Landers Corp or any similar topic only for you Order Now Should there be different standards for business entertainment based on organizational position within the company? Should Terry try to imitate Hardy’s style? Imitating Harry style as it relates to showing his appreciation to his customers for their business and making an effort to get to know them on a personal level is indeed remarkable and makes good business sense. However, at Terry’s level, he can ill-afford to entertain important clients at Harry level. While there should be different standards for business entertainment based on organizational position, allowances should be made for entertaining important customers at different levels. How can Terry control the conduct of a night on the town with George Whitehead? What other alternative does Terry have in gaining a personal relationship with George? Terry needs to exercise tact, caution and professionalism in addressing George prior to embarking on a night on the town. He certainly would not want to alienate such an important client but Terry must also maintain his core values and beliefs. Choosing a function where alcohol is not readily available or an event where the wives or significant other are invited would most likely curtail George’s outlandish behavior and indicate to George Terry’s values and core values. 4. What type of expense budgeting does this type of entertainment call for in practice? Expense budgets for accommodating such entertainment could be very large and presents the opportunity for lavish spending and abuse. However, at Terry’s level,such budgets are most likely not available; they are probably reserved for the likes go Harry Wiley. How to cite Landers Corp, Papers

Risk Perception and Analysis

Question: Explain about the Elements of Risk Management. Answer: A business risk is one of the prime factors to be considered in the creation of any kind of work structure. The risk might be physical in nature in which case, it is known as an energy risk. On the other hand, the risk might be non-physical in its nature in which case, it is classified as a non-energy risk. In any case, a risk is a crucial factor to be analyzed. While the physical risks generally affect the workforce and other such factors, the non-physical risks affect the financial and operational capMining is one of the most importantabilities of the concerned organization(Alexander, 2008). The non-physical risks span a large number of departments where each of the sectors have a risk associated with it. Such risks may include strategic risks, financial risks, and compliance risks among others. The mining sector is one of the sectors that have a lot of risk factors associated with it(Brebbia, 2013). Mining consists of a huge amount of manual work which leaves the door open for a l arge number of physical or energy related risks. The energy risks in this case are however, not the only concern for the organization. There are a host of other non-energy risks as well that await anyone who steps in this sector. Area of Risk Examples Response Type of response Governance The team in charge of governing the project may fail to meet the responsibilities Orientation and Training The change in practices would reduce the overall risk. Insurance of the directors The risk transfer Financial or non-energy risks The building projects require a large amount of funds and as such, projects may face a lack of finances The planning in the financial department needs to be done beforehand Change in work practices need to be brought about in favour of ones that encourage financial planning(Burger, Graeber and Schindlmayr, 2007). Fraud Creation of financial systems Change in work habits need to be brought about Energy risks The Equipment at the workplace may be unsafe Commitee for official health and safety that monitors all the equipments and compliances Change in work practice would help in the reduction of the risks. The labourers or other staff may be involved in an accident Insurance Transfer risk Production Process The finished product is not up to the mark Creating a framework Monitoring the work processes and the quality of the raw materials used Falling Share Prices The prices of the shares of the company keep on decreasing Creating a framework for the company to perform in the competitive market. Keeping up with the market trends and forming various strategies for the performance of the organization. Problems with the suppliers There arises certain ideological conflicts and conflicts of interests with the suppliers Creating a trusted supplier network Creating a network of suppliers that work with a common interest with the organization. The risk to the property and the environmental risks are two of the risks that need to be taken seriously and can be added to the list of the aforementioned risks. The property risks can mean the risk of fire and other such hazards that may be present. The raw materials and the equipment are at a constant risk of the dangers from the hazards of property damage(Crouhy, Galai and Mark, 2000). The property damage can also happen through natural calamities which include earthquakes and other such events. However, the organization must be ready for the means to combat these risks. There should be provisions of fire extinguishers and other emergency equipment. The organization should also keep its properties insured in case anything happens(Foundations of energy risk management, 2009). The environmental risk is one of the risks to be taken seriously as the reputation of the company depends on it. This can be managed by complying with all the standards that regulate the functioning in this department. Mining is one of the most important industries in the modern age with the majority of the raw materials for the various industries coming from this particular sector. The mining industry worldwide employs thousands of laborers who work in the mines for a living. Prior to the invention of the electrical equipment, there was a considerable loss of human life in the mines(Geman, 2008). The mines are notorious for the formation of innumerable inflammable gasses. However, the need for light to work in any situations gave rise to the need for a lamp of any kind prior to the invention of the electric bulb, loss of lives in mine explosions was not uncommon as the slightest mistake would cause a great accident. In this case, the sanctity of the human life was preserved by the electric equipment that were being used after they had been developed. The mining industry took the energy risk quite seriously when there was an increased expenditure in the case of electrical equipment that were being used all over in each and every mine(Hammond and Coppock, 1990). The legal benchmarks and safety standards have been set down for the operations in this industry. As a result, it also becomes compulsory to comply with those things in order to ensure a smooth functioning and also the prevention of the loss of human life. Human life especially labor is an important part of any industry and as a result, the energy risk of such a magnitude is indeed supposed to cause a big impact on the concerned organization or the industry as a whole(Holmes, 2002). An accident of this kind possesses a high consequence value and the other factor is that it also occurred frequently. The expenditure of $600,000 on the provision of intrinsically safe electrical equipment in the mine is thus a welcome step. The expenditure of this kind would, in fact, prove beneficial both to the organization and the laborers as well. The organization would be benefitted as the energy risk would be effectively mitigated. T he amount of $60,000 might look to be huge at a single glance and might be done for to make way for other developments by most of the project managers. However, this is one of the mistakes that most of them make. The safety measures are one of the factors that cannot be replaced. The safety measures make for a significant amount of the overall volume of the compliance laws and as such, the aspect needs to be taken seriously. We have already seen the effect of the non compliance with the safety standards in the case study. The accidents cause more damage than the expenditure that would be incurred in complying to the standards. In such a case, the expenditure would also be beneficial from a business point of view. Finally, there is no substitute for human life and as such, it must be protected. In such a case, complying with the rules to ensure the safety of the workers is important. References Alexander, C. (2008).Market Risk Analysis, Quantitative Methods in Finance. Hoboken: John Wiley Sons, Ltd. Brebbia, C. (2013).Risk analysis. Southampton: WIT Press. Burger, M., Graeber, B. and Schindlmayr, G. (2007).Managing energy risk. Chichester, England: John Wiley Sons. Crouhy, M., Galai, D. and Mark, R. (2000).Risk management. New York: McGraw Hill. Foundations of energy risk management. (2009). Hoboken, N.J.: J. Wiley Sons. Geman, H. (2008).Risk management in commodity markets. Chichester, England: Wiley. Hammond, P. and Coppock, R. (1990).Valuing health risks, costs, and benefits for environmental decision making. Washington, D.C.: National Academy Press. Holmes, A. (2002).Risk management. Oxford, U.K.: Capstone Pub. Hulett, D. (2011).Integrated cost-schedule risk analysis. Farnham: Gower. James, T. (2003).Energy price risk. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan. Jordao, B. and Sousa, E. (2010).Risk management. New York: Nova Science Publishers. Krause, A. (2006).Risk management. Bradford, England: Emerald Group Pub. Lavino, J. and Neumann, R. (2010).Psychology of risk perception. New York: Nova Science Publishers. Skinns, L., Scott, M. and Cox, T. (2011).Risk. Cambridge, UK: Cambridge University Press. Slovic, P. (2000).The perception of risk. London: Earthscan Publications. Slovic, P. (2010).The feeling of risk. London: Earthscan. Wiles, J. (2007).Techno Security's guide to managing risks. Burlington, Mass.: Elsevier. Zervos, C. (1991).Risk analysis. New York: Plenum Press.