Acc 561 Week 4 - 716 Words

Week 4: Costing Methods The week four individual paper addresses the implementation of Activity Based Costing (ABC) by Super Bakery, Inc., a virtual corporation founded by Franco Harris. Specifically, management strategies, the reasoning behind an ABC system, and the alternatives of a job order cost system or a process order cost system are assessed for this enterprise. Management Strategies A virtual corporation is described as a technology-linked network of companies, suppliers, and customers that are used by a company to outsource non-strategic business functions (Hershkovitz, 2012). The management of Super Bakery, Inc. identified that they could reduce their costs in permanent staff, fixed assets, and working capital (Kimmel,†¦show more content†¦This type of cost system further allows the activities to be specifically tracked in each of the company’s markets. In a virtual corporation environment, I believe the ABC method to be the most ideal for accurately tracking the costs involved in manufacturing, storing, delivery, and sales. For Super Bakery, Inc. the addition of multiple outsourced companies to their processes meets the criteria of products with manufacturing complexity that requires differing degrees of support services (Kimmel, Weygandt, Kieso, 2009, p. 876). As a result, I agree with Super Bakery Inc.’s decision to implement an ABC system. Options for Job Order Cost or Process Order Cost Systems I do not believe that either a job order or process order cost system would work for Super Bakery, Inc. Job order cost systems are based on one â€Å"work in process† account and a determination of total manufacturing costs at job completion. Because Super Bakery, Inc. is outsourcing many of the product production functions, they will not be able to obtain accurate costs for a particular job. As a result, they will again be forced to â€Å"average† the costs for multiple jobs which will result in an inaccurate overhead assessment. Process order cost systems are based on multiple work in process accounts and determine total manufacturing costs at the end of a time period. Multiple outsourcedShow MoreRelatedAcc 561- Week 41573 Words   |  7 PagesLarson Inc. must consider the alternative economic futures for their industry. In any market, economic conditions will change over time. The company must be able to ad apt and change with the economy to remain successful. The company needs to find solutions for the changing economy to keep increasing their revenue and decreasing their costs. The economy may go through a recession, expansion and peaks over their years in business. Larson, Inc. needs to analyze the difference scenarios and determineRead MoreAcc/561 - Week 4 Costing Methods Essay712 Words   |  3 PagesWeek 4: Costing Methods The week four individual paper addresses the implementation of Activity Based Costing (ABC) by Super Bakery, Inc., a virtual corporation founded by Franco Harris. Specifically, management strategies, the reasoning behind an ABC system, and the alternatives of a job order cost system or a process order cost system are assessed for this enterprise. Management Strategies A virtual corporation is described as a technology-linked network of companies, suppliers, and customersRead MoreACC 561 Week 1 WileyPlus Exercise 1-7, 1-8, and Quiz Study Guide1006 Words   |  5 Pagesï » ¿ACC 561 Week 1 WileyPlus Exercise 1-7, 1-8, and Quiz Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-561-week-1-wileyplus-exercise-1-7-1-8-and-quiz-study-guide/ Instantly Download! Get Better Grades in Less Time! 100% Satisfaction Guarantee DESCRIPTION FOR THIS STUDY GUIDE: ACC 561 Week 1 WileyPlus Exercise 1-7, 1-8, and Quiz Study Guide This study guide includes solutions to Wiley plus exercises 1-7, 1-8, and week one practice quiz Read MoreEssay about Preparing a Master Budget686 Words   |  3 PagesWeek Five Individual Assignment Jonathan Scott ACC/561 7-A1) Preparing a Master Budget You are the new manager of the Betterbuy Electronics store in the Mall of America. Top management of Betterbuy Electronics is convinced that management training should include the active participation of store managers in the budgeting process. You have been asked to prepare a complete master budget for your store for June, July, and August. All accounting is done centrally so you have no expert helpRead MoreAcc/561 Sample Final Examination1215 Words   |  5 PagesACC/561 Sample Final Examination Week One: Decision Making Objective: Explain the role of budgets and performance reports in the management decision-making process. 1. The Hola Company held a Christmas party. The company expected attendance of 100 persons and prepared the following budget: Hotel room rental $600 Food 500 Entertainment 800 Decorations 300 Totals $2,200 After all bills for the party were paid, the total cameRead 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 MoreFour Forms of Business Organization 21360 Words   |  6 PagesAcc/561 Week 2 Assignment Instructor: Mark Student: G Toe Washington November 14, 2011 Abstract This is an analysis of the four different forms of business organization. It is a review of the advantagesRead MoreAccounting Final Examination Study Guide1765 Words   |  8 PagesACC/561 Final Examination Study GuideThis study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Financial Reporting and Analysis Objective: Differentiate between financial statements. 1. The _____ is also called the statement of financial position. a.Read MoreStr 581 Essay1954 Words   |  8 Pageswith the textbook used in this course. †¢ Review the Strategic Plan and Presentation Student Information. Course Materials All electronic materials are available on your student website. Week1 Mission, Vision, and Values Tasks †¢ Review the Week One Study Guide. †¢ Review the Capstone Examination Study Materials. Jul, 09 - Jul, 15 Objectives Mission, Vision, and Values 1.1 1.2 1.3 Identify major components of a strategic management process. Evaluate the organizations motivation strategyRead MoreImpact of Macro Economics Factors in Share Market19276 Words   |  78 Pagesand long interest rate. 1.1 MACRO ECONOMIC FACTORS DEFINITIONS To conduct this study, Five MacroEconomic factors were chosen and their definition and impact in Share Market as follows, 1. INFLATION 2. CALL MONEY RATE 3. DEPOSIT RATE 4. DOLLAR VALUE 5. FOREIGN INSTITUTIONAL INVESTORS INFLATION: The overall general upward price movement of goods and services in an economy, usually as measured by the Consumer Price Index, Wholesale Price Index, and the Producer Price Index

What Is Lego Free Essays

Lego is a line of plastic toys that can be constructed into specific sets, characters from movies or books, and anything you want it to be. The Lego Group started out in 1932 and today it’s one of the world’s leading toy companies, In 2016 alone, Lego made 12.4 billion dollars from only lego sets. We will write a custom essay sample on What Is Lego or any similar topic only for you Order Now Today they also have amusement parks with lego rides, stores, and statues made out of legos, such as a pirate ship, Hulkbuster, and Hulk. The man who started the lego group was known as Ole Kirk Kristiansen, who grew up with five brothers and five sisters. By the age of seven he was working for a local smallholder, then a few months later he began to work at a nearby farm. In the year 1903 he was apprenticed as a carpenter with his brother, and worked hard until 1911 when he completed his training. Ole Kirk Kristiansen buys Billund Maskinsnedkeri for DKK 10,000 when the area is just a bunch of small farms and store fronts. This factory manufactures doors, windows, kitchen cabinets, cupboards, coffins, chests of drawers, and tools for digging peat. They also contributed for larger projects, such as fixing farm machinery or constructing buildings, such as the local church. With this skill set and the help of a local architect, he built a new house for him, his wife, and his kids all while paying little to nothing. During the great economic crisis, Ole Kirk Kristiansen was still trying to sell carpentry, but almost nobody could afford his works, forcing him out of work. After that, his wife left him with 4 kids and no money to take care of them. To make easy money during the crisis, Ole Kirk Kristiansen began to make toys, first wooden cars, then airplanes and yoyos. After that he began to make ironing boards, ladders, and christmas tree stands. This did get him through the crisis, but he doesn’t make any real profit and his family doesn’t think his store is very important. Kristiansen asked his brothers and sisters to be guarantors for a loan that would secure his company’s future, they asked him,† Can’t you find something better to do?† Ole Kirk Kristiansen ended up having kids during the 1920s, but the kid who had the most effect on the family company was the third son, Godtfred Kirk Christiansen. He was helping his dad in the shop when he was only four years old. He always said his first memory in there was when they turned on the glue heater, and some wood shavings caught fire and burned the whole place down. The reason Ole Kirk Kristiansen and Godtfred Kirk Christiansen have different beginnings to their names is because people pronounced the name with the â€Å"Ch† and when casually spelling out the name they would use the â€Å"Ch† as well. Ole Kirk Kristiansen never minded the confusion but Godtfred was bothered by it so he had it legally changed to Christiansen. After World War II, Ole Kirk Kristiansen noticed that a new material for making toys was becoming more and more popular; plastic. Plastic was less more malleable than wood and could be acquired easier. Ole Kirk Kristiansen and other Danish toy manufacturers attended a demonstration of an injection-moulding machine in June of 1946, and the machine impressed Kristiansen so he made an order for an injection-moulding machine for his own shop. Ole Kirk Kristiansen’s sons, who were all involved in the family company at the time, collectively disagreed with their fathers decision to invest money into this new technology. They thought while plastic could be used to make prettier toys, wood was the better material because it was the stronger of the two. Their father argued that if they got it right; they could produce toys for the whole world. In 1949, the first of the plastic lego bricks had begun production. They were known as Automatic Binding Bricks, but in 1951, Godtfred Kirk Christiansen changed the name to LEGO Mursten, or LEGO Bricks to further spread popularity of LEGO. By 1953 the LEGO company was ready to go international, starting with the Nordic countries, such as Sweden and Iceland. After that they turned to Europe; starting with Germany. At the time, Germany was the world’s epicenter of toy production. Godtfred Kirk Christiansen during this time often said, â€Å"If we can conquer Germany, we can conquer the world!† In the end they did get to the whole world, but it did take them a while. In 1961, LEGO finally licensed an American company which would begin to sell around the country and in Canada. Once LEGO began to make a name for itself across the entire world, other people and companies started competition with LEGO, giving them a hard time. In 1960. Godtfred Kirk Kristiansen laid down the company rule: following the crucial decision to concentrate all efforts into the LEGO system, saying â€Å"No one must be able to do this better than us.† He also outlines all of their development so far, like this,†We know our idea is a good one. We want only the best †¦ we must make better bricks from even better material on even better machinery. We must get the best people that money can buy for our company.† In 1962, Godtfred Kirk Christiansen’s cousin, Dagny Holm, joined the company and showed a very immense potential for model building with a skilled eye that seemed like it could make anything out of those bricks. She made buildings, castles, animals, people, and furniture. Her skill attracted the public eye and inspired anybody who worked with the LEGO product, making the company’s golden age. Godtfred Kirk Christiansen came up with the idea to use his cousin’s skill to make a display of LEGO models and contacted a few friends to startup the first LEGOLand. Thousands of pounds of earth and vegetation were removed to make ever-changing landscapes in the Miniland. The final product included a train, puppet theater, Native American camp, driving school, neighborhood, windmill, and church, all created by Dagny Holm and her creative team. Within the year of the first LEGOland’s opening, around 625,000 people visit it to see the models or play with the thousands of LEGO bricks around the property. The LEGO company continued to expand and grow until today, where it is still achieving new things and breaking records every day. Almost everybody grew up playing with legos, either building the sets that they sell, playing with friends or making their own creations just for fun. You can ask almost anyone and they can tell you a few memories they have of playing with legos, whether it’s going to Legoland to stepping on them getting out of bed. Today LEGO makes things called Lego Sets. They are meant to be little figurines or models from real life, movies, books, TV shows, and video games. Some examples of these Lego Sets are: hospitals, The Millenium Falcon, Helms Deep, The Death Star, and Space Ships. These sets are sold in boxes, which contain bags of pieces, big and small. Some of the are just meant to be walls, but some of the pieces are doors, stairs, cups, and windows. The sets always have a different number of pieces, depending on the size of the set. Sometimes the piece count is 50, other times it is over 1000. The box also contains a book of instructions, telling the builder where to put the pieces and when to move to other parts. People use these sets for many things. Some people put them up for observation in their rooms, other people play with them until they break, and a very special few people wait several years until that specific set isn’t sold anymore and they sell it for a big price. How to cite What Is Lego, Papers

The story is so common. The lo... free essay sample

The story is so common. The lottery winner with Millions of dollars somehow makes itback to being broke within a few years. It actually happened to someone I went to highschoolwith. Why does this Lottery Curse affect so many people? It is because in the United States, wehave virtually no helpful information about how to make money, keep money or grow money. People who save money are often looked at as boring, not exciting, frugal and possiblyeven cheap; I have been called all of those names, but growing your savings is truly one of thebest feelings in life!! If I were to bring you to my office, like Uncle G says, the first thing we wantto do is help you get your money right!It takes one step at a time, but the things people need to know:1. Just because you make money, does not mean you have to spend it all. We will write a custom essay sample on The story is so common. The lo or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Have you everheard the term my money burns a hole in my pocket? I used to be that way. Every time I gotmy paycheck, I was living large and acting like there was no end to the income†¦.I boughteverything I could until the money ran out and I had nothing for days and days and lived oncredit cards. When I started with World Financial Group over 10 years ago, someone finallyeducated me about how I should think differently about money and how to keep more of it.2. Credit Cards are not your emergency fund. Well, some people use them as such. Whenyou run out of money, its time to not spend anymore until you get paid again. Living within mymeans is one of the best lessons my mother tried to teach me when I was young. I neverlistened and racked up $45,000 worth of credit card debt just before the economy crashed in2008/09. Thankfully, I was able to clear it all up in 3 years with correct coaching and definitelyearning more money. Keep your credit card in your wallet if you can avoid it. 3. Compound Interest: It will be your greatest ally if you use it correctly, but it will be your worstenemy if you abuse it by way of credit cards. At World Financial Group, we teach theentrepreneurs and average people how to make better more educated choices when it comes tocompound interest.4. Earn more money! Put in work where you are able to earn more. If that is not possible, takeon a side job or start a business that you will make money doing. We no longer live in an agewhere people only do one thing. Most everyone has something they do on the side to makeadditional income. The fact of the matter is, in this day and age, if you dont have some type ofside hustle, you may get left behind.5. Separate your money into buckets, envelopes, etc. Just keep them separate. I often doworkshops with kids through our Kid Entrepreneur program BOOM or in the classrooms atschool. I teach them how to separate their money into 5 buckets (charity/tithe, wealth,education, short term savings for a trip, shoes, clothes, music, etc and last is just Blow It onWhatever You Want! If you can separate your money into different places, you will be betterprepared for true emergencies and able to recover more quickly. These are just some basics and baby steps to help people do a little better each day. I am sograteful to have been associated with people who have helped me improve my financialsituation and get on track for my dreams. It has been a wonderful way to learn and teach mykids how to have a healthy relationship with money.