Week 1 Assignment from Textbook: Chapter 20, 21 & 22
Esther Tate
ACC/400
July 19, 2015
Theresa Pekron
Exercise 20.1 – Accounting Terminology
Listed below are nine technical accounting terms introduced in this chapter:
Variable costs
Relevant range
Contribution margin
Break-even point
Fixed costs
Semi variable costs
Economics of scale
Sales mix
Unit contribution margin
Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not correctly describe any of the terms.
a. The level of sales at which revenue exactly equals costs and expenses. Break-even point.
b. Costs remain unchanged despite
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Whereas a sunk cost is an outlay that has been irrevocably incurred at some time in the past; sunk costs cannot be changed no matter what course of action is taken and are irrelevant for purposes of decision making involving the future. Sunk costs related to either remodeling of the store that would need to be taken into consideration include original costs of the current store (decorations, paint, shelves, displays, carpet) and designs that will need to be replaced or removed during either remodeling or closing.
Exercise 21.6 – Incremental Analysis: Make or Buy Decision
The cost to Swank Company of manufacturing 15,000 units of a particular part is $135,000, of which $60,000 is fixed and $75,000 is variable. The company can buy the part from an outside supplier for $6 per unit. Fixed costs will remain the same regardless of Swank’s decision. Should the company buy the part or continue to manufacture it? Prepare a comparative schedule in the format illustrated in Exhibit 21-6.
It would be more beneficial for the company to manufacture the part rather than buy it from an outside provider. The Comparative Schedule below demonstrates why:
Make the Part
Buy the Part
Incremental Analysis
Manufacturing costs:
Variable…………………………………..
$155,000
$155,000 Fixed Manufacturing Overhead...
$100,000
$100,000
Purchase price of part
(2,000 * $8)…………………………
1. Why would demand forecasting make sense in a “make to stock” situation? It projects the standard components needed so that the product can be made after customer receiving a customer order.
3. What type of bank risk would worry you the most as an account holder? How should the bank protect itself against that risk? (2-4 sentences. 1.0 points)
The goal of communications is to make ethics a live, ongoing conversation. If ethics is something that is constantly addressed, referenced frequently in company meetings, and in personal conversations among managers and employees, then people are more aware and more willing to defend the company’s policies when they see or hear of problems. Employees will hold other employees responsible and accountable for living the company’s values.
I believe that Excel can enhance the younger generations math learning skills. I think that as long as the basic math skills of calculating numbers are learned and mastered first, then Excel can be of a great benefit in the development of the critical thinking skills that are necessary to implement all of the different formulas. I believe that this kind of critical thinking that is required to realize how to formulate the data is a very important skill to develop. I do think that the younger generations and everyone else's calculating skills become a "little rusty" because of continually relying on Excel to do all of the calculating instead of doing the math out longhand, but this can occur even through the use of calculators. I think Excel
After reviewing the discussion of genre in Chapter 8 of Film: From Watching to Seeing, demonstrate your understanding of one selected genre using a feature-length film.
Karyss is a 2nd grade, who has repeated second. She will be turning 8 in August. She has an individualized education plan in place to support her writing and reading comprehension. As of April 29th, she started coming to for support with number sense, multiple step word problems and fact fluency. Her math grades have been three all quarter long. Cognitively, she has an even profile: General Conceptual Ability = 95 Average, Verbal = 96 Average, Nonverbal Reasoning = 96 Average, Spatial = 98 Average. These scores show that she has the ability perform on a grade level task. On the Second grade CASE 21, which is a county benchmark assessment she scored two at 39%.
Description / Instructions: Complete the following Week 1 Assignment in WileyPLUS: * Exercise 8-4 * Exercise 8-11 * BYP 8-1 * BYP 8-2
Payment was denied due to the lack of medical necessity for the frequency of the billed procedure. The carrier stated that the procedure was last performed on August 28, 2014.
During this week’s assignment, Peterson (2015) tackles critical components of listening skills. The listening component that I find myself needing to work on is that of not defending what I perceive as attacks against my character during my interactions both with co-workers and family. Naturally, if I am devoting my thoughts to responding or defending my actions, how can I be effectively listening? In addition, when counteracting a statement with a defensive posture or verbal cues, it insights the other individual to feel attacked, resulting in a vicious cycle of both parties being defensive and no one listening or understanding one another (Peterson, 2015).
Access the "Litigation" section of the SEC's website at www.sec.gov/litigation.shtml. Click on "Accounting and Auditing Enforcement Releases." Click on "AAER-3234" filed January 20, 2011. Read the release and the related SEC Complaint. Summarize the release and complaint in 2-3 pages (12-point, double spaced).
Policy and procedures are often changes in light of new evidence based practice. After education myself on the Safe to Sleep initiative, I set out to educate others. Knowing that many policy and procedure changes must go thru the quality council I began my education there before moving on to staff education.
An adjusting journal entry or an adjusting entry, involves an income statement account (revenue or expense) along with a balance sheet account (asset or liability) and typically relates to the accounts for accrued expenses, accrued revenue, prepaid expenses and unearned revenue. (Investopedia.com, n.d.) When accounts are not updated to show the correct transactions or a mistake has been made, adjusting entry will provide insight in order to ensure all entries are appropriately recorded. This action will then reflect the accurate amounts of expenses and revenues. Once this is done, a business may close accounts for the ending period.
Premises remodeling in the amount of $20,000, which, we consider to be sunk costs because it will not significantly increase the value of the property.
Break-even point analysis is a measurement system that calculates the margin of safety by comparing the amount of revenues or units that must be sold to cover fixed and variable costs associated with making the sales. In other words, it’s a way to calculate when a project will be profitable by equating its total revenues with its total expenses. There are several different uses for the equation, but all of them deal with managerial accounting and cost management (Break-Even Point, n.d.)
A company's break-even point is the amount of sales or revenues that it must generate in order to equal its expenses. In other words, it is the point at which the company neither makes a profit nor suffers a loss. Calculating the break-even point (through break-even analysis) can provide a simple, yet powerful quantitative tool for managers. In its simplest form, break-even analysis provides insight into whether or not revenue from a product or service has the ability to cover the relevant costs of production of that product or service. Managers can use this information in making a wide range of business decisions, including setting prices, preparing competitive bids, and applying for loans.