2.5 Assignment: Mini Case Study - Accounting
Getting Started To the uneducated, the details of the accounting processes that support organizations may seem trivial. In the real world, however, the consequences can be serious. Financial data is used to support decision making and to guide the organization. Employees may be laid off, operations may be shut down, or new product development efforts canceled, all based on financial statements and analysis. With the stakes so high, the members of an organization’s accounting and finance teams are likely to spend as much or more time explaining financial statements to decision makers as they do actually developing them. This is the situation you will face in this assignment. Upon successful completion of this assignment, you will be able to: Explain the impact of adjusting transactions on a company’s financial statements. Evaluate the impact of various managerial decisions on a company’s financial position. Resources Textbook: Principles of Accounting: Volume 1, Financial Accounting File: Financial Accounting Chapter 3 File: Financial Accounting Chapter 4   Video-recording Software  Background Information Parsi Onious is upset. As a manager in the purchasing department, he has just received an ugly surprise, which has brought him to your doorstep.  Parsi manages the team of professional buyers responsible for procuring all of the company’s raw materials. This includes hundreds of millions of dollars of metals, chemicals, and plastics each year from around the globe. These materials are used in the manufacture of the company’s products, including a new line of refrigerators that was launched just last year. As buyers, Parsi’s team is primarily measured on the cost of the materials they purchase. They are expected to work hard to continuously bring down these costs and to help the company stay competitive.  However, Parsi is also personally responsible for producing financial forecasts. Using his inside knowledge of material costs, he is expected to create estimates of how much the company will spend on these materials each month and quarter. These forecasts are used by executives when they communicate with investors. The company sets public earnings targets, so it is critical the forecasts be reliable. Unfortunately, Parsi’s forecast for the last quarter was off by a large margin, and now the Vice President of Operations is demanding answers. When the company purchases raw materials, a debit is recorded against inventory, while a credit is made to accounts payable. Later, after the company manufactures and ships its products to the customer, a credit is made against inventory, recording the consumption of the raw materials. Meanwhile, in accordance with the expense recognition (matching) principle, cost of goods sold is debited. Parsi’s team is measured based upon the cost of materials, so this transaction is very important to them. Parsi is forecasting how much cost of goods sold will be expensed each month and quarter. Finished products contain a certain amount of raw material. Herein lies the problem. The engineering team estimated that each refrigerator contains 11.22 pounds of polyurethane foam, an expensive chemical used for insulation. When the refrigerators are shipped, inventory is credited for 11.22 pounds of polyurethane, while 11.22 pounds is simultaneously debited against cost of goods sold as an expense. However, a physical inventory count conducted at the end of the quarter determined that $350,000 of polyurethane was missing. Apparently much more than 11.22 pounds was being consumed in the manufacture of each refrigerator. The inventory report triggered the company’s accounting department to create an adjusting journal entry. Since this was unexpected, the adjustment resulted in Parsi’s forecast for cost of goods sold to be off by $350,000. As a member of the finance team supporting Parsi, it has now fallen to you to explain the transaction. He doesn’t understand why he is being “penalized” for an apparent inventory control problem at the manufacturing plant, and fears being blamed. Parsi wants to be able to defend himself to the Vice President of Operations, which means he needs to know what happened and how it can be prevented in the future. Instructions Review the rubric to make sure you understand the criteria for earning your grade. In your textbook, Principles of Accounting, read Chapters 3 and 4, “Analyzing and Recording Transactions” and “The Adjustment Process.” Download and review the Financial Accounting Chapter 3 and Financial Accounting Chapter 4 PowerPoints to help you further understand the chapter concepts. Using PowerPoint, create a presentation that explains the adjusting entry and what actions could be taken to improve financial forecasting in the future. Your presentation should include at least four slides and last three to five minutes. Content must include: Background and introduction (one slide) An explanation of how inventory transactions are related to cost of goods sold and how the process for recording material costs normally works. Show a typical journal entry and T-accounts in your presentation (one slide). An explanation of the adjusting entry that was necessary due to the inventory count and how it would affect cost of goods sold and Parsi’s forecast. Show the adjusting journal entry that occurred and the T-accounts (one slide). A couple of suggestions for what changes could be made to avoid this forecasting error in the future (one slide) Create a video of yourself making the presentation to Parsi Ominous using a screen recording software application of your choice. You can sit in front of your computer and use the built-in camera. Screencast-o-Matic offers a free version that will be more than adequate for this assignment. If there is another video software option you are more familiar with, you may use that as well. Your video should be both professionally formatted and professionally presented, in a manner that would be understandable to novices in accounting and finance. When you finish, publish your video on a website such as Vimeo, YouTube, or another public video publishing site, and submit both the link to your video and your presentation by the end of the workshop.Chapter 3 ANALYZING AND RECORDING TRANSACTIONS Principles of Accounting, Volume 1: Financial Accounting PowerPoint Image Slideshow Chapter Outline 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions 3.3 Define and Describe the Initial Steps in the Accounting Cycle 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts 3.6 Prepare a Trial Balance Module 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements The Financial Accounting Standards Board (FASB) is an independent, nonprofit organization that sets the standards for financial accounting and reporting, including generally accepted accounting principles (GAAP), for both public- and private-sector businesses in the United States. GAAP are the concepts, standards, and rules that guide the preparation and presentation of financial statements. US accounting rules are called US GAAP. International accounting rules are called International Financial Reporting Standards (IFRS). Some companies that operate on a global scale may be able to report their financial statements using IFRS. Publicly traded companies (those that offer their shares for sale on exchanges in the United States) have the reporting of their financial operations regulated by the Securities and Exchange Commission (SEC). Teacher Notes: By having proper accounting standards such as US GAAP or IFRS, information presented publicly is considered comparable and reliable. As a result, financial statement users are more informed when making decisions. 3 The conceptual framework is a set of concepts that guide financial reporting. These concepts help ensure information is comparable and reliable to stakeholders. Revenue recognition principle: directs a company to recognize revenue in the period in which it is earned; is earned when a product or service has been provided Expense recognition (matching) principle: states that we must match expenses with associated revenues in the period in which the revenues were earned Cost principle: states that virtually everything the company owns or controls (assets) must be recorded at its value at the date of acquisition Full disclosure principle: states that a business must report any business activities that could affect what is reported on the financial statements The Conceptual Framework Teacher Notes: Revenue recognition is not dependent on when cash is received. Expense recognition is not dependent on when cash is paid. Matching is important so as not to overstate or understate income. 4 Separate entity concept: prescribes that a business may only report activities on financial statements that are specifically rChapter 4 THE ADJUSTMENT PROCESS Principles of Accounting, Volume 1: Financial Accounting PowerPoint Image Slideshow Chapter Outline 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries 4.3 Record and Post the Common Types of Adjusting Entries 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance 4.5 Prepare Financial Statements Using the Adjusted Trial Balance Module 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries Public companies use either US generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), as allowed by the Securities and Exchange Commission (SEC) regulations. Companies, public or private, using US GAAP or IFRS prepare their financial statements using the rules of accrual accounting. With accrual basis accounting, revenues and expenses are recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or payments occur. Individually, these are the revenue recognition principle and the expense recognition principle. Collectively they are known as the matching principle. The accrual method standardizes reporting information for comparability purposes. Comparable information is important to external users of information trying to make investment or lending decisions, and to internal users trying to make decisions about company performance, budgeting, and growth strategies. Some nonpublic companies may choose to use cash basis accounting rather than accrual basis accounting to report financial information. Teacher Notes: In this chapter, we look at Steps 5, 6, and 7 of the accounting cycle, but to understand why these stages occur, it is first necessary to understand the following concepts: accrual accounting, accounting period, and calendar versus fiscal year. 3 An accounting period breaks down company financial information into specific time spans and can cover a month, a quarter, a half-year, or a full year. Public companies governed by GAAP are required to present quarterly (three-month) accounting period financial statements called 10-Qs. Most public and private companies keep monthly, quarterly, and yearly (annual) period information. This is helpful for users needing up-to-date financial data to make decisions about company investment and growth. Accounting Period A company may choose its yearly reporting period to be based on a calendar or fiscal year. A calendar year shows financial data from January 1 to December 31 of a specific year. A fiscal year is a twelve-month reporting cycle that can begin in any month and records financial data for that consecutive twelve-month period. An interim period is any reporting period shorter than a full year (fiscal or calendar). They can be monthly, quarterly, or half-year statements. The information contained on these statements is timelier than waiting CREATE A PROFESSIONAL BIO SEE THE SAMPLE FORMAT BELOW Sentence 1: [Name] is a [job title] who [job description]. E.g., Lisa Green is an English teacher who teaches beginning to advanced literature courses for 10th and 11th grade students at Bloomfield High School. Sentence 2: [Name] believes that [why you do the work you do]. E.g., Lisa believes that written and analytical skills are not only a fundamental part of academic excellence, but are also the building blocks of critical thinking in high school and beyond. Sentence 3: [Name/pronoun] has [mention your achievements]. E.g., In addition to managing the English curriculum for the school, she runs an after school program where she works one-on-one with students. Sentence 4: [Name/pronoun] is a [mention any relevant awards, training or honors]. E.g., She has also been nominated Teacher of the Year for two consecutive years. Sentence 5: [Name/pronoun] holds a [insert degree] in [field of study] from [university]. E.g., Lisa holds a BA in Creative Writing and a Master’s Degree in Teaching from the University of Michigan. Once you’ve filled in this template, put it all together into a single paragraph to create an initial framework for your professional biography. Note that you can shorten or expand upon this bio according to your unique needs. Here is more info about the person: SUMMARY ABOUT THE PERSON, DO NOT COPY ALL THIS. A Front-End Developer and Service-Now Developer Providing solution with expertise in (Front-End) JavaScript, Html, CSS, Bootstrap (ServiceNow) Testing, Design, Development, and Implementation experience. Working in the Information Technology Sector for over ten years and seven years in Service-Now. Experienced in the Process flow, implementing solutions, Business Analysis, planning and management. Helped businesses reach their goal with best practices. Areas of Expertise are Agile Methodology ( Scrum ), GRC(Policy & Compliance, Risk Management, Vendor Risk Management), Human Resources Service Delivery, ITAM-SAM PRO || ITSM (Service-catalog, Knowledge, Incident, Change, Problem) as well as Design solutions. Always aggressively identify and resolve inefficient operational processes, Including knowledge in CMDB,MID-SERVER & Discovery. Very Resourceful, analytical, and detail-driven individual with capabilities in completing multiple projects with competing deadlines. TECH INDUSTRY, OVER 10+ YEARS OF EXPERIENCE WORK IN HEALTH CARE, MANUFACTURING, FINANCIAL, OIL AND GAS SECTOR SO PLS GENERATE NICE WORDS ABOUT A PERSON WITH THE ROLE OF A TECHNOLOGY DIRECTORCREATE A PROFESSIONAL BIO SEE THE SAMPLE FORMAT BELOW Sentence 1: [Name] is a [job title] who [job description]. E.g., Lisa Green is an English teacher who teaches beginning to advanced literature courses for 10th and 11th grade students at Bloomfield High School. Sentence 2: [Name] believes that [why you do the work you do]. E.g., Lisa believes that written and analytical skills are not only a fundamental part of academic excellence, but are also the building blocks of critical thinking in high school and beyond. Sentence 3: [Name/pronoun] has [mention your achievements]. E.g., In addition to managing the English curriculum for the school, she runs an after school program where she works one-on-one with students. Sentence 4: [Name/pronoun] is a [mention any relevant awards, training or honors]. E.g., She has also been nominated Teacher of the Year for two consecutive years. Sentence 5: [Name/pronoun] holds a [insert degree] in [field of study] from [university]. E.g., Lisa holds a BA in Creative Writing and a Master’s Degree in Teaching from the University of Michigan. Once you’ve filled in this template, put it all together into a single paragraph to create an initial framework for your professional biography. Note that you can shorten or expand upon this bio according to your unique needs. Here is more info about the person: SUMMARY ABOUT THE PERSON, DO NOT COPY ALL THIS. A Front-End Developer and Service-Now Developer Providing solution with expertise in (Front-End) JavaScript, Html, CSS, Bootstrap (ServiceNow) Testing, Design, Development, and Implementation experience. Working in the Information Technology Sector for over ten years and seven years in Service-Now. Experienced in the Process flow, implementing solutions, Business Analysis, planning and management. Helped businesses reach their goal with best practices. Areas of Expertise are Agile Methodology ( Scrum ), GRC(Policy & Compliance, Risk Management, Vendor Risk Management), Human Resources Service Delivery, ITAM-SAM PRO || ITSM (Service-catalog, Knowledge, Incident, Change, Problem) as well as Design solutions. Always aggressively identify and resolve inefficient operational processes, Including knowledge in CMDB,MID-SERVER & Discovery. Very Resourceful, analytical, and detail-driven individual with capabilities in completing multiple projects with competing deadlines. TECH INDUSTRY, OVER 10+ YEARS OF EXPERIENCE WORK IN HEALTH CARE, MANUFACTURING, FINANCIAL, OIL AND GAS SECTOR SO PLS GENERATE NICE WORDS ABOUT A PERSON WITH THE ROLE OF A TECHNOLOGY DIRECTOR
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Your assignment may be more than 5 paragraphs but not less. INSTRUCTIONS:  To access the FNU Online Library for journals and articles you can go the FNU library link here:  https://www.fnu.edu/library/ In order to n that draws upon the theoretical reading to explain and contextualize the design choices. Be sure to directly quote or paraphrase the reading ce to the vaccine. Your campaign must educate and inform the audience on the benefits but also create for safe and open dialogue. A key metric of your campaign will be the direct increase in numbers.  Key outcomes: The approach that you take must be clear Mechanical Engineering Organic chemistry Geometry nment Topic You will need to pick one topic for your project (5 pts) Literature search You will need to perform a literature search for your topic Geophysics you been involved with a company doing a redesign of business processes Communication on Customer Relations. Discuss how two-way communication on social media channels impacts businesses both positively and negatively. Provide any personal examples from your experience od pressure and hypertension via a community-wide intervention that targets the problem across the lifespan (i.e. includes all ages). Develop a community-wide intervention to reduce elevated blood pressure and hypertension in the State of Alabama that in in body of the report Conclusions References (8 References Minimum) *** Words count = 2000 words. *** In-Text Citations and References using Harvard style. *** In Task section I’ve chose (Economic issues in overseas contracting)" Electromagnetism w or quality improvement; it was just all part of good nursing care.  The goal for quality improvement is to monitor patient outcomes using statistics for comparison to standards of care for different diseases e a 1 to 2 slide Microsoft PowerPoint presentation on the different models of case management.  Include speaker notes... .....Describe three different models of case management. visual representations of information. They can include numbers SSAY ame workbook for all 3 milestones. You do not need to download a new copy for Milestones 2 or 3. When you submit Milestone 3 pages): Provide a description of an existing intervention in Canada making the appropriate buying decisions in an ethical and professional manner. Topic: Purchasing and Technology You read about blockchain ledger technology. Now do some additional research out on the Internet and share your URL with the rest of the class be aware of which features their competitors are opting to include so the product development teams can design similar or enhanced features to attract more of the market. The more unique low (The Top Health Industry Trends to Watch in 2015) to assist you with this discussion.         https://youtu.be/fRym_jyuBc0 Next year the $2.8 trillion U.S. healthcare industry will   finally begin to look and feel more like the rest of the business wo evidence-based primary care curriculum. Throughout your nurse practitioner program Vignette Understanding Gender Fluidity Providing Inclusive Quality Care Affirming Clinical Encounters Conclusion References Nurse Practitioner Knowledge Mechanics and word limit is unit as a guide only. The assessment may be re-attempted on two further occasions (maximum three attempts in total). All assessments must be resubmitted 3 days within receiving your unsatisfactory grade. You must clearly indicate “Re-su Trigonometry Article writing Other 5. June 29 After the components sending to the manufacturing house 1. In 1972 the Furman v. Georgia case resulted in a decision that would put action into motion. Furman was originally sentenced to death because of a murder he committed in Georgia but the court debated whether or not this was a violation of his 8th amend One of the first conflicts that would need to be investigated would be whether the human service professional followed the responsibility to client ethical standard.  While developing a relationship with client it is important to clarify that if danger or Ethical behavior is a critical topic in the workplace because the impact of it can make or break a business No matter which type of health care organization With a direct sale During the pandemic Computers are being used to monitor the spread of outbreaks in different areas of the world and with this record 3. Furman v. Georgia is a U.S Supreme Court case that resolves around the Eighth Amendments ban on cruel and unsual punishment in death penalty cases. The Furman v. Georgia case was based on Furman being convicted of murder in Georgia. Furman was caught i One major ethical conflict that may arise in my investigation is the Responsibility to Client in both Standard 3 and Standard 4 of the Ethical Standards for Human Service Professionals (2015).  Making sure we do not disclose information without consent ev 4. Identify two examples of real world problems that you have observed in your personal Summary & Evaluation: Reference & 188. Academic Search Ultimate Ethics We can mention at least one example of how the violation of ethical standards can be prevented. Many organizations promote ethical self-regulation by creating moral codes to help direct their business activities *DDB is used for the first three years For example The inbound logistics for William Instrument refer to purchase components from various electronic firms. During the purchase process William need to consider the quality and price of the components. In this case 4. A U.S. Supreme Court case known as Furman v. Georgia (1972) is a landmark case that involved Eighth Amendment’s ban of unusual and cruel punishment in death penalty cases (Furman v. Georgia (1972) With covid coming into place In my opinion with Not necessarily all home buyers are the same! When you choose to work with we buy ugly houses Baltimore & nationwide USA The ability to view ourselves from an unbiased perspective allows us to critically assess our personal strengths and weaknesses. This is an important step in the process of finding the right resources for our personal learning style. Ego and pride can be · By Day 1 of this week While you must form your answers to the questions below from our assigned reading material CliftonLarsonAllen LLP (2013) 5 The family dynamic is awkward at first since the most outgoing and straight forward person in the family in Linda Urien The most important benefit of my statistical analysis would be the accuracy with which I interpret the data. 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The team is currently using an I would start off with Linda on repeating her options for the child and going over what she is feeling with each option.  I would want to find out what she is afraid of.  I would avoid asking her any “why” questions because I want her to be in the here an Summarize the advantages and disadvantages of using an Internet site as means of collecting data for psychological research (Comp 2.1) 25.0\% Summarization of the advantages and disadvantages of using an Internet site as means of collecting data for psych Identify the type of research used in a chosen study Compose a 1 Optics effect relationship becomes more difficult—as the researcher cannot enact total control of another person even in an experimental environment. Social workers serve clients in highly complex real-world environments. 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After establishing where each member is in relation to the family A Health in All Policies approach Note: The requirements outlined below correspond to the grading criteria in the scoring guide. At a minimum Chen Read Connecting Communities and Complexity: A Case Study in Creating the Conditions for Transformational Change Read Reflections on Cultural Humility Read A Basic Guide to ABCD Community Organizing Use the bolded black section and sub-section titles below to organize your paper. For each section Losinski forwarded the article on a priority basis to Mary Scott Losinksi wanted details on use of the ED at CGH. He asked the administrative resident