Questions On Managerial Accounting Module 3 - 1629 Words

Managerial Accounting: Module 3 M. Peter Aspen University: BSU510 10-26-14 Exercise E3-28A, page 144: Recording journal entries 1. Journal entry for Dutch fabricators: As indicated on page 119,120,121 and 122 below are the journal entries. 1 .A. Accounts entry DEBIT CREDIT a Raw Materials Inventory $190000 Accounts Payable $190000 1.b b Work in Process Inventory $152000 Manufacturing Overhead $22000 Raw Materials Inventory $174000 1.c. c Work in Process Inventory $190000 Manufacturing Overhead $35000 Payable Wages $225000 1.d. d Manufacturing Overhead $30000 Depreciation pant/equipment $20000 Payable Utilities $10000 1.e. e Work in Process Inventory $81000 Manufacturing Overhead $81000 2. Actual manufacturing overhead $87000 Allocated manufacturing overhead $81000 By end of January manufacturing overhead cost has been under allocated by $6000 Exercise S4-19, page 209: Quality Initiative Decision 1. Based on the explanation on page 201 below are the details of each cost and respective category: a. Prevention costs: i. Negotiating with and training suppliers to obtain higher-quality material and on-time delivery. ii. Redesigning the speakers to make them easier to manufacture b. Appraisal costs: i. Additional 20 minutes of testing for each speaker. ii. Avoid inspection of raw material c. Internal failure costs: i. Rework avoided because of fewer defective units. ii. Lost productionShow MoreRelatedEND OF SEMESTER EXAMINATION MANAGEMENT ACCOUNTING1680 Words   |  7 PagesProgramme : BBA Level of Study : 3 Time : 2.30 pm – 5.30 pm Date : 26/05/2013 Duration : 3 Hr(s) 0 Min(s) Course Code : ACC 3515 Section(s) : 1-4 Course Title : Management Accounting (This Question Paper Consists of 9 Printed Pages including the cover page) DO NOT OPEN UNTIL YOU ARE ASKED TO DO SO INSTRUCTION(S) TO CANDIDATES 1. ANSWER ALL QUESTIONS. 2. SHOW ALL WORKINGS. 3. DO NOT WRITE IN PENCIL ANY FORM OF CHEATINGRead MoreFinancial Management: Theory and Practice1399 Words   |  6 PagesDriouchi - tarik.driouchi@kcl.ac.uk Senior Lecturer- Financial Mgt. studies Office Hours [WBW4.15]: Thursdays 4-6pm A few words on the AAFM MSc†¦ Themes: Accounting Theory, Financial Accounting, Valuation, Corporate Governance, Financial Management Markets, Behavioural Finance Structure: Taught modules (term 1 2) + Dissertation (term 3) KCL Keats, KCL e-resources and QAs 2 Learning Objectives †¢ Main objectives – To develop robust foundations in financial management theory and practiceRead MoreForensic Accounting7273 Words   |  30 PagesManagerial Auditing Journal Emerald Article: Forensic accounting education: insights from academicians and certified fraud examiner practitioners Zabihollah Rezaee, E. James Burton Article information: To cite this document: Zabihollah Rezaee, E. 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To cite this article: Bob Gammie , Elizabeth Gammie Erica Cargill (2002): Personal skills development in the accounting curriculum, Accounting Education: An InternationalRead MoreA Project Report on Management Information System at Acc Ltd.4281 Words   |  18 Pages |3 | | |EXECUTIVE SUMMARY |4 | |1 |INTRODUCTION – DEFINITION OF MIS |5 | |2 |OBJECTIVE OF THE STUDY |6 | |3 |SCOPERead Moretuurism3981 Words   |  16 Pages Module Study Guide Financial Management West London Business School Module Title Module Study Guide Module Code AC60003E Level 6 Credits 20 AY2012-2013 Version No 1  © UWL 2012 Module Title Module Study Guide Contents Page No. Module Leader and Teaching Team Details 3 Facts and figures Section A Overview and Content 1 Welcome and Introduction to the Module 5 2 AdministrativeRead MoreReflection on How to Make the Most of Working in Collaboration with Others972 Words   |  4 Pagesconcepts and help students take charge of their own educational experience (and, therefore, practice making meaning for them).† Therefore, through reflection, we can make connections and examine our learning processes. 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Manufacturing Engineering The Industrial Revolution

Manufacturing Engineering Matthew Cantrell Institution Course Date Abstract Manufacturing Engineering has been perceived as a separate engineering discipline in the present. Most of what manufacturing entails in the present stems from what was evident in the past. The industrial revolution is also responsible for fostering development of new engineering disciplines that are exclusively devoted to the engineering of manufacturing. The industrial rebellion realized the factory framework, steam engine invention, advanced metal cutting, and machine tools production. There are various recognized early pioneers of manufacturing engineering. Matthew Boulton, and James Watt are some of the engineers who assembled, and fabricated Watts Steam engine besides produced the engine commercially (walker Crowson, 2010). Eli Whitney invented the cotton gin that facilitated more production of cotton. In the 18th and 19th century, manufacturing engineering responsibilities and duties were controlled by the factory or shop supervisors. There was no particular specialist in pro duction control, manufacturing engineering, industrial engineering, and quality control. However, as the manufacturing company and factories got larger and more complex, the supervisors could not manage the process nor did they have sufficient knowledge to handle tooling, planning or material control. Consequently, there was an augmented effort for expertise in engineers, and technicalShow MoreRelatedMy Statement of Purpose: Transitioning from Production Engineering to Industrial Engineering827 Words   |  3 PagesTransitioning from Production Engineering to Industrial Engineering Introduction My greatest achievements, continual passion for learning, and drive to excel in educational pursuits are all predicated on a fascination with engineering. 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Engineers Code of Ethics

Question: Describe about the Term for Engineers Code of Ethics. Answer: Preliminary The 2010 Engineers Code of Ethics surely marks a watershed and is a compendium for skills and good practice that professionals should embrace. Accordingly, the code of ethics assigns a pivotal role, which cannot be snuffed as negligible, to individuals in the engineering firmament. At the outset, steadfast and impartial measures to ensure that the demands of the code are given life must be a priority. Demonstrate integrity It will be fatuous to downplay the essence of integrity as it is the natural and inherent impulse of life to seek to protect and respect the dignity of other individuals who may likely be affected by the consequences of ones actions. This assertion stems from the wisdom supplied by the neighbor principle enunciated in the famous dicta authored by Lord Atkin.(Stevenson,1932) In its concrete manifestation, integrity demands of managers and professionals to practice the principle of honesty and trustworthy. Needless to say, ignorance is on the face of the law no defense hence professionals should act on a well-informed conscience bearing in mind that the reward of ignorance is disasters such as the one in dispute now.( Stewart, Sprinthall, and Shafer, 2001) Practice Competently Lack of knowledge and skills typically defines incompetency. The challenging question embedded in this whole debate on the disaster that occurred is whether the team of professionals in BHP Billiton Ltd possessed enough skill and expertise to prevent the crisis. It would be strategically unreasonable to dissociate the calamity from the veracity that it indeed manifested an ineptitude and complicit team of professionals from BHP Billiton Ltd. It should thus be conceded that the capacity of the professional to display a coherent and principled approach in handling of affairs in the profession is absolutely essential in defending ones competence. (Australian Institute of Builders, 2001) Exercise Leadership The term leadership is nothing new but rather as old as human civilization. It is the conveyor belt towards a successful career in any profession. The entire BHP Billiton Ltd could easily sleep into a comma if the professionals fail to facilitate true leadership. It is inconceivable that with plausible leadership skills that are predicated on honesty and effective communication, the disaster would have transpired. In this sense, it is vital that such skills are cultivated in a manner that incorporates diversity and uphold the reputation of the profession. ( Davis, 2001) Impeccable leadership is manifested by proper vision, purpose and it influences judgement in practice. Promote Sustainability It is imperative to note that every action of an engineer should be one that furthers the advancement of better lives of the society and ensures the protection of the environment and natural resources. BHP Billiton Ltd offended the above principle as there was a massive environmental destruction including a devastating effect on the livelihoods of the settlers around that has since presented intractable problems for the locals. This should not be the aim of a professions undertakings. Resommendations Preliminary The tragedy that occurred in the samarco case mirrors a company that still has a long way to go to fully embrace the code of ethics and conduct. It is worth noting that the code of ethics is still a command only on paper in the company. It is the failure or the laxity of the management to ensure effective and efficient running of the company that bespeak of the companys lack of commitment to breathe life to the code of ethics. It is equally not enmesh in controversy that the reputation of the company has been watered down. It is however advisable that they apply the below recommendations. At the onset it is paramount that the company obeys the Golden Rule that states that do unto others what you expect them to do to you. ( Badger, and Gay 1996) Impact on society/Negligence The samarco case could be one of negligence. Negligence occurs where one person owes another a duty of care but breaches such a duty. The tort of negligence entails failing to do what a reasonable person ought to do that in end caused damage. It is submitted to the corporation that they ought to contemplate their neighbors and the consequences of their act or omissions which eventually have an impact on society. The duty of care gives rise to a legal obligation that they should not harm others and that they ought to reasonably foresee any such harm. The company should thus exercise reasonable standards of care and skill expected of the engineering profession. (Charles and Martin, 2002) Professional negligence attracts liability as was held in Turner v Garland and Christopher,1853 (Barrister,1914) where a roof collapsed because of negligence in architectural design. Disclosure The principle of full disclosure raises a legal obligation to act in utmost good faith and honesty. Members of BHP Billiton Ltd should cultivate cooperation among them that includes disclosing material information to the relevant authorities in the company. A breach of such a duty amounts to a professional misconduct. (Harris , Pritchard, Rabins, 1995) The duty of disclosure encourages a good working relationship among colleagues in the company. Integrity The company management may be involved in questionable atrocious conducts that may ruin the reputation of the company and eventually affect the financial standing. Such conducts include cases of massive corruption .The company should thus invest in mechanisms to ensure that that such practices are not bred in the company. Cases of embezzling funds lead to substandard projects being performed which may later cause an accident. The management should thus create an ecosystem that is a stalwart of integrity. Competence The company should have regulations formulated to ensure that highly qualified personnel are employed. Half-baked professional are disastrous to the company as there level competency put the company to a risk of failure to meet its objectives. (Mason, 1998) The personnel should possess a standard of skill and knowledge that is expected of their profession. If this is effected even cases acts omissions that lead to Negligence will no longer be in issue. 3. Preliminary It is a general principle in law that one has to read and appreciate the terms of a contract before signing any contract. (Paterson Robertson, 2015) It was held in Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd, 2004 that parties to a contract are bound by the terms in the contract once they have signed regardless of whether they read or understood the terms. Such terms essentially covers liabilities and exclusion clauses that any buyer ought to be aware of before appending a signature. The discussion in this question falls within the rubric of Australian Consumer Law (ACL) and the common law of contract. Product Defects The ACL has long recognized that goods sold to a consumer must be of merchantable quality. (Gooley 2014) This implies that the goods must safe for use by the consumer at the time of buying the goods. (Australian Knitting Mills Ltd v. Grant ,1933) It can be argued that it was indeed honorable for Better Car Ltd to acknowledge that the self-drive mode utility was faulty and was due to the negligence of one of its engineers. The company was however not ignorant of the safety of the driver and its passengers when the car is on self-drive mode and to that effect they had a clause in the contract insisting on the driver to take safety measures. Breach of a Condition. It is an implied condition in the contract that the goods are of merchantable quality and it is submitted that Better Car Ltd is liable for the breach of this condition. It should however be borne in mind that there was a clause limiting the liability of the company in case of a breach of this condition. It should be noted that since the contract was signed by the buyer despite several attempts to explain to the buyer on the effects of the terms of the contract he is agreeing to, the extent of limitation entrenched by the contract is permissible. It was noted in Astley v Austrust Limited, 2000 that implied terms are applicable in contract law and the defendant is liable for a breach where they are breached Damages as a Result of Breach Better Car Ltd will only be liable for the breach to the extent of the negligence caused by the engineers. On the contrary, personal injuries resulting from the accident were also contributed by the negligence of the buyer in not reading the terms of the contract so as to be aware of any safety precautions that ought to be taken when driving under self-drive mode. Defenses Under the ACL ss142 a manufacturer or supplier could put up a defense that at the time that the transaction in the product was taking place the defect in the product could not be detected despite application of reasonable skill and expertise. The success of such a defense is determinate on a balance of probability though this would be the best possible argument that Better Car Ltd could apply. Remedies The buyer in the contract could only recover damages to the extent that the car self-drive mode was faulty. Since Better Car Ltd acknowledged there carelessness a case on a tort of negligence would be proper when claiming damages. The company could plead contributory negligence because the driver did not read the contract he signed and he went on to negligently sleep in a car despite the clause that stated that one should still be careful even when the car is on self-drive mode. If the buyer brings the case under contract law to put full liability on the company, the company could sue again under tort of negligence so that the liability is shared. In Astley v Austrust Ltd,2000 it was held that damages for a breach of contract could not be reduced by contributory negligence, however, the Law Reform (Miscellaneous Provisions) Amendment Act 2000 (NSW) allows for a reduction of the damages for a contractual breach based on contributory negligence. References Astley v Austrust Ltd , HCA 197 CLR 1(2000). Australian Knitting Mills Ltd v. Grant, 50 CLR 387 (1933). Australian Institute of Builders, 2001 URL: https://www.aib.org.au/about.html Badger, W., and Gay, S.W., (1996) The top ten lessons learned in construction contracting, Cost Engineering, 38(5), May, 209. Barrister R., (1914). Hudson's Building Contracts Charles V. and Martin S. (2002). Professional Ethics the Construction Industry Davis, I., 2001, Health and safety: an economic and moral issue, Master Builder, The Magazine of the Federation of Master Builders, Mar, 17. Donoghue vs Stevenson, AC 562 [1932]. Harris Jr, C.E., Pritchard, M.S., Rabins, M.J., 1995, Engineering ethics: concepts and cases, Wadsworth Publishing Company, USA Gooley J., (2014).Principles of Australian contract law: cases and materials. Mason, R.R., 1998, Ethics: a professional concern, Civil Engineering, American Society of Civil Engineers, 68(12), Dec, 636. Paterson J., Robertson A., (2015) Principles of Contract Law. Stewart, D., Sprinthall, N., and Shafer, D. M. 2001. "Moral Development in Public Administration." Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd, 79 ALJR 129 (2004).