Question Details

Group Discussion Board Forum Grading Rubric

There will be 4 Group Discussion Board Forums throughout the course. The purpose of Discussion Board Forums is to generate interaction among students in regard to relevant current course topics. You are required to post 1 thread of at least 500 words, and you must post 1 reply of at least 250 words. For each thread, you must support your assertions with at least 2 citations other than the textbook, and the Bible may be 1 of those sources. Everything must be in current APA format.Outside research for the replies is encouraged but not required. All research must include an in-text citation to give credit to the source of the information.

Submit each thread by 11:59 p.m. (ET) on Thursday of the assigned module/week, and submit your reply by 11:59 p.m. (ET) on Monday of the same module/week.

1 day ago

Payton Coleman

Question 4

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Fixed cost is defined as, “a cost that remains constant, in total, regardless of changes in the level of activity” (Garrison, Noreen, & Brewer, p.31). Some examples of these costs would be manufacturing overhead which can include, “depreciation, insurance, property, taxes, rent, and supervisory salary” (Garrison, Noreen, & Brewer, p. 31). The impact that these fixed costs have on managerial accounting is constant. These are a cost that the companies accountant can rest assure will be on every statement and usually the same amount every time. When trying to plan, these costs are easier to predict for the company’s future.

Variable cost is defined as the cost that, “varies, in total, in direct proportion to change in the level of activity” (Garrison, Noreen, & Brewer, p. 30). Some examples of these cost include, “cost of goods sold for a merchandising company, direct materials, direct labor, variable elements of manufacturing overhead, such as indirect materials, supplies, and power, and variable elements of selling and administrative expenses, such as commissions and shipping costs” (Garrison, Noreen, & Brewer, p. 30). The impact that variable cost has on managerial accounting is a little more intense because these costs are a lot harder to predict and pretty much just a guess from previous reports and statements. These are a cost that must be reviewed when considering things such as the company starting new projects that are going to include bigger purchases. They must realize that these costs may vary and they must be able to tend to them no matter how much they increase or decrease.

Mixed cost is defined as the cost that, “contains both variable and fixed cost elements” (Garrison, Noreen, & Brewer, p. 34) The impact that this cost has on managerial accounting can be compared to both fixed and variable cost, however I still feel like it is a little more difficult to predict than that of fixed cost. Even though there may be a fixed amount you are dealing with there is still those attributes that are going to cause the amount to fluctuate a little bit. This makes it important for the accountant to keep their eyes on these costs and make sure they are not overlooked.

When looking at this through a biblical prospective we can see that each one of us as Christian also has fixed, variable, and mixed cost that impacts our daily lives. One issue that I feel like we can see as Christian that this can apply to is that of tithing. If one has chosen to start a business and claim to be a Christian they must make the decision whether to tithe on the profits that they make. I feel like this decision would be considered a mixed cost because you have a set percentage of what you tithe, however, this amount can either increase or decrease based on how the business is profiting. In the book of Malachi, we can find that it is stated that, “Will a man rob God? Yet ye have robbed me. But ye say Wherein have we robbed thee? In tithes and offerings.” (KJV). We are also given a specific amount in which we are to tithe of the profits we receive we can be found in the book of Leviticus where it states, “Every tithe of the land, whether of the seed of the land or of the fruit of the trees, is the Lord’s; it is holy to the Lord. If a man wishes to redeem some of his tithes, he shall add a fifth to it. And every tithe of herds and flocks, every tenth animal of all that pass under the herdsman’s staff, shall be holy to the Lord” (KJV). This could be very hard decision to make, especially when you are not doing as well as you expect, but God will honor those that obey His commandments.

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What do you think of the IRS and other tax authorities? If you where selected for an audit, would you be prepared? Why does the IRS select certain returns and not others, and what causes the IRS and tax preparers to interpret the law differently?

Each student should post his or her response to the questions above, 200-300 words on your response.

J. C. has been a professional gambler for many years. He loves this line of work and believes the income is tax-free.

• Use an available tax research service to determine whether J. C.’s thinking is correct. Is the answer to this question found in the Internal Revenue Code? If not, what type of authority answers this question?
• Write a memo communicating the results of your research.

  Select one problem and write a short memo which is 200-300 words to the client. Make sure your memo is the correct length for full credit. Go to the www.irs.gov and search/type Internal Revenue Code. Go to the Table of Contents and then Leave IRS Site.  This will redirect you to the Cornell Law University which is a great place to search. Double click on Subtitle A-Income Tax and research your problem. You can also stay in www.irs.gov and research. Spelling and grammar do count in your memo.

  After your memo, just briefly tell me where you found your information.

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The concept of fair value hierarchy

Respond to these two replies with a question on the end. Only has to be about 150 words each.

#1

How do you value level 3 assets given that they’re so difficult to value?

#2

“There are also 3 levels of hierarchy in determining fair value.  Level one refers to unadjusted, quoted prices for the same assets (liabilities) in the market. Level two relies on inputs included in level 2, but allows for values of similar assets or those in other markets. Level three allows for the use of inputs that are not observable. This means that if there are no comparable assets or there is no market activity to compare to.” This caused me to investigate further on the levels of hierarchy in determining value.

What I discovered is that while the levels of hierarchy deterrmine methods of valuation, it is based upon how observable the measurements are. It does not, for instance, relate the values to the level of relative risk. Although a level two asset may be more observable, it does not necessarily follow that it is less risky.

Also, it is a misconception to apply levels of liquidity to the levels of determining fair value. A level two asset may be no more, or less, liquid than a level three asset. In some instances, although an asset may be able to be sold in a relatively short amount of time, there may be a loss of observability in the process so, it could move that asset from a level two to a level three.

Some examples of the different levels, using investment instruments are:

Level one – Stocks and bonds listed on national exchanges

Level two – U.S. Public debt, or short-term cash instruments

Level three – Some fixed income asset-backed securities or complex derivatives

The concept of fair value hierarchy is not as simple as it first appears. There are complexities involved and each situation must be evaluated from all sides to increase consistency and transparency.

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Case study on marginal profit

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Life and work of an Artist

Earlier, we asked you to imagine that you were a documentary filmmaker and that you were doing a short film on the life and work of an Artist/Physicist. We asked you to use any slide share or movie making software, and to utilize information gathered throughout the course to create a visual biography.

This multi-media presentation will include images, video and voiceover dialogue consisting of a mix of research and original content that demonstrates your analysis of course concepts. The movie will be accompanied by a paper that supplies the dialogue for the visuals of your film.

Requirements:

1. Three minute video in Mpeg4 format.
2. Original voiceover dialogue.
3. Images of topic’s work and concepts.
4. Original video connecting your experience to your topic and their work.Place your order now for a similar paper and have exceptional work written by our team of experts to guarantee you A Results

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The principles of internal control

Write a 750- to 1,050-word paper in which you:

• Explain the principles of internal control.
• Explain the use of cash and internal controls to prevent fraud.
• Explain why corporations invest in stocks and debt securities.
• Explain how debt and stock investments are reported in financial statements.

Format your paper according to APA guidelines.

Cite 3 peer-reviewed, scholarly, or similar references to support your paper.

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Case study on managerial communications

The memorandum is among the more basic managerial communications tools used in most if not all administrative settings. A solid familiarity with drafting effective memoranda is vital for your career. (Alas, there are many examples of poorly composed memos……..but let us ignore these…….). As opposed to the proposal which advocates for a specific plan of action or recommendation, here you are explaining and interpreting some aspect or concept of financial management.

The assignments specifics are as follows:

Prepare a document not to exceed 3-4 pages in length addressed to your subordinates and colleagues on behalf of your employer’s senior echelon which seeks to explain a key financial concept to an audience lacking sophisticated grasp of such matters. You are free to select any issue so long as it addresses a substantive matter and your audience is composed of your peers and lower-ranking staff. Your readings for the course and topics considered for the proposal assignment will be helpful in selecting a memo topic but you must narrow your focus given the length of the paper….go for depth and precision. For example, discuss a change to the company retirement plan, explain the time value of money concept and how that impacts profitability, contrast fixed with variable costs, define various revenue streams and accounts receivable,  discuss depreciation and its importance in fiscal planning, interest rates and their impact on bonds and other investments, etc.

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Case study on Activity-Based Costing System

Activity-based costing is one of the most accurate methods that can be used to allocate overhead. However, it is not often used in many smaller organizations due to the substantial cost involved with its implementation.

Using the module readings and the Argosy University online library resources, research the activity-based costing method. Use your research and/or your experiences as a working professional to complete this assignment.

Respond to the following:

• If you have utilized an activity-based costing system in your former or current employment, describe how this system had been used. In your response, be sure to include your experience and position on the effectiveness of the activity-based costing system. Support your ideas by drawing on your readings and scholarly articles.
• If you have not encountered this type of system in your work experience, assume a company needs to switch to an ABC system. Describe the common cost drivers that could be used.
• How would the organization identify the cost drivers?
• How would the organization use them in the implementation of this system? You may use your former or current company for the analysis.
• review and comment on at least two peers’ responses.

Write your initial response in 300–500 words. Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation

Do the following when responding to your peers:

• Read your peers’ answers.
• Provide substantive comments by
  • contributing new, relevant information from course readings, Web sites, or other sources;
  • building on the remarks or questions of others; or
  • sharing practical examples of key concepts from your professional or personal experiences
• Respond to feedback on your posting and provide feedback to other students on their ideas.
• Make sure your writing
  • is clear, concise, and organized;
  • demonstrates ethical scholarship in accurate representation and attribution of sources; and
  • displays accurate spelling, grammar, and punctuation.
  • __________________________________________________________________-

Assignment 2: Manufacturing Overhead

Borealis Manufacturing has just completed a major change in its quality control (QC) process. Previously, products had been reviewed by QC inspectors at the end of each major process, and the company’s 10 QC inspectors were charged to the operation or job as direct labor. In an effort to improve efficiency and quality, a computerized video QC system was purchased for $250,000. The system consists of a minicomputer, fifteen video cameras, and other peripheral hardware and software. The new system uses cameras stationed by QC engineers at key points in the production process. Each time an operation changes or there is a new operation, the cameras are moved, and a new master picture is loaded into the computer by a QC engineer. The camera takes pictures of the units in process, and the computer compares them to the picture of a “good” unit. Any differences are sent to a QC engineer, who removes the bad units and discusses the flaws with the production supervisors. The new system has replaced the 10 QC inspectors with two QC engineers.

The operating costs of the new QC system, including the salaries of the QC engineers, have been included as factory overhead in calculating the company’s plant-wide manufacturing-overhead rate, which is based on direct-labor dollars. The company’s president is confused. His vice president of production has told him how efficient the new system is. Yet there is a large increase in the overhead rate. The computation of the rate before and after automation is as follows:

“Three hundred percent,” lamented the president. “How can we compete with such a high overhead rate?”

Using the module readings and the Argosy University online library resources, research manufacturing overhead.

Review the situation. Complete the following:

• Define “manufacturing overhead,” and:
  • Cite three examples of typical costs that would be included in manufacturing overhead.
  • Explain why companies develop predetermined overhead rates.
• Explain why the increase in the overhead rate should not have a negative financial impact on Borealis Manufacturing.
• Explain how Borealis Manufacturing could change its overhead application system to eliminate confusion over product costs.
• Describe how an activity-based costing system might benefit Borealis Manufacturing.

Write a 3–4-pages paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M2_A2.doc.

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