Risk management can be thought of as a strategic process in organizations. Reflect on how you think risk management contributes to conducting business more effectively.
Your journal entry must be at least 200 words. No references or citations are necessary.
One of the most controversial topics to affect the accounting profession has been that of earnings management. Companies try to manage their earnings to match analysts’ projections. There is no formal definition of “earnings management,” nor a sole source for its ethical use. This process has recently come under criticism by both auditors and statement readers.
Using both the required text and external resources, address the questions provided below. Responses should be unique and incorporate your personal perspectives that are supported by reading and research. Initial comments should be 1-2 paragraphs in length for each point. Follow-up postings should not exceed a paragraph and should add additional information or perspective to the original author’s comments.
Companies use earnings management to smooth out fluctuations in earnings and/or to meet stock analysts’ earnings projections. Large fluctuations in income and expenses may be a normal part of a company’s operations, but the changes may alarm investors who prefer to see stability and growth, tempting managers to take advantage of accounting gimmicks. Also, a company’s stock price will often rise or fall after an earnings announcement, depending on whether it meets, exceeds or falls short of expectations.
Is earnings management the same thing as financial statement fraud? Does earnings management have a legitimate place in financial reporting?
Minos Brezhnev, an immigrant from Ukraine, is a hotel owner in Las Vegas. Since his arrival in America during the 1960s, Brezhnev has built a very successful and popular hotel. Until recently, the hotel averaged $20 million in total revenue per year. Lately though, there have been rumors that Brezhnev’s hotel, the Russian Ruble, may be suffering unusual losses. Recently, several of Brezhnev’s key staff have quit, complaining about low wages and nonexistent benefits. In fact, the hotel’s main attraction, its popular restaurant chef Alec Torenko, quit as well as the hotel’s headlining performer. While Brezhnev focused on coming up with a new compensation policy, he hired CPA Bob Slider to look into the hotel’s diminishing cash flows. The first thing Bob did was head for the kitchen to partake of the award-winning food. The new chef, Calvin Crapes, wasn’t what Bob expected. First of all, he wasn’t Russian, as most of the employees seemed to be, and second he refused to talk about why he had come to the Russian Ruble when so many wanted to leave.
After his visit to the kitchen, Bob began sifting through the accounting documentation looking for possible fraud symptoms. Bob reasoned that if employees felt like they weren’t being compensated accordingly, they may be apt to defraud the hotel.
Additional Facts
In addition to the above, the hotel had recently changed a number of its usual vendors.
Using both the required text and external resources, address each of the questions below. Your responses should range between 2-4 strong paragraphs for each question, with references appropriately cited. Visuals (tables, charts, graphs) are encouraged as a tool in summarizing major points.
Respond to…
Explain the similarities and differences between job order costing and process costing.
In your explanation, provide examples of when job order costing and process costing would be most appropriate.
There are various similarities and differences between the costing methods; job order costing and process costing and each concept plays a very specific role in a company’s allocation of costs. The most distinguishable is the differences of the two systems. For instance, job order costing focuses on a separate tracking of expenses that is expressly designated to one job or order (Schneider, 2017). Compared to the process costing method where the cost is assigned to a particular department. Another notable difference is that the process cost system assigns costs for a particular time period, whereas the job order system does not as it can be for any determined timeframe at any point.
While there are several differences both methods also share distinct similarities. For example, each concept has the same overall goal of defining the actual costs of product(s). Additionally, while the cost flows can also be noted as a difference the components of the cost flow are going to be the same as they both entail, inventory, labor, overhead, etc.
Dependent on what the company produces is going to determine the preferred method of costing. The job order costing method is going to be best suited for a business that produces custom made products or products that are produced for a particular customer and where each order is going to vary because of customer’s preferences.
An example would be a cabinet company where each order is going to be different and specific to the customers needs and wants therefore costs are going to vary. However, a company that produces a mass amount of the same product for a continuous or long-term basis is going to prefer the process costing system. A paper or gas company are usually going to prefer this method of costing.
References:
Schneider, A. (2017). Managerial Accounting: Decision making for the service and manufacturing sectors(2nded.) [Electronic version]. Retrieved from https://content.ashford.edu/
Respond to…
Job order is a cost summary for each job and a job cost system tracks each cost separately for each job or product (Schneider, 2017). This is different then process costing which separates costs by each department then combines all costs for a product or job from each department who worked on the product to determine a unit cost (Schneider, 2017). Job order cost system is typically used for smaller products or jobs. Managers can track the costs of a product or job to ensure a reasonable quote to the customer, (Bragg, 2018). In job costing the amount of labor and materials is different between the products, such as building construction (Schneider, 2017). When constructing a building there are different materials used throughout the process, and will be different for each building built, therefore the materials and labor will change depending on the floor plan. A process costing system is usually used for larger production or jobs. This is done when the job has the same materials, and cost for production. An example for process costing is manufacturing oil. You cannot determine the exact amount of producing 1 gallon of oil because it is produced in a larger batch. However, the combined cost can be divided by the amount produced to determine a unit price (Bragg, 2018).
Bragg, S. (2018). Job order costing system. Accounting Tools. Retrieved from https://www.accountingtools.com/articles/job-order-costing-system.html
Schneider, A. (2017). Managerial Accounting: Decision making for the service and manufacturing sectors (2nd ed.) [Electronic version]. Retrieved from https://content.ashford.edu/
Explain the nature of bond discount or premium. How does it occur and how do we account for it? Please provide all Reference
Discuss the basis for Uber’s competitive advantage and how they
leveraged first-mover advantages. Please provide all Reference
By the 1990s, the US was stepping into the “Information Age”. This would coincide with the presidency of Bill Clinton. One can also see this as a period when global connections really became more visible and faster, in part because of new trade agreements around the globe. In North America, there was NAFTA—the North American Free Trade Agreement. By the late 1990s the US economy was entering a dynamic period of growth.
Choose and discuss one of the following two topics related to the American history under President Clinton:
The following 5 questions are your midterm exam. Please follow 6th edition APA format including ample research. It is recommend that you aim for 2-3 paragraphs per question and use each question as a heading so that the paper is organized. Deliverable length: 5 page minimum,
Question 1:
Define what is meant by “brand equity” and discuss what a company can do to maintain brand equity.
Question 2:
Discuss the Product Life Cycle Concept and include the relative amounts of sales and profit during each stage.
Question 3:
How are innovations in interactive television and online services expanding the strategies and tactics marketers employ today?
Question 4:
What are some of the personal and business-related privacy issues associated with the growth in database marketing and how should they be addressed?
Question 5:
Define direct marketing and give some real world examples.
I need 2 or 3 paragraphs please
What is a definition of family that encompasses the different family structures prevalent today? Discuss the importance of acknowledging nontraditional family structures. Explain how family systems theory can be used to better understand the interactions of a modern family (traditional or nontraditional).
For your Signature Assignment, address the following components and apply the various concepts learned throughout the course:
Length: 12-15 pages, not including title and reference pages.
References: Minimum of 5 scholarly resources.
Your paper should demonstrate thoughtful consideration of the ideas and concepts presented by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Review APA Form and Style.
Be sure to adhere to Northcentral University’s Academic Integrity Policy. Review NCU’s Academic Integrity Tutorial, to refresh your knowledge of how to achieve academic integrity.
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