Acc 206 week 5 final paper cost accounting

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  1. To download more course tutorials visit This document comprises ACC 206 Week 5 Final Paper Cost Accounting Principles of Accounting II Cost…
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  • 1. To download more course tutorials visit This document comprises ACC 206 Week 5 Final Paper Cost Accounting Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators, traders, authorities, loan providers, as well as the general public. Accounting systems impact behavior and administration and have effects across divisions, companies, and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk about: Why is cost accounting so essential to the achievement of the company; what are the different ways of cost accounting and how are they utilized; how does an operating budget work in order to control a firms administration; what are the factors of a financial budget; how are financial budgets developed; what is variance analysis and the way its utilized. Cost accounting can be defined as the procedure of gathering, computing, assessing, interpreting as well as reporting cost info which is both helpful and related to the internal and external stakeholders of a business. Among the many advantages of cost accounting is that it converts data into info, knowledge and wisdom regarding a business entitys functions which is helpful for: gauging efficiency, decreasing or controlling expenses, deciding the charges or rates for services and goods, determining to approve, change or stop a plan or activity. One more advantage is that info on the costs
  • 2. programs as well as activities can be used as a foundation in order to approximate future expenses in organizing as well as analyzing budget requests. As soon as budgets are authorized as well as executed, cost info serves as a helpful comment on efficiency. In addition to that, costs might be compared to known or supposed advantages in order to identify value-added and non-value added actions. Deadline: ( ), Business - Accounting Week1 D1: As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. D2: What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts. Assignment: (see attached file) Week2 D1: Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not? D2: What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
  • 3. Assignment: See attached file Week3 D1: The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? D2: A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method? Assignment: see attached files Week4 D1: What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability. D2: A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business. Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on
  • 4. these advantages and disadvantages provide a clear recommendation to your client. Assignment: see attached file Week5 D1: Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company? D2: Year Ending December 2012 Year Ending December 2011 Year Ending December 2010 Revenues 40,000 35,000 33,000 Operating Expenses Salaries 15,000 10,000 9,000 Maintenance and Repairs 6,000 9,000 10,000 Rental Expense 2,500 2,500 2,500 Depreciation
  • 5. 2,000 2,000 2,000 Fuel 4,000 3,500 2,500 Total Operating Expenses 29,500 27,000 26,000 Operating Income 10,500 8,000 7,000 Sales and Administrative Expenses 6,000 4,000 3,000 Interest Expense 2,500 2,000 1,000 Net Income 2,000 2,000 3,000 Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
  • 6. Assignment: see attached file Final Paper: Focus of the Final Paper Write a five-to seven-page financial statement analysis of a public company, formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions. Here is a breakdown of the sections within the body of the assignment: Company Overview Provide a brief overview of your company (one to two paragraphs at most). What industry is it in? What are its main products or services? Who are its competitors? Horizontal Analysis of Income Statement and Balance Sheet Prepare a three-year horizontal analysis of the income statement and balance sheet of your selected company. Discuss the importance and meaning of horizontal analysis. Discuss both the positive and negative trends presented in your company. Ratio Analysis Calculate the current ratio, quick ratio, cash to current liabilities ratio, over a two-year period. Discuss and interpret the ratios that you calculated. Discuss potential liquid...
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