Acc/310 Week 2 Managerial Accounting

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

Lecture's include slides, working through concepts and problems on the whiteboard and interactive development of

The election to itemize is appropriate when total itemized deductions are less than the standard deduction based on the taxpayer’s filing status.

As the health care delivery system developed in the US, it emphasized specialization over primary care.

History suggests that the overwhelming majority of human beings have had to choose between either tyranny or anarchy

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

1. Noelle quits her $80,000-a-year job to stay home. What is the opportunity cost of her decision?

1. Backers of the B-2 bomber have argued that it would be wasteful for Congress to stop their manufacture because so much has already been spent to develop the B-2. Advise Congress on how to deal with this argument.

income is $26.03 for year 1. Similarly, the present value of the firm at time 1 is

3) Read the questions carefully. If you need to make any assumptions you must state them in order to receive credit.

Describe and explain the ways in which assessment practice has the potential to impact students’ learning:

If Marlene Herbert were to discontinue place mats, he would miss $270,000 that will go toward Mendel paper company fixed cost. The company currently has a plant overhead that is estimated at $420,000 for the quarter. In addition to the fixed plant overhead, the plant incurs fixed selling and administrative expenses per quarter of $118,000. This draws the company to a total fixed cost of $538,000. If Marlene Herbert were to discontinue the second highest contributor to the fixed cost, he would need to increase the volume of computer paper and lower material cost to help pull the contribution margin of the lowest product up to help support the lost of a whole product line.

7. Explain why the results in Requirement 1, Part D, and Requirement 6 differ. Be specific.

(b) Calculate by how much the proposed addition will either increase or reduce operating income. Show all work.

Midterm Instructions: Answer each question below in essay form, based on the principles and cases that we have reviewed so far this semester (i.e., Recognizing the Opportunity, Marshalling Resources).