Accounting Quiz - 1060 Words

Chapter 02 Student Revision Quiz 1. According to Australian Accounting Standards (AAS), assets are carried on the financial statements at the higher of current market value or historical cost. | True | | False | The Australian Accounting Standards state the assets are to be carried on the books (recorded) at what the firm paid for them. 2. Suppose KLM Inc. just received a patent on a new anti-cholesterol drug. This patent is an intangible fixed asset. | True | | False | Patents are intangible fixed assets. 3. A non-cash item is an expense charged against revenues that does not directly affect the cash flow. | True | | False | Accounting income differs from cash flow as it includes non-cash items†¦show more content†¦11. Accounts payable is recorded as part of: | long-term debt | | short-term asset | | owners equity | | fixed liabilities | | short-term debt | Accounts payable is a short-term debt or liability (due in less than 12 months). 2. Which one of the following statements is correct? | Cash flow from assets is equal to cash flow to creditors minus cash flow to stockholders. | | Net working capital is equal to current liabilities minus current assets. | | Additions to net working capital are equal to ending net working capital minus beginning net working capital plus depreciation. | | Shareholders equity is equal to total assets plus total liabilities. | | Operating cash flow is equal to EBIT plus depreciation minus taxes. | Shareholders equity is equal to total assets minus total liabilities. Net working capital is equal to current assets minus current liabilities. Cash flow from assets is equal to cash flow to creditors plus cash flow to stockholders. Depreciation is not a part of the additions to net working capital. 13. Use the following tax table to answer this question. Taxable income | Tax rate | $0-6 000 | Nil | 6 001-25 000 | 15% | 25 001-75 000 | 30% | 75 001-150 000 | 40% | Pools Inc. has taxable income of $77 000 for the year. Which one of the following statements is correct concerning Pools taxShow MoreRelatedAccounting Quiz1222 Words   |  5 Pageseconomic event recorded by the financial information system. TRUE 3. Accounting communicates financial information about a company to both internal and external users. TRUE 4. Financial statements are the major means of communicating accounting information to interested parties. TRUE 5. The study of introductory accounting is relevant only to those who intend to pursue a career in professional accounting. FALSE 6. Ethical dilemmas can be analyzed by applying a processRead MoreQuiz for Accounting1525 Words   |  7 PagesChapter 4 1.  Today, you turn 21. Your birthday wish is that you will be a millionaire by your 40th birthday. 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(p.22) There are:Read MoreGovernmental Non for Profit Accounting Chapter 2 Quiz Essay755 Words   |  4 PagesChapter 02 - Principles of Accounting and Financial Reporting for State and Local 11. The accounting system used by a state or local government must make it possible A. To present fairly the financial position and results of financial operations of the government as a whole, as well as fund financial activity in conformity with GAAP, and to demonstrate compliance with finance-related legal and contractual provisions. 12. Which of the following is not a characteristic of a fund as defined by GASBRead MoreQuiz 7 Cost Accounting1450 Words   |  6 Pagesï » ¿Name: ________________________ Class: ___________________ Date: __________ Quiz 7 1) Which of the following involves significant financial investments in projects to develop new products, expand production capacity, or remodel current production facilities? A) capital budgeting B) working capital C) master budgeting D) project-cost budgeting Answer: A Diff: 1 Terms: capital budgeting Objective: 1 AACSB: Reflective thinking 2) The two factors capital budgeting emphasizesRead MoreAccounting Quiz Week 7965 Words   |  4 PagesAcct Quiz week 7 1. Which of the following might cause a materials variance? Failing to take purchase discounts. Using a better grade of raw material. Changes in the market supply for the raw materials. ïÆ'  All of the above. 2. What is the term that describes the rate companies frequently use to apply fixed overhead costs to units produced? ïÆ'  Predetermined overhead rate. 3. Activity-based costing is commonly used with standard costing. Using more activity drivers increases the potentialRead MoreStandards for Accounting and Review Services, and CPA: Quiz2439 Words   |  10 Pagesfirms or to consulting on accounting matters. See AR 100 for these and additional services to which the SSARS do not apply. 54. Statements on Standards for Accounting and Review Services establish standards and procedures for which of the following engagements? a) Assisting in adjusting the books of account for a partnership. b) Reviewing interim financial data required to be filed with the SEC. c) Processing financial data for clients of other accounting firms. d) Compiling anRead MoreCourse Syllabus: Managerial Accounting2699 Words   |  11 PagesfffffffffffffffffCOURSE SYLLABUS Spring 2013 Frank Stearns Riverside Community College Spring 2013 MANAGERIAL ACCOUNTING - 1B COURSE SYLLABUS MANAGERIAL ACCOUNTING - 1B Table of Contents General Information 3 1.1 Contact Information and Communications 3 1.2 Course Description 3 1.3 Learning Outcomes 3 Identification of Course/Reading Materials 3 2.1 Text and Materials 3 2.2 Internet Access 4 2.4 Web-CT / Open Campus 5 2.5 Log on Instructions 5 Course RequirementsRead MoreEconomic: Economics and Correct Answer824 Words   |  4 PagesTu oi, minh co 2 bai Quiz 4 day. 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Compare Widow Douglas and Mrs. Watson - 785 Words

Compare Widow Douglas and Miss Watson In The Adventures of Huckleberry Finn Mark Twain satirizes Pre-Civil War society through Widow Douglas and Miss Watson over their treatment of Huck. They are hypocritical, single, old women who attempt to educate Huck in the ways of the sivilized society and show him the benefits of religion. Ironically they are racist even though it contradicts their religious beliefs. Twain emphasizes these satirical points in his descriptions on there treatment of Huck and through their own habits. He illustrates there hypocritical views further through there behaviors and teachings toward Huck. While these characters are similar in many ways, their subtle differences reveal variations on Twains satire of a†¦show more content†¦Twain represents the Widow Douglas and Miss Watson as being hypocritical in their teachings toward Huck. When Widow Douglas tells Huck that smoking was a mean practice and wasnt clean, and [he] must try not to do it any more she emphasizes that smoking tobacco is not good for you (2). Ironically she takes snuff, which is much worse, but Huck says that it was all right, because she done it herself (2). In the same way Miss Watson isShow MoreRelatedHuckleberry Finn Packet Essay2627 Words   |  11 PagesHReview Question Chapters 1-20 Huckleberry Finn Chapters 1-3 1. What doesn’t Huck like about the Widow Douglas? The fact that she makes him wear new clothes that are tight and she wont let him smoke and he had to pray before he ate his food. 2. What does Jim think has happened to him as a result of the trick that Tom plays on him? Jim was sleeping when they snuck out, so Tom played a trick by placing his hat on the branch above his head; when Jim woke up, he told everyone that a witchRead MoreMark Twain s The Adventures Of Huckleberry Finn1939 Words   |  8 Pagesnovel through the eyes of Huck. 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Jim seems to be taken aback by this argument and asks Huck if these two animals are the same as man. Of course, Huck answers that theyRead MoreThe Adventures Of Huckleberry Finn By Mark Twain2475 Words   |  10 Pageshas many varied themes, one of which is about the fundamental rules of conventional society and the hypocrisy of that society. At this level, the novel is satirical in nature because Twain is mocking traditional society. Throughout the novel, Twain compares how people are willing to unquestioningly follow the mores and norms of traditional society even though they have inherent contradictions; having their own ethical and mo ral code by which they abide. The institution of slavery made possible conventionalRead MoreThe Adventures Of Huckleberry Finn Morality Literacy Analysis2556 Words   |  11 PagesDaniel Fu Mrs. Wheat American Literature | Period 3 March 2016 Adventures of Huckleberry Finn Morality Literacy Analysis â€Å"The most permanent lessons in morals are those which come, not of book teaching, but of experience.† This quote from Mark Twain best describes the role of morality in his novel The Adventures of Huckleberry Finn in that morality/morals does not come from education/books/society or what people say but from experience/life and their own consciousness. Huckleberry Finn’s journeyRead MoreHuckleberry Finn2439 Words   |  10 Pagesthrough Arkansas as the story continues. The main character is young delinquent boy named Huckleberry Finn. He doesn’t have a mother and his father is a drunk who is very rarely involved with Huck’s life. Huck is currently living with Widow Douglas and Miss Watson who attempt to make the boy a more civilized and representable citizen. Later Huck runs away and meets this runaway slave named Jim and they become good friends. As Jim and Huck travel down river in their raft they experience many conflictsRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pageskey aspects of this revision. The authors would also like to extend their sincerest thanks to the following instructors: Lee Boam, University of Utah Andres Johnson, Santa Clara University Edward Lisoski, Northeastern University Douglas Mahony, Lehigh University Douglas McCabe, Georgetown University Bradley Norris, Baylor University Jonelle Roth, Michigan State University Philip Roth, Clemson University Dale Rude, University of Houston Holly Schroth, University of California at Berkeley Jody TolanRead MoreOrganisational Theory230255 Words   |  922 Pagespublished in The Times 12th January 2005; The Washington Post Writers Group for an extract from ‘McDonald’s Goes for Gold With Olympic Sponsorships’ published in The Washington Post 14th August 2004  © 2004, The Washington Post. Reprinted with Permission; Mr. Andrew Bibby for an extract from his article ‘Home Start’ published in People Management 10th January 2002; SAGE Publications Inc. for an extract from The Post Bureaucratic Organisation: New Perspectives on Organisational Change by C. Hecksher and

Change Management Report Free Essays

Through an extensive range of skills and experience, the A-Belch Group has significant engineering and design capabilities to provide a complete and bespoke first class engineered solution from design to manufacture. Electrical and Mechanical engineering excellence Bespoke design solutions New product development programmer with continuous testing and development Quality design software enabling precision design and manufacture Continuous The Group incorporates HAD Lighting, A-Belch Hazardous Area, MAP Solutions, Electrical Engineering and Industrial Connectors. The extensive product portfolio includes the HAD Hazardous area lighting range, hazardous area enclosures, witchery, electrical distribution panels, electrical accessories and innovative modular building service solutions. We will write a custom essay sample on Change Management Report or any similar topic only for you Order Now The Group is an established supplier to the UK and international petrochemical, energy, rail and construction markets. With over 25 years’ experience in the energy sector, A-Belch excels in quality, price and delivery and after sales support. My role within the organization is to plan and manage the production of the Had cell. A-Belch is SISSIES :2008 accredited – see attachment 1 . Part of my role is to ensure the product we manufacture is of a high quality and tests the SIRS certification requirements. Due to the highly hazardous environments our products are used in we must ensure all shop floor operatives follow controlled drawings and SOPs for each build stage. See attachment 2 for controlled drawing. Attachment 3 is an SOP that is used by shop floor operatives. The department strives for continuous improvements and all staff are encouraged to offer their opinions to develop the department further. It is important that the department continuously improves in its working practices and procedure to keep up with a growing demand for our product and changing market place. As the company is ISO accredited the quality management systems have been prepared to BBS EN ISO 9001 :2008 and ISO/ICE 80079-34. My department manufacture products that are certified explosion proof lighting for hazardous area. All products are TEX and ICE certified and due to this a high level of quality is required during manufacture. All products are built to drawings which have been produced from certification drawings issued to SIRS the certification body. Without SIRS certification and approval no products can be manufactured. On each drawing is a list of components required is listed for the build. Along with the manufacture drawing a wiring diagram is supplied and a works instruction for the product. All finished goods are signed off by the production supervisor after being inspected. Each build has a check sheet with stages of each Job that need to be complete and signed off by the relevant operator, these are then kept and filed for future reference and can be used if goods are returned due to a quality issue relating to the build as I am able to identify which operator manufactured the unit and apply the appropriate action or complete refresher training. Identify a change that is required identify a change required in the workplace and explain the potential benefits of this change to the organization. In order to identify the factors that may require the company to change I have conducted a SOOT analysis – See below. STRENGTHS Growing company New product design Influential in the market place Loyal customers Dedicated staff Repeat business Competitive products USPS Team moral Opportunities Future Product development Supplier reviews – current changes needed to our supply of major components Additional business Current BOO items moving to manufactured items Factory expansion Increase in current output up to millions – new factory expansion WEAKNESS Health and Safety policies Environmental policies Lack of hazardous waste disposal Lead Times Manufacturing build issues High failure rate on some products Succession Management Competitors New products released to market by competitors Supplier price increase Market change Double dip recession Previous product quality issues From the SOOT analysis I have identified a change needed to our current health and safety procedures relating to our potting machines. Changing our current potting canines and process this will reduce down time and lead times, reduce annual cost, increase additional business and add to the growth and success of the department which will allow the company to develop in line with changes in the market place. Currently both potting machines run on a manual fill system where by each operative using the machine has to fill each hopper up by hand. In order to do this they need to stand on ladders and fill each hopper. The approve. Weight of both the activator and base is KEG each. The activator is a harmful substance which can irritate the skin an eyes. Correct PEP is worn by each operative; however there is always a risk of both the activator and base splashing the individual. Manual handling is also a concern as the operative must climb onto step ladders carrying the base/activator to fill the hopper. Handling and risks to each operative can be avoided by moving to an automated bulk feed system. By moving over to the automated system the health and safety risks will be reduced significantly as there will be no need for each individual to manually fill each hopper. The automated bulk feed system will be installed for both potting machines and will insist of twin pneumatically operated double acting diaphragm pumps with dip tubes and four off outlet hoses up to machine mounted reservoirs. Electronic high- level sensors will be fitted to each reservoir to automatically call-off material from the supply drum on demand and stop when the reservoir is full. Pneumatically actuated ball valves will also be fitted onto each reservoir. Approve. Cost for this fitment EH,386. O + vat (inclusive of control box on-site labor to fit) The proposed move over to an automated bulked system for both machines will: Reduce down time Reduce lead times Improve Health and Safety Improve potting procedures Reduce cost Reduce the amount of space needed to store the potting compound Reduce waste There will also be a cost saving to the company of approve. EH,81 5 per annum based on previous usage. This is due to the unit price of the potting compound being reduced by moving over to large KEG drums. Planning and monitoring the change State the objectives of the change in order of their priority. At least one must be a SMART objective. Prepare an action plan for implementing the change. Explain the technique you would use to monitor the achievement of the primary objective. The objectives of the change are as follows: To purchase and install automated bulk feed system within stated budget week commencing 16th September 2013 To have all shop floor operatives trained on the safe use of new equipment by 30th September 2013 Priority: 1) Health and Safety Improvements 2) Reduce cost 3) Reduce down time 4) Reduce manufacturing lead times 5) Improve potting procedures waste The above has been identified by conducting a SMART analysis Specific Implementation of bulk feed system for both potting machines What: What do I want to accomplish? Improvements to health and safety of shop floor operatives Cost saving – see below. Why: Specific reasons, purpose or benefits of accomplishing the goal. Reduce down time Who: Who is involved? Potting Machine Supplier – Meter Mix Potting Compound Supplier – Greenfield Polymers Production Manager – Me Floor Manager – SST Handmaids Shop floor operatives Divisional Director – Bob Scott Chief Executive – Brian Trench Where: Identify a location. New Had manufacturing facility Which: Identify requirements and constraints. Proposal of the change and cost savings/payback and benefits will have to be presented to higher management Upfront cost needed Current stock may be an issue as we use KEG drums and not KEG – need to identify if we can use current drums or swap with supplier for larger ones Identify space needed – this could be an issue. Will we have enough space for the bulk feed system in the new factory? Measurable How much? How many? Two machines will be needed How will I know when it is accomplished in 12 months’ time when cost savings can be recorded Achievable How: How can the goal be accomplished? A report will need to be drafted up to highlight the benefits Installation will be done by Intermix Training of all shop floor operatives will be complete by the Floor Manager Relevant Does this seem worthwhile? The upfront cost is expensive, however the benefits the manufacturing cell and cost saving the company will gain outweigh the cost There is also a payback time due to the cost saving of the potting compound Is this the right time? Yes, the changeover is needed to reduce downtime and to allow output to increase Completion of the new factory extension will be the best time to implement this Are you the right person? As the Production Manager for the department I am responsible for the improvements to the department Time Based When? Implementation/installation – September 2013 What can I do six weeks from now? Sign off from Director Arrange Meeting with potting machine supplier to get the ball rolling Arrange meeting with potting compound supplier to inform of change What can I do today? Prepare report for Director of the benefits and cost of the bulk feed system In order to proceed with the change I have prepared an action plan detailing the stages I will need to work through in order to implement the change. Action Plan: Date of activity 1) Supplier Meetings Potting Machine – Meter Mix Advise on how the bulk feed system will work Discuss Cost Delivery and installation date to be agreed Discuss Training of staff Potting Compound – Greenfield Polymers Cost of KEG drums Can current KEG drums be used on bulk feed machines December 2012 2) Prepare report for Divisional Director Highlight cost saving Payback Benefits January 2013 – See attachment 4 3) Sign off by Divisional Director and Chief Executive January / February 2013 4) Supplier Meeting Agree options Discuss payment options Agree installation date April 2013 5) Raise purchase order and send to Meter Mix September 2013 6) Discuss with Floor Manager and add new location to new factory floor plan June 2013 7) Implementation/limitations w/c 16th September 2013 ) Staff Training Include in training matrix for all Shop Floor Operatives Tool Box Talk to be auctioned SOP to be updated 9) Stock change over January 2014 10) Record cost savings monthly Monthly spend and usage Compare finding against previous 12 months sales Record findings in a spread sheet In order to monitor the achievement of the primary objective I would monitor th e monetary value of the activator and base per month based on the usage and compare this against previous months before the new bulk feed system was implemented. This would be recorded in in a spreadsheet which I would design. The health and safety of each member of staff using this equipment is vital, however the improvements to the health and safety is difficult to manage. In order to ensure highlighting the differences between the two machines relating to health and safety. I would also perform a questionnaire with the operators using the machine to record feedback on the improvements to health and safety. Implications of the change Explain the possible financial effects of the change on the organization, Explain the possible effects on people inside the organization Identify any potential barriers to change and suggest practical ways of overcoming these In order to commission the bulk feed system there is an initial outlay of EH,386. O, however this has a payback time of 43 months after which the company will save approve. EH,81 5 per annum on potting compound based on current usages. If I factor in the saving in down time on the factory floor this equates to a saving of 0. App per 25 KEG drum so therefore the payback time will decrease to 30 months. Even though there is a financial out lay the improvements to health and safety outweigh these massively. There will be a staff training exercise to complete with each Shop Floor Operative and raining to be received from Intermix who are installing the potting machine. The training will be given by the Shop Floor Manager to each staff member and a tool box talk will be completed. Future stock of the potting compound will have to be managed differently so training will need to be given to the department buyer as to how she will manage this. Attachment 5 shows the team update that was sent to inform every one of the status of the bulk feed system and update the buyer on how she is to manage stock Sty and orders. Discussions with Greenfield Polymers have been made by me in order to inform them f our current stock Sty’s and discuss when the change over to KEG drums will take place. The final batch of KEG drum stock needs to be purchased from our supplier first before the changeover happens. See attachment 6. Currently the activator and base are purchased on one part number and ordered in a 5:1 ratio. In order to simplify this I have created separate part numbers for both components which after discussing with Greenfield Polymers will make ordering and consumption of stock more manageable and straight forward. Attachment 7 shows the price breaks for both the activator and potting compound. By creating separate art numbers AL 10049 – Base and ALLELUIA – Activator will also allow us to manage the stock more efficiently when stock takes take place as each individual item will be counted separately. The biggest barrier I will need to overcome will be convincing the Had Director and Chief executive that this change needs to happen and the positive impact it will have benefits to the organization and people within it and the cost saving this change will make. This should suffice as evidence the system is needed and the benefits this will have to the team and company. See attachment 4. This report will be presented to he Had Director and the main objectives discussed. Communicating and implementing the change Identify who needs to know about the change, describe how you will communicate with them and explain why it is important to communicate the change to them. Explain how you will continually improve once the change has been implemented. Explain how you will involve your team in doing this, and identify which tools or techniques you could use and how you would evaluate these improvement activities. The Had Office team and Shop Floor Operatives need to know about the change as there are action points for some staff members. They will be made aware of the commission of the bulk feed system via email and any questions they have will be discussed. Attachment 5 shows one of the updates I will send to the team making them aware of the commission date and stock management. Once the bulk feed system has been commissioned an email will be sent with photographs of the bulk feed system and the improvements this will make to the team and Production Department. This email will be sent to the Office team, Floor Manager and Had Director. The Health and Safety Manager will also be included in this email and made aware of the change as the improvements to Health and Safety f Staff members is quite significant. Once the change has been implemented it is important to review this in order to improve the process. Some areas that I would review would be the following: Improvements to equipment – I would contact Intermix who installed the machine to see if there is any additional equipment that could be bought to reduce down time further. How to cite Change Management Report, Essays