Matthew Yarian ACCT 515 Unit 3 9/17/2016 Chapter 4 4-15) Since many of the indirect cost occurred during a year are not known until the end of the year or accounting period companies use predetermined cost driver rates. In establishing predetermined cost driver rates one must choose a cost driver such as labor and/or machine hours for example. Using a predetermined cost driver gives a company a tool to help keep expenses in proportion with sales and production volumes which allows them to make important decisions about products. 4-18)
Usually, budgeting is based on tangible cost of products purchased but during this project the main costing was based on man hours. Even the cost benefit analysis of the project was based on man hours involved in the current implementation versus what it would be with the new system in place. - Formative and Summative Assessment – Quality Assurance was a new concept that I learned is critical to the successful implementation of the project. I was not entirely satisfied with this part of the project because there is always scope for more quality control measures but the project was limited by time and cost. For example, peer reviews of code could have help bring up the quality of the coding practices of developers but there was no time to implement that in this project.
Cost is the allotted budget required to complete the project. Cost includes material, resources, labor and any item within the project which has a cost associated with it. The three constraints are interdependent and a change to one can affect the one or both of the other constraints. If more requirements are added to the scope of the project, then it is likely for the amount of time and cost to increase as well.
Being reasonable and taking all parts of representative costs into thought is a piece of how to figure the rate of compensations in your business spending plan. A business by and large
The examination and interpretation of those differences sum up what a variance analysis is. It helps to answer the right questions such as is the budget based on realistic expectations. It is denoted on a statement, according to Gapenski, “as a positive amount which signifies “good” or the desired result, while the negative amounts are “bad” results” (p.176, 2013). Using all these components of the cash flow analysis to make the capital investment decision to purchase a new MRI machine; Subsequently, I would recommend the purchase of the MRI machine for the healthcare facility at Bayside Memorial Hospital. While there are always risks involved in every capital investment, staying true to our mission is crucial.
Nursing Department Valance Analysis The company budget spending for the nursing department expenses for the year 2014 was expected to be $2,149,141 and the actual nursing spending expenses for year the 2014 were $1,541,322.According to above figure the organization spent less than the budgeted spending on the nursing department. Nursing department Valance Analysis A variance is found by subtracting actual Expenditures from budgeted expenditures (Actual Expenditures – Budgeted Expenditures) $1,541,322- $2,149,141 = -607,819 A Variances in percentage is equal to variance/budget expenditures x100 (-607819/2149141) *100% =
Better decision-making by prosecutors involves exercising prosecutorial discretion in favor of adolescent rehabilitation. Whether to transfer an adolescent often rests on the prosecutor in most states, however, the lack of specific standards guiding prosecutors in their discretion makes the transfer process susceptible to abuse, ultimately influencing the disparity. Nonetheless departing from traditional rehabilitative goals, transferring adolescents into the adult criminal justice system has proved unsuccessful with unintended consequences. As such, offering alternatives in lieu of incarceration may yield a more positive outcome for rehabilitation and towards reducing the disparity by diversion and community-based alternatives. Holding adolescent
• Finance: Depending on how much the customised solution costs The benefits of each of the products/services to the user
Wilkerson is currently using the traditional costing system. “Companies that use the traditional costing method assume that the volume metric is the underlying driver of manufacturing overhead cost.” Traditional product costing was established when direct material costs and direct labor costs accounted for the bulk of product costs incurred inside a firm. In the Wilkerson company, materials and labor costs are centered around the prices of materials and labor rates.
Also, various methods of controlling costs such as standard costing system and flexible budgets have close relation with the variable costing system, in turn making it easy to use those methods. 3. Companies using variable costing system are able to prepare income statement in contribution margin format that provides necessary information for cost volume profit (CVP) analysis. On the flip side, this data cannot be directly obtained from a traditional income statement prepared under absorption costing
In terms of controlling, the management of Marks and Spencer has frequent reporting of expenditures with costs to provide a form of feedback. The reactions of managers to such type of data rely on the expectations or the formal budget or planned targets. The management believes in collecting and assigning cost data that is being shifted away from control. There is a recognition related to the repetitive exercise of planning and re-planning for creating a full time job for accountants. The assessment and evaluation of cost data in the aspects of launching new product by Marks and Spencer is about gaining insights and learning ways for achieving the goals of organisation in most effective manner.
Risk Based Monitoring (RBM) is becoming more popular and widely used in clinical trials in the past few years. The concept of the risk based monitoring is to transform the traditional 100 % source data verification (SDV) monitoring approach towards a new concept of monitoring that includes varies of centralised activities in critical data evaluation and process monitoring. RBM is a monitoring approach which combines risk assessment and risk management by utilising key data indicators, along with analytical tools to identify risk at study level, site level and subject level respectively. It also introduces the new term Source Data Review (SDR) to the industry. Source Data Verification which is known as SDV is defined as “the process by which
This essay will briefly discuss the role of the jury and how it works, from the principle behind it, to the method with which members are selected, and to the powers available to jurors. Moreover, it will outline advantages and disadvantages of trial by jury, and it will point out a couple of ways which could ameliorate this type of trial. Trial by jury has been a part of the criminal justice system since the 12th century (Davies, 2015), it is considered an ancient right and a symbol of liberty (Hostettler, 2004). It creates no precedent and it can decide challenging cases equitably without making bad law, it also brings members of the public into the administration of justice and into an understanding of legal and human rights (Hostettler,
'A psychological test is any procedure on the basis of which inferences are made concerning a person 's capacity, propensity or liability to act, react, experience, or to structure or order thought or behaviour in particular ways ' (The British Psychological Society). The psychometric tests which companies make use of when selecting among job applicants have the potential to provide us with information about the kind of skills which employers are really looking for and they do provide additional information to that available in skill surveys. Psychometric tests are most likely to be used for managerial and graduate vacancies, and are seldom used for manual vacancies. The costs of these tests are substantial. This implies that
Given the risk considerations provided in the RCD tool and the Portfolio Theory, the next step should be understanding the available risk/return metrics and determining an optimal mix of assets. Risk Metrics and Advantage/Disadvantages There are two risk metrics used in the model, Conditional Tail Expectation (CTE) and Value at Risk (VaR). These two metrics both look at the tail of the distribution. VaR is a measure of particularly poor outcomes in a stochastic projection. Its major shortcoming is its lack of statistical coherency.
