management accounting assignment

management accounting assignment 1. Activity: General ledger department reconciles and updates the general ledgers. Objective: The main purpose of having reconciliation in an organization is to ensure that the overall accuracy, completeness and consistency of account balance. Narrowly, it is to compare accounting information that exists in two systems or locations (‘Reconciliation of Balance Sheet Accounts’, n.d.). Jessica (n.d.) also found that reconciliation helped in identifying the misstatement in account records and file. If accountants have successfully found the errors, they must immediately update the adjustment. It is to ensure that the final completed financial reports accurately represent the financial status of the organization (Jim, S., 2008). Example: The accountant in Puspa Footwear Manufacture can agree and reconcile the journal vouchers from cost accounting and inventory subsidiary ledgers from inventory control (James A. Hall, 2013). 2. Activity: Production planning and control department determines the material and operation requirements with the inventory status report and sales forecast. Objective: The main objective of this activity is to get the right quantity of materials to the right place at the right time (Vassilis, M., 2000). By having the inventory status report and sales forecast, the management in this department will be informed with the information of reorder point, quantity on hand, quantity on order, and the sales expectation that salesmen want to achieve (â€Å"Inventory stock status by item report†, n.d.) (â€Å"Forecast and plan your sales†, n.d.). Then, this department will determine how much material is required in that batch production. It can avoid any wastage of materials indirectly. It is similar as just in time production model which goods are manufacture to meet demand, not manufactured in surplus. (â€Å"Just-in-time manufacturing†, n.d.). Example: After understanding the reports from inventory control department and marketing department, production planning control staff in Puspa Footwear Manufacture has decided the types and quantity of material required and sent purchase requisition to suppliers. 3. Activity: Production planning and control department reviews the bill of materials and route sheet. Objective: By reviewing of bill of materials (BOM) and route sheet, these two source documents have provided necessary information to plan the production schedule. The information mainly relates to the time constraints, batch sizes and specification (James A. Hall, 2010). By planning the production schedule, an organization can achieve 3 primary goals. It is to avoid the delay in completion of jobs, to well spend the time, and to maximize the utilization of equipment and machine (â€Å"Production Planning and Scheduling†, n.d.). Example: In the case study, it did mention that Production planning and control department gathered and reviewed the bill of materials and route sheet and prepared two copies of production schedules to work center and cost accounting department. 4. Activity: Employee timecards and job tickets are prepared and sent to payroll department and cost accounting department. Objective: The purpose to prepare the time cards and job tickets is to identify the attendance of workers or employees and to determine their wages or salaries. As evidence to the employees’ formal daily attendance, the payroll department will use the information in the time cards to decide whether there is bonus or commission to the employees. Besides, the job tickets are sent to cost accounting department to allocate the direct labor charges to work in process accounts. In short, by having these two valid evidences, the fairness to allocate the salaries is enhanced. Example: The production workers are required to punch the time card twice per working day (when they are going to work and when the working hour ends). 5. Activity: Cost accounting department reconciles material usage and labor usage and calculates variance. Objective: The primary objective in this activity is to monitor the current performance in production line via variance analysis. Edwards-Nutton (2008) also defined the variance accounting activity as ‘the evaluation of performance by means of variances, whose timely reporting should maximize the opportunity for managerial action.’ By interpreting the difference between the actual cost and budgeted cost, the management is able to know the efficiency and volume variances in the material usage variance. This can indirectly help to develop an understanding of the present costs and then to control the future costs. This is a kind of useful forecasting as well. Example: In the case study, the staff in cost accounting department did reconcile the material usage and labor usage and calculate the variance by using the information of move ticket, work order, job ticket, and journal voucher. The staff then updates the WIP account. 6. Activity: Production planning and control department prepared move tickets. Objective: The preparation of move tickets is actually one of the ways to detect and inspect the quality of the intermediates or spare parts of finished goods. It is to ensure that all the portion of finished goods meet the quota then only can be processed for the next stage. It is also beneficial for the management to prepare the move ticket because this activity can ensure the smooth flow of the production process. Example: In producing footwear, there are basically 4 stages. Firstly, the Clicking or Cutting Department will prepare the cutting and size of the footwear. Then the process will be handled by Closing or Machining Department, followed by Lasting Making Department and lastly Finishing Department and the Shoe Room (â€Å"Shoe Making Process†, n.d.). Therefore, between each stage, the personnel in charge are required to inspect the process and authorize it by using move tickets. Edwards-Nutton, S. (2008, March).Standard costing and variance analysis. Topic Gateway Series. RetrievedJuly12, 2014, from http://www.cimaglobal.com/Documents/ImportedDocuments/cid_tg_standard_costing_and_variance_analysis_mar08.pdf.pdf Forecast and plan your sales. (n.d.). Retrieved July 12, 2014, from http://www.infoentrepreneurs.org/en/guides/forecast-and-plan-your-sales/ Jim, S. (2008, October).General Ledger Review. Reviewing Your Ledger. RetrievedJuly12, 2014, from http://dafis.ucdavis.edu/training/docs/GLReview.pdf Jessica, K. (n.d.).How to Reconcile General Ledger Accounts | Chron.com. Retrieved July12, 2014, from http://smallbusiness.chron.com/reconcile-general-ledger-accounts-3915.html James A. Hall (2010). Principles of accounting information systems (First Asia Edition), CENGAGE Learning. James A. Hall (2013). Accounting information systems (8th edition), CENGAGE Learning. Production Planning and Scheduling. (n.d.). Retrieved July12, 2014, from http://www.referenceforbusiness.com/management/Or-Pr/Production-Planning-and-Scheduling.htm QuickBooks Support Inventory stock status by item report. (n.d.). RetrievedJuly12, 2014, from http://support.quickbooks.intuit.com/support/pages/inproducthelp/core/qb2k12/contentpackage/core/reports_description_other/rpt_inv_stock_byitem.html?family=pro Reconciliation of Balance Sheet Accounts. (n.d.). Retrieved July12, 2014. from http://policy.umn.edu/Policies/Finance/Accounting/RECONCILIATION_PROC03.htm Vassilis, M. (2000, January). Material requirement planning. Innoregio Project. Retrieved July 12, 2014, from http://www.adi.pt/docs/innoregio_mrp-en.pdf Just-in-time manufacturing (JIT manufacturing). (n.d.). RetrievedJuly12, 2014, from http://whatis.techtarget.com/definition/just-in-time-manufacturing-JIT-manufacturing Shoe Making Process. (n.d.). Retrieved from http://www.teonline.com/knowledge-centre/shoe-making-how-shoes-made.html

The Use of Portfolios to Measure Classroom Performance as an Alternativ

The Use of Portfolios to Measure Classroom Performance as an Alternative to Mandated Testing â€Å"Teachers teaching to the test† has become an ongoing issue among grade schools around the world. Teachers are changing the curriculum to revolve around standardized testing hoping to ensure good grades on this test. They are obsessed with doing this in order to gain a good reputation for the school and are throwing curriculum out the window. Requiring students to take these mandated tests to evaluate how much knowledge they gain throughout the year is not necessarily accurate. But limiting the students’ absorption of knowledge to strictly the test is not teaching students to think critically. Almost everyone who disagrees with mandated testing have come to a conclusion that the main alternative to this issue is to assess students’ learning growth by the use of portfolios. Observing how students perform in the class room should be measured by critical thinking exercises and portfolios that are a reflection of what they are actually learning. Portfolios are a great collection of what is ...

How Effective Are Celebrity Endorsements

How effective are Celebrity Endorsements Ever since the start of commercial radio in the 20’s and the since the first silver screen entered the market, broadcasting messages by celebrities has been a tool employed to endorse products. †Just about every star was associated with one sponsor’s product he or she plugged. †(1). Over the years celebrity endorsement became an essential part of marketing (more than 25% of television ads feature celebrities)(5), for the endorser it became an easy way of generating an income while for the endorsing company it became a guaranteed way to reach a wide segment of potential clients.With the cost of celebrity endorsement deals reaching astronomical highs, one has to address the effectiveness of such expenditures on a company’s marketing plan and whether the economic result justifies the high cost associated with it. A better understanding to the aspects of celebrity endorsement is imperative in analyzing its worthine ss; it starts with the nature of the endorser and with a main question of â€Å"who is a celebrity endorser? † A celebrity endorser is defined as â€Å"an individual who enjoys public recognition and who uses this recognition on behalf of a consumer good by appearing with it in an advertisement† (2).It is not the just the TV or movie stars, it encompasses people from the world of sports, politics and business among other fields. The role also varies from endorsing a product in an explicit mode as in â€Å"I endorse†, implicit mode as in â€Å"I use†, imperative mode as in â€Å"we should use† ,co-present mode in which a celebrity appears with the product and the cases where the endorser is an expert in the range of the product manufacturing or usage. No matter what role the celebrity takes â€Å"to persuade the target audience and push them towards purchase†(3) is the key factor in the success of the campaign.Various psychological researches produced two main models that endorsers fall into the credibility model (4) and the source attractiveness model (4). The Credibility model ties the success of the endorser by how trustworthy and how much knowledge and expertise he portrays to the viewer while the source attractiveness model relates the success of an endorser by his or her physical appearance behavior and how much can the viewer relate to him or her. Few variations to the two main models exist however one role stays consistent with any model we explore and that is the persuasive role that the celebrity has to play.In addition to the different models a celebrity endorser might fit into a cultural categorization applies when identifying endorsers as well. Observing various different endorsements ads it becomes evident that certain celebrities represents certain classes in society and are meant to target that class. Celebrities targeting upper class audience are different than the ones targeting middle class and lower class, while celebrities targeting one gender or one age group are different than the other. The same differentiation applies to lifestyles, demographics and behaviors if the targeted market.It becomes evident that choosing a successful endorser requires careful attention to be paid to the target audience and to the endorser to ensure compatibility. This compatibility becomes the base of a successful endorsement campaign. Consumers have become aware and accustomed to a marketers approach, they understand the intentions of a marketer and subconsciously raise a wall to block his attempt at reaching them, and it’s a natural defense mechanism that a person uses when feeling pressured to purchase or associates the attempts of a marketer to pervious experiences.And while the average consumer is learning to block marketers, fascination with movie stars and celebrities has always increased and reached all time highs with the introduction of reality TV. Now potential consumers are int erested and have access to every minor detail in a celebrity’s life for the most part, this fascination opens the door to a different relationship that is built between a consumer and a celebrity. A celebrity is no longer just an idol but they become an everyday advisor in the sense of fashion, lifestyle and even relationships.This bond that is created between the viewer and a celebrity helps understand the effectiveness that endorsements have where marketers have failed. The celebrity builds character in the eyes of the public and that character carries on into the product he is endorsing, and even though a part of the persuasion has to exist in the product itself, but a celebrity uses his status and the character he has built to gain credibility and likeability among the target audience.This character the celebrity transfers to the product is known as the â€Å"meaning â€Å"(2). The transfer of the meaning to the product goes through three stages. The first stage is in f inding the celebrity with the desired meaning that they want to carry to the product this requires casting from the wide world of celebrity endorsers. The second stage is choosing which celebrity embodies the meaning the marketing campaign requires for the product, this stage is subject to expense restraints and availability.After deciding on an endorser stage three is the most complicated stage as in this step the endorser has to be able to transfer that meaning into the product, they have to make this meaning â€Å"available to the consumer in a material form†(2), this stage allows the consumer to accept the meaning they are given and accept the product and you use is a tool to build their own character. These three steps not only transfer the character of the endorser to the consumer but form a bond with them and the satisfaction from the product will add value to future endorsements.All these added values become part of the character of each endorser and that becomes the determinant in his or her success. The consumer is influenced by the character the endorser transfers into the product in two distinct methods, identification and internalization. Identification is defined as the attempt of a consumer â€Å"to believe the meaning or image portrayed by a celebrity endorser† (6), while internalization is defined as the acceptance of a consumer of an idea that conforms to â€Å"his or her values or belief systems† (6) when introduced by an expert.Differentiating between those two methods would determine further the method of pairing the right product with the right endorser. An expert endorsing a product that requires higher consumer involvement or that is considered highly valued or technological seem to have better success then a celebrity endorsing the same product. This result is due to the fact that products requiring higher involvement by the consumer to use or products with higher value require a higher level of understanding for t he product explaining why internalization is more effective.In return a celebrity endorsing a product requiring less consumer involvement or a product that is presented by the image it portray would have a higher success than an expert endorsing the same product. This is explained by understanding the nature of appeal of these products, with a high emphasis put on image and emotional association which is highlighted by the likeness to the celebrity endorsing. All consumers purchasing a product understand that with their purchase a certain level of risk is involved and only when the return they expect themselves earning is higher than the perceived risk will they commit to a purchase.Various studies were performed (6) to understand the nature of nature of perceived risk by the consumer and the effect of the endorser on it. The results are important to analyze, as understanding how to lower the perceived risk will serve towards more successful product sales. Studies(6) indicated that an expert endorser of a higher technological product (a computer served as the product for the study) succeeded in reducing the perceived risk by the consumer, while celebrity endorser reduced the perceived risk by consumers towards a low technological, peripherally processed product (clothing served as the product for the study.Even though there are other risks that remain beyond the effect of the endorser such as financial risk however choosing the right endorser has a direct effect on the result of the marketing campaign and impacts part of perceived risk by the consumer towards the product. These studies draw a wider picture of how not only should we evaluate the endorser by the consumer’s attitude towards them but also by their effect on reducing the risk related to a product that a consumer considers in its evaluation.Now that the selection process of an endorser and the guidelines followed in order to insure their effectiveness is explained we turn our attention to how we evaluate their effectiveness on two main goals of a marketing campaign, brand recognition and sales. Brand recognition and branding has evolved from traditionally being viewed as a marketing function to being viewed as â€Å"heart of the business activity† (7).It became an essential asset that has to be managed and its performance evaluated in terms of marketing efficiency and asset valuation. To create value in branding a company has to create a unique and strong brand association among consumers. The consumer’s role in creating a strong brand is essential since the higher the awareness between consumers to the product the more valued a brand becomes thus resulting in equity brand measured by consumer perception rather than quantitative figures.The stronger the relationship a consumer has with a brand the stronger a brand is and this concept of brand-consumer relationship is explained by examining how a consumer achieves self consistency by purchasing products the y perceive as a reflection of themselves this is defined as the â€Å"image congruence hypothesis† (7) in which consumers compare their perceptions about product to their own values and choose the one closest. 1. Ted Sherman, â€Å"History Of Celebrity Endorsement† (July 2010) 2. Grant McCracken, â€Å"Who is the Celebrity Endorser?Cultural Foundations of the Endorsement Process† Journal of consumer research , (December 1989) 3. Colleen Bee, Scott A Jones â€Å"Who is trying to Persuade me? Exploring consumer Interpretations of Endorsement based Advertising â€Å" (December 2007) 4. Hovland, Carl I and Walter Weiss (1951-1952), â€Å"The influence of Source Credibility on communication effectiveness† 5. 6. Dipayan Biswas and Abhijit Biswas, â€Å"The Differential Effects of Celebrity and Expert Endorsements on consumer Risk Preception†(June 2006) 7.

Topic of Your Choice Common Application Essay Tips

The 2019-20 Common Application gives you unlimited options for your essay thanks to the Topic of Your Choice option. This is the most popular of all essay options, and in last years admissions cycle it was used by 24.1% of all essay writers. The guidelines are deceptively simple: Share an essay on any topic of your choice. It can be one youve already written, one that responds to a different prompt, or one of your own design. With the addition of this prompt, you now have no restrictions on the topic you explore in your essay. Having so much freedom can be liberating, but it can also be a bit overwhelming to be confronted with unlimited possibilities. The tips below can help guide you if you choose to respond to the topic of your choice option: Make Sure Options 1 Through 6  Arent Appropriate Weve rarely seen an admissions essay that doesnt fit into one of the first six Common Application essay options. Those prompts already provide you with an incredible amount of latitude; you can write about your interests, an obstacle in your life, a problem youve solved, a time of personal growth, or an idea that captivates you. Its hard to imagine many topics that dont fit into any of those broad categories. That said, if you feel your essay fits best under option #7, dont hesitate to go for it. In truth, it probably doesnt matter much if you write your essay under option #7 when it could fit elsewhere (unless the fit with another option is blatantly obvious); its the quality of the essay that most matters. No one is going to be rejected by a college for using option #7 when option #1 would have also worked. Dont Try Too Hard To Be Clever Some students make the mistake of assuming that Topic of Your Choice means that they can write about anything. Keep in mind that the admissions officers take the essay seriously, so you should too. This doesnt mean you cant be humorous, but you do need to make sure your essay has substance. If your essay focuses more on a good laugh than on revealing why youd make a good college student, you should rethink your approach. If a college is requesting an essay, it is because the school has holistic admissions. In other words, the college will evaluate you as a whole person, not a mere  matrix of grades and test score data. Make sure your essay gives the admissions folks a more complete picture of who you are. Make Sure Your Essay Is An Essay Every now and then a budding creative writer decides to submit a poem, play or other creative work for essay option #7. Dont do it. The Common Application allows for supplemental materials, so you should include your creative work there. The essay should be an essay; non-fiction prose that explores a topic and reveals something about you. Reveal Yourself in Your Essay Any topic is a possibility for option #7, but you want to make sure your writing fulfills the purpose of the admissions essay. The college admissions folks are looking for evidence that youll make a good campus citizen. Your essay should reveal your character, values, personality, beliefs and (if appropriate) sense of humor. You want your reader to end your essay thinking, Yes, this is someone who I want to live in my community. Be Careful if Submitting an Essay Youve Already Written Prompt #7 gives you the option of submitting an essay youve already written. If you have an appropriate essay, great. Dont hesitate to use it. However, the essay does need to be appropriate for the task at hand. That A essay you wrote on Shakespeares  Hamlet  is not a good choice for the Common Application, nor is your AP Biology lab report or Global History research paper. The Common Application essay is a  personal  statement. At its heart, the essay needs to be about you. It needs to reveal your passions, your approach to challenges, your personality, what it is that makes you tick. Most likely, that amazing paper you wrote for a class does not fulfill this purpose. Your grades and letters of recommendation reveal your success at writing essays for classes. The Common Application essay serves a different purpose.