Premium Essay

Individual Summary Paper

In: Business and Management

Submitted By akohlm20397
Words 1255
Pages 6
Individual Summary Project
Managerial Finance and Accounting
12/04/2014

Summarize situation at Merced Home Products: Stacy Cummins, a newly hired controller, was concerned about some information she has come across at the Home Security Division of Merced Home Products, Inc. She has found that the past several years of quarterly income statements were adjusted to make each successive quarter increase its profits, resulting in total annual profit which exceeded targeted profit for the year. Stacy also found letters from the company’s external auditors warning top management of the unusual use of standard costs. Stacy had found that the vice president, Preston Lansing, in charge of the Home Security Division, had rigged the standards so there were always large favorable variances. When Stacy brought the subject up with the President of Merced Home Products she was told the company was aware and, as long as the reports were good, that it was okay.
Evaluate how it’s is possible that the standard costs are being “rigged”: Standard costs are used in relation to quantity and cost of inputs used in manufacturing goods or services. Lansing rigged the standard costs by saving up the favorable variations that he used to create a smooth pattern of growing profits in the first three quarters followed by a very high fourth quarter. Some of the major disadvantages of decision making authority by lower-level managers is they may make decisions without fully understanding the big picture. Also if lower-level managers make their own decisions independently, coordination maybe lacking. Another major disadvantage that could by why Lansing rigged the standard cost is he may have been more interested in increasing the size of his department and wanting more power within the company, increasing the departments effectiveness he would gain that power so it’s possible that Lansing…...

Similar Documents

Premium Essay

Week Four Individual Paper

...Week Four Individual Paper XXX ACC/290 September XX, 2012 XXX Week Four Individual Paper The current reading supports that commercial accounting and generally accepted accounting principles, strongly advise the accrual basis of accounting versus the cash basis of accounting. The accrual basis of accounting confirms that when transactions alter a business’s financial statements they are recorded during the period that the events happened, regardless if there was an exchange of cash or not. An example of the accrual basis would be businesses who recognize revenues earned, regardless if cash was received or not. The accrual basis also recognize when expenses are incurred, even if cash was not paid. The other potential option to the accrual basis is the cash basis. The major difference between the two accounting basis’, is that under the cash basis a business will record their revenue only at the time that cash is received. Additionally, they record expenses only when cash is received. For these reasons, the cash basis of accounting is not allowed under generally accepted accounting principles. This is due to the fact that the cash basis does not record revenue when it is earned, and therefore violates the principle of revenue recognition. At the same time, the cash basis does not allow for recording the expenses as they occur, which is a violation of the matching principle. The cash basis measures can mislead or misrepresent the true financial picture of a...

Words: 430 - Pages: 2

Premium Essay

Individual Paper

...Defining Marketing Carolina Flores MKT/421 November 5, 2012 This individual assignment is about the personal definition of marketing from two different sources. Also will explain the relevant part of marketing in organizational understanding contained by the definitions from these two sources Basic marketing: A marketing strategy planning approach (Perrault, Cannon & McCarthy, 2011). New York: McGraw-Hill Irwin, and “What is marketing?” (2000-2012) to support the definitions will include three examples of business and understanding the importance of the marketing role in a company. Marketing has strategies and tactics to recognize, produce, and sustain a satisfactory relationship with the customers and as results of this is a high importance for customer and the person who promotes or exchanges goods or services. Marketing is a way to achieve an organization’s goals and objectives predicting clients’ needs to satisfy the services and goods that it has been offered from manufacturers to the costumers (Perrault, Cannon, & McCarthy, 2011). Marketing is the collective process by which individuals and organizations gain what they need and want via forming and exchanging value with others (What is Marketing? 2000-2012). The management method of do in advance the needs in the future or forecasting in the event, recognizing customers’ needs, and fulfilling the needs of customers is the number one prerequisite in which......

Words: 986 - Pages: 4

Free Essay

Old Testament Summary Paper

...Running Head: OLD TESTAMENT SUMMARY PAPER 1 Old Testament Summary Paper Arlietha Jackson Mid-American Nazerene University Discovering the Old Testament Professor Steve Longley, B.A., M.A. February 9, 2013 Running Head: OLD TESTAMENT SUMMARY PAPER 2 The World Out of Which the OT Emerged Approximately 6,000 years ago God created the earth in six days and he rested on the seventh day. On the sixth day he created the first human beings and name them Adam and Eve. They both lived in the Garden of Eden. In the Garden, God placed the tree of life and the tree of knowledge of good and evil (Genesis 2:9). There was a Serpent in the tree who deceived Eve into eating from the tree. Adam also ate from the tree as well and their actions created the first sin of man; this was catalyst for the fall of mankind. After they were banished from the Garden, Adam and Even multiplied and populated the earth. God saw that all of mankind had become evil and corrupt and therefore he destroyed the earth with a great flood. Noah (a descendant of Adam and Eve) was spared by God before the flood and instructed to build an ark, gather up his immediate family along with a male and female of every living creature, and repopulate the earth after it was destroyed. Abraham a (descendant Noah) was part of God’s covenant. God promised Abraham that as long as he obeyed his commands, he would make him the father of a great nation; the nation of Israel. Because they......

Words: 360 - Pages: 2

Premium Essay

Bba Individual Research Paper:

...Each student will prepare a research paper based on an aspect of their group case. This could include research into the company, the industry, the macro-environmental issues facing the company or industry, etc. The case report should be typed in Times New Roman, 12pt font with 1-inch margins. The paper should not exceed 10 pages double spaced (this does not include the cover page, table of contents, executive summary, appendices, or bibliography). A shorter paper is acceptable as long as the topic is dealt with sufficiently. Please include: 1) A cover page with the title of the paper, your name, student number, and the course number. 2) Include a table of contents 3) Use headings to address the different parts of the paper: a. Introduction: Provide an overview of the topic you have chosen. This should include the title of your case and the specific area you want to examine. b. Main findings: (you can use other headings as necessary depending on your paper.) c. Conclusion: Summarize your main discoveries. 4) Include a Reference page that includes all the sources you used in creating your paper. The paper is worth 15% towards your final grade and will be marked based on the following: 1) Overall presentation (i.e., the cover page, page numbers, headings, clarity of grammar, references page, etc.) 3 marks. 2) Contents (the quality of the research and the discoveries you made about the topic). 10 marks. ......

Words: 256 - Pages: 2

Premium Essay

Position Paper Summary

...SWUPLMUN 2013 – GA Position Paper Summary Committee: GA Topic: Development in the field of information and telecommunication in the context of information security Dear delegates, After reading your position papers, we made a summary as follows. Please read it and may it help you. Country Name Argentina Basic Position Argentina is focusing on cracking down the ill-using of ICTs. Past Actions Reached a ‘Tunisia commitment’ with many countries to make the commitment in advancing the development of information technology and accelerate the national exchange. Proposed Solutions (1) Introduce a law named" Information security law "to promote the protection of the domestic information security. (2) Call upon national institutions and social organizations to corporate to promote the maintenance of information security. (3) Call for regional organization to implement technology exchange. (1) Normalize laws and standards on cyber perpetration and ICT intelligence use and supply. (2) Promote a comprehensive collaboration framework based on critical regional cyber security organizations. (3) Elaborate common terms and definitions and exchange national views on the use of ICTs in conflict for the sake of confidence-building. Australia Australian government calls for international collaboration to cope with information perpetration and to establish constricting norms on the state use of ICT, relieving international instability and enhancing the freedom of information.......

Words: 4012 - Pages: 17

Premium Essay

Fallacy Summary and Application Paper

...Fallacy Summary and Application Paper Introduction Logical Fallacies are methods in argumentations or persuasions that may look or sound good and truthful but do not stand up to critical analysis. These are errors of reasoning that may be recognized by prudent thinkers (Downes, 1995). Fallacies are more than just mistaken belief, it is a flaw in argument that may be intentionally created by a person who has an agenda or may be due to a simple error. On the other hand, Fischer (1970; p. 306) in contrast with fallacy explains logic as follows: “Logic is not everything. But it is something something which can be taught, something which can be learned, something which can help us in some degree to think more sensibly about the dangerous world in which we live.” Logical fallacies are commonly used in order to manipulate a situation or worse when an individual does not recognize the fallacies in the argument, he can be manipulated during the decision making process. As such it is necessary for every individual to use critical thinking particularly during the decision-making process for him or her to become aware of logical fallacies and how these relate to decision-making. Critical thinking as against logical fallacies is a process being used particularly in resolving a problem. It is a mental process of analyzing and evaluating information such as statements or propositions being offered as truth. This process involves reflection of the meaning of statements given,......

Words: 1585 - Pages: 7

Premium Essay

Individual Marketing Paper

...Individual Marketing Research Paper MKT-421 Individual Marketing Research Paper Kudler Fine Foods While developing the Kudler Fine Foods marketing campaign strategy it is critical to identify areas which will need additional marketing research. By identifying areas for needed additional market research, Kudler Fine Foods can better target its marketing strategy and tactics. By analyzing competitive intelligence, Kudler Fine Foods can better assess opportunities within its current marketing strategy. Background Kudler Fine Foods was founded in 1998 when its first store was built by Kathy Kudler. The company maintains its main base in San Diego, California and services the neighborhoods of La Jolla, Del Mar, and Encinitas. Each store has more than 16,000ft of modernized groceries and fresh organic specialty foods. Kudler Fine Foods prides itself on offering high quality foods, both domestic and imported. The company maintains specific strategic practices to introduce planning unrealistic goals and objectives. Although the company services a niche market in a minimal geographic area, the grocery industry is inherently competitive. The success of the company is attributed to its high standards in human resources and inventory control. By identifying additional areas for marketing research and analyzing competitive intelligence, Kudler Fine Foods will be able to expand its operations and establish more......

Words: 1318 - Pages: 6

Free Essay

Individual Career Plan Summary

...teammates and co-workers. By knowing my strengths and weaknesses, I will be able to allow other co-workers take the lead in areas where I may not be the strongest. 2. The Career Plan Building Activities also gave me different career match results that I never thought of or considered before. I now realize that I may have more opportunities than I ever imagined. Perhaps in the years to come, I could look back on these results and choose a different career path. 3. I will also be able to apply my preferred lens to make decisions in the work place. For example, by knowing that my preferred lens is the Results Lens, I will be able to realize that in order to feel satisfied, I will have to do what is best for the greatest good for each individual. I have learned that I have the gift of optimism and imagination. These two values are something that I feel will be very valuable in the workplace. Who doesn’t enjoy having optimistic people around them? I would be glad to know that I would be able to brighten someone’s day just by being positive. Using “The glass is half full” approach is not only something that I enjoy to use in the workplace, but I try to apply to my personal life as well,...

Words: 398 - Pages: 2

Premium Essay

Summary: the Individual Pattern of Culture

...Summary: The Individual and the Pattern of Culture “One of her great purposes in writing Patterns of Culture was to point out the extraordinary diversity among cultures and, specifically, to show that individuals are products of their culture just as their culture is the product of individuals” (Benedict 302). Ruth Benedict’s “The Individual and the Pattern of Culture” is an essay in which she talks about an individual and their relationship with their society. Using examples from various societies, Benedict discusses different ways of life accepted by different civilizations. First, the article talks about an individual from Dobu. This man was friendly and happy and did not upset anyone. This behavior being normal in most societies was not accepted by the Dobuan culture, where the normal behavior is to fight back and not settle peacefully. In the same way, the article also speaks of the individual from Zuni who acted violently, and wasn’t friendly. This individual was directly opposite than Douban individual, whereas, the Zuni culture’s normal behavior was to act friendly and not the violent behavior demonstrated, opposite that of the Douban culture. Benedict states that these individuals are not “psychotic”, but instead just outside of social norms and not accepted by their cultures. To another culture, the behaviors of the individuals would be completely normal. Another culture discussed in the article was the Eskimos. Benedict discusses the form of restitution used by......

Words: 516 - Pages: 3

Premium Essay

Summary Paper

...ORG 415 Summary Paper 5/11/2014 Keuka College Robert Karr Throughout the last five weeks of our Group and Organizational Dynamics class we have discussed numerous business ideas and approaches to group interaction. This information that we have covered will not only benefit me in the business field now but in the near future as well. Among the several business types and system approaches I have narrowed my concentration down to four major topics that I believe are more beneficial to my growth as a member in the business community. The topics I will discuss comprise of the use of collaborative work systems, Maslow’s hierarchy, personality assessments through the use of Myers-Briggs test and Robbins assessments, and small group interaction in regards to relevant background factors, internal influences, and consequences. The first topic that I have chosen to discuss is the implementation of collaborative work systems rather than the use of teams. This term is known as “contemporary organizations that must be structurally flexible, capable of adopting to changing markets, and able to compete and win on a national and frequently international scale.”(Tubbs, 2012) With the use of collaborative work systems it has been proven that a high level of collaborative capacity stimulates learning both formally as well as informally while enhancing the effectiveness of work done at all levels of the system. Within the use of collaborative work systems you will find a set of......

Words: 1788 - Pages: 8

Free Essay

News Paper Summary

...Strategic Management News Paper Article Summary   Article Summary This article is about how intense the battle between internet companies is becoming and in what new strategies the companies are building up to tackle the situation and the predominant strategy used is barter marketing tactics. This article emphasizes on the partnership entered by OLX, Flipkart, Uber and Redbus. Last month Flipkart and OLX entered into partnership to leverage each other’s strengths. OLX announced a marketing partnership that allows potential customers to sell their used products on the latter while buying new ones on Flipkart. With this partnership they will be able to provide end to end solutions to the customer, where selling a product is an integral part of a buying process. Industrial experts believe that this is a way of barter marketing tactics where companies are trying to grow disproportionally in a short span of time in other words called as growth hack. Experts believe for OLX this is an opportunity for them to leverage the vast customer base of Flipkart. But there is no clarity in weather there is a revenue sharing partnership between the two companies. Another partnership mentioned in the article is between Uber and Redbus. Uber is new taxi service launched last year is operating in 6 major cities such as Mumbai, Pune, Bangalore, Hyderabad, Delhi and Chennai. So a tie up between them is very much helpful for the startup as Redbus has nearly 2 million......

Words: 404 - Pages: 2

Premium Essay

Summary Paper and Bibliography

... (Summary of Best Practices of Data Security) By Victoria Armstrong-Mensah A Paper Presented in Partial Fulfillment of the Requirements of QSM 358 November 23, 2014 Phone: 403-452-1200 E-mail: v.hackman@hotmail.com Professor: Prof Shamburg This paper summarizes other sources of data security we will present to our host companyExceltox to help them become better HIPAA compliant. Exceltox is currently minimally legally compliant as they are a new company – less than a year old. A breach would be costly in penalties and fines and could also risk the reputation of Exceltox. Title of Paper (same as title page) Begin your introduction to your paper here. The introduction should include a thesis statement defining the main topic of the paper. Three supporting points that will be discussed about the main topic are also introduced. APA requires that you double space the entire document. Be sure to indent the first line of each paragraph between five and seven spaces. All paragraphs should be at least 3 sentences. Supporting Point 1 (title case, use your own words) The first supporting point is detail starting in the second paragraph. Multiple paragraphs can be used for each supporting point discussion. Use library peer-reviewed cited sources to support your writing and add credibility to your writing. Each supporting point should have a unique peer-reviewed source. Use transitional statement at the end of the paragraph to......

Words: 677 - Pages: 3

Premium Essay

Individual Paper

...Andri Wicaksono Jl Bendi Raya Blok B2 No.43 Tanah Kusir, Jakarta Selatan 08567861166 e-mail: ngkong_andri@yahoo.com                                                                                                   OBJECTIVE To obtain a position as a Marketing Assistant Manager that utilizes my 2 years of marketing and promoting product experience, my experience founding and managing a small business, and my bachelor’s degree in management. PROFESSIONAL SUMMARY Experience with successfully managing all aspects of a large distribution center including implementing automated distribution systems; selecting, managing and training staff; developing and managing the departmental budget; establishing and monitoring productivity goals; and leading cross-functional teams on key projects.  Have designed the layout, organization, processes, and procedures for a distribution facility.  Proven leadership skills gained from managing a large distribution center as well as founding and managing a multi-million dollar business. EXPERIENCE General Manager, Distribution ABC Companies, Any City, Any State, 1989 – 1999.   • Reporting to the Executive Vice President of Operations, responsible for managing all aspects of operations for a 270,000 SF distribution center with a 94-person staff and a $3.4 million budget. • Processed 8 million units annually while managing 5,700 SKUs to supply appropriate product to over 500 different locations during off-peak times and...

Words: 484 - Pages: 2

Premium Essay

Individual Assignment: Partnership Paper

...Individual Assignment: Partnership Paper FIN/419 March 19th, 2012 James Hagist Individual Assignment: Partnership Paper For this individual assignment titled partnership paper, I will write a 700-word paper in which I explain the roles of limited liability corporations and limited liability partnerships. In addition to explaining the roles of limited liability corporations and limited liability partnerships I will describe establishing my own company. Roles of Limited Liability Corporations The “Internal Revenue Service" (2012) website states that a Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. There are advantages and disadvantages to being in an LLC, let’s start with providing the advantages, advantage one is taxes, when you are in an LLC there is no double taxation, advantage number two is liability, an LLC offers the same protection against liability that a corporation holds. The disadvantages, disadvantage number one is number of owners, an LLC must have at least two owners or members, disadvantage number two is taxes, an LLC must pay self-employment taxes. Roles of Limited Liability Partnerships According to "Nolo" (2012), a limited......

Words: 712 - Pages: 3

Premium Essay

Individual Policing Functions Paper

...Individual Policing Functions Paper Monica Robinson University of Phoenix CJA/394 Individual Policing Functions Paper Policing has come a long way from the way it was decades ago. It has changed for the better even through there is still some room for more improvement. In policing today there are more officers, detectives, and other officials accounted for then there was in the past. Having all of these individuals within the criminal system, it has shape the government to provide better protection for its people. In policing in past and now in the present there are many different perspectives of policing functions. These functions stem from different levels of law enforcement which includes the local, state, and federal organizational levels. These are very important parts of the criminal justice system, because every individual within these levels must be sure to protect citizens, enforce law, and perform the duties that are required of them in order to keep the United States safe from criminals and terrorist attacks from other foreign countries that might try to attack the United States. As years have passed on within policing, there are many possible future changes that will have an effect in the field of policing. Within each level of policing there are many different roles in which every individual in the policing field must take part in if they are going to be on the law enforcement team. I say this because this is a very serious 24/7 operation...

Words: 1074 - Pages: 5