Advanced Management Accounting Samples for Students-Myassingment

Questions: 1.What is Costing Problem associated with MMR? 2.Suggest Costing System using Conventional Costing? Answers: 1.Costing problem associated with MMR Macs Moulding and Repairs Ltd running its SME business successfully. The company has recorded 15% year on year growth. It has three business lines which are moulding, custom plastic products and repairs. Moulding business of MMR is the most profitable business which growing significantly. It includes moulding of plastic and other material into products. Although the sales of the MMR have been increased significantly but their profit margin is not up to the mark. The staff of MMR are highly skilled and efficient enough to deliver the work on time. Moulding business of MMR has increased by 15% in each last three year. Some specific machines and equipment are used in moulding. The cost involved in the moulding process is majorly variable which increase with the increase of production. The process is fully automated which means a single person can operate 30 machines at a time. Customers are given 60 days credit without any extra charges. Even the transportation cost has been paid by the MMR itself. The reason behind this is to compete in the market. On the other hand, custom work division of MMR produces the products on the provided designs of the customers. They do not provide any designing services to its customers. The custom work is more labour intensive as every order is different with the last one. However, deposits are taken in advance and full payment is recovered within the 7 days of the sales. Customs product line includes the manufacturing of customised products using fibreglass, Plastic, carbon fibre and other Morden materials. Labours enjoys their work and are highly skilled. The repair business of MMR provides a wide range of repair services to the customers. It includes repairing of Canoes, boats, industrial equipment and custom cars. Repair workshop business of MMR is also profitable which includes selling of repair stocks as well. MMR sells the repair tool both online and offline. Repairs work is carried out in a separate building by the labours. This business is also a labour intensive. Speedy delivery and quick services are the core strength for MMR. Job costing method is being used by MMR for cost accounting. Moulding considers each production as a new job. Direct labour and material cost are tracked by the job sheets. However, following costing issues have been observed which resulted in a low profit margin of MMR: In moulding, whenever MMR gets a new and urgent order it stops the current order and goes with the new production. The material and sources used for the previous production need to be dumbed which increases the material cost. 60 days credit allowed by MMR is also increasing its operating cost as money is on credit without any interest. MMR is losing opportunity cost on its credited amount. Free transportation is also increasing the cost for MMR. In the customs division, the process is more labour intensive and thus, the cost of production is higher in this division. At a time 5 units are produced which is very low. Fixed cost is very high in custom work which is why the profits are comparably low. Repair works is also a labour intensive division but the company is selling repair material too and using the space at repair workshop. Costing approach of MMR is also responsible for low-profit margins. All the cost are merged together and distributed equally among all the division which i s not a favourable practice. Pricing is done by following cost plus approach. Moulding 20%, custom 30% and repairs 25%. The margin for custom and repair works is not adequate as both the process are labour intensive and cost of production is generally much higher than moulding (Drury, 2008). 2.Significance of costing Cost accounting is a technique and a tool to determine the cost of the project. Minimum the cost maximum the profit. Thus, while taking decisions managers consider cost at priority and take feasible and profitable decisions where cost is minimum (Eldenburg et. al., 2017). Conventional costing is convenient and easy to examine. In conventional costing, volume cost driver is used which distorts the cost of product. Excess or any undesired cost is billed to the customer with the help of job costing (Kinney Raiborn, 2008). However, conventional costing method is not appropriate for the diversified product line as a single method of costing is used. Nature of product and its process is ignored which does not give the right information about the actual cost associated with the product or service. Presently, MMR uses job costing method as the management find this method more convenient and easy to absorb its cost irrespective of the nature and complexity of its product lines. MMR can incre ase its profits by using different methods of costing for its each business line. Hybrid costing system is a morden approach which has been widely used by the companies for costing. It favours the combination of two or than two costing method depending on the nature of the manufacturing process and material. For moulding division, it can use batch costing as design and nature of the product is similar. It helps to treat each batch of production as a separate job. Contract costing is also good for its custom works as every order is separate from another (Hansen, Mowen Guan, 2015). Cost involved in custom work is usually higher than other two division. The cost of each produced unit differs due to different need and requirement of the customers. For its repair works, it can continue with the job costing as the repairs works run in a separate rented building where the fixed cost including rent and labour is very high. Job costing will help to write off the fixed cost with the each job (Eldenburg et. al., 2017). MMR need to revise its pricing as the custom and repairs division are more labour intensive whereas the moulding division comprises variable costing. It needs to increase the production of custom work and repairs so that fixed cost can write off. Higher production level reduces the fixed cost and helps to minimise the cost of production (Eldenburg et. al., 2017). References Drury, C. (2008). Management and Cost Accounting. London: Cengage Learning EMEA. Eldenburg, L. G., Brooks, A., Oliver, A., Vesty, G., Dormer, R., Murthy, V. (2017). Management Accounting. Milton: John Wiley Sons Australia. Hansen, D., Mowen, M., Guan, L. (2015). Cost Management: Accounting and Control. Mason: Cengage Learning. Cengage Learning. Kinney, M., Raiborn, C. (2008). Cost Accounting: Foundations and Evolutions. Mason: Cengage Learning.

Discrimination and Social Care Workers free essay sample

Principles of diversity, equality and inclusion in adult social care settings Task A Short answer questions Ai Explain in your own words what each term means. Give one example from care practice to illustrate your explanations. Diversity- Diversity refers to something that is diverse, means that has different kinds or types. Example different languages, culture, religion, colour and background come together in a group is a diverse group. Equality- Treating everyone same with equal respect and providing them same opportunities is equality For example: In care setting can be described as breaking down barriers, eliminating discrimination and ensuring equal opportunity and access for all groups in all areas, which is supported and protected by legislation. Inclusion- Inclusion is being a part of what everyone is, being welcomed and embraced as a member who belongs. In other words, to make others feel included. For example: everyone in care home must feel welcome, accepted, confident that they can participate in all activities. Discrimination- When a person is treated less well, in comparison with someone else, because of his or her racial or ethnic origin, religion or belief, disability, age or sexual orientation. As examples, hanging signs indicating infection status, or talking in public areas about a person’s infection or disease status is unacceptable. Aii For each of the following people/groups of people, describe two different possible effects of discrimination. * An Individual They will feel like they being punished for something you had no control over, feel that’s unfair, feel like someone is telling you’re â€Å"not good enough† also depressed, stress etc. Their Families They will feel like relationship with the person every day is more difficult, they personality is change, don’t want to talk, anger. * Wider society They will feel like they loss of confidence. * Those who discriminate Aiii Identify three ways of challenging discrimination, and describe how each will promote change. Practicing active participation. Active participation allows individual to realise their value and reduce isolation. Such a way an individual can gain self esteem which helps to reduce any form of abuse and discrimination. Quick and effective complaint procedure. Quick and serious effective complaint procedure helps to let individual to know that how seriously the act has taken and the consequences of discrimination. And it restrains people to engage in such act knowing the consequences of this acts. Meeting and discussion. It helps to increase awareness and carefulness to discriminatory acts. Also discussing and exercising this issue in day to day tasks help individual to challenge discrimination. Task B Leaflet Bi Your work setting is running an induction course for new social care workers in an adult social care setting. Create a leaflet, which can be used to support this course. The leaflet must include the following: a) A description of the legislation and codes of practice relating to diversity, equality, inclusion and discrimination. b) An explanation of the possible consequences for individuals, social care workers and others if the legislation and codes of practice are not followed. c) A description of how inclusive practice can promote equality and support diversity. ) An explanation of how to support others to promote diversity, equality and inclusion. Bii Givetwo examples of how you could raise awareness of diversity, equality and inclusion. Task C Reflective account Ci Write a reflective account describing: †¢ How your personal preferences, attitudes, heritage and beliefs might impact on working practice. †¢ How to ensure that your own practice is inclusive and respects the beliefs, culture, values and preferences of individuals. Suggested word count: 500 – 700 words I work in the care industry and have clients and honour other people’s religion or non religion that I look after that have had a totally different upbringing that myself. Some of these clients have dementia, I was raised in a different country with different beliefs. I had a traumatic upbringing but I cannot ever let my clients know about what my beliefs and life experiences are about. I through my experience with working in this environment have learnt that I have had to research other religions and beliefs and have learnt to respect all people and their beliefs. Prayers are a daily thing for me even though this was not taught to me in my earlier years. Religion affects people in many different ways mainly because we all come from different backgrounds and were all taught differently. It is therefore very important to respect and honour their personal beliefs. Some want to go to church on Sundays and others do not want to speak about church at all and I must respect the fact that they do not want to speak about anything about the Church. It is part of the work that I do to make sure my clients are happy and therefore am conscious at all times that they feel comfortable about anything they want to talk to me about. It is most important to remember that my own preferences are different to others and that I can never expect others to think, act and feel the same as I do. For example, I like to bath at night and shower in the morning but some of my clients fear water and they really hate the idea of being showered, washed or bathes even once a week. I have to respect their decision but at the same time I need to encourage them to maintain a healthy and clean state of mind and body. I in cases like this will spend more time encouraging the client that they will feel better and not try and tell them how I feel when I am clean and fresh.

Probability Concepts and Applications

Rationale The utilization of probability concepts is a manner of articulating knowledge or conviction that an incident will happen or has taken place (Anderson, Sweeney, Williams, Camm, Cochran, 2013). Such concepts have been offered a precise mathematical significance in the probability theory, which is employed broadly in fields such as statistics, management, mathematics, and science to present determinations regarding the possibility of likely occurrences and the fundamental mechanics of intricate schemes.Advertising We will write a custom essay sample on Probability Concepts and Applications specifically for you for only $16.05 $11/page Learn More Types of Probability There are four kinds of probability. No type of probability is incorrect though some are deemed more practical when judged against the others (Chen, Geng, Zhi-Ming, 2011). The first type is the classical probability, which attributes probabilities in the lack of any substantiation, o r in the existence of a symmetrically reasonable proof. The classical theory of probability relates to similarly likely occurrences, which are referred to as equipossible. The second type of probability is the logical probability, which maintains the notion of the classical understanding that possibilities could be established theoretically through an assessment of the extent of options. The third type is the subjective probability, which is founded on a person’s decision regarding the likelihood of the occurrence of a given result. Subjective probability holds no official computations and just reveals the perspectives of the subject and past encounters. The fourth type is the physical probability, which is also referred to as the objective probability; it is related to random physical structures, for instance, wheels. In such structures, a specific kind of occurrence has a tendency of happening at an unrelenting speed, or relative occurrence, in a lengthy run of attempts. Th is kind of probability either elucidates, or is called upon to enlighten, the stable rates of occurrence (Jiang, Pei, Tao, Lin, 2013). On this note, the application of physical probability is just sensible when handling well identified random trials. Probability Distributions The effectiveness of probability theory occurs in the comprehension of probability distributions (also referred to as probability functions) (Devore, 2015). Probability distributions portray or depict probabilities for every achievable incidence of a random variable. There are a couple of probability distributions, which encompass the discrete distributions or continuous distributions.Advertising Looking for essay on math statistics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Discrete probability distributions express a fixed set of achievable incidences, for distinct count data. For instance, the number of triumphant business undertakings out of 2 is distinct sin ce the chance variable signifies the level of the activities that succeeded, which could only be 0, 1, or 2. On the other hand, continuous probability distributions define an unbroken range of likely incidences. For instance, the adequate capital for a given business could be anything from about 500 dollars to over a million dollars. In this regard, the random variable of adequate capital is continuous, with an unlimited number of possible values between any two amounts (Eisinga, Breitling, Heskes, 2013). There are numerous different categories of continuous and discrete probability distributions. A Normal Distribution A normal distribution denotes a generally continuous probability distribution, which is significant in statistics and is normally employed to determine actual-valued random variables with unidentified distributions. Therefore, a normal distribution plots the values in a proportionate style and the majority of the outcomes are positioned about the mean (Csà ¶rgo Rà ©và ©sz, 2014). Understanding Distribution Business projects are filled with uncertainties, which could be portrayed by a figure of an indeterminate random value (Eisinga et al., 2013). Nevertheless, the comprehension of probability distribution could assist business managers in the quantification of variables with the purpose of realizing the most favorable decisions for the project, for example, the number of personnel that could be hired to ensure the triumph of a business project. References Anderson, D., Sweeney, D., Williams, T., Camm, J., Cochran, J. (2013). Statistics for business economics. Boston, Massachusetts: Cengage Learning. Chen, D., Geng, Z., Zhi-Ming, M. (2011). Probability and statistics. Frontiers of Mathematics in China, 6(6), 1021-1024. Csà ¶rgo, M., Rà ©và ©sz, P. (2014). Strong approximations in probability and statistics. Waltham: Academic Press.Advertising We will write a custom essay sample on Probability Concepts and Applications specificall y for you for only $16.05 $11/page Learn More Devore, J. (2015). Probability and statistics for engineering and the sciences. Boston, Massachusetts: Cengage Learning. Eisinga, R., Breitling, R., Heskes, T. (2013). The exact probability distribution of the rank product statistics for replicated experiments. FEBS Letters, 587(6), 677-682. Jiang, B., Pei, J., Tao, Y., Lin, X. (2013). Clustering uncertain data based on probability distribution similarity. Knowledge and Data Engineering, IEEE Transactions on, 25(4), 751-763. This essay on Probability Concepts and Applications was written and submitted by user Jonathon Mccall to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Social and Economic Changes 1750-1800 essays

Social and Economic Changes 1750-1800 essays By 1750, The English colonizers of America were already in its more than 80 years of control. At that time, the English colonists were manning most of the social-economic aspects of America. America experienced various wars caused by disputes between its colonizers such as New England and France. This colonization led to diverse rebellions by the American people, most significant to which was the American Revolutionary War. The colonial era of America presented radical changes socially and economically. In 1760, the population of colonists in America grew to about 1,500,000. The English's control over the nation's economy established various laws and acts involving trade and industry, which in turn affected the social living of the American people. Following are some of the specific acts that affected the United States during the English The Iron Act. In 1750, this act, limiting the industry of iron in America, was passed by the English Parliament in protection to England's iron Currency Act. Under this act, passed by the English Parliament in 1751, the use of paper money was banned in New England colonies (The History Sugar Act. Passed in 1764 by the English Parliament, this act increases the duties on America's imported goods such as sugar, coffees, textiles, 1764. During this year, the custom systems of America was changed by New England to enable a stronger implementation of British trade law on its colonies. In this same year, the Currency Act was passed banning colonists' paper money (The History Place, 1998). Stamp Act. Passed in 1765 by the English Parliament, the taxes paid by the Americans will be directed to England. This led to the cessation of businesses and transactions in American colonies. The Stamp Act was abolished by King George III in 1766 to avoid America's revolt. ...

[WATCH] Why millennials need to find their passion

[WATCH] Why millennials need to find their passion As the head of the Henry Ford Museum, Patricia Mooridian knows a thing or two about American history. And from that knowledge, she derives inspiration for her own professional life. She knows that America is a land of innovation, a place where no problem is too big to solve. Watch her explain how she harnesses this can-do attitude in her everyday life, and how you can too. Source:[DailyFuel]

PCR pratical Write-up Journal style.(VIROLOGY) Lab Report

PCR pratical Write-up Journal style.(VIROLOGY) - Lab Report Example However, no viral DNA was detected in MRC5 cell line. In conclusion, PCR is an effective tool for the detection of viral genome in infected host cells. Conventional laboratory methods of identifying disease-causing pathogens often involve morphological characterization and antigen detection (Lee et al., 2009; Nitzan et al., 2009; Cicek et al., 2007). However, the traditional morphological examination which relies heavily on culture techniques, presents a serious laggard, on top of contamination problems (Candrian 1995). The emergence of molecular diagnostic tools have circumvented and altered the limitations brought about by the conventional diagnostic techniques (Lion et al., 2006). Specifically, genome-based techniques are increasingly becoming popular due to their high specificity and sensitivity. One tool that has revolutionized the field of clinical diagnostics is polymerase chain reaction (PCR), an enzymatic procedure which amplifies a specific fragment of DNA or RNA (Lion et al., 2006). Since PCR makes use of nucleic acids to detect the presence of organisms, it is extremely useful in the identification of notoriously difficult-to-detect pathogens like viruses. It has been established that human papilloma virus (HPV) infection is a necessary precursor for the onset of cervical cancer (Stanley 2010). In fact, approximately 90% of cervical cancer cases can be accounted for by HPV types 16 and 18. Since HPV infection is very common with a lifetime risk of infection of 50-80%, its accurate diagnosis is very crucial (Stanley 2010). . The purpose of this experiment is to detect the presence of viral genome using polymerase chain reaction. Specifically, the experiment seeks to compare the genomic DNA extracted from HeLa cells, a cervical cancer cell line and MRC5 cells derived from a 14-week old fetal lung tissue in order to confirm that HeLa cells contain human papilloma virus (HPV) 18 DNA. The HeLa

Support letter for my professors nomination Essay

Support letter for my professors nomination - Essay Example Nobody has ever been given the correct answer by her, but he has to input his contribution so to receive the answer of his inquired question. This sparks curiosity in pupils and they tend to investigate more on the topic, which eventually develops analytical skills in them. We are not forced to study neither we receive home works, which makes learning mundane, but we are rather taught in such a manner that we become keen for answers our self. Miss Amber has a specific style of teaching she can make most insignificant and out of the light concepts interesting to us. She has challenged our general approach of thinking and even I feel that she pushes us to the edge of every aspect, where we have to think critically about everything around us. She makes us wonder why we never paid attention towards such astonishing things in the universe and how they should be understood in terms of their very nature and