Group Project reflection
Overall I feel this project was very beneficial to me. I not only was able to figure out how
to deal with finances, but I now have the skills to do so in the future. I feel as though what I
Professor Frank Izzo
04 December 2015
The Accounting Side of Marketing at Under Armour
1) The first presenter was David Sergman, the Vice President for Corporate Controller at
Under Armour. The second presenter was Ryan Collins, t
Application Assignment #9 Semester Review
1. What part of the journal entry shows Gross Salary? Net Salary? Deduction?
Payroll Tax Expense?
Gross salary is the salary expense. Net salary is the salary and wages payable.
Deductions are the payables for med
- Dont focus on job anymore
- Focus on processes
- Apply costs to similar products that are mass produced
- Multiple work in process accounts
Process cost flow
o can be assigned o any work in process acc
Chapter 24-Planning for Capital Investments
Capital Budgeting - The process of making capital expenditure decisions. The goal is
to maximize the companys return on its financial investment
A. The Capital Budget Evaluation Process
1. The corporate capital
CHAPTER 23STANDARD COSTS AND BALANCED SCORECARD
The Need for Standards
A. Standards are common in business; those imposed by government are
often called regulations.
B. Both standards and budgets are predetermined costs; a standard is a unit
Chapter 22Budgetary Control and Responsibility Accounting
A. The Concept of Budgetary Control
1. Control takes place by means of budget reports comparing actual results
with planned objectives.
2. Analyze differences to determine their causes.
3. Take app
Chapter 21: Budgetary Planning
Budgeting Basics- A budget is the formal written statement of managements
plans for a specified future time period, expressed in financial terms
Benefits of Budgeting
A. Requires management to plan ahead and formalize
Chapter 20-Incremental Analysis
A. Managements Decision-Making Process- 4 steps (See Illus 20-1)
1. Identify the problem and assign responsibility.
2. Determine and evaluate possible courses of action.
3. Make a decision.
4. Review the results of the deci
COST-VOLUME-PROFIT ANALYSIS: ADDITIONAL ISSUES
I. CVP Review
A. Basic Concepts
1. CVP Income Statement & Contribution Margin
2. Detailed CVP income statement (See Illus. 19-2, p. 987)
B. Basic Computations
1. Contribution Margin Ratio
I. Cost Behavior Analysis-The study of how specific costs respond to changes in the level
of business activity
A. Activity Index- identifies the activity that causes changes in the behavior of
costs. Three categories of costs
Chapter 16Process Costing
The Nature of Process Cost Systems
A. Uses of Process Cost Systems- Used to apply costs to similar products which
are mass-produced in a continuous fashion
B. Service companies can use process costing for routine, repetitive s
Chapter 15Job Order Costing
Cost Accounting SystemsA. Involve measuring, recording, and reporting of product costs and the
determination of both total and unit costs
B. Accounts are fully integrated in the G/L of the company and utilize the
Chapter 17 Activity Based Costing
A. Traditional Costing Systems
1. Uses plantwide or departmentwide predetermined overhead rate
2. Direct Labor works when it is significant as to cost and high correlation
between labor and overhead costs
Chapter 14-Managerial Accounting
A. Managerial Accounting Basics
1. Provides economic and financial information for internal users
2. Applies to all types and forms of businesses
B. Comparing Managerial and Financial Accounting (See Illus. 14-1, p. 755)
Chapter 12-Statement of Cash Flows
A. Usefulness of the Statement of Cash Flows
1. Presents detailed summary of where cash came from and how used
2. Reports receipts, payments, and net change resulting from operating, investing
and financing activities du
Chapter 3 Auditing Homework
a. (2) The signature of the engagement partner.
b. (3) completion of all important audit procedures.
c. (3) portion of the financial statements audited by the other auditor.