I have 4 discussions. Need 250 words Initial Post and two replies each. I will post replies later. This is accounting class. No Plagiarism. Due by Sunday. Post each discussion separately.
Discussion Board 1: U.S. GAAP vs. IFRS
In this week’s discussion, we will be looking at some of the differences between U.S. GAAP and IFRS, which is the set of accounting rules followed by just about every industrialized nation outside the U.S. While there are many similarities between the two systems, there are also some significant differences. After learning a little bit about some of the similarities and differences, please reflect somewhat on how these differences might impact financial statement analysis, or if you think they actually would.
Conduct research to find out one or more differences that exist between balance sheets that are prepared using U.S. GAAP and those prepared using International Financial Reporting Standards (IFRS). Explain the difference and if there seems to have been a move in recent years toward convergence of the two systems. Finally, discuss how such a difference might have an impact on financial statement analysis, or if you believe that it would. Make sure to provide APA format citations and references for your sources.
In this module, the discussion will focus on profitability analysis. The student will need to find some publicly available information about two firms and then provide some analysis of that information.
Using the Internet, find Earnings Per Share and Price/Earnings ratio information for two competing publicly traded companies. State what you have found and provide a couple of sentences of explanation as to what those ratios tell you about the firms. Finally, provide some analysis of which firm you think would be the better investment, based on this information.
In this module, the discussion focuses on the differences between financial and managerial accounting. Besides simply reciting differences, you should also be able to articulate a rationale for at least some of the important differences.
There are numerous differences between financial accounting and managerial accounting. Describe what you think are the most important differences and articulate what is the critical reason regarding why those differences exist. In particular, discuss why it may not be as important to protect users of managerial accounting information, compared with users of financial accounting information.
In this module, the discussion focuses on the similarities and differences among costing systems. You should be able to describe the systems and also identify which system would be most appropriate for a company and why that would be the case.
Describe the differences between job order costing, process costing, and Activity Based Costing (ABC). What are the advantages and disadvantages of each system? Imagine a company that you might be a manager for. Describe that company and what their major product or service would be. Then, tell which cost system would be best suited to that firm and why.
Fatri Clarke Discussion 3
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Fatri Clarke posted Jan 25, 2021 6:17 PM
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There are several differences between financial and managerial accounting. According to accounting tools, “financial accounting reports on the results of an entire business, while managerial accounting almost always reports at a more detailed level, such as
profits
by product,
product line
,
customer
, and the geographic region” (Accounting Tools,2021). Another difference according to accounting tools is “financial accounting reports on the
profitability
(and therefore the
efficiency
) of a business, whereas managerial accounting reports on specifically what is causing problems and how to fix them” (Accounting Tools, 2021).
As my late grandmother would say, “there are several ways of skinning a cat.”. Therefore, these are just two different ways for companies to account for money being spent. Being that managerial accounting is more detailed, chances are, smaller businesses and companies would probably be using it. With that being said, it is critical to have different accounting avenues to cater to companies of different magnitudes.
According to accounting tools, “financial accounting requires that records be kept with considerable precision, which is needed to prove that the financial statements are correct” (Accounting Tools, 2021). From time-to-time, things such as audits are done to keep everyone honest. Also, when dealing with a huge sum of cash or anything with any monetary value, one must keep an account of all the necessary paperwork that shows how each cent was spent.
Reference
Accounting Tools (2021). The Difference Between Financial and Managerial Accounting.
https://www.accountingtools.com/articles/what-is-the-difference-between-financial-and-managerial-acco.html
.
Discussion 3 – Tim Dean
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Timothy Dean posted Jan 25, 2021 9:57 PM
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Financial accounting and managerial accounting may sound very similar and have some similarities however there are also several differences between the two accounting methods. In general, financial accounting refers to the aggregation of accounting information into financial statements, while managerial accounting refers to the internal processes used to account for business transactions. (Bragg, 2020) This week we will discuss those differences and elaborate on some of the main differences between the two.
Let’s first start with financial accounting. Financial Accounting is the process used to provide financial data to external individuals. What this means is in financial accounting the reports that are created are given to the public and stockholders, so they do not necessarily work for the company, as a means for them to make investing decisions based on how the company is doing. Financial Accounting also uses historical data to report information that has happened in the past whether it be during a quarter, semi annually, or annually. The reports that are generated during the financial accounting process must abide by the accounting standards set forth depending on which standard is being used based on where the company is located. With these numbers being produced based on historical data they are actual numbers and not estimates. All of these reports as stated above are ran and calculated for a certain period of time. With these reports being created using historical data it means that all of the data in the reports have already occurred in the past.
Now let’s talk about managerial accounting. Managerial accounting is a process used to create reports for internal managers of a company. These reports are generally not shared with the public. Managerial accounting uses estimates of a company going forward. Managerial accounting also generally creates these reports on a monthly basis. Where these reports are only being used internally in a company they do not have to abide by any accounting standards. The individuals in a company that create these reports are free to use any information they need to come up with the numbers to look ahead for the company to be able to present to the managers of the company.
To summarize the differences between Financial accounting and managerial accounting let’s look at them side-by-side.
Managerial accounting is used strictly for internal purposes, while financial accounting provides financial information based on accounting standards.
Managerial accounting frequently looks ahead, while financial accounting offers analysis of historical data.
Managerial accounting typically runs a variety of operational reports throughout the month, while financial accounting runs financial statements at the end of the accounting period.
Managerial accounting uses estimated amounts, while financial accounting only uses actual numbers. (Girsch-Bock, 2020)
The information in financial accounting needs to be protected as it is actual data created from a companies results. This information is being used for everyday people to make investing decisions. The information for managerial accounting is just historical data that internal employees use to make decisions about how to operate within the company. As a result, the handling and publishing of financial accounting information should be handled with a great deal of care compared to the data used in managerial accounting.
Works Cited
Bragg, S. (2020, 12 December). The difference between financial and managerial accounting. Retrieved from https://www.accountingtools.com/articles/what-is-the-difference-between-financial-and-managerial-acco.html
Girsch-Bock, M. (2020, September 30). How Managerial and Financial Accounting Differ. Retrieved from
https://www.fool.com/the-blueprint/managerial-accounting-vs-financial-accounting
W4
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Brittany Milton posted Jan 27, 2021 7:55 AM
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Job-order costing – is a costing methodology used to assign manufacturing costs to individual units or output. This costing method is best used for companies generating heterogeneous products from which costs are significantly different from each other.
Process Costing – a costing technique that accumulates direct materials and proportionately allocates indirect costs. This costing technique is best used for companies generating mass homogeneous products. The costing is done by batch because the individual output cannot be differentiated from one another.
Activity-based Costing – a method that assigns cost per activity according to the actual consumption of individual output. This method is more accurate in assigning costs compared to traditional because it uses more specific cost drivers to accurately allocate the cost incurred. This is best used by companies generating products with a significant amount of overhead.
Similarities between the three costing methods:
The goal is to assign costs to products.
All three methods record each component of total manufacturing costs separately (materials, labor, and overhead).
Differences between the three costing methods:
Both job-order and process costing uses predetermined overhead while ABC costing uses cost drivers.
Types of products produced, job-order costing is for heterogeneous products, process costing is for homogeneous products, while ABC costing is for products that use a significant amount of overhead.
Discussion 4 – Tim Dean
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Timothy Dean posted Feb 3, 2021 12:22 AM
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Job order costing, process costing, and activity-based costing have some similarities and several differences between them. Job order costing is used for very specific order processing. Each of the jobs is different from each other. It is driven by individual customers and has different identities. Process costing is a way of costing for math productions and large units of production. This one is not customer focused but more market oriented. Activity-based costing is the method which allocates overheads to products on a rational basis of the activities actually completed rather than normal cost drivers like labor cost, machine hours, labor hours, and various other categories.
Some advantages for the job costing method is it shows very easily which jobs are profitable and which ones are not. It also helps in achieving profitability targets based on gross margin. It helps figuring out and possibly changing the selling price for each job. Probably most important is it helps determine the accurate cost for each job. Some disadvantages of the system are this system is very expensive to keep up with as it uses additional labor hours and individual records. It is not able to be applied for mass production units. And lastly the system is suited only for customized orders.
Some advantages of the process costing method include calculating gains and losses that may be abnormal. This method is able to be used with firms which have mass production. A few disadvantages of the system are the method is over simplified as it calculates the cost over all of the units produced. This process is also not very useful for individual items which are expensive and may need specific attention. Lastly this system is not very helpful with orders which are very customer specific.
As far as the ABC method some of the advantages of it are it helps keep accurate product pricing compared to accurate product costing. It is very accurate when it comes to costing as a relates to the activities that are being completed. It also helps when it’s time for performance reviews for employees of the company since accountability is built in for the activities. A few disadvantages of this method however are they are not very effective were there is more of a cost involved than compared to the benefits that are given. When there are only a few cost drivers that play into overhead this method is not very useful. This method also takes a lot of additional time and effort to keep it running smoothly.
Some companies may use more than one system. In situations where a company has a mixed production system that produces in large quantities but then customizes the finished product prior to shipment, it is possible to use elements of both the job costing and process costing systems, which is known as a hybrid system. (Bragg, 2020)
For the company I will discuss I won’t be a manager yet I’ll be an owner. When I was younger I used to own vending machines. At one point I had a goal of owning a coin car wash. Nowadays with technology very few of them take coins because they take credit cards however they are the same concept. In my business I would offer self-service car washes, vacuuming, a drive-through car wash, and maybe a little bit of detailing services. For my business I would use the job costing method. The reason I would use this method is because I could do different orders for different customers that have different services included and not included. I will be able to determine profit for each individual part of my business based on how much revenue brings in and comparing it to the cost for providing the service.
Works Cited
Bragg, S. (2020, December 20). The difference between job costing and process costing. Retrieved from
https://www.accountingtools.com/articles/what-is-the-difference-between-job-costing-and-process-costi.html
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