Description
Please include your references for EACH discussion WITH the answer, NOT in a separate page.
Make sure that you answer ALL of the question within the discussion. These are easy, NO plagarism. I will check.
1-
Pyramid Printing Company’s Controller, Sally Sound, has been approached by the Production Manager, Darrell Dailey, regarding the cost of quality, given the spoilage experienced in April 2017. Darrell indicates that improvements in the proofing process would be required in order to mitigate the risk of incurring similar, significant quality costs. As the presses are beginning to show their age, the company has to dedicate more resources to quality initiatives, Dailey indicated.
What are the four types of quality costs? Under which quality cost category does the cost of enhancing the proofing process, as described above, fall? For the most effective quality cost benefit, under which category of quality costs should resources be concentrated?
2-
Pyramid Printing Company’s Controller, Sally Sound, and the Production Manager, Darrell Dailey, continue to discuss potential operational improvements. Darrell recently attended a seminar on Just-in-Time (JIT) inventory management methods. He mentions to Sally that colleagues who also attended the seminar recently implemented JIT and realized tremendous benefits in minimizing inventory investment. “Sally, we may even be able to sublet the warehouse space if we are able to curtail inventory investment,” Darrell offered.
- Pyramid Printing now has an MRP planning system. Compare and contrast JIT and MRP.
- Name an advantage and a disadvantage of JIT and MRP.
- How would a conversion from MRP to JIT be accomplished?
3-
Pyramid Printing Company’s Controller, Sally Sound, and the Production Manager, Darrell Dailey, once again discuss potential operational improvements. After successfully implementing JIT and subletting the warehouse space, Pyramid was flush with cash. As a result, Darrell inquired whether it was time to purchase another press. Henry Hines, Pyramid Printing’s Sales Manager, suggested that the market be tested to ensure the press would be full in terms of capacity prior to use.
Sally and Darrell then discuss their choice of decision model; Sally prefers net present value, and Darrell prefers internal rate of return. Consider the use of these models. Which model is better for use? Are there circumstances one must consider regarding the outcomes of these two decision models? Do these models both deliver the same level of accuracy for decision making?
4-
You are conducting research for a client that is a government entity. Your task is to check on the following costs to see if they are allowed according to the Office of Management and Budget (OMB) as indirect recoverable costs by federal research grants: bad debts, recruiting costs, and security costs that are deemed reasonable and necessary. Prepare a memo to your client stating each cost’s section on the OMB website and whether the costs are allowed or not. If the cost may be allowed, explain the circumstances that the cost may be allowed. The OMB website is https://www.whitehouse.gov/omb/information-for-agencies/circulars. Suggest management costing tools that could help your client save money to offset nonrecoverable costs. Could the balanced scorecard provide long-term cost savings to your client?
5-
You have been hired as a CPA to perform an audit of an entity. You do not have any evidence that suggests the organization is a government organization. No evidence suggests that the government has the power to dissolve of the entity. All net assets are allocated to among different entities, which do not revert to a government. Additionally, it does not seem that the organization has the power to enact a tax levy. Analyze the organization to determine if it is governmental not-for profit entity or nongovernmental not-for-profit entity. To which standards should the financial statements adhere and why?
6-
You have been hired as a CPA to perform an audit of an entity. You do not have any evidence that suggests the organization is a government organization. No evidence suggests that the government has the power to dissolve of the entity. All net assets are allocated to among different entities, which do not revert to a government. Additionally, it does not seem that the organization has the power to enact a tax levy. Analyze the organization to determine if it is governmental not-for profit entity or nongovernmental not-for-profit entity. To which standards should the financial statements adhere and why?
7-
Analyze the circumstances that would subject a college or university to being audited under Government Auditing Standards (GAS) rules. Specify the spending amounts and the specific audit requirements that a college or university must meet for GAS to take effect.
Explanation & Answer
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Attached.
Running head: ACCOUNTING DISCUSSIONS
Accounting Discussions
Student’s name
Institution
Date
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ACCOUNTING DISCUSSION
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1. Pyramid Printing Company’s Controller, Sally Sound
Quality costs refers to the costs associated with the prevention, detection, and
remediation of product issues related to quality, as opposed to upgrading the perceived value of a
product to a higher standard. As such, quality entails creating and delivering products and
services that meet the expectations of the final consumer. Quality costs fall into four main
categories, which include prevention costs, appraisal costs, internal failure costs, and external
failure costs (Eppler & Helfert, 2004). The prevention costs are incurred to keep a quality
problem from occurring, and as such, it is the least expensive type of quality cost thereby coming
highly recommended. The appraisal costs are also incurred to keep a quality problem from
occurring by conducting a variety of inspections. Internal failure costs are incurred from the
production of a defective product, and the cost of reworking goods is part of this costs. The
external failure costs are incurred during the production of defective products, but in this case,
the defect tends to be extensive, whereby costs include product recalls, warranty claims, field
service, as well as legal costs, among many others.
In the case of Pyramid Printing Company, the quality cost that the company should focus
on is the appraisal costs, whereby the company needs to inspect all its sound proofing processes
to ensure that they are of the expected quality, in addition to making minor or major adjustments
where necessary, in case they come across any errors (Eppler & Helfert, 2004). In order to
achieve the most effective quality cost benefit, the quality cost resources should be concentrated
on the prevention costs. This is the least expensive cost to observe and maintain, as it enables the
company to prevent any errors from occurring, errors that would eventually result in extraneous
costs to fix.
Reference
ACCOUNTING DISCUSSION
3
Eppler, M., & Helfert, M. (2004, November). A classification and analysis of data quality costs.
In International Conference on Information Quality (pp. 311-325).
2. Pyramid Printing Company’s Controller, Sally Sound
Just in Time (JIT) and Manufacturing Resource Planning (MRP) are management
techniques used in promoting efficiency and effectiveness in the production of goo...
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