ACC501 Accounting Week 7 Discussion 1 And 2
Week 7 Discussion #1
While looking at budgeting this week, we encountered numerous forms of variances (the difference between a standard and the actual cost). We read how variances can be favorable (the company makes money) or unfavorable. Sometimes, a favorable variance leads to an unintended negative consequence (such as when a burger joint uses less meat in its patties, which causes dissatisfied customers who fail to return to the restaurant).
Now you come up with an example of variances. Think of a company that is manufacturing a product. What kind of materials are required? What is the standard for employee productivity? What are the alternatives for cheaper materials and labor? Provide enough information in your example so that your peers can answer the following questions:
What is the quantity standard and the price standard in your peer’s example?
What effect, if any, would you expect poor-quality materials to have on direct labor variances?
If variable manufacturing overhead is applied to production on the basis of direct labor-hours and the direct labor efficiency variance is unfavorable, will the variable overhead efficiency variance be favorable or unfavorable? Could it be either?
W7 Discussion #2
This week, you were asked to access a number of videos and websites. These are great resources to help you learn the materials this week. Consider what type of resource you find most helpful in learning new materials (videos, examples, text, etc). Then consider which topic you struggled with the most this week. Complete an online search for a new resource that will help you with that topic. For example, if you learn best from videos and you struggled with the topic double entry accounting, then complete an online search for “double entry accounting videos”. If you learn best by examples, search for “double entry accounting examples”. Select one of the items you find in your search that you found particularly helpful in learning the topic you struggled with the most and post a summary of the resource and a link to the resource.
Cite and summarize the resource.
FOLLOW UP POSTS
As you review what your peers have posted, use your critical thinking skills to respond to their interpretations and conclusions. Seek clarification for points of interest to you.
ch. 10 https://online.vitalsource.com/#/books/9781259730061/cfi/6/46!/4/2/2/2@0:0
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