When you take courses (or participate in any professional development), it’s important to think about how you can apply your new knowledge and skills to your career
.
You should also consider what jobs this experience may help you get and how to highlight your new expertise. In this discussion, you will collaborate with peers to share observations, suggestions, and helpful tips related to job searching.
First, take some time to explore a few job postings for your ideal career. The following websites may be helpful to use:
Indeed
The “Search for Jobs” area of the SNHU Career page (available through the SNHU Career module)
What is your ideal career, and what about it interests you?
What key terms or experiences would you include in your resume, cover letter, or interview to showcase your relevant knowledge and skills related to the job posting?
In responses to at least two peers, address the following:
What similarities and differences did you see in your findings?
My ideal career is a Data Analyst and I’m interested in this field because their primary job duties and job functions is to solve problems. I love solving complex problems and researching different ways to solve those problems. (I love solving puzzles and am a huge escape game fiend. I enjoy figuring things out). Analysts use critical thinking skills to help businesses solve data-related issues or to help businesses decide on the best financial route to take. They can work in just about any industry including retail, finance, healthcare and even publishing firms and video game companies. After doing some research, I found that the only analyst jobs that are related to accounting are Financial Analyst and Accounting Analyst. The Financial Analyst position,
https://www.indeed.com/pagead/clk?mo=r&ad=,
requires knowledge of accounting platforms and GAAP principles and the Accounting Analyst requires knowledge of balance sheets, profits and loss accounts, journal entries, credits and debits.
https://www.indeed.com/company/Tesla/jobs/Accounting-Clerk-6134378debd0f2e1?fccid=86e9be6ce380173e&vjs=3
. The data analyst career that I’m interest in is focused more on programming languages and visualization tools.
I’m Samuel Hudson but everyone calls me J.R. and I hope to go on and pursue a career in business administration or some sort of office manager position. I want this position because I believe I would be good at it. I am a natural leader from my time in the military. I love numbers and am very good with money. I just feel I am very responsible and would be able to get the most out of any business position I’m place in. When I looked at different careers I saw that one skill I would need was the ability to monitor a team and their progress. I need to be able to plan meetings and schedule events. Of course I will need to be a leader and offer direction to others. Lastly, I need to be able to develop plans, budgets and control efficiency to maximize profitability. My main piece of experience that I would reference would be my time in the service. I was high ranking in the Air Force and this provided me with the necessary leadership skills to succeed. On the business side I will this degree I am going to receive and the relevant classes I’ve taken. As far as topics from this class I feel like the cost accounting systems is going to be very important as it will tell me how it is best to run a certain company based off of what we produce or provide. Also the information I learned about budgeting and planning ahead will be critical moving forward. 8/17/23, 1:11 PM
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Chapter 8: Budgeting: 8-1a Objectives of Budgeting
Book Title: Managerial Accounting
Printed By: Victoria Parker (victoria.parker2@snhu.edu)
© 2020 Cengage Learning, Inc., Cengage Learning, Inc.
8-1a Objectives of Budgeting
Budgeting involves (1) establishing specific goals, (2) executing plans to achieve the goals,
and (3) periodically comparing actual results with the goals. In doing so, budgeting affects
the following managerial functions:
Planning
Directing
Controlling
The relationships of these activities are illustrated in Exhibit 1.
Exhibit 1
Planning, Directing, and Controlling
Planning involves setting goals to guide decisions and help motivate employees. The
planning process often identifies where operations can be improved.
Directing involves decisions and actions to achieve budgeted goals. A budgetary unit of a
company is called a responsibility center (An organizational unit for which a manager is
assigned responsibility over costs, revenues, or assets.) . Each responsibility center is led
by a manager who has the authority and responsibility for achieving the center’s budgeted
goals.
Controlling involves comparing actual performance against the budgeted goals. Such
comparisons provide feedback to managers and employees about their performance. If
necessary, responsibility centers can use such feedback to adjust their activities in the
future.
Chapter 8: Budgeting: 8-1a Objectives of Budgeting
Book Title: Managerial Accounting
Printed By: Victoria Parker (victoria.parker2@snhu.edu)
© 2020 Cengage Learning, Inc., Cengage Learning, Inc.
© 2023 Cengage Learning Inc. All rights reserved. No part of this work may by reproduced or used in any form or by any means graphic, electronic, or mechanical, or in any other manner – without the written permission of the copyright holder.
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Chapter 1: Introduction to Managerial Accounting: 1-3b Income Statement
Book Title: Managerial Accounting
Printed By: Victoria Parker (victoria.parker2@snhu.edu)
© 2020 Cengage Learning, Inc., Cengage Learning, Inc.
1-3b Income Statement
The income statements for retail and manufacturing businesses differ primarily in the
reporting of the cost of goods (merchandise) available for sale and sold during the period.
These differences are shown in Exhibit 13.
Exhibit 13
Income Statements for Retail and Manufacturing Businesses
As shown in Exhibit 13, a retail business determines its cost of goods sold by first adding its
net purchases for the period to its beginning inventory. This determines inventory available
for sale during the period. The ending inventory is then subtracted to determine the cost of
goods sold (The cost of merchandise sold recognized as an expense; the cost of finished
goods available for sale minus the ending finished goods inventory.) .
In contrast, a manufacturing business makes the products it sells using direct materials,
direct labor, and factory overhead. As a result, a manufacturing business must determine its
cost of goods manufactured (The total cost of making and finishing a product.) during the
period.
The cost of goods manufactured is determined by preparing a statement of cost of goods
manufactured (A statement prepared by manufacturing companies that summarizes the
cost of goods manufactured during the period.) .
This statement summarizes the cost of
goods manufactured during the period, as follows:
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To illustrate, the following data for Legend Guitars are used:
The statement of cost of goods manufactured is prepared using the following three steps:
Step 1.
Determine the cost of direct materials used during the period.
Step 2.
Determine the total manufacturing costs incurred during the period.
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Step 3.
Determine the cost of goods manufactured during the period.
Using the data for Legend Guitars, the cost of direct materials used, total manufacturing
costs incurred, and cost of goods manufactured are computed as follows:
The cost of goods manufactured of $290,000 is determined by adding the total
manufacturing costs incurred (Step 2) to the January 1, 20Y8 (beginning), work in process
inventory of $30,000. This yields total manufacturing costs incurred of $314,000. The
December 31, 20Y8 (ending), work in process inventory of $24,000 is then deducted to
determine the cost of goods manufactured of $290,000.
The income statement and statement of cost of goods manufactured for Legend Guitars
are shown in Exhibit 14.
Exhibit 14
Manufacturing Company—Income Statement with Statement of Cost of
Goods Manufactured
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Exhibit 15 summarizes how manufacturing costs flow to the income statement and balance
sheet of a manufacturing business.
Exhibit 15
Flow of Manufacturing Costs
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Check Up Corner 1-3
Manufacturing Financial Statements
The following information is available for January for MLB Mitt Company, a
baseball glove manufacturer:
Cost of direct materials used in
$25,000
production
Direct labor
35,000
Factory overhead
20,000
Work in process inventory, January 1
30,000
Work in process inventory, January 31
25,000
Finished goods inventory, January 1
15,000
Finished goods inventory, January 31
12,000
For January, determine (a) the cost of goods manufactured and (b) the cost
of goods sold.
Analysis for Decision Making
Utilization Rates
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Nearly 80% of U.S. economic
Objective 4 – Describe and illustrate
activity (gross domestic product)
utilization rates in evaluating performance for
is represented by services.
service companies.
Services are activities that do not
result in the transfer, possession,
or ownership of goods. Services
benefit a customer or an item under a customer’s control. An example of the latter is
an automobile that the owner brings in for maintenance by the dealer. Services
cannot be stored and are often used instantly. For example, a hotel provides a room
to a guest for a night. The guest does not own the room, but only receives the
service for one night. Upon receiving the room, the service is used or completed by
the next morning. Other examples of services are provided in Exhibit 16.
Exhibit 16
Examples of Service Industries, Services, and Companies
Service Industry
Service Example
Company Example
Utilities
Electric power
Consolidated Edison (ED)
generation
Transportation
Overnight delivery
FedEx (FDX)
Information
Social media
Facebook (FB)
Financial Services
Banking
Bank of America (BAC)
Education
Higher education
University of Phoenix
Leisure and
Entertainment
The Walt Disney Company
Hospitality
Health
(DIS)
General healthcare
Hospital Corporation of
America (HCA)
Personal Services
Fitness club
Life Time Fitness
Many of the principles discussed in this chapter for manufacturing companies can
be applied to service companies. However, the unique characteristics of service
companies also create some differences, as shown in Exhibit 17.
Exhibit 17
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Managerial Accounting Differences Between Manufacturing
and Service Companies
Manufacturing
Services
Uses materials, work in process,
Inventory is often limited to supplies.
and finished goods inventory.
Uses both product and period
Uses only period costs.
costs.
Uses cost of goods sold on the
May use cost of services on the income
income statement.
statement.
Manufacturing requires a physical
Many services require a network that
production site.
connects the service to the customer.
Examples include telecommunications,
banking, power distribution, distributed
entertainment, and transportation.
Manufacturing overhead is an
Overhead is an indirect cost incurred in
indirect cost in manufacturing
serving customers.
products.
Labor is a direct cost to products.
Labor is not a direct cost to products, but
may be a direct cost to customers.
Examples are accountants in an
accounting firm or doctors in a medical
practice.
Materials are a direct cost to
Materials are often an indirect cost, but
products.
may be significant, such as fuel for
transportation or utilities. In other cases,
materials are not significant, such as
financial, leisure, information, or
education services.
Most of the differences in Exhibit 17 are caused by the nature of services. Service
companies have no inventory or product costs. Managerial accounting in service
companies is concerned with the economic use of people and fixed assets in
serving customers.
The nature of services influences the performance metrics used by management
accountants. For example, the productive use of fixed assets is an important
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contributor to financial success for many service companies. This is because many
service companies must build large networks or other fixed assets in order to deliver
a service. For example, the cellular network of Verizon Communications (VZ) is
extremely costly and, thus, the use of the network is key to Verizon’s financial
success. Cruise lines (ships), utilities (power plants), railroads (track), hotels
(buildings), hospitals (buildings), and educational services (buildings) also require
costly fixed assets.
An important measure used in many service companies is utilization rate. A
utilization rate (A measure of the use of a fixed asset in serving customers relative
to the asset’s capacity.) measures the use of a fixed asset in serving customers
relative to the asset’s capacity. A higher utilization rate is considered favorable, while
a lower utilization rate is considered unfavorable. Different service industries will
have different names and computations used for measuring utilization rates. Some
service industries, such as power generation, freight transportation, and
telecommunications, measure utilization using complex formulas. However, other
service industries use simpler methods to measure utilization. In the hotel industry,
for example, utilization is measured by the occupancy rate, which is computed as:
where,
The number of guests is determined under single room occupancy, so that the
number of guests is equal to the number of occupied rooms.
To illustrate, assume the EasyRest Hotel is a single hotel with 150 rooms. During
the month of June, the hotel had 3,600 guests, each staying for a single night. The
occupancy rate would be determined as follows:
The hotel was occupied to 80% of capacity, which would be considered favorable.
Make a Decision
Utilization Rates
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Analyze and compare Comfort Plus and Connors Hotel (MAD 1-1)
Analyze and compare Hilton Hotels and Marriott International (MAD 1-2)
Compare Sunrise Suites and Nationwide Inns (MAD 1-3)
Analyze Valley Hospital (MAD 1-4)
Analyze Eastern Skies Airlines (MAD 1-5)
Chapter 1: Introduction to Managerial Accounting: 1-3b Income Statement
Book Title: Managerial Accounting
Printed By: Victoria Parker (victoria.parker2@snhu.edu)
© 2020 Cengage Learning, Inc., Cengage Learning, Inc.
© 2023 Cengage Learning Inc. All rights reserved. No part of this work may by reproduced or used in any form or by any means graphic, electronic, or mechanical, or in any other manner – without the written permission of the copyright holder.
https://ng.cengage.com/static/nb/ui/evo/index.html?eISBN=9781337912075&id=435045688&snapshotId=1074030&dockAppUid=101&nbId=1074030&
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