response 11

Question 1

You are in charge of giving a trial final exam to classmates. Set up two problems from different areas of financial reporting that you studied in this course. (Feel free to use problems from your assigned textbook.) Submit them as your initial post as early as possible with any instructions or "hints."

In your second post, solve two problems submitted by another classmate. In a third post, submit the answer key to your original two problems. Find the answer key in other posts for the two problems you solved. As you go along, interact with others about problems and solutions and any other challenges you are facing in financial reporting.

Respond to this… Problem 1

Fill in the blank for bonds payable:

1. Bond is a type of note in which the company agrees to pay the holder the face value of at _______.

2. _______ _______ is the rate at which the issuer of the bond agrees to pay interest until maturity.

3. Maturity date is the date that the issuer agrees to pay the holder the _______ value.

Fill in the blank for notes payable

4. Notes are recorded at their _________ ________.

5. ________ ________ __________ is used to record interest.

6. Differences between cash proceeds and the present value of the note is recorded as ____________ __________. (2 words)

Problem 2

List two liquidity ratios.

1

2

List two Activity ratios.

1

2

List two profitability ratios.

1

2

List two coverage ratios.

1

2.

Question 2

There are two main types of strategies for cost that are in use today: product differentiation and cost leadership. Product differentiation leverages differences in the product to drive unique value to consumers and decrease the focus on costs per unit. Cost leadership, on the other hand, looks to reducing the costs of doing business to a point where the business carries the lowest costs in the industry.

Select one of these two strategies and share an example of how you would use it to decrease your overall costs and increase your revenues if you were CEO for a day.

Respond to this… Cost leadership is a firm's ability to lower costs through improvements in productivity, becoming more efficient, controlling costs, and eliminating waste in order to have a competitive advantage in the market. Walmart is a great example of this strategy. Walmart is able to leverage their enormous buying power to drive costs down for products and within the supply chain. If I were CEO for a day I would first examine the area or department where costs are the highest. Perhaps production employees could benefit from training in quality-management techniques that will help them identify causes of defects and take action to eliminate them. I would look into reengineering the processes used to move raw materials and finished products to find steps that could be shortened or eliminated thus adding efficiency and increasing revenue in the process.

Horngren, C. T., Datar, S. M., & Rajan, M. V. (2015). Cost Accounting: A Managerial Emphasis (15th ed.). Upper Saddle River, NJ: Pearson Education, Inc.

Question 3

Over the last ten weeks we conducted a broad exploration of the world of managment information systems. As noted in the week 01, "This class won't make you a technical wizard", but by now you should have a strong understanding of the role of infomation technology in business today. Take a moment and reflect on all you learned. Share with the class at least one new concept you found particularly insightful. Explain why it sparked your interest.

Respond to this… I enjoyed this class and learning about all the different informational and security systems that can be used by companies to help them ensure their business is successful.

I particular enjoyed learning about the new (EMV) chip technology for debit and credit cards. The “21st Century Bank Heist” story from our book was very eye opening. I honestly never realized how easy it is for these people to steal information and put it on a different card. All US merchants will need to convert to this “chip system” by the end of year 2017, or assume liability for any fraudulent or disputed charges. I also enjoyed learning about all of the malicious software programs. I found it interesting that there were so many types (Viruses, Worms, Trojan Horses, and Spyware) and the monetary damage they have caused around the globe is monstrous.