Premium Essay

K&J Bakery Inc. a Simplified Management Accounting Project

In: Business and Management

Submitted By ksandman11
Words 2094
Pages 9
1
K&J BAKERY INC.
A SIMPLIFIED MANAGEMENT ACCOUNTING PROJECT
Raymond J Elson, DBA, CPA
Associate Professor of Accounting
Langdale College of Business
Valdosta State University
Valdosta, GA 31698
229-219-1214 (office) relson@valdosta.edu Stephen M. Rice, MAcc
Langdale College of Business
Valdosta State University
Valdosta, GA 31698 smrice@valdosta.edu Tracey McGregor
Graduate Student
Langdale College of Business
Valdosta State University
Valdosta, GA 31698 smrice@valdosta.edu 2
K&J BAKERY INC.
A SIMPLIFIED MANAGEMENT ACCOUNTING PROJECT
INTRODUCTION
The objective of this project is to provide students with a practical application of some of the key concepts discuss in the managerial accounting course. It can be used as a half-semester long or concept driven project i.e., used along with the concepts/topics as they are introduced throughout the course.
LEARNING OUTCOMES
Students should be able to:
1. Identify the various costs that are part of a business environment and the three elements of product cost
2. Differentiate between the different costing systems
3. Illustrate business transactions using T-account analysis
4. Prepare the statement of cost of goods manufactured and an income statement
5. Calculate the break-even point in units and dollars, and target sales in units and dollars
K&J BAKERY INC.
Business Background
As she sat in her Accounting I class bored while listening to the lecture on journal entries, Keisha
Jones could not imagine being an accountant in the future. As a young girl, she remembered sitting in the kitchen while her mom and aunts baked those delicious Jamaican black cakes. She remembered that the cakes sold very quickly especially at Christmas time and that people were traveling from as far away as Florida to buy them. Her mom learned to bake from her mother, and she wrote down the cake recipes…...

Similar Documents

Premium Essay

An Essay Om M J K L K a

....m , j fg sdasn aldi aln edi adi asd\ F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F F Ff J J J J J J J Jj J J J J J Jj Ffdgsd Fds sdasf aurfhas aru asur sir r ru F rijf [rij priuj ru w-0reu rq9ru ruqw rqrj erq89u qr89u ier wrui jh9qru eu 8 8qeh wr L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L L Ll L L L L L L L L L L L L Ll L L L L L L L L L L L L L L L L L Lllllllll L L L L L L Ll L L L L Lj H Jj Hj J J J J J J U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U u...

Words: 261 - Pages: 2

Premium Essay

Bakery

...Management of Super Bakery Inc. University of Phoenix Online/ACC561 December 17, 2012 ABC and Management of Super Bakery Inc. Franco Harris is a former running back. He played for the Steelers and now owns the Super Bakery Inc. Company. This company supplies schools with baked goods like donuts that are vitamin and protein enriched. Super Bakery Inc. is a virtual company. Management Strategies Being a virtual company Super Bakery Inc. has few functions inside the company. The others like warehousing and shipping are outsourced keeping Super Bakery Inc.’s main function to organize the workflow. By doing this Super Bakery Inc. kept machinery and inventory expenses low and has been able to grow an average of twenty percent a year. One major drawback to outsourcing is maintaining relationships with other companies to fulfill the outsourced functions. One advantage of this is “adding maximum value to the company while making the minimum investment in permanent staff, fixed assets, and working capital.” (Kimmel, Weygandt, & Kieso, 2009) The ABC System Activity Based Costing helps to assign resource costs through activities to the products and services. This tool is usually used for understanding product and customer cost and profitability based on the production. ABC is used to support strategic decisions like outsourcing. Traditional costing methods were not working for Super Bakery Inc. Because they are nationwide there is a large cost difference in......

Words: 555 - Pages: 3

Premium Essay

Management Accounting

...Handbook of Management Accounting Research Volume 3 Edited by CHRISTOPHER S. CHAPMAN Imperial College London, UK ANTHONY G. HOPWOOD University of Oxford, UK MICHAEL D. SHIELDS Michigan State University, USA AMSTERDAM – BOSTON – HEIDELBERG – LONDON – NEW YORK – OXFORD PARIS – SAN DIEGO – SAN FRANCISCO – SINGAPORE – SYDNEY – TOKYO Elsevier The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK First edition 2009 Copyright © 2009 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively visit the Science and Technology Books website at www.elsevierdirect.com/rights for further information Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record......

Words: 187223 - Pages: 749

Premium Essay

Project Management

...Reference of Project Management Body of Knowledge (PMBOK) Concepts to Text Topics Chapter 1 Modern Project Management Chapter 8 Scheduling resources and cost 1.2 Project defined 1.3 Project management defined 1.4 Projects and programs (.2) 2.1 The project life cycle (.2.3) App. G.1 The project manager App. G.7 Political and social environments F.1 Integration of project management processes [3.1] 6.5.2 Setting a schedule baseline [8.1.4] 6.5.3.1 Setting a resource schedule 6.5.2.4 Resource leveling 7.2 Setting a cost and time baseline schedule (1.3.5) [8.1.3] 6.5.2.3 Critical chain method Chapter 9 Chapter 10 Reducing Project Duration Leadership Chapter 2 Organization Strategy and Project Selection 1.4 Projects and programs (.2) 1.4.1 Managing the portfolio 1.4.3 Strategy and projects 2.3 Stakeholders and review boards 12.1 RFP’s and vendor selection (.3.4.5) 11.2.2.6 SWAT analysis 6.5.2.7 Schedule compression 9.4.2.5 Leadership skills G.1 Project leadership 10.1 Stakeholder management Chapter 11 Teams Chapter 3 Organization: Structure and Culture 2.4.1 Organization cultures [G.7] 2.4.2 Organization structure [9.1.3] 9.1.1 Organization charts 1.4.4 Project offices Chapter 4 9.2 Building the team (.1.3) & [3.5.3] [App G.2 Building teams] 9.4 Managing the team 9.3.2 Team building activities 9.2.4 Virtual teams 9.3.3.1 Team performance [9.4.2.2] 9.4.2.3 Conflict management 9.3.2.6 Recognition and awards Defining the Project 4.1 Project......

Words: 296394 - Pages: 1186

Premium Essay

Project Management

...Available online at www.sciencedirect.com International Journal of Project Management 30 (2012) 608 – 620 www.elsevier.com/locate/ijproman The three roles of a project portfolio management office: Their impact on portfolio management execution and success Barbara Natalie Unger a,⁎, Hans Georg Gemünden a , Monique Aubry a b b Technische Universität Berlin, Chair for Technology and Innovation Management, Straße des 17. Juni 135, Sekr. H71, 10623 Berlin, Germany Université du Québec à Montréal, School of Business and Management, P.O. Box 8888 Downtown Station, Montreal, Quebec, Canada H3C 3P8 Received 27 July 2011; received in revised form 29 November 2011; accepted 26 January 2012 Abstract Project portfolio management offices (PPMOs) are a subset of project management offices (PMOs) that handle collections of multiple single projects and programmes, i.e. portfolios. PPMOs are centralised organisational units that cater to the demands of various stakeholders by performing specialised tasks. They are initiated by their organisation's leadership in response to increasing management challenges originating from project portfolios. Although there has been considerable research on PMOs in general, not only a clear understanding of multi-project PMOs' activity patterns set in specific contexts like project portfolio management, but also both existence and mode of multi-project PMOs' contribution to successful performance are still lacking. By quantitatively analysing PPMOs in 278......

Words: 11573 - Pages: 47

Free Essay

K; J; Lkj

...“scientific management” began to be employed- fathered by Frederick Taylor who argued employers subdivide tasks to decrease need for highly skilled workers, increase efficiency by doing simple tasks w/ machines ii)Emphasis on industrial research led to corporate labs (e.g. Edison’s Menlo Park) iii)Most impt change in production was mass production + assembly line. First used by Henry Ford in automobile plant 1914- cut production time, prices e)Railroad Expansion i)Industrial development b/c of RR expansion- gave industrialists access to new markets + raw materials, spent large sums on construction and equipment ii)Possible b/c of govt subsidies, investment capital from abroad, and combinations of RRs by Cornelius Vanderbilt, James Hill, Collis Huntington f)The Corporation i)Modern corp emerged after Civil War when industrialists realized no person or group of limited partners able to finance great ventures ii)Businesses began to sell stock, appealing b/c “limited liability” meant lost only amt of investment + not liable for debts- allowed vast capital to be raised iii)Began in RR industry, spread to others- in steel industry Andrew Carnegie struck deals with RRs, bought up rivals, purchased coal mines w/ partner Henry Clay Frick controlled steel process from mine to market iv)Financed undertaking by selling stock. Bought out 1901 by JP Morgan who formed United States Steel- controlled 2/3 of nation’s steel production v)Corporate organizations developed new......

Words: 1797 - Pages: 8

Premium Essay

Responsibility Project Greyston Bakery

...responsibility to be ethical. The organization’s culture is important to how that organization fits in society and it is vital it operates by some ethical principles. The responsibility project video that I will be discussing will be on Greyston Bakery. Greyston Bakery was founded in 1982 and provides local products that can sustain the community. The bakery is also a benefit corporation. “A Benefit Corporation is a new class of business; a legal entity that is required by law to create a general benefit for society as well as for its shareholders” (http://greyston.com/). First I will go over the important issues discussed in the video, the external social pressures and how they are relevant to personal and organizational decisions. Also the relationship between legal and ethical issues talked about in the film. The Greyston Bakery is showing how an organization can be more than a profit driven company, by addressing some important issues. The bakery first takes on the issue of unemployment by having an open hiring process. This policy gives citizens in the local community an opportunity to get employment they might not get at other businesses. The unemployment by people with no skills, drug problems, and criminal background is a drain on society, so hiring them reduces the burden on society. The Greyston Bakery also addresses the issues of housing, healthcare, and childcare by offering these services to their employees. Providing good housing to the employees will help......

Words: 848 - Pages: 4

Premium Essay

Systems Analysis and Design 8th Ed. - K. Kendall, J. Kendall

...Julia A. Kendall and the memory of Edward J. Kendall, whose lifelong example of working together will inspire us forever. Editorial Director: Sally Yagan Editor in Chief: Eric Svendsen Executive Editor: Bob Horan Editorial Project Manager: Kelly Loftus Editorial Assistant: Jason Calcano Director of Marketing: Patrice Lumumba Jones Senior Marketing Manager: Anne Fahlgren Senior Managing Editor: Judy Leale Associate Production Project Manager: Ana Jankowski Senior Operations Supervisor: Arnold Vila Senior Art Director: Steve Frim Text and Cover Designer: Jill Lehan Cover Art: Richard Kalina, “Carthage” collage, acrylic, flashe on linen: © 2006 Media Project Manager: Lisa Rinaldi Media Editor: Denise Vaughn Full-Service Project Management/Composition: S4Carlisle Publishing Services, Inc. Printer/Binder: Courier/Kendallville Cover Printer: Lehigh-Phoenix Color/Hagerstown Text Font: 10/12 Times “Carthage” © 2006 Richard Kalina, used with permission from the artist. Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Microsoft® and Windows® are registered trademarks of the Microsoft Corporation in the U.S.A. and other countries. Screen shots and icons reprinted with permission from the Microsoft Corporation. This book is not sponsored or endorsed by or affiliated with the Microsoft Corporation. Copyright © 2011, 2008, 2005 by Pearson Education, Inc., publishing as Prentice Hall,......

Words: 317454 - Pages: 1270

Premium Essay

J&K Health

...Mission (NRHM) Government of India The Common Review Mission (CRM) under NRHM for the state of Jammu & Kashmir comprised Dr Amarjeet Singh Mission Director 9NRHM), SHS & Commissioner (Health), Medical Services and Medical Education, Government of Gujarat. Dr Tarun Seem Director, Ministry of Health & Family Welfare, Government of India. Dr AC Baishya Director, NE Regional Resource Centre, Guwahati The state visits under the CRM started on 15th November 2007 and ended on 19th Nov 2007 during which health facilities in various districts in Jammu and Kashmir divisions were visited. The meeting with the state Health department was convened on 17th Nov 2007. The List of Persons who attended the meeting on 17th November on behalf of the Government of J & K is placed as Annexure 1 to this report Key findings of the CRM were shared with officials from the state Government during the meeting and a presentation was made by the state about progress of the Mission as well as financial matters. A copy of the presentation made during the meeting is placed as Annexure 2 to this report. The representative from EPOS, which is the technical agency entrusted with preparation of facility surveys and District Health Action Plans also made a presentation on key features of their work. Background Note on Jammu & Kashmir This is one of the largest states of the country with the lowest population density. The state covers an area of 2,22,236 sq km1 with a population of 10.14......

Words: 9893 - Pages: 40

Premium Essay

What Strategies Did the Management of Super Bakery, Inc. Use?

...the company in better direction. However, choosing the right problems that have the most opportunities will help Global communication to stay competitive in the telecommunication industries. The main issue and opportunities in Global communication is their competitors and the stock price dropping. Management does not have better relationship with the Union members, employees, and stakeholders who are the backbone of the company. In this paper the subject is the communication problem facing Global Communication, and will figure the opportunities and issues. With the best alternative and an optimal solution was provided with this issues, Global communication will use the model of making decision and solving problem skill. This paper will also present how changes will be adopted in the company. Global Communication will develop effective plans, and this plan will focus what needs to be changed in the company for better communication. Issue and Opportunity Identification Global Communication is under pressure because of their stock price had been dropped the company is facing challenges from many competitors in the communication business. Communication is poor between management employees, and Union members. The company cannot upgrade their devices to service customers. The poor communication came when Global communication announced the layoffs, compensation, cutting down benefits and announcing of outsourcing of the call station in India and Ireland that was......

Words: 3661 - Pages: 15

Premium Essay

Management Accounting

...Introduction According to Chand (2015), costing techniques are used by management for controlling cost and making managerial decisions. It systematically records expenses and analyses the cost of each product manufactured or service rendered by an organisation (Hariharan, n.d.). Firms choose to adapt to a specific costing theory that caters accordingly to their needs and objectives. Part 1: Evaluation of Costing Theories Costing theories are very important in business decision making. According to Hariharan (n.d.), they serve managers as a guide to make correct decisions such as what price to quote, whether to place order for inputs or whether to abandon or add a product to the production line. Costing theories also determines the price of the best alternative use of a factor of production and results in an efficient allocation of resources (Chand, 2015). The business will adopt the most profitable production inputs by identifying unprofitable activities, losses and inefficiencies (Chand, 2015) Costing theories also helps the decisions regarding the capital expenditure through the estimation of long-run function (Chand, 2015). This function will be useful to managers when deciding on the expansion or contraction of plant size in the firm and confirming that the present plant size is just nice for the output level that is being produced (Chand, 2015). It improves the overall productivity of an organisation and acts as an important guide in bringing prosperity to the firm......

Words: 1822 - Pages: 8

Premium Essay

Management Accounting

... MANAGEMENT ACCOUNTING Information for Decision-Making and Strategy Execution S I X T H E D I T I O N Anthony A. Atkinson University of Waterloo Robert S. Kaplan Harvard University Ella Mae Matsumura University of Wisconsin–Madison S. Mark Young University of Southern California Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City S~ Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo ao AVP/Executive Editor: Stephanie Wall Editorial Director: Sally Yagan Editor in Chief: Donna Battista Director of Editorial Services: Ashley Santora Editorial Project Manager: Christina Rumbaugh Editorial Assistant: Brian Reilly Director of Marketing: Patrice Jones Marketing Assistant: Ian Gold Senior Managing Editor, Production: Cynthia Zonneveld Production Editor: Carol O’Rourke Text Permissions Coordinator: Tracy Metivier Senior Operations Specialist: Diane Peirano Art Director: Anthony Gemellaro Cover Design: Anthony Gemmellaro Cover Illustration/Photo: © Image Source/Corbis Composition/Full-Service Project Management: S4Carlisle Publishing Services/Lynn Steines Printer/Binder: Edwards Brothers Cover printer: Lehigh-Phoenix Color/Hagerstown Typeface: 10/12 Palatino Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Copyright © 2012,...

Words: 255160 - Pages: 1021

Premium Essay

Project Management

...Project Management Project Management Assembled by Carter McNamara, MBA, PhD | Applies to nonprofits and for-profits unless noted Leaders Circles peer-training/coaching groups (nonprofits) | Authenticity Circles peertraining/coaching (for-profits) First-timers | Library home page | Library index of topics | Contact us Project management is a carefully planned and organized effort to accomplish a specific (and usually) one-time effort, for example, construct a building or implement a new computer system. Project management includes developing a project plan, which includes defining project goals and objectives, specifying tasks or how goals will be achieved, what resources are need, and associating budgets and timelines for completion. It also includes implementing the project plan, along with careful controls to stay on the "critical path", that is, to ensure the plan is being managed according to plan. Project management usually follows major phases (with various titles for these phases), including feasibility study, project planning, implementation, evaluation and support/maintenance. (Program planning is usually of a broader scope than project planning, but not always.) Categories of information include Overviews of Project Management Useful Skills -- Team Building and Group Leadership General Resources Related Library Links (including many other types of planning) On-Line Discussion Groups Various Perspectives What is Project......

Words: 46068 - Pages: 185

Premium Essay

Project Selection and Portfolio Management

...H A P T E R 3 Project Selection and Portfolio Management Chapter Outline 70 Project Management: Achieving Competitive Advantage, Second Edition, by Jeffrey K. Pinto. Published by Prentice Hall. Copyright © 2010 by Pearson Education, Inc. 000200010270649984 PROJECT PROFILE Project Selection Procedures: A Cross-Industry Sampler INTRODUCTION 3.1 PROJECT SELECTION 3.2 APPROACHES TO PROJECT SCREENING AND SELECTION Method One: Checklist Model Method Two: Simplified Scoring Models Limitations of Scoring Models Method Three: The Analytical Hierarchy Process Method Four: Profile Models 3.3 FINANCIAL MODELS Payback Period Net Present Value Discounted Payback Internal Rate of Return Options Models Choosing a Project Selection Approach PROJECT PROFILE Project Selection and Screening at GE: The Tollgate Process 3.4 PROJECT PORTFOLIO MANAGEMENT Objectives and Initiatives Developing a Proactive Portfolio Keys to Successful Project Portfolio Management Problems in Implementing Portfolio Management Summary Key Terms Solved Problems Discussion Questions Problems Case Study 3.1 Keflavik Paper Company Project Profile Case Study 3.2 Project Selection at Nova Western, Inc. Internet Exercises Notes Chapter Objectives After completing this chapter you should be able to: 1. Explain six criteria for a useful project-selection/screening model. 2. Understand how to employ checklists and simple scoring models to select projects. 3. Use more......

Words: 14292 - Pages: 58

Premium Essay

J&J Electrical Contractors, Inc.: Retaining Viability in a Highly Competitive Industry

...John (CEO) and Jean Abernathy (CFO), a husband and wife team, owned and operated J&J Electrical Contractors, Inc. (J&J).1 J&J performed commercial, industrial, residential, and public electrical-contracting work. Electrical work included wiring and installing anything to do with power, lighting, or other electrical equipment, and electrical contractors had to be licensed by the state of California. Often, electrical contractors were called to a job by a general contractor who had overall responsibility for constructing a building or remodeling it. But they could also bid on projects independently, especially in the public sector. By May 2006, John and Jean had successfully grown J&J from a company of three electricians to one of fifty-four employees. They took the company to 2005 revenues of $5.22 million, a 75 percent growth over revenues of $2.98 million in 2001. J&J prided itself on its reputation for good customer service as reflected by John: Our most important accomplishment has been customer service. We have built our reputation on integrity, responsibility and reliability. Even though we are not always the cheapest, when customers hire J&J Electrical for a project they know what they are going to get; there are not a lot of surprises. When we do have a bad project, we never have to go to court. Instead of letting it go to our bonding company or walking away from the project and going into litigation, we just fix the problem, take the loss, and go on.......

Words: 9433 - Pages: 38

News Lolli pays you Bitcoin for everyday online shoppingRead more | Happy Together S3 Ep.556 | 4 Wheeled Restaurant: China