Accounting Chart Of Accounts Coding System Homework Help
Best UK USA UAE Australia Canada China Accounting Chart Of Accounts Coding System Homework Help Service Online
Chart of Accounts -Coding System
Ollie Mace has recently been appointed controller of a family-owned manufacturing enterprise. The firm, S. Dilley & Co., was founded by Mr. Dilley about 20 years ago, is 78% owned by Mr. Dilley, and has served the major automotive companies as a parts supplier. The firm's major operating divisions are Heat Treating, Extruding, Small Parts Stamping, and Specialized Machining. Sales last year from the several divisions ranged from $150,000 to over $3,000,000. The divisions are physically and managerially independent except for Mr. Dilley's constant surveillance. The accounting system for each division has evolved according to the division's own needs and to the abilities of its accountants. Mr. Mace is the first controller in the firm's history to have responsibility for overall financial management. Mr. Dilley expects to retire within six years and has hired Mr. Mace to improve the firm's financial system.
Mr. Mace decides that he must design a financial reporting system that will
1. Give managers uniform, timely, and accurate reports on business activity. Monthly divisional reports should be uniform and available by the 10th of the following month. Company-wide financial reports also should be prepared by the 10th.
2. Provide a basis for measuring return on investment by division. Divisional reports should show assets assigned each division and revenue and expense measurement in each division.
3. Generate meaningful budget data for planning and decision-making purposes. The accounting system should provide for the preparation of budgets which recognize managerial responsibility, controllability of costs, and major product groups.
4. Allow for a uniform basis of evaluating performance and quick access to underlying data. Cost center variances should be measured and reported for operating and nonoperating units including headquarters.
Also questions about levels of specific cost factors or product costs should be answerable quickly. It appears to Mr. Mace that a new chart of accounts is essential to attacking other critical financial problems. The present account codes used by divisions are not standard.
Mr. Mace sees a need to divide asset accounts into six major categories; i.e., current assets, plant and equipment, etc. Within each of these categories, he sees a need for no more than 10 control accounts. Based on his observations to date, 100 subsidiary accounts are more than adequate for each control account.
No division now has more than five major product groups. The maximum number of cost centers Mr. Mace foresees within any product group is six, including operating and nonoperating groups. He views general divisional costs as a nonrevenue producing product group. Altogether, Mr. Mace estimates that about 44 natural expense accounts plus about 12 specific variance accounts would be adequate.
Mr. Mace is planning to implement the new chart of accounts in an environment that at present includes manual records systems and one division which is using an EDP system. Mr. Mace expects that in the near future most accounting and reporting for all units will be automated. Therefore, the chart of accounts should facilitate the processing of transactions manually or by machine. Efforts should be made, he believes, to restrict the length of the code for economy in processing and convenience in use.
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to email@example.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email firstname.lastname@example.org should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to email@example.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
(1) Design a chart of accounts coding system that will meet Mr. Mace's requirements. Your answer should begin with a digital layout of the coding system. You should explain the coding method you have chosen and the reason for the size of your code elements. Explain your code as it would apply to asset and expense accounts.
(2) Use your chart of accounts coding system to illustrate the code needed for the following data:
(a) In the Small Parts Stamping Division, $100 was spent on cleaning supplies by Foreman Bill Shaw in the Polishing Department of the Door Lever Group. Code the expense item using the code you developed above.
(b) A new motorized sweeper has been purchased for the Maintenance Department of the Extruding Division for $3,450. Code this asset item using the code you developed above
Product Code: ACC563
Looking for Accounting Chart Of Accounts Coding System Homework Help, please submit your details here with product code mentioned above.