Each individual is responsible for conducting a research project on cost accounting issues that are covered in this class. You can choose either a manufacturing or nonmanufacturing company. This project is intended to give you familiarity with how managerial accounting systems operate in organizations and it will also help you to develop research skills.
Here are some guidelines for conducting your research:
1. Select a company of your choice (e.g., Apple, Boeing, Wal-Mart, Bank of America) and research the following information:
The names of its founders, background, history, main products or services, major events influencing the company’s operations, any new products or services, what factors impact the cost of the company’s products or services, the effects of major lawsuits on the company’s operations, current political and economic events that may affect the company’s operations, financial performance over the past three to
five years, short and long-term plans, expectations of future performance, major competitors, etc. Also look for similar information about the industry. You may find the above information on the following sites: Google Finance, MSN Money, Yahoo Finance, Morningstar, or other Internet sites.
2. Explain whether the company is using job costing or process costing. Remember that some companies may use a combination of the two costing systems.
3. Review the advantages and disadvantages of Activity Based Costing in the textbook. Explain whether your company will benefit from the use of ABC costing. What advantages and disadvantages do you find with the application of ABC costing in this company? Describe both the Activity Based Costing and Activity Based Management.
4. Explain the main components of the company’s operations. Is this a manufacturing, merchandising, or service company? What are the main raw materials used by the company? Explain whether your company is a good candidate for standard costing. Describe the benefits of standard costing to your company from the standpoint of pricing products or services, performance evaluation, and financial reporting. For more information on Cost Accounting A Managerial Emphasis check out: https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/cost-accounting
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