{"id":20103,"date":"2023-05-17T21:42:15","date_gmt":"2023-05-17T21:42:15","guid":{"rendered":"https:\/\/www.goodacademic.com\/blog\/questions\/acccb-543-managerial-accounting-and-legal-aspects-of-business-competency-2-reflection-competency-2-reflection\/"},"modified":"2023-05-17T21:42:15","modified_gmt":"2023-05-17T21:42:15","slug":"acccb-543-managerial-accounting-and-legal-aspects-of-business-competency-2-reflection-competency-2-reflection","status":"publish","type":"questions","link":"https:\/\/www.goodacademic.com\/blog\/questions\/acccb-543-managerial-accounting-and-legal-aspects-of-business-competency-2-reflection-competency-2-reflection\/","title":{"rendered":"ACCCB\/543: Managerial Accounting And Legal Aspects Of Business Competency 2 &#8211; Reflection Competency 2 &#8211; Reflection"},"content":{"rendered":"<h5 style=\"font-weight: bold; font-size: 1.5em; line-height: inherit; cursor: auto;\"><span style=\"line-height: inherit; cursor: auto; color: inherit;\"><br style=\"cursor: auto; color: inherit;\">Reflection<\/span><\/h5>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\">This reflection is comprised of two sections, collectively totaling a minimum of 500 words. Complete your reflection by responding to all prompts.<\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><br style=\"line-height: inherit; cursor: auto; color: inherit;\"><\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><span style=\"font-weight: 700; line-height: inherit; cursor: auto; color: inherit;\">Costing Systems<\/span><\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\">The type of product a company produces affects the type of accounting system needed to determine product cost.<\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\">The 2 most common types of costing systems are job-order costing and process costing.<\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><br style=\"line-height: inherit; cursor: auto; color: inherit;\"><\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><span style=\"font-weight: 700; line-height: inherit; cursor: auto; color: inherit;\">Compare<\/span> and <span style=\"font-weight: 700; line-height: inherit; cursor: auto; color: inherit;\">contrast <\/span>job-order and process costing systems. How can events in a job-order costing system affect financial statements? How can events in a process costing system affect financial statements? Provide specific examples for each type.<\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><br style=\"line-height: inherit; cursor: auto; color: inherit;\"><\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><span style=\"font-weight: 700; line-height: inherit; cursor: auto; color: inherit;\">Planning, Coordinating, and Controlling Business Operations<\/span><\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\">Budgeting is a tool used by management for performing the functions of planning, coordinating, and controlling operations of a business. Our textbook,<em style=\"line-height: inherit; cursor: auto; color: inherit;\"> Managing Accounting Concepts<\/em>, describes 2 main types of budgeting: static budgets and flexible budgets.<\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><br style=\"line-height: inherit; cursor: auto; color: inherit;\"><\/p>\n<p style=\"line-height: inherit; cursor: auto; color: inherit;\"><span style=\"font-weight: 700; line-height: inherit; cursor: auto; color: inherit;\">Differentiate<\/span> between the 2 types of budgets and include the following in your response:<\/p>\n<ul style=\"padding: 0px 3rem 0px 1.5rem; line-height: inherit; cursor: auto; color: inherit;\">\n<li style=\"padding: 0px 0px 0px 1.5em; line-height: inherit; cursor: auto; color: inherit;\">Provide an example of the type of business or company that would benefit from using a flexible budget.<\/li>\n<li style=\"padding: 0px 0px 0px 1.5em; line-height: inherit; cursor: auto; color: inherit;\">Provide support for your business selection and include the advantage for using a flexible budget over a static budget.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Reflection This reflection is comprised of two sections, collectively totaling a minimum of 500 words. Complete your reflection by responding to all prompts. Costing Systems The type of product a company produces affects the type of accounting system needed to determine product cost. The 2 most common types of costing systems are job-order costing and [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[1112],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/20103"}],"collection":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/comments?post=20103"}],"version-history":[{"count":0,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/20103\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/media?parent=20103"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/disciplines?post=20103"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/paper_types?post=20103"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/tagged?post=20103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}