16 Jun Synthesize course material and demonstrate critical thinking, graduate-level writing skills, and reflection. Cite the textbooks and scholarly articles from pro
Submit a meaningful reply of 400 – 450 words to the below post. Synthesize course material and
demonstrate critical thinking, graduate-level writing skills, and reflection.
Cite the textbooks and scholarly articles from professional accounting and business
journals.
Use you textbook (attached) and at least 3 journal articles as references
Include Biblical integration in response to each question posed and in the analysis of
each peer’s post demonstrate analysis, synthesis of all course materials, tact, and insight.
Opinion is worth little unless it is supported by quotes and/or paraphrases from the textbooks and
professional journals. Adhere to current APA format in all posts.
Introduction
Each and every company that there is must sit down at one point and decide what is the best way that the company should go about their cost estimation and profit planning. Costing is defined as “the process of accumulating, classifying, and assigning direct materials, direct labor, and factory overhead costs to cost objects, which most commonly are products, services, or projects” (Blocher, E. J., Stout, D., & Smith, S. 2021). There are two types of costing systems that companies tend to use, job costing and process costing. Depending on the functions of the company, it depends on what systems are best used.
Description of Each System
Job costing is a system that is used when companies need to be able to be more adaptable with their spending and need flexibility depending on what materials and labor that they need (Fayek, A. R. 2001). Process costing on the other hand is used when companies do not need to have adaptable processes and instead can use the same processes, supplies, and amount of labor every time in order to get their products financed and finished (Drury, C. 1992). The specifics from each costing system helps each company to decide what costing system is the right pick for them. Some of the characteristics of job costing include the fact that each factor of the process has a specific cost that has been adapted to best fit that certain project or contact (Blocher, E. J., Stout, D., & Smith, S. 2021). Process costing on the other hand is used when companies can mass produce their product because they are not selling several different services or contacts that need to be adapted. A couple of examples for companies that use a job costing system would be Cenvar Roofing, which is a local roofing company in Lynchburg, Virginia. Another company that uses this system would be Spectrum Cable. These companies have different packages and products one can purchase that are adapted based on the needs of the customer. Companies that use the process costing system would include Coca-cola or Little Debbie. Both of these companies use assembly line processes that are fixed in order to make and distribute their product. This leads to each product being a flat rate, such as a snake cake being one price and a bottle of coke being one price and the same everywhere you go, instead of it being customizable for the customer.
Biblical Integration
In terms of how the christian faith can be implemented into this discussion board, it can be tied into the biblical idea that seeking wisdom on how to design one’s business is ultimately the best thing to do. In life, it is important to gain insight from others and prayerfully consider the paths that God wants each person to take in their own individual lives, including their businesses. James 1:5 says “If any of you lack wisdom, let him ask of God, that giveth to all men liberally, and upbraideth not; and it shall be given him.” This is guidance that if one does not know what they are doing in business and is not sure what model they should choose for their business, they should seek out the guidance and then make their decision from there.
References:
Blocher, E. J., Stout, D., & Smith, S. (2021). Cost Management: A Strategic Emphasis, (9th
edition). Boston, MA: McGraw-Hill. ISBN: 9781307687811
Drury, C. (1992). Process costing. In Management and Cost Accounting (pp. 131-160). Springer,
Boston, MA.
Fayek, A. R. (2001). Activity-based job costing for integrating estimating, scheduling, and cost
control. Cost Engineering, 43(8), 23.
King James Bible. (2008). Oxford University Press. (Original work published 1769)
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Discussion-CostManagementStrategyTechniqueGradingRubric.pdf
Criteria Ratings Points
Management Technique
4 to >3.0 pts
Advanced
Thread clearly specifies the company, the industry, and the management technique to be analyzed
3 to >2.0 pts
Proficient
Thread clearly specifies the company and industry but not the technique
2 to >0.0 pts
Developing
Company identified but not the industry
0 pts
Not Present
4 pts
Evaluation Appropriateness of Technique
12 to >10.0 pts
Advanced
Technique appropriate for company, description developed and includes adequate details detailed correlation between technique and company
10 to >9.0 pts
Proficient
Technique described but not in a detailed manner. Few details and no correlation
9 to >0.0 pts
Developing
Technique identified but no detail as how it applies to company
0 pts
Not Present
12 pts
Synthesis Positive Force of Technique
12 to >10.0 pts
Advanced
Thread describes how the technique selected will be a positive force for the company and provides appropriate examples. One or two examples provided
10 to >9.0 pts
Proficient
Description of impact of technique to company but incorrect examples
9 to >0.0 pts
Developing
Description of impact of technique to company but no examples
0 pts
Not Present
12 pts
Originality Overall Content
28 to >25.0 pts
Advanced
Thread conforms to the instructions. Content is well developed. Included originality of thought. Paragraph structure and flow is excellent. Analysis of the technique selected is provided. Questions are answered thoroughly and supported using substantial research data
25 to >23.0 pts
Proficient
Thread conforms to the instructions. Content is developed but lacks originality of thought. Too many direct quotations. Paragraph structure and flow is excellent. Analysis of the technique selected is provided. Minimal research sources used
23 to >0.0 pts
Developing
Content is organized based mainly on text little collaborating research data
0 pts
Not Present
28 pts
Discussion: Cost Management, Strategy, Technique Grading Rubric | BUSI601_B02_202230
Criteria Ratings Points
Replies: New Information
10 to >9.0 pts
Advanced
Reply introduces new and relevant information to the discussion of management technique
9 to >7.0 pts
Proficient
Introduces new information with little relevance management techniques
7 to >0.0 pts
Developing
Introduces new information with no relevance to management technique
0 pts
Not Present
10 pts
Replies: Evaluation Research support and originality
30 to >27.0 pts
Advanced
Synthesis of research data Reply is well supported with the referenced sources and expounds on discussion of technique
27 to >24.0 pts
Proficient
Minimum analysis of researched data Reply minimally referenced with research sources
24 to >0.0 pts
Developing
Researched provided but no analysis of information
0 pts
Not Present
30 pts
Thread: Grammar, Spelling and APA formatting
13 to >11.0 pts
Advanced
No grammar or spelling errors
11 to >10.0 pts
Proficient
Only one minor error and 1 APA error
10 to >0.0 pts
Developing
Two grammar errors and at least 2 APA errors
0 pts
Not Present
13 pts
Thread: Text and Journal Support
11 to >10.0 pts
Advanced
Thread contains appropriate word count and content supported with text and relevant scholarly research data
10 to >9.0 pts
Proficient
Thread contains appropriate word count and content not supported with text and relevant scholarly research data
9 to >0.0 pts
Developing
Thread had irrelevant scholarly sources and unsubstantiated opinion statements
0 pts
Not Present
11 pts
Replies: Grammar/Spelling and APA formatting
20 to >17.0 pts
Advanced
No grammar or spelling errors
17 to >16.0 pts
Proficient
Only one minor error and 1 APA error
16 to >0.0 pts
Developing
Two grammar errors and at least 2 APA errors
0 pts
Not Present
20 pts
Discussion: Cost Management, Strategy, Technique Grading Rubric | BUSI601_B02_202230
Criteria Ratings Points
Replies: Text and Journal Support
10 to >9.0 pts
Advanced
Thread contains appropriate word count and content supported with text and relevant scholarly research data
9 to >7.0 pts
Proficient
Thread contains appropriate word count and content not supported with text and relevant scholarly research data
7 to >0.0 pts
Developing
Thread had irrelevant scholarly sources and unsubstantiated opinion statements
0 pts
Not Present
10 pts
Total Points: 150
Discussion: Cost Management, Strategy, Technique Grading Rubric | BUSI601_B02_202230
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