PART 1 WRITE INITIAL POST
This week, you were asked to access a number of videos and websites.
https://www.youtube.com/watch?v=qrnTwV2zbPM
http://smallbusiness.chron.com/calculate-predetermined-overhead-rate-machine-hours-38399.html
https://www.accountingtools.com/articles/what-is-a-predetermined-overhead-rate.html
These are great resources to help you learn the materials this week. Consider what type of resource you find most helpful in learning new materials (videos, examples, text, etc). Then consider which topic you struggled with the most this week. Complete an online search for a new resource that will help you with that topic. For example, if you learn best from videos and you struggled with the topic double entry accounting, then complete an online search for “double entry accounting videos”. If you learn best by examples, search for “double entry accounting examples”. Select one of the items you find in your search that you found particularly helpful in learning the topic you struggled with the most and post a summary of the resource and a link to the resource.
INITIAL POST
Cite and summarize the resource.
FOLLOW UP POSTS
As you review what your peers have posted, use your critical thinking skills to respond to their interpretations and conclusions. Seek clarification for points of interest to you.
PART 2 RESPOND TO TWO PEER POSTS
Peer 1 David
After this has deleted itself through a computer glitch of mine three times. I am summarizing my initial post on this subject. I used a website called accounting tools which does a great job of breaking down accounting terms for the beginner and the experienced accoutant. It allows all levels to read and understand the material thoroughly. This is a vital tool during a class such as this one when we can all use a bit of review or help learning the terms for the first time. I think it is a valuable resource which many of us will benefit from.
I defined the term job costing using this website. It states that it involves three major accounting activities: Materials, labor, and overhead. It then goes into great detail about each of these three terms. It also explains why these three terms are improtant to accounting and business in general. Specifically it states “Job costing involves the accumulation of the costs of materials, labor, and overhead for a specific job. This approach is an excellent tool for tracing specific costs to individual jobs and examining them to see if the costs can be reduced in later jobs. An alternative use is to see if any excess costs incurred can be billed to a customer (Accouting Tools, 2017).
Accounting Tools (2017). Job Costing. Retrieved From: https://www.accountingtools.com/articles/2017/5/14/job-costing
Peer 2 Leo
Week 3 was yet again another challenging week for me. The concepts presented in week 3 interesting yet confusing. I love how I can directly relate the information presented to real life scenarios in business. I do enjoy it but I know that truthfully speaking I need more time to fully grasp the concepts presented. I need reps upon reps in order to know how the concepts work and when to apply them. I usually learn best by videos because I am a visual learner but this week I learned best from reading the text book and reading my peers posts. Also the charts in the text book are really helpful and they provide the visual image I need to see the concepts at work. It is challenging to trace back to wich source was most helpful between text book reading, charts, and my peers post’s. These are almost examples of indirect materials.