Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company.
As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Hilton organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
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Principles of Accounting Volume 2
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- Assume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.arrow_forwardIn interview board, the recruitment committee members have asked you the following questions. i. How you can contribute the Financial Accounting Department of this company if youare recruited?arrow_forwardRespite Company has contracted you to develop a chart of accounts for their company. Their company consists of the following associates: Board of Directors CEO, CFO, COO VP of Human Resources, VP of Manufacturing, VP Sales & Marketing, VP of Research and Development Manager - Human Resources Manager - Manufacturing Manager - Sales Manager - Marketing Manager - Finance Manager - Treasury Develop a chart of accounts with reporting structure. Discuss how some of these roles may share responsibilities and resources.arrow_forward
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- Mohammed was recently interviewed for an accounting job. His employer told him that the job emphasizes precision and verifiability and involves preparing company-wide reports. Mohammed is probably going to work as: a. A Marketing specialist O b. AFinancial accountant O C. None of the given answers O d. AHuman resource manager O e. A Management accountantarrow_forwardFor the following activitie, explain which of the objectives of managerial accounting activity is involved. In some cases, several objectives may be involved. Estimating the annual operating cost of a newly proposed Wells Fargo branch bank.arrow_forwardCASE:Outsourcing Accounting FunctionsYou have been employed for two years in the accounting department of a mid-sized multinational consumer products company. Your performance has been outstanding, and it is clear that management feels you have great potential with the firm. However, you are quite surprised when your manager calls you into her office to tell you that you have been chosen to lead an effort to identify an outsourcing partner for the payroll, accounts payable, and accounts receivable functions. She assures you that there will be an excellent assignment for you after the outsourcing is successfullycompleted and all is functioning well in one to two years. Questions: 1.What benefits might your organization gain from outsourcing basic accounting functions? 2. .Identify at least three major organizational challenges associated with transitioning these functions to an outsourcing firm.arrow_forward
- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College