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Biblical Concepts of Finance and Accounting

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You will write an word essay in current APA format that focuses on how biblical concepts are related to the fields of accounting and finance. The essay must incorporate a thoughtful analysis (considering assumptions, analyzing implications, comparing/contrasting concepts) of accounting, finance, and your faith. The paper must include at least 3 peer-reviewed references in addition to the Bible and course textbook

Biblical Concepts of Finance and Accounting

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Biblical Concepts of Finance and Accounting

While the notion of a connection between religion and core concepts of finance and accounting may seem far-fetched initially, a deeper analysis and look into the religious laws and standings offers a different perspective. From such research and analysis of relevant sources, concepts such as savings, budgeting, maintenance of records, debt management, financial planning, and the importance of labor and productivity are clearly visible from a biblical perspective. This paper looks into the connection between various biblical concepts and their connection to finance and accounting.

A culture of savings

Saving is the concept and act of putting a share of income aside on purpose as a means of deferred spending. The financial reason behind the concept of spending is usually a means of reduction of costs, the creation of future cash flow, or a form of insurance. The concept of saving is fundamental in the areas of personal finance as well as business accounting. In personal finance, for example, the ability of an individual or a family to set some money aside each year during their active work age allows them to pursue a number of options in the future.

Such options include the ability to fund education for their offspring, capital for a business venture, and consumption during retirement. On the other hand, in business accounting, savings is predominantly in the reduction of costs such as costs of production, sales, and recurrent expenditures in a bid to improve the profit margin.

Biblical Concepts of Finance and Accounting

The concept of savings, as observed, is important in both personal finance and corporate accounting and finance procedures. In addition, several scriptures relate this concept to biblical teachings of savings. In Proverbs 21: 20, the bible states that “The wise store up choice food and olive oil, but fools gulp theirs down.” (Biblica, Inc., 2011) This is indicative of the wisdom of saving up for future uncertainties. The absence of such a saving culture is likened to a fool who eats up all their produce after a bountiful harvest.

In addition, Proverbs 22: 3 states, “The prudent see danger and take refuge, but the simple keep going and pay the penalty.” This implies the need for insurance and retirement plans in tandem with earlier examples as well as those provided by Rodgers and Gago (2006, pp. 129 – 131 ). Additional scriptures indicating the importance of saving include Genesis 41: 35, Proverbs 30: 24 – 25, and 2^nd Corinthians 12: 14.

Debt Management

The ability to manage debt effectively is integral to personal and corporate finance and accounting. In personal finance, the wisdom to choose which form of debt is useful is critical to maintaining a level of financial wellness. Expanding on the example of the family used in the previous section, if the choice to spend the portion of income dedicated to irrelevant and depreciating purchases rather than an interest generating savings plan, the family would be in debt for a long period.

In the corporate context, a company that relies on borrowings to start and keep it afloat will always be in a losing battle and in a position of servitude (Despain, 2017, p. 409). Another key concept within the realm of debt management is cosigning, since the need to cosign implies a lack of trust between the lender and the borrower, thereby requiring a third party…..

Biblical Concepts of Finance and Accounting

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Cost Accounting Basics and Components

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Overview

Complete a 4-part assessment in which you prepare and make decisions using statements for cost of goods manufactured (COGM) and cost of goods sold (COGS); record and make journal entries for scrapping unusable materials; compute and prepare payroll journal entries in a cost accounting system; and determine factory overhead and adjustments.

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

Competency 1: Operate product-based cost accounting systems.

Prepare a statement of cost of goods manufactured.
Prepare the cost of good section of an income statement.
Record journal entries for scrapping unusable materials.
Compute payroll earnings from general ledger and other records.
Prepare a journal entry that distributes total earnings.
Determine the prorated amount of over-applied factory overhead.
Prepare the journal entry to close a credit balance in under- and over-applied factory overhead.

Cost Accounting Basics and Components

Context

Accounting information systems within large corporations consist of two major subsystems: a financial accounting system and a cost accounting system. One of the main distinctions between the two systems is the target audience for the information.

Financial accounting information is primarily for external users of financial information, including investors, creditors, and government agencies.

Cost accounting information is aimed primarily at internal users and provides information that is useful to managers for planning and controlling costs, making continuous improvements, and decision making.

Before beginning this assessment, take time to review the following topics:

Cost of goods manufactured.
Cost of goods sold.
Scrap materials.
Payroll earnings and taxes.
Computing under- and over-applied overhead.

Cost Accounting Basics and Components

Question to Consider

To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.

What circumstances created the need for the Sarbanes-Oxley Act? What is the impact of this Act for organizational leaders such as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO)?
There are many approaches to the payroll record design. What are the types of employee data found in the payroll record for manufacturing companies? What about services companies?
What are the advantages and disadvantages underlying the high-low method of analyzing semi-variable costs?

Cost Accounting Basics and Components

Resources

The following resources are required to complete the assessment.

Assessment 1 Template. – will email

Library Resources

Cutler, T. R. (2010). The language of cost. Industrial Engineer, 42(9), 47–50.
Jagolinzer, P. (2000). Cost accounting: An introduction to cost management systems. Cincinnati, OH: South-Western College Publishing.
Kren, L. (2014). Tracking value created by efficiency improvements in a traditional overhead cost management system. Engineering Management Journal, 26(1), 3–7.

Lee, R. T. (2013). Target: Carrying costs. Industrial Engineer, 45(8), 38–42.
Marshall, P. D., & Dombrowski, R. F. (2003, February/March). A small business review of accounting for primary products, byproducts and scrap. National Public Accountant, 10–13.
Pachura, R. (1998). When is enough, enough?. IIE Solutions, 30(10), 33–35.
Rao, S. S. (1997). ABCs of cost control. Inc. Tech, 19(9), 79–81.
Rikhardsson, P. M. (2004). Accounting for the cost of occupational accidents. Corporate Social – Responsibility and Environmental Management, 11(2), 63–70.
The payroll handover. (1997, August). Management Today, 13.

VanDerbeck, E. J. (2013). Principles of cost accounting (16th ed.). Mason, OH: South-Western Cengage Learning.

Chapters 1, 2, 3, and 4.

Wild, J. J., Shaw, K. W., & Chiappetta, B. (2011). Financial and managerial accounting: Information for decisions (4th ed.). New York, NY: McGraw-Hill.

Cost Accounting Basics and Components

Assessment Instructions

Use the Assessment 1 Template, linked in the Resources, to complete the following four parts. Each part is a different tab in the template.

Part 1: In the template, review the Central Manufacturing Company Statement for January. Based on the data provided in the template, prepare (a) the statement of cost of goods manufactured and (b) the cost of goods sold section of the income statement.
Part 2: Consider Central Manufacturing’s loss of materials scenario described in Part 2 of the template, and then follow the instructions to record the journal entries for scrapping the materials.
Part 3: Compute payroll earnings and prepare the related journal entry for the scenario detailed in Part 3 of the template.
Part 4: Use Part 4 of the template and the scenario included to (a) determine the prorated amount of over-applied factory overhead, and (b) prepare the related journal entry to close the credit balance in under- and over-applied factory overhead.

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