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Accounting deals with the process of recording financial transactions pertaining to a business entity. Accounting involves summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

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mithulzavier asked for the first time
in AccountingĀ·
26 Jan 2024

The prehistoric period in Ancient India is divided into several key time periods, each marked by unique technological and societal developments. The Stone Age, the earliest of these periods, saw the use of rudimentary tools and the beginnings of human organization. During the Mesolithic and Neolithic periods, there was a transition from a nomadic, hunting lifestyle to settled agriculture.

The Indus Valley Civilization, also known as the Harappan Civilization, marked the beginning of urbanization and urban life in Ancient India. This civilization, which existed from around 2600 BCE to 1900 BCE, was known for its well-planned cities, advanced sanitation systems, and sophisticated art and architecture.

Archaeological sources, such as stone tools and pottery, are crucial in understanding prehistoric India. These sources provide valuable insights into the technologies and tools used by prehistoric hunters, as well as the ways of life of early human societies.

Fire discovery is considered a significant milestone in human evolution. Evidence of fire use has been found in many Stone Age sites, suggesting that early humans were able to control and use fire for various purposes such as cooking, warmth, and protection.

In summary, Ancient India's prehistoric period is marked by significant developments in human technology, organization and societies, including the transition from nomadic hunting to settled agriculture and the emergence of urban centers during the Indus Valley Civilization. Archaeological sources and the early use of fire provide valuable insights into this ancient time.

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sofiyanarina4 asked for the first time
in AccountingĀ·
9 Jan 2024

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  1. Advanced Management Accounting Case:

Harwood Medical Instruments PLC (HMI), based just outside ofBirmingham, England, manufactured specialty medical instruments andsold them in market niches that were becoming increasinglycompetitive and price sensitive because of pressures toreducehealth care costs. HMI was organized into nine divisions each runby a general manager. Over the years, HMI had gorwn bothorganically and by acquisition. Six of the divisions had beenacquired by HMI within the past decade. All of HMI's divisions soldmedical products to hospital, laboratories, and/or doctors, so theneed for product quality and reliability was high. The divisionsvaried significantly, however, in terms of the degree to whichtheir success depended on, for example, development of newproducts, efficiency of production, and/or customer service.Bonuses for division general managers were paid semi-annually. Upto the year 2009, these bonuses were calculated as 1% of divisionoperating profits. HMI's managing director, Andy Guthrie, hadconcerns though that the operating profit measure was too narrowlyfocused. He had been reading articles about performance measurementand decided to implemnt a "more balanced" scorecard. In November2009, just before introducting a new bonus plan, Mr. Guthrieexplained to his chief financial officer that he was willing to payout higher bonuses than had been paid historically if improvedperformance warrantd doing so. The new plan provided a base bonusfor division general managers of 1% of division operating profitsfor the half-year period. this base bonus was adjusted asfollows:

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Increased by $5,000 if over 99%of deliveries were on time; by $2,000 if 95-99% of deliveries wereon time; or by zero if less than 96% of deliveries were ontime.

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Increased by $5,000 if sales returnswere less than or equal to 1% of sales, or decreased by 50% of theexcess of sales returns over 1% of sales.

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Increased by $1,000 for every patentapplication filed with the UK Intellectual Property Office.

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Reduced by the excess of scrap and rworkcosts over 1% of operating profit

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Reduced by $5,000 if average customersatisfaction rating were below 90%.

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If the bonus calculation resulted in a negative amount for aparticular period, the maanger received no bonus. Negative amountswere not carried forward to the next period. Exhibit 1 showsresults for two representative HMI divisions for the year 2010, thefirst year under the new bonus plan. The surgical InstrumentsDivision (SID), one of HMI's original businesses, sold a variety ofsurgical instruments, including scissors, scalpels, retractors, andclamps. The markets for these products were mature, so growth wasrelatively slow. Not much innovation was needed, but controllingcosts was critical. The Ultrasound Diagnosti Equipment division(Ultrasound), which was acquired in 2007, sold and servicedultrasound probes, transducers, and diagnostic imaging systems. Theultrasound market promised excellent growth and profits if thedivision could keep its sophisticated products on the cutting edgetecnologically and control both product development and productioncosts effectively. In 2009, the total annual bonuses for the yearearned by the managers of SID and Ultrasoundn were approximately$85,000 and $74,000, respectively.

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Operating results for the Surgical Instruments andUltrasound Diagnostic Equipment Div, 2010 ($ in 000s)

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Surgical InstrumentsDiv. Ultrasound Diagnostic Equip. Div

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1st half of2010 2nd half of2010 1st half of2010 2nd half of 2010

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Sales $42,000 $44,000 $28,600 $29,000

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Operatingprofit $4,620 $4,400 $3,420 $4,060

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On-timedeliveries 95.4% 97.3% 98.2% 94.6%

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Salesreturns $450 $420 $291 $289

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Patent applicationsfiled 0 1 4 8

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Scrap and reworkcosts $51.1 $45.0 $39.7 $28.2

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Customer satisfaction(average) 78% 89% 81% 91%

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The case describes a company whose manager is concerned that theoperating profit measure included in the companyĆ¢Ā€Ā™s bonus plan wastoo narrowly focused. He implemented a new bonus plan that reducedthe weighting of importance placed on operating profit and thatincluded more measures, including on-time deliveries, salesreturns, patent applications, scrap and rework costs, and customersatisfaction.

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1. What was the purpose of the change?

2. Calculate the bonus earned by each manager for each 6-monthperiod and for the year 2010.

3. Evaluate the new plan. Is there any evidence that it producedthe desired effects? What

changes to the new plan would you suggest, if any?


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