Accreditation Council of Pharmacy Education †MyAssignmenthelp.com

Question: Discuss about the Accreditation Council of Pharmacy Education. Answer: Introdiuction: Panopticism is referred as the social or theoretical framework which is named after Panopticon. The theory was established by French philosopher named Michel Foucault (Schaltegger Burritt, 2017). Panoticon provides explanation to the tentative laboratory associated with the authority that can be transformed or amended as the symbol of surveillance. It is generally considered as the tool of disciplinary tool for surveillance. For instance, the example of Pannotion has increased surveillance effect on the surveillance in the age of technology and it is noticed that surveillance possess the appeal of culture. The development in the observable data is provided in the organization and the individuals from the data mining tools (Lanen, 2016). This has resulted in the development of surveillance of data that can address the mode of surveillance that helps in pointing out the distant transaction source by considering the algorithmic manufacturing. In the current aspect of management accounting, Panopticism helps in the process of management accounting as it helps in keeping a record for each single transaction along with the necessary figures (Eldenburg et al., 2016). Therefore, Panopticism helsp in figuring out the mistakes and errors and appropriate steps for rectification in order to make sure that the accounting procedure remains authentic. The functions of management accounting are as follows; Planning: Planning as the functions of management accounting refers to the short term and long term application of plans to achieve the desired outcome. The functions of management accounting is closely associated with the planning process (Ingersoll, 2015). This is because it provides managers with the required information for decision making and providing reports that estimate the impacts of alternative course of actions. Organizing: Once the process of organising is established an organizational framework and passing on the responsibilities to people that are working in the organization to attain the business goals and objects (Jones et al., 2017). The form of organizational structures differs one business to another business. Therefore, organising necessitates clearness regarding each managers accountability and authority lines. Decision making: Decision making is considered as the procedure of selecting from the opposing substitutes. Decision making is inherited in the functions of management accounting such as planning, organising and controlling. The manager cannot plan without making decision and has the select from the competing objectives and methods of carrying out the selected objectives. As stated by (Dixon et al., 2018) maintaining routine and have become very complex element in the current world since humans are inevitable to mistakes in the contemporary words. As per the Van Helen Rock Band checklist is vital tool of implementing control. Checklist are helpful in the implementation and composition of control. According to the rock band, it is considered that Checklist is an important tool of implementing control since this assures that every person that are engaged in the job is better able to understand the goals and complying with the necessary procedure. As stated by the rock band they gain by using checklist since check list according to rock band is highly considered to be highly portable. With the help of checklist, the rock band is better able to manage the consistency of supply, inventories and they are generally considered as the time saving element by adding up the needed records amid the other things (Weygandt et al., 2015). Under this conditions checklists not only helps in maintaining necessary records but also required for necessary success. The system of perpetual inventory continuously updates the records for the small organizations when it makes the use of the raw materials or sells the products to the consumers (Warren et al., 2015). Organizations that uses the perpetual system of inventory must apply the system of physical count of stock in to the day-to-day organizations inventory and compare the quantity against the records of inventory. The physical stock take in this system would act as the tool for investigating in the discrepancies of the inventory record in order to determine the reasons for improper quantities. Overtime refers to the augmented pay for each hour which an hourly worker is entitled to get when they put in more than the prescribed hour work per day or week (Handy Polimeni, 2017). The overtime payment that is paid to the worker is considered as into the indirect labour cost and the same is accounted into the overhead costs. Costing refers to the system of accounting in which all the costs that are sustained in executing the activity or achieving the objective are collected, categorised and verified. The emergence of 1980 era bought an intensive competition across the world with increased importance of overloads with the decline in the direct labour (Greenberg Wilner, 2015). Also there was problems which was being faced with the traditional system of costing. The activity based is considered as the precise and favoured over the traditional cost accounting system. The ABC methods of cost system is created when the expenses of the business are higher and there are several mixed goods. Incorrectness and mistakes are considered unwelcome due to the rates that is set by the market participants. For the reason that heavy and stiff rivalry, a greatly dependable and correct system of cost management is required. The traditional method of cost accounting makes the use of the single overhead pool and it is unable to compute the actual costs. The costs objects are assigned arbitrarily the basis of machine hours and labour (Edmonds et al., 2016). On the other hand, the ABC system of costing includes the identification of products parts or the labour while the traditional cost accounting arbitrarily assembles the expenses, salaries and depreciation. The targeted costs which is created upon the activities are computed through ABC costing. The ABC system is considered to be beneficial because it aids in streamlining the course of decision making and makes the concept of administration turns out to be target oriented. The activity based costing method helps in assessing the performance and setting out the standards that help the managers to make use of the information for the purpose of comparative study. Under the traditional costing systems, the business decides the cost of productions following the production of budgets while under the ABC costing the value of the product is ascertained based on the feedback of consumer. The structure of activity based costing helps in determining the company whether to reduce or increase the activity costs to grab the attention of customers (Scott, 2015). The system of cost helps in keeping up with the market participants without forgoing the quantity and superiority of the products. The activity based costing helps the company in developing strategy, long range plans and competitive advantage by placing focus on the activities. ABC system of costing uses the cost identification objects which is selected along with the direct costs that are associated with the products. In spite of the benefits there are certain arguments against the ABC costing system in the cost allocation areas (Edmonds et al., 2016). With the availability of data there are some costs that requires allocation to department and product allocation. This leads to occurrence of costs that may not be at times be regarded possible. It can be stated that traditional costing system is not accurate as the ABC system. Traditional costing system may also lead to substantial under valuation and over valuation. Total Cost of S1 Department (x) = Direct Centre Cost of S1 + [20% * Total Cost of S2 (y) ] =, x = $20000 + (20% X y) b) Total Cost of S2 Department (y) = Direct Centre Cost of S2 + [ 15% * Total Cost of S1 (x)] =, y = $25000 + (15% X x) =, y= $25000 + [15% x ($20000 + 20%y)] =, y= $25000 + $3000 + 3%y =, y-0.03y = $28000 =, 0.97y = $28000 =, y = $28000/0.97 = $28868 x = $20000 + 20%y =, x = $20000 + (20% x $28868) =. x = $20000 + $5773 = $25773 Reference List: Dixon, G. D., Taylor, A. D., Utting Jr, R. W., Eaton, J. L., Im, S. L. (2018).U.S. Patent Application No. 15/541,283. Edmonds, T. P., Edmonds, C. D., Tsay, B. Y., Olds, P. R. (2016).Fundamental managerial accounting concepts. McGraw-Hill Education. Eldenburg, L. G., Wolcott, S. K., Chen, L. H., Cook, G. (2016).Cost management: Measuring, monitoring, and motivating performance. Wiley Global Education. Greenberg, R. K., Wilner, N. A. (2015). Using concept maps to provide an integrative framework for teaching the cost or managerial accounting course.Journal of Accounting Education,33(1), 16-35. Handy, S. A., Polimeni, R. S. (2017). Concept Mapping-A Graphical Tool to Enhance Learning in an Introductory Cost or Managerial Accounting Course.Journal of the Academy of Business Education,18. Ingersoll, K. (2015). Inventory management for the pharmacy technician.Educational Review Systems. Accreditation Council of Pharmacy Education (ACPE). Jones, M. A., Taylor, R. J., Snelgrove, R., Tripathi, R. (2017).U.S. Patent Application No. 15/313,870. Lanen, W. (2016).Fundamentals of cost accounting. McGraw-Hill Higher Education. Schaltegger, S., Burritt, R. (2017).Contemporary environmental accounting: issues, concepts and practice. Routledge. Scott, W. R. (2015).Financial accounting theory(Vol. 2, No. 0, p. 0). Prentice Hall. Warren, C. S., Reeve, J. M., Duchac, J. (2015).Managerial accounting. Nelson Education. Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2015).Financial managerial accounting. John Wiley Sons.