Template-Type: ReDIF-Article 1.0 Author-Name: Leslie Kren Author-Name: Barbara L. Kren Title: PERFORMANCE EVALUATION IN A TRADITIONAL COST SYSTEM: A CASE STUDY Abstract: This case provides an integrated discussion of several cost and management accounting topics in a realistic setting, including cost behavior, incremental decision making, performance evaluation, and output variances. The case is flexible so it can be used over one 75-mimute class session cost or managerial accounting course or expanded to two class sessions for a more in-depth discussion with optional questions, as described in the teaching notes. For a first course in cost or management accounting, this case can be used as a capstone near the end of the term. In an advanced course in cost or management accounting, the case can be used early in the term to review these topics before moving on to more advanced topics Classification-JEL: M410 Keywords: Performance Evaluation, Cost Variances, Decision Making, Cost systems Journal: Review of Business and Finance Studies Pages: 1-14 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:1-14 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Harris Author-Name: Umapathy Ananthanarayanan Title: INVENTORY COSTING: A COMPREHENSIVE CASE STUDY Abstract: Under Accounting Standards Update (ASU) 330, Inventory requires an entity to measure inventory at lower of cost or market. Market value can be determined in three methods: replacement cost, net realizable value or net realizable value less profit margin. The Federal Accounting Standards Board (FASB) received comments from users that the current guidance on the measurement of inventory is unnecessarily complex because there are three potential outcomes to determine market. In response to these concerns, FASB issued ASU 2015-11 to simplify the measurement of inventory as part of the FASB’s Simplification initiative. In this paper, we outline the new mechanism proposed by FASB for measuring inventory and how it would impact entity’s financial statements. We provide a series of comprehensive questions relating to Lower of Cost and Net Realizable Value, and Lower of Cost or Market at the end of the paper. This case study is best suited for the Intermediate Accounting 1 course Classification-JEL: M48, M49 Keywords: ASU 2015-11, ASC 330, Lower of Cost or Market, Lower of Cost or Net Realizable Value, Net Realizable Value, FIFO, LIFO, Replacement Cost, Inventory Floor Journal: Review of Business and Finance Studies Pages: 15-24 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:15-24 Template-Type: ReDIF-Article 1.0 Author-Name: Francisco W. Johnson Author-Name: Jorge Pelayo Maciel Author-Name: Marco Valenzo Jimenez Title: THE IMPORTANCE OF PLANNING FOR SUCCESSION IN THE FAMILY BUSINESS BEFORE IT IS TOO LATE: A CASE STUDY OF A SMALL MANUFACTURING FIRM Abstract: The family business discussed in this paper was founded in 1932 and had sustained growth during the first two decades of operation. It had transformed itself from a local to a national business and started to venture into international markets. The founder of the company had one daughter, an only child, who never worked in the company. When the founder died in 1955, the spouse of the only child took control of the business but never owned stock in the company. At the end of the 80’s the company was run by the third generation. The oldest and only of several siblings to work in the business. The oldest son was responsible for managing the business for more than 40 years. His main concern was always the efficiency of day-to-day operations. He never planned the succession process for the fourth generation. The CEO is ready to retire and at present there are no candidates among the family willing and able to succeed the leader of the company. This case requires two hours out of class preparation by students in small groups and one hour in class discussion among individual groups with teacher assistance. The case is intended for undergrad students in business, marketing or finance Classification-JEL: M1, M10 Keywords: Family Business, Succession, Family Protocol Journal: Review of Business and Finance Studies Pages: 25-32 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:25-32 Template-Type: ReDIF-Article 1.0 Author-Name: Sim Jonathan Covington Author-Name: Rafael Romero Title: THE BENEFITS OF EXPERIENTIAL LEARNING IN MBA PROGRAMS Abstract: The purpose of this article is to explore the benefits of experiential learning for students enrolled in MBA programs. As applied learning complements a student’s academic curriculum, internships serve as an opportunity for practical experience that cannot be obtained theoretically in a classroom-based setting. The paper makes an argument for the recommendation of experiential training in MBA programs. The definition of experiential learning, past research relevant to the topic on the graduate level, and recommendations for future inquiry are provided. Classification-JEL: M1, I230 Keywords: MBA, Experiential Learning, Higher Education, Globalization Journal: Review of Business and Finance Studies Pages: 33-44 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:33-44 Template-Type: ReDIF-Article 1.0 Author-Name: John Theodore Title: RAUL PREBISCH AND THE CURRENT STATE OF ECONOMIC DEVELOPMENT OF GUATEMALA Abstract: The author in this article compares the economic development of the Republic of Guatemala from 1945 to 2015 against the theories of the economic development of Latin America as promulgated by the famous Argentinian economist, Raul Prebisch. The obstacles against economic development in Guatemala were social, political, commercial and industrial. Guatemala is still experiencing uncoordinated technological applications in the economy, anti-competitive practices are extant, and a small percentage of the entire population controls most of the land. However, positive changes have been taking place in society, politics, commerce and industry supporting the economic development of the country Classification-JEL: F63, M00 Keywords: Raul Prebisch, Economic Development of Latin America, la Comisión Económica Para La América Latina y el Caribe (CEPAL), Centros Y Periferias /Centers and Peripheries, Native and Alien Technologies, Republic of Guatemala, Economic Development, Diseconomies of Scale, Economies of Scale, Agricultural Industries, Mining, Extraction of Raw Materials, Anti-Competitive Practices, Productive Employment, Underemployment Journal: Review of Business and Finance Studies Pages: 45-52 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:45-52 Template-Type: ReDIF-Article 1.0 Author-Name: Colin Pillay Author-Name: Mohammed Shariff Title: DEVELOPMENT OF AN ENTREPRENEURIAL ECOSYSTEM IN ROWAN COUNTY, NORTH CAROLINA Abstract: The Rowan County Board of Commissioners created the Rowan Idea Center, housed in the West End Plaza, in Salisbury, North Carolina with the purpose of serving as a hub for the development of an Entrepreneurial Ecosystem in Rowan County, North Carolina. The Innovation Quarter, an Entrepreneurial Ecosystem in Winston Salem serves as a model for these efforts. However, the resources in these two areas are not the same. In addition, there may be some aspects of the Entrepreneurial Culture, such as the embrace of diversity that may prove difficult to emulate and community acceptance and willingness to participate may not be the same. Given these circumstances, what would be the best course of action to develop an Entrepreneurial Ecosystem in Rowan County? We show that gradual changes toward successful Entrepreneurial Ecosystems and Leadership Development can assist with these efforts Classification-JEL: A10, D2, M1, O3 Keywords: Entrepreneurship, Entrepreneurial Ecosystem Journal: Review of Business and Finance Studies Pages: 53-60 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:53-60 Template-Type: ReDIF-Article 1.0 Author-Name: Adenike A. Moradeyo Title: ANALYSIS OF MANUFACTURING METHODS USING MARKET DEMAND DYNAMICS Abstract: This study analysed manufacturing strategy based on market dynamism. It showed how the knowledge of price and demand changes of products can be used as a tool to identify appropriate manufacturing processes and strategies for production. Using a qualitative methodology, specifically, a case method, the plausible alignment between the different product categories, manufacturing process and strategies are established. The contingency theory and the perspective of the theory of swift, even flow (TSEF) are used as the theoretical bases for this study. The result shows an alignment of the product type with the process and strategy types for the functional-necessity product category and some deviations for the innovativefunctional product category Classification-JEL: M1, L1, L6 Keywords: Manufacturing method, Product-Process Matrix, Functional-Necessity Products, Innovative-Luxury Products, Price Elasticity of Demand Journal: Review of Business and Finance Studies Pages: 61-76 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:61-76 Template-Type: ReDIF-Article 1.0 Author-Name: Sylvia L. Flores Title: TEACHING STUDENT RESEARCHERS IN HIGHER EDUCATION: A BUSINESS PERSPECTIVE Abstract: Research for undergraduates has been a focus for researchers for quite some time. The purpose of this study is understanding the variables involved that may increase research skills among the student population in higher education. This literature review includes peer-reviewed articles between the years 2008-2017. Time and money were a limitation. Future researchers should use different methodologies to better understand these ever-changing dynamics. Literature results include the instructor’s support inside and outside of class, partnerships with external organizations to increase student innovation, and conferences should be provided for students to present their data Classification-JEL: I2, M1 Keywords: Research, Undergraduate, Latino-Ethnic Group Journal: Review of Business and Finance Studies Pages: 77-82 Volume: 10 Issue: 1 Year: 2019 File-URL: http://www.theibfr2.com/RePEc/ibf/rbfstu/rbfs-v10n1-2019/RBFS-V10N1-2019-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:rbfstu:v:10:y:2019:i:1:p:77-82