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"Problem Solving Interview Question" Please respond to thefollowing: Respond to this typical interview question: Explain aspecific example in which you utilized problem solving strategiesto resolve a problem in the real world. Provide your feedback fromthe perspective of an interview coach to at least three (3) of yourclassmates.

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Casey Durgan
Casey DurganLv2
21 Aug 2019

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Please complete the following essay in a single page (nomore than two) Word document, double-spaced, 12 pt.font.

Instructions: Identify and discussa minimum of 5 managerial accountingtopics that could apply to the following situation! Pleaseanswer in complete sentences.

You have just graduated with your degree in accounting and areplanning on sitting for the CMA (Certified Managerial Accountant)examination. Managerial accounting was your favorite course ofstudy in accounting, and you can’t wait to show the world whatyou’ve learned! You have begun the interview process with severalmanufacturing companies. The larger companies look at you as justanother graduate. You have an interview with a smaller manufacturerwho is very impressed with you! Since the salary is the best you’vebeen offered, you’re just as eager to demonstrate your skills andknowledge. Your potential boss begins to tell you a little abouthis dilemma.

“I started this business with an idea and a prayer. For so long,I could do just fine operating out of my hip pocket. Then thingsreally started happening fast. Demand for our products increased,we built new manufacturing facilities, and hired more people than Icould keep up with. I think we are profitable, but I never knowuntil the end of the year when financial statements are prepared. Iwant to make sure the company can keep up with its growth, but Idon’t know what to do. That’s why I’m interested in hiring amanagerial accountant. Before I do, I need to know that whomever Ihire has some ideas as to how to help my company. I wouldappreciate it if you would prepare a short memo highlighting theareas that you think could use some attention. Once I have that, Ican make my decision about hiring you. I think you would be anasset (!) to our business, but I want to be sure I’m doing theright thing, not just hiring another worker for the office!

“Let me tell you a little about our company. We have threemanufacturing facilities in the United States, producingThis and That, but I’m not sure what the productcost is of each. We are in the process of considering production ofThe Other, which may involve construction of anothermanufacturing facility. We employ 250 people, including officestaff and managers. The overhead is a big chunk of money each year,and I don’t know what it goes for! I pay everyone what they’reworth, and try to give raises when I think I can. It’s really hardto know who is doing a good job since we’ve grown so big. Weusually handle things on a day-to-day basis, trying to resolvemajor problems as we go. Sometimes that means coming up short oncash to pay bills or product to meet demand. I’m sure there has tobe a better way. Do you think you can help us?”

You leave the interview confident that you will be the bestperson for this job! Your mind is racing with all of the things youlearned in accounting! With pen in hand, you begin expressing yourthoughts and suggestions...

please help. thank you!

Put your name here

Course Title: HSM 543 Health Service Finance Class

Week 6: You Decide Assignment

Professor’s Name:

Scenario

you sat in the CFO chair, studied a real world hospital AccountsReceivable (AR) problem with your team, and came up with a ProcessImprovement Plan to reduce Days in Accounts Receivable and improvecash flow to you hospital. Well the great news is that your planworked! This morning your Days in AR stand at 67. Not perfect....but much better, and you have five payrolls of cash on hand rightnow. Things are looking up for Community Memorial! And then justbefore lunch you get a call from the Bill Jacobs, Human ResourceDirector at Commercial Intertech (CI), the largest employer in thecommunity. Bill says, "I wanted you to hear it from me first. Wesigned a contract yesterday with MegaPlan Health. They will be themanaged care organization for all 4,500 of our employees and theirfamilies. About 9,000 patients total. I'm sure that you will wantto get a contract with MegaPlan as soon as possible. I noticed thatyour hospital is not on their Preferred Provider Network (PPN), andI am pretty sure that you will want to be, so that our employeescan continue using the facility." By the time you thank Bill forthe heads up, the acid is already churning in your stomach. In thehospital world, MegaPlan is known for cut-throat tactics,negotiating steep discounts with hospitals, and fighting everyclaim the hospital makes. Commercial Intertech has every right tocontract with any health insurance provider they like, but now youhave a problem. If you cannot get a decent contract with MegaPlanand become part of their Preferred Provider Network (PPN), manylocal patients may bypass your hospital and go the next closest PPNfacility. Delivered to your office this afternoon, by nocoincidence, is a contract proposal from MegaPlan. It calls for thehospital to provide a 35% discount from charges to MegaPlan and allof its members. And it includes service pre-authorizationrequirements which will make life very difficult for your businessoffice. You know from experience that the hospital loses moneywhenever the discount from charges exceeds 20%.

Your Role

You are the hospital CFO, trying to solve the managed careproblem.

Key Players

Dr. John Evans, Chief of Staff

Katrina Eaton, CEO

Linda Freed, Business Office Manager

Nancy Stritmatter, CNO

Assignment

Given the scenario, your role and the information provided bythe key players involved, it is time for you to make adecision.

What will you do? Whose advice makes the most sense to you inthis situation, and how will you proceed?

Understanding

Here you are to demonstrate a strong grasp of the problem athand. Also, demonstrate an understanding of how the course conceptsapply to the problem.

Provide at least 3 paragraphs that contain at least 5sentences.

Analysis

Here, you are to apply original thought to solving the businessproblem. Also, apply concepts from the course material correctlytoward solving the business problem.

Provide at least 3 paragraphs that contain at least 5sentences.

Execution

Here you are to type your answer clearly and succinctly usingstrong organization and proper grammar. Use citations correctly

Provide at least 3 paragraphs that contain at least 5sentences

References

At the top of page 3, provide your references in APA Format.Provide at least 3 references for your paper.

Some of the Course Keys concepts

Financial planning

Strategic Budgeting

Strategic planning

Management and decision making

accounts receivable

Third party payers

Cost shifting

Incremental cost

Working capital

Current assets

current liabilities

financial statements

future trends

"Minimizing Audit Risk" Please respond to thefollowing:

According to the text, auditors have to make judgmentsconcerning materiality on every audit. Since the auditing standardsgive no formal guidance for how to determine materiality, auditorsmust rely on their own experience. Determine at least three (3)qualitative factors that affect the auditor's judgment. Provide arationale for your response.

According to the text, auditors rely on the audit risk formulato determine the types and amount of audit evidence to collect inorder to keep the overall audit risk of engagements to a minimum orbelow defined tolerable limits. Suggest an alternative to the auditrisk equation in order to mitigate audit risk. Support yourrationale with examples of the successful use of the alternativestrategy.

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