1. How does the cost accounting function assist in the management of the business? 5. How do the activities of manufacturers, merchandisers  and service business differ? 7. How is cost accounting information used by management? 8. Why is unit cost information important to management?

Q: Which of the following major activities of a business will result in product costs? Multiple Choice…

A: Manufacturing is a process of production of goods for sale. It involves conversion of raw material…

Q: Listed as follows are eight technical accounting terms introduced or emphasized in this chapter.…

A: Accounting: It is recording , classifying , summarizing , and interpreting of business transactions.

Q: 1. "The steps in the accounting cycle for a merchandising company are different from the accounting…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: Why should an employee have some understanding of costing if they are not in the accounting…

A: Costing may be defined as, ''The techniques and processes of ascertaining costs''. It may further be…

Q: Which of the following is not a period cost? Group of answer choices Sales commissions. Public…

A: Cost can be divided in to different groups including period cost, product cost etc. Period cost are…

Q: Which of the following is one of the difference between management accounting and cost accounting.…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: Which of the following accounting will help managers to ensure cost efficiency for the company? a.…

A: Solution: "Management Accounting" will help managers to ensure cost efficiency for the company.…

Q: The profit and loss account in the manufacturing enterprise is the :- * a - first account. b -…

A: Manufacturing enterprise means the enterprise which is in the business of manufacturing and selling…

Q: For the following activitie, explain which of the objectives of managerial accounting activity is…

A: Objectives of managerial accounting activity: Managerial accounting activity includes set of tools,…

Q: a. A producer borrows money and starts a business. He himself looks after the business. Identify…

A: Explicit cost means the cost which is actual cost and paid to an outsider. Implicit cost means the…

Q: In Management Accounting, what is the transfer price? What three areas does transfer price affect in…

A: SOLUTION- TRANSFER PRICE- IT IS THE PRICE THAT RELATED PARTIES CHARGED TO EACH OTHER. ON THE OTHER…

Q: The income statement of a merchandising company includesa major type of cost that does not appear in…

A:

Q: A manufacturing company's income statement and balance sheet vary from a merchandising company's…

A: The income statement and balance sheet of a manufacturing firm are different from a retailing…

Q: What distinguishes a merchandising business from a service business?

A: Merchandising Company and Service Company: A merchandising company generates income by selling goods…

Q: Compare management accounting with financial accounting Understand the important roles and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: What are the difference between manufacturing cost and non-manufacturing cost, provide example of…

A: The total cost of all resources used in the production of a commodity is known as the manufacturing…

Q: The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank…

A: Cost accounting information includes the information related to: Total Cost of producing the…

Q: The accounting department for Target Stores may be classified as a(n)     profit center.…

A: Accounting department is a department in the organisation which is responsible for all the…

Q: How does reporting information for a merchandising company differ from financial reporting for a…

A: Merchandising Company:   A merchandising company is a type of company that engages in the purchase…

Q: Which of the following is the primary source of revenue for a manufacturing business?

A: the production of products from raw materials

Q: How do an income statement and a balance sheet for a manufacturing company and a merchandising…

A: Manufacturing company: Manufacturing companies produce their own goods and sell it to the…

Q: 1.) Explain one difference between manufacturing and merchandising business. 2.) Why is it that…

A: Solution:- 1) Explanation of one difference between manufacturing and merchandising business as…

Q: Which of the following is one of the difference between management accounting and cost accounting…

A: Management accounting and cost accounting are two branches of accounting. Under management…

Q: Which income statement is most appropriate for a manufacturing business

A: >Income Statement can be prepared as a:--#1: Single Step Income Statement, or--#2: Multi Step…

Q: (a) How are the components of revenues and expenses different for a merchandising company? (b)…

A: There are generally two types of business organisations-merchandising businesses which sale goods…

Q: How do the product costs move through the various accounts and affect the balance sheet and the…

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Explain the importance of Activity Based Costing for Selling and Administrative Expenses on a…

A: Activity-based costing is a method of determining product costs that take into account indirect…

Q: b.Cost control and reduction

A: Answer 20 Select which of the following requires a separate measurement of cost. D:- Volume   Answer…

Q: 1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Which of the following is the main objectives of cost accounting? a. Maintenance of machinery b.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: The accounting department of a manufacturing company is a(n)     investment center.     cost…

A: Investment center is a department or part of the organisation which is measured and evaluated by the…

Q: Differentiate between selling price,cost of sales and labour costs in informal and formal business.

A: Registered (or unregistered), organized (or unorganized), and supervised (or unregulated) companies…

Q: Describe the types of cost data they would collect and explain the importance of analyzing this cost…

A: Different types of costs are incurred in different business types. However, they are majorly…

Q: Please explain “capitalizing” and “expensing” as these terms apply to the cost of goods manufactured…

A: The word capitalizing and expensing are of different meanings in terms of cost of goods manufactured…

Q: What is journal entry once goods are completed and then sold? The subject is Managerial Accounting.

A: The costs incurred during the period are debited to Work in process. Completed goods are transferred…

Q: please differentiate the cost flow in a Service, Merchandising and Manufacturing Business?

A: Merchandise industries are those that produce goods from the goods purchased from other parties.…

Q: nce sheet for a manufacturing company and a merchandising company differ?

A: At first it appears that there is no difference between the income statements of the merchandising…