1. State five (5) functions of the store keeper 2. State three advantages and two disadvantages of the use of high and low method.

Q: What are the broad classes of facts that need to be gathered in the system survey?

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data...

Q: What is the chief disadvantage of ROI as an investmentcenter performance measure? How does the resid...

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Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The entri...

Q: kindly provide the answer of these attachment and calculate activity based costing

A: Formula: Total cost allocation = Direct cost allocation + Indirect cost allocation.

Q: Why are cost centers considered to be more appropriate than profit centers for production department...

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Q: Should a company allocate its common fixed costs to business segments when computing the break-even ...

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Q: Why are flexible overhead budgets based on activity measures, such as hours of process time, machine...

A: A budget that provides information relating to the estimated or budgeted overhead expenses and that ...

Q: Which statement is NOT true? a. Drill-down capability is an OLAP feature of data mining tools availa...

A: Enterprise Resource Planning: ERP refers to the software of business process management which permi...

Q: What makes the cost-benefit analysis more difficult for information systems than most other investme...

A: Cost Benefit Analysis: Cost benefit analysis is conducted to determine whether the proposed system ...

Q: Define the following types of environmental costs: private, social, visible, hidden, monitoring, aba...

A: Definition: Total quality management: Total quality management is a method that eliminates wasteful ...

Q: What is meant by the term activity analysis? Give three criteria for determining whether an activity...

A: Activity analysis: It is the complete classification and description of the activities performed in ...

Q: Distinguish between line and staff positions. Give two examples of each in a university setting.

A: Organization chart: Organization chart depicts hierarchy within the organization and it displays the...

Q: Under absorption costing, how is it possible to increase net operating income without increasing sal...

A: Absorption costing: Absorption costing is compulsory under Generally Accepted Accounting Principles ...

Q: Consider the following data on an asset:Cost of the asset, I                         $38,000Useful l...

A: Straight-line depreciation method: The depreciation method which assumes that the consumption of eco...

Q: What is a spending variance and what does it mean?

A: Spending variance which measures the variance between the actual amount spend on a particular item v...

Q: What is the income-statement approach?

A: Allowance for Doubtful Accounts: Allowance for doubtful accounts is determined as the reduction in ...

Q: What is meant by the phrase management by exception?

A:

Q: Why is the first stage of the allocation process in activity-based costing often based on interviews...

A: Activity-based costing: It is a method that helps in finding the activities performed by a company a...

Q: a. Explain the advantages of using GAS to assist with IT audits, and give five examples of how it ma...

A: The software that helps an examiner to perform auditing capacities on the money related information ...

Q: What is net present value? Can it ever be negative? Explain.

A:

Q: Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,...

A: a.

Q: What effect does an increase in the activity level have on—a. Unit fixed costs?b. Unit variable cost...

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...

Q: What are the three principal components of profitability?

A: Profitability: Profitability means the degree to which revenue from business operation exceeds expen...

Q: Discuss some of the major benefits to be gained from budgeting.

A: Definition: Budget: A budget is a statement of estimated revenues and expenditures for a specific pe...

Q: Distinguish between an activity’s trigger and its root cause. Give an example of each.

A:

Q: What is this question answer?

A: Net realizable value = Estimated Selling Price -  Cost of Completion and Disposal where, Cost of Com...

Q: How do you compute the unadjusted cost of goods sold?

A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The co...

Q: If the Accounts Receivable balance increases during a period, how will this increase be recognized u...

A: Definition: Cash Flow Statement: Cash Flow Statement is a fundamental financial statement that rende...

Q: How can the activity rates (i.e., cost per activity) for the various activities be used to target pr...

A: Activity-based costing (ABC):   Activity based costing (ABC) framework was created to manage the dra...

Q: Which is more consistent with cost-volume-profit analysis, variable costing or absorption costing? W...

A: Absorption Costing: "Absorption costing is a method that allocates "direct labor, direct materials, ...

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

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

Q: What is meant by the term discounting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting a...

Q: Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 20Y2, ar...

A: Single-step income statement: It is an income statement format in which a single subtotal of all rev...

Q: Explain how linkages between relational tables are accomplished.

A: Foreign Key: The primary key of a file is used to identify a record in another file is known as a r...

Q: You are an accounting intern working for SpringFit Corporation. You have recently been assigned to h...

A: Note Since you have posted a question with multiple sub-parts,we will solve first three sub-parts.T...

Q: Can every business transaction no matter how simple or complex be expressed in terms of its effect o...

A: Financial Accounting:   It refers to the process of recording the financial transactions of the busi...

Q: A food processing company has two sequential production departments: mixing and cooking. The cost of...

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Q: What documents are included in the audit trail for payroll?

A: Payroll System:   Payroll system is a system within an organization that manages the payment of sal...

Q: How can the retained earnings indicate the number of assets that the company has financed?

A: Retained Earnings: It is the amount which is earned by the company as a profit from business operati...

Q: Current Attempt in Progress Windsors has the following inventory data: Nov. 1 Inventory 26 units ...

A: LIFO method is also known as last in first out method. As per this method, units which are purchased...

Q: What is the Asset Turnover ratio for the following?  I got 1.265

A: Asset turnover ratio is an efficiency ratio which is calculated to know how much revenue the assets ...

Q: Why do many operating managers prefer a contribution income statement instead of a traditional incom...

A: Traditional income statement: Traditional income statement is a financial statement that shows the n...

Q: At which point are errors are most costly to correct? a. programming b. conceptual design c. analysi...

A:

Q: What is the Asset Turnover ratio for the following?    I was thinking  174314501/5066261800

A: Concept Asset Turnover Ratio measures the efficiency of company to generate sales by using its asse...