10 - In cases where actual costs are applied, all of the expenses collected in the expense accounts; In case of using predetermined cost methods, which accounts are used to ensure that the expenses determined according to them are reflected in the relevant accounts? A) Balance accounts B) Results Accounts C) Inflation Adjustment Accounts D) Reflection Accounts E) Difference Accounts

10 - In cases where actual costs are applied, all of the expenses collected in the expense accounts; In case of using predetermined cost methods, which accounts are used to ensure that the expenses determined according to them are reflected in the relevant accounts? A) Balance accounts B) Results Accounts C) Inflation Adjustment Accounts D) Reflection Accounts E) Difference Accounts

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.3E

See similar textbooks

Similar questions

16 What do the following accounting terms and principles mean: Please define and provide an example of how it would be applied. Matching Principle - Historical Cost – Monetary Unit – Accounting Period – Going Concern –
Please prepare a cost by nature/expense by nature income statement for the following points. In particular please explain whether point a) (first point) should be included in the income statement. In point a), Is there sufficient information for write-off expenses to be recorded in the income statement and should write-off of assets be included in the income statement? a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 000
For external reporting purposes, costs must be classified into only three categories. (2) Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period. a. BOTH statements are FALSE b. BOTH statements are TRUE c. 1st statement FALSE d. 1st statement TRUE
Current Cost Concept - Measurement of Elements Why is Accounts Payable one of the elements that is normally presented at current cost? Please explain.
38 - Which of the following accounts does not include a reflection account in cost accounts ? a) Marketing, Sales and Distribution Expenses B) Research and Development Expenses NS) Commission Expenses D) General and administrative expenses TO) Financing Expenses
3. The terms period cost and product cost are sometimes used to describe certain items in financial statements. Define these terms and distinguish between them. To what types of items does each apply?
Management Accounting Questions MCQ 1. Which of the following statements comparing the weighted-average method with the FIFO method of accounting for cost flows is incorrect? a)Using the FIFO method, the equivalent units are calculated differently from the weighted-average method because the equivalent work done on the opening work-in-progress last period is excluded from the computation. b)The weighted-average method averages the costs associated with the work done in the previous period with the costs incurred in the current period. c)The fact that there are two different methods suggests that it is not possible to state which method provides more accurate results. d) When there are no beginning inventories or ending inventories, both methods will provide identical results. 2. Which of the following statements about a process costing system is incorrect? a) In a process costing system, there is a work-in-progress account for each processing department. b) In a process costing…
For the accounting memo, you have to write THE CONCEPT of relevant cost. DON'T INCLUDE ANYTHING IRRELEVANT and PLEASE ANSWER THIS WITH 5 paragraphs.
“Transferred-in costs are those costs incurred in the preceding accounting period.”Do you agree? Explain.
19 The operating expenses is deducted from Gross profit but the company should figure out which are the expenses to be categorized as _____. Variable and Fixed expenses Direct materials, indirect materials Indirect materials and indirect labor Direct labor, indirect labor
For the accounting memo, Just explain THE CONCEPT of relevant cost. DON'T INCLUDE ANYTHING IRRELEVANT and PLEASE ANSWER THIS WITH 4 paragraphs.
Statement 1: Cost Accounting relates to the conventional costing methods and techniques in accumulating the cost of a product, process, project or service, including both product and period cost in accumulating cost.Statement 2: Cost Accounting aims to reflect the correct complete financial picture/information of the entity to the different shareholders. a. Statement 1 is False, Statement 2 is True b. Statement 1 is True, Statement 2 is False c. Both statements are true d. Both statements are false