13. PAS 41 is applicable to which of the following? a. expensive plants used for beautification b. living animal used as transortation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d. all of these

13. PAS 41 is applicable to which of the following? a. expensive plants used for beautification b. living animal used as transortation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d. all of these

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 2EA: For the following descriptions state whether the cost is controllable or uncontrollable by...

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1. Which of the following is considered a bearer plant to be accounted for under PAS 16? a. Palm oil c. Vegetable oil b. Corn oil d. Oil palm 2. Which of the following is considered an agricultural activity under PAS 41? a. fishing in the open seas c. floriculture b. illegal logging d. farming in the cellphone 3. PAS 41 is applicable to which of the following? a. expensive plants used for beautification b. living animal used as transportation vehicle by company executive c. fishes in the fishpond being grown to be sold to consumers d. all of these 4. Biological assets are measured as follows Initial Subsequent a. cost fair value less costs to sell b. fair value fair value c. fair value lower of…
30 - An enterprise bears its cost by building a road on the land in order to facilitate access to its workplace on its own land.In which of the following accounts should this process be followed? A) Land and plotsB) Establishment and Organization ExpensesC) GoodwillD) Special CostsE) Underground and Surface Layouts
Classify the following environmental activities as prevention costs, detection costs, internal failure costs, or external failure costs. For external failure costs, classify the costs as societal or private. Also, label those activities that are compatible with sustainable development (SD). 1. A company takes actions to reduce the amount of material in its packages. 2. After the activated carbons useful life, a soft-drink producer returns this material used for purifying water for its beverages to the supplier. The supplier reactivates the carbon for a second use in nonfood applications. As a consequence, many tons of material are prevented from entering landfills. 3. An evaporator system is installed to treat wastewater and collect usable solids for other uses. 4. The inks used to print snack packages (for chips) contain heavy metals. 5. Processes are inspected to ensure compliance with environmental standards. 6. Delivery boxes are used five times and then recycled. This prevents 112 million pounds of cardboard from entering landfills and saves 2 million trees per year. 7. Scrubber equipment is installed to ensure that air emissions are less than the level permitted by law. 8. Local residents are incurring medical costs from illnesses caused by air pollution from automobile exhaust pollution. 9. As part of implementing an environmental perspective for the Balanced Scorecard, environmental performance measures are developed. 10. Because of liquid and solid residues being discharged into a local lake, the lake is no longer fit for swimming, fishing, and other recreational activities. 11. To reduce energy consumption, magnetic ballasts are replaced with electronic ballasts, and more efficient light bulbs and lighting sensors are installed. As a result, 2.3 million kilowatt-hours of electricity are saved per year. 12. Due to a legal settlement, a chemicals company must spend 20,000,000 to clean up contaminated soil. 13. A soft-drink company uses the following practice: In all bottling plants, packages damaged during filling are collected and recycled (glass, plastic, and aluminum). 14. Products are inspected to ensure that the gaseous emissions produced during operation follow legal and company guidelines. 15. Operating pollution control equipment incurs costs. 16. An internal audit is conducted to verify that environmental policies are being followed.
For the following descriptions state whether the cost is controllable or uncontrollable by responsibility center managers. A. property tax of an existing manufacturing facility B. research and development of a product C. advertising of a product D. insurance cost of the existing manufacturing facility E. design of a product
15. Choose from the following, the cost object for a project. a.Dam construction b.Placing an order c.Smart phones d.Utility bill payment 16. Material which has no value or little value is termed as. a.Waste b.Spoilage c.Scrap d.Defectives
Abdulla is a manager in an organization and he is responsible to take the necessary steps to protect the environment in manufacturing process. What ethical work does his organization do?. choose correct answera.Makes the management increases manufacturing cost b.No benefits to the workers c.Loss by spending more by his action d.Produces environment friendly products
Cody Paper Mill produces various grades of paper sheeting for industrial uses. All of the following may be considered an initiative undertaken as a part of the company’s CSR efforts except a. investing funds in equipment to reduce greenhouse gas emissions from its production facilities b. improving worker health and safety efforts to reduce injuries in the workplace c. expanding the customer base to increase the net income of the company d. planting trees to replace those used by the paper-making process
a. Is the growing of plants to be used in the production of drugs an activity within the scope of IAS 41? b.Does the development of living organisms such as cultures, cells, bacteria and viruses represent agricultural activity? c. Is the land related to agricultural activity a biological asset in terms of IAS 41? NB: This question consist of question A-C, please to answer seperayely
Identification. Pocket Umbrella, Inc., is considering producing a new type of umbrella. This newpocket-sized umbrella would fit into a coat pocket or purse. Classify the following costs of thisnew product as direct materials, direct labor, manufacturing overhead, selling expense, oradministrative expense.6. The salary of the supervisor of the people who assembled the product7. Wages of the product tester who stands in a shower to make sure the umbrellas do not leak8. Cost of market research survey9. Salary of the company’s sales managers10. Depreciation of administrative office buildingB. Essay. Answer below questions as required.1. Identify the three elements of cost incurred in manufacturing a product and indicate thedistinguishing characteristics of each. 2. What is the general content of a statement of cost of goods manufactured? 3. What is the relationship of the cost of goods manufactured to the income statement? 4. How did you cope up with your studies in this “new normal”…
47- Which of the following will not be included in the cost of Machine? a. Cost of purchase paid to the supplier b. Fines paid for not obtaining the import permit c. Cost of packing incurred d. Installation cost of machine
Penny is compiling a list of costs incurred so far on a project. She must categorize these costs so that she can present the amount of direct cost incurred. Which of the following should Penny include in this list?This type of question contains radio buttons and checkboxes for selection of options. Use Tab for navigation and Enter or space to select the option. option A Expense incurred in meeting the regulatory standards for the company option B Benefits for employees in the organization option C Travel expenses to the customer’s office option D Costs incurred for maintaining coffee stations around the office.
Which of the following is outside the scope of PAS 41? dairy cattle used in the production of milk chickens used in the production of meat rice plants and other crops that produce agricultural products only once mango trees and other plants that produce agricultural products repeatedly over a long period of time