34 Managerial accounting is NOT governed by generally accepted accounting principles (GAAP). True or False True False
Q: On June 30, 2016, Flint Limited issued 13.75% bonds with a par value of $802,000 due in 20 years.…
A: Journal entry is defined as the one which is used for recording the business transactions in the…
Q: Aleutian Company produces two products: Rings and Dings. They are manufactured in two departments:…
A: Factory overhead refers to indirect manufacturing costs such as utilities and maintenance, not…
Q: Current Attempt in Progress The following information is available for Marin Company. Raw materials…
A: The Cost of Goods Manufactured is the total cost incurred for manufactured goods of the company.…
Q: Firm E must choose between two alternative transactions. Transaction 1 requires a $9,150 cash outlay…
A: As per tax rules, certain expenses incurred are deductible from total income for the purpose of…
Q: Company A transferred plastic costing $4,000 and sheet metal costing $22,000 to the factory floor to…
A: Journal entry means the book of prime entry where the transaction is recorded for the first time and…
Q: Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following…
A: The Balance Sheet is a financial statement that includes assets, liabilities and stockholder's…
Q: Required A Required B Assume that this combination is a statutory merger so that On-the-Go's…
A:
Q: Number of units sold Selling price per unit Variable selling expense per unit Variable…
A: TRADITIONAL COSTING SYSTEMTraditional System cost analysis is done by product.Under Traditional…
Q: ITC Ltd. invited applications for issuing 80, 000 equity shares of 10 each at a premium of *2 per…
A: Share capital is issued to the general public in order to raise fund by the public company. The…
Q: Which type of cost occurs only with the implementation of a particular alternative? O unavoidable O…
A: 1. Unavoidable cost: A cost that cannot be avoided regardless of the alternative chosen.2.…
Q: During December, Krause Chemical Company had the following selected data concerning the manufacture…
A: The conversion cost per unit for completed and transferred units is computed by dividing the total…
Q: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant…
A: Cost volume profit analysis is the technique used by management for decision making. The methods…
Q: During December, Krause Chemical Company had the following selected data concerning the manufacture…
A: Answer:- The inventory costing and valuation is necessary for ascertainment of accurate cost of…
Q: Splish Corporation is authorized to issue 47,000 shares of $5 par value common stock. During 2025,…
A: Journal Entries are the records of the transactions entered into by the organization during the…
Q: Challenger Factory produces two similar products: regular widgets and deluxe widgets. The total…
A: Factory overhead is the indirect costs incurred in the process of manufacturing. Therefore, it is…
Q: Tesla management are trying to decide whether to keep an older piece of machinery or buy a…
A: Answer:- Decision-making is one of the important processes for management to decide on various…
Q: [The following information applies to the questions displayed below.] The following information is…
A: The Social Security tax is a tax paid on both employers and employees in the United States to pay…
Q: What would be the marginal and average tax rates for a married couple with taxable income of…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: ere ere vas by $ by $ by
A: Revenues are understated as revenue was revenue was unbilled and earned revenue from unearned…
Q: As a result of a thorough physical inventory, Bramble Company determined that it had inventory of…
A: Goods on consignment refers to an arrangement under which the goods are left or consigned to a third…
Q: Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit…
A: An accounting procedure connected to the identification of modifications in a company's pension plan…
Q: Manufacturing cost data for Crane Company, which uses a job order cost system, are presented below.…
A: Cost of goods manufactured:— It is the total cost of completed finished goods transferred from work…
Q: 1. The revenue for a firm is $2,500,000. Its cost of revenue is $850,000, and its average inventory…
A: Inventory turnover is calculated by dividing cost of goods sold by the average balance of…
Q: Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child,…
A: Alimony is defined as the amount paid to the former spouse as a separate maintenance under a divorce…
Q: For every debit, there is credit is stated in which concept? A. Money Measurement Concept B. Dual…
A: Accounting principles are the defined rules which are required to be followed by each company and…
Q: On January 1, 2017 MKG, Inc. paid $350,000 for a piece of equipment that is expected to have a 10…
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…
Q: -) Which of the following is NOT a reason companies purchase their own stock as treasury stock? O…
A: Treasury stock, also known as treasury shares or reacquired shares, refers to shares of a company's…
Q: Kingsport Containers Company makes a single product with wide seasonal variations in demand. The…
A: Estimated fixed manufacturing overhead cost is fixed for a specific time period. Therefore, the…
Q: Which company will benefit most from a 15% increase in sales?
A: ParticularsAmount($)Sales$4,000,000Variable Cost (45% of sales)$1,800,000Contribution Margin (Sales…
Q: Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260.…
A: Cost estimation refers to the process under project management which is used for processing the…
Q: Wilmington Company has two manufacturing departments—Assembly and Fabrication. It considers all of…
A: The objective of the question is to calculate the manufacturing overhead applied to Job Bravo under…
Q: Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or…
A: Product cost are costs incurred in the manufacturing of product during the period. Example:- Direct…
Q: For every debit, there is credit is stated in which concept? A. Money Measurement Concept B. Dual…
A: Accounting principles are the defined rules which are required to be followed by each company and…
Q: Required information PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a…
A: Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…
Q: Mickley Company's plantwide predetermined overhead rate is $20.00 per direct labor-hour and its…
A: The overhead rate is a cost that is allocated to the product or service at the time of production.…
Q: Exercise 2-43 (Algo) Prepare Statements for a Service Company (LO 2-2) Tuscola Counseling Services…
A: The income statement shows the profitability of the entity. It shows the revenues, and expenses, and…
Q: The margin of safety in the Flaherty Company is $28,400. If the company's sales are $129,000 and its…
A: Break even sales = Total Sales - Margin of safety salesTherefore, we can get fixed cost by reducing…
Q: The firm's tax rate is 35%. You have been asked to forecast the future operating profit margin based…
A: calculate operating profit
Q: January 1, 2024, Nurses Credit Union (NCU) issued 7%, 20-year bonds payable with face value of…
A: The retirement of a bond is the repayment of bond at maturity. The principal is repaid and the…
Q: Leach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6…
A: The company can issue notes to borrow funds. The note can be issued either for the long term or the…
Q: Wilfred, attempting to evade his taxes, did not file a tax return or pay his $10,000 in taxes for…
A: Any individual or business that fails to pay taxes on time may incur a penalty. Every year, people…
Q: Identify the events that would require a year-end adjusting entry. Events 1. Recognized revenue on…
A: Journal entries in accounting are a documentation of the financial dealings that a company has…
Q: The constant growth model sometimes yields negative values for stocks, when growth rates exceed the…
A: The constant growth model, also known as the Gordon Growth Model, assumes that a stock's value is…
Q: Use the following information for the Quick Studies below. (Algo) [The following information applies…
A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…
Q: What is the taxpayer's long-term capital gain liability, given the following security sales during…
A: Long-term capital gain liability refers to the tax obligation incurred on profits from the sale of…
Q: On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to…
A: Construction contract accounting involves the application of accounting principles and practices to…
Q: The following transactions are July activities of Bill's Extreme Bowling, Incorporated, which…
A: Expense recognition is one of the accounting principle being used in business. By this principle,…
Q: Maintaining a clean working environment is important to Napco, an industrial parts manufacturer.…
A: Variable Cost per cleaning = $8000/4 = $2000 per cleaning.MonthNumber of CleaningsFixed CostVariable…
Q: On July 1, 2023, Academic Learning Services entered its second month of operations. On July 31,…
A: Balance sheet is the financial statement prepared by the entity for the purpose of determining the…
Q: Please help me I've provided the necessary information of my homework, and i've also calculated all…
A: The objective of this question is to understand how to create a trend analysis for an infographic…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 17/Which of the following statement is correct? while comparing between management accounting and financial accounting. a. None of the options b. Management accounting is based on double entry system c. Financial accounting is for internal users and follows restrictive rules and regulations. d. Managerial accounting is for external users (managers) who plan, control, and make decisions.43.Managerial accounting is similar to financial accounting in that a. both are governed by generally accepted accounting principles. b. both deal with economic events. c. both concentrate on historical costs. d. both is concerned with financial statements analysis47 I. Financial accounting info. is usually used exclusively by internal parties such as managers.II. Financial accounting info. is presented according to generally accepted accounting principles.III. Managerial accounting info. includes items like budgets, performance evaluations, and cost reports.Which statement(s) is(are) true?
- Which of the following statements is false? Managerial accounting does not need to conform to GAAP Financial accounting must conform to GAAP. Managerial accounting sometimes relies on past information. There is no overlap between financial and managerial accounting.Which of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial accounting sometimes relies on past information. c.Managerial accounting does not need to conform to GAAP. d.There is no overlap between financial and managerial accounting.Managerial accounting reports must comply with generally accepted accounting principles. Is it true or false ?
- 3/Identify the false statement: a. Cost accounting is based on data derived from financial accounts b. Management accounting is purely voluntary c. None of the above d. Evolution of management accounting is due to the limitation of cost accounting30.In an accounting firm, the salary paid to auditors is considered indirect service costs. A.TRUE B. FALSE13. Which of the following point is related to institutional factors that affect the accounting quality? Select one: a. Legal environment b. Managers' accounting discretion c. CEO's performance d. Internal auditing Clear my choice
- 35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with…Q21 The Conceptual Framework_________. Select one: a. does not define standards for any particular measurement or disclosure issue b. overrides all other IFRS requirements c. is an IFRS d. is in the hierarchy that management must in the absence of a specific IFRS requirement apply in developing an accounting policy that results in information that is relevantWhich of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.