Differentiate between Cost audit and Financial audit.

Q: On the basis of the following data, determine the value of the inventory at the…

A: Note: Under the Lower of cost or Market method, inventory is valued at the lower of the Cost of the…

Q: Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a…

A: Solution 1: Unit Product cost under absorption costing = Direct materials + Direct labor + Variable…

Q: Morton Company had the following select transactions. 1, 2021 Accepted Remington Company's 1-year,…

A: Journal entries by far are one of the most crucial skills to develop in an accounting profession.…

Q: A certain copier machine cost P150,000 with a trade-in value of P15,000 after making 800,000 copies.…

A: Cost of Machine 150000 Trade in Value after 800000 copies 15000

Q: [The following information applies to the questions displayed below.] Nancy operates a business that…

A: Accrual accounting seems to be a technique of accounting in which income and costs are recorded at…

Q: Absorption costing is more compatible with cost-volume-profit analysis than is variable costing.…

A: Variable costing simply covers the variable costs actually incurred in production, but not any of…

Q: Company acqured net ghts on anay 1tr Ss00 The petaaet toiegtet yean. On anary 7o Veer 4 Ken…

A: Amortization of patents means the strategy to allocate the value of patents over their useful life.

Q: Mr. Albuera, a resident citizen, received P18,000.00 as interest from his short-term deposit.…

A: Solution Short term deposit means amount deposit generally  for a period less than one year.

Q: Use the following đata to calculate adjustments and prepare the adjusting entries as of December 31,…

A:

Q: Generally, gain is not recognized on contribution of appreciated property to a partnership.  Which…

A: Partnership refers to the type of business under which two or more partners agree to run the lawful…

Q: BUDGETS OF A MANUFACTURING COMPANY 2. MEWTWO INC. has the following budgeted sales for the next six…

A: Introduction

Q: The account that represents the increase in a firms net assets since its incorporation is A…

A: The net assets can be calculated by deducting the total liability. So the excess of assets over the…

Q: Music Unlimited carries a large inventory of guitars and other musical instruments. The store uses a…

A: Sales                   =   total 6 units x 1640                            = 9840

Q: The variable overhead spending variance has to do with the efficient use of The overhead items. All…

A: Solution Variable overhead spending variance is a difference between actual cost manufacturing a…

Q: Beth's business purchased only one asset during the current year (a full 12-month tax year). On…

A: Solution:- Calculation of the maximum depreciation expenses as follows under:-

Q: Rerun Manufacturing Company is in the process of preparing its 2020 budget and is anticipating the…

A: Estimated net sales is the amount of sales which is estimated to be sold in 2020.  It is calculated…

Q: Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11.…

A: GIVEN   Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated…

Q: $14,500, accounts receivable of $473,000, inventories of $482,250, and accounts payable of $169,055.…

A: A Cash Budget is a forecast of expected cash receipts & expected cash payments. The Cash Budget…

Q: What is the consolidated depreciation expense of equipment for the year ended December 31, 2010

A: The Consolidated Depreciation expense of equipment for the year ended 31 December 2011 is P5,25,000…

Q: (d)   Current ratio   enter the ratio rounded to 2 decimal places :1 (e)   Accounts receivable…

A: Ratio analysis refers to the process of calculating various ratios, on the basis of various…

Q: Answer item 5

A: The item 5 don't have any impact on the income of that year. The impact of this transaction is only…

Q: or a typical capital investment project, the bulk of the investment-related cash outflow occurs:…

A: A Capital Investment Project:- It is a long-term investment project which would give the company…

Q: The above figures are taken form the accounting records of L Stokes Sdn Bhd, a recruitment agency,…

A: Answer:

Q: Mindsetta Music Inc. issued bonds on March 1, 2020, with a par value of $420,000. The bonds mature…

A: solution 1: semiannual interest payment for these bonds = $420,000*14%*6/12 = $29,400

Q: Nonfinancial Performance Measures Alpha University wants to monitor the efficiency and quality of…

A: Solution Decision making is the process of choosing best alternatives among many alternatives .

Q: A firm is considering purchasing computers that will reduce annual costs by P40,000. The Computers…

A: Calculation of cash flow  Particulars Amount Annual savings 40000 Annual rent 10000 Annual…

Q: Accounting Wright Supplies has a defined benefit pension plan for their 750 employees. In 2020, the…

A: employee work in the organisation are paid certain amount of pension in addition to the salary and…

Q: Matt has two single accounts at Midtown Bank.  One account has a balance of $74,112.09 and the other…

A: Federal deposit insurance corporation is also written as FDIC. It provides the insurance coverage…

Q: Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item…

A: FIFO & LIFO Method: First in, first out (FIFO) is an accounting approach in which assets that…

Q: Define the following in relation to sage accounting pastel system 1. Computerized accounting system…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Problem 8-6 (ACP) machinery On January 1, 2021, North Company acquired a with cash price of P750,000…

A: Accounts Payable: Accounts payable is recognized in the accounting books of a company to indicate…

Q: Which of the following statements concerning an operations list is true? 1) It is an engineering…

A: The conversion process of a company alludes to operations such as the fabrication or creation of…

Q: Star Company has outstanding a P6,000,000 note payable to an investment entity. Accrued interest…

A: It is given that the fair value of the inventory is P5600,000 and carrying value is P3600,000…

Q: please prepare the journal entries for the following info. Morton Company had the following select…

A: Journal entries will be recorded as the first step of recording the transaction.    for notes…

Q: On January 12, 2022, Rica purchased a P2,000,000.00 life insurance policy for P200,000.00. During…

A: Life insurance policy is a contract between an insurance policy holder and an insurance company…

Q: The margin of safety can be defined as the amount by which sales can decrease before losses are…

A: Total sales of a company can be divided into Margin of safety sales and break even sales.

Q: Reyes Corporation apples overhead using an actual costing approach Budgeted factory overhead was…

A: Solution Predetermined overhead rate = Budgeted factory overhead / Budgeted machine hours . =268704…

Q: Sunland, Inc. has three divisions: Bud, Wise, and Er. The results of operations for May, 2022 are…

A: The question is related to discontinuing a product. The details are given.

Q: Zachary Company is considering investing in two new vans that are expected to generate combined cash…

A: Solution a: In order to compute net present value of investment opportunity, we have to compute…

Q: The balance in the supplies account on June 1 was $6,000, supplies purchased during June were…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: On Jan 1, 20x1, Panda Yummy entered into an agreement to lease packaging equipment from RCT…

A: Lease- Lease agreements are contracts or instruments that transfer property from one person to…

Q: Discuss the advantages of a registered Co-operative society.

A: The cooperative society philosophy seeks to benefit the common man by liberating him from the…

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: Please see Step 2 for required information.

Q: Find effective rate of interest for a housing loan having an Equated Monthly Instalment of Rs.…

A: Effective rate of interest is acknowledged as the actual return earned received by a lender or paid…

Q: Pear, an individual, plans to start a small business, which will operate as a corporation. In year…

A: As per the given details please refer to the below answer:- Q1 :- Option 4 " $ 502,640" is correct…

Q: Cash on hand and in bank P 5,960 1,200 8,000 1,100 1,000 1,800 4,000 300 600 Utilities expense…

A: Formula: Profit / ( Loss ) = Revenues - Expenses.

Q: During the current income year, George received: salary and wages of $35,000 A bonus of $2500 from…

A: In this question, we will find out the George's assessable income for the current year ended 30 June…

Q: Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 7 Sale 42…

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

Q: Gie Merchandise has two producing and two service departments labele P1, P2, S1 and S2,…

A: Given that : Gie Merchandise have two producing unit and two service department Calculation of…

Q: The Company has two products: X and Y. The company uses activity-based costing. The estimated total…

A: Lets understand the basics. In activity based costing, activity rate is first calculated using…