period cost shown in statement of financial position Ture or false
Q: In a restated set of financial statements prepared in accordance with the current cost accounting,…
A:
Q: When Total Contribution magrin equals total fixed costs, this indicates operating income True…
A: If the contribution margin is equal to the total fixed cost that means it a situation of the…
Q: In a restated set of financial statements prepared in accordance with the current cost accounting,…
A: Unrealized profit is the part of profit which is not realized till the end of the accounting year.…
Q: Prepare statement showing total and per unit cost and profit.
A: Required statement is shown below:
Q: Gross profit is disclosed on an income statement prepared using O a) Variable costing. O b)…
A: Gross profit is disclosed on an income statement prepared using Direct Costing method.... Option C…
Q: Product costs are ordinarily found in the traditional Income Statement's Operating Expenses whereas…
A: Product costs are those costs which are incurred on specific products like material cost, labour…
Q: Which of the following facilitates the comparison of financial performance with one period to…
A: Financial performance can be compared if the business uses same policies and methods in all the…
Q: variables cost
A: Variable cost is the cost that change according to sale or production volume.
Q: Which method results in a more realistic amount for income because it matches the most current costs…
A: The current costs is based on the purchasing of the latest products which means the having book…
Q: Cost accounting depends entirely on historical information. Select one: True False
A: Cost accounting is the accounting of the total cost related to production of the product. It…
Q: Period cost shown in statement of financial position. True or false
A: The period costs are the costs that are incurred in the period they are expensed.
Q: What is Re-order quantity? What is Re-order level? What is Maximum stocklevel? With respect to…
A: Inventory management consist of various levels namely re-order level, re-order quantity, maximum and…
Q: Standard cost is a Select one: O a. Actual cost b. Historical cost c. Predetermined cost O d. direct…
A: Let's start with understanding of meaning of standard cost Standard cost:- Standard cost is the…
Q: How can the amounts shown on the- nancial statements be called historical ?cost amounts
A: Answer A. The correct answer is option (C) When an item was originally obtained whether that…
Q: inventories at the lower of cost and net realizable value? Added to cost
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: OST ACCOUNTING CALCULATION FOR TOTAL ANNUAL COST
A: Calculation of annual holding inventory of the component = [ Buffer inventory + ( EOQ/2 ) ] x…
Q: abour cost ur cost abour hours ur hours
A: Predetermined overhead rate as, $359,600 248,000 DLHs. Predetermined overhead rate = $1.45 per DLH.
Q: What are the differences in the accounting forinventoriable versus period costs?
A: Cost: Cost can be defined as the cash and cash equivalent which is incurred against the products…
Q: rk-in-prc
A: Cost of goods manufactured is as under:- Particular Amount Amount Direct material…
Q: How do cost management and financial accounting differ?
A: The accounting is a process to identify, classify and record the transactions of the business and…
Q: Explain why product costs are capitalized but period costs are expensed in the current accounting…
A: Product Cost The cost of the goods refers to a price paid to manufacture a product. It requires…
Q: Price-earnings ratio
A: Price-earning ratio = Price per share/Earnings per share
Q: What is the purpose of Classifying Costs for Financial Statement?
A: Cost Classifications helps the management in analysing the overall effect on the assets and…
Q: bject:cost account
A: Cost of Production report states the cost per Equivalent unit produced and transferred and cost of…
Q: d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f.…
A: Perpetual inventory system - Movement of inventory is recorded on regular basis. Periodic inventory…
Q: What type of cost is included in economic costs, but not included in accounting costs?a. Explicit…
A: Economic costs are the costs in which consideration is given to opportunity costs as well.
Q: a) Why are neutral expenes eliminated and imputed cost added to derivee cost from expenses
A: Deriving the cost from expenses is necessary to ascertain the exact cost incurred and to…
Q: hat is a contractive account and what is a cost to date account
A: Accounting is the practice of keeping track of a company's financial activities. Summarizing,…
Q: current cost financial statements: a. General price level gains or losses are recognized b. Amounts…
A: Explanation: The financial accountiing term current cost accountiing refers to an approach that…
Q: Determine the reorder point. order point units Determine the economic order quantity.
A: We know that, Reorder point = average daily usage*lead time + safety stock So here, reorder point is…
Q: 1. Prepare an income statement using the a. Net realizable value method b. Reversal cost method
A: Net realizable value refers to the value which is realized upon the sale of assets minus cost…
Q: O Prepare statement of cost production O Prepare statement of comprehensive Prepare statement of…
A: Statement of cost of production for the year ended 31st December 2020 Particulars Amount Raw…
Q: The terms period cost and product cost are sometimes used to describe certain items in financial…
A: Definition and distinguishing of the terms- a) Product Cost- these are all the direct cost…
Q: Analysis of Financial Statements focus on the: Current cost Historical cost Future cost O None of…
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: Example of the cost center responsiblity is O 1. Investing in long term assets O2. Purchasing of…
A: Investing in long-term assets is not the cost for the company and the purchasing of the inventory is…
Q: Explain price/earnings (P/E) ratio
A: There are various types of ratios. some ratios are to know the hearing capacity or market price of…
Q: Period cost is O A. inventoriable cost B. allocated between sold and unsold O C. fully expense in…
A: Solution: Period cost is "Fully expensed in the period incurred". This is because period cost are…
Q: ases? or only in t
A: The explanation is given below ,
Q: Period costs include: a. current liabilities on the balance sheet b. operating costs that are shown…
A: Period costs are costs other than Product Costs incurred by an entity. These Costs generally include…
Q: (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: Costs incurred to earn revenue are referred to as _____
A: Expenditure is the outflow cash or incurred by the business to support the generation of revenue.…
Q: Which one is Variable cost Select one: a. salaries b. Direct material c. Rent d. Insurance
A: Direct materials is a variable cost as it changes with nos of units of output. Salaries, rent and…
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- What are the Cost Product Cost and External Financial reporting?Which method results in a more realistic amount for income because it matches the most current costs against revenue? a.FIFO b.Weighted average cost c.Specific identification d.LIFOIn current cost financial statements: a. General price level gains or losses are recognized b. Amounts are always statement in common purchasing power c. All items are different from what they would be in a historical cost statement of financial position. d. Holding gains are recognized
- Amount Descriptions Costs Income (loss) RevenuesCurrent Cost Concept - Measurement of Elements Why is Accounts Payable one of the elements that is normally presented at current cost? Please explain.Which of the following facilitates the comparison of financial performance with one period to another period is possible ? a. Consistency Principle b. Historical cost concept c. Matching Concept d. Going concern Assumption
- What is Re-order quantity? What is Re-order level? What is Maximum stocklevel? With respect to cost accounting explain the above.How you relate the differential cost with management of revenue in management accounting.Which format of the Income Statement is appropriate for financial reporting? O Variable costing O Activity-based O Absorption O any format is fine for financial reporting
- With respect to cost classifications for preparing financial statements:a. What is the total product cost?b. What is the total period cost?Is current cost included in the overall measurement bases? or only in the current value?Net Operating Income (-) Interest Expense (-) Cost Recovery Allowance (=) _________________ (or) NOI (minus) Interest Expense (minus) Cost Recovery Allowance (equals) ___________________ Group of answer choices