State the reason of common misconceptions and controvesies on the prohibition of Riba.

Q: 1. What is the differences between restricted and unrestricted investment account?   (A) Right t...

A: Islamic  Accounting Islamic accounting can be defined as the process of accounting based on  Islamic...

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company a...

Q: What are the three major sections on a statement of cash flows, and what type of cash inflows and ou...

A:

Q: List and briefly describe the purpose of each of the four process-costing steps.

A: The purpose of each of the four process-costing steps is given below as,

Q: When Projects Require Only Operating and Investing Activities?

A: Operating activities are those activities that directly relate to the principal business activities ...

Q: What is a master budget? Briefly describe its contents.

A:  

Q: All the following are good plans for employed individuals to except:   a. 401k   b. 403b...

A: Let us learn about each plan one by one.   401k : A 401k plan is a tax-advantaged plan this plan off...

Q: What are the arguments in favor of treating fixed manufacturing overhead costs as period costs?

A: Definition: Period costs: Period costs are the costs other than the product costs. These costs are n...

Q: What does a flexible budget performance report do that a simple comparison of budgeted to actual res...

A: Flexible budget performance report:   A tool used to compare the actual and budgeted results generat...

Q: Which of the following represents the correct order in problem resolution?a. Define the problem, rec...

A: Problem Resolution:   Problem resolution is that phase of decision making in which the management t...

Q: Bonds Payable has a balance of $987,000 and Premium on Bonds Payable has a balance of $10,857. If th...

A: If the bond is redeemed at 102, then its redeemed at a premium of 2% from its face value.  

Q: 7. REA MODEL—CRYOGENICS’ PAYROLL SYSTEM Based on the general information about Cryogenics Inc., in P...

A: REA Model:   The REA model stands for the Resource-Event-Agent model. It is a process to intellectua...

Q: Part A - A corporation reacquires 60,000 shares of its own $10 par common stock for $3,000,000, reco...

A: Treasury Stock:   Treasury stock refers to the stock that a company repurchases its own issued stock...

Q: The Marx Company issued $74,000 of 8% bonds on April 1 of the current year at face value. The bonds ...

A: Interest will be calculated on the face value of $74000 and the applicable interest rate is 8%. Inte...

Q: Why are product costs also called inventoriable costs?

A: Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the merchandis...

Q: What information is found on the depreciation schedule? How can this information be verified?

A:

Q: Why is the cost of idle time treated as manufacturing overhead?

A:

Q: Define the following types of environmental costs: private, social, visible, hidden, monitoring, aba...

A: Definition: Total quality management: Total quality management is a method that eliminates wasteful ...

Q: Two years ago the manager of a large department store purchased new bar code scanners costing $39,00...

A:

Q: List two plausible goals for each of these organizations:Amazon.com, American Red Cross, General Mot...

A: Planning: Planning basically involves setting up goals and objectives of the organization and determ...

Q: How many Work in Process accounts are maintained in a company that uses process costing?

A: Process Costing:   Process costing is a method of costing where the production is continuous and und...

Q: Explain why the quantity purchased (PQ) is used in computing the direct-material purchase price vari...

A: Material Purchase Price Variance: Material price variance occurs when the price expected to purchase...

Q: What is the interpretation of the direct-material quantity variance?

A: Direct material quantity variance is a variance analysis tool for manufacturing companies. It shows ...

Q: Are selling and administrative expenses treated as product costs or as period costs under variable c...

A: Variable costing:   Variable costing is the method that is used by the management (managers) for dec...

Q: Why aren’t common fixed costs allocated to segments under the contribution approach?

A: Contribution approach income statement segregates variable and fixed costs. In this approach contrib...

Q: If an asset is sold at a gain, why is the gain subtracted from net income when computing the net cas...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and ca...

Q: Managerial accounting is an important part of any enterprise’s management information system. Name t...

A: Managerial accounting:   Management accounting is a practice where by management reports and account...

Q: A food processing company has two sequential production departments: mixing and cooking. The cost of...

A:

Q: What is the current ratio? I got 7.2:1

A: Current ratio is the financial measure of liquidity , it shows the capability of company to pay its ...

Q: Mary Jo Prenaris is an office manager with gross earnings of $1,300 semimonthly. If her company swit...

A: Semimonthly salary means payment is processed twice in a month i.e after a duration of 15 days assum...

Q: Question 14-10 - When the Bell System was broken up, the old AT&T was split into a new AT&T ...

A: “Since you have posted multiple questions, we will solve the first question for you. To get remainin...

Q: Timing is the key in distinguishing between absorption and variable costing. Explain this statement.

A: Definition: Variable costing: It refers to the method of product costing in which the price of the p...

Q: A large manufacturer of electronic machinery stated the following as one of its goals: “The company ...

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,...

Q: How is the project profitability index computed, and what does it measure?

A: Profitability index: The profitability index is the number of dollars received for every dollar inve...

Q: Gelmite & Sons Hardware is considering introducing a cash discount policy to its customers so as...

A: In such questions, we need to calculate the net profit before tax in each scenario and recommend to ...

Q: Define the following terms: (a) cost behavior and (b) relevant range.

A: (a) Cost behavior: Cost behavior defines the behavior of cost. It defines how cost will change due t...

Q: A company with an advanced manufacturing environment typically will have a higher break-even point, ...

A: Advanced manufacturing environment: It can be defined as a situation where a strong competition take...

Q: Sawicki Music Supply is a mail-order business that accepts merchandise orders by telephone and mail....

A: Data Flow Diagram: Data flow diagram can be defined as the method to show the data flow of a process...

Q: What is the basic purpose for examining trends in a company’s financial ratios and other data? What ...

A: Financial ratios are calculated from the company's financial information and helps in assessing the ...