There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.

There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter15: Lean Accounting And Productivity Measurement

Section: Chapter Questions

Problem 5E

See similar textbooks

Related questions

Q: Listed as follows are eight technical accounting terms introduced or emphasized in this chapter.…

A: Accounting: It is recording , classifying , summarizing , and interpreting of business transactions.

Q: Adohai Berhad has 8 units or segments based on product-wise. Each unit deals with different…

A: An operating segment is the component of the Company of business activities that helps to generate…

Q: Service-industry firms can make effective use of ABC systems as well as manufacturers. For each of…

Q: Explain how business activities and inventories for a manufacturing company, a merchandising…

A: Manufacturing company: Manufacturing companies produce their own goods and sell it to the…

Q: Identify two cost objects and three activities for JP Morgan Chase.

A: JP Morgan is a Share investment Company and is a multi-national Company.

Q: Below are four levels of ERP value realization:

Q: Comparative data on three companies in the same service industry are given below.

A: ROI stands for Return on investment, which is a measure of performance used for determining the…

Q: Below is a table showing the various costs incurred by various companies. In each column, indicate…

A: Solution: Classification and explanation of each cost are as under:

Q: Match each of the following types of companies with its definition. Types of Companies…

A: Service companies are the Business that provide services instead of Physical goods. Match is :…

Q: Which of the following is the primary source of revenue for a manufacturing business?A. the…

A: Manufacturing business are those type of business which are indulged in production of goods in the…

Q: From the following list of Value Chain activities, identify the order in which these activiites…

A: The value chain activities consists of the steps that are incurred in order to deliver a valuable…

Q: Direct cost is the cost incurred by the organization while performing their core business activity…

A: Lets understand the basics. Cost are dividend into two parts which are, (1) Direct cost (2) Indirect…

Q: A report that lists the types and anmounts af costs incurred in manufacturing is a: Multiple Choice…

A: Introduction:- A cost sheet is a statement that exhibit the various components of total cost for a…

Q: In each blank next to the following terms, place the identifying letter of its best description. 1.…

A: 1. Cost center--A. Incurs costs without directly yielding revenues.2. Profit center-- F.Incurs costs…

Q: Which of the following is the primary source of revenue for a service business?A. the production of…

A: A service business seems to be a firm that offers professional services to its customers. The…

Q: Assume you have just been hired as the management accountant in charge of providing your firm's…

A: Value chain is the model of business, which states the activities full range required to create the…

Q: Represent (In Figure form) the Income Statement of Service and merchandising sector company.

A: Income statement is described as a financial statement which consists of the revenues and expenses…

Q: Lewis Corporation has two service departments: Data Processing and Administration/Personnel. The…

A: Lets understand the basics. In step method of allocation, service department cost is allocated to…

Q: What term describes all business processes associated with providing a product or service? O The…

A: A product is a tangible item that can be sold to the customers. Service is an intangible item which…

Q: Explain the most likely main objective of the managers of each of these businesses?

A: Every organisation has certain goals and objectives which should be achieved during the year of the…

Q: For each of the following support departments, identify a cost driver that could be used for…

A: A cost driver seems to be the source of a cost that has an impact on the overall cost. For instance,…

Q: Assume you have just been hired as the management accountant in charge of providing your firm’s…

A: Value chain is the model of business, which states the activities full range required to create the…

Q: A central issue in reporting on industry segments of a business enterprise is the determination of…

A: Segment Reporting Generally given as disclosure in the financial statements. Reporting in financial…

Q: Which income statement is most appropriate for a manufacturing business

A: >Income Statement can be prepared as a:--#1: Single Step Income Statement, or--#2: Multi Step…

Q: Identify the correct statement with respect to manufacturing and merchandising companies in general…

A: A merchandising firm is one of the most common types of business. A sales firm is a business that…

Q: ____ 1. General-purpose reports ____ 2. Reports are used internally ____…

A: Financial Accounting: Financial accounting is done to prepare financial statements by the company…

Q: Cost and management accounting A. require and entirely separate group of accounts than financial…

A: The prime aim of cost accounting is to assist or aid the management in a cost control structure and…

Q: Describe the following activities as unit-level, batch-level, product-level, or facility- level. a.…

A: Manufacturing overhead costs: The costs, which do not relate directly with the manufacturing of…

Q: Compare and contrast the different cost accounting documents commonly used by corporations. Complete…

A: The raw material is an inventory posted under the head current asset in the balance sheet of the…

Q: Q3 There are three types of organizations namely manufacturing, services and trading sectors,…

A: Choosing of Service organization : Service organization provides various services to the society and…

Q: Give four examples of firms you think would be significant users of cost management information

A: Cost management is a process of planning budgets, setting standards and reducing costs. Cost…

Q: Value chain classifications Match each of the following cost items with the value chain business…

Q: Pick one of the following industries - research a company in that industry and discuss the…

A: Professional service refers to the service which needs a specialized skill and knowledge, generally…

Q: The nature/type of enterprise can change altogether the category into which a particular activity…

A: Operating activities are the activities that are related to the main business of the company.…

Q: The accounting department of a manufacturing company is a(n) investment center. cost…

A: Investment center is a department or part of the organisation which is measured and evaluated by the…

Q: Define Operating cycle of Merchandising Company,

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Concepts and terminology From the choices presented in parentheses, choose the appropriate term…

A: Production costs: Costs that are incurred in the production of goods are called production costs.…

Q: The cost centre investment centre is a business sector that is responsible for all of its income and…

A: The excess of revenues over expenses is defined as the net profits of the organization.

Q: Which of the following gives the basic factors of business operations of which their…

A: Cost volume profit relationship in the business says that there is a relationship exists between…

Q: Present the following: Definition of managerial accounting Role of managerial accounting and the…

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

Q: Managerial accounting is applicable to service entities. manufacturing entities. Onot-for-profit…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: 2. Provide an example of a manufacturing-, merchandising-, and service-sector companies 3.

A: Companies in the manufacturing sector purchase raw materials and components and then turn them into…

Question

There are three types of
organizations namely
manufacturing, services and trading
sectors, choose any one organization
from each sector of your choice and
name 5 Assets, Liabilities,
Expenses and revenue from them.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Classify the following activities as per value chain analysis: 1.Communication, pricing and channel management 2.Installation, repairs & replacement 3.Planning and management 4.Infrastruacture of the company
(Segmented Reporting) Carlton Company is involved in four separate industries. The following information is available for each of the four industries. Check the below image for information. InstructionsDetermine which of the operating segments are reportable based on the:(a) Revenue test.(b) Operating profit (loss) test.(c) Identifiable assets test.
Two or more operating segments may be aggregated into a single operating segment if the segments have similar economic characteristics, and the segments are similar in which of the following respects: I. the nature of the products and services II. the nature of the production processes III. the type or class of customer for their products and services IV. the methods used to distribute their products or provide their services V. if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities
Choose the correct. Which of the following statements is true for a company that has managers responsible for product and service lines of business and managers responsible for geographic areas (matrix form of organization)?a. Under U.S. GAAP, the company must base operating segments on geographic areas.b. Under IFRS, the company must base operating segments on product and service lines of business.c. Under U.S. GAAP, the company may choose to define operating segments on the basis of either products and services or geographic areas.d. Under IFRS, the company must refer to the core principle of IFRS 8 to determine operating segments.
Which of the following statements is true for a company that has managers responsible for product and service lines of business and managers responsible for geographic areas (matrix form of organization)?a. Under U.S. GAAP, the company must base operating segments on geographic areas.b. Under IFRS, the company must base operating segments on product and service lines of business.c. Under U.S. GAAP, the company may choose to define operating segments on the basis of either products and services or geographic areas.d. Under IFRS, the company must refer to the core principle of IFRS 8 to determine operating segments.
Perform a vertical analysis on both companies. Comment on at least three points, interpreting the data into management information
In relation to the 'Six Capitals' listed in the Integrated Reporting Background Paper-Capitals, briefly explain how a company might improve its reporting on each of these resources
A central issue in reporting on industry segments of a business enterprise is the determination of which segments are reportable. Required: A. What is a reportable segment B. Explain how a preparer would determine which operating segments to report segment information for. C. What types of segment information must be reported?
Each economic event in an REA diagram is always a. linked to at least two resource entities. b. linked to two external agents. c. linked to two internal agents. d. linked to another economic event. e. linked to a support event.
Identify and Classify the following activities as per their respective categories under Value Chain Analysis: 1.Communication, pricing and channel management 2.Installation, repairs and replacement 3.Planning and management 4.Inputs in to final product
Below are four levels of ERP value realization: a. printing invoices b. production and inventory management + a. c. accounting and finance information integration + a. + b. d. company-wide resource integration Please explain the progress/improvement a company makes from level a. to b., from b. to c., and from c. to d.
Segments are uniquely identifiable components of the business and can be categorized by all of the following except _______. A. products produced B. services provided C. geographical location D. number of employees