Under the historical cost accounting model the financial statement that is regarded as the most important is: Select one: a. Balance sheet b. Cash flow statement c. Income statement d. They are all equally important

Q: Explain the following basic principles in cost management: a. profits b. life cycle costs c.…

A: basic principles in cost management explained Indirect costs Expenses which are  not readily…

Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…

A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…

Q: Preparing profit and Loss account and balance sheet is the objectives of a. Cost Accounting b. All…

A: The main aim of financial accounting is to show the financial performance of the company from doing…

Q: The normal ordering of items in the income statement would be best illustrated by which of the…

A: INCOME STATEMENT IS ONE OF THE FINANCIAL STATEMENTS IF THE COMPANY WHICH SHOWS THE REVENUE'S AND…

Q: How the system of cost accounting has overcome the limitations of financial accounting. Explain it…

A: Cost Accounting -: Cost accounting is a procedure of administrative accounting that aims to…

Q: which of the following would be considered in the calculation of gross profit?  Sales and returns…

A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…

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: Explain why the income statement can also be called a “profit-and-loss statement.” What exactly does…

A: Income statement is a part of financial statements which is prepared at the end of accounting…

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: The functional presentation of expenses in the income statement is usually shown by grouping into…

A: An income statement is one of the mandatory financial statements prepared by the company to…

Q: The functional presentation of expenses in the income statement is usually shown by grouping into…

A: Solution 1: True, The functional presentation of expenses in the income statement is usually shown…

Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.…

A: Financial accounting helps in preparation and presentation of financial statements Taxation…

Q: Distinguish between gross profit margin, operating profit margin, and net profitmargin and provide…

A: To distinguish between the gross profit margin, operating profit margin, and net profitmargin and…

Q: The "Cost of goods sold" account is associated with which of the following major categories? O…

A: The direct cost which is expended for the production of the goods is known as COGS. It includes…

Q: Operating expenses are comprised of the following: O General and Administrative Expense, Cost of…

A: Operating Expenses (OpEx) are those expenses which are directly associated with the day to day…

Q: Which of the following statement is correct for relevant costs? a. It is avoidable, future and…

A: Relevant cost are those costs which are relevant for decision making. A cost is judged to be…

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: DIRECTION: COMPLETE THE FOLLOWING TABLE SELLING PRICE , COST, MARKUP, MARK-UP BASED ON SELLING…

A: Mark up refers to the difference between the selling price and cost price of the goods and services…

Q: Define single-step income statement

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: In a restated set of financial statements prepared in accordance with the current cost accounting,…

A: Realized gain is the gain on sale of the asset where its cost price is less than the selling price.…

Q: I need exampel on: Price - to -earning ratio Price book ratio Price to cash flow ratio

A: Price Earnings Ratio: It is the connection between an organization's price of stock and the EPS…

Q: Define accounting profit

A: The profit earned by an entity after considering all the cost and expenses accruing to the entity…

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: 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: Who are the focused users/stakeholders of financial accounting and cost accounting?

A: Financial and Cost accounting are the major accounting area in an organization. It will helpful to…

Q: Present the information in a multistep income statement

A: Income statement:   It is a financial statement prepared by a company that reports revenues and…

Q: Is the matching of costs and revenue a basic accounting principle?

A: Accounting Principle: The set rules which defines the way account should be prepared is known…

Q: Operating expenses are comprised of the following: General and Administrative Expense, Cost of…

A: Solution Concept Cost of goods sold includes the direct material and direct labor and shall be…

Q: Financial accounting is concerned -3 * with a- analysis and classification of cost elements b- the…

A: As per our honor code, I can answer only first question. If you want the answer for unanswered…

Q: Explain the following and describe its impact on the financial statements: a. cost principle b.…

A: Financial statements are written records that present the business activities and the financial…

Q: Under what type of responsibility would cost accounting go under? managerial accounting, tax…

A: Cost accounting is a branch of accounting which is used to determine the costs of different…

Q: A multi- step income statement ___________. A. Seperates cost of goods sold from operating…

A: Mutli step income statement means an income statement where first gross profit is calculated by…

Q: What do the following accounting terms and principles mean: Please define and provide an example of…

A: Matching Principle: This principle says to report all related expense and related revenue in the…

Q: total net revenue

A: Statement of comprehensive income is a part of financial statements which shows the net income from…

Q: Cost Accounting verity more from Financial Accounting? True Flase

A: Cost accounting can be defined as an important branch of managerial accounting under which the…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Cost of…

A: Definition: Financial Accounting: It refers to the process of recording the financial transactions…

Q: Choose acceptable income statement account names and describe the most frequent operational…

A: The Answer

Q: ver and Short account: Choice Is used to record the income effects of cas

A: The cash over and short account is an expense account used to record the difference of the physical…

Q: Meaning of accounting principles with examples: i. Money measurement concept ii. Dual aspect concept…

A: Accounting principles are the defined rules which are required to be followed by each company and…