What is separation of duties? Give five examples?

Q: What are the four types of adjustments?

A: Four types of Adjustments are: a) Accrued Revenue: Revenue which have been earned but we have not…

Q: What are the three methods of departmental cost allocation? Explain how they differ, which is…

A: Departmental cost allocation Departmental cost allocation refers to the allocation of overhead…

Q: Distinguish between direct labor and indirect labor.

A:

Q: What are the four distinct categories of adjustments?

A: Adjusting entries in accounting are made with a view to accurately reflect the expenses and income…

Q: What is the separation of duties?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: 1a.What is an agency cost? What are its three components? Cite an example of each.

A: An agency cost is a concept which consists of a fee or expenditure for the actions taken by an…

Q: . What are the three principle objectives of cost accounting system?

A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…

Q: Differentiate between contract costing and service costing. Provide your answer in table form with 4…

A: Contract costing is a costing method used in contracts. Service costing is a costing method used in…

Q: What is meant by reporting the "principle of exceptions" as the term used in reference to cost…

A: The principle of exception is a supervision style of managers in which they take corrective action…

Q: Explain the four Types of Adjustment Entries?

A: Adjusting entries are those entries which are passed at the end of the year to accurately record…

Q: What are the four types of inventories and their differences?

A: Inventories are the goods that are available for sale or inputs through which goods are made are…

Q: 1. The internal control of separation of duties requires that employe

A: Internal control represents the activity of the company to detect the fraud and errors of the…

Q: List any four functions of management. Explain what type of cost management information is…

A:

Q: 5. Provide three reasons for allocating joint costs individual products or services.

A: Joint costs are costs that are incurred jointly on two or more products. Some of the joint costs can…

Q: relating to these four jobs follow:

A: Overheads are the various indirect material, labor, and other costs incurred during a manufacturing…

Q: Identify five differences between reserve and allowance?

A: Identify five differences between reserve and allowance:Allowance for Doubtful Accounts: This is a…

Q: What are the four basic steps involved in the execution of a nenemergency change order?

A: The change order is the order in which the specifications of particular material are changed or the…

Q: What are the three major OE/S processes and what are the subsidary processes of  each major process?

A:

Q: In a responsibility accounting system, should the recording of revenue and costs begin at the…

A: Responsibility center: A department or unit of a corporation where the management assigns the…

Q: Explain of two key levers- revenue and expenditure.

A: For any business to sustain and grow, there are five main levers that drives it. These levers…

Q: 1. How is the separation of duties performed

A: Separation of duties is also termed as segregation of duties. segregation of duties is internal…

Q: What is meant by the term responsibility accounting?

A: Introduction: responsibility accounting is the process of the controlling the cost by giving the…

Q: cost accounting is divided over three-phase. briefly discuss each what are the four control accounts…

A: Cost Accounting:- This is a form of accounting where a company calculates its cost of production at…

Q: Describe four purposes of cost allocation.

A: Pricing Decisions:Pricing decisions are those decisions that are related to ascertain the price of a…

Q: Define a provision, and give three examples of a provision.

A: Definition:   Liability: Liability is an agreement made by a company to pay a certain amount for the…

Q: Responsibility Centers include the following except: A) Profit B) Revenue C) Process D) Cost

A: These are the type of responsibility center i.e. expense center, profit center, investment and…

Q: Compare and contrast the four kinds of defective contracts.

A: A defective contract is one that lacks legal substance due to its incompleteness or inadequacy. A…

Q: The three major categories of agency costs are

A: Agency cost is considered as an internal cost, that arises from the actions of an agent who works on…

Q: Define the term service revenue.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: What is a fee income

A: Fee Income There are different ways an organisation can make the sources of income like sales…

Q: Name three types/categories of external stakeholders

A: Stakeholders is the wider term, it means group of people which help to run a business successfully.…

Q: What are the two phases of responsibility accounting?

A: Responsibility Accounting: The management of responsibility centers by the means of pre-determined…

Q: What is the basic purpose of inventories? In what five areas do they provide a buffer?

A: The inventory indicates the current assets of the corporation which is directly related to the…

Q: Explain the difference between line positions and staff positions.

A:

Q: What is your understanding about labor relation?

A: Labor relations seems to be the term used to describe the process through which employers and…

Q: What Is  the term Surcharging?

A: A surcharge could be a fee applied to a master-card transaction for the acceptance of the…

Q: What is meant byseparation of duties?

A: In every organization, separation of duties is one of the features which should be used for the…