What manager is generally in the best position to influence the direct-labor efficiency variance?

Q: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or dis...

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers ...

Q: How is the use of accounting information diverse and varied?

A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision...

Q: On the first day of the fiscal year, Shiller Company borrowed $26,000 by giving a three-year, 12% in...

A: Notes payable is a liability account to repay a particular amount in a given period of time, where a...

Q: During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation...

A: Once the journal entries are made, the next step in the accounting cycle is to post the journal entr...

Q: On 1 January 2018, Venus Ltd leased a new machinery from Global Ltd for three years. Annual payments...

A: Given: On 1 January 2018, Venus Ltd leased a new machinery from Global Ltd for three years. Annual p...

Q: How is the straight-line depreciation calculated?

A: Definition: Straight-line depreciation method: The depreciation method which assumes that the consum...

Q: How to determine the adjusted balance of Accounts Receivable by usind the analysis of receivables me...

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period ...

Q: Define goal congruence, and explain why it is important to an organization’s success.

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

Q: On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount...

A: A promissory note can be described as a legal document that documents a loan between the lender and ...

Q: What are the Capital Costs?

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products o...

Q: Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of ...

A:

Q: Frequency of Payments Number of Number of Annual Rate Years Involved Payments Involved Case A 10% 17...

A: Annuity: An annuity refers to the fixed cash flows that are received or paid by a person at defined ...

Q: When should the investment in working capital be treated as capital expenditure?

A: Working capital:   It is the form of capital used by the business for day-to-day operations. Working...

Q: TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018

A: Cash flow from operating activities: This is the first section of the 'Cash Flow Statement'. This se...

Q: Why are journals and ledgers not modeled in an REA diagram?

A:

Q: Explain the meaning of the Accounting Period Assumption. Why the Accounting Period Assumption is imp...

A: Accounting Principles:   The term "accounting principles" refers to the standards, guidelines or met...

Q: Which of the following cash flows results from an operating activity?   a. Paying dividends t...

A: Cash flow statement: It is one of the financial statements prepared at the end of a particular perio...

Q: Do you think legal feasibility is an issue for a system that incorporates the use of machines to sel...

A: Feasibility Study:   Feasibility study refers to the process that brings the elements of knowledge ...

Q: How can we calculate the total annual interest payment for a credit card debt of $ 1,000?

A: We should pay the credit card bill by the end of credit free period to avoid interest charges upon r...

Q: How can the retained earnings indicate the number of assets that the company has financed?

A: Retained Earnings: It is the amount which is earned by the company as a profit from business operati...

Q: Accounting Question

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: What does the Contribution margin equation express?

A: Break Even Point:                 Break Even Point is defined as the level where there is no profit ...

Q: What makes the cost-benefit analysis more difficult for information systems than most other investme...

A: Cost Benefit Analysis: Cost benefit analysis is conducted to determine whether the proposed system ...

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

A: Departmental cost allocation Departmental cost allocation refers to the allocation of overhead expen...

Q: How do strategic factors affect the proper use of relevant cost analysis?

A: Relevant cost: Relevant cost is a future cost that fluctuates across alternatives. The future cost i...

Q: In computing DD&A for a full cost company:   Group of answer choices A.  Leasehold cost is amor...

A: DD&A: It is the non-cash item and involves the three terms which are depreciation,  depletion, a...

Q: Trial Balance 30 June 2020 Account Name Debit ($) Credit ($) Cash at Bank 6 820   ...

A: Adjusting entries are passed at the end of the financial period to correct the account balances.

Q: Simeon, Inc. markets two computer games: Claimjumper and Makeover. A contribution format income stat...

A:   Contribution margin: The difference between the sales revenue and the variable costs is called con...

Q: What is Equilant cash value?

A: Cash and cash equivalents alludes to the detail on the balance sheet that reports the estimation of ...

Q: How do automated authorization procedures differ from manual authorization procedures?

A:

Q: What is a minimum attractive rate of return (MARR)?

A: Definition: Minimum Attractive Rate of Return (MARR): It is the minimum rate of return on the basis ...

Q: Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period ...

A: Financial statements are set up accounts that pass on the business exercises and the money related e...

Q: Which of the following accounts will usually appear in the post-closing trial balance?

A: Post-Closing Trial Balance:   After passing all the journal entries and the closing entries of the p...

Q: Sanders LLC purchased new packaging equipment with an estimated useful life of five years. The cost ...

A: Straight Line Method: It is a method  of calculating depreciation , amortisation on asset over a lon...

Q: What are the purposes of the following documents:(a) material requisition form, (b) labor time recor...

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With th...

Q: Define the term accumulated depreciation and amortization?

A: Accumulated Depreciation and Depreciation. Every asset’s value decreases over time the reason being ...

Q: You purchased a stamping machine that cost $60,000 five years ago. At that time, the machine was est...

A: Definition: MACRS is a modified accelerated cost recovery system. In this system, depreciation rates...

Q: Managers often assume a strictly linear relationship between cost and the level of activity.How can ...

A: The managers often assume the strictly linear relationship between the cost and the level of activit...

Q: What are the five control implications of distributed data processing?

A:

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.