Which of the following is NOT a period cost? Cost of a seminar concerning tax law updates that was attended by the company's controller. Depreciation of factory maintenance equipment Insurance on a company showroom where customers can view new products. Salary of a clerk who handles customer billing.

Q: An accounting intern for a local CPA firm was reviewing the financial statements of a client in the…

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: Classify each cost listed below as either product costs or period costs for the purpose of preparing…

A: We have the following question: Product Cost:  Product costs are the cost that are related to the…

Q: Which one of the following is an example of a committed cost? The cost of annual end of year…

A: Committed costs are that fixed cost which is incurred due to past commitments. Management commits…

Q: Why should an employee have some understanding of costing if they are not in the accounting…

A: Costing may be defined as, ''The techniques and processes of ascertaining costs''. It may further be…

Q: Which of the following is not likely to be treated as product cost? Depreciation on the factory…

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: Which of the following is not part of manufacturing overhead for producing a computer? a.…

A: Answer:   Option c.

Q: Which of the following is a common fixed cost to the salesdepartments in a department store?a.…

A:

Q: For which of the following reasons would David Laugherty, owner of the Laugherty Associates law…

A: Job Order Costing: The job order costing is a method of cost accounting. Under this method, costs…

Q: which one of the following is not an example of a committed fixed cost

A: The fixed cost which incurred due to the past commitments of the organisations is called the…

Q: SM, Inc. makes ski-boards in Davao. Identify the correct matching of terms. *       A. Fiberglass is…

A: Solution: The correct matching term is "Payroll taxes for workers in the Packaging Dept. are direct…

Q: Wages paid to laborers working in the manufacturing department is treated as an expense of?…

A: Wages: It can be defined as the amount that is paid to the laborers as remuneration for the work…

Q: The following is a list of costs incurred by several manufacturing companies: a. Bonus for vice…

A: Cost is the amount incurred by an entity as a consideration for of goods and services.

Q: Assume that you are preparing for a second interview with a manufacturing company. The company is…

A: Job costing includes the aggregation of the expenses of materials, overhead and labor for a…

Q: An entrepreneur of a custom sign company is reviewing reports showing the cost of printing machines,…

A: The key purpose of accounting is providing information to the users. This is done by using the…

Q: The following is a list of costs incurred by several manufacturingcompanies:a. Annual picnic for…

A: Product costs are those costs which can be specifically allocated to the products. It includes…

Q: Which of the following are parts S,G&A for General Motors? Cost of purchasing assembly line robots…

A: Solution SG $A expenses are those expenses which are related selling and administrative activities…

Q: Which one of the following is not an example of a committed fixed cost? a. The salary of the deputy…

A: Fixed cost refers to those cost which do not change with increase or decrease in production…

Q: Depreciation expense on an office copier used by the CEO in the administrative building is a product…

A: Product cost means cost which is incurred while producing the product where as period cost means the…

Q: What principles of accounting does it violated?

A: Accounting principle of 'Monetary unit' states- Transactions that carry a money value and stated in…

Q: Classify each of the following costs as manufacturing or non manufacturing: 1. Factory rental 2.…

A: Cost refers to the amount that is paid to obtain something or use to manufacture an item. COst is…

Q: Which one of the following is an example of a discretionary fixed cost? a. The depreciation cost of…

A: A discretionary fixed costs are those fixed which are avoidable for some shorter period and these…

Q: Ethics in ActionAvett Manufacturing Company allows employees to purchase materials, such as metal…

A: Brian has not acted in a morally responsible manner. He has put his own interest ahead of the…

Q: Which of the following accounts does a manufacturing company have that a service company does not…

A:

Q: Which one of the following is not an example of a committed fixed cost? O a. None of the given…

A: Introduction:- Fixed costs incurred irrespective of the manufacturing or sales level. Costs such as…

Q: An example of a nonproduction cost is   a.wages paid to assembly-line employees. b.manufacturing…

A: Cost of production means the addition of direct material , direct labor and factory overhead.…

Q: Which one of the following is not an example of a committed fixed cost? O a. The property taxes of…

A: Option c is correct.

Q: Oak Enterprises allows employees to purchase, at cost, manufacturing materials, such as metal and…

A: The company has a  policy  to sell goods to  its employees at cost. It means cost at which company…

Q: Which is exempt from VAT?

A: given    VAT is

Q: Which one of the following discretionary fixed cost? The salary of the deputy manager of the factory…

A: Discretionary cost is the cost can be eliminated or reduced without  at the discretion of the…

Q: Jeckel Manufacturing Company allows employees to purchase, at cost, manufacturing materials, such as…

A: Here, as per ideal policy of the company, they allows company to purchase manufacturing materials at…

Q: Can an accountant's job be delivered from home or onsite at the office? Why

A: Accountants work on various functions like financial accounting, management accounting, auditing…

Q: Classify the following costs of this new product as direct materials, direct labor, manufacturing…

A: The product costs are directly or indirectly related to the manufacturing of a product. The period…

Q: Which statement is NOT true? a. Business activities begin with the acquisition of materials,…

A:

Q: The cost paid to a laborer to assemble a desk is recorded as an expense. Why is this false?

A: Labor cost: Cost of labor refers to the compensation in the form of wages made to labor for their…

Q: You are a Tax Director in the following situations: a) A client of the firm has enquired about how…

A: The Tax Director directs and oversees the tax policies and objectives of an organization. Monitors…

Q: Which one of the following is an example of a period cost? A change in benefits for the union…

A: Period cost are the costs incurred periodically and which can not be allocated to any specific…

Q: Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and…

A: Expenditure Cycle is a process of purchasing of goods to their final payment.  Conversion Cycle is a…

Q: Which one of the following is an example of a committed cost? a. The salary of the marketing manager…

A: A committed cost is an Investment that an entity has already made and cannot recover by any means,…

Q: H. Jeckel Manufacturing Company allows employees to purchase, at cost, manufacturing materials, such…

A: Definition: Manufacturing businesses: This is a business that buys raw materials, processes those to…

Q: Which one of the following is an example of a discretionary fixed cost? O a. The property taxes of…

A: Discretionary fixed cost means that cost which is up to our discretion whether to spent it or not .…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.