Why is accounting said to be ‘political’ in nature? How can a conceptual framework help in the setting of accounting standards in a political environment?

Q: The following questions relate to the apparent divergence in view between the standard setters and…

A: Historical cost takes into account the item's original price at the time and place of purchase. In…

Q: 12. The partnership agreement of Walter, Xylo, and Yamete provides for the following profit-sharing…

A: Partnership is the arrangement between two or ore parties to start and manage a business and share…

Q: Salem Company has outstanding $100 million of 7% bonds, due in 7 years, and callable at 104. The…

A: Loss on redemption represents that the carrying value of the bond is lower than the amount paid for…

Q: A company assigns overhead cost to completed jobs on the basis of 120% of direct labor cost. The job…

A: Manufacturing Cost :— Manufacturing cost is the sum of costs of all resources consumed in the…

Q: 12. The partnership agreement of Walter, Xylo, and Yamete provides for the following profit-sharing…

A: Share of Profit in Partnership The profits and losses of the business are divided among the partners…

Q: erritory and Product Profitability Analysis Coast to Coast Surfboards Inc. manufactures and sells…

A: Contribution Margin :— Contributions Margin is the Difference Between Sales & Variable Cost of…

Q: Questions 4 and 5 are based on the following: For several years, Peejay and Joshua have been…

A: Sole proprietorship: - It is the simplest business form under which one can operate a business and…

Q: The following information was taken from the records of Blue Inc. for the year 2025: Income tax…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Pandora Hardwood Products uses standard costs in a process cost system. At the end of the current…

A: A budget is a tool to predetermine estimated revenue and estimated expenses. Every organization…

Q: Purchase various shop supplies from CAPA Auto Parts; the cost was $1400, due in 30 days. In accrual…

A: Lets understand the basics. There are one of the two type of accounting system is followed by the…

Q: ABC company produces and selling a single product. The following information relates to their…

A: Direct Material Budget :— A direct materials purchases budget calculates how much material is…

Q: sits and foreign currency deposit act of the philip

A: Bank deposits refer to the concept when a bank account holder submits his or her money into his…

Q: The managing director of Zambia plc has devolved some decision making to operating divisions but…

A: Given => 75,000 units were sold                 Total Unit Cost = K9                 Variable…

Q: Uses of accounting in day to day life

A: Accounting is the study of where your money comes from and goes.You have thoughts about them…

Q: a) Explain the purpose of a cost quality report     (b) Drury-Management & Cost Accounting-…

A: The word "cost of quality" refers to a system that enables a company to assess how much of its…

Q: Problem 18: Predetermined Factory Overhead believes that the company would be better if it will use…

A: Predetermined Overhead Rate :— It is calculated by dividing total budgeted overhead by estimated…

Q: Charlie Corporation provided the following account balances for the year ended December 31: Selling…

A: Ending balance of the inventory means the raw material, work in process and finished goods left with…

Q: A company finds that, on the average, two of its engineers, always travelling together, spend 60…

A: The management of the company is responsible to control the costs. The company has to incur various…

Q: On 1 January 2022, ABC Industry received 10,000 emission allowances at no cost from the Government.…

A: For decades, the research community, government regulators, and other varied organizations have…

Q: Company A purchased 44% ($250,000) of Company b in common stock at an 8% discount. He paid $5,700 in…

A: while making calculation of investment in Company b , common stock will deducted by the discount…

Q: Accounting Grady received $8,320 of Social Security benefits this year. Grady also reported salary…

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Q: Stairway Company sells a single product. The company's most recent income statement is given below:…

A: Variable costs change directly with the change in the number of units sold.  So variable cost is…

Q: DEF partners, whose capital balances totaled P 400,000 decided to admit G who invested P 120,000…

A: Partnership is one of the form of business organisation, under which two or more than two persons…

Q: onsider the following information for Sanchez Corporation for the year ended December 31, 2022.…

A: The question is based on the concept of Cost Accounting.   Cost of goods manufactured is…

Q: 9. On January 1, 2016, AB and QR agreed to form a partnership. The following are their assets and…

A: A partnership is a kind of business structure in which two or more people agree to carry out…

Q: Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on…

A: Bond :— Bonds are also known as fixed income instruments & are used by governments or companies…

Q: What are the best accounting practices for online businesses?

A: Online business are more wide than offline business, because online business have large number of…

Q: In the following scenario you are the CEO of a corporation (please answer A, B & C) Your company…

A: Decision on Outsourcing or Retention of Employees Due to misconceptions, many businesses shy away…

Q: a. Product testing. b. Product recalls. c. Rework labor and overhead. d. Quality circles. e.…

A: The expense incurred to stop or avoid a product's quality issues is referred to as the prevention…

Q: If your cost of goods sold for the year was $825,000, with beginning inventory of $240,000 and…

A: The inventory turnover ratio is a kind of efficiency ratio that indicates the number of times…

Q: Due to erratic sales of its sole product, a high capacity battery for laptop computers, Salcedo…

A: Based on the data given for the recent month, Variable expense per unit = 7,995,000/19,500 units =…

Q: 12. The partnership agreement of Walter, Xylo, and Yamete provides for the following profit-sharing…

A: Partnership: It implies to a formal agreement between two or more people who agree to conduct a…

Q: rchased a new car in Jan 2022 which cost $60k. The car is his main vehicle for the year which he…

A: AGI stands for Adjusted gross income and refers to the gross income gained by an entity after…

Q: Required: • General Journal • Trial Balance • Ledger

A: In the initial process of accounting cycle, first journal entries are being recorded by atleast…

Q: Problem 13 The Eduardo Company, an SME, started in business on January 1, 2019, by acquiring three…

A:

Q: If NZ$=A$0.75 and A$1=£0.5 then what is the £/$NZ exchange rate? A. NZ$1 = £0.5 B. NZ$1 = £0.75 C.…

A: Cross Rates in Forex :— A cross rate is a foreign currency exchange transaction between two…

Q: QUESTION FOUR Elements of financial statements are prescribed by the Conceptual Framework of…

A: The main elements of financial statements are as follows: Assets.  Liabilities. Equity.  Revenue.…

Q: On November 1, 2022, Roberts Inc. provided consulting services in exchange for a one-year, 10%…

A: Promissory Note :— It is type of document that says promisor to say certain amount of sum to…

Q: According to the textbook, the definition of asset is "asset are resources that are controlled by a…

A: The balance sheet may be broken down into two categories, assets and liabilities, in its most basic…

Q: Tortoise, Inc., had a cost of goods sold of $44,921. At the end of the year, the accounts payable…

A: Days payable outstanding indicates the average time within which an entity can pay off its creditors…

Q: Required: • Income statement of 2019 • Income statement of 2020

A: Income statement is one of the useful financial statement being prepared in business for reviewing…

Q: In 2022, Sheryl is claimed as a dependent on her parents’ tax return. Her parents report taxable…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: On April 30, 2021, one year before maturity, a Corporation retired $500,000 of 6% bonds payable at…

A: Repurchasing previously issued bonds from investors is referred to as retiring bonds. At the time of…

Q: JC Company sells various merchandize ( building materials, stationery, house hold goods, and assortd…

A: Every business wants the public to know their business and for this company makes the statements or…

Q: A, B, and C are partners and share profits and losses as follows: Salaries of P40,000 to A; P30,000…

A: Share of a partner in a partnership profit includes all kinds of payment whether it is called…

Q: Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies…

A: Unadjusted trial balance refers to the form of trial balance that lists all the accounts which will…

Q: 31. Retained earnings balance is: 32. Accounts payable amounts to: 33. Inventories amount to: 34.…

A: Gross income is the income which has been earned by the company when the cost of goods sold which…

Q: Food From Heaven, Inc. (FFHI) sells loose biscuits for P5 per unit. The fixed costs are 210,000 and…

A: Break even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…

Q: Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials…

A: preparation of subsidiary ledger under FIFO method and calculation of inventory balance at the end…

Q: Prepare Cost of Production Report using FIFO Method.

A: Process cost accounting is one of the cost accounting method, where products has to go through…