Accounting is an art of collecting, recording, summarizing and presenting the financial information in a meaningful output. The person who does the accounting is called "Accountant". The accountant follows some principles to do the accounting; the principles are called 'Accounting Principles". Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product. To Indicate: The difference between the clock card and time ticket and why both should be compared
Solution Summary: The author explains that accounting is an art of collecting, recording, summarizing and presenting the financial information in a meaningful output.
Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.
Chapter 10, Problem 7CDQ
To determine
Concept Introduction:
Accounting is an art of collecting, recording, summarizing and presenting the financial information in a meaningful output. The person who does the accounting is called "Accountant". The accountant follows some principles to do the accounting; the principles are called 'Accounting Principles".
Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.
To Indicate:
The difference between the clock card and time ticket and why both should be compared
Describe the types of application control used for the following data in a payroll system.a. Employee nameb. Employee numberc. Social Security numberd. Rate per hour or salarye. Marital statusf. Number of dependentsg. Cost centerh. Regular hours workedi. Overtime hours workedj. Total employees this payroll period
Payroll accounting, has to do with "piece-rate employee overtime":
The problem is attached. My question is how is "gross earnings" of $1021.01 derived?
How do you find and calculate FUTA and SUTA on payroll register?