The Changing Role of Accounting. Explain the following: 1. New technology in accounting 2. Diversified roles 3. The emergence of new sectors 4. Greater client focus

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A: Segregation of duties is an internal control procedure which requires more than one person to comple...

Q: An ideal standard Is the quantity of direct materlal required f a process is 100% efficient without ...

A: Introduction:- ideal standard costs are termed as perfect or 100% performance without fail. which co...

Q: Oriole Company purchased equipment that cost $2595000 on January 1, 2020. The entire cost was record...

A: Net Income is the amount of income that is calculated after deducting all indirect expenses and addi...

Q: 3. On January 10, 20X2, a promissory note was signed with the principal of One hundred forty-five th...

A: The promissory note is a note bearing a promise to pay a certain amount stated in the note clearly w...

Q: Big Rock has several investment portfolios with a local mutual fund company. One of the company’s d...

A: The question is based on the concept of Financial Management.

Q: 6.If return on investment is a measure used on the balanced scorecard, under which perspective  woul...

A: 6. Return on Investment measure is used under Financial Perspective. 7. Benchmarking is the process ...

Q: Which of the following should not be considered when determining the production budget for an accoun...

A: A budget is prepared by the management to estimate the future event. The production budget is used t...

Q: Based on your yearly income above, calculate the amount of tax each income bracket would pay under a...

A: Tax Liability: Tax liability refers to the amount of money owing by a person, a corporation, or anot...

Q: Ive tried asking this twice and neither time has the answer been accepted. Please, assist me!   Ch...

A: Blue Circle Corporation Cash Flow Statement (Indirect Method) For the year ended December 31, 20...

Q: Introduction and client background You are an audit senior in Riskam and Co and you are commencing...

A: Audit risks refer to that there exists a material misstatement in the financial statements while acc...

Q: The Performing Arts Club at your school wants to build a music studio. The studio would be available...

A: Financing small projects require low investments. There are various ways to fund small projects i.e....

Q: QUESTION TWO Hendry Limited produces a mini-kitchen called Town Cook, which is enjoying extensive po...

A: it is a traditional costing system for allocating various overhead incurred in production and sellin...

Q: Californian Wave Inc. is now at the end of the final year of a project. The equipment originally cos...

A: Given information, Original cost =P17,500 Depreciated=65% Tax rate =25% Selling price =P6,000    

Q: Calgate Company had the following shares outstanding and retained earnings at the end of the current...

A: Cumulative Preference Share: When a corporation goes into liquidation, cumulative preference shares ...

Q: 2017, Jett started work on a P35,000,000 co nformation was taken from Jett's 2017 acco P11.000,000 1...

A: Under percentage of completion method , the completion % is calculated by dividing the cost incurred...

Q: 1, 2021, Tim Co. sold 12% bonds with a face value of P600,000. The bonds mature in five years, and i...

A: Interest expense will be the sum of interest expenses for the first two semiannual periods. For this...

Q: The following balances are taken from the trial balance of Mike as on 31-03-2015. Debtors Bad Debt r...

A: Bad debt reserve is the balance of provision which is made for doubtful debts. Bad debts is the amou...

Q: 1. Equipment with an original cost of $75,100 was sold during the year. 2. New equipment was purchas...

A: The question is related to Cash Flow Statement. The Cash Flow Statement is summary of cash receipts ...

Q: Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)...

A:

Q: 8. $264,000 $105,600 $281,600 $158,400 6. $95,040 $57,024 3 $158,400 $63,360 $344,960 10 $95,040 $38...

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated Depre...

Q: The following balances were extracted from the books of Jolo Enterprise as at 31st December, 2005. ...

A: Financial Statement - Financial Statement includes Income Statement, Statement of Owner's Equity and...

Q: On December 31, 2020, Balbond issued 3,000 of its 5-year 6%, P1,000 face value bonds at par. Interes...

A: The effective rate of interest paid is the effective interest rate. The target or required interest ...

Q: Does the net income amount reported on the Balance Sheet always reflect the increase in cash during ...

A:

Q: Debit Credit Clark Logan made cash investment in his business. 1 Cash Logan, Capital 2. An office eq...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: What role do management accounting principles and practices play in assisting managers in solving re...

A: Firm managers must manage people while also knowing the real world. To assure the firm's performance...

Q: On January 1, 2020, Ribond issued a 5-year 12%, P10,000,000 with detachable share warrants. Each P20...

A: On a firm's balance sheet, equity represents the investors' stake in the company. Equity is calculat...

Q: Adjustments: (1) Write off S6000 as Bad debts from Debtors. (2) Provision for doubtful debts at 5% i...

A:   Debtors 200000     Bad Debt Reserve 5000 Bad Debt  10000 Discount Allowed 600 Discount Rese...

Q: 1. Multiple-step and single step income statement. Holler, Inc. has the following data for the year ...

A: Net income is the excess of revenues over total expenses.

Q: 6. The difference between money and income is A) money is a flow variable and income is a stock vari...

A: 6) Stock and flow variables:  A stock variable is something that doesn`t depend on time rather it fl...

Q: Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purcha...

A: The T-accounts are prepared as posting of journal entries to the specific accounts. 

Q: Carleton Corporation distributes investment securities to each of its individual shareholders. The t...

A: Dividend income shall be Fair market value of securities less amount of loan still encumbered on sec...

Q: repare journal entries for 2021, 2022 and 2023. The bond nd retired bonds payable with face amount o...

A: A journal entry is used to document a business transaction in a company's accounting records. A jour...

Q: Kuzio Corporation produces and sells a single product. Data concerning that product appear below: Pe...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

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A: Savings in expenses refers to the amount by which a particular expense or a set of expenses are redu...

Q: 2. Which of the following statements describe the primary purpose of a general journal? A. The gener...

A: The Primary purpose of a general journal out of the above is that it provides an organized summary, ...

Q: Property tax adjustments for government-wide financial statements When Oscar City prepared its gover...

A: Solution Journal entry records financial transactions that a business engages throughout the account...

Q: to the individual or company that 3. A security is issues it. to the person who buys it, but A) asse...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: INSTRUCTION: Compute in the business. Income and losses after salary and interest were to be shared ...

A: Partnership alludes to the business model in which two or more individuals join the business to carr...

Q: On March 1, 2014, Medium Corp. issued at 103 excluding accrued interest, 1,000 of its 15% , P 1,000 ...

A: A bond is a fixed-income instrument that represents a loan made by an investor to a borrower.

Q: The object of distraint may either be personal and/or real properties of a delinquent taxpayer

A: Delinquent taxpayers are those taxpayers who did not pay the amount of taxes due till the deadlines....

Q: Problem 5-4 (IAA) On January 1, 2021, Lyka Company issued 12% bonds payable with face amount of P4,0...

A: bonds are considered to be debt instrument of the company whose payment are needed to be made by the...

Q: Can you have a negative gross profit and if yes, explain why.

A: Yes.

Q: The next two questions are based on the following information: Herald company, a jacket selling comp...

A: The income statement is prepared to record the revenues and expenses of the current period and find ...

Q: Question Content Area Cost of Production Report   Mochaccino Express Coffee Company roasts and pac...

A: The total cost of producing a product, including raw materials and operating costs, is detailed in a...

Q: 4. On January 31, 2021, partners L, M and N had the following loan and capital account balances (aft...

A: The partnership comes into existence when two or more persons comes together to do the business and ...

Q: ad assets with a book value of $240,000 and a market  value of $195,000, outside liabilities of $70

A: Book value=$240,000  market value= $195,000outside liabilities =$70,000  partner Able =$20,000 Able ...

Q: Using the Train act shown below, how much annual tax will be paid by a salesman who earns a basic sa...

A:                                       The Tax Reform for Accelaration and Inclusion Law [TRAIN Law] ...

Q: During the auditor's risk assessment procedures, a meeting was held together with the company's mana...

A: Assertion: For financial records and disclosures to be accurate and suitable, assertions must be exa...

Q: Amount 100,000 Account Lacson invested P100,000 cash in the a. Account debited Cash business b. Acco...

A: Sno Transaction   Account  Amount  1 Lacson invested P 100,000 cash in the business Account Debite...

Q: Pharoah Company purchased equipment that cost $3180000 on January 1, 2020. The entire cost was recor...

A: The depreciation expense amount for the year should be recorded as an expense. However, the asset is...