COTB MC Qu. 6-67 (Algo) Assume the following information for a... Assume the following information for a company that produced 10,000 units during its first year of operations and sold 8,000 units: Per Unit $ 75 $ 50 $10 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Multiple Choice If the company's absorption costing net operating income during its first year of operations was $73,000, what was its variable costing net operating income during its first year of operations? O O $33,000 $113,000 $133.000 Per Year $13,000 $ 300,000

Q: Attributes about an entity- Select one. O a. Database O b. Record O c. Field O d. File

A: Attributes about an entity are fields.

Q: Define terminal date

A: Answer: In finance, horizon date is called as terminal value. It is the date from which individual…

Q: Plane CC was registered on 1 August 2015. The founding statement of the Close Corporation (CC) sets…

A: The main purpose of preparing an appropriation account in the partnership firm is to determine how…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Name and explain different disclosure practice.

A: Disclosure accounting refers to displaying important information for investors. It is important for…

Q: Show how to insert formula in excel

A: Perpetuity: It is a stream of cash flow that is presumed to continue for an indefinite period.

Q: Define registration statement (S-1)

A: For public organizations situated in the US, SEC Form S-1 is the underlying enrollment structure for…

Q: Different ___________ are separated by definite visibleboundaries

A: The answer is provided as follows:

Q: Distinguish between source and voucher papers

A: Given : This question explains about distinguish between source and voucher papers.

Q: How should documents removed from workpapers be treated?

A: Workpaper is the most important part of the audit. It contains all the documentation regarding the…

Q: what is an example of data flow diagram, fixed asses system?

A: A data flow diagram (DFD) refers to a graphical representation of a flow of any information or…

Q: In a data visualization, the vertical axis typically shows __________.   Multiple Choice   values…

A: A column chart will include data labels along the horizontal (X) axis with measured metrics or…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: B. Working trial ba C. Control accoun

A: The correct answer is  a. Lead schedule

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: Explain the problems associated with lack of auditor independence.

A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…

Q: What exactly are reversing entries, and why do we need them?

A: Journal entry is the entry which is made at the date on which the transaction which relates to the…

Q: Please see images

A: Inventory is the goods and material a business holds for resale. LIFO:-  As the name suggests Last…

Q: Explain an example of source documents.

A: Source documents: The documents which contain evidence of accounting data to record the transactions…

Q: Describe the alternative approach to record prepayments.

A: Prepayments are the amounts paid in advances for expenses of future period. Alternative approach to…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: When are adjusting entries made to the worksheet, and what is their purpose? When are the…

A:

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: Differentiate between letters, memo and report?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What are reversing entries, and how do they work?

A: The journal entries recorded would be general entries, adjusting entries and reversing entries.…

Q: How do you make a two-dimensional columnar chart in excel?

A: The objective of this question is to create a two-dimensional columnar chart in Excel. This type of…