discuss in brief the different accounting branches with their major objectives
Q: GABRIANA PHARMA To our hardworking medical representatives: I am glad to inform you of our new…
A: Fixed cost refers to those which which remains same i.e. it doesn't changes with the changing level…
Q: Pringle Corporation a
A:
Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…
A: Inventory sold on credit is worth $650. The terms of Inventory is 3/10 which means if the inventory…
Q: Assuming a 360-day year, proceeds of $52,258 were received from discounting a $52,919, 90-day note…
A: Introduction:- A note is a written promise to pay a specific amount of money at a specified period…
Q: The following transactions has transpired during 2021: a. Furniture & fixtures was purchased on…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: A machine with a cost of $55,000 has an estimated residual value of $3,852 and an estimated life of…
A: A double-declining balance method is an accelerated depreciation method Using this method, the value…
Q: Required Determine the variance for the following: i) Direct material price ii) Direct material…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The following transactions has transpired during 2021: a. Furniture & fixtures was purchased on…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Required Provide the necessary journal entries to correct BSW's accounts in 2019 and 2020
A: In 2019, there is the requirement to put one journal entry to record promissory note which BSW has…
Q: Consider a machine which costs $115,000 now and which has a useful life of seven years. This machine…
A: The following the information in the question: 1. Machine which costs $115,000 2. Useful life of…
Q: You own and manage a small hotel. The annual costs are the following: • electricity, phone, internet…
A: Accounting income means total revenue less total expenses. It only consider cash inflows and out…
Q: Define return on sales ( or profit margin).
A: Financial ratios represent the accounting ratios computed by the management by using elements of…
Q: Explain why accurate accounting information and audited financial statements are important.
A: Accounting- Accounting is the process of collecting unorganised information, analysing it, arranging…
Q: Signature Scents has two divisions: the Cologne Division and the Bottle Division. The Bottle…
A: Given: The Bottle Division has sufficient capacity to meet all external market demands in addition…
Q: Candra GmbH obtains two products from a common input, Crude Oil. Joint processing costs up to the…
A: Further Processing of Product: The decision of whether to sell a product now or continue processing…
Q: Harvest Inc. produces and sells a single product. The selling price of the product is $200.00 per…
A: The contribution margin is a metric that shows how much a company's net sales contribute to fixed…
Q: Mr. Nirmal has the following transactions in the month of April. Write Journal Entries for the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The…
A: Basic earnings per share Branch Manufacturing income from operations 125000 Short Retail…
Q: The interest on a 6%, 60-day note for $5,000 is $300. O True O False
A: Interest = Note value × Interest rate ×60/360
Q: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable…
A: The inventory turnover ratio indicates the number of times inventory turns to sales. It can be…
Q: Direct materials variances The following data is provided for Bellingham Company: DATA 2.5…
A: Variances are a method to analyse the difference between the standards set and the actual…
Q: 1. It is assumed that the land was sold by Bright Company to Avrill Company and PT Saman still owns…
A: Given in the question: 2015 2016 Bright Company's Separate Income 300000000…
Q: A pair of twins were given $20,000 on their birthday in 2020. One twin purchased a car for $20,000…
A: When car is purchased then it is recorded as fixed asset and depreciation is charged every year on…
Q: A, B, and C are partners who each donated P6,000.00, P4,000, and P4,000, respectively, and…
A: The Accounting Information System (AIS) provides data that is needed for decision-making. It…
Q: QUESTION ONE On January 1, 2022, London CO. made an investment in $40,000 of the 9%, 5-year bonds of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Auto sales at Carmen's Chevrolet are shown below. Using a 3-week moving average, what is the…
A: Working:
Q: Explain the term income statement.
A: The income statement (IS) is one of three financial statements (FS) which records the financial…
Q: Thompson Company gathered the following reconciling information in preparing its October bank…
A: Cash: The term "cash and cash equivalents" refers to the line item on the balance sheet that…
Q: Kelley paint company uses the weighted average method to aacount for costs of production.…
A: The four steps in assigning cost to units completed and transferred out are (a) Summarize the…
Q: Toll ing: Attempt of financial Accounting a) Limitations b) Convention of Materjality c) Real A/C d)…
A: Accounting: It is a process of recording, classifying, summarising, interpretating and analysing of…
Q: Using the MACRS three-year table, how much will a $1,000 cell phone be worth after 2 years (the book…
A: Answer:- MACRS meaning:- MACRS is the acronym of the the modified accelerated cost recovery system.…
Q: Gifern Pineda, a CPA put up an accounting firm on December 1, 2019. The following transactions were…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Journal entries Window World extended credit to customer Nile Jenkins in the amount of $134,900 for…
A: N/150 means term credit is allowed to 150 days. On non payment of debts on time it's recorded as bad…
Q: The allowance method of estimating uncollectible accounts receivable based on an analysis of…
A: >Bad Debt Expense is recorded using two methods: #1: Direct write off method: Expense is…
Q: If a prospect does NOT submit the initial premium with an application, the producer should…
A: Introduction: Agents are the ones who sell insurance. The agent's legal authority, which is…
Q: Corny and Sweet grows and sells sweet corn at its roadside produce stand. The selling price per…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: Agritech constructed an warehouse with the capacity storage of 25,000 MT of products at the cost of…
A: Depreciation is an method used to record the assets value which was over the period of time gone…
Q: 5
A: Lets understand the basics. For inventory valuation, there are various methods follows which are,…
Q: Which of the following choices correctly denotes factors that can influence a company's pricing…
A: Pricing a product or service is an important task for every organisation. It is the basis for the…
Q: If the selling price per unit is $50, the variable expense per unit is $20, and total fixed expenses…
A: Contribution margin ratio = Contribution margin / Selling price = ($50 - $20) / $50 = 60%
Q: Journalize the following business transactions in general journal form. Identify each transaction by…
A: The journal entries are prepared to record the transactions of business on regular basis.
Q: Within corporate governance, discuss the agency theory, stewardship theory, and stakeholder theory.…
A: Corporate governance refers to the system which formulates the desired set of rules and regulations…
Q: Skane Shipping Ltd. (SSL) operates a fleet of container ships in international trade between Sweden…
A: Here discuss about the details of total revenue, cost and income taxes and total taxes which are…
Q: Do you want to make a double entry? On November 7, 2021, a fire broke out at the store, destroying…
A: When there is a loss of goods by fire, an expense account is debited named loss by fire account and…
Q: Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services…
A: Balance sheet is the financial statement which is prepared for the purpose of knowing the financial…
Q: Earnings per share Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow:…
A: Earnings per share can be defined as the ratio of net income available for common shareholders and…
Q: Morris Lann works for Talbert Electronics. He is a shared employee; he works in the manufacturing…
A: For Calculating the Hundredth Hours system first to calculate the total minutes worked with which is…
Q: The fixed costs of Chun Company are $309,000 and the total variable costs for its only product are…
A: Contribution = Selling price - Variable cost Increase in contribution margin = 120 units × $100×55%…
Q: Explain the process of depreciation.
A: The depreciation is charged on fixed assets by the business to expense the value of fixed assets…
Q: Required information PA5-4 (Algo) (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO…
A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the…
discuss in brief the different accounting branches with their major objectives
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- Discuss the common goal that IASB, FASB and other regional accounting bodies intend to achieve by having a conceptual framework?Define International Accounting Standards Committee.Describe the difference between financial accounting and managerial accounting, highlighting their respective roles and objectives?