Explain how directmaterials standards and directlabor standards are set

Q: What are the fundamental objectives of all information systems?

A:

Q: Discuss how the elements of efficiency, effectiveness, and flexibility are crucial to the design of…

A: Information system is a system which consists of some interrelated components which stores, edits…

Q: Define LIFO conformity rule.

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Define value of operations, Vop

A: Definition: The Present Value of all future free cash flows which are discounted at the Weighted…

Q: Define composition

A: Composition: The composition is the act of putting something jointly, or the grouping of rudiments…

Q: Explain CMO Mechanics?

A: Collateralized mortgage obligation: It is a financial instrument that raises funds by…

Q: what type of information should be included in the systems analysis report?

A: System analysis is the examination of the business problem that organizations plan to solve with an…

Q: Discuss how conceptual and physical systems differ and which functions are responsible for each of…

A: Accounting Information System: The accounting information system refers to a system which helps in…

Q: what are the process of system flowchart?

A: System flowchart is the diagrammatically representation of how data (or information) flows from one…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: Define roadshow

A: Roadshow: Roadshow is a sequence of conferences across diverse towns in which topmost managers from…

Q: Describe WACC and its components.

A: WACC: The weighted average cost of capital (WACC) is a computation of   cost of capitalof a company…

Q: What is the purpose of physical contols

A: Physical controls are basically to safeguard the assets of the entity which are highly valuable. It…

Q: nat is the Production EC Company?

A: The cost of production for any company’s product must be determined in order to control cost and…

Q: Explain

A: LCNRV method means Lower of cost and net realizable value method.

Q: and maint system?

A: Given information : Initial expenditure = $20 million Time period = 180 years Periodic expenses =…

Q: How to calculate Specification identification

A: Inventory is considered as the items that kept in a business for production or sale or production.…

Q: Differentiate between physical units and equivalent units

A:

Q: explain the requirements for segment reporting, and calculate and interpret segmentratios;

A: Definition: Segment reporting: Segment reporting refers to the process of preparing accounting…

Q: Explain the relationship between MRP II and ERP.

A: Material Resource Planning II: An automated system which controls planning of inventory or raw…

Q: Discuss how the different between conceptual system and physical system and which function are…

A: Accounting Information System:  AIS collects, records, stores and processes accounting and other…

Q: Define and explain the significance of the term CMA.

A: Certified Management Accountant (CMA): CMA stands for certified management accountant. CMA…

Q: Describe The Standard-Setting Process.

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Explain the status and purpose of the Conceptual Framework.

A: Solution The purpose of conceptual framework for financial reporting is to assist the IASB in the…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: Define core applications, and give some examples.

A: Definition: Core application: Core application refers to the operational work and is mainly…

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact.…

Q: What is the objective of output controls? List and briefly describe different output controls.

A: Output control guaranteed that the program's result was precise and complete. Output control focuses…

Q: Write down the characteristics that defines operating segments.

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Define Physical location exchange

A: Exchange relates to a platform where the asking and bidding of various securities of different…

Q: Describe the features of JIT.

A:

Q: Define FIFO method

A: FIFO stands for , First in first out method , is an asset management and valuation method in which…

Q: List and describe the components of a SWOT analysis.

A: When an organization aims to study and understand the environment in which it operates, it performs…

Q: Describe about the concept of COGS.

A: Cost of goods sold (COGS): Cost of goods sold is the accumulate amount of all direct cost incurred…

Q: aw materials available for use under

A: Amount of Raw Material available for Use and Raw material Issued and Remaining Raw material…

Q: What are the major inputs to the MRP system?

A: The preparation of material requirements planning (MRP) is a method for measuring the materials and…

Q: Distinguish between ideal and practical standards.

A: There are 4 types of standards in accounting namely, 1. Ideal 2. Normal 3. Basic and 4. Practical…

Q: Define the term precision.

A: Introduction: Precision is the amount of information provided by a number in terms of its digits; it…

Q: Explain the objectives of FIFO method.

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: What is the difference between system software and application software?

A: System Software is the software type which is the interface between system & application…

Q: Identify the two main types of software.

A: two main types of software used in accounting -   ** tally software which is application software.…

Q: Define anchoring

A: ANCHORING- ''Anchoring is that the use of extraneous info, like the acquisition worth of a security,…

Q: Explain the concepts and principles which underlie the SMEs standard

A: The concept and principle of sme standard are as follows