Managerial accounting is different from financial accounting in that
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A: Activity-based costing is used to distribute the overhead. in this overheads are allocated on the ba...
Q: Juarez Bullders Incurred $285,000 of labor costs for construction Jobs completed during the month of...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Prada Company maintains a mark up of 60% based on sales. The company's selling and administrative ex...
A: Solution: Sales = P1,440,000 Markup on sales = 60% Cost of sales = 40%
Q: Marigold Corporation sells 530 shares of common stock being held as a short-term investment. The sha...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
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A: Work in Process: Inventory is a financial term that alludes is the raw materials used to manufacture...
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A: Entries Particulars Debit Amount Credit Amount 1 Cash 2,150,000 Loss on sale of the ...
Q: Exercise 5-12 Analysis of inventory errors LO A2 Vibrant Company had $1,090,000 of sales in each of ...
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A: As per our protocol we provide solution to the one question only but as you have asked multiple acqu...
Q: Joint Products A, B and C are produced by JNT Corp. For the month just ended, these data are availab...
A: Average unit cost = Total Joint CostTotal No. of units produced Total joint cost = P49,830 Total no....
Q: PROBLEM 6. After its cost structure (variable costs P15 per unit and monthly fixed costs of P125,000...
A: The calculation for the above solution is given in the following steps for your reference.
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A: 1. Economical quantity method to order = 2*annual demand*ordering cost/carrying cost 2. Fixed Interv...
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A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect ta...
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A: Let the balance of capital account be X therefore , Cash balance = 0.7X Debtors balanc...
Q: Please explain assets?
A: The question has only asked for to explain assets. And the answer is as below; As per International ...
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A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of th...
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A: The direct sale of old partners share to new partner is not recorded in the books of partnership fir...
Q: 10. An example of a period cost is O advertising expense. O indirect materials. O depreciation on fa...
A: Introduction:- All costs are not related to production of a product is treated as period costs.
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A: answers:- Initial cost of R-19 = 0.05 * 1500 = 75 Annual savings of R-19 = 0.1 * 410 = 41 FW o...
Q: ASAP Kindly give a full explanation for each option why it is correct or why others are wrong 1...
A: Process costing is one of the important section of cost accounting, under which costs and expenses o...
Q: Which of the following best describes a contingent liability that is unlikely to occur?A. remoteB. p...
A: Contingent liabilities are those liabilities that will occur on the basis of future events. These li...
Q: Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the followi...
A: Lets understand the basics. As per IAS 2 " Inventory", inventory needs to record at the lower of cos...
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A: The debentures are the financial instruments issued to raise money from the market.
Q: 18. Which of the following cost allocation methods does not take into consideration that service cen...
A: The direct method is the simplest of the four. The direct method allocates the costs of each of the ...
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Q: QUESTION 11 Indicate whether each of the following costs incurred by a manufacture would be consider...
A: The product costs are the costs that are directly or indirectly related to production process, such ...
Q: A and B entered into a partnership agreement in which A is to have a 60% interest in capital and pro...
A: Solution: Total cash contributed by B for 40% interest = P100,000 Required capital of partnership = ...
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A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...
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A: Net Sales = Sales - Sales discount Sales discount = 2% Net sales = 100 - 2 = 98% Inventory purchase ...
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Q: Use the following information for the Exercises below. [The following information applies to the que...
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A: Under the job order costing system the cost of materials, labor and overhead is ascertained for each...
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Q: Kaumajet Factory produces two products: table lamps and desk lamps. It has two separate departments:...
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Q: Crazy Horse Corp. produces handcrafted coup sticks. The Sticks are sold $833. Selected data for the ...
A: * As per Bartleby policy, if the question contains multiple sub parts then answer first three only. ...
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A: answers 1. Petty Cash Payments Record Date Voucher No Amount Deposit Amount Withdrawn ...
Q: 24.8A The following is the cash book (bank columns) of F. King for December 2020: 2020 Dr £ 2020 Cr ...
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A: Lease- It is a contract in which the lessee leases an asset from the lessor for a predetermined peri...
Q: Which ofr the following Items is not a management concept that was created to improve company perfor...
A: Solution: Managerial accounting is an accounting system that is used mainly for internal purposes. I...
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- Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.What are the key differences between financial accounting and managerial accounting?Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
- Is there a way to prevent managers from focusing on accounting measures as performance measures?What are the main differences between managerial and external accounting? How does managerial accounting overlap with finance? What is the main criterion / dimension that makes it not a strict accounting but also a finance topic? How would you differ between managerial accounting and cost accounting? Name an example where managerial / cost accounting numbers are applied in financial / external accounting.Which of the following is a characteristic of Managerial Accounting? A) Users include investors and creditors B) Information is often available only after an audit is completed C) Financial reporting is relatively flexible without GAAP constraints D) Focus of information is on the whole organization
- Which statement is incorrect?a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts.b. Cost accounting is a tool of both financial accounting and managerial accounting.c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data.d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the paste. None of the aboveManagerial accounting reports are used by external users unlike financial accounting. TRUE FALSEConceptually, the main difference between financial accounting and managerial accounting is that _____.a. public accountants are engaged in financial accounting and private accountants are engaged in managerial accounting. b. financial accounting information is mainly designed for external users while managerial accounting information is designed for internal users. c. cost accounting is required for managerial accounting, but not for financial accounting. d. GAAP can be used for financial accounting, but not for managerial accounting. e. none of these.Which of the choices is correct?
- Following are aspects of accounting information. Classify each as pertaining more to financial accounting or to managerial accounting. 1. Primary users are external 5. Controlled by GAAP 2. Includes more nonmonetary information 6. Used in managers’ planning decisions 3. Focuses more on the future 7. Focuses on the whole organization 4. Uses many estimates and projections 8. Not constrained by GAAPDo not Copy What is the difference between managerial and financial accounting?Discuss specific characteristic differences we would expect to see in managerial accounting information as opposed to financial accounting information.
