What are the salient features and changes in the Government Accounting Manual? What problems or issues of the previous government accounting system that it tries to address?
Q: On January 1, 2021, Concretti Inc. had a division that met the criteria for discontinuance of a busi...
A: In financial accounting, discontinued operations are elements of a company's principal business or p...
Q: The company uses asset method to record payment for annual insurance amounting to P12,000.00. On Feb...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: ollowing a strategy of product Arseniq Company makes a high-er rseniq presents the following data fo...
A: Answer is option 4 i.e $ 650, 840 ( approx) ( F)
Q: On 1 July 2010 A Ltd entered into a leasing arrangement with B Ltd. The lease agreement included the...
A: Right of use assets is the sum of the present value of all lease payments including residual guarant...
Q: Ignore income taxes in this problem.) Your Company is considering a project with a 6-year life. You...
A: Computation of the net present value of the project is as follows:
Q: Balance sheet can be prepared in vertical, net asset and horizontal format. What is the difference b...
A: Balance sheet refers to the financial statement of the business entity. It is divided into two parts...
Q: A. Occurrence B. Completeness C. Rights and obligations D. Allocation or valuation E. Classification...
A: Solution:- Identify each of the following control activities and identify the management assertion t...
Q: The annual variable production costs for a plant operates at 70% capacity are $600,000 while the sum...
A: Workings: 1) Computation of income statement at 70% capacity Particulars Amount $ Per unit $ An...
Q: 22. The company has P5,000,000 n in inventory and P2,000,000 in accounts receivable. Its average dai...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: 1. When an error is discovered after closing the nominal accounts, one of the accounts to be credite...
A: Ans. All the accounting treatments are based on principles of accounting. They are to be followed in...
Q: Lipton Company shows the following account balances in their financial records as of December 31, 20...
A: Given are the financial records of Lipton company of December 31 ,2016. A cash balance suggests tha...
Q: Assume that sales revenue in 2022 changed to $755,00 and cost of goods changed to $512,000. Income t...
A: Formula: Net income = Total Revenues - Total Expenses
Q: The fixed costs incurred by a automotive shop are $200,000 per year. Variable costs are 60% of the a...
A: The annual profit is calculated as revenue less variable cost and fixed costs
Q: What is y=mx+b
A: This is a case of equation. when a question is formed , and calculated there is relationship between...
Q: A device that costs P50,000 at the start of the year loses 10% of its value each year. Find out how ...
A: The given question relates to the depreciation topic.
Q: . If the total actual cost of variable factory overhead for the period as reported by the accounting...
A: Solution: Total variable factory overhead variance is the difference between standard variable overh...
Q: Prepare an amortization schedule for a $96,000 loan to be repaid in equal installments at the end of...
A: Calculation of yearly payments = [P x R x (1+R)^N]/[(1+R)^N-1] P = Principal amount R = Rate of Inte...
Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...
A: Fixed cost is the cost that doesn't change with the change in the output or production level.
Q: Africa Traders, on 28 February 2020, received a cash amount of R1 560 from Mr. A South, a trade rece...
A: Answer) The correct option in the given question is: c. ACCOUNT DEBITED ACCOUNT CREDITED EQ...
Q: Accounting PART B Glico Wings uses FIFO actual costing system. The value of fixed manufacturing cost...
A: The two main techniques for ascertainment of cost and determination of income are absorption costing...
Q: Cooper and Donald have a partnership agreement which includes the following provisions regarding sha...
A: Solution Working note - Calculation of net income- Sales 489000 Less Cogs -280000 Gross profi...
Q: Match the following transactions with the type of cash flow activity (operating, investing, or finan...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: Colorway Inc. had total assets of P65,000,000 at year end and provided the following condensed incom...
A: The operating segment as per IFRS 8 is a business unit of the company that has its own revenue and i...
Q: Domingo Corporation uses the weighted-average method in its process costing system. This month, the ...
A: Equivalent units shows how much the number of units could be produced if the 100% work is completed....
Q: d) show the Corp’s Net Realizable Value after writing off Customer F
A: d)
Q: On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were...
A: An accounting error is a mistake that occurs unintentionally in a financial transaction. When a mist...
Q: An engineer bought a car worth Php 662192. He paid a immediate downpayment of Php 15165 a remaining ...
A: Formula: PMT = PV x i(1+I)^n/(1+I)^n - 1 Where, PV = Loan amount = 662192 - 15165= 647027 i= interes...
Q: Wally, Willie, and Watson formed a partnership several years ago. Wally has decided to withdraw from...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: When the units manufactured increases, the most significant change in average unit cost will be refi...
A: When there is increase in the units manufactured, the non-variable cost will be apportioned to more ...
Q: Martin Company purchases a machine at the beginning of the year at a cost of $155,000. The machine i...
A: Thus, depreciation is the decrease in asset value as well as the technique utilized to reallocate, o...
Q: Below are several of the ASB management assertions. A. Occurrence B. Completeness C. Rights and obli...
A: Solution:- The nine ASB management assertions applies by placing correct control procedures.
Q: a) Prepare a statement of equivalent production to determine the equivalent units for direct materia...
A: 1)statement of equivalent production Input output Input cost Direct Material Added Conversion cos...
Q: 7:29 1 Search Take Quiz E mUN , p.. Question 3 10 pts Provide the missing piece of information for t...
A: Step 1: Net increase in Cash = Ending cash - Beginning Cash. = $133000 - $77000 = $56000
Q: Zachary Company has 600,000 shares of common stock outstanding. Perette Corporation purchases 168,00...
A: Percentage of shares hold by investor = Number of shares hold by investorTotal number of shares outs...
Q: Systems for the year ended Dec. 31, 2018: lce of the Moises Dondoyano Information Moises Dondoyano I...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: The following are facts about a company's activities: Cash flows from operating activities was $33,0...
A: Formula: Cash flow statement: All cash in and out flows are shown in cash flow statements. It tells ...
Q: (Ignore income taxes in this problem.) Your Company is considering a project with a 6-year life. You...
A: NPV analysis is a type of intrinsic valuation that is widely used in finance and accounting to deter...
Q: On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were...
A: The question has asked effect of the errors on sales in 2019. In December 2019, Ana Inc sold merchan...
Q: On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays sem...
A: Formula: Interest amount = Bond value x Time period x Interest rate
Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. Du...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Buring 2021, Cavite Coffee had profit of P8,200,000. Included on its income statement was depreciati...
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the...
Q: way Inc. in relation to operating segments.
A: Reportable segment is the reporting of the segment on the basis specified in the Indian Accounting S...
Q: Annenbaum Corporation uses the weighted-average method in its process costing system. This mo- depar...
A: Material Cost is the cost that is incurred by the company while purchasing the material. Whereas, th...
Q: During the past year, the high and low use of three different resources for Fly High Airlines occurr...
A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of fi...
Q: During 2021, Cavite Coffee had profit of P8,200,000. Included on its income statement was depreciati...
A: In calculation of Net cash flows from operating Activities using Indirect method, the following adju...
Q: Adonis Corporation issued 10-year, 11% bonds with a par value of $300,000. Interest is paid semiannu...
A: Interest payment per period=Par value×Coupon rate×6 months12 months
Q: Today's Assignment- Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- ...
A: Taxable Income: Taxable income is the base pay whereupon charge is imposed. It incorporates some or ...
Q: What is the best budgetary system for the Philippines? Justify your Answer.
A: The United States Government's budget system offers tools for the government to choose how much mone...
Q: Dzeko Company began operations on December 1, 2020. Presented below is selected information related ...
A: Income statement: The income statement shows the company's revenues and expenses earned during the p...
Step by step
Solved in 2 steps
- How would you define government accounting and what are the essential elements of government accounting?What are the bases of accounting? Describe how government accounting systems are structured. How do they help prevent fraud and guarantee conformance with legal requirements? Give examples.Lawmakers should demand reform of government accounting standards?
- Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may be used by a state or local government instead of GASB standards, which are generally accepted accounting principles (GAAPWhy is preparation of the government-wide statements considered to be "challenging"?GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES OF GOVERNMENT ACCOUNTING IMPORTANCE AS A WHOLE AND SUMMARY
