Why don’t all companies use the same MANAGERIAL accounting systems? The systems are required to provide government data once per year, and the operating cycles of companies are often based on different seasons. The systems must provide different sets of financial statements; some companies don’t provide outsiders with both an income statement and a balance sheet. The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets. The systems are based on publicly available data which are posted in different databases for companies in different industries.
Q: Question 5 If you think sales tax isn't being calculated corred should you verify? That the tax is…
A: Taxes - Whether municipal, regional, or federal, taxes are mandated payments made by individuals or…
Q: Is the computation of noncontrolling interest in net income of a partially owned subsidiary affected…
A: Upstream sales are sales from subsidiary to parent company. Downstream sales are sales from parent…
Q: The Diversified Portfolio Corporation provides investment advice to customers. A condensed income…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: Flynt Company was formed on December 1, 2021. The following information is available from Flynt 's…
A: Answer:- Inventory valuation meaning:- Inventory valuation is basically a process in accounting that…
Q: Financial statements for Asklew Industries for 2021 are shown below (in thousands)…
A: Return on equity represents the percentage of the earnings of the company for which the shareholders…
Q: Question 1 Harris Fabrics computes its predetermined overhead rate annually on the basis of direct…
A: Answer Predetermined overhead rate = Estimated total manufacturing overhead cost / Estimated…
Q: taxable benefit on the above loan
A: Every employed individual is liable to pay taxes on his taxable income. However, various exemptions…
Q: Trask Inc. and Vice Inc. are two small clothing companies that are considering leasing a dyeing…
A: Standalone Method :— In this method, Common cost is allocated between the performance obligations on…
Q: QUESTION 60 Which of the following is an example of agency costs? raw material cost cost of labor…
A: QUESTION 60 -Which of the following is an example of agency costs?-raw material cost-cost of…
Q: The comparative balance sheets for Kawartha Corporation appear below: KAWARTHA CORPORATION…
A: Statement of cash flows Statement of cash flows is one of the most important statement for the…
Q: Procter Company owns 80% of the outstanding stock of Silex Company. On January 1, 2019, Silex…
A: Journal entry is an account where the company records the financial transactions of the company on…
Q: Skysong is contemplating a capital project costing $34838. The project will provide annual cost…
A: NET PRESENT VALUE Net Present Value is one of the Important Capital Budgeting Technique. Net…
Q: Open an accounts receivable ledger account for the following customer: 1.Kingstone…
A: Accounts receivables are the account which represents the balance of the customers to whom the sales…
Q: Adiat - Camila Electronics (ACE) sells computers and provides hardware maintenance services. On…
A: Answer Total amount allocated to the computer $1000 × ( $840 / $1200 ) = $700
Q: High-Low Method The manufacturing costs of Rosenthal Industries for the first three months of the…
A: A variable cost is one whose quantity changes based on the volume of goods or services produced or…
Q: Complete the Statement of Changes in Net Position City of Kookamonga Fiduciary Fund Year Ending…
A: Net assets Net assets are defined as the amount left after paying all of the obligations of a…
Q: Contribution Margin and Contribution Margin Ratio For a recent year, McDonald's (MCD) company-owned…
A: The price of the product is subtracted from any associated variable costs to determine the…
Q: Wildhorse Company provides the following information about its defined benefit pension plan for the…
A: The pension expense is referred to as the service cost. The pension expense is the expenses incurred…
Q: Critically discuss the use of forwards vs. futures instruments within firms and how these can be…
A: Forwards and futures are both financial instruments used by firms to manage financial risks, such as…
Q: Please help me
A: It has been given in the question that only the cash receipts journal is required to be made. This…
Q: On June 1, Cagle Co. received a signed agreement to set inventory for w650,000 The sale would take…
A: A commodity purchase or sale at a predetermined price in the future is a component of both forward…
Q: On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to…
A: Two parties prepare an agreement with mutual permission, out of which one party undertakes to…
Q: Cash Accounts Receivable Account Titles Prepaid Rent Equipment Accumulated Depreciation-Equipment…
A: The income statement and balance sheet are the financial statements of the business. The financial…
Q: SOCK SHOP Inc. began operating on September 1, 2022. SOCK SHOP follows IFRS and prepares adjusting…
A: Allowing Customers to Purchase free pairs of Products is common in the Business world as it is a…
Q: Which of the following options are examples of an implicit transaction? (Select all that apply.)…
A: Implicit transactions are ones that do not entail any particular triggering activity, whereas…
Q: Instructions Equipment was acquired at the beginning of the year at a cost of $550,000. The…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: The following is a potential activity undertaken by management during the preparation of financial…
A: There are three fundamental accounting assumptions Going concern Consistency Accrual These…
Q: eets as of December 31 2021 2020 Assets Cash $ 29,000 $ 50,000 Accounts receivable 95,000 79,000…
A: Answer : Cash flow from operating activities (2021) : Net income $170,000 Adjustment for non…
Q: Below given are the Income statement and Balance Sheet of ABC Corp. for year 2021. Income statement…
A: Income Statement - The revenue, costs, profits, and losses incurred by a corporation over a specific…
Q: The fact that generally accepted accounting principles allow companies flexibility in choosing…
A: INTRODUCTION: The declining balance method is an accelerated depreciation method since it…
Q: Gold Star Rice, Limited, of Thailand exports Thai rice throughout Asia. The company grows three…
A: The question is based on the concept of Cost Accounting. Break even point is the point at which…
Q: Question 10 What is the lowest subscription level of QuickBooks Online that allows custom fields to…
A: QuickBooks allows you to keep track of financial functions like income and expenses, employee…
Q: Assume that at the beginning of the process, 60% of the materials go into production and 40% go into…
A: Equivalent units of production are the units that are physically 100% completed and transferred out…
Q: 4. Prepare the Process Accounts showing the cost per unit at each stage of Production.. Particulars…
A:
Q: Ma1. Assume the below information about a firm’s defined benefit pension plan: Pension Fund…
A: Pension fund beginning balance cash funding by the actual investment income payments to retires…
Q: 4) Raymond bought a new car by trading in his old car which was valued at RM10,000. He had to make…
A: Mortgages allow both individuals and corporations to purchase real estate without having to pay the…
Q: 19. A company which uses marginal costing has a profit of $37,500 for a period. Opening stock was…
A: Lets understand the basics. Entity generally follows two costing methods for calculating net…
Q: You are the recently appointed accountant at E-SCOOTER Ltd a new company, which will be incorporated…
A: The cash budget is the company's budget for the inflow and outflow of cash during a specific period…
Q: Sheffield Corp. reported the following information for 2022: October November December $1240000…
A: Given, Sheffield Corp. Budgeted sales:- October:- $1,340,000. November:- $1,240,000. December:-…
Q: 1.) Total costs transferred to the Storeroom 2.) Total costs transferred to Department 2
A: Equivalent unit production: In order to calculate costs in process costing, equivalent units, a cost…
Q: Cold Corporation acquired equipment on January 1, 20X4, for $300,000, with an estimated useful life…
A: Depreciation indicates the fall in the number of fixed assets acquired by the business entities with…
Q: Compute: direct method and step method
A: Meaning of direct cost allocation method In this method amount of service department are transferred…
Q: The president of a company was given the following data: Units Sales Variable costs Actual 18,000…
A: Lets understand the basics. Budget is prepare in order to estimate future profit and loss from the…
Q: elect the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current…
A: Profit margin ratio is the measure which is determined to know the profitability of the entity. It…
Q: Blossom Cars uses the specific identification formula of costing inventory. During April, Blossom…
A: The COGS under the specific identification method is the sum of all the costs assigned to inventory…
Q: Information related to Lady Gangster Ltd. For 2021 is summarized below: Total credit sales L5,000,00…
A: Answer In case of direct write-off method of accounting the amount of bad debt need to be reported…
Q: The G-Lab Company produced three joint products at a joint cost of $150,000. Two of these products…
A: Cost allocated to product A = Total joint cost ×(weight of product A/Total weight of all products)
Q: The PQ partnership has the following plan for the distribution of partnership net income (loss):…
A: A partnership is a form of business where two or more people share ownership, as well as the…
Q: Question 20 - A printer that cost $600 and has been owned for 2 years is traded in for a new one.…
A: Lets understand the basics. Trade in allowance is a type of discount given when one asset is…
Q: Ay 2. Discuss the importance of disclosing information and the potential benefits/pitfalls of not…
A: Disclosure of Information - Disclosure in financial terms would mean disclosing or presenting the…
Kk163.
Why don’t all companies use the same MANAGERIAL accounting systems?
The systems are required to provide government data once per year, and the operating cycles of companies are often based on different seasons. The systems must provide different sets of financial statements; some companies don’t provide outsiders with both an income statement and a The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets. The systems are based on publicly available data which are posted in different databases for companies in different industries. |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Which of the following statements is FALSE? Select one: A. Managerial accounting information includes both historical and estimated data. B. Accounting is an information system that provides essential data about the economic activities of an entity to various users to aid them in making informed judgments and decisions. C. Managerial accounting reports are prepared according to generally accepted accounting principles. D. Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.Which of the following statements regarding accounting information systems is false? Multiple Cholce Accounting Information systems cannot improve on a company's competitive edge. Accounting Information systems collect and process data from transactions and events, organize them Into reports, and communicate results to decislon makers. Accounting Information systems have five principles related to control, relevance, compatibility, flexibility, and cost-benefit. Accounting Information systems help users make more Informed decisions. Accounting Information systems have five components: source documents, Input devices, Information processors, Information storage, and output devices.Marvin has been thinking about the fields of managerial and financial accounting and the functions of management within an organization. He has the following list of statements to understand. Identify them as true or false. A. Managerial accounting reports are prepared only quarterly and annually. B. Financial accounting reports are general-purpose reports. C. Managerial accounting reports pertain to subunits of the business. D. Managerial accounting reports must comply with GAAP. E. The company treasurer reports directly to the vice president of operations.
- Assume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.Identify the following as true or false: Financial accounting reports are not released to external users. Managerial accounting reports are not used by employees inside the organization. Managerial accounting reports include only monetary information. Financial accounting reports are monetary in nature. If a result of a companys operations is nonmonetary in nature, it must be converted to monetary units for managerial reporting. Tax authorities and government regulatory agencies are external users of financial information.Taylor Speedy has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management. Identify each statement as true or false. Financial accounting centers on providing information to internal users. Staff positions are directly involved in the companys primary revenue-generating activities. Preparation of budgets is part of financial accounting. Managerial accounting applies only to merchandising and manufacturing companies. Both managerial accounting and financial accounting deal with many of the same economic events.
- Comparing managerial accounting and financial accounting Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. a. Accounting systems that must follow GAAP b. External parties for whom financial accounting reports are prepared. c. The role managers play when they are monitoring day-to-day operations and keeping the company on track. d. Internal decision makers. e. Accounting system that provides information on a company’s past performance. f. Accounting system not restricted by GAAP. g. The management function that involves choosing goals and deciding how to achieve them.d) Discuss how allocation of customer-related overhead cost can lead to better decision making within firms with reference to the case below. 'An insurance company, A-Insure Limited, decided to use CPA to identify profitable and non-profitable customers after it grew concerned about the poor financial performance of one of its policy options. A-Insure collected customer data through original policy proposal forms which were stored electronically in a customer database. It was able to conduct a complex cross correlation between known cost drivers and the demographic and other characteristics of policy holders. The cost drivers were: • commission payments to financial advisers who sold the policy early surrender of the policy by the policy holder changing of bank details and consequent chasing of missed premiums responding to customer queries. The analysis identified that the policy was unprofitable when sold to recently retired clients but was profitable when sold to other client…Which of the following is false? The chief excutive officer reports directly to the chief financial officer. Finance and accounting professionals often work within verticals and other horizontals managing budgets, tracking key metrics, and generating accounting reports. Verticals are sometimes referred to as business units because they are often structured as separate businesses within the parent company. At some companies, the manager of the accounting function of a vertical (business unit) is referred to as the controller.
- C Justin Bleeber has prepared the following list of statements about mi accounting, financial accounting, and the functions of management. Financial accounting focuses on providing information to internal users.Staff positions are directly involved in the company's primary revenue-generating activities.Preparation of budgets is part of financial accounting.Managerial accounting applies only to merchandising and manufacturing companBoth managerial accounting and financial accounting deal with many of the same economic events.Managerial accounting reports are prepared only quarterly and annually.Financial accounting reports are general-purpose reports. IManagerial accounting reports pertain to subunits of the business.Managerial accounting reports must comply with generally accepted accounting principles.The company treasurer reports directly to the vice president of operations.Instructions Identifv each statement as true or false. If false, indicate how to correct the statement. 11-3610. Which of the following correctly describes the support activities of the value chain? The firm infrastructure includes accountants in the auditing service line of an accounting firm. Technological development includes gathering technical knowledge, hardware and software necessary for the improved operations of the other activities in the value chain. The procurement activity focuses on undertaking supplier background checks and negotiating prices. The human resource department is solely in charge of the number of employees to hire and the pay which those employees will be receiving. 11. Aling Rosa is a sari-sari store owner. Along the street where she operates her store, there are three other stores offering similar products at similar prices. What should she do to allow her business to thrive in the next three to five years? Determine whether building good supplier relations will allow her to lower costs, and therefore provide lower prices. Determine whether selling hard-to-get…Indicate whether each of the following statements is true or false. 1. When designing an accounting system, we need to think about the needs and knowledge of both the top managers and various other users. 2. When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money. In developing an accounting system, cost is relevant. The benefits obtained from the information disseminated must outweigh the cost of providing it. 3. >