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a.
To classify: The primary characteristics of information are that it must be reliable and objective as financial accounting activity or managerial accounting activity.
b.
To classify: Reports are prepared as needed as financial accounting activity or managerial accounting activity.
c.
To classify: It is not governed by legal requirements as managerial accounting activity or financial accounting activity.
d.
To classify: Primary users are external (i.e., creditors, investors) as managerial accounting activity or financial accounting activity.
e.
To classify: Focus is on the future as managerial accounting activity or financial accounting activity
f.
To classify: Reporting is based mainly on the company as a whole as managerial accounting activity or financial accounting activity
g.
To classify: Reports are usually prepared quarterly or annually as financial accounting activity or managerial accounting activity.
h.
To classify: Information is verified by external auditors as financial accounting activity or managerial accounting activity.
i.
To classify: Focus is on the past as financial accounting activity or managerial accounting activity.
j.
To classify: Main characteristic of data is that it must be relevant as a financial accounting activity or managerial accounting activity.
k.
To classify: Reports tend to be prepared for the parts of the organization rather than the whole organization as financial accounting activity or managerial accounting activity.
l.
To classify: Primary users are internal (i.e., company managers) as managerial accounting activity or financial accounting activity.
m.
To classify: It is governed by Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) as managerial accounting activity or financial accounting activity.
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Chapter 1 Solutions
Managerial Accounting (4th Edition)
- Adam, Azim and Akbar were equal partners in a firm. Each partner contributed capital of RO 15,000, RO 10,000 and RO 5,000 on 1st January 2022. General reserve of the firm was 18,000 and Un-distributed Profits of RO 15,000 on 31st December 2022. The value of goodwill in the balance sheet was RO 25,000. Mr. Adam met an accident and he died on 30th September 2022. The partnership provides that the representative of the deceased partner shall be entitled to balance of the capital account of the deceased partner. Interest on capital @ 5% is allowed as per partnership deed. His share of profits up to date of death on the average of last 3 years’ profit. Profits for the last 3 years was R.O 6000, R.O 2000 and R.O 1,500. Calculate the amount payable to legal representative of Mr. Adam. Also prepare the necessary ledger accounts. All calculations and the ledgers should be handwritten. You should upload the photo of your calculations and ledgers on the e-learning.arrow_forwardPlease provide correct answerarrow_forwardhow much is the gross profit marginarrow_forward
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