What are the four parts to the CMA examination? What do they indicate about cost and management accounting versus financial accounting? What are the four parts to the CMA examination What

Q: Discuss two potential uses of the ABC cost information for decision-making, to the managers

A: Activity based costing (ABC): It is generally called ABC costing. This method is used in assigning t...

Q: Hi-Test Company uses the weighted-average method of process costing to assign production costs to it...

A: Calculation of Equivalent units of material and conversion for the month Particulars Units % of ma...

Q: 2014 2013 Revenue $14,147,293 $13,566,296 Cost of goods sold $-8,447,560 $-8,131,5...

A: Definition: Day's sales in inventory:  This ratio tells the number of days company takes to sell its...

Q: Poehling Medical Center has a single operating room that is used by local physicians to perform surg...

A: Overhead allocation is a method of allocating indirect expenses to the production of goods.it can be...

Q: On February 3, Gallatin Repair Service extended an offer of $152,000 for land that had been priced f...

A: Introduction: The land is the fixed asset for the company which does not attach any amount of deprec...

Q: Explain generally accepted accounting principles and define and apply several accounting principles.

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and ...

Q: At the start of the year a company reported a balance of $300,000 in the Statement of Retained Earni...

A: Formula: Ending retained earnings balance = Beginning retained earnings balance + Net income - divid...

Q: sample of Adjusting entries on worksheet

A: Adjusting journal entry is an entry in the ledger of the firm that occurs at the end of the period. ...

Q: Differentiate AIS from MIS

A: Accounting Information System: The system which helps to gather, store and process the accounting a...

Q: Q.1 (b) A client approached to Incredible Fabricating and Manufacturing for a one-time special order...

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts fo...

Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,700 of social secur...

A: Journal: Recording of a business transactions in a chronological order.

Q: JC ENTERPRISE SOLD MERCHANDISE FOR $120000.00 PURCHASE FOODS FOR $71000.00 PAID RENT $12000.00 PAID ...

A: Financial Statement:   Financial statement consists of financial report and company’s financial cond...

Q: Doering Company, a U.S. corporation with customers in several foreign countries, had the following s...

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Q: A manufacturing company predicts sales of 220 units for May and 250 units for June. The company want...

A: The production budget is defined as the statement which represents the estimated units to be produce...

Q: The information for three businesses operating in the same industry is provided in the table that fo...

A: Net profit margin: That margin which is the on the basis of the compare the net income on sales. Thi...

Q: The J&J Company has three product lines ofbelts—A, B, and C—having contribution margins of$3, $2...

A:   Break even point is a point at  which there would be no profit or loss. At break-even point, contr...

Q: Volvo Group reported the following information in a recent year for its product warranty costs along...

A: 1. Prepare Volvo’s journal entry to record its estimated warranty liabilities (provisions) for the y...

Q: A single person has taxable income of $52,000 per year.  He contributes $1,000 to his company’s flex...

A: Flexible Spending Account :  It is a type of account which is like savings account for keeping aside...

Q: Catten, Inc., invests $163,170 today earning 7% per year for nine years. Use Table B.2 to compute th...

A: Future value: It can be defined as the value of an asset to be received by an investor at a future d...

Q: Pierce & Company provides the following information concerning the work in process at its plant:...

A: Process costing is a method of cost accounting, which is used where there is continuous production a...

Q: What is lapping? What procedures can auditors employ to detect lapping?

A: Lapping: It can be defined as one of the accounting frauds that is associated with the hiding of sto...

Q: Perisher Pty Ltd (Perisher) is a Ski equipment manufacturer that operates around Mt Hotham in Victor...

A: Fringe Benefits are those benefits which are provided by the organization to its workers. These bene...

Q: You are a new staff member of Monet & Associates, a mid-sized accounting firm and have been assi...

A: Overall objective of audit is to form a reasonable opinion but without a proper planning the overall...

Q: Magic Company adds materials at the beginning of the process in Department A. The following informat...

A: Equivalent Units of Production is the term used in the system of cost accounting so as to arrive at ...

Q: What is the present value of 7 receipts of $2960 each received at the beginning of each. Discounted ...

A: Definition: Present value: This is the amount of future value reduced or discounted at a rate of int...

Q: XYZ Corporation is engaged in lending funds to small vendors in various public markets. To fund the ...

A: The term Quasi bank is used for those institutions which perform functions similar to banks but, are...

Q: How do differences in accounting controls and enforcement impact accounting reports prepared across ...

A: Accounting controls are the procedures which are applied by a company for ensuring validity , assura...

Q: A critical assumption of the exploratory factor analysis (EFA) is that it is only appropriate for se...

A: Definition: Exploratory Factor Analysis (EFA): It is a statistical approach to determine the correla...

Q: If a U.S. company makes a credit sale to a foreign customer required to make payment in U.S. dollars...

A: Exchange gain or loss arises when the actual payment/receipt exceeds/declines at the time of the cas...

Q: What reports (other than auditors’ report) on internal control do audit teams give to an entity’s ma...

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Q: Define and describe the five basic components of internal control and specifysome of their character...

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Q: Describe the appropriate adjusting entry for prepaid expenses and for deferred revenues. What is the...

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Q: Do the Math:Determine the Cash balance for Wiemack Landscape Designs after the third transaction tha...

A: Cash: It can be defined as the physical currency including paper notes and coins that are used to ex...

Q: Assume Apple invested $2.12 billion to expand its manufacturing capacity. Assume that these assets h...

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Q: The table below shows accounting data of ABC company as of 30June 2020. From the data, establish an ...

A: Interest on mortgage = Mortgage x rate of interest                                     = $250,000 x ...

Q: Without resorting computations what's the total contribution margin at break even point? sales $608,...

A: Contribution margin: Difference between the sales and the variable costs is called contribution marg...

Q: Accounting Question

A: Income statement: to know the net profit of the company, and also provides an information about how ...