Costs estimations and cost predictions are two terms often used as management accountant that must master when estimating costs functions. Briefly differentiate between ‘cost estimation’ and ‘cost predictions.

Q: At January 1, 2021, Café Med leased restaurant equipment from Crescent Corporation under a nine-year…

A: 1)   Effect of the lease on Café Med’s earnings for the first year  $…

Q: Required: What is the cost per unit transferred to finished goods inventory for each of the three…

A: For Computing Cost of Production of the product, costs directly attributable, are directly charged…

Q: You purchased a $1,000 bond with a coupon rate of 8 % on January 1, 2021 for $910. On the same date…

A: Answer:-  Meaning of bond:- Bonds are corporate debt units that are securitized as assets which are…

Q: Fast Wire Incorporated manufactures a scrambling device for cellular phones. The main component of…

A: The productivity ratio can be calculated by dividing the number of phones manufactured by total…

Q: Some accountants believe that deferred taxes should not be recognized for certain temporary…

A: The Difference between the amount of expenses and income that are Considered in Books of Account…

Q: QUESTION 1 B. Suhaimi, a senior auditor in charge, is called upon to audit a client, Panda Motor…

A: Audit Risk Although the audit opinion declares that the financial reports are devoid of any…

Q: A household has the following statistics related to Balance Sheet and annual Cash Flow: Balance…

A: Total operating percentage of a household indicates how much of total income is spent over its…

Q: Which one of the following normally has a net debit balance? A. Contributed capital that is in…

A: The accounts prepared in the accounting system usually have two kinds of balances, debit balance and…

Q: why is land being depreciated

A: Given in the question: Land was purchased on September 1, 2016 for $150,000 for cash by Hand Creamy…

Q: QUESTION 4 A. An internal auditor needs to be competent, capable and objective if their services are…

A: Internal Auditing The purpose of internal auditing is to offer value and enhance an organization's…

Q: Acton Manufacturing uses a standard costing system, and the following information is for the current…

A: Cost Variances: It  is the difference between the cost that was anticipated or budgeted and the cost…

Q: Gates Gems purchased a display case for $4,500 on September 1st of 2013. Estimated useful life is 5…

A: The depreciable cost of an asset is calculated as the difference between the cost and salvage value…

Q: Can also do a journal entry when the on December 31 Record the adjustment entry for $40 interest…

A: Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. If…

Q: A department has budgeted monthly manufacturing overhead cost of $610000 plus $5 per direct labor…

A: Solution: Budgeted fixed overhead = $610,000 Budgeted variable overhead = $5 per Direct labor hour

Q: Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31…

A: Balance sheet :— Balance sheet is the Financial Statements that reports a company's Assets,…

Q: Journalize the following transaction: Mar. 1             Received a 60-day, note for $24, 000 dated…

A: A journal entry is the act of recording any transaction, whether one that is commercial or not. An…

Q: Analyzing income under absorption and variable costing Variable manufacturing costs are $126 per…

A: Introduction: Absorption costing is the process of allocating fixed overhead costs to each unit…

Q: Bonita Industries is preparing its direct labor budget for May. Projections for the month are that…

A: Direct labor cost budget is the one which is prepared to know the cost which is required to be…

Q: ! Required information [The following information applies to the questions displayed below.] Ramirez…

A: Step2 in the solution.

Q: question 5. b) Provide any four (4) actions that is considered as wilful evasion by the tax…

A: Tax evasion is considered to be the activity where the taxpayer willfully hides the income or…

Q: Milano Gallery purchases the copyright on a painting for $510,000 on January 1. The copyright is…

A: Introduction: A journal entry is used to document a business transaction in the accounting records…

Q: 1. 2. 3. 4. Investments in land were sold at cost during 2021. Equipment costing $56,640 was sold…

A: Cash Flow Statement :            The statement of cash flow is one of the financial statement of…

Q: During May 2022, your company used $400 of cleaning supplies in the factory. When the use of these…

A: The work in process account records the total direct costs include during the production. The…

Q: E. Sum of the Year's Digit Method Problem: A structure costs P120,000. It is estimated to have a…

A: The depreciation is charged on fixed assets as the reduction in the value of fixed assets with usage…

Q: Willow Corp. (a C corporation) reported taxable income before the net operating loss deduction (NOL)…

A: Taxable Income: $100,000 NOL Carryover: $90,000 Amount of tax in 2020: ? Amount of NOL carryover in…

Q: Superior Markets, Incorporated, operates three stores in a large metropolitan area. A segmented…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Explain how activity-based costing differs from traditional costing systems. Imagine that your local…

A: How activity based costing differs from traditional costing? Answer  Basis Traditional Costing…

Q: D. Construct the following extracts of financial statements in respect of the above transactions: i.…

A: we have to give answer considering standard of accounting on provision, contingent liability and…

Q: How much is the Inventory on January 1 of the Branch that came from the Home Office?

A: In case of group entities usually they sell the products to their group with margin. In case of…

Q: Santana Rey, owner of Business Solutions, decides to prepare a sta data. BUSINESS SOLUTIONS Income…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: + Name Penny Bart Laura Sam Lisa Bart: Penny: 40 regular hours * $15 = $600 2 overtime hours *…

A: Gross pay = Total Normal wage payment + Total Overtime Payment + Commission on sales  As per…

Q: During Heaton Company's first two years of operations, it reported absorption costing net operating…

A: Req-1   Calculation of unit product cost under variable costing:   Direct Materials $7.00…

Q: A corporation earns $8.30 per share before taxes. The corporate tax rate is 39%, the personal tax…

A: Introduction: The payout ratio is a financial metric that expresses as a percentage of total…

Q: a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available…

A: Inventory refers to all the items of goods, and materials held by a business for selling in the…

Q: Vaughn Manufacturing uses flexible budgets. At normal capacity of 15000 units, budgeted…

A: Solution: Budgeted variable overhead = $90,000 Budgeted nos of units = 15000 units Budgeted variable…

Q: 1. For The period just ended, the gross margin of Robin Company was P 3,840,000, the cost of goods…

A: Direct labour refers to workers in manufacturing or services who are accountable for a specific…

Q: Wright Company's cash account shows a $29,900 debit balance and its bank statement shows $28,200 on…

A: Solution: Bank reconciliation is a process by which the bank account balance in  books of account is…

Q: The final materiality figure for the 2019 audit of Takunda (Pty) was set at R150 million. During the…

A: An opinion from an auditor is a certification that goes with financial statements. Based on an audit…

Q: Lindsey Herrmann has completed the basic format to be used in preparing the statement of cash…

A: Lets understand the basics. Cashflow statement is divided into three type of activity. (1) Cashflow…

Q: Which of the following statements is true?   Question 2 options: a The capitalizable costs of…

A: At the time of acquisition of intangible assets, all incidental costs are capitalised that are…

Q: The following information has been taken from the perpetual inventory system of Elite Manufacturing…

A: Introduction: Finished goods are among the inventory items that are manufacturer-specific. Since…

Q: Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00…

A: Balance sheet shows the assets, liabilities and shareholders equity of the company during the…

Q: Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as follows:…

A: The dividend per share provides information on how much the company pays as divided for a share.…

Q: journalise the transaction

A: Promissory notes are instruments designed where the maker of the note (payer) makes a promise to pay…

Q: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

Q: irections for Assignment A: eeknet Company's payroll register has the following totals for the…

A: Cash Payment Journal All cash payments (or disbursements) made by the company are recorded in a cash…

Q: Wendell’s Donut Shoppe is investigating the purchase of a new $40,000 donut-making machine. The new…

A: Answer : Internal rate of return = 16.99%

Q: What does the rule of 72 show as an approximate number of years? Selected answer will be…

A: Compounding is the process in which interest is credited on the principal amount as well as the…

Q: Sales (3,100 units) Cost of goods sold: Cost of goods manufactured (3,700 units) Inventory, April 30…

A: The income statement can be prepared using various methods as variable costing and absorption…

Q: Beautiful Company sold a set of washing machine and a dryer for a total contract price of P100,000…

A: Performance Obligation :— It is promise to transfer distinct product or services to customers.

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.