i). How cost accounting is useful where financial accounting could not be answered. Give any example to support your answer.
Q: Explain what is meant by: The benefits of accounting information must exceed the costs.
A:
Q: Give three examples of opportunity costs that typically are not recorded in accounting systems,…
A:
Q: Traditional accounting systems record only actual transac-tions. As a result, how can opportunity…
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: Explain the political cost hypothesis of Positive Accounting Theory.
A: Positive accounting: It is referred to as the branch of accounting research that helps to explain…
Q: Why is the Modified Accelerated Cost Recovery System not generally accepted for financial accounting…
A:
Q: Which of the following is NOT one of the definitions of "Cost" concept? Select one: a. Cost means…
A: Cost is very broad term used in accounting. It denotes amount and level of expenses that can be…
Q: True or False Cost and managerial accounting are not the same things
A: Cost accounting is the process of accounting and controlling the cost of a product,operation or…
Q: Explain the impact of using indirect material on accounting equation.
A: Indirect materials are materials used in the production process, but which cannot be linked to a…
Q: “Management accounting deals only with costs.” Do you agree? Explain?
A: Management accounting is wide field which encompasses cost computation, pricing analysis,process…
Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…
A: Relevance refers to the concept or an idea that whatever information that is provided by the…
Q: -Cost Accounting is not considered complementary to Financial Accounting? True Flas
A: Cost Accounting is an indirect part of financial Accounting and it is a direct part of management…
Q: Question 1: Determine whether each of the following statement is true or false, and correct the…
A: The income statement is prepared to find the net income or losses incurred during the period.
Q: Cost is a pervasive constraint on the information that can be provided by financial reporting.…
A: The main purpose of financial reporting is to provide the information in faithful and useful manner…
Q: The Multi-Dimensional Statements Approach of Social Accounting was proposed to extend financial…
A: Following is the answer to the given question
Q: Which of the following statement is correct for relevant costs? a. It is avoidable, future and…
A: Relevant cost are those costs which are relevant for decision making. A cost is judged to be…
Q: The origin of management accounting is due to limitations of Financial accounting and cost…
A: Management accounting means an field of accounting where accounting information is used in such a…
Q: Which of the following is the disadvantage of using FIFO method. a. The assumed flow of costs…
A: Lets understand the FIFO method and their advantages and disadvantages. As the name suggest, First…
Q: How do cost management and financial accounting differ?
A: The accounting is a process to identify, classify and record the transactions of the business and…
Q: origin of management accounting is due to limitations of Financial accounting and cost accounting
A: Management accounting is the collection of data and generation of information from it in the forms…
Q: Cost is a pervasive constraint on the information that can be provided by financial reporting.…
A: Financial statements (or financial reports) are official records of a company's, person's, or other…
Q: How cost accounting is useful where financial accounting could not be answered. Give any exampleto…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: What is a mixed attribute measurement model? Why is it used in accounting?
A: (1) It is a measurement basis that is used to measure the value of assets and liabilities under "US…
Q: e joint cost allocated to Reta
A: Joint costs are the combined costs incurred in the production of two or more products produced…
Q: In world information and transaction costs, financial intermediaries would not exist." Is the true,…
A: Financial intermediaries are the people who act as a middlemen and help to make a financial…
Q: Which of the following requires accounting information to be complete, neutral, and free from…
A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…
Q: Why do you think " Gross versus Net" became such a big issue in accounting?
A: Gross includes all the deduction such as return, allowance, depreciation, and others while the net…
Q: Which of the following costs are irrelevant to business decisions? Avoidable costs Costs that…
A: Sunk costs are irrelevant to business decisions.
Q: Explain what cost behavious is and why it is important for business?
A: Cost Behavior is the change in the behavior of a cost (or costs) due to a change in business…
Q: Are computerized accounting systems different than manual accounting systems? How are these…
A: Computerized accounting system refers to the the use of computer software/system for recording the…
Q: When preparing financial statement, accountants or auditors will determine an amount which is not…
A: It is practically not possible for an auditor to audit all the transactions in an accounting system.…
Q: rial accounting and financial accou
A: Managerial accounting is the accounting used by managers and other internal users to make corporate…
Q: Which of the following principles of accounting are not directly related to accounting depletion…
A: Correct Option : Historical Cost Depletion means the allocation of cost of natural resources…
Q: Is the matching of costs and revenue a basic accounting principle?
A: Accounting Principle: The set rules which defines the way account should be prepared is known…
Q: Which of the following accounting principles or conventions is contradictory to the GAAP requirement…
A: As per matching principle of accounting, all expenses of a particular period are matched with the…
Q: Which two economic concepts are fundamental to the relevance of fair values to accounting? i. The…
A: The two economic concepts are fundamental to the relevance of fair values to accounting are…
Q: Which of the following is correct about the Limitations of accounting? Select one: a. Accounting not…
A: The process of identifying, recording, summarizing, analysis of data is known as accounting. It is…
Q: Which of the following costs would not be included in accounting financial statements? O A.…
A: Financial statement includes all those costs that are incurred in the business such as sunk cost,…
Q: Question 2: It is usually seems as cost accounting cover the financial accounting problems as:…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Cost Accounting verity more from Financial Accounting? True Flase
A: Cost accounting can be defined as an important branch of managerial accounting under which the…
Q: To make predictions about costs and income, you must first classify costs by their behavior.…
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: n conceptual framework resolve accounting problems? How?
A: Introduction: Conceptual framework is a guide for preparing financial statements by identifying the…
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- A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?Q4. Referring to the concept of job costing in the manufacturing sector, identify how you will record the following journal entries: a)When raw materials are received. b)When raw materials are sent to the factory floor. c)When labor costs are incurred. d)When a job is completed. e)When a job is shipped to a customer. Note: You must assume significant values for each transaction of your own and prepare the journal entries for each case.Bastille Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.
- Hankook Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.A job order costing system is most likely used by which of the following?A. a pet food manufacturerB. a paper manufacturing companyC. an accounting firm specializing in tax returnsD. a stereo manufacturing company6. Engineers who design cars for a car manufacturing company submit their timesheets. The entry to record their direct labor costs to the job would include a debit to which account? O finished goods inventory Omanufacturing overhead Owages payable Owork-in-process inventory
- Which business would most likely use a job-costing system? A) concrete block producer B) antique automobile restorer C) custom saddle maker D) companies B and C only E) all of these businesses are likely to use job-costing 2. The cost of direct manufacturing labor will be treated as an expense on the income statement when resulting: A) payroll costs are paid B) payroll costs are incurred C) products are completed D) products are sold 3. Actual manufacturing overhead costs are first recorded in the A) Work-in-Process Control account B) Finished Goods Control account C) Manufacturing Overhead Control account D) Cost of Goods Sold account 4. The advantage of using normal costing of actual costing is A) indirect costs are assigned at the end of the year when they are known B) the job cost is more accurate under normal costing C) indirect costs are assigned to jobs on a timelier basis D) normal costing provides a higher gross profit marginHankook Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the period cost and the total in USD b. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be. c. Calculate the prime costs, conversion costs, manufacturing cost, and the period costWhat is the journal entry to record the cost of goods sold using a job order cost accounting system? The job was listed as finished goods but has now been sold. Group of answer choices debit finished goods, credit cost of goods sold debit finished goods, credit work in process debit cost of goods sold, credit finished goods debit work in process, credit cost of goods sold
- Please show your computations using good accounting form through excel. Thank you! Problem: Average Costing Using the weighted average method, what should be the accumulated cost of work in process as of March 31?5) Which one of the following best describes a job cost sheet? a. It is a form used to record the costs chargeable to a specific job and to de total and unit costs of the completed job. b. It is used to track manufacturing overhead costs to specific jobs. C. It is used by management to understand how direct costs affect profitabi d. It is a daily form that management uses for tracking worker producti employee raises are based.A job order cost accounting system accumulates and records product costs by jobs. The resulting total and unit product costs can be used to do all of the following except a.compare actual costs to expected costs b.make cost comparisons across similar jobs c.analyze cost trends over time d.create customer profiles for the sales staff