Why are externally presented reports required to be prepared according to generally accepted accounting principles while internally presented managerial accounting reports are not?

Q: The accounts shown below appear in the December 31, 2022 trial balance of BFAR Corporation:…

A: The question has asked to compute the total contributed capital of BFAR Corporation.   The…

Q: Suppose that at the beginning of 2021 Jamaal's basis in his S corporation stock is made to the S…

A: Partnership is a business type which is carried by two or more partners who will be eligible for any…

Q: Chuck recently purchased brand new equipment for his sign making business. He received an invoice…

A: 1. Here credit term 4/10, 2/20, n/60 refers to The vendor has provided a credit period of 60days to…

Q: true or false 1. Some intangible assets are not required to be amortized every year. 2. Internally…

A: Introduction:- An intangible asset is an asset without physical substance. The Examples are…

Q: Bach Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted…

A: Factory overhead cost is the amount of cost incurred on the making or the manufacturing of the…

Q: A company constructs a building for its own use. Construction began on January 1 and ended on…

A: The company may require the construction of the buildings for its use, The company can borrow money…

Q: Puzzle #5 Julia added $500 to an account paying a 5% interest rate, compounded daily. 1 How much…

A: FUTURE VALUE  Future value is the value of an asset at a specific date based on Assumed Rate of…

Q: Which of the following items can be deducted from total income for tax purposes? O A. Child care…

A: Answer:-  Income tax meaning:- Income taxes are levied against both businesses and individuals.…

Q: Explain the meaning of Non -current Assets in business setting

A: Non-current assets, also referred to as long-term assets, are a company’s physical, tangible, or…

Q: Sales Cost of sales: Direct material Direct labor Variable overhead Fixed overhead Gross profit…

A: Break Even Point (BEP) :— It is the point at which total cost is equal to total revenue. At this…

Q: Please answer with reason for all why the option is correct and why the other options are incorrect…

A: Adjusted gross income refers to the income earned after deducting the operating expenses including…

Q: You, are the senior auditor assigned to the True Ltd. audit file. You are reviewing Truestar’s…

A: Introduction: Intangible tax asset: When the taxes owed under income tax are less than those owed…

Q: Shareholder loans $150,000 to his controlled corporation not evidenced by a note. a. b. c. d. e.…

A: "Since you have asked question with multiple sub-parts, we have provide answer to the first three…

Q: On March 31, 2024, Wolfson Corporation acquired all of the outstanding common stock of Barney…

A: ANSWER THE PURCHASE PRICE PAID BY THE COMPANY FOR ACQUISITION OF ANOTHER COMPANY IS MORE THAN THE…

Q: One important aspect of internal control is the segregation of duties, which makes certain types of…

A: Segregation of duties means seperating the record-keeping function from the operational…

Q: Swifty Inc. took a physical inventory at the end of the year and determined that $842000 of goods…

A: Lets understand the basics. At the end of the predetermine period, management calculates inventory…

Q: Determinant Company is a price−taker and uses a target−pricing approach. Refer to the following​…

A: Product cost includes all the direct expenses and overheads concerned with the product. The product…

Q: Morgan and Kristen formed an equal partnership on August 1 of the   current year. Morgan…

A: The inside basis is the partnership's tax basis in the individual assets. The outside basis is the…

Q: Which of the following cases did not involve financial statement fraud? HeatlhSouth Corporation…

A: Financial statement fraud is a fraud that entails fraudulent practices related to reporting of…

Q: Government‐wide statements are on a full accrual basis; fund statements are on a modified accrual…

A: 2) Expenditure due on accrual basis : No entry on modified accrual basis 3) Expenditure due on…

Q: Deon is 33 years old. In 2022, he reported an AGI of $11,000, all from his job as a server at the…

A: Adjusted gross earnings (AGI) is the discernment that the Internal Revenue Service (IRS) uses to…

Q: The Shareholders' Equity section of BFAR Corp. statement of financial position shows the following:…

A: Retained profits are the cumulative internet profits or income of a corporation after accounting for…

Q: Terry's Flooring have commenced using an integrated inventory management system where all floor…

A: The Integrated inventory management system is a system that serves multiple needs with the inclusion…

Q: In an essay of 1,200 to 1,500 words, discuss government fraud and mismanagement and how pervasive…

A: GOVERNMENT FRAUD Fraud is a deliberate act of deception intended to give the offender an…

Q: Which of the following statements with respect to dividends is NOT correct?

A: The correct answer is: (B) All taxable dividends paid by Canadian controlled private corporations…

Q: Required: Prepare a schedule to reconcile net income to net cash flows from operating activities.…

A: Cash flow statement is a statement of cash inflow and outflow for a particular period of a company.…

Q: On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as…

A:

Q: On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as t…

A: Interest capitalized is based on Weighted Average Accumulated Expenditures and capitalization rate…

Q: During 2022, Pfeiffer Co. purchased intangible assets and debited them all to "Intangible assets".…

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: How bankruptcy can be initiated and what are the available alternatives to it?

A: Bankruptcy is one of the most dreaded words in the financial world. It is a situation where an…

Q: BFAR Corporation reported the following shareholders' equity on January 1, 2022: Share capital, P10…

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…

Q: Assume Lyda Inc. sold bonds with a face value of P500,000 for P530,000. Was the market interest rate…

A: As per the guidelines, the first question is allowed to be answered. Please resubmit the other…

Q: Following is the income statement for Lowe’s Companies Inc. LOWE’S COMPANIES INC.   Consolidated…

A: The term "net operating profit after tax" (NOPAT) refers to the amount of cash that a business may…

Q: ABC Laundry uses the income tax basis of accounting, a special purpose framework to prepare its…

A: MACRS(under tax basis) - Under this method, the cost of an asset is capitalised in an accelerated…

Q: On aug 1, 2022 Lid Ltd purchased 1100 Agnus common shares for 44300 cash, with intetion of trading…

A: A financial asset is a part of financial instruments which includes Cash, Investment in the common…

Q: 3. You are to enter up the necessary accounts for the month of May from the following details and…

A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…

Q: Karim Corporation requires a minimum $8,900 cash balance. Loans taken to meet this requirement cost…

A: Answer:-  Cash budget:- A cash budget is a projection of a company's cash flows over a given time…

Q: After the last deposit, the balance in the account will be $

A: In order to calculate future value of investment of amount invested today for n number of years,…

Q: When an advance collection of income has been recorded under the liability method, an adjusting…

A: Lets understand the basics. There are two methods are followed for recording advance collection of…

Q: P2) On January 1, Sawmill Corporation sold $50,000, 10-year, 10 percent bonds at 94. Interest is…

A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: 120 121 122 480 1,610 320 205 15 250 Inventory as at December 31, 2023 $ "Part No. 121 is obsolete…

A: Lets understand the basics. As per IAS 2 "Inventory", inventory needs to record at lower of cost or…

Q: Louis wins the Lottery and, after taxes, gets to keep $3 million. He quits his job, buys a house and…

A: Bankruptcy refers to the legal procedure through which the person or entities who could not repay…

Q: The following accounts balances and other financial information are drawn from the records of the…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: An engineering firm has decided it's time to get back into the office and purchases $100,000 in…

A: The practice of allocating the cost of a tangible or physical item over the course of that asset's…

Q: company reported credit sale of 6252900 and cost of goods sold of 3300000 for the year. the acconunt…

A: Average Accounts Receivable :— It is calculated by dividing sum of beginning balance of accounts…

Q: and the step method. E14.2 (LO 2), AP The Screamin' Eagles Company makes wheels and wings for ground…

A: Cost allocation is done to identify the separate departmental cost. It helps in calculating accurate…

Q: A national government agency had the following transactions relating to billings and collections for…

A: The question asked to find the correct option from the available options.   According to the IFRS,…

Q: homework gives the following options as answers, so it the above one wrong?   25.73% 34.93%…

A: Return on equity can be calculated with this formula also  = Net Income/ shareholders equity ​

Q: (Questions for 15-17). Winner Company produces three products. Production and cost data show the…

A: Activity-based costing (ABC): By assigning overhead costs to specific activities, the activity-based…

Q: Hal's Ice Cream Stands $ Thousands Assets Cash and cash equivalents Accounts receivable Inventories…

A: Working capital is liquidity of a company. It is calculated by taking current assets and current…