Choose ONE of the MAS studied in this unit from the list below, and answer the questions that follow: • Budgeting System OR • Standard Costing System
Q: 1. The cashier of a company bought one calculator for office used. The the accountant who recorded i...
A: Accounting principles are the set of rules which needs to be followed by the organization, even acco...
Q: 3. ABC Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corpo...
A: (a) Paid in capital in excess of par per share = 20 - 5 = 15 per shares
Q: a. What amount of ordinary income and separately stated items are allocated to them for years 1 and ...
A: Solution:- Given, Jack and Jill are owners of Up A Hill, an S corporation. Jack has = 25% Jill = 75...
Q: The Cumberland Company provides the following information: Sales (250,000 units) Manufacturing costs...
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: • Fair value of the asset: $400,000. • Useful life of the asset: 6 years with no salvage value. • Le...
A: Introduction:- Leasing is an agreement between parties in which the right to use the asset is trans...
Q: 3. Consider the following two statements concerning share issues: Statement (1): Retained profits a...
A: Retained earnings is the profit retained in the company after paying dividend to its shareholders. I...
Q: The following worksheet with information extracted from a financial statement of XYZ Company: 2020 A...
A: Debt to Assets Ratio: This form of total debt measures the relationship between a company's debt com...
Q: Consider the following situations for Shocker: 1. On November 28, 2024, Shocker received a $3,000 pa...
A: Adjusting Entry: Adjusting entry alludes to a bunch of diary sections recorded toward the finish of ...
Q: A net income will increase the owners capital account. True or false
A: Net Income can be derived from an income statement. It is an excess of all revenue over the expendit...
Q: Required 1 Required 2 Required 3 Required 4 The following actual activity usage produced 10,000 Pup ...
A: In activity-based costing, first, we compute the overhead absorption per unit of activity. Then usin...
Q: The operations vice president of Security Home Bank has been interested in investigating the etticie...
A: Solution: First stage allocation of cost to activity cost pools Particulars Total Cost Opening ...
Q: Is forming a corporation does not have the same advanatges as forming an LLC, but the cost are likel...
A: Corporate or company: It is a legal entity that has been established to carry out a specific busines...
Q: On January 1, Year 1, Amira’s Stables Corp., which reports its financial results in accordance with ...
A: answers CLASSIFICATION OF LEASE WITH THE FIVE TESTS : 1. Transfer Ownership Test - to transfer ow...
Q: hich of the following accounts is a contra account? Select one: a. Drawing b. Transportation In c....
A: Solution: A contra account is related to a main account and used in a general ledger to reduce the v...
Q: 36... Teal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The f...
A: Lease is a form of agreement between two parties, in which one party provides it's asset for use to ...
Q: The firm is formed to purchase and operate a vehicle. The purpose of the vehicle is to operate a ta...
A:
Q: 5. Regarding the Board of accountancy, provide the following information: 1. Composition 2. Nomi...
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...
Q: Fill in the blank with these terms : long term, expense, balance sheet, Stockholder's equity, reven...
A: Solution: 1. Revenues are monies an organization received in exchange for goods and Service it prov...
Q: QUESTION 14 Florist Gump, Inc. purchased land at a cost of $5,000 on February 2, 2000. At December 3...
A: Solution: As per historical cost concept, Non current assets are generally reported at their cost in...
Q: 2. Mala-Inse Company needs ₱5,000,000 short-term credit for 90 days. To produce the amount, the comp...
A: Simple Cost of financing refers to all cost incurred to raise fund from the borrower. This may incl...
Q: fter closing entries have been posted, the temporary accounts will have zero balances. Select one:...
A: Solution: Closing entries are those entries which are made to close the temporary accounts of the in...
Q: I know in order to find the cash flow from operating activities using the indirect method you start ...
A: Adjustments regarding current assets and current Liabilities while preparing cash flow statements ar...
Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950. of which P31....
A: Inventory turnover Ratio is the ratio which measure how the stock is used up or sold. The Higher in...
Q: Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,000,000 in 201...
A: The question is based on the concept of Financial Accounting.
Q: Question 4 What is the value of direct labor allocated to Job 1? Question 4 options: $160,000...
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...
Q: The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The...
A: Solution Depreciation represents how much of an asset's value has been used .
Q: Marin Ltd. started the year with a balance owing from Stratford Inc. of $31,200. After several phone...
A: Journal entry refer to the first step in process of accounting which refer to recording of financial...
Q: Should we include income derived from illegal sources in the computation of gross income? Why or why...
A: Taxes are a form of dues and obligations which needs to be paid by the individual on income earned o...
Q: A company is planning to undertake an investment project. The following data have been calculat two ...
A: Answer:- Static payback period: It is the duration that is required by any project to cover the init...
Q: For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,0...
A: Tax is an amount that is charged by the government from the individual and organization on the incom...
Q: Anita and Duncan had been partners for many years in a mercantile business. Their relationship deter...
A: After many years of mercantile partnership, AN and DN's relationship deteriorated, leading to the fi...
Q: Selected data concerning the past year's operations of the Beachwear Manufacturing Company are as fo...
A: A. Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred to manufacture...
Q: Ripley Corporation's accumulated depreciation-equipment account increased by $15,325 while $3,800 of...
A: Cash flow from the operating activity is part of the cash flow statement. It indicates the cash infl...
Q: Discuss the history of Accounting?
A: Italy, birthplace of many of the world's most important historical figures like Michelangelo, Leonar...
Q: interest balance balance 1/1/2021 24 207,020 6/30/2021 7,000 24 6,211 789 206,230 12/31/2021 7,000 6...
A: The Bonds are a source of financial which can be issued at par, at discount or at premium. When the ...
Q: Required: How much total overhead cost would be assigned to K425 and M67
A: Answer Activity Cost Pool K425 M67 Supporting direct labor $480 ($6 * 80) $3,000 ($6 * 500)...
Q: Problem #12: Profitability & Cost Analysis Car Deals Inc. has two divisions: New Cars and Used Cars....
A:
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions list...
A: Given : Total Income = $ 475000 January 1 to March 1 is $ 125000 March 2 to December 31 is $ 350000
Q: 9.Hong Kong Clothiers reported revenue of $5,150,000 for its year ended December 31, 2021. Accounts ...
A: Formula: Cash collections from customers = December 31, 2021 revenue - December 31, 2021 receivables...
Q: h of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, fede...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: rty classifed as held for sale are presented separately as current asset. True or False?
A: Solution: Assets held for sale are those assets which the company intends to sell. These held for sa...
Q: j. Discount the total benefits received in the future and put into column. Use 12% as your discount ...
A: Given Table:
Q: After the closing entries have been posted, all temporary accounts should have ____. Select one: a...
A: Answer) The correct answer in the given question is (B) a Zero balance. Justification Temporary a...
Q: Walrus Co. Variable Costing Income Statement Sales 5,500,000 Variable Cost of Goods Sold: Direct Mat...
A: In absorption costing the cost of manufacturing are recorded to arrived at net profit. absorption co...
Q: Companies are not required to, but have the option to, value some or all of their financial assets a...
A: IFRS 9, deals with Financial Instruments. It provides for measurement and classification of various ...
Q: The shareholders' equity section of ABC Corporation as at Dec 31, 2021 appeared as follows: 6% Prefe...
A: a. Issue price of preference shares = shares issued x P75 =70000 x 75 = P 5250000 b. Ordinary shares...
Q: The five criteria of lease classification in US GAAP do not include: A) The agreement specifies that...
A: Answer) option B The present value of the lease payments exceeds half of the fair value of the asset...
Q: The operations vice president of Security Home Bank has been intelested IN has been particularly con...
A: Solution: First stage allocation under activity based costing is distribution of cost to different a...
Q: 167. Pearce CompanyPearce Company uses a standard cost system for its production process. Pearce Com...
A: Solution: Variable overhead spending variance = (SR - AR) * AH Standard rate of variable overhead = ...
Q: A firm has a P/E ratio of 18 and a ROE of 13% and a market to book value of __________. a.0.64 b...
A: P/E ratio = 18 ROE = 13%
Choose ONE of the MAS studied in this unit from the list below, and answer the questions that follow: • Budgeting System
OR
•
Questions:
1. Briefly discuss the features of your chosen MAS.
2. Discuss the potential benefits of your chosen MAS.
3. List 4 specific examples of the type of information your chosen MAS can provide to assist managers make decisions.
4. Identify 1 specific Australian organisation that your chosen MAS is suited for and explain why.
Step by step
Solved in 2 steps
- Checklist of evidence required Finally, you should reflect on the results of your activity-based costing exercise, by: a) explaining how costs are categorised. b) identifying those cost areas that have the greatest impact on the profitability of the product that you have investigated. c) evaluating the reasons for producing an activity-based cost model. d) explain how ABC model used to improve profitability. A research and problem solving project to explore the costs associated with engineering activities and to complete an activity-based cost model for a product.Discuss two potential uses of the activity based cost information for decision-making, to the managers in EY Australia and Unilever?Based on your literature findings and interview findings (from Part A), state two key lessons that would inform contemporary organisations about the practical use of cost information.
- Matching Question: Match the following cost accounting objectives with their corresponding descriptions: A) Cost Control and Reduction B) Budgeting and Planning C) Performance Evaluation 1. Involves comparing actual costs with budgeted costs to assess efficiency. • Answer: 2. Focuses on implementing strategies to manage and minimize costs. • Answer: 3. Provides precise cost estimates for various activities, aiding in effective planning. • Answer: Match each objective with its appropriate description: A)..... B) C)Estimating costs requires information • analysis, interpretation, decision-making • measurement, creation of data, negotiation • utilization, historical trends, fixed costs • projection, estimation, monitoring Cost structures are used by managers in __________. Group of answer choices planning, control, decision making activity-based costing, relative value unit method, variable cost rating estimating, forecasting, projecting allocating, averaging costs, performance testing Costs that are unique to a particular department, and would disappear if the department was abolished are known as ____. Group of answer choices indirect costs fixed costs direct costs variable As a manager you must consider _______. Group of answer choices benefits vs. costs benefits vs. overhead benefits vs. cost drivers benefits vs. time Even though fixed costs remain the constant, total costs will _______. Group of answer choices vary based on total fixed costs never vary vary based on volume always be more than…In the context of a local/regional organization, explain the idea of “cost object”. Discuss the four “responsibility centres”, in the selected organization, which are linked to responsibility accounting. What are the main drawbacks of responsibility accounting? Support your answer with relevant examples.
- Which of the following organizational characteristics critically affect the design of a cost management system? Select one: a. Culture Critical success factors Mission Form Yes Yes Yes Yes b. Culture Critical success factors Mission Form No Yes No Yes c. Culture Critical success factors Mission Form No Yes Yes No d. Culture Critical success factors Mission Form Yes Yes No NoChoose one peer reviewed journal article (from any country) on the: Use of your chosen costing system in a real-life organisation (i.e. a case-based empirical study). The article should be published between 2005 – 2020. Choose your article only after you have accessed and reviewed several relevant articles, and then choose the best article that will answer the questions below.Questions:1. Based on your chosen costing article, briefly summarise how the costing system was designed and implemented in your real-life organisation.2. Based on your chosen costing article, did the costing system in the study satisfy the features discussed in Part A (Q1)? Why or why not? Include examples in your answer from your costing article. 3. Based on your chosen costing article, how useful was the cost information to the internal users in the organisation? Discuss with examples from your costing article. 4. Based on your literature findings, state two key lessons that would inform contemporary…Identify 2 specific Australian companies that Activity based costing system is suitable for, and explain why.
- est your knowledge of various aspects of full costing. Match the terms on the left with the corresponding definitions on the right by choosing the appropriate letter in the drop-down list in the left hand table. Question content area bottom Part 1 1. Full costing A. The manner in which costs alter with changes in the level of activity 2. Process costing B. Costs that cannot be identified with specific cost units 3. Direct costs C. Establishing the full cost of an activity where the units of output are dissimilar to each other 4. Job costing D. Costs that can be identified with specific cost units 5. Indirect costs E. Establishing the total of both the direct and the indirect costs of an activity 6. Cost behaviour F. Establishing the full cost of an activity, where the units of output are identical or nearly identicalName a firm or organization you know of that you are reasonably sure uses cost management andexplain why it does so. Does it use cost leadership or differentiation, and why?PLEASE COMPLETE THE TABLE WITH SUITABLE COST DRIVERS, FOR A PROJECT-BASED CUNSTRUCTION COMPANY. Cost Drivers Activity Groups Department Name Organizational Excellence Management Organizational Excellence Department Strategy Organizational Excellence Department Performance planning and management Organizational Excellence Department Budget and cost control Organizational Excellence Department Risk and process Organizational Excellence Department Human resource planning and supply Human Resource Management Department Compensation for employee services and affairs Human Resource Management Department Human resource training and development Human Resource Management Department Headquarters Support Affairs Human Resource Management Department Acquisition Human Resource Management Department Recruiting Human Resource Management Department HSE HSE and Quality…
