A responsibility accounting system utilizes and assigns costs on the basis of their a. controllability b. variability c. timing of recognition d. traceability
Q: On December 31, 2023, Chi Chow Company had outstanding 460,000 shares of common stock and 46,000…
A: The basic earning per share does not account for the dilutive securities therefore the basic EPS is…
Q: A $7,000; 9% bond is sold at 93. When the bond is issuede the Cash account will be incerased by :…
A: Bonds :— It is one of the type of securities that pays fixed periodic interest and face value amount…
Q: On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock…
A: Stockholder's Equity - Stockholder's equity is a Financial Statement that includes issuance of…
Q: In the grid below, record the accumulated manufacturing costs and raw materials used. (Enter…
A: Accumulated manufacturing costs refer to the total cost incurred by a company during the production…
Q: When applying the present value test, lease payments determined by the lessee include: I. fixed…
A: Lease It is the contract in which the property owner allows another party to use the property in…
Q: 1. A bank reconciliation is a. A financial statement that lists all of the bank account balances of…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow.…
A: An income statement is a type of financial statement that illustrates the profitability of the…
Q: y 1, Boston Enterprises issues bonds that have a $1,650,000 par value, mature in 20 years, and pay…
A: Bonds is a kind of security which is issued by the companies to borrow money for the business…
Q: BB Inc. received the following information from its pension plan trustee concerning the operation of…
A: Pension expenses = Service cost + Past service costs + Interest cost - Expected return…
Q: When Joe and Sarah graduate from college, each expects to work a total of 45 years. Joe begins…
A: This pertains to the concept of time value of money. Money deposited or invested today grows in…
Q: The balance sheet data of Kohler Company at the end of 2021 and 2020 follow: 2021 2020 Cash $…
A: Cash flows from financing activities is one of the important section of cash flows statement. It…
Q: Marin Factory provides a 2-year warranty with one of its products which was first sold in 2025.…
A: Journal entries are used to record business transactions in chronological order under double entry…
Q: Similarities of Activity-Based Costing (ABC Costing) & Absorption Costing with real world examples…
A: Activity-based costing (ABC Costing) and absorption costing are two commonly used methods of cost…
Q: Hudson Co. reports the contribution margin income statement for 2019. HUDSON CO. Contribution Margin…
A: Break even point analysis is one of the important technique used by the management of the company in…
Q: The expected average rate of return for a proposed investment of $634,000 in a fixed asset with a…
A: Annual net Income = Total net Income / 4 = $320,000 / 4 = $80,000
Q: Penjani and Njovu have agreed to run a courier business jointly as equals. They want to formalize…
A: Penjani and Njovu have decided to start a courier business jointly and want to formalize their…
Q: ABC Company had the following accounts and balances at the end of the first year of operations. What…
A: Trial Balance: Trial balance is a statement in which the closing balance of all ledger accounts is…
Q: Problem 2-12 (AICPA Adapted)014) In preparing the bank reconciliation for the month of August, Apex…
A: Lets understand the basics. Bank reconciliation is a statement prepared in order to reconcile the…
Q: XYZ Limited purchased land for $10 million. In the second year, the land was revalued to $15…
A: Land is one of the fixed asset being used in business. It is assumed that value of land will not…
Q: The following information are gathered from Relaxz Corporation: Relaxz Corporation’s charter…
A: 3 for 2 share split means every 2 shares outstanding on that date become 3 shares after the split.…
Q: Is the following a potential control weakness? In employing new staff, while Marco checks…
A: Internal control refers to the policies, procedures, and processes implemented by a company to…
Q: On January 2, 2016, Jose Miguel got the franchise of Figaro, Inc.. The franchise agreement provides…
A: Revenue recognition is one of accounting principles being used in business. It says that all…
Q: Riverbed Corp was organized on January 1, 2025. It is authorized to issue 20,300 shares of 5%, $50…
A: Stated value of common stock is called as par value. Difference between issue price per share and…
Q: 1. What amount should be reported as adjusted cash in bank on December 31? blow you rollo sul to dom…
A: Adjusted cash in bank : Checks in transit are subtracted, and any deposits that might not have…
Q: Example no1 A shoe company estimates that producing a pair of shoes on the production line can take…
A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or loss.…
Q: es GolfGear & More, Incorporated is a regional and online golf equipment retailer. The company…
A: Cash flows statement is one of important financial statement being prepared in business. It shows…
Q: 4. Calculate the following, and place the calculated solution on the appropriate line. In all cases,…
A: Cost of Ending Inventory: The value of items still on the sale at the end of an accounting period…
Q: On December 31 of the current year, Jerome Company has an accounts receivable balance of $321,000…
A: Sales are made on cash basis and credit basis. the amount to be collected from Sales made on credit…
Q: he Regal Cycle Company manu
A: Product line analysis is required when there is more than one product in a company.…
Q: The management of Kawneer North America is considering investing in a new facility and the following…
A: Payback period :— It is the time period in year which is required to recover all the cash outflows…
Q: On January 1, 2025, Culver Corporation had $1,310,000 of common stock outstanding that was issued at…
A: The stock dividend is declared to the shareholders from the retained earnings of the business. The…
Q: On January 1, 2022, ABC Company issued 9% Note with face amount of P2,000,000 which matures on…
A: A note is a legal document representing a loan made from an issuer to a creditor or an investor.
Q: Required information [The following information applies to the questions displayed below.] On…
A: The bonds can be issued at a discount or premium. The bonds are issued at a price below the face…
Q: Aranda Company is an import-export company that relocated earlier this year in a foreign trade zone…
A: It is a secure, enclosed, and designated area within the United States that is considered to be…
Q: Which variances will the company Investigate? Item a. Direct materials price variance b. Direct…
A: Variance arises when the actual costs for the company is different from the standard costs which…
Q: On January 1, 2021, Manzanita Manufacturing purchased a machine for $345,000 with an expected life…
A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…
Q: umpin Corporation uses the percent-of-sales method to estimate uncollectibles. Net credit sales for…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…
Q: What are the three characteristics of a liability, and why does a deferred tax liability of a…
A: The liability is classified as current and non-current. The liability that is paid within one year…
Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…
A: Treasury stock is the stock of a company that has been bought back by the company itself and is now…
Q: Martin and Hannah form Van Buren Partnership. Each person receives an equal interest in the newly…
A: Gain refers to the increase in value or profit realized from a transaction or activity. It can refer…
Q: year-end review of Accounts Receivable and estimated uncollectible percentages revealed the…
A: Bad debts are those kinds of customers that become uncollectible. These are charged in the income…
Q: Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement…
A: The cash flow from operating activities include the cash flow from day to day transactions of the…
Q: COMPOUND FINANCIAL INSTRUMENTS On January 1, 2023, ACT Company issued 1,000 of its 10%, 5-year, P…
A: Journal entries Particular Debit Credit Convertible Bonds Payable P 10,000 To Cash P…
Q: Retirement of Debt Moore Company is preparing its statement of cash flows for the current year.…
A: The financial activities of cash flows include the cash flows raising from debt and repayment. The…
Q: Given the information below, Marco’s accountant, Stephen Violet, prepares financial statements and…
A: Financial statements review refers to the process of examining an organization's financial…
Q: Last year Diane's annual income was $86,011. Use the following Income Tax table to calculate how…
A: Under the slab system for taxation, the income tax rate in the slab increases with an increase in…
Q: At December 31, 2024, MedX Corporation had outstanding 200,000 shares of common stock. Also…
A: The earning per share is the measure used by the investor when making investment decisions.…
Q: At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three…
A: Lets understand the basics. Predetermined overhead rate is calculated by the management in order to…
Q: An amount was borrowed from a bank at a simple interest rate of 12.41% and paid after 5 years and 7…
A: F = P(1+(R*T)) Where F = Future Value. P= Present Value R = Rate of Interest T = Time
Q: In the current year, Dove Corporation (E & P of $1,000,000) distributes all of its property in a…
A: When a corporation distributes its assets in a complete liquidation, the fair market value of the…
A responsibility accounting system utilizes and assigns costs on the basis of their
a. controllability
b. variability
c. timing of recognition
d. traceability
Step by step
Solved in 4 steps
- The ability to assign a cost directly to a cost object by means of a causal relationship is a. allocation b. traceability c. separability d. value chain processA direct cost is a cost that is classified by Traceability Behaviour Controllability RelevanceWhat is the key feature of activity-based responsibility accounting? Briefly explain.
- What is the typical focus of responsibility reports for cost centers, revenue centers, and profit centers?How are the value chain and management accounting related? Distinguish between a cost center, a profit center, and an investment center using appropriate examples.In responsibility accounting the most relevant classification of costs is discretionary and committed fixed and variable incremental and non-incremental controllable and noncontrollable
- What is the relationship between the value chain and management accounting? With the use of suitable examples, distinguish among a cost centre, profit centre and an investment centre.Marketing costs and Maintenance costs are the examples of Select one: a. Revenue center O b. Cost center c. Investment center O d. Discretionary cost centerb. Classification of costs may be based on the information needs of management and their nature. Briefly explain the classification required for various purposes with appropriate examples.
- The following statements are correct objective of cost accounting except: Ascertainment of cost Planning and controlling cost Decision making ObservationsWhich function is not contained in the management accounting department? a. Cost accountingb. Financial accountingc. Budgetingd. system studye, answer not given