Standardization-consistency describe financial accounting
Flexibility, timeliness, and forward looking is said to be the prominent trait of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus on these two accounting systems differs.
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Expenses are expected to include direct materials, direct labor, and factory overhead totaling $5,000 per year plus depreciation of $9,000 per year. The company's tax rate is 40%. What is the payback period for the new machine?
A company bought a machine that has an expected life of 7 years and no salvage value. Management estimates that this machine will generate annual after-tax net income of $540. If the accounting rate of return is 12%, what was the purchase price of
Expenses are expected to include direct materials, direct labor, and factory overhead totaling $8,000 per year plus depreciation of $4,000 per year. The company's tax rate is 40%. What is the approximate Accounting Rate of Return for the machine?
If a poor ethical environment results in costs to an organization, what are they? Conversely, what are the benefits of a good ethical environment?
Prepare the general journal entries to record the sale of the vehicle for $21,000 on 31st March 2013. Assume the vehicle is being depreciated under the straight-line method. Ignore GST. Narrations are required.
Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized. Instructions: Prepare the journal entries for the transactions above.
1. Using bullet points evaluate the strengths of New Phone Inc.'s control environment. 2. Using bullet points evaluate the weaknesses of New Phone Inc.'s control environment.
Analyze the differences in how the manufacturing, merchandising, and service sectors address inventoriable and period costs and determine which sector would present the creates challenges in terms of cost accounting. Explain your rationale.
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