Martinndungu1986

(T/F) Financial accounting reports are general-purpose and intended for external users. - True (T/F) Managerial accountants have a single role w/in an organization: collecting and reporting costs to management - False. Managerial accountants do determine product costs, but they are also responsible for evaluating how well the company employs its resources. (T/F) Managerial accounting reports are special-purpose and issued as frequently as needed. - True (T/F) Managerial accounting reports m...

Absorption Costing Abuse - produce excessive goods in order to reduce COGS For the third quarter of next year, it indicates the company will have a cash deficiency of $240,000 - you will run out of money in the third quarter. please finance to cover that If a manufacturing company produces fewer units than it sells during a period, then operating profit will be ______ under Absorption Costing compared to Variable Costing. - lower just in time inventory - company aims to have 0 inventory to...

$120,000 - Fixed cost per unit is $10 when 12,000 units are produced and $3 when 40,000 units are produced. What is the total fixed cost when nothing is produced? A variable cost in total changes in direct proportion to changes in output within the relevant range. - Which of the following is true of a variable cost? a. are the only accountants permitted to serve as external auditors. b. may be held responsible to provide assurance concerning the reliability of a firm's financial statement...

All activities associated with providing a product or service is referred to as: a) The value chain b) Total quality management systems c) Just-in-time inventory methods d) Activity-based costing - b) Total quality management systems As before, Colonial heritage's supplier of hardwood will only be able to supply 2,000 board feet this month. Assume the company follows the plan we have proposed. Up to how much should Colonial heritage be willing to pay above the usual pride to obtain more ...

At the end of Year 1, the balance sheet for the Rich Food Restaurant showed cash at $20,000. At the end of Year 2, the balance sheet showed $40,000 in cash. A horizontal analysis of the balance sheets would show the absolute difference between the two years as: - 50% China, glassware, etc., purchased and placed in storage for future use as needed should generally be recorded as ________ in accordance with the Uniform System of Accounts for the Lodging Industry. - Inventory Current assets a...

Accounting information is considered relevant when it has the attributes of verifiability, neutrality, and predictive power (T/F) - False Accounting information is considered to be relevant when it is timely, has predictive value, and has feedback value (T/F) - True depreciation of factory machinery - manufacturing overhead Direct costs are often difficult to trace to the specific cost object under consideration. (T/F) - False engine - direct materials factory machinery lubricants - manuf...

Capital resources - things used to produce goods and services (equipment, computers, buildings) Command economy - a central authority or government makes key economic decisions Demand - amount or quantity of goods and services consumers are willing to buy Economic systems - methods societies use to distribute resources Economics - the study how individuals or groups of individuals strive to satisfy their wants and needs Entrepreneur - an individual who undertakes the creation, organization,...

3 categories of limited economic resources - -land -labor -capital 4 factors of production - 1. land 2. labor 3. capital 4. management a central authority makes the decisions about economic questions - command a measure of how well the people is an economic system live is the - standard of living advantages of market system - -can own businesses and property -potential to get rich -competition lowers prices an economic system in which a central authority makes the decisions about how...

Capital Resources - It is the same as money Are the things used to produce goods and services, Like buildings, materials and equipment. They include delivery trucks, supermarkets, cash registers and medical supplies. Another aspect of capital resources is the factors of distribution used to get a good to market. Some of these factors are a country's roads, rails , ports , airports and even the climate of an area, Command economy - Is also called a planned or managed economy. A central aut...

___________ of production are all the economic resources necessary to product a society's goods and services - Factors ___________ people are the _______________ resources used to make goods and services. - Individual, labor A shortage of resources - scarcity Amount of goods and services that producers will provide at various prices. - supply Amount of money given or asked for when goods and services are brought or sold. - price An individual who undertakes the creation, organization, an...