September 30, 2011: Raw Materials, Work in Process, Finished Goods, Cost of Goods Sold, and Selling Expenses. Raw Materials (5,000-4,650) X$9=$3,150 Work in Process Account (4,600 X10%) X$9 = $4,140 Finished Goods Account (4,600 X 90% X25%) X$9=$9,315 Cost of Goods Sold (4,600 X 90% X75%) X$9 = $27,945 Selling Expenses Account 50 X $9 =$450 Proof of head lamps allocated (5,000 X $9= $45
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concern assumption. Relevance, reliability, comparability and understandability are the primary characteristics. (1)List income and expenses as the elements related to performance. (2)Define it as a resource from which a future economic benefit is expected. (3)Use “probable” to define the criteria for recognition. Financial statements elements (1)List revenues, expenses, gains, losses and comprehensive income as the elements related to performance. (2)Define an asset as a future economic benefit
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CHAPTER 2: MANAGERIAL ACCOUNTING CONCEPTS/JOB COSTING ANSWERS TO QUESTIONS 1. The major differences between managerial and financial accounting are: |Financial Accounting |Managerial Accounting | |External users of information—usually stockholders, financial|Internal users of information—usually managers. | |analysts, and creditors. |
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Comparison of Three Investment Properties Keller School of Management Introduction This paper will examine three investment properties. Each property has one or more unique characteristic in order to get a spectrum of possibilities. All properties are apartment complexes of varying size, location, age and price as I outline below. Property 1 - Winnetka, CA (Los Angeles) This property is located at 19950 Roscoe Boulevard Winnetka, CA 91306 and was constructed in 1963. This complex
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2. Situation Analysis Current Situation Information is now an essential element in human life. Without Information no one can live a better life. So Information business is also doing a vital role in a country’s economy. In our country Information business is not too heavy but has a big range of customer. Against this big customer range Information business is very little. So anyone who wants to enter in this market can perform better and can earn some benefits also. Market Analysis We are entering
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time to satisfy the “available” criterion. Chapter 5 – Questions for Review and Discussion 1. Expenditures are decreases in net financial resources whereas expenses are reductions in overall net assets. Expenditures are governmental fund equivalents of expenses. In effect, expenditures are expenses that are determined on the modified rather than the full accrual basis of accounting. 2. Expenditures should be recognized on an accrual basis unless they qualify as one of the
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MANNING’S SCHOOL AGRICULTURAL SCIENCE DEPARTMENT AGRICULTURE SBA TEMPLATE Guidelines for Cost Analysis of Farm Production Project (Crop Production) Item | Description | KCMarks | Total | (I) Introduction | Name of projectLocationDurationDescription of activities, sketch of layout of plot,materials and equipments Schedule of operation | 3 1 | | (ii) Complete budget | Projected income (output x price)Projected expenditure (itemized)surplus | 1 1
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you have been alerted to this activity. Which management actions will you look for as evidence that the investors’ interests are not being protected? 1. 2. 3. 4. c. Overstated revenues and assets Overstated expenses and liabilities Understated revenues and liabilities Understated expenses
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prepare for the interim audit, you have been alerted to this activity. Which management actions will you look for as evidence that the investors’ interests are not being protected? 1. 2. 3. 4. c. Overstated revenues and assets Overstated expenses and liabilities Understated
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to retained earning. In 2004 plant maintenance expenditure was $44000. Normally plant maintenance was about $60,000 a yr. $60,000 had indeed been budgeted for 2006. Income statement of company contains this $60,000for plant maintenance expenses with an offsetting credit to reserve account as a noncurrent liability. In January 2006 company issued $100000 bond in return of $80,000 to one of its stakeholder. Discount of 20000 arose because 5% interest rate was below the ongoing
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