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1. Outline the effect of 'perspective' on the development of a conceptual framework for financial accounting. Give an example of how a difference in perspective can inform development of accounting standards within such a framework.
2. What are discretionary expenses and why are they important to the operating success of a firm?
3. Why might a company want to engage in off-balance sheet financing?
4. What are the four options that manufacturing and service companies have to transform breakeven or loss customers into profitable ones?
5. What is budgeting and what is its role? List the purposes addressed by budgeting and the reasons why organizations prepare budgets.
Janel Co acquired a building valued at $120,000 for property tax purpose in exchange for$8,000 shares of its 5 par common stock. The stock is selling for $15 per share. At what amount should the building be recorded by Janel Co.?
Supposing you would like to purchase the new car next year, develop the personal budget for yourself or a friend for this year. Make sure to comp,rise a savings plan to save enough for the down payment, taxes, license, and insurance.
Gridiron Merchandising anticipated selling 27,000 units of a major product and paying sales commissions of $6 per unit. Actual sales and sales commissions totaled 27,500 units and $171,400, respectively.
Compute the cost per broadcast hour during July and September for each of these cost items. What will be the cost per broadcast hour in December for each of the cost items?
Describe how the following affect the break-even point: increase or reduce in unit sales price, increase or reduce in variable cost per unit, increase or reduce in fixed costs.
James Co. has two divisions,A and B,each operate as a profit center.A charges B $35 per unit for each unit transferred to B. Other data for A are below:
Prepare the journal entry to transfer the cost of job #JK150 out of the work-in-process account at the end of November, What was the under-or over recovered overhead for the year?
What are the advantages and disadvantages to our company of financing the expansion by issuing bonds? By issuing common stock?
Suppose one predetermined rate per copy was used to allocate all photocopy costs. What rate would be used and how much cost would be allocated to the Public Works Department in August?
How many units require to be sold in order to break-even? Compute the raise in net income if an additional 1,000 units over the break-even point are sold.
What considerations go into choosing a cost allocation plan? Companies can choose among a few allocation methods. Do some methods make more sense in certain situations than others?
Assuming that three units of product A are sold for every four units of product B, calculate the dollar sales volume necessary to break-even. As part of its cost accounting routine, Wilcox Company assigns $36,000 in fixed costs to each product e..
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