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A) Explain in your own words the following:
1. With reference to an example as to which monies received should be deposited and withdrawn from each bank account, the difference between Business and Trust banking accounts.
2. With reference to an example as to what type of transactions should be recorded in each book of account, the difference between Business and Trust books of account.
B) is the principle of financial accountability applicable to legal practices in Africa and if so, in what way?
C) Discuss the meaning of the principle of financial accountability?
A master budget is the compilation of forecasts for coming year or operating cycle made of many departments or function in an organization. What is the most significant forecast made in the master budget? Mention the reasons for your answer.
What are the various kinds of budgets? Please explain each, which type of budget is best for your selected company?
Prepare a sales budget, by month and in total, for the third quarter. (Show your budget in both units and dollars.) Also prepare a schedule of expected cash collections, by month and in total, for the third quarter.
Burlington Clock Works manufactures fine, handcrafted clocks. The firm uses a job-order costing system, and manufacturing overhead is applied on the basis of direct-labor hours.
A company purchased a trunk on Jan 1, 2002 for $40,000. The truck has an estimated life of 6 years and an estimated residual value of $4,000.
Compute the weighted average cost of capital on the first $250 million of funds and saven Travel will need to raise $150 of additional capital for expansion. How much of this will be debt and equity?
Why is variable costing not allowed for financial reporting purposes?
Lewis Auto Company manufactures a part for use in its production of automobiles. When 10,000 items are produced, the costs per unit are:
For what is cost-volume-profit (CVP) analysis used? What are some of the key underlying assumptions that make CVP analysis useful for decision makers? Why might decision makers use CVP analysis?
The three product cost elements?direct materials, direct labor, and overhead? Flow through job order costing system in structured, orderly fashion. Specific accounts and subsidiary ledgers are employed to verify and record cost information.
Define an investment philosophy and strategy. Analyze investment philosophies and strategies in terms of risk, time horizons, and market timing.
Explain the process of allocation of costs in this organization. Do you agree with the approach? Why or why not?. Identify those situations when common costs are allocated.
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