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1. Management accountants usually plan for a small positive cash balance in their cash budgets for all of the following reasons except:
a) It provides for unexpected emergencies.b) Keeping the balance as small as possible is an important way to effectively manage cash.c) It provides a safety buffer for variations from plan.d) It provides funds in case of major capital expenditures
2. Labor efficiency has sometimes been incorrectly referred to in class as the
a) materials quantity variance.b) total labor variance.c) labor quantity variance.d) labor rate variance.e) (standard material, plus standard labor, plus standard overhead) times the controllable scrap rate.
3. The standard price and standard quantity of direct materials are separated because:
a) usually direct materials prices are controlled by the purchasing department, and quantity of direct materials used is controlled by the production department.b) GAAP reporting requires this separation.c) standard quantities are more difficult to estimate than standard prices.d) standard prices change more frequently than standard quantities.e) it is required by the matching principle.
part a you have been asked to check grand plomp ltd a maker of rocket widgets employed by nasa. the owners are
What qualitative matters should be taken in considerations with requirement c and d? Describe. Would you change the decision taken on c and d? Clarify.
Your program has an RDT&E-funded project scheduled to start in July 2005 which is expected to take 12 months to complete. The project is expected to cost a total of $12 million - appropriate budget requests for this project?
Compute the predetermined overhead rate and prepare the entry to apply the overhead for the year.
What is meant by the terms relevant and irrelevant costs and revenues in Strategic Management Accounting decision making? Include several small numerical examples in your answer.
An interesting research paper on fair value accounting of PP&E under IFRS which allows either historical cost or fair value accounting treatment.
Howell Industries has total fixed costs of $150,000 and the company's contribution margin represents 60% of revenue per unit, Last year, Howell Industries earned $50,000 pre-tax, and this year it would like to improve that figure by 20%.
Prepare a Statement of Changes in Net Assets for the Employees Retirement Fund for the Year Ended June 30, 2012 and prepare a Statement of Net Assets for the Employees' Retirement Fund as of June 30, 2012
Grade A wire requires $450,000 of monthly variable costs to process into staples, which can be sold in the market on 5/1/XX for $7.00 per pound. Grade B wire requires $600,000 of monthly variable costs to process into paperclips, which can be sold..
Strategies for managing risk - Evaluate what is a strategy for managing risk and what are some potential future risks?
By how much and in what direction (overstated or understated) will the firm's cost of goods sold be misstated?
Compute the February conversion costs in the Filtration Department - the Filtration Department completely processed 150,000 liters in February.
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