Decisions concerning the costs

Assignment Help Accounting Basics
Reference no: EM13154365

Fairmont Inc. uses an accounting system that charges costs to the manager who has been delegated the authority to make decisions concerning the costs. For example, if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager. This type of accounting system is known as:

a. responsibility accounting.

b. contribution accounting.

c. absorption accounting.

d. operational budgeting.

Reference no: EM13154365

Questions Cloud

How many moles of co(nh2)2 are present : How many moles of CO(NH2)2 are present in 145 g of water, if the freezing point of the solu- tion is -4.02?C? kf (water) = 1.86 K · kg/mol.
Pattern of change in a particular market model : Choose an Oligopoly and describe the industry and explain the general pattern of change of the particular market model and hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a "market economy."
Find probability if air northeast books seats are available : Using the Binomial Distribution, find the probability that if Air Northeast books 21 people on a flight, not enough seats will be available for all booked passengers.
Compare the change in the quantity of raw steel exchanged : Compare the change in the quantity of raw steel exchanged at the market level with the change in raw steel produced by a representative firm. How do you explain this difference?
Decisions concerning the costs : Fairmont Inc. uses an accounting system that charges costs to the manager who has been delegated the authority to make decisions concerning the costs.
How many moles of hc2h3o2 were used : The pKa of acetic acid, HC2H3O2, is 4.76. A buffer solution was made using an unspecified amount of acetic acid and 0.30 mol of NaC2H3O2 in enough water to make 1.50 L of solution.
What will the company pay in income tax : Executives estimate, for the first year, that they will have gross revenues of $500K, total costs of $300K, $30K in tax deductions and a one-time start-up credit of $8K. What will the company pay in income tax?
Explain molecules of tetraphosphorus decaoxide : What is the mass of 8.00 1022 molecules of tetraphosphorus decaoxide? (b) How many P atoms are present in this sample?
Calculate the expected annualized compound rate of return : Calculate the expected annualized compound rate of return over the five years for each bond. Which bond offers the higher expected compound rate of return?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Zproviding quality health care services to the community

Health care managers are charged with providing quality health care services to the community in efficient and effective ways. Managers strive to deliver quality care through their planning, organizing, and controlling efforts.

  Annual straight-line depreciation

Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck.

  Carryback provisions in the tax law

Applying the carryback provisions in the tax law, compute the net amount of taxes paid (amounts paid less refunds) for the ten-year period ending December 31, 2011

  Income statement for subscriptions revenue

In November and December 2007, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2008 issue. Lane included the entire $90,000 in its 2007 income tax retur..

  Account for the contracts problem

Assume that 2,20 contracts were sold in 2011 and that contract sales were made evenly over the year. Give the entries required for 2011 and 2012 to account for the 2,200 contracts.

  Result in gross income or deductions

Bill is cash basis calendar year taxpayer. Which of the following December items result in gross income or deductions for the current year?

  Given transactions for journalization on stock issue

Prepare journal entries for the transactions listed above. Prepare an updated Dec 31st trial balance, reflecting the unrecorded transaction-Prepare a multiple-step income statement for the year ending Dec 31st. Prepare a retained earnings statement f..

  Cash flows from operating actions

Prepare, in good form, the cash flows from operating activities section of the statement of cash flows.

  Adjusted balance of allowance for doubtful accounts

Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of allowance for doubtful accounts at December 31,2011?

  What are some of the ways that financial information

The CEO of your company has requested that you prepare a written presentation to be given at the next board of directors meeting regarding the continuing impact that the information age has on financial accounting.

  Company break-even point in dollar sales

Scott Company's variable expenses are 70% of sales. The company's break-even point in dollar sales is $2,420,000. If sales are $53,000 below the break-even point, the company would report a:

  Income tax expense in income statement

HD determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. HD made no estimated tax payments during 2009. What amount should HD report as income tax expense in its 2009 income statement?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd