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Managers need to know enough about accounting concepts and their applications, that they can understand and interpret financial data and make the best decisions possible. Suppose a manager in a manufacturing plant goes to the chief Accountant in the organization and asks for the manufactured per unit cost of a product, and the accounting manager stresses the point that "if you sell for less than this, you will lose money". Suppose the manager then decides to sell some of this product for less than that cost. Do you think the manager is demonstrating a knowledge of accounting concepts or just making a mistake that will lose money for the company. Explain.
What are some examples of basic entries to record transactions used in your organization? In your response, you are not required to journalize these entries.
The sales price that is stated in the agreement for this combined product is $500,000 and is to be paid upon delivery of the software.
What is the difference between a "Revenue Center" and a "Profit Center"? Discuss the Differences Between Responsibility Centers and Decentralization. What other reasons are there to indicate decentralization is a better way of doing business?
Monthly demand for an inventory item currently averages 160 units. The annual carrying cost is $10 per unit. Ordering cost is $60 per order. This information applies to all of the questions on this page.
What are the three different inventory costs flows assumptions commonly used in commerce today and allowed by generally accepted accounting principles?
Among its 5,000 employees were 165 youngsters aged 14 and 15 who worked full-time during the day and were paid at a rate less than the minimum wage. Which statement is true in accordance with the general rules of the Fair Labor Standards Act?
The revenue principle states that revenue should be recognized at a point when:
Explain the two (2) basic types of analysis that are used to compare accounting information. In addition to above posted explain how Managerial Accounting differs from Financial Accounting (GAAP).
Compute the largest tax deduction possible in 2010 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS):
In 2009, Wood's residence had an adjusted basis of $150,000, and it was destroyed by a tornado. An appraiser valued the decline in the market value at $175,000. Later that same year,
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
Journalize the Transactions and Posting them into ledger and Preparation of Trial Balance.
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