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A newly hired controller discovered unusual patterns concerning standard costs. She noticed that the first-quarter profits were poor and gradually got better through the fourth quarter with a spectacular performance exceeding its target profit for the year. Apparantly top management was aware of this abusive practice of rigging standards. The company policy is vague on when to report saved up favorable variances and using them to create a nice smooth pattern of growing profits.
Required:
Question: Should this managerial reporting of standard variance practice be permitted to continue? If not why and what affects does this accounting practice have on the company and its investors?
X corp issued a $100,000 5 year bond, stated interest rate on bond at 10% on January 1,2010. Interest is paid annually at the end of the year. the market interest rate was 7%.
The actual manufacturing overhead cost incurred was $54,000. The manufacturing overhead cost applied to Work in Process was $58,000. The cost of goods manufactured for September was?
What would be the flexible budget amounts at an activity level of 12,000 machine hours if indirect materials is a variable cost and factory rent was a fixed cost?
The non controlling intrest shares of Float Corp. are not actively traded. What is the total amount on goodwill recognized at the date of acquisition?
If a plant assests of a manufacturing company are sold at a gain of $820,000 less related taxes of $250,000, and the gain is not considered unusual or infrequent, the income statement for the period would disclose these effects as:
Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000.
Costs can be classified into two categories, fixed and variable costs. These costs behave differently based on the level of sales volumes. Suppose we are running a restaurant and have identified certain costs along with the number of annual units ..
The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, year 1 is:
Discuss a production process that you think would involve the production of joint products, being sure to address the following points:
Which of the "decision" are relevant to the auditor's evidence accumulation?
Journalize the entry Escape used to write off customer Ken Ford for $50. (the $50 is included in the 1700 total written off). The balance in Accounts Receivable on December 31, 2011, is. Journalize Escape's adjusting entry to record bad debt expense ..
Descriptions of how your organization uses the accounting information for financial management improvement recommendations for you.
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