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Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statemnents. Let's start by getting an understanding of why the guidelines were developed in the first place? Who relies on the financial statemnets (external users)? What happens if an external user relies on financial statements that are inaccurate? What negative consequences can arise from relying on inaccurate financial statemnts? Explain
The use of standard costs can present a number of potential problems or disadvantages. Most of these problems result from improper use of standard costs and the management by excep
what is the classification of cost & how it is done?
scope and limitations of product costing
Vary the force by hiring layoffs. No over time.
Accounting for Job Order Costing 1. Direct Labor Dr W.I.P. Control Account Cr Cash Account 2. Accrued Direct Wages Dr W.I.P. Control Account Cr Wages
distinguish between bin card and store ledgre
Special order pricing - Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and seizes, the average selling pri
A process in the industry where a wholesaler needs an amount that is the difference among the manufacturer's price to the wholesaler and the contract price to the resale customer.
Chrome-It, Inc., manufactures special chromed parts made to the order and specifications of the customer. It has two production departments, stamping and plating, and two service
This can be explained as the process of accumulating, calculating, analyzing, interpreting and reporting cost information that is both helpful and relevant to the internal and exte
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