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Elden [556K]
2 years ago
15

Why do you think the accounting requirements for job-order costing are more demanding than those for process costing

Business
1 answer:
klasskru [66]2 years ago
8 0

Since there is a cost involved in allocating the specific material and labor to the product, job order cost systems are sometimes more expensive to operate than a straightforward process costing system.

<h3>What is job order costing?</h3>

Job order costing is a costing approach used to calculate the cost of producing each product. This pricing approach is typically used when a company creates a number of items that are distinct from one another and wants to assess the cost of performing a single operation. Direct labor, direct supplies, and manufacturing overhead are all included in task pricing.

Job order costing can be used to determine if a job is profitable.  Efficient task order costing enables businesses to generate bids that are competitive while being profitable.

learn more about job order costing refer:

brainly.com/question/24277455

#SPJ4

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Employees rarely arrive and leave exactly on the quarter hour so it would make sense to round employee arrival times to the near
Maru [420]
False !!!!!!!!!!!!!!!!!
4 0
3 years ago
Read 2 more answers
If nominal gdp is $12 trillion and real gdp is $10 trillion, then the gdp deflator is
Juli2301 [7.4K]
<span>If nominal gdp is $12 trillion and real gdp is $10 trillion, then the gdp deflator is: </span><span>120, and this indicates that the price level has increased by 20 percent since the base year.</span>
<span>
GDP deflator reflect the effects of new prices to the product that produced domestically. 
It calculated with this equation:

GDP Deflator = GDP Nominal/Real GDP x 100

= 12 Trllion /10 Trillion   x 100
= 120</span>
6 0
3 years ago
If a payback period for a project is greater than its expected useful life, the ___________.
just olya [345]

Answer: d. Entire initial investment will not be recovered.

Explanation:

The Payback period by definition is the amount of time it will take a Project to recover the initial investment into it. For example, if a project had an investment of $20 million and made $5 million every year, the Payback period would be 4 years.

Now, if the amount of time it will take to recover an investment is longer than the expected amount of time the project will run (expected useful life) then logically speaking that would mean that the Investment would not be entirely recovered because the project will be done before it can pay off the investment hence Option D is correct.

4 0
3 years ago
Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows:
sertanlavr [38]

Answer:

Journal Entry

a) Debit Capital- Benson $138,000 Credit Capital-North $138,000

b) Debit Capital- Benson $138,000 Credit Capital-Schmidt $138,000

c) Debit Capital-Benson $138,000 Credit Bank $138,000

d) Debit Capital-Benson $138,000 Debit Capital-Meir $28,500 Debit Capital-Lau $47,500 Credit Bank $214,000

e) Debit Capital-Benson $138,000 Debit Accumulated Depreciation $23,000 Credit Cash $30,000 Credit Equipment $70,000 Credit Capital-Meir $22,875 Credit Capital-Lau $38,125

Explanation:

a and b are the same with the same amount of capital transferred from one partner to another partner, it is just a matter of derecognizing Benson and recognize North or Schmidt.

c) Partner Benson is paid cash her capital,

d) decrease in meir's Capital = 214,000-138,000 = 76,000*3/8= $28,500

   Decrease in Lau's Capital Account = $76,000 5/8 = 47,500

Excess funds are taken from capitals or income summary account of the partnership which will affect the capitals of the remaining partners

e)  Meir's Capital = $138,000 -(70,000-23,000+30,000)

                            = $138,000-77,000

                           = $61,000*3/8 =$22,875

Lau = $61,000*5/8 =38,125

The Capital Accounts of the remaining partners will increase because of the gain made on buying out the leaving partner.

8 0
3 years ago
The following information is taken from the records of Erie Corp.(in thousands) for the year ended on December 31: 2019 2018 Sal
den301095 [7]

Answer:

<u>Favourable Changes:</u>

Sales

Gross Profit

Operating Income

Interest Expense

Net Income

<u>Unfavourable Changes:</u>

Cost Of Sales  

Selling Expenses  

General Expenses

Other Revenue

Income Taxes

Explanation:

Observe Movement from 2018 results to 2019 results

                                        Erie Corp

                   Vertical Analysis of Income Statement

                                                                2019                    2018

Sales                                                        1,397                    1,122

Less Cost Of Sales                                   935                      814

Gross Profit                                               462                      308

<u>Less Operating Expenses</u>

Selling Expenses                                      154                       121

General Expenses                                     88                        77

Operating Income                                   220                       110

<u>Less Non- Operating Expenses</u>

Other Revenue                                            4                          7

Interest Expense                                         2                          9

Income Taxes                                           134                        66

Net Income                                                88                        42

8 0
3 years ago
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