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1 year ago

To be useful for decision making, information should possess the fundamental qualities of relevance and.

1 answer:

7 0

To be useful for decision making, information should possess the fundamental qualities of relevance and <u>Faithful representation</u>.

<h3>What is faithful representation?</h3>

Faithful representation can be defined as the financial accounting concept that stated a company financial position which they present should be correct with what the company has as their financial statement.

It is paramount that a company a financial statement is accurate to what they present in the financial statement and should not be compromise.

Therefore To be useful for decision making, information should possess the fundamental qualities of relevance and <u>Faithful representation</u>.

Learn more about Faithful representation here:brainly.com/question/14506917

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"Consumer sovereignty" means that Group of answer choices1. buyers can dictate the prices at which goods and services will be of

nalin [4]

Answer:

2. advertising is ineffective because consumers already know what they want.

Explanation:

Consumer sovereignty is the idea that it is consumers who influence production decisions because they decide what to buy by checking to see that their expectations are meet. Production of goods is designed towards meeting the needs of the consumers. The consumers select what they want to buy by the checking if the good fulfills their needs and wants.

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3 years ago

Preparing an Overhead Budget Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of the c

Sergio [31]

Answer:

January:

Total overhead= $11,948

February:

Total overhead= $11,360

March:

Total Overhead= $13,302.5

Explanation:

Giving the following information:

Budgeted direct labor hours for the first 3 months of the coming year are:

January= 13,140

February= 12,300

March 15,075

The variable overhead rate is $0.70 per direct labor hour. Fixed overhead is budgeted at $2,750 per month.

To calculate the total overhead for each month, we need to sum the total variable overhead and the fixed overhead. <u>Total variable overhead is the result of applying the variable overhead rate multiplicated with the direct labor hour.</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

January:

Total overhead= (0.70*13,140) + 2,750= $11,948

February:

Total overhead= (0.70*12,300) + 2,750= $11,360

March:

Total Overhead= (0,70*15,075) + 2,750= $13,302.5

3 0

3 years ago

Can someone assist with my question.... really important, semester coming up soon. Thank you in advance

tensa zangetsu [6.8K]

What is your question?

4 0

2 years ago

Calculate gross profit for the following situation: National Storage Company had sales of $1,000,000, sales discounts of $2,500,

Pie

Answer:

$475,500

Explanation:

Sales is $1,000The discountscount is $2500

Sales return and allowances are $15,000

The cost of goods sold is $525,000

Therefore the gross profit can be calculated as follows

= 1,000,000-2,500-15,000-525,000

= 457,500

Hence the gross profit is $475,500

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2 years ago

To guide cost allocation decisions, the ability to bear criterion ________.

hoa [83]

Answer:

the answer is D

Explanation:

Disagree. Cost accounting data plays a key role in many management planning and control decisions. The division president will be able to make better operating and strategy decisions by being involved in key decisions about cost pools and cost allocation bases. Such an understanding, for example, can help the division president evaluate the profitability of different customers The salary of a plant security guard would be a direct cost when the cost object is the security department of the plant. It would be an indirect cost when the cost object is a product. Exhibit 14-1 outlines four purposes for allocating costs:

1. To provide information for economic decisions.

2. To motivate managers and employees.

3. To justify costs or compute reimbursement.

4. To measure income and assets for reporting to external parties.

Exhibit 14-2 lists four criteria used to guide cost allocation decisions:

1. Cause and effect.

2. Benefits received.

3. Fairness or equity.

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3 years ago