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murzikaleks [220]
1 year ago
12

accounting information is if similar items are treated the same way among various companies highlighting similarities and differ

ences between events and conditions.
Business
1 answer:
harina [27]1 year ago
7 0

Accounting information is <u>Comparable</u> if similar items are treated the same way among various companies highlighting similarities and differences between events and conditions.

<h3>What is accounting information?</h3>

A firm employs an accounting information system (AIS) as a framework to gather, organize, process, retrieve, and report its financial data so that accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators, and tax agencies may make use of it.

To ensure the highest level of accuracy in a company's financial transactions and record-keeping, as well as to make financial data easily accessible to those who require access to it, specially trained accountants work closely with AIS to keep data secure and intact.

Learn more about accounting information

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When labor unions successfully bargain for wage rates that are _____ the equilibrium wage rate, they may cause _____. higher tha
Delicious77 [7]

Answer:

When labor unions successfully bargain for wage rates that are HIGHER THAN the equilibrium wage rate, they may cause AN INCREASE IN STRUCTURAL UNEMPLOYMENT.

Explanation:

When a labor union bargains for wages that are above equilibrium rate, this will produce the same effect as a price floor. The supply of labor will increase, while the demand for labor will decrease. This deadweight loss generated by high wages will result in an excess supply that will eventually lead to higher structural unemployment.

3 0
2 years ago
When scrutinizing a statement of cash flows in an attempt to gain a better understanding of the client, which would be of most a
Fynjy0 [20]

Answers;

In scrutinizing a statement of cash flows in an attempt to gain a better understanding of the client, the auditor should evaluate to check if the client is meeting interest payments when they are due. The auditor may use information about the client's industry. This is done to evaluate whether significant changes is made in the company from prior periods, including changes in its internal control over financial reporting, affect the risks of material misstatement.

4 0
2 years ago
Accrual accounting requires that the cost associated with the failure of credit customers to pay their bills should be recorded
Pepsi [2]

Answer:

Explanation:

Failure of credit customers to pay their bills is considered a bad debt in Accounting. This is recored as a bad debt expense in journal entries in the <em>period when the credit sale occurred</em>. This ensures that these bad debt expense matches the revenues earned during that period. In a company's financial statements, bad debt expense is recorded in the Income statement as <em>selling expenses.</em>

5 0
3 years ago
Munoz, Inc., produces a special line of plastic toy racing cars. Munoz, Inc., produces the cars in batches. To manufacture a bat
cestrela7 [59]

Answer:

Explanation:

1. Calculate the efficiency variance for variable overhead setup costs.

This will be calculated as:

= Standard Hours - Actual Hours) × Standard rate

= (15000/225 × 5.25 - 15000/250 × 5) × 38

= (350 - 300) × 38

= 50 × 38

= 1900 Favourable

2) Calculate the rate variance for variable overhead setup costs.

This will be:

= Standard rate- Actual rate) × Actual Hour

= (38-40) × (15000/250 × 5)

= -2 × 300

= -600 Unfavourable

3) Calculate the flexible-budget spending variance for variable overhead setup costs.

This will be the difference between the standard cost and the actual cost. This will be:

= (15000/225×5.25 ×38) - (15000/250×5 ×40)

= 13300 - 12000

= 1300 Favourable

4) Calculate the spending variance for fixed setup overhead costs.

what formular did you use.

This will be:

= Standard Cost - Actual Cost

= 9975-12000

= -2025 Unfavorable

5 0
3 years ago
Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. Record this transaction in the
OLga [1]

Answer:

Explanation:

The accounting equation is shown below:

Total assets = Total liabilities + Shareholder's equity

In the given transaction, the office equipment was purchased for $3,000 and it is paid immediately which means the balance of office equipment is increased and the cash balance is decreased.  

It gives a positive impact on office equipment under fixed assets and a negative impact on the cash balance under the current assets.

8 0
3 years ago
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