Answer:
A) To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards.
Explanation:
A conceptual framework refers to a system of ideas and objectives that generate a consistent set of rules and standards. All CPAs work following accounting standards, e.g. US GAAP or IFRS. Without a conceptual framework, it would have been impossible to develop standard norms that apply to every accounting professional and that are used and required by all the companies, the markets and government regulators.
Answer:
The following selected transactions were completed during March of the current year: March 1 Billed customers for fees earned, $54,100. 4 Purchased supplies on account, $1,250. 8 Received cash from customers on account, $43,800. 11 Paid creditors on account, $600.
Explanation:
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Consumer protection is the movement to protect the valid interests of consumers and is a major force in small business today
Answer:
The cost per unit for product B is<em> $ 15 per unit</em>
Explanation:
Only Manufacturing Costs are used in Product Costing. Thus to find the Cost Per Unit of Product B, we Prepare a Manufacturing Cost Summary for Product B.
<u>Step 1 Prepare a Manufacturing Cost Summary for Product B</u>
Direct materials $ 15,000
Direct labor $24,000
Overhead costs($24,000/$36,000) × $54,000 $36,000
Total Cost for Product B $75,000
<u>Step 2 Calculate the Cost Per Unit for Product B</u>
Cost Per Unit = Total Cost / Number of Units Produced
= $75,000 / 5,000 units
= $ 15 per unit
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Answer:
Annual depreaciation 2020= $2,400
Explanation:
Giving the following information:
Purchase price= $12,000
Salvage value= $2,000
Useful life= 5 years
<u>To calculate the depreciation expense under the double-declining balance, we need to use the following formula:</u>
Annual depreciation= 2*[(book value)/estimated life (years)]
2019:
Annual depreaciation= 2*[(12,000 - 2,000) / 5]
Annual depreaciation= 4,000
2020:
Annual depreaciation= 2*[(10,000 - 4,000) / 5]
Annual depreaciation= $2,400
