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3 years ago

In each of the following situations, identify whether the setting is primarily financial accounting or management accounting.

Business

1 answer:

Volgvan3 years ago

3 0

Answer:

a. Managerial Accounting

b. Financial Accounting

c. Financial Accounting

d. Managerial Accounting

Explanation:

Managerial accounting also known as management accounting is the practice of decision making, identifying, planning, analyzing, interpreting, and providing expert financial information to managers for the sole purpose of achieving an organization's goals.

Financial accounting is the process of analyzing and preparing financial statements as a financial report for use by the public or external users such as investors, suppliers and clients.

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Firm X purchased a piece of equipment exactly 6 years ago. The piece of equipment had a purchase price of $ 5,726,489 , a salvag

In-s [12.5K]

Answer:

Book value= 4357882

Explanation:

Giving the following information:

Purchase price= $5,726,489

Useful life= 24 years

Salvage value= $252,069

To calculate the book value, we need to determine the accumulated depreciation. We will use the straight-line method to calculate the annual depreciation:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (5,726,489 - 252,069)/24

Annual depreciation= $228,101.25

Now, the accumulated depreciation:

Accumulated depreciation= 228,101.25*6= $1,368,607.5

Finally, the book value:

Book value= purchase price - accumulated depreciation

Book value= 5,726,489 - 1,368,607.5

Book value= $4,357,881.5

7 0

3 years ago

The Boston Consulting Group’s Growth-Share Matrix classifies a firm’s products into four categories based on growth rates of the

iVinArrow [24]

Answer:

False

Explanation:

The Boston Consulting Group’s Growth-Share Matrix is a business planning tool that evaluates the potential of brand portfolios and alternative strategies.

The BCG matrix framework classifies a brand portfolio into four categories based on industry attractiveness (industry growth rate) and competitive position (product market share).

The four categories are:

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cash cows

7 0

3 years ago

Waldman Associates received a written, approved contract to deliver economic consulting services, with service and payment comme

inysia [295]

Answer:

Waldman Associates

Waldman does not have a contract for purposes of revenue recognition on the day the contract is received.

Explanation:

Revenue from contracts with customers becomes recognizable after the performance of the obligations and not before. Revenue is recognized when the contractor has transferred the benefits to the beneficiary and not before. Revenue, in this instance, is to be recognized based on past performance. According to IFRS 15 and ASC 606, revenue is recognized when each performance obligation has been fully satisfied. This is the point when economic benefit has been conferred on the other contracting party.

7 0

4 years ago

The salary foregone by a person who quits a job to start a business is an example of a(n) ________. Select one: A. depreciable c

Arturiano [62]

Answer:

C. opportunity cost

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

For example, let us assume that Amanda leaves her job where she earns $250,000 to start a business where she earns $500,000. Her opportunity cost is $250,000 which is the salary she forgoes when she decided to start her business.

I hope my answer helps you

3 0

4 years ago

Read 2 more answers

What is a temporary suspension of loan payments for specific situations called?

Anna35 [415]

Answer:

deferment

Explanation:

6 0

3 years ago