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3 years ago

In a properly designed internal accounting control system, the same employee should not be permitted to:

1 answer:

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In a business world, segregation of duties is important to have a sound internal control. The employee handing cash/check collection is prohibited from updating its customer's subsidiary ledger and recording of transactions in the books. This will eliminate fraud and misappropriation of funds.

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Derst Inc. sells a particular textbook for $39. Variable expenses are $28 per book. At the current volume of 49,000 books sold p

Liono4ka [1.6K]

Answer:Annual fixed expenses = $ 539,000

Explanation:

Given;

break even point on books sold= $49,000

sales price per unit = $39

variable cost= $28

Using the formulae,

Break-Even point (units) = Fixed Costs ÷ (Sales price per unit – Variable costs per unit) or in sales

49,000 =Fixed cost / ( 39-28)

Fixed cost = 49,000 x 11

= $ 539,000

Annual fixed expenses = $ 539,000

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3 years ago

Mallard Corporation uses the product cost concept of product pricing. Below is cost information for the production and sale of 4

KiRa [710]

Answer:

1. Cost per unit = 860,500/45000 units = $19.12

2. Mark up = 12% * 800,000 = $96,000/45000 units = $2.13

mark up = 2.13/19.12 = 11.14%

3. Therefore selling price per unit = $19.12+$2.13 = $21.25

Explanation:

Variable direct materials cost per unit............................ 5.50

Variable direct labor cost per unit.................................... 7.65

Variable factory overhead cost per unit .........................2.25

Variable selling and administrative cost per unit........... .90

TOTAL VARIABLE COST PER UNIT..................................16.3

TOTAL VARIABLE COST = $16.3*45000 units = $733,500

Fixed factory overhead cost $82,000

Fixed selling and administrative costs 45,000

TOTAL COST = $ 860,500

1. Cost per unit = 860,500/45000 units = $19.12

2. Mark up = 12% * 800,000 = $96,000/45000 units = $2.13

mark up = 2.13/19.12 = 11.14%

3. Therefore selling price per unit = $19.12+$2.13 = $21.25

5 0

3 years ago

Statement on Standards for Tax Services No. 1 establishes as a basic principle of providing tax services that the CPA:a. Must ha

ipn [44]

Answer:

a. Must have a good faith belief that the tax return position will be accepted by the IRS.

Explanation:

Certified Public Accountant (CPA) is a term used to refer to the state title of approved accountants in the Uniform Certified Public Accountant Examination. The CPA allows these professionals to issue opinion statements in financial reports, following a few rules. For example, the Tax Services Standards Statement No. 1 states that a basic principle of the provision of tax services that the CPA has is to have a good faith belief that the tax return position will be accepted by the IRS.

3 0

3 years ago

The research and development department of a large manufacturing company would likely be organized as

zlopas [31]

The choices were <span>A. A profit center. B. A cost center. C. A revenue center.
D. An investment center.

The answer is B. a cost center.

Cost centers give profit to a company indirectly. It can come from human resources, the right people for the job are hired makes efficient work done carefully. Research and development is also a cost center because it can search for productive works and innovations that can help the company address its weaknesses. R&D can lower the budget cost and still maintain the quality of products. </span>

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3 years ago

Fact Pattern: Jackson Industries employs a standard cost system in which direct materials inventory is carried at standard cost.

Yuri [45]

Answer:

Efficiency varaince 6,000 unfavorable.

Explanation:

$(standard\:hours-actual\:hours) \times standard \: rate = DL \: efficiency \: variance$

std hours 27,500.00 (22.000 units x 1.25 units per hour)

actual hours 28,000.00

std rate $ 12.00

difference -500.00

efficiency variance $ (6,000.00)

3 0

3 years ago