Answer:
The complete answers are below.
Explanation:
a) The main difference between Financial Accounting and Managerail Accounting is its purposes and the stakeholders who make use of the information that each one provides.
While financial accounting refers to the aggregation of accounting information in the financial statements, management accounting refers to the internal processes used to account for business transactions.
For instance: Financial accounting reports on the results of an entire business, Managerial accounting reports at a more detailed level. Financial accounting must comply with various accounting standards, whereas managerial accounting does not have to comply with any standards when information is compiled for internal consumption.
b) The financial statements most frequently provide are: Balance Sheet or Financial Position, Income Statement, Statement of cash flows and Statement of Changes in Equity.
c) In general, financial reports and financial statements differ in the formal status of financial statements in business and accounting, and these respond to standards such as GAAP and IFRS. While the financial reports have a format or presentation rules given by management, the financial statements, in the other hand, are prepared on regular basis as specific entities are required to do so according to applicable laws. It can be said that financial accounting provides financial statements and managerial accounting is responsible for financial reports.
Answer:
1. Calculate Your Food Costs
2. Be Consistent When Calculating Inventory
3. Work with Your Food Suppliers
4. Join a Group Purchasing Organization
5. Manage Your Food Orders
6. Implement Restaurant Portion Control
7. Use the First In, First Out (FIFO) Method
8. Utilize Your Daily Specials
9. Keep Your Staff Informed
Explanation:
Answer: a. The patent is an intangible so it is amortized for cost recovery
Explanation:
Just as Depreciation exists for the wearing and tearing of tangible Assets, so does AMORTIZATION exist for Intangible Assets like goodwill, patents, licenses, copyrights and logos.
It follows essentially the same process as Depreciation and the useful life estimation is usually discretionary because some Intangible Assets can give benefits forever such as logos.
Generally though, only Intangible Assets with estimable useful lives are amortized such as Patents and Trademarks.
Answer:
The definition of the problem is listed throughout the section below on explanations.
Explanation:
ABC Inc employs ABC Inc as an internal auditor as well as CEO into becoming compliant with ESG. She requests you should consider 2 recommendations each for ABC Inc's ESG research on Climate, Economic, and Governance. Why your advice will ensure ABC Inc operates differently against Enron.
<u>Environment:</u>
- Through its operational activities, ABC should incorporate renewable energy. Solar panels could be used for generating power in organizations where appropriate.
- ABC will devote 5% of all its sales to research for environmentally friendly energy resources to significantly reduce its reliance on coal.
<u>Social:</u>
- ABC could perhaps recognize the perspective including its investors and therefore should share the required info.
- When the CEO is unaware of the corporation's misconduct as well as some informant points something out to herself, therefore that individual or organization must be tended to or respected.
<u>Governance:</u>
- ABC ought to be more open concerning its activities. If it's the founder or the worker. Stockholders ought to learn what the internal operations of their business are.
- Boards must be supervised closely and they should include separate, representative members. Their pay should not have been so strong that incongruity is prevented in conferences.
<u>As contrasted with Enron's. Enron did not follow up on such above compliance issues.</u>
- We were vague when it came to disclosing their liabilities off the income statement. Shareholders were unfamiliar with the firm's operations.
- Whistle-blower or anybody who referred out such a program flaw was embarrassed and disciplined.
ABC Inc may obey these guidelines above to have been consistent with ESG.
