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Zinaida [17]
3 years ago
11

The FASB's conceptual framework's qualitative characteristics of accounting information include:A. Historical cost.B. Realizatio

n.C. Faithful representation.D. Full disclosure.
Business
1 answer:
Aleksandr [31]3 years ago
5 0

Answer:

Faithful representation.

Explanation:

The Financial Accounting Standards Board made the conceptual framework which sets objectives.and characteristics of how financial information is displayed on financial statements. It helps one understand the logic that is behind the generally accepted accounting practices.

Qualitative characteristics include faithful representation which states that financial statements should reflect the actual state of the business. For example if the assets of a company is $300,000 then the actual assets of the company should also be $300,000.

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Becker Bikes manufactures tricycles. The company expects to sell 520 units in May and 650 units in June. Beginning and ending fi
Kitty [74]

Answer:

The budgeted variable overhead for May is $5,335

The budgeted variable overhead for June is $7,260

The budgeted fixed overhead for both May and June is $11,500 per month

Explanation:

First we have to determine how many tricycles does Becker Bikes expects to manufacture during May and June:

May:

beginning inventory May           180

expected sales May                   520

ending inventory May                 145

Becker is planning to manufacture 485 tricycles (= 520 + 145 -180)

June:

beginning inventory May           145

expected sales May                   650

ending inventory May                 155

Becker is planning to manufacture 660 tricycles (= 650 + 155 -145)

The budgeted variable overhead for May = 485 tricycles x $11 per tricycle = $5,335

The budgeted variable overhead for June = 660 tricycles x $11 per tricycle = $7,260

The fixed overhead for both May and June is $11,500 per month

8 0
3 years ago
Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $3,360,000 (240,00
mixer [17]

Answer:

Option (C) is correct.

Explanation:

Given that,

Estimated overhead cost = $1,540,000

Estimated direct labors (in dollars) = $3,360,000

Estimated direct labor hours = 240,000

Actual overhead cost = $1,240,000

Predetermined overhead rate:

= Estimated overhead cost ÷ Estimated direct labor hours

= $1,540,000 ÷ 240,000

= $6.42 per direct labor hour

6 0
3 years ago
Robinson Crusoe has formed a business that sells carved gourmet coconuts. He has hired five employees. The most senior is Friday
shusha [124]
The answer is B) Operations
4 0
3 years ago
If an economy experiences increasing opportunity costs with respect to two goods, then the production possibilities curve betwee
umka2103 [35]

Production possibilities curve between the two goods will be a straight, downward-sloping line if the opportunity cost rise.

<h3>What is production possibilities curve?</h3>

The production possibilities curve serves as graph that display the relationship between the resources and the output that can be produced.

Therefore, when the opportunity cost that exists between two goods, there will be. downward slope as regards the production possibilities curve.

Learn more about production possibilities curve at;

brainly.com/question/2601596

#SPJ1

8 0
2 years ago
Variable Costing—Production Exceeds Sales Fixed manufacturing costs are $44 per unit, and variable manufacturing costs are $100
Soloha48 [4]

Answer:

a. The variable costing operating income is less than absorption costing operating income.

b. The difference in variable costing and absorption costing operating income is:

= $739,200.

Explanation:

a) Data and Calculations:

Fixed manufacturing costs per unit = $44

Variable manufacturing costs per unit = $100

Production units =  67,200

Sales units =          50,400

Ending inventory = 16,800

Income Statements             Variable        Absorption

                                             Costing           Costing

Costs of goods sold:        $5,040,000   $7,257,600

Fixed expenses                  2,956,800

Total costs                        $7,996,800   $7,257,600   $739,200

b) The difference in variable costing and absorption costing operating income is because of the absorbed fixed costs in ending inventory, which is now carried forward to the next accounting period.

4 0
3 years ago
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