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3 years ago

Managerial accounting information for a company

Business

1 answer:

Bad White [126]3 years ago

5 0

Answer:

Correct answer is b. relates to subunits ot the entity and may be very detailed.

Explanation

Managerial accounting involves collecting, storing, analyzing, and reporting information about the operations, activities and finances of a business. These reports are generally used by the managers of a business, rather than by any external entities, such as shareholders or lenders. The purpose of this accounting is to facilitate manager from senior to line level to make informed decision.

So in order to run the business smoothly this information/accounting is required to be very detail and covering each and every aspect of the entity.

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A department using the FIFO method for process costing begins the month with 10,000 units which were 70% complete at the end of

Dahasolnce [82]

Answer:

the cost per equivalent unit of production is $4.60

Explanation:

The concept of Equivalent unit of Production measures the output of a process in terms of percentage completion of inputs added into the units of outputs.

With FIFO method, we are only interested in the costs incurred in the year of production because, the costs of Opening Work in Process will in their entirety go towards the completed units

The first step is to determine the Number of Equivalent units as follows :

To finish Opening Work In Process (10,000 × 30%) = 3,000

Started and Completed ( 50,000 - 10,000) × 100% = 40,000

Closing Work In process ( 5,000 × 10%) = 500

Total Equivalent Units = 43,500

The Next Step is to Calculate Cost per Equivalent Unit.

Cost per Equivalent Unit = Total Costs / Total Equivalent Units

= $200,000 / 43,500

= $4.60

Therefore, the cost per equivalent unit of production is $4.60

5 0

3 years ago

The only income Ramon needs to report on his Schedule C is his income from Form 1099-K, Payment Card and Third Party Network Tra

ad-work [718]

Answer:

False

Explanation:

Ramon is a sole proprietor and he has the right to take the profits from his business after conducting all the necessary tax deduction. Therefore, on the Schedule C Report, he can also document the income/profit he made after removing the self employment tax. He doesn't need to document the income from the payment card and other sources of income.

8 0

3 years ago

Blossom Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: (Credit account t

xz_007 [3.2K]

Answer:

See the explanation below

Explanation:

Blossom Co. Journal Entries

Date Details DR ($) CR ($)

June 11 Purchases 19,000

Accounts payable 19,000

Being the purchase of merchandise on account

June 15 Account payable 750

Return outward 750

Being the return of a part of the merchandise purchased

Note:

Blossom Co. returned the goods within 10 days, the full amount of the good returned will be charged to the accounts receivable.

Also, assuming that Blossom Co. within 10 days, it will enjoy 2% discount on the outstanding accounts payable and this will be calculated and recorded as follows:

Cash paid within 10 days = (19,000 - 750) × 98% = 17,885

Date Details DR ($) CR ($)

Account payable 17,885

Cash 17,885

Being cash paid for the merchandise purchased

However, if it pays after 10 days, the transactions will be as follows:

Cash paid after 10 days but on or before 30th day = 19,000 - 750 = 17,885

Date Details DR ($) CR ($)

Account payable 18,250

Cash 18,250

Being cash paid for the merchandise purchased

7 0

3 years ago

Capital budgeting is the process Question 2 options: used in sell or process further decisions.

Kruka [31]

Answer:

Capital budgeting is the process "of making capital expenditure decisions"

Explanation:

Capital budgeting is a planning process employed by a firm's management to evaluate if embarking on long-term investments (like purchase of a new machinery, replacement of old non-current assets, new product line, etc) are viable and profitable.

Decisions made by management must be informed decisions and one of the ways in which an investment decision can be evaluated to check if it is worthwhile is the capital budgeting process

4 0

3 years ago

Which document puts you at the LEAST risk of identity theft?

Radda [10]

Cash receipts put you at the least risk of identity theft. They contain absolutely nothing useful for those who would like to steal your identity and are completely anonymous.

6 0

3 years ago

Read 2 more answers