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3 years ago

LO 1.2What are the key differences between financial accounting and managerial accounting?

Business

1 answer:

Alex_Xolod [135]3 years ago

5 0

Answer:

Difference between managerial accounting and financial accounting is described as follows:-

Managerial accounting is the accounting process for observing and recording business transaction whereas information and facts of accounts that are collected to make financial statement called financial accounting.
Managerial accounting reports about the issue and obstruction that are occurring in the business processes and the measure to fix it are planned whereas financial accounting deals with profit generation .
Managerial account processes by accounting every level of business internally but financial accounting look business as a whole level.

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2 years ago

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1 year ago

Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Inc., has been experiencing financial

Nadusha1986 [10]

Answer:

the revised net operating income is $ 26,400

Explanation:

Effect the Changes on the Units, Selling Price and Fixed Cost as described on the Original Income Statement.

Revised Income Statement

Sales( (12,900 units x 2)× ($20 per unit×0.90)) $ 464,400

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2 years ago

Don Juan, a single taxpayer, is the sole owner of DJ’s Inc., an S Corporation. This year, DJ’s Inc. incurred a massive $600,000

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Answer:

Don Juan is sole business owner and his loss in excess to the minimum threshold amount is $250,000. So Don Juan may deduct the amount $350,000 in terms of loss.

If Don Juan does not deduct the loss this year, it would be carried forward to next fiscal statement

Explanation:

Part 1. The calculation is made as below

Excess of business loss ($600,000) – (other business income + Threshold amount ($250,000))

The minimum threshold amount is deductible from the Tax comes out to be $350,000

Part 2. The loss is reflected in next year’s tax statement as net operating loss and can be carried forward. So if Don Juan miss the loss deduction claim, he can do it next year.

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3 years ago