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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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List the steps of the accounting cycle in their proper order.

Vlad [161]

Answer:

The accounting cycle is all about managing,updating and reporting on the firm's accounts.

Explanation:

The accounting cycle can be listed in the following nine steps as:

Step 1: analyzing transactions as sales, purchase,etc
Step 2: All the transactions need to be recorded
Step 3: All the information should be transferred from journal to the ledger
Step 4: An unadjusted trial balance should be formulated
Step 5:Adjusted entries are prepared
Step 6: An adjusted trial balance is constructed
Step 7: a financial statement is prepared
Step 8: Closing entries are prepared
Step 9: The post closing trial balance is prepared

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2 years ago

Held-to-Maturity Bond Investment On January 1, 2016, Weaver Company purchased as held-to-maturity debt securities $500,000 face

yulyashka [42]

Answer:

b. $461,820

Explanation:

The computation of the amount reported in the balance sheet is shown below:

But before that we need to find out the amortization of discount which is

= Purchased value of bond × interest rate of return - face value of bond × interest rate

= $456,200 × 10% - $500,000 × 8%

= $45,620 - $40,000

= $5,620

Now the amount reported is

= Purchased value + discount amortization

= $456,200 + $5,620

= $461,820

Hence, the option b is correct

8 0

3 years ago

A company that produces baseball gloves is considering buying some new equipment that it expects will increase future profits. I

Gekata [30.6K]

Will increase/decrease per annum

8 0

3 years ago

Bond J has a coupon rate of 3 percent. Bond K has a coupon rate of 9 percent. Both bonds have 14 years to maturity, make semiann

beks73 [17]

Answer: -18.80% for bond J, -15.46% for bond K

Explanation:

If interest rates suddenly rise by 2 percent, the percentage price change of bond J is -18.80% while the percentage price change of bond K is -15.46%

The calculation is provided below

8 0

3 years ago

Tinker's cost of goods sold in the year of sale (2019) was $790,000 and 2018 cost of goods sold was $810,000. The inventory at t

gladu [14]

Answer:

91 days

Explanation:

Here, we are to calculate the average number of days it will take to sell its inventory in 2019.

We proceed mathematically as follows;

Inventory turnover=COGS/Average inventory

Average inventory=(192,000 + 202,000)/2=$197,000

hence inventory turnover=(790,000/197,000)= 4.01

hence average days to sell=365/4.01 =91 days (approx)

6 0

3 years ago