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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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A delivery gap is,

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3 years ago

All sales are made on credit. Based on past experience, the company estimates 1% of credit sales to be uncollectible. What adjus

fenix001 [56]

Answer:

Debit : Bad Debts account : $2000 (appearing in the income statement)

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The entry is recorded as:

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3 years ago

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3 years ago

Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Me

Molodets [167]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Actual direct materials used 16,000 lbs. at $4.05 per lb.

Actual units produced 30,000

Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.00 per pound.

To calculate the direct material price and quantity variance, we need to use the following formulas:

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (4 - 4.05)*16,000

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Direct material quantity variance= (standard quantity - actual quantity)*standard price

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Direct material quantity variance= $4,000 unfavorable

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3 years ago

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