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liraira [26]
4 years ago
8

Managerial accounting is designed to satisfy needs of external users including creditors, investors, and governmental agencies.

Business
2 answers:
baherus [9]4 years ago
7 0

Answer:

B) False

Explanation:

Managerial accounting is designed by management to measure its performance. It usually involves the setting of a target in form of a budget which is then compared and adjusted from time with the actual amounts achieved.

Managerial accounting is where the variances are measured whether favorable of otherwise.

Financial accounting on the other hand is the review of historical financial data that satisfy the needs of external users such as creditors, investors, and governmental agencies.

As such, the right option is B.

Archy [21]4 years ago
4 0

Answer:

(B) False

Explanation:

Managerial accounting, unlike financial accounting designed for external users including creditors, investors, and governmental agencies, is exclusive for the managers of an organization. It helps to provide information about accounting by analysing and communicating financial information to managers for the pursuit of an organization's goals and also helps the management and performance of controlling.

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Under the TILA-RESPA Integrated Disclosure Rule (TRID), a lender must extend the closing how many days if the annual percentage
kherson [118]

Complete question:

Under the TILA-RESPA Integrated Disclosure Rule (TRID), a lender must extend the closing how many days if the annual percentage rate (APR) has changed more than 0.125% before closing?

A) Two business days

B) Three business days

C) Five business days

D) Four business days

Answer:

A lender must extend the closing Three business days if the annual percentage rate (APR) has changed more than 0.125% before closing.

Explanation:

TRID is the standardized divulgation law for TILA-RESPA. The current RESPA and TILA regulation replaces a previous, detailed closing declaration and credit calculations for HUD-1 and Good Faith Calculations (GFE).

When the loan's interest rate is not locked when the loan estimate is issued and the rate of interest and credits for the hypothecary loan that adjust when it is locked many time later. A revised loan estimate is expected by the borrower no more than three working days after the date the interest rate is locked and the equate the revised loan estimate with the products and loan credits paid.

5 0
3 years ago
A machine was purchased at a cost of $70,000. The equipment had an estimated useful life of eight years and a residual value of
RoseWind [281]

Answer:

Loss on sale of machinery  = $8,000

Explanation:

Under Straight line depreciation method, depreciation is calculated as follows:

Depreciation to be charged per annum over the life of asset is given by the formula: = \frac{cost\ -\ salvage\ value}{useful\ life}

Depreciation = ($70,000 - $ 6,000) ÷ 8 years

Depreciation to be charged every year = $8,000

Now, total depreciation charged till the end of 6 years = 6 × $8,000 = $48,000

Book Value at the end of year 6 = $70,000 - $48,000= $22,000

Sale Value of the asset = $ 14,000

Loss on sale = $22,000 - $14,000 = $8,000  

7 0
3 years ago
Chuck, an executive at Dewey, Inc., a privately run firm, earns a base salary of $150,000 a year. Due to a large amount of emplo
IrinaVladis [17]

Because Chuck filed a claim to get overtime pay, he will most likely will get the overtime based on his average hourly rate and the average number of hours he worked over the allotted 40 hours per week.

Overtime payment refers to a compulsory payment that must be paid to an employee that work outside the official work hours.

  • The overtime provisions are provided by the Fair Labor Standards Act (FLSA).

So, he will get the overtime based on his average hourly rate and the average number of hours he worked over the allotted 40 hours per week.

Therefore, the Option A is correct.

Missing word includes <em>"A. Chuck will get overtime based on his average hourly rate and the average number of hours he worked over the allotted 40 hours per week. B. Chuck will get one set amount for overtime based on the industry standard for similarly situated executives In his field. C. Chuck will not get overtime pay because he an executive who earns more than $100.000 a year. D. Chuck will be paid overtime wages because Dewey. Inc., is a private business pe here to search"</em>

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3 0
2 years ago
An investment adviser is opening that day's mail and receives a check from a customer made out to the "Jones Cleaning Service" -
kkurt [141]

Complete Question:

An investment adviser is opening that day's mail and receives a check from a customer made out to the "Jones Cleaning Service" - the check was mailed in error to the adviser. The same day, the investment adviser mails the check back to Jones Cleaning Service. Under NASAA rules, the investment adviser:

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III. must keep a record of the check received

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A. I and III

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D. II and IV

Answer:

C. II and III

Explanation:

In this scenario, an investment adviser is opening that day's mail and receives a check from a customer made out to the "Jones Cleaning Service" - the check was mailed in error to the adviser. The same day, the investment adviser mails the check back to Jones Cleaning Service. Under North American Securities Administrators Association (NASAA) rules, the investment adviser has not taken custody of the customer's funds and must keep a record of the check received.

<em>According to NASAA rules, if an investment adviser inadvertently receives a check made out to a third party like it was made out to the "Jones Cleaning Service" in error, provided that the investment adviser mails the check to the third party (customer) within 3 business-working days, then the adviser has not taken custody of the customer's funds. Also, it is required that the investment adviser must keep a record of the check received. </em>

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