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Sloan [31]
3 years ago
9

Flexibility of practice when applied to managerial accounting means that: Multiple Choice The information must be presented in e

lectronic format so that it is easily changed. Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for. Managerial accountants must be on call twenty-four hours a day. Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations. Managers must be flexible with information provided in varying forms and using inconsistent measures
Business
1 answer:
vladimir2022 [97]3 years ago
7 0

Answer:

Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations.

Explanation:

Managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analyzing, interpretation, and communication of financial information to managers for better decisions making and pursuit of the organization's goals.

Flexibility of practice when applied to managerial accounting means that managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations.

This ultimately implies that, managerial accounting is specific to a particular business organization i.e the managerial accounting model used by a company would be different from the one used by another.

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Fred and Lucy are married, ages 33 and 32, and together have AGI of $120,000 in 2019. They have four dependents and file a joint
valkas [14]

Answer:

$800

Explanation:

Fred and Lucy's itemized medical expenses are:

doctor and dentist bills + hospital expenses    $9,200

<u>minus reimbursements                                      ($4,400)   </u>  

unreimbursed expenses                                    $4,800

Health insurance premiums                               $5,000

<u>Prescribed medicines and drugs                      $3,000      </u>

Total medical expenses                                    $12,800

<u>minus 10% of AGI = 10% x $120,000                ($12,000)    </u>

Deductible medical expenses                              $800

Contribution to qualified Health Savings Accounts are deducted directly from the AGI, and should not be included as medical expenses.

5 0
3 years ago
In a certain jurisdiction caroline, who is earning $42,200, currently pays a flat percentage of 25% income tax. The tax authorit
NISA [10]

The amount of tax paid less by Caroline as per the new taxation policies will be $950 over her annual salary of $42,200 after the taxes are applied assuming deductions being made.

The calculation of tax saved by Caroline will be done on the basis of comparing the taxation rates of both the policies after taking the changes into account.

<h3>Calculation of tax savings</h3>

The formula for calculation of tax will be done as follows when the taxes are charged on flat basis under the old policy,

\rm Income\ Tax= Salary\ x\ Rate\ of\ Taxation\\\\\rm Income\ Tax= 42200\ x\ {\dfrac{25}{100}\\\\\\\\\\\\\\rm Income\ Tax= \$10550

The taxation for the first $20000 as per the new policy will be

\rm Income\ Tax\ Threshold= 20000\ x\ \dfrac{15}{100}\\\\\rm Income\ Tax= \$3000

Calculating further taxation,

\rm Income\ Tax= 22200\ x\ \dfrac{30}{100}\\\\\rm Income\ Tax= \$6600

So, total taxation as per the new policy will be $9600. Now comparing the taxation of old scheme with new scheme, we get,

\rm Income\ Tax\ Savings= Old\ Taxation - New\ Taxation\\\\\rm Income\ Tax\ Savings=10550-9600\\\\\rm Income\ Tax\ Savings=950

So, the total taxes saved are $950 when the taxation rate changes.

Hence, the correct statement is that tax savings of $950 is possible when the authorities change the taxation rates to such slab rates by Caroline.

Learn more about tax savings here:

brainly.com/question/2396701

6 0
3 years ago
This year henry realized a gain on the sale of an antique car that he inherited from his uncle. the buyer has promised to pay he
Kruka [31]
The answer to this question is <span>Wherewithal to pay
In the wherewithal to pay concept,  the</span><span> Income will be recognized in the period in which the company has the means to </span>pay<span> the tax on the income. Often times, company make their report to show a loss on purpose in order to postpone the tax payments</span>
4 0
3 years ago
Jasper Company has 70% of its sales on credit and 30% for cash. All credit sales are collected in full in the first month follow
hjlf

Jasper Company Cash Receipts Budget shows the estimated cash receipts from customers and other sources.

<h3>Cash Receipts Budget for April, May, and June:</h3>

                   April      May       June       Total

Cash Sales 30%    $157,500   $160,500   $168,000    $486,000

Credit Sales 70%    400,000   367,500    374,500    1,142,000

Total             $557,500  $528,000  $542,500  $1,628,000

Calculations:

a) Cash Sales for April = 30% of April Sales = 30% * $525,000 = $157,500. The difference of 70% is received in May.

b) Sales received on account for April = 100% of Accounts Receivable = $400,000.

c) Cash Sales for May = 30% of April Sales = 30% * $535,000 = $160,500. The difference of 70% is received in June.

d) Cash Sales for June = 30% of April Sales = 30% * $560,000 = $168,000. The difference of 70% is received in July.

To learn more about cash receipts visit the link

brainly.com/question/15561219

#SPJ4

3 0
2 years ago
g "At the end of the current year, the owners' equity in Barclay Bakery is $260,000. During the year, the assets of the business
rewona [7]

Answer:

$205,000

Explanation:

Let us assume Owners' equity at the beginning be X

So, the Increase in Owners' equity is $260,000 - X

As we know that

Accounting equation is

Total assets = Total liabilities + total stockholder equity

So,

Total Increase in Assets = Total Increase in Liabilities + Increase in Owners' equity

$134,000 = $79,000 + $260,000 - X

$134,000 = $339,000 - X

So, the X =

= $339,000 - $134,000

= $205,000

5 0
3 years ago
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