Answer:
Financial accounting refer to the financial statement while, managerial is more focus into internal reports
In details, the most difference are as follows:
Aggregation.
Financing reports on the complete firm. While Managerial; at product, division or customer level.
Proven information.
Financing require certain criteria to ensure precision. It need to prove correct to third parties. While Managerial uses budget, forecast and estimated values.
Reporting focus.
Financial accounting is oriented toward outside
Managerial accounting analysis stays within a company.
Legislation:
Financial accounting faces the GAAP, IFRS and heavy legislation.
Managerial accounting doesn't
Time period.
Financial accounting has a historical orientation their reports are resumes of past transactions and operations.
Managerial accounting has a future orientation.
Timing.
Financial Statement are done at end of an accounting period.
Managerial accounting issues on demand of the board or supervisor.
I believe the least likely result is <span>The Securities and Exchange Commission could fine Bob..
</span>When Bob is working for someone, the owner of the establishment is the one that most likely to receive fine from the Securities and Exchange Comission since it would be very likely that Bob's just following his leader's order.
Answer:
Cost of Mining Stone pit = $10,500,000
Salvage value at the end of third year = $500,000
Total expected mining during the life = 50,000 tonnes
Depletion per tonne = (cost - salvage) ÷ total expected mining
= (10,500,000 - 500,000) ÷ 50,000
= $200 per tonne
Stone extracted during the year = 10,000 tonnes
Depletion expense of Year 1 = 10,000 tonnes @ 200 per tonne
= $2,000,000
JOURNAL ENTRY:
Depletion expense A/c Dr. $2,000,000
To Accumulated Depletion- Mining rights $ 2,000,000
(To record depletion expense for Year 1)
Explores more or its the newest thing they have...
Answer:
purchase A/c. Dr. Rs.11,000
To ABC CO.A/c. Rs.11,000
(being goods purchased in cash)
