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3 years ago

Briefly explain two ethical values that are necessary for all accountants.

1 answer:

mote1985 [20]3 years ago

8 0

Objectivity and independence are important ethical values in the accounting profession. ... Accounting services include general accounting, auditing, tax and management advisory services. Accountants who perform more than one of these services for a client may compromise their objectivity and independence.

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-6x + 3y = -12<br>y = 2x - 4

Wittaler [7]

Hey below is an image of the solution

7 0

4 years ago

The cost to produce was $20 per unit in 2019. During 2020, it has increased to $23 per unit. In 2020, Supplier Company has offer

MaRussiya [10]

Answer: Differential cost is $5 per unit

Explanation:

Differential cost is the extra cost that the company would incur if they made the product themselves versus if they bought it from an outside supplier.

Differential cost is therefore:

= Cost to produce internally - Cost from supplier

= 23 - 18

= $5

<em>likely</em>

4 0

3 years ago

Kota Toy Corporation manufactures lizard dolls in two departments, Molding and Assembly. In the Molding Department, plastic is i

professor190 [17]

Answer:

Assembly Work In Process Inventory

Explanation:

The units completed cost will be move from one process into the next one.

The transferred-out cost will be credited from Molding(origin) and debited into Assembly Work-in-Process(destination)

As this is a theoreticalquestion we don't have to look into the numbers.

3 0

4 years ago

Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qu

AysviL [449]

Answer:

Please refer below the assumption, principle, or constraint that most appropriately justifies these procedures and practices for each.

Explanation:

A Fair value changes are not recognized in the accounting records.

Measurement Principle (historical cost)

B Accounts receivable are recorded for sales on account rather than waiting until cash is received.

Accrual basis assumption

C Financial information is presented so that investors will not be misled

Materiality Full Disclosure Principle

D Intangible assets are capitalized and amortized over periods benefited

Measurement Principle (Historical Cost)

E Brokerage companies use fair value for purposes of valuing financial securities.

Measurement Principle (Fair value)

F Each enterprise is kept as a unit distinct from its owner or owners.

Economic Entity Assumption Periodicity Assumption

G All significant post-statement of financial position events are reported

Full Disclosure Principle

H Revenue is recorded at point of sale

Revenue Recognition Principle

I All important aspects of bond indentures are presented in financial statements

Materiality Full Disclosure Principle

J Rationale for accrual accounting

Revenue and Expense Recognition Principle

K The use of consolidated statements is justified

Economic Entity Assumption

6 0

4 years ago

Product costs are manufacturing costs (all costs required to produce something). Depending on the state of production, product c

AlekseyPX

Answer:

The answer of each requirement is given below.

If they are "costs" why are they recorded in asset accounts and not expense accounts?

These cost are future expense. As per accounting rules expense is recorded against any purchase when benifit from it is taken, The benifit from stock is taken when it is sold. So RM, WIP and FG are cost accounted as asset as they are still in pipeline and is to be sold in future.

2) Do these product costs ever become an expense to the company?

Yes, these cost become expenses when final goods are sold. Untill sale they are company asset, as asset is something from which future economic benifit is to taken or derived.

5 0

3 years ago