In using an ABC system, all of the following steps are performed before the company's year
A) identify the primary activities and estimate a total cost pool for each.
B) select an allocation base for each activity.
C) allocate th
Is health insurance reimbursement for alternative medicine increasing consumer choice or
simply a matter of providing less expensive health care treatment?
The reimbursement means the patients pay up front and they will be reimbursed b
Question : 1
Veltri Corporation is working on its direct labor budget for the next two months. Each unit of
output requires 0.73 direct labor-hours. The direct labor rate is $11.60 per direct labor-hour.
The production budget calls for producing 6,500 uni
When the client's physical inventory occurs before the last day of the year, it is still necessary to
perform an accounts payable cutoff at the time of the count. In addition, the auditor must verify
whether all acquisitions taking place betwe
Selected balance sheet information and the income statement for Fountainhead Corporation
for the current year are presented below.
Selected Balance Sheet Accounts
Managerial reports are required to follow generally accepted accounting principles. True or false
The above statement is false
The purpose of management reporting is for internal communication purpose. It is entirely for
FMC Co. uses gold in the manufacture of its jewelry products. FMC anticipates it will need
to purchase 500 ounces of gold in October 2013 for jewelry it will ship during the holiday
season. However, if the price of gold increases, FMCs cost to p
Prentice Hall's Federal Taxation 2015 (Individuals) Chapter 3
Cindy opens a retail store. Her sales during the first year are $850,000, of which $25,000 has not
been collected at year-end. Her purchases are $650,000. She still owes $55,000 to he
Define and outline the accounting required for each of the following types of agreements:
a. Charitable lead trusts.
b. Charitable remainder trusts.
c. Perpetual trust held by a third party
1) Charitable lead trusts: it is an arrangement
Use the accounting equation to solve for the missing information for Retained Earnings
Total Assets, 12/31/16 = $800
Total Liabilities, 12/31/16 = $200
Paid-in Capital, 12/31/16 = $100
Retained Earnings, 12/31/16 = $ ?
Explain the barriers to internationalization for SMEs?
Barriers for small and medium sized enterprises
1) Information barrier: SME has no sufficient information required to identify and select
and contact foreign market
2) Inadequate kno
Write about engagement, empowerment, and motivation?
The term engagement means in the given context how much the employee is involved, commited
and motivated and passionate to his job and at the work place.
The CRISIL Bond Valuer is used by all fund houses in India. It serves the need for standardised
prudential norms for the valuation of non-traded debt securities by mutual funds. The underlying
pricing matrix it works on is the yield spread
Remuneration to Partners
Average actual profit
Super Profit = Average Profit Normal
Goodwill = Super Profit 3
= Rs. 12,000
= Rs. 3,000
= Rs. 12,000 Rs. 3,000 = Rs. 9,000
= Rs. 1,00,000 8/100 = Rs. 8,000
ACCOUNTING FOR PARTNERSHIP BASIC CONCEPTS
Illustration 13 (Goodwill)
Compute the value of goodwill on the basis of four years' purchase of the average
profits based on the last five years.
The profits for the last five years were as follows :
Profit and Loss Adjustment Account
for the year ended December 31, 2000
Capital (Interest on capital)
Asha's capital (Salary)
Bony's capital (Commission )
Choudhary's Capital Account
Interest on Drawings
Interest on Capital
Profit and Loss
Books of Ajit, Chaudhary and Vishal
Profit and Loss a/c
Profit and Loss Appropriation a/c
(Transfer of Profit to Profit and Loss
Ajit's Salary a/c
(vii) Current accounts of partners are maintained under the fluctuating capital
(viii) Partners are mutual agents of each other so far as the business of the
Mohan and Shyam are partners in a firm. State whether the cl
Standard costing is used by Customers who employ predetermined
costs for valuing inventoryand for charging material, resource, overhead,
period close, and job close and schedulecomplete transactions.
Differences between standard costs and actual
D: (100 X 30000) - (90 X 30000)
MCV = MPV + MUV
605000 (A) = 185000(A) + 420000(A)
SH X SR
60000 X 15
40000 X 30
AH X AR
56000 X 18
Labour Cost Variances:
: (SH X SR ) - ( AH X A
Question: With Help of following data calculate Material & Labour Variances:
Rate Per Tonnes
In the words of Backer and
Jacobsen, Standard cost is the amount the firm thinks a product or the operation of the process for
a period of time should cost, based upon certain assumed conditions of efficiency, economic
conditions and other
1. Calculate the Direct Material Price Standard. Direct Material Price Standard
is an estimated
of the cost of materials needed in the next accounting period. Typically the
Department is responsible for developing this number.
Classification of accounts is necessary to meet the required purpose, i.e. function, asset or revenue
item. Codes can be used to have a speedy collection of accounts. A standard is a pre-determined
measure of material, labor and overheads. It may be expre
studied and immediate corrective measures are undertaken. The action taken in spotting weak
points enables cost control system
Right decisions- It enables and provides useful information to the management in taking important
decisions. For example, the pr
STD COST OF MATERIAL USED - STD COST OF STD MATERIAL
4) MATERIAL MIX VARIANCE
STD COST OF MATERIAL USED - STD COST OF MATERIAL USED IN STD MIX
5) MATERIAL YIELD VARIANCE