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Financial Accounting & Bookkeeping

Accounting: Trade Credit Discounts

Can someone please help me with these problems? Approximate Interest Rate = Discount % / (1-Discount %) x (365/Net period) Trade credit discount. Compute the annual approximate interest cost of not taking a discount using the following scenarios. What conclusion can be drawn from the calculations? a. 1/10 net 20 b. 1/10 ne

Accounting Investment Projections

1. K Inc is looking at setting up a new manufacturing plant in Chicago. The company bought land 6 years ago for $7million in anticipation of using it as a warehouse and distribution site, but the company has decided to rent facilities elsewhere. The land would net $9.8 million if It were sold today. The company now wants to b

Cost Accounting: Budgeting, Financial and Managerial Accounting Differences

You are thinking of starting your own business. You have some very innovative ideas about a new kind of manufactured product, but you are not sure if your business and financial savvy is adequate to launch your business alone. You know that successful start-ups require not only great innovative ideas but also a keen business sen

Financial Accounting Students

Seventy-five junior-level accounting majors that were enrolled in an Intermediate Financial Accounting class participated in this experiment. Students took a pretest on a topic not covered in class and then each was given a homework problem to solve on the same topic. A completely randomized design was employed, with students as

Materials Cost Accounting

Looking for a bit of help with these calculations in an Excel spreadsheet. The Malbim Company uses a process costing system. Materials are added at the beginning of the process. On July 1 there are 400 units in the beginning inventory that are 100% complete as to materials. With regard to labor and overhead, however, the unit

Fund Accounting in Nonprofit Financial Accounting

Being that you are an inquisitive person and wish to add to your knowledge base, you ask your new accountant to teach you about fund accounting that is used in nonprofit financial accounting. Specifically, you asked her the following: Explain how fund accounting principles for nonprofit organizations affect routine revenue ty

Equity and Cost Methods in Accounting

Complete the following exercise. Create an Excel spreadsheet provided via the link below to provide your answers to parts a and b. Then paste the Excel data into a Word document on which you can also write the answer to part c. Label each exercise or problem clearly. 2011 Jan 1 Investor Corporation purchased 8,000 share

Financial accounting & tax accounting as separate

1. What does it mean when we say that financial accounting and tax accounting are separate? 2. What are the implications? 3. How does this apply to the United States? 4. Should they be separate or the same?

Accounting: Cost Management Budgeting Analysis

A consulting firm produces a service that requires the use of labor and materials. Each unit of service requires a standard labor time of 30 minutes (0.5 hours). The average pay rate for a labor hour is £20. The consulting firm considers all materials that are required for the service as variable overheads (OH), the cost of wh

What are the attributes of management accounting?

If these are the attributes of financial accounting, what are the attributes of management accounting? What is management accounting used for? Do both types of accounting have to follow GAAP? Your tutorial is 183 words and gives examples of what management accountants do and how that differs from financial accounting.

Cost accounting vs financial accounting

The General Manager of a company has decided to employ a cost accountant. He has asked you, the financial controller, to write a memorandum to the members of the Board of Directors outlining why cost accounting is necessary, and how it differs from financial accounting.

Relevance of Cost Accounting

Discuss the relevance of cost accounting as it relates to the accounting profession in general. Relate to something you learned while working toward your accounting profession.

How is managerial accounting different from financial accounting

- How is managerial accounting different from financial accounting? - Comment on the different needs and use of financial information for internal purposes. - The managerial accounting profession and its role in today's business environment. How has it changed over time? - Comment on the Certified Management Accounta

Financial Reporting: Accounting Intern

You have an accounting intern on staff and have been asked to explain to her the following: 2-3 methods by which the governing bodies communicate the standards, requirements, and guidelines for the accounting profession At least 1 method must include some form of computer technology. At least 2 ways in which accounting soft

Effects of Altering Cost Behavior in Cost Accounting

Given the attached list of fixed, variable, and semi variable costs, please help me explore the possibility of altering the cost behavior of two cost components. I need to come up with a way to change a variable cost to a fixed cost, or a fixed to variable, semi to fixed. I need two examples. Please help me understand the pro

Conservatism and Matching Principles in Financial Accounting

Case 5-7: Matching Concept The accounting profession has employed the matching concept to determine what to report in the income statement and to determine how to measure items reported in the income statement and to determine how to measure items reported in the income statement. This concept implies that expenses should b

Cost Accounting System: Financial Management

Write 1,500- to 2000-words identifying the specific cost accounting system your organization utilizes (must be healthcare organization) and how it uses the accounting information for financial management. You must include the following: Descriptions of the cost accounting system used in your organization Pros and con

Cost Accounting - Variance and Budgets

Hello, Can you help with the below: In not less than 200 words and not exceeding 250 words for each question, submit logical answers to the following questions: 1. Discuss the relationship between variance analysis and management by exception. 2. What are the possible causes of material price variance and material effi

Cost Accounting and Manufacturing Overhead

1) Southwestern Company needs 1000 motors in its manufacture of automobiles. It can buy the motors from Jinx Motors for $1250 each. Southwestern's plant can manufacture the motors for the following costs per unit: Direct materials-$500 Direct manufacturing labor- $250 Variable manufacturing overhead- $200 Fixed manufac

Cost accounting for small business

Westin Watercrafts predetermined overhead rate for year 2011 is 200% of direct labor. Information on the company's production activities during May 2011 are as follows. a. Purchased raw materials on credit, $125,000. b. Paid $84,000 cash for factory wages. c. Paid $11,000 cash to a computer consultant to reprogram factor

Financial Accounting Report

This company makes a single product. The following information has been taken from the company's production, sales, and cost records for the month. Production in units 32,000 Sales in units ?? Beginning Finished Goods in Units 0 Ending Finished goods in units ?? Total Sales in dolla

Funk Manufacturing Company: Cost Accounting

Funk Manufacturing Company produces specially machined parts. The parts are produced in batches in one continuous manufacturing process. Each part is custom produced and requires special engineering design activity (based on customer specifications). Once the design is completed, the equipment can be set up for batch production.

Cost flows in an accounting system

Bama company showed the following balance in its inventory accounts as of Jan 1, 2004: raw materials inventory $10,000 work - in - process inventory $ 20,000 finished goods inventory $10,000 The following transaction took place during 2004: 1. manufacturing overhead cost of $96,000 were incurred and placed

Managerial accounting vs financial accounting

1. How is the purpose of managerial accounting different from financial accounting? 2.. Are more accountants involved in the financial or managerial functions today? Please, provide factual information (not merely opinions) backed up by details or examples.

Bookkeeping and Financial Statements

In order for companies to prepare and issue financial statements, their accounting equations (debits and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement. Bookkeeping is largely done today using a computer and software. Discuss whether you feel this is a help or a

Activity Cost Pools/Activity Based Accounting

Gore Range Carpet Cleaning is a family-owned business in Eagle-Vail, Colorado. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $22.55 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs fo

Financial Accounting Ratios: Nederland Consumer Products Company

The following are the financial statements for Nederland Consumer Products Company for the fiscal year ended September 30, 2011. Nederland Consumer Products Company Income Statement for the Fiscal Year Ended September 30, 2011 Net sales $ 64,986 Cost of goods sold

What role does financial ratios play in a company? Analyze the commonly used financial ratios by categories. Using Kindred Healthcare, Inc., how does the company's financial ratios compare to those of the nation's healthcare industry? How could the company improve? What suggestions would you make to the company?

What role does financial ratios play in a company? Analyze the commonly used financial ratios by categories. Using Kindred Healthcare, Inc., how does the company's financial ratios compare to those of the nation's healthcare industry? How could the company improve? What suggestions would you make to the company? http://www.