What amount of current liabilities does this firm have? 2.4.12Thefocusofresponsibilityaccounting is?a. Controllable costsb. Tax compliancec. External reportingd. Historical costs

Explanation of Controllable costs:Controllable costs are expenses that a manager or department has…

Answered: 2.4.12 The focus of responsibility…

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter26: Cost Allocation And Activity-Based Costing

Section: Chapter Questions

Problem 7DQ

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Which cost flow assumption must be used for financial reporting if it is also used for tax reporting? Multiple Choice LIFO. FIFO. Weighted-average. Any assumption can be used regardless of the tax reporting.
An example of an expense classifi cation by function is: A . tax expense.
Gain contingencies are usually recognized in the income statemment when: a.realized b. occurance is reasonably possible and the amount can be reasonably estimated c. occurance is probable and the amount can be reasonably estimated d.the amount can be reasonably estimated
Product costs are deducted from revenuea. As expenditures are madeb. When product is completedc. As goods are sold.d. To minimize taxable income.
As a general rule, revenue is normally recognized when it is: a) Realizable and earned b) Measurable and earned c) Measurable and received d) Realizable and measurable
Which of the following costs is a nonlease component for the lessee? taxes maintenance insurance
Joint costs are allocated because of O tax reporting requirements. O IMA requirements. O both b and a. O financial reporting requirements.
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When we reduce Total expenses from Revenue , the result is called as ........... a. Cost b. Revenues c. Expenses d. Net income or Net Loss
If a functional expense classification is used for the statement of comprehensive income, what must also be disclosed?
TRUE OR FALSE

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2.4.12 The focus of responsibility accounting is? a. Controllable costs b. Tax compliance c. External reporting d. Historical costs