Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent differences that your company may have.

Q: Identify the business that can claim presumptive input VAT

A: Value Added Tax -: A value-added tax (VAT) is a consumption price positioned on a good or service…

Q: What objectives would you set for the company?

A: Objectives of a company means the mission or vision of the company for which the company operates…

Q: Why do managers consider Direct Coasts to be more accurate than Indirect  Costs?  How do managers…

A: Direct costs are the costs which are directly identifiable in the manufacturing process.  Indirect…

Q: Please explain the meaning of a differential revenue or a differential cost.

A:

Q: Explain why is important for a business to understand their composite mix of products when…

A: Sales mix is the proportion of sales in quantity with respect to total sales quantity. It is…

Q: 1. Multiple-Choice Question - FIFO When using FIFO, A) Identical costs go to the balance sheet and…

A: FIFO is one of the inventory valuation method being used in business. FIFO means first in first out.…

Q: Determining the transfer price as the price at which the product or service transferred could be…

A: Transfer pricing relates to the procedure used to establish the price of products or services traded…

Q: Differentiate between an originating temporary difference and a reversing difference.

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Q: What is meant by GAAG? Why should all companies follow GAAP in reporting to external users?

A: Generally Accepted Accounting Principles is what is meant by the abbreviation GAAP. Companies use…

Q: Discuss the concept of exposure and explain why firms may tolerate some exposure.

A:

Q: Describe Contract View of Business Firm's Duties to Custómer. What is the moral duty to consumers…

A: Contract view of the obligation of the company to their customer: The view that the partnership…

Q: If operating segments are based on geography rather than products or services, can they still be…

A: Operating Segment:   An operating segment of an organization is a component that is a profit centre…

Q: Describe how product cost informationis used by managers to identify cost improvement opportunities?

A: Product Cost: The phrase "product cost" is an accounting word that refers to the overall expenses…