hich of the following statements regarding the allocation of cost from other departments to the ultiple operating departments of a large firm is/are true? When allocating costs of departments such as Marketing and Logistics to the operating departments of the firm, the direct method should always be used (instead of the reciprocal or step-down method). When allocating costs of departments such as Legal, Information Technology and Human always ho

hich of the following statements regarding the allocation of cost from other departments to the ultiple operating departments of a large firm is/are true? When allocating costs of departments such as Marketing and Logistics to the operating departments of the firm, the direct method should always be used (instead of the reciprocal or step-down method). When allocating costs of departments such as Legal, Information Technology and Human always ho

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Is it true that the direct method is a method of cost allocation that charges costs of service departments to production departments and ignores any services used by other service departments?
Which of the following is not among the main uses of Activity-Based-Management ABM Select one: O a. Managing product and process cost O b. Managing constrained resources O c. Managing customer profitability d. Managing environmental costs
Solve with Explanation and Do not Give image format
Discuss The impact of applying an Activity-Based Costing System on the businesses' financial and managerial performance. Why is it considered better than the conventional costing systems? The discussion needs to be supported with logical reasoning, clarity, and relevant examples.
Which one of the following is not a step in allocating the support department cost to the production department? Select one: a. Trace all the overhead cost b. Divide the departments in to support and producing departments c. Undertake a breakeven analysis d. Divide the company in departments
Do not give answer in image formate
please answer in detail, with three example
determine most important cost drivers for each department of a project-based cunstruction company: 1. Human Resource Management Department (for cost pools such as Recruiting, Acquisition, Formal Training, Informal Training, Development, etc) 2. Legal Department (for Employer contracts, legal, claims, etc) 3. Financing Department 4. Business Developement 5. Accounting and finance Department 6. Organizational Excellence Management Department (for risk, strategy, budget, performance planning and controlling) 7. HSE and Quality Department 8. CEO office 9. Deputy for Planning and Executive Coordination 10. Stock affairs, corporate affairs and corporate oversight
In the context of a local/regional organization, explain the idea of “cost object”. Discuss the four “responsibility centres”, in the selected organization, which are linked to responsibility accounting. What are the main drawbacks of responsibility accounting? Support your answer with relevant examples.
pls help me answer this asap
What is downsizing? A. An integrated approach configuring processes, products, and people to match costs to the activities that need to be performed for operating effectively and efficiently in the present and future. B. A comparison of the quantity of output produced with the quantity of an individual input used. C. The amount of productive capacity available over and above the productive capacity employed to meet customer demand in the current period. D. An organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control.
Data relating to the balances of various accounts affected by adjusting or closing entries appear below . Please journalize the missing entries. Uneraned Rent at 1/1/2019 was $5,300 and at 12/31/2019 it was $8,000. The records indicate cash receipts from rental sources during 2019 amounted to $42,500, all of which was credited to Unearned Rent Account. Prepare the missing adjusting entry. Allowance for Doubtful Accounts on 1/1/2019 was $50,000. The balance in the Allowance account on 12/31/2019 after making the annual adjusting entry was $58,000 and during 2019 bad debts written-off amounted to $30,000. Journalize the missing adjusting entry. Accumulated Depreciation-Equipment at 1/1/2019 was $210,000. At 12/31/2019, the balance of the account was $260,000. During 2019, one piece of equipment was sold. The equipment had an original cost of $40,000 and was 75% depreciated when sold. Journalize the missing adjusting entry. Retained earnings at 1/1/2019 was $140,000 and at…