January Ist, X ST expense that XYZ

Q: period cost shown in statement of financial position Ture or false

A: Period cost refers to the cost related to the passage of time. Since it is associated with the…

Q: Under AASB 119, leave entitlements that may be carried forward to a future financial period if…

A: Leave entitlement means the number of days the employee can take off (holiday) in a year which are…

Q: Demonstrate revenue recognition for long-term contracts, both at a point intime when the contract is…

A: Long term contracts usually qualify for revenue recognition over time. We recognise revenue over…

Q: 28. The average length of time between the purchase of raw material and labor and the payment of…

A: For a company to generate cash, the process begins with purchasing raw materials which are then…

Q: T/F: The matching principle requires that expenses be recorded in the same period as the revenues…

A: The matching principle is an accounting principle that requires expenses to be recognized in the…

Q: Determine the contribution margin in dollars, per unit and as a ratio. (Round contribution margin…

A: Contribution Margin Ratio = 1 - Variable Costs to Sales Ratio Contribution Margin Per Unit = Selling…

Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…

A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…

Q: Matching principle c. accuracy is always the most important consideration regardless of c Od. IFRS…

A: ACCOUNTING CONCEPTSIn order to maintain uniformity and consistency in preparing and maintaining…

Q: 33-Accounts payable is an example of a. Non-current asset b. Current asset c. Non-current liability…

A: ACCOUNTS PAYABLE REPRESENTS THE PURCHASE THAT ARE UNPAID BY THE COMPANY . THE ACCOUNTS PAYABLE…

Q: 7 What are utilities, property taxes, and insurance all examples of? A O Contract contingencies. BO…

A: We first needs to understand all the terms given in the question to answer the question. Contract…

Q: Discuss the difference between the Rsquared and the adjusted R squared

A: R-squared tells you how well your model explains the variation in your data, while adjusted…

Q: At the end of the year, when closing the books, what is the treatment for immaterial standard…

A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: When is an estimated loss on a long-term contract recognized, both for contracts that recognize…

A: Revenue recognized point of long term contract: A long-term contract qualifies for revenue…

Q: Vista Company installed a standard cost system on January 1. Selected transactions for the month of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: When computing OASDI, consider earnings and current wages and the cap. Scenario 2: Partially Exceeds…

A: The following computations are done for Jordan to calculate OASDI withholdings.

Q: If a current asset/current liability has a ratio of 2, what doe it say about the company?

A: The relationship between the current assets and the current liabilities is determined by the current…

Q: Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities…

A: Fringe benefits -  These are the benefits offered to employees apart from the salary given to…

Q: Carla Vista's Recording Studio rents studio time to musicians in two-hour blocks. Each session…

A: Markup percentage on cost is calculated by dividing markup amount by total cost. The markup amount…

Q: CM Aalio is Kequired Conhiloulin marain camount Rn dollarS alw thee

A: The difference between sales price and variable cost is termed as contribution margin. The…

Q: Two methods of computing equivalent whole units are the LIFO and the weighted average methods.  True…

A: Equivalent units of Production: Equivalent units of production includes the completed units of…

Q: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…

A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…

Q: What is the cost, c, of a call of m minutes duration? Write the equation in both point-slope and…

A: The slope is the gradient of a line in an X-Y plane. It can be found by using any two points that…

Q: In the revenue account bonus in reduction of premium is shown as :

A: Throughout all situations involving general insurance, the insurance policy will always be acquired…

Q: Liabilities are classified on the balance sheet as current or O a. unearned. O b. deferred. O c.…

A: Liability can be defined as the amount owed by the firm to external parties. It is a payable amount…

Q: Time wages are paid on the basis of ______ Choose one: a) Actual Time b) Time Saved c) Standard Time…

A: This technique is most established type of installment to laborers. In this technique, compensation…

Q: 033.13-TF- MANK08 Several related measures of cost can be derived from a firm's total cost. O a.…

A: Total cost refers to the sum of all the costs incurred by a firm in the production of goods or…

Q: NIV JAIN 19. Which of the following situations would cause overheads to be over-absorbed? O A. When…

A: The company has to make several estimates in respect of the cost. When a company conducts its…

Q: Interpret the figure below: find (a) Presen additional maintenance cost, (b) Present worth of all…

A: Present value is the equivalent value today of the future cost based on the time period and interest…

Q: Bow to calculate gross wages

A: Gross wages are an employee's entire earnings before any taxes, deductions, or other withholdings…

Q: The following are methods in calculating the capital Double-Declining Method Quarterly-Deduction…

A: SLD method depreciates the asset from the purchase price to the residual value in even amounts over…

Q: Period costs are synonymous with operating expenses A. True B. False

A: Solution: Period costs are cost that are not part of product cost and not capitalized in balance…

Q: common fixed expense

A: Total Income = Sales Revenue - Total Variable cost - Total Fixed cost  It is pertinent to note that…

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…

Q: Time wages are paid on the basis of Select one: a. Actual time O b. Time saved O c. Standard time O…

A: Time wages are calculated by multiplying the wage rate by the number of hours worked by an…

Q: GROSS PAY is pay before any deductions are taken. Your answer: O True O False

A: An individual works for an employer to generate salary revenue and to advance in his career. The…

Q: 6. Period costs include selling and administrative expenses.

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Puget Sound Divers is a company that provides diving services such as underwater ship repairs to…

A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…