Answered: Question 2: It is usually seems as cost…

Question 2: It is usually seems as cost accounting cover the financial accounting problems as: Evaluation of alternative while buying Problem of price assessment

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Both, distribution costs and administrative expenses are part of the cost of goods sold in the statement of income. Question 13 options: 1) False 2) True
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The branch of accounting that deals in particular with the different cost concepts in order to arrive for the indicating the selling price is Select one: a. Cost Accounting b. Financial Accounting C. Management Accounting d. Financial and Management Accounting
Which of the following costs would not be included in accounting financial statements? O A. opportunity costs O B. sunk costs O C. historical costs O D. All of the above would be included in accounting financial statements
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $55,000 cash from the issue of common stock. 2. Purchased $78,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,400 paid in cash. 4. Sold inventory on account that cost $44,000 for $83,000. 5. Freight cost on the goods sold in Event 4 was $1,200. The goods were shipped FOB destination. Cash was paid for the freight cost. 6. Customer in Event 4 returned $5,360 worth of goods that had a cost of $2,730. 7. Collected $68,060 cash from accounts receifable. 8. Paid $64,000 cash on accounts payable. 9. Paid $3,360 for advertising expense. 10. Paid $3,570 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. Transaction Cost
The accounting principle upon which deferrals and accruals are based is Oa. conservatism Ob. matching Oc. price-level adjustment Od. cost