The following information is provided by the Atlas Company: Actual direct material cost Standard direct material cost Direct material usage variance What is the direct materials price variance? $ 26,000 $ 22,000 $3,000 unfavorable

Q: ould you please provide an image of the balance reconciliation account

A: In a balance reconciliation account, you typically have two sides: the debit side and the credit…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…

A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…

Q: Hi can you show how to calculate the totals please

A:

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A: Billing to Customers - When company provide service to customer either in cash or on account both…

Q: What does MYOB use the Historical Balancing account for?

A: MYOB: It is often defined as an international accounting software that is used by the businesses for…

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: Explain an example how to record sales revenue.

A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…

Q: Define Sales revenue.

A:

Q: Define receivables and understand issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What are receivables credits? Please explain.

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A: T- account is defined as the set of the financial records which uses the double entry bookkeeping…

Q: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for…

A:

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Q: What are age of receivables and how do you calculate them? Please explain

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Q: What is an invoice?

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.