What is the difference between industrial projects and afilm company? The main difference between industrialproject finance and movies made by a film company isthat in most firms most people who work on a projectare employees, whereas, film cast and crew membersare generally contract workers. • There is no difference,except that industrial projects refer to project in a non-entertainment industry.

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Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 6Q

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organization. 47. Which of the following is an example of a direct cost an organization might incur in producing a product? a. The cost of the raw materials that go into the product b. The rent paid the facility where the product is produced The utility bills, such as the cost of electricity and water d. The wages paid to employees c. futuror opened an automotive assembly plant in San
The income statement of a service-sector firm reports: both period and inventoriable costs a O inventoriable costs only .b O period costs only .R period and inventoriable costs but at different times; the reporting varies dO
Which of the following is NOT an objective of determining product costs for manufacturing firms? A) To determine selling prices B) to reduce operating leverage C) to make decisions D) to do financial reporting
Manufacturing companies are not required to allocate joint-process costs in the valuation of inventories and cost of goods sold for O a. financial reporting. O b. tax reporting. c. managerial reporting. O d. All of the above.
Which one of the following is an example of a discretionary fixed cost? O a. The property taxes of the factory plant. O b. The cost of the accounting system of the company. Oc The depreciation cost of the Headquarters offices. Od. The salary of the deputy manager of the factory plant. Oe None of the given answers. CLEAR MY CHOICE
Which of the following is NOT a period cost? Select one: O a. manufacturing costs. Ob general and administrative costs. Oc marketing costs. Od. research and development costs. Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy? Select one: a. What substitute products exist in the marketplace? Ob. Who are our most important customers? Does the strategy comply with GAAP (Generally Accepted Accounting Principles)? Od. Will adequate cash be available to implement the strategy?
Many outsourced jobs have resulted in offshoring jobs, rather than using domestic outsourcing. If a U.S. company wants to offshore a service like customer service, for example, what are some of their considerations? In your answer, address offshoring disadvantages as compared with domestic outsourcing.
Which of the following are parts S,G&A for General Motors? Cost of purchasing assembly line robots Cost of steel and aluminum Salaries of workers on assembly line Salaries of marketing/advertising people Interest expense on bonds Cost of insurance for headquarters Federal income tax Salary of CFO
For the following descriptions state whether the cost is controllable or uncontrollable by responsibility center managers. A. property tax of an existing manufacturing facility B. research and development of a product C. advertising of a product D. insurance cost of the existing manufacturing facility E. design of a product
Largo Company is an engineering consulting business that uses the accrual method of accounting for its services. Mango Company is a manufacturer of nuts and bolts that also uses the accrual method to account for its sales. Each company has a personnel department. Hint: Consider whether the UNICAP rules apply. Regarding how the cost of personnel operations be treated by each of the two companies, label each of the following statements as being either "True" or "False". a. Largo can deduct the costs of the personnel department as these costs are incurred. b. Neither Largo nor Mango are subject to the uniform capitalization rules. Mango is required to allocate a portion of the costs of the personnel department to production and to the ending inventory. C.
which one of the following is not an example of a committed fixed cost a . The cost of the accounting system of the company . b. None of the given answers . c. The depreciation cost of the Headquarters offices . d . The property taxes of the factory plant . e. The salary of the deputy manager of customer call center .
What role does the Cost Accounting Standards Board play when companies contract with the U.S. government?

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