What is your final wealth after three years?

Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?

A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…

Q: Please provide the Units of Activity Method

A: Units of Activity Method:To record depreciation expense using the units of activity method, we need…

Q: Give a detailed description of and explanation of the closure procedure and closing entries.

A: Entries are being closed.Closing entries are entries made after an accounting period. Process of…

Q: Briefly discuss the features of Job costing system.

A: CIMA defines Job Costing as “that form of specific order costing which applies, where work is…

Q: Describe journal entries for external transactions.

A: A external transaction is a transaction which is entered by two people or two entities to exchange…

Q: Identify the following users as either an internal (I) or an external (E) user. Human resources…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: What is a memorandum entry? Why it is done?

A: A memorandum entry is different from the journal entries. The memorandum entry is not recorded by…

Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

Q: Explain the term work in process.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Define the term completion of job.

A: Completion of work means that the Project/Works have been completed  operationally and structurally…

Q: What journal entry is required to move materials between departments?

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Explain what an account is and how it helps in the recording process

A: An account is used to record changes in the asset, liability, equity, revenue, and expense. It is…

Q: kindly show working for figures above

A: Net income or loss refers to the amount of income or loss which is earned by the business during the…

Q: Piscuss 3 uses of a Čost of Production Report. Also dis

A: Definition and explanationThe cost of production report (CPR) may be a document utilized in method…

Q: Sales price Variable cost per unit Direct labor hours per unit Demand (units) Required: Product A $…

A: The contribution margin per scarce resource is determined to find the optimal mix of production. The…

Q: Meaning of manufacturing and explain, thank you

A: Manufacturing and Retailing are two activities which are done in an organisation. Manufacturing…

Q: omputerised cost

A: The computerized accounting system is an accounting data system that processes financial…

Q: How should documents added to work papers be treated?

A: Work papers The work papers are a set of documents that an auditor assembles while looking at the…

Q: subject:accunting information system. Give a concise and clear example(two examples) of when an…

A: The mail aim of a company will be to increase the profitability of the company. The profits of the…

Q: Explain the purpose of the cost accounting system

A: Cost Accounting involves accounting for all the cost incurred by the business. This takes in account…

Q: Define the term closing entries.

A: Closing entries are journal entries made at the end of accounting period in which temporary account…

Q: Give the journal entry for direct and indirect labor costs incurred. Explain how this transaction…

A:

Q: Describe the qualities and aims of cost accounting, as well as the purpose and significance of a…

A: The Definition of Cost AccountingCA is a field of accounting that focuses on cost and derives all…

Q: objectives of the accumulation and reporting of cost accounting information

A: Cost accounting information is the information regarding costs regarding activities, processes, or…

Q: How do I tell what the adjusting entries are on a partial work sheet?

A: Adjusting entries are listed in a separate column in the worksheet. The adjusted trail balance is…

Q: A company issues a callable (at par) 20-year, 5% coupon bond with annual coupon payments. The bond…

A: Since , the bond is callable after a year or anytime after first coupon payment , so we will…

Q: A person's personnel file should include what kinds of documents

A: Answer: Person Personnel file is the record that is maintained by employer for the employee that…

Q: Describe a service company, and give an example.

A: Business organization: Business organization refers to the structure of business that the structure…

Q: assess if task costing or process costing would be a more suitable method of accounting. • *An…

A: solution : concepts involved task costing               Task costing is a method of costing where…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.