Cost accounting: Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen. To determine: The difference between cost accounting and a cost accounting system.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Assume that TDW Corporation (calendar-year-end) has 2024 taxable income of $952,000 for purposes of computing the §179 expense. The company acquired the following assets during 2024: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,270,250 263,325 880,425 $ 3,414,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2024 on the assets it placed in service in 2024, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense)

Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Date Placed in Asset Machinery Service October 25 Original Basis $ 120,000 Computer equipment February 3 47,500 Used delivery truck* August 17 Furniture April 22 60,500 212,500 The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense?

Lina purchased a new car for use in her business during 2024. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2024 and 2025 (Lina doesn't want to take bonus depreciation for 2024) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The vehicle cost $40,000, and business use is 100 percent (ignore §179 expense). Year Depreciation deduction 2024 2025

Answer 2

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Answer 6

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

Answer 7

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

Answer 8

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

Answer 13

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Answer 14

(b)

To determine

The important feature of a cost accounting system.

Answer 15

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.