The concept of judgment and when it is used by accountants.

Question

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Answer 1

Question

Chapter 3, Problem 3.1Q

To determine

To explain: The concept of judgment and when it is used by accountants.

Expert Solution & Answer

Explanation of Solution

Judgment:

Judgment can be defined as a process in which an accountant makes a particular decision after thorough analysis of various alternatives available at a particular point of time. It can also be defined as the use of practical knowledge, reasoning, and rationale by the accountant to make a correct decision in the field of accountancy.

Judgment is used by accountants in almost all phase of their work. From the first stage of bookkeeping until the last stage of finalization of accounts, judgment plays a significant role in the accountant’s decision-making process. For example, to classify an asset or liability and to determine the actual amount of expense incurred, judgment is required. Even while selecting a particular method in the case of inventory management judgment is required. Hence, judgment is required by an accountant in all phases of accounting.

Conclusion

Hence, the concept of judgment and its use by an accountant is discussed as above.

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A Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The company estimated manufacturing overhead at $225,000 for the year and direct labor hours a 100,000. Actual manufacturing overhead costs incurred during the year totaled $270,000. Actual direct labor hours were 105,000. What was the overapplied or underapplied overhead for the year? Provide answer

Answer 2

Question

Chapter 3, Problem 3.1Q

To determine

To explain: The concept of judgment and when it is used by accountants.

Expert Solution & Answer

Explanation of Solution

Judgment:

Judgment can be defined as a process in which an accountant makes a particular decision after thorough analysis of various alternatives available at a particular point of time. It can also be defined as the use of practical knowledge, reasoning, and rationale by the accountant to make a correct decision in the field of accountancy.

Judgment is used by accountants in almost all phase of their work. From the first stage of bookkeeping until the last stage of finalization of accounts, judgment plays a significant role in the accountant’s decision-making process. For example, to classify an asset or liability and to determine the actual amount of expense incurred, judgment is required. Even while selecting a particular method in the case of inventory management judgment is required. Hence, judgment is required by an accountant in all phases of accounting.

Conclusion

Hence, the concept of judgment and its use by an accountant is discussed as above.

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Answer 3

Question

Chapter 3, Problem 3.1Q

To determine

To explain: The concept of judgment and when it is used by accountants.

Expert Solution & Answer

Explanation of Solution

Judgment:

Judgment can be defined as a process in which an accountant makes a particular decision after thorough analysis of various alternatives available at a particular point of time. It can also be defined as the use of practical knowledge, reasoning, and rationale by the accountant to make a correct decision in the field of accountancy.

Judgment is used by accountants in almost all phase of their work. From the first stage of bookkeeping until the last stage of finalization of accounts, judgment plays a significant role in the accountant’s decision-making process. For example, to classify an asset or liability and to determine the actual amount of expense incurred, judgment is required. Even while selecting a particular method in the case of inventory management judgment is required. Hence, judgment is required by an accountant in all phases of accounting.

Conclusion

Hence, the concept of judgment and its use by an accountant is discussed as above.

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Answer 4

Question

Chapter 3, Problem 3.1Q

To determine

To explain: The concept of judgment and when it is used by accountants.

Expert Solution & Answer

Explanation of Solution

Judgment:

Judgment can be defined as a process in which an accountant makes a particular decision after thorough analysis of various alternatives available at a particular point of time. It can also be defined as the use of practical knowledge, reasoning, and rationale by the accountant to make a correct decision in the field of accountancy.

Judgment is used by accountants in almost all phase of their work. From the first stage of bookkeeping until the last stage of finalization of accounts, judgment plays a significant role in the accountant’s decision-making process. For example, to classify an asset or liability and to determine the actual amount of expense incurred, judgment is required. Even while selecting a particular method in the case of inventory management judgment is required. Hence, judgment is required by an accountant in all phases of accounting.

Conclusion

Hence, the concept of judgment and its use by an accountant is discussed as above.

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

Answer 5

Chapter 3, Problem 3.1Q

To determine

To explain: The concept of judgment and when it is used by accountants.

Expert Solution & Answer

Explanation of Solution

Judgment:

Judgment can be defined as a process in which an accountant makes a particular decision after thorough analysis of various alternatives available at a particular point of time. It can also be defined as the use of practical knowledge, reasoning, and rationale by the accountant to make a correct decision in the field of accountancy.

Judgment is used by accountants in almost all phase of their work. From the first stage of bookkeeping until the last stage of finalization of accounts, judgment plays a significant role in the accountant’s decision-making process. For example, to classify an asset or liability and to determine the actual amount of expense incurred, judgment is required. Even while selecting a particular method in the case of inventory management judgment is required. Hence, judgment is required by an accountant in all phases of accounting.

Conclusion

Hence, the concept of judgment and its use by an accountant is discussed as above.

Answer 6

Chapter 3, Problem 3.1Q

To determine

To explain: The concept of judgment and when it is used by accountants.

Expert Solution & Answer

Explanation of Solution

Judgment:

Judgment can be defined as a process in which an accountant makes a particular decision after thorough analysis of various alternatives available at a particular point of time. It can also be defined as the use of practical knowledge, reasoning, and rationale by the accountant to make a correct decision in the field of accountancy.

Judgment is used by accountants in almost all phase of their work. From the first stage of bookkeeping until the last stage of finalization of accounts, judgment plays a significant role in the accountant’s decision-making process. For example, to classify an asset or liability and to determine the actual amount of expense incurred, judgment is required. Even while selecting a particular method in the case of inventory management judgment is required. Hence, judgment is required by an accountant in all phases of accounting.

Conclusion

Hence, the concept of judgment and its use by an accountant is discussed as above.

Answer 7

Chapter 3, Problem 3.1Q

To determine

To explain: The concept of judgment and when it is used by accountants.

Answer 8

Expert Solution & Answer

Explanation of Solution

Judgment:

Judgment can be defined as a process in which an accountant makes a particular decision after thorough analysis of various alternatives available at a particular point of time. It can also be defined as the use of practical knowledge, reasoning, and rationale by the accountant to make a correct decision in the field of accountancy.

Judgment is used by accountants in almost all phase of their work. From the first stage of bookkeeping until the last stage of finalization of accounts, judgment plays a significant role in the accountant’s decision-making process. For example, to classify an asset or liability and to determine the actual amount of expense incurred, judgment is required. Even while selecting a particular method in the case of inventory management judgment is required. Hence, judgment is required by an accountant in all phases of accounting.