Periodicity assumption: The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption. Fiscal year: The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries. Accounting transaction: An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business. To determine: The periodicity assumption affecting the accounting transaction.

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Answer 1

Question

Chapter 4, Problem 1Q

(a)

To determine

Periodicity assumption:

The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption.

Fiscal year:

The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries.

Accounting transaction:

An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business.

To determine: The periodicity assumption affecting the accounting transaction.

(a)

Expert Solution

Explanation of Solution

The periodicity assumption refers to the recognition of all accounting transactions occurred during a specific accounting period. The specific accounting period may be for a month, quarter, half-year, or a year, as chosen by the accountant of the business for analysis, and recording.

(b)

To determine

To explain: The fiscal year.

(b)

Expert Solution

Explanation of Solution

The fiscal year refers to the accounting period of 1 year which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for the purpose of controlling, budgeting, accounting, and reporting. This fiscal year varies differently for different countries.

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Overapplied or underapplied?

The Work in Process inventory account of a manufacturing firm shows a balance of $4,200 at the end of the accounting period. The job cost sheets of two uncompleted jobs show charges of $700 and $600 for materials, and charges of $800 and $900 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of _. a) 100% b) 70.6% c) 120% d) 60.8% help

Answer 2

Question

Chapter 4, Problem 1Q

(a)

To determine

Periodicity assumption:

The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption.

Fiscal year:

The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries.

Accounting transaction:

An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business.

To determine: The periodicity assumption affecting the accounting transaction.

(a)

Expert Solution

Explanation of Solution

The periodicity assumption refers to the recognition of all accounting transactions occurred during a specific accounting period. The specific accounting period may be for a month, quarter, half-year, or a year, as chosen by the accountant of the business for analysis, and recording.

(b)

To determine

To explain: The fiscal year.

(b)

Expert Solution

Explanation of Solution

The fiscal year refers to the accounting period of 1 year which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for the purpose of controlling, budgeting, accounting, and reporting. This fiscal year varies differently for different countries.

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Answer 3

Question

Chapter 4, Problem 1Q

(a)

To determine

Periodicity assumption:

The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption.

Fiscal year:

The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries.

Accounting transaction:

An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business.

To determine: The periodicity assumption affecting the accounting transaction.

(a)

Expert Solution

Explanation of Solution

The periodicity assumption refers to the recognition of all accounting transactions occurred during a specific accounting period. The specific accounting period may be for a month, quarter, half-year, or a year, as chosen by the accountant of the business for analysis, and recording.

(b)

To determine

To explain: The fiscal year.

(b)

Expert Solution

Explanation of Solution

The fiscal year refers to the accounting period of 1 year which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for the purpose of controlling, budgeting, accounting, and reporting. This fiscal year varies differently for different countries.

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Answer 4

Question

Chapter 4, Problem 1Q

(a)

To determine

Periodicity assumption:

The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption.

Fiscal year:

The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries.

Accounting transaction:

An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business.

To determine: The periodicity assumption affecting the accounting transaction.

(a)

Expert Solution

Explanation of Solution

The periodicity assumption refers to the recognition of all accounting transactions occurred during a specific accounting period. The specific accounting period may be for a month, quarter, half-year, or a year, as chosen by the accountant of the business for analysis, and recording.

(b)

To determine

To explain: The fiscal year.

(b)

Expert Solution

Explanation of Solution

The fiscal year refers to the accounting period of 1 year which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for the purpose of controlling, budgeting, accounting, and reporting. This fiscal year varies differently for different countries.

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Answer 5

Chapter 4, Problem 1Q

(a)

To determine

Periodicity assumption:

The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption.

Fiscal year:

The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries.

Accounting transaction:

An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business.

To determine: The periodicity assumption affecting the accounting transaction.

(a)

Expert Solution

Explanation of Solution

The periodicity assumption refers to the recognition of all accounting transactions occurred during a specific accounting period. The specific accounting period may be for a month, quarter, half-year, or a year, as chosen by the accountant of the business for analysis, and recording.

(b)

To determine

To explain: The fiscal year.

(b)

Expert Solution

Explanation of Solution

The fiscal year refers to the accounting period of 1 year which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for the purpose of controlling, budgeting, accounting, and reporting. This fiscal year varies differently for different countries.

Answer 6

Chapter 4, Problem 1Q

(a)

To determine

Periodicity assumption:

The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption.

Fiscal year:

The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries.

Accounting transaction:

An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business.

To determine: The periodicity assumption affecting the accounting transaction.

(a)

Expert Solution

Explanation of Solution

The periodicity assumption refers to the recognition of all accounting transactions occurred during a specific accounting period. The specific accounting period may be for a month, quarter, half-year, or a year, as chosen by the accountant of the business for analysis, and recording.

Answer 7

Chapter 4, Problem 1Q

(a)

To determine

Periodicity assumption:

The activities of the business which can be divided into different periods like month, quarter, or a year by the accountant, is known as periodicity assumption.

Fiscal year:

The fiscal year refers to the accounting period of 1 year, which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for accounting purpose. This fiscal year varies differently for different countries.

Accounting transaction:

An accounting transaction is a business event which has a monetary value that creates an impact on the financial statement of the business.

To determine: The periodicity assumption affecting the accounting transaction.

Answer 8

(a)

Expert Solution

Explanation of Solution

The periodicity assumption refers to the recognition of all accounting transactions occurred during a specific accounting period. The specific accounting period may be for a month, quarter, half-year, or a year, as chosen by the accountant of the business for analysis, and recording.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

(b)

To determine

To explain: The fiscal year.

(b)

Expert Solution

Explanation of Solution

The fiscal year refers to the accounting period of 1 year which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for the purpose of controlling, budgeting, accounting, and reporting. This fiscal year varies differently for different countries.

Answer 13

(b)

To determine

To explain: The fiscal year.

Answer 14

(b)

Expert Solution

Explanation of Solution

The fiscal year refers to the accounting period of 1 year which may not be the usual calendar year (starts from January.1 to December.31), used by the business entities for the purpose of controlling, budgeting, accounting, and reporting. This fiscal year varies differently for different countries.