Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions. To indicate: the difference between the managerial accounting and financial accounting

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Answer 1

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Jones Manufacturing Co. Ltd. makes a product by way of three consecutive processes. Inspection takes place during the processing operation, at which point bad units are separated from good units and sold as scrap at $20 each. Normal losses are estimated to be 5% of input during the period. The following data relates to process 2 for the month of October. During October, 20,000 units valued at $400,000 were transferred from process 1 to process 2. Other costs incurred during the month were: Direct material added Direct labour Production overheads $272,000 $254,000 $ 120,400 At inspection, 3000 units were rejected as scrap. These units had reached the following degree of completion: Transfer from process 1 Direct material added Conversion costs 100% 80% 50% Work-in-progress at the end of October was 4,000 units and had reached the following degree of completion: Transfer from process 1 Direct material added 100% 60% 40% Conversion costs There were no unfinished goods in process 2 at the…

Answer 2

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Answer 3

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Answer 4

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Answer 5

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

Answer 6

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

Answer 7

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Answer 8

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

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