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What is the differences between budgeted amounts and actual financial performance?
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How can managers use accounting information to help control manufacturing overhead costs?
Managers compare the actual line item amounts for manufacturing overhead with the budgeted amounts. Managers investigate large differences between actual and budgeted amounts to identify the reasons why actual costs differ from planned or budgeted costs.
What is the Measurement of the Elements of Financial Statements?
The elements of financial statements are measured in dollar amounts.
What is a disclosure note in accounting?
Disclosures notes are part of accounting financial statements as in disclosure notes important information related to amounts or information in financial statement is provided to further clarify any information previously given or any other related information.
What are Manufacturing overhead budget uses?
The manufacturing overhead budget show the expected manufacturing over head costs for the budget period. The budget distinguishes between variable and fixed overhead costs. Companies fluctuate with production volume on the basis of the following rates per direct labor hour: indirect materials $1.00, indirect labor $1.40, utilities $0.40, and maintenance $0.20. Thus, for 6,200 direct labor hours budgeted indirect materials are $6,200 (6,200 x $1), and budgeted indirect labor is $8,680 (6,200 x $1.40). The company recognizes that some maintenance is fixed. The amounts reported for fixed cost are assumed.
What are the proper procedures for a change to the LIFO method of inventory valuation?
Company should adjust its financial statements for each prior period presented. Thus, financial statement info about prior periods will be on the same basis as the new accounting pricipal. It adjusts the carrying amounts of assets and liabilites as of the beginning of the first year presented. It will reflect the cumulative effect on prior periods. Company should also adjust an opening balance of retained earnings or net assets as of the beginning of the first year presented.
How can managers use accounting information to help control manufacturing overhead costs?
Managers compare the actual line item amounts for manufacturing overhead with the budgeted amounts. Managers investigate large differences between actual and budgeted amounts to identify the reasons why actual costs differ from planned or budgeted costs.
What other stakeholders might require financial information and why?
A stakeholder will require financial information to get an understanding of the performance of the organization. This record shows the assets owned, amounts owed, amounts invested in the organization and profitability to better manage the operations.
What is budgeted income statement?
Budgeted income statement is the projected or planned income statement based on standard amounts to foresee the future business or company position before it
Budgeted income statement?
Budgeted income statement is that income statement which is prepared before the actual income statement based on standard measurement and amounts in planning stage to foresee the future of business and which is used for controlling purpose as well.
Which type of budgeting review takes place during the execution process?
During the execution process, a variance analysis review takes place to compare actual performance against the budgeted amounts. This helps to identify any discrepancies or deviations from the budgeted figures and allows for corrective actions to be taken if necessary.
What is the Measurement of the Elements of Financial Statements?
The elements of financial statements are measured in dollar amounts.
What Is partial performance legal?
Generally, complete performance is required to discharge the contract. Anything less is called 'Partial' performance and amounts to a breach of contract.
When children demonstrate they are showing understanding that?
differences in appearance do not affect total amounts
Foraging societies the largest share of peoples budget usually is devoted to?
Basic needs, such as food and shelter. Budget does not always refer to dollar amounts, in foraging societies, their energy and work ability is what is "budgeted"
How does a company calculate an annual salary?
A company figures their annual salaries based on budgeted amounts that are usually handed down from corporate. Most companies have set salaries and salary levels, at least to begin with.
Which Philosophy in setting budgeted amounts assumes both the complete elimination of inefficiencies and a level of absolute efficiency?
The Zero-Based Budgeting philosophy assumes both the complete elimination of inefficiencies and a level of absolute efficiency. This approach requires each budgeted amount to start from zero, with every expense justified and approved based on its necessity and contribution to organizational goals.
When children demonstrate conservation they are showing understanding?
differences in appearance do not affect total amounts
