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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.
Should a transaction be accorded first in a journal or the ledger?
A transaction should first be recorded in a journal before it is posted to the ledger. The journal serves as the initial point of entry for all financial transactions, providing a chronological record. Once recorded in the journal, the amounts can then be summarized and transferred to the appropriate accounts in the ledger, which organizes the information by account type. This system ensures accuracy and facilitates tracking of financial activities.
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 the second level of funds control used?
The second level of funds control typically refers to the process of budget execution and oversight within an organization. It involves monitoring expenditures to ensure they align with the approved budget, often requiring department heads or managers to validate spending against allocated funds. This level of control helps prevent overspending and ensures that financial resources are used efficiently and effectively. It may also involve regular reporting and adjustments based on actual performance versus budgeted amounts.
What is FAS 109?
FAS 109, officially known as Statement of Financial Accounting Standards No. 109, is a guideline established by the Financial Accounting Standards Board (FASB) that addresses the accounting for income taxes. It requires companies to recognize the amount of taxes payable or refundable for the current year and to account for deferred tax assets and liabilities, which arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in financial statements. The standard aims to provide a more accurate portrayal of a company's financial position and performance regarding its tax obligations. FAS 109 was later superseded by ASC 740 under the Accounting Standards Codification.
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.
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.
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"
When children demonstrate they are showing understanding that?
differences in appearance do not affect total amounts
