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Chapter 16: 16-1SE_a (page 885)

Comparing managerial accounting and financial accounting

For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA):

  1. Helps investors make investment decisions

Short Answer

Expert verified

Investment is something acquired with the motive of generating income and a financial statement is a correct option for this.

Step by step solution

01

Definition of Investment

The Investment is defined as the asset or any other item which is acquired with the purpose of generating some revenue in the future

02

Indication of accounting

The correct answer for this statement is financial accounting.

Explanation:

Financial accounting is used in this statement. This is because the investors will require a financial statement to assess the company whether the company is good for investing or not.

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Most popular questions from this chapter

How is cost of goods manufactured calculated?

Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then determine if the product cost is a prime cost and/or a conversion cost.

8. Property taxes on the factory

Question:Gateway produces electronic calculators. Suppose Gateway鈥檚 standard cost per calculator is \(25 for direct materials and \)68 for conversion costs. The following data applyto August activities:

Direct materials purchased (on account) \( 8,300

Conversion costs incurred 20,500

Number of calculators produced 300 calculators

Number of calculators sold (on account, at \)105 each) 295 calculators

Requirements

1. Prepare summary journal entries for August using JIT costing, including the entryto adjust the Conversion Costs account.

2. The beginning balance of Finished Goods Inventory was $1,300. Use a T-accountto find the ending balance of Finished Goods Inventory.

This is the first problem in a sequence of problems for Piedmont Computer Company, a manufacturer of personal computers and tablets. During its first month of manufacturing, Piedmont Computer Company incurred the following manufacturing costs:

Balances: Beginning Ending

Direct Materials \( 10,500 \) 9,700

Work-in-Process Inventory 0 17,000

Finished Goods Inventory 0 31,000

Other information:

Direct materials purchases $ 16,000

Plant janitorial services 500

Sales salaries expense 10,000

Delivery expense 1,600

Sales revenue 1,100,000

Utilities for plant 16,000

Rent on plant 9,000

Customer service hotline costs 19,000

Direct labor 210,000

Prepare a schedule of cost of goods manufactured for Piedmont Computer Company for the month ended January 31, 2020.

Question:Classifying period costs and product costs

Lawlor, Inc. is the manufacturer of lawn care equipment. The company incurs the following costs while manufacturing weed trimmers:

鈥� Shaft and handle of weed trimmer

鈥� Motor of weed trimmer

鈥� Factory labor for workers assembling weed trimmers

鈥� Nylon thread used by the weed trimmer (not traced to the product)

鈥� Glue to hold the housing together

鈥� Plant janitorial wages

鈥� Depreciation on factory equipment

鈥� Rent on plant

鈥� Sales commissions

鈥� Administrative salaries

鈥� Plant utilities

鈥� Shipping costs to deliver finished weed trimmers to customers

Requirements

1. Describe the difference between period costs and product costs.

2. Classify Lawlor鈥檚 costs as period costs or product costs. If the costs are product costs, further classify them as direct materials, direct labor, or manufacturing overhead.
See all solutions

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