What are the needs of management accounting?
Need of management accounting: Management accounting is required to recognize the financial situation of the business, it reports to those inside the orga...
What is accounting cost and example?
Accounting cost is the recorded cost of an activity. For example, a manager wants to know the accounting cost of a product. If this information is needed ...
Which accounting concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements P 214?
Accounting- Eval. #8 Question Answer Closing entry for owner’s drawing account. Credited. Which accounting concept applies when a worksheet is prepared at...
When a note is received from a customer on account it is recorded by debiting notes receivable?
When a note is received from a customer on account, it is recorded by debiting Accounts Receivable and crediting Notes Receivable. note receivable. The di...
What is an example of a real account?
Examples of Real Accounts The real accounts are the balance sheet accounts which include the following: Asset accounts (cash, accounts receivable, buildin...
How does accounting equation help accountants?
The accounting equation ensures that all uses of capital (assets) remain equal to all sources of capital (debt and equity). Double-entry accounting requir...
What are the 4 motives for holding cash?
MOTIVES FOR HOLDING CASH 1) Transaction motive: Business firm as well as individuals keep cash because they require it for meeting demand for cash flow ar...
What are the factors that affect the classification of a cost as direct or indirect?
Factors affecting the classification of a cost as direct or indirect include. The materiality of the cost in question….Manufacturing companies have one or...
What does a posting reference in a journal indicate?
The posting reference facilitates referencing between the journal and the ledger. In the ledger, it indicates the source of the entry, i.e. which journal ...
Is salary included in cost of goods sold?
Are salaries included in COGS? COGS does not include salaries and other general and administrative expenses. However, certain types of labor costs can be ...
