government accounting
Q: The role of management accounting in problem solving involves: Select one: O A. The recording of…
A: Management accounting means keeping books of accounts and records for the purpose of providing…
Q: Given the following data: Fixed overheads Selling price Variable cost per unit £40 000 Select one:…
A: Break-even units = Fixed overheads / Contribution margin per unit
Q: A cost objective is: Select one: O A. Confined to direct costs OB. The purpose for which costs are…
A: Direct costs are those costs which are directly involved in the process of production whereas…
Q: lease.
A: When it comes to an asset, leasing or buying comes into the scenario. You may either lease or…
Q: Given the information below, what are the Assistant Project Manager's total wages and allowances? .…
A: Introduction SUTA (State Unemployment Tax Act) Employers are obligated to contribute to their…
Q: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…
A: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…
Q: Rover Company purchases copyrights for P200,000 and incurs professional legal fees amounting to…
A: Copyrights are the Intellectual Property Rights which the owners holds over his creativity like…
Q: Luke’s Lubricants starts business on January 1. The following operations data are available for…
A: The work in process account includes the cost of goods that are not finished at the end of the…
Q: Howard Company had a transaction that caused a $5,000 increase in both assets and liabilities. This…
A: Understanding Question 8: Purchase of office equipment for $12,000, paying $7,000 cash and issuing a…
Q: Forten Company's current year income statement, comparative balance sheets, and additional…
A: Cash flow Statement - Indirect Method Information that demonstrates how much money an organization…
Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,987 • Book…
A: Bank reconciliation statement is prepared to reconcile the bank and book cash balance. All the items…
Q: Edward Food Processing Company is a wholesale distributor of biscuits in Holborn. The Company has…
A: The contribution ratio refers to the concept of evaluating the extra margin or profit gained by a…
Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…
A: MERCHANDISE PURCHASED = MERCHANDISE - RETURN ALLOWANCE = $13,200 - $1,300 = $11,900 = MERCHANDISE…
Q: A business, Sandy's Traders, was opened on 1 January 2020 when the owner invested R25 000 and R100…
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: Explain four (4) matters that the Office of the Auditor General should consider in deciding the…
A: In certain circumstances, the auditor conducting the audit work may have to use the work of other…
Q: A not-for-profit organisation (for example, a university) will: Select one: O A. Be concerned with…
A: A not-for-profit organisation (for example, a university) will: D. All of the above. A…
Q: There are different methods utilized in making capital budgeting decisions. The one method that is…
A: The payback method is a capital budgeting technique that is used to determine the amount of time…
Q: On December 1, the balance in the Supplies account was $800. During the month of December the…
A: Opening Supplies = $800 Purchases= $300 Closing Supplies = $150 Consumption of Supplies = opening…
Q: Alpha Company commenced operations on January 1 of the current year. During the year, the company…
A: INTRODUCTION: Taxes are necessary payments levied by a government agency, whether local, regional,…
Q: Codification Research Case Monat Company has grown rapidly since its founding in 2004. To instill…
A: ANSWER:- a. FASB ASC 715-30-35-21 Gains and Losses Gains and losses that are not recognized right…
Q: The following information relates to Unique Ltd for the year 2020: Annual Demand…
A: EOQ is a method of inventory management that helps a company meet the demand without any issues…
Q: Record the general journal entry to record the depreciation expense for the equipment for the year…
A: Depreciation Expense - Depreciation Expenses incurred on the Fixed Assets of the company. It is…
Q: Mayer sold his residential house and lot located in Manila on January 5, 2018 for P8,000,000.00. The…
A: Capital gain: Capital gain is the excess of selling price over the cost of the asset. Capital gain…
Q: 5-4A Stage Two ABC for Manufacturing Assume The Sherwin-Williams Company, a large paint…
A: Lets understand the basics. There are two costing system are generally followed by the entitities…
Q: December 2022 Fraser Ltd's statement of financial positi motor vehicles at a cost price of $400 000…
A: Introduction:- An asset is impaired when its carrying amount exceeds its recoverable amount. The…
Q: Wildhorse Company produces desk lamps. The information for June indicated that the selling price was…
A: The margin of safety is a notion in investing that states that investors should only buy assets when…
Q: Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30.…
A: Under perpetual inventory system, inventory account is used instead of purchases account. For every…
Q: In what ways is this true or untrue?
A: Asset is anything which is owned and controlled by the entity which will provide the future economic…
Q: Required: Prepare closing entries TPR had one major creditor at the beginning of 2020_ One of the…
A: Closing Journal Entries A journal entry that is produced at the end of the reporting period is a…
Q: Chu Company had the following records on a product called "The Widget" in 2015. Units Unit Cost…
A: Solution: Under FIFO method, inventory purchased first is considered as sold first and ending…
Q: Albert, the managing director of Albert's Vehicle Parts, guaranteed a bank loan of $750,00 for Josh…
A: When a business owner offers a loan guarantee to a worker, they are essentially committing to assume…
Q: Companies frequently issue both preference shares and ordinary shares. What are the major…
A: Preference shares are a type of stock that provides the shareholder with preferential treatment in…
Q: your answer in the boxes provide Not all boxes need to be completed. For general journal entries,…
A: Usually, the seller sells the goods to the customer, but sometimes the seller sells the goods with a…
Q: November 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 9%, $33,000 note payable.…
A: Interest is defined as any compensation made to the party from whom money has been taken on credit.…
Q: The following information was reported by Young's Air Cargo Service for 2017: Net fixed assets…
A: Accounting Ratios: Accounting ratios are the mathematical relation between two accounting figures…
Q: Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000;…
A: Current ratio = Current assets/Current liabilities Cash, accounts receivable and inventory are…
Q: Primare Corporation has provided the following data concerning last month's manufacturing…
A: The term Cost of Goods Manufactured (COGM) refers to a schedule or statement used in managerial…
Q: On January 1, 2020, Cullumber Company purchased 6% bonds, having a maturity value of $600,000 for…
A: Bonds refer to the type of loan that is taken by the company from the investors against the bond…
Q: The following data were collected from the financial statements of Jensen Limited: Dividends ($)…
A: The dividends are paid either paid on equity shares or preferred shares. The dividend payout ratio…
Q: Fast Delivery is the world's largest express transportation company. In addition to the world's…
A: There are three golden rules in accounting to record the transactions: 1. Debit what comes in,…
Q: What is Convention of Consistency? does it help comparisons from business to Business?
A: Accounting conventions are recommendations that firms employ to help them select how to record…
Q: Qwan Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in…
A: Introduction:- The following basic information as follows:- The SUTA rate in Qwan Company's state…
Q: Patterson Limited offers a 12-month warranty for the sale of used motorbikes. On 1 April 2021, the…
A: The warranty expense is estimated with the sales revenue earned during the period. The warranty…
Q: Suppose you borrow money from your parents for college tuition on January 1, 2019. Your parents…
A: The cost of college tuition fees would be equal to the present value of all future payments.
Q: Prepare Cashflow Statement for the year ended 31 December 2020 using the direct method. The…
A: A statement of cash flows is one of the primary financial statements prepared to show the net…
Q: HOW DO YOU GET THE REMAING TOTAL BALANCE OF INVENTORY COST?
A: The question deals with inventory valuation at LIFO method. LIFO means Last in First out. In this…
Q: 5.Suppose that last year domestic firms spent $80 billion on final purchases of plant and equipment,…
A: For computing GDP gross investment shall include investments made during the year which includes…
Q: You have been hired to prepare a Statement of Comprehensive Income for the year ended 31st December…
A: Financial statements refers to those statements prepared at the end of a period which represent the…
Q: Kasper Limited has 300,000 ($18 per share) ordinary shares issued. It declares a 20% share dividend…
A: The dividend is paid either in cash or dividend in kind. The dividend in kind includes the share…
Q: AAA is a fast-growing communications company. The company did not pay a dividend last year and is…
A: The dividend discount model (DDM) is a quantitative method used for predicting the worth} of a…
what are the features of good government accounting and how these applied or does not apply to trinidad and tobago?
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- What legislation governs government accounting in Trinidad? Discuss.Does trinidad and tobago adhere to the following government accounting features: transparency, accountability and disclosure? If yes, how are these features applied?Some good feature to apply or not apply to government accounting in Jamaica.
- Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others?a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.What should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?