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Question No. 1Question No. 1 The Company planned to produce 25,000 units of product and work 100,000 direct labour hours in 2020. Manufacturing overhead at the 100,000 direct labour hours level of activity was estimated to be:Variable manufacturing overhead $ 700,000Fixed manufacturing overhead 300,000Total manufacturing overhead $1,000,000 At the end of 2020, 26,000 units of product were actually produced and 107,000 actual direct lab...
Service RevenueKSEC has included service revenue of $22,100 as a result of a number of one-year service policies sold late in December as an “experiment.” These service policies became effective on January 1, 20X8, or shortly thereafter. The policies are sold at an average of $600 per year per customer; the $22,100 represents the total cash received as of year-end (debit cash, credit service revenue). The $600 per customer amount ...
Assignment brief-A full individual report of 6000 words will be required for the summative assessment.This will include an action plan and recommendations to the management within the organisation of how the problems are to be resolved. -This assessment will be used to assess the research skills and ability of the students to develop detailed action plans to address real life scenarios based on earlier research and analysis. -This assess...
TaskYou were recently promoted to assistant controller at Archie-Boy Dog Toy Corp. (“Archie-Boyâ€). Your employer manufactures and sells a single product, which is an ultra-durable dog toy that cannot be shredded or broken by a dog chewing on it. The first task you have been assigned in your new role is to prepare the master budget for the quarter ended March 31st, 2020. You have assem...
Assignment DetailsUsing the data provided, perform the steps below to complete the final project. Final Project Data On December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips. The following transactions occurred during December 2015. (NOTE: There are no beginning balances – this is a new company.) Dec 1 John Trap invested $60,000 cash in the company for common stock. 2 Purcha...
Net Present Value TechniqueCalculate the Payback Period of Machine Ati (answer expressed in years, months and days).Use the Net Present Value technique to determine the machine that should be selected by the Nika Limited.Calculate the Accounting Rate of Return of Machine Ati (answer expressed to two decimal places). Nika Limited has the choice of purchasing one of two machines viz. Machine Ati or Machine Ude. Both machines have a five-yea...
Financial Accounting Theory is designed to enable you to apply financial accounting theories to a contemporary workplace situation. It includes a Work Integrated Learning (WIL) experience in which your knowledge and skills are applied and assessed in a simulated workplace context and where feedback from industry and/or community is integral to your experience. Background Information You are currently undertaking a student placeme...
Taska) Categorise and identify the nature of various types ofcosts, cost objects and cost behaviours and use cost estimation techniques to develop cost functions. b) Apply cost accounting techniques to calculate the cost of a range of cost objects, as well as analyse costs. This case study will assess students’ understanding of the management accounting concepts, techniques and processes, as well as how management accounting informatio...
1. At a recent meeting, Carolina Dos Santos was looking for your help. She has been tasked to explain one of the following Management accounting concepts to her colleague Shalini Jayashankar at work. Based on your knowledge pick only one of the topics below: Variance Analysis Job Order Costing Once you select the concept, Carolina has the following questions for you. Please answer ALL the parts below: (10 marks) a) Explain the concept ...
Questions: Part AQuestion 1 Impairment of assets (9 Marks)I. Aero Ltd has determined that its aviation division is a cash–generating unit (CGU).Information as at 30th June 2020 is as follows:$Buildings – At cost 600,000Equipment – At cost 500,000Inventory 25,000Land 250,000Receivables 150,000Goodwill 90,000Total 1,615,000 Additional information:Buildings - Accumulated depreciation as at 30 June 2020: $100,000 Equi...
Learning Outcomes:Learning Outcomes Apply accounting principles and standards when accounting for non-current assets, revenue and liabilities and recognise the judgements required in a range of diverse business contexts. Differentiate between shares and debentures and apply appropriate accounting procedures. Question 1 Impairment of assets Aero Ltd has determined that its aviation division is a cash–generating unit (CGU). In...
Part A – 30 MarksJohn hired a new accountant Mr. Lee in his firm, the accountant (Mr. Lee) recorded the below transactions wrongly:Transaction1.John contributed $50,000 into the business bank account but the accountant debited the dividend and credited the cash account.2.John purchase office equipment for cash $3000, Mr. Lee recorded this transaction by debited the cash account and credited the bank loan account.3.John paid $2000 for pur...
About TMAThe TMA covers the financial accounting concepts and practices in the businesses; as you work, you will gain confidence in your ability to use the financial statements of real company. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 4. This TMA requires you to apply the course concepts. Increase t...
Question 1 (40 marks) 1.The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid is called: A.Cash basis accounting. B.Operating cycle accounting. C.Accrual basis accounting. D. Revenue recognition accounting. 2.During a period of steadily rising costs, the inventory valuation method that yields the highest reported net income is: A. Specific identific...
BackgroundAfter graduation from your programme, you team up with your college friend Diana Hinds to set up PH Consultancy and use your 25 years of combined business experience and freshly acquired academic knowledge to realise your career aspirations. One of your first clients is Northern Fuels Ltd, which is an oil distributor in Scotland and the North of England. William Redcartson, who is the managing director of Northern Fuels, asked your con...
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