State and describe three manufacturing cost terms
Material costs refer to all the physical inputs into the production process. They do not only refer to purely unprocessed……
List four basic financial statement analysis procedures, describe how you would calculate each procedure, and discuss why you would use each procedure.
- a) Liquidity ratios.
b) Leverage or gearing ratios………
If the internal control procedures shown in Exhibit 1.17 had been followed, this embezzlement could have been avoided. Name the internal control procedures that were violated in this case.
Organization: the company lacked a proper organizational structure. The enterprise should create proper departments…………
Why should the chief accountant of an organization have a clear understanding of both financial and managerial account?
- For Planning purpose.
It is deciding what to do, and who, where, when, why and how to do it. (Robert Malcolm)
Here managers decide what………….
Why are externally presented reports required to be prepared according to generally accepted accounting principles while internally presented managerial accounting reports are not?
Financial accounting; concerns itself with the collection and processing of accounting data and reporting to interested parties inside and outside the firm. External accounting information is required by the government…………..