accounting quiz 1 [pic] 1 The primary purpose of accounting is to determine whether the business entity is profitable or unprofitable in its operations. A) True B) False This is the correct answer. Feedback: The primary purpose of accounting is to provide information that is useful for decision-making purposes. Accounting is ’not an end’‚ but rather it is a ’means to an end.’ LO 1 2 Costs‚ prices‚ sales volume‚ profits‚ and return on investment are all accounting measurements. A) True
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the total cost of the job by adding all direct and indirect costs assigned to the job. 4-5 Major cost objects that managers focus on in companies using job costing are a product such as a specialized machine‚ a service such as a repair job‚ a project such as running the Expo‚ or a task such as an advertising campaign. 4-6 Three major source documents used in job-costing systems are (1) job cost record or job cost sheet‚ a document that records and accumulates all costs assigned to a specific
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Payroll Kudler Fine Foods uses a biometric time system which requires the usage of time clocks to monitor the time employees engaged in work responsibilities. The method requires the use of a finger touch pad to identify the numerous time punches made by the employee. The employees information is entered upon hired into the company’s payroll system. Based on the numerous time punches made‚ the organization evaluates the employees work hours and computes the employees salary. The computation for
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Introduction to Financial Accounting 1. A _____ year ends on a date that is determined by the firm‚ perhaps based on its business model (for example‚ many retailers choose the end of January). physical natural fiscal business cycle Normal ANS: C 2. An income statement connects two successive _____ through its effect on retained earnings. a. balance sheets b. cash flow statements c. cash receipts and disbursement statements d. funds flow statements e. financing statements
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Payroll In a company‚ payroll is the sum of all financial records of salaries for an employee‚ wages‚ bonuses and deductions. In accounting‚ payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective‚ payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations. Definition
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taps payroll management standards peace of mind Payroll Management Australian Industry Standards February 2003 payroll.com.au Prepared By: 7 | 72 p f pitt street‚ sydney nsw 2000‚ australia +61 2 9233 3799 +61 2 9233 3755 taps payroll management standards peace of mind notes These Standards cover the key areas of Payroll Management: • • • Payroll Operations Payroll System Administration Payroll Accounting These Standards have been accredited by: TAPS - The Association
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This is project is about the phoenix payroll system. This payroll system is used by the Canadian federal government to manage the payroll for all the federal employees. This project was taken up by IBM in 2011‚ which was funded by the government. This payroll was previously handled by a company named Public Works‚ the main purpose was to replace federal governments payroll system and centralise payroll of the employees into one system. Their aim was to simplify the system and make it more efficient
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more detail in the answer to the next question. 1.6 Now let’s analyze the Goods Rcvd/ Invoice Rcvd account closer. This account is necessary because of timing differences in the real world. This is what is termed a suspense account. Briefly explain how entries would be made to this account (i.e. What transactions happen and how are they recorded?) and why all transactions in the account should eventually be zeroed out. (If you don’t grasp this concept yet‚ you may wait to answer this part until
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Comprehensive 2013 Exit 2- New ileostomy‚ teaching---My stoma will drain fluid continuously 3) Uterus is boggy---Massage the fundus 6) Motor Vehicle Crash---apply direct pressure‚ cover wounds with sterile dressing‚ last date of tetanus vaccine. (A‚ D‚ E) 8- Highest priority--- pt wearing arm cast and reports numb fingers 9- Carbs should be at least 45% caloric intake 10- Attend to first---client who was admitted with angina and reports left arm pain of 4 on a scale of 0
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FirstLine Cases‚ Inc. Chap 3 Analytical Thinking Question 1 Table 1 The objective of the first question is to determine the amount of manufacturing overhead cost by using activity-based costing for FirstLine Cases‚ Inc. It is based on 6 activities cost pools‚ which are purchasing‚ material handling‚ production orders and setups‚ inspection‚ frame and assembly and machine-related. Expected activity is categorized into producing standard briefcases and specialty briefcases. As you see in
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