Through the generally accepted accounting principles (GAAP), the Financial Accounting Standards Board (FASB) aims to ensure that financial statements are _____. Show a. relevant, reliable, consistent, and comparable b. circumstantial, inferential, presumptive, and provisional c. comprehensive, exhaustive, extensive, and independent d. cursory, intensive, unabridged, and superficial Recommended textbook solutions Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions
Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,012 solutions
Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 345 solutions Recommended textbook solutionsIntermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions
Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,012 solutions
Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions
Fundamentals of Financial Management14th EditionEugene F. Brigham, Joel F Houston 845 solutions The first step is to choose the data points pertaining to the highest and lowest activity levels. In this case, the high level of activity was in June at 850 hours of maintenance and the low level of activity is in February with 450 hours of maintenance. Notice that this method relies upon two data points to estimate the fixed and variable portions of a mixed cost, as opposed to one data point with the scattergraph method. The second step is to determine the total costs associated with the two chosen points. We incurred costs of $9,800 at the high level of activity and $7,400 at the low level of activity. The third step is to calculate the change in cost between the two data points. The change in maintenance hours was 400 hours and the change in maintenance dollars was $2,400. Notice, this method relies upon two data points to estimate the fixed and variable portions of a mixed costs, as opposed to one data point with the scattergraph method. For this example, we divide $2,400 by 400 and determine that the variable cost per hour of maintenance is $6.00. -- Work on examples to get a good grasp of the formula. Recommended textbook solutions
Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions
Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,012 solutions
Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 345 solutions What are the key differences between financial accounting and managerial accounting?The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements, while managerial accounting is the internal processing used to account for business transactions.
What's the key difference between managerial and financial accounting quizlet?Terms in this set (12) What are the major differences between managerial accounting and financial accounting? financial accounting reports are prepared for outside parties while managerial reports are for inside parties. Managerial accounting is focused on the future while financial summarizes past transactions.
What is the difference between finance and accounting quizlet?What is the Difference Between Accounting and Finance? - Accounting is the preparation, evaluation and management of financial records. The score keepers. - Finance is the management, planning and distribution of money.
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What is the key difference between managerial and financial accounting quizlet?
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