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on 1 Which of the following is true: erud doud Select one: Financial accounting focus on reporting financial Information to creditors, regulators and managers to fulfill an organization goat The distinction between management accounting and cost accounting is so clear-cut O cohananagement include the goal of enhancing revenues and profit O Management accounting is the process of reporting both financial and non financial information based on GAAP Next page Question 2 Not yet answered Marked out of 3
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on 1 Which of the following is true: erud doud Select one: Financial accounting focus on reporting financial Information to creditors, regulators and managers to fulfill an organization goat The distinction between management accounting and cost accounting is so clear-cut O cohananagement include the goal of enhancing revenues and profit O Management accounting is the process of reporting both financial and non financial information based on GAAP Next page
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Question 2 Not yet answered Marked out of 3.00 Flag question Beginning inventory of goods in process was 6,000 units that were 40% complete as to conversion costs. 30,000 units were added to production. 10,000 units remained in process, each 60% complete. if weighted average method is used ,what is the equivalent units for conversion costs were: Select one: 30,000. 36,000 32,000 34,200.
Expert Solution
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solution:-
financial accounting - financial accounting is the prosess of recording, summarizing and reporting the financial statement to the users .
management accounting - management accounting involves preparation of both financial and non financial information bot not involves as per GAAP.
Cost accounting - Cost accounting is basically related to the cost and provides only the quantitavie information to the users.
Here we can see that cost accounting and management accounting has different roles and are distint with each other so clear cut.
Hereby the option no .(c) The distinction between management accounting and cost accounting is so clear cut. is the correct answer ans is the trues statement.
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Correct Answer: Option C i.e. $32,000 Units Wprking Note Actual Units Caluclation of Physical UNITS: Units in begining inventory 6000 Units started during the period 30000 Units to be accounted for 36000 Actual Units Equivalent Units Conversion Units Completed and Transferred 26000 26000 Units in ending inventory 10000 6000 Equivalent Units 36000 32000
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