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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

Accounting Sep 03, 2020
  1. 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

  2. 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

  1. 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.

  2. 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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