60. At this level of activity, variable costs are 50% of total unit costs. D. total cost per unit will decrease. Price level change means increase or decrease in the purchasing power of money over a period of time. Prices of goods and services change over the time. The general tendency in changes of prices of goods and services over a time is called price level. When you deliver early, you over perform and you get a chance to shine. The final balance of an Income and Expenditure Account represents the excess of income over expenditure or the excess of expenditure over income, as the case may be, for the period. The possibility that the capital markets’ focus on periodic profits may tempt a company’s management to bend or even break accounting rules to inflate reported net income is an example of: A. An ethical dilemma. An example would be IFRS not recognizing LIFO as an acceptable inventory system. Accounting for price level changes is a system of maintaining accounts in which all items in financial statements are recorded at current values. In this regard, it makes sense to prepare the consolidated financial statements in accordance with a widely recognized and understood accounting framework, rather than the more localized Japanese alternative.

Which of the following has the statutory authority to set accounting standards in the United States? 500 December rent payment, even if it was actually disbursed on the following month. Which of the following statements regarding fixed costs is incorrect? Which of the following groups is not among financial intermediaries? Process accounting helps a manufacturing firm to ascertain the cost of production and the cost per unit of output at each stage of process. With the right CRM in place, you can personalize every interaction that you have with your customers which helps in exceeding their customer experience with your brand. After you create range or cell names, you can work with them in a variety of ways. The during the work in progress, only some portion is to be transferred to profit and loss account. The purpose of assessing efficiency and performance of each process can be achieved if a separate process account is maintained for each process.

The process account so maintained provides necessary cost information essential for controlling the costs and evaluating performance and efficiency of each process. They can take care of a number of necessary yet mundane financial tasks like handling payroll reports, cash receipts, accounts payable reports, petty cash receipts, accounts receivable reports, taxation, bank reconciliation reports and so on. A central database would receive field data on a daily basis, from which up-to-date job costing reports can be automatically generated. You can view it here. The basic objective if accounting is to prepare financial statements in such a way that they give a true and fair view of business. Income statement should disclose the true profit or loss made by the business during a particular period where as balance sheet must show a true and fair view of the financial position of the business on a particular date. This system of accounting ascertains profit or loss and presents financial position of the business on the basis of current prices.

Accounting is known as the language of business. Accounting standard setting has been characterized as: A. A political process. Ascertainment of process costs facilitates to control costs, evaluate performance and efficiency of each process. In the present decade where businesses are looking to cut costs, technology has enabled enterprises to outsource bookkeeping. C. all manufacturing costs, except direct materials and direct labor. B. indirect materials but not indirect labor. For each process function, product costs lie direct materials, direct labor and factory overheads are accumulated under process costing method. So, if you’re planning to expand your firm, you must check the scalability of the product. So, you should unlock any cells that require user input before protecting your sheet. So, what are the rules for accounting customer loyalty programs? C. Research, discussion paper, exposure draft, Accounting Standards Update. B. Research, exposure draft, discussion paper, Accounting Standards Update. D. Discussion paper, research, exposure draft, Accounting Standards Update.