Explain the difference between the nature-of-expense and function-ofexpense classifications.
Question:
Explain the difference between the “nature-of-expense” and “function-ofexpense”
classifications.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Sidharth Jain
My name is Sidharth. I completed engineering from National Institute of Technology Durgapur which is one of the top college in India. I am currently working as an Maths Faculty in one of the biggest IITJEE institute in India. Due to my passion in teaching and Maths, I came to this field. I've been teaching for almost 3 years.
Apart from it I also worked as an Expert Answerer on Chegg.com. I have many clients from USA to whom I teach online and help them in their assignments. I worked on many online classes on mymathlab and webassign. I guarantee for grade 'A'.
4.90+
3+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 9781118953907
8th Edition
Authors: Paul D Kimmel, Jerry J Weygandt, Donald E Kieso
Question Posted:
Students also viewed these Business questions
-
Use the financial statements attached to answer (short answers) the following questions (for the city of Richmond, VA) 1. How does the audit opinion given to this city by its independent auditors...
-
how do you do number 94 Chapter 07 Accounting for the Business-type Activities of State and Local Governments True / False Questions 1. For proprietary funds, governments generally present a...
-
hello, need help with a accounting quiz I have attached: 1) quiz 2)pdf files CH. 18- CH 21 Chapter 18 \"Managerial Accounting Concepts/Job Costing\" from Accounting Principles: A Business...
-
IKEA was founded in 1943 by a 17-year-old Swede named Ingvar Kamprad. The company, which initially sold pens, Christmas cards, and seeds from a shed on Kamprad?s family farm, eventually grew into a...
-
Draw a Gantt chart of your solution to Problem 14. Evaluate the idle time, if any, for these two resources-exterior and interior cleaning capability. The schedules are shown on the following Gantt...
-
Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. Interpret the gross margin ratio for casea. Sales Sales discounts ..5 Sales returns and allowances...
-
3. Using the economic-profit formula, what is the continuing value for ApparelCo as of year 5? Using discounted economic profit, what is the value of operations for ApparelCo? What percentage of...
-
At December 31, 2017, the equity investments of Wang Inc. that were accounted for using the FV-OCI model without recycling (application of IFRS 9) were as follows: Because of a change in relationship...
-
2. Prepare the journal entry on the books for Broadway Theatre on December 16, 20x5, assuming that the transaction is considered an exchange that has commercial substance. 3.Prepare the journal entry...
-
For each of the following income statement line items, state whether the item is a by nature expense item or a by function expense item. ________ Cost of goods sold. ________ Utilities expense....
-
There are many situations in business where it is difficult to determine the proper period in which to record revenue. Suppose that after graduation with a degree in finance, you take a job as a...
-
Visit the Internet sites www.ed.gov, www.salliemae.com, www.loanconsolidation.ed.gov, www2.ed.gov/offices/OSFAP/DirectLoan/cancellation.html, or www.salliemae.com/apps/SMCalcs/RCW/contenUindex.aspx...
-
When in 1920 the Chia brothers opened their first shop in Bangkok selling seeds for farmers, they did not know that they were on the way to launching the development of one of the most successful...
-
In Exercises 49-52, sketch a plane. Then sketch the described situation. Three noncollinear points that lie in the plane
-
In Exercises 49-52, sketch a plane. Then sketch the described situation. A plane perpendicular to the given plane
-
Trace the polygon and point P on paper. Then draw a rotation of the polygon the given number of degrees about P. 150 F P G
-
Trace the polygon and point P on paper. Then draw a rotation of the polygon the given number of degrees about P. 30 B C
-
A company started the year with retained earnings of $200,000. During the year, it reported net income of $80,000 and paid dividends of $50,000. Compute the companys ending retained earnings.
-
Suppose the spot and six-month forward rates on the Norwegian krone are Kr 5.78 and Kr 5.86, respectively. The annual risk-free rate in the United States is 3.8 percent, and the annual risk-free rate...
-
Chapter o Homew ebook 50,000-unit production quantity: $ 227,049 7 70,000-unit production quantity: $ 66,751 d. In addition to mean profit, what other factors should FTC consider in determining a...
-
Diamond makes downhill ski equipment. Assume that comic has offered to produce ski poles for Diamond for $20 per pair Diamond needs 200,000 pairs of poles per period Diamond can only avoid 5150,000...
-
17? Which of the following statement is true Select one: a. All evidence must have the same level of reliability b. All evidence must have the same level of persuasiveness C. All are false d....
Study smarter with the SolutionInn App