Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help answer each one of them thank you! An accountant that agrees with the company president to defer the recognition of an earned revenue

image text in transcribed

image text in transcribed

image text in transcribed

please help answer each one of them thank you!

An accountant that agrees with the company president to defer the recognition of an earned revenue is in a breach of which of the following dimensions of professional conduct? A. participating in a conflict of interest B. failure or refusal to co - operate in a practice review C. conduct that displays a lack of competence D. conduct that contravenes an act, the regulations, or the bylaws E. adherence to rules of professional conduct Why do management accountants need to understand financial accounting? A. Financial accountants classify only the actual costs of business transactions. Management accountants need this information to complete the general ledger accounts by distinguishing and including only those costs that are relevant to identifying and solving a specific cost-management problem. B. Financial accountants classify the actual or historical costs of business transactions during a specific time period in a standardized way. The costs are accumulated for only transactions in a specific classification in general ledger accounts. Management accountants are free to reclassify the reliable costs in general ledger accounts by distinguishing and including only those costs that are relevant to identifying and solving a specific cost-management problem. C. Financial accountants classify only the historical costs of business transactions. Management accountants need this information to complete the general ledger accounts by distinguishing and including only those costs that are relevant to identifying and solving a specific cost-management problem. D. Management accountants classify the actual or historical costs of business transactions during a specific time period in a standardized way. The costs are accumulated for only transactions in a specific classification in general ledger accounts. Financial accountants are free to reclassify the reliable costs in general ledger accounts by distinguishing and including only those costs that are relevant to identifying and solving a specific cost-management problem. What is a cost driver? Give one example. A. A cost driver is a factor affecting direct or indirect cost classifications. For example, the availability of information-gathering technology is a driver as to whether certain low-cost materials used in the manufacturing process is considered a direct or indirect cost of producing a motor-vehicle. B. A cost driver is a cost that is related to a particular cost object but cannot be traced to it in an economically feasible way, such as the salary of a plant manager who oversees production of many different types of luxury cars produced at the same plant. C. A cost driver is a variable, such as the level of activity or volume, which causes a change in total costs over a given time span. A change in the cost driver results in a change in the level of total costs. For example, the number of tires per vehicle is a driver of the total cost of tires for each vehicle. D. A cost driver is a cost that changes in total in proportion to changes in the related level of total activity or volume. For example, the tons of steel needed to produce a vehicle is a driver of the total cost for that vehicle

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Statements A Manager S Guide

Authors: David S. Murphy Ph.D. ,Ernest W. Murphy

1st Edition

1530688787, 978-1530688784

More Books

Students also viewed these Accounting questions

Question

What is the nature and function of curriculum theory?

Answered: 1 week ago