Which of the following best describes the difference between financial and managerial accounting?
options: Managerial accounting provides information to support decisions while financial accounting does not.
Managerial accounting is not restricted to generally accepted accounting principles, while financial accounting is restricted to GAAP.
Managerial accounting does not result in financial reports, while financial accounting does.
Managerial accounting is concerned solely with the future and does not record events from the past, while financial accounting records only past transactions
#3 - 20 points: Consider a 2-person, 2-good economy. Endowments and utility functions are: el = (1,2) , u (x, y) = mintc, y} = (3,2) , u (x, y ) = cty Draw a carefully labeled Edgeworth box diagram showing: a) endowments b) indifference curves through the endowments c) the set of allocations that both agents prefer to the endowments1. (Endowment Economies) When will countries trade? Assuming 2 goods, food and clothing, and two countries with homothetic preferences, determine whether these two countries will trade in each of the following situations: (a) Countries have identical preferences and identical endowments. (b) Countries have identical preferences, their endowments differ, and their endow- ments are not in the same ratio of food to clothing. (c) Countries have identical preferences, their endowments differ, but the ratio of food to clothing is the same in both countries. (d) Countries have identical endowments but different preferences. (e) Countries have both different preferences and different endowmentsWhen materials are requisitioned from the Raw Materials O points Inventory they can be classified as either direct materials (which are traced directly to the job) or indirect materials (which are items so insignificant that they are not traced directly to a job and instead are included in manufacturing overhead). What is the journal entry made when the material is classified as direct material? * * O Debit Work in Process Inventory, Credit Direct Materials O Debit Direct Materials, Credit Raw Materials Inventory O Debit Direct Materials, Credit Raw Materials Inventory O Debit Work in Process Inventory, Credit Raw Materials Inventory Time cards are collected and it is determined that total 0 points labor (both direct and indirect) is $4,890. What journal entry would be made when the weekly payroll is recorded? O Debit Work in Process Inventory, Credit Factory Payroll O Debit Factory Payroll, Credit Cash or Wages Payable O Debit Work in Process Inventory, Credit Wages Payable O Debit Direct Labor, Credit Work in Process InventoryText Shape Media Comment Collabora 31) A petty cash fund was established with a $600 balance. It currently has cash of $25 and petty cash tickets as shown below: Travel expense $130 Office supplies $305 Equipment rental expense $85 Which of the following would be included in the journal entry to replenish the Petty Cash account? A) Debit Cash Short & Over for $55 B) Credit Petty Cash $55 C) Debit Petty Cash $55 D) Credit Cash Short & Over for $55 32) Under the net method of handling credit and debit card payments, A) the net amount of the sale is credited to the Sales Revenue account on the date of sale. B) the credit to the Sales Revenue account is the selling price less the transaction fee. C) the business writes a check to the credit and debit card processor for the processing fee. D) the processing fee is debited to the Credit Card Expense account on the date of sale. 33) Under the gross method, when the credit card processor deposits the cash proceeds from credit and debit card sales in the bank account of the business A) there will be no fee charged for the transaction. B) the business will credit cash for the gross amount of the sale. C) the total sales plus the processing fee assessed equals the net amount of cash deposited. D) the processing fees are deducted from the company's bank account by the processor. 34) A customer's note receivable for $2,100 is collected by the bank. The journal entry prepared from the bank reconciliation would A) debit cash, credit interest receivable B) debit cash, credit notes receivable C) debit accounts receivable, credit cash D) debit notes receivable, credit cash 35) A company wrote check #506 for $1,200 and check #510 for $900. Neither of the checks were shown on the monthly bank statement. How can this be accounted for in the bank reconciliation and the journal? A) an addition to the book side; a journal entry is recorded B) an addition the bank side; a journal entry is recorded C) a subtraction from the book side; a journal entry is not recorded D) a subtraction from the bank side; a journal entry is not recordedPagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $13,000 of credit and dubli card sales on June 30, 2017. .Suppose Pagan's processor charges a 3%% Ins and deposits sales net of the fee, Joumaize the sale transaction for the restaurant. 10. Suppose Pagan's processor charges a 3% fee and deposits sales using the cross method. Joumalare the sale transaction for the restaurant 4. Suppose Pagary's processor charges a 3% ins and deposits sales not of the bee, Joumake the sale transaction for the restaurant. (Forcord debts first, then, credits. Select the explanation on the last line of the journal entry table.) Data Accounts and Explanation Debit Credit Cash Credit Card Expense Gnies Reverun Recorded credit card ulei, net of fen, 10. Suppose Pagan's processor charges a 1% fee and dopouts sales using the gross method. Joursalim Fin sale transaction for the restaurant Accounts and Explanation Dubit Credit Jun. 30 Sales Revenue
