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When an income statement shows data for segments of the organization, and data for each segment are added together to get totals for the whole organization:
a. all expenses should be allocated to the segments.
b. common fixed expenses should be allocated to the segments.
c. only direct revenues and direct expenses should be assigned to segments.
d. direct fixed expenses should be subtracted as one amount in the "total" column.
At the date of the financial statements, common stock shares issued would exceed common stock shares outstanding as a result of the
For property which is involuntarily converted that is replaced with similar property - what are the mandatory rules for recognition of gain or loss (an example would be great)?
ABC Inc., a specialized equipment manufacturer, uses a job order costing system. The overhead is allocated to jobs on the basis of direct labor hours. The overhead rate is now $2,000 per direct labor hour.
Rhoda, a calendar year taxpayer, files her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25000.
An apartment house was purchased on July 8 of last year, by a taxpayer who computes her taxes on a calendar basis. Her depreciation deduction last year was $7,902.
Describe costing methods for inventory control, denominator-level capacity concepts and cost capacity analysis?
Cardinal, LLC incurred $20,000 of startup expenses, $3,000 of organizational costs, and paid $10,000 in transfer taxes to change the title (ownership) of a building contributed by one of the LLC's members. Which of the following statements is corr..
Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.
With the globalization of corporate business and cross border security listings, the need for a common set of accounting standards to be applied worldwide emerged to the surface. Both the IASB and the FASB have taken steps towards this goal.
Discuss the reason why financial statement users (financial analysts, for example) need information about segments of a firm.
In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54000 and the direct materials cost was $34000, the direct labor cost was:
Setting discount rates are too high due to fear of future rates tends to bias decisions against making strategic investments.
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