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Point 1: One of the important reports created the Annual Operating Budget. One way to create the budget is from Top Down. In other words, this method has the boss decide the budget. The other way to create the budget is from Bottom Up. This means staff and employee participate by adding their say into what they need regarding the budget. Click on the following link to lead you to a video about Top Down vs Bottom up budgeting.
Question 1: Based on this concept of budget development which is a very important financial report to help provide strategy, which method of its development would you choose? Why?
Learning Outcome: Develop information gathering (research) and communication strategies to enable the provision of professional advice to a client
Metro Bus Company had $400,000 of revenue and $401,000 of expense (including depreciation) for the current year resulting in a $1,000 net loss. All revenues were received in cash. What is the difference between cash flow and net income? Evaluate mana..
Wainwright Electric sold $2,278,000, 10%, 10-year bonds on January 1, 2014. The bonds were dated January 1 and pay interest July 1 and January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2014. (Credit account titles..
During October, Dorinirl Corporation incurred $60,000 of direct labor costs and $5,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:
eBay’s footnote regarding employee stock compensation details the grant of 2 million options during the year of 2013, the fair-value of which was computed as $15.39. If the options have, on average, a four-year vesting schedule and the company faces ..
Show the total carrying amount (as at 30/06/2013, 30/06/2014 and 30/06/2015) by asset category, with filter on to enable the selection of location.
Posting of journal entries to appropriate accounts and prepare an unadjusted trial balance and Bill transferred $15000 from personal account into business account
The Intramural Sports Club reports sales revenue of $1,090,000. Inventory at both the beginning and end of the year totals $190,000. The inventory turnover ratio for the year is 4.9. What amount of gross profit does the company report in its income s..
Draw up a statement of profit or loss for the year ending 31 December 2015, and a statement of financial position as at that date. Show all of your workings.
Establishing budgets for governmental entities takes on special significance because of the importance of governmental compliance with final fund budgets. Students need to understand this special emphasis in governmental accounting before applying it..
On January 1, a company issued and sold a $400,000, 7%, 10-year bond payable, and received proceeds of $396,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry t..
At December 31, 2015 and 2014, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2015 or 2014. Net inco..
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