Answer: Measurement and presentation of financial performance
Explanation: The two primary functions of financial accounting are measurement and presentation of financial performance.
The measurement function is performed by following accounting procedures and policies under US GAAP and IFRS.
Whereas, presentation function relates to preparation of financial statements like income statement and cash flow statement.
Financial accounting's primary functions are record-keeping, which is the organization of financial data, and financial reporting, which is developing and distributing financial statements showing a firm's financial standing.
The two primary functions of financial accounting are to keep track of financial transactions and to create financial statements. The former, known as record-keeping, involves organizing and maintaining the financial data of a company. This includes all sales, purchases, liabilities, and assets. The latter function, financial reporting, is the preparation of financial statements that provide a snapshot of a company's financial health. Statements like the balance sheet, income statement, and cash flow statement are developed and shared with stakeholders such as investors, creditors, and regulatory bodies for decisions making.
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$ 12,000.
$1,080,000.
$1,200,000.
Answer: The answer is $1,080,000
Explanation :
Step one :
Since the said approved amount is
$1,200,000 and it is subject to 10% retention
10%of $1,200,000=
10/100*$1,200,000=$120,000
Step two:
The amount that should be debited to Construction Expenditures is approved amount
$1,200,000 minus 10% retention amount
$1,200,000-$120,000
$1,080,000
Answer:
$1,080,000
Explanation:
Progress billing submitted on the construction contract = $1,200,000
If the bill was approved to 10% retention, the retention amount will be 10% of $1,200,000
Retention amount = 10/100×$1,200,000
Retention amount = $120,000
Amount debited to construction expenditure = Initial billing - retention amount
Amount debited to construction expenditure = $1,200,000 - $120,000
Amount debited to construction expenditure = $1,080,000
b. Cost-benefit.
c. Reliability.
d. Faithful representation.
Answer:
B. Cost-Benefit
Explanation:
According to the Financial Accounting Standard Board (FASB) framework, it is important to estimate the cost and benefit of information before deciding the relevance of the information. It decides when to disclose and whether to disclose the information
Once, the cost of such information outweighs the benefits of its disclosure then FASB framework terms it as not relevant.
Cost of Information
Financial reporting through the preparation of financial statements has a cost, these costs include provision, preparation as well as the audit of the information provided. The cost-benefit constraint basically intends to ensure that financial statements are most-effectively and most-efficiently prepared.
Answer:
True.
Explanation:
Design of experiments can be defined as a systematic approach used to determine the relationship between factors (variables) affecting a process and its overall outcome or end result.
Generally, design of experiments involves the process of planning, conducting, evaluating and interpretation of controlled data to yield valid and objective outcomes.
Hence, design of experiments is a technique that helps identify which variables have the most influence on the overall outcome of a process.
This ultimately implies that, in order to achieve greater success and optimum level of output in an organization; design of experiments can be used to find cause-and-effect relationships of a process.
In conclusion, understanding which variables affect outcome is a very important part of quality planning.
Answer and Explanation:
Work In Process Inventory $96,000
Manufacturing Overhead $9,000
Raw Materials Inventory $105,000