In the Excel, or spreadsheet, approach to recording financial transactions, factory utility costs paid in cash are recorded as a decrease in the Cash column and as an increase in the Manufacturing Overhead column. True or False True False
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- In the Excel, or spreadsheet, approach to recording financial transactions, indirect labor paid in cash is recorded as a decrease in the Cash column and as an increase in the Work in Process column. True or False True FalseThe statement of financial position and the balance sheet are synonyms. Select one: a. False b. True Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer b. Financial Accounting c. Auditing d. Cost Accounting Accounting deals with quantifiable information. Select one: a. True b. False1. How do the relationships between the balance sheet, income statement, job cost ledger, and equipment ledger help determine the changes made by each transaction?
- Revenue Cycle is:Select one:a. None of the aboveb. A recurring set of business activities and related to the process starting from finalizing product design and finishing off at cost accounting.c. A recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services.d. A recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales.Identify if the transaction is Debit or Credit 1. Increase in Materials Inventory 2. Decrease in WIP Dept 1 3. Increase in Labor Payable 4. Decrease in Finish Goods 5. Increase in Labor expenseIf the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has
- When using the Spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with Group of answer choices cash net income retained earnings revenueHow do the product costs move through the various accounts and affect the balance sheet and income statement?Which of the following accounts does a manufacturing company have that a service company does not have? a. Advertising Expense b. Salaries Payable c. Cost of Goods Sold d. Retained Earnings
- For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials. $29,500 35,400 12,980 50,740 68,440 Direct Labor $28,320 42,480 21,240 56,640 64,900 Manufacturing Overhead Total Costs 25,488 $91,804 $33,984 50,976 128,856 59,708 67.968 175,348 77,880 211.220 Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $625,400. Manufacturing overhead incurred on account totaled $141,600. Incurred depreciation on factory machinery $9,440. Assigned indirect materials of $16,520 and indirect labor…In the Excel, or spreadsheet, approach to recording financial transactions, which of the following is true? 1. Cash paid to creditors is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column. II. Expired insurance coverage on factory equipment is recorded as a decrease in the Prepaid Insurance column and as a decrease in the Retained Earnings column. III. An advertising expense paid in cash is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column. Multiple Choice Only statement I is true. Only statement is true. Only statement is true. None of the statements are true.6.Discuss the components in detail of the following financial statements for a manufacturing PLC:a. Statement of Profit or Loss (Income Statement)b. Statement of Financial Position (Balance Sheet)c. Statement of Changes in Owners’ Equityd. Statement of Cash Flows7. Explain cost accounting and its functions as well the distinguishing features of cost accounting systems for (a) job order costing, and (b) process costing