Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.

Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 3TP: Think about the organization chart in Figure 1.7. Describe ways in which each of the accounting and...

See similar textbooks

Related questions

Q: Adohai Berhad has 8 units or segments based on product-wise. Each unit deals with different…

A: An operating segment is the component of the Company of business activities that helps to generate…

Q: Service-industry firms can make effective use of ABC systems as well as manufacturers. For each of…

Q: Below are four levels of ERP value realization:

Q: XYZ Inc. is a BPO company that caters to different services; call center, finance and information…

A: Costs that aren’t directly connected to the product or service are referred to as indirect costs. It…

Q: Comparative data on three companies in the same service industry are given below.

A: ROI stands for Return on investment, which is a measure of performance used for determining the…

Q: products. Required: i. Prepare contribution format segmented income statements first showing the…

A: Segmental contribution margin income statement shows all sales revenues and expenses of all the…

Q: Match each of the following types of companies with its definition. Types of Companies…

A: Service companies are the Business that provide services instead of Physical goods. Match is :…

Q: plan incorporates a plan for

A: A good operational plan incorporates unionization its business, provide a solid organizational…

Q: From the following list of Value Chain activities, identify the order in which these activiites…

A: The value chain activities consists of the steps that are incurred in order to deliver a valuable…

Q: In each blank next to the following terms, place the identifying letter of its best description. 1.…

A: 1. Cost center--A. Incurs costs without directly yielding revenues.2. Profit center-- F.Incurs costs…

Q: Which of the following is the primary source of revenue for a service business?A. the production of…

A: A service business seems to be a firm that offers professional services to its customers. The…

Q: Cost allocation and decision making. Reidland Manufacturing has four divisions: Acme, Dune, Stark,…

A: Cost Allocation:The process of assigning the cost to the cost object is cost allocation. The cost…

Q: Identify the type of responsibility center (revenue center, cost center, profit center, or…

A: There are various methods to determine the type of organization. Some of the methods are cost…

Q: The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank…

A: Cost accounting information includes the information related to: Total Cost of producing the…

Q: Lewis Corporation has two service departments: Data Processing and Administration/Personnel. The…

A: Lets understand the basics. In step method of allocation, service department cost is allocated to…

Q: Assume you have just been hired as the management accountant in charge of providing your firm’s…

A: Value chain is the model of business, which states the activities full range required to create the…

Q: Define segments and explain how defining segments within a company can help with management. Define

A: Define segments and explain how segmenting a business can help with management. a Establishing an…

Q: A central issue in reporting on industry segments of a business enterprise is the determination of…

A: Segment Reporting Generally given as disclosure in the financial statements. Reporting in financial…

Q: Which income statement is most appropriate for a manufacturing business

A: >Income Statement can be prepared as a:--#1: Single Step Income Statement, or--#2: Multi Step…

Q: Providing information about the performance and fi nancial position of companies so thatusers can…

A: Communicating financial information is one of the basic need of accounting. Its company’s…

Q: Indicate whether each decision is most likely to be made using managerial accounting information or…

A: Managerial accounting is that the observe of distinctive, measuring, analyzing, decoding, and act…

Q: For each of the following, select its best description. A. Provides information used to evaluate the…

A: SOLUTION- INVESTMENT CENTER IS A BUSINESS UNIT WITHIN AN ENTITY THAT HAS RESPONSIBILITY FOR ITS OWN…

Q: Compare and contrast the different cost accounting documents commonly used by corporations. Complete…

A: The raw material is an inventory posted under the head current asset in the balance sheet of the…

Q: Which of the following statements is/are true: Statement 1: Supply chain management involves…

Q: 1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: There are three types of organizations namely manufacturing, services and trading sectors, choose…

A: Manufacturing organization: Manufacturing organization refers to that organization that is engaged…

Q: 16) sector companies purchase materials and components and conve goods. A) Merchandising…

A: Introduction:- The following type sector companies purchase materials and components and convert…

Q: The nature/type of enterprise can change altogether the category into which a particular activity…

A: Operating activities are the activities that are related to the main business of the company.…

Q: Give a thorough comparison about the benefits and drawbacks of these two business vehicles

A: Company: It is a form of business separately created by law as an association of persons who…

Q: The accounting department of a manufacturing company is a(n) investment center. cost…

A: Investment center is a department or part of the organisation which is measured and evaluated by the…

Q: a. Identify each cost as being a direct or indirect cost assuming the cost objects are the…

Q: The cost centre investment centre is a business sector that is responsible for all of its income and…

A: The excess of revenues over expenses is defined as the net profits of the organization.

Q: Present the following: Definition of managerial accounting Role of managerial accounting and the…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: features of managerial accounting. Show how Management Accounting benefits the firm. Identify…

A: Accounting: - Accounting is a process. It is done from the stage of recording all the transactions…

Q: Managerial accounting is applicable to service entities. manufacturing entities. Onot-for-profit…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: 2. Provide an example of a manufacturing-, merchandising-, and service-sector companies 3.

A: Companies in the manufacturing sector purchase raw materials and components and then turn them into…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Choosing of Organization from the given data

VIEW

Step 2 Telecommunication Sector under the category of Service Organization

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

There are three types oforganizations namelymanufacturing, services and tradingsectors, choose any one organizationfrom each sector of your choice andname 5 Assets, Liabilities,Expenses and revenue from them.
Chapter 4 Pg. 318 Facility, Product, Batch and Unit Levels. Would you please explain and give examples for the different levels found in Activity Based Accounting. Also what would utitilies for the facility fall under? Which of the 4 categories
Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Purchase of raw materialsb. Design 2. Advertisingc. Production 3. Salary of research scientistsd. Marketing 4. Shipping expensese. Distribution 5. Reengineering of product assembly processf. Customer service 6. Replacement parts for warranty repairs7. Manufacturing supplies8. Sales commissions9. Purchase of CAD (computer-aideddesign) software10. Salary of website designer
Q1: Relative to their objectives and outputs, briefly describe the three major subsystems within the real-world production/conversion system of a manufacturing organization in the table, below.
QUESTION 17 A business segment that is responsible for all of its revenues and expenses is known as: cost center investment center Profit center production center
The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank sector C. merchandizing sector d. Service sector
The accounting department of a manufacturing company is a(n) investment center. cost center. segment. profit center.
Think about the organization chart in Figure 1.7. Describe ways in which each of the accounting and managerial functions might overlap and complement each other.
Q1. What is the process costing income statement? Provide a hypothetical example of a process costing income statement in a manufacturing enterprise. Need References and Citations
Explain an example of business segment.
Q.3.1 Discuss the cost elements for a manufactured item. Q.3.2 Briefly discuss the general ledger with regard to SAP ERP.
Question 6.1 For each item listed, select the appropriate purpose of cost allocation from the list below. A purpose may be used more than once. A - To provide information for economic decisions B - To motivate managers and other employees C - To measure income and assets for reports to external parties D - To justify costs or compute reimbursement amounts Required To encourage simpler product design To cost inventories for reporting on a company's tax return To encourage the sales department to focus on high-margin products To evaluate a make or buy decision To cost inventories for the balance sheet To decide whether to add or delete a product line To decide on an appropriate selling price for a special-order product To cost a product at a fair price for government contracts