(9 You can use Variable Costing in financial statement preparation under GAAP for external reporting purposes....
(9 You can use Variable Costing in financial statement preparation under GAAP for external reporting purposes.
True
False
Homework Answers
False
Absorption costing has to be used in financial statements as per GAAP. Variable costing shouldn't be used as taxable income is dependent on inventory under this method.
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(9 You can use Variable Costing in financial statement
preparation under GAAP for external reporting purposes....
The contribution margin format income statement is not widely used for external financial reporting, but is...
The contribution margin format income statement is not widely used for external financial reporting, but is allowed by GAAP. true or false
Accounting for both income tax and financial reporting purposes is governed by U.S. GAAP. Group of...
Accounting for both income tax and financial reporting purposes is governed by U.S. GAAP. Group of answer choices True False
In most cases, the depreciation method chosen for financial reporting purposes (GAAP) must also be utilized...
In most cases, the depreciation method chosen for financial reporting purposes (GAAP) must also be utilized for income tax reporting (IRS). O True False
Absorption costing is NOT required for financial accounting purposes but is required for managerial reporting purposes....
Absorption costing is NOT required for financial accounting purposes but is required for managerial reporting purposes. True False
Currently, both U.S. GAAP and the International Financial Reporting Standards are acceptable for international use. True...
Currently, both U.S. GAAP and the International Financial Reporting Standards are acceptable for international use. True False
Activity-based costing (ABC) conforms to GAAP and because of that most companies use ABC for external...
Activity-based costing (ABC) conforms to GAAP and because of that most companies use ABC for external repo Select one: True O False
Which type of costing system can only be used for internal financial reporting because it is...
Which type of costing system can only be used for internal financial reporting because it is unacceptable by GAAP? O A. Out-of-pocket costing O B. Absorption costing OC. Prime costing OD. Variable costing
Mars, Inc. follows IFRS for its external financial reporting, while Jerome Company uses GAAP for its external financial...
Mars, Inc. follows IFRS for its external financial reporting,
while Jerome Company uses GAAP for its external financial
reporting. During the year ended December 31, 2018, both companies
changed from using the completed-contract method of revenue
recognition for long-term construction contracts to the
percentage-of-completion method. Both companies experienced an
indirect effect, related to increased profit-sharing payments in
2018, of $30,000. As a result of this change, how much expense
related to the profit-sharing payment must be recognized by each
company...
Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares...
Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 325 bikes were produced and 215 were sold; this left 110 bikes in ending inventory. The income statement information under variable costing follows Sales (215 x $1,600) Variable product cost (215 x $625) Variable selling and administrative expenses (215 * $55) Contribution margin Fixed overhead cost Fixed selling and...
Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares...
Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 325 bikes were produced and 215 were sold; this left 110 bikes in ending inventory. The income statement information under variable costing follows. $ 344,000 134,375 Sales (215 x $1,600) Variable product cost (215 x $625) Variable selling and administrative expenses (215 x $55) 11,825 197,800 65,000 90,000 Contribution...
In most cases, the depreciation method chosen for financial reporting purposes (GAAP) must also be utilized for income tax reporting (IRS). O True False
Activity-based costing (ABC) conforms to GAAP and because of that most companies use ABC for external repo Select one: True O False
Which type of costing system can only be used for internal financial reporting because it is unacceptable by GAAP? O A. Out-of-pocket costing O B. Absorption costing OC. Prime costing OD. Variable costing
Mars, Inc. follows IFRS for its external financial reporting,
while Jerome Company uses GAAP for its external financial
reporting. During the year ended December 31, 2018, both companies
changed from using the completed-contract method of revenue
recognition for long-term construction contracts to the
percentage-of-completion method. Both companies experienced an
indirect effect, related to increased profit-sharing payments in
2018, of $30,000. As a result of this change, how much expense
related to the profit-sharing payment must be recognized by each
company...
Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 325 bikes were produced and 215 were sold; this left 110 bikes in ending inventory. The income statement information under variable costing follows Sales (215 x $1,600) Variable product cost (215 x $625) Variable selling and administrative expenses (215 * $55) Contribution margin Fixed overhead cost Fixed selling and...
Hayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. For its first month of operations, 325 bikes were produced and 215 were sold; this left 110 bikes in ending inventory. The income statement information under variable costing follows. $ 344,000 134,375 Sales (215 x $1,600) Variable product cost (215 x $625) Variable selling and administrative expenses (215 x $55) 11,825 197,800 65,000 90,000 Contribution...
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