What are the advantages of making formal journal entries in the accounting records for variances?
Question:
What are the advantages of making formal journal entries in the accounting records for variances?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (18 reviews)
Formal entry tends to give variances more emphas...View the full answer
Answered By
Krishnavendra Y
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagiarism), well-researched and critically analyzed papers.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Question Posted:
Students also viewed these Managerial Accounting questions
-
What are the advantages of making tool steels by P/M techniques over traditional methods, such as casting and subsequent metalworking techniques? Explain.
-
What are the advantages of establishing pay ranges, rather than specific pay levels, for each job? What are the drawbacks of this approach?
-
What are the advantages of using last years data as the starting point for this years budget?
-
The bank portion of the bank reconciliation for Langer Company at November 30, 2017, was as follows. The bank statement contained two memoranda: 1. A credit of $5,285 for the collection of a $5,140...
-
Veronica is the owner of a manufacturing business. The following trial balance was extracted from her books as at 31 December 20X2: The following information was also made available: 1. Expenses are...
-
A coronal discharge occurs when the electric field magnitude just above the surface of a conductor exceeds approximately \(3 \times 10^{6} \mathrm{~N} / \mathrm{C}\), a magnitude strong enough to...
-
Piecewise Linear Regression. In Example 7.3 we showed how a linear regression model with a change in slope at some point $t\left(x_{\min } Example 7.3 An important special case of practical interest...
-
Gunkelson Company sells equipment on September 30, 2014, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2014, had accumulated depreciation of $42,000. Depreciation for...
-
We use checksum in both TCP and UDP to detect errors. Assume you have the following 2 bytes: 11011100 and 01100111. What would be the 1s complement of the addition of the above two bytes? Make sure...
-
In a process development study on yield, four factors were studied, each at two levels: time (A), concentration (B), pressure (C), and temperature (D). A single replicate of a 2 4 design was run, and...
-
If variable manufacturing overhead is applied to production on the basis of direct labor-hours and the direct labor efficiency variance is unfavorable, will the variable overhead efficiency variance...
-
Svenska Pharmicia, a Swedish pharmaceutical company, makes an anticoagulant drug. The main ingredient in the drug is a raw material called Alpha SR40. Information concerning the purchase and use of...
-
On December 24, 2015, the directors of Partridge Corporation, an accrual basis calendar year taxpayer, authorized a cash contribution of $10,000 to the American Cancer Association. The payment is...
-
Throughout an organization, many different cultures among departments, divisions, branches, and work units can exist. Differences in organizational culture are typically a result of leadership style:...
-
To fund a public good, a government doesn't need to rely on voluntary contributions; it can just impose taxes to raise funds. The problem then is actually knowing how much of a public good is...
-
Jerry is the owner of a local market. He sells a variety of food items, hardware, and liquor. He has four full time employees, Jerry is a very friendly guy. He is always joking with his employees,...
-
Design a project of your own choice and show the following contents thereof 1. Name or identity of your project (1 Marks) 2. Support your project by clearly defining the concepts 'project' and...
-
If there is a serious mishap at a worksite, who in particular must be notified under the federal or state requirements? 1. What do we do about OSHA reporting requirements in a state with a federally...
-
What is the expected output of the following code snippet? A. It does not compile. B. It throws an exception at runtime. C. It does not print any output at runtime. D. 345345 E. 334455 F. The...
-
The column shown in the figure is fixed at the base and free at the upper end. A compressive load P acts at the top of the column with an eccentricity e from the axis of the column. Beginning with...
-
A constant current of 0.500 A passes through a silver nitrate solution for 90.0 minutes . What mass of silver metal is deposited at the anode? Strategy First, determine the half-reaction involved....
-
Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote- controlled military reconnaissance aircraft. The...
-
Wollogong Group Ltd. of New South Wales, Australia, acquired its factory building about 10 years ago. For several years, the company has rented out a small annex attached to the rear of the building....
-
What adjustment is made for underapplied overhead on the schedule of cost of goods sold? What adjustment is made for overapplied overhead?
-
The Foundational 15 (Algo) [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5, LO1-6] [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500...
-
Taylor Swift's most recent tour was a success by every measure. Named after the bestselling album of her career 1989, it grossed more than $250 million worldwide the top tour of 2015 raved about the...
-
Activity Purchasing material Receiving material Setting up equipment Machine depreciation and maintenance Ensuring regulatory compliance Shipping Total estimated cost Recommended Cost Driver Number...
Study smarter with the SolutionInn App