Explain the difference between the nature of expense and function-of-expense classifications?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (11 reviews)
Expenses may be classified by nature or by function The natureofexpen...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118162286
7th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Explain the difference between the "nature-of-expense" and "function-of-expense" classifications
-
Explain the difference between accounting value added (earnings) and shareholder value added.
-
Explain the difference between an accelerated depreciation method and one that is not accelerated. Give an example of each.
-
What is the timestep value ? And how do I go about altering from downstream to upstream? The following code solves the advection equation 1 2 3 4 5 6 7 8 9- 10 - 11 12 - 13 - 14 - 15 - 16 - 17 18 19...
-
In an enclosed space stand 57 lions and one sheep. The lions, all perfectly rational and well trained in game theory, would all like to eat the sheep. For simplicity, we imagine that the lions are...
-
1. Below what type of short-run average cost has the price of ethanol fallen? 2. Does Cooper appear to view the coming year as a short-run or long-run period?
-
Ohio Logistics manages the logistical activities for firms by matching companies that need products shipped with carriers that can provide the best rates and best service for the companies. Ohio...
-
Hanna Corporation owns 80% of the outstanding voting stock of Fellow Inc. At the date of acquisition, Fellow's retained earnings were $2,100,000. On December 31, Year 2, Hanna Inc. sold equipment to...
-
Two sound sources generate pure tones of 81 Hz and 56 Hz. What is the beat frequency?
-
To help pay for new costumes for a play, the Manlius Theater invests $1500 in a 30-month CD paying 2.8% interest compounded monthly. Determine the amount the theater will receive when it cashes in...
-
No financial decision-maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news. This activity...
-
Caterpillar publishes an annual Sustainability Report to explain its position on sustainability, describe its goals, and report on its achievements. The report can be found at www....
-
Use Euler circles to check the validity of the arguments in Problems 3546. No students are enthusiastic. You are enthusiastic. Therefore, you are not a student.
-
What healthcare benefits and behaviors should citizens expect of healthcare providers and government? (Are there some expectations of providers and/or government that citizens should expect? Are...
-
You apply for a loan of $151,000 with the following terms: A 7-year loan with semi-annual payments of $14,800 (paid at the end of each period). Based on this information, what is the APR of this...
-
The table provides the aggregate plan of It is known that the firm uses a chase plan. The firm's labor cost is $14/un hiring cost is $350 per unit of increase, and unit firing cost is $500 per unit...
-
Analyze each of July's transactions and prepare the journal entries Calculate the depreciation and amortization expenses for the month of July for the tangible and intangible assets Calculate Cost of...
-
Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2025 are presented below. End of Year Beginning of Year Cash and cash...
-
a. Explain the difference between: i. Direct costs and indirect costs ii. Prime cost and cost of production. b. Explain the meaning of the term work in progress. c. Explain why a manufacturer may...
-
Reichenbach Co., organized in 2018, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2018 and 2019. Instructions...
-
Each of these items must be considered in preparing a statement of cash flows for Nemke Co. for the year ended December 31, 2012. For each item, state how it should be shown in the statement of cash...
-
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary. (a) Purchase of equipment. (b) Sale of building. (c)...
-
The following T account is a summary of the cash account of Holmes Company. What amount of net cash provided (used) by financing activities should be reported in the statement of cashflows? Cash...
-
Roberta Bondar is travelling in her space craft around a distant planet. The planet has a radius R' and she is at an altitude of 2R' above its surface, coasting at some constant speed in a circular...
-
Some enterprising physics students working on a catapult decide to have a water balloon fight in the school hallway. The ceiling is of height 3 . 4 m, and the balloons are launched at a velocity of 9...
-
1-Define electric fields and how it helps us understand electricity. 2-Electric fields are represented as a physical effect of a configuration of charges that is created by the attraction of electric...
Study smarter with the SolutionInn App