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Financial Accounting Reporting Analysis And Decision Making 6th Edition Shirley Carlon - Solutions
PSB2.5 Journalise transactions, post, prepare a trial balance and financial statements.LO3, 5, 6, 7, 8 Diane Smith incorporated Accurate Accountants, an accounting practice, on 1 May 2019.During the first month of operations of her business, these events and transactions occurred:May 1 Shareholders
PSB2.4 Journalise a series of transactions. LO3, 5 Just for Fun Park was started on 1 April by GregWinters. These selected events and transactions occurred during April:Apr. 1 Shareholders invested $90 000 cash in the business in exchange for shares.4 Purchased land costing $45 000 for cash.8
PSB2.3 Analyse transactions and prepare a statement of profit or loss and a statement of financial position. LO1 Donna Corso opened Healthy Paws Ltd, a veterinary business, on 1 August 2019. On 31 August the statement of financial position showed: Cash $9000; Accounts receivable $1700;
PSB2.2 Analyse transactions and prepare financial statements. LO1 Alex Rogers started his own delivery service, Rogers Deliveries Ltd, on 1 June 2019. The following transactions occurred during the month of June:June 1 Shareholders invested $30 000 cash in the business in exchange for shares.2
PSB2.1 Analyse transactions and calculate profit. LO1 Crazy Bob’s Repair Shop Ltd was started on 1May. Here is a summary of theMay transactions:1. Shareholders invested $16 000 cash in the company in exchange for shares.2. Purchased equipment for $5000 cash.3. Paid $400 cash for May office
PSA2.10 Prepare a correct trial balance. LO8 This trial balance of Helpful Services Ltd does not balance.HELPFUL SERVICES LTD Trial balance as at 30 June 2019 Account name Debit Credit Cash $ 5 680 Accounts receivable $ 6 462 Supplies 1 600 Equipment 6 000 Accounts payable 5 332 Revenue received in
PSA2.9 Prepare a correct trial balance. LO8 This trial balance of Queenstown Ltd does not balance.QUEENSTOWN LTD Trial balance as at 30 June 2020 Account name Debit Credit Cash $ 17 940 Accounts receivable $21 093 Supplies 5 700 Equipment 18 900 Accounts payable 16 896 Revenue received in advance 8
PSA2.8 Journalise transactions, post, and prepare a trial balance. LO3, 5, 6, 7, 8 The Drive-in Movie Palace Ltd was recently formed. It began operations in March 2019. The Movie Palace is unique in that it is a drive-in theatre and will show only triple features of sequential theme movies. As of
PSA2.7 Journalise transactions, post, and prepare a trial balance. LO3, 5, 6, 7, 8 This is the trial balance of Western Laundry Services Pty Ltd on 30 April:WESTERN LAUNDRY SERVICES PTY LTD Trial balance as at 30 April 2019 No. Account name Debit Credit 100 Cash $ 4 250 115 Accounts receivable 1
PSA2.6 Journalise transactions, post and prepare a trial balance. LO3, 5, 6, 7, 8 This is the trial balance of Lou Lou’s Beauty Centre Pty Ltd on 30 September:LOU LOU’S BEAUTY CENTRE PTY LTD Trial balance as at 30 September 2019 No. Account name Debit Credit 100 Cash $32 800 115 Accounts
PSA2.5 Journalise transactions, post, and prepare a trial balance. LO3, 5, 6, 7, 8 Mahon Consultants Pty Ltd opened as licensed architects on 1 April 2019. During the first month of the operation of the business, these events and transactions occurred:Apr. 1 Shareholders invested $76 500 cash in
PSA2.4 Journalise a series of transactions. LO3, 5 Fantasy Miniature Golf and Driving Range Pty Ltd was opened on 1 March by Jim Zarle. These selected events and transactions occurred during March:Mar. 1 Shareholders invested $60 000 cash in the business in exchange for shares in the company.3
PSA2.3 Analyse transactions and prepare financial statements. LO1 Ivan Izo started a business providing legal services, Ivan Izo Pty Ltd, on 1 July 2019. On 31 July the statement of financial position showed: cash $4000; accounts receivable $1500;supplies $500; office equipment $5000; accounts
PSA2.2 Analyse transactions and prepare financial statements. LO1 Aurora Goodwin started her own consulting firm, Best Consulting Pty Ltd, on 1 May 2019.The following transactions occurred during the month of May:May 1 Shareholders invested $10 000 cash in the business.2 Paid $1050 for office rent
PSA2.1 Analyse transactions and calculate profit. LO1 On 1 April, Let’s Go Travel Agency Ltd was established. These transactions were completed during the month:1. Shareholders invested $40 000 cash in the company in exchange for shares.2. Paid $800 cash for April office rent.3. Purchased office
E2.13 Prepare a trial balance. LO8 The accounts in the ledger of Boxer Ltd contain the following balances on 31 March 2020:Accounts receivable $ 13 450 Prepaid insurance $ 6 345 Accounts payable 23 774 Repair expense 3 421 Cash 76 526 Service revenue 67 589 Delivery equipment 165 000 Dividends 2
E2.12 Prepare a trial balance. LO8 The accounts in the ledger of Sushi To Go Ltd contain the following balances on 31 July 2019:Accounts receivable $ 27 184 Prepaid insurance $ 3 836 Accounts payable 14 692 Repair expense 1 822 Cash ? Service revenue 31 220 Delivery equipment 118 620 Dividends 1
E2.11 Analyse errors and their effects on trial balance. LO8 The bookkeeper for Equipment Repair Pty Ltd made these errors in journalising and posting:1. A credit posting of $600 to accounts payable was omitted.2. A debit posting of $750 for prepaid insurance was debited to insurance expense.3. A
E2.10 Analyse transactions, prepare journal entries, and post transactions to T accounts. LO1, 5, 7 Selected transactions for Ranch Ltd during its first month in business are presented below:Sept. 1 Issued shares in exchange for $45 000 cash received from investors.5 Purchased equipment for $25
E2.9 Journalise transactions from T accounts and prepare a trial balance. LO5, 8 These simple T accounts summarise the ledger of Zebra Tours Ltd at the end of the first month of operations:Cash Revenue received in advance Apr. 1 10 000 Apr. 15 750 Apr. 30 700 12 1 900 25 3 500 29 200 30 700
E2.8 Post journal entries and prepare a trial balance. LO7, 8 Selected transactions from the journal of Ink Pad Printers Ltd during its first month of operations are presented here:Date Account name Debit Credit Aug. 1 Cash 17 000 Share capital 17 000 10 Cash 12 400 Service revenue 12 400 12 Office
E2.7 Journalise transactions. LO5 Data for Bookit Pty Ltd, a bookkeeping service, are presented in E2.6.Required Journalise the transactions. Narrations are required.
E2.6 Identify debits, credits and normal balances. LO3 Selected transactions for Bookit Pty Ltd, a bookkeeping service in its first month of business, are as follows:1. Issued shares to investors for $10 000 in cash.2. Purchased used photocopier for $3000 on account, for use in business.3.
E2.5 Journalise transactions. LO5 Data for Expensive Designs Pty Ltd, interior decorator, are presented in E2.4.Required Journalise the transactions. Narrations are required.
E2.4 Identify debits, credits and normal balances. LO3 Selected transactions for Expensive Designs Pty Ltd, an interior decorator in its first month of business, are as follows:1. Issued shares to investors for $10 000 in cash.2. Purchased used car for $5000 cash for use in business.3. Purchased
E2.3 Prepare financial statements. LO1 The analysis of transactions for Foxes Ltd is presented in E2.2.Required Prepare a statement of profit or loss for August, a statement of financial position as at 31 August 2019 and a calculation of retained earnings.
E2.2 Analyse transactions and calculate profit. LO1 An analysis of transactions for Foxes Ltd in August 2019, its first month of operations, is shown as follows. Each change in equity is explained.Cash +Accounts receivable + Supplies +Office equipment = Accounts payable + Equity 1. +$34 000 +$34
E2.1 Analyse the effect of transactions. LO1 Selected transactions for Speedy Lawn Care Pty Ltd are listed here:1. Issued shares to investors in exchange for cash.2. Paid monthly rent.3. Received cash from customers when service was rendered.4. Invoiced customers for services performed.5. Paid
BE2.7 Prepare a corrected trial balance. LO8 An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal.TIMARU LTD Trial balance as at 31 December 2019 Debit Credit Cash $32 100 Prepaid insurance
BE2.6 Prepare a trial balance. LO8 From the ledger balances below, prepare a trial balance for Evans Ltd at 30 June 2019. All account balances are normal.Accounts payable $ 8 650 Service revenue $11 500 Cash 6 400 Accounts receivable 5 600 Share capital 30 000 Salaries expense 9 000 Dividends 2 200
BE2.5 Post journal entries to T accounts. LO7 Selected transactions for Gonzales Ltd are presented in journal form (without narrations). Post the transactions to T accounts.Date Account name Debit Credit May 5 Accounts receivable 13 200 Service revenue 13 200 12 Cash 12 400 Accounts receivable 12
BE2.4 Journalise transactions. LO5 Use the data in BE2.3 and journalise the transactions. (Include narrations.)
BE2.3 Indicate basic debit–credit analysis. LO4 Dudley Advertising Ltd had the following transactions during August of the current year. Indicate(a) the basic analysis and (b) the debit–credit analysis.Aug. 1 Issued shares to investors in exchange for $15 000 cash.4 Paid insurance in advance
BE2.2 Indicate debit and credit effects. LO3 For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.(a) Accounts payable.(b) Advertising expense.(c) Service revenue.(d) Accounts receivable.(e) Retained earnings.(f) Dividends.
BE2.1 Determine effect on basic accounting equation. LO1 Presented here are three economic events. On a sheet of paper, list the letters (a), (b) and (c) with columns for assets, liabilities and equity. In each column, indicate whether the event increased(+), decreased (−) or had no effect (NE)
PSB1.10 Calculate ratios and compare liquidity, solvency and profitability for two entities. LO9 Selected financial data (in thousands) of two competitors, NEW Ltd and OLD Ltd, for 2018 are presented here:NEW Ltd OLD Ltd Selected statement of profit or loss data for year Net sales $420 000 $350 000
PSB1.9 Calculate liquidity, solvency and profitability ratios. LO9 Here are the comparative statements of Nixon Pty Ltd:NIXON PTY LTD Statement of profit or loss for the year ended 30 June 2019 2019 2018 Net sales $3 300 000 $3 000 000 Cost of sales 1 680 000 1 494 000 Selling and administrative
PSB1.8 Prepare financial statements. LO6 An extract from the general ledger of Retail Limited for the year ended 30 June 2018 appears as follows:Item $ Item $Accounts payable 3 300 Inventory 21 500 Accounts receivable 8 320 Other expenses 6 250 Advertising expense 5 000 Rent expense 2 500 Bank loan
PSB1.7 Determine items included in a statement of cash flows and prepare the statement. LO6 Presented below are selected financial statement items for Spoon Ltd as at 30 June 2019.Inventory $ 65 000 Cash 270 000 Cash paid to suppliers 205 000 Building 640 000 Share capital 50 000 Cash dividends
PSB1.6 Prepare financial statements. LO6 Goodwin Ltd was started on 1 May 2019 with an investment of $60 000 cash. Following are the assets and liabilities of the company on 31 May 2019, and the revenues and expenses for the month of May, its first month of operation.Cash $38 350 Bank loan $40 000
PSB1.5 Determine items included in a statement of cash flows and prepare the statement. LO6 Presented below are selected financial statement items for Buzzy Bee Ltd for 31 December 2018:Inventory $ 80 000 Cash paid to suppliers 301 500 Building 1 800 000 Share capital 200 000 Cash received—issue
PSB1.4 Prepare financial statements. LO6 Evans Ltd was started on 1 July 2018 with an investment of $150 000 cash. Following are the assets and liabilities of the company on 30 June 2019, and the revenues and expenses for the year of operations.Cash $155 100 Bank loan $90 000 Accounts receivable 43
PSB1.3 Comment on proper accounting treatment and prepare a corrected statement of financial position. LO6, 8 Jupiter Pty Ltd was formed on 1 July 2018. At 30 June 2019, Mary Eagle, the managing director and major shareholder, decided to prepare a statement of financial position, which appeared as
PSB1.2 Identify users and uses of financial statements. LO5 Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently.(a) The finance director of Organic Products Ltd is trying to
PSB1.1 Determine forms of business organisation. LO3 Presented below are five independent situations.(a) Fiona has just graduated with a media and communications degree and wants to start an events management business. She has some savings and her family is willing to support her in her endeavours.
PSA1.10 Calculate ratios and compare liquidity, solvency and profitability for two entities. LO9 Selected financial data (in thousands) of two competitors, AKA Ltd and UFO Ltd, for 2018 are presented here:AKA Ltd UFO Ltd Selected statement of profit or loss data for year Net sales $120 000 $100 000
PSA1.9 Calculate liquidity, solvency and profitability ratios. LO9 Here are the comparative statements of City Sales Pty Ltd:CITY SALES PTY LTD Statement of profit or loss for the year ended 30 June 2019 2019 2018 Net sales $2 200 000 $2 000 000 Cost of sales 1 120 000 996 000 Selling and
PSA1.8 Prepare a classified statement of financial position. LO6 The following items are taken from the 30 June 2019 statement of financial position of Cement Ltd (in millions):Cash on deposit (short term) $ 80.6 Issued capital 2 533.8 Property, plant and equipment 3 367.1 Payables (short term)
PSA1.7 Determine items included in a statement of cash flows and prepare the statement. LO6 Presented below are selected financial statement items for Liddy Ltd for 30 June 2019.Inventory $ 40 000 Cash 101 000 Cash paid to suppliers 85 000 Building 320 000 Share capital 25 000 Cash dividends paid 9
PSA1.6 Prepare financial statements. LO6 Ultra Pty Ltd was started on 1 May with an investment of $75 000 cash. Following are the assets and liabilities of the company on 31 May 2019, and the revenues and expenses for the month of May, its first month of operations.Cash $30 500 Bank loan $40 000
PSA1.5 Determine items included in a statement of cash flows and prepare the statement. LO6 Presented below are selected financial statement items for Daisy Ltd for 31 December 2018:Inventory $ 32 000 Cash paid to suppliers 195 000 Building 400 000 Share capital 20 000 Share issued for cash this
PSA1.4 Prepare financial statements. LO6 PQR Pty Ltd was started on 1 October with an investment of $65 000 cash. Following are the assets and liabilities of the company on 31 October 2018, and the revenues and expenses for the month of October, its first month of operations.Cash $ 9 200 Bank loan
PSA1.3 Comment on proper accounting treatment and prepare a corrected statement of financial position. LO6, 8 Smart Travel Goods Pty Ltd was formed on 1 July 2018. At 30 June 2019, Mark Austin, the managing director and major shareholder, decided to prepare a statement of financial position, which
PSA1.2 Identify users and uses of financial statements. LO5 Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently.(a) North Sales Ltd is considering extending credit to a new
PSA1.1 Determine forms of business organisation. LO3 Presented below are five independent situations.(a) Three information systems lecturers have formed a business to improve the speed of information transfer over the internet for securities exchange transactions. Each has contributed an equal
E1.13 Calculate and interpret solvency ratios. LO9 The following data were taken from the 2019 financial statements of Oldfield Limited. (All dollars in millions.)2019 2018 Current assets $ 726.4 $ 719.8 Total assets 2 756.8 2 694.8 Current liabilities 392.8 534.1 Total liabilities 1 324.5 1 328.7
E1.12 Calculate and interpret solvency ratios. LO9 The following data were taken from the 2019 financial statements of Energy Limited. (All dollars in millions.)2019 2018 Current assets $ 2 838.0 $ 4 231.9 Total assets 13 367.8 15 738.4 Current liabilities 2 291.8 7 609.8 Total liabilities 9 026.8
E1.11 Calculate liquidity ratios and compare results. LO9 Retail Ltd operates stores in numerous states. Selected financial statement data (in thousands of dollars) for the year ended 30 June 2019 are as follows:End of year Beginning of year Cash $ 8 995 $ 17 807 Receivables (net) 10 711 15 992
E1.10 Prepare financial statements. LO6 These financial statement items are for Teddy Pty Ltd at year-end, 30 June 2020:Cost of sales $ 42 000 Salaries expense 27 000 Other expenses 26 600 Building 196 000 Accounts payable 39 400 Sales revenue 100 000 Rent revenue 36 000 Rent revenue received in
E1.9 Prepare financial statements. LO6 These financial statement items are for Christchurch Flooring Pty Ltd at year-end, 31 July 2018:Cost of sales $30 000 Salaries expense 25 000 Other expenses 18 000 Building 70 000 Accounts payable 8 000 Sales revenue 62 000 Rent revenue 30 000 Rent revenue
E1.8 Classify items as current or non-current, and prepare the assets section of the statement of financial position. LO6 The following items were taken from the 30 June 2019 consolidated statement of financial position of Field Limited. (All dollars are in millions.)Inventories $ 138.9 Other
E1.7 Classify items as current or non-current, and prepare assets section of statement of financial position. LO6 The following items were taken from the 30 June 2019 consolidated statement of financial position of Maximum Energy Limited. (All dollars are in millions.)Inventories—current $ 199.5
E1.6 Identify the concept or principle that has been violated. LO8 Cheong Pty Ltd had three major business transactions during 2018.(a) Merchandise inventory with a cost of $68 000 is reported at its market value of $100 000.(b) The owner of Cheong Pty Ltd, Cheong Kong, purchased a computer for
E1.5 Calculate missing amounts. LO6 Here are incomplete financial statements for Road Ltd:ROAD LTD Statement of financial position ASSETS LIABILITIES AND EQUITY Cash $ 10 500 Liabilities Inventory 15 500 Accounts payable $ 26 000 Property 80 000 Equity Contributed equity (a)Retained earnings
E1.4 Identify financial statement components and calculate profit. LO6 The following items were taken from Black Ltd’s financial statements for 2018. (All dollars are in thousands.)_________ Retained earnings $ 2 000 _________ Non-current borrowings $22 000 _________ Cost of sales 24 600
E1.3 Correct an incorrectly prepared statement of financial position. LO6 Deanna Veale is the bookkeeper for Quality Products Ltd. Deanna has been trying to make the statement of financial position of Quality Products Ltd balance. It is finally balanced, but now she’s not sure it is
E1.2 Prepare a statement of profit or loss and a calculation of retained earnings. LO6 This information relates to Rosie’s Rentals Pty Ltd for the year 2018:Retained earnings, 1 January 2018 $ 90 000 Advertising expense 3 000 Dividends paid during 2018 14 000 Rent expense 20 200 Hire revenue 140
E1.1 Match items with descriptions. LO1, 3, 5, 6 Here is a list of words or phrases discussed in this chapter:1. Auditor’s opinion 2. Accounts payable 3. Accounts receivable 4. Sole trader 5. Partnership 6. Decision 7. Company 8. Equity investors 9. Share capital Required Match each word or
BE1.7 Calculate return on assets and profit margin. LO9 The following information is available for Ware Ltd for 2018: sales revenue $7 840 000; cost of sales $3 528 000; profit $1 176 000; total equity $2 233 300; average total assets $5 113 000.Calculate the return on assets and profit margin for
BE1.6 Prepare the assets section of a classified statement of financial position. LO6 A list of financial statement items for Swift Ltd includes the following: accounts receivable$15 000; prepaid rent $1000; cash $4500; supplies $2000; short-term investments $12 000; property, plant and equipment
BE1.5 Determine the proper financial statement. LO6 Indicate which statement you would examine to find each of the following items: statement of financial position (SFP), statement of profit or loss (P/L) or statement of cash flows (SCF).(a) Revenues during the period.(b) Accounts receivable at the
BE1.4 Prepare a statement of financial position. LO6 In alphabetical order below are items for ABC Pty Ltd at 31 December 2018. Prepare a statement of financial position following the format of figure 1.6.Accounts payable $32 500 Accounts receivable 10 000 Cash 30 000 Inventory 7 500 Share capital
BE1.3 Identify users of accounting financial reports and describe their information needs. LO5 Match each of the following types of evaluation with one of the listed users of accounting information.1. Trying to determine whether the company complied with the Corporations Act.2. Trying to determine
BE1.2 Describe the financial reporting environment. LO7 Indicate whether each statement is true or false.(a) Accounting standards are set by the Financial Reporting Council.(b) The ASX Listing Rules are only applicable to entities listed on the ASX.(c) The Corporations Act is administered by the
BE1.1 Explain the characteristics of the main forms of business organisation. LO3 Match each of the following forms of business organisation with a set of characteristics: sole proprietorship (SP), partnership (P), company (C).(a) _________ Shared control, increased skills and resources.(b)
18.10 What does return on investment (ROI) measure? What factors affect the ROI?
18.9 Ann Wilkins is studying for an accounting exam. Describe for Ann what conditions are necessary for responsibility accounting to be used effectively.
18.8 Kate Coulter is confused about how a flexible budget is prepared. Identify the steps for Kate.
18.7 ‘A flexible budget is really a series of static budgets.’ Is this true? Why?
18.6 The following purposes are part of a budgetary reporting system: (a) determine efficient use of materials, (b) control overhead costs, and (c) determine whether profit objectives are being met. For each purpose, indicate the name of the report, the frequency of the report, and the main
18.5 How may expected revenues in a service entity be calculated?
18.4 In preparing the direct materials budget for Parker Ltd, management concludes that required purchases are 54 000 units. If 50 000 direct materials units are required in production and there are 7000 units of beginning direct materials, what is the desired units of ending direct materials?
18.3 Chen Ltd has 6000 beginning finished goods units. Budgeted sales units are 150 000. If management desires 10 000 ending finished goods units, what are the required units of production?
18.2 Christine Nguyen asks your help in understanding the essentials of effective budgeting. Identify the essentials for Christine.
18.1 Matthew and Jacqui are discussing the benefits of budgeting. They ask you to identify the main advantages of budgeting. Comply with their request.
18.12 LO9 In a responsibility report for a profit centre, controllable fixed costs are deducted from contribution margin to show:(a) profit centre margin.(b) controllable margin.(c) profit.(d) profit from operations.
18.11 Responsibility reports for cost centres: LO9(a) distinguish between fixed and variable costs.(b) use static budget data.(c) include both controllable and non-controllable costs.(d) include only controllable costs.
18.10 LO8 Under responsibility accounting, the evaluation of a manager’s performance is based on matters that the manager:(a) directly controls.(b) directly and indirectly controls.(c) indirectly controls.(d) has shared responsibility with another manager.
18.9 The key difference between static and flexible budgets lies in: LO7(a) the source of information.(b) the number of activity levels displayed.(c) the breakdown of variable and fixed costs.(d) None of the above.
18.8 A static budget is useful in controlling costs when cost behaviour is: LO7(a) non-linear.(b) linear.(c) variable.(d) fixed.
18.7 Which of the following is an example of a favourable budget difference? LO6(a) Actual sales are below budgeted sales.(b) Budgeted direct materials costs exceed actual direct material costs.(c) Actual operating expense is less than budgeted operating expense.(d) Both (b) and (c).
18.6 LO5 The budget for a merchandising entity differs from a budget for a manufacturing entity because:(a) a merchandise purchases budget replaces the production budget.(b) the manufacturing budgets are not applicable.(c) None of the above.(d) Both (a) and (b) above.
18.5 LO4 Expected direct materials purchases in Read Ltd are $70 000 in the first quarter and $90 000 in the second quarter; 40% of the purchases are paid in cash as incurred and the balance is paid in the following quarter. The budgeted cash payments for purchases in the second quarter are:(a) $96
18.4 LO3 Each of the following budgets is used in preparing the budgeted statement of profit or loss except the:(a) sales budget.(b) selling and administrative budget.(c) capital expenditure budget.(d) direct labour budget.
18.3 The formula for the production budget is budgeted sales in units plus: LO2(a) desired ending inventory less beginning inventory.(b) beginning finished goods units less desired ending finished goods units.(c) desired ending direct materials units less beginning direct materials units.(d)
18.2 The production budget shows: LO2(a) management’s best estimate of sales revenue for the budget period.(b) the units that must be produced to meet anticipated sales.(c) an estimate of both the quantity and cost of direct materials to be purchased.(d) the expected manufacturing overhead costs
18.1 The benefits of budgeting include all but one of the following: LO1(a) Management can plan ahead.(b) An early warning system is provided for potential problems.(c) It enables disciplinary action to be taken at every level of responsibility.(d) The coordination of activities is facilitated.
18.9 identify the content of responsibility reports and their use in performance evaluation.
18.8 describe the concept of responsibility accounting
18.7 compare and contrast the use of static and flexible budgets
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