1. "Cost accounting is unnecessary", will you agree? 

2.Give your own example of a business transaction that will fit to the given analysis on the relationship of assets, liabilities, and capital: a.Increase in capital and decrease in liabilities b.Increase and decrease in capital c.Decrease in asset and increase in capital d.Increase in liabilities and increase in asset 

3. Give one specific activity that an organization may undertake in each component parts of the management process. Assume further that your organization is a manufacturer of a well-known office furniture. 

4. Explain briefly but comprehensively the conceptual framework of management accounting. 

5. Is cost accounting applicable only to manufacturing company? Explain. 

6. What benefit we can derived if we incorporate human resource accounting in an organization? 

7. Determine whether the following statements refer to Management Accounting, Financial Accounting or Cost Accounting: a. Reports must be prepared in accordance with the Philippine Financial Reporting Standards. b. Relevance is emphasized in this field of accounting. c. Reports are intended for internal users. d. There is a detailed segment reports prepared about departments, products, customers and employees . e. Provides details of cost and profit of each product, process, job and contracts. f. No set formats for presenting cost information. h. Only summarized data for the entire organization are prepared. i. Emphasis is on future-oriented data needed for decision-making. j. Timeliness of information is required. 

8. After four years of operation, Hero Company prepared a Schedule of Accounts Receivable showing the following customers-debtors: Acosta, Susan 36,000 Enage, Amabele 145,000 Garcia, Wilson 50,000 Gatmaitan, Emma 12,000 Retonel, Elsa 3,000 Ms. Cheyyane has advised her accountant to provide for the Estimated Uncollectible account of 2% of the outstanding receivable account. a.Under the Allowance method how much is the amount of Uncollectible account to be recorded? b.Under the Direct -write off method, what entry is necessary to remove the account of Ms. Retonel from the record? c.What entry is necessary if the bad debts amounting to 3,000 which were previously written off were collected during the year?  

9. Determine whether the following accounts are real accounts or nominal accounts: a.Office equipment b.Salaries Expense c.Tan, Capital d.Accrued Rent Income e.Depreciation expense f.Sales g.Commission expense h.Cash i.Merchandise inventory j.Rent Receivable k.Utilities expense l.Cost of Sales m. Freight in n.Notes Payable o.Cash Equivalents 

10. In the heading portion of the Balance Sheet, it is worded " As of a particular date" and in the heading portion of the Income Statement and Statement of Cash Flows, it is worded " For the period ended". Explain why headings are worded as such.

Answer rating: 100% (QA)

1 I wouldnt agree that cost accounting is unnecessary Its a crucial part of any business as it helps in understanding the exact cost incurred in produ... View the full answer