In a manufacturing company, which of the following will affect gross profit? A change in the depreciation policy applied to production equipment Insurance paid on delivery vehicles Reduction in the overdraft interest rate Cost of training finance staff on the use of an accounting package

Q: A company believes that it is subject to scrutiny by particular interest groups such as employee…

A: Interest groups  promote their members' interests or concerns and  their primary functions is to…

Q: From the following figures, prepare a Reconciliation Statement: Net loss as per costing records Work…

A: After comparing the costing books and financial books ,the differences or causes of differences are…

Q: Insurance expense incurred on a factory building would be treated as a a. selling cost b. period…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Which one of the following is an example of a committed cost? The cost of annual end of year…

A: Committed costs are that fixed cost which is incurred due to past commitments. Management commits…

Q: Which of the following is not likely to be treated as product cost? Depreciation on the factory…

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: Match each term

A: Selling and administrative expense- Selling expense-This include all costs associated with selling…

Q: The adjustment of underapplied manufacturing overhead cost results in all the following , EXCEPT a.…

A: Under-applied overhead happens once the budgeted producing overhead is a smaller amount than the…

Q: which one of the following is not an example of a committed fixed cost

A: The fixed cost which incurred due to the past commitments of the organisations is called the…

Q: Which of the following may not be the reason for a change in gross profit to occur?     Increase in…

A: Gross Profit is the profit which is obtained by deducting the purchases and factory expenses from…

Q: rue and fair profit of any business can only be determined after charging depreciation because it is…

A: The two methods of depreciation are discussed below for their use in the production and service…

Q: The largest expense of most manufacturing firms is? a. Salaries Expense b. Amortization Expense c.…

A: Correct answer is D  Cost of goods sold

Q: Which of the following may not be the reason for a change in gross profit to occur? * G O Change of…

A: Gross profit is the amount of sales revenue which is over and above cost of goods sold. Cost of…

Q: Consider the following costs that were incurred during the current year and determine whether the…

A: Meaning of Product Cost:- Product costs include all the direct and indirect costs of producing a…

Q: How should managers adjust for under-or overallocated manufacturing overhead costs at the end of the…

A: Manufacturing overhead means all indirect costs related to manufacturing of goods like indirect…

Q: Classify each of the following items as a cost, expense, loss, or other category, and explain how…

A: Cost of goods sold Cost of goods sold (COGS) refers to the direct costs of producing the goods sold…

Q: Which one of the following is an example of a committed cost? a. The salary of the marketing manager…

A: Committed cost refers to the cost which has not yet been incurred but already contracted /committed…

Q: Which of the following are parts S,G&A for General Motors? Cost of purchasing assembly line robots…

A: Solution SG $A expenses are those expenses which are related selling and administrative activities…

Q: Which of the following would most likely be a period cost? Depreciation on factory lunchroom…

A: Solution: "salary of telephone receptionist in the sales office" would most likely be a period cost.

Q: Depreciation expense on an office copier used by the CEO in the administrative building is a product…

A: Product cost means cost which is incurred while producing the product where as period cost means the…

Q: Within the accounting system of a group of companies, the following types of expenses are incurred.…

A: Cost item which are Considered within Property, Plant & Equipment :-   Property, Plant, &…

Q: Which of the following would reduce net profit margin but have no effect on gross profit  margin? a)…

A: a) Commission paid to salesmen is a selling expense charged against net profit .b) Purchase price…

Q: If a company incurred a significant repairs and maintenance expense for a plant equipment ( used in…

A: Repairs and Maintenance Expense: The cost that is paid to guarantee that an asset continues to…

Q: Depreciation of a factory equipment is treated as ____, while deprecation of an automobile used for…

A: Manufacturing overhead is the indirect cost that is spent in the manufacturing process. Examples of…

Q: Cost of conducting business in a new location or with a new class of customer, including cost of…

A: PPE means property plant and equipment that is used by the business for a longer period of time.…

Q: When closing overapplied manufacturing overhead to Cost of Goods Sold, which of the following would…

A: When closing overapplied manufacturing overhead to Cost of Goods Sold, Gross profit will increase.…

Q: An example of a nonproduction cost is   a.wages paid to assembly-line employees. b.manufacturing…

A: Cost of production means the addition of direct material , direct labor and factory overhead.…

Q: An examination of the accounting records of ABC Corp. disclosed a high contribution margin ratio and…

A: Contribution margin ratio Is the ratio between contribution margin and sales A high contribution…

Q: Which one of the following discretionary fixed cost? The salary of the deputy manager of the factory…

A: Discretionary cost is the cost can be eliminated or reduced without  at the discretion of the…

Q: True and fair profit of any business can only be determined after charging depreciation because it…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: The cost of inventories does not include Salaries of factory staff. Irrecoverable purchase taxes.…

A: Cost of inventories includes all costs that are incurred for purchase of merchandise or goods like…

Q: Which of the following can be recorded as intangible assets?   (i)      Staff training costs which…

A: “Assets are resources owned or controlled by an entity from which future economic benefits are…

Q: What is the ending balance in Finished Goods? (Show T-Account) Assuming that the company closes its…

A: Overapplied Overhead: If the actual overhead incurred in a period is less than the…

Q: When the sale of finished goods is recorded, the balance in which of the following accounts will…

A: The entities that are involved in the making or manufacturing of goods, usually have three types of…

Q: Which statement is NOT true? a. Business activities begin with the acquisition of materials,…

A:

Q: All of the following should be considered in a make-or-buy decision except a. quality issues with…

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Which can be considered a product cost in a manufacturing company

A: Product costs are those costs that are incurred in the process of manufacturing a product. It should…

Q: Which one of the following is an example of a period cost? A change in benefits for the union…

A: Period cost are the costs incurred periodically and which can not be allocated to any specific…

Q: The relevant range of activity is the activity level at which the company makes the highest amount…

A: Fixed cost does not change with the change in output whereas, variable cost changes with the change…

Q: Which one of the following is an example of a committed cost? a. The salary of the marketing manager…

A: A committed cost is an Investment that an entity has already made and cannot recover by any means,…

Q: Which of the following may not be the reason for a change in gross profit to occur? a. Increase of…

A: In the given case any changes made in the manufacturing process that is raw material,wages and…

Q: a company is trying to decide whether to sell partially completed goods in their current state or…

A: In accounts and business decision-making, a sunk cost (otherwise called retrospective cost) is a…

Q: Which of the following costs is NOT capitalized as inventory?     a. Rent on Head Office building…

A: The IFRS applicable for Inventory is stating that "The cost of inventories includes all costs of…

Q: In a manufacturing company, which of the following will affect gross profit? a. A change in the…

A: The gross profit of a manufacturing company is calculated by deducting the cost of goods sold from…

Q: Consider the following costs that were incurred during the current year and determine whether the…

A: Product costs are the costs incurred in manufacturing the product. So, this include direct…

Q: Which of the following is/are not true about Committed costs   a. They are costs incurred to…

A: Committed cost means the cost which the company has already made the commitment and it is the…

Q: In Principles of Accounting I, we learned the journal entry for depreciation is: Debit –…

A: Answer: In Principles of Accounting I, we learned the journal entry for depreciation is: Debit –…

Q: Insurance expense incurred on a factory building would be treated as a a.period cost b.selling cost…

A: Introduction: The sum paid by a corporation to get an insurance contract, as well as any additional…