Full costing allocates nontraceable common costs to marketing entities and has three major weaknesses. What are they?
What will be an ideal response?
Full costing has three major weaknesses: (1 ) The relative profitability of different marketing entities can shift radically when we replace one arbitrary way to allocate nontraceable common costs by another; (2 ) the arbitrariness demoralizes managers, who feel their performance is judged adversely; and (3 ) the inclusion of nontraceable common costs could weaken efforts at real cost control.
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Environmental sensitivity is the extent to which products must be adapted to the culture-specific needs of different national markets
Indicate whether the statement is true or false
On January 31, Ransom Company's payroll register showed that its employers earned $30,320 of office salaries and $82,750 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes as the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $16,960 of federal income taxes, $3,350 of medical insurance deductions (which represents 50% of the total cost of the employee medical insurance), and $4,210 of 401(k) retirement contribution deductions. Ransom Company pays the other 50% of the employee insurance cost and matches the employee 401(k) contributions. Several employees earned more than $7,000 for the period which reduced salaries subject to unemployment to $104,000. No employees exceeded the FICA-Social Security taxable wage base.1. Prepare the
journal entry to record Ransom Company's January 31 payroll expenses and liabilities.2. Prepare the journal entry to record Ransom Company's employer payroll taxes resulting from the January 31 payroll. Ransom's merit rating reduces its state unemployment (SUTA) to 5.4% of the first $7,000 paid each employee. The federal unemployment tax (FUTA) rate is 0.6%.3. Prepare the journal entry to record Ransom's additional employee expenses. What will be an ideal response?
The _______________________________ is a specialized agency of the United Nations focused on promoting social justice and internationally recognized human and labor rights.
Fill in the blank(s) with the appropriate word(s).
The field of accounting that focuses on providing information for external decision makers is ________
A) managerial accounting B) financial accounting C) cost accounting D) nonmonetary accounting