Questions from General Accounting

Q: Megan Pedigo is confused about how a flexible budget is prepared.

Megan Pedigo is confused about how a flexible budget is prepared. Identify the steps for Megan.

Q: What is the difference between a favorable cost variance and an unfavorable

What is the difference between a favorable cost variance and an unfavorable cost variance?

Q: What is a post-audit? What are the potential benefits

What is a post-audit? What are the potential benefits of a post-audit?

Q: Identify the steps required in using the internal rate of return method

Identify the steps required in using the internal rate of return method when the net annual cash flows are equal.

Q: Elbert Company accumulates the following summary data for the year ending December

Elbert Company accumulates the following summary data for the year ending December 31, 2014, for its Water Division, which it operates as a profit center: sales— $2,000,000 budget, $2,080,000 actual;...

Q: What is responsibility accounting? Explain the purpose of responsibility accounting.

What is responsibility accounting? Explain the purpose of responsibility accounting.

Q: Eve Rooney is studying for an accounting examination. Describe for Eve

Eve Rooney is studying for an accounting examination. Describe for Eve what conditions are necessary for responsibility accounting to be used effectively.

Q: What are the four perspectives used in the balanced scorecard? Discuss

What are the four perspectives used in the balanced scorecard? Discuss the nature of each, and how the perspectives are linked.

Q: What circumstances may cause the purchasing department to be responsible for both

What circumstances may cause the purchasing department to be responsible for both an unfavorable materials price variance and an unfavorable materials quantity variance?

Q: What are some examples of nonfinancial measures used by companies to evaluate

What are some examples of nonfinancial measures used by companies to evaluate performance?