Management Answers

Discuss the accounting process as a cycle with a given period by explaining each of the

steps and by giving practical examples.

Describe five types of business transactions with external parties and another five types of

business transactions from internal sources of a selected form of business company at your

nearby (please indicate the form of company you selected on the answer sheet) and explain

how they are journalized and then reported in the financial statements.

Explain the underlying prescriptions of IFRS

Discuss the current accounting standards or principles applicable in Ethiopia as a base for

financial statement preparation and presentation.

Write suitable discussion related to (i) the definitions of accounting and the forms of the

accounting as a discipline and (ii) the similarities and differences of Financial Accounting and Management Accounting.

The primary purpose of the control process is to

1. Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced several years ago to tap a new segment of the market. Since introduction of the deluxe model, the company’s profits have steadily declined. Sales of the deluxe model have been increasing rapidly. Overhead is applied to products on the basis of direct labor-hours. At the beginning of the current year, management estimated that $3,080,000 in overhead costs would be incurred and the company would produce and sell 10,000 units of the deluxe model and 50,000 units of the regular model. The deluxe model requires 2.0 hours of direct labor time per unit, and the regular model requires 1.0 hours. Materials and labor costs per unit are given below: Deluxe Regular Direct materials cost per unit $50.00 $30.00 Direct labor cost per unit $30.00 $15.00

Discuss the different phases of an operations research study considering a possible business scenario.