Shown Below Is a Page from a Special Journal

question 70

Essay

Shown below is a page from a special journal.
1. What is the name of this journal?
2. Give an explanation for each of the transactions in this journal.
3. Explain the following:
(a) the numbers under the bottom lines.
(b) the checks entered into the Post. Ref. column.
(c) the numbers 113 and 416 in the Post. Ref. column.
(d) the (x) below the Other Accounts column.

Calculate the standard hours allowed for actual output.

Analyze the impact of manufacturing variances on production costs and efficiency.

Calculate the standard amount of materials allowed for the actual output.

Analyze labor efficiency variances to assess labor productivity.

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Definitions:

Vertical Analysis

A method of financial statement analysis in which each line item is listed as a percentage of a base figure within the statement.

Segment Data

Information regarding the different operating segments of a company as required by accounting standards to help investors better understand the company's performance.

Fiscal Years

A one-year period that companies and governments use for financial reporting and budgeting, which may not necessarily align with the calendar year.

Cash Payments Journal

A financial journal that records all cash outflows or payments made by a company.