0
What else can I help you with?
When should the liability assocated with a product warranty be recorded?
The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.
What is the difference between a standard and a budget?
A budget usually refers to a department'sor a company's projected revenues, costs, or expenses. A standard usually refers to a projected amount per unit of product, per unit of input (such as direct materials, factory overhead), or per unit of output.For example, a manufacturer will have budgets for its manufacturing or factory overhead departments. Let's assume that the budgeted manufacturing overhead for the upcoming year is expected to be $1,000,000 in order to produce the expected 100,000 identical units of product. The standard cost of manufacturing overhead per unit of product is $10 ($1,000,000 divided by 100,000 units). When the products are not identical, the $1,000,000 of manufacturing overhead might be divided by the expected number of machine hours required to manufacture the units of product. Assuming it will take 50,000 machine hours, the standard cost of the manufacturing overhead will be $20 per machine hour ($1,000,000 divided by 50,000 machine hours).
What is the difference between budget and standard in accounting?
BudgetA budget usually refers to a department'sor a company's projected revenues, costs, or expenses.StandardA standard usually refers to a projected amount per unit of product, per unit of input (such as direct materials, factory overhead), or per unit of output.ExampleA manufacturer will have budgets for its manufacturing or factory overhead departments. Let's assume that the budgeted manufacturing overhead for the upcoming year is expected to be $1,000,000 in order to produce the expected 100,000 identical units of product. The standard cost of manufacturing overhead per unit of product is $10 ($1,000,000 divided by 100,000 units). When the products are not identical, the $1,000,000 of manufacturing overhead might be divided by the expected number of machine hours required to manufacture the units of product. Assuming it will take 50,000 machine hours, the standard cost of the manufacturing overhead will be $20 per machine hour ($1,000,000 divided by 50,000 machine hours).
How is auditing distinguishable from bookkeeping and accounting?
Think of it this way, bookkeeping and accounting are putting things together (the financial statements). Auditing, is ripping it apart. I want to look at the finished product (the financial statements) and work backward to see how you put them together and if you did it correctly.
What is the final product of accounting?
The final product of accounting is the financial statements, which include the balance sheet, income statement, and cash flow statement. These documents provide a comprehensive overview of an organization's financial position, performance, and cash movements over a specific period. They are essential for stakeholders, including management, investors, and regulators, to make informed decisions. Additionally, accounting reports may also include notes and disclosures that provide further context and detail about the financial data.
What Best Describe the Term for Statements Indicating The Assured Quality And Function Of Goods?
The term that best describes statements indicating the assured quality and function of goods is "warranty." A warranty is a promise or guarantee made by a manufacturer or seller regarding the condition, performance, and longevity of a product. It provides consumers with assurance that the product will meet certain standards and offers recourse if it does not. This legal commitment helps build trust between consumers and manufacturers.
Meaning of consumer satisfaction?
Consumer Satisfaction can be defined as a degree of person's satisfaction about a product, which fulfilled his expected requirements and exceeded his expectations regarding the product's performance.
How do you evaluate manufacturer performance?
A manufacturer evaluates performance done by a worker on an assembly line by the number of parts or pieces they put together in a certain time period. A manufacturer can also evaluate how high qulity there product is by determining the percentage of rejects, or items that don't pass quality control.
What Is The Best Term for Statements Indicating The Assured Quality And Function Of Goods?
The best term for statements indicating the assured quality and function of goods is "warranty." A warranty is a formal guarantee provided by the manufacturer or seller that promises the product will meet certain standards of quality and performance. This assurance can cover defects, malfunctions, and sometimes includes repair or replacement options during a specified period.
As long as a manufacturer does not try to control the market for a product it is okay for the manufacturer to design market and sell a product.?
Yes. As long as a manufacturer does not try to control the market for a product it is okay for the manufacturer to design market and sell a product.
How might the benchmarking and quality circles inprove quality?
for eg: for a product required by a customer, the benchmarking will be done by the customer. it means the product is of good quality which the customer was expecting. Benchmarking means the product has relative performance which is expected.
As long as a manufacturer does not try to control the market for a product it is okay for the manufacturer to design market and sell a product?
Yes. As long as a manufacturer does not try to control the market for a product it is okay for the manufacturer to design market and sell a product.
What is difference between vendor and manufacturer?
Vendor -Supplier of the product Manufacturer- developer of the product
What is product performance?
Product performance is the measurement of how a product performs. Some products have a very high product performance while others do not perform so well. The majority of product performance is based on consumer feedback.
When should the liability assocated with a product warranty be recorded?
The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.
What are the pros and cons of a vizio TV?
In general, vizio TV reviews are good. Some complaints about the product are screen problems and a pixilated screen as well as pricing. Also when returning the product the consumer is expected the package and ship the product back to the manufacturer and pay costly fees.
What are the differences between a manufacturer warranty and a supplier warranty, and how do they impact the overall quality and reliability of the product?
A manufacturer warranty is provided by the company that made the product, while a supplier warranty is offered by the company that supplied the product to the retailer. The manufacturer warranty typically covers defects in materials and workmanship, while the supplier warranty may have more limited coverage. The quality and reliability of the product can be impacted by the warranty terms, as a longer and more comprehensive warranty may indicate a higher level of confidence in the product's durability and performance.
