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What type/sort of accounting transactions would a funeral director encounter? what are the Impacts of those...

What type/sort of accounting transactions would a funeral director encounter? what are the Impacts of those transactions on the funeral home business? List and describe several examples.

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Answer #1

Transactions in funeral homes are few like:

Records of sales and payment on account are kept

Bank reconciliation made each month

Cash receipt journals, disbursement journal and petty cash journals

Tax forms are completed and tax payment records

Casket inventory maintained

Reconcile of petty cash

Depreciation on Fixed asset determination

Impact of transactions

Depreciation on fixed asset is fully allowable for book keeping and tax purposes so director always charge price less then the actual cost so it has the impact on pricing decision.

Converting fixed cost into a variable cost by renting the motor vehicles used in funeral operation so that per unit cost will be accurate

Embalming cost should be variable cost as he is a independent worker working with various funeral homes and perform various duties for he has charged a different amount. So his cost changes according to location and services hence is variable cost.

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