If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories?
A) 11,580
B) 11,280
C) 13,680
D) 10,000
A
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Which of the following is TRUE of a contingent liability?
A) It is a potential liability that depends on a future event. B) It is an actual liability that is difficult to estimate. C) It is an actual liability that depends on a past event. D) It is a liability resulting from a lawsuit settled in court.
Which of the following statements is true?
a. To determine the amount of gain or loss on redemption of bonds, compare the redemption price with the carrying value of the bonds. b. To determine the amount of gain or loss on redemption of bonds, compare the redemption price with the face value of the bonds. c. To determine the amount of gain or loss on redemption of bonds, compare the balance in the Premium on Bonds Payable or the balance in the Discount on Bonds Payable account with the carrying value of the bonds. d. To determine the amount of gain or loss on redemption of bonds, compare the balance in the Premium on Bonds Payable or the balance in the Discount on Bonds Payable account with the face value of the bonds. e. All of the above statements are true.
A party who owes a duty of performance under a contract is called the ________
A) obligor B) assignor C) assignee D) obligee
Manufacturers' agents earn higher commissions for introducing new products than they do for selling established products.
Answer the following statement true (T) or false (F)