Which of the following is not true about taking physical inventories?
A) Large variances may require investigations and implementation of corrective actions.
B) Physical inventories are taken when inventory levels are at their lowest.
C) Physical inventories deter employee thefts and inventory misuses.
D) Physical inventories are taken when inventory levels are at their highest.
D
You might also like to view...
MacKenzie Company sold $340 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 2.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:
A. Debit Cash $331.50 and credit Sales $331.50. B. Debit Accounts Receivable $340 and credit Sales $340. C. Debit Cash of $340 and credit Sales $340. D. Debit Cash $331.50; debit Credit Card Expense $8.50 and credit Sales $340. E. Debit Cash of $340 and credit Accounts Receivable $340.
Communication skills are essential for a leader to be effective because leaders manage ______ for their followers.
A. voice B. meaning C. downward communication D. silence
The finished goods account is the controlling account for the:
A) cost ledger B) materials ledger C) work in process ledger D) stock ledger
Last year, Stevita Inc shipped 3,000,000 kilograms of goods to customers at a cost of $2,400,000. If an individual customer orders 20,000 kilograms and produces $400,000 of revenue (total revenue is $40 million), the amount of shipping cost assigned to the customer using activity-based costing would be:
A) $16,000 B) $8,000 C) $24,000 D) $4,000 E) $60,000