Allegheny Community College operates four departments. The square footage used by each department is shown below.DepartmentSquare FootageAccounting 3,000 Marketing 4,000 Technology 6,000 Sciences 3,000 Total 16,000 Allegheny's annual building rental cost is $320,000What amount of rent expense that should be allocated to the Sciences Department?
A. $106,667
B. $120,000
C. $60,000
D. $80,000
Answer: C
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An Internal Revenue Code rule that impacts the design of pension plans is that:
A) employee contributions to the pension fund are not taxable to the employee until pension benefits are actually received. B) pension fund earnings are taxable. C) employer contributions to the pension fund are not taxable to the employee at the time pension benefits are actually received. D) all employer pension expenses are deductible for income tax purposes.
What is the effect of the payment of an account payable on the current ratio and the quick ratio, respectively? (Assume the current ratio was 2.3 times and the quick ratio was 2.1 times before this transaction.)
A) Decrease in current ratio; no effect on quick ratio B) Increase in current ratio; increase in quick ratio C) No effect on current ratio; no effect on quick ratio D) Decrease in current ratio; decrease in quick ratio
Which of the following defines a repository?
A. a department devoted specifically for market research B. a financial center for storing overnight balances C. a place where finished goods undergo a quality check before shipment D. a collection of something, such as data or raw materials E. a backup plan of action in case of emergencies
ABC analysis is based on the presumption that carefully controlling all items is necessary to produce important inventory savings
Indicate whether the statement is true or false