Adjustments must be entered in the journal and posted to the ledger after the work sheet is prepared.
Answer the following statement true (T) or false (F)
True
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Which of the following statements regarding goodwill is false?
A) Goodwill is never amortized for financial reporting purposes. B) A company must review its goodwill for impairment annually. C) A company must review its goodwill for impairment whenever events or changes in circumstances occur that would more likely than not reduce the fair value below its carrying value. D) A company records goodwill at the time that it acquires another company or at the time it determines that material intellectual capital exists in its employees.
Cavalaris Products uses a standard cost system. Variable overhead costs are allocated based on direct labor hours. In the first quarter, Cavalaris had an unfavorable cost variance for variable overhead costs. Which of the following scenarios is a reasonable explanation for this variance?
A) The actual number of direct labor hours was lower than the budgeted hours. B) The actual variable overhead costs were higher than the budgeted costs. C) The actual variable overhead costs were lower than the budgeted costs. D) The actual number of direct labor hours was higher than the budgeted hours.
Every society has a set of deeply held beliefs about right and wrong ways to live, which are referred to as ________
A) demographics B) social norms C) cultural dimensions D) cultural values E) customs
Most companies will compete with ________ rather than ________
A) distant competitors; close competitors B) close competitors; distant competitors C) benchmarkers; distant competitors D) market challengers; market followers E) market challengers; market nichers