A characteristic of a process cost accounting system is:
a. Costs are accumulated by order.
b. Work in process inventory is restated in terms of equivalent production.
c. It is used by a company manufacturing custom machinery.
d. None of these is correct.
b
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The financial statements of Carrier Office Furniture Company include the following items:
A) $206,000
B) $66,500
C) $37,500
D) $95,500
A team working on a project will look to their leader for guidance if he or she is the one with the knowledge and experience necessary for the task to be done. This is an example of which type of power?
A. referent power B. expert power C. reward power D. legitimate power
Answer the following statement(s) true (T) or false (F)
1. One of the advantages of globalization is going through nationalization. 2. Subway and McDonald’s are both good examples of companies that have globalized. 3. When introducing a new product under a global standardized process, teams may perform “upstream functions,” such as identifying the market need, devising strategies, and brainstorming ways to bring the product to market. 4. In the case of a new product, teams working in a foreign country might step in to manage the “downstream functions” that focus on sales and marketing of the product after the launch. These functions are centered on improving the flow of the product to the customer and are most closely related to standardization. 5. The third stage of culture adaptation is Autonomy, which typically occurs after a few months in the foreign location.
Which of the following financial statements includes information about a firm's assets, equity, and liabilities at a specific point in time?
A. Income statement B. Cash flow statement C. Balance sheet D. Statement of retained earnings E. Statement of changes in long-term financing