The operating activities section of the statement of cash flows includes activities that create revenue or expenses for the entity's business
Indicate whether the statement is true or false
TRUE
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Closing entries are dated in the journal as of
A) the date they are actually journalized, although they are generally prepared after the end of the accounting period B) the last day of the accounting period, although they are actually journalized after the end of the accounting period C) the first day of the accounting period, although they are actually journalized after the end of the accounting period D) the first day of the subsequent accounting period
Sustainable development refers to development that meets the needs of the current generation, but at the risk of compromising the needs of future generations
Indicate whether the statement is true or false
A purchase of land in exchange for a long-term note payable must be disclosed as a noncash investing and financing activity.
Answer the following statement true (T) or false (F)
Laflame Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 70,000Total fixed manufacturing overhead cost$357,000Variable manufacturing overhead per machine-hour$3.90 The estimated total manufacturing overhead is closest to:
A. $273,000 B. $357,000 C. $630,000 D. $357,004