Which of the following statements is false about a journal entry?
A) All debits are always listed before any credits.
B) It may have more than one debit or credit entry.
C) Credits are always indented.
D) Accounts that are increased are always listed first.
D
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At the beginning of the year, Conway Manufacturing had the following account balances:
The following additional details are provided for the year:
The ending balance in the Work-in-Process Inventory account is a ________.
A) credit of $70,200
B) debit of $2000
C) credit of $2000
D) debit of $70,200
Total quality management and just-in-time manufacturing focus on quality improvement as well as on time customer deliveries.
Answer the following statement true (T) or false (F)
An error was made by Marrow Company in computing the percentage-of-completion of the current year's ending Work-in-Process Inventory. The error resulted in the assignment of a lower percentage of completion to each component of the inventory than actually was the case. There was no beginning Work-in-Process Inventory. What is the effect of this error on (1) cost assigned to cost of goods completed for the period and (2) the computation of costs per equivalent unit?
A. Overstated; Overstated B. Overstated; Understated C. Understated; Understated D. Understated; Overstated
Consumer's risk is
A. the same concept as the Producer's risk. B. the probability of Type II error. C. the probability of Type I error. D. the probability of rejecting a good-quality lot.