A(n) ________ is a pro rata cash settlement of creditor claims.
A) composition
B) creditor control agreement
C) extension
D) liquidation
A) composition
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Once the adjusting entries are posted, the Adjusted Trial Balance is prepared to
A) verify that the debits and credits are in balance. B) verify that all of the adjustments were posted in the correct accounts. C) verify that the net income (loss) is correct for the period. D) verify the correct flow of accounts into the financial statements.
Countries outside the U.S. use financial accounting standards issued by the:
A) LLC. B) SEC. C) IASB. D) GAAP.
Which of the following statements is true regarding ratio analysis?
A) A ratio for a particular company is often compared to industry standards using various publications. B) Ratio analysis should be kept as simple as possible, which is often accomplished by using just one ratio to measure a company's performance. C) A ratio for a particular company is unique and, therefore, should not be compared to other companies' ratios. D) Ratio analysis will not be affected by different accounting methods or assumptions.
During September at Renfro Corporation, $65,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record this requisition would include a debit to Manufacturing Overhead of:
A. $61,000 B. $0 C. $4,000 D. $65,000