In a just-in-time environment using backflush costing, the entry to record the use of materials for the month's production is debit __________ and credit __________
a. Work in Process Inventory; Materials Inventory
b. Cost of Goods Sold; Finished Goods Inventory
c. Conversion Costs; Accounts Payable
d. No entry
D
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Which of the following statements best describes predictive value?
A) Helps capital providers make decisions about future actions. B) Provides all information necessary for a reliable decision. C) Enables users to identify similarities and differences. D) Enables users to comprehend the meaning of the information.
On the statement of cash flows, the proceeds from the sale of equipment would be classified as:
a. an investing activity. b. an operating activity. c. a financing activity. d. either an investing, operating, or financing activity.
A traceability system for the product is part of the ____________________step of a recall.
a. Product development b. Communications c. Logistics and information systems d. Policy and planning
Which of the following utilities satisfies wants by smoothly transferring proprietorship of goods and services from seller to buyer?
A. Time utility B. Place utility C. Form utility D. Ownership utility