The expense recognition (matching) principle is used to determine how much of the cost of goods available for sale is deducted from sales and how much is carried forward as inventory.
Answer the following statement true (T) or false (F)
True
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When the average costing method is used in process costing, all costs incurred by a department or production process are divided by the equivalent units produced during the period to determine the average cost per unit produced
Indicate whether the statement is true or false
Land Shoes Land Shoes received a promissory note from a customer on July 1, 2012. The face value of the note is $45,000; the terms are 12 months and 10% annual interest. Refer to the information provided for Land Shoes. At the maturity date, the customer pays for the note and interest. Land Shoes made the proper adjustment at the end of December 2012 for interest. The effect of recognizing the
transaction on the maturity date is: A) a decrease to cash. B) a decrease to interest receivable. C) an increase to interest receivable. D) a decrease to notes receivable.
Which of the following group building and maintenance roles expresses standards to be applied in evaluating the quality of team process?
A) standard setter B) gatekeeper-expediter C) follower D) blocker
Suppose the current weather report for your area contains the following information. Specify the measurement scale for each of the variables
a. Temperature 84o b. Wind Speed 10 mph c. Wind Direction (from the) South d. Sky Description Sunny e. Molds Level High