A bailment may be made of either real or personal property
a. True
b. False
Indicate whether the statement is true or false
False
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When total anticipated factory overhead is $30,000 and budgeted machine hours are 100,000, what is the predetermined factory overhead rate based on the information given?
a. $3.33/hour; b. $3.00/hour; c. $1.00/hour; d. $0.33/hour; e. $0.30/hour.
For income tax purposes most companies use an accelerated deprecation method called double declining balance
Indicate whether the statement is true or false
Stephen Ambrose, a popular historian with many books to his credit, admitted that some segments of one of his recent books had language taken from the books of other historians that was not in quotes. Mr. Ambrose did footnote the work of authors he relied upon in doing his book
a. The work of an author is protected by copyright laws. b. The use of quotes without attribution is not a violation of the law. c. The use of the material is fair use and need not be footnoted. d. Both b and c e. None of the above
The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. What is the correct closing entry for the revenue accounts?
A. Debit Income Summary $55,200; credit Revenue accounts $55,200. B. Debit Revenue accounts $55,200; credit Income Summary $55,200. C. Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000. D. Debit Revenue accounts $37,000; credit F. Mercury, Capital $37,000. E. Debit Income Summary $37,000; credit F. Mercury Capital $37,000.