__________ facts have not yet occurred. __________ facts have already occurred.
Fill in the blank(s) with the appropriate word(s).
Open, closed
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When the amount for a debit entry in a general journal is transferred to a specific account in the general ledger, it must be posted as a:
A) debit to the account in the general ledger. B) credit to the account in the general ledger. C) total amount, without regard to debit or credit, since the general ledger accounts do not have spaces for debit and credit entries. D) decrease to the account in the general ledger.
Kyle goes to a used-car showroom to buy a sedan. He signs an agreement with the store that bears the name of the car, price, and other details. This is an example of a(n) ________ contract
A) unilateral B) implied-in-law C) implied-in-fact D) express
A manager who initiates change to take advantage of targeted opportunities, such as expanding into a new geographic region, is making a __________ change.
A. proactive B. turnover C. reactive D. reflective
The management of Schneiter Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity rather than on the estimated amount of activity for the year. The company's controller has provided an example to illustrate how this new system would work. In this example, the allocation base is machine-hours and the estimated amount of the allocation base for the upcoming year is 42,000 machine-hours. In addition, capacity is 46,000 machine-hours and the actual activity for the year is 43,000 machine-hours. All of the manufacturing overhead is fixed and is $734,160 per year. Required:a. Determine the predetermined overhead rate if the predetermined overhead rate is based on activity at capacity.b. Determine the cost of unused capacity for
the year if the predetermined overhead rate is based on activity at capacity. What will be an ideal response?