Decisions management must make in accounting for inventory cost include all of the following except:
A. Items included in inventory and their costs.
B. Customer demand for inventory.
C. Use of market values or other estimates.
D. Perpetual or periodic inventory system.
E. Costing method.
Answer: B
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a. true b. false
A company reported operating expenses of $320,000 . Depreciation expense was $14,000, prepaid insurance decreased $4,000, and salaries payable increased by $1,000 . How much cash was paid for operating expenses?
a. $337,000 b. $303,000 c. $301,000 d. $329,000 e. $329,000
Each of the following is a type of cash equivalent except:
a. U.S. Treasury bills. b. commercial paper. c. money market accounts. d. a long-term investment in another company.
In some cases, the Court will not grant the remedy of rescission. In which of the following
situations would a court refuse to grant rescission? A) resale of the property to a purchaser who knows of the misrepresentation B) undue haste in claiming rescission C) the goods involved were very expensive D) resale of property to a bona fide purchaser who did not know of the misrepresentation E) rescission is not granted in any of the above situations