The system of equity evolved to provide judicial relief in cases where no adequate remedy at law existed
Indicate whether the statement is true or false
True
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Which of the following steps are involved in closing the temporary accounts of a manufacturing business?
a. The balance of Factory Overhead is credited to Income Summary. b. The balances of operating expense accounts are credited to Income Summary. c. The balance of Cost of Goods Sold is credited to Income Summary. d. The balance of Retained Earnings is credited to Income Summary.
Gray market goods are trademarked products that are exported from one country to another, where they are sold by authorized persons or organizations
Indicate whether the statement is true or false
Midnight Sun Outfitters projected sales of 76,000 units for the year at a unit sales price of $12.00. Actual sales for the year were 72,000 units at $15.00 per unit. Variable costs were budgeted at $4.50 per unit, and the actual variable cost was $4.75 per unit. Budgeted fixed costs totaled $378,000, while actual fixed costs amounted to $410,000. What is the sales volume variance for operating income?
A) $136,000 unfavorable B) $30,000 unfavorable C) $30,000 favorable D) $166,000 unfavorable
Which of the following documents would be sent to the treasurer?
a. Invoice b. Purchase order c. Check authorization d. Bank statement