Benston, Bromwich, and Wagenhofer believe that the principles-based approach would work better in tandem with:
a. a fair value measurement orientation.
b. a revenue-expense orientation.
c. an asset-liability orientation.
d. all of the above.
ANSWER: B
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The Takings Clause must have a taking:
A. for a public purpose and the private property owner is entitled to just compensation. B. that prohibits private property owners from securing just compensation. C. for a compelling private purpose. D. that is justified by the supremacy clause while compensation is rarely required.
Despite its advantages, the just-in-time operating environment produces increased carrying costs for inventory
Indicate whether the statement is true or false
A waiver of presentment will waive the requirement of notice of dishonor as well
a. True b. False Indicate whether the statement is true or false
Thomas Manufacturing produces a chemical pesticide and uses process costing
There are three processing departments-Mixing, Refining, and Packaging. On January 1, the Refining Department had 2,000 gallons of partially processed product in production. During January, 36,000 gallons were transferred in from the Mixing Department, and 31,000 gallons were completed and transferred out. At the end of the month, there were 7,000 gallons of partially processed product remaining in the Refining Department. See additional details below. Refining Department, beginning balance at January 1 Quantity: 2,000 units (partially processed) Cost: $15,600 of costs transferred in $1,600 of materials cost $4,500 of conversion cost $21,700 total account balance Costs added during January Cost of units transferred in $222,400 Direct materials cost $46,000 Conversion cost $93,750 Refining Department, ending balance at January 31 Quantity: 7,000 units (partially processed) Percent complete for materials cost: 85% Percent complete for conversion cost: 70% What was the cost per equivalent unit with respect to direct materials costs for the Refining Department in the month of January? Use the weighted-average method. (Round your calculations to the nearest cent.) A) $1.29 B) $2.74 C) $1.25 D) $6.80