?In the United States, it typically takes ____ and about $600 to establish a business as a legal entity.
A. ?less than a week
B. ?about a month
C. ?a month and a day
D. ?two weeks
Answer: A
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A company contributes to its defined contribution plan. Which one of the following journal entries properly records this transaction?
A.
| DR | Pension asset |
B.
| DR | Projected minimum liability |
C.
| DR | Minimum pension liability |
D.
| DR | Pension expense |
Answer the following statements true (T) or false (F)
1. Endowment funds are invested in perpetuity. 2. Equipment is considered a fixed asset. 3. Accrual basis accounting records financial transactions even when the organization does not have sufficient cash flow. 4. A statement of financial position shows a snapshot of the organization’s assets and liabilities at a point in time. 5. Endowment management is governed by state law.
A company expects next year's overhead costs to be $400,000. During this time, the company also expects to produce 1,000,000 units, have 200,000 direct labor hours, and 800,000 machine hours.Make the following independent calculations.a. Compute a plantwide overhead rate using units of production as the allocation base.b. Compute a plantwide overhead rate using direct labor hours as the allocation base.c. Compute a plantwide overhead rate using machine hours as the allocation base.
What will be an ideal response?
In McCulloch v. Maryland the Supreme Court upheld the constitutionality of a bank chartered by Congress
a. True b. False Indicate whether the statement is true or false