If accounts payable receives an invoice directly from the supplier it needs to be reconciled with the purchase order and receiving report
Indicate whether the statement is true or false
T
You might also like to view...
The more debt securities a corporation issues, the greater the risk of default
Indicate whether the statement is true or false
Cadot Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process400 Percent complete with respect to materials90%Percent complete with respect to conversion70% Units started into production during the month18,000 Work in process, ending: Units in process600 Percent complete with respect to materials80%Percent complete with respect to conversion40% Required:Using the weighted-average method, determine the equivalent units of production for materials and conversion costs.
What will be an ideal response?
The journal entry to record normal spoilage specifically identified with a particular job includes a credit to Work in Process
Indicate whether the statement is true or false
Firms account for leases using either the operating lease method or the capital (finance) lease method. Which of the following is not true?
a. The capital, or finance, lease method treats leases equivalent to installment purchases or sales, where the lessee borrows funds from the lessor to purchase the asset and the lessor recognizes profit at the time of sale. b. The lessee records the leased asset and the lease liability on the balance sheet at the present value of the contractual cash flows at the time of signing the lease. c. The lessee amortizes the leased asset, similar to recognizing depreciation on buildings and equipment. d. The lessee recognizes interest expense on the lease liability, similar to recognizing interest expense on long-term notes or bonds. e. The lessor records the signing of a capital lease differently than if the lessor sold the leased asset for an installment note receivable.