Which of the following best describes the occurrence assertion for inventory?
A. Purchase requisitions initiated by authorized personnel.
B. Recorded inventory actually exists.
C. Inventory properly accumulated from journals and ledgers.
D. All inventory is recorded.
B. Recorded inventory actually exists.
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Indicate whether the statement is true or false
A promissory note is the document signed when a bank loan is executed, and it specifies financial aspects of the loan.
Answer the following statement true (T) or false (F)
How does Facebook define ‘organic reach’?
a. The number of people who were shown your post as a result of ads. b. The number of people who saw your posts, regardless of where they saw it. c. The number of people you can reach for free by posting. d. The number of people who perform actions on your page. e. None of these.
Plummer Corporation has provided the following data for its two most recent years of operation: Selling price per unit$44Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$9Direct labor$6Variable manufacturing overhead$4Fixed manufacturing overhead per year$63,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold$5Fixed selling and administrative expense per year$66,000 Year 1 Year 2Units in beginning inventory0 2,000Units produced during the year9,000 7,000Units sold during the year7,000 8,000Units in ending inventory2,000 1,000The unit product cost under variable costing in Year 1 is closest to:
A. $31.00 B. $19.00 C. $26.00 D. $24.00