The "FIFO" and "LIFO" inventory costing methods are based on assumed cost flows that are not required to reflect the actual physical movement of merchandise within the company
a. True
b. False
Indicate whether the statement is true or false
True
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The time horizon of the operation phase is typically
A) quarterly or yearly. B) weekly or daily. C) monthly or quarterly. D) over the next several years.
Quantity discounts:
A) make buyers order more than is economical. B) persuade the buyer to buy more often. C) always advantage the seller at a cost to the buyer. D) decrease the annual carrying costs but increase the ordering cost. E) can be a good decision if the total annual costs are reduced.
A barge owned by Oceanic Shipping Company accidentally runs aground, spilling the oil contained in its hold into the sea and onto the shore. Under the Clean Water Act, this is most likely
A. a violation. B. not a violation because an oil spill is an accident. C. not a violation because a floating barge is not a stationary source. D. not a violation because a ship's hold is not a point source.
Drapery Makers has signed a contract to make and sell to Hyer curtains for 20 windows by March 31. Hyer, however, delays in giving Drapery Makers the dimensions it needs to know in order to do the work. In this case, Drapery Makers:
A) may proceed to do the work when it receives the information if it performs reasonably. B) will get paid for their availability to perform even if they never make the curtains. C) has no remedies under the Code. D) can charge Hyer a per-day penalty for each day of the delay.