Which of the following errors normally would not be automatically corrected over two accounting periods?
A) failure to record prepaid revenue
B) failure to record accrued payroll liabilities
C) failure to record depreciation expense
D) failure to count inventory in transit at year-end
C
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The perceived customer value is the sum of the relative performance and the relative cost of purchase
Indicate whether the statement is true or false
Franklin Manufacturing manufactures two models of windows, bay windows and casement windows. Franklin uses an activity-based costing system. The following information about the activities used to produce the company's products has been provided. CategoryEstimated Cost Cost Driver Bay Windows CasementUnit-level$125,000 Labor hours 750 500Batch-level$75,000 Inspections 30 20Product-level$35,000 Storage Space 3,500 sq feet 2,100 sq feetFacility-level$165,000 Machine hours 9,000 6,000 The amount of batch-level cost that should be allocated to the bay windows equals:
A. $30,000. B. $7,500. C. $75,000. D. $45,000.
On the worksheet, the retained earnings balance that gets transferred from the retained earnings statement section of the worksheet to the balance sheet section is the beginning retained earnings balance.
Answer the following statement true (T) or false (F)
After paying down the mortgage on their personal residence, the Hills have found that their itemized deductions for each year are always slightly less than the standard deduction option
a. Explain what has happened. b. What remedy do you suggest?