In a perpetual inventory system, costs of goods sold are accumulated in the cost of goods sold account as sales occur during the year
a. True
b. False
Indicate whether the statement is true or false
True
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The journal entry to record indirect labor costs incurred involves a debit to the ________.
A) Manufacturing Overhead account B) Wages Payable account C) Finished Goods Inventory account D) Work-in-Process Inventory account
Another term often used to refer to factory overhead is:
A) surplus B) other manufacturing cost C) supervisory cost D) factory burden
The Plaza Hotel contracts with EZ Lawn to have EZ mow the grass on the Plaza grounds for the next 10 years. However, there is a clause in the contract that states if the hotel chooses, the contract may be terminated provided Plaza pays EZ $2,000 on termination. Which of the following is correct?
a. The contract is unenforceable because the option to cancel clause makes the contract an illusory promise. b. The contract is unenforceable because the $2,000 is past consideration. c. The contract is unenforceable because only one party has the option to cancel. d. The contract is enforceable because the option to cancel clause is supported by consideration.
An important guideline to follow in a lessons-learned meeting is to:
A) Make sure to properly assign blame for all that went wrong. B) Make sure that events receive necessary spin. C) Fix the problems. D) Include all stakeholders.