____________________ communication allows participants to leave messages for each other to be read, heard, or watched, and responded to at the recipient's convenience.
Fill in the blank(s) with the appropriate word(s).
Asynchronous
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After completing the preliminary phase of the review of internal control, the auditor decides not to rely on the system to restrict substantive procedures. Documentation may be limited to the auditor's:
A. basis for concluding that errors and fraud will be prevented. B. reasons for deciding not to extend the review. C. completed internal control questionnaire. D. understanding of the internal control.
Which of the following is an advantage of group decision making?
A. Groupthink B. Deeper commitment to the decision C. Less thought required D. A quicker decision E. More flexibility in the final decision
A corporation used $34,000 of direct materials. It incurred $74,000 in direct labor costs and $112,500 in manufacturing overhead costs during the period. What is the cost of goods manufactured if the beginning and ending Work-in-Process Inventories were $27,500 and $20,500, respectively?
A) $248,000 B) $227,500 C) $213,500 D) $220,500
Vermillion, Inc. has two processes—Dyeing Department and Finishing. The company sold 2,000 bolts of cloth for $220,000, of which $150,000 was sold on account. The total production cost was $385,000 for 5,500 bolts of cloth. The perpetual inventory system and process costing are used.
What are the journal entries to record a sale if the company follows a process costing system?