Two years ago, James loaned $60,000 to his friend. The debt is now uncollectible. If the loan created a bona fide debt, James recognizes a short-term capital loss.
Answer the following statement true (T) or false (F)
True
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On October 31, Michael Corporation signed a one-year contract to provide services to Love Company for $80,000 . Love will pay for the services on November 1 . Using the accrual basis of accounting, when should Michael Corporation recognize revenue?
a. November 1 of the current year when the cash is received from Harris b. On October 31 of the next year when all services have been provided c. Throughout the year as the revenue is earned d. At December 31 of the current year, and October 31 of the next year
As a business adds products to its product line that have the same purchased materials and similar manufacturing processes, it is able to lower the average unit cost of all products, producing a ________ effect
A) network B) scope C) Mohring D) scale E) cluster
Acme Global began advertising for a new energy auditor on May 1. The position was filled on Aug. 1. The time to hire was ___ days.
A. 31 B. 82 C. 92 D. 100 E. 26
Manufacturing rationalization is
A. the allocation of scarce resources. B. the concentration of production at one site to get economies of scale. C. the division of production among several subsidiaries so that each produces only a limited number of components for all subsidiaries. D. the production by a subsidiary for its own national market.