The FTC may sue a company for an unfair act that is not deceptive
a. True
b. False
Indicate whether the statement is true or false
True
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On July 8, Jones Inc issued an $80,000, 6%, 120-day note payable to Miller Company. Assume that the fiscal yearof Jones ends July 31 . Using the 360-day year, what is the amount of interest expense recognized by Jones in thecurrent fiscal year?
a. $700 b. $4,200 c. $307 d. $1,400
Sivret Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:Total machine-hours80,000Total fixed manufacturing overhead cost$624,000Variable manufacturing overhead per machine-hour$3.10Recently, Job M598 was completed with the following characteristics:Number of units in the job60Total machine-hours300Direct materials$645Direct labor cost$9,000The amount of overhead applied to Job M598 is closest to: (Round your intermediate calculations to 2 decimal places.)
A. $930 B. $2,340 C. $3,270 D. $4,200
Answer the following statements true (T) or false (F)
Unlike stock price, which is forward looking, residual income focuses on historical performance.
Outdated cell phones used in Europe or Asia have been introduced into the Latin American markets that don't have more updated models. This is an example of ________.
A. product extension B. product adaptation C. hybrid products D. backward invention E. forward extension