Answer the following statements true (T) or false (F)
SFAS No. 87 was the first accounting standard to argue that the cost of providing pension benefits should be spread over the remaining service life of employees.
ANSWER: F
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Camp, Inc exchanged an old truck that cost $30,000 (now 50% depreciated) with a current fair value of $18,000 for equipment with an appraised value of $25,000. In addition, Camp paid cash of $6,000. At what value should Camp record the new equipment?
A) $25,000 B) $24,000 C) $22,000 D) $21,000
Answer the following statements true (T) or false (F)
1. Satisfaction with service recovery efforts decreases as the amount of time it takes to provide a resolution increases. 2. What matters to guests is to receive a fair settlement for a service failure, even if the organization makes the settlement reluctantly. 3. Interactional justice seems to be the most influential. 4. Research shows that more than half of organizational efforts to respond to consumer complaints make things better. 5. A guest failure is a great opportunity for the organization.
______ capital is human-made capital like machines, tools, buildings, and other infrastructure that are used to produce other assets.
A. Natural B. Social C. Manufactured D. Human
Marina Corp. applied overhead to jobs during the period as follows: Jobs finished and sold$46,000 Jobs started and in process 54,000 Jobs finished and unsold 100,000 The application of overhead has resulted in a $5,600 credit balance in the Factory Overhead account. The entry to dispose of this remaining factory overhead balance is:
A. Debit Factory Overhead $5,600; credit Work in Process Inventory $5,600. B. No entry is needed. C. Debit Work in Process Inventory $5,600; credit Factory Overhead $5,600. D. Debit Factory Overhead $5,600; credit Cost of Goods Sold $5,600. E. Debit Cost of Goods Sold $5,600; credit Factory Overhead $5,600.