According to the theory of constraints, which of the following is an operational measurement that can be used to measure the firm's ability to make money?
A. Direct labor hours
B. Sales
C. Throughput
D. Return on investment
E. Net profit
Answer: C
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When there is a net loss, the entry to close the Income Summary account is
A) debit Retained Earnings and credit Income Summary. B) debit Income Summary and credit Retained Earnings. C) debit Net Loss and credit Income Summary. D) debit Income Summary and credit Net Loss.
A standard unit cost can be determined after developing standard costs for direct materials, direct labor, and variable and fixed overhead
Indicate whether the statement is true or false
Oil reserves and oil exploration are influenced by:
A. developed nations' oil fields. B. climate-challenging areas. C. above-ground issues such as political unrest, financial crises, and natural disasters. D. daily demand levels.
Which of the following statements are correct?For accrual-basis accounting: (1) record revenues when providing goods and services to customers.(2) record expenses when cash is paid. For cash-basis accounting: (3) record revenue when cash is received.(4) record expenses when benefit is received.
A. (2) and (3). B. (1) and (3). C. (1) and (4). D. (2) and (4).