The receivable turnover is expressed in terms of
a. times.
b. days.
c. a percentage.
d. dollars.
A
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Tanner and Teresa share income and losses in a 2:1 ratio after allowing for salaries to Tanner of $42,000 and $60,000 to Teresa. Net income for the partnership is $132,000 . Income should be divided as follows:
a. Tanner, $57,000; Teresa, $75,000 b. Tanner, $58,000; Teresa, $74,000 c. Tanner, $75,000; Teresa, $57,000 d. Tanner, $62,000; Teresa, $70,000
The use of realistic predetermined unit costs to facilitate product costing, cost control, cost flow, and inventory valuation is a description of the
a. flexible budget concept. b. budgetary control concept. c. capacity level concept. d. standard cost accounting concept.
The exclusive right to use a certain name or symbol is called a
A) franchise B) patent C) trademark D) copyright
A donee beneficiary contract exists when the purpose of the promisee in obtaining a promise from the promisor is to make a gift to a third person
Indicate whether the statement is true or false