The entry to recognize the completion and transfer of a job so that it can be placed in stock would include
a. debiting Finished Goods and crediting Cost of Goods Sold.
b. debiting Finished Goods and crediting Work in Process.
c. debiting Work in Process and crediting Cost of Goods Sold.
d. debiting Work in Process and crediting Finished Goods.
b
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James Corporation uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for the month of December follows: Standard unit price $3.30 Actual purchase price per unit $3.50 Actual quantity purchased 2,000 units Actual quantity used 1,900 units Standard quantity allowed for actual production 1,800 units What
is the entry to record material usage? a. Work in process 6,270 Materials quantity variance 330 Materials 6,600 b. Work in process 6,270 Materials quantity variance 330 Materials 5,940 c. Work in process 6,300 Materials quantity variance 350 Materials 6,650 d. Work in process 5,940 Materials quantity variance 330 Materials 6,270
Which of the following would not be an elimination on a work sheet for a consolidated income statement?
a. Debit Cost of Goods Sold and credit Sales. b. Debit Interest Income and credit Interest Expense. c. Debit Common Stock and Retained Earnings and credit Investment in Subsidiary. d. Debit Sales and credit Cost of Goods Sold.
Payment of the principal obligation will not discharge the guarantor from the obligation.
Answer the following statement true (T) or false (F)
Energy Services Corporation engages in trade practices that may violate antitrust law. The Federal Trade Commission has the power to act against anticompetitive behavior under
A. Section 1 of the Sherman Act. B. the Federal Trade Commission Act. C. no federal law. D. Section 2 of the Sherman Act.