The pricing of intracompany transactions should not have an effect on the determination of the product cost and the selling price to external customers
Indicate whether the statement is true or false
T
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Which of the following is an advantage of primary data?
a. It incurs less cost than secondary data to collect relevant information. b. It answers specific research questions that secondary data cannot answer. c. It consists of data that is easily available to any interested party. d. It helps avoid interviewer biases in the process of collecting necessary data.
The use of a plantwide overhead rate is not acceptable for external reporting under GAAP.
Answer the following statement true (T) or false (F)
Speculative risk
A) exists whenever there is the potential for both gain and loss. B) exists whenever there is only the possibility of loss. C) exists only in financial markets. D) exists only in gambling.
John's uncle donated a truck to his company, John's Corporation. The truck had an original cost of $95,000, a book value of $40,000, and a fair value of $60,000. The journal entry by John's Corporation to record this donated asset will include a
A. ?debit Truck for $60,000 and credit Gain for $20,000. B. ?debit Truck for $60,000 and credit Gain for $60,000. C. ?debit Truck for $95,000 and credit Gain for $35,000. D. ?debit Truck for $95,000 and credit Gain for $95,000.