Which of the following is/are true regarding the Work-in-Process Inventory account?
a. The Work-in-Process Inventory account accumulates the cost of raw materials transferred to the factory floor.
b. The Work-in-Process Inventory account accumulates the cost of direct labor used in production.
c. The Work-in-Process Inventory account accumulates the manufacturing overhead costs.
d. The Work-in-Process Inventory account is credited for the manufacturing costs assigned to the finished units transferred to the finished goods storeroom.
e. all of the above
E
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A real estate broker was hired as a rental agent for a house. The house burnt down due to accidental causes. In these circumstances, the ________.
A. agency is automatically transferred to other properties of the principal B. agency automatically ends as the subject matter of the agency is destroyed C. agent is liable to be compensated even if the aim to the agency has not been accomplished D. agency may be terminated only by mutual consent
All of the following can result in a temporary difference between pretax financial income and taxable income except
a. payment of premiums for life insurance. b. depreciation expense. c. contingent liabilities. d. product warranty costs.
Why is proofreading one's own writing usually considered more difficult than proofreading the work of others?
What will be an ideal response?
A form of pricing high, this strategy is used for new products that have no competition
a. customer-led b. competition-led c. skimming d. loss-leader