Define competitive advantage.
What will be an ideal response?
Competitive advantage refers to a business practice or process that results in better performance than one's competitors.
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Melody's Piano School operations for the month of May were limited to the following transactions:Provided $800 of piano lessons to students who paid in cash. Provided $200 of piano lessons on account. Collected $600 from students who took piano lessons during April. Paid April's piano rental bill of $200. Received May's piano rental bill of $300 and set it aside for payment in June. Assuming that the company uses cash basis accounting, what is net income for May?
A. $1,600. B. $750. C. $1,200. D. $600.
Slug, Inc. purchases equipment for $1,200,000 million paying $180,000 in cash and issuing $1,020,000 in promissory notes. When the journal entry is posted to the related accounts:
A. $1,200,000 will be credited to asset accounts; $1,200,000 will be debited to liability accounts. B. $1,200,000 will be debited and $180,000 will be credited to asset accounts; $1,020,000 will be credited to liability accounts. C. $1,200,000 will be credited and $180,000 will be debited to asset accounts; $1,020,000 will be debited to liability accounts. D. $1,200,000 will be debited to asset accounts; $1,020,000 will be credited to liability accounts.
Underwood, Inc. manufactures two products. It currently has 2,000 hours of direct labor and 1,000 hours of machine time available per month. The table below lists the contribution margin, labor and machine time requirements, and demand for each product. Product AProduct BUnit contribution margin$15.00 $12.00 Demand 1,000units 2,000unitsLabor time ¾hour ½hourMachine time 1hour ½hourWhat is the contribution margin per machine hour for Product B?
A. $15.00 B. $24.00 C. $12.00 D. $6.00
All of the following are considered advantages of a just-in-time inventory system, except:
A. Minimized idle production facilities and workers B. Reduced dependence on suppliers C. Reduced raw material storage costs D. Reduced work-in-process inventories