Assigning sequential numbers to cash sales, so that the accounting staff can ensure that every sale has been recorded is required by the internal control principle of:
A. documenting procedures.
B. restricting access.
C. segregating duties.
D. establishing responsibilities.
Answer: A
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When a property, plant, and equipment asset is sold for cash, any gain or loss on the asset sold should be recorded
Indicate whether the statement is true or false
Bioinformatics combines ____ and computer science.
A. biology B. biometrics C. biographies D. biotechnology
Unless the owner of an easement or profit becomes the owner of the property burdened by it, an easement or profit cannot be terminated or extinguished.
Answer the following statement true (T) or false (F)
Zotta Enterprises uses standard costing and applies manufacturing overhead cost to products on the basis of standard direct labor-hours (DLHs). Budgeted and actual data relating to manufacturing overhead for last year appear below: Actual fixed manufacturing overhead cost$38,900 Denominator activity 20,000DLHs Standard hours allowed for one unit 1.2DLHs Units produced 17,000units Fixed overhead budget variance$1,300Unfavorable The fixed manufacturing overhead cost applied to products was: (Round your intermediate calculations to 2 decimal places.)
A. $38,352 B. $37,250 C. $39,846 D. $31,960