Which of the following statements is true concerning vacation home properties?
A. A property rented for 15 days or more and used for personal use for no more than 14 days is categorized as primarily rental.
B. A property rented for 15 days or more and used for personal use for more than 14 days is categorized as primarily personal.
C. Report all income and expenses for a personal/rental property and the net amount reported may be either net income or net loss.
D. A property categorized as primarily personal is one rented for zero days.
Answer: A
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The owner of a pet store ordered $200 worth of bird feed from Cadmia Avicultural Research Inc. The invoice dated October 18 that was sent to the store owner mentioned "3/10, EOM." This detail indicates that if the store owner pays the bill on November 2:
A. the price will be tripled. B. he will get a 3 percent discount. C. the price will increase by 3 percent. D. he will get a 10 percent discount. E. he will get no discount.
Roni sees a job posting for a "Business Development Manager in the hospitality industry." Which of the following most accurately describes the duties of this position?
A) soliciting donations from charitable donors and foundations for an organization that promotes hospitality B) selling guest and conference hotel rooms and other hotel services to organizations C) working as a front desk clerk at a hotel D) servicing requests from guests at an upscale resort E) managing the banquet hall at a large restaurant/catering facility
Cariboo Manufacturing Company incurred a joint cost of $600,000 in the production of X and Y in a joint process. Presently, 1,800 of X and 1,400 of Y are being produced each month. Management plans to decrease X's production by 300 units in order to increase the production of Y by 500 units. Additionally, this change will require minor modifications, which will add $20,000 to the joint cost. This cost is entirely attributable to product Y. What is the amount of the joint costs allocable to X and Y before changes to existing production assuming Cariboo allocates their joint costs according to the proportion of X and Y produced? Product XProduct YA.$262,500 $337,500 B.$264,706 $335,294 C.$273,529 $326,471 D.$337,500 $262,500
A. Option A B. Option B C. Option C D. Option D
The first-in, first-out (FIFO) method creates better month-to-month cost comparisons than the weighted-average method ________
A) because it does not recognize transferred in units from other processes B) when there are substantial quantities of units in process at the end of the period C) because it merges costs from the prior period with the current period D) because it is used by industries that do not experience significant cost changes