A responsibility center in which a manager is responsible only for costs is a(n)
A) cost center.
B) revenue center.
C) profit center.
D) investment center.
E) center not presented here.
A
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All of the following are external users of accounting information except:
A. Board of directors. B. Chief executive officer (CEO). C. Customers. D. Shareholders. E. Lenders.
In general, a special journal would not be used to record
a. sales b. cash disbursements c. depreciation d. purchases
Strods Company reported the following purchases and sales of its only product. Strods uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory150 units @ $10.00 5Purchase220 units @ $12.00 10Sales 140 units @ $20.0015Purchase100 units @ $13.00 24Sales 90 units @ $21.00
A. $2,590 B. $2,460 C. $2,850 D. $2,860 E. $2,980
Foreign currencies that are deposited in banks outside the home country are known as
A) foreign bonds. B) Eurobond. C) Eurocurrencies. D) Eurodollars.