Which one of the following statements is true?
a. Costs of different jobs cannot be accurately averaged; therefore a cost must be determined for each job.
b. Companies that make products according to customer specifications frequently price their goods using either a cost plus or a competitive bidding.
c. Job order costing modules are included in most basic accounting software packages.
d. All of the above statements are true.
d
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Indicate whether the statement is true or false
An earthquake destroyed the home office building of a company located in an inland city. This should be reported as a(n)
a. extraordinary loss. b. prior period adjustment. c. loss from continuing operations. d. loss from discontinued operations.
Which of the following is/are correct regarding the valuation of inventory?
a. GAAP require firms to record inventories at acquisition cost b. GAAP does not permit firms to revalue inventories above acquisition cost c. GAAP require firms to write down inventories when their replacement cost, or market value, declines below acquisition cost d. all of the above e. none of the above
List five sources for finding prospective employers; give one advantage and one disadvantage of each source