Which of the following statements is false?
a. Material requisition forms are used to trace the issuance of raw materials to specific jobs.
b. When a job is delivered to a customer, the cost of goods sold account is credited and the finished goods account is debited.
c. When a job is completed, it is transferred from work in process to finished goods.
d. Overhead is applied to jobs using a predetermined overhead rate.
b
You might also like to view...
FUTA tax rates vary among states
Indicate whether the statement is true or false
The account which records the difference between the cash needed for replenishment and amount of receipts is called:
A) Petty Cash. B) Cash Over and Short. C) Cash Equivalents. D) Discrepancy Expense.
Which of the following is true about tying arrangements?
A) Tying arrangements are always illegal. B) Tying arrangements are always legal. C) Tying arrangements are illegal unless there is a justifiable reason for the seller to have the tying arrangement. D) Tying arrangements are legal for companies without monopoly power and illegal for companies with monopoly power. E) Tying arrangements are legal so long as the purchaser is not harmed.
Relaxing the instantaneous replenishment assumption of the EOQ model results in the Economic Manufacturing Quantity model
a. True b. False Indicate whether the statement is true or false