For product costs associated with a particular product to be reported on the income statement:
A. The company must expect to sell the product during the next twelve months.
B. The product must still be in Work in Process Inventory.
C. The product may be in any of the manufacturer's inventory accounts.
D. The product must be transferred to Finished Goods Inventory.
E. The product must be sold.
Answer: E
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Clearwater Hampers is a small British company that sells luxury food and drink in various combinations in picnic hampers. Food and wine are seen as classic, fail-safe gifts in a market where present-buying is increasingly tricky. Corporate customers, both in the United Kingdom and abroad, are important to the business. Clearwater has had several orders for more than a quarter of a million dollars. According to the company's leading salesperson, Peter Austin, "We have lots of repeat corporate customers as a result of the importance we place on getting the hampers out on time and filled with the right products."The fact that Clearwater Hampers has repeat corporate customers indicates that it creates ________ with its customers.
A. strategic relationships B. joint decision-making alliances C. transactional relationships D. symbiotic relationships E. exchange-oriented dependencies
On June 30, a company paid $3,600 for insurance premiums for the current year and debited the amount to Prepaid Insurance. At December 31 . the bookkeeper forgot to record the amount expired. The omission has the following effect on the financial statements prepared December 31:
a. overstates owners' equity. b. overstates assets. c. understates net income. d. overstates both owners' equity and assets.
The promotion element of the marketing mix includes the design of the product
Indicate whether the statement is true or false
Compare and contrast the preview statement in the introduction to a speech to an internal preview.
What will be an ideal response?