Responsibility accounting would most likely hold a manager of a manufacturing unit responsible for:
a. cost of raw materials.
b. quantity of raw materials used.
c. the number of units ordered.
d. amount of taxes incurred.
b
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Which of the following is TRUE when a new partner is admitted to a partnership by purchasing an existing partner's interest?
A) Only the transfer of cash from the new partner to the existing partner is recorded. B) Admission of the new partner affects the total asset amount. C) Admission of the new partner affects the total equity amount. D) The only journal entry the partnership records is the transfer of partner's capital.
Which one of the following is an example of a deferred revenue?
A) Sales are made to customers on credit. B) Revenue has been earned but not yet recorded. C) Payments are received prior to providing the services to customers. D) Cash sales are made to customers.
A firm is considering whether to continue to buy a particular component or to make the component themselves. There is no fixed cost associated with buying the component, but each component costs $17 to purchase. If the firm makes the component, it will incur a fixed cost of $5,000, but will be able to produce each component for $10. Which decision below is correct?
a. Make if estimated demand is less than 714.3 units b. Buy if estimated demand is greater than 5,000 units c. Make if estimated demand is greater than 714.3 units d. Buy if estimated demand is greater than 714.3 units
An instrument that is refused payment when presented for payment is called a ________
A) blank instrument B) restrictive instrument C) demand instrument D) dishonored instrument