Nonreciprocal interfund activity:
A. Includes interfund loans.
B. Includes interfund transfers and reimbursements.
C. Includes interfund services provided and used.
D. Includes exchange-like transactions.
Answer: B
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Which one of the following subsequent events will least likely result in an adjustment to the financial statements?
a. Material change in the amount of settlement of a lawsuit which had been estimated at year end. b. Bankruptcy of a customer who owes your client a material amount on open account at year end for which there is an inadequate allowance estimate. c. Sale of a large block of inventory at a price materially below carrying value. d. Signing of a letter-of-intent by the client to acquire 55% of another entity for stock.
Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for Product RBI for the month of October follows: Standard unit price $1.80 Actual purchase price per unit $1.65 Actual quantity purchased 4,000 units Actual quantity used 3,900 units Standard quantity allowed for actual production
3,800 units What is the materials quantity variance? a. $180 unfavorable b. $165 unfavorable c. $180 favorable d. $165 favorable
A palindrome is a word or phrase that reads the same whether read from the right or from the left (e.g., madam). Originally, Marshall had never recalled hearing the term. However, when he read about palindromes for his English class, he saw three examples of the term within a matter of days. This is most likely the result of
A. selective perception. B. selective retention. C. selective attention. D. selective intuition. E. stimulus discrimination.
Jones Company sells exercise bikes. Its beginning inventory was 100 units at $200 per unit. During the year, Jones made two purchases of the bikes: first, a 300-unit purchase at $220 per unit, and then 200 units at $250 per unit. The ending inventory for the year was 250 units. Required: Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Jones uses each of the following inventory cost flow methods:a) FIFO b) LIFO c) Weighted average(Round intermediate calculations to two decimal places. Round final answers to whole dollars.) ?Cost of Goods SoldEnding Inventorya) FIFO??b) LIFO??c) Weighted Average??
What will be an ideal response?