A profit center responsibility report ________.
A) should not include costs for which the profit center manager is not accountable
B) does not include revenues since that information only appears on the revenue center responsibility report
C) includes traceable fixed expenses
D) is the same as a performance report
A) should not include costs for which the profit center manager is not accountable
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Answer each of the following questions (a-c) with a separate short paragraph per question. (a) What is the difference between a real account and a nominal account? Give an example of each type of account. Why is this distinction important for the
closing process? (b) What two purposes are served in making closing entries? (c) Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?
Scientists at R&E Labs worked for two years on a project to eventually add more knowledge to the science of photography. But in a meeting with the board of directors last week, they had nothing new to report. This is always a risk with
A. basic research. B. applied research. C. development and implementation. D. a lack of research. E. underfunded research projects.
According to the textbook, the United States Climate Action Partnership (USCAP), formed by a group of energy and manufacturing firms, is
a. CSR as brand insurance. b. CSR as a corporate social opportunity. c. CSR as a key component of cost–benefit analysis. d. CSR as an offensive strategy.
On February 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method?
A. Debit Bad Debts Expense $2,300; credit Accounts Receivable $2,300. B. Debit Accounts Receivable $250; credit Allowance for Doubtful Accounts $2,300. C. Debit Allowance for Doubtful Accounts $2,300; credit Bad Debts Expense $2,300. D. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300. E. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300.