A single-step income statement shows subtotals for gross profit and operating income
Indicate whether the statement is true or false
FALSE
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The primary reasons for drug testing vary in different organizations, but will generally be ______.
A. discrimination avoidance B. theft-prevention C. honesty D. workplace safety and productivity
Which of the following is true regarding Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," accounting and reporting standards for discontinued operations?
a. A component of a business always represents the same concept as a segment of a business used in reporting disaggregate information. b. A test for, and recognition of, an impairment loss would be necessary for a component that had not been sold by year-end if the fair value of the component was determined to be less than the book value. c. Discontinued operations should follow extraordinary items on the face of the income statement. d. The gain or loss recognized for reported in the discontinued operation section of the income statement includes only the gain or loss on disposal of the component and not the income or loss from operating the discontinued operation.
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000,
$60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 2 during the period for direct labor is: A) Work in Process--Department 2 60,000Wages Payable 60,000 B) Wages Payable 60,000Work in Process--Department 2 60,000 C) Work in Process--Department 2 125,000Wages Payable 125,000 D) Work in Process--Department 2 185,000Wages Payable 185,000
The system of checks and balances allows each branch to encroach on the power of another
Indicate whether the statement is true or false