Most managers believe they should act and behave in a way that conforms to the expectations of their peers and organization while meeting the expectation of society as expressed by law. According to Kohlberg, these managers are at the ________ level of moral development.
A. preconventional
B. postconventional
C. conventional
D. nonconventional
Answer: C
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Cash flows from investing activities, as part of the statement of cash flows, would include any payments for thepurchase of treasury stock
a. True b. False Indicate whether the statement is true or false
On January 1, Jackson, Inc.'s Work-in-Process Inventory account showed a balance of $65,800. During the year, materials requisitioned for use in production amounted to $70,900, of which $67,400 represented direct materials. Factory wages for the period were $209,000 of which $186,600 were for direct labor. Manufacturing overhead is allocated on the basis of 60% of direct labor cost. Actual overhead was $116,340. Jobs costing $353,220 were completed during the year. The December 31 balance in Work-in-Process Inventory is ________.
A) $65,800 B) $319,800 C) $431,760 D) $78,540
Profitability is the ability to pay bills when due and to meet unexpected needs for cash
Indicate whether the statement is true or false
A company has $96,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 4% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $860 debit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:
A. $2980 B. $3840 C. $860 D. $4700 E. None of these is correct.