How are purchase discounts and purchase returns recorded by a company using the periodic inventory system?
a. As a direct reduction to the Purchases account
b. In contra accounts to the Purchases account
c. As operating expenses
d. As miscellaneous expenses
b
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Indicate whether the statement is true or false
You've been offered a position over the phone with a firm and were asked to confirm your acceptance in a letter. Your letter should be written
a. inductively, concluding with an enthusiastic response to the job offer. b. deductively, reviewing the match between job description and applicant qualifications. c. inductively, reminding the employer of all benefits and salary agreements. d. deductively, affirming job acceptance and confirming the first day of work.
After making a presentation, you reflect by focusing on what went well and what didn’t go as well, and if the experience was useful or helpful. What type of reflection does this describe?
a. emotional reflection b. analytical reflection c. evaluative reflection d. critical reflection
Horton Industries Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company has provided the following estimated costs for next year: Direct materials$10,000 Direct labor$30,000 Sales commissions$40,000 Salary of production supervisor$20,000 Indirect materials$4,000 Advertising expense$8,000 Rent on factory equipment$10,000 Horton estimates that 5,000 direct labor-hours and 10,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be:
A. $6.80. B. $6.40. C. $8.20. D. $3.40.