If Department C uses $10,000 of direct materials and Department D uses $15,000 of direct materials, the following journal entry would be recorded by the process costing system: Work in Process Inventory, Department C10,000 Work in Process Inventory, Department D15,000 Raw Materials Inventory 25,000
Answer the following statement true (T) or false (F)
True
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Differences between IFRS and U.S. GAAP in accounting for pensions include all of the following except:
A. Under U. S. GAAP the asset (liability) on the balance sheet differs from the plan's actual funded status, while under IFRS the asset (liability) on the balance sheet equals the plan's actual funded status. B. Under IFRS past service costs are recognized immediately as part of pension expense. C. Pension expense computed using U.S. GAAP is likely to be higher because it allows firms to use an expected rate of return that exceeds the discount rate. D. Under IFRS actuarial gains and losses are recognized in OCI without subsequent amortization to pension expense.
Under the mailbox rule, an acceptance is effective when ________.
A. sealed in an envelope B. received by the offeror C. dispatched/mailed D. appropriate postage is applied to the envelope
Which of the following is not an example of obvious financial reporting frauds as discussed in the text?
A) Keeping the books open for a few days after the end of the reporting period. B) Transferring assets to an affiliate at more than their actual value. C) Recording as assets expenditures that should have been classified as expenses. D) Recording a liability when title to merchandise passes to the purchaser.
Days' sales in inventory is calculated as:
A. Ending inventory divided by cost of goods sold times 365. B. Ending inventory times cost of goods sold. C. Cost of goods sold divided by ending inventory times 365. D. Ending inventory divided by cost of goods sold. E. Cost of goods sold divided by ending inventory.