The inventory account does not require any subjective estimates by management
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is not advice from career coach Richard Knowdell for staying ahead in the workplace of tomorrow?
A. Develop new and diverse capacities. B. Anticipate, adapt to, and embrace change. C. Focus on workplace learning rather than the classroom. D. When considering a job or industry, don't rely on reputation. E. Develop your communication skills.
The economic order quantity (EOQ) is the order quantity which minimizes the carrying costs per unit per period
Indicate whether the statement is true or false
Actual costs are determined by plugging the actual level of activity for the period into the cost formulas used in flexible budgets.
Answer the following statement true (T) or false (F)
Audry has an ownership interest in a business entity. She is in the 28% tax bracket. The entity incurs $30,000 of meals and lodging expense for Audry, which she believes qualify for exclusion treatment under ยง 119 . Which of the following statements are correct?
a. If the entity is a partnership and Audry has a 60% interest, the effect of the $30,000 expenditure by the partnership on Audry's tax liability is an increase of $5,040. b. If the entity is a sole proprietorship, the effect of the $30,000 expenditure by the sole proprietorship on Audry's tax liability is $8,400. c. If the entity is a C corporation, the effect of the $30,000 expenditure by the corporation on Audry's tax liability is $0. d. Only b. and c. are correct. e. a., b., and c. are correct.