A corporation must recognize a valuation allowance if, based on available evidence, it is more likely than not that a deferred liability will not be realized
Indicate whether the statement is true or false
False
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The term ________ refers to a type of sale in which there is no actual sale unless and until the buyer accepts the goods
A) consignment B) sale or return contract C) sale on approval D) option contract
Why is the agent able to be held liable on a contract when the existence of the agency
arrangement was not disclosed? A) Because the third party could rely on the reputation of only the agent when entering into the contract B) So that the outcome in a contract situation is the same as that for a tort C) To discourage the use of undisclosed agency arrangements D) To ensure that the principal fulfills its obligations under contracts negotiated by authorized agents E) To offset the fraud frequently present is this situation
In the context of Hofstede's original four dimensions, organizations in high-power-distance countries will tend to be centralized and have tall organization structures.
Answer the following statement true (T) or false (F)
Fisher Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The following information about Fisher Corporation's Work in Process inventory account has been provided for the month of May: May 1 balance$26,000Debits During May: Direct Materials$40,000Direct Labor$50,000Manufacturing Overhead$37,500 During the month, Fisher Corporation's Work in Process inventory account was credited for $120,500, which represented the Cost of Goods Manufactured for the month. Only one job remained in process on May 31; this job had been charged with $9,600 of applied overhead cost. The amount of direct materials cost in the unfinished job would be:
A. $12,800 B. $23,400 C. $10,600 D. $16,700