An account is said to have a debit balance if:
A) the amount of the debits exceeds the amount of the credits.
B) there are more entries on the debit side than on the credit side.
C) its normal balance is debit without regard to the amounts or number of entries on the debit side.
D) the first entry of the accounting period was posted on the debit side.
A
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Making assumptions, positive or negative, based upon limited information is called
A) an attribution error B) a stereotype threat C) selective attention D) a halo effect
If cost of goods sold under FIFO was $8,000 and was $10,000 under LIFO, assuming a tax rate of 40%, how much tax savings resulted from using LIFO?
a. $ 1,200 b. $ 800 c. $ 2,000 d. There would be no tax savings.
Phoenix Guitars is interested in pursuing backward integration to take greater ownership of the extraction of raw materials and production of components used in its signature line of guitars. Although this approach would lower the overall cost of producing a guitar, the costs associated with producing electronic pickups for sound amplification are far greater than those associated with sourcing pickups from a reliable supplier. Which of the following approaches is likely to produce superior results?
A. Abandon the idea of vertical integration entirely. B. Introduce a budget line of guitars to diversify the firm's offerings. C. Invest in vertical integration despite the cost of producing pickups. D. Pursue taper integration.
______ is the process of ensuring that the model is reasonably robust and an accurate reflection of the real-world system that is being used.
a. Model verification b. Validation c. Model formulation d. Experimentation