Which of the following best illustrates physical-asset specificity?
A. a generic machine that can be used to churn different mixtures
B. a ship container designed to carry more than the average load of iron ore
C. a machine solely designed to give a candy its trademarked shape
D. a unique training program developed in an organization
Answer: C
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Asset turnover is calculated as Net income divided by Average Total Assets
a. True b. False Indicate whether the statement is true or false
The financial statements of an organization reflect a set of management assertions about the financial health of the business. All of the following describe types of assertions except
a. that all of the assets and equities on the balance sheet exist b. that all employees are properly trained to carry out their assigned duties c. that all transactions on the income statement actually occurred d. that all allocated amounts such as depreciation are calculated on a systematic and rational basis
Negative confirmations are considered to be more persuasive than positive confirmations
a. True b. False Indicate whether the statement is true or false
Which of the following statements is correct?
a. A mean chart monitors the variation between samples. b. A range chart monitors the variability due to special causes. c. A range chart monitors the variability due to common causes. d. A range chart monitors the standard deviation resulting from common causes.