Which of the following is a policy, and NOT an objective, of the pay model?
A. Competitiveness
B. Fairness
C. Efficiency
D. Ethics
Answer: A
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Regarding the Cost of Goods Sold account, which of the following statements is incorrect?
A) In a perpetual inventory system, the Cost of Goods Sold account keeps a current balance throughout the period. B) Cost of Goods sold is a contra revenue account. C) Cost of Goods Sold is based on the company's cost, not the retail price. D) Cost of Goods Sold represents the cost of inventory that has been sold to customers.
A forecast with a time horizon of about 3 months to 3 years is typically called a:
A) long-range forecast. B) medium-range forecast. C) short-range forecast. D) weather forecast. E) strategic forecast.
The windmills of Mykonos were lovely, so Lisa contracted with an architectural firm to build one in the west pasture
Once the windmill had been built and was operational, the project team looked back at how they had managed to stay on schedule and what budget variances existed along the way. The windmill was pumping as promised, an honest two gallons per minute just as they had design it. Closeout documentation of this type is considered: A) Historical records. B) Financial closeout. C) Hierarchy reporting. D) Post-project analysis.
Wilson Company paid $5800 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $5800, and no adjustments had been made previously. The adjusting entry required on December 31 is:
A. Debit Prepaid Insurance, $1450; credit Insurance Expense, $1450. B. Debit Insurance Expense, $2900; credit Prepaid Insurance, $2900. C. Debit Cash, $5800; Credit Prepaid Insurance, $5800. D. Debit Prepaid Insurance, $2900; credit Insurance Expense, $2900. E. Debit Insurance Expense, $1450; credit Prepaid Insurance, $1450.