Which of the following methods allocates overhead costs on the basis of activities that lead to the overhead costs?
a. Overhead costing
b. Labor activities costing
c. Unit costing
d. Activity–based costing
d
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Describe the three main types of fit in the selection process. Why is each type of fit important?
What will be an ideal response?
Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare general journal entries to record the following transactions for Johnnycake: Aug. 10Johnnycake purchased merchandise on credit from Foster Foods for $9,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Foster. 12Johnnycake returned $600 of merchandise from the August 10 purchase. 19Johnnycake paid Foster for the August 10 purchase.
What will be an ideal response?
Merchandise subject to import ______ can be on the dock of an American port awaiting clearance through customs, but if the ______ fills anywhere during the wait, those goods cannot be imported for the rest of the fiscal year.
Fill in the blank(s) with the appropriate word(s).
An accord and satisfaction discharges the original debt
a. True b. False Indicate whether the statement is true or false