When the FIFO costing method is used in process costing, the number of units in beginning inventory is multiplied by 100 percent to determine the equivalent units
Indicate whether the statement is true or false
F
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ABC Group (ABC), headquartered in Switzerland, is one of the world's largest engineering companies. ABC applies U.S. GAAP, and reports its results in millions of U.S. dollars. Based on ABC's financial reports for fiscal 2013, at January 1, 2013, ABC reported a balance in its Prepaid Rent account of $247 million; assume that this amount reflects its prepayments of rent on factory and office space
for the next month. Assume also that on January 31, 2013, ABC paid $3,200 million as the annual rent for the period from February 1, 2013, to January 31, 2014 . ABC has a calendar year reporting period. Select the correct journal entries that ABC Group would make during January 2013 that affect the Prepaid Rent account. a. Rent Expense $3,200 million Cash $3,200 million Prepaid Rent $247 million Rent Expense $247 million b. Rent Expense $3,200 million Prepaid Rent $3,200 million Prepaid Rent $247 million Cash $247 million c. Rent Expense $3,200 million Prepaid Rent $3,200 million Prepaid Rent $247 million Cash $247 million d. Rent Expense $247 million Prepaid Rent $247 million Prepaid Rent $3,200 million Cash $3,200 million e. none of the above
On January 1, 2010, Gemstone Company obtained a $280,000, 10-year, 11% installment note from Guarantee Bank. The note requires annual payments of $47,544, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $30,800 and principal repayment of $16,744. The journal entry to record the issuance of the installment notes for cash on January 1,
2010 would include: A) a debit to Interest Expense of $30,800 B) a credit to Interest Payable of $195,440 C) a credit to Notes Payable of $280,000 D) a debit to Notes Payable of $475,440
A firm's marketing mix is not influenced by the market segmentation process
Indicate whether the statement is true or false a. True b. False
An implied-in-fact contract is a contract in which agreement between parties has been inferred from their conduct.
Answer the following statement true (T) or false (F)