All of the following statements related to estimated liabilities are true except:
A. Depends on the likelihood that a future event will occur.
B. Include vacation benefits or paid absences.
C. Can be both current and long term.
D. Entry to record includes a debit to an expense account and credit to a payable account.
E. Are a known obligation of an uncertain amount that can be reasonably estimated.
Answer: A
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What are the two main types of research instruments used to collect primary data?
A) observation scales and personal interviews B) questionnaires and mechanical devices C) focus groups and mechanical devices D) focus groups and questionnaires E) personal interviews and online focus groups
Market based transfer prices are most appropriate for customized high-volume and high-cost services
Indicate whether the statement is true or false
Which of the following sentences uses the active voice?
A. Last year, our production units were run at their optimum capacity. B. Your order will be shipped by the end of this month. C. A safety video will be watched by the staff every year. D. The company improved the product to increase its market share.
Schwiesow Corporation has provided the following information: Cost per UnitCost per PeriodDirect materials$7.05 Direct labor$3.50 Variable manufacturing overhead$1.65 Fixed manufacturing overhead $11,000Sales commissions$1.00 Variable administrative expense$0.40 Fixed selling and administrative expense $5,500 The incremental manufacturing cost that the company will incur if it increases production from 5,000 to 5,001 units is closest to:
A. $14.40 B. $12.20 C. $16.90 D. $15.10