When minutes are to be corrected or amended, the changes should be recorded as an insertion in the minutes being corrected and in paragraph form in the new minutes of the meeting during which the changes were made
Indicate whether the statement is true or false.
TRUE
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Fidelity Stereo Company has provided the following information regarding its activity-based costing system:
? Purchasing department costs are allocated based on purchase orders, and the predetermined overhead allocation rate is $77 per purchase order. ? Assembly department costs are allocated based on the number of parts used, and the predetermined overhead allocation rate is $5 per part. ? Packaging department costs are allocated based on the number of units produced, and the predetermined overhead allocation rate is $4 per unit produced. Each stereo produced has 50 parts, and the direct materials cost per unit is $70. There are no direct labor costs. Fidelity Stereo has an order for 1200 stereos, which will require 45 purchase orders in all. What is the total cost for the 1200 stereos? A) $392,265 B) $307,950 C) $303,465 D) $388,800
The context in which instructions are used should not influence how they are writ-ten
Indicate whether the statement is true or false
On December 1, Year 1, Jack's Snow Removal Company received $10,200 of cash in advance from a customer and promised to provide services for that customer during the months of December, January, and February. How will the Year 1 year-end adjustment to recognize the partial expiration of the contract impact the elements of the financial statements model?
A. Total assets will increase by $3400 B. Total liabilities will increase by $3400 C. Equity will increase by $3400 D. Equity will increase by $3400 and Total assets will increase by $3400
A survey of a magazine's subscribers indicates that 50% own a house, 80% own a car, and 90% of the homeowners also own a car. What proportion of subscribers:
a. own both a car and a house? b. own a car or a house, or both? c. own neither a car nor a house?