Source documents are the original transaction records.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Which of the following is a cost-effective mode for shipping large amounts of bulk products — coal, sand, minerals, and forest products — over long distances?
A) air carriers B) water carriers C) pipelines D) trucks E) railroads
Which of the following theories of conflict holds that people evaluate their interpersonal relationships in terms of their value?
A) Attribution theory B) Systems theory C) Social exchange theory D) Evaluation theory
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the factory payroll is:
A. Debit Work in Process Inventory $110,000; credit Factory Overhead $40,000; credit Factory Wages Payable $150,000. B. Debit Work in Process Inventory $150,000; credit Factory Overhead $40,000; credit Factory Wages Payable $110,000. C. Debit Work in Process Inventory $150,000; debit Factory Overhead $40,000; credit Factory Wages Payable $190,000. D. Debit Work in Process Inventory $110,000; debit Factory Overhead $40,000; credit Factory Wages Payable $150,000. E. Debit Work in Process Inventory $150,000; credit Cash $150,000.
Which of the following is true of the federal minimum wage?
A) An employer may not reduce minimum wage although he or she provides other benefits like food to the employees. B) Exempt employees are not subject to minimum wage requirements. C) Apprentices cannot be paid less than minimum wages. D) Employees who earn tips, such as waiters and valets, are not entitled to minimum wage.