Purchasing specifications should be used only with products where quality is highly standardized.
Answer the following statement true (T) or false (F)
False
When purchase requirements are complicated and when services are involved, purchase specifications are even more necessary.
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On April 1, 2018, GMR Company purchased 30% of the outstanding voting stock of the Victory Corporation for $960,000. Victory's net assets on April 1, 2018 totaled $2,500,000. Victory's equipment was undervalued by $500,000 and its inventory was undervalued by $200,000 as of the date of purchase. The equipment has a ten-year remaining life as of April 1, 2018; the inventory was sold during 2018. Victory reported $450,000 of net income during 2018 and paid dividends of $75,000. Assume that net income was recognized evenly during 2018 and dividends were declared and paid evenly during 2018. Required:
Prepare a schedule to determine the amount of investment income to be reported by GMR during 2018 assuming that the equity method of accounting is applicable. Prepare a schedule to determine the balance in the investment account as of December 31, 2018 assuming that the equity method is applicable. Describe how the financial accounting and reporting would have differed if the equity method was not applicable. Describe how equity method investments are accounted for if GMR uses the fair value option of accounting for its investment. What will be an ideal response?
Services account for nearly 40 percent of global trade
Indicate whether the statement is true or false
A ____________________ costing system is appropriate where products manufactured have different direct materials but similar processing techniques
Fill in the blank(s) with correct word
That overall job satisfaction is a critical link to employee performance, including their customer service performance, is sometimes referred to as?
a. The joyful-producer hypothesis b. The happy-efficient worker hypothesis c. The happy-productive worker hypothesis d. The productive worker hypothesis