An open system allows free passage of resources (people, information, materials) through its boundaries
Indicate whether the statement is true or false
TRUE
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Bonds Payable has a balance of $1,000,000 and Discount on Bonds Payable has a balance of $15,500 . If theissuing corporation redeems the bonds at 98.5, what is the amount of gain or loss on redemption?
a. $500 loss b. $15,500 loss c. $15,500 gain d. $500 gain
The accounting process begins with:
A. Presentation of financial information to decision-makers. B. Analysis of business transactions and source documents. C. Preparing financial statements and other reports. D. Preparation of the trial balance. E. Analysis of prepared financial statements.
As a consultant, the salesperson asks a series of focused SPIN questions during calls. Through these questions, the rep helps the customer manager uncover _______ questions to gather general background information about the customer firm
a. implied b. explicit c. situation d. problem
Mystic Falls Inc Mystic Falls Inc bottles and sells a popular soft drink. In 2011, the company had expected to sell 1,000,000 bottles but actually bottled and sold 900,000 bottles. The standard direct materials cost for each bottle is $.40 comprised of 10 ounces at a cost of $.04 per ounce. During 2011, 10,000,000 ounces of material were purchased out of which 9,200,000 ounces were used at a cost
of $.05 per ounce. Refer to the Mystic Falls Inc information above. The direct materials usage variance for 2011 was: A) $ 8,000 U. B) $ 8,000 F. C) $40,000 U. D) $40,000 F.