What does the concept of equivalent units of production allow businesses to measure?
What will be an ideal response?
Equivalent units of production allows businesses to measure the amount of materials added to or work done on a partially finished group of units during a period and to express it in terms of fully complete units of outputs.
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Which of the following expenses is an example of expense recognition under the immediate recognition principle?
A) sales commissions B) depreciation C) management salaries D) transportation-out
Mabel is a single 40-year-old who has borrowed money on numerous occasions. Her payment record has been good, except she has been delinquent in paying a few bills. Which of the following is true regarding credit information gathered on Mabel?
a. Since Mabel has been delinquent, she waives her right to see the credit files. b. If Mabel is rejected for a loan because of the consumer report, the lender must tell her the source of the report. c. Mabel has a right to have the information regarding her delinquency in paying a few loans stricken from her credit record because her record has generally been good. d. Mabel's only legal remedy, if there is erroneous information in her credit file, is to report the problem to the FTC for enforcement.
B & B, Inc is incorporated in Delaware, but it has its principal place of business in Minnesota. It does much of its business in California. For purposes of diversity of citizenship, B & B is a resident of:
a. Delaware. b. Minnesota. c. Both Delaware and Minnesota. d. Delaware, Minnesota, and California.
Some customers find online shopping more convenient than shopping in a physical store.
Answer the following statement true (T) or false (F)