Once a business is set up using the modified cash basis of accounting, it is not possible to convert it over to another basis of accounting
Indicate whether the statement is true or false
F
You might also like to view...
Asking a meeting member to play “devil’s advocate” is a strategy for ______.
A. keeping the meeting short B. avoiding groupthink C. encouraging harmony D. strengthening leadership
In activity-based costing, the total activity in an activity cost pool can be computed by:
A. dividing the total overhead cost in the activity cost pool by the activity cost pool's activity rate. B. multiplying the total overhead cost in the activity cost pool by the activity cost pool's activity rate. C. multiplying the activity cost pool's activity rate by the direct labor-hours required to make a product. D. dividing the activity cost pool's activity rate by the direct labor-hours required to make a product.
Michard Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a.The budgeted selling price per unit is $125. Budgeted unit sales for April, May, June, and July are 7,600, 10,500, 13,800, and 12,900 units, respectively. All sales are on credit. b.Regarding credit sales, 20% are collected in the month of the sale and 80% in the following month. c.The ending finished goods inventory equals 20% of the following month's sales. d.The ending raw materials inventory equals 30% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.00 per pound. e.Regarding raw materials purchases, 30% are paid for in the month
of purchase and 70% in the following month. f.The direct labor wage rate is $25.00 per hour. Each unit of finished goods requires 3.0 direct labor-hours. g.The variable selling and administrative expense per unit sold is $3.40. The fixed selling and administrative expense per month is $80,000. If 54,480 pounds of raw materials are required for production in June, then the budgeted raw material purchases for May is closest to: A. 60,984 pounds B. 44,640 pounds C. 74,376 pounds D. 47,592 pounds
SEC rule 144A permits institutional buyers to trade privately placed securities without the previous holding periods restrictions and without requiring SEC registration
Indicate whether the statement is true or false.