Which list correctly ranks the methods of entering the global marketplace in increasing order of risk?
A. exporting, licensing and franchising, contract manufacturing, joint venture, and direct investment
B. importing, contract manufacturing, licensing and franchising, joint venture, and direct investment
C. licensing, franchising, contract manufacturing, joint venture, direct investment, and exporting
D. franchising, contract manufacturing, joint venture, direct investment, importing, and licensing
E. importing, contract manufacturing, joint venture, direct investment, and exporting
Answer: A
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Standard costing will produce the same income before extraordinary items as actual costing when standard cost variances are assigned to:
a. Work in process and finished goods inventories. b. An income or expense account. c. Cost of goods sold and inventories. d. Cost of goods sold.
Which of the following is TRUE of a purchases journal?
A) For a periodic inventory system, the Merchandise Inventory DR column is replaced with a column titled Cost of Goods Sold DR. B) Cash purchases are recorded in the purchases journal. C) For a perpetual inventory system, a column titled Purchases DR is needed. D) The Other Accounts DR column is used for purchases on account of items other than merchandise inventory and office supplies.
On June 8, Alton Co issued an $80,000, 6%, 120-day note payable on an overdue account payable to Seller Co Assume that the fiscal year of Alton Co ends June 30. Which of the following relationships is true?
A) Alton is the creditor and credits Accounts Receivable B) Seller is the creditor and debits Accounts Receivable C) Seller is the borrower and credits Accounts Payable D) Alton is the borrower and debits Accounts Payable
It is a good idea to record your practice session
Indicate whether the statement is true or false