At which point in an ordinary sales transaction of a wholesaling business would a lack of specific authorization be of least concern to the auditor?
A. Selling of goods for cash.
B. Granting of credit.
C. Determination of discounts.
D. Shipment of goods.
Answer: A
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On September 30, the Drying Department of Jamoca, Inc. had ending Work-in-Process Inventory that was 28% complete for materials and 23% complete for conversion costs. The company uses the FIFO method. This means that for the ending Work-in-Process inventory, ________% of materials and ________% of the conversion costs were added during September.
A) 77; 72 B) 72; 77 C) 23; 28 D) 28; 23
Luther, to get new ideas, consciously makes links between concepts or ideas that are not normally associated with each other. Luther uses which of the following?
a. relationship-seeking strategies b. search strategies c. securing d. prior knowledge
There is at least a 25 percent probability of having a work related disablitity before normal retirement age
Indicate whether the statement is true or false.
What is their reorder point if they order at twice their EOQ?
Kushie's Coffee in Bangalore is a quaint establishment nestled near MG Road in the central business district. It serves coffee and fruit cake to a clientele that has been enjoying these products for over fifty years. The demand for coffee beans is 6600 cases per year (each case has 24 ten-pound bags). It would be disastrous for them to run out of coffee, so they keep a safety stock of 30 cases. The cases cost $4800 and it costs $5 per case to order coffee. As coffee is a perishable product, the holding cost is fairly high at $40/case/year. The lead time to receive an order is seven days. Kushie's is open 300 days a year. A) 46 cases B) 92 cases C) 184 cases D) 368 cases