Identify the generation that was born between 1946 and 1964.
A. Generation X
B. The swing generation
C. The baby-boom generation
D. The silent generation
Answer: C
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During the course of an audit, misstatements that are individually immaterial may be detected. What should the auditor do with these?
a. Permanently pass on these immaterial misstatements as they do not individually impact the financial statements. b. Request that management footnote the immaterial misstatements in the financial statements for fair presentation. c. Accumulate all of the known and projected misstatements to determine if the impact is material in the aggregate. d. Roll them forward for three years when they will become material enough to adjust.
Which of the following is not a characteristic of a job order costing system?
a. Uses only one Work in Process Inventory account b. Uses job cost cards to keep track of each job in process c. Assigns costs to specific batches of products d. Measures costs for a set time period
An agreement in which a buyer agrees to buy all the goods produced by a manufacturer is known as
a. a requirements contract. b. an output contract. c. an exclusive dealing contract. d. an option contract.
Mom's Apple Pies (MAP) earned $500,000 this year. The company follows the residual dividend policy when paying dividends. MAP has determined that it needs a total of $600,000 for investment in capital budgeting projects this year. If the company's debt/asset ratio is 40 percent, what will its dividend payout ratio be this year? MAP has no preferred stock.
A. 40% B. 28% C. 72% D. 48% E. 52%